NEWSLETTER, November 2024

INDIA

– GENERAL POLICY, INFRASTRUCTURES, COUNTRY FINANCES, ETC.

1. Tata’s JLR pips BMW and Merc. But that’s only one side of the coin.
ET, 18, Nov. 2024

Jaguar Land Rover’s (JLR) quarterly results, although disappointing, fared better than those of BMW and Mercedes, driving the Tata Motors stock up. So, what’s fueling JLR and the hurdles it must navigate?

In a surprising turn of events, Tata Motors’ stock surged 3% intraday on Monday, even as the company’s quarterly results fell well short of analyst expectations. The stock’s increase was largely driven by the relatively better performance of Jaguar Land Rover (JLR) compared to its luxury rivals, Mercedes and BMW, which reported even worse results and optimistic commentary from the management.

We had expected JLR to drag Tata Motors performance in FY25 back in May 2024.

The company highlighted that its core luxury models – the Range Rover, Range Rover Sport, and Defender – continue to perform well. These vehicles are experiencing limited inventory and require only modest discounts to sell, which was a key relief for analysts.

However, the company still faced several challenges.

#1. Discounts: JLR reported a rise in discounting in Q2 FY25, with an increase to 4% from just 1% in the previous year. This increase was mainly attributed to the Jaguar and Discovery models, as well as some softness in the Chinese market.

#2: Production disruptions: The company also faced exceptional production disruptions during the quarter, including supply interruptions from a key supplier and the need to conduct additional quality checks on 6,000 vehicles, which stalled the timely dispatch. Had these issues not occurred, the company’s performance would have likely been better.

#3: China risk: The China market remains a significant risk for JLR. Some of its dealerships in China are closing down due to market weakness and financing issues. However, JLR expects to see improvements in its home market of the UK and continued strength in the US, which could help counterbalance the challenges in China and mainland Europe.

The outlook
The company expects that discounting will remain at current levels or may rise modestly, as Jaguar and Discovery models will likely need additional support. With the supply issues beginning to resolve and the 6,000 units in hold scheduled for dispatch in the coming quarter, the next two quarters are expected to show better performance.

Management anticipates that sales will reach GBP30 billion, a slight increase over last year. If this revenue target is met or closely approached, the company’s robust gross margins should lead to significantly improved profitability in the second half of the year.

Challenges in the luxury car segment
Despite the optimistic outlook, the luxury car market is facing increased challenges. There is growing competition from software-first EV companies from the US and China, and it is only a matter of time that competition will reach the high-end segment.

This rising competition, coupled with the need to maintain internal combustion engine (ICE) vehicles for longer, requires significant investment to support multiple powertrains. Consequently, JLR’s investment spending is expected to surge to GBP 3.7 billion in FY25, up from GBP2.35 billion in FY23. This elevated spending rate is unlikely to decrease in the near future.

The company needs to spend on publicity, discounts, and warranty. The increasing complexity of feature-loaded luxury cars is driving up the costs of skilled technicians and parts. As a result, these higher expenses are expected to reduce the company’s cash flow before working capital changes, with projections showing a decline from GBP1.6 billion last year to GBP1.3 billion in FY25.

The electric ambitions
JLR is concurrently building three platforms to launch electric vehicles (EVs). The Range Rover and Range Rover Sports will be launched first, starting in late 2025. Subsequently, Defender BEV will be launched in early 2026, followed by Jaguar BEVs in mid-to-late 2026. Thus, JLR will have a strong electrified line-up by 2027, which is essential to meet emission regulations and address market appetite for EVs.

The Range Rover Electric has already generated significant interest, with over 48,000 customers reportedly on the waiting list. Meanwhile, Jaguar will be rebranded as an all-electric brand. The company is set to provide a glimpse of what is ahead at Miami Art Week on December 2, 2024.

While these upcoming EV launches hold promise, they also come with significant financial risks. JLR will need to ensure that these new vehicles generate enough profitability to offset the substantial costs of developing them, in terms of depreciation and amortisation. Thus, all eyes will be on RR BEV launch next year.

2. HCLFoundation MoU Uttar Pradesh: HCLFoundation and UP Government sign MoU to enhance veterinary services in Hardoi
ET Gov., 6 Nov. 2024

The collaboration aims to enhance the hospital's technical capacity, including the establishment of USG & X-ray facilities, as well as pathological and diagnostic services, thereby strengthening the local animal husbandry ecosystem.

HCLFoundation, which drives the corporate social responsibility agenda of HCLTech, and the Animal Husbandry Department of the Government of Uttar Pradesh today signed an MoU to develop the Government Veterinary Hospital in Sandila, Hardoi as a Centre for Artificial Insemination & Animal Husbandry Extension Services (CAAES).

The collaboration aims to enhance the hospital's technical capacity, including the establishment of USG & X-ray facilities, as well as pathological and diagnostic services, thereby strengthening the local animal husbandry ecosystem.

The MoU was exchanged by K. Ravindra Nayak, Principal Secretary, Animal Husbandry, GoUP, and Alok Varma, Project Director – Samuday and My Clean City, HCLFoundation. The Chief Guest at the MoU exchange ceremony, Manoj Kumar Singh, Chief Secretary, Government of Uttar Pradesh, unveiled a training booklet by HCLFoundation on Improved Animal Management Practices for dairy farmers. Dr. Ashok Kumar, Chief Veterinary Officer, Hardoi, was also present at the ceremony.

“Today represents a major advancement in enhancing rural dairy development and animal health. This collaboration with the HCLFoundation highlights the Government’s dedication to providing farmers with accessible, high-quality veterinary care. The animal hospital will serve as a key element in improving livestock welfare and productivity, promoting sustainable growth in our communities,” said Manoj Kumar Singh, Chief Secretary, Government of Uttar Pradesh

“We are committed to improving rural livelihoods through sustainable dairy development. With this MoU, HCLFoundation will create CAAES and assist dairy farmers with advanced husbandry practices and veterinary services. Our goal is to boost animal productivity, enhance milk quality, and drive economic growth. This initiative aims to foster lasting change for both livestock and farmers,” said Alok Varma, Project Director – Samuday and My Clean City, HCLFoundation.

Under HCLFoundation’s Samuday initiative, the Dairy Development project has become a vital livelihood source for small and marginal farmers, supporting over 37,000 dairy farmers across 328 villages in Hardoi. The project has trained over 14,000 farmers in Improved Animal Management Practices and organized 1,059 health and Fertility Improvement Program (FIP) camps, benefiting over 63,000 animals with essential veterinary services.

3. NAKSHA pilot for land records in urban areas to be launched in over 100 cities: Chauhan
ET Gov. 23 Oct. 2024

Union Minister for Rural Development Shivraj Singh Chouhan

NEW DELHI: Union Minister for Rural Development Shivraj Singh Chouhan inaugurated an international workshop on the use of "Modern Technologies in Survey-Resurvey for Urban Land Records" at Dr Ambedkar International Centre in New Delhi on Tuesday through video conferencing.

Speaking on the occasion, Chouhan reaffirmed the commitment of Government of India in boosting digitization and maintenance of land records under the Digital India Land Records Modernization Programme (DILRMP). Highlighting the importance of the quality land records, the minister stated that digitally updated and transparent land records facilitate optimization of the land resources and sharing of information with various agencies for assisting in policy and planning.

He elaborated that for a robust property record and tax administration, seamless access to land records is crucial to enhance the effectiveness and efficiency of public service delivery through various schemes of the Centre and states. The minister emphasized the need for close coordination in the Central and state governments and requested the Department of Land Resources and state governments to work in close coordination.

He also discussed the steps taken by the Government of Madhya Pradesh in creating urban land records and informed that drone flying has been completed in 34 towns and Orthorectified Imagery (ORI) production is complete in 12 towns. He expressed his happiness on the pilot programme called the “National geospatial Knowledge-based land Survey of urban Habitations (NAKSHA)” of the Department of Land Resources with a view to create land records in urban areas. The pilot project will be started in more than 100 cities/towns in all the states / UTs and it is expected to be completed in one year’s time.

This will be followed by full-fledged survey which would cover the entire urban area in the country within a period of 5 years. Chouhan added that aerial photography with 3D imagery is a powerful tool for urban planning. Considering the rainfall and flood situation at the local level, it is very important to develop better drainage and flood management. Aerial photography with accurate GPS coordinates will help in accelerating the speed of land survey, which will ultimately be useful in property tax assessment, better transport system, planning of drainage and flood management and preparation of master plans for our urban areas.

Chouhan said he wanted to consult with experts from other countries on creation and reconciliation of land records. This two-day conference is an effort to discuss and understand global best practices in using new and emerging technologies in this regard. He is sure that the distinguished participants will put forth their views which will be discussed in detail during the sessions. He requests the representatives of the State Governments present here to actively participate in the discussions, because only with the cooperation of the States will we be able to integrate modern technologies in urban land administration and improve efficiency and transparency in land management systems. We will benefit from the presence of experts from around the world and the knowledge they present will help us apply modern technologies in land management.

Secretary, Department of Land Resources, Ministry of Rural Development, Manoj Joshi said that this international workshop has been organized and along with this we have started a pilot program to conduct surveys in urban areas. For this, Survey of India is our technical partner so that drone flying can be done in all the cities. From the images obtained from drone flying, the revenue and urban departments of the states will prepare urban land records, master plans and drainage records of cities. The objective of this workshop is that foreign experts in land records can take advantage of the experts in software. States which have done the land record survey work. They will be able to share information with each other. We will be able to complete this work of land records in one year.

Saurabh Rai, CEO of Arahas, highlighted the transformative impact of modern technologies on urban land record management, emphasizing AI-driven geospatial tools, advanced survey techniques like LiDAR and drone mapping, and satellite imagery integration to boost accuracy and transparency. Drawing from Arahas’s successful projects in states like Uttar Pradesh, Bihar, Rajasthan, and Madhya Pradesh, Rai noted how these innovations have enabled sustainable urban development through faster data updates and seamless interoperability across government agencies. He also stressed the importance of sustainable data practices, predictive maintenance using AI, and collaborative efforts to help cities meet evolving demands effectively.

In the inaugural session, Kunal Satyarthi, Joint Secretary, Department of Land Resources, Govt. of India welcomed the participants and set the agenda of the workshop. Abedelrazq Khalil, World Bank's Practice Manager for Urban and Land, South Asia Infrastructure Department highlighted the importance of land records in Urban area. Vivek Bharadwaj, Secretary, Ministry of Panchayati Raj, Govt. of India shared experience of SVAMITVA Scheme and stressed the urgent need for digital land records for urban area too.

The workshop is a unique gathering of the stakeholders from the ministries/ departments of the Government of India, Revenue and Urban Development Secretaries of 34 states/UTs, the Municipal Commissioners, international experts, Municipal officers/ CEOs of around 120 urban local bodies which are taking part in the pilot programme National Geospatial Knowledge based Survey of habitations (NAKSHA) for modernization of urban land records and industry and technology partners from India and abroad.

4. ‘Can Make the Elephant Dance by Pulling Two Levers in India’
ET, 6 Nov. 2024

Unilever chief executive Hein Schumacher said India was of “pivotal importance” to the Anglo-Dutch consumer goods giant, adding that the company sees rural growth returning as well as moderate inflation and was cautious in its short-term guidance.

“I want to be careful in overestimating, you know, something extraordinary in the short term,” said Schumacher, who’s on a two-week trip to India, Unilever’s second biggest market after the US in terms of revenue. “India is a story that will be talked about for centuries with what's happening today.”

The maker of Surf and Dove said India's consumption is mimicking global trends, especially that of the US, where consumer confidence is back, but wages have been behind the rate of inflation, resulting in lower savings.

“In terms of the growth potential and in terms of where my attention is, India is of pivotal importance to Unilever, and we are absolutely unblinking in our support to grow it,” said Schumacher.

“The first word that comes to my mind for India is transformation,” he said. The local unit, Hindustan Unilever Ltd (HUL), is India’s biggest consumer goods company. Unilever doesn’t expect massive volume and pricing growth in India in the short term. The guidance by Schumacher comes against a backdrop of slowing consumer demand, especially in Indian cities.

“We see rural growth returning. We see moderate inflation returning, and that's something that we will respond to,” Schumacher said. “We see the transformation happening. So that's something that we will, of course, double down on, because that's where we want to compete.”

The 53-year-old Dutchman said Indians have plenty of choice, which meant competing for consumer wallets across categories beyond daily home and personal care goods.

