NewsBizkoot.com

Tag: india’s

Tanishq and De Beers Collaborate to Transform India’s Natural Diamond Jewellery Landscape

L to R: Sandrine Conseiller, CEO of De Beers Brands, and Ajoy Chawla, CEO, Jewellery Division, Titan Company Limited at the press conference to announce Tanishq and De Beers forging strategic collaboration to boost India’s natural diamond jewellery market

INDIA: As India becomes the world’s second-largest market for natural diamond jewelry, industry leaders De Beers and Tanishq unite to connect even more people to its enduring value

De Beers Group, the world’s leading diamond company, and Tanishq, India’s largest jewelry retail brand from the Tata group, today announced a long-term strategic collaboration to connect more Indian consumers with the rarity and preciousness of natural diamonds and amplify the growing opportunity in the Indian market.

With a vibrant economy, a growing middle class, and discerning consumers who seek jewelry with enduring value, demand for natural diamond jewelry from Indian consumers has surged recently and now represents 11 percent of global demand. This has seen India replace China as the second-largest market in the world for natural diamond jewelry. With diamond acquisition rates in India well below those in mature markets such as the US, this provides a significant opportunity to catalyze further growth for natural diamond jewelry in India.

To help unlock the growth opportunity, Tanishq, and De Beers have agreed to come together on a long-term collaboration to enhance consumer education, interest, and confidence, and to promote natural diamonds across India. Through this collaboration, the two parties will capitalize on Tanishq’s deep understanding of the Indian market built up over three decades, combined with De Beers’ expertise in the diamond category, to deepen consumer desire for and confidence in natural diamonds, underscoring their inherent value, rarity, and timelessness.

L to R: Ajoy Chawla, CEO, of Jewellery Division, Titan Company Limited, and Sandrine Conseiller, CEO of De Beers Brands, at the press conference to announce Tanishq and De Beers forging strategic collaboration to boost India’s natural diamond jewelry market

The collaboration will focus on building extensive consumer outreach, deepening the capabilities of Tanishq’s retail staff to communicate about natural diamonds, educating consumers about authenticity, and shaping customer experiences as they explore their desire for natural diamonds and studded jewelry. This will also be supported by a compelling 360-degree marketing campaign to build awareness and target expanding the customer base in the country, including first-time buyers.

The new collaboration builds on the existing relationship between Tanishq and De Beers, with Tanishq already using De Beers’ proprietary diamond verification technology to support the assurance of the authenticity of its products. The two parties are also in talks regarding opportunities to collaborate on traceability, how Tanishq’s diamond supply needs can best be met, and further opportunities to use De Beers’ proprietary technologies to support pipeline integrity.

Sandrine Conseiller, CEO of De Beers Brands, said: “India’s love affair with diamonds has flourished over thousands of years, and we are thrilled to partner with Tanishq to unlock the full potential of this vibrant market. Like De Beers, Tanishq recognizes the power, preciousness, and prestige of natural diamonds, and combining our expertise with their deep understanding of the Indian market, we will work together to create something special to connect more Indian consumers to these natural treasures and their enduring value.”

Ajoy Chawla, CEO of, Jewellery Division, Titan Company Limited, said: “The opportunity in India for diamonds is massive, given the very low penetration of studded jewelry and the rising per capita incomes in the world’s most populous country. Tanishq has been a pioneer in democratizing diamond jewelry in the market for three decades and has always targeted the modern progressive woman. Tanishq Diamonds adheres to the strictest standards, with all diamonds responsibly sourced in compliance with the Kimberley Process Certification Scheme (KPCS) and the Tanishq Suppliers Engagement Protocol (TSEP).

We offer our certificate of Tanishq Diamond guarantee and have the most transparent buyback policy in India, enabling trust and peace of mind for our customers. In an increasingly man-made world where virtual living is becoming the norm, people crave authentic brands, and real experiences and value natural, wholesome products. All Tanishq Diamonds are natural, rare, and valuable and have attracted our customers with innovative designs. The collaboration with De Beers will unlock new opportunities for both Tanishq and the diamond sector, celebrating the eternal beauty of these miracles of nature.”

