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Economic Times
2 days ago
- Automotive
- Economic Times
India becoming key pillar to the China+1 strategy for global auto OEMs: EY-Parthenon
Synopsis A joint report by EY and Parthenon indicates India is emerging as a key hub in the China+1 strategy for global auto OEMs, driven by low manufacturing costs and government incentives like the PLI scheme. This shift is boosting exports and positioning India as a preferred sourcing destination for auto components. ANI Representative image. India is rapidly becoming a central pillar of the China+1 strategy adopted by global auto OEMs, as companies look to diversify their supply chains and reduce dependency on China, according to a joint report by EY and Parthenon."India is becoming a key pillar to the China+1 strategy being adopted by global auto OEMs for components. Additionally, low mfg. costs + GoI induced incentives are further boosting exports," the report report highlights that this shift is driving increased business with Indian original equipment manufacturers (OEs), positioning the country as a preferred sourcing hub. Boosting this momentum are low manufacturing costs and government-backed incentives, notably the Production-Linked Incentive (PLI) Scheme for the auto sector. With a financial outlay of USD 3 billion, the scheme offers 8-18 per cent sales-linked incentives for advanced and electric vehicle components. It has already catalysed auto component exports worth USD 61.8 billion. Together, the China+1 strategy and strong policy support are propelling India's rise as a global auto component export hub, the report pointed out. The China+1 strategy is a business strategy where companies diversify their manufacturing and supply chains by choosing another location besides China, reducing reliance on a single strategy shows the desire of companies to mitigate risks associated with over-dependence on China, such as geopolitical tensions, supply chain disruptions, and rising experts say that companies have to invest in research and development (R&D) to take advantage of Kant, Former CEO of the NITI Aayog, during an industry gathering in May, said, "You'll have to do the technology leapfrogging. You can't copy the Chinese. You have to beat the Chinese with one up. This game of China plus one by importing from China all the time will never work."Meanwhile, Chief Economic Adviser Anantha Nageswaran said that India, given its political stability, huge market opportunity, dynamic workforce, and steady rise in income levels, is eyed as one of the best places to set up manufacturing remains the fastest-growing major economy and is poised to maintain its growth trajectory.
Time of India
2 days ago
- Automotive
- Time of India
India becoming key pillar to the China+1 strategy for global auto OEMs: EY-Parthenon
A joint report by EY and Parthenon indicates India is emerging as a key hub in the China+1 strategy for global auto OEMs, driven by low manufacturing costs and government incentives like the PLI scheme. This shift is boosting exports and positioning India as a preferred sourcing destination for auto components. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads India is rapidly becoming a central pillar of the China+1 strategy adopted by global auto OEMs , as companies look to diversify their supply chains and reduce dependency on China, according to a joint report by EY and Parthenon."India is becoming a key pillar to the China+1 strategy being adopted by global auto OEMs for components. Additionally, low mfg. costs + GoI induced incentives are further boosting exports," the report report highlights that this shift is driving increased business with Indian original equipment manufacturers (OEs), positioning the country as a preferred sourcing this momentum are low manufacturing costs and government-backed incentives, notably the Production-Linked Incentive (PLI) Scheme for the auto sector. With a financial outlay of USD 3 billion, the scheme offers 8-18 per cent sales-linked incentives for advanced and electric vehicle components. It has already catalysed auto component exports worth USD 61.8 the China+1 strategy and strong policy support are propelling India's rise as a global auto component export hub, the report pointed China+1 strategy is a business strategy where companies diversify their manufacturing and supply chains by choosing another location besides China, reducing reliance on a single strategy shows the desire of companies to mitigate risks associated with over-dependence on China, such as geopolitical tensions, supply chain disruptions, and rising experts say that companies have to invest in research and development (R&D) to take advantage of Kant, Former CEO of the NITI Aayog, during an industry gathering in May, said, "You'll have to do the technology leapfrogging. You can't copy the Chinese. You have to beat the Chinese with one up. This game of China plus one by importing from China all the time will never work."Meanwhile, Chief Economic Adviser Anantha Nageswaran said that India, given its political stability, huge market opportunity, dynamic workforce, and steady rise in income levels, is eyed as one of the best places to set up manufacturing remains the fastest-growing major economy and is poised to maintain its growth trajectory.