“The aspiration level is going up, and that has consequences at the end of the day on where people spend their money. The other one is travel and every consumer is keen to start seeing the world. The third one is that people in urban areas are prepared to pay for convenience,” he said. “So with everything happening, there are many more ambitions and many more aspirations to fill. And you are competing at the end of the day.”

HUL, regarded as a proxy for consumer sentiment in the country, posted 2% growth in sales during the September quarter with 3% growth in volume, or the products consumers buy in terms of units.

"In India, the growth is not going to be linear. We are seeing a few quarters, quarter three and quarter four as well, will not be stellar in terms of growth,” he said. “But it's a time in which we transform the company. The parts that are really growing unbelievably fast are the parts that we actually transform quickly. So if you look at the growth in the ecommerce and quick commerce, it's stellar. If you look at the luxury segment, it is very fast growing. If you look at the whole premiumisation, those things are going very fast.”

Schumacher said the Indian government is setting up the right conditions and infrastructure to create demand and help in digital innovation apart from managing inflation especially during the pandemic.

“What makes India unique versus any other geography is that all our core, whether it's beauty, home care, personal care, ice cream and nutrition, every category that is core to Unilever is here,” he said. “So our core is Hindustan Unilever core and we will double down in India which in totality is a huge choice for the company.”

Unilever’s Indian employees account for 40% of its global research, innovation and artificial intelligence workforce.

HUL, with annual revenue of Rs 60,500 crore, built its leadership position by selling mass-priced brands from Sunsilk and Clinic Plus to Lux and Rin. However, its premium portfolio contribution has increased from less than 20% a few years ago to nearly 35%. Despite uptrading across segments, HUL will not lose focus on its mass-priced portfolio, Schumacher said. The strategy would be “and also,” not “either-or,” the CEO said.

“We can make the elephant dance by making very clear choices for India,” he said. “At this point, 70% of our business is going to general and distributive trade but we are also uptrading. The affluent and the aspiring group of consumers is already (as big) a country like France. But at the same time, I don't want to say with the portfolio and the presence that we have as a country, let's forget about where we came from. You cannot do that.”

INDIA KEY
In terms of growth potential and in terms of where my attention is, India is of pivotal importance to Unilever, and we are unblinking in our support to grow it...

5. Tamil Nadu Goes to Town on Manufacturing.Target: Hinterland
ET, 31 Oct. 2024

Small houses and open fields dot the landscape of Panapakkam in Tamil Nadu’s Ranipet district, famed for being a hub for power loom weaving. But the small town, which is barely a hundred kilometres from state capital Chennai, is now poised to emerge as a nodal destination for global automobile manufacturing.

In September, Tata Motors broke ground for its ₹9,000 crore greenfield factory designed to produce cars for local and overseas markets for Tata Motors and JLR. The ambitious project is expected to create over 5,000 employment opportunities—both direct and indirect—and drive significant skill-building in the local community.

Panapakkam has a population of around 11,536 as per 2011 census with residents primarily engaged in agriculture and weaving. The town is known as the production centre for power loom lungis, the sarong-like wrap favoured as everyday wear by multitudes of south Indian men.

The hum of power loom units reverberates across Panapakkam, but it’s also grappling with dwindling wages in the textile sector.

Another reason why the residents now hope the advent of the Tata group will dramatically alter their fortunes. “Tata Motors setting up its plant in our town has given us much hope and filled us with a lot of optimism,” said R Srinivasan, 54, a textile manufacturer in Panapakkam. “We are waiting for it to come up eagerly because it gives our youngsters an opportunity to work at home rather than go to places like Chennai for jobs. Our only wish is that this area develops and the locals get a shot at working for a big company like the Tata group. We have already seen real estate prices go up and businesses like provision stores, food stalls and hotels doing much better than before.”

And, this project is not a one-off.

Across Tamil Nadu there is a veritable tsunami of investment that is being driven into the state’s hinterlands. The southern state, long hailed as India’s Detroit because of its sprawling auto factories, has directed investments out of well-developed hubs like the Chennai-Sriperumbudur-Hosur belt into lesser-known districts.

This includes Vietnamese major VinFast’s Rs 16,000 crore project in Thoothukudi to make EVs and batteries. American contract manufacturer Jabil, too, is due to set up its Rs 2,000 crore electronics manufacturing services facility in Trichy.

Tata Power Solar’s Rs 4,300 crore investment in Tirunelveli is expected to make the region a key player in the renewable energy sector, specifically in solar power manufacturing.

These investments are expected to propel these lesser-known districts into manufacturing hubs, triggering more equitable industrial growth and also serving to decongest metro cities like Chennai.

“Tamil Nadu has been proactive in attracting anchor investments across the state, particularly in regions beyond the traditional industrial hubs,” Industries Minister TRB Rajaa told ET. “These anchor investments are pivotal in diversifying Tamil Nadu’s industrial landscape and spreading economic growth across the state.”

In his interaction with ET in August, Foxconn Chairman Young Liu had said that the company was looking to build industrial parks and townships “in Tamil Nadu (but) outside of Chennai” as Chief Minister MK Stalin had asked the company to actively look at expanding its footprint outside of Chennai.

“Distributed growth is a cornerstone of CM’s vision for Tamil Nadu, and a key pillar of the Dravidian Model of development,” Rajaa said.

Chennai is just one of the state’s ‘economic engines’, with Tamil Nadu boasting several others like Coimbatore, Trichy, Madurai, Thoothukudi, Salem, Tirunelveli, Thanjavur, Hosur and more.

“This balanced development allows us to offer investors a diverse range of options based on their sector-specific needs, whether it’s automotive, electronics, textiles or food processing,” according to the state’s industries minister.

“We have the talent and skills available in every corner of the state, and that is a key differentiator when we pitch to global investors,” he added.

Historian Arup K Chatterjee said big-name investments could have enduring sociological changes. While they are a reasonably recent phenomenon in the Indian economic and industrial landscape, he said, their cultural and demographic consequences will be longstanding.

“It is plausible to expect a changing demography in places where large companies set up as they will likely accommodate people from all across India, if not also the cream of India-origin talents from abroad,” he said. “Naturally, the impact of this will be felt on education and healthcare, which will trigger the need for better amenities. CSR initiatives, trustee-led organisations, insurers, and those with expertise in healthcare and education are probably surveying the milieu in and around these sites carefully to assess their emerging relevance in regions where anchor investments are slated to occur.”

Thoothukudi, the location for Vinfast’s Rs 16,000 crore facility, is known as the “Pearl City” because of its history of pearl fishing in the coastal waters. It is also famous for salt production and shipping activities.

However, with the Vietnamese EV player setting up shop there, the region is set to witness an auto overhaul with several new suppliers and component makers coming in.

Taiwanese contract manufacturing giant Foxconn calls Sriperumbudur home but Hosur, too, continues to grow as a thriving electronics hub with Tata Electronics’ investment driving the region’s growth in precision components and advanced electronics manufacturing.

Now, with key Apple and Cisco supplier Jabil setting up a Rs 2,000 crore manufacturing facility in Trichy, the city known for its ancient temples and rock fort is all set for a face-lift. Traditionally known for its heavy industries, Jabil’s entry is expected to give the district--renowned for fabrication industry, gem cutting, korai mat weaving and readymade garments--a chance to diversify into electronics manufacturing. “The presence of Jabil is already sparking interest from other companies keen to leverage the region’s growing capabilities in electronics manufacturing,” said Rajaa.

“We are in discussions with several potential investors, including electronics and semiconductor firms, although we are not at liberty to disclose names at this stage.”

About 300 kilometers from Trichy, Tirunelveli is seeing a huge shift with Tata Power Solar’s investment in the region. “The project will not only boost solar panel production but also foster a comprehensive ecosystem that includes component manufacturing, supply chain integration, and the development of a local vendor network, further strengthening Tamil Nadu’s leadership in the green energy sector,” Rajaa added.

- Agriculture, Fishing and Rural Development

6. Empowering Rural Women: Stories of resilience, entrepreneurship and transformation
ET Gov. 16 Oct. 2024

On October 15, we celebrate the International Day of Rural Women, a day that honours the strength, determination, and contributions of women who are at the heart of rural economies worldwide.

On October 15, we celebrate the International Day of Rural Women, a day that honours the strength, determination, and contributions of women who are at the heart of rural economies worldwide. In India, where women play an integral role in agriculture, small-scale enterprises, and community development, their stories reflect the potential for economic growth and social transformation when given the right opportunities and support. Today, we share the journeys of two inspiring women -- Poonam Yadav and Karishma Choyal -- whose courage and determination are reshaping rural India.

The Untapped Potential of Rural Women
Rural women across India are key drivers of the agricultural economy, yet they remain some of the most marginalized in terms of access to resources, education, and decision-making platforms. Many work behind the scenes in unpaid or informal roles, their contributions often unrecognized. However, stories of women stepping out of traditional roles and into entrepreneurial ventures are becoming more common, thanks to initiatives that empower them with skills, training, and financial resources.

Poonam Yadav: From Dreamer to Entrepreneur
Poonam Yadav’s inspiring journey began in Milak Adalpur Taj, Block Joya in Amroha, Uttar Pradesh. Born in 1989, Poonam had always aspired to create a better life for herself and her family. After earning her MA, she struggled to find a stable source of income, but in August 2022, her life changed. She learned about the Kailsa Youth Hub, which offered career counselling and skill development programs, and seized the opportunity to train as a beautician.

However, the road was not smooth. The most difficult moment came when, after opening Ashi Beauty Parlour, Poonam faced nearly empty days with no customers. “There were days when only one or two people would walk in, and I began to doubt whether I could sustain this,” she recalls. It was a humbling experience—having invested time, effort, and money, only to watch her dream struggle to take off. But Poonam didn’t give up. After consulting with the Cluster Level Federation (CLF), she reached out to local Self-Help Group (SHG) members, offering discounted services. The risk paid off, and soon, the parlor was buzzing with customers. This turning point, she says, “gave me the courage to believe that with persistence, I could build something bigger.”

Today, Poonam not only runs a successful beauty parlor but has also trained over 50 young women, passing on her skills and creating new opportunities for others in her community.

Her success has brought financial stability to her family and earned her respect within her community. Her entrepreneurial spirit, supported by the local ecosystem of SHGs and Youth Hubs, is a testament to how rural women can thrive when empowered.

Karishma Choyal: From Flowers to Flourishing Business
Across India, women are making similar strides, shifting from traditional agricultural roles to innovative entrepreneurial ventures. Karishma Choyal from Madhya Pradesh represents this transformation. Karishma Choyal, a 25-year-old entrepreneur from Bhagsur village in Rajpur block of Barwani district in Madhya Pradesh, also embodies the resilience and determination of rural women. Karishma and her husband, Mukesh, started a flower cultivation and sale business after relocating to their village during the COVID-19 pandemic. With no prior experience in farming but a determination to establish a livelihood, they began cultivating flowers on two acres of land.

Karishma’s most difficult moment came early in her journey when she realized they were struggling to sell their flowers beyond the local market. “We knew how to grow the flowers, but not how to sell them,” she shares. It was at this juncture that she encountered Youth Fellow Nishita Gore from the Rajpur “Enterprise Facilitation Hub”, who connected her with the Accelerated Entrepreneurship Development Program (AEDP). The program taught Karishma not just the practical skills of marketing and sales but how to create a vision for her business. “The most important lesson I learned was that we weren’t just selling flowers—we were building a brand,” she says.

Today, “Powan Flowers and Decoration Enterprise” is a well-recognized name in the region. Karishma’s biggest triumph came when she secured a loan of INR 1 lakh from Rangde, a P2P platform, enabling her to expand her business. She and her husband now employ three people, and Karishma’s innovative approach to marketing—through Instagram, YouTube, and WhatsApp—has made her a role model for others. “I never imagined I’d be running a business and teaching others how to do the same,” she says with pride.

The Impact of Local Initiatives and Networks
The stories of Poonam and Karishma underscore the importance of local support systems, such as Youth Hubs, Enterprise Facilitation Centers, and women community institutions like the Self Help Groups (SHG) and Cluster Level Federations (CLFs) promoted by government programmes like the National Rural Livelihood Mission (NRLM) coupled with enabling schemes like MUDRA, PMFME among many others including access to local ecosystems of training, mentoring, etc. These initiatives are designed to equip women with the skills, financial linkages, and networks they need to succeed in business and entrepreneurship. In both cases, the women’s determination was met with the right support at the right time, enabling them to transform their dreams into reality.

Poonam’s and Karishma’s successes are not isolated cases. Across India, rural women are stepping into leadership roles, building businesses, and contributing to the economic growth of their communities. By supporting each other through SHGs, CLFs, and enterprise hubs, they are creating a network of empowered women who uplift not only themselves but also their families and local economies.

