Category Archives: Business & Economy

PM Modi, Spanish counterpart to inaugurate Tata aircraft complex for manufacturing C-295 aircraft, making it India’s 1st Private Sector final Assemly line for Military Aircraft.

The Prime Minister’s Office, in a statement, said this will be the first private sector final assembly line for military aircraft in India.

Prime Minister Narendra Modi and his Spanish counterpart, Pedro Sanchez, will inaugurate the Tata aircraft complex in Gujarat’s Vadodara on Monday for manufacturing C-295 aircraft by Tata Advanced Systems.

The Prime Minister’s Office (PMO), in a statement on Saturday, said this will be the first private sector final assembly line for military aircraft in India.

During the visit to his home state, Modi will also launch development projects worth more than Rs 4,900 crore in Amreli.

The PMO said 40 aircraft will be built in the Vadodara facility as part of the agreement, while aviation behemoth Airbus will deliver 16 aircraft directly.

Tata Advanced Systems is responsible for making these 40 aircraft in India and this facility will be the first private sector final assembly line (FAL) for military planes in India.

It will involve the full development of a complete ecosystem, from manufacture to assembly, test and qualification, to delivery and maintenance of the complete life cycle of the aircraft, the statement said.

Apart from the Tatas, leading defence public sector units, such as Bharat Electronics and Bharat Dynamics, as well as private micro, small and medium enterprises will contribute to this programme.

Modi had laid the foundation stone for the Vadodara final assembly line in October 2022.

In Amreli, the prime minister will inaugurate the “Bharat Mata” Sarovar in Dudhala. This project was developed through a collaboration between the state government and the Dholakia Foundation under the public-private partnership (PPP) model.

Various rail, road, water and tourism projects, among others, to be inaugurated by Modi will benefit the citizens of Amreli, Jamnagar, Morbi, Devbhoomi Dwarka, Junagadh, Porbandar, Kachchh and Botad districts of the state, the statement said.

Except for the headline, this story has not been edited by The Telegraph Online staff and has been published from a syndicated feed.

source/content: telegraphindia.com (headline edited)

India launches fourth nuclear-missile submarine as a leap in maritime defence, says report

The launch of India’s fourth SSBN, S4*, at Visakhapatnam boosts its nuclear deterrence.

India launched its fourth nuclear-powered ballistic missile submarine (SSBN) this week at the Ship Building Center (SBC) in Visakhapatnam, enhancing its nuclear deterrence capabilities against potential adversaries, Hindustan Times reported.

The country’s second SSBN, INS Arighaat, was commissioned by Defence Minister Rajnath Singh on August 29, 2024, while the third SSBN, INS Aridhaman, is set to be commissioned next year. Additionally, on October 9, the Cabinet Committee on Security (CCS) approved plans for the Indian Navy to construct two nuclear-powered attack submarines, aimed at bolstering deterrence in the Indo-Pacific region.

Defence Minister Rajnath Singh said in a message to the neighbouring countries who share maritime boundaries with India that maritime security is a collective effort and inviting “outside forces” to the doorstep would dent efforts for unity, PTI reported.

“Maintaining peace in the Bay of Bengal and Indian Ocean Region should be top priority. Cooperation of India’s friendly nations is essential in this effort, as even if one country is left out, the nation’s security wheel breaks,” Singh said.

Hindustan Times reported that the newly launched S4* SSBN features nearly 75% indigenous content and is armed exclusively with K-4 nuclear ballistic missiles, which have a range of 3,500 km and can be launched through vertical systems. In contrast, the first submarine of its class, INS Arihant, carries K-15 nuclear missiles with a range of 750 km.

The report further noted that the newer submarines are upgrades, exclusively equipped with K-4 missiles. These SSBNs have unlimited range and endurance, limited only by food supplies, crew fatigue, and maintenance needs. Both INS Arihant and INS Arighaat are currently on deep-sea patrols, and a Russian Akula-class nuclear-powered attack submarine is expected to join the fleet on lease in 2028.

