Author: Bhakti Narayanan

From October 19-20, 2023, Kerala is hosting a workshop on Artificial Intelligence for Digital Transformation, bringing together more than 42 officials from 13 state departments. These include the Department of Agriculture Development and Farmers Welfare, the State Goods and Service Tax, the Department of Rural Development, the Department of Dairy Development, the Police Department, and the State Digital Health Mission. The workshop aims to equip IT teams from various state departments with the knowledge and skills to implement cutting-edge technology initiatives in the state. The National e-Governance Division, Ministry of Electronics & Information Technology, in collaboration with knowledge partners, is…

The Coal Ministry had set a production and shipping target of 1,012 million tonnes (MT) of coal for consumers in FY24. As of October 17, 2023, the Ministry had already dispatched 500 MT of coal, marking a remarkable performance milestone. This achievement occurred within the first 200 days of the year, particularly during the monsoon season, signifying a significant accomplishment. Traditionally, the second half of the year sees a higher production and dispatch rate than the first half. Therefore, it is expected that the coal dispatch for this year will exceed one billion tonnes, given the early attainment of the…

As per a report, Suzuki Motor of Japan is planning to export Electric Vehicles (EVs) produced at Maruti Suzuki’s Gujarat plant in India to Japan by 2025. This is part of Suzuki’s strategy to position India as a global hub for electric car manufacturing. Additionally, Suzuki is exploring the possibility of supplying India-made EVs to Toyota Motor for the European market. Besides distributing these EVs under its own brand in Europe, Suzuki is contemplating collaboration with a Japanese competitor to sell these vehicles through a joint venture, where they would be branded as Toyota vehicles. Suzuki’s commitment to India’s electric…

Prime Minister Narendra Modi has announced a $2.8 billion investment plan by 2047 aimed at developing and improving India’s ports while reducing shipping emissions. He revealed this during his address at the Global Maritime India Summit (GMIS) in Mumbai. “In the post-corona (COVID-19) era, the world needs reliable and resilient supply chains,” Modi said. “Today, a new world order is taking shape, and in this new order, the whole world is looking at India in a new light,” he emphasized. Modi also laid the foundation stone for the $547 million Tuna Tekra, the all-weather deep draft terminal to be constructed…

Ficci’s recent Economic Outlook Survey forecasts a 6.3% growth for India’s economy in FY24, citing a robust financial sector, strong urban demand, increased private investments due to government capital expenditure, and a resurging real estate sector. Notable economists contributed to this survey conducted in September 2023. However, external factors pose uncertainties, including geopolitical tensions, China’s economic slowdown, and the impact of an El Niño-influenced monsoon season. Agricultural growth is expected to slow due to reduced monsoon rainfall (2.7% in the current fiscal year compared to 4% in FY23), while the industry and services sectors are predicted to grow at 5.6%…

Mutual funds (MFs) are once again attracting record numbers of systematic investment plan (SIP) investors, with H1 FY24 witnessing the addition of 77 million SIP accounts, slightly surpassing H1 FY22’s 76.5 million. This resurgence is attributed to MF schemes performing well, supported by the market’s rapid recovery from this year’s March lows. Key indices, including the NSE Nifty 50, Nifty Midcap 100, and Nifty Smallcap 100, displayed significant growth. Around 97% of equity plans delivered double-digit returns over the past year, reflecting a favorable investment environment. Vishal Kapoor, CEO of Bandhan Asset Management Company (AMC), attributed the renewed investor confidence…

Union Minister of Commerce & Industry, Mr. Piyush Goyal, oversaw the “Chintan Shivir – Unleashing the power of India’s Manufacturing Industry” at Bharat Mandapam, New Delhi. He emphasized the government’s commitment to supporting the manufacturing ecosystem and sought input for achieving economies of scale more rapidly. The event brought together industry leaders from prominent organizations such as the Confederation of Indian Industry (CII), Federation of Indian Chambers of Commerce & Industry (FICCI), Associated Chambers of Commerce and Industry of India (ASSOCHAM), Automotive Component Manufacturers Association of India (ACMA), Society of Indian Automobile Manufacturers (SIAM), and knowledge partners BCG and McKinsey.…

The US India Business Council (USIBC) played host to health delegations representing the governments of India and the United States on October 13. This reception and dinner occurred in conjunction with the U.S.-India Health Dialogue, held at the U.S. Chamber of Commerce headquarters in Washington, D.C. The delegation consisted of notable individuals, including Secretary Sudhansh Pant, the Union Health Secretary of India, Dr. Rajiv Bahl, who serves as the Secretary of the Department of Health Research and as director-general of the Indian Council of Medical Research (ICMR), Atul Gawande, the USAID assistant administrator for Global Health, and Dr. Atul Goel,…

Shiprocket, an e-commerce enablement platform, reports that the Indian e-commerce opportunity during the festive season is expected to reach approximately $13 billion for Micro, Small, and Medium Enterprises (MSMEs) in India. Notably, non-metro cities contribute to 56% of the order volume, indicating the growing acceptance of online shopping and digital transactions in smaller towns and rural areas. MSMEs in Tier II, III, and IV cities are anticipating a surge in Diwali gift orders, outpacing merchants in metro cities. The increased e-commerce activity is likely to see first-time buyers comprising 10-15% of the overall order volume. Delhi NCR leads in festive…

In September, the count of unique investors in mutual funds (MFs) crossed the 40 million mark, with the addition of 10 million new investors in the preceding 21 months. Notably, these investors constitute a significant portion of the financial landscape, accounting for around 57% of all income tax filings this year, and comprising 6.5% of all PAN card issuances, indicating the growing importance of mutual fund investment. The count of unique investors is based on the total number of PAN (Permanent Account Number) registrations within the MF industry. This achievement came at a time when the industry witnessed a surge…