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  • India climbs to 39th position in Global Innovation Index 2024 list

    India climbs to 39th position in Global Innovation Index
    India climbs to 39th position in Global Innovation Index (GII). Photo Courtesy: Unsplash

    India has climbed a position to reach 39th place in the Global Innovation Index (GII) 2024 rankings, as per data released by the Geneva-based World Intellectual Property Organization.

    The country ranked 40 in 2023.

    Indian Minister Piyush Goyal acknowledged the development and posted on X: “India rises to 39th position among 133 global economies in the Global Innovation Index 2024!”

    Switzerland, Sweden, the United States, Singapore and the United Kingdom are the world’s most-innovative economies, while China, Türkiye, India, Vietnam and The Philippines are the fastest 10-year climbers, according to WIPO’s Global Innovation Index (GII) 2024, which shows a softening in venture capital activity, R&D funding and other investment indicators.

    Now in its 17th edition, the GII is the world’s benchmark resource charting global innovation trends to guide policy makers, business leaders and others in unleashing human ingenuity to improve lives and address shared challenges, like climate change.

    This year, the GII also looks at “social entrepreneurship,” which uses private-sector practices for positive social change.

    The 2024 edition identifies a major softening in leading indicators of future innovative activity, including a reversal of the 2020-2022 boom in innovation investments.

    Amid higher interest rates, venture capital (VC) funding dropped by about 40 percent in 2023 and growth slipped in research and development (R&D) expenditures, while international patent filings and scientific publications fell.

    In the GII ranking of 130-plus economies, China reached the 11th position and remains the only middle-income economy in the GII top 30.

    A total of 19 economies outperformed on innovation relative to their level of development. India, the Republic of Moldova and Vietnam are all innovation overperformers for 14 years in a row.

    In more recent years, Saudi Arabia, Qatar, Brazil, Indonesia, Mauritius and Pakistan have climbed most in the GII (in order of their ranking). Indonesia, Pakistan and Uzbekistan maintain their overperformer status for a third year and Brazil for a fourth consecutive year.

    Global leaders in innovation in 2024 – Regional Breakdown

    Northern America

    The United States holds stable in 3rd position. It scores best in the world in nine of the 78 GII 2024 innovation indicators, including in indicators global corporate R&D investors, unicorn valuation, intangible asset intensity, the quality of its universities, the impact of its scientific publications (H-index), software spending and intellectual property (IP) receipts.

    Canada moves up to 14th place, its best rank since 2014. It leads in venture capital received and strategic alliances, while also ranking in the top 10 for its university–industry R&D collaboration, researchers working in the private sector and IP payments.

    Europe

    Europe still hosts the highest number of innovation leaders among the top 25 – 15 in total, with seven among the top 10. Out of the 39 European economies covered, only nine move up the ranking this year (10 fewer than last year): namely, Austria (17th), Ireland (19th) and Luxembourg (20th), Spain (28th), the Czech Republic (30th), Poland (40th), Croatia (43rd), Serbia (52nd), and Montenegro (65th).

    Among economies that are improving, Austria excels in domestic industry diversification, production and export complexity, R&D expenditures, and public research–industry co-publications. In part influenced by the strong presence of foreign multinationals in the field of ICT, Ireland ranks top globally in ICT services exports and IP payments and ranks in the top three for its intangible asset intensity. Spain is performing well in software spending, industrial designs, and global corporate R&D investors.

    Serbia gets closer to the top 50 with a strong performance in domestic industry diversification, ICT services exports, scientific and technical articles, and cultural and creative services exports.

    South East Asia, East Asia, and Oceania


    Seven South East Asia, East Asia and Oceania (SEAO) economies are world innovation leaders – one more than in 2023 – namely, Singapore (4th), the Republic of Korea (6th), China (11th), Japan (13th), Hong Kong, China (18th), Australia (23rd) and New Zealand (25th), which moves up two places.

    Eleven economies within the SEAO region (out of 17 covered) improve their rankings this year, with Indonesia (54th) making the greatest advance and entering the top 60. Indonesia excels in university–industry R&D collaboration, policy stability for doing business and intangible asset intensity.

    The Philippines goes up three ranks to reach the 53rd position. This year it has also attained 3rd position in the lower middle-income group. Notable areas in which it excels are trade-related indicators, including high-tech exports (1st globally), high-tech imports, creative goods exports and ICT services exports. It has also made advances, albeit at lower levels, in intangible assets, thanks to its strong global brand value– and the intangible asset intensity of its companies.

