Adityapur entrepreneurs seek extension of factory license return filing date
The factory owners have said that on-line filing of the return is exhaustive and complex due to which several entrepreneurs are experiencing difficulty in filing the return.
"The return filing demands comprehensive details about the safety measures, working hours, workers strength including permanent and temporary, vendors workforce, compliance with labour laws, wages, etc," said Sameer Singh, factory owner and member of the Industrial Stability and Reforms Organization (ISRO), a representative body of the entrepreneurs of Adityapur.
The department of factories in April this year issued notification making it mandatory for the micro and small industries to file factory license returns by June 30.
The factory license annual return provision, under the Factories Act 1948, was there for all manufacturing plants including micro, small, medium and heavy industries but it was not mandatory for the micro and small units.
"We have given a representation to the Chief Inspector of Factory Manish Kumar and have requested him to exclude micro and small units from the mandatory clause," said Santosh Khetan, senior entrepreneur and former president of Adityapur Small Industries Association (ASIA).
Earlier this week, both ASIA and ISRO organized special camps wherein the expert hands assisted the factory owners in filing the return.
About 250 plus entrepreneurs filed their return at the camps but several have not filed the return yet.
"We would urge the industry department to set-up help desk and give more time for filing the return. The best would be to remove the mandatory clause," said entrepreneur Mahesh Sonthalia.
Notably the industrial area houses 1000 plus factories with the overwhelming majority being the ancillaries of the Tata Motors plant.
The Chief of Factory, Manish Kumar, has said that extending the last date for filing the return is a matter which is at the discussion level in the department but nothing can be said at this point of time.
The officer said that there's no possibility of either dropping the mandatory clause or excluding the micro and small units from the compliance provision for now as it is a policy decision of the state government.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India.com
9 hours ago
- India.com
Will Trump's tariff slow down India's economic growth? US Agency S&P Global Ratings says 'no major shock'; Here's why
Which countries are biggest buyers of Russian oil, and why is India still in stronger position despite 50% US tariffs? US President Donald Trump has imposed steep tariffs on Indian imports, leaving many Indian exporters disappointed. However, S&P Global Ratings Director YeeFarn Phua says this will not affect India's economic growth, and the country's sovereign rating outlook will remain positive. The US has introduced these tariffs as a penalty for India's oil purchases from Russia. A total tariff of 50 per cent has been announced with 25 per cent already took effect on August 7, and the remaining 25 per cent will be applied from August 28. Experts believe India's economy can easily handle this impact. Speaking during a webinar on Asia-Pacific sovereign ratings on Wednesday, Phua explained that India's economy is not heavily dependent on trade. Exports to the US account for only about 2 per cent of India's GDP, so these tariffs are unlikely to slow down the country's growth. Why India won't be affected by Trump's tariff Last May, S&P gave India's sovereign rating of BBB- a positive outlook, mainly because of the country's strong economic growth. According to S&P's latest forecast, India's GDP is expected to grow by 6.5 per cent in the current financial year which is also about the same as last year. Phua also pointed out that major export sectors like pharmaceuticals and consumer electronics have been exempted from these tariffs. 'In the long run, we don't think these tariffs will be a major shock for India's economy. That's why the country's positive outlook will remain,' he said. No impact on investments by US tariffs When asked if the US tariffs would affect investments in India, Phua said that under the 'China Plus One' strategy, companies have been expanding their operations in India for the past few years. Most of them are here to meet India's large domestic demand, not just to export to the US. 'Many companies are investing in India because the middle class here is growing quickly. For them, the US market is not the only target,' Phua explained.
