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West Bengal govt to set up electrical and electronic industrial park in collaboration with IEEMA

July 1, 2022 by government.economictimes.indiatimes.com Leave a Comment

West Bengal govt to set up electrical and electronic industrial park in collaboration with IEEMA West Bengal government, in collaboration with Indian Electrical & Electronics Manufacturers Association ( IEEMA ), will be setting up a dedicated electrical and electronic industrial park in the state. The state government is scouting for land ranging to 1000 acres for the park which is likely to open up huge investment opportunities.

The industrial park will have focus on renewable energy and the state government is looking for land for the park in Kharagpur or Durgapur, depending on the availability.

“The state government is very proactive about industry and taking serious initiative on the park. We have held several rounds of meetings on this,” Siddharth Bhutoria , Chairman of IEEMA Eastern Region, told ET.

The industrial park will house new age and hi-tech companies, in addition to the traditional industries. The park would be a new age hi-tech manufacturing hub. Bengal has a large talent pool and necessary infrastructure, Bhutoria added.

With the Tajpur deep sea port coming up in Bengal, the industry body feels that it will boost the opportunities and will act as the gateway of the entire ASEAN countries .

“The proposed deep-water port at Tajpur would boost exports and help us to bring in companies from across the globe in the renewable energy and electric vehicles (EV) manufacturing sector. The focus of IEEMA is to bring in non-traditional sectors under its fold and provide a platform to MSMEs,” Bhutoria said while speaking to the media after the inaugural session of the 3rd edition of IEEMA Eastern Region- ‘Empower Energise East’ – E3 conference, which was kicked off in Kolkata on Thursday.

Deputy Chief Minister and Minister of Power-Tripura Jishnu Dev Varma and West Bengal Additional Chief Secretary S Suresh Kumar were present at the occasion.

The focus of this edition of E3 are emerging Technologies for electrical and electronics Industry, smart cities and future business opportunities. The event aims to bring together the electrical Industry, Technocrats, government utilities, new Industry segments like Oil Refineries, Cement, Railways, Steel etc on the same platform. IEEMA is the apex association of manufacturers of electrical, industrial electronics and allied equipment in India.

“We are investing around 17 lakh crore for generating 150GW of solar power by 2030. We need to build a collaborative association with the electrical industry,” Bengal Additional Chief Secretary Suresh Kumar said at the inaugural session.

“The central government has an extensive plan to generate more green power from sustainable renewable energy resources. The need for a modern state of art microgrid research infrastructure is required in the country for carrying out extensive research in this area. Eastern India offers tremendous potential for infrastructure development and investment opportunities,” Vipul Ray IEEMA- President said.

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Taxing online gaming industry on par with gambling will stifle growth: Winzo

July 1, 2022 by brandequity.economictimes.indiatimes.com Leave a Comment

online gaming industry at par with gambling will stifle growth, online gaming company Winzo said on Friday.

The GST Council on Wednesday deferred its decision on levying a 28% tax on casinos, online gaming, horse racing and lottery pending more consultations with stakeholders.

“We at WinZO believe that India will boast of as many as ten unicorns and five decacorns from the gaming ecosystem in the next five years alone. To paint the entire online gaming industry with the same brush as gambling by placing it in the same tax slab, i.e, 28% from the current 18%, would have serious implications on the development of this sector,” Winzo said in a statement.

A startup turns unicorn when its valuation reaches $1 billion, while a company with more than $10 billion valuation is called decacorn.

Winzo said that the country is at the epicentre of the explosion of the global gaming economy , contributes to nearly 17% of global mobile game downloads, the most by any country, and is all set to establish itself as the next gaming superpower of the world.

The market has been operating in a manner where a clear distinction exists between games of chance or gambling on one hand and all other forms of online gaming and sports on the other, Winzo said.

“There are over 900 ventures in the gaming industry in India, building for tomorrow. Premature over-taxation with the proposed 28 per cent increase would only sink these early stage companies further into losses making the industry unviable,” the statement said.

E-Gaming industry worried over likely GST hike

Reacting to speculations that the 47th GST Council meeting currently underway at Chandigarh could slap a 28% GST on online gaming, the sector has raised concerns and called for a progressive taxation regime.

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Huma Qureshi: ‘Tamil, Telugu Industries Not Talking Down to Their Audience, They Are Pushing Boundaries’

July 1, 2022 by www.news18.com Leave a Comment

Huma Qureshi might be known as a Bollywood star, but the actress has also been a part of other film industries. She had shared the screen with Rajinikanth for Kaala, and with Ajith in Valimai. Now, in a recent interview, she opened up about the difference between working in the Hindi film industry vs working in South.

Talking to ETimes, Huma said, “People have realised that there is a lot to learn from them. Industries like Tamil and Telugu are not talking down to their audience. In fact, they are pushing their boundaries. The stories are contextual, they pride themselves in the cultural references, they are personalised, nuanced, and have a massive scale. The southern industries have done this repeatedly.”

