India’s merchandise exports jumped 19.63% year-on-year to $44.24 billion in July, led by strong growth in petroleum products, electronics, engineering and marine goods. However, higher imports pushed the trade deficit to a six-month high of $31.98 billion, highlighting India’s rising manufacturing strength alongside continued dependence on imported energy and industrial inputs.

Decoded: why India's imports are surging despite exports boom

South Africa's garment industry is facing a growing labour shortage after anti-immigrant protests prompted many migrant workers to leave the country. Factory owners in Newcastle say they have lost up to 19% of their workforce, while manufacturers warn that replacing skilled employees will take years. With falling orders, labour shortages, and financial pressures mounting, some factories now fear closure despite the country's high unemployment rate.

South Africa's Garment Industry Faces Worker Shortage After Anti-Immigrant Protests

As the global race for artificial intelligence accelerates, India may not yet be leading in AI chips or large language models, but it is emerging as a key player in building the infrastructure that powers them.

From fibre-optic cables and power systems to cooling equipment for data centres, Indian manufacturers are benefiting from the massive global investment in AI infrastructure.

Here's a report on how the AI boom is creating a new growth story for India's industrial sector.

Take a look.

 India cashes in on the AI buildout

China's economy is increasingly becoming a tale of two contrasting realities. While provinces driven by artificial intelligence, semiconductors, advanced manufacturing, and exports are experiencing rapid economic growth, regions dependent on tourism, real estate, and traditional industries are struggling to keep pace.

The latest provincial economic data highlights a widening K-shaped economic divide, with technology hubs such as Zhejiang, home to Alibaba, DeepSeek, and Unitree Robotics, outperforming the national average. Other manufacturing powerhouses including Shanghai, Anhui, and Shandong have also recorded strong growth, fueled by rising global demand for high-tech products.

China's K-Shaped Economy Deepens as AI Boom Widens Regional Gap

Tamil Nadu has signed four new Memorandums of Understanding (MoUs) with leading global companies and an international university, reinforcing its position as one of India's top destinations for foreign investment, advanced manufacturing, technology, and higher education.

The agreements were signed in the presence of Chief Minister Vijay at the Guidance Tamil Nadu office in Chennai and are expected to generate nearly 3,000 direct and indirect jobs.

Among the major announcements:

A Swiss company will establish its first Global Capability Centre (GCC) in Tamil Nadu.
Germany's Nordex will open a new Research & Development Centre in Chennai.
South Korean auto component manufacturer Motivelink will invest in a new manufacturing facility, supporting supply chains for Hyundai and Kia.
The University of Western Australia will establish its first international campus in Tamil Nadu, further strengthening the state's higher education ecosystem.

Tamil Nadu Signs Four Global MoUs, Attracts Major Investments and Nearly 3,000 Jobs

Japan has unveiled one of its biggest economic transformation plans in decades, announcing a massive 370 trillion yen ($2.5 trillion) investment strategy through 2040. Prime Minister Sanae Takaichi's government aims to strengthen Japan's leadership in artificial intelligence, semiconductors, biotechnology, defense, clean energy, and shipbuilding while boosting long-term economic growth.

The ambitious blueprint is designed to improve productivity, reduce dependence on China, and keep Japan competitive in the global AI race. However, economists and investors are raising concerns over how the government plans to finance the enormous spending package, especially with Japan already carrying one of the world's highest public debt burdens.

Japan Unveils $2.3 Trillion Economic Plan | AI, Semiconductors & Defense Push | Wion News 

Tamil Nadu is emerging as India's manufacturing powerhouse, with women driving its industrial growth. The state now has the highest share of women employed in organised manufacturing, particularly in electronics, while cities like Coimbatore and Madurai are outperforming the national average, setting a new benchmark for workforce participation.


Tamil Nadu: Women account for 43% of the workforce in electronics manufacturing 

China's proposed export restrictions on rare earth minerals could put $6.5 trillion worth of global downstream production at risk if fully implemented. This is according to the International Energy Agency's latest global critical minerals outlook.

IEA warns: China's export controls put $6.5 trillion at risk | World Business Watch  

Asia’s once-resilient manufacturing sector is showing signs of sustained fatigue as June PMI (Purchasing Managers’ Index) data from across the region point to a deepening contraction in factory activity, with China standing out as a rare exception. Amid persistent global trade tensions, especially around US tariffs under President Donald Trump, many export-reliant economies, including Taiwan, Vietnam, South Korea, and Indonesia, are reporting falling orders, reduced output, and job cuts. China’s manufacturing sector, meanwhile, managed to return to growth in June, with its PMI rising to 50.4, breaching the critical 50 threshold that separates expansion from contraction. This contrasts with the rest of Asia, where both domestic and foreign demand have remained subdued and prospects remain clouded by tariff uncertainties and declining global consumption.<h2>Widespread contraction across Asia</h2>The S&amp;P Global PMI readings across much of the continent paint a grim picture. Taiwan’s manufacturing PMI fell to 47.2 in June from 48.6 in May, marking the steepest contraction in 18 months. The slump was driven by sharp declines in both new business and export orders, with manufacturers citing “reduced customer demand at home and overseas amid tariff concerns”, according to Annabel Fiddes of S&amp;P Global Market Intelligence.Vietnam’s PMI fell to 48.9, dragged down by what businesses described as a tariff-induced collapse in export orders, particularly to the US. Staffing, purchasing, and inventories all saw corresponding cuts, although production showed marginal growth. The country’s manufacturers noted that US tariffs had been a major factor behind the decline in foreign business.Elsewhere in Southeast Asia, the picture was similarly bleak. Indonesia posted the region’s worst reading at 46.9, down from 47.4 in May. The country saw its sharpest fall in new orders since August 2021, triggering contractions in output and employment. Malaysia and the wider ASEAN bloc also remained mired in contraction, with ASEAN’s overall PMI dipping to 48.6, its lowest level since August 2021, amid worsening foreign demand and production cuts.South Korea, a key manufacturing hub, reported a PMI of 48.7 in June, an improvement from 47.7 in May, but still indicative of contraction for the fourth straight month. Manufacturers reported a fourth consecutive drop in production and a third in export orders, with global clients showing increasing hesitancy as tariff uncertainty looms. Despite a slight recovery in domestic sentiment, the employment index turned negative again, highlighting fragile conditions on the ground.Japan managed a symbolic return to growth with its PMI rising to 50.1 in June—the first reading above 50 since May 2024—helped by a slight increase in production. But the country remains exposed to escalating US tariffs, with President Trump threatening new levies on Japanese imports. Business optimism improved, but underlying demand remained weak, and both new orders and exports continued to decline.Even traditionally resilient economies such as the Philippines and Thailand are feeling the strain. The Philippines PMI rose modestly to 50.7, but supply chain constraints and labour shortages hampered growth. Thailand, by contrast, posted stronger numbers, its PMI rose to 51.7, the best since August 2024, thanks to better export orders and strong promotional activity. However, manufacturers there remained cautious amid easing optimism.<h2>China: A fragile recovery</h2>Amid the widespread gloom, China has emerged as the only major Asian economy to register an expansion in manufacturing activity. Its June PMI rose to 50.4 from 48.3 in May, driven by a rebound in new domestic orders and production. Though the increase was marginal, it marked the fastest pace of output growth since November 2024. Firms credited promotional activities and better trade conditions for the rebound.Still, the recovery is far from robust. Export orders declined for a third consecutive month, although the pace of decline eased. Manufacturers continued to cut jobs in response to cost pressures and uncertainty about the global trade outlook. Business confidence, while still positive, weakened and remains below the long-run average.Chinese firms also faced deteriorating supply chain conditions and were cautious about input purchases. Despite these headwinds, cost savings from lower raw material prices allowed manufacturers to reduce output charges, helping maintain competitiveness.<h2>Tariff deadlines loom large</h2>The regional downturn comes as the three-month grace period on Trump’s reciprocal tariffs is set to expire on July 9. Washington is expected to announce further tariff actions shortly after the US July 4 holiday, including sweeping 24 per cent duties on Japanese imports unless a last-minute agreement is reached. The ongoing brinkmanship has left businesses wary of investing or hiring, further straining supply chains and undermining fragile recoveries.Economists warn that the region’s deflationary pressures, intensified by cheap Chinese exports and reduced global consumption, may worsen if geopolitical tensions remain unresolved. Despite China’s positive headline reading, the outlook for the broader region remains troubled. Unless global demand picks up and tariff risks recede, Asia’s role as the world’s factory floor may be in for a prolonged period of restructuring and stagnation.

