Tag: manufacturing

Government considering extending concessional corporate tax rate for new manufacturing firms

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In an attempt to bolster the manufacturing sector and attract investments, the government is reportedly contemplating an extension of concessional corporate tax rates for new manufacturing firms in the upcoming interim budget, according to sources from CNBC-TV18.

Discussions are currently underway to potentially extend the sunset clause by at least one to two years, with the existing clause scheduled to expire on March 31, 2024.

As of now, new domestic manufacturing companies can benefit from a 15% corporate tax rate under Section 115BAB. To qualify for this concession, the condition was set that these new manufacturing units must commence operations by the end of March 2024.

With the impending expiration of this sunset clause, the government is exploring the possibility of extending it, although a final decision has not yet been reached.

It is also one of the major demands of the industry and Indian Inc. feels that if extended, this will be pivotal in attracting investments and will also help continue to promote the ongoing Make in India drive, which gels well with the idea of making India a manufacturing hub.

The upcoming interim budget announcements will reveal whether this proposal successfully makes its way into the key policy measures outlined by the government.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Versuni India inaugurates manufacturing facility at Ahmedabad, pledges over 1,000 jobs

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Versuni India, formerly known as Philips Domestic Appliances, has opened a new factory at Ahmedabad in Gujarat, where it will manufacture airfryers and garment steamers. Though the company has not shared the amount which it has invested so far but said the current capacity of the Ahmedabad plant is 5,00,000 Air fryers in phase 1 and 2,00,000 Garment Steamers which is scalable to 1 million pieces.

It will create 1,000 jobs in the next three years, which will be a mix of direct and indirect employment. These positions will span various fields including engineering, manufacturing, logistics, quality control, and administrative roles.

The company’s global CEO Henk S. de Jong and India CEO Gulbahar Taurani were present on the occasion. Versuni, in a statement, said that this marks the company’s “unwavering commitment to India’s potential as a high-growth market.”

The facility’s focal point will be the production of flagship products, including the widely acclaimed Philips Airfryers and Garment Steamers, aligning with evolving consumer preferences in India.

In its first phase, the factory boasts an annual capacity of 500,000 AirFryers, and in the subsequent phase, it aims to produce 200,000 Garment Steamers, with potential scaling to one million pieces per year to meet growing business demands, the company said.

“The inauguration of our Ahmedabad factory exemplifies Versuni’s dedication to India as a strategic growth market. Today, around 70% of the products marketed to Indian consumers are produced in the country, and we aim to increase this to 90% in the coming years with the strategic decision to open a new factory in Ahmedabad,” Henk de Jong, CEO of Versuni, said.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Manufacturing Disco | How India has become an attractive manufacturing destination for global MNCs

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India has become an attractive manufacturing destination for global multinational brands, said an expert panel comprising Bharat Forge’s Baba Kalyani, Larsen & Toubro’s (L&T) JD Patil and Panasonic India’s Manish Sharma on Wednesday. India will be ahead of many countries due to its innovation, said Bharat Forge’s Kalyani.

“India has no option but to focus on innovation and innovative manufacturing. We can’t do manufacturing the old ways. We have to bring in digital technology in our manufacturing, we have to innovate new products, and we have to do things exactly what the Atmanirbhar Bharat philosophy says. And once you do that, then I think in the next 10-12 years, you will be ahead of most of these countries. India has the potential to get ahead of most of these countries, just in a way it’s innovative capabilities. Today, we are innovating for OEMs around the world, we are not innovating for ourselves. If we just change that whole scenario and start innovating for ourselves, then I think the whole picture will be very different,” he told CNBC-TV18.

On electric vehicles (EV) or the EV game, Kalyani said, “Most of the PLI schemes are focused towards the new technologies. I won’t get a PLI if I am expanding my forging business, for example. If you are going to make components for electric vehicles, you want to make those kinds of things the PLI scheme is applicable. That’s a good scheme because I think you can take better and bigger bets with that scheme, instead of taking the whole risk, head-on yourselves, because nobody knows how the EV game is going get played out. You heard in the US, the big auto OEMs are now pulling back on their EV investments because somehow the demand momentum is not as high as they thought.”