India’s first leased nuclear attack submarine, INS Chakra, was designated as S1, leading to the naming of subsequent submarines: INS Arihant as S2, INS Arighaat as S3, and INS Aridhaman as S4. The newly launched submarine is designated S4*, with its formal name yet to be announced. Future classes of Indian SSBNs are expected to have a displacement of 6,000 tons, double that of the Arihant class, and will carry nuclear missiles with ranges exceeding 5,000 kilometers and beyond, reported Hindustan Times.

source/content: livemint.com (headline edited)

India surpasses China to become largest two-wheeler market globally

India has surpassed China to become the largest two-wheeler market in the world, driven by rising demand in rural areas, supported by favourable monsoon conditions and government initiatives for rural development, a report showed on Friday.

Globally, two-wheeler sales grew 4 per cent (year-on-year) in the first half of 2024, according to Counterpoint Research.

Although India, Europe, North America, Latin America, and the Middle East and Africa saw growth, China and Southeast Asia (SEA) experienced a decline.

Senior analyst Soumen Mandal said that India’s two-wheeler market saw a remarkable 22 per cent YoY growth in the first half this year.

“This strong performance allowed India to surpass China and become the world’s largest two-wheeler market,” he mentioned.

Two-wheelers saw strong double-digit growth (year-on-year) in the second quarter of this fiscal in India.

In China, two-wheelers under 125cc remain popular, but consumers are increasingly opting for e-bicycles over motorcycles and scooters for daily commuting. This shift has led to a temporary slowdown in the Chinese two-wheeler market, particularly in the electric segment.

In South East Asia, major markets such as Indonesia, Vietnam, the Philippines, Thailand, and Malaysia saw a decline in two-wheeler sales due to geopolitical trade tensions, stricter lending criteria, and cautious consumer spending amid economic uncertainty.

The top-10 global two-wheeler manufacturers captured over 75 per cent of sales during H1 2024.

Honda maintained its leading position in the global two-wheeler market, followed by Hero MotoCorp, Yamaha, TVS Motor and Yadea.

TVS Motor was the fastest-growing brand (up 25 per cent YoY) among the top-10 brands while Yadea declined the most (down 29 per cent YoY), slipping to fifth position.

Neil Shah, Vice President of Research, said that electrification is on the rise, and by 2030, we expect four out of 10 two-wheelers sold to be electric.

“This shift is also accelerating the adoption of embedded cellular connectivity in the two-wheeler segment. As the automotive industry advances toward C-V2X technology, the two-wheeler segment will follow suit,” he noted.

source/content: business.ians.in (headline edited)

GLOBAL: Indian Dr Venkatesh Karthikeyan Elected As Publications Director Of World Medical Association

Dr Venkatesh Karthikeyan, a distinguished figure in the field of medical science has been recognised for his outstanding contributions in health care.

The World Medical Association (WMA) has elected Dr Venkatesh Karthikeyan as the new Publications Director of the WMA Junior Doctors’ Network. The appointment took place during the recent WMA General Assembly in Helsinki, Finland.

Dr Venkatesh Karthikeyan, a distinguished figure in the field of medical science and public health, has been recognised for his outstanding contributions and leadership in health care. With a robust background in Community and Family medicine, Dr. Karthikeyan will oversee the publication activities of JDN aimed at shaping the future of medical science globally.

The World Medical Association, now encompassing 114 member countries, is dedicated to the highest standards of medical education, science, and ethics, ensuring quality health care for all people worldwide. Dr Karthikeyan’s election as Publications Director underscores his formidable reputation as a leader capable of steering the international medical community towards these lofty goals.

In addition to his new role at WMA, Dr Venkatesh Karthikeyan is already serving as the National Convenor for Antimicrobial Resistance (AMR) at the Indian Medical Association. This election signifies India’s rising prominence as a global leader in healthcare.

The World Medical Association (WMA) is an international organization representing physicians. It was founded on 17 September 1947, when physicians from 27 different countries met at the First General Assembly of the WMA in Paris. The organization was created to ensure the independence of physicians, and to work for the highest possible standards of ethical behaviour and care by physicians, at all times. This was particularly important to physicians after the Second World War, and therefore the WMA has always been an independent confederation of free professional associations.

source/content: ndtv.com (headline edited)

INTERNATIONAL: SAUDI ARABAI: Over 20 mn Indians contributing to our society: Saudi Arabia minister

Al-Ghamdi’s statement comes after Saudi Arabia’s Ministry of Media launched the ‘global harmony’ initiative in Riyadh.

