Indian Economy: News and Discussion

[Indrajit]

India has 25% market share in global lab grown diamonds.

Five-year research grant to encourage indigenous production of lab-grown diamonds (LGD) machinery, seeds and recipe given to IIT-Madras

https://www.pib.gov.in/PressReleseDetailm.aspx?PRID=1901713#:~:text=India%20is%20one%20of%20the,year%202021%2D22%20was%2025.8

.

Modi just gave one to Jill Biden. 7.5 Carat, lab grown.

 

[Indx TechStyle]

India Is Becoming A New Powerhouse In Global Steel Production | OilPrice.com

Despite a global decline in steel production, India has emerged as a beacon of growth, steadily increasing its output and showing potential to reshape the industry.

oilprice.com

LOOK AT ME CHINKY
I'M DA NUMBA WAN PRODUCER OF STEEL NOW

No. 2 yet after China. We might have matched or surpassed European Union though.

 

[Indx TechStyle]

Indian economy is humming along even with still-high rates

Good growth is giving room to the RBI to keep borrowing costs higher until inflation is firmly under control.
Synopsis
The needle on a dial measuring the so-called Animal Spirits stayed at six for a second month even as some indicators such as exports and tax collections showed signs of weakness. While four of the eight high-frequency indicators compiled by Bloomberg showed improvement, three worsened slightly and one was little changed.

India’s economic activity continued to expand in May thanks to buoyant domestic demand, assuring policymakers that rates can be kept higher for longer though the biggest risk now is heat waves and below-normal rains.

The needle on a dial measuring the so-called Animal Spirits stayed at six for a second month even as some indicators such as exports and tax collections showed signs of weakness. While four of the eight high-frequency indicators compiled by Bloomberg showed improvement, three worsened slightly and one was little changed.

Robust demand and moderating raw material costs are helping the South Asian nation grow faster than most major economies in the world. It’s giving room to the Reserve Bank of India to keep borrowing costs higher until inflation is firmly under control.

The central bank, which left its benchmark rate unchanged this month, expects the economy to grow 6.5% in the current financial year, but professional forecasters expect a slower rate of expansion on the uneven monsoon.

Here are more details from the animal spirits barometer, which uses a three-month weighted average to smooth out volatility in single-month readings:

Business Activity

Purchasing managers’ surveys showed manufacturing activity hit a 31-month high in May, “backed by record expansion in input stocks,” according to S&P Global Inc. Although services activity slowed from a near 13-year high in April, it was still faster than any other month and keeps the composite index at a high for a second straight month.

The data was a “compelling testament to prevailing demand resilience,” said Pollyanna De Lima, economics associate director at S&P Global Market Intelligence. But inflation remains a challenge and “long-waited cuts to interest rates — which could aid business strategies, budgeting and investment plans — appear more distant,” she said.

Exports

Outbound shipments continued to remain a drag on the economy, falling for a sixth month. Sluggish demand from buyers overseas dragged down exports by 10.3% in May, while imports fell 6.6%, taking the trade deficit to a five-month high. The slowdown reached India’s booming services sector too, with export growth slowing to 0.7% from 7.4% in April.

Moderating services export growth “could result in weaker urban consumption demand, due to slower information technology hiring, but the balance of payments impact is manageable,” Nomura Holdings Inc. economists Sonal Varma and Aurodeep Nandi said after the trade data was released last week.

Consumer Activity

The RBI’s decision to withdraw the 2,000-rupee notes from circulation gave further boost to liquidity in the banking system before the monetary authority started mopping up for better transmission of rates. Overall bank credit growth slowed to 15.42% from 15.90% a month ago, as companies borrowed less.

Goods and services tax collections fell from a record 1.87 trillion rupees ($22.6 billion) in April to 1.57 trillion rupees in May, rising 12% from a year ago. The mop-up at a three-month low indicated some moderation in demand amid rising inequality, as well as lower revenue growth for firms amid cooling inflation.

The demand was still robust in other pockets, with retail sales of vehicles jumping 10% in May, recovering from a fall of 1.4% fall in the previous month, according to data from the Federation of Automobile Dealers Associations.

Market Sentiment

Electricity consumption, a widely used proxy to measure demand in industrial and manufacturing sectors, jumped from April as temperatures soared. Peak demand in May rose to 204 gigawatt from 178 at the end of April.

India’s unemployment rate fell to a three-month low of 7.70%, from 8.50% in April, as people dropped out of the labor force. Surge in sales also helped companies expand their workforce.

 

[Tvashtr8202]

Entire fleet of Mumbai locals to turn into AC Vande Metros

The process has begun for the procurement of 238 trains of Vande Metro (suburban) under Mumbai Urban Transport Project (MUTP) in the next seven years and building new train depots at Vangaon and Bhivpuri for their maintenance.