    Thailand (41st) and Viet Nam (44th) continue to make advances towards the top 40. Malaysia (33rd) and Mongolia (67th) also move up the ranking.

    Central and Southern Asia

    In Central and Southern Asia, India (39th) continues to lead, moving one spot forward. The Islamic Republic of Iran (64th, down by two places) comes second, followed by Kazakhstan (78th). Uzbekistan (83rd) retains its 4th position within the region.

    India leads the lower middle-income group. It holds the record for overperforming on innovation for the 14th consecutive year. India’s strengths lie in key indicators such as ICT services exports (at 1st place, globally), venture capital received and intangible asset intensity. India’s unicorn companies also secure the country the 8th rank globally.

    Kazakhstan excels in government’s online service, utility models, e-participation and entrepreneurship policies and culture.

    In addition to India and Kazakhstan, three other economies within the region move up the ranking: Sri Lanka (89th), Kyrgyzstan (99th) and Tajikistan (107th). Pakistan (91st) and Uzbekistan maintain their status as overperformers for a third consecutive year. Pakistan also positions itself among the economies that have shown the most significant ascent in the GII over the past five years.

    Taking a longer-term view, all economies in the region have made sustained progress in their rankings over the past decade. Uzbekistan, the Islamic Republic of Iran, Pakistan, and India have made the largest advancements, in that order.

    Northern Africa and Western Asia

    Israel (15th), Cyprus (27th), the United Arab Emirates (32nd) and Türkiye (37th) lead in the innovation rankings for this region.

    Despite moving down one rank this year, Israel leads in several key innovation indicators, ranking 1st globally in R&D expenditure, VC received, R&D performed by business, ICT services exports and unicorn valuation.

    Türkiye continues to forge ahead, gaining two ranks. It also takes the 3rd position among the upper middle-income group. Türkiye stands out in various areas: it ranks 1st globally in trademarks and industrial designs, and 9th in intangible asset intensity – all showing an improvement this year.

    Saudi Arabia (47th) and Qatar (49th) move ahead one spot each, consolidating their positions in the top 50. Georgia moves up to 57th place, followed by Armenia (63rd) and Morocco (66th).

    Morocco ranks 1st globally in industrial designs and ranks in the top 30 on expenditure on education, intangible asset intensity, gross capital formation, high-tech manufacturing and trademarks.

    Latin America and the Caribbean

    In Latin America and the Caribbean, the regional top 3 remains unchanged: Brazil (50th) retains the top position, followed by Chile (51st) and Mexico (56th). Chile and Mexico improve their positions by one and two ranks, respectively.

    Chile holds top positions in tertiary enrollment, market capitalization and foreign direct investment (FDI) net inflows. Mexico comes top in trade and high-tech indicators, including creative goods exports, high-tech exports, high-tech imports and high-tech manufacturing.

    Seven additional economies within the region also improved their ranking: Colombia (61st), Paraguay (93rd), Uruguay (62nd), Costa Rica (70th), Peru (75th), Panama (82nd) and Honduras (114th).

    Colombia ranks 18th globally for the valuation of its unicorn companies. It also leads in IP payments and high-tech imports.

    Barbados rejoins the GII in 2024 at the 77th position, leading globally (1st) in patent families and WIPO Patent and Cooperation Treaty (PCT) patents, and performing in the top 20 in patents by origin and VC recipients. This year, Brazil and Jamaica (79th) continue to perform above expectations for their level of development.

    Sub-Saharan Africa

    In Sub-Saharan Africa, Mauritius (55th) leads the region, followed by South Africa (69th), Botswana (87th), Cabo Verde (90th) and Senegal (92nd). Eight of the region’s economies moved up the GII ranking, including Mauritius, Cabo Verde, Senegal, Kenya (96th), Zambia (116th), Benin (119th), Mauritania (126th) and Burundi (127th).

    Mauritius leads worldwide in VC received (1st) and ranks 2nd in VC investors. Cabo Verde ranks 1st in gross capital formation, while South Africa performs well in ICT services imports and global brand value. Senegal excels in gross capital formation, unicorn valuation, loans from microfinance institutions, FDI net inflows and VC received.

    Kenya gains 4 ranks and performs well in VC recipients, utility models, ICT services exports and labor productivity growth. Madagascar (110th) performs well in industrial designs and trademarks, both of which show improvement this year.