Saudi Arabia’s Deputy Minister of Media Khalid bin Abdulqader Al-Ghamdi has lauded the contribution of Indians residing in the country.

Al-Ghamdi’s statement comes after Saudi Arabia’s Ministry of Media launched the ‘global harmony’ initiative in Riyadh as part of the “Quality of Life” Program to attain its Vision 2030 objectives.The Riyadh season started on October 13.

The events and activities in the Riyadh season represent the cultures of 11 countries including – India, the Philippines, Indonesia, Pakistan, Yemen, Sudan, Jordan, Lebanon, Syria, Bangladesh, and Egypt over 45 days. The activities include concerts, cultural, entertainment and family events, traditional foods, and various handicraft exhibitions.

There are 2.6 million Indians currently living in Saudi Arabia. Highlighting the contribution of Indians in the Saudi Society, the deputy minister said the relationship with India is important.

“The relationship between our countries is witnessing improvement, witnessing so many new arenas of cooperation including economics, cultural or all the aspects and these will be aligned to vision 2030 or its counterpart long-term projects in India. There are 2.6 million Indians in Saudi Arabia which shows how much they are contributing in our society,” he said.

The Saudi deputy minister also highlighted the previous visits made by Prime Minister Narendra Modi to the Kingdom of Saudi Arabia in the year 2016 and 2019 and said, “It is one manifestation of how strong the relationship between both the countries is. It is leadership and political aspects for all the relevance of the relationship between the two countries and are all together moving toward future based on our vision 2030 and long term vision of India relationship.”

The Ministry of Media, in partnership with the General Entertainment Authority, has organised events in the city that feature cultural, artistic, and folkloric activities and shows.

“This is an initiative by Ministry of Media. It is one of the initiative of the Vision 2030 and program on quality of life of Saudi Arabia. It aims to show how residents are living in harmony in the society of Saudi Arabia,” Al-Ghamdi added.

source/content: business-standard.com (headline edited)

INTERNATIONAL / NATIONAL: DEFENCE: India, US sign Rs 32,000-crore deal for 31 Predator drones

The development comes less than a month after Prime Minister Narendra Modi and US President Joe Biden held talks about the acquisition of the Predator drones on the sidelines of the Quad Leaders’ Summit held in Delaware.

In Short

Total cost of the deal could rise to Rs 34,500 crore
Deal includes MRO facility establishment in India
15 drones for Navy, rest for Air Force and Army

India has signed a deal with the US for the procurement of 31 Predator MQ-9B High Altitude Long Endurance UAV manufactured by General Atomics. The development comes less than a month after Prime Minister Narendra Modi and US President Joe Biden held talks about the acquisition of the drones on the sidelines of the Quad Leaders’ Summit held in Delaware.

The two countries signed a deal worth Rs 32,000 crore for the acquisition of 31 predator drones, along with the establishment of a maintenance, repair, and overhaul (MRO) facility in India.

This deal will enhance the surveillance capabilities of the Indian armed forces. According to reports, the total value of the deal could rise to Rs 34,500 crore.

The project was cleared by the Cabinet Committee on Security (CCS) last week under which the Indian Navy will receive 15 Sea Guardians, while the Indian Army and Air Force will each acquire eight Sky Guardians.

Along with the UAVs, the deal encompasses advanced weaponry, such as 170 AGM-114R Hellfire missiles, 16 M36E9 Hellfire training missiles, 310 GBU-39B/B laser-guided Small Diameter Bombs (SDB), and eight GBU-39B/B LSDB guided test vehicles with live fuses.

India has been discussing the deal with the US for many years, but the final hurdles were cleared a few weeks ago at the Defence Acquisition Council meeting as it had to be cleared before October 31 as the validity of the American proposal was till that time only.

India would be basing the drones at four possible locations, including INS Rajali near Chennai, Porbandar in Gujarat, Sarsawa and Gorakhpur in Uttar Pradesh.

WHAT ARE THE FEATURES OF THE MQ-9B DRONES?

The US had approved the sale of 31 MQ-9B drones to the Indian military at an estimated cost of $3.99 billion in February.

The key characteristic of the MQ-9B Predator is its whisper-quiet operation. The drone stands out from the rest because of its stealth feature. The drone can fly as close to 250 metres from the ground without the target even having an inkling it is there unless spotted.

