In expansion mode, KSP INC announces the opening of 1 Lakh Sq. Ft manufacturing plant in Noida

 

New Delhi, May 2022: KSP INC, a major brand in metal fabrication and an export company has announced the start of a new 1 lakh square feet manufacturing plant in Noida, which will be ‘highly automated’ and will ensure that the products manufactured are globally competitive.

The factory will use advanced technologies, allowing simultaneous connection of various machines, human workers and AGVs (automatic guided vehicles) as they perform manufacturing tasks. High-speed, real-time data acquisition throughout the factory will provide data on all aspects of production cycles for AI-based analysis to achieve a safe, flexible production environment. The new manufacturing unit will be operational in the month of September this year and it will benefit the local communities as it is expected to create employment opportunities for around 1600-1800 people…Read More

Open to join RCEP in future if we get favourable offers: Govt

Piyush Goyal said India was exploring trade agreements with the United States and the European Union to allow manufacturing and services sectors to benefit from access to large developed markets

A day after opting out of the Regional Comprehensive Economic Partnership (RCEP) deal, the government on Tuesday said it was open to being part of the grouping in the future if it got favourable offers addressing India’s concerns.

“Every government is always open to discussions and negotiations, but at present, the final decision is to stay out of RCEP,” Commerce and Industry Minister Piyush Goyal said. “Should the other countries come up with better offers in the interest of India’s industry and people, we will discuss it and do what is good for our farmers, industry, and the services sector.”

Goyal also said India was exploring trade agreements with the United States and the European Union to allow the manufacturing and services sectors to benefit from access to large developed markets. “We always talk to countries. The doors never shut for anybody,” he said, referring to RCEP.

He said reconciliation would follow if the 15 RCEP nations made sincere efforts to address India’s concerns, gave it confidence, and helped it balance this trade inequality. “At present, the final decision is to stay out of RCEP...(We will) do what is good for our farmers, industry and services sector”- Piyush Goyal

While the other RCEP nations have gone ahead with the deal after concluding the talks in Bangkok, they have also left the door open for India — the largest untapped consumer and industrial market. Negotiations, which started in 2012, will now culminate in a final deal being signed by 2020.

As animal spirits sag, FM’s announcements may fall short of spurring growth

As India’s investment and consumption activity worsened in July, the measures announced by the FM to revive the economy will boost market sentiment but are unlikely to propel growth.

Economy News: Weakness in India’s investment and consumption activity worsened in July, with economic growth showing little signs of recovery from a five-year low. A gauge measuring overall activity moved one notch toward weaker territory, as six of the eight high-frequency indicators compiled by Bloomberg fell from the previous month. Car sales slumped the most in almost two decades and latest data showed infrastructure sector output grew at the slowest pace in more than four years.

The weakening came about a month before Finance Minister Nirmala Sitharamanannounced a slew of steps to revive Asia’s third-largest economy. While the measures boosted market sentiment, they are expected to fall short of spurring growth.

The dashboard measures “animal spirits” — a term coined by British economist John Maynard Keynes to refer to investors’ confidence in taking action — and uses the three-month weighted average to smooth out volatility in the single-month readings.

Here are the details of the dashboard:

Business Activity

After contracting in June, India’s purchasing managers index for services rebounded into growth territory in July. The index rose to 53.8 from 49.6 in June, with the upturn in business activity linked to the budget presented in early July and improved work orders. A reading above 50 indicates expansion…

Manufacturers want to quit China, but neither Vietnam nor India match up

India has the manpower, but skill levels fall short and government rules are relatively restrictive

Companies News: With the US and China tangled in a nasty trade fight, this should be Vietnam’s time to shine. Instead, it is becoming increasingly clear that it will be years, if ever, before this Southeast Asian nation and other aspiring manufacturing destinations are ready to replace China as the world’s factory floor.

The specialised supply chains that made China a production powerhouse for smartphones and aluminum ladders and vacuum cleaners and dining tables are nowhere near as developed in Vietnam. Factories with US-focused safety certifications and capital-intensive machinery aren’t as easy to find. And Vietnam, with less than one-tenth China’s population, is already running into labor shortages as global manufacturers rush to set up shop here to avoid US tariffs.

“China has a 15-year head start—whatever you want, someone’s doing it,” said Wing Xu, the operations director for Omnidex Group, which helps make large pumps for Pennsylvania-based industrial equipment manufacturer McLanahan Corp.

Business leaders say they are preparing for a protracted fight between the world’s two largest economies. Few companies are planning to leave China altogether, but those that heavily clustered production in the country are urgently looking to diversify…

Raed More: US China trade war