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Issue #05 | November 2024
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November 2024 has been a remarkable month for the business climate of India, showcasing its progress and commitment to becoming a global leader in mining, semiconductor production, renewable energy, and strategic manufacturing.
One of the major highlights this month is that the Rajasthan Government, in partnership with CUTS International and other partner organisations, has secured the participation of numerous countries, companies, and eminent speakers from India and abroad for the Rising Rajasthan Investment Summit (RRIS), which will take place at JECC, Jaipur from December 09-11, 2024.
CUTS conducted a series of engagements in New Delhi with the embassies of Brazil, Oman, Saudi Arabia, Spain, Switzerland, Australia, Germany, Indonesia, Italy, Netherlands and UAE to confirm the delegation members from each country for country partnerships at the upcoming RRIS 2024.
Other highlights include the Rajasthan Employment Manufacturing Investment and Trade (REMIT) team from CUTS International visiting the Japanese Industrial Zone in Neemrana to survey Japanese companies operating there and assess their current infrastructure, services, and productivity challenges.
Pradeep S. Mehta, Secretary General of CUTS International, participated in the ET Make in India SME Regional Summit in Jaipur, discussing the challenges faced by Rajasthan's MSMEs. Four key issues included collateral requirements, concerns around productivity, the shortage and high power supply cost, and the difficulties in scaling up micro-businesses. The disparity in power tariffs and India’s lag behind neighbouring countries like Bangladesh in large and medium enterprises were also highlighted. Also discussed solutions included raising awareness about the Government of India’s insurance scheme for MSME loans, tackling banking corruption, and fostering an entrepreneurial mindset to improve loan repayment and restore trust with lending institutions.
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Pradeep S Mehta, Neeta Boochra as a panelist, and Pranbihanga Borpuzari as a moderator at the ET Make in India SME Regional Summit in Jaipur |
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India's FDI declined 43 percent in 2023 due to slow dispute resolution, ineffective commercial courts, and arbitration challenges. Reforms include GIFT City arbitration hub, ADR promotion, and judicial efficiency upgrades.
Rising Rajasthan’ to Showcase State's Potential
The Rising Rajasthan Global Investment Summit 2024 aims to double the state's GDP, attract investment in Electric Vehicle (EV) manufacturing, renewable energy, and mining sectors, and foster economic growth, job creation, and infrastructure development.
Rajasthan Holds First Mining Lease Auction
Rajasthan auctioned its first gold mine lease, leading India's record of 32 major mineral block auctions this year. The auction emphasised transparency, legal mining, and tourism boosting through planned e-auctions
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Aditya Birla Eyes US Investment Amid Strong India-US Ties
Aditya Birla Group plans further US investments, highlighting positive relations between Donald Trump and India. Projects include a US$50mn R&D centre in Texas and a high-tech rolling plant in Alabama, which will launch next fiscal year.
Gadkari Aims for India to Lead Auto Industry
India aims to become the world's largest automobile industry within five years, focusing on ethanol, methanol, biodiesel, EVs, and hydrogen. The sector generates 4.5 crore jobs and leads exports.
Rajasthan Boosts Mining sector
Rajasthan plans investment incentives, new Mineral and M-Sand Policies, and RIPS 2024 to boost mining gross domestic product (GDP) contribution, promote metals and rare earths, and curb illegal mining via drones ahead of the Rising Rajasthan Summit.
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Green Gains
Focusing on sustainable and eco-friendly economic activities.
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India's growing EV industry is creating millions of jobs, with high demand for skills in UI/UX, embedded electronics, data analytics, and cloud computing. Roles focus on EV tech, battery management, and infrastructure.
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Tata Power signed a Rs 550 crore agreement with Noida International Airport to supply 10.8 MW of wind and 13 MW of solar power. The partnership focuses on sustainable energy and smart infrastructure.
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Innovative Edge
Highlighting advancements in technology and their impact on industries.
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सेमीकंडक्टर, मैन्युफैक्चरिंग: ट्रंप 2.0 के साथ भारत की मेगा डील संभव डोनाल्ड ट्रंप के राष्ट्रपति बनने पर, भारत और अमेरिका के बीच सेमीकंडक्टर, मैन्युफैक्चरिंग और ग्लोबल कैपेबिलिटी सेंटर में बड़े समझौतों की उम्मीद है, जो 'मेक इन इंडिया' को बढ़ावा देंगे।
ZEISS India launched its Global Capability Centre in Bengaluru, aiming to double its workforce by 2028. The centre focuses on AI, cybersecurity, and medical tech, fostering innovation and R&D collaboration with Karnataka.
Jaipur's artisan industry, known for traditional crafts, faces challenges from machine-made products, competition, and a skilled labour shortage. Solutions include digital training, e-commerce access,
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AMD has committed to investing US$400mn in India over five years to promote R&D. The company is also building two supercomputers and a comprehensive semiconductor ecosystem in India, which will help its long-term strategy.
Competing with Qualcomm, MediaTek focuses on India's 5G adoption, plans chip sourcing from local fabs, expands automotive solutions with Jio, Tata, and Nvidia partnerships, and targets smart cockpits by 2027.
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Workforce Pulse
Focused on job creation, workforce development, and skill-building initiatives.
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India's employment rate improved with a drop in unemployment to 3.2 percent. Growth in services, construction, and emerging sectors like healthcare, tourism, and GCCs is driving job creation. New youth schemes focus on formalisation and skill development.
India's gig economy is expected to grow at 17 percent CAGR, reaching US$455 bn by 2024, contributing 1.25 percent to GDP by 2030, and creating 90 million jobs. Companies are improving worker conditions, emphasising sustainable, inclusive opportunities.
Apple and its vendors are building hostel facilities for 100,000 women workers in Tamil Nadu and Karnataka by FY25, inspired by successful Chinese models. The aim is to enhance safety, efficiency, and job satisfaction.
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The Centre plans to raise the Employees Provident Fund Organisation (EPFO) wage ceiling from ₹15<,000 to ₹21,000 and lower the employee threshold from 20 to 10-15, enhancing social security coverage but increasing employer costs.
Urban unemployment in India decreased to 6.4 percent in July-September 2024. Female unemployment dropped to 8.4 percent, and male unemployment to 5.7 percent. Labour force participation rose to 50.4 percent.
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Service Spectrum
Covering developments in the services sector and its contribution to growth.
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Rajasthan's new tourism policy aims to attract private investment by easing industry-status benefits, creating a dedicated tourism board, regulating hotels, and including eco-tourism, wellness centres, and startup provisions.
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The Finance Ministry proposed 100 percent foreign direct investment (FDI in insurance, reducing minimum capital requirements and enabling insurers to handle multiple businesses. Amendments aim to boost industry efficiency, expand coverage, and meet 'Insurance for All by 2047'.
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