    Burundi, Madagascar, Rwanda (104th), Senegal and South Africa are also innovation overperformers this year, with Rwanda’s period of overperformance lasting longest, at 12 years. Rwanda leads the low-income group, followed by Madagascar and Togo (117th).

  • Amrita Faculty Shine in Top 2% Scientists in Stanford’s Global 2024 List for the 5th time in a row

    Hyderabad, 25th September 2024: Amrita Vishwa Vidyapeetham’s top researchers have once again made their mark on the global stage, earning spots on Stanford University’s prestigious list of top scientists. This recognition, places Amrita’s scholars among the top 2% of researchers worldwide, for the fifth time in a row, highlighting the institution’s sustained excellence and impact in scientific research as acknowledged by the renowned U.S. university. The list, developed through rigorous analysis of scientific research metrics such as the H-index, citations, and other performance indicators, honors scientists who have demonstrated excellence in their respective fields. The list features two distinct categories: career-long impact, recognizing scientists for their lifetime achievements, and single-year impact, which focuses on recent contributions.

    The following 10 faculty has made it to the prestigious list for their career long

    contribution to the scientific research:

    1. Dr. Venkat Rangan, Vice Chancellor, Amrita Vishwa Vidyapeetham

    2. Dr. Maneesha V Ramesh, Provost, Amrita Vishwa Vidyapeetham

    3. Dr. R Jayakumar, Amrita Center for Nanosciences and Molecular Medicine

    4. Dr. Shantikumar Nair, Amrita Center for Nanosciences and Molecular Medicine

    5. Dr. Sunit Chandra Singhi, Amrita School of Medicine

    6. Dr. Raman Krishna Kumar, Amrita School of Medicine

    7. Dr. K R Thankappan, Amrita School of Medicine

    8. Dr. Madhav Datta, Amrita School of Engineering

    9. Dr. N Radhika, Amrita School of Engineering

    10. Dr. Bijo Mathew, Amrita School of Pharmacy

    The following 27 faculty have made it to the prestigious list for their year-long

    contribution to scientific research. 8 of Amrita’s faculty are featured in both the lists.

    1. Dr. Maneesha V Ramesh, Provost, Amrita Vishwa Vidyapeetham

    2. Dr. R Jayakumar, Amrita Center for Nanosciences and Molecular Medicine

    3. Dr. Santanu Mandal, Amrita School of Business

    4. Dr. K R Thankappan, Amrita School of Medicine

    5. Dr. R. Naveen Kumar, Amrita School of Engineering

    6. Dr. N. Radhika, Amrita School of Engineering

    7. Dr. Shantikumar Nair, Amrita Center for Nanosciences and Molecular Medicine

    8. Dr. Bijo Mathew, Amrita School of Pharmacy

    9. Dr. Raman Krishna Kumar, Amrita School of Medicine

    10. Dr. Aditya Kumar Sahu, Amrita School of Computing

    11. Dr. Vinod V.T. Padil, Amrita School for Sustainable Futures

    12. Dr. Soman K P, Amrita School of Computing

    13. Dr. Sanjay Pandey, Amrita School of Medicine

    14. Dr. J. K. Madhukesh, Amrita School of Engineering

    15. Dr. Aravind Madhavan, Amrita School of Biotechnology

    16. Dr. R. Sakthivel, Amrita School of Engineering

    17. Dr. Senthilkumar Baskar, Amrita Center for Nanosciences and Molecular

    Medicine

    18. Dr. Suresh M, Amrita School of Business

    19. Dr. Sudip K.Batabyal, Amrita School of Physical Sciences

    20. Dr. T. Mohanraj, Amrita School of Engineering

    21. Dr.Krishnashree Achuthan, Center for Cybersecurity Systems and Networks

    22. Dr. Sunit Chandra Singhi, Amrita School of Medicine

    23. Dr. Sabitha M, Amrita School of Pharmacy

    24. Dr. R. Vaira Vignesh, Amrita School of Engineering

    25. Dr. Manu Raj, Amrita School of Medicine

    26. Dr. Sunil Kumar, Amrita School of Engineering

    27. Dr. V. P. Meena, Amrita School of Engineering

  • Mindspace REIT Leads the Way as the First REIT to Have Its Net Zero Plan Evaluated by Global Network for Zero


    Mindspace REIT

    Part of its Endeavour to Achieve Net Zero Certification by 2042

    MUMBAI: Mindspace Business Parks REIT (BSE: 543217 | NSE: MINDSPACE) (‘Mindspace REIT’), owner and developer of quality Grade A office portfolio located in four key office markets of India, announces its partnership with the Global Network for Zero (GNFZ), the world’s premier independent net zero certification body. This partnership marks a major milestone in Mindspace REIT’s dedication to environmental sustainability, advancing its goal to certify the entire portfolio as net zero by 2042.