Panasonic India’s Sharma sees electronics as the biggest opportunity for India, with the production-linked incentive (PLI) schemes playing a crucial role in scaling up.

“Electronics, in my opinion, happens to be the biggest opportunity for the country…the current scale of electronics consumption in the country is roughly about $100 billion and the ambition of the country is to take it up to $400 billion in the next six to seven years,” Sharma told CNBC-TV18.

He further added, “I think the immediate enabler of PLI which is impacting a lot of sectors, is playing a crucial role. There are enough data points already starting to emerge that how PLI for example, in air conditioners, there is significant amount of electronics has scaled up backward integration from 20% to 45%, in just about couple of years.”

L&T’s Patil talked about progress in manufacturing in the defence sector.

“If I really have to look at the defence sector alone, currently, there’s almost every warship that is getting produced in the country is being done within the country. Aircraft is the next, the fighters as well as helicopters are now happening within the country. I don’t think there’s anything that India will import in let us say, next five to 10 years of time.”

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

KPMG and CNBC-TV18 presents ‘Aspiring to Ascend’, a roadmap to India’s manufacturing ambition

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In a special session organised by KPMG in India and CNBC-TV18 called “Aspiring to Ascend”, moderated by Gautam Srinivasan, a panel of experts comprising Nitin Bakshi – Head Supply Chain operations for international region comprising of India, Middle East and Africa, South America and Pacific, Schneider Electric; Sujoy Ghosh, CEO, First Solar India and Abhishek Jain, Partner and National Head – Indirect Tax, KPMG in India; decoded this for us.

India’s transformation in the past few years has been striving to achieve the transformational objectives for 2047. According to you, what should be the key enablers when we look at the opportunity? A clean energy transition opportunity could cost India around $300 to $400 billion when you look at low carbon footprint manufacturing, which is also a key driver.

Bakshi: To achieve India’s vision of 2047, we have to really look for urbanisation. In the last few years, we have developed an urbanisation standard, but we should have 50% urbanisation in the country and primarily towards economic growth.

It should have a basic infrastructure available, which means good housing quality available to the people, reliable power, and that’s what energy transition is all about. Good connectivity of the people, connectivity of the goods products, and also, at the same time, the data, is super important right now.

It would be more about technology, social, economic, and environmental transitions, which is super important to envisage India’s vision of 2047, which, to me, is urbanisation.

What are the key transformation enablers for India to achieve its goal when it comes to the 2047 target?

Ghosh: From an enabling standpoint, demand should be for long-term visibility for solar and wind. All of the technologies that come into the clean energy space. There are underlying policies and regulations given that we, as a sector, are pretty highly regulated. Let’s say 2020-2021 onwards, when India first connected its energy decarbonisation efforts to Industrial manufacturing policy for the first time.

I think we will wait, and what we will see happening in the next four to five years is the building of the local supply chain for, you know, solar and wind and green hydrogen – the three pillars of the underway decarbonisation initiatives.

It’s that value chain that is going to be key in terms of the resilience that India would like to present itself when it comes to that manufacturing story.

Jain: India’s current stand is very clear. It is to “Make in India” and also, “Make for the world.” Currently, I think there some key enablers that should work in India to achieve this objective. Pillar number one are all the fiscal incentives, which are the production-linked incentive schemes rolled out by the government for specific sectors, the incentives offered by the state governments under the state industrial policy, and the lower income tax rate for manufacturing setups.

Pillar number two is the regulatory changes and licensing requirement for certain product categories to be imported into India, also quality standards that India wants for certain categories of imports and higher import tariffs. This basically aims at reduction of imports.

Pillar number three is the need for skilled workforce and infrastructure development for having a good manufacturing base.

Pillar number four refers to automatic tailwind which relates to supply chain diversification. These four pillars will help India to have a faster manufacturing growth.

