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India remains highly dependent on imports for minerals critical to accelerating its <keyword id="19951336" type="General" weightage="20" keywordseo="energy-transition" source="keywords">energy transition</keyword>, with a full reliance on shipping in lithium, cobalt and nickel, according to a report released Monday. The report, published by the Institute for Energy Economics and Financial Analysis (IEEFA), said that India's demand for <keyword id="19978839" type="General" weightage="20" keywordseo="critical-minerals" source="keywords">critical minerals</keyword> is expected to more than double by 2030, while domestic mining operations may take over a decade to start producing. It stresses that India needs a carefully crafted import strategy to mitigate potential trade risks while balancing international relationships to secure these essential minerals. IEEFA's report examines five critical minerals (and their compounds) - cobalt, copper, graphite, lithium and nickel - from the perspectives of import dependency, trade dynamics, domestic availability, and global price fluctuations. The findings show that India remains largely import-dependent for these minerals and their compounds, with 100 per cent import reliance for minerals like lithium, cobalt, and nickel. "India should strive to de-risk its critical minerals sourcing by identifying new international resources and expediting <keyword id="20681115" type="General" weightage="20" keywordseo="domestic-production" source="keywords">domestic production</keyword>. A concerted effort to partner with and foster bilateral relations with <keyword id="23713985" type="General" weightage="20" keywordseo="mineral-rich-nations" source="keywords">mineral-rich nations</keyword> should be a priority for India," said the report's co-author Charith Konda, Energy Specialist, IEEFA. "The country can also explore investment opportunities in resource-rich, friendly nations, such as Australia and Chile, as well as African countries like Ghana and South Africa," he added. The report said India depends heavily on China for synthetic graphite and natural graphite and it should explore cooperation initiatives with countries like Mozambique, Madagascar, Brazil and Tanzania which are some of the highest graphite producing countries. "As part of the Global South cooperation initiatives, these countries could be favourable partners for India for <keyword id="23713984" type="General" weightage="20" keywordseo="graphite-trading" source="keywords">graphite trading</keyword>," said the report's co-author Kaira Rakheja, Energy Analyst, IEEFA. India is also highly import-dependent for copper cathodes and nickel sulphates from just two countries - Japan and Belgium. The report suggests India could look at the US, the fifth largest producer of copper in the world, to diversify its suppliers and enhance <keyword id="23714709" type="General" weightage="20" keywordseo="supply-security" source="keywords">supply security</keyword>. For minerals like lithium oxide and nickel oxide, the dependency is low on one country, but overall imports largely come from Russia and China, both countries with potential trade risks. "Developing domestic lithium refining capacity will help India integrate with the global lithium supply chain," said Rakheja. The report also notes the significant efforts that the Indian government is making to improve domestic production of critical minerals with the auctions by the Ministry of Mines and the planned Critical Minerals Mission. "The critical minerals mining block auctions can serve as an opportunity for India to focus on building refining and processing capabilities to emerge as a global value-adding hub," said Rakheja. "Government support in the form of viability gap funding and technology development will help promote such auctions and ultimately the domestic production of critical minerals. "A stable supply of critical minerals is imperative for India to achieve its <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> goals," Konda said. India has committed to achieving 500 gigawatts (GW) of non-fossil fuel-based electricity installed capacity by 2030. Currently, the country's renewable energy installed capacity stands at 201 GW, with solar energy accounting for 91 GW. According to another study, the fast-developing South Asian nation needs to install around 7,000 GW of renewable energy capacity to achieve net-zero emissions by 2070.

Energy transition: India remains highly dependent on imports of critical minerals, says report