In Asia, both domestic and foreign demand, have remained subdued and prospects remain clouded by tariff uncertainties and declining global consumption.

Asia’s once-resilient manufacturing sector is showing signs of sustained fatigue as June PMI (Purchasing Managers’ Index) data from across the region point to a deepening contraction in factory activity, with China standing out as a rare exception. Amid persistent global trade tensions, especially around US tariffs under President Donald Trump, many export-reliant economies, including Taiwan, Vietnam, South Korea, and Indonesia, are reporting falling orders, reduced output, and job cuts. China’s manufacturing sector, meanwhile, managed to return to growth in June, with its PMI rising to 50.4, breaching the critical 50 threshold that separates expansion from contraction. This contrasts with the rest of Asia, where both domestic and foreign demand have remained subdued and prospects remain clouded by tariff uncertainties and declining global consumption. Widespread contraction across Asia The S&P Global PMI readings across much of the continent paint a grim picture. Taiwan’s manufacturing PMI fell to 47.2 in June from 48.6 in May, marking the steepest contraction in 18 months. The slump was driven by sharp declines in both new business and export orders, with manufacturers citing “reduced customer demand at home and overseas amid tariff concerns”, according to Annabel Fiddes of S&P Global Market Intelligence. Vietnam’s PMI fell to 48.9, dragged down by what businesses described as a tariff-induced collapse in export orders, particularly to the US. Staffing, purchasing, and inventories all saw corresponding cuts, although production showed marginal growth. The country’s manufacturers noted that US tariffs had been a major factor behind the decline in foreign business. Elsewhere in Southeast Asia, the picture was similarly bleak. Indonesia posted the region’s worst reading at 46.9, down from 47.4 in May. The country saw its sharpest fall in new orders since August 2021, triggering contractions in output and employment. Malaysia and the wider ASEAN bloc also remained mired in contraction, with ASEAN’s overall PMI dipping to 48.6, its lowest level since August 2021, amid worsening foreign demand and production cuts. South Korea, a key manufacturing hub, reported a PMI of 48.7 in June, an improvement from 47.7 in May, but still indicative of contraction for the fourth straight month. Manufacturers reported a fourth consecutive drop in production and a third in export orders, with global clients showing increasing hesitancy as tariff uncertainty looms. Despite a slight recovery in domestic sentiment, the employment index turned negative again, highlighting fragile conditions on the ground. Japan managed a symbolic return to growth with its PMI rising to 50.1 in June—the first reading above 50 since May 2024—helped by a slight increase in production. But the country remains exposed to escalating US tariffs, with President Trump threatening new levies on Japanese imports. Business optimism improved, but underlying demand remained weak, and both new orders and exports continued to decline. Even traditionally resilient economies such as the Philippines and Thailand are feeling the strain. The Philippines PMI rose modestly to 50.7, but supply chain constraints and labour shortages hampered growth. Thailand, by contrast, posted stronger numbers, its PMI rose to 51.7, the best since August 2024, thanks to better export orders and strong promotional activity. However, manufacturers there remained cautious amid easing optimism. China: A fragile recovery Amid the widespread gloom, China has emerged as the only major Asian economy to register an expansion in manufacturing activity. Its June PMI rose to 50.4 from 48.3 in May, driven by a rebound in new domestic orders and production. Though the increase was marginal, it marked the fastest pace of output growth since November 2024. Firms credited promotional activities and better trade conditions for the rebound. Still, the recovery is far from robust. Export orders declined for a third consecutive month, although the pace of decline eased. Manufacturers continued to cut jobs in response to cost pressures and uncertainty about the global trade outlook. Business confidence, while still positive, weakened and remains below the long-run average. Chinese firms also faced deteriorating supply chain conditions and were cautious about input purchases. Despite these headwinds, cost savings from lower raw material prices allowed manufacturers to reduce output charges, helping maintain competitiveness. Tariff deadlines loom large The regional downturn comes as the three-month grace period on Trump’s reciprocal tariffs is set to expire on July 9. Washington is expected to announce further tariff actions shortly after the US July 4 holiday, including sweeping 24 per cent duties on Japanese imports unless a last-minute agreement is reached. The ongoing brinkmanship has left businesses wary of investing or hiring, further straining supply chains and undermining fragile recoveries. Economists warn that the region’s deflationary pressures, intensified by cheap Chinese exports and reduced global consumption, may worsen if geopolitical tensions remain unresolved. Despite China’s positive headline reading, the outlook for the broader region remains troubled. Unless global demand picks up and tariff risks recede, Asia’s role as the world’s factory floor may be in for a prolonged period of restructuring and stagnation.

In Asia, both domestic and foreign demand, have remained subdued and prospects remain clouded by tariff uncertainties and declining global consumption.

Asia’s manufacturing engines stall amid trade uncertainty; China emerges as lone bright spot

U.S. Manufacturing activity shrank in april by the most in five months. This was driven by lean order books, and the repercussions from tariffs prompted the steepest output contraction since 2020.

U.S. Manufacturing Activity Shrinks By Most Since November

Indian Prime Minister Narendra Modi on Monday (Oct 28) inaugurated the TATA Aircraft Complex that will manufacture the C-295 military aircraft in Vadodara city of Gujarat.

Indian Prime Minister Narendra Modi on Monday (Oct 28) inaugurated the TATA Aircraft Complex that will manufacture the C-295 military aircraft in Vadodara city of Gujarat. The facility was inaugurated by PM Modi along with Spain's President Pedro Sanchez. As part of the C-295 programme, 16 aircraft will be directly delivered by Spain's aircraft manufacturing company Airbus, and the remaining 40 will be manufactured at the facility. This facility will be the first private sector Final Assembly Line (FAL) for military aircraft built in India. #WATCH | Gujarat: Prime Minister Narendra Modi and President of the Government of Spain, Pedro Sanchez, jointly inaugurated the TATA Aircraft Complex for manufacturing C-295 aircraft at TATA advanced systems limited (TASL) Campus in Vadodara A total of 56 aircraft are there… pic.twitter.com/4jc2YTx2EC — ANI (@ANI) October 28, 2024 × Speaking at the inauguration of the C-295 Aircraft facility in Vadodara. It reinforces India's position as a trusted partner in global aerospace manufacturing.https://t.co/VvuC5izfPM — Narendra Modi (@narendramodi) October 28, 2024 × While addressing the inauguration ceremony, the Indian prime minister said that the country will export the aircraft manufactured at the facility in the near future. "The Tata-Airbus manufacturing facility will strengthen the India-Spain relations and the 'Make in India, Make for the World' mission," said PM Modi. Also Read: Prime Minister Narendra Modi warns Indian citizens about ‘Digital Arrest’, what is it? Remembering, former Tata Sons chairman Ratan Tata - who was the brain behind the project - he said, "Recently, we lost the country's great son Ratan Tata ji. If he had been among us today, he would have been happy, but wherever his soul is, he would be happy." A boost to ‘Make in India’ and India-Spain cooperation! The President of the Government of Spain, Mr. Pedro Sánchez and I inaugurated the aircraft complex in Vadodara, where the C-295 aircraft will be manufactured. #C295MadeInIndia @sanchezcastejon pic.twitter.com/pndM1PiLH5 — Narendra Modi (@narendramodi) October 28, 2024 × In the facility, a complete ecosystem will be established for manufacturing the aircraft from its assembly, test and qualification to delivery as well as the maintenance of the aircraft's complete lifecycle. Congress slams Modi govt for ‘wholesale surrender’ Criticising the government on X, Congress Rajya Sabha MP Jairam Ramesh said, “Today, the non-biological PM is in Vadodara to launch the Tata-Airbus C-295 aircraft facility. This exact same project was supposed to be set up in Nagpur, but was shifted to Gujarat in 2022 on the eve of the assembly elections there." He added that “one can only imagine the behind-the-scenes manoeuvres” that led to Maharashtra missing out on this significant investment. Watch: BRICS Summit 2024: PM Modi, Xi Jinping Hold First Bilateral Talks In 5 Years “This is not an exception. Under the non-biological PM’s leadership and instructions, the Union Government and the Mahayuti government have conspired to ensure the wholesale surrender of Maharashtra’s interests in landing new projects or seeking Central support,” he said. All about the C-295 military aircraft The C-295 is capable of meeting various requirements of modern militaries. Here are some of its primary roles: Cargo Transport: The aircraft can carry heavy payloads which includes vehicles, helicopters, and other oversized cargo. Tactical Transport: The aircraft is able to airlift supplies, equipment and troops to remote or hostile areas. Surveillance: The aircraft is capable of conducting reconnaissance and intelligence-gathering missions. Medical Evacuation: The aircraft can provide transportation and critical care to wounded personnel. Humanitarian Aid: The aircraft delivers relief supplies and personnel in times of natural disasters or humanitarian crises. Here are some of the features of C-295 aircraft: Range and Endurance: 5,000 km range and 11 hours of endurance Payload Capacity: Up to 9,250 kg Short Takeoff and Landing (STOL): This enables operations from short, unpaved runways Advanced Avionics: State-of-the-art cockpit and navigation systems Multi-Mission Capability: Easily configurable for various roles The features, reliability and versatility of the C-295 have made it a preferred choice of militaries of various countries. (With inputs from agencies)

India gets first private military aircraft plant. Here's all you need to know about C-295 assembly facility

Manufacturing is a critical sector for many economies contributing significantly to GDP and employment. According to the latest data from the United Nations statistics division the global manufacturing landscape in recent times is dominated by a few key players. Watch in for more details!

Top manufacturing nations 2023 revealed; China dominates global manufacturing

As India's third largest trading partner, the United Arab Emirates (UAE)&nbsp;is exploring various non-oil sectors in which both nations can further trade ties. Specifically, the domains of advanced manufacturing, logistics, supply chain, renewable energy, food processing, drones, and space technology, are being looked at.

A delegation led by UAE's Economy Minister Abdulla bin Touq Al Marri is on a visit to the Indian city of&nbsp;Chennai and met the Chief Minister of&nbsp;Tamil Nadu,&nbsp;MK Stalin on Thursday (Jul&nbsp;25).

The ministers discussed avenues for investment and creating job opportunities. The meeting was also attended by M A Yusuf Ali, an influential Indian-origin entrepreneur who is based in the UAE.

Yusuf Ali is the Chairman and Managing Director of the Lulu group, which is said to employ the largest number of Indian diaspora.

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A Ministerial delegation from <a href="https://twitter.com/hashtag/UAE?src=hash&amp;ref_src=twsrc%5Etfw">#UAE</a> is in <a href="https://twitter.com/hashtag/Chennai?src=hash&amp;ref_src=twsrc%5Etfw">#Chennai</a> <a href="https://twitter.com/hashtag/TamilNadu?src=hash&amp;ref_src=twsrc%5Etfw">#TamilNadu</a> <a href="https://twitter.com/hashtag/India?src=hash&amp;ref_src=twsrc%5Etfw">#India</a> to explore further avenues of economic cooperation between both nations. 
Already, UAE is indias 3rd largest trade partner. 
Today, 74% of UAE GDP is from non-oil sectors, MSMEs play a key role <a href="https://twitter.com/UAEmediaoffice?ref_src=twsrc%5Etfw">@UAEmediaoffice</a> <a href="https://t.co/WGcWnaELv3">pic.twitter.com/WGcWnaELv3</a>
— Sidharth.M.P (@sdhrthmp) <a href="https://twitter.com/sdhrthmp/status/1816395827818160578?ref_src=twsrc%5Etfw">July 25, 2024</a></blockquote>
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Speaking at the 'Investopia&nbsp;Global' event, organised by the Confederation of Indian Industry (CII),&nbsp;Al Marri said that the UAE has made a name for itself, offering many services in industries&nbsp;such as logistics, finance, and technology.

The people-to-people ties between the UAE and India are another important aspect of our relationship, he said.

"The non-oil sector accounts for 74% of UAE's GDP. It's the first time that the UAE has reached this figure of 74% of GDP coming from non-oil sectors," Al Marri added.

He also mentioned that the India-UAE trade had grown by 15 per cent&nbsp;since the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the two nations, in the year 2022.

Also read |&nbsp;<a href="https://www.wionews.com/world/uae-india-cepa-council-launched-to-strengthen-economic-bonds-679015">UAE-India CEPA Council launched to strengthen economic bonds</a>

Prior to CEPA, the trade between the two countries was at $50 billion&nbsp;and following the pact, it has grown to nearly $70 billion, he stated.

Emphasising the importance of Small and Midsize Enterprises (SME), Alia Abdulla Al Mazrouei, UAE's Minister of State for Entrepreneurship said that the SMEs in UAE today represent 94 per cent&nbsp;of total companies,&nbsp;contribute 40 per cent to&nbsp;the country's&nbsp;GDP and account for 42 per cent&nbsp;of employment.

Also watch |&nbsp;UAE Ambassador to India speaks on the completion of 2 years of CEPA between UAE-India

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"We are keen to enhance the contribution of the SMEs sector to the trade and economic exchanges with India. Our goal is to transform over 20 UAE startups into unicorns by the year 2031. We strive to raise the number of SMEs in the UAE to 1,000,000 in line with the 2031 vision, which has set the national goal to double the GDP to reach AED 3 trillion by then,"&nbsp;she said.&nbsp;

Referring to the increasing trend of Venture capital investments in the UAE, she said, "In 2021, the UAE set a new record in venture capital investments, attracting AED 4.3 billion in funding for startups – a whopping 93 per cent&nbsp;Y-o-Y growth. More recently, in the first half of this year, the UAE attracted USD 225 million in VC funding."

She urged both the UAE and Indian SME&nbsp;ecosystem stakeholders&nbsp;to take advantage of this opportunity&nbsp;to explore productive partnerships and the available opportunities in both markets.

Tamil Nadu's Industries Minister TRB Rajaa expressed confidence that the state's electronics exports, already the highest in the country, will touch the $12 billion&nbsp;mark in the ongoing financial year.

In the previous financial year, the state achieved $9.6 billion&nbsp;worth of electronics exports, which is more than the combined electronics exports of Karnataka and Uttar Pradesh.

In 2023-24, Tamil Nadu alone accounted for 30 per cent of India's electronic exports. Uttar Pradesh, Karnataka, Gujarat, and Maharashtra are also key contributors in boosting India's fast-growing exports of electronic goods.&nbsp;

Smartphones form the bulk of India's electronic exports, and the leading markets that receive them are the United States and the UAE.

According to Indian government data, since the financial year 2020-21, the US has remained the primary destination for India’s electronics exports. Its share in India’s electronics exports has surged in recent years. From just around 15-20 per cent between the FY 2017-18 and FY&nbsp;2021-22, the US' share surged to 24-34 per cent in the last two financial years.

Generally, India’s exports are dominated by engineering goods, followed by petroleum products, gems and jewellery, and electronics goods.

As India's third largest trading partner, the United Arab Emirates (UAE) is exploring various non-oil sectors in which both nations can further trade ties. Specifically, the domains of advanced manufacturing, logistics, supply chain, renewable energy, food processing, drones, and space technology, are being looked at.

As India's third largest trading partner, the United Arab Emirates (UAE) is exploring various non-oil sectors in which both nations can further trade ties. Specifically, the domains of advanced manufacturing, logistics, supply chain, renewable energy, food processing, drones, and space technology, are being looked at. A delegation led by UAE's Economy Minister Abdulla bin Touq Al Marri is on a visit to the Indian city of Chennai and met the Chief Minister of Tamil Nadu, MK Stalin on Thursday (Jul 25). The ministers discussed avenues for investment and creating job opportunities. The meeting was also attended by M A Yusuf Ali, an influential Indian-origin entrepreneur who is based in the UAE. Yusuf Ali is the Chairman and Managing Director of the Lulu group, which is said to employ the largest number of Indian diaspora. A Ministerial delegation from #UAE is in #Chennai #TamilNadu #India to explore further avenues of economic cooperation between both nations. Already, UAE is indias 3rd largest trade partner. Today, 74% of UAE GDP is from non-oil sectors, MSMEs play a key role @UAEmediaoffice pic.twitter.com/WGcWnaELv3 — Sidharth.M.P (@sdhrthmp) July 25, 2024 × Speaking at the 'Investopia Global' event, organised by the Confederation of Indian Industry (CII), Al Marri said that the UAE has made a name for itself, offering many services in industries such as logistics, finance, and technology. The people-to-people ties between the UAE and India are another important aspect of our relationship, he said. "The non-oil sector accounts for 74% of UAE's GDP. It's the first time that the UAE has reached this figure of 74% of GDP coming from non-oil sectors," Al Marri added. He also mentioned that the India-UAE trade had grown by 15 per cent since the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the two nations, in the year 2022. Also read | UAE-India CEPA Council launched to strengthen economic bonds Prior to CEPA, the trade between the two countries was at $50 billion and following the pact, it has grown to nearly $70 billion, he stated. Emphasising the importance of Small and Midsize Enterprises (SME), Alia Abdulla Al Mazrouei, UAE's Minister of State for Entrepreneurship said that the SMEs in UAE today represent 94 per cent of total companies, contribute 40 per cent to the country's GDP and account for 42 per cent of employment. Also watch | UAE Ambassador to India speaks on the completion of 2 years of CEPA between UAE-India × "We are keen to enhance the contribution of the SMEs sector to the trade and economic exchanges with India. Our goal is to transform over 20 UAE startups into unicorns by the year 2031. We strive to raise the number of SMEs in the UAE to 1,000,000 in line with the 2031 vision, which has set the national goal to double the GDP to reach AED 3 trillion by then," she said. Referring to the increasing trend of Venture capital investments in the UAE, she said, "In 2021, the UAE set a new record in venture capital investments, attracting AED 4.3 billion in funding for startups – a whopping 93 per cent Y-o-Y growth. More recently, in the first half of this year, the UAE attracted USD 225 million in VC funding." She urged both the UAE and Indian SME ecosystem stakeholders to take advantage of this opportunity to explore productive partnerships and the available opportunities in both markets. Tamil Nadu's Industries Minister TRB Rajaa expressed confidence that the state's electronics exports, already the highest in the country, will touch the $12 billion mark in the ongoing financial year. In the previous financial year, the state achieved $9.6 billion worth of electronics exports, which is more than the combined electronics exports of Karnataka and Uttar Pradesh. In 2023-24, Tamil Nadu alone accounted for 30 per cent of India's electronic exports. Uttar Pradesh, Karnataka, Gujarat, and Maharashtra are also key contributors in boosting India's fast-growing exports of electronic goods. Smartphones form the bulk of India's electronic exports, and the leading markets that receive them are the United States and the UAE. According to Indian government data, since the financial year 2020-21, the US has remained the primary destination for India’s electronics exports. Its share in India’s electronics exports has surged in recent years. From just around 15-20 per cent between the FY 2017-18 and FY 2021-22, the US' share surged to 24-34 per cent in the last two financial years. Generally, India’s exports are dominated by engineering goods, followed by petroleum products, gems and jewellery, and electronics goods.

UAE's non-oil sector is 74 per cent of GDP; small industries crucial: UAE economy minister in India

In the pollnomics section today, we dive into the current government's reform programmes and macro financial stability. This next report seeks to understand the ruling party's economic policies aimed at financial stability and more.

India General Election 2024: India eyes manufacturing hub status

While India is doubling down on its manufacturing ambitions, it is already facing the services world. Investment banking giant Goldman Sachs says services sector exports will comprise at least 11 per cent of India's GDP by 2030. That's up from less than 10% of the economy right now.

Gravitas | Goldman Sachs: Services sector exports at 11% of GDP by 2030

India is the new hub for smartphone maker Apple. A recent report shows that Apple has assembled iPhones worth 14 billion dollars in the previous fiscal year. This figure stood at zero just a few years ago. On Pollnomics, we tell you what this tells us about India's global ambitions?

India is pitching itself as the next global manufacturing hub

India is the new hub for smartphone maker Apple. Recent report shows that Apple has assembled iPhones worth $14 billion in the previous fiscal year. This figure stood at zero just a few years ago so what does this manufacturing boom tell us about India's Global Ambitions? Watch in for more details!

Lok Sabha Election 2024 | How manufacturing can reshape India?

U.S. factory data surprised everyone and expanded for the first time since 2022. Thanks to a surge in output and an increase in new orders, the ISM manufacturing index shocked everyone by entering growth territory, halting 16 straight months of contraction. In addition, climbing input costs suggest a revival in inflationary pressures.

U.S. manufacturing grows for first time since September 2022

Australia will be setting up a 653 million dollar fund to help expand solar panel manufacturing at homes. The announcement was made by the nation's prime minister Anthony Albanese as it looks to ramp up its transition to renewable energy from coal power.

Australia to create $653 MN fund to expand solar panel manufacturing

As global supply chains undergo a transformation, India emerges as a formidable challenger to china's long-held manufacturing dominance. With a surge of international investment and strategic reforms, India's industrial landscape is rapidly evolving. Watch in for more details!

India's rise as a global manufacturing hub

India: Rising tensions prompt manufacturers to diversify away from China

As November comes&nbsp;to an end, indications suggest that China's manufacturing activity is likely to contract for the second consecutive month, according to a Reuters poll. The official Purchasing Managers' Index (PMI), expected to improve slightly to 49.7 from last month's unexpected drop to 49.5, remains below the critical 50-point threshold that separates contraction from expansion.

While some economists have observed green shoots in mixed October data, the consensus is that the economy is still grappling for traction, with predictions ranging between 49.0 and 50.2 and the majority anticipating a small contraction between 49.6 and 49.8.

The challenges facing China's economy persist despite a series of policy support measures, including the struggle in the property market, risks associated with local government debt, slow global growth, and geopolitical tensions.

The inability to achieve a robust post-COVID recovery has intensified the call for additional stimulus. Profit growth at China's industrial firms witnessed a slowdown, reverting to low single digits in the last month. Both new export and import orders contracted in October, underlining the headwinds faced by the manufacturing sector.

Analysts warn of a potential stagnation in China akin to Japan later this decade unless policymakers take decisive steps to reorient the economy toward household consumption and market-allocation of resources. While China's central bank governor expressed confidence in the country's healthy and sustainable growth in 2024 and beyond, he emphasised the need for structural reforms to reduce reliance on infrastructure and property for growth.

The government's pursuit of an annual economic growth target of 'around 5 per cent' for next year may necessitate additional stimulus measures, aligning with the goals set for this year.

The official PMI, a crucial economic indicator, is set to be released on Thursday, providing further insights into the state of China's manufacturing sector.

Concurrently, the private Caixin factory survey, scheduled for Friday, is anticipated to show a slight uptick to 49.8 from October's 49.5. The outcome of these reports will likely influence policymakers' decisions as they navigate the complex economic landscape and consider further measures to sustain growth and stability.

(With inputs from Reuters)

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As November comes to an end, indications suggest that China's manufacturing activity is likely to contract for the second consecutive month, according to a Reuters poll.

As November comes to an end, indications suggest that China's manufacturing activity is likely to contract for the second consecutive month, according to a Reuters poll. The official Purchasing Managers' Index (PMI), expected to improve slightly to 49.7 from last month's unexpected drop to 49.5, remains below the critical 50-point threshold that separates contraction from expansion. While some economists have observed green shoots in mixed October data, the consensus is that the economy is still grappling for traction, with predictions ranging between 49.0 and 50.2 and the majority anticipating a small contraction between 49.6 and 49.8. The challenges facing China's economy persist despite a series of policy support measures, including the struggle in the property market, risks associated with local government debt, slow global growth, and geopolitical tensions. The inability to achieve a robust post-COVID recovery has intensified the call for additional stimulus. Profit growth at China's industrial firms witnessed a slowdown, reverting to low single digits in the last month. Both new export and import orders contracted in October, underlining the headwinds faced by the manufacturing sector. Analysts warn of a potential stagnation in China akin to Japan later this decade unless policymakers take decisive steps to reorient the economy toward household consumption and market-allocation of resources. While China's central bank governor expressed confidence in the country's healthy and sustainable growth in 2024 and beyond, he emphasised the need for structural reforms to reduce reliance on infrastructure and property for growth. The government's pursuit of an annual economic growth target of 'around 5 per cent' for next year may necessitate additional stimulus measures, aligning with the goals set for this year. The official PMI, a crucial economic indicator, is set to be released on Thursday, providing further insights into the state of China's manufacturing sector. Concurrently, the private Caixin factory survey, scheduled for Friday, is anticipated to show a slight uptick to 49.8 from October's 49.5. The outcome of these reports will likely influence policymakers' decisions as they navigate the complex economic landscape and consider further measures to sustain growth and stability. (With inputs from Reuters) WATCH WION LIVE HERE

China's manufacturing sector faces second consecutive month of contraction. Here are the details

In a significant industry shift, pharmaceutical companies are actively exploring alternatives to Chinese contractors for drug production, driven by concerns over geopolitical tensions and supply chain vulnerabilities. According to a Reuters report,&nbsp;industry executives and experts reveal a growing trend favouring Indian manufacturers over their Chinese counterparts.

China has been the preferred destination for pharmaceutical research and manufacturing services for nearly two decades, thanks to cost-effectiveness and rapid production capabilities offered by contract drugmakers. This relationship endured challenges from the U.S-China trade war and disruptions caused by the COVID-19 pandemic.

Changing dynamics: Seeking to 'de-risk' supply chains

Rising tensions with China have prompted Western governments to advise companies to 'de-risk' their supply chains. As a result, some biotech firms are now considering manufacturers in India to produce active pharmaceutical ingredients (API) for clinical trials and other outsourced work.

Tommy Erdei, Global Co-head of Healthcare Investment Banking at Jefferies, told Reuters, "Today, you're probably not sending an RFP to a Chinese company. It's like, I don't want to know. It doesn't matter if they can do it for cheaper, I'm not going to start putting my product into China."&nbsp;

Biotech companies turn to India: A growing trend

Dr. Ashish Nimgaonkar, the founder of Glyscend Therapeutics, told Reuters that factors over the past several years have made China a less attractive option. When issuing Requests for Proposal (RFP) for medicines in later development stages, Indian contract development and manufacturing organizations (CDMOs) are now preferred over Chinese ones.

Four of India's largest CDMOs—Syngene, Aragen Life Sciences, Piramal Pharma Solutions, and Sai Life Sciences—report increased interest and requests from Western pharma companies, including major multinationals.

While the full benefit for Indian manufacturers won't be immediate, there is a notable surge in interest. India aims to strengthen its position in the pharma services sector, boosting sales and enhancing the reputation of its $42 billion pharmaceutical industry. Despite concerns over oversight, Indian CDMOs are actively working to match Western and Chinese standards in quality.

Regulatory scrutiny and growth projections

The U.S. Food and Drug Administration (FDA) warned about an eye drop made in India in February. However, Indian CDMOs stress routine inspections by the FDA. Mordor Intelligence estimates India's CDMO industry revenue to be $15.6 billion in 2023, with a projected annual growth rate of over 11% for the next five years.

Some clients request 'backward integration to India' where even basic raw materials are sourced from India instead of China. Piramal Pharma Solutions has received such requests, indicating a broader shift in the supply chain.

Sai Life Sciences reports almost doubling its manufacturing capacity since 2019 and is set to add another 25% in the next year to meet growing demand. The industry shift is particularly evident in drug discovery work for conventional pharmaceuticals.

Bottomline

The pharmaceutical industry's move to diversify its manufacturing sources marks a pivotal moment, with Indian manufacturers poised to significantly reshape global supply chains. As tensions persist and the industry navigates geopolitical uncertainties, the landscape of pharmaceutical manufacturing is undergoing a transformative shift.

In a significant industry shift, pharmaceutical companies are actively exploring alternatives to Chinese contractors for drug production, driven by concerns over geopolitical tensions and supply chain vulnerabilities.

In a significant industry shift, pharmaceutical companies are actively exploring alternatives to Chinese contractors for drug production, driven by concerns over geopolitical tensions and supply chain vulnerabilities. According to a Reuters report, industry executives and experts reveal a growing trend favouring Indian manufacturers over their Chinese counterparts. China has been the preferred destination for pharmaceutical research and manufacturing services for nearly two decades, thanks to cost-effectiveness and rapid production capabilities offered by contract drugmakers. This relationship endured challenges from the U.S-China trade war and disruptions caused by the COVID-19 pandemic. Changing dynamics: Seeking to 'de-risk' supply chains Rising tensions with China have prompted Western governments to advise companies to 'de-risk' their supply chains. As a result, some biotech firms are now considering manufacturers in India to produce active pharmaceutical ingredients (API) for clinical trials and other outsourced work. Tommy Erdei, Global Co-head of Healthcare Investment Banking at Jefferies, told Reuters, "Today, you're probably not sending an RFP to a Chinese company. It's like, I don't want to know. It doesn't matter if they can do it for cheaper, I'm not going to start putting my product into China." Biotech companies turn to India: A growing trend Dr. Ashish Nimgaonkar, the founder of Glyscend Therapeutics, told Reuters that factors over the past several years have made China a less attractive option. When issuing Requests for Proposal (RFP) for medicines in later development stages, Indian contract development and manufacturing organizations (CDMOs) are now preferred over Chinese ones. Four of India's largest CDMOs—Syngene, Aragen Life Sciences, Piramal Pharma Solutions, and Sai Life Sciences—report increased interest and requests from Western pharma companies, including major multinationals. While the full benefit for Indian manufacturers won't be immediate, there is a notable surge in interest. India aims to strengthen its position in the pharma services sector, boosting sales and enhancing the reputation of its $42 billion pharmaceutical industry. Despite concerns over oversight, Indian CDMOs are actively working to match Western and Chinese standards in quality. Regulatory scrutiny and growth projections The U.S. Food and Drug Administration (FDA) warned about an eye drop made in India in February. However, Indian CDMOs stress routine inspections by the FDA. Mordor Intelligence estimates India's CDMO industry revenue to be $15.6 billion in 2023, with a projected annual growth rate of over 11% for the next five years. Some clients request 'backward integration to India' where even basic raw materials are sourced from India instead of China. Piramal Pharma Solutions has received such requests, indicating a broader shift in the supply chain. Sai Life Sciences reports almost doubling its manufacturing capacity since 2019 and is set to add another 25% in the next year to meet growing demand. The industry shift is particularly evident in drug discovery work for conventional pharmaceuticals. Bottomline The pharmaceutical industry's move to diversify its manufacturing sources marks a pivotal moment, with Indian manufacturers poised to significantly reshape global supply chains. As tensions persist and the industry navigates geopolitical uncertainties, the landscape of pharmaceutical manufacturing is undergoing a transformative shift.

Indian pharma manufacturers gain momentum as alternatives to Chinese partners

In a big boost to India's ambitions to be a tech manufacturing hub, the Narendra Modi government has allowed 27 companies to manufacture tech hardware in the country. This decision, taken under a 2 billion dollar incentive scheme, will help companies like Dell, HP and Foxconn.

Government allows 27 companies to manufacture hardware in India

German industrial production took a steeper plunge than anticipated in September, according to data released on Tuesday. According to Reuters, the federal statistics office reported a 1.4 per cent decline in production compared to the previous month, defying the predictions of analysts who had expected a mere 0.1 per cent downturn. &nbsp;

The industry-heavy German economy, heavily reliant on production for economic growth, is grappling with the repercussions of a recent decline in incoming orders.&nbsp;

The third quarter of 2023 saw a 2.1 per cent reduction in production when compared to the second quarter, indicating a more sustained period of decline, as highlighted by the statistics office. &nbsp;

Even after a revision of the provisional results, the dip in August was less severe than initially estimated, standing at 0.1 per cent instead of the initially reported 0.2 per cent.&nbsp;

Thomas Gitzel, Chief Economist at VP Bank, emphasised the critical role of industrial production in gauging the health of the German economy. "The industry-heavy German economy is dependent on production in order to achieve reasonable economic growth rates," Reuters quoted him as saying, drawing attention to the overall weakness in industrial production throughout the year.&nbsp;

Carsten Brzeski, Global Head of Macro at ING, expressed concern over the broader implications of the disappointing industrial production data. He suggested that not only could the third-quarter GDP growth be revised downward, but the nation might find itself in a technical recession by the year's end. &nbsp;

According to Reuters, Brzeski noted, "Even though there isn’t any hard data for the fourth quarter yet, recent developments have clearly increased the risk that the German economy will end the year in recession."&nbsp;

(With inputs from Reuters)&nbsp;

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German industrial production took a steeper plunge than anticipated in September, according to data released on Tuesday. According to Reuters, the federal statistics office reported a 1.

German industrial production took a steeper plunge than anticipated in September, according to data released on Tuesday. According to Reuters, the federal statistics office reported a 1.4 per cent decline in production compared to the previous month, defying the predictions of analysts who had expected a mere 0.1 per cent downturn. The industry-heavy German economy, heavily reliant on production for economic growth, is grappling with the repercussions of a recent decline in incoming orders. The third quarter of 2023 saw a 2.1 per cent reduction in production when compared to the second quarter, indicating a more sustained period of decline, as highlighted by the statistics office. Even after a revision of the provisional results, the dip in August was less severe than initially estimated, standing at 0.1 per cent instead of the initially reported 0.2 per cent. Thomas Gitzel, Chief Economist at VP Bank, emphasised the critical role of industrial production in gauging the health of the German economy. "The industry-heavy German economy is dependent on production in order to achieve reasonable economic growth rates," Reuters quoted him as saying, drawing attention to the overall weakness in industrial production throughout the year. Carsten Brzeski, Global Head of Macro at ING, expressed concern over the broader implications of the disappointing industrial production data. He suggested that not only could the third-quarter GDP growth be revised downward, but the nation might find itself in a technical recession by the year's end. According to Reuters, Brzeski noted, "Even though there isn’t any hard data for the fourth quarter yet, recent developments have clearly increased the risk that the German economy will end the year in recession." (With inputs from Reuters) WATCH WION LIVE HERE

German industrial production plummets beyond forecasts, signalling economic headwinds ahead 

The Indian government is looking to provide incentives worth 180 million rupees ($2.2 billion) to stimulate local manufacturing. According government officials who spoke to Reuters, the incentives will support six new industries including chemicals, shipping containers and material for vaccines.

The offer is a component of the nation's 1.97 trillion rupee production-linked incentive scheme (PLI), which was launched in 2020 and targets 14 industries, from drones to electrical items, but it has been successful only in limited sectors.

As only a small portion of the PLI incentives have been utilised until now, the government has decided to transfer leftover funds to new industries.

According to the two government officials in contact with Reuters, limited expenses under the system might result in "large" savings that could be applied to new industries.

Toys, bicycles, leather, and footwear are among the additional six industries that could join the PLI programme, according to the officials. According to them, these sectors will split the 180 billion rupee portion that is being taken from the scheme's initial budget.

India believes that the PLI scheme will be essential to strengthen the country's overall economy, which has been suffering from a lack of private investment for almost ten years and is having difficulty producing enough jobs, specifically in the manufacturing sector.

In the fiscal year that concluded in March, incentives worth a combined total of roughly 29 billion rupees were given out. According to a government assessment seen by Reuters, little has been paid to companies in industries including specialty steel products, solar modules, and automobile components.

One of the two officials told Reuters, that as per government reports, the payouts might increase to nearly 110 billion rupees in the current fiscal year and to 400 billion rupees by the fiscal year 2024/25.

The official further told Reuters that “the disbursements should be better than this estimate after some tweaks to the scheme,” adding that these adjustments will assist in speeding up the payouts and some industries may get an extra year or two under the scheme.

(With inputs from Reuters)

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The Indian government is looking to provide incentives worth 180 million rupees ($2.2 billion) to stimulate local manufacturing. According government officials who spoke to Reuters, the incentives will support six new industries including chemicals, shipping containers and material for vaccines.

The Indian government is looking to provide incentives worth 180 million rupees ($2.2 billion) to stimulate local manufacturing. According government officials who spoke to Reuters, the incentives will support six new industries including chemicals, shipping containers and material for vaccines. The offer is a component of the nation's 1.97 trillion rupee production-linked incentive scheme (PLI), which was launched in 2020 and targets 14 industries, from drones to electrical items, but it has been successful only in limited sectors. As only a small portion of the PLI incentives have been utilised until now, the government has decided to transfer leftover funds to new industries. According to the two government officials in contact with Reuters, limited expenses under the system might result in "large" savings that could be applied to new industries. Toys, bicycles, leather, and footwear are among the additional six industries that could join the PLI programme, according to the officials. According to them, these sectors will split the 180 billion rupee portion that is being taken from the scheme's initial budget. India believes that the PLI scheme will be essential to strengthen the country's overall economy, which has been suffering from a lack of private investment for almost ten years and is having difficulty producing enough jobs, specifically in the manufacturing sector. In the fiscal year that concluded in March, incentives worth a combined total of roughly 29 billion rupees were given out. According to a government assessment seen by Reuters, little has been paid to companies in industries including specialty steel products, solar modules, and automobile components. One of the two officials told Reuters, that as per government reports, the payouts might increase to nearly 110 billion rupees in the current fiscal year and to 400 billion rupees by the fiscal year 2024/25. The official further told Reuters that “the disbursements should be better than this estimate after some tweaks to the scheme,” adding that these adjustments will assist in speeding up the payouts and some industries may get an extra year or two under the scheme. (With inputs from Reuters) WATCH WION LIVE HERE

India to provide incentives worth $2 bn towards local manufacturing sectors

Foxconn, the Taiwan-based iPhone supplier,&nbsp;is planning a two-fold increase in its workforce in India in the next twelve months, according to a Mint report.

To commemorate Indian Prime Minister Narendra Modi’s 73rd birthday, V Lee, Foxconn's representative in India, wrote on LinkedIn that the company is "aiming for another doubling of employment, FDI (foreign direct investment), and business size in India" by this time next year.

The largest electronics contract manufacturer in the world, Foxconn has been&nbsp;increasing&nbsp;its investments in India, in an attempt&nbsp;to diversify away from China.

Notably, Foxconn already operates a 40,000-person iPhone manufacturing in the southern state of Tamil Nadu.

In August this year, the Karnataka government said that Foxconn intends&nbsp;to invest $600 million in two projects to produce chip-making machinery and iPhone case components.

Earlier this month, Young Liu, Chairman and CEO of Hon Hai Technology Group (Foxconn) said that India will play a significant role in manufacturing in the future.

A PTI report quoted him as saying it took China 30 years to build the entire supply chain ecosystem but&nbsp;it will take an "appropriate amount of time in India". He added the process will be shorter in Asia's third-largest economy.&nbsp;

Meanwhile, the South Asian nation will be able to purchase the India-made iPhone 15 on the day that it goes on sale globally, according to previous reports by Bloomberg.

Reports indicate that even if the vast majority of iPhone 15s will be made in China, it would be the first time that a gadget of the most recent generation, that too made in India, will be offered on the first day of sales in India.&nbsp;

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Foxconn, the Taiwan-based iPhone supplier, is planning a two-fold increase in its workforce in India in the next twelve months, according to a Mint report. To commemorate Indian Prime Minister Narendra Modi’s 73rd birthday, V Lee, Foxconn's representative in India, wrote on LinkedIn that the company is "aiming for another doubling of employment, FDI (foreign direct investment), and business size in India" by this time next year.

Foxconn, the Taiwan-based iPhone supplier, is planning a two-fold increase in its workforce in India in the next twelve months, according to a Mint report. To commemorate Indian Prime Minister Narendra Modi’s 73rd birthday, V Lee, Foxconn's representative in India, wrote on LinkedIn that the company is "aiming for another doubling of employment, FDI (foreign direct investment), and business size in India" by this time next year. The largest electronics contract manufacturer in the world, Foxconn has been increasing its investments in India, in an attempt to diversify away from China. Notably, Foxconn already operates a 40,000-person iPhone manufacturing in the southern state of Tamil Nadu. In August this year, the Karnataka government said that Foxconn intends to invest $600 million in two projects to produce chip-making machinery and iPhone case components. Earlier this month, Young Liu, Chairman and CEO of Hon Hai Technology Group (Foxconn) said that India will play a significant role in manufacturing in the future. A PTI report quoted him as saying it took China 30 years to build the entire supply chain ecosystem but it will take an "appropriate amount of time in India". He added the process will be shorter in Asia's third-largest economy. Meanwhile, the South Asian nation will be able to purchase the India-made iPhone 15 on the day that it goes on sale globally, according to previous reports by Bloomberg. Reports indicate that even if the vast majority of iPhone 15s will be made in China, it would be the first time that a gadget of the most recent generation, that too made in India, will be offered on the first day of sales in India. WATCH WION LIVE HERE

Foxconn plans to increase its employees by two-fold in India by next year

Chinese auto chipmaker GTA Semiconductor recently finished a financing round worth over $1.8 billion that was largely state-funded, according to a report from the state-backed Securities Times on Wednesday. The move has been hailed as a clear indication to the domestic chip manufacturing industry that Beijing is still willing to invest in it.

According to the Securities Times, Shanghai-based GTA Semiconductor, one of China’s leading auto chipmakers by production, has combined almost $2.7 billion in total assets in less than two years, the majority of which are from state provided funds.

The latest development comes as China gears up to launch a new state-backed investment fund that wants to gather around $40 billion for its semiconductor sector. Some Chinese media sites have called it one of the largest domestic funding rounds this year.

Whether or whether the car chipmaker’s most recent fund-raising was connected to this new fund is unknown to Reuters.

State-owned venture capital firms like Shanghai’s Spinnotec, which made the initial announcement of the $1.8 billion fund-raising round on Monday without disclosing the parties involved, have backed GTA Semiconductor.

According to the Securities Times, Beijing’s commitment to supporting domestic manufacturers in the midst of a campaign to limit its chipmaking capabilities from international dependence is shown by the size of the money GTA Semiconductor raised.

Although the majority of automobiles employ outdated chips, the rate at which these chips are being replaced in China by domestic producers is less than 10 per cent, making it a target for additional investment in the future, according to the state-backed publication.

(With inputs from Reuters)

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Chinese auto chipmaker GTA Semiconductor recently finished a financing round worth over $1.8 billion that was largely state-funded, according to a report from the state-backed Securities Times on Wednesday.