The experts went on to discuss the 2047 vision further. To watch the full episode, click below:

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Carrier to invest $800 million in India over the next 5 years, says CEO

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Carrier, the global leader in air conditioning and refrigeration solutions, is set to make a significant investment in India. David Gitlin, Chairman & CEO of Carrier, in an interview to CNBC-TV18 stated that they plan to invest another $800 million in India over the next five years.

Carrier which has been present in India since 1986, operates a manufacturing facility in Haryana. In the past ten years, the company has committed investments exceeding one billion dollars within the nation.

One of the key drivers behind this investment is the enormous opportunity presented by India’s low air-conditioning penetration. Gitlin stated, “Only about 8% of the residential homes in India today have air-conditioning compared to more than 90% in countries like the United States and Japan. So we see growth of air-conditioning both for residential and commercial growing exponentially.”

However, Gitlin is also acutely aware of the environmental impact of HVAC systems. He emphasised, “As we grow air-conditioning exponentially, we have to make sure that we do that in a way that is friendly to the environment because 40% of carbon emissions come from buildings and 40 percent of that from HVAC systems.”

In 2022, Carrier recorded sales totaling $20.4 billion, reflecting a 1% decrease compared to the previous year, along with free cash flows amounting to $1.4 billion. Looking ahead to 2023, the company has set its sights on achieving sales of $22 billion.

Carrier has high hopes for India’s role in their global operations, with Gitlin stating, “We are looking at double-digit growth in India. India as a percentage of sales for Carrier is going to grow exponentially.” This optimistic outlook is fuelled by the potential for India to not only be a significant market but also a source of exceptional talent in various fields.

Gitlin continued, “We have 4,500 employees in the country, and India is one of the most strategic growth vectors for us globally. So we are extremely bullish on India not only as a market but also as a source for phenomenal talent – whether it is manufacturing, digital talent, or engineering talent. So we are coming in extremely aggressively into India.”

Carrier’s expansion plans in India also include strengthening its manufacturing presence and building a comprehensive ecosystem. “We are going to significantly expand our manufacturing presence in India and thereby build an ecosystem. We will also quadruple our supply chain spend in the country over the next five years. So we see our employment increasing by a couple of thousand over the coming years,” Gitlin explained.

In a bid to stimulate the domestic air conditioner manufacturing sector, the Indian government has implemented a Production Linked Incentive (PLI) program, providing incentives amounting to a substantial Rs 6,238 crore.

Gitlin also expressed appreciation for the Indian government’s efforts to incentivise manufacturing and develop a resilient supply chain. “Any incentive from the government to push towards renewable energy is always welcome,” he added.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India’s manufacturing sector activity falls to 5-month low in September on softer increase in new orders: PMI

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Manufacturing activities in India fell to a five-month low in September as new orders rose at a softer pace, which tempered production growth, a monthly survey said on Tuesday.

The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) fell to 57.5 in September, down from 58.6 in August, the lowest in five months.

The September PMI data pointed to an improvement in overall operating conditions for the 27th-straight month. In PMI parlance, a print above 50 means expansion while a score below 50 indicates contraction.

“India’s manufacturing industry showed mild signs of a slowdown in September, primarily due to a softer increase in new orders which tempered production growth.

“Nevertheless, both demand and output saw significant upticks, and firms also noted gains in new business from clients across Asia, Europe, North America and the Middle East,” said Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence.

On the inflation front, supply-chain conditions were broadly stable, which helped drag down the rate of input price inflation to its weakest in over three years, the survey said.

However, greater labour costs, upbeat business confidence and buoyant demand facilitated a sharper increase in output charges.

“… while robust demand was supportive of production growth, it added to price pressures in September. The solid increase in output charges signalled by the PMI data, which occurred in spite of a notable retreat in cost pressures, could restrict sales in the coming months,” Lima said.

Meanwhile, the RBI Governor-headed six-member Monetary Policy Committee (MPC) is scheduled to meet for three days beginning October 4. Governor Skhatikanta Das will announce the decision on Friday (October 6).

