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Piyush Goyal wraps up Saudi visit, invites global investment in India’s high-tech sectors

Aseem — Fri, 01 Nov 2024 10:58:30 +0000

New Delhi: Union minister for commerce and industry Piyush Goyal concluded a visit to Saudi Arabia, urging global investors to tap into India’s rapidly growing high-tech sectors—artificial intelligence, renewable energy, digital infrastructure, and advanced manufacturing—which he highlighted as promising areas for investment, the ministry said on Friday.

Goyal, who highlighted the critical role of international partnerships and economic diplomacy in fostering global cooperation, innovation, technological advancement, and investment during his visit, participated in the plenary session of the Future Investment Initiative (FII), with representatives from global governments and the industry.

During his visit, Goyal co-chaired the second ministerial meeting of the economy and investment committee under the India-Saudi Strategic Partnership Council (SPC) with Saudi Arabia’s minister of energy Prince Abdulaziz bin Salman Al-Saud, in Riyadh.

SPC with Saudi

Established in 2019 following prime minister Narendra Modi’s visit to Saudi Arabia, the SPC aims to deepen economic cooperation between the two nations across various strategic sectors.

“The committee reviewed the progress achieved by the four Joint Working Groups: Agriculture and Food Security; Energy; Technology and Information Technology; and Industry and Infrastructure,” the ministry said in a statement.

“They noted the deepening of bilateral economic partnership between India and Saudi Arabia and deliberated on ways to enhance trade and investment,” it added.

Goyal also met the ministers of energy, industry and mineral resources, and investment during his Saudi Arabia visit.

“These engagements focused on collaborative initiatives in trade, energy, and technology. These discussions culminated in a series of actionable agreements, aimed at enhancing trade volumes and facilitating a smooth flow of investments between the two countries,” the ministry said.

Meetings with ministers, global CEOs

“The agreements emphasise cooperation in energy transition, digital transformation, and the exchange of expertise to accelerate economic growth,” it added.

Goyal also met with Peter Herweck, CEO of Schneider Electric, and William E. Ford, chairman and CEO of General Atlantic, to discuss India’s economic landscape and investment opportunities across sectors.

Bilateral agreements between India and Saudi Arabia have grown in recent years, spanning sectors like food exports, pharmaceuticals, energy, and electronic manufacturing.

Both countries are exploring collaborations in emerging sectors such as fintech, clean hydrogen, and energy efficiency.

These partnerships aim to build a robust and diversified economic foundation, with the committee meeting reaffirming their dedication to mutual progress.

Odop initiative

During his visit, Goyal unveiled the One District, One Product (Odop) Wall, featuring unique products from various districts across India at the Indian embassy in Riyadh.

“The Odop initiative, part of the government’s “Vocal for Local” campaign, aims to promote regional craftsmanship by showcasing the rich cultural heritage of India through distinctive, high-quality products,” the ministry said.

“This visit marks a significant milestone in strengthening the strategic partnership between India and Saudi Arabia. It underscores both nations’ commitment to deepening economic ties and addressing global challenges through collaborative efforts. The outcomes of the discussions are expected to unlock new avenues for investment and trade, driving economic growth and innovation in both countries,” it added.

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Network18’s Moneycontrol Pro Crosses 1 Million Paying Subscribers, India’s Largest News Subscription Platform Now Among Top 15 Globally

suimt — Wed, 23 Oct 2024 07:22:37 +0000

Last Updated: October 23, 2024, 00:03 IST

Moneycontrol Pro has consistently expanded its array of cutting-edge features to help users invest in Indian markets. Image/News18

This milestone highlights Moneycontrol Pro’s reputation and track record as a trusted source of market intelligence for investors seeking in-depth, actionable insights to navigate India’s equity markets

Moneycontrol Pro, a premium offering from Network18’s market leader news and data platform Moneycontrol, has crossed the landmark of one million paying subscribers, cementing its position as India’s largest media subscription product and among the top 15 worldwide. Moneycontrol Pro’s paying subscriber numbers are now close to major international media platforms such as Financial Times and Barron’s.

This milestone highlights Moneycontrol Pro’s reputation and track record as a trusted source of market intelligence for investors seeking in-depth, actionable insights to navigate India’s equity markets.

Moneycontrol Pro has consistently expanded its array of cutting-edge features to help users invest in Indian markets. The platform helps users make informed investment decisions through cutting-edge fundamental research and features such as ‘Expert Edge’ with daily and weekly investment ideas, ‘Trade Like a Pro’ with technical ratings and trends, ‘Spot Winners’ with over 200 powerful stock scanners, ‘Deep Dive’ with quant-based insights and ‘Track Holdings’ of market gurus with big shark portfolios.

