Category Archives: Business & Economy

GLOBAL: e-COMMERCE: India’s Government e-Market is World’s 3rd Largest e-commerce platform: CEO

Launched in August 2016, the total value of orders placed through GeM in 2018-19 was Rs.17,445 crore, which gradually went up to about Rs.1.07 lakh crore in 2021-22.

India’s ‘Government e-Market’ or GeM portal is the world’s third largest e-commerce platform for public procurement after Korea’s ON-line E-Procurement System (KONEPS) and Singapore’s GeBIZ with a total sales value crossing Rs.4 lakh crore in the current financial year ending on March 31, a senior official said.

“GeM closes this financial year with over Rs.4 lakh crore gross merchandise value (GMV), almost a 100% jump from the GMV at the end of the previous fiscal year, exhibiting its unique ability to promote digital inclusion,” GeM CEO PK Singh said. GMV represents the total value of goods or services sold within a specific period.

Launched in August 2016, the total value of orders placed through GeM in 2018-19 was Rs.17,445 crore, which gradually went up to about Rs.1.07 lakh crore in 2021-22. In the previous financial year (FY23), the value of orders (or GMV) was a little over Rs.2.01 lakh crore.

While both public and private sector companies can sell their products and services through GeM, buyers can only be government entities, including gram panchayats.

Defence procurement is one of the major business activities in the platform. “Assembly of BrahMos missile is being done through GeM as a service contract. In defence, right from supplying eggs up to the missile parts is being done through the portal,” said Singh.

GeM provides a level playing field for domestic businesses, particularly smaller ones, physically distant from popular markets, to grow and thrive. Of the Rs.4 lakh crore GMV orders, nearly 50% have been awarded to marginalised seller segments such as artisans, weavers, craftsmen, micro and small enterprises, women-led units, farmer producer organisations and startups, he said.

The portal has collaborations with over 520,000 Common Services Centres (CSCs) and more than 150,000 India Post offices to link the remotest locations of the country for seamless procurement, Singh said.

“Through supportive handholding at every step to help diverse sellers and service providers grow their business on GeM, the platform has given impetus to hyper-local economies across regions in India, resulting in job creation and greater incomes,” Singh added.

According to Singh, services procurement through GeM is rapidly growing. Procurement of services from the portal was worth Rs.66,000 crore in 2022-23, which jumped to Rs.2.05 lakh crore in the current fiscal year. Goods procurement in FY24 (as of March 28) was valued at Rs.1.95 lakh crore, marginally lower than the services procurement.

“GeM has been exceptionally successful in breaking down the cartel of established and renowned service providers, paving the way for small domestic entrepreneurs to participate in government tenders from anywhere at any time. The vast repository of services on GeM has enabled states to procure innovative solutions that cater to all their dynamic needs,” Singh said.

He said the government wants to develop GeM as a unified procurement portal of the country by including contracts also. Currently, only goods and services are available on the platform. A dedicated page for election-related goods and services, such as catering and webcasting services is also available on the portal.

The portal’s network of over 150,000 government buyers and 2.1 million sellers has helped the e-marketplace to grow rapidly, Singh said. “Through comprehensive onboarding of last-mile buyers and sellers GeM has fostered engagement at the grassroots level, by integrating 89,421 panchayats and over 760 cooperatives within its procurement ecosystem, GeM has facilitated sustainable procurement while ensuring optimisation in public spending at the very last level of administration,” he added.

GeM provides a wide range of goods and services, including office stationery, passenger vehicles, computer furniture, hiring of helicopter services, logistics, waste management, and webcasting.

source/content: hindustantimes.com (headline edited)

INTERNATIONAL: INDIVIDUAL BUSINESS LEADERS: Maximum City ‘Mumbai’ has maximum billionaires in India, 3rd in the World and Asia’s billionaire capital making it the fasted growing club in the world

Mumbai was the fastest growing billionaire capital in the world with 92 billionaires, adding 26 in the year, taking it to third in the world and Asia’s billionaire capital.

India added 94 new billionaires in 2023, the most by any country other than the US, taking the total to 271, according to the 2024 Hurun Global Rich List. An individual with $1 billion in wealth is a billionaire.

The collective wealth of Indian billionaires amounts to US$ 1 trillion or 7 per cent of total wealth, emphasising the nation’s substantial economic influence, it said. The average age of Indian billionaires is 67 years.

Dominant industries which India’s billionaires represented include pharmaceuticals (39), automobile & auto components (27) and chemicals (24).