September 4, 2024
World Bank raises India’s growth forecast for FY25 to 7 percent

World Bank raises India’s growth forecast for FY25. Photo Courtesy: Unsplash

The World Bank on Tuesday upgraded India’s growth forecast for the FY24/25 to seven percent, giving a boost to the country’s financial journey.

The Indian economy continues to grow at a healthy pace despite challenging global conditions, according to the World Bank’s latest report on India.

“But to reach its $1 trillion merchandise exports goal by 2030, India needs to diversify its export basket and leverage global value chains,” World Bank said in a statement.

The India Development Update (IDU) observes that India remained the fastest-growing major economy and grew at a rapid clip of 8.2 percent in FY23/24.

Growth was boosted by public infrastructure investment and an upswing in household investments in real estate. On the supply side, it was supported by a buoyant manufacturing sector, which grew by 9.9 percent, and resilient services activity, which compensated for underperformance in agriculture.

Reflecting these trends, urban unemployment has improved gradually since the pandemic, especially for female workers.

Female urban unemployment fell to 8.5 percent in early FY24/25, although urban youth unemployment remained elevated at 17 percent.

With a narrowing of the current account deficit and strong foreign portfolio investment inflows, foreign exchange reserves reached an all-time high of $670.1 billion in early August, equivalent to over 11 months oft cover (in FY23/24 import terms).

Amid challenging external conditions, the World Bank expects India’s medium-term outlook to remain positive. Growth is forecast to reach 7 percent in FY24/25 and remain strong in FY25/26 and FY26/27.

With robust revenue growth and further fiscal consolidation, the debt-to-GDP ratio is projected to decline from 83.9 percent in FY23/24 to 82 percent by FY26/27. The current account deficit is expected to remain at around 1-1.6 percent of GDP up to FY26/27.

“India’s robust growth prospects along with declining inflation will help to reduce extreme poverty,” said Auguste Tano Kouame, World Bank’s Country Director in India.
“India can boost its growth further by harnessing its global trade potential. In addition to IT, business services and pharma where it excels, India can diversify its export basket with increased exports in textiles, apparel, and footwear sectors, as well as electronics and green technology products.”

The IDU recommends a three-pronged approach towards achieving the $1 trillion merchandise export target by reducing trade costs further, lowering trade barriers, and deepening trade integration.

“With rising costs of production and declining productivity, India’s share in global apparel exports has declined from 4 percent in 2018 to 3 percent in 2022,” said Nora Dihel and Ran Li, Senior Economists, co-authors of the report. “To create more trade-related jobs, India can Integrate more deeply into global value chains which will also create opportunities for innovation and productivity growth.”

September 3, 2024
India’s Semiconductor Leap: Rs 3,300 Crore Unit Approved By PM Modi’s Cabinet

PM Modi-led Cabinet approves Rs 3,300 crore semiconductor unitCredit: Reuters

Union Cabinet, led by Prime Minister Narendra Modi, has sanctioned a proposal for the establishment of a semiconductor unit in Sanand, Gujarat. The project, a part of the India Semiconductor Mission (ISM), is to be undertaken by Kaynes Semicon Pvt Ltd with an investment of Rs 3,300 crore.The semiconductor unit is projected to manufacture nearly 60 lakh chips per day, catering to a broad spectrum of applications. These include industrial, automotive, electric vehicles, consumer electronics, telecom, and mobile phones, among others.

This initiative is a testament to India’s potential to develop a ‘Made in India’ chip for every piece of equipment, a vision articulated by PM Modi himself. The first indigenously-developed chip is anticipated to arrive in the country by the end of this year, marking a significant milestone in India’s technological journey.

Earlier in March, PM Modi laid the foundation stone for three semiconductor projects worth Rs 1.25 lakh crore. These projects include Tata Electronics setting up a semiconductor fab in Dholera, Gujarat, and a semiconductor unit in Morigaon, Assam. Additionally, CG Power is establishing a semiconductor unit in Sanand. These units are expected to generate lakhs of direct and indirect jobs, contributing significantly to the country’s employment sector.

The Ministry of Electronics and IT has reported that the construction of all four semiconductor units is progressing rapidly, leading to the emergence of a robust semiconductor ecosystem in the vicinity of the units. The four units are expected to bring in an investment of almost Rs 1.5 Lakh crore, with a cumulative capacity of about 7 crore chips per day. The Programme for Development of Semiconductors and Display Manufacturing Ecosystem in India, which was notified in 2021, has a total outlay of Rs 76,000 crore. This initiative is expected to foster employment opportunities for the youth of the country, according to an official statement.

