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- Bit by Bit 11th Feb || India's $25 trillion economy target in 2047 is very much achievable & more
Bit by Bit 11th Feb || India's $25 trillion economy target in 2047 is very much achievable & more
Good Morning Readers!
Here are:
"4 amazing stories in 4 minutes to make you future ready."
Happy reading!
MARKET UPDATE
NIFTY 50 : ₹17,856.50 (-0.21%)
BSE SENSEX : ₹60,682.79 (-0.20%)
NIFTY BANK : ₹41,559.50 (+0.01%)
USD/INR : ₹82.510 (-0.01%)
BRENTOIL : $86.39 (+2.24%)
MCXGOLD : ₹56,711 (-0.15%)
FII Net Cashflow : + ₹1458 crores
DII Net Cashflow : - ₹291 crores
(Market Data as of 11:00 PM on 10/02/2022)
Economy
EY, the leading professional services organization, today announced its growth projection for India estimates that the Indian economy will reach a GDP size of US$26 trillion (in market exchange terms) by 2047, the 100th year of the country’s independence. The per capita income is expected to increase to US$15,000, putting the country among the ranks of developed economies. The report, India@100: Realizing the potential of a US$26 trillion economy, was launched by Sri Ashwini Vaishnaw, Railway and IT Minister, Government of India on the sidelines of the World Economic Forum at Davos, Switzerland.
Using International Monetary Fund’s (IMF) medium-term projections and Organization for Economic Co-operation & Development's (OECD)’s long-term forecasts, EY has made projections under alternative assumptions covering the period FY2023 to FY2061. For FY2023 to FY2028, IMF’s projections about India’s real and nominal GDP growth and its nominal savings rate have been used. With India’s real GDP growth forecasted to average 6.5% during these five years, it is expected to be moderately affected by global economic events compared to the rest of the world. The long-term projections beyond FY2028 are based on the OECD’s methodology, with suitable modifications for India’s growth profile.
Under the most preferred scenario, India is likely to cross the critical thresholds of US$5 trillion, US$10 trillion and US$20 trillion in market exchange rate terms in FY2028, FY2036 and FY2045, respectively.
FMCG
For the purpose of boosting agricultural production and fostering horticultural agribusinesses to increase farmers' income in Himachal Pradesh, the Asian Development Bank (ADB) has authorized a loan for USD 130 million (more than Rs 1,072 crore). According to ADB Senior Natural Resources and Agriculture Specialist for South Asia Sunae Kim, 90% of the population of Himachal Pradesh lives in rural regions and is reliant on agriculture. More than half of the state's geographical area is covered by mountains. By renovating and building new irrigation facilities, establishing new water sources, and enhancing the ability of water user groups and Jal Shakti Vibhag, the project would improve on-farm irrigation and water management in around 6,000 hectares (ha) of farmland (Water Resources Department).
At least 15,000 farm households in Bilaspur, Hamirpur, Kangra, Mandi, Sirmour, Solan, and Una will see an improvement in income and resilience to the effects of climate change thanks to the Himachal Pradesh Subtropical Horticulture, Irrigation, and Value Addition Project.
To ensure profitability and access to markets for subtropical horticulture, a Farmer Producer Company (FPC) will be established at the state level to oversee agribusiness growth. A Farmer Producer Company (FPC) will be established at the state level to oversee agribusiness development with the goal of maintaining subtropical horticulture's profitability and access to markets.
Manufacturing
The Story :
India is on its way to become a manufacturing hub for the world, said Sunil Vachani, Founder and Chairman of India-listed Dixon Technologies at the UP Global Investors Summit 2023.
Dixon has around eight manufacturing factories in Uttar Pradesh, employing more than 10,000 people and manufacture products such as including LED, televisions, mobile phones. Almost 65 percent of mobile component manufacturing happens in Uttar Pradesh, with Dixon Technologies as a leading manufacturing company. Almost 40 percent of LED lights sold in India are made in the state, said Vachani.
“We are opening three more centres for manufacturing. First, for manufacturing consumer and telecom products, whose focus would not stay limited to 'Made in India' but made for the world. The second factory would be manufacturing smart watches, wearables, and hearable. Finally, India's largest manufacturing facility for refrigerators, with a capacity of producing 1.2 million refrigerators in a year in Greater Noida. All three factories, once operational, will create a job opportunity for over 10,000 people,” he added.
There is huge optimism and positivity in the industry. There was a time when India was importing almost all its electronic requirements. However, now for the first time, out of the total $120 billion worth of consumption, $80 billion worth of electronic items will be manufactured in India. Earlier, India was dependent on imports for 90 percent of mobile components. But today, the country is not only manufacturing its entire requirements but also looking at exporting mobile phones worth $100 billion, Vachani said during his address at the summit.
TECH
A technical analysis of the AIIMS cyber-attack by the Indian Computer Emergency Response Team (Cert-In) revealed that the government-run hospital's IT networks were compromised "by unknown threat actors due to improper network segmentation," according to Rajeev Chandrasekhar, minister of state for electronics and information technology.
The Ministry of Electronics and Information Technology's Indian Computer Emergency Response Team, the Delhi cybercrime special cell, the Indian Cybercrime Coordination Centre, the Intelligence Bureau, the Central Bureau of Investigation (CBI), the National Forensic Sciences University, the National Critical Information Infrastructure Protection Centre, and the National Investigation Agency (NIA), among others, are investigating the cyber attack.
