Tag: global

VP Debate: Walz Blames Trump for Iran’s nuclear advancements; Vance claims former President strengthened global security

Praising the steady leadership and calmness of Vice President Kamala Harris, her running mate Governor Tim Walz has slammed the policies of Republican presidential candidate Donald Trump, claiming that Iran went closer to nuclear weapons because of Donald Trump.

Republican VP nominee JD Vance (left) and his Democrat rival Tim Walz at the VP debate. Photo courtesy: Screengrab from x.com/libsoftiktok

Senator J D Vance, Trump’s running mate, however, asserted that the former President consistently made the world more secure.

These remarks were made on Tuesday during the only vice-presidential debate between Walz and Vance in New York, hosted by CBS News, hours after Iran fired at least 180 missiles into Israel as regionwide conflict grows.

During the debate, Walz also said that Trump is unfit to lead.

“What we’ve seen out of Vice President Harris is steady leadership. We’ve seen a calmness that can draw on the coalitions to bring them together. Understanding that our allies matter,” Walz, who is the running mate of Harris with her being on the top of the Democratic presidential ticket in the November general elections.

“When our allies see Donald Trump turn towards Vladimir Putin, turn towards North Korea, when we start to see that type of fickleness around holding the coalitions together, we will stay committed. And as the Vice President said today, we will protect our forces and our allied forces, and there will be consequences,” he said in response to the question on the Iranian attack on Israel.

Harris speaks and Walz looks on at a rally in Philadelphia. Photo courtesy: x.com/KamalaHarris

The US along with Israeli partners and coalition, was able to stop the incoming attack from Iran, he said.

“But what’s fundamental here is that steady leadership is going to matter. It’s clear—and the world saw it on that debate stage a few weeks ago — a nearly 80-year-old Donald Trump talking about crowd sizes is not what we need at this moment. But it’s not just that. It’s those that were closest to Donald Trump that understand how dangerous he is when the world is this dangerous,” he said.

“His chief of staff, John Kelly, said that he was the most flawed human being he has ever met. Both of his secretaries of defence and his national security advisors said he should be nowhere near the White House. Now, the person closest to them, Donald Trump, said he’s unfit for the highest office. That was Senator Vance,” Walz alleged.

ALSO READ: “Never been anything like it”: Trump claims US witnessing ‘worst border crisis in history of world’, labels Kamala Harris ‘architect of destruction’

Senator J D Vance said the Republican presidential candidate recognised that for people to fear the US, one needed peace through strength.

“As much as Governor Walz just accused Trump of being an agent of chaos, Donald Trump delivered stability in the world, and he did it by establishing effective deterrence. People were afraid of stepping out of line. Iran, which launched this attack, has received over USD 100 billion in unfrozen assets thanks to the Kamala Harris administration,” he said.

“What do they use that money for? They use it to buy weapons that they’re now launching against our allies and, God forbid, potentially launching against the United States as well. Donald Trump recognised that for people to fear the United States, you needed peace through strength. They needed to recognise that if they got out of line, the United States’ global leadership would put stability and peace back in the world,” Vance said.

Donald Trump’s running-mate JD Vance. Photo courtesy: facebook.com/people/JD-Vance

Walz claimed that Iran is now closer to nuclear weapons because of Trump’s administration.

“When Donald Trump was in office, it was Trump who we had a coalition of nations that had boxed Iran’s nuclear programme in, the inability to advance it. Donald Trump pulled that programme and put nothing else in its place. So, Iran is closer to a nuclear weapon than they were before because of his fickle leadership,” he said.

“When Iran shot down an American aircraft in international airspace, Donald Trump tweeted because that’s the standard diplomacy of Donald Trump. When Iranian missiles did fall near US troops and they received traumatic brain injuries, Donald Trump wrote it off as headaches. Look, our allies understand that Donald Trump is fickle. He will go to whoever has the most flattery or where it makes sense to him,” Walz said.

