🇮🇳 Indian Economy watch- All new developments.

[Krishna with Flute]

This is to track developments in Indian economy. To begin with:

PM Modi sets ambitious USD 500 billion electronic industry size by 2030 against USD 150 billion now

Prime Minister Narendra Modi aims to grow India's electronics sector to USD 500 billion, creating millions of jobs.

www.thehindubusinessline.com

 

[Bilal9]

​

Here we analyze why Foxconn left it's India chip making project​

------------------------------------------------------------------------------

Foxconn: Apple supplier drops out of $20bn India factory plan​

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Annabelle Liang
Business reporter

Reuters
Apple supplier Foxconn has pulled out of a $19.5bn (£15.2bn) deal with Indian mining giant Vedanta to build a chip making plant in the country.

The move comes less than a year after the companies announced plans to set up the facility in Prime Minister Narendra Modi's home state of Gujarat.

Some analysts say it marks a setback to the nation's technology industry goals.

However, a government minister says it will have no impact on the country's chip making ambitions.
"There was recognition from both sides that the project was not moving fast enough," Taiwan-headquartered Foxconn said in a statement.

"There were challenging gaps we were not able to smoothly overcome, as well as external issues unrelated to the project," the firm added.

Earlier on Tuesday, Foxconn told the BBC that the decision was made in "mutual agreement" with Vedanta, which has assumed full ownership of the venture.

It added that it would "continue to strongly support the government's 'Make in India' ambitions".

New Delhi-based Vedanta said it had "lined up other partners to set up India's first [chip] foundry".

• iPhone maker to shift to cars as US-China ties sour
• India targets China's dominance in mobile phones

"The surprise pull-out of Foxconn is a considerable blow to India's semiconductor ambitions," Paul Triolo from global advisory firm Albright Stonebridge Group told the BBC.

"The apparent cause of the pull-out is the lack of a clear technology partner and path for the joint venture," he added. "Neither party had significant experience with developing and managing a large-scale semiconductor manufacturing operation."

However, Rajeev Chandrasekhar, India's Minister of State for Electronics and Information Technology, said on Twitter that Foxconn's decision had "no impact on India's semiconductor fab[rication] goals. None."

Mr Chandrasekhar added that Foxconn and Vedanta were "valued investors" in the country and "will now pursue their strategies in India independently".

 

[Krishna with Flute]

Vibrant Gujarat 2024: India's first semiconductor chip will be produced in Gujarat this year​

Tata group and Simmtech announce their plans to boost the semiconductor industry by setting up plants in the state. Union Minister Ashwini Vaishnaw and experts concede the need to develop and hire a vast pool of talent



By Naandika Tripathi Forbes India Staff
4 min read
Published: Jan 11, 2024 06:04:09 PM IST
Updated: Jun 20, 2024 04:18:26 PM IST

Full Bio

Image: Klaus-Dietmar Gabbert/picture alliance via Getty Images

After US chipmaker Micron, Tata group and Simmtech announced their plans to boost the semiconductor industry in Gujarat. During the 10th Vibrant Gujarat Global Summit, N Chandrasekaran, chairman of Tata group, mentioned that the company is on the verge of concluding and announcing “a huge semiconductor fabrication unit in Dholera”. The operations are expected to commence this year.

Another firm, South Korea’s Simmtech, has signed an MoU with the Gujarat government to set up a plant near the Micron plant in Sanand. The company is the world’s largest manufacturer of semiconductor substrate, the supporting material upon which the elements of a semiconductor device are fabricated.

Related stories​

• 
  

  US chipmaking giant Micron starts construction of $2.75 billion semiconductor factory in Gujarat​

• 
  

  List of top semiconductor stocks in India​

• 
  

  There is no global semiconductor company that does not have an R&D centre in India: Rajeev Chandrasekhar​

During his address at the inaugural session of the summit, Jeffery Chun, global CEO, Simmtech, mentioned its previous co-location investments with Micron in China and Malaysia, adding that the company was looking forward to replicating the success in India as well. He said Simmtech was committed to boosting the growth of the semiconductor ecosystem in the country and creating an uninterrupted supply chain network.

This unit will be set up in Sanand, near Ahmedabad, at a cost of Rs1,250 crore, said Ashwini Vaishnaw, Union Minister for Electronics and Information Technology. Simmtech will support Micron's semiconductor plant in Gujarat.

