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October Newswrap
October 2024 has marked a month of significant strides for India across key sectors, underscoring its determination to emerge as a global leader in green energy, semiconductor production, and strategic manufacturing.
One of the major highlights this month is Tata Power’s announcement to invest ₹1.2tn in Rajasthan, focusing on renewable energy, electric vehicle infrastructure, and grid modernisation. The Rajasthan government further bolstered its green credentials by signing a historic ₹3 lakh crore MoU with the UAE for a 60 GW renewable energy project, while Hitachi Energy celebrated 75 years in India with a US$250mn investment to drive the nation’s net-zero ambitions.
India’s semiconductor ecosystem also saw substantial progress, with notable partnerships, such as Adani and Tower Semiconductor, and Foxconn’s venture with HCL. These investments, alongside efforts by YEIDA and Qualcomm’s commitment to “Made in India” memory chips, are setting the stage for India’s emergence as a semiconductor powerhouse.
Air India’s procurement of 85 Airbus jets strengthened its fleet expansion in the aviation sector, following its massive prior orders. Meanwhile, Tata’s inauguration of a C-295 manufacturing facility in Vadodara with Spanish collaboration strengthens India’s defence capabilities and boosts local employment.
The government’s proactive steps extend into policy areas with the launch of the Textile Policy 2024, which incentivises labour-intensive and women-led enterprises, and the upcoming ‘Made in India’ branding initiative to promote Indian products globally.
Amid this robust infrastructure expansion, PM GatiShakti’s ₹15.39 lakh crore project recommendations aim to lower logistics costs, improve district-level infrastructure, and drive regional growth. As Finance Minister Nirmala Sitharaman underscored the importance of inclusiveness and innovation in achieving India’s 2047 vision, this October's groundwork illustrates the nation’s commitment to a sustainable, self-reliant future.
India’s strategic investments in green energy, manufacturing, and digital innovation continue to underscore its ambition of leading the world stage.
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Revitalising Rajasthan’s sick industrial units offers a significant pathway for economic growth and job creation as the state gears up for the Rising Rajasthan Global Investors Summit in December. This initiative, driven by the Project Advisory Committee (PAC) of the Rajasthan Employment Manufacturing Investments and Trade (REMIT) project, is spearheaded by former Chief Election Commissioner Sunil Arora.
Pradeep S Mehta, Secretary General of CUTS International, stated unlocking these assets will enhance Rajasthan's investment climate. The REMIT project, a collaboration between CUTS and the Rajasthan government, focuses on bolstering trade and investment, especially with nations having free trade agreements with India.
Key members of the PAC, including government officials, economists, and industry experts, emphasised the potential of the Jodhpur-Pali Industrial Corridor for creating specialised clusters and promoting industrial expansion. Heritage tourism was also recognised as a vital economic driver, drawing on successful regional models.
The committee underscored a whole-of-government approach to streamlining processes, reducing bureaucratic barriers, and creating an investment-friendly environment. Rajasthan aims to achieve sustainable economic growth and long-term job creation by enhancing infrastructure and supporting Micro, Small, and Medium Enterprises (MSMEs).
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News on Global Capability Centres
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Global Capability Centres (GCCs) are offshore units established by multinational companies to perform strategic activities, leveraging specialised skills, cost advantages, and operational efficiencies. They act as innovation hubs, fostering collaboration, diverse perspectives, and technological advancements.
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ET GCC Annual Conclave 2024: Vision 2030 and Beyond
ET India, October 01, 2024
Bengaluru has emerged as a global powerhouse for the Global Capability Centre (GCC) with over 875 units, and Karnataka aims to attract 500 more GCCs by 2029. The plan targets 3.5 lakh jobs and US$50bn in economic output.
Fit for Growth: The Evolution and Future of GCCs
Mint, October 03, 2024
GCCs in India have shifted from cost-saving to strategic innovation hubs, contributing US$46bn annually. Growth is driven by talent, technology, and leadership, with expansion into Tier 2/3 cities.
Marriott to Setup First India GCC in Hyderabad
The Times of India, October 04, 2024
Marriott International has selected Hyderabad for its first GCC in India, the Marriott Tech Accelerator, which will use local tech talent to boost global technology infrastructure and security.
Mizuho expands to Setup its GCC in Chennai
The Hindu, October 10, 2024
Mizuho Financial Group expanded its GCC in Chennai, planning to double its workforce to over 1,000 in three years and focusing on robotics and AI technologies.
Bengaluru Airport City Unveils Business Park
Money Control, October 14, 2024
Bengaluru Airport City Limited is developing a 2 million square feet business park to boost GCCs, create 3.5 lakh jobs, and contribute US$50bn to Karnataka's economy.