Domestic firms will <keyword id="6356112" type="General" weightage="100" keywordseo="lease" source="Orion">lease</keyword> an estimated 60-65 million square feet of <keyword id="181150" type="General" weightage="20" keywordseo="office-space" source="Orion">office space</keyword> between 2024 and 2025, according to <keyword id="20060150" type="General" weightage="20" keywordseo="cbre" source="keywords">CBRE</keyword> South Asia's report, '<keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> Inc's Ascension - The Rise of Domestic Firms as an Office Demand Driver'. Domestic companies have been responsible for nearly 47 per cent of office leasing activity from 2022 to H1 2024, marking a departure from the traditional dominance of global corporations, particularly American firms. During 2022-2023, domestic firms experienced a 60 per cent surge in office space absorption compared to the pre-pandemic period of 2018-2019. Key occupier groups have secured significant spaces in prime locations across major cities, with <keyword id="19913115" type="General" weightage="20" keywordseo="delhi-ncr" source="keywords">Delhi-NCR</keyword> leading, followed by <keyword id="6354321" type="General" weightage="20" keywordseo="bengaluru" source="Orion">Bengaluru</keyword> and Mumbai. E-commerce and life sciences companies have driven occupancy in Bengaluru and Hyderabad, respectively, while Mumbai has captured a substantial 43 per cent share of domestic <keyword id="19910880" type="General" weightage="20" keywordseo="bfsi" source="keywords">BFSI</keyword> leasing, with strong contributions from Delhi-NCR and Chennai. The report attributes the robust growth of India's office market to several factors, including government initiatives like Make in India and the <keyword id="19952889" type="General" weightage="20" keywordseo="production-linked-incentive" source="keywords">Production Linked Incentive</keyword> (PLI) Scheme. These programs, along with increased domestic manufacturing, employment generation, and a well-capitalized banking sector, have created a supportive environment for business expansion. Other contributing factors include low corporate leverage ratios and improved access to capital, which have enhanced the investment capacity of Indian companies. India's talent pool, with approximately 2.5 million STEM graduates and a thriving start-up ecosystem featuring over 100 unicorns, has also been a major driver of growth. With over 38 sector skill councils, the government's focus on bridging the skill gap is preparing domestic firms for future demands, further bolstering the office leasing sector. Flexible space operators, technology, and BFSI sectors have emerged as the primary drivers of office leasing, collectively accounting for two-thirds of all domestic activity. The RCA sector, which includes legal, taxation, HR, and media services, is also playing a significant role in boosting domestic leasing. Additionally, Indian engineering and manufacturing firms, which currently represent 7-8 per cent of domestic office leasing, are expected to expand into <keyword id="20270212" type="General" weightage="20" keywordseo="tier-ii" source="keywords">Tier-II</keyword> and Tier-III cities, which are emerging as manufacturing hubs. Anshuman Magazine, Chairman and CEO, India, Southeast Asia, Middle East &amp; Africa, CBRE, said, "India's rapidly expanding start-up ecosystem and talent abundance are major drivers of this demand. As India's major urban centers continue to grow and diversify, the demand for premium office spaces will shape the future of the commercial real estate market, setting new standards for innovation and excellence. He added, "India's top nine cities are poised to see an impressive addition of ~185 million sq. ft. of premium office space by 2026. This dramatic increase in office space is a testament to several key factors driving the transformation of the commercial real estate landscape". Ram Chandnani, Managing Director, Advisory and Transaction Services, CBRE India, said, "Advances in technology, especially artificial intelligence (AI), are poised to further transform the office sector. While AI may cause job displacement in some areas, it will also create new opportunities and necessitate comprehensive workforce reskilling. The surge in workforce needs, driven by digitalization, evolving workplace strategies, and enhanced business confidence, has substantially boosted leasing activity."

