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Time to stop currency! Give cards and numbers to everybody and make it mandatory for vendors,etc to accept the cards! Salaries getting deposited into the accounts behind these cards and thus no need for Cash.
I think in next 10 years at least USA/Canada/western world will have a huge push towards cashless transactions.
Swedish auto giant Volvo said Tuesday it planned to build buses destined for Europe's roads in Bangalore, providing a major boon to Prime Minister Narendra Modi's 'Make in India' campaign.
Volvo's Indian subsidiary has been exporting luxury air-conditioned coaches to South Asian countries, including Bangladesh and Sri Lanka, for two years and now has its sights set firmly on Europe.
"We will be the first bus company to export to the European market from India, taking advantage of lower manpower costs and neutral duty," Volvo Buses Corporation president Hakan Agnevall told reporters.
The announcement will be welcomed by Modi's business-friendly government, which was elected last year on pledges to revive a sluggish economy, including attracting some much-needed foreign direct investment.
In September, the government launched its 'Make in India' initiative in a bid to tell the world that India was open for business.
Volvo has been operating in India for 15 years. In 2012, it announced it was investing four billion rupees ($63 million) to double output at its plant in Hoskote, 40 kilometres (25 miles) east of Bangalore to 1,500 buses a year.
"It's a milestone for us to export buses from India to developed markets in Europe though we are a European company and have a major presence there with a couple of manufacturing plants in the continent," Agnevall said.
"We believe in regional selfsufficiency rather than using a single country as a hub. For us, exports are an exception rather than the norm. So if you ask me which is the designated strategic export country, there's none," Shin told ET at the end of a three-day visit to India during which he sensed a stark difference in the body language of people and the confidence in its economy compared to his previous visit in 2013.
.......
With the government's Make in India drive attracting new foreign players, 3M is also looking at helping its global industrial customers set up shop in India. "Because we have localised most of 3M's solutions, we can help them localise their product swiftly," said Shin.
3M is not only making India as their export hub, but is trying to create a whole ecosystem. I hope, that eco system will help us to make our quartz cones and all types of carbon fibers and resins.
In a move aimed at boosting India's defence sector, 200 helicopters will be manufactured in the country with Russian collaboration as part of intensification and diversification of their strategic ties.
The agreement, reached recently, is one of the several new defence projects on which the two countries are working on, including under the ambit of "Make in India" programme, Indian ambassador to Russia PS Raghavan told PTI here.
Recently, we have agreed to joint manufacture of helicopters in India ... Joint manufacture of 200 helicopters in India is big bang. If two countries decide to manufacture 200 helicopters in India with transfer of technology, and licence production, this is big bang,
Addressing a late-night, hurriedly-called press conference here, Terry Gou, chairman and chief executive of Foxconn Technology Group, said the company wasn't only looking at "assembling" in the country, but bringing the entire "supply chain to India" and looking at a 10-year horizon.
Despite persistent queries, Gou did not reveal the planned investment, saying the numbers weren't final yet. Also, he didn't disclose whether Foxconn had zeroed in on a location for its operations in India.
He said Foxconn was looking at 10-12 manufacturing units in India, adding the cumulative investment could be much more than the speculated $2 billion. Gou, however, left the ball in the government's court, saying the company was willing to make a huge investment but the Centre had to provide the "infrastructure" and take care of other issues such as the supply chain, logistics and land.
Taiwan-based Foxconn, the world's largest contract manufacturer of electronics, will sign a memorandum of understanding (MoU) with the Maharashtra government on Saturday, to set up its manufacturing facility in the state.
Confirming this, Maharashtra’s industries minister Subhash Desai told Business Standard: “The company has preferred Maharashtra as the favoured destination for its investment. Foxconn had been shown land in Pune district and also in and around Nagpur and Aurangabad for its proposed investment. In the first phase, the company may invest $1 billion in the state.”
