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An Integrated <keyword id="15096121" type="General" weightage="20" keywordseo="Cryogenic-Engine-Manufacturing-Facility" source="Orion">Cryogenic Engine Manufacturing Facility</keyword> (ICMF) set up by Hindustan Aeronautics Limited (<keyword id="68124" type="General" weightage="100" keywordseo="hal" source="Orion">HAL</keyword>) that would cater to the entire rocket engine production under one roof for Indian Space Research Organisation (<keyword id="6358064" type="General" weightage="20" keywordseo="ISRO" source="Orion">ISRO</keyword>) was inaugurated by <keyword id="14514529" type="General" weightage="20" keywordseo="President-Droupadi-Murmu" source="Orion">President Droupadi Murmu</keyword> in Bengaluru on Tuesday. The state-of-the-art ICMF, set up over an area of 4,500 square metres houses over 70 hi-tech equipment and testing facilities for manufacturing cryogenic (CE20) and semi-cryogenic (SE2000) engines of Indian rockets. In 2013, an MOU was signed with ISRO for establishing the facility for manufacturing cryogenic engine modules at HAL, Aerospace Division, and it was subsequently amended in 2016 for setting up of ICMF with an investment of Rs 208 crore. Karnataka Governor Thaawarchand Gehlot, Chief Minister Basavaraj Bommai, <keyword id="14657097" type="General" weightage="20" keywordseo="ISRO-Chairman-S-Somanath" source="Orion">ISRO Chairman S Somanath</keyword>, HAL Chairman and Managing Director C B Ananthakrishnan, among others were present at the event. The commissioning of all the critical equipment for the manufacturing and assembly requirement has been completed, Bengaluru-headquartered HAL has said, adding that the pre-production activities which involve preparation of the process and quality plans, and drawings, have also commenced. HAL will start realising the modules by March 2023, it said. HAL Aerospace Division manufactures liquid propellant tanks and launch vehicle structures of Polar Satellite Launch Vehicle (PSLV), Geosynchronous Satellite Launch Vehicle (GSLV MK-II), GSLV Mk-III and also stage integration for GSLV MK-II. "The facility (ICMF) will cater to the entire Rocket Engine Manufacturing under one roof for ISRO. It will boost self-reliance in manufacturing of Hi-thrust Rocket engines," the HAL said. Cryogenic engines are the most widely used engines world over in launch vehicles, the statement said. Due to the complex nature of the cryogenic engine, till date only a few countries -- the USA, France, Japan, China and Russia -- have mastered the cryogenic technology. On January 5, 2014 India successfully flew GSLV-D5 with a cryogenic engine and became the sixth country in developing cryogenic engines (made by ISRO through private industries) and became the sixth country in developing cryogenic engines. Space exploration in the future is mostly dependent upon cryogenic technology. On that occasion, the President also laid the foundation stone for the Zonal Institute of Virology (South Zone) virtually. Union Minister of State for Health Bharati Pravin Pawar, Karnataka Health Minister K Sudhakar were also present on the occasion. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indian-markets-take-a-breather-after-huge-sell-off-on-monday/articleshow/94468819.cms">Indian markets take a breather after huge sell-off on Monday</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/heres-why-heart-problems-are-rising-among-young-indians/articleshow/94470756.cms">Here’s why heart problems are rising among young Indians</a>

