MAKE IN INDIA

‘Make in India’ completes eight years, annual FDI nearly doubles to $83 bn

New Delhi, Sep 24 (IANS) Annual Foreign Direct Investment (FDI) nearly doubled to $83 billion as 'Make in India', the flagship scheme of the government to facilitate investment and foster innovation, completed eight years.

As per the Ministry of Commerce and Industry, FDI inflows stood at $45.15 billion in 2014-2015. The year 2021-22 recorded the highest ever FDI at $83.6 billion.

According to the ministry, to attract foreign investments, the government has put in place a liberal and transparent policy wherein most sectors are open to FDI under the automatic route.

"The year 2021-22 recorded the highest ever FDI at $83.6 billion. This FDI has come from 101 countries, which has been invested across 31 states and UTs and 57 sectors in the country. On the back of economic reforms and 'Ease of Doing Business' in recent years, India is on track to attract $100 billion FDI in the current financial year," the ministry said on Saturday.

It said the Production Linked Incentive (PLI) scheme across 14 key manufacturing sectors was launched in 2020-21 as a big boost to the Make in India initiative.

The PLI scheme incentivises domestic production in strategic growth sectors where India has comparative advantage. This includes strengthening domestic manufacturing, forming resilient supply chains, making Indian industries more competitive and boosting the export potential. The PLI scheme is expected to generate significant gains for production and employment, with benefits extending to the MSME eco-system.

Recognising the importance of semiconductors in the world economy, the government has launched a $10 billion incentive scheme to build a semiconductor, display and design ecosystem in India.

Complemented by sincere efforts of domestic toy manufacturers, the growth of the Indian toy industry has been remarkable in less than two years despite the Covid-19 pandemic.

The import of toys in FY21-22 reduced by 70 per cent to Rs 877.8 crore. There has also been a distinct improvement in the quality of toys in the domestic market.

Simultaneously, the efforts of the industry have led to an export of toys worth Rs 2,601.5 crore in FY21-22, which is an increase of more than 61 per cent over Rs 1,612 crore in FY18-19.

India's toy export registered tremendous growth of 636 per cent in April-August 2022 over the same period in 2013, said the ministry.

Focus on achieving netzero target for 2070, PM Modi tells states

New Delhi, Sep 23 (IANS) Prime Minister Narendra Modi on Friday said that the focus of the country is on green growth and green jobs.

Addressing a conference of state environment ministers in Gujarat, he underlined the significance of achieving the net-zero target for the year 2070.

He highlighted the role of the environment ministries of the states in achieving these goals.

“I urge all environment ministers to promote a circular economy as much as possible in the states,” he said.

Modi supplemented his statement by mentioning that it will significantly strengthen the solid waste management campaign and will free us from the clutches of single-use plastic.

Talking about the role of the environment ministries, the Prime Minister said that this role should not be seen in a restricted manner.

He lamented the fact that for a long time the environment ministries got shaped more as a regulator.

However, the Prime Minister said, “I think that the role of the Environment Ministry is more as a promoter of the environment rather than as a regulator.”

Modi asked the states to own the measures like vehicle scrapping policy, and biofuel measures like ethanol blending and strengthen them on the ground.

He asked for healthy competition as well as collaboration among the states to promote these measures.

Giving examples of the International Solar Alliance, Coalition for Disaster Resilient Infrastructure and LiFE movement, the Prime Minister remarked that India is not just taking huge strides in the field of renewable energy, but also guiding other nations of the world.

“Today’s new India is moving ahead with new thinking, new approach.” The Prime Minister further went on to add that India is a rapidly developing economy, and it is continuously strengthening its ecology as well.

“Our forest cover has increased and wetlands are also expanding rapidly”, he added.

At 264%, India logs fastest growth in global IoT module market

New Delhi, Sep 24 (IANS) India was the fastest growing Internet of Things (IoT) module market with more than 264 per cent growth in the second quarter this year, a report showed.

Although growing on a lower base, the growth in IoT modules in India was driven by smart meters, telematics, point of sale (POS) and automotive applications, according to Counterpoint Research.

Global cellular IoT module shipments grew 20 per cent (year-over-year) in Q2 2022.

"The IoT module market is going through a critical phase where the Chinese brands have become bigger, making it very difficult for international brands to grow in silos," said senior research analyst Soumen Mandal.

The global cellular IoT module market continued to recover despite a tighter supply chain, Covid-19 lockdowns in China and macroeconomic headwinds.

The growth was driven by the ongoing digital transformation involving potential applications around critical infrastructure and logistics catered by some key fast-growing low-tier cellular technologies such as Cat-1 and NB-IoT.

"Further, module players modified their product offerings, striking partnerships across the value chain, from newer connectivity solution providers to acquiring some key competitors, as the IoT industry enters a very exciting growth phase," the report noted.

China retained its position as the world's largest IoT market, contributing to more than half of the demand despite the lockdowns.

"With six out of the top 10 IoT module vendors being from China and with the rising geopolitical competition and data privacy concerns, international players see an opportunity to consolidate and carve out a dichotomy in this segment," said Mandal.

The 5G IoT module shipments remain steady with prices still high and many projects still in pilot stages.

"It will take at least a couple of years to reach an inflection point. We expect the second half of 2023 to see a ramp-up for the 5G IoT modules with good pan-country 5G coverage and scale," said Associate Director Mohit Agrawal.