We should start from recognising the problems.In short we simply dont have one problem, we are the problem itself.Our dont care attitude, professional culture, govt apathy, politics, stupid rules ....etc So where do we start?
Indian Economy : News,Discussions & Updates
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Using biscuits sales figure as an indicator of the entire country's economic condition wasn't a good idea then, it isn't a good idea now.
Daikin to go ahead with its plan for third manufacturing unit in India
Daikin Air conditioning India, a wholly-owned subsidiary of Japan-based Daikin Industries, said the company is ready to take advantage of the – Phased Manufacturing Program (PMP), under which the government has announced incentives for manufactures to promote "Make in India".
Last Updated : Jun 11, 2020 02:58 PM IST | Source: PTI
Notwithstanding the COVID-19 disruption, Japanese air conditioner maker Daikin will go ahead with its investment plan for setting up a third manufacturing unit in India, in a bid to augment the local production capacity, a top company official said on Thursday.
Daikin Air conditioning India, a wholly-owned subsidiary of Japan-based Daikin Industries, said the company is ready to take advantage of the – Phased Manufacturing Program (PMP), under which the government has announced incentives for manufactures to promote "Make in India". The company, which has plans to set up a third manufacturing unit in South India, would make an announcement regarding it very soon after finalising the site. This new plant would cater to the African markets besides the domestic one.
"Daikin is ready to take the advantage of PMP and remain committed to invest in the third manufacturing unit to augment local production capacity," Daikin Air conditioning India MD & CEO Kanwal Jeet Jawa told PTI. Jawa, who is also the first Indian on the board of Daikin Industries, said PMP could be game-changer and is a "bold and pro-active step" from the government to boost Indian manufacturing capabilities and support the economy with more jobs, consumption, and trade.
Daikin India had already shared its intent on the local value addition during the past few months. The company sees COVID-19 as a short-term disruption and believes in the long-term potential of the Indian market.
"Considering China produces more than 100 million ACs per year, the Indian market of 6.5 million units bears a great potential, if a comprehensive plan can be implemented to support local manufacturing and grow the market," he said. Jawa further said around 40 percent sales of the air conditioners are in the month of March to June and almost half of that has gone due to COVID-19 related disruption in the market.
"The AC industry, like many others, is also impacted in terms of – demand fulfillment, manufacturing and after-sales service leading to a 30 percent sales drop during the lockdown," he said adding "we have a complete washout in the month of April. We have some billings in the month, only to some COVID-19 hospitals and centers".
However, Jawa is hopeful and expects a revival in June. "With the late summer and pent-up demand, we are witnessing consumers returning to buy ACs. With gradually opening of the economy many small and medium businesses are now in need of air-conditioning like before, hinting towards a steady growth," he said adding that normal growth for the industry would return by the last quarter of FY21.
While talking about FY20, Jawa said it was a good year for Daikin India, but towards the end, it had to face challenges owing to COVID-19 situation. "Last year was very good and we had recorded a net sales of around Rs 4,200 crore," he said.
The company, which has recorded a net sale of Rs 3,250 crore in FY19 along with a CAGR of 118 percent, has invested around Rs 2,000 crore in India so far. Daikin Air conditioning India has two manufacturing units and one Research and development (R&D) centre at Neemrana, Rajasthan. Japan-based Daikin Industries, is one of the leading global manufacturers of both commercial and residential air-conditioning systems.
www.moneycontrol.com
Daikin Air conditioning India, a wholly-owned subsidiary of Japan-based Daikin Industries, said the company is ready to take advantage of the – Phased Manufacturing Program (PMP), under which the government has announced incentives for manufactures to promote "Make in India".
Last Updated : Jun 11, 2020 02:58 PM IST | Source: PTI
Notwithstanding the COVID-19 disruption, Japanese air conditioner maker Daikin will go ahead with its investment plan for setting up a third manufacturing unit in India, in a bid to augment the local production capacity, a top company official said on Thursday.
Daikin Air conditioning India, a wholly-owned subsidiary of Japan-based Daikin Industries, said the company is ready to take advantage of the – Phased Manufacturing Program (PMP), under which the government has announced incentives for manufactures to promote "Make in India". The company, which has plans to set up a third manufacturing unit in South India, would make an announcement regarding it very soon after finalising the site. This new plant would cater to the African markets besides the domestic one.