Rural women are also increasingly recognized for their role in addressing climate change and building community resilience. In agriculture, where women are often responsible for managing natural resources, they are adopting sustainable practices that protect the environment and ensure food security. By leading initiatives that promote water conservation, sustainable farming, and biodiversity, rural women are becoming key players in climate resilience efforts.

The empowerment of rural women like Poonam Yadav and Karishma Choyal has a ripple effect. When women are given access to training, resources, and support, they often reinvest in their families and communities. This leads to better education for their children, improved healthcare, and more robust local economies. As more women step into entrepreneurial roles, they challenge traditional gender norms and inspire the next generation of girls to dream bigger.

The Way Forward
As we celebrate the International Day of Rural Women, it is essential to recognize that empowering women is not just about gender equality—it is about sustainable rural development. The stories of Poonam and Karishma remind us that when rural women are given the tools to succeed, they become powerful agents of change. By investing in education, skills development, and access to financial resources, we can unlock the full potential of rural women and build a more equitable and prosperous future for all.

Empowering women like Poonam and Karishma isn’t just about their individual success—it’s about the collective progress of their communities and the nation. Let us continue to support initiatives that provide rural women with the opportunities they need to thrive, for when women rise, everyone rises.

7. Microfinance Isn’t Small, It’s Might
ET, 28 Oct. 2024

India’s microfinance industry plays a key role in financial inclusion, fostering women’s entrepreneurship, rural development and digital engagement. The sector’s roots trace back to 1974 with SEWA Cooperative Bank, founded by Ela Bhatt to empower self-employed women. Today, the industry’s portfolio stands at ₹4.33 tn, serving 85 mn rural households, according to Sa-Dhan.

But this journey has not been without challenges. Over the past 15 years, the sector has faced hurdles like Andhra Pradesh Micro Finance Institutions (Regulation of Money Lending) Act, 2011, demonetisation and the pandemic. Each time, the industry has demonstrated resilience, recovering and adapting to new circumstances.

A major part of this resilience lies in the industry’s self-regulatory framework, led by associations like Sa-Dhan and MFIN. The industry also boasts a robust credit reporting system, submitting borrower data to credit bureaus daily. Recently, RBI reinforced this transparency by mandating fortnightly reporting.

Following the pandemic, the sector saw substantial growth, with gross loan portfolios rising from ₹2.31 tn in FY20 to ₹4.33 tn in FY24, at a CAGR of 17%. But, rapid growth has also brought challenges, including increased delinquency rates, as highlighted by reports. Factors include extreme weather in north India, poll disruptions and the rise of activism-led credit indiscipline. Over-indebtedness and high staff attrition are further contributing to rising delinquency.

To navigate these challenges, the microfinance industry must focus on four key areas:

Boost credit culture The sector must emphasise assessing borrowers’ repayment capabilities through robust underwriting practices. This includes verifying income through client discussions, reference checks and household visits. Establishing an independent credit-evaluation team, free from sales pressure, ensures that the focus remains on portfolio quality. While this approach may incur higher operational costs, it offers long-term benefits by reducing credit risks.

Leverage data Microfinance credit bureau system is one of the most advanced in lending, covering data on 8.5 cr customers and nearly 15 cr live loan accounts. With most MFIs reporting data daily, this system is invaluable for assessing creditworthiness. MFIs should utilise Comprehensive Credit Reports (CCR) from bureaus like CRIF and Equifax, covering all earning household members. This comprehensive assessment, aligned with the RBI’s 50% Fixed Obligation to Income Ratio (FOIR) cap, helps prevent over-lending. By better understanding household debt, MFIs can make more informed lending decisions.

Come rain or shine Climate change poses a growing risk, and the microfinance industry must be proactive. Frequent natural disasters, from floods to cyclones, underscore the need for insurance products that cover instalment relief and damage compensation. These products provide security for borrowers and help safeguard MFI portfolios. Given their affordability, insurance policies offer a vital layer of protection in an increasingly unpredictable climate.

Go digital The industry has evolved from cash-based disbursements to digital transactions, facilitated by India’s JAM infrastructure. The next step is to promote digital instalment payments. Digital collections reduce cash-handling risks, improve transparency and allow field officers to focus on more productive tasks. This shift enhances efficiency and fosters digital literacy and financial inclusion in rural areas, helping integrate rural customers into India’s growing digital economy.

For the microfinance sector to grow sustainably, it must prioritise responsible lending, client protection and balanced growth. The industry’s focus must be on improving clients’ living standards, fostering entrepreneurship, and advancing financial and digital inclusion. By adopting sound underwriting practices and avoiding a ‘growth at any cost’ mindset, MFIs can support the sector’s long-term health and stability.

History shows that the sector is resilient. With a robust self-regulatory framework, a sophisticated credit bureau system and a commitment to responsible practices, the industry is well-equipped to overcome today’s challenges and emerge stronger.

8. BRIC-NABI: Jitendra Singh inaugurates new complex of BRIC-National Agri-Food Bio-Manufacturing Institute at Mohali
ET Gov. 30 Oct. 2024

MOHALI: Union Minister of State (Independent Charge) for Science and Technology Dr. Jitendra Singh on Monday inaugurated the new complex of India's first biomanufacturing institute "BRIC-National Agri-Food Bio-Manufacturing Institute" (BRIC-NABI) aimed at enhancing India’s agri-food sector through advanced biotechnology.

Addressing the assembly of scientists, industry leaders, and stakeholders, the minister emphasized the government’s dedication to fostering innovation in agriculture, creating job opportunities, and promoting environmental sustainability -- essential elements in achieving Prime Minister Narendra Modi’s vision of Viksit Bharat.

Underscoring the Modi government’s robust prioritization of science and technology, Dr Jitendra Singh highlighted recent landmark decisions such as the BioE3 policy. This initiative, which stands for biotechnology in the service of the economy, employment, and the environment, exemplifies the administration’s focus on fostering a high-impact science sector. “Biotechnology and synthetic production will not only transform agriculture but redefine India’s role in global scientific advancements,” stated the minister.

Dr Singh further noted that India is among the first nations to implement an exclusive biotechnology policy. This shift, he emphasized, will propel a significant transformation from traditional manufacturing to synthetic production through sustainable, eco-friendly solutions that rely on modern, cost-effective technology. The Minister lauded India’s rapid rise from “fragile five” to “first five” in global economic standing, crediting this progress to the government’s science-focused strategy.

The BRIC-National Agri-Food Biomanufacturing Institute (BRIC-NABI), formed through the strategic merger of NABI and CIAB, is poised to transform India’s agricultural landscape by uniting biotechnology and bioprocessing expertise. This newly established entity aims to streamline the journey from research to commercialization, facilitating pilot-scale production and delivering innovative agri-tech solutions to the market.

9. Airline to Agri, GCC Inc’s Working to the Best of its Capability
ET, 5 Nov. 2024

Global corporations spanning quick service restaurant (QSR) chains, airlines, hospitality and agriculture are now establishing support service centres in India, stoking a new wave of expansion among buzzing global capability centres (GCC).

Among those setting up base are QSR companies such as Yum Brands and Starbucks, media and entertainment firms Warner Bros and Discovery, as well as hotels chain Marriott International, energy giant Chevron and smaller firms such as US K-12 education software and content provider Curriculum Associates.

Several are turning to tier II destinations, apart from the likes of Bengaluru and Hyderabad, to gain from robust talent pools and lower cost of operations.

“Traditionally, India has seen a lot of GCCs in BFSI (banking, financial services & insurance), retail, healthcare and life sciences, manufacturing and automotive industries,” said Vikram Ahuja, founder of ANSR.

“In the past few years, especially after Covid, we have seen a lot of newer industries setting up their centres in India,” said Ahuja, whose consultancy firm helps foreign companies set up GCCs.

Typically, these centres function as offshore support units for parent firms — offering IT, finance, customer support, business process management and research functions.

For some of the new global entrants, these GCCs, or research and development centres, mark a foray into India.

In August, Dublin-based online sports betting and iGaming firm Flutter Entertainment opened its new GCC in Hyderabad, with an investment of $3.5 million (₹29 crore).

In October, Marriott International said it is establishing a tech accelerator in Hyderabad, due to open in early 2025, marking its first overseas GCC. “We view this as complementary (to our overall strategy), so we have great talent around the world, in different places,” Drew Pinto, executive vice president and chief revenue & technology officer, Marriott International, recently told ET.

The number of GCCs set up in India increased to 1,700 in fiscal year 2024, generating $64.6 billion in export revenue, and employing over 1.9 million people, according to the latest Nasscom-Zinnov India GCC Landscape report.

Older GCCs are leveraging India’s cybersecurity talent for advanced threat prevention, while newer GCCs are focused on global and emerging market solutions, the report noted.

Further, new generation platforms, products and technologies are being developed in industries like aerospace, defence and semiconductors.

The majority of research centres are being established in key tier I hubs such as Bengaluru and Hyderabad. “These cities, long recognised for their robust ecosystems, offer a unique advantage due to the concentration of service providers’ talent pools and thriving Indian product companies,” said ANSR’s Ahuja. “However, newer centres are being set up in Bhubaneshwar, Noida and Ahmedabad,” where we’ve seen research and development and innovation being established.”

Even relatively smaller firms are hopping on. Curriculum Associates, which has a $800 million revenue, opened its first GCC in September, in Bengaluru, with plans to hire in hundreds in the next few years. “We are here for talent and access to world-class talent, to make us go even faster and help our growth more, to make classrooms better places for teachers and kids. That is my principal reason,” said Rob Waldron, its chief executive. “Meeting peers with GCCs here motivated (us) to set up technology operations in India. There is (even) more creative and innovative talent here than people give it credit for.”

10. Preserving India’s traditions & history: Heritage tourism can be the gateway to sustainable growth
ET Gov. 27 Oct. 2024

"We have to find ways of sending out the information that the Maheshwari sari is not just a thing of beauty and a fashion statement, it is also something of national and traditional importance:" Yeshwantrao Holkar III Grandson of Maharaja Yeshwantrao Holkar II and 16th direct descendant of Maharani Ahilyabai Holkar, Yeshwantrao Holkar III pursues his passion for conservation of Ahilyabai Holkar’s legacy.

In collaboration with the World Monument Fund, he is spearheading the project for restoration of the iconic Ahilyeshwar Chattri in Maheshwar. He is the founder of Maheshwar’s Holkar Cultural Center, which is dedicated to researching, documenting and holding cultural programmes. In his capacity as the board member of REHWA Society & WomenWeave, two not-for-profit NGOs in Maheshwar, he is working to preserve and promote the Maheshwari handloom tradition.

In conversation with Anoop Verma, Editor - News, ETGovernment, Yeshwantrao Holkar III provides his insights on the legacy of Maharani Ahilyabai Holkar. He also talks about the importance of preserving historical monuments and promoting heritage tourism.

Edited excerpts:

Your ancestor Maharani Ahilyabai Holkar is a major influence on India’s cultural, social and religious traditions. She has contributed to the growth of Indian architecture through the commission of various temples, ghats, and dharmshalas. What initiatives should be undertaken to preserve the legacy Ahilyabai Holkar for the future generations?
First and foremost a proper study and synthesis of the history of Punyashlok Lokmata Devi Ahilyabai Holkar and the values that she stood for is important. Somebody so multifaceted as she was, must be studied from diverse angles in order to be understood. She has lessons for all spheres of our life. It is possible to look at her contributions from a business administration angle, an economics angle, the angle of a social worker, the angle of a patron of crafts, the angle of an administrator, and as a great builder and a model of deep devotion to her faith and respect for other faiths. These facets of her life and work can and ought to be studied.

This is something that we are doing through the Holker Cultural Center. It is a testament to her enduring legacy that statues in her honor are being put up in various places. People are becoming aware of her history, and the important contributions that she has made. I believe that it is important for us to move forward towards achieving the ideals that she stood for. We need to follow her vision for the welfare of women, creation of healthcare facilities for all, building of infrastructure for water conservation and distribution and several other such measures.

The central and state governments have started initiatives in her name for the general welfare of the people. A city in Maharashtra has recently been named Ahilyanagar in honor of her memory.

It is said that the tradition and craft of Maheshwari sarees was started through the initiatives of Queen Ahilyabai Holkar. What can be done to preserve and popularize Indian traditions like Maheshwari sarees in India and other countries?
There are three or four different areas where we can focus. Many organisations are already doing commendable work for enhancing public awareness about the beauty and style of the Maheshwari sari. We have to find ways of sending out the information that the Maheshwari sari is not just a thing of beauty and a fashion statement, it is also something of national and traditional importance. One can wear it with pride.

