India Economy Thread

CallSignMaverick · Dec 26, 2023

Ola built a new model from scratch and... they are already at designing server grade chips!!!

GMDC to spend Rs 900 cr on first underground copper mine in Gujarat

State-run GMDC to spend Rs 900 crore on India's first underground copper mine near Ambaji.

www.thehindubusinessline.com

Advantec Wheels' new plant in Jammu & Kashmir to go on stream next year | Autocar Professional

The company is targeting opportunities in the domestic aftermarket and also plans to export finished products to the Middle East, US and Europe from its 200,000-unit capacity plant in Jammu & Kashmir.

www.autocarpro.in

Elest to set up $1 billion EV unit in Dharwad, Karnataka.

Titan Engineering to spend Rs 220 crore to ramp up fab component unit

https://www.financialexpress.com/business/express-mobility/industry-express-mobility/titan-engineering-to-spend-rs-220-crore-to-ramp-up-fab-component-unitnbsp/3338178/

TATA steel aims to complete Kaliganganagar project expansion by december 2024

Tata Steel aims to complete Kalinganagar project expansion by Dec 2024: Vice President

The company had commenced the second phase of expansion of its Kalinganagar project in Odisha in November 2018 to reach the production capacity of 8 million tonnes per annum, from 3 MTPA, with an investment of Rs 23,500 crore.

www.deccanherald.com

The top supplier to US chipmaker Micron Technology, Inc., Simmtech, which makes substrates, has received approval for setting up a unit in Sanand, Gujarat, close to the chip maker's facility, Ashwini Vaishnaw, minister for telecom, IT and railways, told Mint on Saturday.

Micron's top supplier Simmtech gets approval for set up unit in Sanand

Micron intends to build several semiconductor assembly and packaging units in India, in addition to its proposed fabrication unit

www.livemint.com

Himadri Speciality Chemicals to spend ₹4,800 crore for lithium-ion battery components foray - CNBC TV18

Himadri will be setting up a manufacturing facility with a total annual production capacity of 2,00,000 MT either directly and / or through its subsidiaries for manufacturing the Lithium-ion Battery components.

www.cnbctv18.com

NTT Data Lines Up $3 Billion Investment For India Data Center Business

India is the 'fastest area of growth' for NTT Data, Chief Executive Officer Bob Pryor said.

www.ndtvprofit.com

India's data centre mkt sees investment commitments of $21.4 bn in Jan-Jun 2023: CBRE

Real estate consultant CBRE has released a report 'From Bytes to Business: India Data Centre Market Powering Progress in 2023'.

www.moneycontrol.com

ONGC planning to build 2 MTPA Green Ammonia capacity by 2035: Head - New Energy

Ongc: The company is looking at more acquisition plans in the coming year in the renewable energy segment, he said

energy.economictimes.indiatimes.com

Sumitomo Chemical to set up new agrochemical plant in India

Japanese company eyes 2027 launch for 3rd facility to capture growing demand

asia.nikkei.com

Tata Tech opens vehicle software-focussed innovation centre in Coimbatore

Tata Tech Innovation Centre: The new centre at Coimbatore will provide new opportunities for local talent to work on global projects, upskill in new vehicle software areas and innovate solutions across the automotive value chain, the company said.

auto.economictimes.indiatimes.com

https://www.cnbctv18.com/economy/india-sez-act-companies-budget-2024-parliament-18580931.htm

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Tata Steel aims to complete Kalinganagar project expansion by Dec 2024: Vice President

The company had commenced the second phase of expansion of its Kalinganagar project in Odisha in November 2018 to reach the production capacity of 8 million tonnes per annum, from 3 MTPA, with an investment of Rs 23,500 crore.

www.deccanherald.com

Global toy retailer Toys ‘R’ Us to start manufacturing in India from next year

The company has expedited the process of manufacture in India as the Bureau of Indian Standards (BIS) has mandated that all electric and non-electric toys bear the ISI mark, and toys without an ISI mark are not permitted to be sold in the country. WHP Global is a brand management firm with a...

economictimes.indiatimes.com

Mitsubishi Electric sets up manufacturing plant in Talegaon, 500 to get employment

The manufacturing plant has already recruited 100 employees, mostly locals, and plans to recruit 500 more employees.

indianexpress.com

M3M India to invest close to ₹1200 crore for developing a 333-acre township in Haryana

