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<ul><li><keyword id="7706628" type="General" weightage="20" keywordseo="Defence-Minister-Rajnath-Singh" source="Orion">Defence Minister Rajnath Singh</keyword> on Saturday said the government is working and committed to increasing the <keyword id="15812191" type="General" weightage="20" keywordseo="defence-production-target" source="Orion">defence production target</keyword> from the current $12 billion to $22 billion by 2025.</li><li>The government is also working to provide market access to the domestic industry to make them Aatmanirbhar.</li><li>Defence Minister said, India has moved from the group of 'fragile 5' economies to 'fabulous 5 world economies' in the last nine years and registered itself as one of the fastest growing economies.</li></ul>Defence Minister Rajnath Singh on Saturday said the government is working and committed to increasing the defence production target from current $12 billion to $22 billion by 2025. "You (industry) can imagine, with this kind of growth, how many opportunities will be available for the Indian industry," the Defence Minister said while addressing <keyword id="15812194" type="General" weightage="20" keywordseo="FICCIs-95th-Annual-Convention" source="Orion">FICCI's 95th Annual Convention</keyword> &amp; AGM here. He further underlined that to increase the participation of domestic industry, the government has reserved a certain portion of defence capital acquisition for domestic procurement. "Out of the total defence capital budget outlay, 68 per cent of it is reserved for indigenous procurement by domestic industry and 25 per cent for the private sector. The results of these have now started appearing and more measures will be announced soon," he emphasised. The government, he said, is also working to provide market access to the domestic industry to make them Aatmanirbhar. Singh said that in the last few years, there has been a continuous increase in defence exports. The government has already taken a series of steps including simplifying the FDI norms which have been increased to 74 per cent via automatic route and 100 per cent via government route, he added. The Defence Minister also urged the domestic industry and foreign Original Equipment Manufacturers to invest in Indian defence sector by focusing on R&amp;D, bringing in newer technologies and capital. He added that India is making defence products not just for the domestic market but also to meet the global requirements. "The world is waiting for the products made in India," he claimed. India has moved from the group of 'fragile 5' economies to 'fabulous 5 world economies' in the last nine years and registered itself as one of the fastest growing economies, the Defence Minister said on the occasion. Sanjiv Mehta, President, FICCI, thanked the government for ushering in reforms in the process of defence acquisition and facilitating ease of doing business through the revision of the DPP 2016 as DAP 2020 and assured Industry's unstinted support for achieving the goal of 'Aatmanirbhar Raksha Utpadhan'. Subhrakant Panda, President-Elect, FICCI said that the government's focus on 'Make In India' and 'Make for the World' is an impressive strategic move towards shedding its historical status of one the largest importer of defence equipment to a net exporter. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/gst-council-meet-decriminalisation-tax-evasion-in-pan-masala-gutkha-biz-on-agenda/articleshow/96297108.cms">GST Council meet: decriminalisation, tax evasion in pan masala, gutkha biz on agenda</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/ukraines-2nd-largest-city-without-power-after-russian-strikes/articleshow/96294790.cms">Ukraine's 2nd largest city without power after Russian strikes</a>