HAL's rocket engine manufacturing facility inaugurated in Karnataka

<ul><li><keyword id="20623836" type="General" weightage="20" keywordseo="Gala-Precision-Engineering-IPO" source="Orion">Gala Precision Engineering IPO</keyword> has been fully subscribed within minutes after opening.</li><li>The ₹168 crore IPO from the company will close on Wednesday, September 4.</li><li>Gala Precision Engineering Ltd has fixed a price band of ₹503-529 per share</li></ul>The initial public offer (IPO) of Gala Precision Engineering was fully subscribed within minutes of opening for bidding on Monday. The IPO will close on Wednesday, September 4. Gala Precision Engineering is a precision component manufacturer of technical springs like disc &amp; strip springs (DSS); coil &amp; spiral springs (CSS) and Special Fastening Solutions (SFS). The company supplies its products to original equipment manufacturers (OEMs), Tier 1 and channel partners; used in sectors like renewable energy, including wind turbine and hydropower plants, various industrial sectors such as electrical, off-highway equipment, infrastructure and general engineering, mobility segments such as automotive and railways. The initial share sale received bids for 47,77,444 shares against 22,23,830 shares on offer, reflecting 2.15 times subscription, as per NSE data till 11:21 AM. The portion for Retail Individual Investors (RIIs) garnered 3.15 times subscription while the quota for non-institutional investors was subscribed 2.54 times. Gala Precision Engineering Ltd has fixed a price band of ₹503-529 per share for its ₹168 crore <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">initial public offering</keyword> (IPO). The IPO includes a fresh issue of 25.58 lakh equity shares worth ₹135.34 crore and an offer for sale (OFS) of 6.16 lakh equity shares valued at ₹32.58 crore by promoter group entities and individual shareholders. This aggregates the transaction size to ₹168 crore at the upper end of the price band of ₹529. Proceeds from the fresh issue will be used for setting up a new facility at Vallam-Vadagal, SIPCOT, Sriperumbudur in Tamil Nadu for manufacturing high tensile fasteners and hex bolts; purchase of equipment, plant and machinery at Wada, Palghar in Maharashtra; payment of debt and general corporate purposes. Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. We recommend that readers consult certified, qualified, registered advisors for professional and personalised financial advice. With inputs from agencies. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/webstories/realme-13-plus-5g-vs-iqoo-z9s-pro-battle-of-the-under-25000-smartphones/slidelist/112924868.cms">Realme 13 Plus 5G vs iQOO Z9s Pro – Battle of the under ₹25,000 smartphones</a> <a href="https://www.businessinsider.in/stock-market/webstories/baazar-style-retail-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112920678.cms">Baazar Style Retail IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-september-2024/slidelist/112917920.cms">Upcoming cars launching in India in September 2024</a>

Gala Precision Engineering IPO fully subscribed within minutes on day one

Premium EV motorcycle startup <keyword id="16680899" type="General" weightage="20" keywordseo="raptee" source="Orion">Raptee</keyword> on Thursday said it plans to invest ₹85 crore in its newly opened manufacturing facility in <keyword id="12864" type="General" weightage="100" keywordseo="chennai" source="Orion">Chennai</keyword> with a capacity of 1-lakh units per annum. Announcing the opening of the facility, spread over 3 acres, the ex-Tesla executives-backed company said it will also house a majority of its research and development team. It will serve as the primary production plant for the next 24 months. The Chennai factory is expected to roll out the first motorcycle later this year, the company founded by four engineers from Chennai said. "This is a huge leap forward for us. We are at an inflection point where we move from a small R&amp;D outfit to becoming a full-blown OEM," Raptee co-founder and CEO <keyword id="2128784" type="General" weightage="50" keywordseo="dinesh-arjun" source="Orion">Dinesh Arjun</keyword> said. The company said the R&amp;D centre will house on-site development and testing facilities and will aid in future products. The plant will also have a dedicated battery pack assembly line. "We have been very particular about having R&amp;D and manufacturing teams in the same campus to improve collaborations in this extremely crucial period for the company and that meant the entire property will need to be inside the city," Arjun said. Early this year, Raptee received a grant of ₹3.27 crore from the Automotive Research Association of India under the AMTIFs (Advance Mobility Transformation &amp; Innovation Foundation) Industry Accelerator programme as a part of the Capital Goods Scheme by the <keyword id="165278" type="General" weightage="50" keywordseo="ministry-of-heavy-industries" source="Orion">Ministry of Heavy Industries</keyword>. "The facility is big enough to cater to the growing size of our team for the next two years. From a manufacturing capacity standpoint, it also gives us enough flexibility to meet the customer demand from the time of launch," said <keyword id="17711228" type="General" weightage="50" keywordseo="jayapradeep-vasudevan" source="Orion">Jayapradeep Vasudevan</keyword>, Chief Business Officer at Raptee. SEE ALSO:<a href="https://www.businessinsider.in/tech/apps/news/truecaller-launches-call-recording-for-android-and-ios-offers-ai-powered-call-transcription/articleshow/101017853.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/truecaller-launches-call-recording-for-android-and-ios-offers-ai-powered-call-transcription/articleshow/101017853.cms" target="_blank">Truecaller launches call recording for Android and iOS, offers AI-powered call transcription</a> <a href="https://www.businessinsider.in/tech/news/amazon-launches-ad-supported-prime-lite-membership-in-india-heres-everything-you-need-to-know/articleshow/101010668.cms">Amazon launches ad-supported Prime Lite membership in India – here’s everything you need to know</a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2-to-launch-in-india-on-july-11-heres-everything-we-know-so-far/articleshow/100968848.cms">Nothing Phone (2) to launch in India on July 11 – here’s everything we know so far</a>