Foxconn Technology Group chairman and CEO Terry Gou had on Wednesday announced the company was bringing the entire supply chain to India and not looking just at assembling in India. He also said Foxconn was looking at 10-12 manufacturing units in India. The cumulative investment is expected to be $2 billion.
This is the second MoU being signed in quick success in Maharashtra. Last week, General Motors had proposed to invest Rs 6,400 crore for expansion of its manufacturing facility in Pune district.
"This industry could achieve a business size of USD 500 billion by 2025 from the current level of USD 110 billion, if the right policies are in place," it said.
Rajkumar stated that Vietnam and Cambodia have zero duty access and Pakistan has zero duty access for fabrics and 5 per cent duty for garments and made-ups in China while the Indian yarn attracts 3.5 per cent duty, fabric attracts 8.5 per cent duty and made-up and garments attracts 14 per cent duty.
He stated that Pakistan, Bangladesh and Cambodia have zero duty access in EU and Bangladesh and Cambodia have zero duty access in US.
Rajkumar pointed out that the global recession had pushed the Indian textile industry to the corner and India had become the least preferred Nation in textile trade due to higher rates of duties.
The $26-billion Flex (earlier called Flextronics) has scaled up operations at its plant in Sriperumbudur after getting the domestic tariff area (DTA) licence a year ago.
In the last one year, it has added nearly 2,000 employees only for DTA area, Sekaran Letchumanan, Head, Flex Chennai Industrial Park, told newspersons.
Flex, an electronics manufacturer, employs around 10,000 people in India. This includes 4,000 at its Sriperumbudur factory, 5,000 at its Global Business Service units in Chennai and Pune and around 1,000 in the logistics division.
It plans to add 3,000-4,000 with most of them for the DTA area in the next 12-18 months, he said.
Flex’s Sriperumbudur plant was started in 2001 as a Special Economic Zone (SEZ). The DTA status granted to the Flex Chennai Industrial Park allow the company to product and deliver intelligent, innovative products for the domestic market as opposed to just exporting them.
“We have the right building blocks and capacity to help our global customers build, repair and ship their products anywhere in India,” he said. Post getting the licence, Flex partnered with Lenovo, which owns Motorola Mobility, to manufacture their smartphones at the plant, he said.
SEZ & DTA
After getting the DTA licence, it has split the plant into SEZ and DTA within the same campus with no overlap between the two in various product manufacturing. Of the total 645,000 sq ft facility, nearly 250,000 is DTA space. While employees can be interchanged between the two, the products manufactured are kept separate.
At present the capacity utilisation of DTA operations is around 40 per cent with plans to make it 100 per cent in the next 12-18 months, he said without giving any investment numbers.
Product experience so far at the plant: 250 million phone chargers and power adaptors; 1.5 million modems; 400,000 photo receptor units; over 50,000 base stations and more than 3 million mobile phones.
New products are planned to be manufactured for global and domestic customers in sectors such as automotive, energy and telecom. “Our dream is to bring wearable devices to the plant in the future,” said Valerie Kurniawan, Senior Director, Asia, Flex. “With the DTA, we want our suppliers also to come to Sriperumbdur. This will happen in the near future,” she said.
Boeing all for made-in-India F-18s fighter jets for IAF
Asked if the Boeing chairman was inclined to make the F/A-18 in India, McNerney said: “I think whichever system we offer, Make in India will be an important part of it. If F/A-18 were our offer, a significant Make in India part of the proposal will be there.”
The Bharatiya Janata Party-led government in Maharashtra has offered a slew of sops to Foxconn, which is set to invest $5 billion in the state. The state government has offered to help Foxconn, Taiwan's leading electronic contract manufacturer, seek loans at preferred interest rates from financial institutions, with a payment moratorium of 10 years. It will also assist the company in securing favourable working capital financing, with preferential interest rates for 10 years.
The government will provide a subsidy on the entire fixed capital investment, without any limit on the amount, as well as an additional 20 per cent capital subsidy over and above central government subsidies.