According to experts, the Reserve Bank of India may retain the benchmark rate at 6.5 per cent at the forthcoming bi-monthly monetary policy review.

On the jobs front, the positive outlook for production and demand strength led to another round of job creation in the manufacturing industry.

Going ahead, Indian manufacturers were confident that output volumes would increase over the course of the coming 12 months, with the overall level of positive sentiment improving to its highest in 2023 so far on the back of buoyant customer appetite, advertising, and expanded capacities.

“Manufacturers held a strongly positive outlook for production, as they expect demand to strengthen over the course of the coming 12 months. Upbeat forecasts continued to drive job creation efforts and initiatives to replenish input stocks,” Lima said.

The S&P Global India Manufacturing PMI is compiled by S&P Global from responses to questionnaires sent to purchasing managers in a panel of around 400 manufacturers.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Growth momentum seen to continue, say experts after FICCI manufacturing survey

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The latest FICCI manufacturing survey indicates a positive trend in capacity utilisation across sectors, with levels hovering around 75 percent on an average. Even a few sectors which lagged in previous quarters have risen significantly to mid-60 percent range.

This suggests a steady recovery and increased economic activity in multiple industries, said FICCI President Subhrakant Panda, hoping that this growth sentiment continues in the future.

In a discussion with CNBC-TV18’s Shereen Bhan on Monday, Panda noted that the export sectors was seeing some softness and hoped that there will be a turnaround in global sentiment.

He believes that the growth sentiment will continue because of what the government has done in terms of a supportive environment with ease of doing business besides ensuring significant outlay in terms of public capital expenditure, which is aiding growth in private investment too, he said.

Exports face headwinds

The sentiment across India’s manufacturing sector remains upbeat. But exports are facing headwinds amidst a challenging global environment. These are the key findings of a survey conducted by industry body Federation of Indian Chambers of Commerce & Industry (FICCI).

More than 400 respondents across nine sectors were polled to study the trends in the first quarter. Small, medium and large companies were all part of the survey which covered companies with a combined annual turnover of nearly Rs 8 lakh crore. 57 percent of those polled expect higher level of production in the April to June quarter. The average increase in production is likely to be in single digits. 58 percent of those polled say they have higher number of orders in the first quarter.

Domestic demand is largely driving growth as exports face challenges. Only 28 percent of those polled expect higher exports in first quarter. With growth slowing across developed economies, companies that rely heavily on exports are likely to struggle.

The optimism across the manufacturing sector is not uniform. The electronics and white goods industry is the most upbeat, expecting more than 20 percent growth in the first quarter.

Automobile, capital goods and construction equipment expect growth in the range of 10-20 percent. But, metals, textiles, apparels, toys and handicrafts expect moderate low single digit growth in the first quarter.

Need to be globally competitive

HP Singhania, VC & MD, JK Paper, noted that there was robust domestic demand across sectors amid a cooling off in input prices. “As global commodity prices or input prices have cooled off, there has been an effect on the domestic prices as well,” he said.

On the exports sector, he said that the global economy is seeing a slowdown and India is a bright spot as an exception. Yet Indian companies are not able to export as much. “It means they have to find a domestic market for that.”

Singhania also asserted that in order to thrive in the global market, it is crucial for India to focus on enhancing its competitiveness in terms of manufacturing costs. India holds great potential to significantly expand its presence in the global supply chain, offering ample opportunities for growth and development.

He said there is a need to focus on key factors such as the cost of finance, infrastructure, and labour policies. Additionally, the industry is actively exploring digitalization and embracing environmental, social, and governance (ESG) practices as part of its efforts to align with global standards.

Anish Shah, Senior VP, FICCI, MD & CEO, Mahindra Group, said despite global challenges, there is a prevailing sense of optimism within the industry, reflecting resilience and determination to overcome obstacles. Sectors such as cement and automobiles are operating at around 80 percent capacity utilisation, while the electronics industry stands at 77 percent.

The recent uptick in private investments, particularly in sectors like hotels, is a promising sign for economic expansion, he noted. It signals confidence in the market and underscores the potential for growth and job creation.

