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Indian Innovators Shine on Global Stage: Qualcomm

The leading chip-maker will host its flagship developer conference in Hyderabad on April 17, which will see more than 150 developers, engineers and industry leaders…reports Asian Lite News

The developer community in India is at the forefront of creating innovative solutions which will continue to unlock growth opportunities not only for the country but also for the world, Savi Soin, President of Qualcomm India, said on Friday.

The leading chip-maker will host its flagship developer conference in Hyderabad on April 17, which will see more than 150 developers, engineers and industry leaders discuss advancements in technologies.

“India’s growing STEM (science, technology, engineering and maths) talent is at par with global standards with a lot of our professionals leading breakthrough advancements,” Soin said. “As a leader in 5G and wireless communications, we are committed to being a trusted partner for India in its digital journey.”

The company is working closely with the ecosystem to develop India-relevant artificial intelligence (AI) and 5G use cases and applications.

Qualcomm joins Jacoti to boost true wireless earbuds experience.

“The Hyderabad centre is at the helm of driving rigorous research and development (R&D) for Qualcomm in the country and is aligned with our larger vision of ‘Make in India for the world’,” said Shashi Reddy, VP of Engineering, Qualcomm India.

Qualcomm recently announced a grant of $186,000 and front-end support for the ‘Edge AI Lab’ at the International Institute of Information Technology Hyderabad (IIIT-H).

“The conference underscores our commitment towards deeper collaboration, research and innovation in partnership with Indian developers towards advancing AI and Edge AI technologies,” said Leendert van Doorn, Senior Vice President, Qualcomm.

Last month, chip-maker Qualcomm announced the inauguration of its new chip design centre in Chennai.

The centre, made with an investment of Rs. 177.27 crore, will specialise in wireless connectivity solutions, with a focus on innovations that complement Wi-Fi technologies.

It is also expected to generate jobs for up to 1,600 skilled technology professionals, open new doors for semiconductor design in alignment with the government’s vision of ‘Make in India’ and unlock growth opportunities for a strong indigenous design ecosystem.

Further, in line with the government’s Bharat 6G Vision, the company also announced its programme supporting 6G University Research in India.

At the inauguration, Union Minister for Communications, Electronics & Information Technology, Ashwini Vaishnaw shared his vision for a digitally-empowered India.

“India’s technological prowess continues to soar, positioning us as a global leader in innovation. Our nation’s strong commitment to embracing digital progress marks our journey towards a digitally-empowered society.

“We are happy to extend our support to Qualcomm which has played a key role in accelerating India’s digital journey and together we aim to connect millions of Indians through 5G connectivity,” the minister said.

“The new design centre marks a key milestone for not just the company but also the impact it is set to bring forth with employee opportunities that will further nurture our tech talent,” he added.

The centre will also actively contribute to Qualcomm’s global Research and Development endeavours in 5G Cellular technology.

Rahul Patel, Group General Manager, Connectivity, Broadband & Networking (CBN), Qualcomm Technologies said that the new design centre “will play a pivotal role in shaping the future of connectivity globally, especially in India.”

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Musk’s India Visit Sparks Tesla Enthusiasm

Tesla can eventually produce 5 lakh electric vehicles annually that start from Rs 20 lakh in India…reports Asian Lite News

Elon Musk is coming to India for the first time to spend at least 48 hours in the country later this month. As all eyes are on what the billionaire would announce during his meeting with Prime Minister Narendra Modi and industry leaders, Tesla lovers have only one question: When will they finally be able to drive a ‘Make in India’, affordable EV?

A cheaper Model 3, which is the entry-level Tesla, can only be possible with local manufacturing of battery components and a strong EV supply system, for which Musk will surely have a substantial announcement to make during his maiden visit to the country.

Currently, Tesla prices are almost the same worldwide. The base variant of the Model 3 is priced at over $40,000 (nearly Rs 33.5 lakh).

According to senior analyst Soumen Mandal from market intelligence firm Counterpoint Research, the import duty will be eliminated by setting up local production by Tesla, thus paving the way for an affordable Tesla car.