Govt committed to achieving defence production target of $22 bn by 2025: Rajnath

The e-commerce market in India is projected to increase significantly to over USD 300 billion by 2030 as the country's <keyword id="20107419" type="General" weightage="20" keywordseo="digital-economy" source="keywords">digital economy</keyword> is set to reach a whopping USD 1 billion by the same year. According to <keyword id="19918506" type="General" weightage="20" keywordseo="Invest-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Invest India" meta.hostid="261" meta.entityid="Invest India">Invest India</keyword>, India's online shopper base will be the 2nd largest globally by 2030, with nearly 500-600 Mn shoppers. Even now, India has the 2nd largest Internet user-base globally with 881 million users. India is moving towards becoming a dominant force in global e-commerce by 2030, driven by a growing digital economy and an expanding internet user base. The data from the investment promotion and facilitation agency Invest India from shows India taking the lead in <keyword id="19957108" type="General" weightage="20" keywordseo="online-shopping" source="keywords">online shopping</keyword>, the e-commerce sector in India is valued at USD 70 billion at present. This makes up for just around 7 percent of the total retail market in the country. However, several factors are likely to contribute a bright future outlook for the sector. <cmsannotation type="cmsannotation" annotationid="Growing internet penetration and digital economy" comment="subhead" text="Growing internet penetration and digital economy">Growing <keyword id="20707509" type="General" weightage="20" keywordseo="internet-penetration" source="keywords">internet penetration</keyword> and digital economy</cmsannotation> Internet penetration across has seen substantial growth, with over 60% of the Indian population (918 million) using the internet by September 2023. Further, an estimated 87 percent of Indian households are projected to have internet access as early as 2025. The time spent accessing the internet via mobile devices has also increased by 21 percent compared to 2019. The affordability of data prices in India is a key factor, with one gigabyte of data priced at around USD 0.17 (Rs 13.5), encouraging a large portion of the population to go online. <keyword id="21457667" type="General" weightage="20" keywordseo="mobile-data-traffic" source="keywords">Mobile data traffic</keyword> has tripled from 2018 to 2023, demonstrating the growing dependence on <keyword id="19979951" type="General" weightage="20" keywordseo="digital-platforms" source="keywords">digital platforms</keyword> for diverse requirements. It is projected that by 2026, 1.18 billion people across the country will have access to smartphones, over 80% of India's population. The increasing number of smartphone users along with higher average data consumption per user, boosts the digital economy. The Unified Payments Interface (UPI) has become a major player in digital payments, handling transactions worth USD 1.5 trillion in 2022. There has been a significant increase in the availability of local language and mobile-first content, with about 73 percent of India's internet users utilizing Indian languages. As a result, there is an estimated regional language user base of 540 million, creating a market worth USD 53 billion. Digital infrastructure like UPI, eKYC, and Aadhaar has cut down the consumer onboarding time by 80 percent, enhancing the digital experience. The Open Network for Digital Commerce (ONDC) is another notable initiative by the Government of India, launched in 2022. It aims to provide equal opportunities to MSMEs to thrive in digital commerce and democratize e-commerce. <cmsannotation type="cmsannotation" annotationid="A transition along with growth" comment="subhead" text="A transition along with growth">A transition along with growth</cmsannotation> In FY 2022-23, Government e-marketplace (GeM) registered its highest ever Gross Merchandise Value of $2011 Bn, shows data from Invest India. The projected growth in online shoppers in India is substantial, with a compound annual growth rate (CAGR) of 22 percent to 88 million in rural India and 15 percent to 263 million in urban India from 2019 to 2026. There is a notable transition towards rural-focused value e-commerce, with more than 60 percent of demand anticipated to come from tier 2-4 towns and rural India by 2026. Government programs such as the National Logistics Policy are designed to streamline deliveries to remote areas, improving the efficiency and cost-effectiveness of logistics. The quick commerce market in India's hyperlocal mobility sector is also projected to grow exponentially to achieve a market size of USD 5.5 billion by 2025. Leading companies like Swiggy and Zomato are at the forefront of the market, while startups like Zepto are also gaining substantial market share. <keyword id="20873923" type="General" weightage="20" keywordseo="social-commerce" source="keywords">Social commerce</keyword>, a new trend that uses social networks and digital media to connect buyers and sellers, is also projected to achieve a market size of USD 70 billion by 2030, with small video applications gaining significant popularity. Significant mergers and acquisitions have been observed in the e-commerce sector, with companies such as Zomato and PhonePe making strategic decisions to enhance their positions. Government schemes like Jan Dhan Yojana, BharatNet Project, and the implementation of Goods &amp; Service Tax (GST) have been instrumental in shaping India's digital economy. (With inputs from ANI)

India's e-commerce market set to skyrocket as the country's digital economy surges to USD 1 Trillion by 2030

Travel and Tourism is an important sector as it helps in development of various sectors including trade, employment, entrepreneurship, etc. 
Domestic and foreign tourism gives fillip to country’s GDP and also opens up investment options. 
 
The World Travel &amp; Tourism Council (WTTC), in its 2015 Annual Economic Reports that cover 184 countries and 25 regions of the world, stated that travel &amp; tourism generated US$7.6 trillion (10% of global GDP) and 277 million jobs (1 in 11 jobs) for the global economy in 2014. 
 