Economic Times
25-06-2025
- Business
- Economic Times
Overall situation rosier than expected; we are getting into peace, not war & India is in a sweet spot: Swaminathan Aiyar
Live Events You Might Also Like: Consensus not confident on India's cyclical revival for next 2 years: Jigar Mistry (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel , Consulting Editor,, says geopolitical tensions are easing across several regions. There is de-escalation between Russia and Kyiv, and positive developments in Israel. India-Pakistan and Iraq-Iran relations are also showing signs of improvement. India's economic performance is exceptional. Optimism surrounds India's ability to exceed expectations this year. The overall outlook is surprisingly positive at this moment.I would say that what is happening is astonishingly positive. Just as we thought we are getting into a war, we are actually getting into a peace, and getting out of the war. We have an unusual situation now where there is in effect a ceasefire in Ukraine, Kyiv; a ceasefire is foreseen over Israel and Iran. The Americans have finished off the regime in Iran which seeks no immediate revenge. It wants to survive right now. We had an almost laughable situation where Iran said they will send some missiles to bomb American facilities in Qatar, but informed them in advance, so that everything would be safe and there would be no damage and no at this particular point, when people were worrying about World War III or a nuclear war, the attitude of the Iranian government was 'I just want to survive, I want to de-escalate at this point.' So, we have a situation which is very positive in terms of both Kyiv and what is happening in Israel. Peace is breaking out, in a sense, in both ways. So, a lot of the things that we are worrying about are giving way to pretty positive things as far as geopolitics is concerned. Far from being worst case scenarios, we are moving towards some pretty good case scenarios as far as the hostilities are concerned. And shall we say India-Pakistan also? So, India-Pakistan, Iraq-Iran, Russia- Kyiv, everything is settling down at this particular point. It is a very surprisingly positive outlook right is in a sweet spot. It is more than that. If you look at the actual performance of the last two financial years, 2023-24 growth has been revised up to 9.2%. When that happened, a lot of people sneered and said this is because of an extremely extraordinarily low GDP deflator. But if that was the case, then we should have had just the other way around in 24-25 and therefore, 24-25 should have come the proper thing is to take the average of the two. If you take the average of those two years, it is 7.8%. It is nowhere near the 6.5% that Mr Anantha Nageswaran, Chief Economic Adviser, is aiming at. It is far above at a time when the overall global situation has been very tough. So, I can only say that it is not just India's prospects, India's actual performance in the last two years on the basis of the latest data, looks so exceptional that there is a case for optimism that this year too, we will exceed the kind of targets being put the other hand, the chance of a recession in the USA remains. The other thing that is happening is Mr Trump has persuaded or shall we say forced a new attitude in Europe. The European Union instead of saying we will spend 3% of GDP on defence, will have to aim at 5%. So, the cold war dividend is now gone and all these countries will be spending more on armament. There may be correspondingly less available for consumer demand to that extent and that could be a negative. These are the two medium-term negatives still out overall, India has the capacity to look forward with some confidence that we have overcome extremely difficult situations. Will we be able to overcome the challenges of the coming short recession? Possibly. Will we be able to overcome this gradual fall in consumer demand that we are seeing? Yes. What will happen about Mr Trump's tariffs remains a question. The 90 days deadline for Trump tariffs is coming up. What happens after 90 days? Will the reciprocal tariffs come back? Will they go up? Will they go down?We have a new situation in the USA where some courts are beginning to take note of does Mr Trump have the right as president to declare that on the basis of national emergency, he is going to raise these tariffs across the board? One American court has ruled that while you can do specific things like raise tariffs on priority items like aluminium or steel, but to impose a 10% tariff across the board is not an emergency action. So, let us see what happens. The courts also may be able to stop some of the worst actions that Mr Trump has threatened on the tariff side. We are getting close to that 90-day deadline. Let us see. But as I said, the overall situation is looking much rosier than I would have said one month ago.
Time of India
13-06-2025
- Business
- Time of India
CEA Nageswaran to talk on policy issues
Thiruvananthapuram: Chief economic advisor (CEA) to the govt of India V Anantha Nageswaran will deliver a talk on Global Economic Trends: India's Challenges and Prospects on June 17 at the Raj Bhavan. He will present India's opportunities and the challenges that lie ahead for planners and policymakers alike in the context of India becoming the fourth largest economy in the world in GDP terms, said a statement issued by the Raj Bhavan. These factors, along with economic diplomacy, international trade and tariff, and the prime minister's call for Make In India, will form part of the deliberations by CEA. Follow more information on Air India plane crash in Ahmedabad here . Get real-time live updates on rescue operations and check full list of passengers onboard AI 171 .
Time of India
06-06-2025
- Business
- Time of India
Latest technologies like AI, IoT need to be used to improve quality of data: CEA
New Delhi, Chief Economic Advisor V Anantha Nageswaran on Thursday said latest technology, including artificial intelligence and internet of things, need to be used to improve quality of data, which is the bedrock of policymaking. Addressing the National Workshop on Using Alternate Data Sources and Frontier Technologies for Policy Making, Nageswaran emphasised that data generated by statistical systems and alternate data complement each other, rather than substituting each other. He said the latest trends in technology, including artificial intelligence (AI), internet of things (IoT), have to go hand in hand with skilling of manpower, ensuring authenticity, reliability of the data quality with advanced design of algorithms holds the key in this endeavour. He further mentioned that data generated by the statistical systems has been the bed rock of policymaking in India. Suman K Bery, Vice Chairperson NITI Aayog and Chairman, EAC to the PM, said the way forward on integration of conventional data with alternate data sources. Bery focused on utilising data generated through traditional modes of data collection and rigorous statistical analysis forming the basis for evidence-based policymaking . He highlighted the importance of ensuring quality of administrative data. The insights from traditional as well as alternate data sources need to be strengthened with emphasis on data processing and assimilation, he added. Statistics and Programme Implementation Secretary Saurabh Garg said MoSPI has been brainstorming from the last couple of years as to how alternate data sources can be integrated in the existing national statistical system and this workshop is the culmination of the efforts made in past. With the objective of enhancing harmonisation of data having practical utility, Garg enlisted five key building blocks -- meta data structures, international and national classifications, unique identifiers, self-quality assessment tools, and reconciliation of diverse data to achieve such endeavour. P R Mesharam, Director General (Data Governance), MoSPI, reiterated that NSO India, with its time-tested statistical products, has facilitated the evidence-based policy making over a long period of time. The need of the hour is to use alternative data sources and frontier technologies to strengthen data eco-system of the country and provide data for evidence-based decision making in real time, he said. He added that this is in line with developing enhanced statistical capabilities "supporting our vision of becoming a developed nation". On the opening day of the workshop, MoSPI also released annual publication 'EnviStats India, 2025: Environment Statistics'. The publication is a key resource for policymakers, researchers and other stakeholders, offering a comprehensive overview of the country's environmental landscape.
