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Hello everyone! Good day! 

Let us dive into some news from past week 

Dive in!

India's Ambitious $100 Billion FDI Target

India has set an ambitious target: attract a whopping $100 billion annually in foreign direct investment (FDI) and this goal signals a bold move for the world’s fastest-growing major economy. In recent years, FDI has averaged over $70 billion annually, but India is aiming higher. Despite a dip last year, the country is optimistic, with indications suggesting the current fiscal year could be a step closer to the $100 billion mark.

 

 

 

 

 

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What's driving this push? Businesses worldwide are eyeing India as a prime destination to spread their operations, adopting a "China plus one" strategy to mitigate geopolitical risks. Heavyweights like Apple and Samsung are already expanding their manufacturing footprint in India, seizing incentives provided by Prime Minister Narendra Modi's government. 

Yet, there's a gap to fill. While local manufacturing is on the rise, foreign investment needs to catch up. Factors like high inflation and interest rates in developed nations, alongside global tensions, have slowed the flow of investment into emerging markets like India. 

But India is brimming with potential. Modi highlights the country's unmatched growth opportunities across various sectors, including electric vehicles and consumer goods. With lower penetration levels compared to the global average, India offers a fertile ground for businesses looking to tap into its vast market. 

United Nations Report: India Emerges as Key Manufacturing Destination 
 

In a recent flagship report by the United Nations, India's attractiveness as a manufacturing hub has garnered significant attention from multinational corporations. This recognition comes amidst a broader trend of developed economies seeking to diversify their supply chains, with India emerging as a viable alternative. 

The report underscores the urgent need to mobilize financing to bridge the $4.2 trillion development gap and achieve Sustainable Development Goals. It emphasizes that India's growing appeal to multinational corporations could play a pivotal role in addressing this gap. 

Furthermore, the report delves into India's technological progress, particularly in the realm of digital payments. It cites examples of fintech innovations that have significantly enhanced financial inclusion, providing greater access to digital financial services for individuals and micro, small, and medium-sized enterprises. 

Overall, the UN report paints a picture of India as a burgeoning manufacturing powerhouse, poised to attract further investment and contribute significantly to global economic development and sustainability efforts.

Apple shifts to India: China’s loss is India’s gain  

As a part of the US’s China Plus One strategy, companies are diversifying their supply chains to other countries. India is a big winner in this aspect. According to a Bloomberg report, Apple produced 14 billion worth of its iPhone in India.  

This year, Apple is set to make 14% of its iPhones in India and as a result, Apple jobs are expected to triple in 3 years as Apple plans to shift half of its manufacturing base to India. The job creation will happen in Apple’s parts manufacturers and suppliers – Tata Electronics (enclosures for iPhones), Salcomp Technologies (power adaptors), Foxlin &  Sunwoda (cables and batteries), and sub-assembly and component players like Avary Technologies, CCL Industries and Flex.  

Apple started making iPhones since 2017 in India. Since PLI scheme was introduced in smartphone space, Apple created more than 1.5 lakh blue-collar jobs within its supplier network.  

More news from the week ...

  • Quick commerce is riding on the growth of non-grocery items: Zepto, Instamart, and Blinkit are seeing rapid growth in non-grocery sales as they diversify offer to beauty, personal care, accessories, and electrical equipments including fans. In the past 2 years, the industry grew by 230%.  

  • Political parties spend big on advertising: Since January, parties have spent Rs 117 Cr on Google Ads alone. BJP is the top spender in this segment spending Rs. 39 Cr.   

  • Nvidia announces Supercomputer for students: In collaboration with Georgia tech, Nvidia is planning to build a supercomputer that runs on 160 of Nvidia’s H100 GPUs  

  • Indigo becomes world’s third most valuable airline: India’s biggest airline Indigo is valued at Rs 1762 Cr and became the third most valuable airline globally. Indigo jumped 10 positions within a span of less than 1 year to achieve this feat.  

Check out the awesome content from Ambrela 

Visual of the Week

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Source:Mint.com

Millions across Mexico, Canada, and the United States witnessed a rare total solar eclipse on Monday. For the first time in almost a century, the western and northern areas of New York State experienced a total eclipse. North America was enveloped in a cool midday darkness as the total solar eclipse swiftly traversed the continent. A unique sight unfolded as solar flares and a solar prominence were observed when the moon obscured the sun during the total solar eclipse. 

Test you knowledge !

Can you guess the most valuable airline in the world ?

[A]   RyanAir Holdings  

[B]   Singapore Airlines 

[C]   Southwest Airlines  

[D]   Delta Airlines  

Valued at $30.4 billion, US-based Delta Airlines is the world’s most expensive airline. While 2nd spot is taken by Ireland based RyanAir Holdings at $26.5 billion market cap.

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