India Indian Economy + Infra Archive

[Nilgiri]

India Diamond Export: US demand to lift India’s lab-made diamond exports to $8 billion | India Business News - Times of India

India Business News: India, which cuts or polishes about 90% of the diamonds sold in the world, is ramping up sales of laboratory-made gems as demand from the US surges an

timesofindia.indiatimes.com

Indian Auto Component Industry Reports Highest Ever Revenue - Mobility Outlook

Exports of auto components grew by 43% YoY to INR 1.41 lakh crore ($19.0 billion), while imports grew by 33% YoY to INR 1.36 lakh crore ($18.3 billion), leading to a trade surplus of $700 million

www.mobilityoutlook.com

 

[Nilgiri]

Forgot to post these earlier:

India may be on the cusp of private investment revival

“I am cautiously optimistic about growth with some signs of gradual, though uneven, revival of consumption demand,” said Jayanth Rama Varma, an external member of Indias monetary policy committee. A modest increase in private capital spending is counted on to support the recovery, he said in an...

economictimes.indiatimes.com

Jal Jeevan Mission: 52% rural households covered, tap water mission in key phase

On Friday, India achieved a major landmark, when PM Modi announced the programme’s coverage had touched 100 million homes.

www.hindustantimes.com

 

[Gessler]

Britain has dropped behind India to become the world's sixth largest economy, delivering a further blow to the government in London as it grapples with a brutal cost-of-living shock.

India leaped past the UK in the final three months of 2021 to become the fifth-biggest economy. The calculation is based in US dollars, and India extended its lead in the first quarter, according to GDP figures from the International Monetary Fund (IMF).

The UK's decline down the international rankings is an unwelcome backdrop for the new prime minister. Conservative Party members choose Boris Johnson's successor on Monday, with Foreign Secretary Liz Truss expected to beat former Chancellor of the Exchequer Rishi Sunak in the run-off.

Mumbai​

The winner will take over a nation facing the fastest inflation in four decades and rising risks of a recession that the Bank of England says may last well into 2024.

By contrast, the Indian economy is forecast to grow more than 7% this year. A world-beating rebound in Indian stocks this quarter has just seen their weighting rise to the second spot in the MSCI Emerging Markets Index, trailing only China's.

On an adjusted basis and using the dollar exchange rate on the last day of the relevant quarter, the size of the Indian economy in "nominal" cash terms in the quarter through March was $854.7 billion. On the same basis, UK was $816 billion. The calculations were done using the IMF database and historic exchange rates on the Bloomberg terminal.

The UK is likely to have fallen further since. UK GDP grew just 1% in cash terms in the second quarter and, after adjusting for inflation, shrank 0.1%. Sterling has also underperformed the dollar relative to the rupee, with the pound falling 8% against the Indian currency this year.

via Times of India​

The IMF's own forecasts show India overtaking the UK in dollar terms on an annual basis this year, putting the Asian powerhouse behind just the US, China, Japan and Germany. A decade ago, India ranked 11th among the largest economies, while the UK was 5th.

India Now World's Fifth Largest Economy, Overtakes UK

Britain has dropped behind India to become the world's sixth largest economy, delivering a further blow to the government in London as it grapples with a brutal cost-of-living shock.

www.ndtv.com

Original newsbreak:

Bloomberg - Are you a robot?

 

[Zapper]

Not something to be proud of. Our population is way too high with poor standard of living, particularly in the hindi belt (BIMARU states)

 

[Gessler]

Not something to be proud of. Our population is way too high with poor standard of living, particularly in the hindi belt (BIMARU states)

So how are we supposed to fix that without increasing public spending?

How do we increase public spending without increasing tax base?

How do we increase tax base if the goods & services produced in country don't increase?

 

[Zapper]

So how are we supposed to fix that without increasing public spending?

How do we increase public spending without increasing tax base?

How do we increase tax base if the goods & services produced in country don't increase?

Why are you getting all worked up!! There's a reason why most countries have an impression on Indians being highly emotional because we get triggered even with the slightest criticism

It's a step in the right direction but my point being it's nothing to be proud of "yet" as what Indians are showcasing and going gaga on social media

UK's percapita is around $45k while India's is around $2.5k

 

[Gessler]

Why are you getting all worked up!! There's a reason why most countries have an impression on Indians being highly emotional because we get triggered even with the slightest criticism

It's a step in the right direction but my point being it's nothing to be proud of "yet" as what Indians are showcasing and going gaga on social media

UK's percapita is around $45k while India's is around $2.5k

First of all, the article is a news item that dealt with matters of fact - it doesn't tell you whether to be proud or not. The fact that it even implied pride was your assumption.