"Daikin is ready to take the advantage of PMP and remain committed to invest in the third manufacturing unit to augment local production capacity," Daikin Air conditioning India MD & CEO Kanwal Jeet Jawa told PTI. Jawa, who is also the first Indian on the board of Daikin Industries, said PMP could be game-changer and is a "bold and pro-active step" from the government to boost Indian manufacturing capabilities and support the economy with more jobs, consumption, and trade.
Daikin India had already shared its intent on the local value addition during the past few months. The company sees COVID-19 as a short-term disruption and believes in the long-term potential of the Indian market.
"Considering China produces more than 100 million ACs per year, the Indian market of 6.5 million units bears a great potential, if a comprehensive plan can be implemented to support local manufacturing and grow the market," he said. Jawa further said around 40 percent sales of the air conditioners are in the month of March to June and almost half of that has gone due to COVID-19 related disruption in the market.
"The AC industry, like many others, is also impacted in terms of – demand fulfillment, manufacturing and after-sales service leading to a 30 percent sales drop during the lockdown," he said adding "we have a complete washout in the month of April. We have some billings in the month, only to some COVID-19 hospitals and centers".
However, Jawa is hopeful and expects a revival in June. "With the late summer and pent-up demand, we are witnessing consumers returning to buy ACs. With gradually opening of the economy many small and medium businesses are now in need of air-conditioning like before, hinting towards a steady growth," he said adding that normal growth for the industry would return by the last quarter of FY21.
While talking about FY20, Jawa said it was a good year for Daikin India, but towards the end, it had to face challenges owing to COVID-19 situation. "Last year was very good and we had recorded a net sales of around Rs 4,200 crore," he said.
The company, which has recorded a net sale of Rs 3,250 crore in FY19 along with a CAGR of 118 percent, has invested around Rs 2,000 crore in India so far. Daikin Air conditioning India has two manufacturing units and one Research and development (R&D) centre at Neemrana, Rajasthan. Japan-based Daikin Industries, is one of the leading global manufacturers of both commercial and residential air-conditioning systems.
Daikin to go ahead with its plan for third manufacturing unit in India
Daikin Air conditioning India, a wholly-owned subsidiary of Japan-based Daikin Industries, said the company is ready to take advantage of the – Phased Manufacturing Program (PMP), under which the government has announced incentives for manufactures to promote "Make in India".
AGR Case: Vodafone says do not have enough money to pay salaries, stock tanks 11%
As per the governments demand, Vodafone Idea owes Rs 53,000 crore.
The Quiet Negotiator Behind Mukesh Ambani's $13 Billion Deal Spree
He has no flashy titles and few outside India know his name. But in the halls of Reliance Industries Ltd., Manoj Modi has quietly become one of the most powerful forces behind the corporate empire of Asia's richest man.
www.ndtv.com
Interesting to note that our weekly increase in reserves are the same as SBP's total reserves.
Warchest for post Corona meltdown and also to transfer larger amount to GoI. Weak Rupee is beneficial as our import bill is reduced drastically so side effects are less.
Foxconn, Flextronics, Salcomp Show Interest In Investing In Tamil Nadu As State Goes All Out To Set Up Electronics Manufacturing Clusters
by M R Subramani - Jun 10, 2020, 5:18 pm
CM Edappadi Palaniswami.
Snapshot:
Some of the prominent electronics manufacturers such as Taiwan's Foxconn, US' Flextronics and Finland's Salcomp have evinced keen interest in investing in Tamil Nadu, which is developing new manufacturing clusters. State Principal Secretary-Industries, N Muruganandam, told Swarajya that Tamil Nadu government has come up with an investment policy for companies, particularly in the electronics sector.
According to an official press release, Tamil Nadu made a strong case for international firms, especially in mobile and electronics manufacturing, to invest in the state during the 2 June “Invest India” webinar on electronics system design and manufacturing. On 29 May, another Tamil Nadu government press release had said that state Chief Minister Edappadi K Palaniswami had decided to reach out to 13 global heads of prominent multinationals such as Apple Inc, Samsung, Amazon, and Hewlett and Packard.
Muruganandam said that the state government has adopted a vigorous approach to attract investments from multinational companies and it was offering various incentives based on the investments proposed. “We have classified investments into categories such as A, B and C based on money ploughed in, like up to Rs 300 crore and up to Rs 500 crore for example,” the Industries Secretary said.