ALSO READ: “Right causes need a warrior to champion them” : Why Taylor Swift’s vote will go to Kamala Harris in upcoming presidential polls

Vance asserted that Trump consistently made the world more secure. “The sequence of events that led us to where we are right now, and you can’t ignore October the 7th. When did Iran Hamas and their proxies attack Israel? It was during the administration of Kamala Harris. Governor Walz can criticize Donald Trump’s tweets, but effective, smart diplomacy and peace through strength is how you bring stability back to a very broken world,” he said.

“Donald Trump has already done it once before. Ask yourself at home, when was the last time that an American president didn’t have a major conflict break out? The only answer is during the four years that Donald Trump was president,” Vance said.

October 2, 2024
MethodHub – A journey of global expansion led by founder Aho Bilam

NRI PULSE STAFF FEATURE

Atlanta, GA, October 1, 2024: In a tech-driven world, MethodHub stands out as a global IT services firm that is not only evolving rapidly but is also expanding into critical technological areas. Founded in 2019 by Aho Bilam, the company has grown from its humble beginnings in India to a global player with operations in six countries, including the U.S., Canada, Thailand, the Philippines, Malaysia and India.

Recently, Bilam spoke to NRI Pulse about his vision to further MethodHub’s growth in the American market.

Chennai-born Bilam’s journey began far from the fast-paced tech world. He earned a mechanical engineering degree, followed by an MBA in marketing from the College of Engineering, Guindy. It was his transition into selling ERP solutions like SAP that opened the doors to the IT sector in the early 1990s.

“I initially got into sales, specifically selling ERP solutions like SAP,” he shared. His deep understanding of the manufacturing process led him into the IT sector, where he transitioned fully by 1994. Since then, he’s accumulated nearly 30 years of experience, primarily in fulfillment, including recruitment and staffing for top companies.

The Genesis of MethodHub

Bilam’s entrepreneurial spirit flourished when he joined Innova Solutions (which he calls Innova Solutions 1.0) and later Clairvoyant, a company he helped build into a $42 million business. Clairvoyant was sold to Innova Solutions 2.0. Following that, he started MethodHub in 2019 in India.

Six months after launching MethodHub, the pandemic hit and the world shut down. The company lost all its business. However, despite the initial setback, Bilam rebuilt the business from scratch.

“We began with the lowest level of business — RPO — and built ourselves up,” he says.

MethodHub now specializes in offering various IT services, including recruitment, managed services, project services, and platform development.

“We began with Recruitment Process Outsourcing (RPO) but quickly moved up to project services for major clients, like OnPoint Warranty and some of the largest banks and oil companies in Thailand,” Bilam explained. Today, MethodHub works with top-tier clients such as TransUnion, Halliburton, Telus, and Ericsson.

What sets MethodHub apart, Bilam emphasized, is its agility and focus on cutting-edge technologies. “We are a younger company, so we’ve adopted new technologies—cloud migration, AI, data services, and cybersecurity—faster than most larger firms. Our strength lies in our ability to show proof of concept quickly, which resonates with customers looking for tangible results before committing to new investments.”

MethodHub’s growth trajectory has been remarkable, with the company now generating over $35 million in revenue within five years. With four key verticals—banking, healthcare, oil & gas, and telecom—and expertise in cloud, AI, data, and cybersecurity, Bilam sees even more potential ahead.

The company is now over 600-strong and headquartered in Wilmington, DE.

A Global Footprint

Today, the company is thriving with operations in six countries and over 120 employees in Thailand alone, where it services top banks like Bangkok Bank and Kasikorn Bank, along with PTT, Thailand’s largest oil company. In Canada, MethodHub recently acquired a 51% stake in Zortech, a company that works with Telus, Canada’s leading telecom firm.

“Timing has been key,” Bilam reflects on the company’s rapid growth. In just five years, MethodHub has grown to over $35 million in revenue, expanding its client base to cover critical industries like financial services, healthcare, oil and gas, and telecom.