Raptee plans to invest ₹85 crore in its Chennai manufacturing facility

<ul class="summary-list"><li>AI technologies have the potential to replace some US jobs in the future.</li><li>An economist says people displaced by AI will be better off than past manufacturing workers.</li></ul>One of the big questions facing US economists is what the coming <a target="_blank" href="https://www.businessinsider.com/ai-boom-share-profits-workers-productivity-wages-2023-5">AI revolution</a> will mean for workers.In the years ahead, there are concerns that companies' huge <a target="_blank" href="https://www.businessinsider.com/ai-job-losses-spending-new-tech-meta-google-amazon-layoffs-2024-7">AI investments</a> — and their ongoing adoption of these technologies — could <a target="_blank" href="https://www.businessinsider.com/chatgpt-jobs-at-risk-replacement-artificial-intelligence-ai-labor-trends-2023-02">eliminate jobs</a>. A Goldman Sachs report published last year estimated that <a target="_blank" class="" href="https://www.businessinsider.com/what-jobs-will-ai-replace-labor-market-artificial-intelligence-impact-2023-7">300 million</a> full-time jobs across the globe could be disrupted — not necessarily replaced — by AI in the coming years. It's <a target="_blank" class="" href="https://www.businessinsider.com/jobs-lost-in-may-because-of-ai-report-2023-6">already costing</a> some workers their jobs.Similar to US <a target="_blank" href="https://www.businessinsider.com/jobs-ai-chatgpt-career-change-reskilling-tech-training-workers-disruptions-2023-11">manufacturing workers</a> who lost their jobs in recent decades to advancements like <a target="_blank" class="" href="https://www.businessinsider.com/automation-labor-market-wage-inequality-middle-class-jobs-study-2021-6">automation</a>, those displaced by AI could find themselves without the skills needed for the modern workforce.But there might be some reason to avoid a doom and gloom outlook. According to Steven Davis, senior fellow and director of research at the Hoover Institute — a public policy think tank based at Stanford University — the average person who loses their job due to AI will be better positioned to find a new role than the average US manufacturing worker who <a target="_blank" href="https://www.businessinsider.com/how-manufacturing-factories-save-america-economy-future-crappy-service-jobs-2022-7">lost their job</a> in recent history."For any given scale of job loss caused by AI, there's going to be less economic hardship than we can anticipate from our previous experience with industrial job loss," Davis told Business Insider.In 2000, roughly <a target="_blank" href="https://fred.stlouisfed.org/series/MANEMP">17 million</a> Americans worked in manufacturing, but by 2010, the number had fallen to about 11 million — it's roughly 13 million as of June. Much of the decline was <a target="_blank" class="" href="https://www.businessinsider.com/how-manufacturing-factories-save-america-economy-future-crappy-service-jobs-2022-7">in the Midwest</a>. Between 1990 and 2019, employment in the Midwest's manufacturing industry fell by over <a target="_blank" class="" href="https://www.bls.gov/opub/mlr/2021/article/exploring-midwest-manufacturing-employment-from-1990-to-2019.htm#:~:text=Between%201990%20and%202019%2C%20the,by%201.1%20million%2C%2021.2%20percent.">1 million</a>, or about 21%.Various factors, including <a target="_blank" class="" href="https://www.businessinsider.com/how-the-pandemic-changed-manufacturing-forever-according-to-execs-2021-4">automation</a> and <a target="_blank" href="https://www.businessinsider.com/what-happened-to-american-jobs-in-the-80s-2017-7">globalization</a>, have driven the decline, and many workers who lost their jobs <a target="_blank" href="https://www.businessinsider.com/us-men-working-less-recessions-employment-productivity-2024-4">struggled to find work</a> in the aftermath. However, Davis said workers who are displaced by AI should have a better chance of avoiding the same fate. It comes down to when — and where — AI job losses are likely to materialize.To be sure, there is significant disagreement among experts about what the AI future will <a target="_blank" class="" href="https://www.businessinsider.com/ai-wont-take-your-job-someone-using-it-will-quote-2024-6">mean for US workers</a>. But some say looking at previous disruptions to the labor market could <a target="_blank" class="" href="https://www.businessinsider.com/rise-of-ai-artificial-intelligence-how-to-prepare-history-productivity-2023-7">provide some insight</a> into what lies ahead.