Again, these clusters will come up in various parts of the state, starting from the outskirts of Chennai city like Sriperumbudur to other parts like Coimbatore. Invest India is working in tandem with state governments and Tamil Nadu is benefitting from this.
“Invest India is giving leads, besides Tamil Nadu’s Industrial Guidance and Export Promotion Bureau, on possible sources to tap for investment. This is a continuous process and we are trying to attract a good number of investors,” Muruganandam said.
During the webinar, Tamil Nadu showcased its diversified manufacturing base in the state, its vibrant ecosystem and quick clearances through a single-window system, while inviting industries to invest. To Tamil Nadu’s advantage, Josh Foulger, Foxconn Managing Director, told the webinar that the state has been critical for the success of his firm’s project.
He said the state government was ‘proactive’ and the investment climate was ‘favourable’ in Tamil Nadu. One of the crucial decisions taken by the state government, with regard to promoting cluster development, is that it upgrades infrastructure development in these clusters in collaboration with the industry, and the Municipal and Rural Development Department.
Besides, local bodies, Highways Department, Electricity Board and chambers of industries and commerce are also involved in the development. Muruganandam said that the state was not offering any additional package, but only tailor-made its packages to suit the needs of investors as per the schemes that are already being implemented.
Also, incentives are decided on a case-to-case basis, taking into account how much employment the investment will generate, the principal secretary said. Stating that the full impact of its efforts will be known only after two-three months, he said the state was waiting for international flights to resume from the country so that the prospective investors could come to Tamil Nadu and see the officials and assess the physical infrastructure on offer.
Muruganandam said the Centre was helping the states through Invest India, which is currently arranging webinars with investors in countries such as Japan and Taiwan. “The Ministry of Electronics and Information Technology and the Department for Promotion and Industry were coordinating with Invest India to help states attract investors,” the principal secretary said.
Amidst this, the state government is sounding positive in attracting more investments after it settled a dispute with Nissan Motor Co. over unpaid dues and payments totalling Rs 5,000 crore. The dispute arose after Nissan complained that the Tamil Nadu government did not pay incentives under an agreement it signed in 2008.
It even went in for an arbitration process. Sources in the Tamil Nadu government said the dispute arose as no incentive was paid between 2012 and 2017 as per the agreement.
With the issue being settled, the arbitration process has been withdrawn. Confirming the settlement of the dispute, Muruganandam said it was a positive development for Tamil Nadu as it showed the state as a ‘proactive’ one, out to settle such disputes amicably and quickly.
The Tamil Nadu government’s efforts to develop manufacturing clusters is in line with the Centre’s recent initiative to scale up electronics manufacturing rapidly. Towards this end, it has come up with three new schemes — production-linked incentive, promotion of manufacturing of electronic components and semiconductors and modified electronics manufacturing clusters — entailing an incentive outgo of Rs 50,000 crore.
On its own, the Tamil Nadu government signed 17 memoranda of understandings (MoUs) involving investments to the tune of Rs 15,128 crore with a potential to generate over 47,000 jobs. Companies that signed the MoUs include Daimler India and Salcomp besides, those from Japan, Korea, the US, Germany, Taiwan, China, France, Australia, England and the Netherlands.
M.R. Subramani is Executive Editor, Swarajya. He tweets @mrsubramani
by M R Subramani - Jun 10, 2020, 5:18 pm
CM Edappadi Palaniswami.
Snapshot:
- The state government is not offering any additional packages to investors, but is only proposing tailor-made packages to suit their needs.
Some of the prominent electronics manufacturers such as Taiwan's Foxconn, US' Flextronics and Finland's Salcomp have evinced keen interest in investing in Tamil Nadu, which is developing new manufacturing clusters. State Principal Secretary-Industries, N Muruganandam, told Swarajya that Tamil Nadu government has come up with an investment policy for companies, particularly in the electronics sector.
According to an official press release, Tamil Nadu made a strong case for international firms, especially in mobile and electronics manufacturing, to invest in the state during the 2 June “Invest India” webinar on electronics system design and manufacturing. On 29 May, another Tamil Nadu government press release had said that state Chief Minister Edappadi K Palaniswami had decided to reach out to 13 global heads of prominent multinationals such as Apple Inc, Samsung, Amazon, and Hewlett and Packard.
