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EV Boom to Supercharge India’s Auto Industry

The automotive industry in the country is poised to be one of the key growth engines in towards achieving a $32-trillion GDP by 2047…reports Asian Lite News

The domestic automotive industry has crossed Rs 20 lakh crore mark in FY24 and has the potential to be worth $1.6 trillion (about Rs 134 lakh crore) by 2047, driven by electric vehicles (EVs), according to industry leaders.

The automotive industry in the country is poised to be one of the key growth engines in towards achieving a $32-trillion GDP by 2047, according to Pawan Goenka, Chairman of IN-SPACe at the Department of Space.

Addressing the Automotive Component Manufacturers Association (ACMA) event in the national capital, he said that the automotive industry has the potential to contribute $1.6 trillion by 2047.

The auto sector also contributes significantly to the direct and indirect employment generation in the country, Goenka further said, adding that the auto industry will contribute more and more to the GDP of the country from the current level of around 6.8 per cent. Over the last two decades or so, the industry has grown by 17 per cent CAGR.

The Society of Indian Automobile Manufacturers (SIAM) President Vinod Aggarwal said that the domestic auto industry has identified 50 critical components for local production in order to reduce import dependence.

As most of these items are electrical or electronics, there is a need to develop capabilities and capacities in India for such high tech items, he added.

Aggarwal told the gathering that the Indian automotive industry has crossed a landmark figure of Rs 20 lakh crore in FY24 and is contributing almost 14-15 per cent of the total GST collected in the country.

SIAM, along with ACMA, has voluntarily set targets for increasing localisation. The industry bodies are committed to reduce import content by 60 per cent to 20 per cent by 2025 from the base 2019-20 levels, thereby targeting the reduced reports to the tune of Rs 20,000 to Rs 25,000 crore in five years.

The country has become the third largest passenger vehicle market, the largest two and three wheeler market and third largest commercial vehicle market.

As the adoption of EVs increase in the country, the cost of EVs will almost match petrol and diesel vehicles within the next two years, Union Minister for Road Transport and Highways, Nitin Gadkari, earlier said at the event

Maruti Suzuki’s First EV Powers Up for 2024

Maruti Suzuki India on Tuesday said the automaker is geared up to launch its first electric vehicle (EV) with a range of 500 km per charge in January next year.

The leading automaker announced this on the sidelines of the annual session of industry body Society of Indian Automobile Manufacturers (SIAM) in the national capital.

Hisashi Takeuchi, Managing Director and CEO, Maruti Suzuki India, said that the company will will have a high-specification EV with a high-range of the order of 500 km and powered by a 60 Kilowatt-hour battery.

Maruti Suzuki India will also export EVs to markets like Europe and Japan.

The mid-size SUV, likely to be called eVX, is estimated to be priced above Rs 15 lakh, as per reports, and will take on rivals like Tata Curve.ev and Mahindra & Mahindra’s Born EV lineup.

Takeuchi said the automaker will come up with a range of solutions for its EV customers to remove their concerns on owning an EV. The company will use the strength of its network for after-sale support.

“We are going to provide a complete ecosystem for the customers and solve for range anxiety, lack of EV infrastructure and residual value of EVs,” according to the company.

Last month, Maruti Suzuki India said as India aspires to become “Viksit Bharat” by 2047, it will introduce electric cars in the next few months towards a sustainable mobility future.

R.C. Bhargava, Chairman, Maruti Suzuki India, said the company will be introducing electric cars in the next few months.

“While electric car use increases, customers should be encouraged to buy cars using strong hybrid technology, or CNG or ethanol and biogas. Pure petrol and diesel car use should be minimised,” Bhargava noted.

The domestic automotive industry has crossed Rs 20 lakh crore mark in FY24 and has the potential to be worth $1.6 trillion (about Rs 134 lakh crore) by 2047, driven by electric vehicles (EVs), according to industry leaders.

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India Eyes Leadership in Global Chip Market

PM Modi said that the semiconductor is the basis of the Digital Age and the day is not far when the semiconductor industry will be the bedrock for even our basic necessities…reports Asian Lite News

India has the capability to become a trusted partner in a diversified semiconductor supply chain globally and the government will follow a predictable and stable policy regime, Prime Minister Narendra Modi said on Tuesday. 

