JAMSHEDPUR: Padma Shri T V Mohandas Pai said on Saturday Indian economy is growing fast and will become an USD 10 trillion economy by 2030 but warned that challenges ahead are crucial.
Delivering a speech on the theme 'Leadership in the age of disruption' at the 62nd convocation of XLRI-Xavier School of Management, Pai, who is the chairman of Manipal Global Education and Aarin Capital, said: "The world shall witness trade wars between the developed and developing countries in the immediate future as countries like India that have the potential and willingness to grow shall outdo several European countries in their march towards attaining the ambitious goal of rich economies.
"Keeping in tune with the future scenario that shall be the age of disruption, we need to develop a leadership that is not only competent and receptive to the challenges but equally smart and adaptive to the situation," Pai said. He added that the problem solving attitude, having right set of people in the decision making loop and ability to reconstruct the organizational structure should be the fundamentals of a successful business leader.
Source:- The Times of India
A trade promotion group organized by China's Ministry of Commerce is visiting India to strengthen economic and trade ties and pragmatic cooperation between the two countries.
The group, which arrived here Friday and will stay until Tuesday, is composed of officials from the Ministry of Commerce and more than 30 representatives from various sectors including textile, pharmaceutical, petrochemical industries as well as commercial trading, agriculture and others.
On Saturday in New Delhi, the Chinese side and India's Commerce and Industry Ministry jointly organized the promotion of the China International Import Expo (CIIE), to be held in November in Shanghai, and the signing ceremony of India-China trade cooperation projects, according to a news release from the Chinese delegation.
During the signing ceremony, a total of 101 trade agreements were signed, the release said.
The economic and trade relations between China and India have maintained a rapid developing momentum in recent years, with bilateral cooperation bearing remarkable fruits, Chinese officials said at the ceremony.
Indian representatives said that the visit by the Chinese delegation provides a practical platform for promoting the economic and trade ties between the two countries, which shows that the Chinese government highly appreciates bilateral trade.
They expressed the belief that the visit will help promote win-win cooperation and further strengthen bilateral trade relations.
The Indian side also appreciated the promotion of the CIIE, saying many Indian enterprises are looking forward to participating in the expo as a first step to venture into the Chinese market.
Modi wishes people on the eve of Srirama Navami
Ramayan inspires not only Indians but entire ASEAN region
To give ryots, at least 1.5 times input cost as MSP
Let us diffuse awareness about Yoga. Let us all practice yoga
The Prime Minister began his radio address on Sunday saying he had received many letters, emails, phone calls from people across India to speak on certain subjects, including healthcare. He spoke on 'Fit India’ calling upon all young people to come together to launch a movement of 'Fit India'".
Modi said a healthy India is as vital as a clean India. "In case of health, the country has moved past conventional approaches and surged ahead. Earlier, health was looked after only by the Health ministry but today all government arms are working towards creating a 'Healthy India'.
Along with the emphasis on preventive healthcare, affordable healthcare is also being promoted," Modi said. He urged the people to be more conscious about preventive healthcare because prevention was not only beneficial for a person but also for his or her family and society.
Modi said the government has set a target to free India from tuberculosis by 2025 and that the government and insurance companies will jointly provide Rs 5 lakh insurance cover to about 10 crore families per year.
"Under 'Ayushman Bharat Yojana', the Indian government and insurance companies will jointly provide Rs 5 lakh for treatment to about 10 crore families or say 50 crore citizens per year," he said.
Farmers' concerns and MSP
The Prime Minister also addressed farmers' concerns and said the latest Union Budget declared the Minimum Support Price (MSP) to be at least one and half times of the input expenditure. “In this year’s Budget, a big decision has been taken to ensure that farmers get a fair price for their produce.
“It has been decided that the MSP of notified crops will be fixed at least one and a half times of their cost," Modi said. He also recalled Mahatma Gandhi, Lal Bahadur Shashtri, Ram Manohar Lohia, Chaudhary Charan Singh and Chaudhary Devi Lal and said they too spoke about the importance of agriculture and welfare of farmers. Modi also said that the world's outlook on India has changed immensely.
Modi also mentioned Babasaheb Ambedkar and said India is grateful to him for his vision for irrigation, port development. He lamented that many people mocked Bhimrao Ambedkar and made efforts to ensure that the son of a backward family does not progress but noted that today's 'new India' is altogether different as it belongs to the poor and the backward.