This means that the entire non-AC fleet of Mumbai local train will now slowly get converted into AC Vande Metro trains.

 

[shade]

ITS CONFIRMED

Micron confirms up to $825 million investment in India chip facility

Micron confirms up to $825 million investment in India chip facility

OAKLAND, California (Reuters) - U.S. memory chip firm Micron Technology, Inc said on Thursday it would invest up to $825 million in a new chip assembly and test facility in Gujarat, India, its first

theprint.in

OAKLAND, California (Reuters) – U.S. memory chip firm Micron Technology, Inc said on Thursday it would invest up to $825 million in a new chip assembly and test facility in Gujarat, India, its first factory in the country.

Micron said that with support from the Indian central government and from the state of Gujarat, the total investment in the facility will be $2.75 billion. Of that total, 50% will come from the Indian central government and 20% from the state of Gujarat.

Reuters reported earlier this week that India’s Cabinet approved the project ahead of Prime Minister Narendra Modi’s state visit to the U.S., which kicked off on Wednesday.

Micron said construction of the new facility in Gujarat is expected to begin in 2023 and the first phase of the project will be operational in late 2024. A second phase of the project is expected to start toward the second half of the decade, it said. The two phases together will create up to 5,000 new direct Micron jobs.


Official Micron Press Release with more details :- https://investors.micron.com/news-r...-new-semiconductor-assembly-and-test-facility


From Press Release I found this line

Micron’s new facility will focus on transforming wafers into ball grid array (BGA) integrated circuit packages, memory modules and solid-state drives.

Now usually in OSAT plant they just put the little IC die into a ceramic or plastic package with the leads coming out + electrical testing, surprised they're going to make DIMM sticks and SSDs also.

 

[sameer3694]

Entire fleet of Mumbai locals to turn into AC Vande Metros

The process has begun for the procurement of 238 trains of Vande Metro (suburban) under Mumbai Urban Transport Project (MUTP) in the next seven years and building new train depots at Vangaon and Bhivpuri for their maintenance.

This means that the entire non-AC fleet of Mumbai local train will now slowly get converted into AC Vande Metro trains.

This finally means no more people hanging out from the door. It would be a huge improvement in terms of aesthetics and cleanliness as well. No more throwing out trash from doors or windows.

But is something like this possible for the rest of Indian railways too? Thing is even countries like Egypt are slowly phasing out non-ac coaches.

 

[Pythonlover]

Ya'll Nibbiars And this share is only going to increase in future and may be someday will be producing almost half of the world's lab grown diamonds.

Hey @Haldilal, what does "Status: S/P" mean?

 

[FalconSlayers]

Hey @Haldilal, what does "Status: S/P" mean?

Site Prep

 

[Crazywithmath]

Entire fleet of Mumbai locals to turn into AC Vande Metros

The process has begun for the procurement of 238 trains of Vande Metro (suburban) under Mumbai Urban Transport Project (MUTP) in the next seven years and building new train depots at Vangaon and Bhivpuri for their maintenance.

This means that the entire non-AC fleet of Mumbai local train will now slowly get converted into AC Vande Metro trains.

Hmm. They are floating a global tender; let's hope it is not another blunder like the VB sleeper one.

==========================================

 

[Crazywithmath]

Always felt Goyal shd have been the FM. Big decisions and policymaking would anyway be done by the incumbent PM; Tai is too busy doing chindigiri on taxes and obsessing over stuff like TCS on credit cards - stuffs that just cannot be implemented.

Lo and behold.

TCS rule: Credit card holders may have to file declaration with banks

The tax department is considering the move for the purpose levying Tax Collection at Source (TCS). Here's all you need to know.

www.indiatoday.in

Another compliance burden masterclass from Tai; another thing that just cannot be enforced (everything is sutro se pata chala BS so take it with truckload of salt and I still doubt they are this stupid to go ahead with it but then again I thought the same when read articles about this TCS thingy for the very first time).

 

[LondonParisTokyo]

Usually lab grown diamonds have a marking on them that is seen when looked through loupes. This is the ONLY way to distinguish a lab vs "real" diamond. To those comparing it to the Koh-i-Noor... what do they know of dharma?

 

[Tvashtr8202]

Hmm. They are floating a global tender; let's hope it is not another blunder like the VB sleeper one.

It's more like an ambush than a blunder. Who would have ever thought that the Russian TMH would have an issue with their percentage share in the JV, after winning the contract.

I think it's all a carefully crafted drama by TMH. Because they wouldn't be able to honour their part of the contract because of the war.

But this doesn't give them the right to sabotage the progress of our country. TMH should be banned from any future Indian projects because of such shenanigans. And the tender for VB should be refloated.