India has such an extensive and vibrant handloom sector that there is a great amount of diversity between the saris that are being created in various villages. The sari being created by the weavers in one village will have subtle differences from the saris being created in another village. Young people are interested in saris because they remember that their mother and grandmother used to wear such saris.

One of the issues that I can see is that the handloom sari is quite expensive as compared to the factory made saris. We have to do something to ensure that the handloom saris are affordable to all sections of the society.

In most countries, tourism and hospitality sectors contribute significantly in revenue generation and job creation. But in India, we don’t attract international tourists in large numbers. What steps can be taken to grow the tourism and hospitality industry, and present India as an attractive destination to the global tourists?
After a difficult time during Covid, there has been a huge bounce back for tourism in India and globally. We are in the boutique and heritage hospitality space, which is one of the fastest growing sectors within tourism because people these days are looking for slightly different kinds of experience. When you come to a place like Maheshwar, and you stay at the Ahilya Fort Hotel, you learn about the history of that place. You learn about the history of India. You learn about the history of the Holkars. You also learn about the handloom weaving craft. You get these learnings by observing and experiencing directly.

There is potential for tourism and hospitality to grow in India. Of course, we also face some challenges. Especially where the international market is concerned, we face the challenge related to the ease of traveling within India. There is a need for better infrastructure. And work is going on in this area. More airports are being developed. Roads are being built. More hotels are coming up. Public infrastructure is becoming better. Yet, despite these transformations India continues to be a complicated place for foreign travelers. This is why we find India lagging behind in international tourism. We lag behind places like Dubai, Singapore and Thailand.

We have such an incredible country, so much culture, diversity, and natural beauty. When proper facilities become available, India will certainly emerge as a top tourist destination for the global travellers. Along with building the infrastructure, we need to promote the country in the world market and get into the eyes of the global tourists. One way is to promote the cultural, historical and traditional aspects of India. We have to inform the tourists that when they come to India, they can experience the stories from our past. India’s ancient healing and goodlife systems like yoga, ayurveda, and philosophies, dances, arts are appreciated around the world. These facets of our past should serve as a magnet for attracting tourists to our country.

In the last few years, several popular Bollywood movies have been filmed in Maheshwar. What can be done to further enhance Maheshwar’s appeal as a tourist destination and an ideal venue for making Bollywood films?
Some Bollywood movies are also being filmed there. I think the shooting of popular films at heritage monuments is a good way of popularizing the history of those monuments among the younger generation. At the same time, it is important to have a proper governance framework to ensure that no damage is done to the heritage structures during the filming. The Bollywood crews work on a tight schedule; they are under pressure to film many scenes in a short period of time. If the shooting is done without any governance framework then there is risk of damage being caused to the monuments. In Maheshwar, we have developed a framework to enable the Bollywood crews to do their work without any risk to the monuments.

The 300th birth anniversary of Ahilyabai Holkar was celebrated on May 31 this year. How do you see the key areas where she has made valuable contributions?

India is a place where people have very deep beliefs. They tend to be very strongly oriented towards their faith. Punyashlok Lokmata Devi Ahilyabai Holkar was a devout follower of Lord Shiva. She organised the construction of several temples and other holy places where people can express their feelings of devotion to Lord Shiva. She is credited with building or rebuilding over 100 temples, including the Kashi Vishwanath and Somnath temples. While being devoted to her faith, she was respectful to all other faiths.

During her reign of about 30 years there was complete peace and prosperity in her kingdom. Her ability to maintain peace and prosperity in her kingdom during an age when wars were raging in most parts of the Indian subcontinent is by itself a testament to her administrative skills. She made immense contributions to the area of women's empowerment and social transformation at a time when people were not aware of such issues. In fact, she herself broke the patriarchal norms, when she became the queen after the death of her husband.

In her honor, India issued a commemorative stamp in 1996. The Indore international airport was renamed Devi Ahilyabai Airport, and the Indore university was renamed as Devi Ahilya Vishwavidyalaya. In March 2024, the Maharashtra state government approved renaming Ahmadnagar to Ahilyanagar.

- Industry and Manufacture

11. PLI scheme created momentum not only in India but for global firms entering country: Sunil Bharti Mittal
ET Gov. 22 Oct. 2024, ANI

NEW DELHI: The Centre's schemes like Production-Linked Incentive (PLI) are creating huge momentum in the manufacturing sector not only in India but among global companies entering the country, according to Sunil Mittal, Founder and Chairperson of Bharti Enterprises Ltd.

"Our government is pushing manufacturing. The PLI scheme is creating tremendous momentum in not only India but also in global corporations coming to India for manufacturing... in this term of the government, you will see semiconductors becoming a reality," Mittal said on the sidelines of the NDTV World Summit 2024 on Monday.

Mittal, Chairperson of Bharti Enterprises, emphasized the global expansion of Indian businesses and the country's rising economic influence during his address at the summit.

Highlighting the efforts to take Indian brands to the global stage he praised the country's growing capabilities in manufacturing and exports.

Electronics, hardware manufacturing and software are some of the strongholds that India has in terms of manufacturing, he said.

"We have to showcase the Indian culture, the Indian ethos, India's commitment, and that's what I am currently focused on--expanding Airtel and all Bharti Enterprises into global markets. We need to take India to the globe," said Mittal, underlining his company's mission to grow internationally.

He noted that India has evolved into a place where products are produced and consumed locally, with increasing export potential worldwide.

Mittal praised companies like Tata for leading the way in global expansion, especially in Europe and South Africa, and shared Airtel's journey of becoming a prominent Indian brand abroad.

"In 2010, we made an audacious move to enter 15 countries in Africa. Today, we operate in 14 sub-Saharan countries, along with Sri Lanka and Bangladesh," he stated, highlighting Airtel's presence across the continent and its nearly 160 million customers in these regions.

He said, "We knew if you wanted our next 100 million customers we had to go somewhere outside to place like Africa today we have nearly 160 million customers in these 14 countries and the population and the young people are adopting technologies."

According to Mittal, India's investments are being more warmly welcomed globally compared to other nations like China, which faces increasing scrutiny.

"Indian money is welcomed abroad, unlike our neighbouring country, China, whose investments are often blocked. Even funds from the Middle East face stronger filters due to their sovereign backing," he said.

Noting the growing number of Indian companies venturing overseas, he said, "You are seeing GMR building airport outside, you are seeing Adani now going to Kenya, Godrej is going overseas Bajaj going outside. Hero Motor going outside. You are starting to see the emergence of global companies slowly but surely out of India now."

Looking ahead, Mittal expressed optimism about India's demographic dividend, he said, "In 2030, India will have 1 billion people in the working age, which means great opportunities, tremendous amount of consumption, equally tremendous amount of savings. But these people need to get jobs."

He added, "There some other sector service industry tourism, our new e-commerce type of activity will also generate a lot of jobs but in the end for any nation to become true economic power you need manufacturing. and I'm so glad that finally is getting this manufacturing piece right."

Emphasising the importance of building digital infrastructure to support this growth, he said, "My company spent between Rs 30,000 crore - Rs 35,000 crore in a year on digital infrastructure creation."

12. India Merchandise Exports: India's merchandise exports surge over 17% to $39.2 billion in Oct, highest in 2 yrs.
ET Gov. 16 Nov. 2024

Government’s strategy to focus on six sectors — engineering, electronics, pharma, chemicals, plastics and agriculture — as well as 20 countries is yielding positive result.

NEW DELHI: India’s merchandise exports in Oct rose by an impressive 17.3%, highest in over two years, to $39.2 billion, while the trade deficit widened to $27.1 billion. According to govt data released on Thursday, imports increased by 3.9% to $66.3 billion in Oct compared to $63.9 billion in the year-ago period.

The trade deficit (gap between imports and exports) narrowed as compared to $30.4 billion recorded in Oct last year. However, it has widened from $20.8 billion recorded in Sept this year.

India’s merchandise exports had marginally risen by 0.5% to $34.6 billion in Sept. During April-Oct this fiscal, exports increased by 3.2% to $252.3 billion, and imports by 5.8% to $416.9 billion.

Commenting on the data, commerce secretary Sunil Barthwal said, “This has been an extremely good month for exports...If we continue in this manner, we will cross $800 billion of exports (goods and services together) this (fiscal) year.”

He said that govt’s strategy to focus on six sectors — engineering, electronics, pharma, chemicals, plastics and agriculture — as well as 20 countries is yielding positive result.
These 20 countries account for 60% of the total global imports and these six segments have a share of 67% in global imports.

The commerce ministry has undertaken deeper economic integration in these nations through market access initiatives, promotion of brand India, addressing non-tariff barriers and conducting trade promotion events.

Barthwal also said that they are holding a series of meetings with Indian missions abroad to promote shipments.

“We are formulating strategies to promote exports in these focus countries and I am sure that the strategy will help us in showing excellent result by end of this year,” he added. Healthy christmas demands could be one of the reasons for exports to register double digit growth in October.

13. Branded as Tasteful, We Can Serve It Up
ET, 16 Nov. 2024

Are we doing enough to protect our rich array of artisanal cuisine against the globalisation of palates? India has a cornucopia of recipes in need of brand protection. Examples abound in all corners of the country, from dosa to dahi vada.

The trick is to fence them by geography and process, say, the Amritsari kulcha being made from atta of a particular district using a standardised process and prepared by designated local cooks. The benefits are obvious and flow all the way from the thali to the khet. Each point on the value chain gains pricing power that makes the ecosystem more sustainable and preserves the culinary tradition.

Essentially, this would involve providing some legal standing to artisanal cuisine and then building administrative fences to bind it to a place, process and people. Collectives of artisans can set out metrics for sourcing, processing and training. These will not be as rigid as patented products and processes that help large food companies expand their footprint. Yet, if these are upheld rigorously, they can help to keep traditional food on modern plates. Accompanying marketing initiatives will be needed to keep food in the public eye. Events surrounding local food have second-order effects on tourism. This was the traditional approach to gastronomic pluralism that now needs a modern avatar.

Guilds pooling available traditions are a stronger defensive force than family establishments for handed-down recipes. This type of structure permits easier entry and exit, which is important as economic opportunity expands for succeeding generations. Drawing in fresh talent is key to upholding quality. The bigger gain is through expanding the micro-economy around artisanal food by incorporating modern business practices. Countries such as Japan and France have been fairly successful in preserving their gastronomic traditions through this approach. Indian policymakers would do well to adapt some of their experience for domestic use. Bon appétit!

14. Collaboration for innovation: Building ties between med-tech manufacturers & global players
ET Gov. 18 Nov. 2024

To create a conducive environment for partnerships, policy makers need to play an integral role.

Increasing healthcare needs, government’s push for “Make in India”, changing patient profile and the burgeoning technological evolution post-COVID have led to an exponential growth of the Indian MedTech industry. Before the coronavirus pandemic, the industry primarily focused on in-person healthcare delivery, device manufacturing, and diagnostics, with slower adoption of digital health solutions.

However, technological advancements in the last couple of years has revolutionized the way Indian healthcare is delivered worldwide. It has greatly aided patients and providers alike by enhancing the quality of delivery, reduction in turnaround time of workflows and thus the overall cost.

The Indian government has played a crucial role in providing the industry a facelift with the introduction of Atma Nirbhar' Bharat mission. Recent other initiatives, for instance, The Production Linked Incentive Scheme (PLI) and Promotion of Medical Devices Parks Scheme, are a testimony to this.

Under the PLI scheme for Medical Devices, till now, a total of 26 projects have been approved, with a committed investment of USD 147 million to enable growth and innovation in the MedTech industry and make India as the global hub for manufacturing and innovation in the coming years. The Union Minister of Health has recently unveiled a central scheme for boosting the medical technology sector with an outlay of Rs 500 crores.

Though the market for medical technology in India is small, it is rapidly expanding with the presence of 750–800 domestic medical device manufacturers and a vibrant startup ecosystem that are coming up with cutting-edge healthtech solutions. But, for innovation to make an impact, collaboration between the stakeholders in the medical technology ecosystem is a key success factor in leveraging each other’s strength in indigenous innovation, investment on R&D, availability of well-trained workforce and regulatory frameworks.

A Case For Collaboration
Collaboration between the Indian MedTech manufacturers and global players will also enable the Indian MedTech industry to reach a whopping USD 30 billion by 2028 from the currently valued USD 15.35 billion industry with the access of advanced technologies, skill development, market expansion and innovation ecosystems.

