Economy

Taking steps forward towards the vision of an ‘Aatmanirbhar Bharat’, Government led by Hon’ble Prime Minister, Shri Narendra Modi, has approved the PLI Scheme for Textiles for MMF Apparel, MMF Fabrics and 10 segments/ products of Technical Textiles with a budgetary outlay of Rs. 10,683 crore. PLI for Textiles along with RoSCTL, RoDTEP and other measures of Government in sector e.g. providing raw material at competitive prices, skill development etc will herald a new age in textiles manufacturing.

According to two sources aware with the latest proposal, India would pay auto companies ~ US$ 3.5 billion in incentives over a five-year period under a revamped scheme to encourage the production and export of clean technology vehicles.

The government’s various initiatives have resulted in rapid growth in the fintech industry, which is expected to triple in value to Rs. 6,20,700 crore (US$ 82.7 billion) by 2025, according to Minister of State for Finance Mr. Bhagwat K Karad.

According to sources aware of the development, Apple Inc. is producing 70% of the mobile phones it sells in the domestic market in India, as part of a significant push toward “Make in India.”

Tesla Power USA Inc., the Indian subsidiary of Tesla Power USA LLC., based in Florida, USA., has introduced its proprietary American technology-led, highly efficient lead-acid batteries to the market. The company also provides innovative solutions to corporate and bulk battery users in India. The company’s unique proposition for the maintenance and revival of all types of lead-acid batteries, using its proprietary Electrochemical Battery Enhancement Process (EBEP), not only saves huge costs but also saves the environment from hazardous pollution.

In the ongoing season of Kharif 2020-21, purchase of 889.62 LMTs of paddy (includes Kharif Crop 718.09 LMT and Rabi Crop 171.53 LMT) up to 05.09.2021 has been done against the last year corresponding purchase of 764.39 LMT.

Honeywell Hometown Solutions India Foundation (HHSIF), the philanthropic arm of multinational conglomerate Honeywell, said on Monday that it will spend Rs. 10 crore (US$ 1.36 million) in 50 institutions across the country to establish centres of excellence for skill development in collaboration with ICT Academy.

According to sources aware of the development, Apple Inc. is producing 70% of the mobile phones it sells in the domestic market in India, as part of a significant push toward “Make in India.”