India's Textile Sector Set For Major Boost With 28% Budget Increase New Delhi, Jul 26 (KNN) In a significant move that signals robust growth for India's textile industry, the government has announced a 28 per cent increase in budget allocation for the sector in the 2024-25 fiscal year. This substantial rise in funding is expected to catalyze innovation, enhance productivity, and create new opportunities within the industry, according to Northern India Textiles Mills Association (NITMA) President Sanjay Garg. Speaking on Wednesday, Garg highlighted the government's commitment to bolsterin ..read more

Tamil Nadu Textile Associations Forge Strategic Partnerships with MP Government Coimbatore, Jul 26 (KNN) In a significant move that promises to reshape the cotton and textile landscape in India, three prominent Tamil Nadu-based textile associations have entered into strategic agreements with the Madhya Pradesh government.  The memoranda of understanding (MoUs) were signed on Thursday in Coimbatore, marking a new chapter in inter-state cooperation for agricultural and industrial development. The Southern India Mills' Association (SIMA), the Indian Cotton Federation (ICF), and the Tir ..read more

Advance Import Monitoring System SIMS 2.0 Puts In Place To Protect Steel Industry New Delhi, Jul 26 (KNN) Union Minister of Steel and Heavy Industries, H.D. Kumaraswamy, unveiled SIMS 2.0, an enhanced version of the Steel Import Monitoring System, in New Delhi on Friday. The launch event was attended by Minister of State for Steel and Heavy Industries, Bhupathiraju Srinivasa Varma, and Steel Secretary Nagendra Nath Sinha, among other senior government officials. SIMS 2.0 builds upon its predecessor, introduced in 2019, which has been instrumental in providing comprehensive steel import d ..read more

Tata Power Solar And Bank Of India Forge Partnership For Green Energy Financing New Delhi, Jul 26 (KNN) Tata Power Solar Systems Ltd (TPSSL) announced a strategic partnership with Bank of India (BOI) on Friday, aimed at facilitating financing for rooftop solar installations and electric vehicle (EV) charging stations. This collaboration marks TPSSL as the first solar company to partner with BOI for both solar and EV charging station financing, reinforcing its position in the green energy solutions sector. The initiative aligns with government efforts to promote renewable energy adoption ..read more

Gold Industry Pushes For Unified Pricing, Starting In Eastern India New Delhi, Jul 26 (KNN) In a move towards standardizing gold rates across India, the jewellery industry is advocating for a 'One Nation, One Rate' policy, with plans to implement a unified rate for Eastern India beginning August, according to industry officials. Samar Kr. De, President, Swarna Silpa Bachao Committee, stated that stakeholders have expressed interest in the concept of a unified gold rate nationwide. "We will initiate a single rate for West Bengal and eastern India from August, with bullion sellers already ..read more

Indian Auto Component Industry Faces Logistical Challenges Amid Export Growth New Delhi, Jul 26 (KNN) The Automotive Component Manufacturers Association (ACMA) of India has reported a mixed outlook for the sector, highlighting strong export growth despite significant logistical challenges, particularly stemming from the ongoing Red Sea crisis. ACMA President Shradha Suri Marwah emphasised that while export demand remains positive, logistics have become a major concern. The Red Sea crisis, affecting a crucial maritime route that handles nearly 30 per cent of global shipping container traffic ..read more

Indian Textile Industry Prepares for EU Sustainability Directive New Delhi, Jul 26 (KNN) The Confederation of Indian Textile Industry (CITI) has partnered with the Fair Wear Foundation to prepare Indian textile exporters for the European Union's Corporate Sustainability Due Diligence Directive (CSDDD). Enacted in May 2024, the CSDDD mandates European companies to implement comprehensive human rights and environmental due diligence across global supply chains. CITI Chairman Rakesh Mehra highlighted the directive's transformative potential for the Indian textile sector, emphasising the opportun ..read more

EV Industry Faces New Localisation Challenges As Govt Pushes For Domestic Manufacturing New Delhi, Jul 26 (KNN) In a move to bolster India's electric vehicle (EV) manufacturing capabilities, the Ministry of Heavy Industries is proposing significant changes to the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME-III) subsidy scheme. The new regulations, currently under discussion with stakeholders, aim to increase domestic production of EV components and reduce reliance on imports. The proposed FAME-III scheme includes several key changes. The number of components un ..read more

Government Extends Deadline For Pharma Industry Ethics Compliance New Delhi, Jul 26 (KNN) The central government has announced an extension for pharmaceutical and medical device companies to submit mandatory self-declarations regarding ethical marketing practices. The new deadline is set for July 31, 2024, giving industry executives additional time to comply with regulations aimed at curbing unethical promotion of drugs and medical devices. Under the Uniform Code for Pharmaceutical Marketing Practices (UCPMP) 2024, top executives are required to file undertakings for the fiscal year 2025 ..read more

Government Engages Renewable Energy Industry In Policy Discussions New Delhi, Jul 26 (KNN) In a significant move to bolster India's renewable energy sector, Minister of State for New and Renewable Energy (MNRE), Shripad Yesso Naik, convened a meeting with key representatives from renewable industry associations today. The All-India Solar Industries Association was among the notable participants in the talks. The discussions centred on the Production-Linked Incentive (PLI) scheme and additional measures to stimulate domestic manufacturing within the renewable energy sector. Minister Naik ..read more