A panel led by Mahindra & Mahindra managing director Pawan K Goenka and comprising members from leading business groups, has begun identifying industries to propel India’s manufacturing. The committee is expected to draw up strategies to boost industrial growth in at least 12 sectors, including steel, agro-chemicals, food processing, aluminium, electronics and textiles.
These are South India Textiles Research Association (SITRA) in Coimbatore, DRDO-INMAS in New Delhi, Heavy Vehicle Factory in Chennai, Small Arms Factory in Kanpur, Ordnance Factory in Kanpur, Ordnance Factory in Muradnagar, Ordnance Factory in Ambernath, and Metal & Steel Factory in Ishapore, West Bengal.
At present, SEZs are also not able to sell their products in the domestic market, as payment of customs duty as per Section 30 of SEZ Act, 2005, is making their products uncompetitive, the Export Promotion Council for EOUs and SEZs (EPCES) said in a letter to commerce and industry minister Piyush Goyal.
“Bombardier emerged as the L1bidder in the tender, with its price bid of Rs 2,577 crore, which, among other costs, includes the procurement and maintenance cost of rolling stock for 15 years,” said an official at NCRTC.
Smriti Irani-led textiles ministry has initiated talks with commerce ministry on how to address the issue. “The issue is all masks have the same HSN code. N-95 and surgical masks are required for Covid-19. The issue is now being examined,” said an official in the know of the details.
The grim result for the industry, the engine of growth, underlines the pandemic's impact.
The commerce and industry ministry is considering a plan to extend the Merchandise Exports from India Scheme (MEIS) till March 31, 2021. The proposal was mentioned in a letter to development commissioners of special economic zones from the Department of Commerce. ET has reviewed the letter.
Workplaces remain empty despite the government allowing firms to host one-third of staff strength.
The Nikkei Manufacturing Purchasing Managers' Index, compiled by IHS Markit, plunged to 27.4 last month from March's 51.8, by far its lowest since the survey began in March 2005 and its first time below the 50-mark separating growth from contraction in nearly three years.
Commerce and Industry Minister Piyush Goyal said that Invest India and the Department for Promotion of Investment and Internal Trade are working to create a genuine single window for setting up factories and manufacturing units.
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