Chairing the Semiconductor Executives’ Roundtable at his residence in the national capital on the eve of the three-day ‘Semicon India 2024’ event, PM Modi said that the semiconductor is the basis of the Digital Age and the day is not far when the semiconductor industry will be the bedrock for even our basic necessities.

“India’s focus is to develop products which are globally competitive,” PM Modi told the attending CEOs of some of the major chip companies, adding that India is a great market for investing in hi-tech infrastructure and “the excitement shared by the leaders of the semiconductor sector today will motivate the government to work harder for this sector”.

The meeting was attended by CEOs and representatives of various organisations, including SEMI, Micron, NXP, PSMC, IMEC, Renesas, TEPL, Tokyo Electron Ltd, Tower, Synopsys, Cadence, Rapidus, Jacobs, JSR, Infineon, Advantest, Teradyne, Applied Materials, Lam Research, Merck, CG Power, and Kaynes Technology.

The Prime Minister emphasised that democracy and technology together can ensure the welfare of humanity and India is moving ahead on this path recognising its global responsibility in the semiconductor sector.

Currently, there are five semiconductor manufacturing proposals, with a total combined investment nearing Rs 1.52 lakh crore.

PM Modi underscored that India has the capability to become a trusted partner in a diversified semiconductor supply chain. With the focus on ‘Make In India’ and ‘Make for the World’ initiatives, the Prime Minister said the government will continue to support the industry at every step.

The CEOs hailed India’s commitment to the growth of the semiconductor sector, saying that what has transpired today is unprecedented wherein leaders of the entire semiconductor sector have been brought under one roof. They said the centre of gravity of the semiconductor industry is starting to shift towards India, adding that the country now has a suitable environment for the industry which has put India on the global map in the semiconductor sector.

More than 250 companies from 24 countries are set to participate in the ‘Semicon India 2024’ event in Greater Noida from September 11-13, showing the country’s growing presence in this critical sector.

Chip Giants to Join Semicon India 2024

More than 250 companies from 24 countries are set to participate in the ‘Semicon India 2024’ event in Greater Noida from September 11-13, showing the country’s growing presence in this critical sector, the government has said.

According to the Ministry of Electronics and IT, these companies span the entire semiconductor supply chain, from equipment manufacturers to fabs, presenting a significant opportunity for business-to-business interaction and forging new partnerships.

Akash Tripathi, CEO of the Indian Semiconductor Mission (ISM) said the mega event will provide a platform for all major semiconductor supply chain players.

“In India, with the ongoing construction of the five semiconductor projects, the need for all ecosystem components is paramount. ‘Semicon India 2024’ provides the perfect environment for the business-to-business interactions and partnerships to take place,” Tripathi noted.

Recognising the need for a robust and comprehensive policy framework, India has developed policies to support every segment of the semiconductor ecosystem, not just focusing on fabs but also including packaging, display wires, OSATs, sensors and more.

“Our first major project with Micron was approved at nearly Rs 22,000 crore, and Tata’s joint venture with Taiwan’s Powerchip in Dholera is another shining example,” Tripathi said.

Currently, there are five such proposals, with a total combined investment nearing Rs 1.52 lakh crore.

Ajit Manocha, President and CEO of SEMI, underscored India’s unique advantages in becoming a global semiconductor powerhouse, highlighting the country’s strong foundation in design capacity, a large talent pool, and the backing of world-class educational institutions as key factors positioning the country for success in the semiconductor sector.

Meanwhile, the US has announced a new partnership with India to explore semiconductor supply chain opportunities, which will include a “comprehensive assessment” of India’s existing semiconductor ecosystem, regulatory framework, workforce and infrastructure needs.

That will serve as the “basis for potential future joint initiatives” to strengthen and grow this critical sector.

Last week, India signed a semiconductor ecosystem partnership with Singapore during Prime Minister Narendra Modi’s visit.

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‘India’s Chip Boom Nears’

With global semiconductor leaders like the United States, Taiwan, Japan, and Europe paving the way, these developments mark a pivotal step for India to join this elite group….reports Asian Lite News

India stands at the threshold of unshackling its immense potential in building a robust semiconductor ecosystem, industry experts said here on Monday.

Ahead of the ‘Semicon India 2024’ which is being organised in Greater Noida from September 11 to 13, the India Cellular and Electronics Association (ICEA) and SEMI announced a Semiconductor Executive Summit (SES), in collaboration with the IT Ministry and the India Semiconductor Mission (ISM), at Bharat Mandapam in the national capital on September 10.

