India's global standing on manufacturing up: Minister Piyush Goyal
Goyal underlined India's improved global reputation for quality manufacturing, especially in sectors like electronics, pharmaceuticals, textiles, and defence, while highlighting the Centre's efforts towards strengthening the country's startup and innovation ecosystem. He highlighted the government's launch of the Rs 10,000-crore Fund of Funds for Startups (FFS) and the Rs 1-lakh crore R&D and Innovation (RDI) Scheme, which aims to provide long-term, low-cost capital to private R&D through a dedicated SPV.
Minister for Large and Medium Industries MB Patil said that of the Rs 5.56 lakh crore worth of investment commitments made in the manufacturing sector during Invest Karnataka-2025 Global Investors Meet (GIM), Rs 3.4 lakh crore — around 62%, has already translated into formal project applications.
'This shows our post-MoU follow-up has been effective. Companies like Krones, Safran, TASL, and others have filed proposals, and many have begun groundwork,' he said.
The event was organised by the Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, and Confederation of Indian Industry, had over 100 key stakeholders participating, and focused on innovation-led growth, India's rising global competitiveness, and the progress of investments in the state.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Gazette
13 minutes ago
- India Gazette
Indian residential real estate market grows 3.5 per cent in Q2 2025, continues upward trajectory
New Delhi [India], July 7 (ANI): India's residential property market continued its upward trajectory in Q2 2025, posting a 3.5 per cent quarter-on-quarter (QoQ) increase in capital values, according to the latest PropIndex report released by Magicbricks. The report signals a period of steady yet stabilising growth, backed by resilient buyer demand and strong infrastructure development. The April-June 2025 edition of the PropIndex highlights a 4.6 per cent QoQ rise in demand, indicating a robust and dynamic property landscape. However, year-on-year (YoY) demand showed minimal change, with a modest 0.3 per cent increase. However, a notable trend seen in this quarter is slowdown in new housing supplies, it hits its lowest point in five quarters. Despite this, buyer interest remained strong, particularly in the affordable housing segment. Units priced below Rs 30 lakh and 1BHK homes continued to experience demand exceeding supply, creating competitive pricing pressures. Regionally, IT hubs such as Bengaluru, Hyderabad, Gurugram, and Noida showed a clear preference for larger 2BHK and 3BHK homes, accounting for nearly 80 per cent of demand in these cities. Meanwhile, the Mumbai Metropolitan Region (MMR) maintained its focus on compact living, with 1BHK and 2BHK units leading buyer interest. Cities with ongoing infrastructure development witnessed the strongest price appreciation. Pune (39.4 per cent YoY), Greater Noida (35.3 per cent YoY), and Kolkata (33.2 per cent YoY) stood out, driven by enhanced connectivity and major projects like the Navi Mumbai International Airport and Mumbai Trans Harbour Link. Commenting on the findings, Prasun Kumar, Chief Marketing Officer at Magicbricks, noted, 'The Q2 2025 PropIndex clearly indicates a maturing Indian real estate market, driven by genuine end-user demand and the transformative impact of infrastructure.' (ANI)
India Gazette
13 minutes ago
- India Gazette
Cement makers to regain decadal average profitability in 2025-26 over demand revival: Crisil
New Delhi [India], July 7 (ANI): Growth in India's cement demand will recover to 6.5-7.5 per cent this fiscal (2025-26) after falling to 5 per cent in the recently concluded 2024-25 fiscal, according to a Crisil Ratings report. This, coupled with an uptick in realisations, will lift operating profitability by Rs 100 to a level just above the decadal average, the rating agency asserted in its report on Monday. Healthy accrual coupled with robust balance sheets will keep the credit profiles of cement makers stable, a Crisil analysis of 17 cement companies, accounting for over 85 per cent of domestic sales volume, found. Last fiscal, cement demand hit a soft patch in the first half and reported a tepid growth of 2-3 per cent owing to a slowdown in construction activities due to the general elections and erratic monsoon. However, there was a recovery in the second half, leading to annual demand growth of 5 per cent. Sehul Bhatt, Director, Crisil Intelligence, 'This fiscal, cement demand will be driven by a 7-8 per cent growth in the rural housing segment, which accounts for a third of the domestic demand.' 