Latest news with #DPIIT
Time of India
12 hours ago
- Business
- Time of India
Core sector slowdown: Core industries index slips to nine-month low of 0.7% in May; crude, gas and electricity drag index despite cement, steel gains
India's eight core infrastructure sectors grew by just 0.7% in May 2025, marking the slowest pace in nine months, according to official data released by the commerce ministry on Friday. The previous low was recorded in August 2024, when the index had contracted by 1.5%. In April this year, core sector growth had come in at 1%. The eight sectors had expanded by 6.9% in May 2024. The Index of Eight Core Industries (ICI) — which makes up 40.27% of the Index of Industrial Production (IIP) — was pulled down by contractions in crude oil, natural gas, fertilisers, and electricity. The data was released by the Department for Promotion of Industry and Internal Trade (DPIIT). During April–May FY26, the combined growth in the eight sectors stood at 0.8%, sharply lower than 6.9% in the same period last year. Among the individual sectors: Cement output rose 9.2% YoY in May, while steel production expanded 6.7% Coal and refinery products grew at 2.8% and 1.1% respectively Crude oil production contracted 1.8%, natural gas fell 3.6% Fertiliser output slipped 5.9%, while electricity generation dropped 5.8% The government will release the full IIP data later next month, which includes manufacturing, mining and electricity indices in addition to the eight core sectors. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Mint
a day ago
- Business
- Mint
India to curb Chinese substandard paper imports with new QCO amid rare earth magnet imbroglio
New Delhi: India is set to tighten controls on substandard paper product imports, particularly from China, with the Department for Promotion of Industry and Internal Trade (DPIIT) in the process of introducing a new Quality Control Order (QCO) for a wide range of commonly used paper products, said two people directly involved in the process. This mandatory quality certification will be applicable to writing and printing paper, coated paper, and boards used for packaging by the consumer products industry. This comes in the backdrop of supply concerns following China's move to halt exports of rare earth magnets, a key component of electric vehicles, to India and other countries. Also read: Eicher, Maruti to TVS Motor: Auto stocks jump up to 2% on reports India may turn to Australia for rare-earth magnets Once the QCO comes into force, import consignments will be subject to BIS (Bureau of Indian Standards) certification requirements, leading to delays in customs clearance and higher compliance costs for foreign suppliers. India sources a substantial amount of coated and uncoated paper from China, Indonesia, and S Korea. India's imports of paper and paperboard have been steadily rising over the past five years, according to data from the commerce ministry. Imports rose from 1.08 million tonnes in FY21 to 2.06mt in FY25. In FY25, imports of paper and paperboard from China recorded a 33% jump in volume, and the Asean countries of South East Asia accounted for about 20% of total imports. In value terms, overall imports touched nearly $1.81 billion during the year, with China's share amounting to about $800 million. 'Cheap imports are having a serious negative impact on the domestic paper industry, making many small and medium-sized mills commercially unviable," said the first of the two people cited above. 'Out of over 850–900 paper mills in the country, only around 550 are currently operational. This is a significant setback for a sector that has traditionally supported a large number of rural and small-scale livelihoods," said this person, a senior DPIIT official. Also read: Mint Impact: India plugs the loophole that allowed gold importers to evade duty According to Rohit Pandit, secretary general of the Indian Paper Manufacturers Association (IPMA), 'Indian consumers deserve quality products, whether manufactured domestically or imported. QCOs for different products ensure the supply of quality products to Indian consumers, prevent unfair trade practices, and check the import of substandard products into the country." 'To make India globally competitive in the world market, the government has been emphasising the need for the domestic industry to manufacture high-quality products. IPMA has been pursuing with the government the need to issue QCOs for different grades of paper," said Pandit. 'We have informed the members of the World Trade Organization (WTO) about the upcoming QCO. Once it is approved, the quality standards will be notified, allowing a six-month transition period for large manufacturers to comply with the norms," said the second official cited above. 'However, small enterprises will be given nine months, and micro enterprises will get up to twelve months to align their production with the QCO requirements," the official added. The QCO is also part of the government's broader initiative to bring more than 1,500 products under stringent quality standards by the end of the current financial year under the supervision of the BIS, as reported by Mint on 10 February. An exercise to improve product quality spanning 37 ministries is currently under way, as per the Mint report. Currently, 761 products are regulated by so-called QCO that mandate strict parameters for both domestic and imported goods. Some of the items already covered under QCOs in India include household and industrial appliances such as coffee makers, shavers, electrical appliances, vacuum cleaners, stainless steel utensils, toys, hot-rolled and cold-rolled steel strips, and medical devices. Also read: Rare earths: China is choking its own prospects of leadership The expansion of the QCO regime could bring items such as wheelchairs, full-body harnesses, self-locking gates, artificial limbs, sanitaryware, and ceramic tiles under these standards. QCOs are enforced by the BIS, an arm of the consumer affairs ministry. Once a QCO is notified, no firm can manufacture, import, distribute, sell, hire, lease, store, or exhibit any product covered under the QCO without an ISI (Indian Standards Institute) mark. Violations can attract jail terms and fines.
