India’s semiconductor industry is growing rapidly. It is estimated that the Indian semiconductor industry will create 1 million jobs by 2026. In this regard, a report on Monday said that as India becomes a semiconductor manufacturing hub, the industry is ready to provide 1 million jobs in various fields by 2026. This includes approximately 300,000 positions in chip semiconductor manufacturing, approximately 200,000 positions in ATMP, and other positions in chip design, software development, system circuits and manufacturing supply chain management, reports talent solutions company NLB Services.
The number of patent applications in India has doubled in the past 5 years due to increasing technological innovation. India currently ranks sixth in the world in this area. This information has been provided by the Union Ministry of Commerce and Industry. According to the ministry, patent and industrial applications in India doubled between 2018 and 2023. And trademarks increased by 60%. Currently, China ranks sixth in the world with 64,480 patent applications, an increase of 15.7%.
Changing lifestyle in India, increased shopping
The size of the FMCG basket in rural India has increased by 60%. This growth reflects increasing consumption patterns, namely changing lifestyles and increasing purchasing power by 2024. Increase from 5.8 in 2022 to 9.3 in 2024. This growth is attributed to the growing preference for convenience products such as ready-to-eat (RTE) food and beverages.
Monthly net inflows into equity mutual fund (MF) schemes rose 22% month-on-month in October to a record high of Rs 41,887 crore. The previous record was 40,608 billion rupees set in June this year. The assets (AUM) of the MF industry reached a record high of Rs 6.73 trillion in October.
Industry experts attribute this to investors taking advantage of falling markets to make one-time investments. Market declines provide good investment opportunities, and investors do whatever they can to take advantage of them. So far, this sector has seen net investment for the 44th consecutive month.
Mutual fund industry hits record high
On the other hand, the Indian mutual fund industry hit an all-time high in October 2024. Monthly SIP contributions crossed Rs 25,000 crore for the first time. Large inflows into equity-oriented schemes coupled with the growing preference for disciplined investing through SIPs have led to increased participation by retail investors, pushing mutual fund portfolios to all-time highs. In September, the figure reached Rs 25,323 crore as compared to Rs 24,509 crore in September. Monthly SIP contributions during the same period last year were Rs 16,928 crore.
The Indian government’s net direct tax revenue also jumped. Between April 1 and November 10 this year, it increased by 15.4% compared with last year, reaching 12.1 trillion rupees ($143 billion). The Income Tax Department said total direct taxes, including corporate and personal taxes, rose by more than 21% during the period to Rs 1.5 trillion. The government said it has issued tax refunds worth 2.9 trillion rupees.
India’s solar photovoltaic exports increase 23 times
India’s solar photovoltaic exports have increased 23 times in the past two years. Exports of solar photovoltaic (PV) modules from India have reportedly grown significantly. In just two years from FY22 to FY24, this number increased by nearly 23 times. This reflects a big change. Solar modules have shifted from imports to exports.
Reports from IEEFA and JMK Research and Analytics show that Indian manufacturers exported photovoltaic modules worth about $2 billion in fiscal 2024. The United States emerged as the largest market, accounting for more than 97% of these exports. India’s three largest manufacturers – Vaari Energies, Adani Solar and Vikram Solar – contribute the most to PV exports.
Domestic helmet manufacturer Steelbird’s flagship brand IGNYTE debuts in the European market. The company has launched more than 36 helmet models. All products are certified to the European ECE 22.06 safety standard. This initiative is also linked to the country’s ‘Make in India, Made for the World’ initiative. The GNYTE range is the first Indian brand to obtain ECE 22.06 and DOT certification.
Benefits provided by PM Vishwakarma
Since its launch in September last year, more than 10.8 lakh traditional artisans and craftsmen have been provided skill training under the government’s flagship scheme PM Vishwakarma. The top five trades are tailoring, masonry, carpentry, hairdressing and garland making. About 40% of technical candidates are women, many of whom are trained in bamboo art, sculpture and traditional crafts such as boat and fishnet making. According to data shared by the Ministry of Skill Development and Entrepreneurship (MSDE), of those who have received training, over 5.80 lakh are from Other Backward Classes (OBC) and over 1.90 lakh are from Scheduled Castes (SC). The data shows that Karnataka has the highest number of certified candidates at 1.10 lakh, followed by Jammu and Kashmir (82,514) and Gujarat (82,542). So far, beneficiaries of the scheme have received loans worth Rs 551.8 billion, of which Rs 132.4 billion has been disbursed.
India leads the way in adopting artificial intelligence
According to a report by the Boston Consulting Group (BCG), India is leading the way in the adoption of artificial intelligence (AI). According to a BCG report, 26% of companies worldwide use artificial intelligence. The fintech, software and banking industries are increasingly using artificial intelligence in their operations. After several years of investing, recruiting talent and launching artificial intelligence (AI) pilots, the technology is looking to generate significant returns, the report said.
The report is based on a survey of 1,000 senior executives in more than 20 industries across 59 countries in Asia, Europe and North America. Ten major industries have been included. India’s rapid adoption of artificial intelligence is proving its competitiveness at the global level, the report said. 30% of Indian companies have maximized the value potential of AI.
Aircraft fleet may increase fivefold
India’s aircraft fleet is likely to increase more than five-fold in 20 years. With this growth, Indian airlines’ share of the Asia-Pacific passenger fleet will increase from 8% currently to 18% by 2043, Cirium reports. According to Cerium Fleet Forecast 2024, the Indian passenger aircraft fleet is expected to grow from 720 aircraft at the end of 2023 to more than 3,800 aircraft in the next 20 years.
The report predicts that Indian airlines will lead the world in aircraft orders, ranking second in the world after the United States. Air India expects to order 2,000 aircraft by March 2025, of which Air India, IndiGo and Akasa have already secured 1,620 of them.
Increased investment possibilities in the marriage market
The country’s marriage market is growing rapidly, so investment possibilities in this area are also starting to emerge. The Indian wedding industry has witnessed significant growth over the past few years. It is expected to reach 10 trillion rupees by 2025. In fact, a lot of money is spent on fashion, jewellery, travel, food and entertainment at Indian weddings. That’s why business is very good here during wedding season. However, this is a short-term investment and is not recommended. But during this short period of time, demand was strong and the marriage market was booming. Businessmen will not miss taking advantage of this opportunity.
Apple has raised its target. By fiscal 2027, 32% of iPhone production and 26% of output value will be produced in India. Apple and its suppliers aim to have 32% of global iPhone production and 26% of value assembled in India by 2026-27. This year marks the final year of the five-year Production Linked Incentive (PLI) scheme for mobile devices. Its output value may exceed US$34 billion in 2023-24.
Japan keen to increase investments in India
Seeing the progress of India’s economy, Japanese companies are keen to increase investment in India. Mitsubishi UFJ Financial Group is optimistic about India. hopes to expand its reach in the world’s most populous country. Mitsubishi UFJ Financial Group Chief Executive Yasushi Itagaki said Japan’s largest bank plans to increase acquisitions and investments in India. Their annual returns must increase by 20% over 10 years. The Japanese company believes India has ambitions to become a manufacturing superpower and demand for energy is likely to increase here given its population and size. It is possible to move in this direction.
The brilliance of the Indian gaming market
Venture capital firm Lumikai, on the other hand, is influenced by the Indian gaming market. The company said India’s gaming market is expected to reach $9.2 billion by 2028-29. The venture capital firm’s “State of Interactive Media and Games in India Report” states that the Indian games market is expected to grow 23% from US$3.1 billion in fiscal 2023 to US$3.8 billion in fiscal 2024.