Arjun Chaturvedi Heads India Innovation Centres for Nielsen
Indian Business Law Journal, October 15, 2024
Arjun Chaturvedi has joined Nielsen as legal head for GCC India, bringing 15 years of experience in legal leadership, compliance, and M&A, previously overseeing acquisitions at Lead School.
SEI Eyes Hyderabad for New GCC
The Indian Express, October 16, 2024
The Telangana IT Ministry is in discussions with US-based SEI to establish a GCC in Hyderabad. This centre would create high-skill engineering and financial jobs and strengthen the state's BFSI sector presence.
Rising Women Leaders Transform GCCs in India
The Economics Times, October 17, 2024
Women are increasingly leading GCCs in India, expanding role models and perspectives. Despite biases, over 6,500 global roles emerged, with 1,100 women in leadership, as highlighted by a Nasscom-Zinnov report.
Amadeus India’s High-Impact GCC Drive
ET India CIO.com, October 22, 2024
Talent is the bread and butter of GCC and a key driver of its growth. Amadeus India’s growth strategy focuses on delivery, ownership, and maturity, evolving from an engineering extension into a key innovator with ownership of global product development.
India is Undisputed Leader in Hosting GCCs
Construction Week, October 24, 2024
India now has over 1,800 GCCs serving 1,400 corporations, occupying 240 million square feet of office space. Bengaluru leads with a 42 percent share. The GCC sector is evolving into an innovation hub, driving digital transformation and global business strategies.
Karnataka to be Positioned as a Knowledge Capital for GCCs
ET India CIO.com, October 24, 2024
Karnataka has always led the nation in innovation and technology, with milestones marked by launching a dedicated GCC Policy. India has emerged as the global centre for GCC, with Karnataka leading the revolution. 4400 GCCs are expected by 2030.
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Semiconductors, known as the "brains" of electronic devices like smartphones, laptops, and cars, control their functions and process information. Expanding semiconductor manufacturing in India holds significant economic potential by creating jobs and boosting supply-chain resilience. It also reduces reliance on foreign suppliers and promotes technological independence. To support this, the Government of India has introduced incentives, including SPECS, PLI, and DLI, under the National Electronics Policy (NPE), aiming to make India a global hub for electronics manufacturing thus Rajasthan should also see this as a sector to work go ahead with
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Maharashtra approved a ₹83,947 crore joint venture between Tower Semiconductor and Adani Group for a chip manufacturing facility, as India strengthens its semiconductor ecosystem with multiple projects and global partnerships.
Yamuna Expressway Industrial Development Authority plans to allot 50 acres to Bharat Semi Systems for a semiconductor unit, with a ₹2,350 crore investment, partnering with 3rdiTech and the US Space Force..
India.com, October 04, 2024
Foxconn will invest up to ₹424 crores in a semiconductor joint venture with Shiv Nadar's HCL Group, acquiring a 40 percent stake for ₹312 crores. With an additional potential investment of ₹112 crore, Foxconn’s total holding could reach ₹424 crore, with shareholding adjusted accordingly.
'Worst decision of my life': Bihar Semiconductor Startup's Founder laments
Hindustan Times, October 12, 2024
The founder of Bihar's first semiconductor company, Suresh Chips and Semiconductor Pvt Ltd, described Bihar as “the land of frustration,” citing lost clients and lack of infrastructure. He has waited four years for road improvements and claims local police offer no help when threatened by gangsters.
India’s Role in Solving Semiconductor Talent Gap
Economic Times, October 16, 2024
A Motilal Oswal report emphasises India's engineering talent in addressing the global semiconductor workforce shortage. The country's semiconductor market is expected to reach US$80.3bn by FY28, reflecting a 19.6 percent compound annual growth rate (CAGR).
Adani’s US$3bn Plan for Semicon business
Livemint, October 16, 2024
Adani Group has drawn an overall investment plan worth US$7-8bn for the semiconductor business. The group is in advanced talks to forge JVs with two Israeli firms to kickstart its first semiconductor facility with an initial investment of around US$3bn.
India’s Semiconductor Market Projected to Surpass $100bn by 2030
Economic Times, October 18, 2024
India’s semiconductor industry is growing, driven by government initiatives like the PLI scheme amid robust demand to build digital infrastructure across industries. Mobile handset, IT, and telecom segments account for 75 percent of revenues in the sector. Nearly US$18bn worth of investments have come into this sector in India during a short period, with several projects in the pipeline.
Qualcomm Backs India at Mobile Congress
Business Standard, October 18, 2024
Qualcomm, among others, has a partnership with Micron, which makes memory chips and is building a test and assembly plant in Sanand, Gujarat. It will probably start producing “Made in India” memory chips next year. The US-based company is pushing its core 8 processor and hopes to source some of the products it works on from India in the next two years as semiconductor plants here become operational.