Carving a Niche in America’s IT Landscape

Now that Bilam has relocated to Atlanta, he sees a great opportunity for MethodHub to service mid-sized companies in the US. “We’re targeting companies in the $100 million to $3 billion revenue range,” Bilam explains. Larger firms often overlook this sector, leaving space for MethodHub to fill a gap with tailored IT services.

The MethodHub Edge

What sets MethodHub apart from its competitors? Bilam explains that, being a younger company, MethodHub has adapted more quickly to cutting-edge technologies like cloud migration, data services, artificial intelligence, and cybersecurity. “We are in areas where the customers want to see tangible results. We can quickly present prototypes or proof of concepts, something larger firms may struggle with due to bureaucratic hurdles.”

This agility positions MethodHub uniquely to attract companies looking to stay ahead in rapidly evolving technological fields. “We focus on four core technologies: cloud, data, AI, and cybersecurity,” Bilam adds. With a strong track record, especially with high-profile clients like TransUnion, MethodHub is poised to make a significant impact in the U.S. market.

Looking Ahead

MethodHub’s journey is far from over. Bilam reveals plans for an IPO in India worth $8-10 million (INR 70 crore range). This move will provide the company with the capital needed for further acquisitions in the U.S. “We’re looking for companies with strong branding, project work, and logos,” Bilam says, indicating that MethodHub’s expansion is strategic and focused.

After the Indian IPO, the company will explore entering the U.S. market with similar moves, depending on the economic climate. The goal? To become a dominant player in mid-market IT services, especially in areas where innovation and speed are critical.

MethodHub, under the leadership of Aho Bilam, has come a long way in just five years. From starting with recruitment services to offering complex project management solutions, the company’s trajectory is one of agility and strategic growth. With its eyes set on the mid-sized companies of the US and beyond, and a strong foothold in data-driven industries, MethodHub is positioned to be a major player in the global IT services space.

As Bilam himself says, “The opportunities are there, and we’re ready to seize them.”

October 1, 2024
Hayo Expands Global Footprint to Meet Growing Demand for Digital Services Across Africa and South Asia

Its new offices in Cameroon, Niger and Sri Lanka will enable more governments, enterprises and service providers to access innovative digital solutions in local markets.

New York City, U.S., 1 October 2024 – Hayo, a global innovator in digital solutions, has opened new offices in Yaoundé (Cameroon), Niamey (Niger) and Dehiwala-Mount Lavinia (Sri Lanka) to meet growing demands for digital services in Africa and South Asia. The expansion further strengthens the company’s delivery of voice, messaging, IoT, security and other connectivity solutions to governments, enterprises, service providers and mobile operators in emerging markets.

Hayo’s strategic move to Cameroon, Niger and Sri Lanka will provide additional on-the-ground support and expertise for customers in these countries. This will help to accelerate digital transformation for local businesses and governments, as well as support global businesses looking to meet surging demands for digital services across these dynamic markets. Hayo combines networking, technologies, and digital solutions to have a positive impact on businesses and communities alike, with more than three decades of experience.

“Opening these new offices is a key milestone in our mission to bring on-the-ground innovation and advanced digital solutions to emerging markets which are often underserved and overlooked. We’ve seen growing demands for services like voice, messaging, IoT and cloud communications in Cameroon, Niger and Sri Lanka. It’s great to support more of our customers with digital solutions and innovative services in high-growth markets,” said Feraz Ahmed, CEO at Hayo. “We see huge potential in these areas, and we now have even more people and premises to serve local needs with world-class solutions.”

Hayo has extensive coverage across Africa and the Middle East. It serves 100+ leading mobile operators and also connects customers on a global scale through its growing ecosystem of 500+ partners.

“At Hayo we’re 100% customer-centric, with a track record of listening, collaborating and working to optimise processes, increase visibility and help businesses capture new opportunities in Africa and around the world,” added Ahmed. “We’re levelling the playing field by supporting underserved countries with digital transformation, and meeting their growing demands. This expansion is just the start.”

