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The department for promotion of industry and internal trade (<keyword id="19952901" type="General" weightage="20" keywordseo="DPIIT" source="keywords" meta.keywordsubtype="org" meta.entityname="DPIIT" meta.hostid="261" meta.entityid="DPIIT">DPIIT</keyword>) on Monday asked <keyword id="19957196" type="General" weightage="20" keywordseo="white-goods" source="keywords">white goods</keyword> manufacturers to participate in large numbers to avail fiscal benefits under the <keyword id="19952889" type="General" weightage="20" keywordseo="production-linked-incentive" source="keywords">production linked incentive</keyword> scheme for the sector as the response has been muted so far. Additional Secretary in the DPIIT Rajeev Singh Thakur said that the department has again reopened the application window for the PLI (production linked incentive) scheme for white goods (<keyword id="20360726" type="General" weightage="20" keywordseo="ACs" source="keywords">ACs</keyword> and LED lights). The application window is open from July 15 to October 12. "In the PLI in white goods scheme, somehow the response has been muted. ...Probably due to various reasons not sufficient response has come. So I request (the industry) to have a look and probably this time, you can consider (applying)," Thakur said at the CII Consumer Electronics and Durables Summit 2024 here. So far, 66 applicants with committed investment of Rs 6,962 crore have been selected as beneficiaries under the PLI scheme. The Union Cabinet had given approval for the PLI scheme for white goods for <keyword id="19914449" type="General" weightage="20" keywordseo="manufacturing" source="keywords">manufacturing</keyword> of components and sub-assemblies of Air Conditioners (ACs) and LED lights on April 7, 2021. The scheme is to be implemented over a seven-year period, from 2021-22 to 2028-29, and has an outlay of Rs 6,238 crore. He added that the department can hold talks with the industry separately on issues like quality control orders and logistics. Thakur told the industry that the time is right to increase investments into the country as the government has enhanced its capex and taken steps to promote <keyword id="19996629" type="General" weightage="20" keywordseo="ease-of-doing-business" source="keywords">ease of doing business</keyword>. The public capex in the last 10 years is growing at a fast pace in areas like highways, expressway, ports, airports and railways, but the commensurate response of the private sector "somehow is not up to the expectation", he said. Earlier speaking at the event, DPIIT Secretary Amardeep Singh Bhatia said that a lot of steps have been taken to promote ease of doing business, cutting down compliance burden and decriminalisation of minor offences. The government has also recently approved 12 industrial townships and the industry can look at investing there. He added that capital availability is not an issue now and the government has also provided protection to the industry from predatory imports. Schemes like PLI and semiconductor mission have been rolled out to promote manufacturing and "now we want the industry" to ensure that they have necessary collaborations in place for technology and investments. The industry should do collaborations not only to target the domestic market but also become part of global value chains. "That is an expectation we are having from the entire industry and I think industry will rise to meet these expectations... We have a huge demographic dividend and the industry should take advantage of this otherwise we will miss it," Bhatia added. He also said that there is no paucity of adequate skilled labour in the country and logistics costs too are coming down. On logistics, he cited examples of Amazon and Flipkart selling goods in the remotest part of the country. "I don't think industry should look at the current domestic demand only for collaborations. They should look at the future and export market also in addition to the domestic market," he said, adding expenditure on research and development is "abysmally" low and that needs to be enhanced. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-october-2024/slidelist/113809612.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-october-2024/slidelist/113809612.cms" target="_blank">Upcoming cars launching in India in October 2024</a><a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-october-2024/slidelist/113804125.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-october-2024/slidelist/113804125.cms" target="_blank">Upcoming smartphones launching in India in October 2024</a><a href="https://www.businessinsider.in/stock-market/news/krn-heat-exchanger-ipo-allotment-check-allotment-status-gmp-listing-date-and-more/articleshow/113801258.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/krn-heat-exchanger-ipo-allotment-check-allotment-status-gmp-listing-date-and-more/articleshow/113801258.cms" target="_blank">KRN Heat Exchanger IPO allotment – Check allotment status, GMP, listing date and more</a>

