National
India’s manufacturing sector poised for new era of growth: Nuvama
Mumbai, Aug 22 (IANS) Wealth management firm, Nuvama, on Thursday, said India has emerged as the sixth-largest manufacturing economy globally while the stage is set for a new era of growth fuelled by recent reforms and strategic initiatives such as the Make in India.
“Over the past decade, key reforms such as the Make in India initiative, the Unified Payments Interface (UPI), the Real Estate Regulatory Authority (RERA), the Insolvency and Bankruptcy Code (IBC), the Goods and Services Tax (GST), the Production Linked Incentives (PLI) scheme, and the China + 1 strategy have collectively laid a robust foundation for India’s manufacturing sector,” said the Nuvama report.
It said that these reforms have resulted in stronger balance sheets, increased capital availability, and reduced receivable days, creating a fertile ground for investment opportunities.
“India’s manufacturing landscape has thrown up investment opportunities stretching across a broad spectrum of sectors. Infrastructure projects encompassing roads, airports, railways, and ports are at the forefront, alongside burgeoning sectors such as Defence, Electronics Manufacturing, the Electric Vehicle (EV) ecosystem, Energy Transition, and Data Centres,” said the report.
It added that these sectors are propelling India’s manufacturing.
It also states that the current capex cycle is being driven by over 400 corporates and 600 unlisted entities spread across 35-plus industries, representing a sharp contrast to the previous cycle, which was led by 80-plus corporates across five to six industries.
“With more diversified funding sources, this cycle is poised for sustained growth, offering numerous avenues for investment,” the report adds.
It said that the power sector, for instance, is seeing significant investments with a market size of Rs 6,500 crore for power transformers and Rs 6,300 crore for distribution transformers.
“Capacitors and switchgear (HV & LT) markets are also substantial, valued at Rs 7 billion and Rs 49/326 billion, respectively,” the report added.
Meanwhile, the market for cables (LV & HV) stands at Rs 66,200 crore, with insulators, energy meters, transmission towers, and conductors also drawing significant investments.
As per the Nuvama report, the government’s Make in India initiative has been a game-changer for the defence sector, particularly through the Defence Acquisition Council’s Defence Procurement Procedure (DPP) and capital acquisition proposals aimed at modernising the armed forces.
The Indian defence ecosystem is undergoing a complete transformation, with a focus on catering to domestic requirements while also boosting exports. Key initiatives include the establishment of two defence corridors in Uttar Pradesh and Tamil Nadu, aimed at reducing imports and promoting exports, the report states.
The government has also released four indigenisation lists for platforms, weapons, systems, and equipment, alongside three lists for sub-systems and assemblies. Foreign Direct Investment (FDI) in the sector has been enhanced to 74 per cent through the automatic route and up to 100 per cent through the government route.
Defence Public Sector Undertakings (DPSUs) contribute approximately 60 per cent of India’s overall defence production, underpinning the country’s self-reliance in defence.
The indigenisation drive has gained momentum with the release of positive indigenisation lists of sub-systems, assemblies, and major equipment, ensuring a steady increase in domestically produced defence items.
The offset policy, requiring foreign vendors to reinvest at least 30 per cent of their contracts in the Indian defence sector, further strengthens India’s self-reliance journey, the report adds.
–IANS
sps/dan
National
Defence Ministry: Year 2025 will be year of reforms
On Wednesday, the Defence Ministry announced that 2025 will be designated as the “Year of Reforms,” with a primary focus on establishing integrated theatre commands to enhance collaboration among the three branches of the military.
These reforms are aimed at transforming the armed forces into a technologically advanced, combat-ready force capable of executing multi-domain integrated operations, the ministry stated.
The initiative will emphasize emerging domains such as cyber and space, alongside cutting-edge technologies like artificial intelligence, machine learning, hypersonics, and robotics.
Defence Minister Rajnath Singh described the “Year of Reforms” as a pivotal milestone in the modernization of the armed forces.
“It will set the stage for significant advancements in the nation’s defense capabilities, ensuring the security and sovereignty of India in the face of 21st-century challenges,” he said.
National
A 3.2 magnitude tremor struck Gujarat’s Kutch district on Wednesday morning
A 3.2 magnitude tremor struck Gujarat’s Kutch district on Wednesday morning, according to the Institute of Seismological Research (ISR).
The district administration reported no casualties or property damage following the quake.
The tremor occurred at 10:24 am, with its epicenter located 23 kilometers north-northeast (NNE) of Bhachau, as per the Gandhinagar-based ISR.