In addition to this, Micron also signed an MoU with the New Age Makers Institute of Technology (NAMTECH), an ArcelorMittal Nippon Steel India education initiative, to develop talent for its semiconductor operations in India. The US-based firm has hired over 200 employees for its plant in India, which will begin operations by the first half of 2025. Three months after signing an agreement with the government of India, the chip-making giant commenced the construction of a factory in September 2023.

The company has announced a total investment of $2.75 billion. Of this, Micron will invest up to $825 million over two phases of the project, and the rest would come from the central and state governments. The memory chipmaker will receive 50 percent fiscal support for the total project cost from the Indian central government and incentives representing 20 percent of the total project cost from the state of Gujarat.

Addressing the Semiconductor and Electronics Seminar on the second day of the summit, Vaishnaw announced that Gujarat is poised to manufacture the country's first Make in India chip in 2024. He also urged IIT-Gandhinagar to establish a centre of excellence for research and development of semiconductors. The minister added that the next decade will require a million more talents in the industry, which India can provide.

Also Read: India's dream of becoming the 'new factory of the world' gets a boost in 2023

Investments announced by Micron earlier and Tata group now in the semiconductor space will further accelerate the emergence of Gujarat as the Electronics System Design and Manufacturing (ESDM) hub for India and the larger South Asian region, explains Nilaya Varma, co-founder of Primus Partners. “The establishment of manufacturing facilities combined with the design capability that already exists in India will help position India as one of the key players in the global semiconductor ecosystem. It is great to see Gujarat playing a pivotal role in helping India achieve both self-reliance and emerge as an ESDM powerhouse over the next decade,” he adds.

In comparison with leading manufacturing countries like Taiwan and China, India has a long way to go and catch up with the missed bus of getting into semiconductor manufacturing. Better late than never, though. India seems to be on the right path now, with global companies eyeing the opportunity to invest and expand here. While India is strong on the semiconductor design front, there is an immense need to get skilled workers for this sector.

When asked about lessons from Taiwan and China in semiconductor manufacturing, Vaishnaw said, “The biggest lesson in creating the semiconductor industry is to have absolute focus on the ecosystem. Because if you look at the number of gases and chemicals that go into semiconductor manufacturing, it's more than 250. Practically, in the periodic table, which is the table of all the elements available in nature, more than 80 elements are used in semiconductor manufacturing. It's a very complex thing… so if we focus on the ecosystem, we will get everything right.”

Vibrant Gujarat 2024: India's First Semiconductor Chip Will Be Produced In Gujarat This Year - Forbes India

Tata group and Simmtech announce their plans to boost the semiconductor industry by setting up plants in the state. Union Minister Ashwini Vaishnaw and experts concede the need to develop and hire a vast pool of talent

www.forbesindia.com

 

[Krishna with Flute]

​

Here we analyze why Foxconn left it's India chip making project​

------------------------------------------------------------------------------

Foxconn: Apple supplier drops out of $20bn India factory plan​

Share
Annabelle Liang
Business reporter

Reuters
Apple supplier Foxconn has pulled out of a $19.5bn (£15.2bn) deal with Indian mining giant Vedanta to build a chip making plant in the country.

The move comes less than a year after the companies announced plans to set up the facility in Prime Minister Narendra Modi's home state of Gujarat.

Some analysts say it marks a setback to the nation's technology industry goals.

However, a government minister says it will have no impact on the country's chip making ambitions.
"There was recognition from both sides that the project was not moving fast enough," Taiwan-headquartered Foxconn said in a statement.

"There were challenging gaps we were not able to smoothly overcome, as well as external issues unrelated to the project," the firm added.

Earlier on Tuesday, Foxconn told the BBC that the decision was made in "mutual agreement" with Vedanta, which has assumed full ownership of the venture.

It added that it would "continue to strongly support the government's 'Make in India' ambitions".

New Delhi-based Vedanta said it had "lined up other partners to set up India's first [chip] foundry".

• iPhone maker to shift to cars as US-China ties sour
• India targets China's dominance in mobile phones

"The surprise pull-out of Foxconn is a considerable blow to India's semiconductor ambitions," Paul Triolo from global advisory firm Albright Stonebridge Group told the BBC.