Domestic firms to lease 60-65 million sq ft office space by 2025: CBRE report

<keyword id="20021345" type="General" weightage="20" keywordseo="TVS-Motor-Company" source="keywords" meta.keywordsubtype="org" meta.entityname="TVS Motor Company" meta.hostid="153" meta.entityid="TVS Motor Company">TVS Motor Company</keyword> expects to grow faster than the competition across domestic and <keyword id="20108266" type="General" weightage="20" keywordseo="international-markets" source="keywords">international markets</keyword> this fiscal, riding on the back of new <keyword id="22697277" type="General" weightage="20" keywordseo="product-launches" source="keywords">product launches</keyword> and strengthening of operations across key regions, according to CEO KN Radhakrishnan. He noted that in the <keyword id="20046426" type="General" weightage="20" keywordseo="domestic-market" source="keywords">domestic market</keyword>, the company expects growth momentum to continue with normal monsoons likely to add strength to the <keyword id="19929089" type="General" weightage="20" keywordseo="rural-markets" source="keywords">rural markets</keyword>. In international markets, Radhakrishnan exuded hope to perform better in key markets like Africa this year while expanding operations in other regions like the Middle East and Latin America. "Our strong product portfolio; our unwavering focus on the consumers, quality, new products and attractive quality and technology, we are confident that we will outperform the industry both in the domestic and international markets," Radhakrishnan said in an analyst call. He noted that the growth momentum is likely to be maintained with the budget focusing on employment generation, continued higher commitment to infrastructure and rural economy. "We are expecting rural markets to recover. With the expected normal monsoon, we could witness robust growth in Q2," Radhakrishnan stated. He noted that for the first time the company is witnessing that the rural areas were doing slightly better than the urban markets. The improving road infrastructure and economic environment will drive the demand for two-wheeler mobility, he added. The <keyword id="21048623" type="General" weightage="20" keywordseo="two-wheeler-segment" source="keywords">two-wheeler segment</keyword> has got a huge opportunity in the medium and the long term given the challenges in mobility as well as also investments from the government on the infrastructure and road development, he said. The company, which has earmarked over Rs 1,000 crore capex this year, is gearing up to introduce one product each in the electric and internal combustion engine segments in the ongoing quarter. A significant proportion of the earmarked capital is expected to go towards the design and development of new products, Radhakrishnan stated. "I want to highlight that the company will be launching one product in ICE and one product in EV in this quarter and that will further strengthen our range of product portfolio," he said. Commenting on international business, Radhakrishnan said that the Red Sea issue has led to challenges in terms of enhanced transit periods for overseas dispatches. He noted that <keyword id="62356" type="General" weightage="100" keywordseo="TVS" source="Orion">TVS</keyword> has taken enough countermeasures to mitigate these challenges and the situation is likely to improve in the ongoing quarter. Certain select African markets are facing challenges due to currency devaluation and persistent inflation, he said. "However, considering the base effect in our assessment, the possibility of further decline in Africa is low. We feel that we will be doing better in Africa this year," he added. He further said: "Besides, Latin America gives us a huge opportunity. We have started exporting to LATAM. In Asia, we are seeing some challenges in Bangladesh, but we are hopeful that things will settle down soon." The Middle East is also a huge opportunity for TVS and the company is strengthening its operations in the region, he stated. For the April-June quarter this fiscal, <keyword id="46156" type="General" weightage="20" keywordseo="TVS-Motor" source="Orion">TVS Motor</keyword> Company reported a 6 per cent year-on-year increase in consolidated net profit at Rs 461 crore. Total income rose to Rs 10,448 crore for the period under review as compared to Rs 9,142 crore in the year-ago period.

TVS confident of outperforming industry in domestic, global markets following new product launches, ops strengthening

