INDIA NEWS
Oct 16-31, 2023 - Vol 4, Issue 6
MAKE IN INDIA
MAKE IN INDIA
As world economies restart their engines in a bid to regain lost ground due to the Covid-19 pandemic, India too shows signs of economic buoyancy and promise. India’s Make in India initiative holds a key to the global economic revival, something that should interest Australian government ministries, corporate sector, entrepreneurs, institutions seeking R&D collaborations and Australia Inc in general, among others. India assumes greater importance as several major world economies including American, Japanese, German, British and South Korean look to move out and diversify their businesses from China. India has jumped to 63rd rank in the World Bank’s Ease of Development 2020 report, and has also been ranked as the 9th largest recipient of Foreign Direct Investment destinations in 2019 by the World Investment Report 2020 of the United Nations Conference on Trade and Development (UNCTAD).
Global US firm LAM Research plans to set up semiconductor lab in Karnataka software development support.
Middle East crisis, fragmented supply chains remain major concerns for emerging markets: Finance Minister
New Delhi, Oct 13 (IANS) The recent Middle Eastern crisis, fuel prices, and fragmentation of global supply chains remain major concerns for emerging markets, Finance Minister Nirmala Sitharaman said on Friday. Addressing a press conference in Morocco's Marrakesh, Sitharaman, giving details of deliberations during the second session of the second day of the G20 Finance Ministers and Central Bank Governors (G20 FMCBG meeting, said that discussions on global economy and crypto assets were held in the meeting.
The meeting adopted the G20 roadmap on Crypto assets, its implementation going forward and provided their guidance regarding the swift and coordinated implementation of the roadmap to achieve a comprehensive policy response for Crypto assets. The ministers and governors also exchanged views on the global economic outlook and the possible policy approaches that could be adopted, individually and collectively to address the challenges. Brazil's Economy Minister Fernando Haddad provided an overview of the key priorities of the G20 Brazilian presidency in 2024. Under the G20 FinanceTrack, he said that the Brazilian presidency will have key focus on addressing global risks, deepening reforms of international financial
institutions, international taxation, and other issues. Haddad shared that Brazil’s G20 presidency's theme will be “Building a fair world and a sustainable planet”. Sitharaman concluded the G20 FMCBG with commitment of India’s support to the Brazilian presidency in achieving a strong today and a stronger tomorrow for the world and all our people. Earlier at the outset, Sitharaman expressed gratitude to the government of Morocco and the Moroccan people for their extraordinary hospitality extended to G20 countries under very difficult circumstances and expressed solidarity with Morocco for quick recovery. She also thanked Indonesian Finance Minister and Central Bank Governor for providing continued guidance and enabling India to steer work of the Finance Track.
Essar’s Black Box expands footprints in India to serve local and global customers desks, and customised delivery operations tailored to meet clients' specific requirements.
Bengaluru, Oct 8 (IANS) Black Box, a key investment in the technology and retail sector by Essar, has recently set up a stateof-the-art Center of Excellence in Bangalore. This center is designed to support global clients and is equipped with advanced R&D labs, command centers, service
"India holds significant importance as a market for us, serving both Indian conglomerates and global customers. We have a positive outlook on our growth potential in India and will continue to invest here. The ongoing digitisation initiative by the Government of India and the strong demand for data centers are areas we wish to evaluate, given our expertise in working
with hyper-scale customers,” said Sanjeev Verma, Chief Executive Officer (CEO) of Black Box Corporation. The company is committed to expanding its workforce across various regions to drive growth and has outlined a clear plan to enhance its Bengaluru center of excellence by adding 500 new jobs. company’s steadfast commitment extends to actively collaborate with businesses, whether based in India or operating globally, to provide cutting-edge digital infrastructure solutions.
National strategy on robotics to help India emerge as ‘Robotics Hub’: MoS IT New Delhi, Oct 13 (IANS) India has made significant strides in the field of robotics and the national strategy on robotics policy will present significant opportunities for the manufacturing sector, Industry 4.0 and cyber-physical systems, Union Minister of State for Electronics and IT, Rajeev Chandrasekhar, said on Friday.
robotics aims help India emerge as a “Robotics Hub” for the world.
Releasing the draft national strategy on robotics for public consultation here, the minister said the national strategy on
The feedback on the draft national strategy on robotics can be submitted through the MyGov platform by October 31.
www.indianews.com.au
“We have put out for public consultation the draft national strategy on robotics and we seek inputs from startups, manufacturing companies and those at the demand side of industry 4.0,” Chandrasekhar said.
“This is in line with our strategic planning and thinking for India AI. I invite all those in the robotics and AI ecosystem to contribute and make this a successful policy,” he added. Advances in AI are expected to have a significant impact in the realm of cyber-physical systems (CPS) such as robotics which relies on AI to enable the interaction of the virtual world with components of physical systems.
facebook.com/indianewsaustralia
Bengaluru, Oct 6 (IANS) LAM Research, a global provider of semiconductor equipment and services, has shown interest in setting up a new lab in Karnataka. The Minister for Large and Medium Industries M. B. Patil has also held a discussion with the company’s management representatives. Patil is currently leading a highpowered delegation to the United States of America to attract investment into the state. He is meeting a slew of companies drawn from semiconductor, aerospace and defence auto/ EV, space, and Med-tech among others. LAM Research has already established a presence in Karnataka since 2000 and its campus in Bengaluru is focusing on hardware engineering, global operations management, and
During the state level single window committee meeting held in September, the company secured approval to set up Engineering, R&D, Testing and Tool Prototyping for capital goods for the manufacturing of semiconductors and displays. It also plans to invest Rs 236 crore in this project. LAM Research is also planning to contribute to the development of Indian suppliers and establish connections with the existing supplier ecosystem in Karnataka, the company said. Rangesh Raghavan, Corporate Vice President, Karthik Rammohan, Group Vice President, Pat Lord, Executive Vice President and Chief Operating Officer, and Vartan Djihanian, Director of Government Affairs were present during the discussion with the minister. LeoLabs, a pioneering force in transforming the landscape of satellite operations, intends to set up a Centre of Excellence (CoE) for research in space technology in Karnataka.
Indian startup sector sees significant drop in deal activity in 2023 in the number of deals and a 28 per cent decrease in their values compared to YTD 2022. The third quarter ( JulySeptember period) this year witnessed a deal volume of 302 deals with values amounting to $13.4 billion in the country.
New Delhi, Oct 13 (IANS) The Indian startup sector saw a significant drop in deal activity in 2023 (year-to-date) compared to the same period in 2022, a report showed on Friday. Overall, there was a 39 per cent decrease in the number of deals and a 68 per cent decrease in their total values, according to Grant Thornton Bharat's ‘Q3 Deal tracker Report.’ This decline was particularly pronounced in the mergers and acquisitions (M&A) landscape, where values plummeted by 83 per cent this year. This steep drop can be attributed to the absence of some of the massive billiondollar deals witnessed in the YTD period 2022, according to the report.
In Q3, the startup sector, along with e-commerce and IT &ITeS, led the way, accounting for 64 per cent of total deals. “With growth-oriented policies, reduced inflation, and increased infrastructure spending, India's domestic growth is set to fuel deal activities, particularly in traditional sectors (pharmaceuticals and healthcare) and the ever-accelerating digital transformation landscape (e-commerce and IT & ITES),” said Shanthi Vijetha, Partner, Growth, Grant Thornton Bharat. The report said that India's economic prospects for 202324 remain upbeat, supported by growth-oriented policies, subdued inflation, and heightened infrastructure investments.
In the private equity (PE) sector, there was a 40 per cent reduction
11