The two events are set to attract global leaders from semiconductor companies and their ecosystems, marking a pivotal moment for India to demonstrate its growing potential in the semiconductor sector.

“India has all the right ingredients, including strong policy support and the willingness to lead. These events are pivotal in charting a course for India’s growth in semiconductor manufacturing, which will also significantly boost electronics manufacturing and our position in the global market,” said Pankaj Mohindroo, Chairman, ICEA.

This event, which will be organised in collaboration with SEMI, Messe Muenchen India, and the Electronic Industries Association of India-ELCINA, aims to elevate India’s semiconductor sector and establish the country as a significant global contender.

‘Semicon India 2024’ is being organised in collaboration with SEMI, Messe Muenchen India, and the Electronic Industries Association of India-ELCINA. Prime Minister Narendra Modi will officially inaugurate the event on September 11, with Chief Minister Yogi Adityanath also in attendance.

With countries like the United States, Taiwan, Japan and Europe at the forefront of the global semiconductor industry, these events represent a significant step for India to join this influential league.

Ajit Manocha, President and CEO of SEMI, said that India’s emergence as a key player in the semiconductor industry is a testament to its ambition and determination.

“For SEMI, this is our first event of this magnitude in India, and we see tremendous potential. With the right mix of talent, policy support, and innovation, I am optimistic about India’s future in the semiconductor ecosystem,” he added.

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WTO Flags Global Trends Redefining Trade

The report presented strong evidence that trade has played a crucial role in narrowing income disparities among economies ..reports Asian Lite News

Emerging global trends such as geopolitical tensions, digital revolution and climate change are reshaping the landscape of trade-led development, the World Trade Organization (WTO) has said in a flagship report.

In the 2024 edition of the “World Trade Report” released on Monday, the WTO estimated that global factors such as geopolitical tensions, regional conflicts and trade sanctions have impacted the stable foundation of world economic growth in the past 30 years, potentially leading to trade fragmentation.

On the other hand, the increased capital and skill intensity of modern manufacturing has reduced the scope for manufacturing-led growth in low-income economies. Meanwhile, climate change poses even greater challenges, particularly for these nations.

However, the report also emphasised new opportunities brought by these global trends. For instance, developing economies can lower trade costs through digitalisation, pivot toward service-led growth, or seize the demand for renewable resources in the global green transformation to achieve development.

The report presented strong evidence that trade has played a crucial role in narrowing income disparities among economies since the WTO was established 30 years ago, Xinhua news agency reported.

“Perhaps the biggest takeaway from the report is its reaffirmation of trade’s transformative role in reducing poverty and creating shared prosperity,” WTO Director General Ngozi Okonjo-Iweala said in her foreword to the report.

“But the second biggest takeaway is that there is much more we can do to make trade and the WTO work better for economies and people left behind during the past 30 years of globalisation,” she added.

The report noted that between 1996 and 2021, a high trade share of GDP was strongly linked to faster growth in low- and middle-income economies, helping them narrow the gap in GDP per capita with high-income economies.

The WTO highlighted the need for supportive domestic policies such as vocational training, unemployment benefits, education for a more skilled and mobile workforce, and competition policy to ensure consumers benefit from lower prices, as well as reliable infrastructure, and well-functioning financial markets.

It urged the reduction of trade costs, the bridging of the digital divide, and updates to the WTO rulebook to account for the increasing significance of trade in services, and digital and green sectors.

The report also calls for better coordination among international organizations, since this could help leverage synergies between trade policies and complementary policies, and boost inclusiveness across and within economies.

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iPhone 16 is Here

Customers in India will be able to pre-order iPhone 16 Pro and iPhone 16 Pro Max beginning this Friday (September 13), with availability beginning September 20…reports Asian Lite News

Tech giant Apple on Monday introduced its much-anticipated iPhone 16 series with Apple Intelligence, larger display sizes, camera control, innovative pro-camera features and a big leap in battery life.

Powered by the A18 Pro chip, iPhone 16 Pro and iPhone 16 Pro Max feature a new 48MP Fusion camera with a faster quad-pixel sensor that enables 4K120 fps video recording in Dolby Vision, the company said in a statement.

iPhone 16 Pro and iPhone 16 Pro Max will be available in black titanium, natural titanium, white titanium and desert titanium colours, in 128GB, 256GB, 512GB, and 1TB storage capacities. iPhone 16 Pro starts at Rs 119,900 and iPhone 16 Pro Max starts at Rs 144,900.