Simplifying economy: GDP to PPP — essential terms you need to know

Top 10 countries with the highest GDP in 2024! See where India stands

<keyword id="19931193" type="General" weightage="20" keywordseo="Maruti-Suzuki-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Maruti Suzuki India" meta.hostid="261" meta.entityid="Maruti Suzuki India">Maruti Suzuki India</keyword> reported its <keyword id="20025887" type="General" weightage="20" keywordseo="highest-ever" source="keywords">highest-ever</keyword> <keyword id="20423741" type="General" weightage="20" keywordseo="monthly-sales" source="keywords">monthly sales</keyword> volume at 206,434 units. Total sales in the month include <keyword id="20025843" type="General" weightage="20" keywordseo="domestic-sales" source="keywords">domestic sales</keyword> of 163,130 units, sales to other original equipment manufacturers (OEMs) of 10,136 units and the highest-ever monthly <keyword id="19916774" type="General" weightage="20" keywordseo="exports" source="keywords">exports</keyword> of 33,168 units. Festival season and on top of that the deep discounts offered by various automakers have invariably helped dealers sell more cars this October. Here is a table listing out the <keyword id="19909974" type="General" weightage="100" keywordseo="Maruti-Suzuki" source="keywords">Maruti Suzuki</keyword> India car-wise sales figures in October: In October, total sales, domestic plus exports combined, were 3.6 per cent higher year-on-year. So far in 2024-25 - April to October, the total sales were 1.64 per cent higher year-on-year. Coming to exports, the shipments in October and April-October were 51 per cent and 17 per cent, higher year-on-year, respectively. In the fiscal year 2023-24, the company exported over 2.8 lakh units to more than 100 countries, holding a commanding 42 per cent share in the country's passenger vehicle exports. In other news, Maruti Suzuki India recently reached a significant milestone, with ist <keyword id="21943254" type="General" weightage="20" keywordseo="Manesar-facility" source="keywords">Manesar facility</keyword> crossing the 1 crore cumulative production mark. The Manesar plant achieved this feat in just 18 years, making it the fastest among Suzuki's global automobile manufacturing facilities to reach the 1 crore production milestone. The facility, which commenced operations in October 2006, is spread over 600 acres and manufactures a range of models, including Brezza, Ertiga, XL6, Ciaz, Dzire, Wagon R, S-Presso, and Celerio. These vehicles serve both domestic and international markets, with exports reaching regions such as Latin America, the Middle East, Africa, and neighboring Asian countries. Since its inception, Maruti Suzuki has produced over 3.1 crore vehicles, reinforcing its leadership in the Indian <keyword id="19945567" type="General" weightage="20" keywordseo="automotive-industry" source="keywords">automotive industry</keyword>. Maruti Suzuki India Limited also started the export of its acclaimed 'Made-in-India' SUV, the Fronx.

Maruti Suzuki India registers highest-ever monthly sales in festive-filled October

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

Chickens, integral to the world's economy today, stand as one of the most consequential animals globally. Their significance spans various industries, from agriculture to gastronomy, solidifying their role in the economic landscape. The journey of chickens, from their origins to their widespread distribution across the ancient world, remains a subject of intrigue and uncertainty. Recent archaeological advancements have challenged previous understandings, revealing that many bone findings once presumed to be early chickens actually belonged to wild birds. However, a recent study conducted by an international team of archaeologists, historians and biomolecular scientists has provided groundbreaking insights into the earliest evidence of <keyword id="21178748" type="General" weightage="20" keywordseo="chicken-domestication" source="Orion">chicken domestication</keyword> for <keyword id="1486334" type="General" weightage="20" keywordseo="egg-production" source="Orion">egg production</keyword>. This discovery sheds light on a crucial aspect of ancient human-animal relationships, potentially revealing the primary factors driving the spread of domestic chickens across Eurasia and northeast Africa. <cmsannotation type="cmsannotation" annotationid="From Silk Road to supermarkets: Investigating the origins of chicken domestication" comment="subhead" text="From Silk Road to supermarkets: Investigating the origins of chicken domestication">From <keyword id="621419" type="General" weightage="20" keywordseo="Silk-Road" source="Orion">Silk Road</keyword> to supermarkets: Investigating the origins of <keyword id="62613" type="General" weightage="100" keywordseo="chicken" source="Orion">chicken</keyword> domestication</cmsannotation> The research team embarked on a comprehensive investigation, collecting tens of thousands of eggshell fragments from 12 archaeological sites situated along the Silk Road's central corridor in Asia. Employing advanced biomolecular analysis techniques such as <keyword id="189306" type="General" weightage="20" keywordseo="ZooMS" source="Orion">ZooMS</keyword>, the researchers were able to identify the origins of these eggshells. Unlike traditional genetic analysis, ZooMS relies on protein signals rather than DNA, offering a faster and more cost-effective method for species identification. Analysing eggshell fragments spanning approximately 1,500 years, the researchers discovered widespread evidence of chicken husbandry in Central Asia between 400 BCE and 1000 CE. This suggests a significant role for this region in the early domestication and dispersal of chickens along the ancient Silk Road. The identification of these eggshell fragments as originating from domesticated chickens, coupled with their prevalence across various sediment layers at each excavation site, led the researchers to a significant conclusion. It became apparent that domestic chickens were laying eggs out of season, exhibiting a higher frequency compared to their wild ancestor called the red jungle fowl, which nests only once per year and typically lays six eggs per clutch. “This is the earliest evidence for the loss of seasonal egg laying yet identified in the archaeological record. This is an important clue for better understanding the mutualistic relationships between humans and animals that resulted in domestication,” said Dr. <keyword id="21178752" type="General" weightage="20" keywordseo="Robert-Spengler" source="Orion">Robert Spengler</keyword>, leader of the Domestication and Anthropogenic Evolution research group and principal investigator on the study. All in all, this enhanced reproductive capacity is why domestic chickens became highly desirable to ancient societies, ultimately shaping their evolution into the globally significant species we recognise today. These findings were published in the journal Nature Communications and can be accessed <a href="https://dx.doi.org/10.1038/s41467-024-46093-2">here</a>.