Govt asks white goods industry to apply for manufacturing sops in large numbers

The <keyword id="20163832" type="General" weightage="20" keywordseo="society-of-indian-automobile" source="keywords">Society of Indian Automobile</keyword> Manufacturers (<keyword id="108827" type="General" weightage="20" keywordseo="siam" source="Orion">SIAM</keyword>) and big auto players have hailed the Cabinet decision of PM e-DRIVE schemes aimed at promoting electric mobility across the country. The Rs 10,900 crore scheme will support 2,479,000 electric 2-wheelers, 316,000 electric 3-wheelers and 14,028 electric buses, along with 88,500 <keyword id="186291" type="General" weightage="100" keywordseo="ev" source="Orion">EV</keyword> charging sites. Shailesh Chandra, President of SIAM and Managing Director of Tata Motors Passenger Vehicles Ltd &amp; Tata Passenger Electric Mobility Ltd, expressed strong support for the government's forward-thinking initiative. Chandra said, "This forward-thinking initiative reflects the Government's unwavering support for <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s transition to electric mobility, fostering innovation and investment within the sector. We believe this scheme will not only enhance the growth of the EV ecosystem but also strengthen India's leadership in the global movement towards environmental sustainability." Dr Anish Shah, Group CEO &amp; MD, Mahindra Group also commended government's efforts, specifically highlighting the comprehensive nature of the PM e-DRIVE scheme. Shah said, "We applause the government for launching the PM e-drive scheme. With continued focused support on 2Ws, 3Ws, e-buses and thoughtful addition of e-ambulances, the scheme will drive higher EV penetration in the country." M&amp;M noted that schemes like <keyword id="21028" type="General" weightage="20" keywordseo="fame" source="Orion">FAME</keyword> and <keyword id="48070" type="General" weightage="20" keywordseo="emps" source="Orion">EMPS</keyword> have already driven penetration of electric three-wheelers in India. "Investments laid out for fast charging infrastructure for all segments will help in increasing consumer confidence for faster adoption of EVs. FAME and EMPS have helped in 20 per cent e-3W penetration in the country. With PM e-drive, we foresee India becoming the first country to achieve 100 per cent electrification in this segment by 2030", he added. The Union Cabinet, on Wednesday, cleared the 'PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM e-DRIVE) Scheme,' with a total outlay of Rs 10,900 crore over two years. It includes Rs 3,679 crore in subsidies and demand incentives for e-2Ws, e-3Ws, e-ambulances, e-trucks, and other emerging electric vehicles. It is expected to support the deployment of 24.79 lakh e-2Ws, 3.16 lakh e-3Ws, and 14,028 e-buses, providing a significant push to India's EV ecosystem. A critical aspect of the scheme is the introduction of e-vouchers for EV buyers. At the time of purchase, an Aadhaar-authenticated e-voucher will be generated, which will enable buyers to avail of demand incentives. Additionally, the scheme allocates Rs 500 crore for the deployment of e-ambulances, marking a new initiative to integrate electric vehicles into essential public services. Another Rs 4,391 crore has been earmarked for the procurement of 14,028 e-buses, with a demand aggregation process led by CESL in nine major cities, including Delhi, Mumbai, and Bangalore. Intercity and interstate e-buses will also be supported in consultation with states. Furthermore, Rs 500 crore has been set aside to incentivize the adoption of e-trucks, a critical move given that trucks are one of the largest contributors to air pollution. The scheme encourages those with a scrapping certificate from <keyword id="19897457" type="General" weightage="20" keywordseo="ministry-of-road-transport" source="keywords">Ministry of Road Transport</keyword> and Highways-approved (MoRTH) vehicle scrapping centres to participate in this transition. With an allocation of Rs 2,000 crore, the scheme will support the installation of 22,100 fast chargers for four-wheelers, 1,800 fast chargers for e-buses, and 48,400 fast chargers for two- and three-wheelers. These chargers will be installed in cities with high EV penetration and along selected highways, making long-distance EV travel more viable.

