India enhances competitiveness and made manufacturing sector attractive to investors: S&P Global
New Delhi [India], May 19 (ANI): India has made notable progress to improve its competitiveness and made manufacturing sector more attractive to investors, according to a report by S&P Global.
An analysis of S&P Global Market Intelligence's Strategic Opportunity Index (SOI) over time indicates that India has taken significant steps to enhance its competitiveness.
It said 'India has made notable progress in enhancing its competitiveness and making its manufacturing sector more attractive to investors'.
The report also noted that India can benefit from the growing trend of trade protectionism across the world. Although rising protectionist policies pose challenges, they can also support supply-chain diversification, which may work in India's favour in the long term.
India's dependence on external trade for growth is moderate. This provides the country with some protection from global trade disruptions and changing tariff policies. However, it is still not completely shielded from the effects of increasing trade protectionism.
Currently, manufacturing accounts for just 17.2 per cent of India's real gross domestic product (GDP). To strengthen this, the government has taken several steps to build domestic manufacturing capabilities and increase India's participation in global supply chains.
One of the major initiatives has been the Production Linked Incentive (PLI) schemes, launched in March 2020. These schemes have supported the growth of several sectors, including electronics, pharmaceuticals, and automobiles, by boosting production and exports.
The report stated that a key highlight is mobile phone exports, which were valued at zero in 2016. By 2024, they had risen sharply to USD 20.4 billion, marking a 44 per cent jump from 2023. This growth was largely driven by Apple shifting part of its mobile phone manufacturing from China to India.
The private sector is also optimistic about India's manufacturing future. High-frequency HSBC PMI data, compiled by S&P Global Market Intelligence, showed that India's manufacturing sector has remained strong even during recent global challenges.
For the past 12 months, India's headline manufacturing PMI readings have consistently stayed above global averages. This resilience has been supported by strong domestic demand, increased hiring, and inventory build-up.
S&P Global Market Intelligence added that India could use the threat of higher US tariffs on other Asian economies, such as China, Vietnam, Taiwan, Thailand, and Bangladesh to its advantage. This may help India boost its manufacturing growth and raise its share in global exports. (ANI)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
an hour ago
- Business Standard
India, US move closer to trade deal after a week-long negotiations
India and the US teams discussed issues pertaining to market access, digital trade, and customs facilitation during the week-long deliberations on the proposed bilateral trade agreement, an official said. According to the official, both sides agreed to continue negotiations to achieve an expeditious conclusion of the initial tranche of the BTA. India and the US are working towards negotiating the first tranche of a mutually beneficial, multi-sector Bilateral Trade Agreement (BTA) by fall (September-October) 2025. To advance the objective of concluding a comprehensive and forward-looking BTA, a US delegation led by Additional US Trade Representative visited India from June 4-10. "During the visit, in-depth negotiations were held on various elements of the proposed BTA that among others included areas such as market access, SPS (sanitary and phyto-sanitary/TBT (technical barriers to trade), digital trade, customs and trade facilitation and legal framework," the official said. The negotiations held with the US side were productive and helped in making progress towards crafting a mutually beneficial and balanced agreement including through achievement of early wins. The visit of the US official team was important as India and America are likely to agree on an interim trade agreement by the end of June, with New Delhi pushing for full exemption from the 26 per cent reciprocal tariff on domestic goods. The US has suspended the proposed tariffs till July 9. There are expectations that an interim trade deal could be finalised before that. The US remained India's largest trading partner for the fourth consecutive year in 2024-25, with bilateral trade valued at USD 131.84 billion. The US accounts for about 18 per cent of India's total goods exports, 6.22 per cent in imports, and 10.73 per cent in the country's total merchandise trade. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
India.com
an hour ago
- India.com
Bad news for employees of this company as it sacks 7000 workers due to..., not Narayana Murthy's Infosys, Ratan Tata's TCS, Google, Microsoft