However, he noted that some catch-up is required in the electric vehicle (EV) segment. Efforts are underway to bridge this gap and enhance the adoption of EVs in India.

Manish Sharma, Chairman – India & South Asia, Panasonic Life Solutions, Head FICCI Panel On Electronics, White Goods, said that the methodical approach from Phased Manufacturing Policy (PMP) to Production Linked Incentive (PLI) scheme has played a significant role in creating the current favourable environment for industries.

He highlighted the spike in investment in the production of air conditioners (AC) since PLI scheme which had gone up to Rs 2,000 crore as against the expectation of Rs 1,000 crore, in order to meet the growing demand in the sector, as the current penetration remains at a dismally low 6 percent of Indian households.

He also noted that today, electronics industry has started to play a major role because electronics cut across almost every vertical and said that it was necessary to take steps to aggregate demand, and he sees the role of MSMEs in this area quite critical.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India’s manufacturing PMI hits a three-month high of 56.4 in March

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India’s manufacturing sector posted a remarkable performance at the end of the final fiscal quarter, as growth of factory orders and production quickened to the strongest in three months. With pressure on supply chains subsiding and raw material availability improving, input cost inflation retreated to its second-lowest mark in two-and-a-half years. Subsequently, goods producers concentrated on rebuilding their stocks.

Increases in buying levels in recent months supported a near-record accumulation of input inventories in March. The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) rose from 55.3 in February to 56.4 in March, signalling the strongest improvement in operating conditions in 2023, so far.

That said, the PMI average for the final fiscal quarter (55.7) came in below that recorded in the prior period (56.3 in the third quarter). March data highlighted a further upturn in new business placed with Indian manufacturers. Moreover, the rate of expansion was sharp and the quickest in three months. Firms suggested that marketing efforts bore fruit. Demand resilience and competitive pricing were also cited as growth drivers. Continuing the trend that has been recorded on a monthly basis for a year, new export orders rose in March.

The rate of expansion quickened from February, though remained slight and historically subdued. Ongoing improvements in total sales volumes underpinned another increase in production. Output rose at the quickest pace since last December and one that outpaced its long-run average. Demand resilience also encouraged firms to rebuild their input inventories. Stocks of purchases rose at a sharp rate that was one of the strongest seen in over 18 years of data collection.

Supporting the upturn in input stocks was a 21st consecutive increase in buying levels. Purchasing activity expanded at a marked pace that was the strongest since May 2022. Another factor that stimulated buying levels was a moderation in cost pressures. March data highlighted the second-weakest increase in input prices in two-and-a-half years. In fact, close to 96 percent of firms signalled no change in cost burdens since February.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Rising India Summit: It’s time for India to become a manufacturing hub

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India’s manufacturing industry has been on the rise in recent years, with many major players eyeing the country as a potential hub for production and innovation. Also, considering the uncertainty in the global market, there is an opportunity for India to grab more of the pie.

Sunil Vachani, Founder and Chairman of Dixon Technologies, while speaking at Network18’s India Rising Summit stated that industrialists are convinced that this is the time to make India the next hub for manufacturing, not only for the domestic market but also for the global markets.

“The global market for our industry, which is the ICT – information, communication, technology, it’s almost $900 billion and India has just about 2 percent market share. So our exports are roughly about $18 billion, so there is a huge opportunity that awaits us. Even in the domestic market, there is a big opportunity because there is a large potential for import substitution,” Vachani added.

According to Santosh Iyer, MD & CEO of Mercedes-Benz India, the nation is the fastest-growing market for luxury car manufacturer, with expectations for double-digit growth and the launch of ten new models.

Iyer mentioned that Mercedes was the first to setup manufacturing and also the first to also start local EV production in India in the luxury car space. He said, “We are quite proud to say that any Mercedes in the world has an India in it, because there is an Indian engineer, which has worked on some development, some patent creation, and we are already contributing to the global ecosystem.”