Automobile industry hails PM e-DRIVE scheme to promote EVs

In today’s customer-centric market, businesses must align product design, processes, and delivery with the needs of the customers. However, the manufacturing sector faces several challenges, including extended time to market, wastage,and design inefficiencies. Other key challenges include maintaining operational efficiency while reducing downtime. Ensuring that the product meets the required quality standards is time-consuming and expensive. In a competitive marketplace, these issues can hinder the success of a business. While technologies like Artificial Intelligence (AI), Robotic Process Automation (RPA), Machine Language (ML), etc., have addressed many of these challenges, there is still room for improvement. Enter <keyword id="14248037" type="General" weightage="100" keywordseo="digital-twin-technology" source="Orion">digital twin technology</keyword>: the key to <keyword id="3108381" type="General" weightage="20" keywordseo="smart-manufacturing" source="Orion">smart manufacturing</keyword>! Digital twin technology has rapidly gained popularity across various industrial sectors! , Infact, the global digital twin market, <a href="https://www.fortunebusinessinsights.com/digital-twin-market-106246">valued </a>at $12.91 billion in 2023 is expected to grow at a compound annual growth rate (CAGR) of 39.8% from 2023 to 2032. A 2022 report by Research and Markets highlights that 60% of executives across diverse industries plan to integrate digital twin technology in their projects to boost revenue. But why is digital twin technology making huge strides in the industrial sector? Let’s explore the details of this path-breaking technology! <h2>What is digital twin technology?</h2>A digital twin is essentially the virtual representation of physical products during different stages of their lifecycle. This can include real devices, objects, machines, services, intangible assets, and more. By connecting virtual models to their real devices, digital twins provide a detailed and dynamic representation of the physical objects they emulate. Continuous data transmission ensures that the virtual models remain in sync with the real objects. <h2>How does the digital twin make manufacturing smart?</h2>In manufacturing digital twins can be generated for various real-life scenarios like assets, specific production lines, end products, etc. These digital representations offer deep insights and visibility into production processes. Manufacturing involves a complex network of processes and products with several data points. These data points describe products, assets, entire lines, processes, etc. The digital twin replicates the manufacturing operations to capture, map, and structure the process variables in a continuously updated database. <h2>Technologies used in digital twin deployment</h2><ul><li>Internet of Things (IoT): IoT sensors enable continuous data transmission. </li><li>Cloud computing: Helps in storing large volumes of data that can be accessed by various stakeholders. </li><li>AI: AI gathers data and provides valuable insights. AI also makes accurate forecasts. </li><li>Extended Reality (XR): XR technology facilitates digital modelling of physical objects and processes. </li></ul><h2>Benefits of the digital twin in manufacturing</h2>1. Risk mitigation Businesses can test and validate a product before physical production begins. This helps identify potential process failures early and mitigates risks by simulating various scenarios. 2. Facilitates predictive maintenance The data provided by the simulation model helps identify the bottlenecks in the system. It helps in scheduling preventive maintenance accurately which lowers maintenance costs and boosts production line efficiency. 3. Real-time monitoring and control One of the biggest challenges in manufacturing is getting an in-depth view of the system in real time. A digital twin helps overcome this challenge by facilitating remote monitoring and control of the process by providing real-time data. 4. Seamless collaboration A digital twin offers a single point of truth for different stakeholders. They can access data 24/7 and collaborate through a single platform for better outcomes. 5. Data-backed decisions Large volumes of real-time data and advanced analytics facilitate better and faster decision-making regarding the adjustments in the manufacturing system. 6. Delights customers Digital twin technology facilitates the simulation of different product variations in a virtual environment. This helps manufacturers build customised products efficiently and cost-effectively, enhancing customer experience. There was a time when physical proximity and inspection were the most effective ways to gain insights into the status of operating equipment. Digital twin technology has offered an innovative method to gain these insights by virtualising real processes/products. This innovation allows businesses to create, test, and build equipment in a virtual environment, moving to production only when the virtual model meets all criteria. This reduces waste, optimises costs, and makes manufacturing more agile, resilient, and efficient. It’s no wonder the digital twin market in manufacturing is projected to reach $48.2 billion by 2026. Disclaimer: This article is authored by Raja V., BPM Expert. The opinions expressed are those of the author and do not necessarily reflect the views of Business Insider India. This article is published by the Insider Studios team. You can get in touch with them on <a href="mailto:insiderstudios@businessinsider.in">insiderstudios@businessinsider.in</a>.