"The apparent cause of the pull-out is the lack of a clear technology partner and path for the joint venture," he added. "Neither party had significant experience with developing and managing a large-scale semiconductor manufacturing operation."

However, Rajeev Chandrasekhar, India's Minister of State for Electronics and Information Technology, said on Twitter that Foxconn's decision had "no impact on India's semiconductor fab[rication] goals. None."

Mr Chandrasekhar added that Foxconn and Vedanta were "valued investors" in the country and "will now pursue their strategies in India independently".

Analog Devices, Tata Group signs pact to make semiconductors in India - Times of India

India Business News: Analog Devices has entered into an agreement with Tata Group for the production of semiconductor products in India. Tata Electronics plans to invest $

timesofindia.indiatimes.com

 

[Bilal9]

Vibrant Gujarat 2024: India's first semiconductor chip will be produced in Gujarat this year​

Tata group and Simmtech announce their plans to boost the semiconductor industry by setting up plants in the state. Union Minister Ashwini Vaishnaw and experts concede the need to develop and hire a vast pool of talent



By Naandika Tripathi Forbes India Staff
4 min read
Published: Jan 11, 2024 06:04:09 PM IST
Updated: Jun 20, 2024 04:18:26 PM IST

Full Bio

Image: Klaus-Dietmar Gabbert/picture alliance via Getty Images

After US chipmaker Micron, Tata group and Simmtech announced their plans to boost the semiconductor industry in Gujarat. During the 10th Vibrant Gujarat Global Summit, N Chandrasekaran, chairman of Tata group, mentioned that the company is on the verge of concluding and announcing “a huge semiconductor fabrication unit in Dholera”. The operations are expected to commence this year.

Another firm, South Korea’s Simmtech, has signed an MoU with the Gujarat government to set up a plant near the Micron plant in Sanand. The company is the world’s largest manufacturer of semiconductor substrate, the supporting material upon which the elements of a semiconductor device are fabricated.

Related stories​

• 
  

  US chipmaking giant Micron starts construction of $2.75 billion semiconductor factory in Gujarat​

• 
  

  List of top semiconductor stocks in India​

• 
  

  There is no global semiconductor company that does not have an R&D centre in India: Rajeev Chandrasekhar​

During his address at the inaugural session of the summit, Jeffery Chun, global CEO, Simmtech, mentioned its previous co-location investments with Micron in China and Malaysia, adding that the company was looking forward to replicating the success in India as well. He said Simmtech was committed to boosting the growth of the semiconductor ecosystem in the country and creating an uninterrupted supply chain network.

This unit will be set up in Sanand, near Ahmedabad, at a cost of Rs1,250 crore, said Ashwini Vaishnaw, Union Minister for Electronics and Information Technology. Simmtech will support Micron's semiconductor plant in Gujarat.

In addition to this, Micron also signed an MoU with the New Age Makers Institute of Technology (NAMTECH), an ArcelorMittal Nippon Steel India education initiative, to develop talent for its semiconductor operations in India. The US-based firm has hired over 200 employees for its plant in India, which will begin operations by the first half of 2025. Three months after signing an agreement with the government of India, the chip-making giant commenced the construction of a factory in September 2023.

The company has announced a total investment of $2.75 billion. Of this, Micron will invest up to $825 million over two phases of the project, and the rest would come from the central and state governments. The memory chipmaker will receive 50 percent fiscal support for the total project cost from the Indian central government and incentives representing 20 percent of the total project cost from the state of Gujarat.

Addressing the Semiconductor and Electronics Seminar on the second day of the summit, Vaishnaw announced that Gujarat is poised to manufacture the country's first Make in India chip in 2024. He also urged IIT-Gandhinagar to establish a centre of excellence for research and development of semiconductors. The minister added that the next decade will require a million more talents in the industry, which India can provide.

Also Read: India's dream of becoming the 'new factory of the world' gets a boost in 2023

Investments announced by Micron earlier and Tata group now in the semiconductor space will further accelerate the emergence of Gujarat as the Electronics System Design and Manufacturing (ESDM) hub for India and the larger South Asian region, explains Nilaya Varma, co-founder of Primus Partners. “The establishment of manufacturing facilities combined with the design capability that already exists in India will help position India as one of the key players in the global semiconductor ecosystem. It is great to see Gujarat playing a pivotal role in helping India achieve both self-reliance and emerge as an ESDM powerhouse over the next decade,” he adds.

