Manufacturing

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).

The Indian fertilizer market is projected to record a 12.3% CAGR during 2019-24 to Rs.11,116 billon from Rs.5,437 billion in 2018, according to a ResearchAndMarkets report.

The Federation of Indian Export Organizations (FIEO) has urged the Government to provide a 200% tax deduction for Research and Development (R&D) investment and product innovation as the sector face long gestation activity with uncertainty.

Commerce and Industry Minister Piyush Goyal has called for a Mass Movement to strengthen the cooperative sector in agriculture and tap its true potential to double farmers’ income to Rs.7 lakh crore by 2024-25.

The Indian food processing market is projected to reach Rs.50,571 billion by 2024, exhibiting a CAGR of 12.4% during 2019-2024. It was Rs.24,665 billion in 2018.