Muruganandam said that the state government has adopted a vigorous approach to attract investments from multinational companies and it was offering various incentives based on the investments proposed. “We have classified investments into categories such as A, B and C based on money ploughed in, like up to Rs 300 crore and up to Rs 500 crore for example,” the Industries Secretary said.
Again, these clusters will come up in various parts of the state, starting from the outskirts of Chennai city like Sriperumbudur to other parts like Coimbatore. Invest India is working in tandem with state governments and Tamil Nadu is benefitting from this.
“Invest India is giving leads, besides Tamil Nadu’s Industrial Guidance and Export Promotion Bureau, on possible sources to tap for investment. This is a continuous process and we are trying to attract a good number of investors,” Muruganandam said.
During the webinar, Tamil Nadu showcased its diversified manufacturing base in the state, its vibrant ecosystem and quick clearances through a single-window system, while inviting industries to invest. To Tamil Nadu’s advantage, Josh Foulger, Foxconn Managing Director, told the webinar that the state has been critical for the success of his firm’s project.
He said the state government was ‘proactive’ and the investment climate was ‘favourable’ in Tamil Nadu. One of the crucial decisions taken by the state government, with regard to promoting cluster development, is that it upgrades infrastructure development in these clusters in collaboration with the industry, and the Municipal and Rural Development Department.
Besides, local bodies, Highways Department, Electricity Board and chambers of industries and commerce are also involved in the development. Muruganandam said that the state was not offering any additional package, but only tailor-made its packages to suit the needs of investors as per the schemes that are already being implemented.
Also, incentives are decided on a case-to-case basis, taking into account how much employment the investment will generate, the principal secretary said. Stating that the full impact of its efforts will be known only after two-three months, he said the state was waiting for international flights to resume from the country so that the prospective investors could come to Tamil Nadu and see the officials and assess the physical infrastructure on offer.
Muruganandam said the Centre was helping the states through Invest India, which is currently arranging webinars with investors in countries such as Japan and Taiwan. “The Ministry of Electronics and Information Technology and the Department for Promotion and Industry were coordinating with Invest India to help states attract investors,” the principal secretary said.
Amidst this, the state government is sounding positive in attracting more investments after it settled a dispute with Nissan Motor Co. over unpaid dues and payments totalling Rs 5,000 crore. The dispute arose after Nissan complained that the Tamil Nadu government did not pay incentives under an agreement it signed in 2008.
It even went in for an arbitration process. Sources in the Tamil Nadu government said the dispute arose as no incentive was paid between 2012 and 2017 as per the agreement.
With the issue being settled, the arbitration process has been withdrawn. Confirming the settlement of the dispute, Muruganandam said it was a positive development for Tamil Nadu as it showed the state as a ‘proactive’ one, out to settle such disputes amicably and quickly.
The Tamil Nadu government’s efforts to develop manufacturing clusters is in line with the Centre’s recent initiative to scale up electronics manufacturing rapidly. Towards this end, it has come up with three new schemes — production-linked incentive, promotion of manufacturing of electronic components and semiconductors and modified electronics manufacturing clusters — entailing an incentive outgo of Rs 50,000 crore.
On its own, the Tamil Nadu government signed 17 memoranda of understandings (MoUs) involving investments to the tune of Rs 15,128 crore with a potential to generate over 47,000 jobs. Companies that signed the MoUs include Daimler India and Salcomp besides, those from Japan, Korea, the US, Germany, Taiwan, China, France, Australia, England and the Netherlands.
M.R. Subramani is Executive Editor, Swarajya. He tweets @mrsubramani
Foxconn, Flextronics, Salcomp Show Interest In Investing In Tamil Nadu As State Goes All Out To Set Up Electronics Manufacturing Clusters
The state government is not offering any additional packages to investors, but is only proposing tailor-made packages to suit their needs.
swarajyamag.com
It should theoretically be resulted in appreciation of INR. However, it doesn't seem to be happening. In my opinion, INR should start appreciating now.
How much this govt has borrowed so far in foreign currency ? @Ashwin
I will believe when it happens. All we seen so far is depreciation of rupee destroying livelihood of ordinary guy.
Last edited:
$81 Billion govt. debt in 2014 right before Modi (March 2014).
$109 Billion govt. debt till latest Dec 2019 data.
Total external debt in Rupees is 35%, in USD 51%, rest is SDR and other currency.
Total External Debt March 2014 - $460 Billions.
Total External Debt Dec 2019 - $564 Billions.