In comparison with leading manufacturing countries like Taiwan and China, India has a long way to go and catch up with the missed bus of getting into semiconductor manufacturing. Better late than never, though. India seems to be on the right path now, with global companies eyeing the opportunity to invest and expand here. While India is strong on the semiconductor design front, there is an immense need to get skilled workers for this sector.

When asked about lessons from Taiwan and China in semiconductor manufacturing, Vaishnaw said, “The biggest lesson in creating the semiconductor industry is to have absolute focus on the ecosystem. Because if you look at the number of gases and chemicals that go into semiconductor manufacturing, it's more than 250. Practically, in the periodic table, which is the table of all the elements available in nature, more than 80 elements are used in semiconductor manufacturing. It's a very complex thing… so if we focus on the ecosystem, we will get everything right.”

Vibrant Gujarat 2024: India's First Semiconductor Chip Will Be Produced In Gujarat This Year - Forbes India

Tata group and Simmtech announce their plans to boost the semiconductor industry by setting up plants in the state. Union Minister Ashwini Vaishnaw and experts concede the need to develop and hire a vast pool of talent

www.forbesindia.com

This was a disappointing move.

Making semiconductor chips is not like making potato chips.

You need a complex eco-system of suppliers to make it profitable to make or sell - period.

It is one thing to design semiconductors or chips at basic level, which we also do in Bangladesh.

It is quite another to set up a fab like Taiwan's TSMC and become a profitable supplier and sell to the likes of Samsung or Apple. You need at least US$ 5 to 7 Billion at a minimum, and then again, it will be basic and not state-of-the-art product at the level even China makes.

But - I wish all connected with this project in India, our best.

Unlike us in Bangladesh - India does not focus on providing low value-addition jobs for the poor in India, such as those that export shoes, shirts and toys, basic things in very high demand. This is how China got up in the ladder of global development.

By doing backoffice and semi-conductor, Indians can only achieve marginal gains.

India is not Taiwan or Korea, or for that matter - even China. It is twenty years behind China now.

There is a reason the per-capita-GDP (nominal) of India is below that of Bangladesh and why India remains at a far lower rung in the global hunger index behind Pakistan and Bangladesh - ditto with health and hygiene. Making Semiconductors will not lift the hundreds of millions of hungry in India out of poverty.

Through these mis-directed policies in India, it seems the difference in wealth (GINI index) in Indian society will always remain firmly in place and the looting in India by the likes of Adani and Ambani will continue.

 

[Krishna with Flute]

Adani Group works on $5-7-billion acquisition blAdani Group works on $5-7-billion acquisition blueprint for next 6 months: Report​

Story by Neeshita Beura
• 5h • 2 min read
In this article

The Adani Group is likely to be charting out an extensive acquisition blueprint, with plans to invest $5-7 billion over the next six months, according to a report by Mint. This renewed growth initiative follows a period of slowdown triggered by allegations from the US-based short-seller Hindenburg Research, which last year accused the conglomerate of significant financial misconduct.


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Sources close to the Adani Group told Mint that the company intends to focus on acquiring firms primarily in sectors such as cement, airports, defence, ports, power, and consumer goods in this financial year. This marks one of the most ambitious growth strategies in the company's three-decade history.

Moneycontrol could not independently verify the news report.

In the past decade, the Adani Group has primarily pursued an inorganic growth model, acquiring around 65 companies. However, it had to scale back following the Hindenburg allegations in January 2023. Despite ongoing investigations by the Securities and Exchange Board of India, the Supreme Court's decision in January to dismiss a separate probe into the allegations has alleviated some concerns surrounding the group.

The Adani Group has also allocated $15 billion for greenfield capital expenditures this fiscal year, driven by a steady increase in the market value of its companies, which now stands at approximately $205 billion—nearly double the valuation after the Hindenburg report.

Related video: Adani Power, Adani Green Receive LoI From Maha State DISCOMS For Supply Of 6,600 MW Hybrid Power (CNBCTV18)

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The acquisition strategy aims to leverage a rising demand in infrastructure and building materials, as well as India's push for self-reliance in defence, its ambition to compete with China along trade routes to West Asia, Africa and Europe, and the growing consumer appetite for ready-to-cook products and spices.