Also, the cost reduction could be achieved if Tesla cars manufactured in the country come with fewer features compared to the ones available globally.

Mandal told IANS that certain hardware required for Full Self-Driving (FSD) mode could be eliminated and “Advanced Driver Assistance System (ADAS) Level 2 could be included”.

Tesla can eventually produce 5 lakh electric vehicles annually that start from Rs 20 lakh in India.

To produce a Rs 20 lakh car, Tesla can also have a battery pack with a lower capacity than 50kW and the electric motors could be of lower power. The in-vehicle electronics could also be reduced with a smaller centre display.

In the new EV policy, the Indian government has cut the customs duty to 15 per cent (with certain riders) from the earlier 100 per cent on imported cars.

A minimum investment of Rs 4,150 crore (about $500 million) will be required to set up the manufacturing facilities for EVs in the country.

According to industry experts, Tesla can generate at least $3.6 billion in revenue in India by 2030.

Even as Tesla CEO Elon Musk confirmed his visit to India, netizens eagerly welcomed the billionaire to the country.

“Looking forward to meeting with Prime Minister @NarendraModi in India!” the SpaceX CEO shared on X (formerly Twitter). The post has, so far, garnered more than 38 million views on the platform.

Soon after the announcement, several users took to the platform to welcome the billionaire to the country.

“Welcome to India, Elon,” wrote several users, while one added “Namaste India”.

“Welcome to India, Elon Musk, hoping for a long-term partnership between your companies and India,” wrote another user.

“Yes! Excited to have you here finally. Hope to see Tesla India up and running soon and reservation holders getting their Tesla’s,” said another.

The tech billionaire is reportedly slated to meet PM Modi “in the week of April 22 in New Delhi”.

Musk is also likely to announce his investment plans and setting up of a potential $2-3 billion manufacturing plant in the country.

As per reports, Gujarat, Maharashtra, and Tamil Nadu are on top of Tesla’s agenda to start EV manufacturing and export the vehicles as well

ALSO READ: Tackling Inflation

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‘African economies to grow 3.4% in 2024’

Ethiopia, World Bank sign first emission reduction purchase accord(twitter)

According to the World Bank report, growth in the region is expected to rebound in 2024, rising from a low of 2.6 percent in 2023 to 3.4 percent in 2024, and 3.8 percent in 2025…reports Asian Lite News

Increased private consumption and declining inflation are supporting an economic rebound in Sub-Saharan Africa, but the recovery remains fragile due to uncertain global economic conditions, growing debt service obligations, frequent natural disasters, and escalating conflict and violence, according to World Bank’s latest Africa’s Pulse report.

The multinational bank suggested transformative policies were needed to address deep-rooted inequality to sustain long-term growth and effectively reduce poverty.

According to the World Bank report, growth in the region is expected to rebound in 2024, rising from a low of 2.6 percent in 2023 to 3.4 percent in 2024, and 3.8 percent in 2025.

However, this recovery remains tenuous, it asserted.

While inflation is cooling across most economies, falling from a median of 7.1 to 5.1 percent in 2024, it remains high compared to pre-COVID-19 pandemic levels.

Additionally, while growth of public debt is slowing, more than half of African governments grapple with external liquidity problems, and face unsustainable debt burdens.

Overall, the report underscored that despite the projected boost in growth, the pace of economic expansion in the region remained below the growth rate of the previous decade (2000-2014) and is insufficient to have a significant effect on poverty reduction.

Moreover, due to multiple factors including structural inequality, economic growth reduces poverty in Sub-Saharan Africa less than in other regions.

“Per capita GDP growth of 1 percent is associated with a reduction in the extreme poverty rate of only about 1 percent in the region, compared to 2.5 percent on average in the rest of the world,” said Andrew Dabalen, World Bank Chief Economist for Africa.

“In a context of constrained government budgets, faster poverty reduction will not be achieved through fiscal policy alone. It needs to be supported by policies that expand the productive capacity of the private sector to create more and better jobs for all segments of society.”

