Financial mess handiwork of previous govt: Seethakka
Speaking to reporters after having lunch at the residence of a fine rice scheme beneficiary at Patigadda in Hyderabad, the minister dared BRS president and former chief minister K Chandrasekhar Rao to 'come to Assembly and show his power if he wants'.
While accusing the BRS of failing to fulfil the promises it made to the people during its regime, she said that the present Congress government was implementing the superfine rice scheme though it was not mentioned its poll manifesto.
'Because of the loans taken by the previous BRS government, our government is facing many financial problems. Our government is paying Rs 6,000 crore every month towards the interest and principal for loans taken by the previous government,' she added.
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Time of India
38 minutes ago
- Time of India
Karnataka must win over Tamil Nadu to unlock Mekedatu dam project, say experts
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Economic Times
an hour ago
- Economic Times
Local electronics parts vendors plan non-Chinese JVs
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Time of India
an hour ago
- Time of India
Local electronics parts vendors plan non-Chinese JVs
Live Events Technical alliance Raising local value addition (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Kolkata: As the deadline for submitting applications for the electronics component manufacturing scheme draws near, home-grown contract manufacturers such as Dixon Technologies Epack Durable , Micromax's Bhagwati Products and Optiemus are finalising most of their proposals with South Korean, Taiwanese and Japanese companies as equity partners, CEOs of these Indian firms development is significant as China was the largest sourcing market for products and parts, as well as partnerships and JVs till now. Their decision stems from India's tough stand against Chinese FDI, which needs multi-ministerial nod under Press Note 3 move could also be attributed to continued business related conflicts such as the neighbouring country's rare earth magnet export curbs imposed on India, among other Press Note 3 norms were issued after the border clashes with China in 2020. Since then only a handful of large Chinese companies have received such clearances.'There is no denying that China is far ahead in large-scale component technology manufacturing, but we are careful about the government stand, as not just the initial investment will need government clearance, but even the subsequent ones. Such clearances will take a lot of time, impact our plans and incentive payout under the scheme,' said a CEO of one of the largest players in the industry.'So, wherever we have found the technology in Taiwan and South Korea, we would use that while for others we are still dependent on China. But we are trying to negotiate for a technical alliance or a minority shareholding with them,' he said, requesting Enterprises will put in Rs 4,000 crore application under component manufacturing scheme which will be invested through the tenure of the scheme, CEO Jasbir Singh part of a joint venture with South Korea's Korea Circuit, a Rs 3,000 crore application for manufacturing of high density interface and semiconductor substrates and a Rs 1,000 crore application for printed circuit board manufacturing will be submitted, said Singh. Amber is the largest contract manufacturer for largest home-grown smartphone contract manufacturer Dixon Technologies' managing director Atul Lall said the company is currently finalising its applications and terms for joint ventures with South Korean and Taiwanese firms. 'There might be applications with Chinese too, but the terms are being finalised,' he Products is betting on Korean, Taiwanese and Chinese firms for equity joint ventures and technical collaboration depending upon the approval from competent authority, said its director Rajesh window for applications under the electronics component manufacturing scheme closes by the end of July. The scheme has a budget outlay of ?22,919 crore and is spread over six years, with one year as gestation is aimed at developing a robust component ecosystem by attracting large investments, increasing domestic value addition, which is at 20% on an average at present, and integrating Indian companies with global value government has said it expects to attract investment of Rs 59,350 crore to produce goods worth Rs 4,56,500 crore and generate additional direct employment of 91,600 people, besides many indirect jobs during its tenure. Already, over 100 applications have been received under the Gupta, MD (operations), PG Electroplast, said the company will submit 4-5 applications, including with non-Chinese Optiemus, Taiwanese companies are the first preference for joint ventures, said executive chairman Ashok Durable will submit two applications of Rs 300 crore in total for components for sound, printed circuit board assembly and display, said its managing director Ajay DD Singhania. 'Our first priority is non-Chinese partners from Taiwan, South Korea and Japan,' he said.A company CEO said that it was a sensitive issue for companies having Chinese brands as clients as the existing component manufacturers for those brands are all mostly Chinese. 'Some are Taiwanese too. So, we are talking to the clients too before finalising the applications,' he said.