--

On a different note, the article does signify a lot...Not because of surpassing the UK in nominal terms, but because of what that really implies in the current time, which is:

• The pace of growth. The first trillion dollars of GDP took 60 years to accrue. The next trillion came in just 7, and the third in about 6 (despite the pandemic).
• The sustained nature of said growth. The rest of the BRICS (barring China) have faltered and were unable to sustain their growth levels after the initial burst in 2010s, India managed to sustain.
• The resiliency of growth toward current political environment. In the medium term, India could be one of the very few countries who actually manage to avoid recession and/or stagnation. Whether through political affinity or reaping the rewards of past decisions (green revolution, economic reforms, food security etc.) or a combination of the two, India remains mostly untouched by the effects of current economic climate soured by war in Europe...and also remains the only one in its neighbourhood that doesn't have to kowtow to the West (or China) in order to secure economic bailouts.

Pride is not an objective measure. It's subjective, so its not just a measure of where you are, but of where you came from to get where you are. So yeah...if the reader does want to feel proud, there's actually a lot there to be proud of. Depends on the person though, I mean, I don't know if Chinese have no right to be proud because their per capita is lesser than Liechtenstein. Guess an argument can be made. Heh.

 

[Baryshx]

India is behind Türkiye in terms of economic size, according to its population.

Of course, this situation will change in the future, but this is the current situation.

Your competitor is China, not the UK.

 

[Jackdaws]

India is behind Türkiye in terms of economic size, according to its population.

Of course, this situation will change in the future, but this is the current situation.

Your competitor is China, not the UK.

There is a certain colonial baggage which comes with the UK.

 

[Nilgiri]

India is behind Türkiye in terms of economic size, according to its population.

Of course, this situation will change in the future, but this is the current situation.

Your competitor is China, not the UK.

Lot of underlying trends are good for this decade in India, Vietnam, ASEAN etc....

Total FDI into India per year should hit 100 billion USD soon....and it is good to see more growth in manufacturing side of it increasingly, especially as large supply chains want to move away from China now:

https://twitter.com/i/web/status/1566962749317742593

@Viva_vietnamm

 

[Nilgiri]

 

[Viva_vietnamm]

Lot of underlying trends are good for this decade in India, Vietnam, ASEAN etc....

Total FDI into India per year should hit 100 billion USD soon....and it is good to see more growth in manufacturing side of it increasingly, especially as large supply chains want to move away from China now:

https://twitter.com/i/web/status/1566962749317742593

@Viva_vietnamm

Yes, not only assembling electronic components but also producing semiconductor components start shifting from CN to VN now. India and VN should take this chance to attract more high tech factories to make our countries develope faster

-----------------------

Samsung to start producing semiconductor components in Vietnam​

By Khuong Nha August 7, 2022 | 02:00 pm GMT+7

Samsung's plant in Thai Nguyen Province, northern Vietnam. Photo courtesy of Samsung
Samsung is testing its ball grid array products and will mass produce them at the tech giant's factory in northern Thai Nguyen Province in July 2023.
Roh Tae-Moon, head of Samsung's key smartphone division, said this at a Friday meeting with Prime Minister Pham Minh Chinh.
On its homepage, Samsung has said that it is preparing trial production for semiconductor chip grid products and planning to open a research and development (R&D) center in Hanoi later this year or early next year.
The company said the R&D center was about 85% complete.
"Semiconductors would mark a third business for Samsung in Vietnam, where the company makes home appliances and half of its smartphones," according to Nikkei Asia.
In the first half of 2022, Samsung Vietnam’s export revenue was $34.3 billion, up 18% from the same period last year.
In February, Samsung announced an additional $920 million investment into its factory in Vietnam.
Before Samsung, Vietnam had Intel Products Vietnam (IPV), the largest assembly and testing plant in Intel's network. During the global chip crisis, IPV not only maintained stable operations, but also made a number of innovative contributions to help it fill the shortage in semiconductors. One of the key initiatives was to improve the substrate treatment process at the plant.

Samsung to start producing semiconductor components in Vietnam - VnExpress International

Samsung is testing its ball grid array products and will mass produce them at the tech giant's factory in northern Thai Nguyen Province in July 2023.

e.vnexpress.net

 

[iceream]

Yes, not only assembling electronic components but also producing semiconductor components start shifting from CN to VN now. India and VN should take this chance to attract more high tech factories to make our countries develope faster

-----------------------

Samsung to start producing semiconductor components in Vietnam​

By Khuong Nha August 7, 2022 | 02:00 pm GMT+7

Samsung's plant in Thai Nguyen Province, northern Vietnam. Photo courtesy of Samsung
Samsung is testing its ball grid array products and will mass produce them at the tech giant's factory in northern Thai Nguyen Province in July 2023.
Roh Tae-Moon, head of Samsung's key smartphone division, said this at a Friday meeting with Prime Minister Pham Minh Chinh.
On its homepage, Samsung has said that it is preparing trial production for semiconductor chip grid products and planning to open a research and development (R&D) center in Hanoi later this year or early next year.
The company said the R&D center was about 85% complete.
"Semiconductors would mark a third business for Samsung in Vietnam, where the company makes home appliances and half of its smartphones," according to Nikkei Asia.
In the first half of 2022, Samsung Vietnam’s export revenue was $34.3 billion, up 18% from the same period last year.
In February, Samsung announced an additional $920 million investment into its factory in Vietnam.
Before Samsung, Vietnam had Intel Products Vietnam (IPV), the largest assembly and testing plant in Intel's network. During the global chip crisis, IPV not only maintained stable operations, but also made a number of innovative contributions to help it fill the shortage in semiconductors. One of the key initiatives was to improve the substrate treatment process at the plant.