How digital twin technology is revolutionising smart manufacturing

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>'s <keyword id="19938893" type="General" weightage="20" keywordseo="defence-exports" source="keywords">defence exports</keyword> have surged from Rs 15 billion in 2017 to Rs 210 billion in 2024, registering a CAGR of 46 per cent, highlighted a report on 'Defence Conference 3.0' by Antique Stock Broking. The report stated that the <keyword id="20861069" type="General" weightage="20" keywordseo="global-shift" source="keywords">global shift</keyword> towards a China+1 strategy and the impact of the <keyword id="20016971" type="General" weightage="20" keywordseo="Russia-Ukraine-war" source="keywords">Russia-Ukraine war</keyword> offer India additional opportunities to fill supply chain gaps, potentially boosting its share in the <keyword id="23046732" type="General" weightage="20" keywordseo="global-defence-industry" source="keywords">global defence industry</keyword>. The report noted that the country's long-term goal is to become a global defence manufacturing hub is driven by Defence Public Sector Undertakings (DPSUs), private enterprises, start-ups, and MSMEs. "Indian defence exports have grown multi-fold from INR 15 bn in 2017 to INR 210 bn in 2024 at a CAGR of 46%. The China + 1 strategy and the Russia-Ukraine war provides an additional opportunity for India to fill the gap created in the supply chain and hence increase its contribution to the global defence industry," the report read. The report added that to achieve this target a well-developed domestic ecosystem is crucial as lower import content in products accelerates approvals by reducing international conflicts. The report added that the Ministry of Defence has taken key initiatives to attract Indian private players and global Original Equipment Manufacturers (OEMs) include establishing aerospace parks and defence corridors, fast-tracking project approvals, and enhancing development and testing facilities. Highlighting the potential in India's Maintenance, Repair, and Overhaul (MRO) segment the report explained that it holds a significant potential for global aerospace companies due to its technical expertise and cost-competitive solutions. "India provides a huge opportunity in the <keyword id="23046733" type="General" weightage="20" keywordseo="MRO-segment" source="keywords">MRO segment</keyword> for global aerospace leaders given the expertise the country provides as well as the cost efficiency solutions compared to its global competitors" the report added. India aims to increase domestic defence turnover to Rs 3 lac crore by 2029, Rs 500 billion targeted for exports. This growth will help reduce the Government of India's import bill as India remains the world's largest importer of defence equipment. Under the Atmanirbhar Bharat initiative of the government, 75 per cent of the defence capital outlay is now reserved for domestic players, up from 49 per cent in FY21. Given the geopolitical challenges and modernisation needs of its Armed Forces, the report added that India plans to invest Rs 8.3 lac crore in domestic procurement, offering substantial business opportunities for local companies. "India intends to place orders worth INR 8.3 trn through domestic procurement and thus it presents a massive business opportunity for local players" it added. As per the Ministry of Defence, India's defence manufacturing sector has witnessed an increase of 16.8 per cent in the fiscal year 2023-24. This significant increase marks the highest-ever growth in the country's defence production value. The total value of defence production reached Rs 1,26,887 crore this year, up from the previous year's figures.

India's defence exports surge to Rs 210 billion after global shift towards China+1, Russia-Ukraine war: Report

<ul><li>Finance Minister Nirmala Sitharaman tabled the <keyword id="20613906" type="General" weightage="20" keywordseo="economic-survey" source="keywords">Economic Survey</keyword> 2023-2024 in the Lok Sabha on Monday.</li><li>The Union Budget 2024 is scheduled to be tabled on Tuesday, July 23.</li><li> <keyword id="19935818" type="General" weightage="20" keywordseo="industries" source="keywords">Industries</keyword> grew by 9.5% in FY24 as per the <keyword id="19967933" type="General" weightage="100" keywordseo="Economic-Survey-2024" source="Orion">Economic Survey 2024</keyword>.</li></ul> Finance Minister Nirmala Sitharaman on Monday tabled the <a href="https://www.businessinsider.in/budget/news/budget-2024-live-news-top-things-every-indian-should-know-about-the-economic-survey-2023-24/articleshow/111918064.cms">Economic Survey</a> 2023-2024 in the Lok Sabha, a day ahead of the Budget being tabled. The upcoming budget will be the first budget in the third term of the Narendra Modi-led government. As per the Economic Survey, India’s real gross domestic product (GDP) grew by 8.2% in FY24, while <keyword id="19948494" type="General" weightage="20" keywordseo="global-economic-growth" source="keywords">global economic growth</keyword> was at 3.2% in 2023. <h2>What is an Economic Survey?</h2>The Economic Survey is a is a report card on the economy and presents the growth outlook of the country. It is prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance. <div type="Article" hostid="261" msid="111918064" title="Economic Survey 2024: GDP grew by 8.2%, to sustain 7%+ growth momentum, fiscal deficit down to 6.4% of GDP" mstype="2" mssubtype="0"></div> It provides statistical information and analyses the various sectors of the economy, economic growth, employment, inflation and more. <h2>Industries grow by 9.5%</h2>As per the report, the economic growth of 8.2% was fueled by an industrial growth of 9.5%. The manufacturing and construction sector nearly doubled, while other sectors also reported growth. The manufacturing sector has achieved an average annual growth rate of 5.2% in the last decade. Chemicals, wood products and furniture, transport equipment, pharmaceuticals, machinery, and equipment have emerged as the key drivers of the sector. From an importer, India has emerged as a net exporter of finished steel products in the last decade and the industry has achieved its best-ever numbers in FY24. Another area where imports have been reigned is coal. Coal production in India has rapidly grown over the last five years, reducing import dependence. In FY24, India produced 997.2 million tonnes of coal, imported 261 million tonnes, and consumed 1233.86 million tonnes. The export of textiles and apparel increased by 1% in FY24, reaching ₹2.97 lakh crore. The electronics industry, a key sector has reported good growth in the last decade. While the domestic production of electronic items increased to ₹8.22 lakh crore, the exports increased to ₹1.9 lakh crore. Patents are a key part of an industry’s growth as they show an investment in research and development. The number of granted patents increased seventeen-fold from 5,978 in 2014-15 to 1,03,057 in 2023-24. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/budget-2024-live-news-top-things-every-indian-should-know-about-the-economic-survey-2024-25/articleshow/111918064.cms">What is the Economic Survey all about? Top 10 things every Indian should know from the Economic Survey 2023-24</a> <a href="https://www.businessinsider.in/tech/webstories/biggest-crypto-hacks-in-the-world-so-far-from-binance-to-ftx/slidelist/111917081.cms">Biggest crypto hacks in the world so far – from Binance to FTX</a> <a href="https://www.businessinsider.in/budget/news/budget-2024-expectations-fame-scheme-aid-for-vehicle-scrapping-and-other-expectations-of-the-auto-industry/articleshow/111783199.cms">Budget 2024 Expectations: FAME scheme, aid for vehicle scrapping and other expectations of the auto industry</a>