'Indeed, rural housing demand will replace the infrastructure segment as the primary demand driver this fiscal, owing to expectations of a rise in agricultural income on a likely healthy monsoon. Higher disposable income on account of lower interest rates and tax cuts, as well as benign inflation, will also support rural housing demand,' added Bhatt. On the other hand, the infrastructure segment, the second-largest contributor to cement demand with a 30 per cent share, is expected to grow at a relatively slow but steady pace, owing to the lower awarding of national highway projects in the previous two fiscal years and muted capital outlay growth for railways. Meanwhile, cement prices witnessed a healthy uptick in the first quarter of the current fiscal and are expected to rise 2-4 per cent this fiscal after two consecutive years of price lull, the rating agency said today in its report. Anand Kulkarni, Director, Crisil Ratings, 'Along with higher demand, a recovery in realisations, amid stable costs, will lift the operating profitability of cement makers to Rs 975-1,000 per tonne this fiscal against Rs 880 per tonne last fiscal and the decadal average of Rs 965 per tonne.' 'Increasing proportion of competitively sourced green energy in the power mix will lead to some savings in power and fuel costs. This will support profitability by offsetting the Rs 20-30 per tonne rise in raw material prices due to higher cost of limestone, fly ash and slag,' added Kulkarni. The resultant increase in cash accrual, according to Crisil Ratings, will reduce reliance on external borrowings to fund capital expenditure. 'That said, an extended monsoon impacting construction activity or lower infrastructure spend, which can affect demand, and any adverse movement in commodity and energy prices owing to global geopolitical tensions, which may dent profitability, will bear watching,' the rating agency concluded. (ANI)
India Gazette
14 minutes ago
- India Gazette
Fintech sector must focus on financial education and consumer protection, says DFS Secretary
New Delhi [India], July 7 (ANI): Department of Financial Services Secretary M Nagaraju has called upon India's FinTech sector to prioritise financial education and consumer protection as the country continues its digital transformation journey. Speaking at the CII Financial Inclusion and FinTech Summit, Nagaraju highlighted that FinTech companies have a tremendous opportunity to educate millions of Indians about financial services, noting that a large number of people fall victim to cyber frauds due to a lack of financial awareness. 'You bring to bear your tools of innovation, and easy-to-operate systems to ensure that people are not defrauded by the fraudsters,' Nagaraju urged the FinTech community, emphasising their role in protecting vulnerable consumers. He stressed that consumer protection should be a top priority, ensuring that users of FinTech ecosystems are treated fairly, their complaints are addressed properly, and they remain protected from fraudulent activities. DFS Secretary outlined several key areas where FinTech companies should focus their innovation efforts. These include developing payment solutions for offline transactions, voice-based authorisation systems, improving connectivity coverage, and facilitating cross-border payments. He also called for the development of low-cost but effective cybersecurity and anti-hacking solutions, along with innovations in tamper-proofing financial applications to enhance security. Nagaraju's address came against the backdrop of India's remarkable achievements in financial inclusion. He revealed that the country now has around 55 crore Jan Dhan accounts, with 56 per cent held by women, and 90 per cent of Indian adults now possess bank accounts. According to the latest data, 99.9 per cent of villages have access to banking facilities or banking correspondents, demonstrating the extensive reach of India's financial infrastructure. The DFS Secretary also highlighted the success of various government financial schemes. Under the PM Mudra Yojana, which completed 10 years in April, 53.5 crore loans worth Rs 34.6 lakh crore have been sanctioned, with 68 per cent going to women entrepreneurs. The Stand Up India Scheme has sanctioned 2.75 lakh loans worth Rs 62,000 crore, while the PM Swanidhi scheme has sanctioned Rs 4.5 lakh crore and disbursed Rs 3.5 lakh crore in loans, showcasing the government's commitment to inclusive financial growth and the potential for FinTech innovation to build upon these foundations. (ANI)