Looks like Maharashtra and Andhra are the most proactive in courting investment uner 'Make in India'. IMHO, both Fadnavis and CBN are proving to be dynamic, pro-industry Chief Ministers. Fadnavis is also working hard on rural development and agriculture.
kit wrote:This is a good idea if it can be followed through
All the online shopping portals operating in India must mandatorily state the country of origin option whenever a product is searched for
The Search Option must have the Country Of Origin
Online shopping is the future and now .. I want people to have an option to buy made in India instead of China
This is a fantastic suggestion but we need very clear directives on how to attribute an origin. Else, Chinese reimported goods will be tagged made in India and resold happily by the Sadar Bazar Traders Association that imports Rs 30,000 Cr worth of cheap Chinese crap each year.
kit wrote:This is a good idea if it can be followed through
All the online shopping portals operating in India must mandatorily state the country of origin option whenever a product is searched for
The Search Option must have the Country Of Origin
Online shopping is the future and now .. I want people to have an option to buy made in India instead of China
This is a fantastic suggestion but we need very clear directives on how to attribute an origin. Else, Chinese reimported goods will be tagged made in India and resold happily by the Sadar Bazar Traders Association that imports Rs 30,000 Cr worth of cheap Chinese crap each year.
this was discussed before i think .. the qr code for any product will indicate the country of origin , dont think its easy to fake that !
India will soon be able to manufacture lithium-ion batteries and will not be dependent on China for importing the key component used in electric vehicles as the government accords "top priority" to pushing e-mobility, Union Minister Anant Geete said today.
The minister said steps have already been taken up by the government to start manufacturing of lithium-ion batteries in India.
"At present the world needs to import lithium ion batteries from China and Rs 50-60 lakh is on is only the cost of the battery (for buses). If the battery cost is reduced the total cost of electric vehicles will become affordable and commuters will also have to pay less," Geete told reporters here on the sidelines of launch of electric bus by Goldstone-BYD.
He further said, "My ministry has made efforts in this direction and soon we will be able to manufacture lithium-ion batteries in India."
@SJha1618
Jun 10
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You can betcha Boeing & Airbus will be much more amenable to setting up integration capacity here once your own civil airliner development program takess off. That's how the world works.
@SJha1618
Jun 10
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The old trade regimes no longer ensue. India has to seriously invest in R&D at a much earlier stage of development if it wants to sustain growth and improve the quality of that growth.
@SJha1618
Jun 10
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Instead of begging Boeing and Airbus to 'Make in India', it would be better if New Delhi sanctions the National Civil Airliner Development (NCAD) project. It's high time India revived the regional transport aircraft project.
@SJha1618
Jun 10
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The contrast between the G-7 and SCO summits could not be more stark. At the SCO you have strategic competitors rubbing shoulders quietly, while at the G-7 you have treaty allies, basically abusing each other.
Government tenders worth over Rs 25,000 crore were either cancelled or modified and re-issued after the Department for Promotion of Industry and Internal Trade (DPIIT) stepped in to change their conditions in order to promote ‘Made in India’ goods, a top official said. “The department is taking every step for effective implementation of public procurement order, 2017, to promote ‘Made in India’ products,” the official said.
The government issued the order on June 15, 2017, to promote manufacturing and production of goods and services in India and enhance income and employment in the country. A tender worth Rs 8,000 crore was withdrawn and re-issued with modified conditions after the intervention of the DIPP.
The project was related with setting up of a urea and ammonia plant for gasification. Similarly, a tender for procurement of train set coaches was cancelled as the tender had certain restrictive conditions which were discriminatory against domestic manufacturers and favoured foreign players.
The project cost was Rs 5,000 crore. A tender for Rs 8,135 crore was modified with revised eligibility criteria for setting up of a 3×800 MW project. A tender worth Rs 3,000 crore for Mumbai Metro was also modified. The move assumes significance as concerns have been raised by certain quarters about the restrictive and discriminatory clauses being imposed against domestic manufacturers and suppliers in tender documents for public procurement.
