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- Bit by Bit 9th November || Will GDP no longer be the primary indicator of economy? || Semiconductor manufacturing in India: Key Updates & More
Bit by Bit 9th November || Will GDP no longer be the primary indicator of economy? || Semiconductor manufacturing in India: Key Updates & More
Good Afternoon!
So, here are:
"5 amazing stories in 5 minutes to make you future ready"
Happy reading!
MARKET UPDATE
(Markets were closed on 8/11/2022, Tuesday)
ECONOMY
Key Facts
United Nations set17 Sustainable Development Goals (SDGs) to protect the environment and end poverty and inequality by 2030.
Pressure is mounting to downgrade GDP and elevate other metrics on the economy, health, ecosystems, climate and more.
GDP per person has risen much faster in higher income countries than in less wealthy nations over the past 30 years.
The Story
UN secretary-general António Guterres and the heads of big UN agencies are converging on the idea that it’s time to stop using gross domestic product (GDP) as the world’s main measure of prosperity, and to complement it with a dashboard of indicators, possibly ones linked to the SDGs. If this happens, it would be the biggest shift in how economies are measured since nations first started using GDP in 1953, almost 70 years ago.
Guterres’s is the latest in a crescendo of voices calling for GDP to be dropped as the world’s primary go-to indicator, and for a dashboard of metrics instead. In 2008, then French president Nicolas Sarkozy endorsed such a call from a team of economists, including Nobel laureates Amartya Sen and Joseph Stiglitz.
And in August, the White House announced a 15-year plan to develop a new summary statistic that would show how changes to natural assets — the natural wealth on which economies depend — affect GDP. The idea, according to the project’s main architect, economist Eli Fenichel at the White House Office of Science and Technology Policy, is to help society to determine whether today’s consumption is being accomplished without compromising the future opportunities that nature provides. “GDP only gives a partial and — for many common uses — an incomplete, picture of economic progress,” Fenichel says.
AUTOMOTIVE
Key Facts
TVS’ only electric offering, the iQube e-scooter, witnessed sales of 6,304 units last month and clocked a monthly average of 2,908 units in Q1 2022.
Amazon India has a goal of inducting 10,000 EVs into its fleet by 2025
The Story
TVS Motor Company and Amazon India signed an MoU to today strengthen electric mobility, infrastructure, and connected services. As part of this collaboration, a fleet of electric two-wheelers and three-wheelers from TVS Motor will be deployed for Amazon’s last-mile deliveries.
Moreover, the two companies will work in tandem to examine EV use cases for various Amazon business groups for its network and logistical requirements. To test solutions, the two companies will pilot TVS Motor’s electric vehicle solutions through partner bases and delivery associates across India.
This partnership is also in line with TVS Motor’s announcements aiming to have electric vehicles across segments like delivery, commuter, and premium. TVS Motor Company will introduce an entire portfolio of electric two-wheelers and three-wheelers over eight quarters in the domestic and international markets, said a media press release.
Also, In 2020, Amazon India announced that it would include 10,000 EVs in its delivery fleet by 2025. This is part of its overall progress towards The Climate Pledge – a commitment to achieve net-zero carbon by 2040.
FMCG
Key Facts
Some of the country's largest consumer goods makers and retailers will spend more on advertising
Building strong brands is key to growing companies
Companies like Hindustan Unilever (HUL), Aditya Birla Fashion & Retail, Tata Consumer Products, Titan Company, and Dabur will follow this approach
The Story
Some of the country's largest consumer goods makers and retailers will spend more on advertising despite poor demand for certain categories such as daily essentials and in rural markets.
Chief executives of Hindustan Unilever (HUL), Aditya Birla Fashion & Retail, Tata Consumer Products, Titan Company and Dabur in their earnings call for the quarter that ended September said they will significantly increase advertising and marketing spending this quarter and the next to improve growth.
The leadership of all the top FMCG companies in India believes that the major focus should be on marketing and advertising to build strong rands in order to sustain growth.
TECH
The Story
According to CN Ashwath Narayan, the IT minister for Karnataka, the central government will determine by the end of February 2023, which company will construct and which state will host a semiconductor production unit.
Narayan mentioned during the press conference how swiftly Karnataka has formalised the Memorandum of Understanding for a $3 billion fabrication factory in Mysuru with the ISMC consortium. ISMC is a partnership between Israel's Tower Semiconductor and Abu Dhabi's Next Orbit Ventures. In the city's Kochanahalli industrial region, ISMC has requested 150 acres of land for the project, which is anticipated to generate roughly 1,500 direct employment. The state government has stated that it would also launch an auxiliary semiconductor ecosystem and generate 10,000 indirect job opportunities.
Want a BIT More?
Environmental preservation and the preservation of the entire biosphere were always important to the Sikh gurus. According to Guru Nanak, the entire globe is a temple where the All-Powerful is worshipped. The Gurbani employs several metaphors, analogies, and images to describe how man and the environment interact. Guru Nanak Dev discusses the 12 months, lunar and solar days, and the impact of their transition on diverse species in his composition "Barah Mah," Twelve Months. The interaction within them, there is an "interaction of timeless with time." Months, seasons, lunar and solar days, hours, minutes, and seconds are all regarded as "bhale" (blessed) by Guru Nanak.