Hayo’s new Cameroon, Niger and Sri Lanka sites add to Hayo’s existing office footprint in New York City (U.S.), Cape Town (South Africa) and Nairobi (Kenya). The news comes after Hayo’s recent launch of its global IoT platform for mobile operators and enterprises, which adds to its suite of solutions spanning voice, messaging, security, AI, cloud communications, connectivity, regulatory compliance and more.

Neel Achary

October 1, 2024
Sensex, Nifty open positive, trade higher amid positive global cues

Indian equity indices opened in the green on Tuesday following positive cues from Asian peers and US markets.

At 9:39 a.m., Sensex was at 84,461, up 161 points or 0.19 per cent and Nifty was at 25,858, up 47 points or 0.18 per cent. The market trend remained positive.

On the National Stock Exchange (NSE), 1560 shares were in the green and 733 shares in the red. In the Sensex pack, Tech Mahindra, L&T, SBI, M&M, Bajaj Finserv, Power Grid, Wipro, Kotak Mahindra, Bharti Airtel, ICICI Bank and Tata Motors were the top gainers.

Asian Paints, JSW Steel, HUL, Tata Steel, Maruti Suzuki, ITC, Sun Pharma and IndusInd Bank were the top losers.

Hardik Matalia, Derivative analyst of Choice Broking, “After a flat opening, Nifty can find support at 25,750 followed by 25,650 and 25,500. On the higher side, 25,950 can be an immediate resistance, followed by 26,000 and 26,050.”

Along with largecap, midcap and smallcap shares remain bullish. The Nifty Midcap 100 index was up 54 points or 0.07 per cent at 60,207 and the Nifty Smallcap 100 index was at 19,279, up 99 points or 0.52 per cent. In the global markets, Tokyo, Shanghai, Hong Kong, Bangkok and Jakarta are trading in the green. Only the markets of Seoul and Taipei are in the red. The US markets closed with gains on Monday.

Other market experts said, “FII selling is likely to be absorbed by DII buying and, therefore, it is unlikely to do serious long-term damage to the market. Since a significant part of FII holding is in banking stocks, this segment may continue to face downward pressure.”

“This will provide opportunities for long-term investors to buy the frontline banking stocks. This segment is attractively valued and the sector is doing well. The worsening geopolitical situation in West Asia is becoming an area of concern,” they added.

The foreign institutional investors (FIIs) extended their selling as they sold equities worth Rs 9,792 crore on September 30, while domestic institutional investors extended their buying as they bought equities worth Rs 6,645 crore on the same day.

(With inputs from IANS)

October 1, 2024
Sensex trades lower at 551 pts down as negative global cues loom

IANS

Indian equity indices opened in the red on Monday following negative cues from global equity markets. At 9:40 a.m. Sensex was down 551 points or 0.64 per cent at 85,019 and Nifty was down 163 points or 0.63 per cent at 26,015.

In the BSE benchmark, Tata Steel, JSW Steel, Titan, Asian Paints, HUL, HCL Tech and Bajaj Finance were top gainers. Tech Mahindra, ICICI Bank, Axis Bank, Tata Motors, Reliance, M&M, Power Grid, IndusInd Bank, SBI, Bharti Airtel, UltraTech Cement and HDFC Bank were top losers.

Selling was also seen in the midcap and smallcap stocks. Nifty midcap 100 index was down 482 points or 0.80 per cent at 59,898 and Nifty smallcap 100 index was down 137 points or 0.71 per cent at 19,104.

Among the Sectoral indices, Auto, IT, PSU Bank, finservice, pharma, energy and realty were major losers. FMCG and metal were major gainers. All markets in Asia except Hong Kong and Shanghai are in decline.

Special session held on Saturday, My 18, 2024 to test the disaster recovery site.IANS

Tokyo, Seoul and Jakarta are major losers. The US markets closed mixed in Friday’s trading session. According to the market experts, “Market is likely to move into a consolidation phase in the near-term.One significant factor that is influencing foreign portfolios is the outperformance of the Chinese stocks which is reflected in the massive surge in the Hang Seng index by around 18 per cent in September.”

