India's manufacturing sector poised for leap with infrastructure and policy push: Report
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
2 hours ago
- Hindustan Times
Atmanirbhar Bharat: Turning crisis into opportunities for growth, security
On Independence Day, from the ramparts of Red Fort, Prime Minister Narendra Modi painted a bold vision for India's progress, declaring Atmanirbhar Bharat the foundation of a Viksit Bharat — a developed India built on the twin pillars of self-reliance and strong defence. His message was clear: India's path forward lies in turning challenges into opportunities and securing its place as a global leader. Prime Minister Narendra Modi during his speech at the 79th Independence Day celebration at the Red Fort, in New Delhi on Friday. (ANI) During COVID-19, Atmanirbhar Bharat had transformed crisis into opportunity, which led to a surge in economic growth. The Trump tariff threat, too, is bound to turn a crisis into opportunity for greater self-reliance and strength to counter any impending calamity. The 'Sudarshan Chakra' Initiative The ' Sudarshan Chakra', an overarching security architecture, will neutralize any threat and improve India's offensive capabilities. Self-reliance will turn India into a major production hub that will capture world markets. The US tariff threats stem from perceived trade imbalance, India's continued oil purchases from Russia despite US sanctions and frustrations over stalled negotiations. Such tariffs could disrupt India's export-driven growth, affecting sectors like automobiles, IT services, textiles and pharmaceuticals. Managing US tariff pressures with diplomacy The Modi government is ably and patiently navigating the tariff threat through dialogue and diplomacy, and has 'India First' in every policy formulation and strategy. India, today, is one of the fastest-growing economies of the world and, in the words of the IMF, the 'only bright spot in the otherwise dark horizon'. Despite constraints, our monetary and fiscal space has enabled accelerated growth and our external accounts are comfortable. Infrastructure and digital progress Hence, an over 7% sustainable growth rate can be made our baseline, given the robust foundations we have created. We are a $4.187 trillion economy, relentlessly pursuing the vision to be a $ 30-35 trillion economy by 2047. One of our major achievements has been to lift over 250 million people above the poverty line and, at the same time, to have digitized the economy in a big way. From 14 km of road space per day in 2014, we are now at over 34 km per day, which reflects our prowess in infrastructural development. And we have been the 'Vishwamitra' – the pharmacy of the world during Covid 19- which supplied medical equipment, pharma products and vaccines to several countries. This proves our capability and unstinted ability and resolve to weather any storm. The tariff threat, in fact, will give India the opportunity to nudge towards emerging markets in Asia, Africa and Latin America. Africa offers vast opportunities in infrastructure, agriculture and energy collaboration. Our Act East Policy will help in increasing exports in apparels and electronics. ASEAN nations provide dynamic consumer markets for Indian textiles, pharmaceuticals and machinery. The UK, EU and Australia are new avenues where India is already engaged in talks and we now have an FTA with the UK. By pursuing South-South cooperation, India can position itself as a global supplier beyond the West. Promoting Indian brands, semiconductor manufacturing Indian brands need to be promoted on global marketplaces like Amazon and indigenous platforms should be built to broaden market outreach. The first 'Made in India' chips will be in the market by the year-end. The country is now in mission mode with six semiconductor units in the pipeline and four new ones already approved. Our 'Make in India' punch has already taken off in renewable energy with the 500 GW of clean green energy drive by 2030 and thrust on indigenous defense production, as announced on the 15th of August by the Prime Minister. Initiatives like the International Solar Alliance and Global Bio-fuel Alliance will position India as a leader in renewable energy, potentially opening up the doors to tariff-exempt trade deals. India spends about 0.7% of its GDP in research and development compared to 2 to 3% in advanced nations. This is now increasing. The Startup India Mission with over 1.6 lakh startups needs to be scaled up. The National Quantum Mission, with a $1 billion outlay, will develop indigenous capabilities and reduce import reliance. India is already a global IT services powerhouse and diversification of exports by expanding cloud services, cybersecurity, artificial intelligence, biotechnology, quantum computing and fintech will help as these are sectors where tariffs are less likely to apply. By strengthening the intellectual property regime, India will be able to negotiate better terms in trade talks. By becoming a preferred alternative manufacturing hub, India can both absorb supply chains and build resilience against US tariffs. Building supply chain resilience Supply chain diversification is imperative to stymie Trump's policies and India must enhance its Production-Linked Incentive Scheme to lure global firms. Accelerating domestic production is most essential. Investments in infrastructure and reducing logistics costs can make our exports cost-competitive globally. India's logistics costs nearly 14% of the GDP as compared to 8 to 9% in developed countries. So we need to invest in faster cargo and port clearance and efficient warehousing and supply chains. Next-gen GST and tax reforms The Modi government has announced the 'Next Generation GST reforms' which would substantially reduce the tax burden across the country. The GST Council will also consider proposals for further ease of compliance using technology and faster refunds to exporters. Moving to a two-rate GST structure will catapult India at par with advanced economies. Compliances for MSMEs, which form the backbone of India's exports, are also being simplified and will strengthen the nation's manufacturing capabilities and make us more self-reliant. Easing regulations would attract companies relocating from China. Tourism, being tariff proof, must be propelled and, considering India's several beautiful locations, this is the right time. Other structural reforms, eliminating redtapism and enforcing strategic disinvestment and asset monetization to execute the Modi government's policy of 'Minimum government Maximum Governance' will help the endeavor for free enterprise. As mentioned above, India today is one of the world's fastest growing economies with a 6.3% growth and pacing to be a $5.5 trillion economy by 2028. There has been a great leap in economic reforms, healthcare, ease of doing business, infrastructural growth, enforcing a tech-driven digital India, serving the poor with several schemes and with the largest food security programme in the world and Nari Shakti. 80% of stand up India loans and 68% of Mudra loans have gone to women entrepreneurs. We are aiming at one nation, one tax and one market; we are a global e-payment leader and economic growth engine and have ensured a faceless tax system for a more accountable economy. India today is a new India — strong, secure and invincible, as ably proved after we have pulverized Pakistan. All this is due to our policy of 'Sabka saath, sabka vikas, sabka vishwas and sabka prayas. And it is this 'Nation First' commitment of a determined government, which is dedicated to the welfare of its countrymen, which will make us succeed- always and every time. The author is a former chairman, Haryana Public Service Commission and chairman, Haryana Electricity Regulatory Commission. Views expressed are personal
News18
6 hours ago
- News18
Mumbai Metro-13: Can Red Line Become The Smooth ‘Virar Local' For Commuters?