<h2 id="77281e66-a782-45df-a95d-d659a5fb618f">AI job displacement will be less concentrated than the loss of manufacturing jobs</h2>Some level of job loss is inevitable in the US economy — whether it be due to a recession, automation, or some other factor. In June, over 1.4 million Americans were <a target="_blank" href="https://fred.stlouisfed.org/series/JTSLDL">laid off</a> or discharged, among the lowest monthly figures over the past two decades. But when a person loses their job and can't find a new one, a temporary setback can end up having a <a target="_blank" href="https://www.businessinsider.com/college-graduates-cant-find-jobs-earn-less-strong-labor-market-2024-6">lasting impact</a> on their finances.Therefore, when one weighs the impacts of the coming AI boom, Davis said it's wise to consider not only <a target="_blank" href="https://www.businessinsider.com/ai-radically-reshape-job-market-global-economy-employee-labor-innovation-2023-8">how many jobs it could displace</a> — which happens to be extremely difficult to forecast — and focus on a more manageable question: How hard of a time will any displaced workers have finding new roles?Davis said there are several reasons workers who are displaced by AI should have an easier time finding work than many <a target="_blank" href="https://www.journals.uchicago.edu/doi/full/10.1086/700896">manufacturing workers</a> of the past.First, when manufacturing jobs <a target="_blank" class="" href="https://www.businessinsider.com/jobs-that-were-popular-in-2000-that-have-almost-disappeared">have been lost</a>, it's often happened in bunches. A <a target="_blank" href="https://www.businessinsider.com/major-iconic-factory-closings-2008-2011-2">factory closed</a> or a recession led to widespread cuts — Davis said economic downturns have historically hit the manufacturing industry "especially hard."Not only have many manufacturing workers experienced job losses around the same time, but they've also tended to be clustered geographically around large manufacturing facilities, Davis said. This created situations where a large number of laid-off manufacturing workers with similar skills were looking for jobs at the same time in the same area — and there often just wasn't enough work to go around."If you enter the market or you need to find a new job in a recession, it's typically harder, not just because there's less hiring going on but because there are lots of other people looking for jobs at the same time," Davis said.However, job losses in most industries, including those expected to be <a target="_blank" href="https://www.businessinsider.com/job-disruption-ai-future-careers-blue-collar-desk-work-2023-11">impacted by AI</a>, are less likely to happen at the same time and in the same area, Davis said. So even if AI displaces some jobs, he expects workers to be in a better position to find a new role.Additionally, to the extent workers displaced by AI are concentrated geographically, Davis said they're more likely to be in densely populated areas like cities. Impacted workers in cities would be more likely to have <a target="_blank" href="https://www.businessinsider.com/best-us-cities-for-job-opportunities-earnings-potential-nashville-austin-2023-4">job opportunities</a> than workers where manufacturing jobs were concentrated, which often were <a target="_blank" class="" href="https://www.businessinsider.com/midwest-america-cities-downtown-crisis-office-apocalypse-urban-doom-loop-2023-6">in the Midwest</a>.Secondly, the <a target="_blank" href="https://www.businessinsider.com/millennials-high-earners-moved-office-work-from-home-remote-work-2024-3">rise of remote work</a> has also led many companies' workforces to be more geographically dispersed than they used to be. So even if a company replaced many of its workers with AI, these people would be less likely to compete with each other as they looked for new jobs."For the people who lose their jobs, at least many of them are not in a local labor market that's being hit by a wave of job losses from a single company or a single industry," Davis said. He added that remote working arrangements could also expand job opportunities for impacted workers — they wouldn't only have to apply for jobs in their local areas.In June, about 24% of full-time US workers age 16 and older <a target="_blank" href="https://www.businessinsider.com/end-remote-work-could-hurt-overemployed-workers-job-jugglers-2024-7">worked from home</a> at least some of the time, according to the Bureau of Labor Statistics — 11% were remote for all their working hours.