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She went on to add, “The way things are going, multilingual projects are the in thing. For every actor and talent involved, the audience base increases. I feel thrilled that I did my second Tamil film, Valimai. I have learned so much by sharing screen space with Thala Ajith and Rajinikanth sir. Not just as an actor, but also as an audience member, I am excited about these big pan-India films. Why should we have so many boundaries within our country anyway? We need to shake things up a bit in these seminal times.”

Well, do you agree with what Huma has to say? It is true that South industries have pushed boundaries and have even started faring better than Bollywood films in the Hindi belt. It has transcended the barrier of language, and is now making peple ask that what the industry is doing right.

On her work from, Huma would be seen in XXL with Sonakshi Sinha. The film is directed by Mudassar Aziz, who the actress is reportedly dating. She is also rumoured to be a part of Sanjay Leela Bhansali’s Heeramandi.

Read all the Latest News , Breaking News , watch Top Videos and Live TV here.

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Bharat Forge, subsidiary complete acquisition of JS Autocast

July 1, 2022 by economictimes.indiatimes.com Leave a Comment

Synopsis

The deal to acquire JS Autocast, which supplies critical machined ductile castings for wind, hydraulic, off-highways and automotive applications, was announced in February.

Pune-based auto parts maker Bharat Forge Ltd on Friday said it along with subsidiary BF Industrial Solutions has successfully completed the acquisition of Coimbatore-based JS Autocast Foundry India Private Limited.

The deal to acquire JS Autocast, which supplies critical machined ductile castings for wind, hydraulic, off-highways and automotive applications, was announced in February.

” Bharat Forge Limited along with its subsidiary, BF Industrial Solutions Limited has successfully completed the previously announced acquisition of JS Autocast Foundry India Private Limited . The Enterprise Value of the transaction is Rs 489.63 crores,” the company said in a release.

“This acquisition significantly enhances our capabilities and addressable market segments both domestically and in export markets, especially in niche industrial segments and also brings with it significant synergies that particularly strengthen Bharat Forge’s positioning as a preferred ‘Industrial Solutions’ provider,” it said.

JSA logged 59.5 per cent year-on-year growth in revenue at Rs 416.87 crore despite a challenging and volatile environment, the release said.

Recently, JSA has been granted environmental clearance to expand its existing foundry operations at SIPCOT (State Industrial Promotion Corporation of Tamil Nadu) from 21,768 tonnes per annum to 72,000 tonnes per annum, it stated.

This coupled with 28,800 TPA foundry capacity at Coimbatore , provides a significant growth platform for the company, Bharat Forge said, adding, JSA will focus on enhancing its product portfolio from current small castings to address opportunities in medium sized castings for both renewable and other industrial applications.

In the next three years, JSA will start manufacturing ‘green castings’ utilising 100 per cent renewable energy and raw material which is predominantly recycled scrap, it added.

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Why an industrial policy is crucial

May 17, 2019 by www.thehindu.com Leave a Comment

The contribution of manufacturing to GDP in 2017 was only about 16%, a stagnation since the economic reforms began in 1991. The contrast with the major Asian economies is significant. For example, Malaysia roughly tripled its share of manufacturing in GDP to 24%, while Thailand’s share increased from 13% to 33% (1960-2014). In India manufacturing has never been the leading sector in the economy other than during the Second and Third Plan periods.

Core to growth

No major country managed to reduce poverty or sustain growth without manufacturing driving economic growth. This is because productivity levels in industry (and manufacturing) are much higher than in either agriculture or services. Manufacturing is an engine of economic growth because it offers economies of scale, embodies technological progress and generates forward and backward linkages that create positive spillover effects in the economy.

In the U.S. and Europe, after the 2008 crisis, the erstwhile proponents of neo-liberal policies started strategic government efforts to revive their industrial sectors, defying in principle their own prescriptions for free markets and trade. The European Union has identified sector-specific initiatives to promote motor vehicles, transport equipment industries, energy supply industries, chemicals and agro-food industries. The United Nations Conference on Trade and Development or UNCTAD finds that over 100 countries have, within the last decade, articulated industrial policies. However, India still has no manufacturing policy. Focussing (as “Make in India” does) on increasing foreign direct investment and ease of doing business, important though they may be, does not constitute an industrial policy.

Even neo-classical economists accept government intervention in the case of market failures. Mainstream economists point to specific instances of market failure that require a government-driven industrial policy: deficiencies in capital markets, usually as a result of information asymmetries; lack of adequate investments inhibiting exploitation of scale economies; imperfect information with respect to firm-level investments in learning and training; and lack of information and coordination between technologically interdependent investments. These are good reasons why an economy-wide planning mechanism is needed in India. However, the Indian state should steer clear of the “command and control” approach that harks back to pre-1991 days

Key reasons for a policy

So why have an industrial policy in India now? First, there is the need to coordinate complementary investments when there are significant economies of scale and capital market imperfections (for example, as envisaged in a Visakhapatnam-Chennai Industrial Corridor). Second, industrial policies are needed to address learning externalities such as subsidies for industrial training (on which we have done poorly). In fact, industrial policy was reinforced by state investments in human capital, particularly general academic as well as vocational education/training aligned with the industrial policy, in most East Asian countries. However, a lack of human capital has been a major constraint upon India historically being able to attract foreign investment (which Southeast Asian economies succeeded in attracting).

