Latest news with #2047
Mint
5 days ago
- Automotive
- Mint
MHI begins work on long-term automobile policy plan for India's 2047 goal
New Delhi: The Union ministry of heavy industries (MHI) on Thursday said it had begun working on a long-term automobile sector policy roadmap aligned with the goal of making India a developed nation by 2047. This plan, called the Automotive Mission Plan (AMP) 2047, involves seven sub-committees made up of all stakeholders including other line ministries, industry associations, as well as academia, a statement by the heavy industries said. The purpose of this long-term plan is to tackle challenges such as technological advancements and charging infrastructure, according to MHI. The inaugural meeting of the AMP 2047 Sub-Committees was held to outline the objectives and framework, the statement said. Read more: Siam scrambles as CAFE-3 consensus crumbles MHI additional secretary Hanif Qureshi said, 'The vision for 2047 is not an aspiration but a strategic roadmap backed by concrete targets for sector growth, exports, and industry advancement. We must think beyond specific technologies or companies and focus on India's global standing in 2047, aiming to increase our share in global automotive trade through innovation and quality.' The AMP 2047, which will set interim goals for 2030, 2037, and 2047, follows previous AMPs which applied to a decade each – 2006-16 and 2016-26. A clear policy pathway for the auto sector in the form of AMP 2047 assumes importance as it contributes about 7.1% of India's total economic output and nearly half of the country's manufacturing output, according to an April 2025 NITI Aayog statement. Representatives of the ministries of commerce, environment, forest and climate change, power, road transport and highways, petroleum and natural gas, along with industry bodies such as Society of Indian Automobile Manufacturers (Siam), Automotive Component Manufacturers Association of India (Acma), Confederation of Indian Industry (CII), and Federation of Indian Chambers of Commerce & Industry (Ficci) were a part of the inaugural meeting for AMP 2047, the MHI statement said. Academic institutions, research think tanks and testing agencies would also provide inputs to AMP 2047. The Centre's focus on a clear long-term automobile sector policy comes at a time when the industry is divided over state policies regarding clean mobility. India, the world's third largest automobile market by sales, has policies such as the PM E-drive scheme and the production-linked incentive scheme for automobiles and auto parts (PLI-Auto) to promote the manufacturing and adoption of zero-emission vehicles. India's electric vehicle market has been gaining momentum, with sales rising about 17% in FY25 over the previous fiscal, according to the Vahan portal. Over 1.9 million EVs were sold in India in FY25, compared with about 1.6 million in FY24. The push for clean mobility, however, has recently faced hurdles, with automakers divided on whether the government should incentivize strong hybrid vehicles. But the government has remained steadfast, and has committed to supporting all forms of clean mobility, Mint reported earlier, citing union heavy industries minister H.D. Kumaraswamy in an email interview. Decarbonization, however, is only one of the headwinds that India's auto sector is facing. A strict export control on rare earth magnets – a critical component in the auto sector – by China has pushed Indian automakers a step closer towards potential production cuts. Mint reported in July 2024 that work was underway to formulate a structure on AMP 2047 with a focus on vehicles running on various powertrains including fossil fuels, flex fuels, batteries, and green hydrogen, citing officials aware of the development. The currently ongoing AMP 2016-26 focuses on upskilling of the workforce in the auto sector, and promoting exports. According to data provided by Siam and quoted by the heavy industries ministry in a parliamentary disclosure, the country's auto sector provided direct and indirect employment to about 30.7 million people in FY20. "For a country as diverse and demand-sensitive as India, an all-inclusive approach is non-negotiable. AMP 2047 must unify fragmented policy signals into a coherent national strategy - one that accelerates localization, de-risks investments, and positions India as a global mobility hub,' said Randheer Singh, former director of electric mobility, NITI Aayog. Singh added that India's auto sector is transforming from fragmented to integrated policy regimes. 'The biggest challenge isn't just technological. It is synchronizing market evolution with regulatory certainty and long-term capital planning.'