The first indigenously-developed chip is set to arrive in the country by the end of this yearIANS

Reports suggest that India’s semiconductor-related market is projected to reach $64 billion in 2026, nearly tripling the size in 2019. Union Railways and IT Minister Ashwini Vaishnaw recently stated that in the next five years, the country will become one of the biggest semiconductor hubs in the world.

In his address to the nation, PM Modi outlined a series of futuristic goals aimed at shaping India’s growth and achieving the target of Viksit Bharat by 2047. He assured the nation that the government is working on mission mode for the development of 6G networks.

India has significantly reduced its reliance on smartphone imports, now manufacturing 99 per cent domestically. This is driven by mobile phones with a 43% share in total electronics production. This move not only aligns with the vision of a self-reliant India but also promises to generate employment, boost the economy, and position India as a key player in the global semiconductor market. The decisions and policies of today will indeed give India a strategic advantage in the future, as the Prime Minister rightly pointed out in his virtual address during the foundation laying ceremony.

September 2, 2024
India’s Manufacturing Sector Maintains Resilience Amid Slowdown

India’s manufacturing growth eases in August, stays above long-run averageIANS

India’s manufacturing sector has experienced a slight deceleration in growth in August 2024, with the Purchasing Managers’ Index (PMI) dropping to a three-month low of 57.5. Despite this dip, the PMI remains above the long-run average of 54, indicating that the sector continues to expand, albeit at a slower pace. This data was revealed in a recent survey conducted by HSBC India. The PMI is a crucial indicator of the economic health of the manufacturing sector, with a reading above 50 indicating expansion and below 50 signifying contraction. The August reading marks the longest expansionary phase in the last 11 years, with the index remaining above the 50-mark since July 2021.

The report attributes the slowdown in growth to softer increases in new business and output. However, these rates of expansion remain elevated by historical standards. Some panellists cited fierce competition as a reason for the slowdown. Despite this, the sector continues to show resilience, with firms scaling up buying levels to safeguard against input shortages. The report also highlighted a significant improvement in pre-production inventories, marking one of the strongest upturns in 19-and-a-half years of data collection. This rise in purchasing activity was supported by a moderation in cost pressures. The rate of input price inflation softened to the slowest in five months, allowing firms to comfortably share additional cost burdens with their clients by lifting selling prices.

Pranjul Bhandari, Chief India Economist at HSBC, noted that while the pace of expansion has moderated slightly, the sector continues to grow. New orders and output also mirrored the headline trend, with some panellists citing fierce competition as a reason for slowdown. Nevertheless, all three indicators remain well above their historical averages,” Bhandari added. The business outlook for the coming 12 months remains optimistic, despite a slight moderation in August. This optimism is driven by competitive pressures and inflation concerns. Firms continue to hire additional staff, indicating a positive outlook for employment in the sector.

Sensex and Nifty clocked an all-time high in early tradeIANS

In July, the manufacturing sector continued to expand robustly, driven by strong domestic demand and new export orders. However, the pace of output price inflation decelerated but to a much smaller extent. The broader market, as indicated by the S&P BSE Sensex and the Nifty 50 index, also showed minor gains. The Sensex and Nifty clocked an all-time high in early trade, despite the broader market underperforming the frontline indices. The seasonally adjusted HSBC India Manufacturing Purchasing Managers Index (PMI) signalled a substantial improvement in operating conditions.

The manufacturing sector’s performance is crucial to India’s $10-trillion ambition, with growth driven by an expanding manufacturing sector. Key focus areas include semiconductors, electronics manufacturing, the electric vehicle ecosystem, renewable energy, and defence. The central government has ramped up capital expenditure to bolster infrastructure, create jobs, and stimulate manufacturing growth to support this ambition. The sector continues to show resilience in the face of competitive pressures and inflation concerns, with firms scaling up buying levels and maintaining an optimistic outlook for the future. The moderation in input cost inflation has allowed firms to rebuild safety stocks, indicating a strategic move to secure resources amidst a period of relative cost stability. This resilience and strategic planning bode well for the sector’s continued growth and contribution to India’s economic ambitions.

