India to Revise GDP Base Year to 2022-23 for Enhanced Economic Accuracy
The Government of India will revise the base year for calculating Gross Domestic Product (GDP) from 2011-12 to 2022-23, marking the first update in over a decade. Scheduled for rollout in February FY26, the new GDP series will reflect structural shifts in the economy and serve as a more accurate foundation for economic policymaking. Alongside GDP, updates will be made to key economic indices such as the Consumer Price Index (CPI), Index of Industrial Production (IIP), Wholesale Price Index (WPI), and Producer Price Index (PPI). The changes align with global best practices and aim to capture evolving consumption patterns, sectoral dynamics, and emerging industries.
The 26-member Advisory Committee on National Accounts Statistics (ACNAS), led by economist Biswanath Goldar, will oversee the transition. The Ministry of Statistics and Programme Implementation (MoSPI) is also strengthening the statistical framework by leveraging administrative records, introducing a new Economic Census, and standardising data structures for improved accuracy. From January 2025, monthly estimates from the Periodic Labour Force Survey (PLFS) will offer more frequent employment insights. These reforms are designed to make India’s statistical system more responsive, ensuring data-driven governance and informed decision-making.
Editor’s Note: The Government of India will revise the base year for GDP calculation from 2011-12 to 2022-23, with the new series expected to roll out in February FY26. This update will enhance economic accuracy by reflecting structural shifts, alongside revisions to key indices like CPI, IIP, WPI, and PPI, supported by improved data frameworks and more frequent employment insights.
JSW Group to Launch Electric Vehicle Brand with $3.2 Billion Maharashtra Investment
India’s JSW Group is set to enter the electric vehicle (EV) market, marking a significant step in its diversification strategy. Chairman Sajjan Jindal confirmed the plan in an interview with The Financial Times, highlighting the company’s vision to establish itself as a major player in India’s burgeoning EV sector. JSW’s in-house EV brand will be produced at a state-of-the-art facility in Aurangabad, Maharashtra, with an investment of Rs 27,200 crore ($3.2 billion). The project, located in the Aurangabad Industrial City (AURIC), is expected to create over 5,200 jobs and manufacture both passenger and commercial EVs. This follows JSW’s $1.5 billion joint venture with Chinese automaker SAIC Motor to produce MG EVs in India.
India’s EV market, though nascent, is growing rapidly, with government incentives like the Fame scheme accelerating adoption. Battery-powered two-wheelers dominate, but passenger EV sales remain low, constituting only 2% of the market. Rising interest from affluent buyers, however, signals a shift, as seen with MG Motor India’s Windsor EV selling out despite production constraints. Other automakers, including Tata Motors, Mahindra & Mahindra, and newcomers like Ola Electric, have already entered the market, competing in a space shaped by evolving consumer preferences and global comparisons. JSW’s entry could further invigorate India’s EV ambitions amid expectations of expanded government support.
Editor’s Note: JSW Group is entering the electric vehicle market with an investment of $3.2 billion to launch its in-house EV brand at a new facility in Aurangabad, Maharashtra. The project, expected to create over 5,200 jobs, will produce both passenger and commercial EVs. This move follows JSW’s joint venture with SAIC Motor to manufacture MG EVs in India and comes as the country’s rapidly growing EV market attracts more players amid supportive government incentives.
India and Japan Strengthen Strategic Partnership for Technology and Economic Collaboration
India and Japan are advancing discussions on a technology partnership aimed at enhancing bilateral trade and developing independent supply chain models, marking a significant step in their evolving economic relationship. During the inaugural round of economic security dialogue in Tokyo, led by Foreign Secretary Vikram Misri, both nations emphasized leveraging Japan’s technological expertise to tap into the Indian market. Key areas of collaboration include high-speed railways, quake-resistant infrastructure, and defence exports, including amphibian planes—a historic step enabled by Japan’s recent regulatory changes.
Rooted in a shared cultural and historical bond, the partnership also aims to address broader regional challenges. India’s robust human resource network and Japan’s technological prowess position the two countries as pivotal players in Asia’s growth. Initiatives like the Mekong-India Industrial Corridor highlight their collaborative vision, focusing on connectivity, infrastructure, and multilateral cooperation. The partnership underscores the complementary strengths of Japan’s capital and technology and India’s human resource capabilities, aiming to drive sustainable development across Asia.
https://www.gatewayhouse.in/india-japan-a-new-model-for-asian-collaboration
Editor’s Note: India and Japan are deepening their strategic partnership through a technology collaboration to boost trade and develop independent supply chain models. Key areas of focus include high-speed railways, quake-resistant infrastructure, and defence exports, supported by Japan’s regulatory changes. The partnership, leveraging India’s human resources and Japan’s technological expertise, aims to drive sustainable development and address regional challenges, exemplified by initiatives like the Mekong-India Industrial Corridor.