Samsung to start producing semiconductor components in Vietnam - VnExpress International

Samsung is testing its ball grid array products and will mass produce them at the tech giant's factory in northern Thai Nguyen Province in July 2023.

e.vnexpress.net

I trully respect you guys from absolutely nothing to having such large number of patent grants and tech
The growth of Vietnam is amazing in my opinion

 

[Nilgiri]

@Jackdaws @Gessler @Milspec et al.

 

[Nilgiri]

https://twitter.com/i/web/status/1568133603632226306

 

[Milspec]

@Jackdaws @Gessler @Milspec et al.

Yeah, watched it the other day.

 

[Nilgiri]

Vedanta, Foxconn to invest $19.5 billion in India's Gujarat for chip project

By Munsif Vengattil and Aditya Kalra

www.euronews.com

By Reuters • Updated: 13/09/2022 - 08:50

By Munsif Vengattil and Aditya Kalra

NEWDELHI -Vedanta Ltd and Taiwan’s Foxconn will invest $19.5 billion (1.54 trillion rupees) under a pact signed on Tuesday to set up a semiconductor project in Gujarat, Indian Prime Minister Narendra Modi’s home state.

Reuters was first to report on Monday that the joint venture obtained subsidies including on capital expenditure and electricity from Gujarat.

They plan to build separate units for semiconductor and display production near the western state’s largest city, Ahmedabad.

Gujarat Chief Minister Bhupendrabhai Patel said the venture would create more than 100,000 jobs, and the state was prepared to extend any support to the project, which it won in a close race with India’s richest state, Maharashtra.

Foxconn is acting as the technical partner, while oil-to-metals conglomerate Vedanta is financing the project as it looks to diversify into chip manufacturing.
Foxconn said in a statement that the state’s infrastructure and the government’s active support “increases confidence in setting up a semiconductor factory”.

The Indian government has said it will expand incentives beyond an initial $10 billion plan for those investing in semiconductor manufacturing, as it aims to become a key player in the global supply chain for chips.

Vedanta is the third company to announce a chip plant location in India after international consortium ISMC and Singapore-based IGSS Ventures, which are setting up in the southern states Karnataka and Tamil Nadu, respectively.

 

[iceream]

Vedanta, Foxconn to invest $19.5 billion in India's Gujarat for chip project

By Munsif Vengattil and Aditya Kalra

www.euronews.com

By Reuters • Updated: 13/09/2022 - 08:50

By Munsif Vengattil and Aditya Kalra

NEWDELHI -Vedanta Ltd and Taiwan’s Foxconn will invest $19.5 billion (1.54 trillion rupees) under a pact signed on Tuesday to set up a semiconductor project in Gujarat, Indian Prime Minister Narendra Modi’s home state.

Reuters was first to report on Monday that the joint venture obtained subsidies including on capital expenditure and electricity from Gujarat.

They plan to build separate units for semiconductor and display production near the western state’s largest city, Ahmedabad.

Gujarat Chief Minister Bhupendrabhai Patel said the venture would create more than 100,000 jobs, and the state was prepared to extend any support to the project, which it won in a close race with India’s richest state, Maharashtra.

Foxconn is acting as the technical partner, while oil-to-metals conglomerate Vedanta is financing the project as it looks to diversify into chip manufacturing.
Foxconn said in a statement that the state’s infrastructure and the government’s active support “increases confidence in setting up a semiconductor factory”.

The Indian government has said it will expand incentives beyond an initial $10 billion plan for those investing in semiconductor manufacturing, as it aims to become a key player in the global supply chain for chips.

Vedanta is the third company to announce a chip plant location in India after international consortium ISMC and Singapore-based IGSS Ventures, which are setting up in the southern states Karnataka and Tamil Nadu, respectively.

What's your take on this

 

[iceream]

Bro @Nilgiri any thoughts?

 

[Nilgiri]

What's your take on this

Bro @Nilgiri any thoughts?

It is a welcome overdue start.

But this is obviously a fairly long multi-year project so we will have to see how the crucial details go.

Hopefully over time this cluster extends south into Surat and then Maharashtra (Nashik-Pune-Mumbai triangle) too to leverage economies of scale and logistics in the region.

@Rajaraja Chola might have some comments to add when he is here next.