September 2, 2024
India’s Q1 GDP Highlights

By – Ms. Ritu Prakash Singh, Senior Economist and Head – MSME Research, UGRO Capital

India’s GDP growth for the quarter ending June 2024 registered at 6.7%, slightly below expectations and 1.5 percentage points lower than the same quarter last year. This slowdown is largely due to a high base effect, adverse weather conditions, and restrictions on government activities related to the Lok Sabha election. However, the underlying data remains optimistic, with significant gains in private consumption and service sector. Looking ahead, the measures introduced in the Union Budget FY25 for the MSMEs, manufacturing, and services sectors are expected to provide a substantial boost to these areas.

Mansi Praharaj

September 1, 2024
Women Investors Surge in India’s Stock Market; There Are Over 2.2 Crore Now

INTERNET

The National Stock Exchange (NSE) has reported that out of its 10 crore registered investors, at least 2.2 crore are women. This data, revealed by Tirthankar Patnaik, the chief economist at the NSE, indicates that approximately 22% of the total investors on the NSE are female. This is a remarkable increase since 2015, when the number of female investors in the Indian stock market has surged by 6.8 times.

The rise in female investors is not the only demographic shift in the Indian stock market. Patnaik also noted that about 69% of investors are below the age of 40 years, indicating a growing interest in investing among the younger generation. This trend is a testament to the increasing financial literacy and the streamlined Know Your Customer (KYC) process that has made it easier for individuals to participate in the stock market.

The strength of retail investors has been a significant factor in the resilience of the Indian stock market. Despite heavy selling by foreign institutional investors (FIIs) and geopolitical stress, the Nifty has been registering consistent growth. This resilience can be attributed to the fact that Indian households now have a share of 35% in total trading.

IANS

Furthermore, the monthly Systematic Investment Plan (SIP) inflow has crossed the Rs 23,000-crore level, a significant milestone for the markets. The NSE’s growth has been rapid and consistent. The total number of client codes (accounts) registered with the exchange stands at 19 crore. This growth has been facilitated by rapid digitisation, rising investor awareness, financial inclusion, and sustained market performance.

The registered investor base hit the one crore mark 14 years after the commencement of operations and has seen more than a three-time jump in the last five years. The growth of the NSE is not limited to the number of investors. The exchange has also seen a significant increase in the diversity of its investor base. Of the latest 10 million additions, 42% are from North India, followed by those in the western areas at 25%.

Investor participation has increased across various financial instruments such as Exchange Traded Funds (ETFs), Real Estate Investment Trusts (REITs), Infrastructure Investment Trusts (InvITs), and bonds. The states of Uttar Pradesh and Maharashtra have been leading in new investor registrations, accounting for more than a quarter of these investors.

This growth has been accompanied by a robust financial performance by the NSE. The exchange reported a 39% jump in consolidated net profit at Rs 2,567 crore in the first quarter of FY25, with net margins for the three-month period coming in at 52%. The growth of the NSE and the increasing participation of retail investors, particularly women, is a positive sign for the Indian economy.

It indicates a growing financial literacy and an increasing trust in the stock market as a viable investment avenue. However, it is essential to continue the efforts towards financial inclusion and investor education to ensure that this growth is sustainable and inclusive.

September 1, 2024
Maruti Suzuki India’s sales down 3.9 pc in August, Kia India logs 17.1 pc growth

IANS

Maruti Suzuki India sold a total of 1.82 lakh units in August, down nearly 3.9 per cent (year-on-year) from 1.89 lakh units in the same month last year.

Total domestic sales (including passenger vehicles, light commercial vehicles and OEM) for the company decreased 5.3 per cent to nearly 1.56 lakh units for the automaker, from over 1.64 lakh units last year.

The automaker exported 26,003 units from the country in August, up from 24,614 units last year.

In the April-August period during the current fiscal, Maruti Suzuki India clocked a total sale of 878,691 units, down from 868,742 units in the same period last fiscal.

Meanwhile, Kia India logged domestic sales of 22,523 units in August, a 17.19 per cent YoY growth compared to the 19,219 units sold in the corresponding month of the last year. The new Sonet gained traction, with 10,073 units sold, informed the company.