“The fact that more than a million people chose to repose their trust in Moneycontrol Pro is a testament to the value it brings to investors, helping them better understand markets and profit from it. We will continue to add more features to the product in our quest to make available to Pro users features normally available only in much pricier products used by institutional investors,” said Adil Zainulbhai, Chairman of Network18.

Moneycontrol Pro is powered by an expert team of research analysts who actively cover more than 270 major Indian companies across 25 sectors and provide sharp insights for informed decision-making on Indian stocks. Along with macro-economic, sectoral and company-level insights, the service provides customised portfolios for investors, which have consistently outperformed India’s benchmark indices.

“Moneycontrol Pro has become an indispensable companion for understanding Indian markets and has reduced the arbitrage on information for retail users looking to invest smartly,” added Zainulbhai, noting that Moneycontrol Pro’s subscriber base places it in the elite company of the world’s top digital media subscription brands such as the Wall Street Journal, New York Times and Financial Times.

Moneycontrol Pro’s paywalled content sits on Moneycontrol, India’s largest business, markets and finance platform which has more than 90 million unique visitors a month (as per September 2024 Google Analytics data) and over 7 million active app users. Expanding its footprint in the fintech space, Moneycontrol offers a diverse suite of finance products. In addition to expert analysis on equities, Moneycontrol users can secure personal loans, start fixed deposits, track their mutual funds and stocks portfolio, manage all their bank accounts and check credit scores on the platform. These new services, offered since 2023, solidify Moneycontrol’s position as a supermarket for all financial needs in India.

Moneycontrol is a part of Network18, a National Stock Exchange (NSE)-listed media powerhouse from India whose panoply of brands have a monthly reach of over 350 million viewers on TV and about 250 million unique visitors on its digital platforms. Network18 is owned by Reliance Industries Limited, whose group entities control nearly 57 per cent of its shares.

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India's Manufacturing Incentives Progress Amid Efforts to Cut China Imports

Ashish Singh — Thu, 26 Sep 2024 09:16:58 +0000

India’s cash incentives to boost domestic manufacturing have attracted over $17 billion (roughly Rs. 1,42,279 crore) of investment since the 2020 launch of the production-linked scheme, a government official said on Wednesday, amid efforts to reduce imports from China.

The scheme, which offers four to six percent cash incentives on incremental sales to manufacturers, was launched across 14 sectors including electronics, pharmaceuticals, textiles and white goods.

“The PLI scheme has been successful to attract investments and boost manufacturing,” said Amardeep Singh Bhatia, Secretary of the Department of Promotion of Industry and Internal Trade.

India has emerged as a global hub for electronics manufacturing, particularly smartphones, and is now the second-largest producer of mobile phones, he said, citing Apple’s iPhone exports – exceeding $12 billion (roughly Rs. 1,00,437 crore) in the 2023/24 fiscal year ending March.

The incentives have resulted in production worth about 11 trillion rupees ($131.6 billion) and nearly one million jobs over four years, he said.

After reducing mobile imports from China by attracting global players like Apple, India now plans to produce more laptops, tablets, computers and servers, official sources said.

On Tuesday, the government extended by three months the “import management system”, launched in November 2023, which requires companies to register their laptop and tablet imports.

“We have signalled to the industry that we want to cut imports particularly from China,” one of the government official sources, said.

India’s IT hardware market, including laptops, is estimated at nearly $20 billion (roughly Rs. 1,67,395 crore), with nearly $5 billion (roughly Rs. 41,848 crore) domestic production, according to Mordor Intelligence, a consultancy.

India announced the new system for laptops, tablets, personal computers and servers after it rolled back an earlier plan to impose a licensing regime, requiring the likes of Apple, Dell, and HP to obtain licences for shipments of imported laptops and tablets.

In the first phase, the government has approved incentives for 27 IT hardware manufacturers including Acer, Dell, HP, and Lenovo to manufacturer in India, expecting production of about $42 billion (roughly Rs. 3,51,530 crore) over the next few years, government officials said.

“India has a strong case for building its own laptop manufacturing capabilities,” said Ajay Srivastava, founder of Global Trade Research Initiative (GTRI), a Delhi-based think tank, noting that China contributed significantly to these imports worth over $9 billion in 2023/24.

In India, rising incomes, expanding business activities and education have boosted demand for laptops and other devices, that favour local manufacturing.

Among local electronics manufacturers, Dixon Technologies has qualified for the incentives scheme and hopes to meet 15 percent of India’s domestic demand by the fiscal year 2025/26. “Dixon plans to create a capacity of two million units by FY26, which shall cater to 15 percent of India’s total requirement,” Prithvi Vachani, Executive Director at Dixon Technologies told Reuters. Dixon, that has separate pacts with global firms like HP to make laptops and computers in India, will secure manufacturing components locally “in times to come”, Vachani added.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)