J&K Industrial Body Demands Payment Of Pending Fiscal Incentives For Existing Units Jammu, May 9 (KNN) The Bari Brahmana Industries Association (BBIA), representing industrial units in the Jammu region, has called on the Lieutenant Governor to address long-pending issues related to fiscal incentives for existing working industrial units in the union territory. In a statement, the BBIA highlighted concerns over the reduction of fiscal benefits for units operational as of March 31, 2021 in the post-GST regime compared to the pre-GST period. According to the association, the total fiscal inc ..read more

India PE-VC Dealmaking Expected to Remain Subdued in 2024: Report New Delhi, May 9 (KNN) India's private equity and venture capital deal activity is likely to remain subdued in 2024 compared to the record levels seen in 2021 and early 2022, according to a new report by Bain & Company and the Indian Venture Capital Association (IVCA). The report, titled "India Private Equity Report 2024," cites global macroeconomic factors like sluggish GDP growth, elevated interest rates, and geopolitical tensions as reasons for the expected cautious capital deployment by PE-VC firms this year. However, I ..read more

New Delhi, May 9 (KNN) The Indian Institute of Technology (IIT) Bhubaneswar and the Defence Research and Development Organisation (DRDO) have embarked on a new research collaboration focused on cutting-edge technologies for defence applications. The partnership will see the two premier institutes join forces in areas such as electronics warfare, AI-driven surveillance, power systems, and radar systems. Under the agreement, DRDO's Electronics and Communication Systems (ECS) Cluster has sanctioned nine projects to IIT Bhubaneswar, with seven more projects worth Rs 18 crore in funding currently ..read more

No Relief In Sight For EV Makers On FAME Benefits For Pre-Deadline Inventory New Delhi, May 9 (KNN) Original Equipment Manufacturers (OEMs) in the electric vehicle industry are unlikely to receive relief from the Centre regarding the sale of vehicles manufactured before March 31, which would have qualified for benefits under the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme. Despite appeals from industry stakeholders, the Ministry of Heavy Industries (MHI) remains firm in its stance, according to sources familiar with the decision. "No relief could be provided to OEMs b ..read more

India Weighs Green Steel Mandate for Luxury Carmakers New Delhi, May 9 (KNN) India is considering a proposal to require automakers of premium and ultra high-end models to use green steel in their manufacturing processes, according to government officials. Green steel refers to metal produced through methods that minimise carbon emissions, such as using hydrogen, renewable power sources, or recycled scrap instead of traditional integrated steel mills. The recommendation would mandate that luxury car brands like Audi, BMW, and others utilise low-carbon green steel, at least partially, for their ..read more

MSME-Lender Namdev Finvest Doubles AUM To Rs 1,200 Cr In FY24 New Delhi, May 9 (KNN) Jaipur-based Namdev Finvest, a non-banking financial company (NBFC) catering to Micro, Small And Medium Enterprises (MSMEs), has reported a remarkable 92.6 per cent surge in its assets under management (AUM) for the financial year 2023-24. The company's AUM soared to Rs 1,200 crore, up from Rs 623 crore in the previous fiscal. In an official statement, Namdev Finvest disclosed that its net worth also witnessed a substantial increase, rising to Rs 410 crore from Rs 146 crore in FY23. The NBFC has raised a tota ..read more

Election Uncertainty Dampens Auto Sales Despite Positive Trends: FADA New Delhi, May 9 (KNN) India's automobile industry is experiencing mixed fortunes as factors like improved vehicle supplies, new model launches, and favourable crop yields have boosted customer interest but the looming uncertainty around elections is casting a pall over auto sales. The Federation of Automobile Dealers Associations (FADA) reported a 27 per cent year-on-year increase to 2.2 million units in April compared to the same month last year in overall retail vehicle sales. Two-wheeler sales jumped 33 per cent year-on ..read more

E-commerce Forum Raises Alarm Over 'Cumbersome' GST Norms Impeding Business In Tamil Nadu Chennai, May 9 (KNN) The Forum for Internet Retailers, Sellers & Traders (FIRST) India, a division of the India Small and Medium Enterprises (SME) Forum, has raised concerns over the challenges faced by potential online sellers seeking to commence operations in Tamil Nadu. In a representation to the Principal Chief Commissioner of Central GST and Central Excise of Tamil Nadu and Puducherry, the organisation highlighted the obstacles encountered by online Micro, Small, and Medium Enterprises (MSMEs) i ..read more

India Becomes World's Third Largest Solar Power Generator Overtaking Japan New Delhi, May 9 (KNN) India has rapidly scaled up its solar energy deployment, becoming the world's third largest solar power generator in 2023, according to a new report by global energy think tank Ember. The report highlights India's remarkable rise in the solar energy ranks, jumping from 9th position in 2015 to 3rd last year. Solar power accounted for a record 5.8 per cent of India's total electricity generation in 2023, the report states. This is part of a larger global trend, with solar comprising 5.5 per cent of ..read more

Bangladesh Transhipment Crowd-out MSME Exporters Delaying Their Air Cargo New Delhi, May 9 (KNN) The Noida Apparel Export Cluster (NAEC), where 80 per cent of apparel production and export units are classified as Micro, Small and Medium Enterprises (MSMEs), has urged authorities to allocate priority air cargo space for such local enterprises. Their request comes amid escalating concerns over delays and surging freight costs attributed to the transhipment of Bangladeshi export cargo through Delhi's air cargo complex. The NAEC has proposed a 25 per cent quota reserved specifically for MSMEs, ai ..read more