The World Bank’s Africa’s Pulse report called for several policy actions to foster stronger and more equitable growth. These include restoring macro-economic stability, promoting inter-generational mobility, supporting market access, and ensuring that fiscal policies do not overburden the poor.

Africa will account for eleven of the world’s 20 fastest-growing economies in 2024, the African Development Bank Group said in its latest Macroeconomic Performance and Outlook (MEO) of the continent released on Friday.

Overall, real gross domestic product (GDP) growth for the continent is expected to average 3.8% and 4.2% in 2024 and 2025, respectively. This is higher than projected global averages of 2.9% and 3.2%, the report said.

The continent is set to remain the second-fastest-growing region after Asia.

The top 11 African countries projected to experience strong economic performance forecast are Niger (11.2%), Senegal (8.2%), Libya (7.9%), Rwanda (7.2%), Cote d’Ivoire (6.8%), Ethiopia (6.7%), Benin (6.4%), Djibouti (6.2%), Tanzania (6.1%), Togo (6%), and Uganda at 6%.

“Despite the challenging global and regional economic environment, 15 African countries have posted output expansions of more than 5%,” Bank Group President Dr Akinwumi Adesina said, calling for larger pools of financing and several policy interventions to further boost Africa’s growth.

Africa’s Macroeconomic Performance and Outlook, a biannual publication released in the first and third quarters of each year, complements the existing African Economic Outlook (AEO), which focuses on key emerging policy issues relevant to the continent’s development.

The MEO report provides an up-to-date evidence-based assessment of the continent’s recent macroeconomic performance and short-to-medium-term outlook amid dynamic global economic developments.

The latest report is calling for cautious optimism given the challenges posed by global and regional risks. These risks include rising geopolitical tensions, increased regional conflicts, and political instability—all of which could disrupt trade and investment flows, and perpetuate inflationary pressures.

President Adesina emphasised that fiscal deficits have improved, as faster-than-expected recovery from the pandemic helped shore up revenue.

He explained further: “This has led to a stabilisation of the average fiscal deficit at 4.9% in 2023, like 2022, but significantly less than the 6.9% average fiscal deficit of 2020. The stabilisation is also due to the fiscal consolidation measures, especially in countries with elevated risks of debt distress.”

He cautioned that with the global economy mired in uncertainty, the fiscal positions of the African continent will continue to be vulnerable to global shocks.

The report shows that the medium-term growth outlook for the continent’s five regions is slowly improving, a pointer to the continued resilience of Africa’s economies.

Presenting the key findings of the report, the African Development Bank’s Chief Economist and Vice President, Prof. Kevin Urama said: “Growth in Africa’s top-performing economies has benefitted from a range of factors, including declining commodity dependence through economic diversification, increasing stra­tegic investment in key growth sectors, and rising both public and private consumption, as well as positive developments in key export markets.” 

He added: “Africa’s economic growth is projected to regain moderate strength as long as the global economy remains resilient, disinflation continues, investment in infrastructure projects remains buoyant, and progress is sustained on debt restructuring and fiscal consolidation.”

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Tackling Inflation

The government has been taking various steps to control food inflation which is reflected in the CPI inflation coming down to a 9-month low of 4.85 per cent in March….reports Asian Lite News

As part of its stepped-up vigil to bring down prices of pulses, the Government has warned traders that anyone found indulging in forward trade of pulses would be dealt with firmly in accordance with the provisions of the Essential Commodities Act.

The message has been clearly conveyed to all traders during a series of interactions held by Secretary, Department of Consumer Affairs, Nidhi Khare with representatives of the pulses industry in the run-up to the operationalisation of online stock monitoring from April 15, 2024, according to an official statement issued on Saturday.

At the same time, the Government is also arranging for more imports of pulses from Myanmar to bring down prices in the domestic market through increased availability.

The government has been taking various steps to control food inflation which is reflected in the CPI inflation coming down to a 9-month low of 4.85 per cent in March. However, while the rise in the prices of pulses has slowed, it is still in double-digit figures at 17.7 per cent.

