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Private sector, public sector and quasi-government entities have all been opened up. Industries have taken up the challenge of working amidstCovid-19 being more vary as unlock makes things more difficult.
Industries now need to focus on getting their demand back, particularly focussing on meeting market / customer requirement and what sells to keep the production occupied for sustenance primarily and getting growth back in the third and fourth quarter.
Last month, Government of India had announced various stimulus and relief measures such as credit guarantee scheme for MSMEs, guarantee free and collateral free loans, upwardly definition of MSME to assist the growth of MSMEs, disallowing global tender for foreign companies for upto Rs.200 crores, etc. All these need to be utilised judiciously without creating debt burden and planning expenditure on strategic revival.
Foreign funds flow has started rolling in a reasonable level which is a positive indicator for manufacturing industry and shows that investors are confident of the Indian economy. Increase in freight utilisation also indicates opening up of sectors resulting in economy gaining traction.
With public places being finally unlocked and Covid cases spiking to around 1.25 lakhs as per Ministry of Health and Family Affairs Covid-19 data, industries need to tread cautiously in this phase of unlocking. Businesses need to continue their operations with new SOPs and guidelines to stay safe and keep the economic cycle running.
The newsletter brings you updates on various stimulus measures/packages announced by the central and state governments. It also gives an insight into news updates, various government notifications and best practices adopted by Indian and overseas industries to combat the coronavirus pandemic. |
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News
Updates
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Trichy MSMEs ready to make 16 components
(Economic Times Auto, June 8, 2020). |
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Consumers may spend less,
seek value for money: Report
(Economic Times Auto, June 8, 2020). |
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Indians sending less money abroad; April figure
at 50-month low as coronavirus cripples economy
(Financial Express, June 8, 2020). |
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Uday Kotak tells India Inc
what to do to tide over Covid crisis
(Financial Express, June 8, 2020) |
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Ahmedabad second city with 1,000-plus
deaths, Mumbai toll goes past 1,600
(Livemint, June 8, 2020). |
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Coronavirus update: COVID-19 cases in India
cross 2.50 lakh; 9,983 new cases in last 24 hours
(Livemint, June 8, 2020). |
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Health Ministry drafts rules to help
Covid-19 patients’ access new drugs
(Times of India, June 8, 2020). |
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Jindal pitches for restarting economy soon
(Hindu Businessline, June 8, 2020). |
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New Zealand reports no active
cases of Covid-19 for first time
(UNI, June 8, 2020). |
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Covid-19: How India Became
A PPE Kit Manufacturing Hub
(Boom, June 8, 2020). |
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Central Government Advisories |
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Ministry of Micro, Small and Medium Enterprises, Government of India
Shri Nitin Gadkari, Union Minister for MSME and Road Transport and Highways today held meetings via video conferencing with the representatives of Council of Leather Export, FICCI-‘NBFC Program’ and IMC Chamber of Commerce and Industry on impact of Covid-19 on MSMEs. He said FDI can be explored in NBFCs to strengthen them for extending support to MSMEs. Read More |
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NITI Aayog, Government of India
In a first, NITI Aayog, in association with Agami and Omidyar Network India, brought together key stakeholders in a virtual meeting on 6 June 2020 for advancing online dispute resolution in India. Read More |
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State Government Advisories |
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Government of Haryana
Guidelines for Phased Re-Opening {of lockdown} (Unlock 1), in Gurgaon. Read More |
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Government of Maharashtra
Restriction under 144 (1) (3) in rural area of Pune district. Read More |
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National Best Practices |
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MG Motor India
MG Motor India has signed a memorandum of understanding (MoU) with Tata Power to deploy 50KW DC Superfast chargers at select MG dealership locations, the company said in a release. Read More |
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Ministry of Finance
The Finance Ministry said that public sector banks have disbursed Rs 8,320 crore till June 5 under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector, hit hard by the coronavirus-induced lockdown. Read More |
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Global Best Practices |
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Hyundai
South Korean carmaker Hyundai is launching license plate reader technology via a website which will help vehicle owners to access open safety recalls and service campaigns, as per Automotive News report. Read More |
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General Motors
American auto manufacturer General Motors has announced that it has designated $10 million to support organizations that promote inclusion and racial justice. An initial $1 million will go to the NAACP Legal Defense and Educational Fund, claims the auto major. Read More |
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| Online Training Programmes |
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The following are paid programmes conducted online
- Effective Maintenance towards Zero Down Time (ZDT) - Electrical aspects of CNC Machines (June 9 - 10, 2020, 2.00 p.m. - 5.00 p.m.). Register Now
- Industry Internship on Manufacturing of DRILL JIG for Gear Pump Housing (Design - Manufacturing - Assembly) (June 10 - 20, 2020, 10.00 a.m. - 12.00 p.m.). Register Now
- Inventory Control - A tool for competitiveness (June 11, 2020, 2.00 p.m. - 5.00 p.m.). Register Now
- Advanced Technologies in Metrology (June 12, 2020, 2.00 p.m. - 5.00 p.m.). Register Now
- Cost Effective & Collaborative Automation - Need of the hour for Industry (June 13, 2020, 10.00 a.m. - 1.00 p.m.). Register Now
- How to reduce Cost of Poor Quality (COPQ) (June 13, 2020, 2.30 p.m. - 5.30 p.m.). Register Now
- Servo Technology for Industrial Motion Control (June 14, 2020, 10.00 a.m. - 1.00 p.m.). Register Now
- Dimensional Tolerance and GD&T - Industry Perspective (Only for Engineering Students & Faculties) (June 19, 2020, 10.00 a.m. - 1.00 p.m.). Register Now
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IMTMA Covid-19 Policy Advocacy |
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IMTMA Covid-19 Help Desk |
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IMTMA has set up a section on Covid-19 Policy Advocacy, relevant Notifications, Press notes, Orders and Circulars issued by the Central and State governments, and the Reserve Bank of India are published on the page |
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IMTMA is pleased to announce formation of “COVID-19 IMTMA Help Desk” for proactively addressing the concerns of Members, specifically related to COVID-19 Government Policies, Financial and Regulatory issues. Members may send their queries by clicking on “COVID-19 IMTMA Help Desk” button in IMTMA homepage www.imtma.in and filling-up the query form |
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Published by Indian Machine Tool Manufacturers'
Association (IMTMA), Bangalore International Exhibition Centre (BIEC),
10th Mile, Tumkur Road, Madavara Post, Bangalore - 562 123. Tel.: +91 80
6624 6600 Fax: +91 80 6624 6661 E-mail: imtma@imtma.in
Web: www.imtma.in
Disclaimer: The content and figures shown in the newsletter have been taken from different websites and IMTMA does not take responsibility for the accuracy of the same.
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