Research unveils the key moment that transformed chickens into the economically relevant animals that they are today

<ul class="summary-list"><li>TSMC will stop providing Chinese customers with some of its most advanced AI chips, per reports.</li><li>The US has been clamping down on China's access to advanced technology.</li></ul>Taiwan Semiconductor Manufacturing Company has informed its Chinese customers that it will stop supplying them with its most advanced artificial intelligence chips, according to multiple reports. From Monday, TSMC will no longer manufacture AI chips at advanced process nodes of 7 nanometers or smaller for Chinese firms, three sources familiar with the matter told <a target="_blank" class="" href="https://www.ft.com/content/a736beeb-b38a-484e-bbe9-98e92ecb66d9?accessToken=zwAGJmZCjziQkdOnNr7rs4pITtO76ZjpLstm2Q.MEUCIDHnfEQQoLR4k7xYjx1IXymhtVOAF6Gd4TkZAfrYByigAiEA-HeO9nKUVb_UUFwwMSY6Slx9_PxskBfaqDvWf_9FBWo&amp;sharetype=gift&amp;token=8e2e39b5-ec2a-49f4-b57f-faaf2aa90fe5">the FT.</a>TSMC has previously supplied chips to tech giants like Alibaba and Baidu, who are leading China's efforts to create a domestic alternative to the US' Nvidia, the world's most valuable company. Any future supply to Chinese companies would be subject to an approval process that would likely include Washington, two of the people told the FT. TSMC is <a target="_blank" class="" href="https://www.businessinsider.com/tsmc-earnings-taiwan-semiconductor-chip-ai-chip-demand-asml-china-2024-10">Taiwan's largest company</a> and the world's largest dedicated independent semiconductor foundry. The decision would not have a major impact on <a target="_blank" class="" href="https://www.businessinsider.com/tsmc-earnings-taiwan-semiconductor-chip-ai-chip-demand-asml-china-2024-10">TSMC's revenue</a>, the people said.The move comes ahead of a new wave of export controls on chip supplies to China, expected to be introduced by the Biden administration in the next months."We want to start mitigating before there are solid, structured regulations," a person familiar with the matter told the FT.TSMC and other chipmakers are already barred from doing business with certain Chinese tech companies without US government approval. The policy is part of a number of sanctions and export controls aimed at restricting Chinese firms' access to advanced technologies in the interests of national security.TSMC's supply chain has recently come under pressure after it was reported that the company's chips were <a target="_blank" class="" href="https://www.businessinsider.com/tsmc-chips-huawei-export-controls-supply-chain-2024-10">found in products</a> produced by Huawei Technologies, which is under US export controls.The US Commerce Department is investigating the incident, and a source told the FT that Friday's decision was influenced by the need to tighten internal controls.TSMC will also face a potentially difficult relationship with the US' next president.The success of Taiwan's chip manufacturing sector is a sore point for president-elect Donald Trump. He has accused the country of <a target="_blank" class="" href="https://www.businessinsider.com/trump-taiwan-china-semiconductor-chips-us-economy-trade-biden-election-2024-7">taking US chip business</a> and suggested that TSMC will move its production back home after benefiting from billions of dollars in subsidies from Washington for building manufacturing hubs in the US.TSMC told Reuters on Friday that its US investment plan <a target="_blank" class="" href="https://www.reuters.com/technology/taiwans-tsmc-says-us-investment-plan-are-unchanged-after-election-2024-11-07/">"remains unchanged."</a>The decision to stop providing high-powered chips to Chinese customers was "not a show for Trump but definitely designed to underscore that we are the good guys and not acting against US interests," a source told the FT.We are a "law-abiding company and we are committed to complying with all applicable rules and regulations, including applicable export controls," TSMC said in a statement to the FT.TSMC did not immediately respond to Business Insider's request for comment.News of TSMC suspending production was first reported by Chinese media site ijiwei.com.