Hardeep Singh Brar, SVP and national head of sales and marketing, said that this success is a testament to the company’s strategic optimisation of the products, making its vehicles most compelling and value-for-money.

The total sales of Toyota Kirloskar Motor India rose 35 per cent (year-on-year) to 30,879 units in August, compared to 22,910 units a year earlier.

Sabari Manohar, vice president of Toyota Kirloskar’s sales-service-used car business, said in a statement that as “we approach the festive season, demand for our products remains buoyant, and we are already witnessing increased consumer interest and higher footfall across all our dealerships”.

SUVs and MPVs continue to significantly contribute to the company’s sales numbers, reflecting a growing preference for these segment vehicles.

Retail sales of JSW MG Motor India went up 9 per cent YoY to 4,571 units in August. The company had sold 4,185 units in the year-ago period. On September 11, the automaker will launch a new model, Windsor, in the Indian market.

(With inputs from IANS)

September 1, 2024
India’s Telecommunications Landscape Undergoes Major Shift

Centre notifies new Telecommunications Act provisions, focuses on spectrum utilisationIANS

The Centre has introduced a significant piece of legislation, the Telecommunications Act, 2023, which is set to replace century-old colonial laws and usher in a new era of connectivity from June 26. This Act is a comprehensive legislation that aims to amend and consolidate the law relating to the development, expansion, and operation of telecommunication services and networks, assignment of spectrum, and matters connected therewith. The Act has been introduced with the objective of addressing the huge technical advancements in the telecom sector and technologies. It seeks to repeal existing legislative frameworks like the Indian Telegraph Act, 1885, and the Indian Wireless Telegraph Act, 1933. The Act also provides measures for the protection of users from unsolicited commercial communication and creates a grievance redressal mechanism.

One of the key provisions of the Act is Section 20, which states that the central government or a state government will be able to take control of any telecommunications services or networks in times of emergency after the implementation of the Act. This provision is designed to ensure national security and public safety. However, it has raised significant concerns about potential overreach and misuse of power. Critics argue that the broad definitions of public emergency and public safety could lead to arbitrary enforcement, enabling the government to suppress dissent and monitor communications without sufficient oversight. The Act also addresses issues like spam and malicious communications, and it introduces measures for non-discriminatory right of way grants for telecom network roll-out and the establishment of common ducts and cable corridors. Additionally, it redefines the telecom sector, introduces regulatory sandboxes, and enhances user grievance redressal mechanisms.

The Telecommunications Act, 2023, also impacts telecom service providers by requiring them to be prepared to hand over control of their networks if necessary, potentially affecting their normal operations and customer services. It underscores their role in supporting public safety efforts during crises. The Act’s provisions might necessitate a balance between enabling the government to act swiftly in emergencies and establishing clear guidelines to prevent misuse of power, ensuring that user data is protected and accessed only as per strict legal procedures. The Act’s implementation will likely involve further regulations and guidelines to clarify these aspects and address privacy concerns.

The Telecommunications Act 2023 modernizes India’s telecommunication laws and regulations.

The Act has been introduced at a time when the telecom sector is witnessing significant growth and transformation. For instance, the Nigerian telecommunications sector, currently ranked as the largest in Africa, is expected to grow from USD 8.68 billion in 2023 to USD 10.92 billion by 2028. The growth in 5G deployment across the country, growth in data consumption, proliferation of the Internet of Things, increased smartphone and mobile app usage, increased investments in the sector, and growing government initiatives and policies to drive internet infrastructure and broadband connection in Nigeria are among the factors contributing to this growth.

The introduction of the Telecommunications Act, 2023, is a development in the telecom sector, and its implementation will likely have far-reaching implications for the industry, the government, and the users. As the Act comes into effect, it will be crucial to monitor its impact on the telecom sector, the balance of power between the state and citizens, and the protection of user privacy and data security. As the Act comes into effect, it will be crucial to monitor its impact on the telecom sector, the balance of power between the state and citizens, and the protection of user privacy and data security. The Act’s implementation will likely involve further regulations and guidelines to clarify these aspects and address privacy concerns. The introduction of this Act is a testament to the government’s commitment to adapting to the rapid technological advancements in the telecom sector, while also addressing the critical issues of national security, public safety, and user privacy.