Department of Consumer Affairs has obtained feedback from the industry and inputs from market intelligence relating to pulses and the stock position with various market players have been collated for further verification.

Nidhi Khare also discussed with the Indian Mission in Yangon on issues relating to pulses imports from Myanmar such as import prices in the wake of revised exchange rates and stocks held by importers in Myanmar. The Indian Mission apprised that the Rupee Kyat Settlement Mechanism has been operationalised from January 25, 2024, to simplify trade transactions and to make them more efficient.

The Central Bank of Myanmar released guidelines for payment procedures under the Special Rupee Vostro Account (SRVA) on January 26, 2024. The new mechanism will apply for both sea and border trade and for trade in goods as well as services. Adoption of the mechanism by traders will reduce costs associated with currency conversions and eliminate complexities related to exchange rates by eliminating the need for multiple currency conversations.

Dissemination about the operationalisation of this mechanism among trading communities, especially importers of pulses, is being separately done wherein they are being requested to utilise the Rupee/Kyat direct payment system using SRVA through the Punjab National Bank, the statement said.

The importers and other industry players like millers, stockists, retailers etc have been asked to honestly declare their stock of pulses, including imported Yellow Peas, on a weekly basis on the portal https://fcainfoweb.nic.in/psp/ from April 15.

The States and UTs have also been asked to enforce weekly stock disclosure by all stockholding entities and verify the stocks declared by them. Stocks in warehouses located in major ports and in pulses industry hubs should be verified from time to time and strict action should be taken on stockholding entities found to be reporting false information on the stock disclosure portal.

Retail Inflation Dips to 4.85%

India’s consumer price inflation eased to a 9-month low of 4.85 per cent in March bringing relief to household budgets, figures released by the Ministry of Statistics on Friday showed.

Retail Inflation has come down closer to the RBI’s mid-term target of 4 per cent after which the central bank would be in a position to cut key interest rates to spur economic growth.

The country’s CPI inflation had stood at 5.09 per cent in February and 5.1 per cent in January.

The declining trend in cooking oil prices continued in March with a 11.72 per cent fall during the month. The price rise in spices slowed to 11.4 per cent in March from 13.28 per cent in February.

The inflation in pulses also slowed to 17.71 per cent during the month compared to 20.47 per cent in January.

However, the data shows that vegetable prices shot up by as much as 28.34 per cent in March which remains a pain point for consumers. The prices of cereals also increased by 8.37 per cent during the month.

The consumer price inflation is still above the RBI’s mid-term target of 4 per cent and is the main reason why the central bank has not gone in for a cut in interest rates to rev up growth.

The RBI is keen to keep inflation under control to ensure stability and has held the repo rate steady at 6.5 per cent for seven consecutive times in a row in its bi-monthly monetary policy reviews.

The RBI stated in its monetary policy review on April 5 that it expects inflation to come down to 4.5 per cent in 2024-25, assuming a normal monsoon this year.

Going forward, the inflation trajectory will be shaped by the evolving food inflation outlook. Rabi sowing has surpassed last year’s level. The usual seasonal correction in vegetable prices is continuing, though unevenly, the RBI said.

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A Decade of Economic Transformation in India

The economy, in the past ten years, not only just made into the top five economies of the world but is slated to enter the top three league in the next couple of years….reports Asian Lite News

While the Centre and Opposition may spar over the country’s growth trajectory in the past few decades, there is no denying the fact that the economy logged a significant uptrend during the Modi government, starting from 2014 to 2024.

The economy, in the past ten years, not only just made into the top five economies of the world but is slated to enter the top three league in the next couple of years. Economic indicators have shown a remarkable jump, GDP growth and exports have seen robust growth while Forex reserves and FDI have also seen a significant rise in the last ten years.

Opposition parties though remain unconvinced with the numbers and allege juggling of data by the ruling party to build a pro-government discourse. However, an analysis of the ‘growth data’ from 2014 to 2024 goes to show how the economy grew in the last ten years, under the Modi government.

