Category — Manufacturing Technology

HSBC: India to be a $7 Trillion Economy in 2028

British financial services giant  HSBC said India is likely to overtake Japan and Germany to become the third largest economy in the next 10 years but needs to be consistent in reforms and focus more on the social sector.

Thire brokerage’s estimates show that India will be a $7 trillion economy in 2028, as compared to less than $6 trillion and $5 trillion for Germany and Japan, respectively. Currently, India is at the fifth spot in global rankings with a GDP of about $2.3 trillion (fiscal 17), reports BusinessLine.

Rs. 50 currency notes

Other takeaways from the report:

  • Demographics and macro stability were key strengths for the country
  • India needs to create an ecosystem of continuous change
  • An avenue of job creation can be the social sector
  • India will continue to be a services oriented economy but it needs to pay extra attention on manufacturing and farm sectors as well

“Apart from services, other hallmarks of the India story over the next decade will be higher investment and capital goods flows as its focus on manufacturing increases; Indian consumers forcing foreign brands to turn ‘glocal’; and a two-way human capital footprint that will see many skilled people traveling overseas. It (India) needs to broaden its specialization (beyond just IT in business and cricket in sports) if it wants to run harder and fly higher,” the report added.

September 22, 2017   No Comments

Ford Partners India’s Mahindra to Manufacture eCars

Since the Government of India’s plans to move to an all-electric fleet by 2030, Michigan-based Ford Motor Company will collaborate with Mumbai, India-based Mahindra & Mahindra  to explore joint development of products, especially electric and connected vehicles. The partnership, for an initial period of three years, will expand Ford’s reach in the fast-growing Indian auto market and improve Mahindra’s access to global markets.

Electric car

 “The partnership with M&M will allow us to work together to take advantage of the changes coming in the industry. The enormous growth potential in the utility vehicle market and the growing importance of mobility and affordable battery electric vehicles are all aligned with our strategic priorities,” said Jim Farley, executive vice-president and president of global markets, Ford.

The Business Standard reports that Mahindra  has been losing market share and has not been able grow volumes for more than a year, and Ford has been stuck with a sub-three percent share for a few years, while emerging as the biggest exporter of passenger vehicles from India. Ford has spare capacity which can be used optimally by its new Indian partner.

 

September 18, 2017   No Comments

Symphony Ventures Establishes Development Center in India

London based headquartered Symphony Ventures, a global services firm specializing in Robotic Process Automation and Intelligent Automation, commenced operations at a Development Center in Bangalore, to serve India, the Middle East and Asia Pacific.

The firm plans to recruit 150 consulting and technology staff within the next twenty four months to provide consulting, implementation, managed services, and training to enterprise clients within the region, reports Enhanced Online News.

Robot

“… the demand for Symphony’s services is growing rapidly and our new operation in India is a critical element in our overall growth strategy,” said David Brain, COO, Symphony Ventures. “The region is a very attractive base for recruiting great talent and has a strong presence of large enterprises and global shared service centers.”

September 17, 2017   No Comments

IndiaPushes Auto Industry to Make Electric Vehicles

India’s is pushing auto part and car makers to draw up plans to electrify all new vehicles by 2030. India’s minister for road transport, Nitin Gadkari, asked companies to start building electric and alternative fuel vehicles or risk being overtaken by policy changes.

Maker of engines, Cummins India, is investing in research on electric mobility solutions, while Hyundai Motor Co began talks with some of its suppliers for components for electric cars. Ashok Leyland launched an electric bus last year, and the company has since partnered with Indian start-up SUN Mobility to develop battery-swapping technology for cars, buses and trucks, reports Daily News.

electric car

According to industry data, electric car sales in India, one of the world’s fastest-growing car markets, are negligible compared with annual sales of over 3 million petrol and diesel cars in the last fiscal. Mahindra & Mahindra is the only electric car maker in India but it will soon be joined by Tata Motors which is exploring the possibility of building electric vehicles, managing director Guenter Butschek said. Hyundai said it plans to customize existing electric cars for the Indian market, but if that was not feasible it will develop new electric cars said Rakesh Srivastava, director, sales and marketing.

 

September 14, 2017   No Comments

Foxconn to Invest $5 Billion in India

Taiwan-based Foxconn, the world’s largest contract manufacturer for electronics, will invest up to $5 billion in India to make the country a parallel manufacturing hub to China for export to key markets across Europe and the U.S. In India, Foxconn is keen on investing in a display fab unit, Computer Numerical Control machines, a lithium-ion cell factory, and facilities for printed circuit boards.

An executive of the company said, “India is already high on our priority list, and we now plan to step up investments and business here by opening new factories and expanding the manufacturing footprint.” The expansion will create employment opportunities in the country , the official said, adding that the company is in serious talks with many state governments.

Foxconn Logo

Foxconn manufactures phones for companies such as InFocus, Oppo, Xiaomi, Nokia and Gionee from its existing facilities in India. The official said that Foxconn will look at “vertical integration” for its operations in India, reports the Economic Times.

August 31, 2017   No Comments