With a maximum speed of 442 km/h, the drone can soar at an altitude of around 50,000 feet, higher than that of a commercial airplane.

The drone’s capacity to be sent on extended missions in any kind of weather is another noteworthy feature. The drone has the option to be fitted with air-to-ground missiles in addition to air-to-air missiles.

The MQ-9B drone can fly 2,000 miles without refueling and carry up to 1,700 kg of cargo, which includes four missiles and about 450 kg of bombs. The drone’s manufacturer, General Atomics Aeronautical Systems, claims that it can fly nonstop or hover over targets for up to 35 hours.

source/content: indiatoday.in (headline edited)

NATIONAL: India successfully built best digital economy, finance architecture in world: Nobel winner Spence

Noting that India is a major economy with the highest potential growth rate right now, Nobel laureate economist A Michael Spence said the country has successfully developed by far the best digital economy and finance architecture in the world.

Spence, who was awarded the Nobel prize in Economic Sciences in 2001, shared his views during an interaction with students and faculty at the Bennett University in Greater Noida on Monday.

“The major economy with the highest potential growth rate right now is India. India has successfully developed by far the best digital economy and finance architecture in the world. It is open, competitive and delivers services of an inclusive kind to a vast array of territory,” the Nobel laureate said, according to a statement issued by the varsity.

Spence also pointed out that the world is experiencing a “kind of regime change in the global economy”.

Tracing the evolution of the global economy after World War II, Spence said that the 70-year-old global system is “breaking down” due to pandemics, geopolitical tensions, climate shocks, etc.

Emphasising that the global system — built on economic criteria like global supply chain centred around efficiency and comparative advantage considerations — is undergoing a rapid transition, he pointed out that “in a shock-prone world, it doesn’t make sense to have single sourcing”.

With the centre of gravity shifting steadily towards the East, there is a fundamental change in the global economy whereby supply chains are getting diversified and global governance is becoming more complicated than ever before, he added.

Despite the challenging time, he said what gives optimism is the affirmative answer to the question: whether we have counter-measures to enhance human welfare? He also outlined the enormous progress in science and technology which can contribute to enhancing human welfare, including generative AI, revolutions in biomedical life sciences and massive energy transitions.

He cited the example of competitive pricing of solar energy and quoted the cost of DNA sequencing having reduced from USD 10 million dollar earlier to USD 250 now. However, he added there is downside to this technological growth, and emphasised on its availability to both big and small businesses alike.

“We now have incredibly powerful scientific and technological tools that, if we use correctly, can be used to essentially deliver wellbeing and opportunity to a wide range of people,” said Spence, who was recognized for his analysis of markets with asymmetric information. PTI KIS TIR TIR

This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.

source/content: theprint.in (headline edited)

NATIONAL: NEW PORTAL FOR NRIs: Dr Jaishankar launches revamped eMigrate portal, mobile app

Dr Jaishankar said that the portal will protect the rights and dignity of Indian workers in foreign lands.

India on Monday launched a revamped e-Migrate portal and mobile app with the objective of facilitating Indians to travel overseas legally with safety.

“The launch of eMigrate portal V2.0 is a testament to the government’s continuing efforts to create a safer, more transparent and inclusive mobility for Indian labour and marks a significant milestone in our efforts to safeguard the welfare and interests of our citizens,’’ said External Affairs Minister, Dr S Jaishankar while launching it on Monday.

This is a revamped version of the eMigrate portal.

Dr Jaishankar also said that this portal will add another dimension in preparing Indian youth for a global workplace. This portal will protect the rights and dignity of Indian workers in foreign lands.

“While we recognize the invaluable contributions of our migrant workers to India’s economy and global reputation, we must also acknowledge the vulnerabilities that they face in foreign lands,” said Dr Jaishankar.

“Our missions, especially those in the Gulf, have dedicated Labour Attaches which ensure redressal of labour and other grievances. I am pleased to note that the revamped e-Migrate portal also has 24*7 multilingual helpline numbers to attend to issues that they face which require urgent solutions, in addition to features for registering feedback for redressal,’’ he added.

