India Implements Mandatory
Norms for Nuts, Bolts, andFasteners

Indian NewsThe Indian Government has implemented mandatory quality norms fornuts, bolts, and fasteners to elevate local manufacturing and shield consumers
from sub-par goods. The Department for Promotion of Industry andInternal Trade (DPIIT) issued a notification on July 21, announcing theBolts, Nuts, and Fasteners (Quality Control) Order, 2023. This orderplaces a firm requirement: unless they bear the Bureau of Indian Standards (BIS) mark, these products can’t be
manufactured, sold, traded, imported, or even stocked, and non-compliance with BIS certification is no light matter; it
could mean imprisonment and hefty fines.
The Quality Control Order, 2023 is set to be effective six
months from the date of publication of the notification andaims to fortify India’s quality ecosystem, prioritize consumer
health and safety, and stimulate the growth of domestic
micro and small industries. The order accommodates certain
relaxations to ensure a smooth transition and uphold theease of doing business in the country. Exemptions havebeen granted for domestically manufactured goods meantfor export, items imported as part of finished products orcomponents, and imports by domestic manufacturers for
producing goods intended for export.
In a meaningful partnership, DPIIT and BIS together
developed 64 new Quality Control Orders (QCOs), encompassing 317 product standards.

Indian Aerospace Suppliers Eye
Growth in Parts-Making
Sundram Fasteners Achieves
47 Percent Returns
Sundram Fasteners Ltd (SFL), a key player inmanufacturing components for various sectors, has
showcased a remarkable performance, outperforming
the Nifty50 index with a striking 47 percent yearon-year return. Analysts are now pointing towards
a potential 10-22 percent upside for the stock,
supported by a consensus view from most brokerages.
Producing a diverse range of critical components,
including fasteners, powertrain components, andmore, the company boasts a well-rounded revenue
mix of domestic OEMs, aftermarket, and exports at
52 percent, 13 percent, and 35 percent, respectively.
With a positive outlook from both technical andfundamental viewpoints, the momentum for Sundram
Fasteners stock seems to be riding high, capturing
the attention of investors and analysts alike.

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Fastener World no.202/2023 惠達雜誌Indian aerospace suppliers are poised to benefit from asurge in orders for jets placed by major carriers Air India andIndiGo, boosting domestic parts manufacturing and aircraft
repairs. The increasing air traffic, efforts to diversify sourcing
away from China, and substantial orders for almost 1,000 jets
have solidified India’s significance in the aerospace market.
Small and medium suppliers are attempting to capitalizeon the demand for locally supplied parts, but they urge thatthe government provide more help to boost manufacturing.
The expansion of India’s civil aviation industr y ispredicted to boost maintenance and overhaul activity.
Deloitte expects the industry to grow from US$ 1.7 billion
in 2021 to US$ 4 billion in 2031. While the civil aviation
ministry acknowledges the positive impact of these orders
on aerospace manufacturing, local production requirements
cannot be mandated as they are in defense deals.
The growing fleet of aircraft in India underscores the needfor enhanced maintenance services, prompting suppliers toseek proximity to customers. Indian companies like PTC
Industries aim to meet global demand for alternate sources ofRussian-made titanium and Chinese production.

Indian News
LPD Bossard Supplies Nuts and Bolts for
Chandrayaan-3
Expects 8 Percent
Demand Growth in FY24
Despite globa l t rends, I ndia’s ste elc o n s u m p t i o n i s p r oj e c t e d t o r i s e by
7- 8 p e r c e n t , b u oye d b y g ove r n m e n t
infrastructure spending and renewed private
sector investments. Jayant Acharya, Joint
Managing Director, and Chief Executive
O f f i c e r, JS W S t e e l , e m p h a si z e d t h epositive impact of government spending on
infrastructure and increased private capex,
particularly in sectors like manufacturing,automotive, and construction.

LPD Bossard Pvt Ltd, based in Rohtak, provided customized and about two to
five lakh special nuts and bolts for the Chandrayaan-3 Lunar Mission, which wassuccessfully launched by the Indian Space Research Organization (ISRO) on July14, 2023. This significant endeavor is part of India’s aspiration to elevate its space
exploration prowess while unraveling the moon’s geology, mineralogy, and surface
composition, placing the country in an exclusive club alongside the United States,
China, and the former Soviet Union.
It’s not the first time LPD Bossard has teamed up with ISRO, as it has been
consistently supplying nuts and bolts, contributing to the success of multiple missions.

T he st rong dema nd g row t h of 13.3
percent in India for FY23 showcased theresilience of the industry in the country.
The government’s push for infrastructuredevelopment and efforts to improve capacity
utilization a re d r ivi ng t his opti mistic
outlook.
The demand growth has led to a positive
per for ma nce for JSW Steel, achieving
record-high production and sales volumes.
The company’s strategy focuses on adding
capacity and improving product mix throughdownstream expansion, anticipating 8
percent demand growth in FY24. Acharya
believes that India’s demand will drive
consumption, contributing to an additional
10 MT of steel products.
Acharya also noted that JSW Steel’s
export strategy remained focused on thedomestic market, despite rising exports. In
the last quarter, 85 percent of the company’scontributions came from domestic markets
and 15 percent from exports. JSW Steel plans
to increase to 37 million tones by FY24 after
completing various projects.
He envisions JSW Steel becoming oneof the world’s largest steel producers witha capacity of 50 million tonnes by the endof the decade. The company is committed
to responsible expansion, sustainability,decarbonization, and innovation, aiming
to deliver superior returns to shareholders
through prudent financial management.

news provided byFasteners Association of India惠達雜誌 Fastener World no.202/2023

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