     The certification process will begin with the evaluation of one of the buildings at Mindspace Airoli West, situated near the vibrant residential micro-markets of Thane and Navi Mumbai. Already a ‘Platinum’ certified building under LEED v4.1 O+M, it exemplifies high-performance building standards and efficient systems. To align with the GNFZ’s net zero transformation strategy, this building will reduce Scope 1, Scope 2, and Scope 3 emissions through energy efficiency upgrades, green power procurement, and green leases for occupants.

    This new partnership builds upon Mindspace REIT’s longstanding commitment to sustainable practices which has resulted in:

    99.9% of the REIT portfolio is green certified of which 22 million sq. ft of leasable area is platinum certified

    Successful implementation of an Infrastructure Monitoring & Operations Centre (IMOC) for enhanced efficiency and reduced environmental impact

    30-45% margin for potable water savings across the green building portfolio

    30% more fresh air than what is mandated by ASHRAE standards

    Over 80% of construction waste is intelligently reused across green buildings

    Ramesh Nair, CEO, Mindspace REIT said in a statement “Partnering with the Global Network for Zero is a key milestone in our sustainability journey. Their independent certification aligns with our goals and helps us accelerate our journey to net zero. This partnership strengthens our commitment to sustainable excellence for our occupants, stakeholders, and communities. We’re excited to lead the way towards a net zero future, making a significant impact on emission reduction and environmental stewardship.”

    Mahesh Ramanujam, GNFZ CEO and Co-Founder, adds, “Mindspace REIT has been at the forefront of remarkable leadership in sustainability. I have been an admirer and supporter of their efforts for many years now to ensure environmental consciousness while retaining the top position in offering world-class commercial spaces for the biggest multinationals. I am honored and excited to contribute to their next critical phase of net zero emissions for one of their buildings at Mindspace Business Parks with Global Network for Zero. It is a massive undertaking — but with the leadership of Ramesh Nair and others who are making the necessary strides forward in this business, we finally not only have hope, but tangible commitments towards cutting down emissions in the real estate sector that contributes a major part to global emissions.”

  • Market outlook: Futures and options expiry, FII data and global cues key factors next week

    Market outlook: Futures and options expiry, FII data and global cues key factors next week

    IANS

    The stock market witnessed a sharp rally last week driven by the US Fed Reserve’s rate cut. Next week’s market outlook depends upon several factors like foreign institutional investors (FIIs) activities, futures and options (F&O) monthly expiry, crude oil prices and global macroeconomic data.

    Last week’s market highlight was aggressive buying by the FIIs. They were net buyers, injecting Rs 11,517.92 crore into the cash segment. Conversely, Domestic Institutional Investors (DIIs) turned net sellers, offloading Rs633.67 crore in the cash segment.

    In the last trading session, Nifty and Sensex climbed to all-time highs of 25,849.25 and 84,694.46, respectively, before closing the week at 25,790.95 and 84,544.31. The Bank Nifty index also showed strength, taking 11 weeks to reach a new peak of 54,066.10.

    Among sectoral indices, the construction sector emerged as the top performer, followed by banking, while the pharmaceutical sector ended the week in negative territory. The U.S. Federal Open Market Committee (FOMC) voted 11 to 1 in favour of lowering the federal funds rate by 50 basis points to a range of 4.75 per cent to 5 per cent, marking the first rate cut after more than a year of maintaining rates at a two-decade high.

    market

    Interestingly, the usually strong IT index underperformed, ending the week with a 2.75 per cent decline. On the other hand, Nifty Bank, which had lagged, took the lead, gaining 3.5 per cent and finally reaching its all-time high. Midcap and Smallcap indices also underperformed during the week. The market displayed clear signs of sector rotation, as investors shifted focus to sectors with renewed momentum.

    Santosh Meena, Head of Research, Swastika Investmart said, “Nifty is trading in uncharted territory, with 25,921 and 26,244 as the next target levels. On the downside, 25,350 has emerged as a crucial support level for the NSE benchmark, and the bullish momentum is expected to persist as long as Nifty remains above this level.”

