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Which will grow faster: India or Indonesia? (The Economist)



At this speed India will hit $1.2 trillion in services exports in next 6 to 7 years. India's Goods exports hitting $1 trillion mark by then would be easier due to higher base advantage.
India's GDP for FY 22 is revised upwards from 8.7% to 9.1%

This is high growth over a higher base previously estimated.

@Indos This growth is phenomenal. 8.7% revised to 9.1% and 7% consensus revised to 7.2%.
7% was just projections, not actual number. Next year this too will be revised upwards.
 
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At this speed India will hit $1.2 trillion in services exports in next 6 to 7 years. India's Goods exports hitting $1 trillion mark by then would be easier due to higher base advantage.

7% was just projections, not actual number. Next year this too will be revised upwards.
Service sector touching 1 trillion is bit too high, will hover around 800 at best. IT is not growing as fast as it used too. Growth will mostly come from BFSI and consulting, hopefully from tourism too!!


The government will make an allocation of approximately Rs 1 lakh crore towards it, it was announced.
Under this scheme, a godown of a capacity of 2000 tonnes will be constructed in every block.
The programme aims to raise India's foodgrain storage capacity by 700 lakh tonne in the cooperative sector. Currently, the grain storage capacity in the country is about 1,450 lakh tonnes.
In the next five years, the storage will expand to 2,150 lakh tonne. The storage capacity will be increased in the cooperative sector, the minister announced.

One of the best news, that got left behind GDP hullabaloo.
 
Service sector touching 1 trillion is bit too high, will hover around 800 at best. IT is not growing as fast as it used too. Growth will mostly come from BFSI and consulting, hopefully from tourism too!!
Services is not just IT
 
Manufacturing PMI at 31 month high, manufacturing is booming in India it means.

God I hope so, we are already quite good in services. All we need is a good manufacturing capability.
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Today's whitepills:
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Mumbai: The state government on Tuesday cleared its new policy for information technology (IT) and IT-enabled services offering several relaxations to the sector. As part of it, IT industries will be able to set up tech parks anywhere across the state. The policy also offers 50 to 100% subsidy in the stamp duty, waiving off electricity charges from 10 to 15 years, power supply on industrial rates among other sops and benefits to the IT industry. The state cabinet cleared the new IT and ITES Policy on Tuesday that aimed to attract an investment of ₹95,000 crore ($12 billion), 3.5 million jobs and export of ₹1 lakh crore ($12.5 billion).



$1.6 billion investment in EV battery manufacturing plant


TATAs line up over Rs 7,600 crore ($1 billion approx) to fund its electronics business

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Today's whitepills


The Indian economy is now on “auto-pilot” mode and will grow steadily in the range of 6.5% to 7% from this year till 2030, even without further reforms, Chief Economic Adviser (CEA) V. Anantha Nageswaran asserted on Friday, adding that the 7.2% GDP initial growth assessment for 2022-23 could be an underestimate.


Adani Group has revived its investment plan for Mundra Petrochem Ltd, India’s largest polyvinyl chloride (PVC) plant, with initial funding of ₹14,000-16,000 crore ($2 billion).



India Plans Rs 15,000 Crore ($2 bn) PLI Scheme To Promote Setting Up Of Grid-Scale Battery Storage



India will offer Rs 3,760 crore ($455.2 million) in incentives to companies setting up battery storage projects totalling 4,000 megawatt hours (MWh) under a scheme announced earlier this year.



Tesla to set up vendor base in India






LG Electronics Global CEO visits India, company to ramp up investments in local factories



Services PMI at 61.2!



Web Werks and Iron Mountain joint venture to invest $170 million in Navi Mumbai data center.



Blackstone bets big on India’s warehousing, to grow logistics portfolio to 100 million square feet!



Megaproject: Newly built 6.2 million TEU Vizhinjam transshipment port in Kerala to commission by May 2024 at a cost of $1 billion.


IndiGo will order 500 additional jets from Airbus, eclipsing Air India's 470 aircraft order made this year which was the largest single order in the history of aviation.


Mega transshipment port complex with a capacity of 16 million TEU worth $6 billion in Nicobar Islands, close to Indonesia. Would be amongst the world's largest ports upon completion.
 
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Today's whitepills







Indian Oil capex investment to be ~ $4 billion this year.

Samsung enters in OLED TV segment in India; to manufacture locally




Brazil’s Embraer is in talks with India’s Tata and Mahindra groups, among others, for an aircraft manufacturing partnership, top company executives said, as the world’s third-largest passenger jet maker works to expand its India foothold.



The number of Apple production sites in the country increased to 14 last year compared with 11 in 2021, signalling the iPhone maker’s accelerated expansion in the country.



The Centre is looking to include refractories in the upcoming Production Linked Incentive Scheme 2.0 for steel as it aims at doubling the country's production capacity for the metal to 300 million tonne by 2030. India already is the 2nd largest steel manufacturer in the world.



India set to be third-largest construction market in 2024: CNH Industrial president
India is CNH Industrial’s sole manufacturing hub in the Asia-Pacific region, where it is ramping up capacities to 10,000 units annually by the next year, making it the 2nd-largest factory for the company globally and its largest export hub.