M3M India is expecting a topline of ₹5,000 crore from the project; The township is expected to emerge as a hub for industries, startups and unicorns

www.hindustantimes.com

NHAI collaborates with SPV to develop Rs 673 cr logistics park at Nagpur

Multi Modal Logistics Park: This project is poised to be the first MMLP in Maharashtra under the PM GatiShakti National Master Plan, making it a significant milestone in the country's development.

infra.economictimes.indiatimes.com

https://www.financialexpress.com/business/express-mobility/industry-express-mobility/titan-engineering-to-spend-rs-220-crore-to-ramp-up-fab-component-unitnbsp/3338178/

ZF to set up plant in Coimbatore, localise transmission and axle production for CE market

ZF to set up plant in Coimbatore, localise transmission and axle production for CE market | Autocar Professional

ZF to set up plant in Coimbatore, localise transmission and axle production for CE market

www.autocarpro.in

Aeroarc Partners with US Robotics Company and Japanese Drone Manufacturer to Boost Robotics Supply Chain in India

Aeroarc Partners with US Robotics Company and Japanese Drone Manufacturer to Boost Robotics Supply Chain in India - The 1014

the1014.co.nz

India's capability and innovation hub market to nearly double to $117 billion by 2027: Report

Units engaged in oursourced work of overseas clients are referred as CIHs (capabilities and innovation hubs).

www.moneycontrol.com

Bidkin project back on track: Bags investment of more than Rs 3,000 crore - www.lokmattimes.com

Bidkin project back on track: Bags investment of more than Rs 3,000 crore - 12 industries to create 2,000 jobs, Two IT giants in talks VAIBHAV PARWAT Chhatrapati Sambhajinagar: The stalled investment in ... Get Latest News on Aurangabad only on lokmattimes.com

www.lokmattimes.com

NLC India's construction-grade sand plant to start operations in January

The plant will use mining waste to produce construction-grade sand, addressing the shortage of natural sand.

www.republicworld.com

GIFT City development plan for expansion to 3,300 acres with social infra in final stages

The Gujarat International Finance Tec-City (GIFT) is set to expand to over 3,300 acres and incorporate social infrastructure from 886 acres. The second phase development plan, which includes town planning schemes, is expected to be unveiled after the state government's review and public...

economictimes.indiatimes.com

Hindalco to invest Rs 800 crore for a new plant in Odisha

The plant, set to be opened in the eastern state of Odisha, is slated to be operational by July 2025 to produce 25,000 tonnes of aluminium foils, a key component in Lithium-ion cells essential for rechargeable batteries, primarily used in electric vehicles (EVs), the Aditya Birla Group-owned...

economictimes.indiatimes.com

Jakson Group Inaugurates State-of-the-Art Genset Manufacturing Plant in Maharashtra - Asia Pacific | Energetica India Magazine

Jakson Group Inaugurates State-of-the-Art Genset Manufacturing Plant in Maharashtra

www.energetica-india.net

Atlas Life Sciences India Pvt Ltd commences commercial production at its new plant

Asahi Songwon Colors Ltd's wholly owned subsidiary, Atlas Life Sciences India Pvt Ltd has successfully commenced the commercial production of API - Intermediate at its new plant at Chhatral, Dist: Gandhinagar, Gujarat on December 09, 2023.

www.equitybulls.com

MEPL SiddhoHum Opens Precision Mould Designing & Manufacturing Plant At Coimbatore - Machine Maker

MEPL SiddhoHum Opens Precision Mould Designing & Manufacturing Plant at Coimbatore

themachinemaker.com

https://www.manufacturingtodayindia.com/sectors/nithia-capital-announces-blast-furnace-commissioning-at-uttam-galva-metallics-limited

New Aptar Mumbai Site to Increase Manufacturing Capabilities

Aptar Pharma continues global expansion with new Aptar Mumbai site to increase manufacturing capabilities in growing South East Asia market

aptar.com

Nitin Spinners Ltd commences commercial production in Ring Spinning Unit

Nitin Spinners Limited has announced that the commercial production in Ring Spinning Unit of 32640 Compact Spindles at Begun Unit has started today i.e. 30.11.2023.

www.equitybulls.com

Visaka Industries Ltd commences commercial production at new VBoards unit at Midnapur

Visaka Industries Ltd has commenced the Commercial production at the Midnapur unit w.e.f. 7th December, 2023.