Economic Survey 2024 – industries grow by 9.5%, fueling economic growth to 8.2%

Imagery of battlefields and violence have permeated the news cycle as armed conflicts rage around the globe, particularly in the <a target="_blank" href="https://www.businessinsider.com/israel-rafah-gaza-assault-warns-civilians-biden-2024-5">Middle East</a> and <a target="_blank" href="https://www.businessinsider.com/fierce-russian-attacks-test-ukraine-defense-near-kharkiv-war-expansion-2024-5">Ukraine</a>.Rarely, however, do we see inside the multibillion-dollar industry behind the weapons that cause its destruction.In his new book, "<a target="_blank" href="https://nikitateryoshin.com/nothing-personal">Nothing Personal: The Back Office of War</a>," photographer Nikita Teryoshin lifts the veil on the <a target="_blank" href="https://www.businessinsider.com/us-arms-exports-rise-50-percent-cutting-russia-weapons-trade-2024-1">global arms trade</a>, capturing defense exhibitions worldwide.<div type="image" title="Arms company CTA demonstrating their fire power on an 2mm thick aluminum target. CTA is joint venture between Nexter and BAE Systems based in France. EUROSATORY, Paris, France, 2018" height="2670" width="4000" msid="110124471" hostid="261"></div>"These [defense] fairs are the opposite of what you imagine when you think of arms and war," Teryoshin said in an interview with Business Insider.Through the colorful, bright, yet uncanny depictions of the defense industry, "Nothing Personal" portrays a world that is the complete opposite of the battlefield it profits from, highlighting the sobering reality of war as a business and economic incentive.From 2016 to 2023, Teryoshin documented defense fairs in 14 countries, including the United States, China, France, Abu Dhabi, and Russia. Closed to the public, his series offers a rare inside look into the <a target="_blank" href="https://www.businessinsider.com/russia-economy-oil-export-revenue-price-cap-war-dark-fleet-2023-12">lucrative global arms industry.</a><div type="image" title="Live demonstration of warfare watched by high-ranked guests, politicians and traders. IDEX Expo, Abu Dhabi, UAE, 2019" height="1335" width="2000" msid="110124474" hostid="261"></div>Teryoshin's photos depict the showy display of <a target="_blank" href="https://www.businessinsider.com/ukraine-abrams-tank-crew-says-still-on-front-lines-2024-5">tanks</a>, <a target="_blank" href="https://www.businessinsider.com/armies-need-their-own-drone-air-force-flown-by-specialists-study-says-2024-5">drones</a>, <a target="_blank" href="https://www.businessinsider.com/russian-helicopter-ukrainian-drone-boat-armed-with-missiles-2024-5">missiles</a>, air shows, and war shows at various defense exhibitions. He described the fairs as "an oversized playground for adults with wine, finger food, and shiny weapons.""Dead bodies here are mannequins or pixels on screens of a huge number of simulators," he wrote in his book. "Bazookas and <a target="_blank" href="https://www.businessinsider.com/ukrainians-using-decades-old-us-gun-truck-against-russia-drones-2024-5">machine guns</a> are plugged into flatscreens and war action is staged in an artificial environment in front of a tribune full of high-ranked guests, ministers, heads of state, <a target="_blank" href="https://www.businessinsider.com/top-us-general-russia-growing-back-pre-war-military-strength-2024-4">generals</a>, and traders."<div type="image" title="A photo stand of the Indian Army. The soldier cut out equipped with a Kalashnikov rifle wears a Russian uniform with explosion coming out of his missing head.DEFEXPO, Lucknow, Uttar Pradesh, India, 2020" height="4000" width="2667" msid="110124478" hostid="261"></div>Teryoshin's images are striking — a bright flash in each image tying together the bizarre display of weapons with abstracted figures of anonymous delegates. A colorful array of canapés and a bright floral dress are set in a scene with a sleek gray model of a <a target="_blank" href="https://www.businessinsider.com/french-warships-defeating-houthi-missile-attacks-2024-3">naval gun </a>looming in the background.<div type="image" title="Model of a Swedish Bofors 57 Mk3 naval gun behind a table full of food at defense fair" height="2670" width="4000" msid="110124481" hostid="261"></div>"I think it's the key visuals in the project where you see food and waitress serving wine and juice, and in the background, you see all these war machines," Teryoshin said.In 2019, Teryoshin attended the International Defense Exhibition &amp; Conference in Abu Dhabi, where he said guests were enjoying a cake decorated with a mini tank, <a target="_blank" href="https://www.businessinsider.com/russia-pulls-aircraft-from-front-lines-ukraine-strikes-deep-intel-2024-5">jet fighters</a>, and missiles.