Manufacturing

To further promote domestic manufacturing heavy industries, the Finance Minister Nirmala Sitharaman has proposed in 2019-20 Budget customs duty reductions on certain raw materials and capital goods needed for nuclear power plants.

Indian Micro, Small and Medium Enterprises, with niche security-sensitive technologies, are exploring export markets, having showcased their products at the Interpol World 2019 conference and exhibition held in Singapore 2-4 July 2019.

The Indian animal husbandry market is projected to reach Rs.7,600 billion by 2024, exhibiting a CAGR of 11.8% during 2019-2024.

The Indian smart kitchen appliances market, which includes refrigerators, ovens, hoods, blenders, coffee makers, scales, cookers and dishwashers, is estimated to increase revenue at cumulative annual growth rate (CAGR) of 11.8% by fiscal year 2026.

The 2019-20 Budget addresses some of the basic challenges faced by manufacturing and exports including flow of credit, infrastructure bottlenecks, labour laws, skilling among others.

In a significant development, import of Defence Equipment not manufactured in India has been exempted from Basic Customs Duty under the Budget 2019-20 tabled in Parliament on 5 July 2019 by Finance Minister Nirmala Sitharaman.

In order to create a ten trillion-dollar economy by 2032 India needs a robust and resilient infrastructure, says the Economic Survey 2018-19, tabled in parliament on 4 July 2019 by a Finance and Corporate Affairs Minister Nirmala Sitharaman.

Dr. Reddy’s Laboratories Ltd has announced the launch of Carboprost Tromethamine Injection USP, 250 mcg/mL (1mL) Single-dose Vial, a therapeutic equivalent generic version of Hemabate® injection, 250 mcg/mL, approved by the U.S. Food and Drug Administration (USFDA).

Invest India is currently working with 1,003 companies, with an indicated investment worth US$137 billion and indicated employment of 1,981,147 extending end-to-end facilitation support, Parliament was told on 3 July 2019.

The work on the contracts for first priority design works is in progress for setting up two additional units of 1,000 MW each at Kudankulam in Tamil Nadu (Kudankulam Nuclear Power Plant, KKNPP-5&6 - 2X1000 MW).