India manufacturing ends 2022 on a positive note: PMI data
According to the S&P Global India Manufacturing Purchasing Managers’ Index (PMI), India’s manufacturing sector experienced its sharpest increase in output in 13 months in December 2022, with new orders growing at the fastest rate for the first time in 2.5 years since February 2021 despite selling prices rising more than input costs.
PMI, compiled by S&P Global increased from 55.7 in November to 57.8 in December. Since October 2020, this reading has been over the 50-point threshold separating expansion from contraction for an uninterrupted 18 months.
Indian manufacturing ends 2022 on a high: PMI data – The Hindu
After raids and duty demands, IT hardware makers request tax clarification on routers
After six major companies were raided and given show-cause notices by the Directorate of Revenue Intelligence (DRI), requesting differential duties of over Rs. 1,000 crores, IT hardware manufacturers sought clarification on the customs taxation of imported routers.
An industry official claims that many of the companies who have received notices have stopped importing routers, while others who have not received such notices continue to import and this has created a disbalance in the industry.
The businesses claim that the actions have caused disruptions in their operations.
Commerce Ministry developing India’s Third Industrial Policy with a focus on Make in India
According to PTI, the Department for Promotion of Industry and Internal Trade (DPIIT), a division of the Ministry of Commerce and Industry, is developing the third industrial policy. The report says that the new strategy proposes increasing the industry’s funding sources and developing a plan for marketing Made-in-India brands.
According to the source, the policy aims to address industry issues and challenges through specific policy measures in order to develop and build a competitive and innovative industrial ecosystem in the nation.
DPIIT Working On New Industrial Policy (abplive.com)
UPI transactions surge to record 782 crore in December 2022
In December 2022, the Unified Payments Interface (UPI) transactions reached a record high of 782 crore. In comparison to November, UPI transaction volume increased by 7.12%, and transaction value increased by 7.73%.
The National Payments Corporation of India (NPCI) reports that in December, both the volume and value of transactions increased by a combined 71% year over year.
With the exception of a few minor hiccups caused by the pandemic-related restrictions during a few months, the volume and value of UPI transactions have remained on an increasing trajectory over the previous two years.
Testing agencies to reevaluate eligibility with regard to EV manufacturers’ application to FAME subsidy
As per a directive from the Centre, Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles in India (FAME India) eligibility certificates of electrical automobile (EV) manufacturers are being reviewed by testing agencies. This is being done in response to allegations that EV manufacturers mislabeled imported parts as domestically produced ones in order to claim the Center’s subsidy.
The goal of the subsidy was to lower the cost of domestically produced EVs for end users. Establishing and enhancing domestic EV and essential part manufacturing is one of the main goals of the FAME scheme.
Lens on EV makers’ claim to FAME subsidy: Testing agencies to relook at eligibility – Pehal News
Indian Army opens first-ever 3D-printed housing unit
The Indian Army inaugurated its first ground-plus-one configuration 3D-printed housing unit for soldiers at Ahmedabad Cantt. The Military Engineering Services (MES) and MiCoB worked together to build the dwelling unit using the most recent 3D Rapid Construction Technology.
The 3D printed houses are a representation of the modern, quick building efforts made to meet the expanding housing needs of the armed forces. The technique makes use of a concrete 3D printer that accepts a computerised three-dimensional design and creates a three-dimensional structure layer by layer by extruding a specialised type of concrete made just for the purpose.
Indian Army inaugurates first-ever 3D printed housing unit | The Financial Express