Since the second week of May, the effects of India’s COVID-19 rebirth that have kept the worlds attention have calmed down. Blockages are easing and local businesses are reopening. Most of the output that remained operational with reduced output during the second wave is now back on track. Despite the challenges, Mays ’manufacturing PMI was 50.8. The government just announced more incentives to accelerate demand for electric vehicles, while Audi, Mahindra, Vedanta and Hisense announced major investments in vehicles, TV and aluminum. For more industry intelligence and other news, read further.
According to the Nomura India Business Renewal Index, activity rose to 69.7 for the week ending June 6, compared to 62.9 a week earlier. Continuous growth reinforces the idea that the worst is over.
Despite a series of states implementing blockades in May, the manufacturing PMI remained on the expanding side, reaching 50.8 for the month. For April, the Industrial Production Index (IIP) rose 134% YOY due to the low base of 2020.
Last week, the government announced major revisions to the Electric Vehicle Approval and Faster Production (FAMEII) program. Subsidies for the purchase of EV have increased by 50% and are based on kWh of the vehicle. This includes hybrid vehicles but excludes electric buses. The incentive to purchase two electric wheels has risen to 40% of the price from 20% previously.
According to a report by the Global Wind Energy Council and MEC Intelligence, India is expected to install an additional 20 GW of wind energy by 2025, a growth rate of nearly 50%. There is already a pipeline of projects amounting to more than 10 GW in books by 2023.
Mahindra & Mahindra, the vehicle manufacturing arm of the Mahindra Group, will invest $ 2.3 billion over the next three years to launch a number of new products in the passenger car segment.
Vedanta Limited, India’s largest aluminum producer, is planning to invest $ 1.5 billion to set up an aluminum production park in Odisha. The structure will benefit small and medium-sized downstream enterprises which can generate production and extract hot metal from the Vedantas aluminum smelter in Jharsuguda to make their final products.
Hisense, the Chinese manufacturer of electronics and appliances that entered the Indian market last year, announced it would set up a new facility to produce 2 million TVs a year.
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