Last Updated: Mumbai Metro Red Line: When will the work on Mumbai Metro-13 start? What is the route? What are the stations? What is the deadline? The red line explained Mumbai Metro Line 13: In a milestone step easing journey, Mumbai Metro 13, the red line, aims to extend Line 9 (Dahisar East-Mira Bhayandar) further towards Virar. When will the work on Mumbai Metro-13 start? What is the route? What are the stations? What is the deadline? The red line explained. Mumbai Metro Line 13: What is the route and stations on red line? Mumbai Metro-13 will extend from Shivaji Chowk (Mira Road) to Virar, an extension of Line 9 (Dahisar East-Mira Bhayandar) deep into the northern suburbs. Connects Shivaji Chowk (Mira Road) through Mira Bhayander to Virar, spanning approximately 23 km It has around 20 stations along the route — Mira Bhayander, Ganesh Nagar, Pisavali Gaon, Golavali, Dombivli MIDC, Sagaon, Sonarpada, Manpada, Hedutane, Kolegaon, Nilje Gaon, Vadavali, Bale, Waklan, Turbhe, Pisarve Depot, Pisarve, Taloja, and Virar. Mumbai Metro-13: What is the cost? Construction is yet to start, it is still in planning stages. Mumbai Metro-13: Operational details Train fleet, timings, frequency, fares, ticketing methods: No official information available as of now. Expected Fare Structure: Likely to mirror existing metro fare slabs Up to 3 stations: Rs 10 3-5 stations: Rs 20 6-9 stations: Rs 30 10+ stations: Rs 40 Ticketing Options: Anticipated to offer both tokens (for occasional users) and smart cards (with refundable deposit and recharge facility) similar to current system. Will Mumbai Metro-13 connect to other lines? While not directly stated, it's expected that this line will integrate with other metro lines and local transport at key hubs. It is likely to connect with suburban railway (western Line), buses, and last-mile services — given its alignment through heavily commuter-populated corridors. How will Metro-13 help Mumbai? Line 13 is intended to offer a faster, hassle-free alternative to the heavily congested Western Railway corridor, benefitting daily commuters substantially. It will enhances north-west Mumbai connectivity and supports urban development in growing regions like Mira Road, Bhayander, and Virar. Expected to offer new commuting options for professionals traveling from these northern suburbs to business districts, adding efficiency and comfort to office journeys. With Agency Inputs view comments First Published: August 17, 2025, 17:23 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
United News of India
7 hours ago
- United News of India
Nayara trying to get UCO Bank to bypass EU Sanctions against Russian Petro Transactions
Mumbai, Aug 16 (UNI) Mumbai-headquartered crude petroleum refiner Nayara Energy Ltd, which is part-owned by Russian energy company Rosneft PJSC, is in talks with union finance ministry officials to process payments for Russian crude oil imports, bypassing sanctions by the European Union (EU), according to market sources. Nayara executives are working on a plan to get government-owned UCO Bank to process payments for imported Russian crude, since the bank had facilitated similar oil trades with Iran in 2018, sources said. Nayara Energy Ltd is partly owned by Russian energy giant Rosneft PJSC and it has spoken to union finance ministry officials to get UCO Bank on board. Rosneft PJSC owns a little over 49 per cent of Nayara, while a 49 per cent stake is held by a consortium led by Kesani Enterprises Company and the rest of the shares are held by Indian retail investors. The company would like UCO Bank to finance and wire payments for Russian crude oil imports and help it receive payments for refined fuel products which are exported from India. Nayara has been finding banks reluctant to provide even basic services after the company was sanctioned by the European Union in July and UCO Bank which has very less exposure to global financial markets would be to mitigate the risk of secondary sanctions. Nayara also expects its troubles to increase after President Donald Trump's threat to impose a 25 per cent tariff and additional penalties over India's imports of Russian crude petroleum after Russia attacked Ukraine in 2022, which allowed Indian refiners to benefit from discounted Russian crude. Nayara has loaded at least two clean-petroleum product (CPP) cargoes after it was sanctioned by the European Union last month and the company plans to continue its Russian oil imports and refining operations in India. Most foreign banks have stopped dealing with Nayara, forcing the company to deal through Indian banks, after western sanctions were imposed on Russia and Rosneft, which owns about 49 per cent of Nayara. While refiners are cautious about sanctions, India and Russia had set up alternatives to western insurance, finance and maritime services in order to conduct their trade in the recent past. Indian refiners buy Russian crude on a delivered basis with insurance comprising cargo insurance, Protection and Indemnity insurance, besides hull and machinery insurance, arranged by Russian entities. India also accepts Russian insurance. Earlier, India had devised a mechanism to settle trade with foreign nations in rupee terms through vostro accounts of foreign banks in India. Russia's Gazprombank had opened a special vostro account with UCO Bank and Russian entities like VTB Bank and SberBank had opened accounts with their own India-based branch offices in the past. The RBI had also introduced a mechanism for international trade settlements in rupees. UNI XC BM
