UK MANUFACTURING
New UK government faces tough economic challenge
The Labour government in Britain has pledged to grow the economy following a landslide election victory over the Conservatives. Prime Minister Keir Starmer has promised investment in key areas such as health and education but also stressed the need to balance the books. The centre-left Labour administration, led by Prime Minister Keir Starmer, aims to avoid a repeat of October 2022, when the then-Conservative government's proposed unfunded tax cuts spooked markets and tanked the pound.
Budget 2024: How Sitharaman can steer the trade ship amidst two wars and Red Sea crisis to achieve $2 tn export goal
In the upcoming budget, key priorities for the export sector include boosting e-commerce exports through streamlined policies and infrastructure enhancements. Additionally, there is a push for Production Linked Incentive (PLI) schemes aimed at revitalising sectors such as toys and leather goods, fostering competitiveness and export growth.
Drone industry seeks favourable policies, incentives, component ecosystem to push domestic manufacturing
Industry players at the Drone International Expo 2024 in Delhi called for improved policies and incentives to boost indigenisation in the Indian drone market, projected to reach USD 27 million revenue by 2024. Experts emphasised the need for a supportive ecosystem for domestic component manufacturing. Over 200 national and international manufacturers are showcasing innovations, highlighting advancements in surveillance for enhanced security measures against modern terrorist activities.
UK manufacturing growth slows as shipping delays hit exports, PMI shows
While output and overall new orders grew at close to their fastest pace in two years, export orders fell for a 29th successive month, due to the shipping delays and high freight costs.
Gold holds ground on US rate-cut expectations
Amidst shifting economic indicators, precious metal prices reflect market uncertainties and investor sentiments influenced by global economic trends and policy decisions. The intricate balance between supply, demand, and macroeconomic factors drives strategic investment choices in the ever-changing financial landscape.
Confident of over $800 billion exports in goods, services this fiscal, says Piyush Goyal
India recorded a current account surplus of USD 5.7 billion or 0.6 per cent of GDP in the March quarter. This is the first time in ten quarters that the crucial metric of the country's external strength has turned into surplus mode. In the year-ago period, the current account deficit stood at USD 1.3 billion or 0.2 per cent of GDP, and the same was USD 8.7 billion or 1 per cent of GDP in the preceding quarter ending December 2023.
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Bajaj Auto inaugurates its first overseas manufacturing facility in Brazil
Bajaj Auto opened a new manufacturing plant in Brazil to produce Dominar models and expand its global presence with partners like KTM AG and Triumph, targeting the growing Latin American two-wheeler market.
Is there yet another COVID outbreak in the UK?
Ahead of the parliamentary elections in the UK, there has been an outbreak of COVID-19 cases, in large numbers. New strains are causing this surge in cases.
India's electronics components demand projected to reach $240 billion by 2030
A new report by the Confederation of Indian Industry predicts the demand for electronics components and sub-assemblies in India to reach $240 billion by 2030, supporting a $500 billion electronics production. Priority components like PCBAs are expected to grow at a 30% rate.
BII bullish on Indian EV ecosystem, expects to invest USD 300 mn in 3 yrs: MD Abhinav Sinha
Abhinav Sinha of British International Investment envisions India surpassing China in EV adoption by 2030, ahead of Europe and the US, driven by government support and cost considerations, emphasizing the country's potential for significant growth in electric transportation.
A study reveals how India can achieve $5 billion defence export goal
A recent study by Nexgen Exhibitions highlights the importance of streamlining foreign direct investment (FDI), enhancing Research & Development (R&D), and boosting manufacturing capabilities to help India achieve its USD 5 billion defence export goal by 2024-25. The study, involving over 130 national and international arms, ammunition, and security equipment manufacturers, emphasizes the need for strategic partnerships, advanced technologies, and a robust skill development ecosystem. The findings aim to propel India's homeland security and defence sector towards becoming a global manufacturing hub.
UK economy shows no growth in April in bad timing for Sunak
In early 2024, Britain's economy saw a quick recovery but stalled in April due to drops in industrial and construction output, posing challenges for Prime Minister Rishi Sunak before the July 4 election. The Office for National Statistics reported flat GDP in April following a March rise, contrary to economist predictions. The country is facing declining employment and rising unemployment, prompting opposition criticism of Sunak's optimistic campaign narrative.
Aim to make Viksit Bharat by 2047: Commerce and industry minister Piyush Goyal
Commerce and industry minister Piyush Goyal aims to make India a Viksit Bharat by 2047, emphasizing new opportunities for youth. Goyal, who recently took charge for the second time, is focused on promoting economic growth and addressing challenges ahead.
Economists expect big-bang reforms to continue under Modi 3.0
Modi is set to be sworn in for third term as India's Prime Minister in coalition government with key partners Telugu Desam Party and Janata Dal (United). Economists anticipate focus on economic reforms to achieve goal of Vikshit Bharat by 2047. Budget to prioritize infrastructure, manufacturing, and welfare schemes amid global economic challenges.
Aimtron Electronics stock lists at 50% premium on NSE SME platform
Aimtron Electronics debuted on the NSE SME platform with a 49.7% premium through a successful IPO. The company provides tailored solutions for electronic system design and manufacturing services globally.