India Gazette
a day ago
- Business
- India Gazette
DPIIT inks MoU with private digital platform to boost inclusive entrepreneurship across India
New Delhi [India], June 19 (ANI): To further promote inclusive entrepreneurship and strengthen the startup ecosystem, the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, has signed a Memorandum of Understanding (MoU) with a private digital platform, YourStory Media Private Limited, with a focus on startups, innovation, and entrepreneurship. According to the Ministry of Commerce and Industry, this partnership aligns with DPIIT's vision of fostering grassroots entrepreneurship and supporting emerging talent across Tier II, Tier III, and rural India. The collaboration aims to empower 1 million entrepreneurs through AI-powered tools, venture launchpads, and regional language storytelling initiatives under the Bharat Project. The initiative will also leverage flagship startup events and developer-focused platforms to drive engagement within India's startup and technology ecosystem. These platforms will facilitate innovation showcases, founder-investor networking, and support in emerging sectors such as AI, GenAI, data, and blockchain. Speaking on the occasion, Joint Secretary, DPIIT, Sanjiv Singh, emphasised the significance of inclusive platforms in scaling the next generation of entrepreneurs. He noted that the partnership would expand access to networks, knowledge, and success stories, particularly for aspiring founders from underserved regions, thereby accelerating India's journey to becoming a global innovation hub. The MoU was formally signed by Deputy Secretary, DPIIT Rajesh Kumar and Founder & CEO, YourStory and The Bharat Project, Shradha Sharma in the presence of senior officials from both organisations. (ANI)
Time of India
2 days ago
- Business
- Time of India
DPIIT partners with digital platform YourStory to empower 1 million entrepreneurs under Bharat Project
To further promote inclusive entrepreneurship and strengthen the startup ecosystem , the Department for Promotion of Industry and Internal Trade ( DPIIT ), Ministry of Commerce and Industry, has signed a Memorandum of Understanding (MoU) with a private digital platform, YourStory Media Private Limited, with a focus on startups, innovation, and entrepreneurship. According to the Ministry of Commerce and Industry, this partnership aligns with DPIIT's vision of fostering grassroots entrepreneurship and supporting emerging talent across Tier II, Tier III, and rural India. The collaboration aims to empower 1 million entrepreneurs through AI-powered tools, venture launchpads, and regional language storytelling initiatives under the Bharat Project . by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Elegant New Scooters For Seniors In 2024: The Prices May Surprise You Mobility Scooter | Search Ads Learn More Undo The initiative will also leverage flagship startup events and developer-focused platforms to drive engagement within India's startup and technology ecosystem. These platforms will facilitate innovation showcases, founder-investor networking, and support in emerging sectors such as AI, GenAI, data, and blockchain. Live Events Speaking on the occasion, Joint Secretary, DPIIT, Sanjiv Singh, emphasised the significance of inclusive platforms in scaling the next generation of entrepreneurs. He noted that the partnership would expand access to networks, knowledge, and success stories, particularly for aspiring founders from underserved regions, thereby accelerating India's journey to becoming a global innovation hub. The MoU was formally signed by Deputy Secretary, DPIIT Rajesh Kumar and Founder & CEO, YourStory and The Bharat Project, Shradha Sharma in the presence of senior officials from both organisations.
Hindustan Times
3 days ago
- Business
- Hindustan Times
New schemes on the anvil under Haryana startup policy
The Haryana government is planning to launch a new set of schemes aimed at providing comprehensive financial and infrastructural assistance to government-owned, government-supported and private incubators under the Haryana State Startup Policy 2022. This was stated during a review meeting of the State Startup Ecosystem and Incubator Schemes held under the chairmanship of chief secretary Anurag Rastogi on Tuesday. Commissioner and secretary, industries and commerce, Amit Agrawal on Tuesday said that the schemes included capital subsidy covering 50% of the capital expenditure, up to ₹2 crore for government host institutions and ₹1 crore for private ones. 'Financial assistance of up to ₹4 crore will be available for the development of new startup warehouses or innovation campuses with an additional ₹1 crore per annum for three years to meet recurring operating expenses. A similar support structure is planned for the creation of Mobile Application Development Centres,' Agarwal said. To further ease the operational burden, the schemes offer a 50% reimbursement on lease rent (up to ₹5 lakh per year for three years) and 100% reimbursement on stamp duty and registration charges. Government-owned or supported incubators will also receive ₹2.5 lakh annually for mentorship initiatives, he said. 'Additionally, financial support of up to ₹50 lakh per event will be provided for organising or participating in national and international exhibitions and startup fairs.' Agrawal said that the state has made significant strides in the field of innovation and entrepreneurship, emerging as the seventh-largest state in the country in terms of the number of startups recognised with the Department for Promotion of Industry and Internal Trade (DPIIT). 'With over 8,800 DPI IT-recognised startups, the state reflects a vibrant and growing startup ecosystem that is contributing to economic diversification and job creation,'' he added. The state has also built a strong incubation infrastructure to support startups at various stages. 'Over 25 incubators have been established in government and private universities across the state. Additionally, over 10 private-sector-run incubators and 10 government-supported incubators are currently operational, offering a wide range of services including mentorship, networking opportunities and infrastructural support,' Agaral said. 'Several institutions have expressed interest in setting up new incubation centers, which will further strengthen the support system for early-stage startups. Over 45% of the startups in Haryana are led by women entrepreneurs,' he added.