In India, the direct contribution of travel and tourism to GDP was Rs 2,478.2 billion (2.2% of total GDP) in 2014, and is forecast to rise by 7.6% in 2015, and to rise by 7.2% pa, from 2015-2025, to Rs 5,339.2bn (2.5% of total GDP) in 2025. 
 
When we compare it to China, the two South Asian nations are neck-and-neck in many areas but India still has a long way to dominate the global scenario. 
 
Here’s a look: 
 
(Cover image: Indiatimes)

Here’s how India and China fare in World Tourism rankings!

I take the Delhi Metro to work every morning. The subway system allocates one out of six or eight carriages exclusively for the use of <keyword id="624" type="ORGANIZATION" weightage="20" keywordseo="Women">women</keyword>, in the interest of safety. The remaining carriages are mostly occupied by men - I would venture to say anywhere between 80% and 90%, based on rudimentary calculations. This is usually the case all the time. It’s a stark and daily reminder of just how far India has to go in terms of solving its gender inequality problem. A recent<a href="https://www.mckinsey.com/~/media/McKinsey/Global%20Themes/Gender%20Equality/The%20power%20of%20parity%20Advancing%20womens%20equality%20in%20Asia%20Pacific/MGI_Power-of-Parity-Asia-Pacific_Report_April-2018.ashx"> report on gender equality </a>by the Mckinsey Global Institute (MGI), the consultancy’s research division, shows that India is one of the lowest-ranked countries in the Asia-Pacific in terms of labour force participation by females and the contribution of women to GDP, based on figures from 2016. Around 18% of India’s GDP is accounted for by women, while the share of females in the country’s labour force is 25%. Only Pakistan ranks lower than India on both counts- with women contributing a mere 11% to GDP and comprising 22% of its labour force. It has a lot to gain by unleashing the productive potential of its women- who have, up until this point, been a underused resource. MGI estimates that India’s GDP, if everything were to carry on as usual, could increase by $770 billion, or 18%, by 2025 by giving women access to equal work opportunities as men. Around $550bn, or 70% of this increase, would come by just increasing the share of females in the workforce by 10%. The remaining portion of the increase in GDP would be achieved by improving the quality of work given to women and the hours worked. Too often, the report notes, women are engaged in unpaid care work or low-quality, low-paying work like cleaning. A staggering 97% of all female workers are engaged in informal sector work that isn’t regulated and doesn’t offer adequate remuneration based on hours put in. Additionally, the amount of time spent doing unpaid, household chores is lengthened by a lack of easy access to amenities such as cooking fuel and clean water. A lot of women find themselves unable to enter the formal sector due to a low level of <keyword id="6355445" type="UNKNOWN" weightage="20" keywordseo="education">education</keyword>. A <a href="https://thewire.in/economy/ten-charts-gender-inequality">report last year in the Wire</a> showed that despite achieving strong enrolment rates for females in primary schools, as a result of the Right to Education Act, the government was not able to translate this into improved rates for secondary and tertiary enrolment. A girl’s higher education is looked at as an opportunity cost. Why send her to school when she can start helping her mother take care of the house or drawing an income from manual work? Inequality in formal sector The lack of female representation in the formal sector also has a lot to do with how upper classes in Indian society function. The MGI report explained that women’s workforce participation follows a “U-shaped curve”. While women from low-income families are forced to work out of necessity, the level of female employment gets progressively lower the wealthier a family gets, owing to the fact that there is a lower need for a woman to work for pay. MGI says that this effect can be reversed if companies step up their hiring of women and give women more leadership opportunities. In most cases, the hiring practices of Indian companies reinforce the <keyword id="6484133" type="UNKNOWN" weightage="20" keywordseo="labour-participation">labour participation</keyword> gap. According to <a href="http://documents.worldbank.org/curated/en/548581522089881652/pdf/WPS8379.pdf">a working paper by the World Bank, </a>an analysis of over 800,000 Indian job postings showed that there was an explicit bias towards men, especially in blue-collar sectors. Further still, professions that have greater representation by women - such as teaching, health and business process outsourcing - actually paid men significantly more. A lack of legal protection and political representation India does not have any laws in place to ensure equal pay for men and women. While the government passed a law mandating 26 months paid maternity leave in April last year, it made no provision for financial support to small-and-medium sized businesses. At the time, experts felt that the law would only serve to exacerbate <a href="https://qz.com/943639/proof-that-indias-new-maternity-leave-law-could-make-it-even-harder-for-women-to-get-a-job/">discriminatory hiring practices against women.