Industry 4 0

NEW DELHI: The auto component industry's turnover witnessed its worst ever decline in the first half of the current fiscal leading to a job loss of around 1 lakh temporary workers till July this year, industry body ACMA said on Friday. The auto component industry turnover dropped to 1.79 lakh crore in the April-September period, down 10.1 per cent from Rs 1.99 lakh crore in the year-ago period. The industry body said the slowdown has also resulted in an investment loss of up to USD 2 billion dollars during the period. "The automotive industry is facing a prolonged slowdown. The vehicles sales in all segments have continued to plummet for the last one year," Automotive Component Manufacturers Association (ACMA) President Deepak Jain told reporters here. Considering the auto components industry grows on the back of vehicle industry, a current 15-20 per cent cut in vehicle production has adversely impacted the auto component segment, he added. On job losses, Jain said … [Read more...] about Auto component industry turnover dips 10 per cent in Apr-Sep; 1 lakh temp workers lose jobs

While the big news for the auto sector from the GST council meet is still awaited, the Finance Minister, Nirmala Sitharaman, has made proposals which are likely to help reviving the struggling automotive sector. Before heading for the GST council meet, the Finance Minister has proposed reduction in the corporate tax rate to 22 per cent from 30 per cent and eliminated the minimum alternate tax for companies that are not availing incentives under the income tax act. Moreover, new manufacturing companies or companies which are making fresh investments from October 2019 will be taxed at 15 per cent instead of 25 per cent which was charged earlier. The new rates are effective from April 1, 2019 (current financial year) and advance taxes which have been paid will be adjusted in the next payment. Also Read: GST Fitment Committee Opposes Tax Rate Cut On Automobiles Commenting on the announcement, Rajan Wadhera, President- Society Of Indian Automobile Manufacturers and President- … [Read more...] about Auto Industry Reacts To Finance Minister’s Proposal To Reduce Corporate Tax

After the complete mayhem concerning the unprecedented slowdown in the Indian auto industry, it looks like there's a silver lining. Finance Minister- Nirmala Sitharaman today announced several sops for the auto industry in the post budget revival plan while reviewing the overall economy slowdown. The Minister said that the beside reducing interest rates on auto loans, all BS4 vehicles which will be purchased by consumers before April 1, 2020, which is the deadline for BS6 emissions, will be allowed to ply on Indian roads for their complete registration period.  Also Read: Government Blinks, Announces Measures To Help Auto Sector The much needed relief was echoed in the reactions from the auto industry.  Pawan Goenka- MD Mahindra and Mahindra said, “Today's announcements will go a long way in improving sentiments because it shows that the government is listening to the industry."  He also believes the financing concerns have been more or less taken care of … [Read more...] about Auto Industry Welcomes FM’s Support To Revive Auto Sales; Expects Relief On GST Rates

Production at JA Solar Vietnam in Quang Chau IP (Photo: VNA) Bac Giang (VNA) – With its potential and advantages in industrial development, the northern province of Bac Giang has been an attractive destination for investors, especially those in industrial sectors such as electronics, food processing, mechanics, chemicals, and construction material production. Among the six existing industrial parks (IP) in the province, Quang Chau IP has drawn 18 projects, including two domestically-invested projects with combined capital of over 1.28 trillion VND (55.3 million USD), and 16 foreign-invested ones worth over 1.75 billion USD. According to Nguyen Xuan Ngoc, Vice Director of the Management Board of Bac Giang Industrial Parks, so far, local IPs are housing 317 valid investment projects, including 94 domestically-invested projects worth 7.86 trillion VND (33.53 billion USD) and 223 FDI projects with total capital of over 3 billion USD. The IPs have created jobs for about 85,000 … [Read more...] about Bac Giang province attractive to industrial investors

BERLIN (Reuters) - Germany’s industrial output unexpectedly dropped in October, reviving worries about its economic growth outlook as its manufacturing backbone takes a blow from global trade conflicts and disruptions in the auto sector. Industrial output dropped 1.7% on the month against expectations for a 0.1% rise, Statistics Office figures showed on Friday. Production of capital goods slumped by 4.4% on the month, the steepest decline in more than five years. Europe’s biggest economy is going through a soft patch as its export-oriented manufacturers struggle against a backdrop of trade friction, an ailing car industry and uncertainties over Britain’s planned departure from the European Union. “Now the trepidation starts again about GDP growth in the final quarter,” said Jens-Oliver Niklasch, economist at Landesbank Baden-Wuerttemberg. German industry now expects output in the coming months to fall more slowly than was foreseen a month ago, a survey … [Read more...] about German industry slump sparks renewed economic growth fears