Customers in India will be able to pre-order iPhone 16 Pro and iPhone 16 Pro Max beginning this Friday (September 13), with availability beginning September 20.

“Customers who are looking for the best possible iPhone will be able to take advantage of this huge step forward, whether they’re applying edits to a photo without lifting a finger, rewriting meeting notes for a more professional tone, or using the advanced camera system to capture their next masterpiece in 4K120 fps in Dolby Vision,” said Greg Joswiak, Apple’s senior vice president of Worldwide Marketing.

iPhone 16 and iPhone 16 Plus will be available in ultramarine, teal, pink, white, and black in 128GB, 256GB, and 512GB storage capacities. iPhone 16 starts at Rs 79,900 and iPhone 16 Plus starts at Rs 89.900. Pre-orders will begin on September 13, with availability beginning September 20, said the company.

The tech giant unveiled Apple Watch Series 10, featuring a refined design and new capabilities. It also features new sleep apnea notifications, faster charging, water depth and temperature sensing and new health and fitness insights and intelligence in watchOS 11.

Apple Watch Series 10 is available in both aluminum and titanium, in an array of stunning colors and finishes. Jet black is a new polished aluminum finish that is distinctively reflective and sleek, while new titanium cases — available in natural, gold, and slate — have a spectacular jewellery-like shine.

The users in India can now pre-order Apple Watch Series 10, with availability in stores beginning September 20. Apple Watch Series 10 starts at Rs 46,900 and Watch SE is available starting at Rs 24,900.

Apple Watch Series 10 is nearly 10 per cent thinner than Apple Watch Series 7, Series 8, and Series 9.

The company also introduced Apple Watch Ultra 2 in a new black titanium finish and enhanced with features in watchOS 11 that make the most rugged and capable Apple Watch even better.

Apple Watch Ultra 2 features most accurate GPS in a sports watch, the brightest display of any Apple product, and up to 36 hours of battery life with regular use or up to 72 hours in Low Power Mode.

Customers can also pre-order AirPods 4 for Rs 12,900, with availability beginning September 20. They can also pre-order AirPods 4 with Active Noise Cancellation for Rs 17,900. AirPods Pro 2 are available for Rs 24,900, said the company. They can also pre-order AirPods Max with USB-C charging for Rs 59,900, with availability beginning September 20.

Apple Intelligence Arrives Next Month

The iPhone maker on Monday announced that Apple Intelligence, its personal intelligence system, will start rolling out next month with iOS 18.1, iPadOS 18.1, and macOS Sequoia 15.1, with more features launching in the coming months.

In addition, the company introduced the new iPhone 16 lineup, built from the ground up for Apple Intelligence and featuring the faster, more efficient A18 and A18 Pro chips.

Apple Intelligence will be available as a free software update. The first set of Apple Intelligence features will be available in beta next month. It will be available on iPhone 16, iPhone 16 Plus, iPhone 16 Pro, iPhone 16 Pro Max, iPhone 15 Pro, iPhone 15 Pro Max, and iPad and Mac with M1 and later.

Apple Intelligence first launches in US English, and will quickly expand to include localised English in Australia, Canada, New Zealand, South Africa, and the U.K. in December, with additional language support — such as Chinese, French, Japanese, and Spanish — coming next year.

“Many of the models that power Apple Intelligence run entirely on device, and Private Cloud Compute offers the ability to flex and scale computational capacity between on-device processing and larger, server-based models that run on dedicated Apple silicon servers,” said the company.

With systemwide Writing Tools powered by Apple Intelligence, users can rewrite, proofread, and summarise text nearly everywhere they write.

In Photos, the Memories feature now enables users to create the movies they want to see by simply typing a description.

In addition, natural language can be used to search for specific photos, and search in videos gets more powerful with the ability to find specific moments in clips. The new Clean Up tool can identify and remove distracting objects in the background of a photo — without accidentally altering the subject.

The Clean Up tool in Photos can identify and remove distracting objects in the background of a photo — without accidentally altering the subject.

In the Notes and Phone apps, users can record, transcribe, and summarize audio. When a recording is initiated while on a call in the Phone app, participants are automatically notified, and once the call ends, Apple Intelligence also generates a summary to help recall key points.

