BUSINESS
India’s Defense Exports Surge 30-Fold in the Past Decade
The products turned out by the Indian defence industry today find their way to more than 85 countries in Southeast Asia, the Middle East, Africa, and Latin America. This proves the fact that the industry is fully capable concerning designs and development; there are some 100 companies involved in defence exports. The government took several policy initiatives to support these exports through the 'Make in India' initiative and a slew of economic reforms in the past decade.
Automobile Sales Surge in Q1 FY25 Driven by Economic Growth and Rural Demand: SIAM
SIAM registered a 3 per cent increase with 1,026,006 units sold as against the same period last year. Utility vehicles contributed 18 per cent while vans registered a 9.2 per cent growth.
India's Industrial Production Sees 5.9% Growth in May
The growth drivers at the top in the manufacturing sector during May 2024 were "Manufacture of basic metals" at 7.8 percent, "Manufacture of pharmaceuticals, medicinal chemicals and botanical products" at 7.5 percent, with "Manufacture of electrical equipment" throttling past all of these at 14.7 percent, the official statistics indicate.
India Achieves Record Forex Reserves of $657.2 Billion
The reserves had dropped by $1.71 billion to $652 billion in the June 28 week but have now bounced back to continue their upward streak seen in the previous weeks.
Mukesh Ambani's son Anant ties the knot with Radhika at star-studded event in Mumbai
The event, labeled as the 'wedding of the year,' saw a diverse range of high-profile guests, including reality TV stars Kim and Khloe Kardashian, Nigerian rapper Rema, former UK Prime Minister Tony Blair, and global business leaders such as Saudi Aramco CEO Amin Nasser, Samsung Electronics chairman Jay Lee, and GSK plc chief executive Emma Walmsley.
PepsiCo CEO Ramon Laguarta: India Set to Remain a Major Growth Market for Years to Come
During an investor call, Laguarta emphasized the company’s focus on its brands to seize growth opportunities. "We’re observing significant growth across various segments of the AMESA region, with India being a key area of expansion and investment," he stated.
Indian Economy Sees Over 4-Fold Increase in New Jobs from 2004-14 to 2014-23: SBI Report
According to an SBI report, prepared from RBI data by its Economic Research Department, during FY14-FY23 and FY04-FY14, the manufacturing and services sectors alone contributed to about 8.9 crore and 6.6 crore jobs respectively, alike in exclusion of agriculture.
Milestone Achieved: Telecom Equipment Manufacturing Surpasses Rs 50,000 Crore Under PLI Initiative
Companies that are beneficiaries under the PLI have seen exponential growth in sales of telecom and networking products by 370 percent in FY2023-24 over the base year FY 2019-20. More importantly, the gap between the concerned imports and exports of telecom has also come down, with total exports of telecom equipment and mobiles crossing Rs 1.49 lakh crore, marginally higher than imports of Rs 1.53 lakh crore in FY 23-24, data from the government showed.
India and Russia Aim for $100 Billion Trade Goal by 2030, Advance Free Trade Agreement: Foreign Secretary
In the financial year ending March 2024, trade between India and Russia touched $65.7 billion—up 33% over the previous year. He mentioned now development of 'Make in India' and creating manufacturing partnerships as part of their bilateral priorities.
RBI Reports Surge in Job Creation: Over 46.6 million New Jobs Added in 2023-24
The KLEMS database of the RBI on inputs to production—Capital, Labour, Energy, Materials, and Services—cuts across 27 industries, classified into six sectors. All in all, they offer a pretty good view of the economy. For the first time, overall productivity for FY24 has also been provisionally estimated by RBI, based on available data, with improvements in labor quality being driven by educational attainments of workers.
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