Time of India
5 days ago
- Automotive
- Time of India
AMP 2047: India launches automotive mission plan to become global auto leader; built on AMP 2026 goals
AMP 2047 (Image credits: IANS) The government of India has initiated the formulation of the Automotive Mission Plan 2047 (AMP 2047), a strategic roadmap aligned with the 'Viksit Bharat @2047' vision. The plan aims to establish India as a global leader in the automotive sector, focusing on innovation, sustainability, and increasing the country's share in global automotive trade, the ministry of heavy industries said on Thursday. Seven sub-committees, comprising experts from the government, industry, and academia, have been formed to guide the development of AMP 2047. The committees have held their first meeting to define the plan's objectives, framework, and specific targets for sectoral growth, exports, and industry advancement. "The vision for 2047 is not an aspiration but a strategic road map backed by concrete targets for sector growth, exports, and industry advancement. We must think beyond specific technologies or companies and focus on India's global standing in 2047, aiming to increase our share in global automotive trade through innovation and quality," said Hanif Qureshi, additional secretary in the ministry of heavy industries as quoted by PTI. The plan sets milestones for 2030, 2037, and 2047, with a focus on addressing challenges such as technological advancements, electric mobility, and charging infrastructure. Government-industry collaboration underway The initiative is being led by the ministry of heavy industries under the leadership of Prime Minister Narendra Modi and the guidance of minister for heavy industries and Steel H D Kumaraswamy. It involves active participation from various ministries, including the ministry of power, ministry of road transport and highways, ministry of commerce, ministry of petroleum and natural gas, DPIIT, and the ministry of environment, forest and climate change. Industry bodies such as SIAM, ACMA, CII, FICCI, academic institutions, testing agencies, and research think tanks are also part of the collaborative process. "The ministry of heavy industries, government of India, under the visionary leadership of Prime Minister Narendra Modi, and with the guidance of Minister for Heavy Industries and Steel H D Kumaraswamy has initiated the formulation of the Automotive Mission Plan 2047 (AMP 2047), a strategic roadmap aligned with the 'Viksit Bharat @2047' vision. The inaugural meeting of the AMP 2047 sub-committees was held to outline the objectives and framework," said an official statement. Building on AMP 2026 The AMP 2047 builds upon the earlier Automotive Mission Plan 2016–2026 (AMP 2026), which aimed to position India among the top three global players in engineering, manufacturing, and export of vehicles and components. AMP 2026 also targeted increasing the sector's contribution to over 12 per cent of India's GDP and generating 65 million additional jobs Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Yahoo
07-07-2025
- Business
- Yahoo
India announces initiatives to boost domestic copper production
India has announced a strategic plan to attract foreign companies to establish smelters and refineries within the country, according to a report by Reuters. The plan aims to enhance the country's copper production capabilities, aiming to reduce its dependency on imports by 2047. This move comes with the incentive of state-owned Indian companies potentially investing in the mining operations of foreign companies. According to a government policy document, India, currently the world's second-largest importer of refined copper, may need to import between 91%-97% of its copper concentrates by 2047. The country's copper imports witnessed a 4% increase to 1.2 million tonnes (mt) in fiscal 2025. The government document also stated that demand is projected to rise to between 3mt and 3.3mt by 2030, and between 8.9mt and 9.8mt by 2047. In addition, the document highlights the importance of supply diversification and foreign asset acquisitions, the report stated. It confirms India's intention to encourage investments from international companies such as Codelco and BHP. Furthermore, the document suggests that Indian companies should invest in overseas operations to ensure a stable supply chain and mitigate potential supply disruptions. To support the establishment of new smelting and refining capacity, which could total 4mt-5mt, India plans to offer financial incentives. These include capital investment subsidies and customs duty exemptions on imported machinery. The document indicated that although there is an estimated 12.2mt of copper resources, only 18% is considered accessible reserves. To ensure a steady supply of copper concentrate, India is looking to incorporate a section dedicated to copper in its ongoing negotiations for free trade agreements with Chile and Peru. The report also notes that India's options for copper procurement have been further constrained due to tightening supplies from major suppliers such as Indonesia and Panama. In a separate document, the Indian Government has detailed strategies to increase aluminium production, in anticipation of the domestic demand reaching 8.5mt by the fiscal year 2030. Additionally, the country has initiated a significant exploration project in Zambia, sending a team of geologists to explore potential copper and cobalt deposits. The Zambian Government has allocated 9,000km² for India's mineral exploration. "India announces initiatives to boost domestic copper production" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Business Standard
