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Private sector may get SOPs in lagging states as govt firms up National Manufacturing Mission blueprint

Economic Times

Economic Times · 2d ago

Private sector may get SOPs in lagging states as govt firms up National Manufacturing Mission blueprint

The Indian government is developing a National Manufacturing Mission blueprint, aiming to boost manufacturing’s GDP share to 25% by 2047. Plans include incentivizing private sector involvement, particularly in lagging states, and promoting women’s employment in manufacturing. A public-private partnership will be emphasized, with policy interventions to reduce regulations and compliance costs. Focus areas include micro, small and medium enterprises (MSMEs) and frontier technologies, with five-year and ten-year targets and regular progress monitoring.

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AI firms getting GPU sops may see govt at the table

Livemint

Livemint · 1m ago

AI firms getting GPU sops may see govt at the table

The Indian government's $1.2 billion AI Mission offers subsidized access to GPUs for startups, potentially in exchange for a 2-4% equity stake. This approach aims to support AI development while ensuring a return on investment for public resources. Startups including Sarvam, Gnani.ai, Soket AI Labs, and Gan AI are shortlisted to benefit. The initiative raises questions about how such tools will enhance public equities and contribute to the broader economic landscape.

HC Trashes Okinawa Plea To Restrain Govt From Recovering Sops

Inc42 · 11m ago

HC Trashes Okinawa Plea To Restrain Govt From Recovering Sops

Three original equipment manufacturers (OEMs) have returned the subsidy amount after receiving demand notices from the government. Okinawa, an electric vehicle (EV) maker, argued that without interim relief, it would have to file for insolvency. The Ministry of Heavy Industries (MHI) issued a notice to Okinawa in May 2020, demanding payment for allegedly violating domestic manufacturing mandates under the FAME-II scheme.

Govt eases FDI norms in space sector

Economic Times

Economic Times · 1y ago

Govt eases FDI norms in space sector

The government has eased Foreign Direct Investment (FDI) norms in the space sector to attract overseas players and private companies. The satellite sub-sector has been divided into three activities with defined limits for foreign investment. Up to 74% FDI is allowed under the automatic route in satellite manufacturing and operation, satellite data products, and ground and user segments. Beyond this limit, government approval is required. Additionally, up to 49% FDI is allowed through the automatic route for launch vehicles and associated systems, with 100% permitted for manufacturing components and systems/sub-systems for satellites.

Govt eyes extra sops for mobile makers topping PLI targets

Economic Times

Economic Times · 11m ago

Govt eyes extra sops for mobile makers topping PLI targets

The Indian government is considering increasing incentives for companies that have surpassed production, sales, and export targets under the mobile phone production-linked incentive (PLI) scheme. Some companies have consistently met their targets and are seeking additional incentives. The decision on disbursement is pending at the empowered committee level. The PLI scheme for electronics manufacturing provides incentives of 4%-6% on incremental sales. As of March 2024, the production value of companies eligible for incentives exceeded the target. In the current financial year, the government has achieved nearly 80% of its production value target.

Karnataka Job Quota Row: Andhra & Kerala Woo IT Giants

Inc42 · 1y ago

Karnataka Job Quota Row: Andhra & Kerala Woo IT Giants

Karnataka's government has paused its bill proposing job quotas for locals in the private sector after backlash from tech giants like Infosys and Wipro. Meanwhile, Andhra Pradesh and Kerala are seizing the opportunity to attract IT companies by promoting their states as business-friendly alternatives. These developments highlight the competitive landscape among Indian states to secure investments from major IT firms.

Global Space Economy Valued at $630 Billion in 2023, Projected $1.8 Trillion by 2035; U.S. Leads with 145 Launches | DeepNewz VC

deepnewz

deepnewz · 2m ago

Global Space Economy Valued at $630 Billion in 2023, Projected $1.8 Trillion by 2035; U.S. Leads with 145 Launches | DeepNewz VC

The global space economy, valued at $630 billion in 2023, is projected to reach $1.8 trillion by 2035. While the U.S. leads with 153 launches compared to Europe's three last year, and China’s 68, private innovation is propelling the industry forward. Europe's lagging performance highlights the critical role of private-sector involvement over political influence in driving growth and competitiveness in the evolving space sector.

Govt has limitations, private sector should step in to fund R&D: Jitendra Singh

Economic Times

Economic Times · 29d ago

Govt has limitations, private sector should step in to fund R&D: Jitendra Singh

Union Science and Technology Minister Jitendra Singh emphasized the need for private sector funding in research initiatives, acknowledging government limitations. He advocated a change in mindset regarding funding distribution, underscoring private sector participation for global competitiveness. Singh highlighted the newly established Anusandhan National Research Foundation aimed at guiding research and innovation. A NITI Aayog report urged structural reforms and strategic partnerships for State S&T Councils to address challenges like fragmented mandates and insufficient resources.

Output of farm sector rises to Rs 29.49 lakh crore in FY24: Govt data

Economic Times

Economic Times · 1m ago

Output of farm sector rises to Rs 29.49 lakh crore in FY24: Govt data

The Gross Value of Output (GVO) from the agriculture and allied sector in India increased by 54.6% from FY12 to FY24, reaching Rs 29.49 lakh crore at constant prices, according to the National Statistics Office (NSO). The crop sector remains the largest contributor, with cereals and fruits and vegetables significantly impacting overall GVO. Five states contributed nearly 53% of cereal GVO, while bananas and potatoes were noteworthy contributors in the fruit and vegetable groups, respectively.

Government in process of finalising various pillars of AI technology: MoS Jitin Prasada

YourStory

YourStory · 1y ago

Government in process of finalising various pillars of AI technology: MoS Jitin Prasada

The Indian government is working on finalizing the various pillars of AI technology as part of the approved Artificial Intelligence Mission with a budget of Rs 10,372 crore. This mission aims to develop a high-end scalable AI ecosystem through public-private partnerships. Additionally, the government is implementing production-linked incentive (PLI) schemes to boost manufacturing capabilities and exports, resulting in significant investments, increased production, and job creation. The government is determined to support India's vision of becoming a manufacturing hub and is focused on fostering growth in the MSME sector.

India is now doing Rs 66,000 crore of Space business, says Dr Jitendra Singh

IndianStartupNews

IndianStartupNews · 1y ago

India is now doing Rs 66,000 crore of Space business, says Dr Jitendra Singh

Dr. Jitendra Singh, Union Minister of State for Science & Technology, emphasized India's growing role in international collaboration across various sectors. He highlighted India's partnerships with countries like Russia and the United States, where India is seen as an equal partner, particularly in the space sector. Dr. Singh mentioned India's ambitious Gaganyaan mission and the participation of private enterprises in the space sector, calling it a "revolutionary shift." He also noted the increasing collaboration between the public and private sectors in India's space industry, leading to a surge in startups and innovations.

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