Latest news with #NationalManufacturingMission
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Business Standard
an hour ago
- Business
- Business Standard
Good news very soon on India-Oman free trade agreement: Piyush Goyal
Oman is the third-largest export destination among the Gulf Cooperation Council (GCC) countries for India Press Trust of India Paris Commerce and Industry Minister Piyush Goyal has said that negotiations between India and Oman for the proposed free trade agreement (FTA) are progressing, and some "good news" may come "very soon" on that. The negotiations received a much-needed impetus after the visit of Goyal to Muscat in January this year. The talks for the agreement, officially dubbed as the Comprehensive Economic Partnership Agreement (CEPA), formally began in November 2023. "I think you will see some good news very soon on the Oman FTA," the minister told reporters here when asked whether the FTA talks with Oman can be concluded this year. Goyal is here on an official visit to hold talks with French leaders and businesses to boost trade and investments. He will also attend a mini-ministerial meeting of the World Trade Organisation (WTO) on June 3. In such agreements, two trading partners either significantly reduce or eliminate customs duties on a maximum number of goods traded between them. They also ease norms to promote trade in services and attract investments. Oman is the third-largest export destination among the Gulf Cooperation Council (GCC) countries for India. India already has a similar agreement with another GCC member UAE which came into effect in May 2022. The bilateral trade was about $10.5 billion (exports $4 billion and imports $6.54 billion) in 2024-25. India's key imports are petroleum products and urea. These account for over 70 per cent of imports. Other key products are propylene and ethylene polymers, pet coke, gypsum, chemicals, and iron and steel. Taking about such agreements, the minister said these FTAs not just promote trade in goods and services, but also strengthen supply chain, bring confidence in businesses of both sides about stable polices, and predictability. "So in a way, it's a big message when you conclude an FTA," he added. When asked if India could see further domestic reforms as a result of these agreements, the minister said FTA stands on their own footing and have no relationship to "our own" domestic efforts to make the country more attractive. "These agreements are more towards opening markets on both sides which lead to greater competitiveness, improved productivity and efficiency in all processes," he said. Goyal said the National Manufacturing Mission, announced in the Budget, may come up soon. It will further bring an "orderly shape" to how states and the Centre work together in the direction of promoting manufacturing in India, he added. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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Business Standard
3 days ago
- Business
- Business Standard
National Manufacturing Mission to be launched next month: NITI CEO
The National Manufacturing Mission, announced in the 2025-26 (FY26) Budget, will be formally announced next month, NITI Aayog Chief Executive Officer (CEO) B V R Subrahmanyam said on Friday. The mission aims to propel India's manufacturing sector to a $7.5 trillion economy by 2047. 'We need a body with teeth, which can get things done. So, we are looking at how it is to be structured, the kind of muscle it needs to get things done spread across departments,' Subrahmanyam said at the Confederation of Indian Industry (CII) Annual Business Summit here. The mission is in the final stage, he said. In her Budget speech in February, the finance minister had said the National Manufacturing Mission would focus on five focal areas, i.e., ease and cost of doing business, future-ready workforce for in-demand jobs, a vibrant and dynamic micro, small and medium enterprises (MSME) sector, availability of technology, and quality products. The mission will also support clean-tech manufacturing to improve domestic value addition, and build an ecosystem for solar photovoltaics (PV) cells, EV batteries, motors and controllers, electrolysers, wind turbines, high voltage transmission equipment, and grid-scale batteries. 'It should be an overarching body, which has the power to give directions, control, and ensure that things get done… the idea is to understand, hand-hold, and see that these sectors get transformed within five to 10 years, in line with the mission's goal to achieve results by 2030 to 2035,' the CEO added. Citing the example of China's 'Made in China 2025' mission, prepared in the previous decade, that helped the neighbouring country become the largest automobile exporter from being a non-entity, the CEO said, NITI has probed their progress and mission in great detail. The mission will also look at skewed regional imbalances in manufacturing to ensure that the push is pan-Indian. A large part of the mission will be skilling initiatives by the Centre, with the Aayog looking to fundamentally change India's skilling framework. The government is also deliberating on new ideas like a 'skill passport' – the passport will be a record of a person's employable skills, keep an updated account of the skilling an individual goes through, and the number of times they have gone for reskilling and upskilling. The CEO also added that the industrial training institutes should be handed over to the respective industry – the government can fund it, but only industry has a handle on what the contemporary relevant skills are at a local level. The Aayog is also working on a net-zero carbon emission modelling framework. 'We don't have a pathway for the net-zero commitment by 2070. We've modelled it and next month we'll be announcing the pathway and making the model public... people can tinker with, and play multiple pathways to the same outcome,' Subrahmanyam said.