    According to Palka Arora Chopra, Director of Master Capital Services, Nifty Bank Index reached a new all-time high of 54,066.10, forming a strong bullish candle on the weekly charts and closing above previous highs.

    “This signals fresh momentum, primarily driven by private-sector banks. The index will likely continue its upward trajectory toward 55,000, with minor resistance at 54,300. On the downside, immediate support is at 53,200, and a breakdown below this level could push the index toward 52,500,” Chopra mentioned.

    (With inputs from IANS)

  • The Influence of Global Supply Chains on Automotive Production

    There is no denying the fact that yesterday’s supply chain solutions were ineffective in addressing today’s automotive concerns. Thus, it is necessary to reconsider how to build and manage global supply chain issues in automotive production in the modern era.According to Mordor Intelligence, the market size of the automobile industry in India is expected to reach $187.85 billion by 2029, growing at a CAGR of 8.20% during the forecast period (2024-2029). However, the automotive sector exemplifies the pinnacle of modern industrial intricacy and effectiveness.

    In fact, in recent decades, the advent of global supply chains has profoundly transformed car production, enabling the creation of vehicles at unprecedented volumes and speeds. However, this shift has introduced its own set of challenges and opportunities. So, let’s delve into how global supply chains have reshaped car manufacturing, highlighting the advantages, potential risks, and the industry’s evolving nature.

    How Supply Chain Affects Car Industry

    Over the last few decades, the landscape of automotive production and supply chain has changed dramatically. Historically, automakers relied on localised supply networks, procuring components and raw materials from nearby areas. However, as the world has changed, firms have expanded their sourcing to international vendors to improve efficiency and save costs.

    Here are some advantages. So, let’s look at it:

    Cost Efficiency: One of the primary benefits of global supply chains is cost reduction. By sourcing parts from regions with cheaper labor and production costs, manufacturers can achieve significant savings. This has led to reduced vehicle prices for consumers and higher profit margins for manufacturers.

    Access to Specialised Parts: Global supply chains enable manufacturers to obtain specialised components and materials not available locally. For instance, high-tech electronic systems or advanced materials can be sourced from specialised global suppliers, improving vehicle performance and quality.

    Enhanced Flexibility and Scalability: A global supply chain allows manufacturers to rapidly adjust production levels and respond to fluctuating demand. This agility is essential in an industry where consumer preferences and market conditions can change swiftly.

    Innovation and Expertise Exchange: Collaborating with international suppliers fosters innovation and the exchange of knowledge. This is where manufacturers are getting benefits from the global expertise and technological advancements of their suppliers, leading to superior vehicle designs and functionalities.

    Challenges in Global Car Manufacturing

    Despite the numerous benefits, global supply chains also present several challenges and risks for car manufacturers:

    Supply Chain Disruptions: Global supply chains are susceptible to interruptions from geopolitical tensions, natural disasters, and pandemics. The COVID-19 pandemic, for example, underscored the vulnerability of global supply chains as manufacturers experienced shortages of essential components and production delays.

    Quality Assurance: Maintaining consistent quality across a broad network of suppliers can be challenging. Variations in supplier standards and practices can lead to quality issues, impacting vehicle reliability.

    Logistical Complexity: Managing a global supply chain involves coordinating multiple suppliers, transportation routes, and regulatory requirements. This complexity can result in inefficiencies and higher costs if not effectively managed.

    Ethical and Environmental Issues: Sourcing components from various regions raises concerns about labour practices, environmental impact, and sustainability. These issues have become increasingly important to both consumers and regulators.

    Supply Chain Optimisation in the Auto Industry: Adapting to the New Reality

    To navigate the challenges associated with global supply chains, car manufacturers are adopting several strategies:

    Today, businesses are expanding their pool of suppliers to decrease reliance on single sources. This approach helps minimise the impact of disruptions and ensures a more dependable supply of crucial components. Moreover, they are leveraging technological advancements such as blockchain and artificial intelligence to enhance supply chain transparency and efficiency. These tools improve real-time tracking of components, forecasting accuracy, and logistical optimization. Additionally, manufacturers are placing increased emphasis on sustainability within their supply chains. This involves efforts to reduce environmental impacts, ensure ethical labor practices, and develop sustainable materials. Finally, manufacturers are moving production closer to key markets to cut costs. This reshoring or nearshoring strategy reduces dependency on distant suppliers and enhances responsiveness.