Mumbai was the fastest growing billionaire capital in the world with 92 billionaires, adding 26 in the year, taking it to third in the world and Asia’s billionaire capital. New York ranked number 1 with 119; London was in second spot with 97. Beijing dropped from first place last year to the fourth position with 91, just three billionaires less than India’s.

New Delhi broke into the Top 10 for the first time.

Mukesh Ambani is in the tenth position with a wealth of $115 billion and Gautam Adani is in the 15th position with a wealth of $86 billion, according to UK based Hurun.

At 52, Elon Musk (US $231 billion) reclaimed the title of the richest person in the world for the third time in four years, propelled by a surge in Tesla’s stock. Simultaneously, SpaceX, Musk’s aerospace venture, saw its valuation hit new heights on the back of successful launches, satellite internet ventures, and lucrative government contracts.

Jeff Bezos, 60, rose to the second position with US$ 185 billion, as his wealth grew 57 per cent this year, driven primarily by Amazon’s cloud computing, winning market share and making up for all his losses last year.

The biggest gainers of the year were Mark Zuckerberg, adding US$ 90 billion, and Elon Musk adding US$ 74 billion. Jensen Huang of Nvidia saw his wealth double to US$ 48 billion and a place in the Hurun Top 30.

Despite losing 155 billionaires, China is still the world capital for billionaires with as many as 814. The USA was just behind with 800 billionaires, adding 109. Between themselves, China and the USA — the  ‘Big Two’ — have 49 per cent of the known billionaires on the planet, down 4 per cent, says the Hurun Rich List.

The 2024 Hurun Global Rich List underscores India’s ascension as a future economic titan, poised to secure its place as the world’s third-largest economy. Surpassing all but the United States, India’s unprecedented billionaire boom propels Mumbai past Beijing, crowning it as Asia’s billionaire epicentre,” said said Anas Rahman Junaid – Founder and Chief Researcher, Hurun India.

The USA had a strong year on this latest Hurun Global Rich List, with its 800 entrants contributing a notable 37% of the overall wealth of the list. Adding 132 new faces, the American landscape continues to showcase entrepreneurial dynamism.

source/comment: indianexpress.com (headline edited)

INTERNATIONAL : DAIRY EXPORTS: In a First, Amul to launch Fresh Milk in US within a week: MD Jayen Mehta

Mehta said fresh milk will be available in New York, New Jersey, Chicago, Washington, Dallas and Texas among others.

For the first time, Amul fresh milk will be available outside India, with the Gujarat Cooperative Milk Marketing Federation (GCMMF) launching four variants of milk in the US market within a week, to cater to Indian diaspora and Asian population.

“We have been exporting dairy products for many decades. This is the first time we are launching fresh milk outside India,” GCMMF MD Jayen Mehta told PTI.

He said “the GCMMF has tied up with 108-year old cooperative organisation Michigan Milk Producers Association (MMPA) to launch fresh milk in the US market,” The milk collection and processing will be done by MMPA, while GCMMF will do marketing and branding of Amul fresh milk.

“Recipe will be ours. Within one week, Amul Taaza, Amul Gold, Amul Shakti and Amul Slim n Trim will be available in the US market,” he said.

Mehta said fresh milk will be available in New York, New Jersey, Chicago, Washington, Dallas and Texas among others.

GCMMF will target non-resident Indians (NRIs) and the Asian population.

Asked about the selling target, he said GCMMF will focus on branding and marketing for the next 3-4 months.

“We are expecting a good response from customers,” he said.

Mehta said GCMMF would also launch fresh milk products like paneer, curd and butter milk in the near future.

During the 2022-23 fiscal, the turnover of GCMMF stood at around Rs 55,000 crore, up 18.5 per cent from the previous year.

GCMMF is already exporting dairy products in about 50 countries.

source/content: indianexpress.com (headline edited)

GLOBAL: SPACE / MOON LANDING: Chandrayaan 3’s landing site name ‘Shiv Shakti’ gets International Astronomical Union (IAU) recognition

Chandrayaan 3’s moon lander’s landing site was named Shiv Shakti on August 26 by Prime Minsiter Narendra Modi.

Prime Minister Narendra Modi on August 26 had announced that the landing site of Chandrayaan 3’s moon lander would be named Shiv Shakti. Six months later, the internationally recognised body for nomenclature of celestial objects has officially granted it recognition.