NVIDIA Taps India for Custom AI Chip Collaboration
Business Today, October 22, 2024
Ashwini Vaishnaw, the Electronics and IT Minister of India has confirmed early stages of discussions with Nvidia to create a chip tailored to meet India’s requirements. One of the important potential applications of this chip is in the security system of Indian Railways, Kavach. Indian startups, companies and government applications may also utilise the chip, particularly if it becomes a part of India’s AI mission.
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Tata Power’s 1.2tn Investment in Rajasthan
Live mint, October 01, 2024
Tata Power will invest ₹1.2tn in Rajasthan for renewable energy, solar manufacturing, EV infrastructure, and grid modernisation, creating 28,000 jobs and aligning with India's green energy targets.
Government Mulls ‘Made in India’ Label Scheme
Millennium Post, October 03, 2024
The government is discussing a scheme to promote the 'Made in India' label globally, focusing on sectors like textiles and quality consciousness. With insights from the India Brand Equity Foundation and GTRI, the scheme would involve various marketing strategies.
200 करोड़ पर 25% सब्सिडी, ज्यादा पर घटेगी ब्याज सब्सिडी
भास्कर न्यूज, October 06, 2024
राजस्थान टेक्सटाइल एंड अपैरल पॉलिसी-2024 के ड्राफ्ट में 25 प्रतिशतता पूंजी सब्सिडी जैसे लाभ दिए गए हैं, लेकिन शर्तों के कारण सब्सिडी, ब्याज और रोजगार प्रशिक्षण पर उद्यमियों ने आपत्ति जताई है।
Hitachi Energy Marks 75 Years with India Investments
Hitachi Energy, October 07, 2024
Hitachi Energy is celebrating 75 years in India with the Energy & Digital World 75 symposium, emphasising technologies for the Net-Zero journey and plans to invest US$250mn in operations.
Air India Expands Fleet with 85 Airbus Jets
Reuters, October 10, 2024
Air India has placed a new order for 85 Airbus jets, worth US$6.3bn, following a previous historic purchase of 500 jets from Airbus and Boeing, and is considering additional Boeing orders.
Economic Times, October 12, 2024
The PM GatiShakti initiative has recommended 208 infrastructure projects worth ₹15.39 lakh crore, focusing on roads and railways. The initiative aims to reduce logistics costs and improve project planning using geospatial data, with a district-level rollout expected soon. Interest from Nepal and Sri Lanka in the initiative has also been noted.
Government Unveils Textile Policy 2024 with Incentives
Business Standard, October 15, 2024
India's Textile Policy 2024 aims to enhance the sector through financial incentives, including capital subsidies, interest rate reductions, wage assistance, and support for self-help groups. It emphasises labour-intensive units and women's employment.
Big Indo-US Collaboration in Education: Pace University
ET Government, October 19, 2024
At the 2024 USISPF, Pace University President Marvin Krislov emphasised education’s role in economic transformation, advocating for critical thinking, global exposure, and flexible, skill-focused learning to prepare students for evolving careers.
Labour Minister to Launch eShram-One Stop Solution
Business Standard, October 20, 2024
Union Labour Minister Mansukh Mandaviya will launch the 'eShram-One Stop Solution' to provide unorganised workers with easy access to 12 integrated social security schemes. Over 30 crores have been enrolled since 2021.
Innovation to Propel Manufacturing Growth
Business Standard, October 21, 2024
Bharat Forge's Baba Kalyani emphasised innovation in manufacturing for India's 2047 development goal, while Apollo Hospitals' Suneeta Reddy highlighted healthcare technology, research spending, and preventive care. Ajay Shriram noted JAM Trinity's impact on farming.
Rajasthan and UAE Ink Historic ₹3 Lakh Crore Energy MoU
ET Government, October 23, 2024
Rajasthan and the UAE have signed a ₹3 lakh crore MoU for green energy projects with a total capacity of 60 GW, boosting renewable energy, job creation, and investment.
Sitharaman’s Strategy for India’s 2047 Vision
The 4I armour., October 24, 2024
Finance Minister Nirmala Sitharaman emphasised investment restrictions from border nations, outlined a strategy to achieve developed nation status by 2047 and stressed the importance of inclusiveness, innovation, and infrastructure.
Rajasthan’s ‘RIPS 2024’ Scheme to Boost Investment
BNE News Desk, October 27, 2024
Rajasthan's RIPS 2024 enhances financial incentives for tourism, IT, and women-led startups while expanding to new sectors like aerospace and defence, aiming to attract ₹15 lakh crore in investment.
PM Modi, Sanchez Inaugurate TATA Aircraft Complex
PM India, October 28, 2024
Prime Ministers Modi and Sanchez inaugurated the TATA Aircraft Complex in Vadodara for C-295 production, advancing India’s defence manufacturing and "Make in India." The facility will create jobs, boost exports, and strengthen India-Spain ties, enhancing Vadodara’s MSME ecosystem.
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