    Future of Automotive Supply Chains

    Looking forward, several trends are likely to shape the future of global supply chains in car manufacturing:

    • The move towards electric vehicles (EVs) and new technologies will have an impact on supply chain dynamics. Manufacturers will need to adjust to new components, such as batteries and electric drives, and develop new supply chain strategies to support these innovations.
    • Additionally, the ongoing digitalisation of the automotive industry will continue to influence supply chains. Technologies like the Internet of Things (IoT), big data analytics, and automation will play a crucial role in improving supply chain management and operational efficiency.
    • Furthermore, the lessons learned from recent disruptions will lead to a focus on creating more resilient and agile supply chains. Manufacturers will invest in strategies to better predict and address disruptions, ensuring stability and continuity in production.
    • Finally, as consumer expectations change, manufacturers will need to align their supply chains with demands for greater transparency, sustainability, and ethical practices. Meeting these expectations will be crucial for maintaining brand reputation and competitiveness.

    Adaptability: Key to Grow!

    Without a doubt, global supply chains have had a huge impact on vehicle manufacture, promoting efficiencies, innovation, and market expansion. However, they present new issues in terms of disruption, quality control, and sustainability. Therefore, as the automotive industry evolves, manufacturers must traverse these complexities while adjusting to new technology, market trends, and consumer demands.

  • Oyo’s $525M Acquisition: A New Chapter in Global Hospitality

    Oyo

    OyoIANS

    Boosting its international presence, Indian hospitality major Oyo’s parent company Oravel Stays is acquiring Motel 6 and Studio 6 chain with about 1,500 facilities across the US and Canada from the investment company Blackstone in a $525 million cash deal, the US firm said on Friday.

    With the acquisition of G6 Hospitality, parent company of the two budget lodging chains, Oyo will become a major player in the US and Canadian hospitality industry, which is already dominated by Indian Americans.

    Blackstone said that Motel 6’s franchise network produces gross room revenues of $1.7 billion.

    Motel 6 is ubiquitous across the US and Canada known for its relatively cheap rooms that, however, conform to the corporate standards in maintenance and hospitality.

    Stay 6 is an extended stay network for guests who want to rent rooms with more facilities for longer periods.

    oyo

    OYOWikimedia commons

    Oyo International CEO Gautam Swaroop said that the group will continue to operate as a separate entity.

    “This acquisition is a significant milestone for a startup company like us to strengthen our international presence”, he said.

    “Motel 6’s strong brand recognition, financial profile and network in the US combined with Oyo’s entrepreneurial spirit will be instrumental in charting a sustainable path forward for the company”, he said.

    Blackstone said, “Oyo will leverage its comprehensive technology suite as well as its global distribution network and marketing expertise to further strengthen the Motel 6 and Studio 6 brands and drive continued financial growth”.

    Since its launch in the US in 2019, Oyo has steadily increased it portfolio and now operates 320 hotels– about 100 acquired last year – in 35 states, according to Blackstone.

    There are 108,000 hotels and motels in the US, and, according to the Asian American Hotel Owners Association, Indian American entrepreneurs own about 60 per cent of them.

    A large number of Motel 6 facilities are already run by Indians.

    Blackstone bought Motel 6 from the French hotel company Accor in 2012 for $1.9 billion.

    While selling the company for only $525 million may seem a bad deal, the travel industry publication Skift, said that in fact Blackstone made a sizeable profit by selling off many of the properties it acquired.

    “Blackstone managed to more than triple its investors’ capital and generate over $1 billion in profit by investing $900 million in improving the properties and then selling off hundreds of them”‘ the publication said.

    When it was founded in 1962, Motel 6 got its name for the $6 price of hotel rooms at that time.

    (With inputs from IANS)

  • India set to become third-largest economy by FY30-31: S&P Global

    World Bank raises India's GDP growth forecast to 7.5 pc for 2023-24

    IANS

    India is on track to become the third-largest economy by fiscal 2030-31, driven by a robust projected annual growth rate of 6.7 per cent, a report by S&P Global projected on Thursday.

    The country has emerged as the fastest-growing large economy at an 8.2 per cent growth rate in FY24, significantly exceeding the government’s earlier estimate of 7.3 per cent.

    According to the report, Infrastructure development and geopolitical strategies will play an important role in maximising trade benefits.

    “India’s medium-term prospects are healthy and filled with opportunities in multiple sectors including trade, agriculture, and AI, likely structural reforms and growing energy demands,” said Abhishek Tomar, Head-S&P Global India Leadership Council.