The Adani Group is reportedly the leading candidate to acquire a 46.64 percent promoter stake in ITD Cementation India, a move expected to enhance its civil engineering capabilities. This deal, valued at Rs 5,888.57 crore ($700 million), will include a fully subscribed open offer after the stake acquisition.

Adani's cement division, which encompasses Ambuja Cements and ACC Ltd, aims to capture a 20 percent share of the Indian cement market by FY28. According to an investor presentation from Ambuja Cements, the company plans to finance its expansion through internal resources and aims to maintain a debt-free status, with a target of achieving a capacity of 140 million tonnes per annum (MTPA) by FY2028.

MSN

 

[Krishna with Flute]

This was a disappointing move.

Making semiconductor chips is not like making potato chips.

You need a complex eco-system of suppliers to make it profitable to make or sell - period.

It is one thing to design semiconductors or chips at basic level, which we also do in Bangladesh.

It is quite another to set up a fab like Taiwan's TSMC and become a profitable supplier and sell to the likes of Samsung or Apple. You need at least US$ 5 to 7 Billion at a minimum, and then again, it will be basic and not state-of-the-art product at the level even China makes.

But - I wish all connected with this project in India, our best.

Unlike us in Bangladesh - India does not focus on providing low value-addition jobs for the poor in India, such as those that export shoes, shirts and toys, basic things in very high demand. This is how China got up in the ladder of global development.

By doing backoffice and semi-conductor, Indians can only achieve marginal gains.

India is not Taiwan or Korea, or for that matter - even China. It is twenty years behind China now.

There is a reason the per-capita-GDP (nominal) of India is below that of Bangladesh and why India remains at a far lower rung in the global hunger index behind Pakistan and Bangladesh - ditto with health and hygiene. Making Semiconductors will not lift the hundreds of millions of hungry in India out of poverty.

Through these mis-directed policies in India, it seems the difference in wealth (GINI index) in Indian society will always remain firmly in place and the looting in India by the likes of Adani and Ambani will continue.

It is not. Please check the figures. India's GDP per capita looks lower because of huge parallel informal economy. So far as providing job is concern, people will do those jobs for which they are capable of.

you never fail to amuse me.

By doing backoffice and semi-conductor, Indians can only achieve marginal gains.
Our service export

In absolute value terms, India was the second top performer in 2023 with $345 billion worth of services exports, while China achieved $381 billion​

Now I do not know whether $ 381 USD export is by service is marginal gain. We have plan of 500 BN USD electronic production by 2030. Major contributor shall be chip manufacturing.

At semicon meet, PM Modi sets target of $500 billion for electronics production in next 6 years | India News - Times of India

India News: Prime Minister Narendra Modi has set an ambitious goal of tripling India's electronics manufacturing to $500 billion in six years. At SEMICON India 20

timesofindia.indiatimes.com

 

[Bilal9]

It is not. Please check the figures. India's GDP per capita looks lower because of huge parallel informal economy. So far as providing job is concern, people will do those jobs for which they are capable of.

you never fail to amuse me.

By doing backoffice and semi-conductor, Indians can only achieve marginal gains.
Our service export

In absolute value terms, India was the second top performer in 2023 with $345 billion worth of services exports, while China achieved $381 billion​

Now I do not know whether $ 381 USD export is by service is marginal gain. We have plan of 500 BN USD electronic production by 2030. Major contributor shall be chip manufacturing.

At semicon meet, PM Modi sets target of $500 billion for electronics production in next 6 years | India News - Times of India

India News: Prime Minister Narendra Modi has set an ambitious goal of tripling India's electronics manufacturing to $500 billion in six years. At SEMICON India 20

timesofindia.indiatimes.com

Service export needs minimal infra and everything can be done with an Internet connection (including Internet scams which India is famous for, with lax criminal enforcement).

Service export is the only sunshine in a rather dim outlook for the Indian economy.

China’s economy is about five times larger than India's, with a GDP of $17.7 trillion versus India’s GDP of $3.2 trillion.

With a population more than China's - India's prospects are rather dim, Internet BS and Godi Media screaming notwithstanding.