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Business Standard
3 days ago
- Business
- Business Standard
Manufacturing mission to be launched next month will have teeth: NITI CEO
NITI Aayog Chief Executive Officer (CEO) B V R Subrahmanyam said the National Manufacturing Mission, which was announced by Finance Minister Nirmala Sitharaman in the Budget and aims for a $7.5-trillion manufacturing economy by 2047, will be launched next month, as the Centre is finalising the structure of the mission. 'What we need is a body with teeth — a body which can get things done. So we are looking at how it is to be structured, how it gets that kind of a muscle that it actually gets things done spread across multiple departments,' Subrahmanyam said at the Confederation of Indian Industry (CII) Annual Business Summit in New Delhi. Subrahmanyam said the mission is in the final stages and will be launched next month. The National Manufacturing Mission will lay emphasis on five focal areas: ease and cost of doing business; a future-ready workforce for in-demand jobs; a vibrant and dynamic MSME sector; availability of technology; and quality products, the finance minister had announced in February. The mission will also support clean tech manufacturing and aims to improve domestic value addition and build the ecosystem for solar PV cells, EV batteries, motors and controllers, electrolysers, wind turbines, very high-voltage transmission equipment, and grid-scale batteries. 'It should be an overarching body which has the power to give directions, control, and ensure things are done… The idea is to understand and hand-hold and see that these sectors get transformed within five to ten years, in line with the mission's goal to achieve results by 2030 to 2035,' he said. Citing China's example of the 'Made in China 2025' mission prepared in the previous decade, he said the country became the largest automobile exporter from being a non-entity, and that NITI has studied that progress and the mission in great detail. The mission will also address skewed regional imbalances in manufacturing to ensure the push is pan-India. A large part of the mission will be skilling initiatives by the Centre, with the Aayog looking to fundamentally change India's skilling framework. Among other efforts, the government is holding deliberations on new ideas like a 'skill passport' — the passport will be a record of a person's employable skills and keep an updated account of the skilling an individual undergoes, including the number of times they have gone for reskilling and upskilling. The CEO also said industrial training institutes should be handed over to industry — the government can fund them, but only industry has a handle on what are contemporary, relevant skills at the local level. The Aayog is also working on a net-zero carbon emission modelling framework. 'We don't have a pathway for the net-zero commitment by 2070. We've modelled it and next month we'll be announcing the pathway and throwing the model out to the public — people can tinker with and play multiple pathways to the same outcome,' said Subrahmanyam.
Economic Times
3 days ago
- Business
- Economic Times
National Manufacturing Mission to be in place by next month: NITI Aayog CEO BVR Subrahmanyam
The National Manufacturing Mission will have an overarching body which has the power to give directions, control and ensure things are done to kick manufacturing to a higher level in India, NITI Aayog CEO BVR Subrahmanyam said. 'We're in the final stages of that, probably in a month's time, it will probably get announced,' Subrahmanyam said at the Confederation of Indian Industry's Annual Business Summit 2025 on Friday. 'What we need is a body with teeth, a body which can get things done. So we are looking at how it is to be structured, how it gets that kind of a muscle that it actually gets things done spread across multiple departments,' he added. Finance minister Nirmala Sitharman had in Budget 2025-26 said a National Manufacturing Mission will be put in place to cover small, medium and large industries for furthering Make in India. This will provide policy support, execution roadmaps, governance and monitoring framework for central ministries and states with emphasis on ease and cost of doing business; future ready workforce for in-demand jobs; a vibrant and dynamic MSME sector; availability of technology; and quality products, she said. The government envisions manufacturing to be 25% or $7.5 trillion by 2047 when the Indian economy is expected to be $30 to Subrahmanyam, the mission will focus on potential and frontier sectors and on clusters. It will put in place targets for all identified sectors which will be monitored at regular intervals at multiple levels. 'The idea is to understand and hand hold and see that these sectors get transformed within five to 10 years, in line with the mission's goal to achieve results by 2030 and 2035,' he said. Subrahmanyam said the mission will lay emphasis on creating world-class industrial infrastructure including industrial housing and industrial parks with pre-cleared environmental and other approvals and marginal paperwork to enable companies to get going in a months' time along with focus on new-age skills. 'It will also focus on breaking through the international markets, which means quality, competitiveness, productivity is going to be a high focus,' he said the mission will address two critical challenges of regional and gender imbalance. 'It will also, of course, look at the two issues. Getting some regional balance, and also getting women into manufacturing big time,' he whole idea will be to make India a champion, make India a leader in manufacturing, make India the manufacturing factory of the world and make India the quality and innovation hub of the world, he concluded.
Time of India
3 days ago
- Business
- Time of India
National Manufacturing Mission to be in place by next month: NITI Aayog CEO BVR Subrahmanyam
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The National Manufacturing Mission will have an overarching body which has the power to give directions, control and ensure things are done to kick manufacturing to a higher level in India, NITI Aayog CEO BVR Subrahmanyam said.'We're in the final stages of that, probably in a month's time, it will probably get announced,' Subrahmanyam said at the Confederation of Indian Industry's Annual Business Summit 2025 on Friday.'What we need is a body with teeth, a body which can get things done. So we are looking at how it is to be structured, how it gets that kind of a muscle that it actually gets things done spread across multiple departments,' he minister Nirmala Sitharman had in Budget 2025-26 said a National Manufacturing Mission will be put in place to cover small, medium and large industries for furthering Make in India This will provide policy support, execution roadmaps, governance and monitoring framework for central ministries and states with emphasis on ease and cost of doing business; future ready workforce for in-demand jobs; a vibrant and dynamic MSME sector; availability of technology; and quality products, she government envisions manufacturing to be 25% or $7.5 trillion by 2047 when the Indian economy is expected to be $30 to Subrahmanyam, the mission will focus on potential and frontier sectors and on clusters. It will put in place targets for all identified sectors which will be monitored at regular intervals at multiple levels.'The idea is to understand and hand hold and see that these sectors get transformed within five to 10 years, in line with the mission's goal to achieve results by 2030 and 2035,' he said the mission will lay emphasis on creating world-class industrial infrastructure including industrial housing and industrial parks with pre-cleared environmental and other approvals and marginal paperwork to enable companies to get going in a months' time along with focus on new-age skills.'It will also focus on breaking through the international markets, which means quality, competitiveness, productivity is going to be a high focus,' he said the mission will address two critical challenges of regional and gender imbalance. 'It will also, of course, look at the two issues. Getting some regional balance, and also getting women into manufacturing big time,' he whole idea will be to make India a champion, make India a leader in manufacturing, make India the manufacturing factory of the world and make India the quality and innovation hub of the world, he concluded.