<div type="image" title="IDEX 25th anniversary cake with explosions, missiles, and soldier cut outs" height="1200" width="1798" msid="110124485" hostid="261"></div>"Special guests and generals started to eat the cake with little forks out from the pallet directly, and then I thought it looked like a real battlefield," Teryoshin said. "There was an explosion and a tank and a plane and jet fighters were flying little toys that were flying around this explosion, and it was totally weird."He added: "The alliance of <a target="_blank" href="https://www.businessinsider.com/uae-forges-china-ties-but-wont-get-j20-stealth-fighter-2024-5">UAE</a> and <a target="_blank" href="https://www.businessinsider.com/saudi-us-deal-could-reshape-mideast-excludes-israel-war-2024-5">Saudi Arabia </a>were flying strikes against<a target="_blank" href="https://www.businessinsider.com/us-navy-aircraft-carrier-rearmed-back-red-sea-battle-houthis-2024-5"> the Houthis</a> and bombing hospitals, schools, and houses of normal people, and at the same time, 1,000 kilometers away, they are eating this cake with an explosion."With elements of dark humor and absurdity in every image, the photographer's distinctive visual style emphasizes the jarring juxtaposition of the luxury and celebration at defense fairs and the destructive weaponry and firearms the industry produces.<div type="image" title="Missiles models Python, Derby, Spike ER at the stand of the Israeli Rafael Advanced Defense Systems Ltd. surrounding an empty coffee mug." height="4000" width="2741" msid="110124488" hostid="261"></div>Large, metallic-gray <a target="_blank" href="https://www.businessinsider.com/us-navy-more-missiles-recently-got-first-kill-pacific-threats-2024-5">missiles</a> frame a half-empty coffee mug sitting on the edge of a display table. The camera's flash casts imposing shadows of the missiles around the mug — the everyday object normalizing the display of dangerous weaponry.Teryoshin alluded to the look of crime scene photography when discussing the use of flash in his series. The cold, harsh flash highlights the environment's ominousity through a pointedly cynical perspective.After the construction and the <a target="_blank" href="https://markets.businessinsider.com/news/commodities/oil-gas-prices-israel-gaza-war-middle-east-houthi-iran-2024-2">oil and gas sectors</a>, the global arms trade is one of the most corruption-prone sectors in the world, according to <a target="_blank" href="https://ti-defence.org/wp-content/uploads/2016/03/1004_corruption_risk_offsets.pdf">Transparency International</a>. By contrast, the international trade of bananas is more tightly regulated than the arms trade, according to the introductory note of <a target="_blank" href="https://legal.un.org/avl/ha/att/att.html#:~:text=By%202006%2C%20international%20attention%20shifted,resonate%20strongly%20with%20many%20States">the United Nations Arms Trade Treaty</a>.<div type="image" title="Peruvian delegation at the stand of UkrOboronProm shaking hands" height="2670" width="4000" msid="110124492" hostid="261"></div>With the weaponry in the forefront, the fairgoers in the series remain anonymous — the figures of <a target="_blank" href="https://www.businessinsider.com/us-sanctions-russian-trade-banking-financing-ruble-ukraine-war-funding-2024-5">traders and politicians</a> are all faceless and undetectable."I deliberately don't show you the faces of the businessmen," Teryoshin said in his artist statement. "It is not my intention to fix everything upon a certain person."<div type="image" title="South Korean officer watching the air show by the aerobatic 'Black Eagles' air force team flying KAI T-50B Golden Eagle jets." height="4000" width="2670" msid="110124496" hostid="261"></div>The anonymity of the figures adds mystery to each photograph and portrays the photographer's intention of showcasing the global arms industry as a monolith."I also didn't want to blame any special country, manufacturer, or person but to show it just as a phenomenon," he said.Here, war is simply a universal means of commerce — the convention space secluded from the real terror of conflict.<div type="image" title="On the deck of a ferry while jet fighters, helicopters and cargo aircraft fly low." height="2669" width="4000" msid="110124498" hostid="261"></div><a target="_blank" href="https://www.businessinsider.com/global-military-spending-reaches-record-highs-2023-wars-conflicts-ukraine-2024-4">Military spending worldwide</a> amounted to $2.44 trillion in 2023. In the US, it was estimated that the <a target="_blank" href="https://www.businessinsider.com/us-aid-spending-israel-military-defense-gaza-war-2023-10">average taxpayer contributed $5,109 to the US military</a> and its support systems in 2023. While the average American contributes <a target="_blank" href="https://www.businessinsider.com/ukraine-aid-bill-help-american-jobs-military-defense-business-economy-2024-4">thousands of dollars to the military</a>, the general public is not privy to the inner workings of war profiteering — something Teryoshin hopes to change through his photography.Teryoshin shows the irony behind arms company slogans, such as "70 years defending peace" by Kalashnikov Group or "Engineering a better tomorrow" by <a target="_blank" href="https://www.businessinsider.com/militaries-receiving-f35-jets-frees-f16s-for-ukraine-former-exec-2023-7">Lockheed Martin,</a> by showing viewers the opposite of a violent and terrifying battlefield: the people in business attire who profit from window shopping for war machines with champagne in hand.<div type="image" title="A woman holding tray of juice and wine in front of a military helicopter." height="4000" width="2670" msid="110124500" hostid="261"></div>