As India is going through a wave in medical technology innovations, from artificial intelligence (AI) and machine learning (ML) in diagnostics to the development of more accessible and affordable medical devices, joining hands with global med-tech leaders will influence the pace at which these innovations are developed and deployed.

This transfer of knowledge can accelerate state-of-the-art product development cycles, thereby enhancing the quality of medical devices, and facilitating the creation of innovative solutions tailored to local healthcare needs. Around 70 per cent of the state-of-the-art medical devices used in our healthcare facilities are imported either from US, China, Germany or Japan and often subject to steep customs duties. But collaboration can mitigate the challenges in terms of accessibility of quality healthcare and cost especially in the underserved regions.

Despite the availability of a large pool of engineers and scientists, there is still a gap in the availability of specialized talent for the med-tech industry. To address this, a comprehensive talent development strategy that includes the establishment of specialized training institutes and the integration of med-tech-specific courses into the curriculum of engineering and medical schools is required.

Under the National Skill Development Mission scheme, a programme for the development of a skilled work force in the bio engineering and pharma sector to ensure that the skills being imparted are in line with industry requirements.

For Indian companies, collaboration offers an opportunity to tap into global markets. By aligning with established players, they can gain credibility and visibility, making it easier to penetrate international markets and expand their customer base. Conversely, global players can benefit from access to India’s rapidly growing market, characterized by a diverse population and increasing healthcare demands.

Collaborative efforts can help build robust innovative ecosystems that foster research and development. By creating platforms for joint research initiatives, incubators, and innovation hubs, both Indian and global players can drive groundbreaking advancements in medical technology. India can foster a thriving domestic medical devices industry and reduce its reliance on imports by fast tracking approvals by streamlining regulatory procedures, providing incentives for investment, and improving infrastructure.

Successful Case Studies so far
In the recent past, several successful collaborations between Indian med-tech manufacturers and global players have already underscored the potential of such partnerships. A leading Germany-based MedTech company has invested heavily in local research and development centers in India to build advanced imaging and diagnostics technologies. With this collaboration, the potential of Indian manufacturers is not only getting enhanced, but the localized solutions are also getting robust in catering to the unique needs of the Indian healthcare system.

Additionally, tie ups between startups and global innovators are helping Indian startups to curate tailored healthcare services and expand their operations globally. For instance, a global platform for healthcare innovation has signed a memorandum of understanding with Indian startup ecosystem enablers to groom and nurture health tech startups and promote cross-border cooperation.

These collaborations not only enhance the innovation potential of Indian companies but also position them as valuable contributors to the global med-tech ecosystem.

Way Forward
The way forward for the Indian medical technology sector is to embrace teamwork and develop partnerships as fundamental components of innovation and indigenous technology development for healthcare. Collaboration may include local sourcing of not finished products but raw materials at sub assembly level thereby improving quality standards and competition, helping improve the eco system for future localisation.

To create a conducive environment for partnerships, policy makers need to play an integral role. They have to offer incentives for joint ventures and rationalize import duty structure. Not to forget that India can overcome the existing challenges only by strengthening ties with global players. Collaboration is not only a business tactic but a means of forging stronger partnerships across borders and sectors and uncovering opportunities that move global healthcare innovation forward.

(The author is Former Health Secretary, Government of India; Views are personal)

15. ₹27000 crore Assam semiconductor plant to be game-changer in India’s chip ecosystem
ET Gov. 18 Nov. 2024

The Morigaon facility is expected to produce up to 48 million semiconductor chips per day, employing advanced packaging technologies like flip chip and Integrated System in Package (ISIP).

NEW DELHI: The development of a semiconductor unit in Morigaon, Assam, spearheaded by Tata Semiconductor Assembly and Test Pvt Ltd (TSAT) with an investment of ₹27,000 crore is headed for completion in mid-2025, will be a game-changer for India’s semiconductor ecosystem, the Ministry of Electronics & IT said on Sunday.

The Morigaon facility is expected to produce up to 48 million semiconductor chips per day, employing advanced packaging technologies like flip chip and Integrated System in Package (ISIP).

Designed to cater to essential sectors such as automotive, electric vehicles, telecommunications, and consumer electronics, the project is set to become one of the country’s premier manufacturing sites. It aligns with the nation’s broader goal of establishing a self-sufficient semiconductor ecosystem.

The Morigaon unit goes beyond technological development, it brings significant socio-economic benefits by generating 15,000 direct and 11,000-13,000 indirect jobs, contributing to regional economic growth in Assam and nearby areas.

As a high-capacity production site, the facility’s daily output will serve both domestic and international markets, positioning India as a competitive force in the global semiconductor supply chain, the statement said.

Industry estimates place the Indian semiconductor market at approximately $38 billion in 2023, with projections indicating growth to $109 billion by 2030. To support this rapid expansion and reduce reliance on imports, the Indian government has implemented several initiatives aimed at promoting domestic semiconductor manufacturing.

The India Semiconductor Mission (ISM) aims to build a sustainable semiconductor and display ecosystem that will position India as a leader in electronics manufacturing and design.

Guided by international semiconductor experts, ISM coordinates efforts across government ministries, industry, and academic institutions to ensure efficient deployment of resources and support.

Launched in 2021 with a financial outlay of ₹76,000 crore, the Semicon India program is structured to promote the domestic semiconductor industry through incentives and strategic partnerships. This initiative supports various sectors of the semiconductor industry, extending beyond just fabrication facilities (fabs) to include packaging, display wires, Outsourced Semiconductor Assembly and Testing (OSATs), sensors, and other critical components, creating a comprehensive ecosystem.

Under the program, four schemes have been introduced namely the Modified Scheme for setting up Semiconductor Fabs in India, the Modified Scheme for setting up Display Fabs in India, the Modified Scheme for setting up Compound Semiconductors/ Silicon Photonics/ Sensors Fab/ Discrete Semiconductors Fab and Semiconductor ATMP/ OSAT facilities in India, and Design Linked Incentive (DLI) Scheme.

The Morigaon semiconductor facility is part of a wider network of government-backed projects aimed at bolstering India’s semiconductor production capabilities.

The Union Cabinet has approved the establishment of multiple semiconductor units across the nation, including new facilities by Tata Electronics in Dholera, Gujarat, and CG Power in Sanand, Gujarat.

Additionally, Kaynes Semicon Pvt Ltd was approved to set up a unit in Sanand as well. This expansion signifies India’s commitment to reducing reliance on semiconductor imports and fortifying its position in the global semiconductor value chain.

The government has also focused on modernizing the Semi-Conductor Laboratory in Mohali and implementing the Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS) and the Production Linked Incentive (PLI) Scheme for Large-Scale Electronics. These efforts ensure support for every segment of semiconductor production, fostering an ecosystem that encompasses chip design, fabrication, testing, and assembly.

As the demand for semiconductors surges worldwide, India’s burgeoning semiconductor infrastructure is set to drive innovation, create jobs, and secure the country’s position as a significant player in the global digital economy, the statement added.

- Services (Education, Healthcare, IT, R&D, Tourism, etc.)

16. National Digital Communications Policy (NDCP): Govt policies shaping the future of telecom, creating jobs, fuelling economic growth
ET Gov. 8 Nov. 2024

By encouraging infrastructure-sharing policies, the government not only saves costs but also accelerates network expansion.

The telecom sector of India has transformed remarkably over time and the nation has evolved into the second largest and most dynamic industry globally. Now, with around one billion subscribers and almost 900 million internet users, this sector plays a crucial role in economic development, digital transformation, communication, and innovation.

Yet, the fast expansion likewise presents several challenges, including extensive infrastructure development needs, regulatory adjustments needed, and encouraging innovation issues that government policies and reforms aim to address by shaping India's telecom future.

At the heart of India's strategy is the National Digital Communications Policy (NDCP) of 2018. This policy basically strives to achieve "Broadband for All" and it not only aims to facilitate the development of broadband connectivity but also aims to encourage the telecom sector's contribution to India's GDP.

The growth of this field will result in the creation of millions of jobs. The objective of a $1 trillion digital economy by 2025 lays the foundation for a future where digital communication drives cross-sector growth and ensures that all residents everywhere have access to good, effective communication channels.

Achieving connectivity in rural India has long been a priority, given that nearly two-thirds of its population lives in these regions. Hence, in order to conquer this issue, the Universal Service Obligation Fund (USOF) was established to improve rural and remote connectivity and fund large-scale projects such as BharatNet, which has successfully connected over 250,000 Gram panchayats with high-speed broadband.

BharatNet directly provides essential services such as education, telemedicine, and e-governance to these rural communities, ensuring digital inclusion extends beyond urban India.

Rural connectivity initiatives are certainly noteworthy, but making sure telecom companies have access to crucial resources like spectrum is equally vital. In this arena, the Indian government has taken active steps by organising regular spectrum auctions, which not only provide telecom operators with adequate bandwidth to expand their services but also generate significant revenues for the government.

The 2022 5G spectrum auction significantly accelerated the global rollout, resulting in the installation of over 3 lakh 5G base transceiver stations in just 10 months, propelling India into its next phase of digital transformation and enabling mobile connectivity and industrial applications of 5G technology.

Building the infrastructure necessary for such rapid technological progress requires substantial investments. To reduce network expansion costs, the government has instituted infrastructure-sharing policies that permit multiple telecom operators to share towers and fiber networks; this has proven particularly advantageous in rural and remote areas where constructing individual networks would have been prohibitively expensive.

By encouraging infrastructure-sharing policies, the government not only saves costs but also accelerates network expansion.

TRAI (Telecom Regulatory Authority of India) is another essential pillar supporting India's telecom industry. One of its key roles is to ensure that the telecom market remains consumer-centric by regulating tariffs, monitoring competition levels, and guaranteeing access to services for all users.

One significant contribution by TRAI has been making telecom services more affordable while protecting against monopolistic practices—something that has led India to be one of the highest consumers of data globally.

However, connectivity and affordability alone cannot ensure an inclusive digital society; that is why the government has also emphasized expanding access to affordable smartphones. Thanks to government incentives for domestic smartphone manufacturing, India has quickly become one of the world's largest smartphone markets, with projected usage surpassing 1 billion devices by 2026. These initiatives are particularly critical given that most Indians access digital services through smartphones, providing digital services even in rural areas.

At the same time, India has recognised digital literacy is just as essential to accessing technology. FutureSkills PRIME, for example, aims to equip millions of workers with digital skills for an increasingly technology-based future, with a focus on digital literacy to ensure citizens take full advantage of increased connectivity.

As the telecom sector expands, innovation and competition are integral to its sustainability. To this end, governments have launched initiatives like the Digital Communication Innovation Square (DCIS), providing financial support for startups and MSMEs within this field. By encouraging innovation in 5G, AI, and IoT fields, as well as others such as 5G R&D incentives that promote homegrown solutions as opposed to imported solutions, these efforts further contribute towards long-term sustainability for this market.

India has taken major strides to future-proof their telecom industry through rapid deployment of 5G across its country. By 2025, the country should have established an estimated 88 million 5G connections, and its economic contribution could surpass $450 billion by 2040. Furthermore, the government has begun investing in 6G research to keep India at the forefront of global telecom innovation.

However, despite its successes, the telecom industry still faces numerous obstacles, particularly regulatory complexity and financial strain on operators. One policy to address these obstacles is the Production-Linked Incentive (PLI) Scheme for telecom equipment manufacturing. Encouraging domestic production reduces import reliance and helps create a more self-reliant telecom ecosystem.

As India's telecom sector evolves, government policies will play an integral role in driving growth, innovation, and inclusion across its borders. Continued investment in rural infrastructure, more flexible spectrum management, and building an innovative startup ecosystem are vital elements to ensure its competitive and inclusive nature.

All in all, it can be said that government policies have played a vital role in shaping India's telecom sector. Through initiatives like the NDCP, BharatNet, and PLI Scheme, the government is creating an environment that fosters innovation while expanding connectivity for all citizens. As India gears up for the 5G revolution and sets its sights on futuristic 6G services, the telecom sector is poised to be a cornerstone of its digital destiny.

(The author is Head of IoT & Connectivity, Giesecke+ Devrient India; Views are personal)

17. AI-driven cloud diagnostics: A solution to India’s maternal and infant mortality crisis
ET Gov. 13 Nov. 2024

India, on its path to becoming a global economic leader, has made strides in reducing maternal mortality ratios (MMR) and infant mortality rates (IMR). However, rural areas, where medical infrastructure is sparse and specialized healthcare personnel are limited, remain underserved.

Training a doctor can take up to seven years, leaving many regions without adequate medical expertise. These challenges underscore the need for innovative solutions. AI-driven cloud diagnostics, coupled with portable medical devices, present a transformative way forward.