“FIIs may continue to sell in India and move some more money to better-performing markets. FII selling is unlikely to impact the Indian market significantly since the massive domestic money can easily absorb whatever the FIIs are selling. Investors can use dips to buy quality largecaps which are fairly valued,” they added.

The foreign institutional investors (FIIs) turned net sellers as they sold equities worth Rs 1,209 crore on September 27, while domestic institutional investors extended their buying as they bought equities worth Rs 6,886 crore on the same day.

(With inputs from IANS)

September 30, 2024
Global EV market projected to hit $2,108 billion by 2033: Axis Securities report

The global electric vehicle (EV) market, currently valued at $255 billion as of 2023, is expected to soar to $2,108 billion by 2033, according to a recent Axis Securities report. This remarkable growth will be driven by a compound annual growth rate (CAGR) of 23% from 2024 to 2033, reflecting a significant rise in global demand for sustainable mobility solutions.

Key Drivers of EV Market Growth

The report highlights several key factors fueling this expansion:

Government Policies: Various government initiatives and subsidies are playing a crucial role in promoting EV adoption.

Product Launches: The introduction of new and innovative EV models is attracting more consumers.

Technological Advancements: Rapid advancements in EV technology are making these vehicles more efficient and affordable.

Cost Reduction: The decreasing cost of the bill of materials (BoM) is contributing to lower manufacturing costs.

India’s EV Market on the Rise

The Indian EV market is poised for substantial growth, with Axis Securities forecasting that it could reach 10 million units annually by 2033, up from 1.7 million units in the financial year 2023-24. India is expected to lead the EV revolution over the next decade, with significant adoption across various vehicle categories, including three-wheelers (3W), two-wheelers (2W), electric buses, and passenger vehicles.

Government Support and Infrastructure Development

To support this growth, the Indian government has allocated a total of ₹10,900 crore in subsidies over the next two years. This funding aims to promote the adoption of EV two-wheelers, three-wheelers, and buses. The scheme targets the sale of 24.79 lakh two-wheelers, 3.16 lakh three-wheelers, and 14,028 e-buses by March 2025. Subsidies of ₹10,000 per two-wheeler and ₹50,000 per three-wheeler are part of this initiative.

Additionally, ₹500 crore has been allocated to increase the adoption of electric trucks and ambulances, with incentives linked to scrappage certificates from approved scrapping centres. Another ₹500 crore is designated for the deployment of e-ambulances, including hybrids.

Enhancing EV Charging Infrastructure

A critical aspect of promoting EV adoption is the development of charging infrastructure. The Indian government has committed ₹2,000 crore to establish public EV charging stations across the country. This investment aims to support the installation of:

22,100 fast chargers for EV four-wheelers

1,800 chargers for EV buses

48,400 chargers for electric two-wheelers and three-wheelers

Favorable Tax Rates for EVs

In an effort to make EVs more affordable, the Indian government has introduced favorable tax rates for electric vehicles. Electric cars are taxed at 5%, compared to 28% for hybrid vehicles and 49% for internal combustion engine (ICE) vehicles.

The Axis Securities report underscores the significant potential of the global and Indian EV markets over the next decade. With strong government support, technological advancements, and growing consumer demand for sustainable mobility solutions, the EV market is set for substantial growth, transforming the future of transportation.

September 28, 2024
S P Jain Global Ranked Among Top 10 B-Schools in Asia-Pacific by Bloomberg Businessweek

Mumbai, 27th September 2024: S P Jain School of Global Management has been ranked among the top 10 business schools in the Asia-Pacific region by Bloomberg Businessweek in its latest B-School rankings. This marks the second consecutive year that the institution has received this prestigious recognition.

The Bloomberg Businessweek rankings are based on an in-depth evaluation of data provided by business schools, combined with surveys from students, alumni, and recruiters. Key areas of assessment include the quality of learning experiences, networking opportunities, and career outcomes—critical factors in shaping tomorrow’s business leaders.