 

[Haldilal]

Ya'll Nibbiars The Byjus heading for the deep troubles.

 

[Tvashtr8202]

It's official guys !!

Micron -

New DRAM and NAND assembly and test facility - the first in India - will expand Micron's global manufacturing base to meet future demand

BOISE, Idaho, June 22, 2023 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (NASDAQ: MU), one of the world's largest semiconductor companies, today announced plans to build a new assembly and test facility in Gujarat, India. Micron's new facility will enable assembly and test manufacturing for both DRAM and NAND products and address demand from domestic and international markets.

Phased construction of the new assembly and test facility in Gujarat is expected to begin in 2023. Phase 1, which will include 500,000 square feet of planned cleanroom space, will start to become operational in late 2024, and Micron will ramp capacity gradually over time in line with global demand trends. Micron expects Phase 2 of the project, which would include construction of a facility similar in scale to Phase 1, to start towards the second half of the decade.

Micron's investment will be up to $825 million over the two phases of the project and will create up to 5,000 new direct Micron jobs and 15,000 community jobs over the next several years. Under the government's "Modified Assembly, Testing, Marking and Packaging (ATMP) Scheme," Micron will receive 50% fiscal support for the total project cost from the Indian central government and incentives representing 20% of the total project cost from the state of Gujarat. The combined investment by Micron and the two government entities over the course of both phases will be up to $2.75 billion. Government support will help fund the project and facilitate access to essential semiconductor infrastructure and resources to drive innovation and enhance local talent development.

"We are excited about the steps India is taking to develop the local semiconductor ecosystem," said Micron President and CEO Sanjay Mehrotra. "I am grateful to the Indian government and all of the officials involved that made this investment possible. Our new assembly and test location in India will enable Micron to expand our global manufacturing base and better serve our customers in India and around the world."

https://investors.micron.com/news-releases/news-release-details/micron-announces-new-semiconductor-assembly-and-test-facility

 

[sauntheninja]

Hmm. They are floating a global tender; let's hope it is not another blunder like the VB sleeper one.

==========================================

Got a bag from Puna last week and it was manufactured in Noida

 

[Haldilal]

Ya'll Nibbiars

Ya'll Nibbiars The Kranti Industries, manufacturer of critical and precision machine components today inaugurated its third plant at Pirangut near Pune. The first two plants are situated in the same vicinity. The new facility will significantly augment the capacity to meet the requirement of Indian and Global clients.

 

[Coalmine]

It's official guys !!

Micron -

New DRAM and NAND assembly and test facility - the first in India - will expand Micron's global manufacturing base to meet future demand

BOISE, Idaho, June 22, 2023 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (NASDAQ: MU), one of the world's largest semiconductor companies, today announced plans to build a new assembly and test facility in Gujarat, India. Micron's new facility will enable assembly and test manufacturing for both DRAM and NAND products and address demand from domestic and international markets.

Phased construction of the new assembly and test facility in Gujarat is expected to begin in 2023. Phase 1, which will include 500,000 square feet of planned cleanroom space, will start to become operational in late 2024, and Micron will ramp capacity gradually over time in line with global demand trends. Micron expects Phase 2 of the project, which would include construction of a facility similar in scale to Phase 1, to start towards the second half of the decade.

Micron's investment will be up to $825 million over the two phases of the project and will create up to 5,000 new direct Micron jobs and 15,000 community jobs over the next several years. Under the government's "Modified Assembly, Testing, Marking and Packaging (ATMP) Scheme," Micron will receive 50% fiscal support for the total project cost from the Indian central government and incentives representing 20% of the total project cost from the state of Gujarat. The combined investment by Micron and the two government entities over the course of both phases will be up to $2.75 billion. Government support will help fund the project and facilitate access to essential semiconductor infrastructure and resources to drive innovation and enhance local talent development.

"We are excited about the steps India is taking to develop the local semiconductor ecosystem," said Micron President and CEO Sanjay Mehrotra. "I am grateful to the Indian government and all of the officials involved that made this investment possible. Our new assembly and test location in India will enable Micron to expand our global manufacturing base and better serve our customers in India and around the world."
View attachment 211610

https://investors.micron.com/news-releases/news-release-details/micron-announces-new-semiconductor-assembly-and-test-facility

Indian Govt itna invest karke Jet Engine technology nahi kharid sakti kya?

 

[SavageKing456]

What will be india real gdp growth in FY24 and 25?

 

[sameer3694]

Applied Materials to invest $400 million in India for new engineering center

U.S. semiconductor toolmaker Applied Materials will invest $400 million over four years in a new engineering center in India, the company said on Thursday.

www.reuters.com

 

[Wisemarko]