Elon Musk To Meet Prominent Indian Spacetech Startups In New Delhi New Delhi, Apr 18 (KNN) In a significant development for India's private space industry, the government has facilitated a meeting between Elon Musk, the visionary behind Tesla and SpaceX, and the founders of several prominent Indian spacetech startups. This strategic move aims to highlight the nation's burgeoning space ecosystem and foster potential collaborations with Musk's pioneering ventures. The meeting, scheduled for Monday in New Delhi, will bring together the founders of startups such as Agnikul Cosmos, Bellatrix Aeros ..read more

Sterling Tools Inks Deal With Korean Firm For EV Component Manufacturing New Delhi, Apr 18 (KNN) Sterling Tools Limited, an Indian automotive fastener maker, has signed a Memorandum of Understanding (MoU) with Yongin Electronics Co Ltd, a South Korean supplier to Hyundai Kia Motor Group. The strategic tie-up between Sterling's subsidiary Motor Control Units and Yongin is expected to generate Rs 250 crore business over the next five years. The agreement marks a crucial step for advancing electric vehicle (EV) and electronic component production in India. As part of the deal, Sterling Tools wil ..read more

India's Economy Projected to Grow 8-8.3% This Year: PHDCCI New Delhi, Apr 18 (KNN) India's economy is estimated to grow at a robust 8-8.3 per cent rate in the current fiscal year 2023-24, according to projections by industry body PHDCCI. The country's GDP is then forecast to expand at an average annual rate of 6.7 per cent over the next 23 years to become a USD 34.7 trillion economy by 2047, with a per capita income reaching USD 21,000. "India's economy has strong growth fundamentals driving this impressive outlook," said PHDCCI Chief Economist SP Sharma. He noted that after peaking around 20 ..read more

Manufacturing Shift To Accelerate India's Economic Growth To 6.5% In 2024: UNCTAD New Delhi, Apr 18 (KNN) According to reports from the United Nations, India's remarkable economic growth trajectory is poised to persist, with projections indicating a 6.5 per cent expansion in 2024, solidifying India's position as the fastest-growing major economy worldwide. The UN Conference on Trade and Development (UNCTAD) report, released on Tuesday, underscores the increasing trend of multinational corporations extending their manufacturing operations to India, capitalising on the country's strategic posit ..read more

West Bengal Trade Confederation Calls For Reversal Of MSME Payment Rule Kolkata, Apr 18 (KNN) The Confederation of West Bengal Trade Associations has issued an urgent call demanding the removal of a newly introduced subsection 43(b) in India's Income Tax Act related to payments made to Micro and Small Enterprises (MSEs). The contentious provision, which came into force on April 1, 2024, restricts businesses from claiming tax deductions on payments to MSMEs unless made within 15 days of accepting supplies, or 45 days if a longer credit period was mutually agreed upon, reported TT. However, the ..read more

India Opens Agricultural Markets To U.S. Farmers In 12 Categories New Delhi, Apr 18 (KNN) India has opened up its markets to American farmers across 12 agricultural categories granting U.S. agricultural exporters over USD 21 billion in new market access opportunities in the rapidly growing Indian market, according to the U.S. Trade Representative Katherine Tai. The expanded access covers a range of U.S. farm products like chickpeas, lentils, almonds, walnuts, apples, turkey, duck, blueberries and cranberries, as reported by BS. It will benefit farmers from major agricultural states like Michi ..read more

Tesla's Potential Entry Into India Sparks Expectations Of Innovation Beyond EVs New Delhi, Apr 18 (KNN) The Indian government is eagerly anticipating that Tesla's plans could extend beyond just EVs to encompass innovative projects like battery technology and Starlink internet services. Rajesh Kumar Singh, Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), expressed optimism that Musk's expected meeting with Prime Minister Narendra Modi next week could pave the way for Tesla to bring a range of cutting-edge projects to India, reported Moneycontrol. "We are hopeful that ..read more

IFFCO To Manufacture New ‘Nano Urea Plus’ As Per Govt Specs New Delhi, Apr 18 (KNN) The government has notified specifications that IFFCO, the cooperative fertiliser major, must follow in manufacturing its new product 'Nano Urea Plus' for the next three years across the country. As per the gazette notification, Nano Urea Plus approved by the government in a liquid form having 16 per cent nitrogen content and a pH value ranging from 4 to 8.5 and a viscosity between 5-30. U S Awasthi, Managing Director and CEO of IFFCO, stated that Nano Urea Plus is an advanced version of their conventional nan ..read more

India's Capital Goods Promotion Scheme To Encompass Pharma & Textiles New Delhi, Apr 18 (KNN) India is set to broaden the scope of its key Capital Goods Promotion Scheme, which has so far focused heavily on electrical components and automobile manufacturing. The government plans to extend support to sectors like pharmaceuticals and textiles under this scheme, reported ET. The move aims to provide a boost to capital goods manufacturing across a wider range of industries, stated a senior government official aware of the development. In addition to conventional sectors, the scheme will also ..read more

Klub & U GRO Capital Join Forces To Disburse Rs 150 Cr To MSMEs New Delhi, Apr 18 (KNN) In a strategic move to address the persistent credit challenges faced by India's Micro, Small, and Medium Enterprises (MSMEs), revenue-based financing platform Klub has partnered with MSME lending platform U GRO Capital. This collaboration aims to disburse funds worth a staggering Rs 150 crore, bridging the credit gap and providing much-needed financing solutions for MSMEs across the nation. The partnership seeks to leverage the strengths of both companies, offering quick and adaptable debt financing s ..read more