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Sanjeev Sharma, MD & CEO of ABB India, has also expressed similar views, emphasizing the need for organic and inorganic expansion in the country. He believes that India’s moment has arrived, and it stands out for ABB as a destination for investment and production.

“We have been very long on India for 70-75 years, we are manufacturing in this country and we had a lot of deep supply chains within the country which not only serve us to serve customers here in India but also they are globally connected.”

Sharma stated that it serves well for a business to take a long point of view on India because this is growing year after year. He said, “I must say there is a dramatic shift, wherein we have increased the portfolio depth of our global technologies in the country.”

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Salil Gupte, President of Boeing India believe that India will be one of the top markets for aviation, someday India will have the capability for top quality manufacturing, and be part of the global supply chain.

“It is crystal clear that in this moment, as we emerge from the global pandemic, someday has arrived. This is India’s moment because as companies around the world seek supply chain resilience, this means diversification of the supply chain dual sourcing and India has an opportunity to perform at a world-class level which they are doing in our experience with our billion-dollar plus supply chain here in India, “ he said.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

TeamLease report shows positive hiring sentiments across manufacturing, service sectors for Q4

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India’s manufacturing sector is showing a positive hiring sentiment as 60 percent of employers are aiming at hiring and expanding their resource pool in the fourth quarter of this fiscal year, according to TeamLease’s ‘Employment Outlook Report’.

“The positive hiring sentiment is attributed to large scale enterprises (69 percent), followed by medium (44 percent) and small (39 percent) businesses. The overall intent to hire for both the manufacturing and services sectors combined has grown from 65 percent in the third quarter to 68 percent in the fourth quarter,” TeamLease said in a statement.

The reports findings state that the intent to hire is more in metro and tier 1 cities at 94 percent, while in tier 2 and 3 cities it is 73 percent and 43 percent respectively, and 23 percent in the rural sector.

Mumbai is showing the highest intent to hire at 97 percent, followed by Bengaluru at 94 percent, Chennai at 89 percent, Delhi at 84 percent and Pune at 73 percent.

“The Employment Outlook Report (January to March 2023) for the manufacturing industry accentuates the industry as an ideal sector for job aspirants,” the statement said.

Employers are enthusiastic about recruiting at the junior-level the most (60 percent), followed by entry-level (55 percent), and then the mid-level (27 percent) and senior level (24 percent). The job profiles with the highest projected hiring intent comprise sales at 98 percent, followed by marketing and IT at 86 percent each, then engineering at 78 percent and blue collar jobs at 75 percent.

The report shows attrition to be more balanced in the sector. “Apart from healthcare and pharmaceuticals sectors that have shown a double digit attrition rate of 15.67 percent from 14.71  percent respectively during July to September, the manufacturing industry has single-digit attrition rates,” the statement added.

The health and pharma sectors are showing the sturdiest hiring intent at 98 percent, followed by the FMCG sector at 86 percent, the EV and infrastructure sector at 71 percent. Meanwhile, the agriculture and agrochemical sectors’ hiring intent is at 69 percent and the manufacturing, engineering and infrastructure sectors are at 65 percent.

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Talking about India’s projected outlook of 6.2 percent growth in 2023, Balasubramanian A, vice-president and business head of consumer and healthcare at TeamLease, said manpower is going to be crucial for India to achieve its growth vision, especially in the manufacturing sector. He said the hiring intent has increased by 3 percent and would continue to rise in the upcoming quarters too.

“Production Linked Incentive schemes which have been introduced, along with financial impetus for the manufacturing segment that the budget is likely to address will promote employment optimism,” he added.

Mahesh Bhatt, TeamLease’s chief business officer, believes the global employment rate has increased considerably following the COVID-19 pandemic and is set to grow stronger in the upcoming quarters. “With domestic demand increasing, despite stringent external conditions, the manufacturing industry is projected to witness an all-encompassing growth.

Moreover, the government’s agenda to drive ‘Make in India’ and the introduction of reforms to boost domestic manufacturing will enable the country to become a more attractive destination for investments, thereby impacting employment positively,” he said.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow