When India's Prime Minister Narendra Modi addressed the World Economic Forum last year, he delivered the iconic punch line “Make in India, Make for the World”, which according to reports indicated&nbsp;India’s ambition to become and promote itself as a global manufacturing and export hub.

A recent Economic Times report said that India is actively pursuing the 'plus-one' strategy. Only India’s labour force and domestic market are comparable to those of China. India is seen as a natural partner for Western nations, with the Indian government working towards making it easier for businesses to set up their manufacturing units in India.

In an exclusive interview with Mark Mobius, the founder of the Mobius Capital Partners, in November 2022, The Print reported that there is a growing trend of manufacturing shifting from China to India, despite New Delhi’s growing trade deficit with Beijing.

The report went on to say that China’s strict Covid-19 lockdowns and the continuing ‘technological war’ with the US has motivated manufacturers, especially those in the technological hardware industry, to shift their manufacturing units to India.

What does manufacturing in India offer to the world?

India’s manufacturing potential, according to a Times of India report, stems from benefits like a sizable-trainable workforce, digital infrastructure facilitating efficient operations, investments in logistics infrastructure, proximity to different countries for supply chain diversification, a strategic location for accessing emerging markets, and cost advantages in low-cost and economical manufacturing, supported by a strong legal system and patent protection.

According to a CNBC report, US aircraft manufacturer, Boeing is looking to begin production in India. Boeing’s $34 billion deal with Air India for the supply of aircraft will be seen as a test for both businesses and the south Asian economic powerhouse, which is making every effort to draw foreign firms in an effort to establish itself as a major manufacturing base as Western businesses strive to reduce their reliance on China, the de facto global factory.

“As a company with over seven decades of presence in India, Boeing continues to support the development of indigenous aerospace and defense capabilities in the country,” CNBC quoted Dave Schulte, the commercial airplanes managing regional director of marketing for Boeing’s Asia Pacific and India region, as saying.

On the other hand, as per a Forbes report, Apple has been striving to diversify production away from China while it looks for a backup amidst the US-China trade war. Apple started manufacturing older models of phones in 2017. Now, their flagship iPhone 14 models are also manufactured in India.

Forbes quoted Upasana Joshi, the principal analyst for mobile devices research at International Data Corporation (IDC) as saying, "More than 70 per cent iPhones in India were locally manufactured in 2022, up from less than 40 per cent in 2020. While it will be immensely challenging for Apple to move its entire value chain from China to India, we can say that gradually India is getting ready to enter the critical parts of value chain related to the electronics manufacturing."

What are the challenges of manufacturing in India? &nbsp;

As identified by another Forbes report, the main issues when manufacturing in India are high tariffs, outdated labour regulations, fragile policy frameworks, regulatory uncertainty, and unfavorable growth conditions in a foreign country. The acquisition of land with clear titles, the high amount of import duties, and a price-sensitive market are other such challenges identified.

A recent Times of India report stated that unskilled labour and inadequate infrastructure are the key factors that businesses consider before setting up its manufacturing hubs. According to businesses, labour shortage is raising its ugly head in India’s manufacturing centres. This is because, in contrast to China, many workers are hesitant to move a great distance in search of employment. Additionally, obtaining land and necessary permits in India can take a significant amount of time. Issuing visas for foreign engineers, managers, and technicians can also take time.

Even if businesses are able to successfully set up their manufacturing units in India, cracking the Indian market becomes another challenge. For instance, Ford and Hyundai Motors, both businesses established operations in India at the same time. While Ford sold vehicles made for the western market, Hyundai concentrated on introducing vehicles that catered to the wants and demands of local customers. Today, Hyundai is the second-largest automaker in India in terms of market share, but Ford left the country on a bitter note decades later.

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When India's Prime Minister Narendra Modi addressed the World Economic Forum last year, he delivered the iconic punch line “Make in India, Make for the World”, which according to reports indicated India’s ambition to become and promote itself as a global manufacturing and export hub.

When India's Prime Minister Narendra Modi addressed the World Economic Forum last year, he delivered the iconic punch line “Make in India, Make for the World”, which according to reports indicated India’s ambition to become and promote itself as a global manufacturing and export hub. A recent Economic Times report said that India is actively pursuing the 'plus-one' strategy. Only India’s labour force and domestic market are comparable to those of China. India is seen as a natural partner for Western nations, with the Indian government working towards making it easier for businesses to set up their manufacturing units in India. In an exclusive interview with Mark Mobius, the founder of the Mobius Capital Partners, in November 2022, The Print reported that there is a growing trend of manufacturing shifting from China to India, despite New Delhi’s growing trade deficit with Beijing. The report went on to say that China’s strict Covid-19 lockdowns and the continuing ‘technological war’ with the US has motivated manufacturers, especially those in the technological hardware industry, to shift their manufacturing units to India. What does manufacturing in India offer to the world? India’s manufacturing potential, according to a Times of India report, stems from benefits like a sizable-trainable workforce, digital infrastructure facilitating efficient operations, investments in logistics infrastructure, proximity to different countries for supply chain diversification, a strategic location for accessing emerging markets, and cost advantages in low-cost and economical manufacturing, supported by a strong legal system and patent protection. According to a CNBC report, US aircraft manufacturer, Boeing is looking to begin production in India. Boeing’s $34 billion deal with Air India for the supply of aircraft will be seen as a test for both businesses and the south Asian economic powerhouse, which is making every effort to draw foreign firms in an effort to establish itself as a major manufacturing base as Western businesses strive to reduce their reliance on China, the de facto global factory. “As a company with over seven decades of presence in India, Boeing continues to support the development of indigenous aerospace and defense capabilities in the country,” CNBC quoted Dave Schulte, the commercial airplanes managing regional director of marketing for Boeing’s Asia Pacific and India region, as saying. On the other hand, as per a Forbes report, Apple has been striving to diversify production away from China while it looks for a backup amidst the US-China trade war. Apple started manufacturing older models of phones in 2017. Now, their flagship iPhone 14 models are also manufactured in India. Forbes quoted Upasana Joshi, the principal analyst for mobile devices research at International Data Corporation (IDC) as saying, "More than 70 per cent iPhones in India were locally manufactured in 2022, up from less than 40 per cent in 2020. While it will be immensely challenging for Apple to move its entire value chain from China to India, we can say that gradually India is getting ready to enter the critical parts of value chain related to the electronics manufacturing." What are the challenges of manufacturing in India? As identified by another Forbes report, the main issues when manufacturing in India are high tariffs, outdated labour regulations, fragile policy frameworks, regulatory uncertainty, and unfavorable growth conditions in a foreign country. The acquisition of land with clear titles, the high amount of import duties, and a price-sensitive market are other such challenges identified. A recent Times of India report stated that unskilled labour and inadequate infrastructure are the key factors that businesses consider before setting up its manufacturing hubs. According to businesses, labour shortage is raising its ugly head in India’s manufacturing centres. This is because, in contrast to China, many workers are hesitant to move a great distance in search of employment. Additionally, obtaining land and necessary permits in India can take a significant amount of time. Issuing visas for foreign engineers, managers, and technicians can also take time. Even if businesses are able to successfully set up their manufacturing units in India, cracking the Indian market becomes another challenge. For instance, Ford and Hyundai Motors, both businesses established operations in India at the same time. While Ford sold vehicles made for the western market, Hyundai concentrated on introducing vehicles that catered to the wants and demands of local customers. Today, Hyundai is the second-largest automaker in India in terms of market share, but Ford left the country on a bitter note decades later. WATCH WION LIVE HERE

Decoded: Will global manufacturing gradually shift from China to India?

Chinese authorities announced new measures to boost consumption on Monday, as fresh economic data suggested that the country's post-Covid recovery is running out of steam and growth is slowing.

Official figures released Monday showed factory activity contracting for the fourth straight month in July, adding to a run of dismal economic data that has ramped up calls for government support measures.

A sluggish job market and general uncertainty over the future mean consumer confidence is low.

China's State Council released on Monday a 20-point plan to increase consumption across the board, touching on housing, culture and tourism, as well as green consumption such as electric vehicles.

The measures aim to increase the supply of subsidised rental accommodation and try to solve other problems around housing, particularly for young people.

Once a driving force behind the economy, a crisis in the real estate sector means many developers are now fighting for their survival, exacerbating a crisis of confidence among potential buyers.&nbsp;

The State Council also said it would support the expansion of large-scale festivals and sporting events both on and offline, as well as an increase in spending on services involving catering and healthcare.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/china-issues-measures-to-expand-consumption-in-automobile-real-estate-sectors-620982">China launches steps to expand consumption in automobile, real estate sectors</a>

Infrastructure in rural areas will be improved to boost digital and green consumption, it added.

Officials told reporters they would "unleash consumption potential by optimising policy and institutional design" in the second half of the year.

<h2>PMI contracts again&nbsp;</h2>

Earlier on Monday the official manufacturing purchasing managers' index (PMI) -- a key measure of factory output -- came in at 49.3, below the 50-point mark that separates expansion and contraction, according to the National Bureau of Statistics (NBS).

July's reading was slightly higher than June's 49.0 figure and was better than forecast in a Bloomberg survey.

"The overall level of manufacturing prosperity continued to improve," NBS statistician Zhao Qinghe said in a statement.

The non-manufacturing PMI, which measures business sentiment in the services and construction sectors, fell to 51.5 in July from 53.2 in June, as activity in capital market services and real estate shrank.

"The data release showed mixed messages," Zhiwei Zhang, an analyst at Pinpoint Asset Management, wrote in a note, adding "it seems the economic momentum is still quite weak".

Also read |&nbsp;<a href="https://www.wionews.com/world/china-does-not-contribute-to-global-peace-and-stability-over-70-per-cent-respondents-say-in-pew-survey-620297">China does not contribute to global peace and stability, say over 70% respondents in Pew survey</a>

China&nbsp;this month said its economy grew 6.3 per cent in the second quarter, much weaker than the 7.1 per cent predicted in an AFP survey of analysts.

The country's top leaders, known as the Politburo, have warned that the economy faces "new difficulties and challenges" as well as "hidden dangers in key areas".

Zhao also pointed to a low volume of overseas orders, describing a "complicated and severe external environment" and lacklustre demand as major challenges for Chinese manufacturers.

In June, exports dived 12.4 per cent, their biggest decline in three years, according to customs figures.&nbsp;

"The Politburo meeting acknowledged the challenge the economy faces," said Zhang, the analyst.

"The key issue is what policies will be launched after the meeting and how effective they will be."

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Chinese authorities announced new measures to boost consumption on Monday, as fresh economic data suggested that the country's post-Covid recovery is running out of steam and growth is slowing.

Chinese authorities announced new measures to boost consumption on Monday, as fresh economic data suggested that the country's post-Covid recovery is running out of steam and growth is slowing. Official figures released Monday showed factory activity contracting for the fourth straight month in July, adding to a run of dismal economic data that has ramped up calls for government support measures. A sluggish job market and general uncertainty over the future mean consumer confidence is low. China's State Council released on Monday a 20-point plan to increase consumption across the board, touching on housing, culture and tourism, as well as green consumption such as electric vehicles. The measures aim to increase the supply of subsidised rental accommodation and try to solve other problems around housing, particularly for young people. Once a driving force behind the economy, a crisis in the real estate sector means many developers are now fighting for their survival, exacerbating a crisis of confidence among potential buyers. The State Council also said it would support the expansion of large-scale festivals and sporting events both on and offline, as well as an increase in spending on services involving catering and healthcare. Also read | China launches steps to expand consumption in automobile, real estate sectors Infrastructure in rural areas will be improved to boost digital and green consumption, it added. Officials told reporters they would "unleash consumption potential by optimising policy and institutional design" in the second half of the year. PMI contracts again Earlier on Monday the official manufacturing purchasing managers' index (PMI) -- a key measure of factory output -- came in at 49.3, below the 50-point mark that separates expansion and contraction, according to the National Bureau of Statistics (NBS). July's reading was slightly higher than June's 49.0 figure and was better than forecast in a Bloomberg survey. "The overall level of manufacturing prosperity continued to improve," NBS statistician Zhao Qinghe said in a statement. The non-manufacturing PMI, which measures business sentiment in the services and construction sectors, fell to 51.5 in July from 53.2 in June, as activity in capital market services and real estate shrank. "The data release showed mixed messages," Zhiwei Zhang, an analyst at Pinpoint Asset Management, wrote in a note, adding "it seems the economic momentum is still quite weak". Also read | China does not contribute to global peace and stability, say over 70% respondents in Pew survey China this month said its economy grew 6.3 per cent in the second quarter, much weaker than the 7.1 per cent predicted in an AFP survey of analysts. The country's top leaders, known as the Politburo, have warned that the economy faces "new difficulties and challenges" as well as "hidden dangers in key areas". Zhao also pointed to a low volume of overseas orders, describing a "complicated and severe external environment" and lacklustre demand as major challenges for Chinese manufacturers. In June, exports dived 12.4 per cent, their biggest decline in three years, according to customs figures. "The Politburo meeting acknowledged the challenge the economy faces," said Zhang, the analyst. "The key issue is what policies will be launched after the meeting and how effective they will be." WATH WION LIVE HERE:

China increases consumption after disappointing post-Covid economic recovery data

Philadelphia city officials have announced the filing of a lawsuit against two manufacturers of ghost guns, namely JSD Supply and Polymer 80, as per a local TV channel.

This comes after a man fatally shot dead five people in Philadelphia on Monday night.&nbsp;

A ghost gun refers to a firearm that is typically assembled by an individual using parts that can be purchased without a background check or registration. The term "ghost gun" arises from the fact that these firearms lack serial numbers or any traceable markings, making them difficult to track or identify.&nbsp;

Also Read | <a href="https://www.wionews.com/world/philadelphia-gunman-identified-as-gun-loving-blm-supporter-kimbrady-carriker-reports-612409">Philadelphia gunman identified as gun-loving BLM supporter Kimbrady Carriker: Reports</a>

The lawsuit, consisting of 60 pages, says that these companies ship gun parts to addresses in Philadelphia without conducting mandatory background checks or verifying the identity and age of purchasers.

<h2>Mayor's statement</h2>

Mayor Jim Kenny stated during a news conference that the manufacturers attempted to evade liability by claiming they sell parts, not complete guns.

"But the gun kits they sell can be assembled in minutes by virtually anyone," said Mayor Kenny Wednesday.&nbsp;The city aims to hold the manufacturers accountable for the consequences arising from the use of these weapons.

<h2>Rising use of ghost guns in crimes</h2>

The city of Philadelphia has experienced a significant increase in the usage of ghost guns for criminal activities in the past four years. In 2019, 95 ghost guns were involved in crimes, which rose to 250 in 2020, doubled to 571 in 2021, and surged further to 575 in 2022, media reports said.

Also Read | <a href="https://www.wionews.com/world/one-killed-two-injured-after-explosions-rock-ukrainian-court-612402">One killed, two injured after multiple explosions rock Ukrainian court</a>

So far in 2023, there have been 292 instances of ghost guns being used in crimes, including the recent mass shooting in Kingsessing where an AR-15 and a 9mm ghost gun were used.

The identity of the manufacturers of these firearms remains unknown.

Philadelphia city officials seek both monetary damages and injunctive relief from the manufacturers. They assert that the lawsuit is intended to secure freedom for the citizens of Philadelphia, as individuals in neighbourhoods like Kingsessing and across the city often fear for their safety due to the presence of unregulated firearms. Representatives from JSD Supply claimed they were unaware of the lawsuit, while Polymer 80 did not respond to inquiries from Action News.

It is worth noting that other cities have also taken legal action against these manufacturers. Polymer 80 recently settled a lawsuit with Los Angeles, agreeing to pay $5 million in damages.

<h2>Philadelphia gunman posted&nbsp;disturbing posts on social media&nbsp;</h2>

Authorities stated Wednesday that a Philadelphia gunman, identified as Kimbrady Carriker, has been charged with the murder of five individuals during the Fourth of July weekend. Prior to committing one of the several mass shootings that occurred over the holiday break in the United States, the suspect left disturbing posts on social media.

The incident resulted in the deaths of five people and the injury of two children. These acts of mass violence have become all too common in a country plagued by gun violence.

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According to the Gun Violence Archive, a total of 16 mass shootings occurred in the United States between Friday evening and Wednesday morning, resulting in 15 fatalities and 94 injuries.

A mass shooting is defined by the archive as an incident in which four or more individuals, excluding the shooter, are either killed or injured.

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Philadelphia city officials have announced the filing of a lawsuit against two manufacturers of ghost guns, namely JSD Supply and Polymer 80, as per a local TV channel.

Philadelphia city officials have announced the filing of a lawsuit against two manufacturers of ghost guns, namely JSD Supply and Polymer 80, as per a local TV channel. This comes after a man fatally shot dead five people in Philadelphia on Monday night. A ghost gun refers to a firearm that is typically assembled by an individual using parts that can be purchased without a background check or registration. The term "ghost gun" arises from the fact that these firearms lack serial numbers or any traceable markings, making them difficult to track or identify. Also Read | Philadelphia gunman identified as gun-loving BLM supporter Kimbrady Carriker: Reports The lawsuit, consisting of 60 pages, says that these companies ship gun parts to addresses in Philadelphia without conducting mandatory background checks or verifying the identity and age of purchasers. Mayor's statement Mayor Jim Kenny stated during a news conference that the manufacturers attempted to evade liability by claiming they sell parts, not complete guns. "But the gun kits they sell can be assembled in minutes by virtually anyone," said Mayor Kenny Wednesday. The city aims to hold the manufacturers accountable for the consequences arising from the use of these weapons. Rising use of ghost guns in crimes The city of Philadelphia has experienced a significant increase in the usage of ghost guns for criminal activities in the past four years. In 2019, 95 ghost guns were involved in crimes, which rose to 250 in 2020, doubled to 571 in 2021, and surged further to 575 in 2022, media reports said. Also Read | One killed, two injured after multiple explosions rock Ukrainian court So far in 2023, there have been 292 instances of ghost guns being used in crimes, including the recent mass shooting in Kingsessing where an AR-15 and a 9mm ghost gun were used. The identity of the manufacturers of these firearms remains unknown. Philadelphia city officials seek both monetary damages and injunctive relief from the manufacturers. They assert that the lawsuit is intended to secure freedom for the citizens of Philadelphia, as individuals in neighbourhoods like Kingsessing and across the city often fear for their safety due to the presence of unregulated firearms. Representatives from JSD Supply claimed they were unaware of the lawsuit, while Polymer 80 did not respond to inquiries from Action News. It is worth noting that other cities have also taken legal action against these manufacturers. Polymer 80 recently settled a lawsuit with Los Angeles, agreeing to pay $5 million in damages. Philadelphia gunman posted disturbing posts on social media Authorities stated Wednesday that a Philadelphia gunman, identified as Kimbrady Carriker, has been charged with the murder of five individuals during the Fourth of July weekend. Prior to committing one of the several mass shootings that occurred over the holiday break in the United States, the suspect left disturbing posts on social media. The incident resulted in the deaths of five people and the injury of two children. These acts of mass violence have become all too common in a country plagued by gun violence. Watch | British children are shorter than their European peers , says experts × According to the Gun Violence Archive, a total of 16 mass shootings occurred in the United States between Friday evening and Wednesday morning, resulting in 15 fatalities and 94 injuries. A mass shooting is defined by the archive as an incident in which four or more individuals, excluding the shooter, are either killed or injured. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. ×

Philadelphia files lawsuit against 'ghost gun' manufacturers

The global manufacturing sector finds itself in a challenging predicament as weakening demand and economic uncertainties take hold. Factories spanning the United States, Europe, and China are grappling with declining orders and a contracting industry. The implications of these trends have economists and manufacturers alike questioning the outlook for this vital sector.

According to recent business surveys conducted by data firm S&amp;P Global and cited by CNN, factories in the United States and the Eurozone reported a decline in new orders for manufactured goods in May. This decline comes as factories work through the backlogs accumulated during the pandemic's early days. However, the sustainability of these backlogs, which surged due to the initial impact of the pandemic, remains uncertain.

In the United States, the manufacturing sector entered contraction territory in May, as highlighted by data from S&amp;P Global and the Institute for Supply Management. This marked the seventh consecutive month of contraction, with the pace of decline accelerating compared to the previous month. US government data also revealed a consistent slowdown, with factory orders, excluding transportation, falling for the third consecutive month in April. Factory orders, excluding defense, declined in four of the past six months through April.

A similar scenario unfolded in the Eurozone, where production, new orders, and backlogs all experienced a decline in May, causing the sector to contract at a faster pace. Industrial production in the 20-nation currency area sharply declined in March, primarily driven by a significant slump in Ireland. This indicator measures the output of manufacturers, miners, and utility companies within the eurozone.

China's Manufacturing Woes

China, known for its robust manufacturing industry, also faces challenges. The country's Caixin manufacturing Purchasing Managers' Index showed an improvement in business conditions in May, providing temporary relief for investors concerned about stalled growth in the world's second-largest economy. However, recent data revealed a substantial 7.5 percent decline in exports from China in May, the largest drop since January, coupled with a further contraction in imports.

China's trade figures reflect weak global demand for Chinese goods and compound existing economic troubles such as rising unemployment and a deep slump in the property sector. The underwhelming rebound in China's economy raises doubts about the country's potential to reinvigorate global economic growth.

Manufacturers' Pessimism and Industry Outlook

Manufacturers' optimism worldwide has hit its lowest level since December, as revealed by the JPMorgan Global Manufacturing PMI cited by CNN. The growth seen in some large emerging markets in May contributed to a partial improvement in manufacturing activity. However, the outlook for the industry remains bleak, particularly with new export orders experiencing a sharp decline.

The economic landscape has played a significant role in the industry's challenges. Consumers worldwide shifted their spending patterns towards services due to the pandemic, resulting in a surge in goods purchases. However, as countries ease pandemic-related restrictions, consumers have redirected their spending back towards services, presenting a hurdle for goods producers. Additionally, tighter financial conditions resulting from central banks raising interest rates further compound the woes faced by manufacturers.

Leading manufacturers are also feeling the strain. Foxconn, a major electronics manufacturer and a key supplier for Apple, expects flat revenues from its cloud and networking products in 2023, with a projected decline in the second quarter. Similarly, 3M, a manufacturing behemoth, witnessed a significant decline in demand for consumer electronic devices, impacting its electronics business. In response, 3M announced plans for global layoffs in April.&nbsp;

The global manufacturing sector finds itself in a challenging predicament as weakening demand and economic uncertainties take hold. Factories spanning the United States, Europe, and China are grappling with declining orders and a contracting industry.

The global manufacturing sector finds itself in a challenging predicament as weakening demand and economic uncertainties take hold. Factories spanning the United States, Europe, and China are grappling with declining orders and a contracting industry. The implications of these trends have economists and manufacturers alike questioning the outlook for this vital sector. According to recent business surveys conducted by data firm S&P Global and cited by CNN, factories in the United States and the Eurozone reported a decline in new orders for manufactured goods in May. This decline comes as factories work through the backlogs accumulated during the pandemic's early days. However, the sustainability of these backlogs, which surged due to the initial impact of the pandemic, remains uncertain. In the United States, the manufacturing sector entered contraction territory in May, as highlighted by data from S&P Global and the Institute for Supply Management. This marked the seventh consecutive month of contraction, with the pace of decline accelerating compared to the previous month. US government data also revealed a consistent slowdown, with factory orders, excluding transportation, falling for the third consecutive month in April. Factory orders, excluding defense, declined in four of the past six months through April. A similar scenario unfolded in the Eurozone, where production, new orders, and backlogs all experienced a decline in May, causing the sector to contract at a faster pace. Industrial production in the 20-nation currency area sharply declined in March, primarily driven by a significant slump in Ireland. This indicator measures the output of manufacturers, miners, and utility companies within the eurozone. China's Manufacturing Woes China, known for its robust manufacturing industry, also faces challenges. The country's Caixin manufacturing Purchasing Managers' Index showed an improvement in business conditions in May, providing temporary relief for investors concerned about stalled growth in the world's second-largest economy. However, recent data revealed a substantial 7.5 percent decline in exports from China in May, the largest drop since January, coupled with a further contraction in imports. China's trade figures reflect weak global demand for Chinese goods and compound existing economic troubles such as rising unemployment and a deep slump in the property sector. The underwhelming rebound in China's economy raises doubts about the country's potential to reinvigorate global economic growth. Manufacturers' Pessimism and Industry Outlook Manufacturers' optimism worldwide has hit its lowest level since December, as revealed by the JPMorgan Global Manufacturing PMI cited by CNN. The growth seen in some large emerging markets in May contributed to a partial improvement in manufacturing activity. However, the outlook for the industry remains bleak, particularly with new export orders experiencing a sharp decline. The economic landscape has played a significant role in the industry's challenges. Consumers worldwide shifted their spending patterns towards services due to the pandemic, resulting in a surge in goods purchases. However, as countries ease pandemic-related restrictions, consumers have redirected their spending back towards services, presenting a hurdle for goods producers. Additionally, tighter financial conditions resulting from central banks raising interest rates further compound the woes faced by manufacturers. Leading manufacturers are also feeling the strain. Foxconn, a major electronics manufacturer and a key supplier for Apple, expects flat revenues from its cloud and networking products in 2023, with a projected decline in the second quarter. Similarly, 3M, a manufacturing behemoth, witnessed a significant decline in demand for consumer electronic devices, impacting its electronics business. In response, 3M announced plans for global layoffs in April.

Factory Blues: The Global Manufacturing Industry's Unfortunate Downswing

India is gaining prominence as it positions itself to replace China as a manufacturing hub. With the world's largest population, a rapidly growing middle class, and some of the top manufacturers, India provides an ideal investment opportunity for manufacturers to set up their production facilities. The most recent entrant is Hyundai, which signed a deal with the tamil nadu government. The South Korean automaker will invest 2.5 billion dollars over the next 10 years to manufacture electric vehicles in the country.

Explained: India's manufacturing appeal

In a strategic move to expand its presence in the Indian market, tech&nbsp;behemoth Cisco Systems on Wednesday announced its plans to commence manufacturing operations in India.

The US tech giant said that it is eyeing $1 billion worth of combined exports and domestic market production from India, which will be seen as a&nbsp;boost to India's vision of becoming a global manufacturing hub.&nbsp;

Speaking to CNBC-TV18, Cisco CEO Chuck Robbins revealed that the manufacturing facility will come up in the southern Indian city of Chennai. Robbins also expressed optimism that&nbsp;the facility will be&nbsp;up and running within the next 12 months.

As per reports, Cisco plans to manufacture a select few high-volume products and gradually expand its product portfolio in India.&nbsp;

Robbins described India as the “number one growth opportunity over the next decade" and added that it will&nbsp;contribute almost 10 percent to&nbsp;the company's revenue in the coming years.

“I think when you talk to government leaders, the consistency around the single mission what they believe they can achieve for India is clear and we are excited to be a small part of it," Robbins told PTI.&nbsp;

Cisco's manufacturing plans were announced after a meeting between Chuck Robbins and Prime Minister Narendra Modi in New Delhi on Wednesday.&nbsp;

<blockquote class="twitter-tweet">
Delighted to meet you <a href="https://twitter.com/ChuckRobbins?ref_src=twsrc%5Etfw">@ChuckRobbins</a> and good to see <a href="https://twitter.com/Cisco?ref_src=twsrc%5Etfw">@Cisco</a> harnessing the wide range of opportunities available in India. <a href="https://t.co/AvtvwrrHYj">https://t.co/AvtvwrrHYj</a>
— Narendra Modi (@narendramodi) <a href="https://twitter.com/narendramodi/status/1656333422669987840?ref_src=twsrc%5Etfw">May 10, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Cisco's plan&nbsp;to manufacture in India stems from its strategy to establish a diverse and resilient global supply chain. By supporting India's ambition to become a global manufacturing hub, Cisco aims to tap into the country's rapidly developing digital economy.&nbsp;

"India is of strategic importance for Cisco, and we continue to bet on India. Today's announcement marks a significant milestone to power the next phase of growth for Cisco,"&nbsp;Daisy Chittilapilly, Cisco's Country Head, told Reuters.&nbsp;

Prime Minister Modi's government has been actively working to position India as a global electronics hub, attracting suppliers and device assemblers to establish their operations in the country.&nbsp;

(With agency inputs)&nbsp;

In a strategic move to expand its presence in the Indian market, tech behemoth Cisco Systems on Wednesday announced its plans to commence manufacturing operations in India.

In a strategic move to expand its presence in the Indian market, tech behemoth Cisco Systems on Wednesday announced its plans to commence manufacturing operations in India. The US tech giant said that it is eyeing $1 billion worth of combined exports and domestic market production from India, which will be seen as a boost to India's vision of becoming a global manufacturing hub. Speaking to CNBC-TV18, Cisco CEO Chuck Robbins revealed that the manufacturing facility will come up in the southern Indian city of Chennai. Robbins also expressed optimism that the facility will be up and running within the next 12 months. As per reports, Cisco plans to manufacture a select few high-volume products and gradually expand its product portfolio in India. Robbins described India as the “number one growth opportunity over the next decade" and added that it will contribute almost 10 percent to the company's revenue in the coming years. “I think when you talk to government leaders, the consistency around the single mission what they believe they can achieve for India is clear and we are excited to be a small part of it," Robbins told PTI. Cisco's manufacturing plans were announced after a meeting between Chuck Robbins and Prime Minister Narendra Modi in New Delhi on Wednesday. Delighted to meet you @ChuckRobbins and good to see @Cisco harnessing the wide range of opportunities available in India. https://t.co/AvtvwrrHYj — Narendra Modi (@narendramodi) May 10, 2023 Cisco's plan to manufacture in India stems from its strategy to establish a diverse and resilient global supply chain. By supporting India's ambition to become a global manufacturing hub, Cisco aims to tap into the country's rapidly developing digital economy. "India is of strategic importance for Cisco, and we continue to bet on India. Today's announcement marks a significant milestone to power the next phase of growth for Cisco," Daisy Chittilapilly, Cisco's Country Head, told Reuters. Prime Minister Modi's government has been actively working to position India as a global electronics hub, attracting suppliers and device assemblers to establish their operations in the country. (With agency inputs)

In boost to 'Make In India', Tech giant Cisco to start manufacturing in India

Pakistan's annual inflation rate reached 35.37 per cent in March, the highest-ever in over five decades, as per reports citing government data.&nbsp;According to official figures issued Saturday, month-over-month inflation was 3.72 per cent, while year-on-year inflation&nbsp;was at an average of 27.26 per cent.

The country is experiencing high levels of inflation with the prices of essential food items such as wheat flour, sugar, and edible oil increasing significantly.&nbsp;At least 20 people have died in crowd crushes at food distribution centres since the start of the Muslim fasting month of Ramadan.&nbsp;

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This comes as the Pakistani government hurried to comply with IMF requirements in order to secure a much-needed bailout. Moreover, the future of almost 20,000 workers is in jeopardy as nearly all of the country's 30 mobile phone assembly plants, including three operated by international brands, have to stop working.

The assembly units remained closed as manufacturers claim&nbsp;that they have run out of raw materials due to import restrictions. After paying workers half of their April salary in advance, the majority of businesses have placed them on hold. The employees have been informed that they will be contacted once manufacturing starts&nbsp;again.

Also Read | <a href="https://www.wionews.com/south-asia/nepal-president-ramchandra-paudel-admitted-to-hospital-578148">Nepal President Ramchandra Paudel admitted to hospital</a>

Mobile manufacturers claim that in order for the industry to run at full capacity, they have to import parts and components worth $170 million each month. However, because of the dollar shortage, the government is not permitting the opening of credit letters.&nbsp;

The high inflation rate has&nbsp;a significant impact on the people of Pakistan, especially those with low and fixed incomes. The rising prices of essential goods and services is making it difficult for them to make ends meet.&nbsp;

Watch | WION Exclusive: Indian Actor Dia Mirza speaks to WION on playing Geetanjali in 'Bheed'

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The Pakistani government took several measures to control inflation, such as increasing interest rates and reducing import duties on essential food items. However, these measures had limited impact, and inflation continues to remain high.

The country has also been facing challenges due to a widening current account deficit and a decline in foreign exchange reserves. The government had taken measures to address these challenges, such as seeking assistance from international organisations.&nbsp; 
 
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Pakistan's annual inflation rate reached 35.37 per cent in March, the highest-ever in over five decades, as per reports citing government data. According to official figures issued Saturday, month-over-month inflation was 3.

Pakistan's annual inflation rate reached 35.37 per cent in March, the highest-ever in over five decades, as per reports citing government data. According to official figures issued Saturday, month-over-month inflation was 3.72 per cent, while year-on-year inflation was at an average of 27.26 per cent. The country is experiencing high levels of inflation with the prices of essential food items such as wheat flour, sugar, and edible oil increasing significantly. At least 20 people have died in crowd crushes at food distribution centres since the start of the Muslim fasting month of Ramadan. Watch | Hot air balloon catches fire mid-air in Mexico, two dead and a child injured This comes as the Pakistani government hurried to comply with IMF requirements in order to secure a much-needed bailout. Moreover, the future of almost 20,000 workers is in jeopardy as nearly all of the country's 30 mobile phone assembly plants, including three operated by international brands, have to stop working. The assembly units remained closed as manufacturers claim that they have run out of raw materials due to import restrictions. After paying workers half of their April salary in advance, the majority of businesses have placed them on hold. The employees have been informed that they will be contacted once manufacturing starts again. Also Read | Nepal President Ramchandra Paudel admitted to hospital Mobile manufacturers claim that in order for the industry to run at full capacity, they have to import parts and components worth $170 million each month. However, because of the dollar shortage, the government is not permitting the opening of credit letters. The high inflation rate has a significant impact on the people of Pakistan, especially those with low and fixed incomes. The rising prices of essential goods and services is making it difficult for them to make ends meet. Watch | WION Exclusive: Indian Actor Dia Mirza speaks to WION on playing Geetanjali in 'Bheed' × The Pakistani government took several measures to control inflation, such as increasing interest rates and reducing import duties on essential food items. However, these measures had limited impact, and inflation continues to remain high. The country has also been facing challenges due to a widening current account deficit and a decline in foreign exchange reserves. The government had taken measures to address these challenges, such as seeking assistance from international organisations. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Pakistan inflation at 50-year high; future of 20,000 employees in jeopardy as phone assembly units shut

China's factory activity shrank for the third straight month in December. This has covid infections swept through production lines across the country after Beijing's abrupt reversal of anti-virus measures.

World Business Watch: China's manufacturing contracts at sharpest pace in three years

Covid-related restrictions seem to have had an adverse impact on China’s manufacturing activity, as the country’s purchasing managers index (PMI) shrank to 49.2 in October, according to the data released by the National Bureau of Statistics (NBS) on Monday. In September, the PMI was at 50.1

In PMI parlance, a score above 50 means expansion, while a score below 50 denotes contraction.

Apart from that, the non-manufacturing PMI, which is the service sector activity, also fell to 48.7 from 50.6 in September.

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"The official PMIs point to a further loss of momentum in this month as virus disruptions worsened and export orders remained under pressure," said Zichun Huang, an economist at Capital Economics, in a research note, reports Reuters news agency.

"With the zero-Covid policy here to stay, we think the economy will continue to struggle heading into 2023."

So far, 31 cities have been out under lockdown, affecting around 232 million people, Nomura said in a research note.

Experts believe that China’s draconian zero-Covid policy could further dampen the country’s road to economic recovery, with restrictions expected to remain in place for some more time.

"We don't expect the zero-Covid policy to be abandoned until 2024, which means virus disruptions will keep in-person services activity subdued," said Huang from Capital Economics.

The adverse impact of Covid restriction is already being felt at Apple supplier Foxconn's iPhone manufacturing facility in China's Zhengzhou city.

The company has decided to slash the November iPhone shipments by up to 30 per cent, Reuters news agency reported citing a source.

The plant, which employs about 200,000 workers, has in recent days hit by worker discontent over stringent Covid measures.

Several migrant workers reportedly fled the plant over the weekend for their hometowns, driving cities to hastily draw up plans to accommodate them.

(With inputs from agencies)

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Covid-related restrictions seem to have had an adverse impact on China’s manufacturing activity, as the country’s purchasing managers index (PMI) shrank to 49.2 in October, according to the data released by the National Bureau of Statistics (NBS) on Monday.

Covid-related restrictions seem to have had an adverse impact on China’s manufacturing activity, as the country’s purchasing managers index (PMI) shrank to 49.2 in October, according to the data released by the National Bureau of Statistics (NBS) on Monday. In September, the PMI was at 50.1 In PMI parlance, a score above 50 means expansion, while a score below 50 denotes contraction. Apart from that, the non-manufacturing PMI, which is the service sector activity, also fell to 48.7 from 50.6 in September. Watch | China Covid Chaos: Shanghai government bars people from entering and exiting Disney park × "The official PMIs point to a further loss of momentum in this month as virus disruptions worsened and export orders remained under pressure," said Zichun Huang, an economist at Capital Economics, in a research note, reports Reuters news agency. "With the zero-Covid policy here to stay, we think the economy will continue to struggle heading into 2023." So far, 31 cities have been out under lockdown, affecting around 232 million people, Nomura said in a research note. Experts believe that China’s draconian zero-Covid policy could further dampen the country’s road to economic recovery, with restrictions expected to remain in place for some more time. "We don't expect the zero-Covid policy to be abandoned until 2024, which means virus disruptions will keep in-person services activity subdued," said Huang from Capital Economics. The adverse impact of Covid restriction is already being felt at Apple supplier Foxconn's iPhone manufacturing facility in China's Zhengzhou city. The company has decided to slash the November iPhone shipments by up to 30 per cent, Reuters news agency reported citing a source. The plant, which employs about 200,000 workers, has in recent days hit by worker discontent over stringent Covid measures. Several migrant workers reportedly fled the plant over the weekend for their hometowns, driving cities to hastily draw up plans to accommodate them. (With inputs from agencies) WATCH WION LIVE HERE:

China’s manufacturing, services shrink in October as zero-Covid policy bites

India is expecting to court a total investment of at least $25 billion as a result of its incentive scheme meant to boost local manufacturing of chip and display panels.

Indian government to provide 50% incentive for semiconductor manufacturing

The rise in workers quitting their jobs and manufacturers becoming more anxious about supply over summer because of China's zero tolerance policy of COVID, US factory activity grew at its lowest space in more than one and a half years last month.

US manufacturing activity slowest in more than a year as workers quit

India is a "vaccine powerhouse" and America's work with the country in vaccine manufacturing is saving people's lives, the head of the US International Development Finance Corporation, David Marchick, has said ahead of his India visit.

The United States International Development Finance Corporation (DFC) is America's development bank, which invests in developing countries around the world.

Leading a high-powered delegation, DFC Chief Operating Officer (COO) Marchick would travel to India from October 24 to 26.

Also Read |&nbsp;<a href="https://www.wionews.com/world/coronavirus-nih-admits-to-us-funding-of-gain-of-function-research-in-wuhan-lab-423010">Coronavirus: NIH admits to US funding of gain-of-function research in Wuhan lab</a>

India is the most important and largest partner for DFC investment amounting to more than USD 2.3 billion, which is almost eight per cent of its overall exposure, Marchick said ahead of his India visit beginning Sunday.

We have a very ambitious pipeline. We are very, very excited to work with India to drive economic development and strengthen the partnership between the United States and India,&nbsp;Marchick told PTI in a recent interview.

The DFC COO is currently visiting South Africa, from where he is scheduled to travel to India.

Normally the DFC's work lifts up people's lives. Our work with India on vaccine manufacturing is saving people's lives,&nbsp;he said in response to a question.

During his India trip, Marchick is scheduled to travel to Hyderabad where he will visit the offices of the Indian vaccine manufacturer Biological E and participate in a signing ceremony to open a new facility with substantial capacity for vaccine manufacturing.

India is a vaccine powerhouse. It has very innovative and productive companies in the space. They're producing huge numbers of vaccines,&nbsp;he said. At the same time, he noted that the world needs additional capacity.

India is an absolutely critical part of the solution for the pandemic, given that it is a vaccine powerhouse,&nbsp;Marchick said, underlining that India reaching the milestone of one billion doses is extraordinary. 
India scripted history on Thursday with the cumulative COVID-19 vaccine doses administered in the country surpassing the 100-crore milestone.

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/indian-doctors-affirm-us-study-that-says-first-dose-of-covid-19-vaccine-boosts-mental-health-422841">Indian doctors affirm US study that says first dose of COVID-19 vaccine boosts mental health</a>

Prior to the start of the pandemic, total vaccine manufacturing capacity around the world was around five billion. That's for all vaccines, including for polio and yellow fever.

We need somewhere in the range of 11 billion doses of manufacturing capacity around the world for COVID alone. So, India can play a huge role in filling that gap. And the DFC, the Biden administration, is using its tools to help expand vaccine manufacturing in India and around the world to help get shots in arms,&nbsp;Marchick said.

This work is in advancement of the historic commitment set out by President Joe Biden and his counterparts in the 'Quad' -- Australia, India, Japan and the US.

On September 24, Biden hosted the first-ever in-person summit of Quad leaders at the White House. At President Biden's invitation, Prime Minister Narendra Modi and his counterparts Scott Morrison from Australia and Yoshihide Suga from Japan had attended the Quad summit.

After the conclusion of the summit, the Quad leaders in a joint statement had said that in addition to doses financed through COVAX, the four-nation bloc has pledged to donate more than 1.2 billion doses globally of safe and effective COVID-19 vaccines and has so far delivered nearly 79 million safe, effective, and quality-assured vaccine doses to countries in the Indo-Pacific as part of those commitments.

Observing that American healthcare experts are in regular touch with the Indian authorities and companies to provide technical assistance, the COO said the DFC provided financing of about USD 50 million for a new facility to be built for Biological E and a new factory, which will substantially expand its capacity to allow it to manufacture in excess of a billion doses.

In addition to helping India expand its vaccine manufacturing capacity, DFC has been a major investor in India's other sectors as well, he said.

We're a huge investor in India. We have USD 2.3 billion of investments already. We have a significant pipeline of over USD 1 billion. So, we would be one of the larger investors in India. Our goal is to catalyse private sector financial activity,&nbsp;he said.

DFC, he said, is particularly focused on four sectors: climate, health, equity and gender opportunities and then technology. These are obviously four critical areas for the development of India's economy, Marchick observed.

Also Read |&nbsp;<a href="https://www.wionews.com/india-news/covid-19-vaccination-in-india-crosses-1-billion-what-about-its-neighbours-422545">COVID-19 vaccination in India crosses 1 billion. What about its neighbours?</a>

On climate, obviously the president (Biden) has said that climate is an existential threat. India is a linchpin in having the world address the climate crisis,&nbsp;Marchick said, adding that Prime Minister Narendra Modi is seized with the issue and India "has the most ambitious renewable energy strategy of any country in the world" and we want to help and be a solution provider for that.

On gender equity, DFC's main goal is to provide financing for small and medium sized enterprises that are run by women, are owned by women. We have partnered with a number of financial institutions in India to provide them with liquidity and capital, which they can then lend to small and medium sized enterprises in India,&nbsp;the COO said.

In technology, obviously India is a powerhouse and we provide financing for various technology missions,&nbsp;Marchick said. However, the main reason for the trip is vaccine and vaccine manufacturing.

India is a "vaccine powerhouse" and America's work with the country in vaccine manufacturing is saving people's lives, the head of the US International Development Finance Corporation, David Marchick, has said ahead of his India visit.

India is a "vaccine powerhouse" and America's work with the country in vaccine manufacturing is saving people's lives, the head of the US International Development Finance Corporation, David Marchick, has said ahead of his India visit. The United States International Development Finance Corporation (DFC) is America's development bank, which invests in developing countries around the world. Leading a high-powered delegation, DFC Chief Operating Officer (COO) Marchick would travel to India from October 24 to 26. Also Read | Coronavirus: NIH admits to US funding of gain-of-function research in Wuhan lab India is the most important and largest partner for DFC investment amounting to more than USD 2.3 billion, which is almost eight per cent of its overall exposure, Marchick said ahead of his India visit beginning Sunday. We have a very ambitious pipeline. We are very, very excited to work with India to drive economic development and strengthen the partnership between the United States and India, Marchick told PTI in a recent interview. The DFC COO is currently visiting South Africa, from where he is scheduled to travel to India. Normally the DFC's work lifts up people's lives. Our work with India on vaccine manufacturing is saving people's lives, he said in response to a question. During his India trip, Marchick is scheduled to travel to Hyderabad where he will visit the offices of the Indian vaccine manufacturer Biological E and participate in a signing ceremony to open a new facility with substantial capacity for vaccine manufacturing. India is a vaccine powerhouse. It has very innovative and productive companies in the space. They're producing huge numbers of vaccines, he said. At the same time, he noted that the world needs additional capacity. India is an absolutely critical part of the solution for the pandemic, given that it is a vaccine powerhouse, Marchick said, underlining that India reaching the milestone of one billion doses is extraordinary. India scripted history on Thursday with the cumulative COVID-19 vaccine doses administered in the country surpassing the 100-crore milestone. Also Read | Indian doctors affirm US study that says first dose of COVID-19 vaccine boosts mental health Prior to the start of the pandemic, total vaccine manufacturing capacity around the world was around five billion. That's for all vaccines, including for polio and yellow fever. We need somewhere in the range of 11 billion doses of manufacturing capacity around the world for COVID alone. So, India can play a huge role in filling that gap. And the DFC, the Biden administration, is using its tools to help expand vaccine manufacturing in India and around the world to help get shots in arms, Marchick said. This work is in advancement of the historic commitment set out by President Joe Biden and his counterparts in the 'Quad' -- Australia, India, Japan and the US. On September 24, Biden hosted the first-ever in-person summit of Quad leaders at the White House. At President Biden's invitation, Prime Minister Narendra Modi and his counterparts Scott Morrison from Australia and Yoshihide Suga from Japan had attended the Quad summit. After the conclusion of the summit, the Quad leaders in a joint statement had said that in addition to doses financed through COVAX, the four-nation bloc has pledged to donate more than 1.2 billion doses globally of safe and effective COVID-19 vaccines and has so far delivered nearly 79 million safe, effective, and quality-assured vaccine doses to countries in the Indo-Pacific as part of those commitments. Observing that American healthcare experts are in regular touch with the Indian authorities and companies to provide technical assistance, the COO said the DFC provided financing of about USD 50 million for a new facility to be built for Biological E and a new factory, which will substantially expand its capacity to allow it to manufacture in excess of a billion doses. In addition to helping India expand its vaccine manufacturing capacity, DFC has been a major investor in India's other sectors as well, he said. We're a huge investor in India. We have USD 2.3 billion of investments already. We have a significant pipeline of over USD 1 billion. So, we would be one of the larger investors in India. Our goal is to catalyse private sector financial activity, he said. DFC, he said, is particularly focused on four sectors: climate, health, equity and gender opportunities and then technology. These are obviously four critical areas for the development of India's economy, Marchick observed. Also Read | COVID-19 vaccination in India crosses 1 billion. What about its neighbours? On climate, obviously the president (Biden) has said that climate is an existential threat. India is a linchpin in having the world address the climate crisis, Marchick said, adding that Prime Minister Narendra Modi is seized with the issue and India "has the most ambitious renewable energy strategy of any country in the world" and we want to help and be a solution provider for that. On gender equity, DFC's main goal is to provide financing for small and medium sized enterprises that are run by women, are owned by women. We have partnered with a number of financial institutions in India to provide them with liquidity and capital, which they can then lend to small and medium sized enterprises in India, the COO said. In technology, obviously India is a powerhouse and we provide financing for various technology missions, Marchick said. However, the main reason for the trip is vaccine and vaccine manufacturing.

US working with India on vaccine manufacturing to save people's lives: US DFC chief

The head of the US International Development Finance Corporation would be visiting India later this month as part of the Quad's efforts to boost vaccine manufacturing.

The United States International Development Finance Corporation (DFC) is a state-run development finance institution, which invests in development projects primarily in lower- and middle-income countries.

Also Read |&nbsp;<a href="https://www.wionews.com/world/us-experts-recommend-moderna-booster-for-older-and-at-risk-groups-420849">US experts recommend Moderna booster for older and at-risk groups</a>

Leading a high-powered delegation, DFC Chief Operating Officer (COO) David Marchick would travel to India from October 24 to 26.

In Hyderabad, the delegation will visit the offices of the Indian vaccine manufacturer Biological E and participate in a signing ceremony to open a new facility with substantial capacity for vaccine manufacturing, an official release said.

This work is in support of the historic commitment set out by President (Joe) Biden and his counterparts in the 'Quad' &nbsp;Australia, India, Japan and the United States," the DFC said in a statement.

Marchick would travel to India after his visit to South Africa beginning October 18. The travel to South Africa and India is to advance DFC investments helping boost global health and expand COVID-19 vaccine production capacity throughout the developing world.

DFC Vice President of Development Credit Jim Polan and other DFC senior staff will accompany the COO.

Also Read |&nbsp;<a href="https://www.wionews.com/world/us-to-allow-fully-vaccinated-travellers-from-november-8-white-house-421033">US to allow fully vaccinated travellers from November 8: White House&nbsp;</a>

During the South Africa tour, the DFC delegation will visit Africa Data Centres, a DFC client that is developing and expanding critical technology infrastructure throughout Africa. The delegation will tour the sterile facilities of Aspen Pharmacare, Africa's largest pharmaceutical manufacturer, in Gqeberha (formally known as Port Elizabeth), as well as meet with other pharmaceutical manufacturers critical to the COVID-19 response, a media release said.

Since day one of the Biden administration, President Biden has stated that the only way to defeat COVID-19 is to end the pandemic both at home and abroad by vaccinating Americans at home and non-Americans abroad,&nbsp;the DFC said.

The US has committed to donate 1.1 billion doses of Covid vaccines worldwide and has already shipped nearly 200 million doses to developing countries more doses than the rest of the world combined, it said.

The head of the US International Development Finance Corporation would be visiting India later this month as part of the Quad's efforts to boost vaccine manufacturing.

The head of the US International Development Finance Corporation would be visiting India later this month as part of the Quad's efforts to boost vaccine manufacturing. The United States International Development Finance Corporation (DFC) is a state-run development finance institution, which invests in development projects primarily in lower- and middle-income countries. Also Read | US experts recommend Moderna booster for older and at-risk groups Leading a high-powered delegation, DFC Chief Operating Officer (COO) David Marchick would travel to India from October 24 to 26. In Hyderabad, the delegation will visit the offices of the Indian vaccine manufacturer Biological E and participate in a signing ceremony to open a new facility with substantial capacity for vaccine manufacturing, an official release said. This work is in support of the historic commitment set out by President (Joe) Biden and his counterparts in the 'Quad' Australia, India, Japan and the United States," the DFC said in a statement. Marchick would travel to India after his visit to South Africa beginning October 18. The travel to South Africa and India is to advance DFC investments helping boost global health and expand COVID-19 vaccine production capacity throughout the developing world. DFC Vice President of Development Credit Jim Polan and other DFC senior staff will accompany the COO. Also Read | US to allow fully vaccinated travellers from November 8: White House During the South Africa tour, the DFC delegation will visit Africa Data Centres, a DFC client that is developing and expanding critical technology infrastructure throughout Africa. The delegation will tour the sterile facilities of Aspen Pharmacare, Africa's largest pharmaceutical manufacturer, in Gqeberha (formally known as Port Elizabeth), as well as meet with other pharmaceutical manufacturers critical to the COVID-19 response, a media release said. Since day one of the Biden administration, President Biden has stated that the only way to defeat COVID-19 is to end the pandemic both at home and abroad by vaccinating Americans at home and non-Americans abroad, the DFC said. The US has committed to donate 1.1 billion doses of Covid vaccines worldwide and has already shipped nearly 200 million doses to developing countries more doses than the rest of the world combined, it said.

US Development Finance Corporation chief to visit India to boost vaccine manufacturing

Chinese factory activity contracted in September for the first time since the height of its initial coronavirus outbreak in February 2020, official data showed Thursday, as it faces waves of power outages and fears for the real estate sector.

The Purchasing Managers' Index (PMI) -- a key gauge of manufacturing activity in the world's second-largest economy -- slipped to 49.6 from 50.1 in August, the National Bureau of Statistics said.

Any figure below the 50-point mark represents contraction, while above it indicates growth.&nbsp;

It is the first time China's PMI has contracted since Covid first began spreading around the country, forcing the government to impose lockdowns that led factories to shut and battered the world's number two economy.

But now authorities are struggling to tackle an energy crunch caused by tight coal supplies and sky-high prices, leading to factory suspensions and power blackouts in at least 17 provinces in recent months. &nbsp;

The growing power crisis, exacerbated by local government restrictions on factories to cut energy use, has led some major banks to lower their annual growth forecast for China, while there are also concerns about the impact on supply chains for global firms such as Apple and Tesla.

NBS senior statistician Zhao Qinghe said the PMI fell below the threshold because of "the relatively low prosperity of energy-intensive industries".

Julian Evans-Pritchard of Capital Economics warned: "Industry looks set for further weakness given that property construction is in the early stages of structural slowdown, power rationing may persist for some time and exports are likely to drop back as global consumption patterns normalise."

The figure was slightly below the forecast of Bloomberg analysts, who expected a small rebound after successfully containing recent coronavirus outbreaks.

While China's economy has largely bounced back from the initial blow of the pandemic, multiple outbreaks in the summer hit domestic tourism and manufacturing as fresh containment measures and lockdowns were introduced in swathes of the country.

As a result, China's non-manufacturing PMI -- which measures activity in construction and services -- shrank in August for the first time since the pandemic began, but rebounded back to growth in September.

Default fears around Chinese real estate giant Evergrande -- bogged down in a $300 billion debt quagmire -- have also hit consumer confidence, as the government tries to stop financial risk from spilling over into the rest of the property sector.

Zhiwei Zhang, chief economist at Pinpoint Asset Management, said the weak PMI would serve as an "alarm" for the government.

"Economic growth in Q4 will likely slow further without a change of government policies, and the pace of slowdown may pick up," he said.&nbsp;

Chinese factory activity contracted in September for the first time since the height of its initial coronavirus outbreak in February 2020, official data showed Thursday, as it faces waves of power outages and fears for the real estate sector.

Chinese factory activity contracted in September for the first time since the height of its initial coronavirus outbreak in February 2020, official data showed Thursday, as it faces waves of power outages and fears for the real estate sector. The Purchasing Managers' Index (PMI) -- a key gauge of manufacturing activity in the world's second-largest economy -- slipped to 49.6 from 50.1 in August, the National Bureau of Statistics said. Any figure below the 50-point mark represents contraction, while above it indicates growth. It is the first time China's PMI has contracted since Covid first began spreading around the country, forcing the government to impose lockdowns that led factories to shut and battered the world's number two economy. But now authorities are struggling to tackle an energy crunch caused by tight coal supplies and sky-high prices, leading to factory suspensions and power blackouts in at least 17 provinces in recent months. The growing power crisis, exacerbated by local government restrictions on factories to cut energy use, has led some major banks to lower their annual growth forecast for China, while there are also concerns about the impact on supply chains for global firms such as Apple and Tesla. NBS senior statistician Zhao Qinghe said the PMI fell below the threshold because of "the relatively low prosperity of energy-intensive industries". Julian Evans-Pritchard of Capital Economics warned: "Industry looks set for further weakness given that property construction is in the early stages of structural slowdown, power rationing may persist for some time and exports are likely to drop back as global consumption patterns normalise." The figure was slightly below the forecast of Bloomberg analysts, who expected a small rebound after successfully containing recent coronavirus outbreaks. While China's economy has largely bounced back from the initial blow of the pandemic, multiple outbreaks in the summer hit domestic tourism and manufacturing as fresh containment measures and lockdowns were introduced in swathes of the country. As a result, China's non-manufacturing PMI -- which measures activity in construction and services -- shrank in August for the first time since the pandemic began, but rebounded back to growth in September. Default fears around Chinese real estate giant Evergrande -- bogged down in a $300 billion debt quagmire -- have also hit consumer confidence, as the government tries to stop financial risk from spilling over into the rest of the property sector. Zhiwei Zhang, chief economist at Pinpoint Asset Management, said the weak PMI would serve as an "alarm" for the government. "Economic growth in Q4 will likely slow further without a change of government policies, and the pace of slowdown may pick up," he said.

China factory activity shrinks for first time since February 2020

China's economic growth has more than halved in the second quarter from a record expansion in the first three months of the year, as slowing manufacturing activity, higher raw material costs, and new COVID-19 cases weighed on the recovery momentum.

World Business Watch: China's economic growth more than halves in second-quarter

India and Russia are discussing the possibility of ‘additional’ production of Russian military equipment in India, Russian Foreign Minister Sergei Lavrov said at a news conference on Tuesday while on a visit to New Delhi.

Lavrov and India's External Affairs Minister S Jaishankar&nbsp;assessed ‘positively’ the economic cooperation between New Delhi and Moscow and noted new opportunities in the Russian far east during the discussion.&nbsp;

In a joint appearance with Lavrov, Jaishankar said they both talked about connectivity, including the International North-South Transport Corridor and Chennai-Vladivostok Maritime Corridor.

Earlier in the day, Lavrov, who is on a two-day visit, held delegation-level talks with Jaishankar. Much of the discussion between the two ministers covered the preparations for President Vladimir Putin’s visit for the annual summit to be held in India later this year.&nbsp;

"Our bilateral cooperation remains energetic and forward-looking. We talked about the longstanding partnership in the nuclear space and defence sectors. We assess positively our economic cooperation noting new opportunities in the Russian far east. We spoke of connectivity including the International North-South Transport Corridor and Chennai-Vladivostok Maritime Corridor," Jaishankar said.

"We also found an appetite for greater investment in each other by both the countries. Russian support for our Gaganyaan programme has progressed for which deeply appreciate. Our defence requirement in the past year was expeditiously addressed," he added.

(With inputs from agencies)

India and Russia are discussing the possibility of ‘additional’ production of Russian military equipment in India, Russian Foreign Minister Sergei Lavrov said at a news conference on Tuesday while on a visit to New Delhi.

India and Russia are discussing the possibility of ‘additional’ production of Russian military equipment in India, Russian Foreign Minister Sergei Lavrov said at a news conference on Tuesday while on a visit to New Delhi. Lavrov and India's External Affairs Minister S Jaishankar assessed ‘positively’ the economic cooperation between New Delhi and Moscow and noted new opportunities in the Russian far east during the discussion. In a joint appearance with Lavrov, Jaishankar said they both talked about connectivity, including the International North-South Transport Corridor and Chennai-Vladivostok Maritime Corridor. Earlier in the day, Lavrov, who is on a two-day visit, held delegation-level talks with Jaishankar. Much of the discussion between the two ministers covered the preparations for President Vladimir Putin’s visit for the annual summit to be held in India later this year. "Our bilateral cooperation remains energetic and forward-looking. We talked about the longstanding partnership in the nuclear space and defence sectors. We assess positively our economic cooperation noting new opportunities in the Russian far east. We spoke of connectivity including the International North-South Transport Corridor and Chennai-Vladivostok Maritime Corridor," Jaishankar said. "We also found an appetite for greater investment in each other by both the countries. Russian support for our Gaganyaan programme has progressed for which deeply appreciate. Our defence requirement in the past year was expeditiously addressed," he added. (With inputs from agencies)

India, Russia discussing Moscow’s military manufacturing in India: Lavrov

A measure of US manufacturing activity soared to its highest level in more than 37 years in March, driven by strong growth in new orders, the clearest sign yet that a much anticipated economic boom was probably underway.

World Business Watch: US manufacturing sector index races to 37-year high in March

India's manufacturing sector activity contracted at a slightly faster pace in July as demand conditions remained subdued amid prolonged closures, following which firms reduced both staff numbers as well as purchasing activity, a monthly survey said on Monday.

The headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) stood at 46 in July, down from 47.2 in June. It is the fourth straight month of contraction for the Indian manufacturing sector.

In April, the index had slipped into contraction mode, after remaining in the growth territory for 32 consecutive months. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction.

"Latest PMI data from Indian manufacturers shed more light on the state of economic conditions in one of the countries worst affected by the COVID-19 pandemic," said Eliot Kerr, Economist at IHS Markit.

The survey results showed a re-acceleration of declines in the key indices of output and new orders, undermining the trend towards stabilisation seen over the past two months, Kerr said.

He further noted that "anecdotal evidence indicated that firms were struggling to obtain work, with some of their clients remaining in lockdown, suggesting that we won't see a pick-up in activity until infection rates are quelled and restrictions can be further removed".

As per the survey, output contracted at a slightly faster pace than in June as demand conditions remained subdued with some businesses still closed amid lockdown extensions.

Moreover, export orders also witnessed a decline. Survey participants commented that international clients were hesitant to place orders while the duration of the pandemic remained uncertain.

Deteriorating demand conditions led Indian manufacturers to continue cutting staff numbers during July.

On the cost front, manufacturers reported another decrease in input prices during July, the survey said adding that subdued demand for most goods more than offset the inflationary effects of shortages in some raw materials, the survey said.

However, despite the ongoing negative impact of COVID-19, sentiment towards future activity improved for the second month running, the survey said.

India's manufacturing sector activity contracted at a slightly faster pace in July as demand conditions remained subdued amid prolonged closures, following which firms reduced both staff numbers as well as purchasing activity, a monthly survey said on Monday.

India's manufacturing sector activity contracted at a slightly faster pace in July as demand conditions remained subdued amid prolonged closures, following which firms reduced both staff numbers as well as purchasing activity, a monthly survey said on Monday. The headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) stood at 46 in July, down from 47.2 in June. It is the fourth straight month of contraction for the Indian manufacturing sector. In April, the index had slipped into contraction mode, after remaining in the growth territory for 32 consecutive months. In PMI parlance, a print above 50 means expansion, while a score below that denotes contraction. "Latest PMI data from Indian manufacturers shed more light on the state of economic conditions in one of the countries worst affected by the COVID-19 pandemic," said Eliot Kerr, Economist at IHS Markit. The survey results showed a re-acceleration of declines in the key indices of output and new orders, undermining the trend towards stabilisation seen over the past two months, Kerr said. He further noted that "anecdotal evidence indicated that firms were struggling to obtain work, with some of their clients remaining in lockdown, suggesting that we won't see a pick-up in activity until infection rates are quelled and restrictions can be further removed". As per the survey, output contracted at a slightly faster pace than in June as demand conditions remained subdued with some businesses still closed amid lockdown extensions. Moreover, export orders also witnessed a decline. Survey participants commented that international clients were hesitant to place orders while the duration of the pandemic remained uncertain. Deteriorating demand conditions led Indian manufacturers to continue cutting staff numbers during July. On the cost front, manufacturers reported another decrease in input prices during July, the survey said adding that subdued demand for most goods more than offset the inflationary effects of shortages in some raw materials, the survey said. However, despite the ongoing negative impact of COVID-19, sentiment towards future activity improved for the second month running, the survey said.

India's manufacturing sector activity contracts for fourth straight month in July

On Wednesday, men piled up dozens of newly made, plastic-lined coffins in the outskirts of Lima. Geserela Llanos, owner of the coffin factory "Eternal Life", said those were the models introduced to fulfill the increased demand of the recent months since deaths by COVID-19 have risen in Peru.

Coffin factory in Lima doubles production with virus deaths

Acknowledging that unemployment is a major challenge that India is facing currently, the International Monetary Fund (IMF) today exuded confidence that the reforms being carried out in India in the last few years would end up creating new jobs in the country.

"Clearly India faces a challenge in terms of providing sufficient employment for a number of people looking for work and particularly young people. But yes, the measures and the reforms that India is undertaking will over medium term create jobs," the IMF spokesperson, Gerry Rice, told reporters at a news conference here.

Noting that India has been one of the fastest growing large economies in recent times, he said this has led to improvement in reducing poverty and improvements in living standards.

"Our view is that recent reforms, particularly the implementation of GST, national goods and services tax, should help boost efficiency and productivity and overtime will contribute to help them create jobs in the formal sector," Rice said when asked if India is experiencing jobless growth.

In addition, the government recently took steps towards labor market flexibility by modifying labor rules. "We think that these reforms will help to increase employment, perhaps not overnight but over the medium term," he said.

Noting that India has been one of the fastest growing large economies in recent times, he said this has led to improvement in reducing poverty and improvements in living standards.

Acknowledging that unemployment is a major challenge that India is facing currently, the International Monetary Fund (IMF) today exuded confidence that the reforms being carried out in India in the last few years would end up creating new jobs in the country. "Clearly India faces a challenge in terms of providing sufficient employment for a number of people looking for work and particularly young people. But yes, the measures and the reforms that India is undertaking will over medium term create jobs," the IMF spokesperson, Gerry Rice, told reporters at a news conference here. Noting that India has been one of the fastest growing large economies in recent times, he said this has led to improvement in reducing poverty and improvements in living standards. "Our view is that recent reforms, particularly the implementation of GST, national goods and services tax, should help boost efficiency and productivity and overtime will contribute to help them create jobs in the formal sector," Rice said when asked if India is experiencing jobless growth. In addition, the government recently took steps towards labor market flexibility by modifying labor rules. "We think that these reforms will help to increase employment, perhaps not overnight but over the medium term," he said.

Unemployment major challenge facing India: IMF

Indian manufacturers of finished steel goods are urging New Delhi to end tariffs on cheap imports of the alloy from China, Japan and South Korea, worried the protectionist measures may cost them billions in lost overseas sales.&nbsp; 
 
India put the tariffs in place in February to ensure a minimum import price (MIP) for 173 steel products, mainly to guard against cheap Chinese exports of around 10 million tonnes a month of items such as hot-rolled and cold-rolled steel that have undercut US European and Asian producers.&nbsp; 
 
The gambit to protect India&#39;s domestic steelmakers is threatening export revenues earned by engineering and manufacturing companies as artificially high prices for a primary raw material for everything from home appliances to ships make their products uncompetitive in foreign markets.&nbsp; 
 
The MIP policy has hit engineering firms especially hard. These mostly small- to mid-sized companies together export goods worth $56 billion a year, a fifth of India&#39;s shipped merchandise, made at least partly with steel now priced 15 per cent higher on average than at end-2015 and up to 30 per cent more than Chinese imports.&nbsp; 
 
&quot;My input cost is 40 per cent higher than other nations. How will my finished product compete?&quot; Pankaj Chaddha, CEO of Jyoti Steel Industries, said of the MIP tariffs.&nbsp; 
 
Jyoti Steel, a Mumbai manufacturer of stainless steel wire and carbon steel bright bars, cut 50 of its 300 jobs after MIP was introduced, and its output slumped by 22 per cent in the April-June quarter.&nbsp; 
 
Chaddha said he would have to lay off another 50 contract workers if the policy was extended past its August 5 expiry date. 
 
Also hanging over India&#39;s steel sector is a separate recommendation that the government enact anti-dumping duties on imports of hot-rolled steel products from China, Japan, South Korea, Russia, Brazil and Indonesia. 
 
 
Cold-roll steel mills shut down 
 
Indian prices of hot-rolled steel, used to make pipes, rods, cars, ships and industrial machinery, rose by more than 15 per cent to 37,000 rupees ($554) a tonne between December and early May, according to the latest data available. 
 
Chinese prices moved from $270 a tonne in December to $420 a tonne in April, before softening again.&nbsp; 
 
Trade body EEPC India said engineering goods exports would drop 10 per cent this year if MIP is extended. The group has gone before the trade ministry several times to ask that the import policy be allowed to lapse, and members have also met with the steel ministry on the issue.&nbsp; 
 
India&#39;s indebted steel sector, though, struggling with low profit amid a global supply glut, has lobbied hard for it to be kept in place.&nbsp;By making foreign steel too expensive, domestic steelmakers such as Steel Authority of India, Tata Steel and JSW Steel have been able to raise prices.&nbsp; 
 
But higher prices, besides hampering exporters, have pushed steel processing firms such as Adhunik Metaliks, Jayaswal Neco and Sujana Metal Products into losses.&nbsp; 
 
About 20 of 60 mills on his membership list have shut, said SC Mathur, executive director of Cold Rolled Steel Manufacturers Association of India. 
 
&quot;Others are operating at 40-50 per cent of capacity and incurring losses.&quot;&nbsp; 
 
 
Not just India vs China 
 
China, the world&#39;s largest steel manufacturer and consumer, produced 804 million tonnes last year, about half of global supply, using just 70 per cent of its capacity.&nbsp; 
 
India, along with the United States, Europe and others, has said that even as Beijing works to downsize its overblown sector, Chinese mills are exporting their excess supply. 
 
India, the world&#39;s third-largest producer with an estimated output of 90 million tonnes, consumed about 80 million tonnes of finished steel in the year through March 2016.&nbsp;It imported about 11 million tonnes that year, according to the steel ministry&#39;s Joint Plant Committee (JPC), with China supplying around 47 per cent.&nbsp; 
 
(Reuters)

A price policy to protect Indian markets from cheap imports are affecting cold-roll steel mills

Indian manufacturers of finished steel goods are urging New Delhi to end tariffs on cheap imports of the alloy from China, Japan and South Korea, worried the protectionist measures may cost them billions in lost overseas sales. India put the tariffs in place in February to ensure a minimum import price (MIP) for 173 steel products, mainly to guard against cheap Chinese exports of around 10 million tonnes a month of items such as hot-rolled and cold-rolled steel that have undercut US European and Asian producers. The gambit to protect India's domestic steelmakers is threatening export revenues earned by engineering and manufacturing companies as artificially high prices for a primary raw material for everything from home appliances to ships make their products uncompetitive in foreign markets. The MIP policy has hit engineering firms especially hard. These mostly small- to mid-sized companies together export goods worth $56 billion a year, a fifth of India's shipped merchandise, made at least partly with steel now priced 15 per cent higher on average than at end-2015 and up to 30 per cent more than Chinese imports. "My input cost is 40 per cent higher than other nations. How will my finished product compete?" Pankaj Chaddha, CEO of Jyoti Steel Industries, said of the MIP tariffs. Jyoti Steel, a Mumbai manufacturer of stainless steel wire and carbon steel bright bars, cut 50 of its 300 jobs after MIP was introduced, and its output slumped by 22 per cent in the April-June quarter. Chaddha said he would have to lay off another 50 contract workers if the policy was extended past its August 5 expiry date. Also hanging over India's steel sector is a separate recommendation that the government enact anti-dumping duties on imports of hot-rolled steel products from China, Japan, South Korea, Russia, Brazil and Indonesia. Cold-roll steel mills shut down Indian prices of hot-rolled steel, used to make pipes, rods, cars, ships and industrial machinery, rose by more than 15 per cent to 37,000 rupees ($554) a tonne between December and early May, according to the latest data available. Chinese prices moved from $270 a tonne in December to $420 a tonne in April, before softening again. Trade body EEPC India said engineering goods exports would drop 10 per cent this year if MIP is extended. The group has gone before the trade ministry several times to ask that the import policy be allowed to lapse, and members have also met with the steel ministry on the issue. India's indebted steel sector, though, struggling with low profit amid a global supply glut, has lobbied hard for it to be kept in place. By making foreign steel too expensive, domestic steelmakers such as Steel Authority of India, Tata Steel and JSW Steel have been able to raise prices. But higher prices, besides hampering exporters, have pushed steel processing firms such as Adhunik Metaliks, Jayaswal Neco and Sujana Metal Products into losses. About 20 of 60 mills on his membership list have shut, said SC Mathur, executive director of Cold Rolled Steel Manufacturers Association of India. "Others are operating at 40-50 per cent of capacity and incurring losses." Not just India vs China China, the world's largest steel manufacturer and consumer, produced 804 million tonnes last year, about half of global supply, using just 70 per cent of its capacity. India, along with the United States, Europe and others, has said that even as Beijing works to downsize its overblown sector, Chinese mills are exporting their excess supply. India, the world's third-largest producer with an estimated output of 90 million tonnes, consumed about 80 million tonnes of finished steel in the year through March 2016. It imported about 11 million tonnes that year, according to the steel ministry's Joint Plant Committee (JPC), with China supplying around 47 per cent. (Reuters)

India's anti-China steel tariffs harm engineering, manufacturing firms

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