www.equitybulls.com

Vibcare Healthcare opens pharma manufacturing facility in Panchkula, Haryana - Express Pharma

The operationalization of Nihon Kohden's largest manufacturing facility within Reliance MET City

#reliancemetcity #metcity #metl #relianceindustries #nihonkohdenindia #medicaldevicessector | S V Goyal | 17 comments

The operationalization of Nihon Kohden's largest manufacturing facility within Reliance MET City, Jhajjar, is a significant milestone in the industrial landscape of MET City. This accomplishment not only strengthens production capabilities but also plays a pivotal role in fostering the growth of...

www.linkedin.com

Government may project nominal GDP growth at 12% in FY25 - BusinessToday

Growth seen at 6.5–7% next fiscal, while inflation may be about 4.5–5%

www.businesstoday.in

Adani family to invest ₹9,350 cr ($1.2 billion) in Adani Green for 45 GW target by 2030

Adani family to invest ₹9,350 cr in Adani Green for 45 GW target by 2030

Adani Green said funds will be utilised to reduce the company's debt and accelerate investment in various projects

www.hindustantimes.com

CallSignMaverick · Dec 26, 2023

Extremely based

Investors favour India over China as world’s second biggest economy stutters

State intervention blamed for putting Beijing on a par with Brazil

www.telegraph.co.uk

CallSignMaverick · Dec 26, 2023

CallSignMaverick · Dec 26, 2023

GreyOrange, an Indian AI-driven warehouse robotics and automation company, has successfully raised $135 million in its Series D funding round.

GreyOrange raises $135 million from Anthelion Capital, others in Series D funding

The company said it will use the money to strengthen its technology leadership and continue its global expansion. In May 2022, GreyOrange had raised $110 million.

www.moneycontrol.com

Net Foreign Direct Investment into India touches 21-month high at $5.9 billion in October

https://www.business-standard.com/economy/news/net-fdi-into-india-touches-21-month-high-at-5-9-billion-in-october-123122001312_1.html

Indian auto component industry to invest $7 billion in tech and expansion

Indian auto component industry to invest $7 billion in tech and expansion - CNBC TV18

ACMA President Shradha Suri Marwah revealed that the industry has seen a 12.6% year-on-year revenue growth in the first half of the current fiscal year, reaching ₹2.98 lakh crore. This growth trend is expected to continue into the next financial year, she added.

www.cnbctv18.com

Indian fintech industry set to generate $190 billion in revenue by 2030

Indian fintech industry set to generate $190 billion in revenue by 2030 - Techiexpert.com

India’s fintech industry has earned its position as a beacon of innovation and growth, especially in the recent decades. As the industry continues to scale in

www.techiexpert.com

CallSignMaverick · Dec 26, 2023

CallSignMaverick · Dec 26, 2023

The company will boost capacity at its recently acquired Neelachal Ispat Nigam Ltd (NINL) to 5.5 million tonnes per annum (mtpa) from the present 1 mtpa.

It will also install multiple electric arc furnaces, including one already under construction at Ludhiana, adding around 2 million tonnes of extra long-product capacity.

Tata Steel plays the long game in India's infra boom

The company will boost capacity at its recently acquired Neelachal Ispat Nigam Ltd (NINL) to 5.5 million tonnes per annum (mtpa) from the present 1 mtpa, said Ashish Anupam, vice-president, long products at Tata Steel.

www.livemint.com

Tynor invests Rs 800 Cr into orthopaedic manufacturing facility in Punjab

www.biospectrumindia.com

FDI rises 64% to 18-month high in October - Times of India

India Business News: Foreign direct investment in India surged 64% in October to $8.4 billion, the highest in 18 months, as the global economic environment shows signs of

timesofindia.indiatimes.com

Some major Ws of India this year

CallSignMaverick · Dec 26, 2023

UAE initiates process of investing $2 billion in food parks in India

The UAE has initiated the process of channelising its long-promised $2-billion investments into food parks in India, starting with Gujarat, after the two countries sorted out concerns on curbs imposed by the Essential Commodities Act, sources have said.

www.thehindubusinessline.com

India's steel production grows 11% to 11.7 Million Tonnes in Nov 2023: Worldsteel

India's steel production grows 11% to 11.7 MT in November; global output at 145.5 MT: worldsteel

The global steel production in November was at 145.5 MT, 3.3 per cent up over same month in 2022. The world output rose marginally by 0.5 per cent to 1,715.1 MT in January-November 2023, worldsteel said.

economictimes.indiatimes.com

DDG-80 · Dec 26, 2023

India, the world's third-largest energy consumer, made its first-ever payment in rupees for crude oil purchased from the United Arab Emirates (UAE), signalling what could be a strategic push to promote the local currency globally.

