NOVEMBER 20239TOP STORIESGOVERNMENT EXTENDS PLI SCHEME FOR PHARMA MANUFACTURERSTwo government officials announced on Nov 9 that India is considering loosening and broadening certain regulations in five sectors to enhance the utilization of its $24 billion industrial incentives, which are intended to bolster local manufacturing. The PLI scheme, which was launched in 2020 with a budget of 1.97 trillion rupees, includes 14 sectors, such as electronic products and drones. However, it has only shown success in a few sectors, leading to calls for a review.Nearly a third of the PLI scheme will undergo changes as plans are being made in the textiles, pharmaceuticals, drones, solar, and food processing industries. According to officials, the government intends to expand the range of products in the textile sector to include man-made fiber. Additionally, firms will be given an extra year to fulfill the manufacturing targets needed to qualify for incentives under the scheme.Additionally, the scheme will be prolonged for the pharmaceuticals sector for another year. Moreover, the financial allocation for incentive payouts for drone production will be increased to 3.3 billion rupees from the current 1.2 billion rupees, as stated by officials.Indian officials have announced plans to expand the government scheme to include millet-based products in the food processing sector and to incorporate the production of ingots and wafers in the scheme for the solar module sector. The Indian trade ministry, responsible for implementing the scheme, is in discussions with other federal departments regarding the changes, as per their statement. KAYNES SEMICON ALLOCATES RS.2,850 FOR NEW UNIT IN HYDERABADKaynes SemiCon, a fully owned subsidiary of Kaynes Technology, announced a substantial investment of Rs 2,850 crore for the development of a new facility in Hyderabad. The facility will be focused on outsourced semiconductor assembly and testing (OSAT) and will feature automatic test equipment (ATE) and a reliability testing line. According to chief executive Raghu Panicker, this investment reflects Kaynes SemiCon's commitment to expanding its presence in the semiconductor industry.TRecently, the groundbreaking ceremony was held for a new facility that will feature 13 lines for OSAT and one line each for ATE and reliability testing.Kaynes Technology, the parent company, is also investing Rs 750 crore in Mysuru for a bare board printed circuit board plant. According to Panicker, Kaynes Technology, headquartered in Mysuru, employs 3,500 individuals and generates an annual revenue of Rs 1,665.71 crore.Kaynes Technology is a leading end-to-end and IoT solutions-enabled integrated electronics manufacturer in India. We have capabilities across the entire spectrum of ESDM services.Kaynes has over three decades of experience in providing Conceptual Design, Process Engineering, Integrated Manufacturing and Life Cycle Support for major players in the Automotive, Industrial, Aerospace and Defence, Outer-space, Nuclear, Medical, Railways, Internet of Things ("IoT"), Information Technology ("IT") and other segments.
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