Siri becomes more natural, flexible, and deeply integrated into the system experience. It has a brand-new design with an elegant glowing light that wraps around the edge of the screen when active on iPhone, iPad, or CarPlay, said the company.

ALSO READ: Wyndham Eyes India Expansion

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Wyndham Eyes India Expansion

The world’s largest hotel franchising company, Wyndham is set to launch its first luxury hotel in India with the likely opening of the Wyndham Grand in Udaipur next year…reports Asian Lite News

The government’s mega infrastructure push, particularly highway development, offers significant growth opportunities for the hotel industry and we are eager to identify the right partners who can help us establish a groundbreaking hospitality segment that will become a success story, Dimitris Manikis, President EMEA, Wyndham Hotels and Resorts, said on Sunday.

Speaking to IANS, Manikis said that as road infrastructure and connectivity improve, more people are opting for road trips for business and leisure, boosting demand for quality accommodations along these routes in the country.

“We can strategically expand our presence by developing hotels near major highways and key service stations, providing travellers with convenient and comfortable options for overnight stays,” Manikis emphasised.

By offering a reliable and welcoming environment, these hotels will cater to the needs of families, business travellers, and tourists, enhancing their overall travel experience.

The world’s largest hotel franchising company, Wyndham is set to launch its first luxury hotel in India with the likely opening of the Wyndham Grand in Udaipur next year.

Wyndham currently has more than 40 hotels in the country and is aiming to further expand its footprint. Last year was the best one for the company in India in terms of increased occupancy and revenue growth.

According to Manikis, the future of the Indian hospitality industry looks promising, driven by rising occupancy rates and a strong pipeline of new projects across all segments.

“From a Wyndham perspective, we are keen on expanding our footprint by continuing to grow the brands we have already brought to market while, at the same time, looking to introduce budget to mid-scale brands to meet the growing demand for affordable, high-quality accommodations, especially in tier 2 and tier 3 cities,” he told IANS.

The expansion comes at a time when buoyed by overall infrastructure growth and the expanding commercial market, the hospitality investment sector in the country showed robust growth in the first half of this year.

Hotel investment transactions reached $93 million and are expected to reach $413 million by year-end — a 22 per cent increase compared to last year, according to reports.

According to Manikis, establishing properties at strategic locations will help them cater to travellers seeking convenient and comfortable stays, “positioning us to capture a larger market share”.

More and more Indian customers seek premium hotel experiences as disposable incomes rise. The top Wyndham executive said that they are focused on expanding mid-scale brands to meet the growing demand for quality accommodations among the expanding middle-class and value-conscious travellers.

“This approach allows us to scale rapidly in key markets, including tier 2 and tier 3 cities, where economic activity and tourism are on the rise. By positioning our properties in these emerging areas, Wyndham offers both business and leisure travellers value-driven stays without compromising on quality, catering to the evolving preferences of Indian consumers,” Manikis noted.

When it comes to budget hotels with enhanced amenities, the company is actively increasing its presence in this segment.

“With 3,360 budget hotels established in 2023, this segment presents a significant opportunity for us. We see it as a chance to expand our presence and deliver quality hospitality to a broader range of travellers,” Manikis said.

As Indian consumers increasingly seek affordable yet comfortable accommodations, “our strategy is perfectly aligned to meet their needs, offering value-conscious guests an excellent experience without compromising quality”.

There has also been a growing trend of staycations, experiential travel and a rise in wellness tourism packages in India.

“Yes, these trends are very exciting. The rise in spiritual tourism reflects a growing desire among travellers to explore India’s rich cultural and spiritual heritage. We’re also seeing a surge in leisure staycations, especially among employees looking to combine work with relaxation without long-distance travel,” Manikis told IANS.

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UP Goes Big on Chips

Semicon India 2024 will feature a comprehensive exhibition running from September 11 to 13, highlighting cutting-edge advancements in semiconductor technology…reports Asian Lite News

In a major move to position Uttar Pradesh as a key player in semiconductor manufacturing, the Yogi Adityanath-led government is set to host Semicon India 2024 at the India Expo Mart in Greater Noida from September 11 to 13. 

This event, which will be organised in collaboration with SEMI, Messe Muenchen India, and the Electronic Industries Association of India-ELCINA, aims to elevate India’s semiconductor sector and establish the country as a significant global contender.