The move is part of India's broader efforts to diversify oil suppliers, cut transaction costs, and establish the rupee as a viable trade settlement currency. This initiative aligns with the Reserve Bank of India's move on July 11, 2022, allowing importers to pay in rupees and exporters to receive payments in the local currency.

Officials have stressed that internationalisation is an ongoing process, and currently, there are no specific targets.

In July, India formalised an agreement with the UAE for rupee settlements, leading to the Indian Oil Corporation (IOC) making payments for purchasing one million barrels of crude oil from Abu Dhabi National Oil Company (Adnoc) in Indian rupees. Additionally, some Russian oil imports have also been settled in rupees.

With over 85 per cent of its oil needs reliant on imports, India has adopted a multifaceted strategy, emphasising sourcing from the most cost-effective suppliers, diversifying supply sources, and adhering to international obligations. The nation's approach proved advantageous during the ramp-up of Russian oil imports, saving billions of dollars.

Despite these efforts, India aims to explore trade settlements in rupees rather than dollars to streamline transactions by eliminating currency conversions.

While there has been success in non-oil trade settlements with specific countries, oil exporters overall have hesitated to embrace the rupee, expressing concerns about fund repatriation and high transactional costs. The oil ministry, addressing a parliamentary standing committee, emphasised that payments for crude oil can be made in Indian rupees, contingent on suppliers adhering to regulatory guidelines.

The ministry added that there has not been much international interest in making payments using the Indian rupee as suppliers are wary of the repatriation of funds and high transactional costs.
In the financial year 2022-23 (April 2022 to March 2023), India spent $157.5 billion on importing 232.7 million tonnes of crude oil. Key suppliers included Iraq, Saudi Arabia, Russia, and the UAE, with West Asia contributing 58 per cent of all supplies. The domestic supply meets less than 15 per cent of the demand.

313Ghazi · Dec 26, 2023

This is actually a sign of success.

mulj · Dec 26, 2023

Good, but do not brag about it as something special UAE sells oil for all currencies since last month.

Ali_Baba · Dec 26, 2023

mulj said:
Good, but do not brag about it as something special UAE sells oil for all currencies since last month.

Including Pakistani Rupee ? - unlikey i would have thought ...

mulj · Dec 26, 2023

Ali_Baba said:
Including Pakistani Rupee ? - unlikey i would have thought ...

They are open for bussiness.

Rivino · Dec 27, 2023

mulj said:
Good, but do not brag about it as something special UAE sells oil for all currencies since last month.

This is about Indian Rupee going Global.

This development follows another transaction where 25 kg of gold, valued at approximately 128.4 million rupees ($1.54 million), was sold by a UAE gold exporter to an Indian buyer.

India is establishing local currency trade deals with various countries and UAE is one of them.

Nations are adopting UPI for allowing users in either country to make cross-border transactions. Singapore, UAE, Oman, Bhutan, Nepal, Saudi Arabia, Malaysia, Sri Lanka, Australia, France and BENELUX markets. have already adopted the UPI payment system.

DDG-80 · Dec 27, 2023

mulj · Dec 27, 2023

Rivino said:
This is about Indian Rupee going Global.

This development follows another transaction where 25 kg of gold, valued at approximately 128.4 million rupees ($1.54 million), was sold by a UAE gold exporter to an Indian buyer.

India is establishing local currency trade deals with various countries and UAE is one of them.

Nations are adopting UPI for allowing users in either country to make cross-border transactions. Singapore, UAE, Oman, Bhutan, Nepal, Saudi Arabia, Malaysia, Sri Lanka, Australia, France and BENELUX markets. have already adopted the UPI payment system.

Congrats, it is nothing special just continuation od dedolarisation and bringing back monetary sovereignty, it is good thing for international trade anyway.

India Economy Thread

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Titan Engineering to spend Rs 220 crore to ramp up fab component unit

India's capability and innovation hub market to nearly double to $117 billion by 2027: Report

Adani family to invest ₹9,350 cr ($1.2 billion) in Adani Green for 45 GW target by 2030

UAE initiates process of investing $2 billion in food parks in India