</a> The government also excluded the unorganised sector from the purview of the law, thereby offering no protection to women in temporary, self-employed or contractual roles. Worse still, the law did not make any mention of paternity leave, deciding once and for all that child-rearing was the sole responsibility of the mother. The percentage of women in India’s lower house of Parliament is tragically low, at 11%. The Women’s Reservation Bill, which reserves 33% of the seats in both houses of Parliament and state legislatures for women, has been languishing for 22 years, despite being passed in the upper house in 2010. No surprise there. Why would the leaders of a male-dominated legislature be okay with ceding their seat to a woman? The Northern states fare a lot worse There seems to be a regional aspect to India’s <keyword id="6372584" type="UNKNOWN" weightage="20" keywordseo="gender-equality">gender equality</keyword> problem. While states in the northeast and south of India, like Andhra Pradesh, Kerala and Sikkim, report strong female workforce participation rates, Northern states like Bihar, Uttar Pradesh and Jammu &amp; Kashmir, fall significantly behind. Unsurprisingly, the level of female workforce participation was lowest in states with lower levels of adult literacy. This highlights the problem as primarily one of access to good education. In mapping out a strategy to improve gender equality in India, the government would do well to focus on states in the North first. Some progress has been made, however This is not to say that India hasn’t made any progress in curbing gender inequality. Over the past decade, it has reduced maternal mortality rates from 280 for every 100,000 births to 174. The female-to-male adult literacy ratio has also increased by 0.10 points to 0.87 while the prevalence of child marriage has declined. Financial inclusion is also being achieved, gradually, through the Jan Dhan Yojana Scheme, which has given around 300 million women access to bank accounts and savings schemes, and the Mudra Yojana microcredit programme, under which more than 6 million female entrepreneurs have received loans. But a lot more needs to be done So what does that India needs to do to unlock the potential of its women and achieve the aforementioned increase in GDP? Firstly, according to the MGI, the government needs to leverage the digital inclusion and internet penetration wave. Greater access to computer skilling and by extension, to the internet means greater access to information - educational courses, learning resources, job postings and networking opportunities. It also means access to online banking, which in turn, means access to credit and savings instruments. Secondly, there need to be skilling and vocational training programmes tailored to industries where women have the highest potential for greater participation- healthcare, hospitality, textiles and electronics assembly. Thirdly, the government needs to encourage gender diversity-focused hiring policies in the companies. Fourth, given that women do ten times more unpaid work than men, the government can help reduce the time spent on unpaid work by providing households in rural area with electricity, closer access to clean water and subsidised childcare services. Fifth, increasing the level of women in legislative bodies in India will set a good example for other industries and could kickstart a shift in societal norms. Women are an <a href="https://www.livemint.com/Politics/PyQ7hlxIkiyXlsUqq7JbOL/The-growing-importance-of-women-as-an-electoral-constituency.html">increasingly influential electoral group</a> and deserve adequate representation. Last, but most important, it needs to stimulate private investment and create enough jobs in the economy to accommodate the increase in female workers - an issue that merits its own feature story. The increase in the female labour participation rate is not low-hanging fruit that the government can pluck and qualify as a win. It transcends election cycles and requires long-term, structural reform and a broad shift in societal attitudes. It’s a massive undertaking, but with a worthy payoff. Wouldn’t it be great if there were two compartments for women in the Delhi subway? Or better yet, each compartment was equally comprised of men and women?

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Govt committed to achieving defence production target of $22 bn by 2025: Rajnath

IANS

India's e-commerce market set to skyrocket as the country's digital economy surges to USD 1 Trillion by 2030

BI India Bureau

Here’s how India and China fare in World Tourism rankings!

Akanksha Jain

India would be US$550 billion richer if it just increased its share of women in the labor force by 10%

Dilsher Dhillon

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