Manufacturing Current Affairs - 2020
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The Union Cabinet approved proposal of the reforms to boost employment generation and exports in the Made-ups manufacturing Sector.
It approved budget of Rs. 6,006 crore for the apparel package in a time bound manner. The main objective is generating direct and indirect employment of upto 11 lakh persons over the next three years the made-ups sector.
Following interventions have been approved
- Providing production incentive through enhanced Technology Upgradation Fund Scheme (TUFS) subsidy of additional 10% for Made-ups.
- Extending Pradhan Mantri Paridhan Rozgar Protsahan Yojana (PMPRPY) Scheme (for apparel) to made-ups sector.
- This extension will provide additional 3.67% share of Employer’s contribution in addition to 8.33% already covered under PMRPY for all new employees enrolling in EPFO.
- Extending Rebate of State Levies (ROSL) (for apparel) Scheme to made-ups sector for enhanced Duty Drawback on exports of Made-ups.
- Simplification of labour laws: (i) Increasing permissible overtime working hours up to 100 hours per quarter in Made-ups manufacturing sector. (ii) Making employees’ contribution to EPF optional for employees earning less than Rs 15,000 per month.
The reforms and interventions are expected to boost employment in the textile sector especially in Made-ups manufacturing Sector. It will create employment for upto eleven lakh persons and lead to increase in exports.
Tags: Business • Cabinet Decisions • Economy • Employment • Made ups Sector
India’s first Medipark (Medical Park) will be set up in Tamil Nadu at Chengalpet near Chennai, Tamil Nadu. It will boast of the first medical devices manufacturing park in the country.
In this regard, the Union Cabinet has allowed HLL Lifecare, a miniratna public sector company to sub-lease over 300 acres of land for the purpose.
How it will be formed?
- The Medipark will be funded through a Special Purpose Vehicle (SPV) with HLL being a 50% shareholder.
- HLL will sublease 330.10 acres of land to investors, through a transparent bidding process to investors desirous to set up manufacturing units for medical equipment and devices.
- It will be developed in phases with completion period of seven years. In the first phase, physical infrastructure will be developed.
- First manufacturing cluster in the medical technology sector in the country envisaged to boost local manufacturing of hi-end products at a significantly lower cost.
- Play a significant role in the development of medical devices and technology industry and allied disciplines under the Make in India initiative
- Help in providing in affordable healthcare delivery, particularly in diagnostic services to a large section of people.
The first of its kind Medipark project will lay roadmap to reduce the dependence on imports of medical equipment and devices. It will create a strong base for the growth of indigenous and domestic industry by providing access to state-of-the-art infrastructure and technology.
Tags: Cabinet Decisions • Make in India • Manufacturing • Medical Sector • National