Commenting on the achievement, Nitish Jain, President of S P Jain Global, said:
“Securing a spot in the top 10 for two years in a row is a powerful endorsement of our commitment to providing a truly global and transformative business education. At S P Jain Global, we go beyond traditional learning, equipping our students with the skills, perspectives, and networks they need to succeed in the dynamic global marketplace.”

Highlighting the school’s unique multi-city model, which allows students to study across Singapore, Dubai, Sydney, and London, Jain added: “This distinctive model gives our students invaluable exposure to different markets and cultures, fostering a global mindset—a skill highly valued by employers in today’s interconnected world. With our new London campus, through our sister school SPJ London, we’re continuing to expand this global experience and open new doors for our students.”

Dr Balakrishna Grandhi, Dean of the Full-Time MBA Program at S P Jain Global, emphasized the significance of the ranking, saying: “Our consistent presence in Bloomberg Businessweek’s top 10 is a reflection of the passion and dedication of our faculty, staff, and students. It highlights our relentless focus on academic excellence, cutting-edge research, and preparing graduates to lead in an ever-evolving business landscape.”

September 28, 2024
Global Paper Packaging Materials Market to Reach US$ 465 Billion by 2032, Driven by 6% CAGR
Paper packaging offers a versatile and cost-effective solution for storing, transporting, and preserving a wide range of products. It can be easily customized to meet customer needs and product-specific requirements. Compared to other types of packaging, paper packaging provides several key benefits, including being lightweight, biodegradable, and recyclable.

The paper packaging materials market is being propelled by strict regulations from environmental protection agencies and increasing consumer awareness of sustainable packaging choices. The growing global population is driving demand for affordable packaging alternatives, such as bags, pouches, and cellulose-based materials.

A variety of end-use applications now call for environmentally safe and sustainable packaging materials as a result of recent breakthroughs in the packaging sector. This is a significant aspect influencing the development of the market for paper packaging materials.

Key Takeaways from Market Study:
- The global paper packaging materials market is valued at US$ 260 billion in 2022.
- Market in Canada is projected to progress at a CAGR of 5.3% over the forecast period (2022-2032).
- Sales of paper bags & sacks are anticipated to expand at a CAGR of 5.7% from 2022 to 2032.
- Market in Germany is set to evolve at a CAGR of 5.5% through 2032.
Paper Packaging Materials Gaining Huge Popularity:

Growing Demand for Sustainable Packaging – One of the primary reasons for the rising popularity of paper packaging materials is the global shift towards sustainability. With increasing concerns about environmental degradation, consumers and industries are seeking alternatives to traditional which is non-biodegradable and harmful to ecosystems.

Biodegradability and Recycling – The biodegradable nature of paper packaging is another key factor behind its growing popularity. Unlike plastic, which can take centuries to break down, paper decomposes naturally, reducing the long-term environmental impact. In addition, paper packaging is easily recyclable, making it an important component in the circular economy, where materials are reused and repurposed to minimize waste.

Lightweight and Cost-Effective -In addition to its environmental benefits, paper packaging is lightweight, which makes it more economical for shipping and transportation. Reduced shipping costs are a significant advantage for businesses looking to optimize logistics without sacrificing sustainability. Furthermore, the relatively low cost of paper packaging materials compared to other sustainable alternatives makes it a cost-effective option for businesses looking to balance environmental responsibility with operational efficiency.

Rising Consumer Awareness and Preference– Today’s consumers are more environmentally conscious than ever before, and their purchasing decisions are increasingly influenced by the sustainability practices of brands. This has led to a growing preference for products packaged in eco-friendly materials, such as paper. Brands that adopt paper packaging not only appeal to this environmentally aware consumer base but also enhance their brand image as socially responsible and sustainable.