Below is the lowdown on data, as existed in 2014 and 2024:

In the fourth quarter of 2014, the GDP growth stood at 4.6 per cent, which rose to 8.4 per cent in the third quarter of 2024. Exports for the financial year 2014 stood at $ 466 billion which rose to $776 billion in financial year 2023.

Forex reserves and Foreign Direct Investment (FDI) in the FY 2014 stood at $303 billion $ 36 billion respectively. Both soared to new highs and more than doubled in 10 years to $645 billion and $83.5 billion respectively.

Inflation and Current Account Deficit, the other crucial indicators declined from 8.7 per cent and 5.1 per cent to 4.8 per cent and 1.2 per cent respectively, in the last ten years.

Other set of data related to interest rates also goes on to show how the common man benefitted from the significant drop in rates.

As per data, the education loan which stood at 14.25 per cent in 2014 has now lowered down to 8.15 per cent. Loans like house loan, auto loan and personal loan, all have taken a dip in the last 10 years.

House loan and Auto loan stood at much above 10 per cent before 2014 but today they are in the range of 7-8 per cent. Personal loan during 2014 was 14.25 per cent and has now slumped to around 10.50 per cent.

U.S. dollar banknotes in Washington. (Xinhua/Liu Jie/IANS)

India’s Forex Reserves Hit Record High: $648.562 Billion

 India’s foreign exchange reserves went up by $2.98 billion during the week ended April 5 to scale a new all-time high of $648.562 billion, data released by the RBI showed on Friday.

This is the seventh consecutive week marking a jump in the overall reserves. The forex kitty had increased by $2.95 billion during the preceding week ended March 29, after notching a cumulative $26.5 billion rise in the previous five weeks.

Gold reserves, which also form part of the forex kitty held by the RBI, shot up by $2.398 billion to $54.558 billion during the latest week, while foreign currency assets increased by $549 million.

The Special Drawing Rights (SDRs) were up by $24 million to $18.17 billion.

RBI Governor Shaktikanta Das referred to the record foreign exchange reserves as a reflection of the strength of the Indian economy.

“It is our prime focus to build a strong umbrella, a strong buffer in the form of a substantial quantum of forex reserves which will help us when the cycle turns, or when it rains heavily,” Das said while unveiling the first monetary policy review of the current financial year that began on April 1.

Rising foreign exchange reserves are a positive sign for the economy as they reflect an ample supply of dollars that help strengthen the rupee.

An increase in the foreign exchange reserves gives the RBI more headroom to stabilise the rupee when it turns volatile. This is because the RBI intervenes in the spot and forward currency markets by releasing more dollars to prevent the rupee from heading for a free fall.

Conversely, a declining forex kitty leaves the RBI less space to intervene in the market to prop up the rupee.

India’s forex reserves, including the central bank’s forward holdings, can now cover more than 11 months of imports, which is a two-year high.

The RBI Governor also said the Indian rupee remained largely range-bound as compared to both its emerging market peers and a few advanced economies during 2023-24 and was the most stable among the major currencies during this period.

“The depreciation of Indian rupee at 1.4 per cent against the US dollar in 2023-24 was lower as compared to emerging market peers like Chinese yuan, Thailand baht, Indonesian rupiah, Vietnamese dong, Malaysian ringgit and a few advanced economy currencies like Japanese yen, Korean won and New Zealand dollar,” he said.

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Oil demand will grow 2.25 million bpd: OPEC

OPEC+ had earlier agreed to keep current oil production levels unchanged….reports Asian Lite News

 The Organisation of the Petroleum Exporting Countries (OPEC) said on Thursday that world oil demand will rise by 2.25 million barrels per day (bpd) in 2024 and by 1.85 million bpd in 2025, Reuters reported.

In its monthly report, OPEC predicted robust fuel use in the summer months and stuck to its forecast for relatively strong growth in global oil demand in 2024, highlighting an unusually large gap between predictions of oil demand strength.

Meanwhile, OPEC+ had earlier agreed to keep current oil production levels unchanged.