Dilli door ast.

 

[Krishna with Flute]

Service export needs minimal infra and everything can be done with an Internet connection (including Internet scams which India is famous for, with lax criminal enforcement).

Service export is the only sunshine in a rather dim outlook for the Indian economy.

China’s economy is about five times larger than India's, with a GDP of $17.7 trillion versus India’s GDP of $3.2 trillion.

With a population more than China's - India's prospects are rather dim, Internet BS and Godi Media screaming notwithstanding.

Dilli door ast.

So world's fastest growing economy is dim economy according to you? Is India's GDP 3.2 Tr USD? Really?

 

[Bilal9]

So world's fastest growing economy is dim economy according to you? Is India's GDP 3.2 Tr USD? Really?

Let India reach where China is, then we can discuss.

 

[Krishna with Flute]

Let India reach where China is, then we can discuss.

Going by your logic, When can we discuss BD economy?

 

[Krishna with Flute]

India to start exporting locomotives in 2025​

Story by Manu Kaushik
• 9h • 2 min read

Established in 2018, the plant has been delivering 100 locomotives annually to the Indian railways utilising the local supplier base from across India. (Representational Image/Reuters)
For the first-time, India is set to export locomotives to a global customer. Wabtec Locomotive, which is a joint venture between Indian Railways and Wabtec, will manufacture locomotives at its Marhowra plant in Bihar, and start exports to an African customer in 2025.

“The plant will supply Evolution Series ES43ACmi locomotives to global customers. The ES43ACmi is a locomotive featuring a 4,500 HP Evolution Series engine, offering best-in-class fuel efficiency and proven performance in high-temperature environments,” the official statement said.

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As per the railways ministry, the project is of strategic importance as it positions India as a global locomotive manufacturing hub and aligns with the “Make in India” and “Make for the World” initiatives under the “Atmanirbhar Bharat” vision. “It will also enable the Marhowra plant to export standard-gauge locomotives globally, expanding the local supplier footprint and fostering long-term job creation, thereby benefiting the Indian economy,” the statement said.

Also Read
Delhi Metro receives first ‘Make in India’ driverless metro train set- Details inside
Established in 2018, the plant has been delivering 100 locomotives annually to the Indian railways utilising the local supplier base from across India. It has thus far added 650 locomotives to the railways fleet. The railways ministry and Wabtec will collaborate to plant’s capabilities and use it to serve global demand for locomotives, the statement said.

In May this year, US-based Wabtec Corporation started a new manufacturing campus in Rohtak with an investment of Rs 150 crore. This plant will initially manufacture transit rail components and subsystems followed by other Wabtec product lines in the coming years.

Related video: Major boom to rail safety; Indian Railways successfully installed Kavach 4.0 in Sawai Madhopur (ANI Video)

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[Krishna with Flute]

Delhi Metro receives first ‘Make in India’ driverless metro train set- Details inside​

These new metro train sets, equipped with Grade of Automation (GOA) 4 driverless technology, are designed to operate at a top speed of 95 kmph, with an operational speed of up to 85 kmph. They will serve three lines, including two extensions and the new Gold Line 10, covering a total of 64.67 kilometres.​

Written by FE Online
September 23, 2024 21:34 IST
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Delhi Metro receives first 'Make in India' driverless metro train set. (PTI)
The Delhi Metro Rail Corporation (DMRC) has received its first metro train set integrated with driverless technology, marking a major milestone under the ‘Make in India’ initiative. This is part of DMRC’s first project outsourced to an Original Equipment Manufacturer (OEM), as per an official statement released on Monday.

DMRC Managing Director Vikas Kumar highlighted the significance of the event, stating, “Today is a historic occasion for the Delhi Metro family as we take another major step towards operationalising the Phase 4 corridors.” The first train set, dispatched from Alstom’s facility in Sri City, Andhra Pradesh, is part of a broader plan aimed at enhancing eco-friendly and convenient travel for metro passengers.

https://www.financialexpress.com/business/infrastructure-delhi-metro-receives-first-make-in-india-driverless-metro-train-set-details-inside-3619644/

 

[Krishna with Flute]

Public Sectors are flourishing under the BJP Government.​

​

SAIL achieves best sales turnover of over Rs 1 trillion during FY24​

Story by Statesman News Service
• 20h • 2 min read

SAIL achieves best sales turnover of over Rs 1 trillion during FY24
Steel Authority of India Limited (SAIL) conducted its 52nd Annual General Meeting (AGM) on Thursday at its headquarters in New Delhi. It was informed that the country’s largest steel producer achieved the best sales turnover of Rs 1,04,545 crore during FY ’24.