Innovations in Paper Packaging Technology-Technological advancements in paper packaging have significantly enhanced its functionality and broadened its application across various sectors. For example, innovations like liquid packaging cartons and more durable paper materials have made paper packaging more suitable for items that require leak-proof or moisture-resistant properties. These advancements are making paper packaging more competitive with other forms of packaging, such as plastic and glass, while still maintaining its eco-friendly appeal.
Mansi Praharaj
September 27, 2024
Mrigaank Mishra: Building a Global Business Empire at 25

Raised in a family where education and discipline were paramount, Mishra’s parents, both educators his mother a school principal instilled in him the values of hard work and dedication. His sibling, pursuing an MBBS degree, adds to this legacy of perseverance. These values have fueled Mrigaank’s drive to succeed in the competitive world of business.

Beyond his professional pursuits, Mishra is passionate about cricket, music, and traveling, interests that have given him a unique, well-rounded perspective on life and business. His love for exploring different cultures and markets has allowed him to develop business strategies that are innovative, forward-thinking, and adaptable to global trends.

With a clear vision of scaling his ventures to new heights, Mrigaank Mishra continues to focus on expansion, always seeking out new opportunities for growth. His entrepreneurial mindset, combined with his global exposure and personal passions, makes him a standout figure in today’s business world. Mishra’s journey is a testament to what can be achieved with ambition, strategic thinking, and a relentless drive for success.

September 27, 2024

India Emerging as a Global Manufacturing Hotspot

Sept 27^th, 2024 – CBRE South Asia Pvt. Ltd, India’s leading real estate consulting firm, today released its report titled, ‘Fortifying India’s I&L landscape with a new manufacturing growth formula’. The report reveals that the manufacturing sector’s growth has significantly contributed to warehousing demand. The share of sectors catering to the manufacturing space, including engineering & manufacturing, electronics & electricals and auto & ancillary sectors, within the total warehousing demand across major cities, has increased substantially, growing from 15% in 2019 to 24% in 2023 and 25% in H1 2024. The total leasing for warehousing from these manufacturing-related sectors stood at 4.1 mn. sq. ft. in H1 2024.

As per the report, Pune has shown the highest increase in warehousing and industrial space take-up by manufacturing players, growing from 6% in 2019 to 13% in H1 2024. Delhi-NCR and Kolkata have also seen notable increases, reaching 18% and 12%, respectively, in H1 2024*. This surge is attributed to factors like adoption of the China + 1 strategy by global manufacturers and supportive policies such as the Production Linked Incentive (PLI) scheme, now covering 14 sectors.

Sectoral distribution of warehouse leasing in manufacturing sector

India’s engineering and manufacturing sector has seen a significant surge in warehouse leasing. The report shows that the sector’s share of total warehouse leasing grew from 8% in 2023 to 11% in H1 2024. The top sub-sectors driving warehouse leasing from 2019 to H1 2024 include domestic appliances, auto components, and the automobile industry, reflecting robust demand across these key segments.

India’s economy continues to demonstrate resilience, exhibiting sustained growth underpinned by several positive indicators. With a surging GDP in 2023 and a projected growth rate of 6.5-7% over 2024-2026, India emerges as one of the frontrunners in the global economic race. This ambitious goal appears increasingly attainable due to a decade of successful policy reforms that have propelled economic growth. The manufacturing sector plays a key role, contributing 14% of GDP and employing over 27.3 million people. In June 2024, the Services PMI hit a 14-year high of 60.5, while manufacturing PMI stood at 58.3, reflecting expansion and the strongest growth in three-and-a-half years. The Index of Industrial Production (IIP) grew by 4.2% in June, pushing overall industrial growth to 5.8% in FY 2023-24.

India’s favorable business environment, boosted by streamlined regulations and a jump in global rankings, has attracted strong foreign direct investment (FDI). Private consumption also continues to drive growth, with its share of GDP rising from 56.5% in FY2012 to 60.3% in FY24.