Behind the Curtains of the Global Arms Industry

The Indian cement industry is on track to reach 5.09 billion tonnes by 2028-29, driven by robust government investment in infrastructure. According to an IANS report originally attributed to Infomerics Ratings, this marks a compound annual growth rate (CAGR) of 4.9 per cent between 2024 and 2029. In 2022-23, the industry’s market size stood at 3.82 billion tonnes, with a total installed capacity of 622 million tonnes per annum (MTPA) in FY24 and production at 427 million tonnes. Notably, India contributes over 8 per cent to the world’s total installed cement capacity, highlighting its importance in the global market. Despite this, India’s per capita cement consumption is 260 kg—significantly below the global average of 540 kg—indicating substantial room for growth. Globally, the cement market is projected to grow at a CAGR of 4.3 per cent from 2024 to 2032. The sector’s expansion is fuelled by ambitious government initiatives, including an allocation of ₹11.11 lakh crore for infrastructure in FY25 and housing schemes like Pradhan Mantri Awas Yojana. The construction sector consumes 55 per cent of cement production, while public infrastructure projects account for the remainder. The industry also plays a critical role in employment, providing direct jobs to over one million people and creating downstream opportunities for about 20,000 individuals per million tonnes of cement produced. Private players dominate the sector, controlling 98 per cent of production capacity, while public sector units hold a mere 2 per cent. Domestic production meets almost all demand, with imports accounting for just 0.2 per cent of total production in FY23. However, exports have declined recently due to reduced global demand and rising competition. India currently has 341 cement manufacturing facilities, including 159 integrated large cement plants, 120 grinding units, and 62 mini cement plants. Cement production has seen steady growth, with a 7.1 per cent increase in September 2024 and a cumulative growth of 1.6 per cent between April and September of FY25, according to the Ministry of Commerce and Industry. This growth aligns with India’s overall industrial performance, which saw a 2 per cent rise in core industries in September, led by cement, steel, coal, and fertilisers. As India invests heavily in infrastructure and housing, the cement industry is set to play a pivotal role in supporting the nation’s economic and developmental goals. (with IANS inputs)

India's cement industry expected to grow to 5.09 billion tonnes by 2028-29 amid infrastructure push: Report