NDTV
16 hours ago
- NDTV
Why Trump's 50% Tariffs May Not Hurt India's Growth, S&P Rating Explains
New Delhi: US President Donald Trump's punitive tariffs on Indian imports will not impact India's economic growth, and its sovereign ratings outlook will remain positive, according to S&P Global Ratings Director YeeFarn Phua. New Delhi is facing a 50 per cent US tariff--comprising 25 per cent that kicked in on August 7 and another 25 per cent due to come into force on August 28 as a penalty for buying Russian oil. Speaking at a webinar on Asia-Pacific sovereign ratings on Wednesday, Phua explained that India is not a trade-oriented economy and the nation's exposure to the US in terms of exports to GDP (gross domestic product) is just about 2 per cent. Why US Tariffs May Not Impact India's Growth "I don't think the tariffs imposed on India will have an impact in terms of economic growth, largely because India is not a very trade-oriented economy. And if you look at India's exposure to the US in terms of exports to GDP, it is just about 2 per cent," he said, replying to a query on whether the tariff imposition poses downside risks to the positive outlook on India. In May last year, S&P had upgraded the outlook on India's sovereign rating of 'BBB-' to positive, citing robust economic growth. S&P's latest projections show India's GDP growth will remain steady at 6.5 per cent in the ongoing fiscal year, matching the previous financial year's performance. YeeFarn further noted that major sectors which export to the US, including pharmaceuticals and consumer electronics, are exempted from tariffs. "Over the longer term, we don't think this (higher tariffs) will be a big hit (on India's economy), and therefore, the positive outlook on India remains," he said. To a query on whether US tariffs would impact investment flows into India, the S&P Director said the 'China plus one' strategy has played out for businesses over the last few years, and companies are setting up businesses in India mainly to cater to domestic demand. "Many (businesses) are going there not because they are looking to export just to the US. Many of them are going there because of the huge domestic market as well. An emerging middle class is getting even for those who are looking to invest more in India and looking to export, it might not necessarily be the US market," YeeFarn said. India-US Trade In 2021-25, the US was India's largest trading partner. The US accounts for about 18 per cent of India's total goods exports, 6.22 per cent in imports, and 10.73 per cent in bilateral trade. With America, India had a trade surplus (the difference between imports and exports) of USD 35.32 billion in goods in 2023-24. It was USD 41 billion in 2024-25. In 2024-25, bilateral trade between India and the US reached USD 186 billion. India exported goods worth USD 86.5 billion while imports stood at USD 45.3 billion.
Time of India
20 hours ago
- Time of India
Privacy-focused smartphone maker Unplugged to start US assembly in Nevada
By Akash Sriram Smartphone startup Unplugged said on Tuesday it will start assembling its privacy-focused "UP Phone" in Nevada this fall, marking a strategic pivot toward onshore production as the Trump administration pushes to expand domestic manufacturing. The phones will be assembled in Nevada and the company aims to keep the device priced under $1,000, despite the high labor costs, CEO Joe Weil, a former Apple executive, told Reuters. The devices are currently made in Indonesia and priced at $989. "The first step we are approaching is assembly and then phasing in component sourcing," Weil said, adding Unplugged chose a refurbisher-turned-assembler after weighing options from traditional lean manufacturers to smartphone refurbishing firms. He declined to disclose the number of devices Unplugged plans to assemble in Nevada, or the identity of its partner. The company did not share the names of its backers and the amount it had raised. Analysts have said assembling smartphones in the U.S. is prohibitively expensive due to an Asia-centered supply chain and high domestic labor costs. But U.S. President Donald Trump has been pushing companies including Apple to manufacture more domestically by leaning on tariff threats and other measures. Unplugged said it plans to avoid some of the high costs tied to U.S. assembling by building devices in smaller, steady batches instead of releasing a new model every year. Its latest device, available for preorder and set to ship in late September, comes with a year of access to Unplugged's software suite, including firewall-based tracker blocking, a VPN and encrypted photo storage, before switching to a $12.99-per-month plan. The new version retains the same hardware as the previous device that went on sale in 2024 but adds a redesigned interface, firewall dashboard and upgraded camera software. Trump Mobile , a cellular service and smartphone venture licensing the president's brand, has said it is also looking to assemble its debut T1 handset in the U.S.