Favorable Government policies enabling manufacturing growth

To reduce high logistics costs, the government is optimizing freight movement by shifting to more cost-effective and sustainable transport modes through initiatives:

GatiShakti National Master Plan and logistics-specific reforms
These efforts aim to improve supply chain efficiency, promote green practices, and enhance India’s manufacturing competitiveness globally

In addition, the Indian government is working to reduce production costs through a series of tax reforms, incentives, and infrastructure improvements. Corporate tax cuts, the Goods and Services Tax (GST), and R&D tax benefits are among the measures supporting growth. Key policies such as the Production Linked Incentive (PLI) Schemes, Make in India, and the National Logistics Policy further reinforce India’s competitive edge.

Anshuman Magazine, Chairman & CEO, India, Southeast Asia, Middle East & Africa, CBRE, said,“Amidst evolving global geopolitical landscapes and economic challenges, India presents a compelling opportunity for growth. India’s manufacturing sector is on the cusp of a transformative journey, attracting significant interest on the global stage. This remarkable trajectory is driven by a combination of factors, including a stable investment environment, strategic government initiatives, and a thriving domestic market.

Continued economic development in both leading and emerging Asia Pacific markets will boost consumer demand for manufactured goods and further fuel the growth of the region’s manufacturing sector”.

Rami Kaushal, Managing Director, Consulting & Valuation Services, India, Middle East & Africa, CBRE, said, “India’s robust industrial infrastructure has been crucial in driving its manufacturing sector forward. It emphasises the nation’s appeal for ease of business, encourages collaboration, and enhances productivity. Furthermore, it has attracted foreign direct investments (FDIs), driven export growth, and created substantial employment opportunities, cumulatively contributing to the manufacturing sector’s expansion.

Additionally, the government is taking steps to attract private capital and implement administrative reforms to streamline the planning and execution of infrastructure investments, aiming to improve efficiency”.

Ram Chandnani, Managing Director, Advisory & Transactions Services, CBRE India, said, “The government’s focus on “Make in India” and “Atmanirbhar Bharat” initiatives have set the stage for India’s manufacturing revolution. Strategic government initiatives, a thriving domestic market and a young and skilled workforce, are all coming together to make India a global manufacturing leader. India’s focus on trade agreements holds immense potential for its manufacturing sector and will act as a trade catalyst. This presents a golden opportunity for India’s manufacturers to diversify from the dominance of the services sector and capture a larger share of the global manufacturing pie”.

Way Forward: India’s Push Towards Becoming a Manufacturing Giant

Advanced manufacturing leverages state-of-the-art technologies to streamline and optimise every aspect of the production process. By embracing these cutting-edge techniques, companies gain a significant competitive advantage, enhancing their productivity, efficiency, and adaptability.

Challenge

Recommendations

Project timelines and profitability impacted by delays in land acquisition and obtaining necessary clearances

-Nationwide single window clearance system.
-Expedite land acquisition and environmental clearances.
-Dedicated committees to oversee project planning and implementation.
-Securing land and other necessary approvals prior to issuing project tenders.

Complex infrastructure financing

-Undertake more comprehensive longer-term planning by all levels of government.
– Develop suitable investment vehicles and products to attract institutional investors.
– Generate revenue streams for new / existing projects

Lack of inter-department coordination delaying clearances / approvals

-Set clear objectives for all stakeholders and decision-makers.
-Establish an accountability matrix and a timebound dispute resolution mechanism.

Complex regulatory landscape

– Adopt a uniform and simplified tax structure for infrastructure projects

-Develop resilient processes to decode and address complex regulations.

Limited connectivity of industrial complexes

– Adopt ‘comprehensive industrial clusters’ instead of individual parks such as textile clusters, chemical clusters, etc.
– New port infrastructure development planning to include integrated industrial zones and comprehensive last-mile road and rail connectivity.

Lack of a domestic container manufacturing ecosystem

– Include the manufacturing of Corten steel as an integral part of the policy essential to make the production of containers cheaper in India.

– Rework the PLI scheme for container manufacturing

Mansi Praharaj

September 27, 2024