August 31, 2024
India’s fiscal deficit for April-July stands at 17.2 pc of full-year target

India’s April-Dec fiscal deficit at 55% of full year targetIANS

The Central government’s fiscal deficit in the first four months (April-July) of the current financial year stands at Rs 2.77 lakh crore which works out to 17.2 per cent of the full-year target and is lower than the corresponding figure of 33.9 per cent in the same period last year, according to official data released on Friday.

The data showed that net tax receipts for the period stood at Rs 7.15 lakh crore, or 27.7 per cent of the annual target, which is higher compared with Rs 5.83 lakh crore for the same period last year.

The total government expenditure during the period was Rs 13 lakh crore or about 27 per cent of the annual target.

“The Government of India’s fiscal deficit more than halved to Rs 2.8 lakh crore or 18 per cent of the FY 2025 budget estimate in April-July FY2025, from Rs. 6.1 lakh crore in April-July FY2024,” ICRA chief economist Aditi Nayar said.

Finance Minister Nirmala Sitharaman has fixed the fiscal deficit at 4.9 per cent of GDP in the Union Budget 2024-25 down from 5.6 per cent in 2023-24, as part of the government’s policy of sticking to the fiscal consolidation path.

“The gross and net market borrowings through dated securities during 2024-25 are estimated at Rs 14.01 lakh crore and Rs 11.63 lakh crore respectively. Both will be less than that in 2023-24,” she said.

Finance Minister Nirmala Sitharaman has fixed the fiscal deficit at 4.9 per cent of GDPIANS

The reduced borrowings by the government will leave more money in the banking system for companies to borrow for investments which will help to spur growth and create more jobs. Sitharaman said that for FY 2024-25, the total receipts other than borrowings and the total expenditure are estimated at Rs 32.07 lakh crore and Rs 48.21 lakh crore, respectively.

The net tax receipts are estimated at Rs 25.83 lakh crore.

“The fiscal consolidation path announced in 2021 has served our economy very well, and we aim to reach a deficit below 4.5 per cent next year,” the Finance Minister said in her budget speech.

(With inputs from IANS)

August 31, 2024
IDP Education organises India’s Biggest Education Fair

Hyderabad, August 30, 2024: IDP Education, the global leader in international education services, is organising one of the biggest international education fairs for aspirants in Hyderabad planning to study in the UK, US and Ireland. It will be held on 1 September at Hotel The Park from 11:00 am to 5:00 pm and will have around 80 world-class universities and institutions.

This International Education Fair offers Indian students and their parents a unique platform to explore educational opportunities in the UK, US, and Ireland, providing direct access to representatives from top universities. This event allows study-abroad aspirants to engage in personalised consultations, where they can address all their queries – from course and university selection to internships, scholarships, and education loans – ensuring they receive immediate, expert guidance on their academic journey.

Speaking about the fair, Piyush Kumar, Regional Director – South Asia and Mauritius, IDP Education, said, “Hyderabad has always been a hub of academic talent, with students showing keen interest in exploring global education opportunities. This fair is designed specifically to cater to their aspirations, providing them with direct access to some of the world’s top universities. We aim to equip students and parents in Hyderabad with all the necessary information, from course selection to visa policies, so they can make informed decisions about their educational futures. At IDP, we are committed to supporting every student’s journey with expert guidance and personalised services, ensuring they are well-prepared to achieve their academic and career goals”.

This fair will provide comprehensive information on studying abroad, including visa policies, post-study work opportunities, scholarships, and more in the UK, US, and Ireland. It aims to help students and parents understand the key aspects of pursuing education in these countries.

In addition to university experts, banking partners will be available to discuss education loans and offer guidance on financial aid. Attendees can also participate in free information sessions led by destination experts, gaining comprehensive insights into their desired study-abroad destinations.

IDP Education offers services like FastLane programme, which allows students to receive an offer in principle from selected institutions within minutes, saving valuable time and effort. It also has the highest visa success rate. All IDP services are free of cost.

For more information about the fair and to register, students can visit the website.

Date and Day: 1^st September, Sunday

Venue: Hotel The Park, 22, Raj Bhavan Rd, Somajiguda, Hyderabad, Telangana 500082

Time: 11.00 AM to 5.00 PM

August 31, 2024