Industry

"We have to do three things in the new industrial policy. One is to reduce regulations. Why? Because the government cannot run industry... Number two is to promote modernisation of the existing industry as they are facing challenges. And number three will be to take into account the new emerging industry, which is not even seen today," he said. … [Read more...] about New industrial policy coming early next year: Suresh Prabhu

Small Industries Development Bank of India (SIDBI) on Friday entered into an MoU for setting up a Project Management Unit (PMU) to facilitate need-based intervention, increase access to financial products, and work to create a conducive environment for Micro, Small, and Medium Enterprises (MSMEs) in the state.The MoU was signed by commissioner, industries, Archana Singh and general manager of SIDBI Balbir Singh in the presence of state industries minister Parsadi Lal Meena, principal secretary, industries, Naresh Pal Gangwar, and joint secretary Chinmayee Gopal.“The present MoU is a step in the direction for strengthening the MSMEs. It would help them with finance options and overcome other challenges,” said Meena.The PMU will be developed by SIDBI taking inputs from the state government to design schemes, programmes in the areas of equity support, interest subvention, resolution of stressed MSMEs, supporting MSME entrepreneurs, and facilitate other need-based … [Read more...] about Rajasthan: Industries dept, SIDBI ink MoU to help MSMEs

Hospitality and event management industry incurs Rs 5,000 crore loss due to lockdown; large-scale unemployment feared; industry seeks GST relief, cash credit facility, income-tax waiver for two years Series of lockdowns has had an impact on all the industries, but the wedding, event and exhibition sector has seen maximum impact, say those associated with it. The impact on the Rs 10,000 crore industry continues to linger as the central government has given only limited permission to hold events and social gatherings like weddings. For weddings and social gatherings, permission has been granted for only 100 persons. The period from March to May, which is the peak season for weddings, has been a complete washout due to cancellations. The ancillary businesses like catering, mandap decoration, party plot bookings, photography and video shooting businesses have also suffered. Taking serious note of the situation, representatives of the Federation of All India Catering, the Event … [Read more...] about Wedding, event and exhibition industry makes huge losses

Auto component industry body ACMA on Tuesday sought lending to the segment at the same interest rates as the priority sectors. While welcoming the K V Kamath committee recommendations, the Automotive Component Manufacturers Association of India (ACMA) sought reconsideration of a few of its proposals. "Considering the average asset life in the industry to be around 10 years, we recommend the committee to enhance the 'Total Debt/EBITDA ratio' to 6 times from the current 4.5 times, the premise of repaying loans in 4.5 years for assets that will last over double the time needs to be reconsidered," ACMA President Deepak Jain said in a statement. Further, considering the cost of borrowing capital in India is one of the highest in the world, the industry body requests the committee to recommend lending to the auto component industry at same interest spread as a priority sectors, to secure the industry from any downgrade in ratings due to the adverse impact of COVID-19 related disruptions, he … [Read more...] about Consider lending to auto component industry at same interest rates as priority sector: ACMA

In 2019, China's import and export trade volume of cultural products totaled $111.45 billion , increasing 8.9 percent year-on-year, with exports and imports at $99.89 and $11.57 billion, up 8.9 and 7.9 percent year-on-year respectively, according to the data from the Ministry of Commerce. … [Read more...] about Digital creative industry emerging as key sector of economy