International Astronomical Union (IAU) Working Group for Planetary System Nomenclature on Tuesday approved the name ‘Statio Shiv Shakti’ for the landing site of Chandrayaan’s Vikram lander.

Chandrayaan 3 — India’s moonshot

Chandrayaan 3, India’s third lunar mission, took off from the Indian Space Research Organisation (ISRO) Satish Dhawan Space Centre in Sriharikota on July 14. After about a month, on August 23, the Vikram lander successfully touched down on the moon, along with the Pragyan Rover. This historic achievement positioned India as the first country to land near the lunar South Pole and only the fourth to achieve a controlled lunar landing.

Following 10 days of exploration on the lunar surface, both the lander and rover entered sleep mode. Meanwhile, the propulsion module remains in lunar orbit after separating from the lander.

What is Shiv Shakti point?

On August 26, PM Narendra Modi declared that the landing site of Chandrayaan 3’s moon lander would be named Shiv Shakti .

“In Shiv, there is a resolution for the welfare of humanity, and Shakti gives us strength to fulfil those resolutions,” said Modi, while announcing the name.

The IAU’s Gazetteer of Planetary Nomenclature, where the name was officially published, described it as a compound word from Indian mythology representing the masculine (“Shiva”) and feminine (“Shakti”) duality of nature.

Why are celestial bodies named?

Planetary nomenclature is like naming places on Earth. It helps us identify and talk about specific features on planets and moons. This list, created by the International Astronomical Union (IAU), includes all the names given to different spots on planets, moons, and even some ring systems since 1919. It makes it easier for scientists to locate and describe these places.

source/content: hindustantimes.com (headline edited)

INTERNATIONAL / REGIONAL: MEDIA: The Hindu Group wins 06 Awards at WAN-IFRA Digital Media South Asia 2023

The Hindu Made of Chennai, a campaign to celebrate the city, won gold in both ‘best in audience engagement’ and ‘best in native advertising campaign’ categories.  

The Hindu’s projects bagged six of the WAN-IFRA Digital Media Awards South Asia 2023 presented at an event recently organised in New Delhi.

The Hindu Made of Chennai, a campaign to celebrate the city, won gold in both ‘best in audience engagement’ and ‘best in native advertising campaign’ categories.

Chennai-A-Maze, an online cryptic crossword challenge, bagged silver in the ‘best in audience engagement’ category. The crossword was rolled out on The Hindu Crossword and website as part of the Made of Chennai campaign for Madras Day (August 22, 2023) for 10 days. The activity was organised along with the Tamil Nadu Tourism Development Corporation and was powered by Storytrails, a company that organises story-based walking tours in India.

A ‘Made of Chennai song’ — an audio-visual tribute to the city that was part of the campaign — won a special jury mention in the ‘best use of video’ category. The track reinforced the uniqueness of the coastal city.

The Hindu website won silver in the best news website category. The Hindu’s meta description for news articles using generative artificial intelligence bagged silver under the best use of AI in the newsroom category.

L.V. Navaneeth, Chief Executive Officer of The Hindu Group, said, “With Made of Chennai, we embraced the city’s passion points and crafted engaging activities around them. The resounding success of our campaign underscores our deep understanding of Chennai and its vibrant community. With digital technology, we intend to elevate the user experience on our platforms and foster deep engagement with readers. The Hindu website is reshaping how we deliver top-notch news content, particularly to young audiences. This acknowledgement from WAN-IFRA fuels our drive to elevate the efforts.”

The World Association of News Publishers is the global organisation of the world’s press. Its mission is to protect the rights of journalists and publishers to operate independent media.

source/content: thehindu.com (headline edited)

NATIONAL: GI Tag – Silver Filigree : Odisha, Cuttack’s famed 13th century Chandi Tarakasi (Silver Filigree) gets Geographical Indication (GI) tag

The Odisha State Cooperative Handicrafts Corporation Ltd. (UTKALIKA) had filed an application, seeking GI tag for the famed silver filigree, on July 1, 2021.

Cuttack’s famous ‘Chandi Tarakasi’ or silver filigree has been granted the Geographical Indication (GI) tag, officials said.

The Odisha State Cooperative Handicrafts Corporation Ltd. (UTKALIKA) had filed an application, seeking GI tag for the famed silver filigree, on July 1, 2021.

“It is a matter of honour for Odisha to get the GI tag for Cuttack’s Silver Filigree (#ChandiTarakasi). The centuries-old sophisticated craft practiced in the Silver City of #Cuttack gives a distinct identity to our state for its intricate workmanship. On the occasion, I extend my best wishes to the people of Odisha, especially Cuttack and the district administration,” Chief Minister Naveen Patnaik said on X.