The company wants to increase its India capacity by 50% to 15,000 units in the medium term and is targeting a production of 12,000 units a year by 2025. 50% of our production in India goes towards exports to 105 countries.





1,00,000 prefabricated biogas plants to be produced in world’s largest manufacturing facility in Pune​






The trade landscape is changing structurally to India’s advantage​

The growth of the new product basket outpaces the growth of legacy products. Productions such as helicopters, arms and ammunition, and electrical machinery registered some of the highest growth rates.







JSW under the PLI scheme, has planned to set up a solar module manufacturing facility. It has received the LoI (letter of intent) for 1 GW per year capacity for a wafer-cell-module manufacturing facility.



The Indian ER&D sector is projected to be worth over $63 billion by 2025, according to NASSCOM, and most of these services providers stands to benefit.



The faster adoption of Generative AI globally has an “advantage India'' angle as AI consulting firms are seeing increased client interest as they are getting RFPs, POCs and projects around the new technology theme.



South Eastern Coalfields Ltd (SECL) is aiming to scale up the capacity of its Gevra mine to 70 MTPA to make it the world's largest coal producing site by the end of ongoing fiscal.



India’s speciality chemicals sector is a ‘Goliath' in the making, according to Jefferies. It believes the gradual decline in EU's share in global chemical capex as well as sourcing needs beyond China bode well for the Indian producers.



Anupam Rasayan has signed a Letter of Intent (LoI) worth USD 265 million (Rs 2,186 crores) with a Japanese speciality chemical company for the supply of new age patented life science active ingredient for next five years.




JK Lakshmi Cement Ltd will look to invest about Rs 8,000 crore ($1 billion) over a six-year period, between 2024 and 2030, to ramp up capacity to 30 million tonnes per annum (mtpa) from the projected 18 mtpa capacity at end-FY24.


India among most vibrant startup ecosystems in the world: Sequoia's Roelof Botha.


Goldman Sachs' biggest office beyond New York attests to India's rise​

India has roughly 1,600 of the GCC centers, more than 40% of the number worldwide, according to Nasscom.​

Nasscom estimates India will have at least 1,900 GCCs by 2025, and annual revenue from the industry will increase to as much as $60 billion.



Expect India's GDP growing over 7% in 2023-24: CEA Anantha Nageswaran​









India Set For $168 Billion Finance Behemoth As HDFC Merger Nears The merger of India’s most valuable lender and the nation’s largest mortgage financier to create what could be the world’s fifth-most valuable bank is inching closer to completion, with just one key step remaining that investors are watching for closely.

 
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$2.5 billion investments in Greater Noida for Data Centres.





STT GDC India set to double data centre capacity in next 3-5 years with $1 billion investment​



Indian Oil Corp to set up aviation fuel plant with LanzaJet in Haryana​

The company is looking at an investment of about 23 billion rupees ($280.1 million), S.M. Vaidya said on the sidelines of an industry event in New Delhi.​




 
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Latest assesment reveal that Indonesia is more competitive than India. Indonesia ranks at 34 position while India is at 40 position.

Indonesia competitiveness improves among surveyed countries while India rank is down

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Indonesia, India launch economic and financial dialogue​

57 minutes ago

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Indonesian Minister of Finance, Sri Mulyani Indrawati, with the Indian Minister of Finance, Nirmala Sitharaman, addressing a joint press conference on Sunday (July 16, 2023). (ANTARA/HO-Kementerian Keuangan/FR)


Jakarta (ANTARA) - Indonesian Finance Minister Sri Mulyani Indrawati and her Indian counterpart Nirmala Sitharaman launched the Economic and Financial Dialogue (EFD) in Gandhinagar, Gujarat, India, to strengthen bilateral cooperation.

"Indonesia and India continue to discuss, especially under the two countries' Ministry of Finance, about the effort to develop a strong dialogue on a policy level, starting from the highest level to the very technical level," Indrawati said in a statement issued on Monday.

Indonesia and India have many similarities and a long history, she observed.

For instance, trade relations between Indonesia and India, especially Gujarat, date back before the 13th century and started with agricultural products such as spices, clothes, and jewelry.

This economic history has been one of the foundations for strengthening their bilateral cooperation.

"We share with each other many things to meet the demand of each countries' domestic demand," the minister said.

Other efforts also encompass maintaining high economic growth performance, creating jobs, reducing poverty, and improving cooperation—not just within the bilateral framework, but also at the multilateral level.

Indonesia and India currently have a similar economic structure supported by the growth of the manufacturing sector and significant development of technologies and innovations.

The two countries are optimistic that they can grow strong and demonstrate good resilience in confronting challenges, both at the regional and global levels.

During their bilateral discussion, the two ministers discussed efforts to strengthen trade and investment cooperation and efforts to handle development issues together, including climate change and public health.

"We will continue to strengthen this bilateral relation, especially for the two institutions (Indonesian and Indian ministries of finance), during a policy dialogue that will discuss trade, investment problems, including human resources," Indrawati said.



Related news: Indonesia discusses regional situation with Australia, India
Related news: RI can catch up with China, India as economic force: Minister
Related news: ASEAN supports Indonesia in achieving economic priorities in SEOM 2/54


 
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