Last month, the region experienced four seismic events exceeding a magnitude of 3, including a 3.2 magnitude tremor just three days ago, with its epicenter also near Bhachau.
Earlier tremors in the area included a 3.7 magnitude earthquake on December 23 and a 3.2 magnitude event on December 7, according to ISR reports.
Kutch was also jolted by a 4.0 magnitude earthquake on November 18, 2024. On November 15, a 4.2 magnitude quake hit Patan in north Gujarat, based on ISR data.
Gujarat is considered a high-risk earthquake zone, having experienced nine major earthquakes over the past 200 years, according to the Gujarat State Disaster Management Authority (GSDMA). The 2001 earthquake in Kutch, which occurred on January 26, was the third-largest and second-most destructive in India in the last two centuries, according to the GSDMA.
National
Diljit Dosanjh faces legal action over concert songs
Singer and actor Diljit Dosanjh’s much-anticipated New Year’s Eve concert in Ludhiana faced legal hurdles after a complaint was filed by Punditrao Dharenavar, an assistant professor from Chandigarh.
Following the complaint, the Deputy Director of the Women and Child Department, Government of Punjab, issued a formal notice to Ludhiana’s District Commissioner, urging them to prohibit Dosanjh from performing specific songs during his live show on December 31, 2024.
The notice specifically targets songs accused of promoting alcohol, including Patiala Peg, 5 Tara Theke, and Case (Jeeb Vicho Feem Labbiya), even if the lyrics are slightly modified. The complaint points to previous warnings issued to Dosanjh by various commissions advising against performing these controversial tracks.
Despite these warnings, the singer allegedly continues to perform the songs with minor alterations. Dharenavar raised serious concerns about the influence of such music on young audiences, especially when minors are present at live events.
Adding to the controversy, Dharenavar referenced a 2019 Punjab and Haryana High Court ruling, which directed law enforcement to ensure that songs promoting alcohol, drugs, or violence are not played at public events, including concerts. This ruling underscores the legal basis for the complaint and has further intensified the scrutiny surrounding the event.
National
UP Minister’s convoy overturns, 5 person injured
Five people sustained injuries when a vehicle in the convoy of Uttar Pradesh Minister and Nishad Party chief Sanjay Nishad overturned into a ditch near Januan village in the Khejuri Police Station area of Ballia district late last night.
Sanjay Nishad shared details of the incident, stating that the accident injured five party workers, including four women.
“I was traveling with the convoy to participate in the Constitutional Rights Yatra organized by the party on Tuesday night. Near Januan village in the Khejuri area, one of the vehicles following the convoy lost control while trying to avoid an animal and overturned into a ditch,” Nishad explained.
The injured individuals have been identified as Rakesh Nishad, Ramrati, Usha, Geeta, and Iravati Nishad.
Senior police and administrative officials quickly arrived at the scene following the incident to oversee the situation.
National
Suchir Balaji’s mother alleges Murder
The mother of Suchir Balaji, a 26-year-old former OpenAI researcher found dead after accusing the company of copyright violations, has alleged that her son was “murdered” and called for a Federal Bureau of Investigation (FBI) probe.
Poornima Rao, Suchir’s mother, claimed her son’s death was a “cold-blooded murder” that authorities wrongly ruled as suicide. She further disclosed that a private autopsy report conflicted with the findings of the initial police investigation.
Rao alleged that her son’s apartment had been “ransacked” and cited evidence of a struggle in the bathroom, including bloodstains that suggested he had been assaulted.
“We hired a private investigator and conducted a second autopsy to uncover the truth. The private autopsy does not confirm the cause of death stated by the police. Suchir’s apartment was ransacked, there were signs of a struggle in the bathroom, and it appears he was hit based on blood spots. This is a cold-blooded murder being misclassified as a suicide. Lobbying in San Francisco won’t deter us from seeking justice. We demand an FBI investigation,” Rao wrote on X.
Elon Musk reacted to Rao’s post, commenting, “This doesn’t seem like a suicide.”
Balaji was discovered dead in his San Francisco apartment months after accusing OpenAI of violating copyright laws during the development of ChatGPT, as reported by Fox News. Despite these claims, the San Francisco Police Department found no evidence of foul play and ruled the death a suicide.
On October 24, shortly before his death, Balaji voiced doubts about the “fair use” defense in generative artificial intelligence. “I recently participated in a NYT story about fair use and generative AI, and why I’m skeptical ‘fair use’ would be a plausible defense for a lot of generative AI products,” he wrote on X.
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