<h2 id="b7e5e4c2-f6aa-432c-b845-e550f1a55e33">Widespread AI job displacement won't happen for at least a decade</h2>While Davis is uncertain about the timing and scale of AI job displacement, he said he doesn't expect AI to drive major job losses over the next decade."I think AI is a potentially revolutionary technology, but it's one thing to develop the technology itself," Davis said. "To actually commercialize it at scale takes a long time typically, and we'll run into political resistance and policy resistance that will also slow down the process."Experts have raised concerns about AI's potential to produce <a target="_blank" class="" href="https://www.businessinsider.com/developer-creates-ai-disinformation-system-using-openai-2023-9">misinformation</a>, violate <a target="_blank" class="" href="https://www.businessinsider.com/openai-copyright-lawsuit-authors-chatgpt-trained-on-books-2023-7">copyright law</a>, and even lead to <a target="_blank" class="" href="https://www.businessinsider.com/ai-report-risks-human-extinction-state-department-expert-reaction-2024-3">human extinction</a>. Congress has <a target="_blank" class="" href="https://www.businessinsider.com/ai-regulations-what-lawmakers-president-are-doing-2024-4">yet to pass</a> comprehensive regulation related to AI, but President Joe Biden signed an executive order last year that included safety standards for AI researchers to follow.Davis said that historically, it's taken decades for new technologies to be adopted across the entire economy. He pointed to <a target="_blank" href="https://www.businessinsider.com/power-grid-strain-home-vehicle-electrification-ai-startups-2024-3">electrification</a>, the microprocessor, and the steam engine as past examples.While there's been speculation that underlying AI technologies <a target="_blank" href="https://www.businessinsider.com/ai-is-developing-too-fast-pause-bard-says-its-complicated-2023-4">could improve faster</a> than previous technologies, Davis said he thinks adopting them at scale will remain a challenge.He isn't alone in his skepticism. Jim Covello, Goldman Sachs' head of global equity research, expressed a similar sentiment during a "Goldman Sachs Exchanges" podcast released on July 16."We're a couple of years into this, and there's not a single thing that this is being used for that's cost-effective at this point," he <a target="_blank" href="https://www.goldmansachs.com/intelligence/podcasts/episodes/a-skeptical-look-at-ai-investment.html">said</a> of AI technology. "I think there's an unbelievable misunderstanding of what the technology can do today. The problems that it can solve aren't big problems."What's more, Davis said there's also plenty of potential for AI to <a target="_blank" href="https://www.businessinsider.com/new-jobs-al-will-create-no-collegee-degree-chatgpt-2023-11">create jobs</a>, adding that the early evidence suggests this tech isn't displacing jobs — but simply <a target="_blank" href="https://www.businessinsider.com/jobs-at-risk-from-ai-replace-change-chatgpt-automation-study-2023-7">changing them</a>."It's different than introducing a bunch of robots into a manufacturing plant and saying we don't need the workers anymore," he said. "That may eventually happen with AI, but that's not the main way it's been playing out so far."However, in the decades ahead, Davis said it's possible that AI could lead to wider job displacement. He mentioned <a target="_blank" class="" href="https://www.businessinsider.com/cvs-pharmacy-use-ai-customer-service-call-centers-tilak-mandadi-2024-6">customer service agents</a> as one profession that could be particularly vulnerable."The big question is does it happen gradually over time, in which case it would be relatively easy to accommodate," he said.Have you lost your job due to AI? Have you used AI tools to save time at work? Share your experience with this reporter at <a target="_blank" href="mailto:jzinkula@businessinsider.com">jzinkula@businessinsider.com</a>.