    India is poised for growth, and with a young and dynamic workforce well-positioned to shape, added Tomar, also Chief Data Officer for S&P Global Market Intelligence.

    According to the report, titled “India Forward”, continued reforms are crucial to improving business transactions and logistics, boosting private sector investment, and reducing reliance on public capital. The equity markets are expected to stay dynamic and competitive due to strong growth prospects and better regulation.

    Dr. Reddy's Laboratories leverages strategic collaborations for access, growth and Innovation

    IANS

    The report also mentioned that foreign inflows into Indian government bonds have surged since the country joined major emerging market indexes, with further growth anticipated.

    “To maximise trade benefits, India must develop infrastructure and geopolitical strategies, particularly regarding its extensive coastline. Nearly 90 per cent of India’s trade is seaborne, necessitating robust port infrastructure to manage increasing exports and bulk commodity imports,” it noted.

    The country can further look to sustainable technologies, including renewables and low-emission fuels balancing energy security with its energy transition plans. Agriculture will rely on advanced technologies and new policies to improve infrastructure and productivity.

    “The need is to address critical infrastructure issues such as irrigation, storage, and supply distribution to ensure food security and economic stability,” said the report.

    Leveraging AI can boost economic growth, with opportunities for public-private partnerships to replicate the success of India’s digital infrastructure.

    Prime Minister Narendra Modi said this week that India is becoming a major stakeholder in the global supply chain and this growing capacity is the foundation of its economic growth. PM Modi said over 140 crore citizens are working with the resolve of making India the third-largest economy in the world.

    (With inputs from IANS)

  • Bringing Global Fashion Trends to Local Markets

    Modeve Announces

    18th Sept 2024  New Delhi, India  Modeve, a fashion brand renowned for its trendy and affordable designs, is excited to announce its expansion into the rapidly growing Indian market. This strategic move is part of the brand’s long-term vision to establish a strong foothold in one of the most vibrant fashion hubs.

    With an ambitious goal of presence across more than 1000 MBOs across key metropolitan cities including Mumbai, Delhi, Bangalore, and Hyderabad along with significant presence across Tier 1 and Tier 2 cities by the end of 2025, Modeve aims to make high-quality, trend-forward fashion accessible to the Indian consumer. Modeve’s product offerings, which range from chic casual wear to sophisticated evening attire, will cater to India’s diverse and style-conscious demographic.

    Modeve

    The product offerings will include a full range of Modeve’s collections, featuring both global and local fashion trends. In addition to physical stores, Modeve will enhance its digital presence through its website www.modeve.in along with presence across all major marketplaces in India. The brand plans to launch an eco-friendly collection in collaboration with local artisans, ensuring that it remains committed to ethical sourcing and production methods.

    Akhil Sachdeva, Co-founder, Modeve said, “We are looking to significantly expand our presence across more than 1000 MBOs across India. We are thrilled to expand Modeve’s presence across India, a country that celebrates fashion, innovation, and creativity. Modeve is poised to become a leading fashion brand in India.”

    Gaurav Sachdeva, Co-founder, of Modeve said, “We believe Modeve’s unique blend of style, affordability, and sustainability will be a perfect fit for India’s evolving fashion landscape. Our goal is to provide Indian consumers with world-class fashion while respecting the rich cultural diversity that defines this dynamic market.”


    Mansi Praharaj

  • Manipal-GoK Bioincubator Wins “Best Incubator” Award at Global Bio India 2024

    Manipal, 17th September 2024: Manipal -GoK Bioincubator has been recognized as the “Best Incubator” in the Tier 2 Cities category by the Biotech Industry Research Assistance Council (BIRAC), under the Department of Biotechnology, Government of India. This prestigious award was presented during the Global Bio India 2024 event, held on 14th September 2024 at Pragati Maidan, New Delhi.

    The Manipal-GoK Bioincubator is a collaborative initiative of Manipal Academy of Higher Education (MAHE), supported by the Karnataka Innovation and Technology Society (KITS), Government of Karnataka, and BIRAC. Established in 2019, the Bioincubator features world-class infrastructure spanning 20,000 sq. ft. and focuses on key areas such as Biopharma, Biomedical Devices, Dental Innovation, Biotechnology, and Healthcare. The incubator provides a robust entrepreneurial ecosystem, offering professional services that help transform innovative ideas into scalable, technology-driven enterprises.

