Latest news with #SalilKapoor
Time of India
03-06-2025
- Business
- Time of India
ICEA launches technology access platform for manufacturers, partners VC firm Caret Capital
NEW DELHI: The India Cellular and Electronics Association ( ICEA ) on Tuesday launched the ' Venture Access Labs ' in partnership with Venture Capital (VC) fund Caret Capital , to facilitate technology access between startups and India's electronics and manufacturing companies. The association, in a joint statement, said that the platform would significantly provide the Indian manufacturing industry a competitive edge and connect manufacturers with startups innovating in the domains of advanced manufacturing, artificial intelligence (AI), the Internet of Things (IoT), energy efficiency, materials science, and more. It will also cover several functions, including procurement, planning, manufacturing, supply chain, finance, HR, legal and ESG (environmental, social, and governance). 'The research and development (R&D) spending of Indian companies has been really low, even lower than the average R&D spend of other countries. If Indian companies aspire to create world-leading products, they need to significantly invest. But the financial gap is too huge for them to cover on their own, and that is where we are trying to help with our latest initiative,' Salil Kapoor, co-founder and chief mentor of Venture Access Labs (VAL), told ETTelecom. According to him, manufacturers in India can partner with domestic and international innovators to pool investment into technologies, which is expected to ease the financial strain on startups and MSMEs, and drive the overall R&D spending in the ecosystem. ICEA will create an 'innovation directory' containing information about startups, technology innovators, disruptors, and incubators, along with their domain and use case expertise, and the real-life problems they are attempting to solve. The platform will enable one-to-one connection. VAL expects to facilitate up to three cohorts of startups in various domains every year. The collaboration with the VC fund, which supports early-stage startups, will ensure India's manufacturing industry has access to a vetted pipeline of global startups and emerging technologies that are strategically aligned with the specific business needs of industry, ICEA said. 'By opening the door to international technological advancements and building an innovation pipeline, we aim to accelerate India's electronics manufacturing capabilities and global competitiveness so as to capture a larger global market share,' said Pankaj Mohindroo, chairman, ICEA. 'The Venture Access Labs platform stands as a strategic catalyst in this transformation, empowering Indian industry to sharpen its global edge through innovation. VAL offers a unique platform for enterprises to discover, pilot, and scale breakthrough technologies that can redefine the future of manufacturing in India,' said Prajakt Raut, co-founder and managing partner at Caret Capital.
Time of India
21-05-2025
- Business
- Time of India
India curbs cheap Chinese imports of electrical appliances with aim to boost local manufacturing & safety standards
The initiative aims to encourage domestic manufacturers to increase local production capabilities. (AI image) India is implementing stringent product safety standards to restrict the import of compact household appliances and electronic lifestyle products from China. This action follows the recent identification of substandard electronic appliances imported from India's neighbouring country. The initiative also aims to encourage domestic manufacturers to increase local production capabilities. Several electrical items including recliners, furniture, whirlpool baths, spas, toilet products, cloth dryers, towel rails, and beauty products - operating on electricity or battery - must now display the Bureau of Indian Standards (BIS) certification to demonstrate compliance with enhanced safety requirements. Industry leaders indicated that the government directive was prompted by BIS's recent inspections, which discovered substandard products in the marketplace, including within major online retailers' storage facilities. Powering up safety On May 19, the Department for Promotion of Industry and Internal Trade (DPIIT), operating under the commerce and industry ministry, published a gazette notification titled 'Safety of Household, Commercial and Similar Electrical Appliances (Quality Control) Order, 2025'. This order, taking effect from March 19, 2026, includes all electrical appliances for household, commercial, or similar uses, including battery-operated devices, according to an ET report. Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Term plan with 99.17% Claim Settlement Ratio for FY24! ICICI Pru Life Insurance Plan Get Quote Undo Industry experts noted that this quality control directive also encourages domestic manufacturing of these consumer goods and development of a supply chain, comparable to other BIS-regulated items such as footwear, toys and air conditioners. Currently, the majority of small appliances are sourced from abroad. Also Read | 'Instead of discussing the matter...': Row erupts over India's mango exports rejection; authorities say US inspectors did not follow protocol "It's a welcome move as it will attract much needed investment into the local manufacturing ecosystem for small domestic appliances which is in line with an 'Atmanirbhar' appliances industry," said Salil Kapoor, chief evangelist at industry body India Cellular and Electronics Association. "It will also benefit consumers in a big way due to standardisation of specifications and quality of small appliances which has become the need of the hour," he said. A senior official from a prominent electronic manufacturing firm noted that numerous electrical items imported from China did not adhere to Western safety and quality standards. Additionally, these products often deviated from their stated specifications. "The order will help to weed out all these products from the Indian market," he said. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
20-05-2025
- Business
- Time of India
India tightens safety norms to curb low-quality Chinese appliance imports, boost local manufacturing
Kolkata: The government is pushing ahead with measures to curb imports of small consumer appliances and electronic lifestyle items from China by unveiling new stricter product safety norms . This follows recent discovery of poor quality electronic appliances sourced from India's northern neighbour. Products such as electrical recliners and furniture, whirlpool bath and spas, electric toilet products, electrically-operated cloth dryers and towel rails, electric beauty products-which run on electricity or battery-will now have to sport the Bureau of Indian Standards (BIS) mark showing that they meet enhanced safety norms. The government's aim is also to push Indian industry to enhance local production. The Department for Promotion of Industry and Internal Trade (DPIIT) under the ministry of commerce and industry issued a gazette order on May 19 titled, 'Safety of Household, Commercial and Similar Electrical Appliances (Quality Control) Order, 2025', applicable to all electrical appliances for household, commercial or similar application, including battery-operated appliances. The order is effective March 19, 2026. ET has reviewed a copy of the order. Industry executives said the government order follows recent raids by BIS, which found poor quality products sold in the market, including in warehouses of leading online retailers. They said since this is a quality control order, the government has also given a nudge to the industry to start local manufacturing of these consumer products, and build a supply chain similar to other products under BIS quality control orders like footwear, toys and AC. At present, most small appliances are imported. "It's a welcome move as it will attract much needed investment into the local manufacturing ecosystem for small domestic appliances which is in line with an 'Atmanirbhar' appliances industry," said Salil Kapoor, chief evangelist at industry body India Cellular and Electronics Association. "It will also benefit consumers in a big way due to standardisation of specifications and quality of small appliances which has become the need of the hour," he said. Till now, about 23 electrical products were covered under quality control orders. It includes mixer grinders, ceiling fans, geysers, washing machines, microwave ovens, and induction stoves. The current order has separate implementation for companies - large companies will have to comply starting March 19, 2026, small enterprises from June 19, 2026, and micro enterprises from September 19, 2026. While all electronic products have to meet the safety norms, the gazette also gave an illustrative list of products. This includes electrical shavers, hair clippers, electrical frying pans and steam cookers, insect killers, coffee makers, electric can opener, electric citrus fruit squeezer and eggbeater, outdoor barbecues, battery operated products like massagers, foot warmer, heating pad, toothbrush and shavers. An executive with a leading electronic contract manufacturer said many electrical products sourced from China failed to meet quality and safety norms in the West. They were also not produced as per the laid down specifications. "The order will help to weed out all these products from the Indian market," he said.