TSMC is reportedly suspending production of advanced AI chips for Chinese firms

<ul class="summary-list"><li>High tariffs on China could prevent the US defense industry from getting needed supplies, a Beijing advisor said.</li><li>"If those military enterprises do not have supply from China, they will not be able to continue with their production."</li></ul>The US defense sector will face big repercussions if Donald Trump launches tariffs against China, an advisor tied to Beijing's government said.Ding Yifan, a senior fellow at the State Council's Development Research Center, told international media that Trump's protectionist policies would prevent US defense manufacturers from accessing needed supplies."If those military enterprises do not have supply from China, they will not be able to continue with their production," he said, as cited by the <a target="_blank" href="https://www.ft.com/content/6d0484e8-e65f-478d-8548-4e3aa37ed339">Financial Times</a>. These "severe consequences" would extend to other American sectors dependent on cheap Chinese parts.Ding's commentary is among the most explicit pushback from China since Trump's election win. Though details remain scarce, the president-elect has pledged a 60% tariff rate on imports from the world's second-biggest economy.Trump has argued that these policies will <a target="_blank" href="https://www.businessinsider.com/trump-tariff-plan-inflation-policy-impact-trade-war-china-rates-2024-5">fix trade imbalances</a> while directing investment in domestic businesses. His administration has also suggested that high tariffs boost the country's <a target="_blank" href="https://www.youtube.com/watch?v=wjxhW_lkWps">negotiating power</a>.But Ding reframed the idea as costly for the US, citing that a large part of American business relies on intermediate goods from China."Downstream American companies will not be able to find substitute products in a very short period of time if Chinese companies are not able to provide them with the products," he warned.Meanwhile, the defense sector's dependence on Chinese producers is not minimal. In September, RTX CEO Greg Hayes said that the aerospace giant was looking for alternatives to replace <a target="_blank" href="https://www.reuters.com/business/aerospace-defense/rtx-sees-labor-challenges-exploring-alternatives-china-suppliers-2024-09-10/">roughly 2,000 Chinese suppliers</a> it relied on.To be sure, it remains to be seen how Trump's tariff ideas actually pan out.According to a Monday note from JPMorgan, the incoming administration may prefer to implement lower rates on goods where China is the dominant supplier. If tariff rates are differentiated this way, the bank expects a modest impact on US GDP.So far, the defense sector appears distracted by other developments tied to Trump's presidency.As concern has grown that Trump's cost cutting <a target="_blank" href="https://www.businessinsider.com/vivek-ramaswamy-doge-wants-to-delete-entire-federal-agencies-2024-11">Department of Government Efficiency</a> could weigh on the sector, the <a target="_blank" href="https://markets.businessinsider.com/etfs/spdr-sp-aerospace-defense-etf-us78464a6313">S&amp;P Aerospace and Defense ETF</a> is down about about 4% since last Monday.

