India Business News: Prime Minister Narendra Modi said on Friday that PLI schemes, aimed at boosting domestic manufacturing and exports under the 'Make in India' and Atman
Updated Mar 05, 2021 | 19:07 IST
SIAM and ACMA recommended incentivising enhanced domestic value-addition and localisation to leverage on the USD 25 billion import substitution opportunity. SIAM and ACMA suggest incentivising enhanced automobile localisation | Photo Credit: Representative Image
Automobile and auto components industry bodies SIAM and ACMA on Friday recommended incentivising enhanced domestic value-addition and localisation to leverage on the USD 25 billion import substitution opportunity but said the production linked incentive (PLI) scheme should not cannibalise existing exporters by incentivising new players. In a presentation at the PLI event organised by Department for Promotion of Industry and Internal Trade (DPIIT) and Niti Aayog, Society of Indian Automobile Manufacturers (SIAM) President Kenichi Ayukawa and CII Manufacturing Council Chairperson Baba Kalyani stressed that PLI scheme is required for Indian auto component a
The government needs to look at incentivising enhanced domestic value-addition to leverage the large imports substitution ($25 billion) opportunity that exists in the sector, said Baba Kalyani, who is also the chairman at Bharat Forge, whose businesses include automobile components.
India's northern state of Haryana, where several automakers, component suppliers and big tech firms are based, faces an investment and development crisis from a new hiring rule to tackle high unemployment, lobby groups warned on Thursday. The Federation of Indian Chambers of Commerce and Industry (FICCI) said the policy, which requires 75% of all low to mid-paying private sector jobs to go to locals, would spell disaster for Haryana's "industrial development and private investment". The 10-year rule, applicable to jobs paying up to 50,000 rupees ($690) a month, came into effect this week in the state as it faces worsening unemployment as a result of the coronavirus crisis.
India's northern state of Haryana, where several automakers, component suppliers and big tech firms are based, faces an investment and development crisis from a new hiring rule to tackle high unemployment, lobby groups warned on Thursday.