27-06-2025
- Business
- Business Standard
Dispute resolution portal to speed up delayed payment cases for MSEs: Prez
President Droupadi Murmu said the online dispute resolution portal launched on Friday will help expedite hearings and decision-making in cases related to delayed payments to micro and small enterprises (MSEs). Speaking on the occasion of World MSME Day, President Murmu outlined the key challenges faced by MSME, such as access to finance, competition with big corporations and delayed payments. She said the number of registered MSMEs has grown rapidly as a result of the government's efforts. "The online dispute resolution portal launched today (Friday) will prove significant in expeditious hearing and decision-making in cases related to delayed payments," the President said. She appealed to young women to take advantage of government schemes to establish businesses and become self-reliant. The President observed that the world today is grappling with challenges emanating from climate change and rapidly evolving technology. Asserting that India is committed to climate change and sustainability goals, she said promoting green technology in MSMEs was the need of the hour. "This (green technology) will not only improve the sustainability of MSMEs and their competitiveness but also help achieve the country's climate goals," Murmu said. She emphasised that innovation is critical for sustainability of MSMEs, and shared that the government was promoting a culture of innovation by startups in various ways. Calling upon MSMEs to encourage grass-root level innovation, the President exhorted them to play a key role in the 'Viksit Bharat by 2047' vision. MSME Minister Jitan Ram Manjhi said MSMEs alone are providing employment to 34 crore people across the nation. Currently, cases worth Rs 50,000 crore are pending with Micro and Small Enterprises Facilitation Council (MSEFC), a body established by state governments to resolve payment-related disputes between MSEs and their buyers. The online dispute resolution portal has been established as a sub-scheme under the online dispute resolution mechanism under RAMP with World Bank assistance. Cases can be filed by micro and small entrepreneurs in instances of delayed payments using the portal. They have to enter the Udyam registration number to auto fetch details of their enterprise. Thereafter, the portal will inform regarding the date of hearing of the case which will be conducted via virtual conference. The portal provides online resolution via conciliation and arbitration.
Time of India
27-06-2025
- Business
- Time of India
Online dispute resolution portal to expedite resolution of payment delay cases concerning MSEs: Prez
Live Events NEW DELHI: President Droupadi Murmu said the online dispute resolution portal launched on Friday will help expedite hearings and decision-making in cases related to delayed payments to micro and small enterprises (MSEs).Speaking on the occasion of World MSME Day , President Murmu outlined the key challenges faced by MSME, such as access to finance, competition with big corporations and delayed said the number of registered MSMEs has grown rapidly as a result of the government's efforts."The online dispute resolution portal launched today (Friday) will prove significant in expeditious hearing and decision-making in cases related to delayed payments," the President appealed to young women to take advantage of government schemes to establish businesses and become President observed that the world today is grappling with challenges emanating from climate change and rapidly evolving that India is committed to climate change and sustainability goals, she said promoting green technology in MSMEs was the need of the hour."This (green technology) will not only improve the sustainability of MSMEs and their competitiveness but also help achieve the country's climate goals," Murmu emphasised that innovation is critical for sustainability of MSMEs, and shared that the government was promoting a culture of innovation by startups in various upon MSMEs to encourage grass-root level innovation, the President exhorted them to play a key role in the 'Viksit Bharat by 2047' Minister Jitan Ram Manjhi said MSMEs alone are providing employment to 34 crore people across the cases worth Rs 50,000 crore are pending with Micro and Small Enterprises Facilitation Council (MSEFC), a body established by state governments to resolve payment-related disputes between MSEs and their online dispute resolution portal has been established as a sub-scheme under the online dispute resolution mechanism under RAMP with World Bank can be filed by micro and small entrepreneurs in instances of delayed payments using the have to enter the Udyam registration number to auto fetch details of their the portal will inform regarding the date of hearing of the case which will be conducted via virtual conference. The portal provides online resolution via conciliation and arbitration.