Prime Minister Narendra Modi will officially inaugurate the event on September 11, with Chief Minister Yogi Adityanath also in attendance.

The semiconductor industry in India is rapidly growing, with forecasts suggesting the regional chip market could exceed $55 billion by 2026.

To harness this potential, the Uttar Pradesh government is actively seeking investments from semiconductor firms.

Semicon India 2024 will feature a comprehensive exhibition running from September 11 to 13, highlighting cutting-edge advancements in semiconductor technology. Manufacturers from around the world will showcase their innovations, providing a glimpse into the industry’s future.

The second day of Semicon India 2024 will delve into critical areas such as cross-regional partnerships, flexible hybrid electronics, supply chain management, and sustainable industry practices.

On the final day, September 13, attendees can look forward to a presentation by Micron on package manufacturing, a semiconductor fabrication boot camp hosted by ISA, and an overview of the semiconductor industry’s progress by IESA.

This year’s Semicon India Exhibition and Conference will be held alongside Electronica India and Productronica India, the largest electronics fairs in Southeast Asia. This landmark event will unite a wide range of domestic and international companies, providing a prime opportunity to explore India’s burgeoning semiconductor sector and discover new business prospects.

Semicon India 2024 will offer a dynamic range of exhibitions, programmes, and networking opportunities, allowing participants to interact with local leaders and government officials and gain insights into India’s semiconductor industry.

The India Semiconductor Mission, backed by major firms like AMD, Applied Materials, and Micron Technology, aims to bolster domestic chip production.

In alignment with this national initiative, the Yogi Adityanath government is actively promoting Uttar Pradesh as a semiconductor manufacturing hub. The newly introduced UP Semiconductor Policy provides substantial incentives, including a 50 per cent additional capital subsidy, 75 per cent land rebate, 100 per cent exemption from electricity duty for 10 years, and a 5 per cent interest subsidy (up to Rs 7 crore).

Chief Minister Yogi Adityanath has urged investors to explore Uttar Pradesh’s potential, as the state strives to become a $1 trillion economy.

Over the past seven years, Uttar Pradesh has evolved into a significant electronics manufacturing hub, with over 200 companies and a dominant 65 per cent share of India’s mobile production. The state is now focusing on expanding its role in the fabless semiconductor sector, leveraging its extensive rail network and growing airport infrastructure, including the forthcoming Noida International Airport. These advancements enhance Uttar Pradesh’s attractiveness for high-tech industries and global chip design and R&D companies.

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From Varanasi to Global Military Glory

Local artisans, with generations of experience in the trade, reflect on the highs and lows of their business, noting that the 2014 GI certification was a pivotal moment for their community…reports Asian Lite News

The success story of Varanasi made badges is a moment to celebrate, as they shine bright on the uniforms of foreign militaries in countries like the US, UK, Germany, France and more.

Local artisans, who have been engaged in the business for generations, recall the ups and downs of the enterprise and state that the GI certification in 2014 turned out to be a game changer for the fraternity.

Lallapura is one of the key centres in Varanasi, where more than 125 artisans put in long hours to cater to the burgeoning demand from abroad.

Shadab, a local artisan told IANS about the intricacies of foreign armies’ badge manufacturing and also informed that ‘Made in Varanasi’ badges got a major boost after the Modi government came to power in 2014 and granted GI tags for the products.

“GI certification for the enterprise has provided us a platform to showcase our skills at the global level and this has also proved instrumental in giving a fillip to age-old enterprise in the city,” he said.

He further informed that GI tags have brought a major turnaround as demands have increased and now they are getting ample orders.

The new generation has started moving in, thus helping in overall growth of enterprise.

“After GI certification, buyers and exporters are in direct contact with us, this has enhanced growth of the industry and eliminated middlemen from the chain,” he pointed out.

Shadab further informed that they make army badges and emblems for many militaries including Germany, England, France, Kenya and the US to name a few.

“Military badges and emblems made in Varanasi are worn by military men on their caps,” he said with pride in his eyes.

He also informed that the businesses date back to 100 years as many of them belong to the third generation of artisans, however, the enterprise took a hit because finding skilled workers was getting difficult due to lack of orders.

Notably, the indigenous production of badges for foreign militaries shows growing might and prowess. And, the city residents credit this to reforms in the sector, brought under the Modi govt.