AMD Strengthens Commitment to India with Expanded R&D Investments and Supercomputer Projects
Global chipmaking leader AMD is deepening its engagement with India, positioning the country as a vital hub for research and development. Speaking in New Delhi, CEO Lisa Su highlighted AMD’s $400 million investment plan for India over five years, noting it is likely to be surpassed ahead of schedule due to rapid innovation and expansion. The company’s Bengaluru design center now plays a crucial role in AMD’s global product portfolio, contributing to hardware and software solutions. Over the past two years, AMD has doubled its workforce in India and is constructing two supercomputers in the country as part of its long-term commitment.
Inaugurating the second phase of AMD’s Technostar campus in Bengaluru, Su emphasized the company’s goal to foster a comprehensive semiconductor ecosystem in alignment with India’s aspirations to become a global tech leader. She praised Prime Minister Narendra Modi’s vision for advancing semiconductor manufacturing and AI development under the ‘Make in India’ initiative. AMD’s efforts are expected to bolster India’s infrastructure, attract global players, and contribute to building a thriving technology and semiconductor landscape.
Editor’s Note: AMD is significantly expanding its commitment to India with a $400 million investment plan over five years, aimed at enhancing research and development. The company’s Bengaluru design center plays a key role in global product development, while two supercomputers are being built in India to support long-term growth. AMD’s investment aligns with India’s goal to become a global tech leader, bolstering infrastructure and fostering a thriving semiconductor ecosystem.
Dixon Technologies to Begin Mass Production of Google Pixel Smartphones in Noida
Padget Electronics, a subsidiary of Dixon Technologies (India) Ltd., is set to commence mass production of Google Pixel smartphones at its Noida facility in collaboration with Taiwanese contract manufacturer Compal Electronics. This partnership, formalized through a manufacturing agreement in February, enables Padget to produce mobile phones for Compal and its clients, including Google Information Services India. Compal, renowned for its expertise in manufacturing PCs, smart devices, and LCD products, brings robust technical expertise to the collaboration, further strengthening the production capabilities of the Noida plant.
Dixon Technologies expects significant financial gains from the partnership, projecting an improvement in margins by 100-120 basis points over the next two to three years. The company also plans to increase value addition in its mobile segment from the current 17-18% to 35-36% in the same period. With a revenue target of Rs 35,000-40,000 crore for FY25, Dixon has already achieved Rs 18,600 crore in the first half of the fiscal year. Chief Financial Officer Saurabh Gupta expressed confidence in a strong second half, citing accelerated customer ramp-up in recent months as a key driver of growth.
Editor’s Note: Dixon Technologies’ subsidiary, Padget Electronics, will begin mass production of Google Pixel smartphones at its Noida facility in collaboration with Taiwanese contract manufacturer Compal Electronics. This partnership, formalized through a manufacturing agreement, leverages Compal’s expertise in manufacturing smart devices and strengthens Dixon’s production capabilities.
Haryana to Establish Global AI Centre with World Bank Support, Focuses on Sustainability Projects
Haryana is set to host a global Artificial Intelligence (AI) centre with assistance from the World Bank, marking a significant step toward establishing the state as a hub for AI research and innovation. The initiative was discussed during a meeting between Haryana Chief Minister Nayab Singh Saini and World Bank representatives, with Industries and Commerce Minister Rao Narbir Singh also in attendance. The Chief Minister emphasized the state’s commitment to becoming a global education hub by imparting modern skills and AI training to the youth. Additionally, Haryana is exploring collaboration with the World Bank on the interlinking of rivers project to improve irrigation and implement the Amrit Sarovar Scheme aimed at enhancing water storage in rural areas.
The meeting also covered the Haryana clean air project, which aims to improve air quality and promote sustainable development. The Rs 3,647 crore initiative will receive Rs 2,498 crore in loans from the World Bank, with the state contributing Rs 1,066 crore and an additional Rs 83 crore allocated as a grant. Chief Minister Saini highlighted these projects’ transformative potential for Haryana’s technological and environmental future, positioning the state as a leader in innovation and sustainability. World Bank Country Director for India, Auguste Koume, underscored Haryana’s strategic importance, citing its proximity to Delhi and attractiveness to foreign investors as drivers of economic growth.
https://www.tribuneindia.com/news/haryana/global-ai-centre-to-come-up-with-world-bank-support/
Editor’s Note: Haryana is set to establish a global Artificial Intelligence (AI) center with support from the World Bank, aiming to position the state as a leader in AI research and innovation. The initiative, along with the Haryana clean air project and collaboration on water management, highlights the state’s commitment to sustainability and modern skills training for youth. With significant World Bank funding, these projects are expected to drive Haryana’s technological, environmental, and economic growth.