<keyword id="19991358" type="General" weightage="100" keywordseo="Indian-markets" source="keywords">Indian markets</keyword> are navigating choppy waters as global economic shifts, from rate cuts to evolving political climates, create new pressure points across the financial landscape, according to a recent report by ANI attributed originally to the Union Bank of India. The domestic stock and bond markets showed signs of strain, with <keyword id="19910363" type="General" weightage="20" keywordseo="bond-yields" source="keywords">bond yields</keyword> witnessing slight adjustments. India’s 10-year government bond yield dipped to 6.82%, a decrease from the previous session, reflecting cautious investor sentiment as the markets react to shifting global indicators. Meanwhile, the 5-year bond yield remained steady at 6.76%, a signal of lingering hesitation amid economic unpredictability. In the currency market, the rupee faced a notable decline, ending the day at ₹84.3725 against the US dollar, slipping from its prior close of ₹84.2800. Market analysts point to significant capital outflows as a key factor, with investors moving funds to perceived safer assets overseas. This migration has weighed heavily on the rupee, underlining the currency’s vulnerability in an environment of global economic flux. India’s stock market bore the brunt of this volatility, with key indices falling over 1%, effectively erasing the gains of a previous rally. This abrupt drop reportedly reflects renewed investor anxiety, largely triggered by the recent <keyword id="20189882" type="General" weightage="20" keywordseo="US-presidential-election" source="keywords">US presidential election</keyword> results. Experts suggest that the election has introduced a fresh layer of uncertainty, not only for the US economy but for global markets, impacting everything from policy decisions to investor sentiment. Analysts are also keeping a close eye on upcoming decisions by central banks, which will likely shape the path forward for the Indian equities market. Commodities showed contrasting trends, with Brent crude prices falling on lower demand expectations, as economic indicators point toward cautious spending globally. Gold, on the other hand, experienced a modest rise as investors sought refuge in safe-haven assets, highlighting a shift towards risk aversion among market participants. Globally, major central banks made coordinated efforts to sustain economic growth, with the Bank of England (BoE) announcing a 25 basis-point cut, lowering its benchmark rate to 4.75%. The BoE’s Monetary Policy Committee (MPC) largely backed this move to counter inflation, which has been declining, albeit gradually. Across the Atlantic, the US Federal Reserve mirrored this action with its own 25 basis-point cut, a sign of confidence in the ongoing economic recovery. Both rate cuts, though modest, signal a global trend towards caution as economies work to balance growth with stability. In Asia, the People’s Bank of China (PBoC) maintained its supportive stance. Governor Pan Gongsheng sought to reassure foreign investors by reaffirming the PBoC’s commitment to growth-oriented policies. Pan emphasized enhanced communication and pledged to open China’s financial services sector further, aiming to attract more international participants. Europe, meanwhile, faced mixed economic signals. Germany reported a steep 2.5% drop in industrial production in September, signalling a slowdown in manufacturing, while the Eurozone saw a mild 0.5% rise in retail sales, reflecting cautious consumer optimism in the region. Adding another layer to the global economic landscape, the European Union’s Climate Change Service warned that 2024 could be the hottest year on record, underscoring urgent climate challenges just as the UN COP29 climate summit approaches. The summit, set to take place in Azerbaijan, aims to rally increased funding for climate action, though tempered expectations linger in light of recent US political shifts. On the domestic front, Niti Aayog CEO BVR Subrahmanyam spoke about India’s potential role in pivotal global trade agreements, specifically the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). These partnerships, Subrahmanyam suggested, could bolster India’s Micro, Small, and Medium Enterprises (MSME) sector, which currently accounts for 40% of India’s exports, offering a strategic advantage for Indian trade in an interconnected world. As the Indian markets digest these developments, experts believe continued volatility could be the theme for the coming months. (with ANI inputs)

Indian markets under pressure as global rate cuts stir uncertainty, new report says

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As India celebrates ten years of the ambitious '<keyword id="20018809" type="General" weightage="20" keywordseo="Make-in-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Make in India" meta.hostid="153" meta.entityid="Make in India">Make in India</keyword>' initiative, Union Commerce and Industry Minister <keyword id="19895367" type="General" weightage="100" keywordseo="Piyush-Goyal" source="keywords">Piyush Goyal</keyword> has revealed its profound impact on the nation’s manufacturing and economic landscape. Speaking on Wednesday, Goyal talked about the key milestones achieved since the initiative’s inception, especially the dramatic decline in mobile phone imports and a surge in domestic production. Goyal said how there has been the near-total localisation of mobile phone manufacturing. He noted that prior to the launch of 'Make in India' in 2014, India’s mobile phone imports stood at a staggering ₹48,609 crore. However, in 2023-24, that figure has plummeted to just ₹7,665 crore, marking an impressive 85% reduction. But the transformation goes beyond the mobile industry. <keyword id="22266334" type="General" weightage="20" keywordseo="manufacturing-jobs" source="keywords">Manufacturing jobs</keyword> have also seen a staggering 200% increase between 2022 and 2024 according to Goyal, providing livelihoods and boosting the industrial workforce. Goyal praised this growth, underscoring that 'Make in India' has become a national movement, driving India closer to its goal of becoming a global manufacturing powerhouse. In a post shared on X, the minister expressed his pride in the initiative’s achievements: "Today marks #10YearsOfMakeInIndia, a transformative initiative launched by PM@NarendraModiji in 2014, which has revolutionised India's manufacturing landscape and strengthened our economic growth. Over the past decade, @MakeInIndiahas become a national force, paving the way for our country to emerge as a Global Manufacturing Hub," he wrote. Launched in 2014 by Prime Minister Narendra Modi, the ‘Make in India’ initiative was conceived to transform India into a global manufacturing hub, reduce import dependency, and create jobs.

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