    The Bioincubator offers cutting-edge incubation facilities, advanced infrastructure, and high-end instrumentation, along with strong networking and mentorship support from clinicians, engineers, business experts, and investors. It helps startups with proof of concept, validation, clinical trials, and commercialization, ultimately turning innovative ideas into successful technology-based enterprises. Additionally, the Bioincubator provides seed funding for promising ideas and products, with access to angel investors and venture capitalists.

    Dr. H. S. Ballal, Pro-Chancellor of MAHE, expressed his pride in the recognition, stating: “It is a matter of immense pride that the Manipal-GoK Bioincubator has been recognized as the ‘Best Incubator’ in the Tier 2 Cities category at Global Bio India 2024. We are deeply grateful to our top leadership and all stakeholders of this vibrant ecosystem whose passion, innovation, and tireless efforts have made this recognition possible. We look forward to the future with enthusiasm and remain committed to fostering even more groundbreaking ideas that have the potential to make a lasting impact on the world.”

    Lt. Gen. (Dr.) M. D. Venkatesh, Vice Chancellor of MAHE, highlighted the importance of the achievement, stating: “This achievement reflects MAHE’s unwavering commitment to fostering innovation and supporting innovative startups through our facilities, infrastructure, and resources. It is a proud moment for our entire MAHE ecosystem, which has worked tirelessly to create a nurturing environment for the next generation of innovators.”

    Dr. Manesh Thomas, Chief Executive Officer of the Manipal-GoK Bioincubator, also shared his thoughts on the award: “This achievement reflects MAHE’s unwavering commitment to fostering innovation and supporting innovative startups through our facilities, infrastructure, and resources. It is a proud moment for our entire MAHE ecosystem, which has worked tirelessly to create a nurturing environment for the next generation of innovators.”

    With this recognition, the Manipal-GoK Bioincubator reinforces its dedication to creating a thriving ecosystem for startups and innovators, continuing to make a lasting global impact.


    Mansi Praharaj

  • ZF LIFETEC’s New Global Capability Center in Hyderabad Enhances R&D

    ZF LIFETEC is opening a state-of-the-art Global Capability Center for passive safety technology designed to enhance global R&D and engineering collaboration and customer service.

    Opening of the Global Capability Center is part of the successful carve-out of ZF LIFETEC from the ZF Group expected to be completed by the end of September.

    The Global Capability Center plays a crucial role in innovation focusing on enhancing safety standards, adding significant value for customers.

    HYDERABAD: ZF LIFETEC, a leading passive safety technology provider for enhanced protection of vehicle occupants, announced the inauguration of its state-of-the-art Global Capability Center in Hyderabad, India. The opening of the Global Capability Center is part of ZF LIFETEC’s carve-out from the ZF Group which is expected to be completed by the end of September and marks a significant step forward in the company’s commitment to local and global innovation.

    Rudolf Stark, Executive Vice President, ZF LIFETEC, said, “The inauguration strengthens our global development footprint. Customer proximity is vital for our growth and India is a rising market. At the same time, we can serve global engineering needs out of India very quickly and competitively.”

    Ravikumar Tirumukulu, Executive Director, ZF LIFETEC India, said, “This state-of-the-art facility embodies our commitment to capabilities, innovation, and global engagement. With a focus on technology development for passive safety, we’re not only enhancing our technical expertise but also fostering a culture of collaboration and knowledge-sharing across borders. This center will serve as a beacon for innovation, driving advancements in safety standards and delivering significant value to our customers worldwide. As we continue to push the boundaries of what’s possible, I’m excited to see the impact our team will make in shaping a safer, more sustainable future for all.”

    Akash Passey, President, ZF Group India, expressed his enthusiasm about this strategic move, stating, “The inauguration reflects ZF’s enduring commitment to India. This state-of-the-art Center will play a crucial role in expanding our footprint in India, driving advancements in passive safety across key regions. With 200+ employees and strategic investments, this expansion will further enhance our work in safety technology and enable us to collaborate with leading industry players to enhance safety standards in India and globally. The growing engineering division mirrors our commitment to fostering local talent and addressing global needs, making ZF LIFETEC a vital hub for future-ready safety solutions for customers in diverse sectors.”

    Based on strong relationships with a diversified customer base of global OEMs driven by outstanding quality and Research & Development collaborations as well as a strong global innovation platform, ZF LIFETEC is well-positioned as a supplier to renowned vehicle manufacturers.