Corporate profits have grown at a CAGR of 32.4% since FY20 but firms' net fixed assets have grown at 8.6% CAGR in FY20-24

Rs, Rupee, Indian Currency, 500 Rs

Proposal comes amid rising solar imports despite regulatory, tax curbs

solar

New framework likely to keep a short-term target of 3 to 5 years

More than a decade after the National Policy on Information Technology (NPIT 2012) was  introduced, the Union government is readying a new policy with changed goals and benchmarks. The policy is expected to be finalised by the end of this year, accor

India aspires to have 10 semiconductor manufacturing plants in 10 years but the nature of support from the government may vary based on the development in the industry, a top official of the India Semiconductor Mission said on Monday.
While speaking at a joint presser of mobile devices industry body ICEA and Semicon India organiser Semi, Akash Tripathi said while setting up Indian Semiconductor Mission (ISM), it was envisioned to get two or three semiconductor manufacturing plants, two or three display fabs and various compound semiconductors.
"We will always be engaged with the industry but the nature of engagements may differ. 10 years down the line there will be projects that will be operational, producing semiconductors, the ecosystem will be developed, then things will be different. Aspiration-wise, we would like to have 10 fabs," Tripathi said.
The government has received 20 proposals for setting up semiconductor units including the chip packaging plants.
Tripathi said that a

semiconductor

The government has received 20 proposals for setting up semiconductor units including the chip packaging plants

The civil aviation ministry is looking at the issues being faced by SpiceJet and address them as the efforts are aimed at having a balance that will allow operations of more airlines amid the high demand in the Indian market, Union minister K Rammohan Naidu said on Monday.
The airline is grappling with multiple issues, including financial and legal woes. On August 29, the Directorate General of Civil Aviation (DGCA) decided to place crisis-hit SpiceJet under enhanced surveillance that will entail increased spot checks and night surveillance to ensure the safety of the airline's operations.
"We are looking at SpiceJet... with the demand we have, we need more airlines to operate. So we are trying to have a balance and address the problems and (ensure the) airline runs properly," the minister said.
He was responding to a question about concerns regarding the budget carrier.
To a query about air ticket prices, the minister said airfares are market-driven and it is being monitored by th

K Rammohan Naidu, K Rammohan

To a query about air ticket prices, Naidu said airfares are market-driven and being monitored by ministry, in case there is a steep rise in airfares, then ministry will make suggestions to airlines

Union New & Renewable Energy Minister Pralhad Joshi on Monday said as much as Rs 30 lakh crore is required to meet the target of 500 GW by 2030.
He also announced that Prime Minister Narendra Modi will inaugurate the 4th RE-INVEST 2024, a global summit for renewables.
The fourth edition of the Global Renewable Energy Investors Meet & Expo(RE-INVEST) 2024 is scheduled from September 16 to 18 at Mahatma Mandir Convention & Exhibition Centre in Gandhinagar, Joshi told reporters in a curtain raiser press conference here.
He said that India requires Rs 30 lakh crore investment to meet the ambitious target of having 500 GW of renewable energy by 2030.
Earlier three RE-INVEST conferences were organised, including one in virtual mode and two in Delhi, he added.
This is the first RE-INVEST to be held in Gujarat.
"We thought that Gujarat is the right place to organise the conference to achieve the 500 GW renewable energy target by 2030," he said, citing the example of Vibrant ...

solar panel, solar, solar energy, sunlight, energy, renewable energy

He also announced that Prime Minister Narendra Modi will inaugurate the 4th RE-INVEST 2024, a global summit for renewables

India is revising FTAs with South Korea, Malaysia and various other ASEAN countries to benefit the domestic industries, Union Minister of State for Ministry of Commerce and Industry Jitin Prasada said on Monday.
At the 64th annual session of ACMA (Automotive Component Manufacturers Association) here, he noted that the free trade agreements (FTAs) with the UK and the European Union are being spearheaded by Prime Minister Narendra Modi.
"It will play a great role for the auto components industry," the minister said.
He further said: "We are also revising and reworking our FTAs with Korea, with Malaysia, with ASEAN countries, which will be fine-tuned to the demands of our industry."
Prasada also urged the auto components industry to increase investment in R&D activities.
"We are not investing enough in R&D, I believe this is 1 per cent of the revenue that is being invested so this is very crucial," he noted.
He also emphasised the importance of boosting exports, reducing import ..