Third, the state can play the role of organiser of domestic firms into cartels in their negotiations with foreign firms or governments — a role particularly relevant in the 21st century after the big business revolution of the 1990s (with mega-mergers and acquisitions among transnational corporations). In fact, one objective of China’s industrial policies since the 1990s has been to support the growth of such firms (examples being Lenovo computers, Haier home appliances, and mega-firms making mobile phones).

Fourth, the role of industrial policy is not only to prevent coordination failures (i.e. ensure complementary investments) but also avoid competing investments in a capital-scarce environment. Excess capacity leads to price wars, adversely affecting profits of firms — either leading to bankruptcy of firms or slowing down investment, both happening often in India (witness the aviation sector). Even worse, price wars in the telecom sector in India have slowed profits (even caused losses), which hampers investment in mobile/Internet coverage of rural India where access to mobile phones and broadband Internet, needs rapid expansion. The East Asian state managed this role of industrial policy successfully.

Fifth, an industrial policy can ensure that the industrial capacity installed is as close to the minimum efficient scale as possible. Choosing too small a scale of capacity can mean a 30-50% reduction in production capacity The missing middle among Indian enterprises is nothing short of a failure of industrial strategy. Contributing to the missing middle phenomenon was the reservation of products exclusively for production in the small-scale and cottage industries (SSI) sector (with large firms excluded) from India’s 1956 Industrial Policy Resolution onwards. By the end of the 1980s, 836 product groups were in the “reserved” category produced only by SSIs (which encouraged informal enterprises). Astonishingly, in 2005, there were still 500 products in this category, 15 years after the economic reforms were launched. Thereafter the reservation of products of small firms was cut sharply to 16 products. By then, small scale and informality had gotten entrenched in Indian manufacturing. Incentivisation to remain small in scale cost India dearly.

Sixth, when structural change is needed, industrial policy can facilitate that process. In a fast-changing market, losing firms will block structural changes that are socially beneficial but make their own assets worthless. East Asian governments prevented such firms from undermining structural change, with moves such as orderly capacity-scrapping between competing firms and retraining programmes to limit such resistance. Finally, manufacturing will create jobs; its share in total employment fell from 12.8% to 11.5% over 2012 to 2016.

Unfortunately, the potential role of industrial policy has been consistently downplayed in developing countries outside of East Asia ever since the early 1980s after the growing dominance of the orthodox paradigm with well-known consequences in much of India, Latin America and also sub-Saharan Africa.

The Asian story

The East Asian miracle was very much founded upon export-oriented manufacturing, employ surplus labour released by agriculture, thus raising wages and reducing poverty rapidly. This outcome came from a conscious, deliberately planned strategy (with Five Year Plans). The growing participation of East Asian countries in global value chains (GVCs), graduating beyond simple, manufactured consumer goods to more technology- and skill-intensive manufactures for export, was a natural corollary to the industrial policy. India has been practically left out of GVCs. Increasing export of manufactures will need to be another rationale for an industrial policy, even though India has to focus more on “make for India”. From 2014 to 2018 there has been an absolute fall in dollar terms in merchandise exports.

In this quest for increased exports, economies of scale are critical. Such economies were not possible with the policy-induced growth of micro-enterprises and informal units (the unorganised sector accounts for 45% of India’s exports).

Lessons from IT taking root

If evidence is still needed that the state’s role will be critical to manufacturing growth in India, the state’s role in the success story of India’s IT industry must be put on record. The government invested in creating high-speed Internet connectivity for IT software parks enabling integration of the Indian IT industry into the U.S. market. Second, the government allowed the IT industry to import duty-free both hardware and software. (In retrospect, this should never have continued after a few years since it undermined the growth of the electronics hardware manufacturing in India.) Third, the IT industry was able to function under the Shops and Establishment Act; hence not subject to the 45 laws relating to labour and the onerous regulatory burden these impose. Finally, the IT sector has the benefit of low-cost, high-value human capital created by public investments earlier in technical education. Without these, the IT success story would not have occurred. These offer insights to the potential for industrial policy when a new government takes over soon.

Filed Under: Uncategorized Lead, Santosh Mehrotra, manufacturing, economic reforms, Asian economies, Malaysia, Thailand, economy, Second Plan, Third Plan, poverty, growth, economic..., industrial policy 1980, crucial return policy, industrial policies 1991, industrial policy 1977, small scale industrial policy 1991, jewelry policy in food industry, visitor policy in food industry, visitors policy in food industry

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