By enabling real-time monitoring and proactive care, these technologies can address gaps in healthcare delivery, ultimately improving outcomes for mothers and infants across the country.

Smart Devices and AI for Maternal and Infant Health
AI-powered diagnostics are changing the way healthcare is delivered, particularly in rural regions, by connecting smart devices that monitor patients in real-time. Imagine a pregnant woman in a remote village who begins to experience early labor symptoms.

Her wearable sensors—tracking fetal heart rate, blood pressure, and uterine contractions—detect the anomaly and transmit the data to an AI-powered cloud system. The system alerts the nearest healthcare worker, who receives the notification on her smartphone. Simultaneously, the district hospital is informed, and an ambulance is dispatched to the woman's precise GPS location.

This seamless integration of technology ensures timely intervention, bridging the gap between remote areas and advanced healthcare infrastructure.

At the core of these innovations are portable devices like digital stethoscopes and ultrasound machines. Digital stethoscopes, for example, capture heart and lung sounds, transmitting them to cloud-based AI platforms for analysis.

These algorithms rapidly detect irregularities such as arrhythmias or respiratory distress, providing immediate feedback to healthcare workers. Similarly, the miniaturization of ultrasound machines has made advanced imaging more accessible.

Once bulky and confined to hospitals, these AI-enabled ultrasounds are now portable and easy to use, even for healthcare providers with minimal training. This makes it possible to detect complications such as abnormal fetal growth or incorrect positioning early, preventing serious outcomes.

Wearable sensors add another layer of sophistication to this ecosystem, continuously monitoring key health indicators and transmitting the data to cloud-based systems. These sensors detect risks such as preeclampsia or gestational hypertension well before symptoms become visible.

With constant monitoring, healthcare providers can intervene early, preventing life-threatening complications during pregnancy. The ability to predict and preempt complications through AI transforms maternal and infant care, making it proactive rather than reactive.

Middleware and AI Cloud Diagnostics: The Core of Integration
The true power of these smart devices lies in their ability to work together through middleware and national cloud systems. In global healthcare systems where these technologies are already in use, these technologies have already proven their ability to enhance diagnostics.

Middleware enables communication between digital stethoscopes, ultrasounds, and wearable sensors, standardizing the data so that AI algorithms can process it effectively. This creates a unified diagnostic ecosystem where information from multiple devices is aggregated in real time, giving healthcare workers a complete picture of a patient’s health.

AI algorithms are instrumental in analyzing patterns within this data, allowing predictive analytics to identify complications like preeclampsia or preterm labor early.

Natural language processing (NLP) further enriches this process by integrating clinical notes and patient history, offering a comprehensive understanding of each case. The result is faster, more accurate decision-making at the point of care, even in rural settings where medical expertise is limited.

Making AI Diagnostics Affordable and Accessible
For AI-driven cloud diagnostics to succeed in India, they must be affordable, user-friendly, and scalable. This is where the Indian government can play a transformative role by investing in internal research and development (R&D).

By focusing on developing low-cost, battery-operated versions of these devices, the country can create affordable solutions suited to the specific challenges of its healthcare system, such as unreliable electricity in rural areas.

Government-led R&D can also prioritize the creation of user-friendly devices that require minimal training. By fostering an ecosystem of innovation, the government can ensure that AI-powered healthcare solutions reach even the most remote areas, integrating them into the broader healthcare infrastructure and addressing the challenges posed by limited medical personnel.

Conclusion
India stands at the cusp of a healthcare revolution, with AI-driven cloud diagnostics offering a way to overcome long-standing barriers in maternal and infant care. The integration of smart devices through middleware creates a unified, scalable healthcare model capable of delivering high-quality care even in the most remote areas.

These technologies must be adapted to the local context, made affordable, easy to use, and scalable. With strategic investments in internal R&D, India can make these life-saving innovations accessible to all, reducing preventable deaths and improving health outcomes for mothers and infants across the country.

The future of healthcare in India is bright, and AI-driven cloud diagnostics will be pivotal in shaping that future.

(Dr. Jaijit Bhattacharya is President of Centre for Digital Economy Policy Research, Ishaan Jain is researcher in Stanford University; Views are personal)

18. Electronics Manufacturing: India has the potential to be a world leader provided challenges get addressed
ET Gov., 29 Oct. 2024

The SEMICON India-2024, held last month has attracted investors and stakeholders from all over the world. This has changed the narrative and perception of the semiconductor industry leaders from ‘Why India’ in 2022 to ‘Why not India’ now.

This has been made possible through proactive policies, stable government, trust and a growing innovation and startup ecosystem. This has also brought to the fore the need of a resilient supply chain and a robust component ecosystem.

Significant room for growth
India’s metanarrative usually tends to focus on its consumer story, driven by its 308 million- odd households and an aspirational middle class. Looking at manufacturing, the share of the sector in GDP has been around 15 percent in the last couple of decades.

While the focus on manufacturing is slowly increasing, there is a need for a greater focus on component manufacturing. A ubiquitous example that usually does the rounds in this context is the iPhone. A recent headline announced that iPhone Inc recorded an impressive 33% jump in revenues and grossed almost $8 billion in annual sales in India in the last fiscal. iPhone exports too have doubled—from $6.27 billion to $12.1 billion—over the same period. However, viewed from a different lens, the iPhone story in India remains largely an assembled marvel, with component manufacturing still hovering around 9%.

This seemingly measly figure is symbolic of the opportunity that waits to be mined by India’s electronic component manufacturing industry which is hitherto largely import dependent. With a significant push from ‘Make in India,’ ‘Digital India,’ ‘Startup India’, and ‘Ease of Doing Business’, the domestic production of electronic items has increased, at a CAGR of 15.7%, from $70 billion in 2018-19 to $115 billion in 2023-24.

The exports of electronic goods too grew at a CAGR of 31.25% to $29.1 billion in 2023-24. However, the size of the Indian electronic components market, despite increasing at a CAGR of 32%, stood at just $20.8 billion in 2018-19 even as estimates point at a market opportunity of $200 billion by 2025. The opportunity is also visible in another metric — the share of electronics goods in merchandise exports of India. Even though the share rose from 2.7% in FY19 to 6.7% in FY24, there remains significant scope for growth.

Government support is critical
A series of meetings between government officials and industry stakeholders in recent weeks is proof of the concern and importance that the present government is giving to component manufacturing with a focus on complete electronic components’ manufacturing ecosystem to position India as a global Hub for Electronics System Design and Manufacturing.

The government has been consistently rolling out targeted policies as part of the Atma Nirbhar Bharat vision including the National Policy on Electronics (NPE) 2012 and successive schemes like – The Production Linked Incentive Scheme (PLI) for Large Scale Electronics Manufacturing; Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS); Modified Electronics Manufacturing Clusters Scheme (EMC 2.0); PLI for IT Hardware, and Program for Development of Semiconductors and Display Manufacturing Ecosystem with its Rs 76,000 crore outlay.

What also works in India’s favour is the availability of cost-effective skilled manpower. Under the National Policy on Skill Development and Entrepreneurship, 2015, around 1.6 million candidates have been trained, as of 2022, in a multitude of sub-sectors such as semiconductor and components, consumer electronics & IT hardware, EMS, solar & LED, PCB design & manufacturing, battery etc.

The electronics sector has already created avenues for 2.5 million direct and indirect jobs and is expected to reach one crore jobs by 2026-27. Besides, Chips to Start up Programme is creating infrastructure and training opportunities in Indian engineering colleges and institutions for the graduating students in areas of semiconductor chips design and systems making.

India needs to be at the forefront of the semiconductor movement
Driven by the need to maintain seamless supply chains, global players too are finding India to be an ideal alternative location for electronics manufacturing. The geo-political strategic shift is proving to be a win-win for them as well as for India.

Players such as Samsung, Apple, Foxconn, and Pegatron are setting up facilities in India and leveraging cost efficiencies, thus gaining a competitive edge that not only helps them meet the insatiable domestic demand but also cater to other international markets. For India, it means creation of more employment opportunities, fostering an environment of innovation, and enhancing the electronics value chain overall through technology transfer.

For example, in the mobile phone value chain, India’s presence has grown from just 2% value addition, primarily through assembly in 2014, to about 15% in 2022, involving assembly as well as sub-components. Interestingly, this quotient can grow by another 8% simply by localised manufacturing of casing of phones.

India must maximise value addition through such sub components to be able to attain the target, of $300 billion for electronics manufacturing by 2025-26, it has set for itself. Only a dynamic electronic component manufacturing ecosystem can further fuel electronics manufacturing in India.

However, for India to be able to compete with manufacturing hubs such as China, Taiwan, and Vietnam, few anomalies must be addressed on priority — lack of fully developed Plug and play infrastructure, lack of availability of high-quality raw materials locally, and dearth of finance options at reasonable cost. More resources must be pumped into R&D to enhance India’s innovation and competitiveness quotient.

All these issues can only be addressed suitably at the policy level and a good starting point could be long-term stable taxation and trade policies. Allowing FDI for setting up component manufacturing facilities in India from all geographies either 100 percent or as JVs with Indian companies will also have a catalytic reaction that could propel India into the global manufacturing landscape instantly. A strong focus on Ease of Doing Business with better facilitation to de-risk investment and build greater investor confidence.

As PLI on mobile manufacturing comes to an end next year, there is a need to revamp SPECS with more components or a new PLI for components and investor friendly guidelines, as has been done in the case of India Semiconductor Mission. Instead of baby steps, it is an opportune time for leapfrogging to be among the leading manufacturing nations.

As Hon’ble Prime Minister said in Semicon India 2024,” When CHIPS are down, BET on India”. That moment has arrived.

(The author is former Secretary, Ministry of Electronics & Information Technology, Govt of India; Views are personal)

19. India Semiconductor Mission: Workforce development to make India the world's semiconductor design & manufacturing hub
ET Gov. 2 Nov. 2024

With 1.5 million engineering graduates every year and a major software and IT boom in the last two decades, there have traditionally been a few takers for microelectronics, electrical, chemical and material engineering. The two main arguments for the same are lack of awareness and availability of job options as compared to pursuing computer science and allied disciplines.

The software boom of the early nineties and the dot com revolution gave a much-needed impetus to STEM education in the country. This facilitated a large number of colleges to come up in smaller towns and cities as well. We are poised with a unique demographic dividend and a large pool of technically aligned populace today.

The future of chip design and manufacturing lies in the quality of engineering education and workforce development. This critical aspect has been identified by the Government, Industry and Academia and emphasis is being accorded likewise.

Culturally, engineering in any form in India has sociometric dimensions, in addition to educational qualifications. While the discipline provides social acceptance, a large number of skilled engineers end up pursuing management to pursue corporate careers and even civil services, besides a large volume of drop outs.

Many individuals in the industry promulgate a view that engineering schools do not focus enough to equip students with critical thinking and problem-solving skills to make them industry ready. Some individuals in higher education put the blame on schools with the premise that the school education system is very theoretical.

The parents often blame the schooling system. This quagmire is further compounded by the rapid technological cycles without adequately ensuring that the generations imminently entering the workforce are fully equipped to take on the technological challenges of the future.

In spite of such volumes of engineering graduates, there exists a faculty deficit and lack of a mechanism to retain instructional talent. The reasons for non-retention of instructional talent encompasses low remuneration, low availability of cutting-edge R&D and associated funding. Furthermore, academia is a domain with an intrinsic learning curve.

Most Indian engineering institutions lack upskilling and reskilling programs for their faculty which not only needs to be periodic but also essential, with defined budgetary support. This has a direct significance for curating an adaptive syllabus aligned with the future. A continuous industry interface during the course of engineering curriculum is critical and needs to be factored as part of policy to cater for cutting edge technologies and manufacturing in India.

A multi-layered approach, therefore, is the key. In the first layer, skilling of workforce in Industrial Training Institutes (ITI) which have been pivotal in providing skilled workforce in nearly all sectors need to be enabled with courses in semiconductors and components, consumer electronics, IT hardware, PCB design and industrial automation.

This layer is manpower intensive and can have linkages with private institutions which could be funded by corporates, industry and CSR. This in itself can be the bedrock of a talent pool with a designated, yet a dynamic syllabus which can be promulgated in an online/offline format. While there has been a notable progressive thought and action in this domain, a centralised coordination will be a force multiplier in future.

Short diploma courses for undergraduate students with practical experience in chip design by nominated institutions of repute can also be a part of this layer. This will apparently be the most sought-after layer for the future for exporting talent, internationally.