Why workers who lose their jobs to AI will be better off than the Midwest manufacturing employees of two decades ago

Hyundai will spend 2 trillion won ($1.51 billion) to build the 548,000-square-meter <keyword id="186291" type="General" weightage="20" keywordseo="ev" source="Orion">EV</keyword> factory in Ulsan, some 300 kms southeast of Seoul. When completed, it will be Hyundai's first domestic <keyword id="6362048" type="General" weightage="20" keywordseo="manufacturing" source="Orion">manufacturing</keyword> plant in 29 years since its Asan plant, built in 1996. The ceremony, held at the EV plant site, a former test drive site inside Hyundai's larger Ulsan plant, was attended by Hyundai Motor Group Executive Chair Euisun Chung and Ulsan Mayor Ki Du-kyum, reports Yonhap news agency. According to Hyundai, the envisioned facility will be operated through the company's innovative manufacturing <keyword id="49973" type="General" weightage="20" keywordseo="platform" source="Orion">platform</keyword> developed by the Hyundai Motor Group Innovation Center in <keyword id="6356662" type="General" weightage="20" keywordseo="singapore" source="Orion">Singapore</keyword>, the company's smart urban mobility hub. The platform factors in and streamlines elements involving workers' safety, convenience and efficient operations. It utilizes an artificial intelligence-based intelligent control system and environmentally friendly, low-carbon production methods. "The dedicated EV plant marks another beginning towards the era of electrification for the next 50 years," Chung said in his welcome remarks at the ceremony. Chung also pledged for Hyundai to work together with the local government to make Ulsan a "pioneering innovative mobility city," leading the era of electrification. Hyundai has previously announced a medium- to long-term goal of producing and selling 940,000 EV units by 2026 and 2 million units by 2030. After the event, Chung hinted that Hyundai intends to continue investing in the EV business despite recent cost-cutting efforts among global competitors, such as GM and Ford. "It's an investment we've been making, and while there are various methods, such as cost reduction, in the broader picture, the demand for EVs will inevitably continue to increase," Chung told reporters. Also featured at the ceremony was a video highlighting the history of Hyundai's Ulsan plant. In it, the late Chung Ju-yung, founder of Hyundai, whose image and voice were recreated using artificial intelligence technology, was seen praising the abilities of South Korean engineers. "Thanks to the outstanding abilities and dedication of these individuals, I am confident that the day is not far off when Korean cars, our cars, will dominate the global market," the late founder was portrayed as saying.

Hyundai Motor breaks ground on EV plant with 200,000 annual capacity

Union Minister for Commerce and Industry Piyush <keyword id="6361408" type="General" weightage="100" keywordseo="goyal" source="Orion">Goyal</keyword> on Monday (local time) visited <keyword id="107096" type="General" weightage="80" keywordseo="tesla" source="Orion">Tesla</keyword>'s manufacturing facility in California's Fremont and said that the US electric car maker is on its way to double its components imports from <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>. Goyal stressed that he is proud to see the growing importance of auto component suppliers from India in the <keyword id="7829399" type="General" weightage="50" keywordseo="tesla-ev" source="Orion">Tesla EV</keyword> supply chain. He said that he missed meeting Tesla CEO <keyword id="6355315" type="General" weightage="50" keywordseo="elon-musk" source="Orion">Elon Musk</keyword> and wished him a speedy recovery. He said that he is "delighted" to see Indian engineers and finance professionals working in senior positions and contributing to Tesla's journey to transform mobility. Taking to social media app X, Goyal stated, "Visited @Tesla 's state of the art manufacturing facility at Fremont, California. Extremely delighted to see talented Indian engineers &amp; finance professionals working at Senior positions and contributing to Tesla's remarkable journey to transform mobility. Also proud to see the growing importance of Auto component suppliers from India in the Tesla EV supply chain. It is on its way to double its components imports from India. Missed Mr @ElonMusk's magnetic presence and I wish him a speedy recovery." Goyal, who is on a visit to the United States from November 13 to 16, arrived in San Francisco Monday morning (local time), will participate in the third in-person Indo-Pacific Economic Framework (IPEF) Ministerial meeting from November 13-14, 2023. During his visit, he will also attend the Asia-Pacific Economic Cooperation (APEC) Summit in San Francisco. Just shortly upon arrival in the US, Goyal met with Singapore's Minister for Trade and Industry Gan Kim Yong. The two leaders discussed ways to accelerate cooperation across sectors to further deepen economic partnership between India and Singapore. Taking to X, Goyal stated, "Met H.E. Gan Kim Yong, Minister of Trade &amp; Industry, Singapore, and discussed ways to accelerate cooperation across sectors to further deepen our economic partnership." (ANI) He also met US Trade Representative Ambassador Katherine Tai on the sidelines of the Indo-Pacific Economic Framework (IPEF) in San Francisco. The two leaders held talks on the IPEF and trade pillars. Goyal is scheduled to hold a bilateral meeting with US Commerce Secretary Gina Raimondo and representatives from various sectors and industries, according to the Ministry of Commerce and Industry earlier press release. These meetings will focus on addressing trade barriers, promoting investments, and fostering greater cooperation in areas such as technology and innovation. One of the key focus of the visit will be the joint event, co-chaired with US Commerce Secretary, Gina Raimondo on "India-USA Innovation Handshake Initiative", with the aim to lift up and connect the two sides' dynamic startup ecosystems, address specific regulatory hurdles to cooperation, and promote further innovation and job growth, particularly in emerging technologies." During his visit to the US, Goyal will also participate in the investors' roundtable along with one-to-one meetings with CEOs, according to the press release. He will also interact with various stakeholders such as students, entrepreneurs, venture capitalists and the Indian diaspora. Piyush Goyal is expected to interact with globally renowned technology, entrepreneurship, and academic communities in the Bay Area, particularly, in Silicon Valley to undertake focused discussions with American companies looking to invest or expand in India across sectors - Electronics (including semiconductors), Technology, FinTech etc. SEE ALSO:<a href="https://www.businessinsider.in/sports/webstories/india-vs-new-zealand-wc-semi-final-preview-head-to-head-form-and-key-battles/slidelist/105180423.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/india-vs-new-zealand-wc-semi-final-preview-head-to-head-form-and-key-battles/slidelist/105180423.cms" target="_blank">Ind vs NZ in World Cup semis again – Head-to-head, form, key clashes and more</a> <a href="https://www.businessinsider.in/tech/news/ex-apple-employees-launch-ai-pin-a-wearable-which-wants-to-replace-your-smartphone/articleshow/105113255.cms">Ex-Apple employees launch AI-Pin, a wearable which wants to replace your smartphone</a> <a href="https://www.businessinsider.in/business/auto/news/british-luxury-carmaker-lotus-cars-enters-the-indian-market-with-2-55-electric-suv/articleshow/105092076.cms">Lotus Cars enters India with Eletre, a luxury electric SUV priced starting at ₹2.55 crore</a>

