December 1 – 7, 2022
Manufacturing, mining declines, Q2 GDP growth to 6.3%
According to official figures, India’s economic growth fell to 6.3% in the quarter covering July to September of this fiscal year, primarily due to the weak performance of the manufacturing and mining sectors.
However, India continued to be the largest economy with the quickest growth rate, despite China’s economic growth of 3.9% from July to September 2022.
According to figures released by the National Statistical Office (NSO), the Indian economy expanded by 8.4% between July and September 2021–2022. The gross domestic product (GDP) increased by 13.5% in the April-June fiscal quarter.
As per the data, manufacturing sector’s Gross Value Added (GVA) decreased during the quarter by 4.3% after growing by 5.6% during the same period last year. Additionally, despite 14.5% growth, GVA in the mining sector decreased by 2.8% in the quarter. Furthermore, the construction sector’s GVA growth slowed in the quarter, falling to 6.6% from 8.1%.
The second quarter GDP growth is at par with the RBI’s prediction of 6.1% to 6.3%.
India’s GDP growth slips to 6.3% in Q2, dragged by manufacturing, mining sectors | Deccan Herald
RBI launches Retail Digital Rupee Worth INR 1.71 in four cities
On December 1, the Reserve Bank of India (RBI) introduced the Digital Rupee – Retail segment (e₹-R), a Central Bank Digital Money (CBDC) which is an electronic representation of the sovereign currency. In this regard, RBI distributed Rs. 1.71 crore to four participating banks based on their indents.
Additionally, RBI has chosen eight banks to take part in this pilot program in various phases. The first phase will start with four banks in Mumbai, New Delhi, Bengaluru, and Bhubaneswar: State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank. Later, this pilot program will be extended to Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna, and Shimla. Bank of Baroda, Union Bank of India, HDFC Bank, and Kotak Mahindra Bank will also join this program.
The “2022 Taiwan-India SME Cooperation Forum” Promotes Business Opportunities Linking Bilateral Medical Devices Clusters
The “2022 Taiwan-India SME Cooperation Forum” was conducted at the Nangang Exhibition Center on December 1 in an effort to increase business possibilities in the medical devices sector in Taiwan and India. The event was organized by the SMEA of MOEA and the Ministry of MSME, Government of India. Inviting bilateral clusters and SMEs for the exchange of commercial prospects, this forum’s focus was on medical devices. A delegation of high-ranking officials and 10 SMEs from India were led to Taiwan by Mr. B. B. Swain, Secretary of the Ministry of MSME, for discussion and exchange with Taiwanese SMEs.
In his introductory remarks, Dr. Chin-Tsang Ho, Director General of SMEA, MOEA, noted that Taiwan’s medical devices sector benefits from a dependable supply chain, collaborative industry clusters, startup groups, and efficient patent deployment. As a result, its production value has increased every year. In order to create high-tech medical equipment and meet the enormous domestic demand of the Indian medical devices market, Indian enterprises can benefit from Taiwan’s supply chains, which are among the best in the world.
The Forum enabled SMEs producing medical devices in Taiwan to successfully extend their markets abroad and strategically enter the US$490 billion global medical device industry.
What’s New – News & Releases – Ministry of Economic Affairs,R.O.C. (moea.gov.tw)
Luxe EV sales in India on full charge, push up waiting period
High-end electric vehicles (EVs) are in unprecedented demand, snatching up models like the Mercedes Benz EQS, BMW iX, and Audi e-tron.
Mercedes Benz, Audi, and BMW have all experienced a surge in demand in this developing sector, leading to waiting times of up to 6 months. Demand for EVs in the high-end vehicle market is thought to be driven by rising environmental awareness and rising disposable income.
Mercedes-Benz India said it has received strong traction for the electric SUV EQB, which it unveiled on Friday and is priced at 74.5 lakh (ex-showroom). In reality, the company anticipates that sales of the SUV GLB, which is priced between 63.8 and 69.8 lakh rupees, will be more than half electrical model EQB.
To capitalise on the opportunity, Mercedes-Benz has started local EQS meetings. The company intends to expand its local product offering for its EV portfolio. BMW and Audi have also stated that they are looking at the viability of assembling electric vehicles in India. According to business experts, local production will help drive down prices and speed up the adoption of electrical vehicles.
Semiconductor opportunities moving to India from China, Taiwan: Intel exec
According to a senior executive, Intel Corp. is seeing the potential for product design and manufacturing shift from traditional hubs, China and Taiwan, to India.
Steven Long, corporate vice president and general manager of Asia Pacific and Japan at Intel Corporation stated that some geographic manufacturing constraints and the government’s Make-in-India initiative have made India a top destination for the company.
As part of its collaboration with Indian telecom carriers on 4G and 5G technology, Intel is also presenting design options including the virtualized radio access network (V-RAN) and the Open RAN (O-RAN) that were previously primarily handled by Nokia and Ericsson.
To create a “fully integrated foundry business,” Intel revealed in February that it would buy and merge Israeli chipmaker Tower. However, the two businesses would continue to run independently until the $5.4 billion deal, which is anticipated to finish early next year.
The acquisition would also challenge Taiwanese giant TSMC, which controls over 53% of the global semiconductor market. The ISMC Analog consortium, which is seeking financial incentives from the government to establish fabrication units in the nation, includes Tower and Gulf-based Next Orbit Ventures.
Semiconductor opportunities moving to India from China, Taiwan: Intel exec | siliconindia