Trump's China tariffs would cut into US defense production, Beijing advisor says

<ul class="summary-list"><li>Drones, from combat to intelligence-gathering systems, have dominated the battlefield in Ukraine.</li><li>Ukraine and Russia have boosted domestic drone production efforts to meet front-line needs.</li></ul>The stunning rise of drone warfare has pushed Ukraine and Russia to boost their respective domestic efforts to produce unmanned systems, kicking off a high-stakes race to out-manufacture the other.Right now, Kyiv appears to be winning. Ukrainian President Volodymyr Zelenskyy said this week that the country's defense companies can now produce 4 million drones annually.Speaking at the second International Defense Industries Forum in Kyiv, Zelenskyy said that Ukraine has already contracted to produce 1.5 million unmanned systems. He did not specify what kind of drones these would be.By contrast, Russian President Vladimir Putin said last month that Moscow intended to <a target="_blank" class="" href="https://www.reuters.com/world/europe/putin-says-drone-supplies-russian-army-increase-tenfold-2024-2024-09-19/">ramp up drone production</a> tenfold to around 1.4 million a year, noticeably less than its neighbor.Drones have <a target="_blank" class="" href="https://www.businessinsider.com/us-military-isnt-ready-drones-potential-biggest-threat-next-battlefield-2024-5">dominated the battlefield</a> in Ukraine, with both sides using them for combat and intelligence-gathering purposes. Although more traditional military drones are active. First-person view (FPV) drones have become particularly prominent, proving to be cheap and effective ways to deliver precision strikes on troops and vehicles.The demand for more unmanned systems has pushed Ukraine and Russia to increase their domestic drone output to keep up with battlefield requirements — setting the stage for <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-russia-locked-cat-and-mouse-game-drone-production-official-2024-6">an unprecedented arms race</a>.<div type="image" title="A Ukrainian soldier prepares an FPV drone to its flying position in the direction of Kreminna, Ukraine, on August 25." height="3648" width="5472" msid="113949559" hostid="261" sizebytes="1205544"></div>Ukraine has set ambitious production goals, especially for the decidedly valuable FPV drones, but <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-on-track-produce-more-mortar-drones-than-planned-official-2024-7">officials say it will exceed them</a>. Kyiv has also built up an arsenal of <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-drone-boats-heat-seeking-missiles-scare-russian-aircraft-commander-2024-6">homemade naval drones</a>, which it has used to wreak havoc on Moscow's Black Sea Fleet, and long-range attack drones, which it uses to strike key military and energy facilities <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-says-struck-russian-base-storing-fighter-bombers-glide-bombs-2024-10">deep inside Russia</a>.Ukraine's increased drone output has come amid broader efforts to scale up its defense-industrial base. Kyiv went from almost no weapons production before the war to <a target="_blank" class="" href="https://www.businessinsider.com/ukraine-makes-homemade-weapons-needs-more-of-key-ingredient-official-2024-7">producing new munitions</a> at lightning speed."While years ago, the Ukrainian defense industry unfortunately looked helpless, today it is an industry that is on its way to leadership, at least in Europe," Zelenskyy said Tuesday. "Today, these are industries that Ukraine can once again be rightfully proud of."Conflict analysts at the Institute for the Study of War, a think tank that has been closely following the war in Ukraine, said this week that Kyiv's ongoing efforts to grow its domestic military production would eventually allow the country to reduce its reliance on Western military support.But, the analysts wrote in a Wednesday <a target="_blank" class="" href="https://www.understandingwar.org/backgrounder/russian-offensive-campaign-assessment-october-2-2024">assessment,</a> Kyiv "still requires considerable Western assistance for the next several years in order to defend against Russian aggression and liberate strategically vital areas that Russian forces currently occupy."Western countries have provided well over $100 billion in military and security aid for Ukraine. The US is the single biggest supplier of weaponry, having provided nearly $60 billion worth of security assistance since the start of the war.