This portal has also been integrated with DigiLocker which will enable emigrants to submit various documents for obtaining clearances through DigiLocker in a paperless mode, as well as to store them securely, all their important documents like passports, and employment contracts, are actually secured.

source/content: newindianexpress.com (headline edited)

GLOBAL: NATIONAL: SATELLITES: India’s 52-satellite initiative: Enhancing surveillance on adversaries including China and Pak

In what augurs well for India’s security capabilities, the Cabinet Committee on Security (CCS), chaired by Prime Minister Narendra Modi, has reportedly approved Phase III of the Space-Based Surveillance (SBS) mission. This decision will pave the way for the launch of 52 surveillance satellites in low earth and geostationary orbits.

The Modi government’s move is likely to give sleepless nights to adversaries such as China and Pakistan, as the two neighbours among others will be under continuous monitoring once the capabilities are fully operational.

With this ramped-up capability, India will be able to detect enemy submarines operating in the Indo-Pacific region, sources familiar with the development said. In addition to this, India will improve and upgrade its ability to monitor and closely watch any illegal infrastructure development by China near the Line of Actual Control (LAC).

The government’s decision to give a major boost to India’s space-based surveillance capabilities comes at a very significant time. This has come amid growing tensions and shifting geopolitical dynamics in the Indo-Pacific region. As China continues to be overassertive in a bid to expand its footprints and presence in the region, the decision aimed at bolstering India’s security measures, such as deploying surveillance satellites, to effectively monitor and respond to Beijing’s actions, is a timely action.

In response to China’s belligerence in the region, the Modi government is implementing effective measures to safeguard the country’s maritime and other security regional interests. It will also ensure that potential threats from hostile submarines are quickly detected and dealt with. Beyond maritime security, experts indicate that these satellites will also monitor infrastructure development by adversaries along India’s land borders.

The move includes monitoring along the disputed Line of Actual Control (LAC) with China, where the construction of new roads, airstrips, and military outposts has raised major concerns over the past several years. In addition to this, increased surveillance along the Pakistan border will enable India to keep an eye on new defence-related infrastructure projects that could pose risks to national security.

Sources say that India will be able to share the information and key inputs gathered from these satellites about Chinese illegal and expansionist activities with other countries as well.

The surveillance satellite project aimed at improving land and maritime domain awareness for both civilian and military purposes is being managed by the National Security Council Secretariat in collaboration with the Defence Space Agency under the Defence Ministry’s integrated headquarters. The project, with a budget of Rs 26,968 crore, entails the construction and launch of 21 satellites by ISRO, while the remaining 31 will be developed by private companies.

source/content: ianslive.in (headline edited)

NATIONAL: METAL INDUSTRY: India’s ship recycling industry expected to grow at 10 pc CAGR by 2028

The ship recycling industry in India is expected to grow at a compound annual growth rate (CAGR) of 10 per cent by 2028, according to a new report.

India accounted for 33 per cent of the global gross tonnage (GT) dismantled in CY23, second only to Bangladesh, which handled 46 per cent, according to a report by CareEdge Ratings.

The ship recycling industry is expected to grow to 3.8-4.2 million GT in 2025, as against an estimated 2.3-2.6 million GT in 2024.

In India, Alang-Gujarat stands among the largest ship recycling facilities in the world, boasting over 140 recycling yards.

According to the report, India’s ship-recycling industry is a crucial part of the global maritime sector.

The top four countries including Bangladesh, India, Pakistan, and Turkey dominate the ship-recycling industry, dismantling over 90 per cent of the global ship recycling volume.

India and Bangladesh consistently led the industry, while contributions from other countries were variable and generally lower.

According to Sajni Shah, Assistant Director, CareEdge Ratings, cooling-off of Baltic Dry Index (BDI), stabilisation of heavy melting scrap prices, and increase in obsolete ships in operations, suggest more ships to enter the recycling market from CY25 onwards.

Countries having better infrastructure and green recycling facilities are expected to attract a larger portion of ships in future, Shah added.

According to the report, prices for heavy melting scrap in Bhavnagar surged from Rs 28,800 per tonne in August 2020 to a peak of Rs 54,400 per tonne in April 2022, driven by supply chain disruptions and heightened demand for steel amid post-pandemic economic recovery efforts.

However, after peaking, scrap prices began to decline, settling at Rs 39,900 per tonne in December 2023. Since January 2023, prices have stabilised between Rs 36,000 per tonne and Rs 44,000 per tonne, the report added.