Guddu, another artisan, echoed similar views and told IANS that he has been engaged in the business, since he was a child.

“We have been working our whole of life for this, but after GI, the businesses got a big spike. We have been working for 10-12 hours a day to meet the growing demand,” he said.

“After the government facilitated GI tags, our businesses have improved. We are getting a good amount of work and this has shored up our badge making facilities and enterprises,” he added.

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India, Singapore call for freedom of navigation in South China Sea

PM Modi and his Singaporean counterpart PM Lawrence Wong emphasised the legal framework set out by the UNCLOS within which all activities in the oceans and seas must be carried out..reports Asian Lite News

India and Singapore have called for peaceful resolution of disputes in the South China Sea, emphasising the importance of maintaining peace, security, and ‘freedom of navigation’ in and overflight above the South China Sea in accordance with international law, UNCLOS.

The joint statement was issued during Prime Minister Narendra Modi’s visit to Singapore.

According to the India-Singapore Joint Statement, “Underlining the link between prosperity and security, the leaders reaffirmed the importance of maintaining and promoting peace, security, stability, safety and freedom of navigation in and overflight above the South China Sea, while pursuing the peaceful resolution of disputes in accordance with international law, particularly the 1982 United Nations Convention on the Law of the Sea (UNCLOS), without resorting to the threat or use of force.”

“Both sides also called on all parties to resolve disputes through peaceful means without threat or use of force and exercise self-restraint in the conduct of actions that could escalate tensions in the region,” the statement added.

Further, PM Modi and his Singaporean counterpart PM Lawrence Wong emphasised the legal framework set out by the UNCLOS within which all activities in the oceans and seas must be carried out, and that UNCLOS is the basis for determining maritime entitlements, sovereign rights, jurisdiction and legitimate interests over maritime zones.

Both leaders expressed hope for the early conclusion of a substantive and effective Code of Conduct in the South China Sea (COC) in accordance with international law, especially UNCLOS, that does not prejudice the legitimate rights and interests of all nations, including those not party to these negotiations.

During their meeting, they also condemned terrorism as the most pressing threat to global peace and stability, reaffirming their commitment to combat it in all its forms and manifestations. They also emphasised that there can be no justification for acts of terror.

Recognising that terrorism continues to remain the single most significant threat to peace and stability, the Prime Ministers of both countries reiterated their strong commitment to combating terrorism in all its forms

Notably, PM Modi paid an official visit to Singapore on September 4-5, 2024. The current visit is the fifth visit of PM Modi to Singapore. (ANI)

‘Terrorism has no justification’: India, Singapore

Prime Minister Narendra Modi and his Singaporean counterpart PM Lawrence Wong condemned terrorism as the most pressing threat to global peace and stability, reaffirming their commitment to combat it in all its forms and manifestations. They also emphasised that there can be no justification for acts of terror.

Notably, PM Modi paid an official visit to Singapore on September 4-5, 2024. The current visit is the fifth visit of PM Modi to Singapore.

Recognising that terrorism continues to remain the single most significant threat to peace and stability, the Prime Ministers of both countries reiterated their strong commitment to combating terrorism in all its forms and manifestations. They stressed that there can be no justification for acts of terror on any grounds whatsoever and affirmed their resolve to fight against global terrorism and terror organisations, the Ministry of External Affairs said in a press release.

They called for reinvigorating multilateral action on terrorism, including through reiterating the importance of the conclusion of the Comprehensive Convention on International Terrorism in the United Nations at the earliest. They also emphasised the importance of upholding international standards on anti-money laundering and combating the financing of terrorism, consistent with Financial Action Task Force (FATF) recommendations. Both countries reiterated their commitment to work together in FATF and other multilateral platforms.

Lauding the cooperation between both sides at regional and international forums, the Prime Ministers reaffirmed efforts to strengthen cooperation, particularly in the United Nations (UN), World Trade Organization (WTO), Indian Ocean Rim Association (IORA), Non-Aligned Movement (NAM), Commonwealth, and related forums and as well as other regional cooperation mechanisms.

Both sides also reaffirmed their commitment to work together to promote peace and stability across the Indo-Pacific region and underlined the importance of an open, inclusive, rules-based, and resilient Indo-Pacific region. They acknowledged India and Singapore’s close cooperation on, and support for, the Indo-Pacific Economic Framework for Prosperity (IPEF).