During the meeting which took place via videoconference today, the JMMC reviewed the crude oil production data for the months of January and February 2024, noting to the high conformity for participating OPEC and non-OPEC countries of the Declaration of Cooperation (DoC).

The Committee welcomed the Republic of Iraq and the Republic of Kazakhstan pledge to achieve full conformity as well as compensate for overproduction. The Committee also welcomed the announcement by the Russian Federation that its voluntary adjustments in the second quarter of 2024 will be based on production instead of exports.

The JMMC stated that participating countries with outstanding overproduced volumes for the months of January, February and March 2024, will submit their detailed compensation plans to the OPEC Secretariat by 30th April 2024.

The Committee noted that it will continue to monitor the conformity of the production adjustments decided upon at the 35th ONOMM held on 4th June 2023, and the additional voluntary production adjustments announced by some participating OPEC and participating non-OPEC countries in April 2023, and the subsequent adjustments in November 2023 and February 2024.

The Committee further stated that it will continue to closely assess market conditions and noted the willingness of the DoC countries to address market developments and their readiness to take additional measures at any time building on the strong cohesion between OPEC and participating non-OPEC oil-producing countries.

The next meeting of the JMMC (54th) is scheduled for 1st June 2024.

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Tata Partners with Shell for c Infra

The two companies are also exploring introducing convenient payment systems and loyalty programmes to facilitate charging for electric vehicles….reports Asian Lite News

Tata Passenger Electric Mobility Ltd (TPEM) said on Thursday that it has signed a non-binding Memorandum of Understanding with Shell India Markets Private Limited (SIMPL) to collaborate in setting up public charging stations across India.

“The collaboration will leverage Shell’s fuel station network and TPEM’s insights from over 1.4 lakh Tata EVs on Indian roads to set up chargers at locations frequently visited by Tata EV owners. Additionally, both companies will work towards delivering superior charging experiences,” according to a TPEM statement.

The two companies are also exploring introducing convenient payment systems and loyalty programmes to facilitate charging for electric vehicles.

Commenting on the partnership, Balaje Rajan, Chief Strategy Officer, Tata Passenger Electric Mobility Ltd and Tata Motors Passenger Vehicles Ltd, said: “Through this partnership, we aim to grow the existing charging infrastructure, which is crucial for mainstream adoption of EVs in the country, particularly as the customer base continues to expand. This strategic alliance will help in driving up the EV adoption in the country.”

Sanjay Varkey, Director, Shell India Markets Private Limited, said, “Shell is committed to offering integrated solutions that prioritise convenience, safety, and sustainability in charging EVs. Our ultra-fast and reliable chargers ensure that our customers enjoy a sustainable, hassle-free and efficient charging experience.

Driven by rising consumer interest, government initiatives and infrastructure development, India’s EV sales nearly doubled in 2023 and are likely to grow 66 per cent this year, a report showed on Friday.

Overall, India’s passenger vehicle (PV) sales grew 10 per cent (year-on-year) to surpass 4 million units, its EV sales nearly doubled, rising 97 per cent YoY to account for 2 per cent of the overall PV sales.

By 2030, EVs are expected to represent nearly one-third of India’s PV market, signaling a robust long-term growth trajectory in the country’s automotive sector, according to Counterpoint Research.

“As the infrastructure and consumer traction develops, we will see the entry of newer players such as Tesla and fast-growing Chinese brands like Xiaomi, which will catalyse innovation and competition in the world’s fourth-largest PV market,” said Research Vice President, Neil Shah.

“We will see players in the broader value chain prioritising India’s market not only to target domestic consumption but also for technology R&D and export opportunities,” he added.

With a strong portfolio and strategic tie-up with Uber, Tata Motors held more than two-thirds of the country’s EV market last year. However, it lost a significant share to Mahindra & Mahindra and BYD.

Recording a 2,476 per cent increase with just one model in its portfolio, Mahindra & Mahindra was the fastest-growing brand in 2023, followed by BYD and MG Motor, said the report.

