Innovation drives comprehensive development
Organizations like Deloitte India and the Reserve Bank of India are sending good signals about the country’s economy. The Reserve Bank said that after 2026, India’s GDP can achieve 8%. Deloitte India estimates that the Indian economy can grow by 7-7.2% this fiscal year. Changes in monetary policy following the U.S. presidential election may increase investment and employment opportunities. In the last decade of the Modi government, the country has seen a pace of development in all sectors. Innovation has increased and facilities for the country’s citizens have been restored.
Prime Minister’s Internship Scheme
280 companies have participated in the Central government’s Prime Minister’s Internship Scheme (PMIS). A total of 1,27,046 internship opportunities are available on the program’s portal. Under the pilot scheme, the www.pminturnship.mca.gov.in portal was opened for businesses on October 3 and the youth registration window opened on October 12. It will likely remain open through the first few days of November.
The Prime Minister’s Internship Scheme was announced in this year’s federal budget. Management of PMIS is the responsibility of the Corporate Affairs Department. The aim of the program is to provide the country’s youth with practical experience in the industry and enhance their employability.
India becomes automobile export hub
Many Indian-made cars are now making waves around the world. India is becoming an export powerhouse. Foreign car manufacturing companies, from Ford to Suzuki and Kia Motors, are increasingly producing products for export in India. It is understood that India had previously exported about 670,000 cars. It has now increased by 15% to 16%. About 20% of exports were SUVs, but today the export share of SUVs is about 40%.
A few years ago, Indian car exports were mainly to Africa, Latin America, Sri Lanka and Bangladesh, but now cars are exported to these countries and also to Middle Eastern countries, Europe and Australia. In March this year, India announced a new free trade agreement with the European Free Trade Association (EFTA). Businesses benefit greatly from this.
The economy is expected to grow by 7-7.2%
Deloitte India has made positive forecasts for the Indian economy. Deloitte predicts that India’s economy may grow by 7% to 7.2% this fiscal year due to increased investment. However, Deloitte’s estimate also noted that global conditions could also impact the next fiscal year.
Deloitte said monetary easing in the United States after the US presidential election may encourage capital inflows into India. Lowering production costs can increase investment and employment opportunities.
It is worth noting that the economy grew 6.7% year-on-year in the April-June quarter of this fiscal year. Overall, India is one of the fastest growing major economies in the world.
GDP growth 8% after 2026 – RBI
Michael Debbrata Patra, deputy governor of the Reserve Bank of India, said India can achieve 8% GDP growth. At a New York Fed central bank seminar organized by the Federal Reserve, Patra said that India’s GDP can grow by 7.2% in this fiscal year (FY25), 7% in FY26, and up to 8% thereafter.
Digital payments grow 48%
Digital payments in India have grown significantly, the Reserve Bank of India said. Due to the decline in cash usage post-COVID, the trend of digital transactions has increased. According to statistics, by March 2024, 60% of consumers will still use cash for purchases, but the difference between cash and digital payments is rapidly shrinking. A study by the Reserve Bank of India (RBI) shows that the share of digitalization increased from 14-19% in March 2021 to 40-48% in March 2024.
GenAI Revolution in Indian Railways
Indian Railways has come a long way in the last few years. GenAI technology seems to have brought about a revolution. Passengers got faster facilities and train operations also improved. Accidents have decreased. Indian Railways’ helpline 139 is the most commonly used telephone number in the world. The number receives more than 300,000 calls every day. A lot has changed over the past few years. Call center systems are automated. All train related information is available in most Indian languages.
Spam tracking system launched
The central government launched a spam tracking system on October 22. This is very useful for people. Using this feature, Indians can identify international calls and block unwanted calls. In India, systems are very important to prevent online financial fraud. Telecommunications Minister Jyotiraditya Scindia launched the International Anti-Fraud Call System. It prevents cybercriminals from taking control.
Germany visas available
Germany plans to increase the number of Indian workers from a limit of 20,000 to 90,000 per year. Philippe Ackermann, the German ambassador to India, said the initiative was launched amid a growing shortage of workers in Germany. Germany needs Indian workers in fields such as information technology, nursing and nursing.
It is understood that there are approximately 570,000 job vacancies in Germany. Ambassador Ackermann said Germany is willing to work with India to meet this need.
The fourth nuclear missile submarine
On October 16, India commissioned its fourth nuclear-powered ballistic missile submarine (SSBN) at the Visakhapatnam Shipbuilding Center (SBC), enhancing its nuclear deterrent capabilities. 75% of them are local materials. The launch comes after Defense Minister Rajnath Singh commissioned the second nuclear ballistic missile submarine “INS Ali Ghat” on August 29, 2024. The third ballistic missile submarine “Aridaman” will be commissioned next year.
On October 9, the Cabinet Committee on Security (CCS) approved the construction of two more nuclear-powered attack submarines to strengthen India’s presence in the Indo-Pacific region. India’s ballistic missile submarines are a key component of its strategy against adversaries such as China. important. Government prioritizes nuclear submarines over Indian Navy’s third aircraft carrier.
Chip Design Startup
SCL Mohali has started providing fab support to chip design startups. SCL organized a startup meetup in Delhi where 32 chip design startups including Mindgroove Technologies, Ahisa and Incore Semiconductors participated. Mohali Semiconductor Laboratory (SCL), India’s first chip manufacturing unit, announced to provide end-to-end support including manufacturing, testing and packaging to the country’s chip design startups.
Currently, the country’s chip design startups are developing 180 nanometer (nm) chip technology for their system-on-chip (SoC) designs and other products. SCL’s manufacturing facilities are available for prototyping and limited-scale manufacturing.
Exports to eight of India’s top 10 destinations, including the Netherlands, the US and the UK, registered positive growth despite geopolitical challenges and weak global demand, latest data from the Commerce Ministry showed. From April to September, exports to China and South Africa fell by 9.4% and 2.3% respectively. India’s total exports reached US$213.2 billion, a slight increase of 1%.
Good news for Sikh pilgrims
India and Pakistan have extended the validity of the Kartarpur Sahib Corridor Agreement for another five years, the Ministry of External Affairs said. Kartarpur Sahib is located across the Ravi River in Narowal district of Pakistan, about four kilometers from the Dera Baba Nanak Temple. The agreement was signed on October 24, 2019 for a period of five years to facilitate Indian pilgrims traveling to Gurdwara Darbar Sahib Kartarpur in Narowal, Pakistan, through the Kartarpur Sahib corridor.
The ministry said the extension of the agreement will ensure the operation of the pilgrim corridor from India to Pakistan to visit the holy Gurudwara. India has once again urged Pakistan not to charge any fees from pilgrims.