PM Modi thanked Prime Minister Wong for the warmth of his hospitality and all the excellent arrangements made for the visit. PM Modi conveyed that India is looking forward to the visit of President Tharman Shanmugaratnam to India next year. He also invited PM Wong to visit India at a mutually convenient time.

PM Modi and PM Wong acknowledged India and Singapore’s shared history, long tradition of friendship based on trust and mutual respect, and extensive cooperation across a wide range of areas. They reviewed and expressed satisfaction over the progress in the bilateral relationship, in the areas of political, economic, security, technology, education, people-to-people and cultural links.

It is interesting to note that India and Singapore will celebrate the 60th anniversary of the establishment of diplomatic relations next year. Against this backdrop, both Prime Ministers agreed to elevate bilateral relations to a higher level of a ‘Comprehensive Strategic Partnership’, to deepen and broaden bilateral cooperation. (ANI)

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Unicorns Embrace a Feminine Flair in India

The number of women directors in active companies surged from 2.58 lakh in 2014 to 8.83 lakh by August 2024, marking a more than 3.4-fold increase…reports Asian Lite News

Indian women are rising the corporate ladder as they are leading about 18 per cent of 111 unicorns (valued at $1 billion) in the startup and financial technology space, said Nirmala Sitharaman, Union Finance Minister.

Speaking at a conference organised by the FICCI-FLO Chennai Chapter in Chennai, Sitharaman said the number of women directors in active corporate companies has increased more than three times in the last decade.

From 2.58 lakh in 2014, women directors associated with active companies rose to 8.83 lakh — over 3.4 times higher — in the country by August 2024.

In Tamil Nadu, the number has risen by 4.3 times — from 15,550 in 2014 to 68,000 in August 2024, said the Finance and Corporate Affairs Minister, while lauding efforts undertaken by Prime Minister Narendra Modi-led government to boost women’s participation across sectors.

Sitharaman noted the efforts are visible in the amount of funds being allocated to the schemes related to women empowerment in the recent Union Budget.

In FY2014, the Centre provisioned Rs 97,134 crore as the Budget Estimate on the schemes for the welfare and empowerment of women. The amount has tripled to Rs 3.10 lakh crore in the FY2025 budget, the FM said.

Further, Sitharaman cited a study by research firm Deloitte to show that the number of women directors on the Board of Nifty 50 companies has also increased to 22 per cent. In 2019, it was 18 per cent.

Besides corporate roles, the FM also stated that women are now also “allowed in combat services across the three forces”.

She informed that the entry of women in various cadres in the Navy commenced in June 2023.

“Recruitment of officers in the IAF is now gender-neutral. Women officers are inducted into all the branches and streams of the IAF,” she said.

Meanwhile, the Indian startup ecosystem witnessed a surge in large funding rounds (over $100 million) in 2024, as startups’ focus has shifted to profitability along with growth.

In 2024 so far, there have been 13 funding rounds valued at over $100 million. Startups like Zepto, Rapido, Lenskart, Flipkart, Meesho and PharmEasy have raised funding in these rounds.

Quick e-commerce company Zepto has raised two rounds of funding of one billion dollars ($340 million + $665 million) in 2024. The company had last raised $340 million in funding at a valuation of $5 billion.

Funding of $200 million has been raised by Rapido, a taxi service providing company. The latest valuation of the company is $1.1 billion.

An eyewear startup, Lenskart has also raised funding of $200 million so far in 2024. The valuation of the company is around $5 billion.

Funding of $350 million, $275 million and $216 million has been raised so far in 2024 by Flipkart, Meeso and PharmEasy respectively.

The government also abolished angel tax in Budget 2024-25 to help startups to raise funds from foreign investors.

Around 31 homegrown startups raised more than $466 million in 22 deals last week.

The number of fintechs in the country has grown fourfold in the last four years, with a three-time surge in unicorns and soonicorns in the same period.

The government has recognised 1,40,803 entities as startups (as of June 30). More than 55 regulatory reforms have been undertaken by the Central government since 2016 to enhance ease of doing business, ease of raising capital and reduce compliance burden for the startup ecosystem.

Meanwhile, the Centre approved four startups in the field of technical textiles with a grant of Rs 50 lakh each, along with new courses in various applications. The approved startup projects are focused on key strategic areas of composites, sustainable textiles and smart textiles

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