The district administration had traced its origins to the 13th century to show historical linkage of the art to the region.

In Odia, ‘Tarakasi’ is a combination of two words — ‘Tara’ (wire) and ‘Kasi’ (design).

During Durga Puja, artisans of Cuttack also create ‘medhas’ (tableaus) with intricate filigree patterns, the officials said.

source/content: thehindu.com (headline edited)

NATIONAL: SEMI-CONDUCTORS: Cabinet approves 03 Semiconductor proposals in Gujarat, Assam

One of the facilities is a fabrication unit — as opposed to a packaging or assembly unit — and will make 50,000 ‘wafer starts’ a day.

The Union Cabinet on February 29 approved three semiconductor proposals amounting to ₹1,25,600 crore in value in Dholera and Sanand in Gujarat, and in Morigaon in Assam. The Dholera and Morigaon facilities will be built by Tata Electronics Pvt. Ltd. and Tata Semiconductor Assembly and Test Pvt. Ltd. The former will be a full-fledged fabrication unit producing 50,000 ‘wafer starts,’ the initial form of silicon chips, per month.

Powerchip Semiconductor Manufacturing Corporation of Taiwan will be the technology partner for the fab unit, while the assembly and testing unit in Morigaon’s technology partners have been kept confidential at their request, Minister of Electronics and Information Technology Ashwini Vaishnaw told reporters.

The Dholera units will be used to make “high performance compute chips with 28 nanometre technology,” and also to make chips for power management, which Mr. Vaishnaw said accounted for a large part of semiconductor demand. Both facilities’ output will cater to domestic demand as well as export their produced chips, Mr. Vaishnaw said.

Construction will start within 100 days, he added, hoping that the work is done well before the standard 5 year timeline for such facilities. The chip assembly facility by Micron, announced last year, is on track to have its first chip produced by December 2024, Mr. Vaishnaw said. The facilities announced on Thursday will create 20,000 direct jobs and 60,000 indirect jobs, the IT Ministry estimated in a note.

The facility in Sanand will also be a packaging unit, set up by CG Power with technology from the Renesas Electronics Corporation of Japan and Stars Microelectronics of Thailand.

source/content: thehindu.com (headline edited0

India-born Economist Geeta Batra Named As First Woman Director of World Bank’s GEF

Geeta Batra, a distinguished India-born economist, has been appointed as the Director of the Independent Evaluation Office of the World Bank’s Global Environment Facility (GEF). This historic appointment makes her the first woman from a developing country to hold this prestigious position. 

Currently serving as the Chief Evaluator & Deputy Director for Evaluation at the GEF’s Independent Evaluation Office (IEO), affiliated with the World Bank, Batra’s nomination for the role received unanimous approval during the 66th GEF Council Meeting in Washington on February 9.

Geeta Batra, aged 57, outlined her top priorities, emphasizing the delivery of sound evaluative evidence on GEF’s results and performance, leadership to keep the GEF IEO at the forefront of environmental evaluation, and the strengthening of IEO teams through skill development. 

Her role will also involve building partnerships with multilateral and bilateral agencies, foundations, and networks, sharing knowledge on effective environmental strategies.

Born in New Delhi, Batra pursued her education in Mumbai and Chennai, completing her Economics degree and an MBA in Finance.

Inspired by her professor, Harkant Mankad, she pursued a Ph.D. in Economics in the United States. After working in various roles, including Senior Manager, Risk, at American Express and serving at the World Bank’s Private Sector Development Department, she joined the GEF’s IEO in 2015.

The GEF has been a significant player in the environmental sector since the Rio Earth Summit in 1992, providing substantial grants and co-financing for projects addressing global environmental concerns. Geeta Batra’s appointment signifies a major milestone, reflecting her extensive experience and commitment to environmental evaluation.

With IANS Inputs

source/content: indiatimes.com (headline edited)

NATIONAL: DEFENCE & AVIATION: Mid-air Refuellers, Maritime Planes in India’s ₹84,560 cr Defence push

The DAC accorded its acceptance of necessity (AoN) to the capital acquisition projects, paving the way for inducting a range of capabilities.

Lending further momentum to the ongoing self-reliance drive in the defence manufacturing sector, India on Friday approved several key proposals worth Rs.84,560 crore to strengthen the military’s operational readiness, including the purchase of more mid-air refuellers, medium-range maritime reconnaissance and multi-mission aircraft, heavy weight-torpedoes and new generation anti-tank mines.