Ukraine appears to be beating Russia in the drone production race

<ul class="summary-list"><li>Kim Jong Un has ordered the mass production of attack drones, North Korean media reported.</li><li>The move comes after the country ratified a mutual defense treaty with Russia.</li></ul>North Korean leader Kim Jong Un ordered the mass production of exploding drones on Thursday, according to North Korean state media.This comes just a week after a Ukrainian official told Business Insider that North Korean soldiers were receiving training from Russian forces on the use of drones.According to state media outlet KCNA, per a translation by news aggregator <a target="_blank" class="" href="https://kcnawatch.org/newstream/1731624047-386598930/respected-comrade-kim-jong-un-guides-performance-test-of-suicide-attack-drones-of-various-types/">KCNA Watch</a>, Kim oversaw tests of various drones before instructing the country's defense industry.Kim emphasized the need to build "a serial production system as early as possible and go into full-scale mass production."<div type="image" title="A drone takes off during a test of suicide attack drones on November 14, 2024. Picture and information is a state media handout and unverified by independent journalists. The drones have been blurred out by state media." height="673" width="1000" msid="115335199" hostid="261" sizebytes="52152"></div>The news agency released partially redacted images showing Kim watching tests of cruciform-style attack drones, as well footage of a BMW and an armored vehicle, both apparently destroyed in the tests.Kim emphasized how cheap drones were and remarked on the race to develop attack-drone capabilities worldwide, the news agency said.<div type="image" title="This photo provided by the North Korean government shows a burning vehicle during tests of drones designed to crash into targets, at an undisclosed location in North Korea, Thursday, Nov. 14, 2024." height="750" width="1000" msid="115335197" hostid="261" sizebytes="56624"></div>Kim also oversaw drone tests in August, where he called for several types of drone to be developed, including reconnaissance and underwater drones, <a target="_blank" class="" href="https://www.reuters.com/world/asia-pacific/north-koreas-kim-jong-un-oversees-drone-test-2024-08-25/">Reuters reported at the time, citing state media.</a>Attack drones that explode on impact have been a major feature of the war in Ukraine.Russia has made widespread use of <a target="_blank" class="" href="https://www.businessinsider.com/russia-lancet-drone-hampering-ukraine-exposing-poor-air-defenses-2023-6">Lancet drones</a> as well as <a target="_blank" class="" href="https://www.businessinsider.com/irans-drones-are-the-new-blueprint-for-international-warfare-2024-4">Iran-designed Shahed drones</a> in attacks both on Ukrainian military positions as well as critical domestic infrastructure.Ukraine has also relied heavily on drones to combat Russia's larger military force.There are growing concerns about closer ties between Russia and North Korea.North Korea ratified a <a target="_blank" class="" href="https://www.businessinsider.com/kim-jong-un-says-russia-north-korea-allies-putin-bromance-2024-6">mutual defense treaty</a> with Russia this week, which stipulates that the two countries would come to each other's aid in the event of an attack.<div type="image" title="Kim Jong Un has been an ally to Putin during Russia's war on Ukraine." height="1877" width="2813" msid="115335198" hostid="261" sizebytes="111736"></div>North Korea has also steadily increased its military cooperation with Russia. Ukraine claims that up to 11,000 North Korean troops have been sent to help push back Ukrainian forces in Kursk.The soldiers are <a target="_blank" class="" href="https://www.businessinsider.com/new-details-first-ukraine-attack-north-korea-troops-russia-kursk-2024-11">operating in Russian uniforms</a> and are scattered among Russian divisions fighting in the Ukrainian-held part of western Russia, Andrii Kovalenko, the head of Ukraine's Center for Countering Disinformation, <a target="_blank" class="" href="https://www.businessinsider.com/russia-passing-deadly-drone-techniques-to-north-korea-ukraine-official-2024-11">told Business Insider.</a>Last week, Kovalenko <a target="_blank" class="" href="https://www.businessinsider.com/russia-passing-deadly-drone-techniques-to-north-korea-ukraine-official-2024-11">told BI</a> that "Russia is training North Korean soldiers to operate strike UAVs and reconnaissance drones."This training, taking place under live-combat conditions, "poses a threat to both Ukraine and South Korea, as some of these soldiers will transfer their skills back to North Korea," he said.Kovalenko also said there were plans to send Russian drone instructors to Pyongyang, the North Korean capital, for further training of North Korean personnel."North Korea may use these skills for future terrorist actions in the border areas with South Korea," he said.BI was unable to independently verify his statements.The exact terms of the military exchange with Russia are not known, but North Korea <a target="_blank" class="" href="https://www.businessinsider.com/north-korea-military-officials-helping-russia-ukraine-win-for-kim-2024-10">experts told BI</a> that the country is likely getting not only economic aid but also technical assistance. The deal likely offers the state leverage to ask for advanced Russian weapons systems or their designs.The partnership brings another advantage for North Korea: much-needed live combat experience and technical know-how.North Korean troops have not seen significant combat since the 1950s."It's a win-win situation," Joseph S. Bermudez Jr., a North Korea defense expert at the Center for Strategic and International Studies, told BI last month.Kim is getting access to foreign technology, he said, and also "access to real-world combat information to improve his defensive and offensive capabilities."

North Korea orders mass production of attack drones after seeing Russia's tactics up close

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. 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