SEPTEMBER - 20249TOP STORIESINDIA'S MANUFACTURING SHARE TO RISE TO 25 PERSENT OF GDP BY 2047Commerce and Industry Minister Piyush Goyal stated that the global interest in investing in India is outstanding and that the country's manufacturing sector is expected to grow to 25 percent of the GDP in the next 20 years as it moves towards becoming a developed nation."Everywhere I go, there's huge investment interest, both in manufacturing and services, and I can clearly see that in this `Amrit Kaal' (period till 2047), as we proceed to make India a developed nation, our manufacturing share will also go up to 25 per cent that we had planned, providing jobs to crores of people," Goyal told sources.Goyal pointed out the resilience of the manufacturing sector in the GDP at 16 percent, despite ten years of Modi's 'Make in India' program, showing significant progress."Seeing that our economy grew 90 percent versus the world economy growth of 35 per cent in 10 years, means manufacturing has also grown 90 per cent and this is despite two years of Covid and two on-going wars. Despite all of that, manufacturing has kept pace with our economic growth. We have entered new sectors like electronics and semiconductors. Today, Apple is a shining example. But apart from that, our overall electronic manufacturing ecosystem is something that makes us proud," he said. IMRJSW GROUP MOVES RS 40,000 CRORE EV PROJECT TO MAHARASHTRA FROM ODISHAThe JSW Group has chosen to move its proposed Rs 40,000 crore electric vehicle (EV) and battery project from Odisha to Maharashtra, following an agreement made with the former Biju Janata Dal government under Naveen Patnaik seven months ago.According to the news report, the conglomerate, under the leadership of Sajjan Jindal, is currently considering Aurangabad and Nagpur in Maharashtra for its EV and associated projects.Earlier this year, in February, JSW Group signed a memorandum of understanding with the Odisha government to establish electric vehicle and battery production plants in Cuttack and Paradip. The scheduled manufacturing activities consisted of electric cars, a 50 GWh battery factory, electric drivetrains, a lithium processing facility, and different associated production facilities.According to the report, JSW is also investigating technology transfer partnerships with a Chinese company specializing in cell technology to further its EV objectives. The company's goal is to enhance its electric vehicle supply chain, particularly because its primary subsidiary, JSW Steel, is already providing steel for MG Motor India's electric cars.Moreover, JSW Group is increasing its partnership with MG Motor India through several programs to enhance the automaker's visibility in the Indian market. The introduction of a battery rental model is a significant advancement, enabling customers to rent batteries for their MG electric vehicles. This will reduce initial expenses and increase the affordability of owning an EV, according to the report. IMR
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