“EV sales in India are expected to increase by 66 per cent in 2024 to constitute 4 per cent of total PV sales,” the report mentioned.

Maruti Suzuki’s entry into the EV market is expected to shake up Tata’s dominance.

“Moreover, VinFast’s move to build a factory in India’s Tamil Nadu state highlights the growing interest and investment in EV manufacturing in the country,” the report noted.

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ADB Ups India’s Growth Forecast

The ADB had in December projected India’s economic growth rate at 6.7 per cent for the 2024-25 financial year…reports Asian Lite News

The Asian Development Bank (ADB) on Thursday raised India’s GDP growth forecast for 2024-25 to 7 per cent as it expects public and private sector investment along with a gradual improvement in consumer demand to drive up the growth rate.

The ADB had in December projected India’s economic growth rate at 6.7 per cent for the 2024-25 financial year.

The ADB also expects India’s inflation rate to come down going ahead.

“The Indian economy grew robustly in fiscal 2023 with strong momentum in manufacturing and services. It will continue to grow rapidly over the forecast horizon. Growth will be driven primarily by robust investment and improving consumption demand. Inflation will continue its downward trend in tandem with global trends,” the April edition of the Asian Development Outlook says.

For the 2025-26 fiscal, the ADB has forecast India’s growth at 7.2 per cent. The multilateral institution said exports are likely to be relatively muted this fiscal as growth in major advanced economies slows down but will improve in FY2025.

“Monetary policy is expected to remain supportive of growth as inflation abates, while fiscal policy aims for consolidation but retains support for capital investment. On balance, growth is forecast to slow to 7 per cent in 2024-25 but improve to 7.2 per cent in 2025-26,” it said.

To boost exports in the medium term, India needs greater integration into global value chains, the report added.

The increase in the ADB’s growth forecast is in line with the IMF and World Bank which have also raised their estimates for India’s growth with the economy clocking a robust 8.4 per cent growth rate in the October-December quarter. The country’s exports have also increased despite geopolitical tensions in the Red Sea region which have disrupted shipping.

India’s foreign exchange reserves have risen to a historic high of $645.58 billion for the week ended on March 29 and are sufficient to finance up to 11 months of imports.

The macroeconomic fundamentals of the economy have turned stronger with the fiscal deficit well in control following robust tax collections. The lower fiscal deficit will help control inflation as well as leave more money in the banking system for corporates to take loans for investments as the government needs to borrow less.

The big-ticket government investments in large infrastructure projects such as highways, ports and seaports have accelerated GDP growth, making India a bright spot amid the global slowdown.

Inflation has come down to around 5 per cent and is expected to fall further which is paving the way for stable economic growth ahead.

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Tesla’s Big India Goal

According to experts, there’s a lot of history and talk about Musk’s intentions to enter the Indian market…reports Nishant Arora

With Tesla and SpaceX CEO Elon Musk confirming his first-ever India visit to meet Prime Minister Narendra Modi later this month and announce key investments in the electric vehicle (EV) space, industry experts on Thursday said that the country could grow into a considerable market for him in the foreseeable future, generating at least $3.6 billion in revenue by 2030.

The news of Musk arriving here brought cheer to millions of Tesla lovers in India, after a determined PM Modi convinced the tech billionaire to look at the country — which has been witnessing stupendous economic growth across quarters for the past decade — as his next destination to build a Tesla plant and a global supply chain system.

According to experts, there’s a lot of history and talk about Musk’s intentions to enter the Indian market.

“The list of possible announcements includes India providing duty cuts on imported Tesla cars, the company establishing an official sales and service presence in the country, followed by possible manufacturing facilities further out,” senior analyst Soumen Mandal from Counterpoint Research told IANS.

The current EV penetration in India is 2.3 per cent, which is likely to reach 28 per cent by 2023.

The electric cars priced around $25,000 (Rs 20 lakh and above) will have at least a 15 per cent market share by 2030, according to the latest industry data.

“India could grow into a considerable market for Tesla in the long term. As cars effectively become supercomputers on wheels, we anticipate Tesla could achieve $3.6 billion in revenue from car sales in India alone by 2030,” Mandal noted.

