Manufacturing Industry news – August 2022

Know industrial Engineering has brought you another 10 latest manufacturing Industry news summary series- part 2. Where we’ve picked up some of the important manufacturing news that created a buzz around the world.

You can check out part 1 herein.

STMicroelectronics & GlobalFoundries plans a new French microchip site

STMicroekectronics & U.S. partner GlobalFoundries is planning a new French chip-making site. The plan is announced on Monday, 11th of July. The site would require a multi-billion-euro collaborative investment.

The microchip-making site will help STMicroelectronics to yield more than $20 billion in revenue. This manufacturing site would create around 1,000 new jobs. And so, support the microchip supply to the European Union.

Source: The Times Of India

Know more about this latest manufacturing industry news: click here

Date:11/07/2022

The Russia-Ukraine crisis is affecting Indian TV-industry

The year 2020 was a success for TV industrialists. As TV was one of the primary entertainment resources for people, lock downed in their homes. But, soon the nation encountered ‘semiconductor chips scarcity’ used in TV manufacturing.

Though steps are being taken to fill the scarcity, China’s shutdown after the Covid-19 second wave & the Russia-Ukraine crisis became obstacles to it. As India depends on China & Russia to fulfil its chip demand.

Source: Manufacturing Today

Know the news in detail from the source: click here.

Date: 13/07/2022

India’s first private rocket engine factory opened in Chennai

A ‘made-in-India’ startup, Agnikul Cosmos, opened the nation’s first rocket engine-making factory on Wednesday. The plant was inaugurated by N. Chandrasekaran (chairman, Tata Sons) & S. Somnath, chairman, Indian Space Research Organisation (ISRO), in Chennai.

Srinath Ravichandran, CEO of the space startup is hopeful to help the nation to win higher satellite launching orders.

Source: Livemint

To know more about this encouraging latest manufacturing industry news: click here

Date:13/07/2022

Indian manufacturing export will reportedly hit $1 trillion in 2028

As per a report from Bain and Company, India’s manufacturing export will touch $1 trillion in 2028. The sector is strongly supported by government policies, production capacity expansion, & increased M&A activity followed by investments.

Indian manufacturing export is $418 billion in the financial year-2022. Its Compounded Annual Growth Rate (CAGR) is higher than 15% over the last couple of years.

Source: Livemimt

Know more about the report: click here

Date: 13-07/2022

The global demand for metals has weakened especially after Covid

Major economies across the globe have tightened their financial policies. Recent price corrections & higher power costs have impacted the market growth of non-ferrous metals-for example- Aluminium, Zinc, Copper, etc.

Jayanta Roy (Senior Vice President, Group Head) of Corporate Sector Ratings, ICRA started the condition to continue throughout the current year- 2022, particularly for Aluminium and Zinc. The copper market might remain in surplus.

Source: Manufacturing Today

Know more about the news: click here

Date: 14/07/2022

Pratt & Whitney open a new engineering centre in Bengaluru

Aircraft engine maker, Pratt & Whitney (PW) has set up an Indian Engineering Centre (IEC) in Yelahanka, Bengaluru. The centre has plans to provide contract engineering services from January.

PW senior VP (engineering), Geoff Hunt said that the centre is a first-of-its-kind investment in India. The IEC will help PW power the engineering skills of young Indian engineers. The centre would have 500 staffs to integrate with PW’s global operations.

Source: The Times Of India

Know more about IEC news: click here

Date: 18/07/2022

IIT-Madras has launched a smart manufacturing centre

Smart Manufacturing & Digital Transformation Centre (SMDTC) has recently launched by the Indian Institute of Technology, (IIT-M) to help Indian companies. Especially to the companies adopting self-reliant manufacturing in Industry 4.0.

Here, Industry 4.0 stands for the fourth industrial revolution, also penned as 4IR. It’s basically the term to confine the industrial developments, latest technologies, & related societal theories, together.

Source: The Times Of India

Know more about the SMDTC launching: click here

Date: 20/07/2022

BHP & Tata Steel tied up to reduce carbon emission

BHP (an Australian company) & Tata Steel have tied up to study the latest technology low-carbon iron & steel making. Their Research and Development team will collaborate to experiment with biomass energy applications.

The duo is aiming to reduce the emission intensity by 30%, If their integrated steel mills. According to BHP’s chief commercial officer, Vandita Pant, the step is important to reduce the emission from the blast furnace steel production.

Source: The Times Of India

Know more about the pairing: click here

Date: 21/07/2022

India becomes the second-largest mobile phones manufacturer

The Production Linked Incentives (PLI) Schemes have helped India to emerge as the second largest mobile phone manufacturing country in the world. Sixteen companies have been selected under the scheme, 10 of them are mobile manufacturing.

Thus, these ccompanies will make electronic devices worth Rs 4-4.5 trillion between FY22 & FY-24. As PLI schemes encourage manufacturing capacity.

Source: The Times Of India

Know more about this latest manufacturing industry news: click here

Date: 25/07/2022

How an unknown Vietnamese company is going to compete with Tesla?

Vingroup’s owner, Pham Nhat Vuong, is launching his automotive venture- VinFast in the United States. Here, Vingroup pulled in approximately $5.4 billion through sales. It owns a range of businesses in- housing, shopping centres, golfing, & education.

With the aim to make Vietnam economically strong, Mr Pham is aiming his automotive manufacturing compete with Tesla, the industry giant.

Source: CNBC

Know more about the Vietnamese project, VinFast: click here

Date: 28/07/2022