The Defence Acquisition Council (DAC), headed by Union defence minister Rajnath Singh, accorded its acceptance of necessity (AoN) to the capital acquisition projects, paving the way for inducting a range of capabilities that will help the three services and the coast guard address challenges in their vast domains.

“In the true spirit of ‘Aatmanirbharta’, the approvals accorded today lay special emphasis on the procurement of various equipment from Indian vendors,” the defence ministry said in a statement.

The clearance for the purchase of six mid-air refuellers to extend the reach of the Indian Air Force’s fighter jets is by far the most notable development considering it comes against the backdrop of previous failed attempts to buy new tankers, officials aware of the matter said, asking not to be named.

The refuellers were cleared under the ‘Buy (Global)’ acquisition category which refers to the outright purchase of equipment from foreign or Indian vendors.

IAF operates a fleet of six Russian-origin Ilyushin-78 tankers that are plagued by maintenance problems and the force urgently needs at least six more refuellers.

The go-ahead for 15 new C-295 aircraft in a maritime configuration for the navy and coast guard is equally critical, the officials said.

IAF received the delivery of its first C-295 transport aircraft from Airbus Defence and Space in September 2023. The aircraft was the first of the 56 such planes ordered by IAF under a Rs.21,935 crore project to modernise its transport fleet. The European plane maker will deliver 16 planes in flyaway condition, while the rest will be assembled in India at a Tata facility in Gujarat’s Vadodara.

DAC has accorded AoN, under the Buy (Indian-IDDM) category, for new generation anti-tank mines “with seismic sensor and provision of remote deactivation with additional safety features,” the statement said. IDDM stands for indigenously designed, developed and manufactured.

Under India’s defence procurement rules, the council’s AoN is the first step towards buying military hardware. The Indian-IDDM category is the most important category of acquisition for indigenisation under the defence procurement policy.

“To enhance the operational efficiency and domination in the tactical battle area for engaging targets that are beyond visual line of sight by the mechanised forces, AoN under Buy (Indian-IDDM) category has also been accorded for procurement of canister launched anti-armour loiter munition system,” the statement said.

The military hardware cleared by the council includes air defence tactical control radars to detect slow, small and low-flying targets as well as surveillance, detection and tracking of other targets; active towed array sonar with capabilities to operate at low frequencies and various depths for long range detection of enemy submarines; and heavy-weight torpedoes for enhancing the capabilities of Kalvari class submarines.

India has sharpened its focus on the defence manufacturing sector during the last five to six years and has taken several measures to achieve self-reliance. These include banning the import of a range of weapons, systems and parts, creating a separate budget for buying locally made military hardware, increasing foreign direct investment from 49% to 74% and improving ease of doing business.

Setting aside a budget for India-made weapons and systems is one of the key measures to boost self-reliance. Around Rs.1 lakh crore was earmarked for domestic procurement in the defence budget for 2023-24, compared to Rs.84,598 crore, Rs.70,221 crore and Rs.51,000 crore in the three previous years.

source/content: hindustantimes.com (headline edited)

Hyderabad makes history as U.S. smashes visa records in India

The demand for visas across all categories witnessed an exceptional surge, recording a remarkable 60% increase in applications compared with 2022.

Hyderabad emerged as one of the top four student visa processing posts in the world, along with Mumbai, New Delhi, and Chennai, while the U.S. Consular Team in India has set unprecedented visa records in 2023.

The demand for visas across all categories witnessed an exceptional surge, recording a remarkable 60% increase in applications compared with 2022. Hyderabad played a pivotal role in this surge, contributing significantly to India’s representation, with one in every 10 U.S. visa applicants originating from the country.

The U.S. consular team in India issued over 140,000 student visas in 2023, setting a record for the third consecutive year. Consequently, Indian students now constitute the largest group of international graduate students in the United States, representing over a quarter of the one million foreign students studying in the country.

Maintaining a focus on employment visas, Consular Team India streamlined processes by consolidating most petition-based visa processing in Chennai and Hyderabad. This strategic move resulted in the efficient processing of over 380,000 employment visas for Indians and their family members in 2023, with minimal appointment wait times. Looking ahead to 2024, a pilot programme will enable eligible H1B holders to renew their visas in the United States, further simplifying the process for this group.

source/content: thehindu.com (headline edited)