Author: Bhakti Narayanan

Dr. Jitendra Singh, Union Minister of State for various portfolios, declared on November 30, 2023, that India’s Bioeconomy has witnessed a remarkable 12-fold increase over the past decade. Inaugurating the ‘National Plant Computational Biology & Bioinformatics Facility’ at the National Institute of Plant Genome Research, he noted that the bioeconomy, which stood at approximately US$ 10 billion in 2010, has surged to US$ 120 billion. He anticipates a further growth to US$ 300 billion by 2030, attributing this success to Prime Minister Narendra Modi’s strategic policies. Dr. Jitendra Singh also introduced ‘ADVIKA,’ a climate-resilient and drought-resistant chickpea variety, marking a…

As per Gartner’s latest forecast, India’s IT spending is projected to reach US$ 124.6 billion in 2024, marking a 10.7% increase from 2023’s flat growth (-0.5%). The surge will be driven by devices, IT services, and software. Notably, the devices and IT services segment shows significant growth, with device spending shifting from a -7% decrease in 2023 to a 10% increase in 2024. Similarly, IT services are anticipated to rise by 14.6% in 2024, following a 6.5% growth in 2023. This aligns with global trends, as Gartner forecasts an overall IT growth of 8% by 2024, up from 3.5% in…

The Indian government has declared that India will assume the chairmanship of the International Sugar Organisation (ISO) in 2024, a significant recognition given India’s status as the world’s largest sugar consumer and the second-largest producer. The declaration occurred at ISO’s 63rd council session convened in London. Expressing pride in this achievement, the food ministry highlighted India’s growing influence in the global sugar sector. During the ISO Council Meeting, Union Food Secretary Mr. Sanjeev Chopra sought support and collaboration from member countries for India’s presidency in 2024. The focus will be on promoting sustainable practices in sugarcane cultivation, sugar, and ethanol…

Economic growth in India is anticipated to have moderated in the September quarter, with a forecasted GDP growth of 6.8%, down from the previous quarter’s 7.8%, as indicated by a Reuters poll of economists. Despite a global slowdown affecting export growth, the robust service activity and solid urban demand are seen as key support factors. Forecasts for the upcoming years suggest India’s economy will grow more than 6.0%, outpacing major economies. Consumer demand, contributing 60% to GDP growth, remained strong, particularly among urban dwellers, despite inflation triggered by an erratic monsoon. Analysts expect resilience in headline growth, citing robust growth…

Union Minister of Heavy Industries, Mr. Mahendra Nath Pandey, emphasized the need for high standards and advanced localization to make India global suppliers. Speaking at the “From Local to Global India – Manufacturing to Self-Reliance” discussion by the Ministry of Heavy Industries, he highlighted India’s swift progress toward economic strength through initiatives like the FAME and PLI schemes, aiming to promote localization and boost employment. The Minister emphasized the significance of the “local to vocal, and then local to global” approach in the Self-reliant India Campaign. Key stakeholders, including Secretary Mr. Kamran Rizvi and senior MHI officers, participated in the…

The Directorate General of Foreign Trade (DGFT), under the Ministry of Commerce and Industry, Government of India, is joining forces with various e-commerce entities to advance the Districts as Export Hubs initiative and foster e-commerce exports from the nation. This strategic move is geared towards empowering micro, small, and medium enterprises (MSMEs) and propelling e-commerce exports. In an inaugural partnership, DGFT has entered into a memorandum of understanding (MoU) with Amazon India. This collaboration will entail concerted efforts to develop capacity-building activities, training, and workshops for MSMEs in districts designated by DGFT as part of the District as Exports Hub…

As revealed by the HP India Gaming Landscape Study 2023, over 52% of Indian gamers now view gaming as a viable career option, owing to improved gamer salaries in 2023 compared to the previous year. Approximately 40% of serious gamers reported annual earnings ranging from Rs. 6 lakh to Rs. 12 lakh in 2023. The study highlights sponsorships and e-sports competitions as significant sources of revenue for gamers. Mr. Vickram Bedi, Senior Director of Personal Systems at HP India, emphasized the potential for Indian youth not only to excel in the global e-sports arena but also to explore entrepreneurial opportunities…

Union Minister Piyush Goyal disclosed notable surges in exports to Finland and Norway, exceeding 100% and 80%, respectively, during his address at the CII India Nordic-Baltic Business Conclave 2023 in New Delhi. Emphasizing the Nordic-Baltic region’s emergence as a promising market for Indian products, Goyal reported a 39% increase in exports between 2018-19 and 2022-23. He extended an invitation to Nordic-Baltic companies to invest in India, underscoring the nation’s potential for economic expansion. Goyal urged the Nordic region to leverage India’s economies of scale, emphasizing India’s current $3.5 trillion economy, projected to reach $35 trillion in the next 30 years.…

Union Minister of Information and Broadcasting, Mr. Anurag Thakur, predicts that India will ascend to the third position in the global media and entertainment sector within the next five years. Speaking at the 54th International Film Festival of India (IFFI) in Panaji, he not only highlighted this projection but also announced a groundbreaking move – the introduction of the best web series OTT award at the festival, acknowledging the transformative role played by original content creators in the country. Emphasizing the continuation of innovation from the previous year’s edition, Minister Anurag Thakur stressed the importance of recognizing the contribution of…

Apple aims to produce Rs. 1 lakh crore (US$ 12 billion) worth of iPhones in India by March 2024. Officials reveal the tech giant has already ramped up production to over Rs. 60,000 crore (US$ 7.19 billion) in the fiscal year’s first seven months. The target might extend to the first quarter of FY25 if not met this year. Despite global challenges impacting Western consumers’ gadget consumption, Apple prepares for the festive season. Approximately 70% of iPhones made in India are exported, totaling Rs. 40,000 crore (US$ 5 billion) from April to October this fiscal year. Under the PLI scheme,…