The second layer could target core undergraduate courses in engineering and altering preferences of the students. The third layer could look at specialisation/master’s degree and requires building of capacities, investing in faculty which is homegrown or from abroad. The fourth layer can look into the dynamics of making India, the R&D hub with years of expertise in design and capabilities to plug in the global supply chains in terms of chemicals as well as materials.

This will encompass setting up of world class testing and verification laboratories which can be made as part of existing facilities like SCL, Mohali or by following a de novo approach with varied models as options. New incentives for international trusted partners for pooling their talent to train our own is also an option which can be explored. Talent exchange by the industry or a joint workforce development initiative is another option which can be considered post weighing its pros and cons.

With a large market with demand metrics, being on the pole position as the global fintech adapter, second in internet users of the world and with the world’s third largest start-up ecosystem, India is poised to be the talent powerhouse of the future. Workforce development thereby needs to be the focal point of attention as India embarks on a journey to become a semiconductor hub with a robust edifice of policy framework.

An adaptive engineering education and focussed skilling of the future ready workforce is the very core of semiconductor design and manufacturing in the future. While the New Education Policy (NEP) is a pathbreaking reform with STEM subjects at its core, application and outcome-based education will require a continuous cycle of “Reform-Perform and Transform”, as elucidated clearly by our Hon’ble Prime Minister.

The pandemic has taught us that we face an unpredictable world which warrants thinking agility and adaptability. A larger impetus on hardware related engineering courses and skilling in this space thereby transcends from basic certification to post-doctoral degrees. Shortages in this domain are likely to be increasing and a lot of long-term remedies will need to be put in place to include dynamic policies, funding and investment.

A large impetus to hardware related engineering courses and skilling will need more prominence especially in high end chip manufacturing processes. This may prove to be the very vertex of the technological trajectory.

(The author is a former Colonel, Indian Army, and a commentator on electronics and semiconductor sectors; Views are personal)

20. India's semiconductor market projected to surpass $100 billion in revenues by 2030
ET Gov. 27 Oct. 2024

Union Minister for Electronics and IT, Ashwini Vaishnaw, said this month that India is moving towards becoming the next semiconductor hub for the world as big investment is happening in this sector in the country.

India's semiconductor market is set to cross $100 billion in revenues by 2030, driven by government initiatives like production-linked incentive (PLI) scheme amid robust demand to build digital infrastructure across industries, according to a report on Wednesday.

Mobile handset, IT and telecom segments are leading the semiconductor industry, contributing more than 75 per cent of its revenues, according to a report by the India Electronics and Semiconductor Association (IESA) and Counterpoint Research.

The government's $9.1 billion 'Semicon India' programme aims to boost semiconductor manufacturing and workforce development, driving innovation and growth in India's tech ecosystem.

"India has created one of the largest smart populations in the world, powered by semiconductors operating in the background. Semiconductors have a profound commercial, strategic and social impact," said Ved Prakash Mall, Director, IESA.

Semiconductors play a crucial role in sectors such as electronics manufacturing, digital transformation, defense, aerospace, renewable energy, IoT, healthcare, automotive and research.

India's semiconductor market was valued at $45 billion in 2023 and is projected to rapidly grow at a CAGR of 13 per cent to surpass $100 billion by 2030.

Tarun Pathak, Research Director at Counterpoint Research, said that the handset sector is the leading force in India's semiconductor industry, playing a crucial role in the country's digital transformation as more consumers transition from feature phones to smartphones.

"This growth is driven by the increased use of social media, OTT platforms, affordable prices, accessible data, and the expansion of the 5G network. At the same time, India's IT sector is thriving, supported by pandemic-driven digitalisation and government initiatives like 'Digital India' and 'Make in India'," he mentioned.

Union Minister for Electronics and IT, Ashwini Vaishnaw, said this month that India is moving towards becoming the next semiconductor hub for the world as big investment is happening in this sector in the country.

More than Rs 1.52 lakh crore (nearly $18 billion) worth of investments have come in India's semiconductor manufacturing space in a short span of time and several projects are already in the pipeline.

Counterpoint Research Vice President Neil Shah said that The telecom sector, with the ongoing 5G and fibre network rollouts, is central to this expansion.

"Projects like BharatNet and solutions such as fixed wireless access (FWA) are playing a pivotal role, especially in regions where fiber deployment is challenging. The semiconductor demand in India will be driven by the need for high-speed connectivity," Shah noted.

India and the World

21. Mission Possible: Ingredients are Here for India to Manufacture AI, Lead AI Revolution
ET, 28 Oct. 2024

India is embedded in Nvidia’s future — and vice-versa, said the chipmaker’s founder Jensen Huang as he enthralled India Inc’s leaders with the promise of artificial intelligence to transform industry, help the country bridge the digital divide and elevate its people, even as he reassured them that AI is not likely to replace humans anytime soon

Artificial Intelligence is making computers an instrument for everyone and not just for the privileged few, believes Jensen Huang, the iconic founder and chief executive of chip maker Nvidia. He allayed the fears that AI could consume jobs or replace humans and said that the technology would make everything more efficient and productive, saving key resources and elevating human capabilities. In a free-wheeling conversation with Sruthijith KK at the ET Conversations event in Mumbai on Friday, Huang, 61, who steered the company out of its turbulent early years and turned it into the $3.43 trillion behemoth that it is today, said that he still wakes up fearing that Nvidia could even now go out of business. No one in technology should get too comfortable or complacent, said the top boss helming the world’s second most valued company. His message to India’s IT services industry was unequivocal: Move from the back office to the front office and lead the AI revolution. Edited excerpts:

I want to start with a core technical question. How is your leather jacket holding up in the Mumbai heat?

(Laughs) It’s fine. Thank you! I enjoy the heat.

How prepared should India be for disruption in the IT sector, in terms of low-level coding being very rapidly getting disrupted by AI?
Well, the future of programming is going to be very different. We will do less programming of the computer and do more programming of the AI. And the idea of programming explicitly, telling the computer exactly what we want, is going to be less. And then letting the computer know what we intend and what we’d like to achieve will be more popular. And so we’ll do less coding and do more prompting.

This is an extraordinary time for India for several reasons. India has one of the world’s largest digital ecosystems and an enormous population of computer-literate engineers. This is just an extraordinary opportunity for India to reinvent itself from a back-office, IT cost-reduction industry to a front-office, AI-driven innovation ecosystem. And I was so inspired by all the companies that I met while I was here. The energy around artificial intelligence and the literacy and the capability that has been developed here in the last year (is great). In just the last year alone, Infosys, Wipro, TCS and many more that I met, the work that they’re doing in agentic AI, at the leading edge of artificial intelligence is really quite extraordinary.

There is a fear that AI will replace jobs…
You know, AI is not going to replace humans anytime soon. There’s not one piece of artificial intelligence that can replace 100% of someone. But, it is the case that everyone can take advantage of artificial intelligence to elevate our capabilities. And so think of it as a tool that elevates our abilities to make us all superhuman. And I think that that understanding pervades in India today. Everybody that I see, the number of startups here, the understanding of the opportunity of artificial intelligence, the energy that’s here is really quite extraordinary. And so I’m excited about the opportunity for India. A third of Nvidia is here in India. Somebody mentioned that most of the letters of our company spell India. And in a lot of ways, Nvidia’s senior leadership is Indian. A third of our engineers are here. We’ve been in Bangalore for almost 25 years. India designs Nvidia’s chips, writes Nvidia software, designs Nvidia systems, and develops a lot of Nvidia’s algorithms.

The aspiration, the vision, the ambition to elevate yourself from an IT cost reduction industry, from a labour outsourcing industry, to become an artificial intelligence production industry, I think you’ve got to pursue that with all of your might. You don’t want to be a cost-reduction industry, you want to be a revenue-growth industry. You want to be an industry where, when you’re sleeping, you’re still making money. And it’s hard to do that when your business model is by an hour. And I’m excited by the fact that the leadership here recognises this extraordinary opportunity.

There’s no reason that the fundamental intelligence of this country is not encoded in intelligence that can be manufactured at scale. Every aspect of artificial intelligence, the natural resources are here. The digital economy is here, so you have lots and lots of data. You have a deep understanding of computer science, you have a deep understanding of computing. You have massive resources. And in order to be in the artificial intelligence industry, to manufacture intelligence, you need energy, you need data, and you need computer science expertise. All three exist right here.

And I remember fondly the first time I spoke to Modiji about artificial intelligence. And he had a great deal of curiosity about what it is that I did for a living. And I spoke to him about AI. And at the end of it, he said something that was profoundly wise. He said that India should not export flour and import bread. The flour is the natural resource of your country, which is data. The data of India belongs to India. It’s your natural resource.

The data of India encodes the knowledge of your people. Of course, it’s the language and the history, but it also encodes your knowledge and your culture. It belongs to you. There’s no reason to let anyone else harvest that, process that, and turn it into something of value called intelligence, digital intelligence. You can do it yourself. He also said that India should own its own AI cloud — meaning that the AI infrastructure, the processing infrastructure, the factories — we call them AI factories. The AI factories are part of your national infrastructure. Just like energy, just as roads, and communications, all of those networks should be built here. And it should be part of the national infrastructure.

And his understanding of it was quite inspiring to me, quite impressive to me. And when I come to India, I have had the opportunity to update him several times on the progress of artificial intelligence. And you can tell that he is honed in on this idea that AI can lift the nation. And the example that he spoke about was agriculture. The vast majority of the country is in the industry of agriculture. And if we could put AI in the hands of farmers, so that the use of AI enhances crop yields and make better predictions of the weather and the yield of crops, that could lift the productivity of the people. So I think in a lot of ways, whether it’s the national will, the inherent capability of this industry, the IT industry, and also the digital economy that we’ve already created over so many years, the ingredients are right, the ingredients are here for you to take advantage of this AI revolution. (India should) manufacture AI and lead the AI revolution.

You are bullish on applications such as robotics and autonomous driving. Now that you have experienced India’s traffic, do you think Nvidia can make chips powerful enough to handle autonomous driving in India?
Well if somebody can conquer autonomous driving in India, you can be assured that autonomous driving will be solved everywhere else in the world. Of course, we also know that autonomous vehicles use the wrong sensors for India (jokingly). Cameras are obviously insufficient. You can’t use computer vision, you need sonar. Because, you know, here in India, you have to honk. You drive by sound, not by sight. You can close your eyes and drive in India (laughs).

You started investing in the CUDA (Compute Unified Device Architecture) platform back in 2007, and for years afterwards, Wall Street analysts kept asking you where’s the ROI in this. What gave you the conviction to continue investing in the platform?
At the core of the company, we believed that a general-purpose processor can’t be good at everything. And we were in the beginning of a new technology revolution like the microprocessor. The rate of progress was so great that the general-purpose CPU wasn’t good enough. We felt that there are many problems in computing where the general-purpose sequential processing capability of the CPU wasn’t the right fit. And there are many algorithms that could be offloaded from the CPU, the sequential processor, to be accelerated using a parallel processor. Now, we believed that in the very beginning, and we believe that today. And if you believe in something, unless some fundamental new insight were to change your belief, there’s no reason to change your belief. And so we’ve pursued it for about 33 years now. And finally, our day has come.

We invented accelerated computing. It sits next to the CPU. It doesn’t replace the CPU. The things that are sequential continue to run on the CPU, but the things that could be accelerated in parallel acceleration, parallel processing, could be offloaded. It has taken us three decades because you can’t just put a GPU in a system and all of a sudden everything gets faster. You have to actually change the software applications on top. It is the reason why so many of our endeavours require a brand-new software stack.

Nvidia is in a lot of ways, really a computer algorithm company.

We’ve reduced the marginal cost of computing in the course of the last 10 years by 100,000 times, to the point where researchers said to themselves, why don’t we take all of the data in the world, take all of human knowledge, take all of the entire corpus of human knowledge, and give it to the computer, and let the computer figure out where the knowledge is, what is the knowledge that’s represented inside, by learning the patterns and relationship of every single piece of information that it was able to learn, basically, machine learning, or what we now call large-language models.

It’s easy to forget now because of Nvidia’s stupendous success at this point that how hopeless a startup it was. You used to start your meetings by saying that our company is 30 days from going out of business. From that to today where concerns are being raised that Nvidia employees have become so wealthy that they are being criticised for being a bit complacent by some… Having seen this journey, what is the greatest motivator—fear or ESOPs?

