Daily News - Thursday, 19 September 2024
India’s mobile phone manufacturing rises to ₹4.1L crore in value: Report (The Statesman)
India's mobile phone manufacturing value has surged to ₹4.1 lakh crore over the past decade, driven by strategic government policies like the Production-Linked Incentive (PLI) and Phased Manufacturing Programme (PMP). The electronics sector has nearly doubled in local production value from $48 billion in FY17 to $115 billion in FY24, with mobile phones contributing over 43% of this growth, making India the world's second-largest mobile manufacturer. Major global players such as Samsung, Apple, and Google are now producing their latest smartphones in India, leading to reduced import dependence and significant job creation in the sector.
Indian markets resilient over last 2 decades after US Fed rate cuts: Report (The Statesman)
Indian benchmark indices have remained resilient over the past two decades, showing strong gains during US Fed cycles, particularly in easing periods like the 1990-1994 cycle when Nifty gained 310%. While Nifty generally benefits from US Fed rate cuts, it has experienced negative returns during tightening cycles, such as 1994-1995 and 1997-1998, with declines of -23% and -14%, respectively. Despite fluctuations, Nifty has outpaced or matched the S&P 500 over this period, but experts caution that US interest rates are only one factor influencing Indian equity markets.
India economy can double by 2030: Niti CEO (Financial Chronicle)
India is poised to double the size of its economy by 2030 and become the third-largest economy by 2026-2027, according to Niti Aayog CEO BVR Subrahmanyam, who also highlighted India's potential as a global leader in climate technology. By 2047, India is projected to have a per capita income of $18,000 to $20,000, positioning it as a dominant global player with a youthful demographic advantage. Subrahmanyam emphasized the importance of urban development, infrastructure, global value chains, and private sector-led innovation, alongside state-level reforms, to ensure inclusive growth and long-term prosperity.
Cabinet okays schemes aiding farm productivity (Financial Chronicle)
The Union Cabinet approved the continuation of the Pradhan Mantri Annadata Aay Sanrakshan Abhiyan (PM-AASHA) with a ₹35,000 crore outlay, aimed at ensuring minimum support price (MSP) for farmers and controlling price volatility for essential commodities. The scheme integrates several price-related programs, allowing for the procurement of notified crops like pulses and oilseeds at MSP, with a 100% procurement for certain pulses in the 2024-25 season. Additionally, the Cabinet approved the Biotechnology Research Innovation and Entrepreneurship Development (Bio-RIDE) scheme, with an outlay of ₹9,197 crore to foster bio-entrepreneurship, support innovation, and promote India's global leadership in biomanufacturing.
MSMEs seek more time to adapt to new safety norms (mint)
New safety regulations for machinery and electrical equipment, set to be implemented in August 2025, may significantly impact India's small manufacturers, particularly MSMEs, due to high compliance costs and tight deadlines. The Machinery and Electrical Equipment Safety (Omnibus Technical Regulation) Order, 2024, aims to align India's safety standards with global practices but poses financial and technical challenges for over 150,000 manufacturers. Experts are concerned that many smaller firms following management-focused ISO 9001 standards may struggle to adapt to the new safety requirements within the limited time frame.