Bad news for employees of this company as it sacks 7000 workers due to ...not Narayana Murthy's Infosys, Ratan Tata's TCS, Google, Microsoft American consumer goods giant Procter & Gamble is planning to layoff as many as 7,000 jobs in the non-manufacturing sector in the next two fiscal year. The major job cut is going to impact around 15 percent of its white-collar workforce. The move is a reflection of sweeping transformation towards AI-enhanced workflows and digital integration Layoffs To Affect R&D And Marketing, Spare Factories As per several media reports, the company stated that the job cuts will affect the corporate departments such as R&D, marketing, finance, distribution planning, and other non-manufacturing functions. The layoff will affect about 6 percent of the company's workforce across the world and about 15 percent of white collar staff. The implementation will be gradual, spanning fiscal years 2025 and 2026, allowing for smooth transitions and internal staff reassignments. Manufacturing Jobs Are Safe Procter & Gamble's recent layoffs will not impact its factory or manufacturing workforce. The company is focusing on improving efficiency in administrative and support roles by leveraging technology, ensuring continued production. Why is P&G cutting jobs? Streamlining through automation As per the company, one of the major reasons is automating of repetitive work processes and reducing redundancies. Systems such as RPA, and AI-powered can do procurements and payroll analysis and other tasks. Hence, back office teams are not required. Digital Tools P&G is also planning to restructure jobs. Employees of the company will handle broader daily responsibilities by using a data and decision-support tools. Digital Transformation The company has been investing in digital tools and machine learning algorithms and the mass layoff is also part of a broader operational shift. Inflation And Tariffs Driving Change P&G expects to face an additional USD 600 million in pre-tax costs this year due to rising inflation and higher tariffs on materials from Asia. Economic Uncertainty and global slowdowns P&G is restructuring its operations in order to counter economic uncertainty and a slower global recovery. The restructuring involves a phased job cuts in the next two years. This aims to focus for increased agility and digital focus. These job cuts will affect traditional, non-digital departments. P&G's goal is to create a more efficient and digitally-driven organisation. The company's restructuring is likely to be completed in the coming two years.
Time of India
2 hours ago
- Time of India
RCB to be sold after historic IPL 2025 win? Owner Diageo breaks silence
Image credit: BCCI/IPL Diageo India, the Indian branch of UK-based Diageo Plc and owner of the Royal Challengers Bengaluru (RCB) IPL franchise, has firmly rejected rumors of selling the team. In a letter addressed to the Bombay Stock Exchange (BSE) and its Surveillance Department on Tuesday, June 10, a Diageo India representative stated that the media reports suggesting a potential sale are purely speculative. "The company would like to clarify that the aforesaid media reports are speculative in nature and it is not pursuing any such discussion," Mital Sanghvi, the company secretary, informed the regulating body of the Indian Stock Market. "This is for your information and records." Go Beyond The Boundary with our YouTube channel. SUBSCRIBE NOW! According to a Cricbuzz report, Diageo's statement was in response to a query from the Bombay Stock Exchange (BSE), where the company is publicly listed. Since speculation about a possible sale of the RCB franchise began circulating, shares of United Spirits — the Diageo-owned company that holds RCB — have seen a notable uptick. On Tuesday, Bloomberg reported that Diageo is considering selling the RCB franchise. The report surfaced shortly after RCB's maiden IPL title win on June 3 — a milestone achieved after 17 years — followed tragically by an incident in Bengaluru on June 4, where celebrations turned fatal, leaving 11 dead and many injured. Virat Kohli's love for 'dhaba' food, priority for family & more | RCB bus driver shares stories Though Diageo officially dismissed the sale reports as "speculative," the ambiguity of their statement has sparked deeper speculation. A seasoned voice in India's sports business ecosystem suggested that 'being a public company, there will be a lot of pressure on reputational damage,' hinting that Diageo could be weighing its options more seriously than publicly admitted. There are also murmurs about Diageo valuing the RCB franchise at around USD 2 billion. While some industry insiders view that figure as inflated — especially when compared to Torrent's acquisition of Gujarat Titans at approximately INR 7500 crore (around USD 1 billion) — others disagree. Lalit Modi , the architect of the IPL, told Cricbuzz that a USD 2 billion valuation for RCB is quite realistic. 'A particularly special feeling': Andy Flower hails Virat Kohli, RCB after historic title win "I will not be surprised if it is sold for a higher price," he remarked, adding that comparing the RCB valuation to that of the newer Gujarat franchise isn't an apples-to-apples comparison. "I will not be surprised if it is sold for a higher price," he said , stating that the valuation of GT cannot be compared here since it was a one-year-old deal. The sale report remains speculative, as clarified by the Diageo official in the response to the BSE. "No decision is final and they may decide against selling the team, the people said, asking not to be named as the details are private," the Bloomberg report says.