He lauded Ambedkar's sense of self-reliance and said that the government takes inspiration from him. "He never wanted a person to lead a life in poverty. He also believed that their poverty isn't removed with charity. Today, Mudra Yojana, Start-Up India initiatives are producing youth innovators and entrepreneurs in the country," Modi said.
Speaking of Foreign Direct Investment, Modi said that India was a bright spot in the world's firmament. "Today, India receives the most amount of foreign direct investment in the world. The entire world looks at India as a hub for innovation and development," he said.
Source:-The Hans India
In a first such initiative, the Western Railway has joined hands with automobile giant Maruti Suzuki India Ltd (MSIL) to transport its cars by train from its plant in Gujarat to other parts of India, an official said here on Saturday.
The first such train (rake) loaded with 125 Maruti-Suzuki cars in 25 NMG coaches left the Maruti plant in Detroj to Nidvanda in Bengaluru Division of South-Western Railway, a distance of 1m716 km.
The entire consignment of cars was loaded in less than four hours, said WR Chief Spokesperson Ravinder Bhakar.
The Indian Railways tie-up with MSIL is expected to benefit the carmaker’s new manufacturing facility near Becharji station in Patan district which produces around 250,000 vehicles per annum, with plans to increase the production capacity in future.
For the operation from Detroj, MSIL and WR have developed a stacking area of 8000 square metres with a capacity to stack for handling up to two NMG rakes.
The Detroj railway station itself has been developed with minimum capital expenditure with MSIL partnering with Indian Railways in the transportation business.
Bhakar said the WR will not only transport the manufactured cars to all destinations in the country but also provide logistic solutions for export of the vehicles.
“This initiative is a great beginning for the development of industry and Gujarat state for making it a hub of car production in near future,” he said.
Railway Minister Piyush Goyal has lauded the new freight loading initiative commenced by the WR.
“From transporting autos to Amul butter, Indian Railways gives you the most economical, safe, timely and environment friendly transportation. Adopt it today!” he tweeted.
Source:- Financial Express
India’s electricity production grew 34% over seven years to 2017, and the country now produces more energy than Japan and Russia, which had 27% and 8.77% more electricity generation capacity installed, respectively, than India seven years ago.
India produced 1,160.10 billion units (BU) of electricity–one BU is enough to power 10 million households (one household using average of about 3 units per day) for a month–in financial year (FY) 2017. Electricity production stood at 1,003.525 BU between April 2017-January 2018, according to a February 2018 report by India Brand Equity Foundation (IBEF), a trust established by the commerce ministry.
With a production of 1,423 BU in FY 2016, India was the third largest producer and the third largest consumer of electricity in the world, behind China (6,015 BU) and the United States (4,327 BU).
With an annual growth rate of 22.6% capacity addition over a decade to FY 2017, renewables beat other power sources–thermal, hydro and nuclear. Renewables, however, made up only 18.79% of India’s energy, up 68.65% since 2007. About 65% of installed capacity continues to be thermal.
As of January 2018, India has installed power capacity of 334.4 gigawatt (GW), making it the fifth largest installed capacity in the world after European Union, China, United States and Japan.
The government is targeting capacity addition of around 100 GW–the current power production of United Kingdom–by 2022, as per the IBEF report.
Electricity generation grew at 7% annually
India achieved a 34.48% growth in electricity production by producing 1,160.10 BU in 2017 compared to 771.60 BU in 2010–meaning that in these seven years, electricity production in India grew at a compound annual growth rate (CAGR) of 7.03%.
Generation capacity grew at 10% annually
Of 334.5 GW installed capacity as of January 2018–up 60% from 132.30 GW in 2007–thermal installed capacity was 219.81 GW. Hydro and renewable energy installed capacity totaled 44.96 GW and 62.85 GW, respectively, said the report.
The CAGR in installed capacity over a decade to 2017 was 10.57% for thermal power, 22.06% for renewable energy–the fastest among all sources of power–2.51% for hydro power and 5.68% for nuclear power.
Growing demand, higher investments will drive future growth
Growing population and increasing penetration of electricity connections, along with increasing per-capita usage would provide further impetus to the power sector, said the report.
Power consumption is estimated to increase from 1,160.1 BU in 2016 to 1,894.7 BU in 2022, as per the report.
Increasing investment remained one of the driving factors of power sector growth in the country.
Power sector has a 100% foreign direct investment (FDI) permit, which boosted FDI inflows in the sector.
Total FDI inflows in the power sector reached $12.97 billion (Rs 83,713 crore) during April 2000 to December 2017, accounting for 3.52% of FDI inflows in India, the report said.