SAIL Chairman Amarendu Prakash addressed the shareholders in the meeting, held through a virtual platform.


He summarised the performance of the Maharatna during FY 23-24.

He said that SAIL created new benchmarks by producing 20.5 Million Tonnes (MT), 19.24 MT and 18.44 MT of Hot Metal, Crude Steel and Saleable Steel respectively during FY’24, registering growth of 5.6 per cent, 5.2 per cent and 6.9 per cent respectively over the previous year.

He mentioned that the Company achieved the best Sales Turnover of Rs 1,04,545 Crore during FY’24.

Addressing the Company’s shareholders, he said, “Reflecting on the performance of the previous year and looking forward to the future reinforces my belief that as an organisation, we can aspire to be ‘Number One’, i.e the best in our industry”.

He added that the Indian Government’s continuous push to transform the social, digital and physical infrastructure of the country with a vision of Viksit Bharat by 2047 has fueled steel demand in the Country across all sectors.

SAIL is on track to excel in two focus areas which are to maximise capacity utilisation and provide best value to customers, he added.

He said, “SAIL would continue to engage with stakeholders, improve the asset utilisation and proactively be ahead of the curve”.

India's Top University - India's Top B-School - NMIMS Executive MBA Program

 

[Krishna with Flute]

Is India growing fast enough to become a developed nation by 2047? Raghuram Rajan has this to say​

Story by Business Today Desk
• 23h • 2 min read
In this article

Is India growing fast enough to become a developed nation by 2047? Raghuram Rajan has this to say
India has made great progress in infrastructure over the last decade, but it’s not enough, according to former RBI Governor Raghuram Rajan.

Rajan says the country must do much more in sectors like local manufacturing and job creation to truly harness its potential.

"We’ve done a lot in infrastructure, but other areas need more attention," Rajan told a news agency in an interview on Thursday, adding that while the government's focus on production is commendable, it's equally important to get it right.



Reflecting on the Modi government’s flagship 'Make in India' initiative, Rajan acknowledged its positive intent but stressed the need for a critical review to ensure it delivers real results.

"In some areas, we’ve made useful progress, like in infrastructure, but we need to check other sectors. And the best way to check is to ask critics, what do you think? What has happened? Has it happened the way you want it? Should we do more? You get feedback, and then you work along," Rajan told the PTI.

Rajan emphasized that improving ease of doing business is crucial for driving growth, especially by reducing bureaucratic hurdles and the fear of regulatory raids.

"There’s a package that can propel economic growth, and if we focus on that, it will strengthen 'Make in India'," he said. He also noted that merely following global metrics, such as the World Bank’s ease of doing business rankings, isn’t enough. The government, he argued, should engage directly with businesses to understand their challenges on the ground.

Related video: For India, this is definitely a significant moment: Viswanathan Anand (Dailymotion)


Despite efforts like the production-linked incentive (PLI) schemes and the easing of foreign direct investment (FDI) norms, Rajan pointed out that the path to becoming a developed nation is still challenging. He expressed concern over whether India’s current growth trajectory is sufficient to meet its ambitious goals.

"If we grow at 7 per cent, then we will be past Germany and Japan in 2-3 years. That is not something which is out of the realm of possibility, it will happen. What is more worrisome, however, is when we say a developed nation. Now, what does it mean to be developed now? That is also a changing metric".

Explaining further, he said, "Let us say being developed is having a per capita GDP in today's dollars of about USD 15,000".

"If you see that, then you put a 7 per cent growth rate, and you find it is not enough to become USD 15,000 per capita GDP by 2047 we need to do better," Rajan said. The eminent economist also wondered that from where are "we going to generate that growth to become a developed nation by 2047".

Rajan suggested that coalition governments could drive more agile and consensus-based reform, referencing the PV Narasimha Rao government’s success in implementing significant reforms without holding a supermajority.

MSN