Piyush Goyal visits Tesla's California facility, says US electric car maker to double Indian component imports

Before Elon Musk-led Tesla finally makes its India entry, ride-hailing platform Ola on Monday announced world's largest two-wheeler manufacturing facility called Ola FutureFactory that will have annual production capacity of one crore vehicles and will be operational by 2022. The factory will generate 10,000 direct employment, along with additional jobs being created by Ola vendors and suppliers. According to <keyword id="1543567" type="PERSON" weightage="20" keywordseo="Bhavish-Aggarwal">Bhavish Aggarwal</keyword>, Chairman and Group CEO, the Phase 1 will be ready with initial annual capacity of two million around June this year. Built over 500 acres in Krishnagiri district in Tamil Nadu, the facility will roll out one scooter every two seconds at full capacity, Aggarwal told mediapersons. "It will have 10 production lines running at full capacity. It will be the most advanced two-wheeler factory with 3,000 AI-powered robots built on Industry 4.0 principles," he said. It will be an integrated manufacturing facility, addressing all needs from battery to finished goods. <keyword id="4393078" type="COMPANY" weightage="20" keywordseo="Ola-Electric">Ola Electric</keyword> has also released first teaser visuals of the much-anticipated <keyword id="433124" type="PERSON" weightage="20" keywordseo="electric-scooter">electric scooter</keyword>. The announcement came as Tesla made its official to enter the country and chose Karnataka over Tamil Nadu to firm up its roll-out plans. Ola Electric last year acquired the Netherlands-based Etergo BV, an innovative electric scooter company known for its award-winning AppScooter for an undisclosed sum, and announced its foray into the premium electric two-wheeler market, both globally and nationally. "With electric, digitally connected capabilities, two-wheelers will further emerge as the most preferred urban mobility paradigm around the world and empower every consumer. We look forward to building the best global capabilities in engineering, design, and manufacturing for these products to be made here in India," Aggarwal had said. With European design, strong engineering collaboration and Indian manufacturing and supply chain, Ola Electric said it aims to transform the over 100 million-strong global two-wheeler market, including more than 20-million Indian two-wheeler market, into a clean energy, digital future. The company has plans to set up extensive charging and swapping networks around the country. Ola Electric is also working with India's leading power distribution companies towards developing a conducive EV ecosystem through the establishment of battery swapping and charging stations in New Delhi. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/oyo-vs-zo-zostel-claims-victory-while-the-ritesh-agarwal-led-firm-says-theres-still-room-to-win/articleshow/81386851.cms">OYO vs Zo – Zostel claims victory while the Ritesh Agarwal-led firm says there’s still room to win</a> <a href="https://www.businessinsider.in/stock-market/news/the-510-crore-ipo-of-easemytrip-is-now-open-for-public-subscription-/articleshow/81387576.cms">Here is why analysts maintain a bullish mood for the ₹510 crore IPO of bootstrapped online travel aggregator EaseMyTrip</a> <a href="https://www.businessinsider.in/india/news/google-ceo-sundar-pichai-announces-a-series-of-initiatives-on-womens-day/articleshow/81388483.cms">Google announces a series of initiatives on Women’s day – a $25 million fund, support for one million female entrepreneurs in India and a new feature on Google Maps</a>

