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- Bit by Bit 18th November || India Get Its First Startup For Producing The Rocket || Gaming Industry to add 1 lakh new jobs this fiscal: Report & more
Bit by Bit 18th November || India Get Its First Startup For Producing The Rocket || Gaming Industry to add 1 lakh new jobs this fiscal: Report & more
Good Morning Readers! So, here are:
"5 amazing stories in 5 minutes to make you future ready"
Happy reading!
MARKET UPDATE
NIFTY 50 : ₹18,343.90 (-0.36%)
BSE SENSEX : ₹61,750.60 (-0.37%)
NIFTY BANK : ₹42,458.05 (-0.18%)
USD/INR : ₹81.67 (+0.23%)
BRENTOIL : $89.75 (-3.35%)
MCXGOLD : ₹52,822 (-0.45%)
FII Net Cashflow : - ₹386 crores
DII Net Cashflow : + ₹1437 crores
(Market data as of 11:00 PM on 17/11/2022)
ECONOMY
Key Facts
Gulf Cooperation Council (GCC) is a union of six countries in the Gulf region - Saudi Arabia, UAE, Qatar, Kuwait, Oman and Bahrain.
India imports crude oil and natural gas from the Gulf nations like Saudi Arabia and Qatar.
India has already implemented a free trade pact with the UAE in May this year.
The share of GCC members in India's total imports rose to 18 per cent in 2021-22.
The Story
India imports crude oil and natural gas from the Gulf nations like Saudi Arabia and Qatar, and exports pearls, precious and semi-precious stones; metals; imitation jewellery; electrical machinery; iron and steel; and chemicals to these countries.
Saudi Arabia was India's fourth-largest trading partner last fiscal. From Qatar, India imports 8.5 million tonnes a year of LNG and exports products ranging from cereals to meat, fish, chemicals and plastics.
Besides trade, Gulf nations are host to a sizeable Indian population. Out of about 32 million non-resident Indians (NRIs), nearly half are estimated to be working in Gulf countries. These NRIs send a significant amount of money back home.
This would be a kind of resumption of FTA talks as earlier two rounds of negotiations held in 2006 and 2008 between India and GCC. Third round did not happen as GCC deferred its negotiations with all countries and economic groups.
AUTOMOTIVE
The Story:
In Mumbai, McLaren Automotive opens its first dealership for business. The new 765LT Spider, the sole 765LT ever produced, was showcased by McLaren Mumbai. The model offers the highest levels of performance, crisp handling, and engagement. The single-piece motorized retractable hard top opens and stows in 11 seconds with 754 horsepower.
The supercar line up from McLaren is renowned for its customizability, advanced engineering, and incredibly light construction, which are all combined with cutting-edge design and innovation to produce breath-taking experiences. They are hand-built at the McLaren Production Centre in Working, Surrey, south of London, after being conceived at the McLaren Technology Centre.
We are honored to start our adventure as McLaren Mumbai and have it in our offering, stated Lalit Choudary, Chairman & Managing Director of McLaren Mumbai. To continue to exceed the expectations of our selective customers, we are certain that we can provide McLaren's engineering superiority with a customer-centric proposition. Our vanguard showroom is currently accepting customers. The McLaren GT and the brand's first-ever high-performance hybrid, the Artura, are among the supercar maker's available models. The 720S Coupe and Spider models, as well as the 765LT Coupe and Spider, are also part of the core supercar lineup.
FMCG
The Story
The FMCG industry continues to be pressured by rising input cost prices and a decline in sales from rural markets. Leading FMCG players reported a drop in operating margins for the September quarter, along similar lines to the prior quarter.
Earlier in the second week of October, leading FMCG players stated in their quarterly updates that the second quarter would see a continuation of soft demand across all categories in the industry due to the ongoing effects of inflation.
In the September quarter, FMCG companies reported price-led growth in their top line. While in some segments, Britannia, Dabur, and Nestle have reported volume growth. However, overall volumes remained in the single digits during the quarter.
The country's FMCG industry continued to witness a consumption slowdown in the September quarter, with rural markets registering a higher decline in volumes compared to the three months that ended in June, PTI reported, quoting data from NielsenIQ.
The FMCG industry witnessed an overall volume decline of 0.9 per cent in the September quarter in comparison to the preceding three months. This was the fourth consecutive quarter with negative volume growth for the industry and is "attributed to the double-digit price growth for the past six consecutive quarters," according to data analytics firm NielsenIQ.
As commodity prices start to fall and a good monsoon in the rural areas, FMCG players anticipate a sequential improvement in their gross margins and an increase in volumes in the upcoming quarters.
TECH
The Story
According to a survey, the gaming sector is expected to create 1 lakh new employment by 2022–2023 across a variety of fields, including programming, testing, animation, and design. In research titled Gaming: Tomorrow's Blockbuster, TeamLease Digital predicted that the industry would expand by 20–30% and create 1 lakh new direct and indirect jobs by FY23.
Currently, the industry directly employs about 50,000 people, with programmers and developers making up 30% of the workforce.
The sector will add new jobs in the upcoming year in a variety of fields, including programming (game developers, unity developers), testing (games test engineering, QA lead), animation (animators), design (motion graphic designers, virtual reality designers), artistry (VFX and concept artists), and other roles.
Due to its growing user base and the opportunities, it is expected to present, the gaming industry is the next sunrise sector. Because it gives work in several industries, it is highly in demand.
The gaming business is anticipated to produce 1 lakh employment by FY23 and grow 2.5 times by 2026, according to Teamlease Digital CEO Sunil Chemmankotil, despite challenges brought on by frequent regulatory changes.
The gaming business is on the verge of experiencing exponential growth; it is projected to increase by 20–30% by FY23 and reach Rs 38,097 crore by 2026.
Want a BIT More?
Key Facts:
India’s first privately made rocket is to be launched on Friday, at Sriharikota
Mr. S Somanath, the chairman of ISRO, stated that preparations for the upcoming rocket launch are in progress.
According to Somanath, an ecosystem exists where rocket systems can be built with the help of available industries and ISRO-built infrastructure.
The Story
Sky root, India’s first private start-up which produces rocket with the help of ISRO. The chairman of ISRO said that Vikram S is ready for a launch on Friday, this rocket is not going to launch a satellite in orbit, it is a sub-orbital mission According to Somanath, an ecosystem exists where rocket systems can be built with the help of existing industries and ISRO-built infrastructure. "We are pleased that the work we did with IN-SPACe has infused enthusiasm in the sector. Ground stations, tracking, navigation, safety, and command to destroy are in place.
He noted that although the nation has been able to produce rockets using domestic technology, it continues to face problems when developing sophisticated space systems due to its dependence on imported electronic equipment. He cautioned that even though Bengaluru is the epicenter of electronic device design, manufacturing and production are still in the future.According to Somanath, they had about 100 startups registered with them who were collaborating closely across a range of space-related fields.