I woke up this morning thinking the company would be 30 days from going out of business. And that hasn’t changed. No one in technology should ever feel too comfortable. Technology changes incredibly quickly as you know. And artificial intelligence is the single largest industry that the world has ever known. And the reason for that is because intelligence is the largest industry the world has ever known. And so it’s natural that we have a lot of competitors. And so we have to make sure that we don’t take our position for granted. And of course, we grew everything from nothing. And so I know what it feels like to have nothing and to be nowhere. And those feelings don’t leave you. I grew up poor and our company grew up poor. And I’m sure that there are many people in the audience who started from rather modest beginnings. When you start with modest beginnings, those feelings never leave you. I don’t know about you, but I still enjoy leftovers. And so I think you want to stay modest as a person. You want to stay modest as a company.

The second part is that you might be surprised that many of the employees have been rich for a very long time. I’m looking at a few employees right in front of me right now. They’ve been wealthy for a very long time. And yet they’ve worked incredibly hard that entire time. I’m not working for the money. I’ll be honest. I’ve been wealthy for a very long time. And yet I work harder than ever.

Let’s talk about energy. AI needs a lot of it. What are the sustainability practices that Nvidia is adopting and where are we headed?
First, we need to improve the energy efficiency of our computing as fast as possible. The second thing is to realise that AI doesn’t care where it goes to school. AI doesn’t really need to be close to us. And so we can put the AI data centres near where we have excess energy.

You know that the world has more energy than we use. Obviously, a lot more energy comes from the sun than is actually used. But we don’t have excess power because people like to live in certain areas. And so we can move the data centres, build the data centres farther away.

And then the third concept is to remember the goal of AI is not to train the models, which consumes a lot of energy. The goal of AI is to apply the models to be more efficient. Remember, I’ll give you one example. We can predict weather 1,000 times, 10,000 times more energy efficiently than using computers and simulators.

Net-net, however, I will tell you that the world will be a lot more productive in the future. We will be much, much smarter about using energy. However, my hope is that the amount of energy that we use for artificial intelligence increases as a percentage of total energy over time. And the reason for that is very simple. I hope that the production of intelligence is a very large industry.

Because we all hope that we produce intelligence. The goal is not to produce cement. The goal is not to produce steel. The goal is to produce cement more smartly, and present a new type of material that could replace steel. Our goal is to be much more smart about agriculture so that we can do everything a lot more efficiently. And so my hope is that if we end up using more energy for intelligence, less for cement, steel, less energy for sitting in traffic, less energy for all those things that consume energy that we’re using.

What happens after we achieve AGI (Artificial General Intelligence)? And are you concerned about effective regulation around the development of AGI?
We should regulate AI. We should regulate AI in the context of every application. When you use artificial intelligence as an accountant, that accountant should be regulated. Similarly, for lawyers, doctors, etc. AI should be regulated in the context of its use.

Your first question has to do with artificial general intelligence. My hope is that we will all be surrounded by super-AIs, super-intelligent people. And what happens when you’re surrounded by super-intelligent AIs? Well, that’s exactly my thing. Remember, I’m surrounded by people who are far better at what they do than I am. I’m surrounded by super-intelligent people, and yet I have no trouble working with all of them. And in fact, aren’t you supposed to surround yourself with smart people? Smarter people than yourself? And why wouldn’t you want to have assistants that are super-intelligent at the skills that they do?

Can AI help societies like India to solve fundamental challenges of poverty and development? Should countries be starting to think about universal basic income?
As you know, the vast majority of Indians do not know how to program a computer. The ability to program a computer is one of the greatest economic capabilities today. Most of us in the computer industry have access to a capability that most people don’t have. And so, on the one hand, very few people can program a computer, but everyone can program an AI.

What I’m saying is, for the very first time in history, the computer is an instrument for everybody. Not just for people who are privileged or somehow were better educated or learned how to do that. And so I think the technology divide is likely to be reduced, likely to be eliminated. But it’s more likely that AI will elevate the capabilities of everyone than the top 1%. Most people thought initially that AI was going to threaten blue-collar jobs. But it turns out it is likely to be much more challenging for the white collar. And the reason for that is because everyone is now elevated.

What have been your biggest takeaways from this trip to India?
Back office to front office. An industry of cost reduction to an industry of innovation. An industry of labour to an industry of invention and deep tech. An industry that can only make money when you spend hours, to an industry that can make money when you’re sleeping. That’s the industry that I’m certain India will become.

I came not expecting anything, but I leave with incredible enthusiasm and optimism that across the entire IT industry here, all of the technology companies here, the CEOs that I met here, the determination to reinvent the IT industry, to take advantage of this generational opportunity, the once-in-a-lifetime opportunity to reinvent, to take advantage of that, and translate it to take advantage of the natural resource of this country, of this nation, and propel it forward. I am super-energised by it.

22. The story of an unlukely Saviour. A rescue in Viena.
Vinay Gupta, 28 Oct. 2024

From Nazi-era Vienna to Ludhiana. How an Indian helped Jewish families escape
Pleased at how everything seemed to be working out with Fritz Weiss and Alfred Wachsler, Kundanlal wondered if he could do more, identify other Jewish families in a similar predicament. His next move has to be admired for its supreme audacity: he walked over to the local newspaper office and paid for an advertisement in the ‘help wanted’ section, asking for men with expertise in woodworking and textile weaving who would be willing to move to India.

‘Really!’ Losch was astonished. ‘You would be willing to do that for me?’

‘Of course, you and others if possible.’ Kundanlal permitted himself the faintest of smiles.

‘How long would it take to get a visa for India?’

‘A few weeks. As I said, I have done it for a few others already so I know the process to get through the British embassy in Vienna.’

The downcast expression on Losch’s face disappeared. ‘Unglaublich! How would I get to where you live in India?’

‘I live in a city called Ludhiana. You take a steamship to Bombay. From Bombay you would take a train to Ludhiana.’

Kundanlal found it odd that the man did not ask any questions about living or work conditions in Ludhiana; Losch’s not until the following year would he gain an insight into Losch’s surprising lack of curiosity. Immediately, Hans Losch signed an agreement to become the manager of Kundan Cloth Mills in Ludhiana on the same terms as living Fritz Weiss: 25 per cent of the profits, with housing and all living expenses to be borne by Kundanlal. Losch picked up his copy of the documents with care, gave Kundanlal a double-handed handshake, and with profuse thanks exited the room; he had a long list of preparations ahead of him. The agreement and a personal financial guarantee signed by Kundanlal once again turned out to be sufficient to acquire a visa to India.

This excerpt from Vinay Gupta’s ‘A Rescue in Vienna’ has been published with permission from Bloomsbury Publishing India.

23. Reliance Jio may spur economy of debt-ridden Ghana with low-cost, high-speed connectivity
ET Gov. 4 Nov. 2024, Bloomberg, By Ekow Dontoh

Under the deal, Radisys Corp., a unit of Ambani-controlled Reliance Industries Ltd., will provide network infrastructure, applications and smartphones to NGIC.

Ghana, the West African nation recovering from a debt crisis, is banking on a high-speed broadband network supported by billionaire Mukesh Ambani to cut data costs and spur economic activity.

Next-Gen InfraCo. will start rolling out its first 5G network on Friday, Minister of Communications and Digitalization Ursula Owusu-Ekuful said in an interview.

Accra-based NGIC aims to emulate the success of Ambani’s Reliance Jio Infocomm Ltd. in India. In 2016 Jio upended the nation’s telecom industry by starting low-cost data and free voice calling services, forcing a consolidation and luring subscribers. The company is credited for making mobile data affordable in the world’s most populous nation and in the process becoming India’s biggest mobile operator with 470 million users.

“We’re hoping that that would also democratize access to high-speed connectivity across the country,” Owusu-Ekuful said. “We know this will encourage businesses to sprout up in the countryside and not just in the big cities, and create economic zones, thereby providing more opportunities for entrepreneurs.”

The low-cost high-speed internet service is Ghana’s latest effort to invigorate business activity and give impetus to an economy recovering from the debt crisis. In July President Nana Akufo-Addo kicked off an 8.2 billion cedit ($503 million) program to extend cheap loans to small and medium-sized enterprises. Businesses in this segment account for 70% of gross domestic product, according to the finance ministry.

Economic growth quickened to 6.9% in the second quarter from 4.7% in the preceding three months but it was led by the mining sector. Annual growth in Africa’s biggest gold producer is yet to rebound to pre-pandemic levels of at least 6%.

NGIC, which acquired the spectrum from Ghanaian regulators at $125 million, has the exclusive rights to provide 5G network in Ghana for the next 10 years, an arrangement further expected to drive lower service charges, Owusu-Ekuful said. All other operators will lease from NGIC and serve their subscribers, she said.

The main players in the country of just over 33 million people are MTN Ghana, Telecel Ghana and AT, which changed its name from AirtelTigo last year after Bharti Airtel Ltd. and Millicom International Cellular SA sold their stakes.

Under the deal, Radisys Corp., a unit of Ambani-controlled Reliance Industries Ltd., will provide network infrastructure, applications and smartphones to NGIC.

Other partners include Nokia Oyj, Tech Mahindra Ltd. and Microsoft Corp. Two Accra-based firms — Ascend Digital Solutions Ltd. and K-NET — hold a combined stake of 55% in the company, the Ghanaian government owns a carried interest of 7.5% while local mobile operators and private investors will retain the remaining shares.

Internet penetration in Ghana stands at about 70%, a gap the government ambitiously targets to close in the next six years, Owusu-Ekuful said.

24. Our Cities Need Real Mayors With Real Job
ET, 15 Nov. 2024

In ‘If Mayors Ruled the World: Dysfunctional Nations, Rising Cities’, political theorist Benjamin R Barber argues that nation-states, bogged down by ideological disputes and sovereign rivalries, are failing to address global challenges such as climate change, terrorism and poverty.

In contrast, cities and their mayors are performing better, leveraging their knowledge of local issues, public participation, and a democratic inclination for creativity, innovation and collaboration. Former NYC mayor Michael Bloomberg, for instance, made significant strides in public health, while Buenos Aires mayor H R Larreta has created green jobs.

In India, however, de facto mayors are a rarity, despite the 74th Constitutional Amendment Act (CAA) of 1992, which aimed to enhance the capacity and effectiveness of urban local bodies (ULBs). CAA sought to transfer specific responsibilities from state governments to ULBs, encouraging public participation and improving local administrative capacities. Yet, while states pay lip service to devolution, mayors in India are largely powerless. There is no uniformity in tenure or elections, and their roles have been reduced to ceremonial positions with minimal control over funds and responsibilities. ULBs, including prominent ones like MCD, operate below par. Delayed elections, such as the MCD polls that finally took place on Thursday after a delay of seven months, underscore fragility of these structures.

With states reluctant to transfer real power and resources to ULBs, local governments lack planning capabilities, transparency and accountability, and are under-resourced. In practice, cities are often managed by district magistrates and municipal commissioners — officials whose focus may not align with long-term needs of urban planning. India’s mayors need to be empowered. Then they can tackle pressing local — real — issues, ranging from public health to climate resilience. To be truly viksit, transform the mayor’s job from ceremonial to substantive. The buck starts here.

25. Brazil G20 to Push for Social Inclusion, Reforms
ET, 15 Nov. 2024

The G20 summit being held in Rio de Janeiro on November 18-19 will focus on ‘Building a Just World and a Sustainable Planet’.

Brazil, which took over the baton of G20 presidency from India on December 1 last year, has identified three priorities under this overarching theme — social inclusion and the fight against hunger and poverty; energy transitions and the promotion of sustainable development in its economic, social and environmental dimensions; and reform of global governance institutions.

Based on the identified priorities, it had proposed two temporary joint (both sherpa and finance track) task forces — one for establishment of a global alliance against hunger and poverty and another for the global mobilisation against climate change — and a G20 initiative on bio-economy.

The non-government stakeholders also participate in the G20 process through engagement groups. This year, Brazilian has decided to host a social summit on the eve of the Leaders’ Summit. The social summit will showcase the work of different engagement groups during the year.

The summit will start with the launch of the Global Alliance against Hunger & Poverty during the inaugural session on November 18 as a flagship outcome of the Brazilian G20 presidency. It will be followed by three plenary sessions over two days, aligned with priorities identified by the host country. The summit will conclude with Brazil handing over the presidency to South Africa, which will formally assume charge on December 1.

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AAPI

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Tuesday, 19 November 2024

Newsletter, November 2024

– GENERAL POLICY, INFRASTRUCTURES, COUNTRY FINANCES, ETC.

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NEWSLETTER, November 2024

– GENERAL POLICY, INFRASTRUCTURES, COUNTRY FINANCES, ETC.

- Agriculture, Fishing and Rural Development

- Industry and Manufacture

- Services (Education, Healthcare, IT, R&D, Tourism, etc.)

India and the World