Moreover, India has the potential to become a manufacturing hub for producing cars in the sub-$25,000 price range, with opportunities for export to developing and underdeveloped nations.

Additionally, said experts, Tesla’s preference for establishing its supercharger network could catalyse the growth of India’s EV charging infrastructure, mirroring the standardization seen with US automakers adopting the North American Charging Standard (NACS) charging standards.

Also known as the Tesla charging standard, NACS is an EV charging connector system developed by Tesla. It has been used by all Tesla vehicles in the US since 2021, and was opened for other EV automakers in November 2022.

According to Liz Lee, Associate Director at Counterpoint Research, the country’s EV landscape is about to see a significant rise.

“Government initiatives such as the production-linked incentive (PLI) scheme for Advanced Chemistry Cells (ACC) and the recent reduction in import duties on EVs under $35,000 to 15 per cent are game changers,” Lee said.

Meanwhile, car sales in India are likely to grow at a compound annual growth rate (CAGR) of 6.3 per cent between 2024-2030 from 4.4 million units last year.

According to industry experts, when it comes to EVs, the CAGR is expected to touch a staggering 52 per cent in the same time-frame — a “natural progression” for India as noted by Musk.

In 2024, India’s EV sales are likely to grow 66 per cent, driven by rising consumer interest, government initiatives, and infrastructure development.

Experts told IANS that Tesla’s presence in India could further stimulate the establishment of supply chain ecosystems, “leading to the localisation of automotive components manufacturing”.

It is a clear sign that India’s journey to “become a major player in the global EV market is accelerating,” they emphasised.

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Musk to Meet Modi, Unveil Investment Plans

According to Musk, the entry of Tesla in India, as the company scouts for factory land, will be a “natural progression”….reports Asian Lite News

Tesla and SpaceX CEO Elon Musk is reportedly planning to visit India later this month to meet Prime Minister Narendra Modi and announce his mega investment plans, as the country doubles down on its EV adoption strategy.

However, an official confirmation on Musk’s India visit from the tech billionaire or his electric car company was yet to come.

Musk is slated to meet PM Modi “in the week of April 22 in New Delhi”, Reuters reported on Wednesday, citing sources.

The X owner, accompanied by other top Tesla executives, is also likely to make an announcement about his investment plans and setting up of a potential $2-3 billion manufacturing plant in the country, the report mentioned.

According to Musk, the entry of Tesla in India, as the company scouts for factory land, will be a “natural progression”.

“All vehicles will go electric and it is just a matter of time,” the Tesla CEO said.

India, like other nations which have adopted EVs, should also have more and more electric cars going forward, according to the X owner.

Gujarat, Maharashtra, and Tamil Nadu are reportedly on top of Tesla’s agenda to start EV manufacturing and export the vehicles as well. During his visit to the US last year, PM Modi had invited the tech billionaire to explore opportunities in the country for investments in the e-mobility sector.

Meanwhile, Elon Musk on Thursday said that his X platform has activated the Community Notes feature — a user-based fact-checking programme — in India, as the country prepares for general elections.

Musk-owned social media platform also welcomed new contributors in India for its community notes feature.

“Community Notes now active in India,” wrote the Tesla and SpaceX CEO.

The company said that its first contributors in the country “are joining today, and we’ll be expanding over time”.

“As always, we’ll monitor quality to ensure that notes are found helpful by people from different points of view,” said the X platform.

Community Notes now has contributors in 69 countries around the world.

“We’re adding more regularly,” said the Musk-run platform.

In December 2022, the company first enabled the ability for people to look at ‘Community Notes’ related to posts globally.

“Community Notes aim to create a better informed world by empowering people on X to collaboratively add context to potentially misleading posts,” according to the company.

Contributors can leave notes on any post and if enough contributors from different points of view rate that note as helpful, the note will be publicly shown on a post.

“A post with a Community Note will not be labelled, removed, or addressed by X unless it is found to be violating the X Rules,” said the company.

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