Chinese auto chipmaker GTA Semiconductor recently finished a financing round worth over $1.8 billion that was largely state-funded, according to a report from the state-backed Securities Times on Wednesday. The move has been hailed as a clear indication to the domestic chip manufacturing industry that Beijing is still willing to invest in it. According to the Securities Times, Shanghai-based GTA Semiconductor, one of China’s leading auto chipmakers by production, has combined almost $2.7 billion in total assets in less than two years, the majority of which are from state provided funds. The latest development comes as China gears up to launch a new state-backed investment fund that wants to gather around $40 billion for its semiconductor sector. Some Chinese media sites have called it one of the largest domestic funding rounds this year. Whether or whether the car chipmaker’s most recent fund-raising was connected to this new fund is unknown to Reuters. State-owned venture capital firms like Shanghai’s Spinnotec, which made the initial announcement of the $1.8 billion fund-raising round on Monday without disclosing the parties involved, have backed GTA Semiconductor. According to the Securities Times, Beijing’s commitment to supporting domestic manufacturers in the midst of a campaign to limit its chipmaking capabilities from international dependence is shown by the size of the money GTA Semiconductor raised. Although the majority of automobiles employ outdated chips, the rate at which these chips are being replaced in China by domestic producers is less than 10 per cent, making it a target for additional investment in the future, according to the state-backed publication. (With inputs from Reuters) WATCH WION LIVE HERE

Beijing prepares new chip fund as auto chipmaker raises over $1.8 billion

The US composite PMI index, which tracks manufacturing and service sectors, fell to 50.4 in August from 52 in July. That's the biggest drop since November 2022. When looked at individually, the manufacturing & services sector data was even more worrying business activity in the services sector was at 51.0 in August. That's the lowest since February this year. The manufacturing index fell deeper into contraction territory at 47, that's down from 49 in July and marked the fourth straight month of contraction.

Manufacturing and services sector activity falls in August

The Indian economy is expected to grow by an average annual rate of 6.7 per cent to March 2031, according to a forecast by S&amp;P Global on Thursday. Despite short-term challenges from rate hikes and a global slowdown, growth led by manufacturing and service exports and consumer demand has been projected.

Reuters quoted S&amp;P Global&nbsp;report&nbsp;as saying, "While the world is in the midst of an unprecedented period of transition and uncertainty, India faces a defining opportunity to capitalise on this moment."&nbsp;

India could possibly overtake Japan and China and become the world’s third largest economy, if S&amp;P Global’s forecast of the per capita GDP rising to $4,500 is realised. According to the rating agency, India's economy is expected to reach $6.7 trillion in 2031 from $3.4 trillion in 2023.

According to the report, with the government providing incentives to firms and improving infrastructure, India is all set to attract new opportunities in manufacturing.&nbsp;

The economy is expected to gain from tax reforms that will increase efficiency, from state support for physical and digital infrastructure, and from a decrease in leakages from government subsidy payments.

Due to rising household incomes and increased expenditure on food and other commodities, the Indian consumer market would more than double by 2031, rising to $5.2 trillion from $2.3 trillion in 2023.

“Higher per capita incomes will also likely boost discretionary spending in areas such as entertainment, communications, restaurants and hotels," Reuters quoted the report as saying.&nbsp;

S&amp;P Global stated that in addition to expanding female participation in the workforce to enjoy a demographic dividend, creating a strong logistics framework will be essential in re-orienting&nbsp;India’s economy towards manufacturing.&nbsp;

An addition of 30 million jobs expected by 2030 as India’s construction sector booms: Knight Frank

The construction sector in India could add about 30 million jobs by 2030 as the urban housing demand and state spending on infrastructure including roads increases, as per an industry report released on Thursday.

Construction, India’s second-largest sector after agriculture, is seeing an increase in investment interest due to improved business sentiment and conductive policy measures, realty consultant&nbsp;Knight Frank said.&nbsp;

“We are seeing a surge in real-estate demand in the top eight cities as well as in smaller towns, driven by rising household incomes and global service providers who are outsourcing to India," Gulam Zia, executive director of Knight Frank, said.

As per Knight Frank's projections,&nbsp;India’s construction industry will contribute nearly one-fifth to the&nbsp;GDP by 2030 and support 100 million jobs.

According to the report, construction companies are anticipated to increase employment opportunities for 10.5 million skilled individuals, approximately 80 million semi-skilled workers, 1.1 million engineers, 1.5 million technicians, and a million office workers.

According to the realty consultant, the real estate sector's annual turnover is likely to&nbsp;increase to $1 trillion by 2030.

(With inputs from Reuters)

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According to the Frank Knight report, presently only about 50 per cent of the graduating civil engineers remain in the sector as they find it difficult to meet the requirements of the industry and can find employment elsewhere.

(With inputs from Reuters)

The Indian economy is expected to grow by an average annual rate of 6.7 per cent to March 2031, according to a forecast by S&P Global on Thursday. Despite short-term challenges from rate hikes and a global slowdown, growth led by manufacturing and service exports and consumer demand has been projected.

The Indian economy is expected to grow by an average annual rate of 6.7 per cent to March 2031, according to a forecast by S&P Global on Thursday. Despite short-term challenges from rate hikes and a global slowdown, growth led by manufacturing and service exports and consumer demand has been projected. Reuters quoted S&P Global report as saying, "While the world is in the midst of an unprecedented period of transition and uncertainty, India faces a defining opportunity to capitalise on this moment." India could possibly overtake Japan and China and become the world’s third largest economy, if S&P Global’s forecast of the per capita GDP rising to $4,500 is realised. According to the rating agency, India's economy is expected to reach $6.7 trillion in 2031 from $3.4 trillion in 2023. According to the report, with the government providing incentives to firms and improving infrastructure, India is all set to attract new opportunities in manufacturing. The economy is expected to gain from tax reforms that will increase efficiency, from state support for physical and digital infrastructure, and from a decrease in leakages from government subsidy payments. Due to rising household incomes and increased expenditure on food and other commodities, the Indian consumer market would more than double by 2031, rising to $5.2 trillion from $2.3 trillion in 2023. “Higher per capita incomes will also likely boost discretionary spending in areas such as entertainment, communications, restaurants and hotels," Reuters quoted the report as saying. S&P Global stated that in addition to expanding female participation in the workforce to enjoy a demographic dividend, creating a strong logistics framework will be essential in re-orienting India’s economy towards manufacturing. An addition of 30 million jobs expected by 2030 as India’s construction sector booms: Knight Frank The construction sector in India could add about 30 million jobs by 2030 as the urban housing demand and state spending on infrastructure including roads increases, as per an industry report released on Thursday. Construction, India’s second-largest sector after agriculture, is seeing an increase in investment interest due to improved business sentiment and conductive policy measures, realty consultant Knight Frank said. “We are seeing a surge in real-estate demand in the top eight cities as well as in smaller towns, driven by rising household incomes and global service providers who are outsourcing to India," Gulam Zia, executive director of Knight Frank, said. As per Knight Frank's projections, India’s construction industry will contribute nearly one-fifth to the GDP by 2030 and support 100 million jobs. According to the report, construction companies are anticipated to increase employment opportunities for 10.5 million skilled individuals, approximately 80 million semi-skilled workers, 1.1 million engineers, 1.5 million technicians, and a million office workers. According to the realty consultant, the real estate sector's annual turnover is likely to increase to $1 trillion by 2030. (With inputs from Reuters) WATCH WION LIVE HERE According to the Frank Knight report, presently only about 50 per cent of the graduating civil engineers remain in the sector as they find it difficult to meet the requirements of the industry and can find employment elsewhere. (With inputs from Reuters)

India projected to grow at an annual rate of 6.7% through 2031: S&P Global

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