Bhavish Aggarwal-led Ola showcases its first electric scooter — aims to operate 1 crore bikes by 2022

<keyword id="6354785" type="General" weightage="20" keywordseo="france" source="Orion">France</keyword> wants to be <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword>'s "best partner" in boosting its <keyword id="2377476" type="General" weightage="20" keywordseo="defence-manufacturing" source="Orion">defence manufacturing</keyword> and has decided to share the <keyword id="15204665" type="General" weightage="20" keywordseo="best-technologies-and-equipment" source="Orion">best technologies and equipment</keyword> in sync with the growing "trust" between the two sides, French Ambassador Emmanuel Lenain has said. Without divulging specific details, the envoy said French and Indian companies are working together on "equipment of the future", platforms and engines. "I do not think any country provides India with the same level of technology. The progress is also due to the fact that we recognise that India wants to boost its strategic autonomy, wants to build its industrial base and we want to be India's best partner in this move," he told PTI. Indo-French strategic ties have been on a major upswing after India inked an inter-governmental agreement with France in September 2016 for the procurement of 36 Rafale jets at a cost of around Rs 59,000 crore. "Defence has always been a very strong component of our cooperation because there is a lot of trust between our two countries. When you want to work on these issues, you need trust because you commit yourself for 10, 20, 30 years," Lenain said. "This trust is the main asset that we have. Defence cooperation has been developing very well because we are very comfortable with India and we have decided that we could share our best technology, state-of-the-art equipment, best-in-class technology," he said. The two sides are now looking at further bolstering the strategic partnership in view of the evolving global geo-political landscape triggered by the crisis in Ukraine and developments in the Indo-Pacific region. "From the beginning, we were the best partners in the Make-in-India policy. Now that India is switching to the Atma Nirbhar policy, we are also there for India," Lenain said. He said France is ready to co-develop equipment with India and share know-how. "Our companies are working together on the equipment of the future, on engines, on different sorts of equipment. It is very positive for both industries," he said. Lenain chose not to give a direct reply when asked about the possibility of the Indian Air Force procuring additional Rafales and whether France was also looking at supplying the naval version of the jet to the Indian Navy. "We are talking, and again, we are very much willing to provide state-of-the-art equipment. Everything is on the table and we do our best," he said. French aerospace major Safran has already set the ball rolling to set up its biggest maintenance repair and overhaul (MRO) facility in Hyderabad with an investment of around USD 305 million. "It is a partnership of equals and it is a partnership to boost each other's strategic autonomy," Lenain said. Ways to expand defence and security cooperation figured during French Foreign Minister Catherine Colonna's visit to India last month. In December last year, Defence Minister Rajnath Singh said France has agreed to jointly build aircraft engine with India. In 2017, India unveiled the ambitious strategic partnership (SP) model to facilitate joint ventures between select private Indian firms and foreign defence majors to build military platforms like submarines and fighter jets in India. The SP model aims to create a vibrant defence manufacturing ecosystem in the country through joint ventures between Indian corporates and global defence majors. The government has initiated a series of measures in the last few years to boost domestic defence manufacturing. In March, the defence ministry said it plans to procure military equipment worth Rs five lakh crore from the domestic industries in the next five to seven years in line with its policy of promoting indigenous defence manufacturing. India has been one of the largest importers of arms globally. According to estimates, the Indian armed forces are projected to spend around USD 130 billion (one billion is equal to 100 crores) in capital procurement in the next five years. The government now wants to reduce dependence on imported military platforms and has decided to support domestic defence manufacturing. The defence ministry has set a goal of a turnover of USD 25 billion (Rs 1.75 lakh crore) in defence manufacturing in the next five years, including an export target of USD 5 billion worth of military hardware. SEE ALSO:

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