Jitin Prasada, Jitin

Prasada also urged the auto components industry to increase investment in R&D activities

He asked to target $100 billion worth of automobile components' exports by 2030

Piyush Goyal, Piyush

Within two years, the cost of an EV will be the same as petrol and diesel vehicles. They don't need subsidies as there already is an advantage with electric as a fuel, he says

Nitin Gadkari, Nitin, Gadkari

TKM's sales boom comes at a time when other car companies are seeing a slowdown amid low demand and high inventory with dealers

Toyota, Toyota logo

As car demand slows in India, dealer stock levels across the entire industry have surged to alarming heights. Garg, however, indicated that the situation is under control at HMIL

Unsoo Kim, HMIL

During the financial year 2024, a total of 27.4 million MSME loans were sanctioned, amounting to Rs 54.2 trillion. This marks a growth of 19.3% in volume and 5.4% in value

msme, economic growth

A consultation paper to review the eligibility conditions, disclosures, and institutional portion expected soon

Paper to review eligibility, disclosure, and institutional portion

Small and Medium Enterprises (SMEs) are increasingly turning to the capital markets for funding, with 780 SMEs listed on the NSE and BSE as of June 2024, a senior official said on Wednesday, adding that these companies have raised approximately Rs 11,000 crore.
The combined market capitalisation of these SMEs now exceeds Rs 1.6 lakh-crore, Shekhar Chaudhary, director of the financial markets division at the department of economic affairs, said.
Speaking at the 10th edition of the CII (East) Capital Markets Conclave, Chaudhary emphasised the vital role capital markets play in India's economic growth and development.
A report on SME Initial Public Offerings (IPOs) was released during the event. Experts discussed how capital markets could drive India's economic future by empowering SMEs to make significant contributions to the country's GDP, a statement said.
Chaudhary also noted that in the social enterprise sector, nine NGOs have raised Rs 12 crore through a social exchange platform

The 'Report of the Expert Committee on MSMEs' of 2019 (Chairman: U K Sinha) noted that most large firms deal with MSMEs on a credit basis; and given that buyers do not honour invoices on time, these firms face a financial crunch. MSMEs, on their part

West Bengal accounts for 5 per cent of the total AUM, ranking among the top 10 states in terms of per capita penetration

The finance ministry in the forthcoming Union Budget needs to double the loan limit to Rs 20 lakh under the MUDRA Yojana, and expand the credit guarantee cover for unsecured loans for MSMEs from Rs 2 crore to Rs 5 crore.
MSMEs also want incentives from the government to help them sell products globally.
Finance Minister Nirmala Sitharaman will present the Union Budget for the current fiscal on July 23 in the Lok Sabha.
On expectations from the Budget, Navin Saini, chief business officer (Retail & MSME), Arka Fincap said the government will continue its agenda to provide a strong foundation for MSMEs, bolstering their growth.
"To achieve this, they should consider increasing the loan limit of the Pradhan Mantri MUDRA Yojana (PMMY) scheme from Rs 10 lakh to Rs 20 lakh and expanding the credit guarantee cover for unsecured loans for MSMEs from Rs 2 crore to Rs 5 crore.
"These measures will provide MSMEs with greater access to necessary financial resources, enabling them to thrive and

SME, MSME, manufacturing, small factories, factory

On expectations from the Budget, Navin Saini, chief business officer (Retail & MSME), Arka Fincap said the government will continue its agenda to provide a strong foundation for MSMEs, for growth

Receives similar proposals from Union Bank of India, UCO Bank, Indian Overseas Bank

fund raising

The report highlighted that unsecured lending as a proportion of GDP in India is as high as it is in the United States

While household deposits as a percentage of gross domestic product (GDP) came down to 4.1 per cent in 2023 from 6.1 per cent a decade back, borrowings by them during this period moved up from 3.3 per cent to 5.8 per cent, according to a report by man

RRBs reported their highest-ever consolidated net profit of Rs 7,571 crore for FY24, with a gross non-performing assets (GNPA) ratio of 6.1 per cent - lowest in 10 years

The Union Ministry of Finance is planning to consolidate the Regional Rural Banks (RRBs) under a policy of “One State, One RRB” to improve their efficiency and avoid undue competition among sponsoring public sector banks.

Banks are mulling to hire graduates under 25 years of age as apprentices in a month, a top industry official said on Friday.
Lenders will be paying a stipend of Rs 5,000 a month to such candidates who will get trained on a specialized skill set during the stint, industry lobby grouping Indian Banks Association's chief executive Sunil Mehta told PTI.
The move follows a budget announcement by Finance Minister Nirmala Sitharaman, under which the government is targeting to provide internships at top-500 companies for up to 1 crore youth over the next five years.
Explaining the banks' role in implementing the scheme, Mehta said, "There are a lot of areas where we don't need any skilled manpower for example marketing, recoveries. We can give them training in those areas and they can create employment for themselves."
The candidates applying for apprentice should be a graduate between 21-25 years of age, should not be a taxpayer and must not possess a degree from top institutions like IIT

Mergers and acquisitions, M&A, deals

The candidates applying for apprentice should be a graduate between 21-25 years of age, should not be a taxpayer and must not possess a degree from top institutions like IIT or IIM, Mehta said

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