‘Doctors knew Covid vaccine’s side-effects killed my daughter. But they didn’t tell us’
Dr Snehal Lunawat was the first case in which the AEFI committee accepted there was a direct correlation between vaccination and death. Many of the petitioners, like her father Dilip, have questioned why information about the side-effects wasn’t made public earlier.
Ambrane to invest Rs 100 crore to increase localisation from 70 to 100%
Consumer electronics company Ambrane is determined to create 100% made in India products and is targeting Bharat and the global market.
If Modi wins India's mammoth Lok Sabha elections, his third regime will need tough reforms to lure foreign firms
Lok Sabha Elections: As Modi gears up for a potential third term, global firms highlight challenges facing India's economy: policy inconsistencies, bureaucratic delays, and scarcity of land. Despite improved business sentiment, actual investment remains stagnant, with foreign direct investment dropping. Key priorities for the new government include policy coordination among states, labor law implementation, skills development, land reform, trade measures, and fulfilling BJP's promises for economic growth and global manufacturing hub status.
Nifty to hit 26,500 in next 18 months, predicts Emkay Investment Managers
The domestic brokerage expects Nifty earnings growth of 15%. It has suggested investors adopting a multi-cap approach, with equal proposition in largecaps and midcaps, to take advantage of a broad-based growth in Indian equity markets. Here are 5 themes to watch out for as suggested by Emaky.
JLR plans to start making flagship Range Rover model in India
The local assembly will translate into a 18-22% price reduction, Amba said. The Range Rover will drop to Rs 2.6 crore from Rs 3.3 crore while the Range Rover Sport will fall to Rs 1.4 crore from Rs 1.8 crore. India levies a duty of 15% on completely knocked down kits and more than 100% on imported models.
Supermarkets tell Britishers not to panic after survival kit advisory
UK retailers caution against bulk-buying as government advises having 3 days' worth of supplies. Andrew Opie from British Retail Consortium emphasizes most households already have enough non-perishables. Government launches 'Prepare' website for emergency preparedness.
Govt needs to further expand PLI scheme to make India 'Global Drone Hub': Report
As per the Ministry of Civil Aviation projections, the Indian drone manufacturing industry is expected to reach Rs 900 crore by 2025 from just Rs 60 crore in 2020-21, according to a study conducted by Nexgen Exhibitions. It also noted that the Indian drone market is expected to grow at 22.15 per cent CAGR (compounded annual growth rate) during the 2024-30 period.
Delhivery forms subsidiary to offer drone services
Delhivery's new subsidiary, Delhivery Robotics India Pvt Ltd, will offer drone services, in addition to manufacturing and research and development of unmanned aerial vehicles. The Gurugram-based company had acquired Transition Robotics in 2021, marking its foray in the drone technology space. On Friday, Delhivery reported an 11% rise in Q4 operating revenue.
Arm plans to launch AI chips in 2025: report
Arm Holdings to launch AI chips in 2025, with SoftBank's involvement. TSMC negotiations ongoing. Investors anticipate SoftBank's earnings report for growth investment clues amid a surge in AI computing interest.
Wales First Minister holds meeting with Tata Steel on likely job losses at Port Talbot plant
Wales First Minister Vaughan Gething held a meeting with Tata Steel to discuss expected job losses at the company's Port Talbot plant in South Wales. The company plans to close two furnaces and replace them with electric furnaces as part of its green steel manufacturing plans, potentially affecting around 2,500 jobs in the next 18 months. However, trade unions have opposed the move, and 1,500 workers have reportedly voted in favor of an industrial action.
UK exits 'recession' with better-than-expected 0.6% GDP growth
Britain's economy grew by 0.6% in Q1 2024, surpassing expectations and ending the previous recession. The Office for National Statistics reported stronger growth than anticipated, contrasting with forecasts. Prime Minister Rishi Sunak may find relief, but opposition claims disconnect. Bank of England predicts continued growth, with March showing 0.4% expansion.
Tata's UK electric car battery plant to be in Bridgwater
Tata Group unveiled plans for a £4 billion battery factory in Bridgwater, UK, its first gigafactory outside India. Located at the Gravity Smart Campus in Somerset, the 40 GWh plant will be among Europe's largest battery-cell manufacturing sites. It is expected to create up to 4,000 green-tech jobs directly, with many more indirectly. The factory, set to start production in 2026, will initially supply batteries to Jaguar Land Rover and Tata Motors, contributing to Britain's shift towards electric mobility.
Woodfield International acquires Woodfield UK to manufacture marine loading arms
Woodfield Systems International (WSI) has acquired Woodfield Systems UK to manufacture marine loading arms in India for bulk fluids and gas, including LNG and liquid hydrogen. This aligns with India's energy demand growth and infrastructure plans. WSI plans to invest USD 100 million in future acquisitions in North America and Europe to strengthen their engineering and manufacturing prowess.
Classic Legends to set up plant in UK to manufacture BSA bikes
These motorcycles will be produced in the UK for the domestic market and also exported to other developed markets such as the US, Australia and Japan, Anupam Thareja, co-founder, Classic Legends, told ET. BSA has been selling the Gold Star motorcycle model in the UK for more than a year through imports from India.
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