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A global growth engine that’s in need of a reality check
Photo: Priyanka Parashar/Mint
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Speaking at a Confederation of Indian Industry conference last week finance minister Nirmala Sitharaman said, “Considering our size, population and potential that India holds for good growth and building of economy, I wouldn’t hesitate here to say that we shall be the engine of global growth along with a few other countries. It was an extraordinarily bold claim. India’s economy is expected to contract by about 10% this financial year. India’s imports in October were $33.6 billion. By contrast, South Korea’s imports that month totalled $39 billion. In October, the International Monetary Fund forecast that China would grow by about 2% this year. East Asian countries have kept covid infections and fatalities at unusually low levels. Vietnam, with 95 million people, has recorded 1,414 infections and 35 deaths. India’s cumulative infection count has crossed 1
Exporters see order books improving, but want more measures from govt
December 23, 2020
Challenges ahead Total exports during April-November 2020-21 were $173.66 billion, 17.76 per cent lower than exports in the comparable period last year. The imports were 33.5 per cent lower at $215.69 billion - Getty Images/iStockphoto
Challenges ahead Total exports during April-November 2020-21 were $173.66 billion, 17.76 per cent lower than exports in the comparable period last year. The imports were 33.5 per cent lower at $215.69 billion - Getty Images/iStockphoto×
Seek prompt refunds, cheap credit and sops to help overcome present downturn
Turbulence in world trade caused by the Covid-19 pandemic since early 2020 cast its shadow over India’s trade prospects as well. The country’s exports and imports, since March, have suffered an overall decline (exports increased marginally only in September) as domestic manufacturing tried to grapple with the aftermath of the lockdown a
Preference for fixed-term employees can improve industry relations
Contract workers, who are hired via an intermediary (contractor) and are not on the payrolls of the company on whose shop floors they work, have been at the centre of much dispute over the last decade. Updated: December 24, 2020 8:57:09 am
Broken windows at a facility run by Wistron Corp, a Taiwanese contract manufacturer for Apple, in Narsapura near Bengaluru, India. (Reuters)
As the government attempts to woo investors in the electronics manufacturing sector, the violence at Wistron’s iPhone manufacturing factory could not have been more ill-timed. The iPhone manufacturing plant came under attack from thousands of contract workers over alleged non-payment of wages. Wistron asserts it had deposited the money in the account of the contractor (staffing firms). Reports suggest that the staffing firms who supplied the labour may be fined or even blacklisted. This incident is jus
Updated Dec 23, 2020 | 12:20 IST
The PLI scheme, launched earlier this year, has attracted the likes of iPhone contract makers Foxconn, Pegatron and Wistron, as well as Samsung, Karbonn, and will lead to manufacturing worth Rs 11.5 lakh crore. Representational image
New Delhi: The government expects a huge jump in the collectio of Goods and Services Tax (GST) in the coming months due to the launch of the new Production-Linked Incentive (PLI) scheme as manufacturing units paid GST worth Rs 35,634 crore under a previous electronics manufacturing incentive scheme where the subsidy provided was just Rs 1,021 crore.
The
Economic Times citing government estimates mentioned in a report that about 223 applicants invested Rs 23,991 crore under the Modified Special Incentive Package Scheme (MSIPS), which was revised in 2015. These investments were led by companies including Samsung, Bosch, Sterlite and Chinese mobile phone manufacturers such as Vivo and Opp