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It can be gruelling to choose between a gourmet meal and your mom’s homemade biryani — more often than not, the familiar wins out.<br /><br />Despite the buzz around electric vehicles, a growing number of drivers in India and the world are hitting the brakes on their electric vehicle (EV) journey and revving up their old petrol and diesel cars. But why are we witnessing this unexpected switch, and what does it spell for the future of driving? <br /><h2>Waning EV enthusiasm</h2>A recent Park+ survey reported that 51% of Indian EV car owners expressed a desire to return to internal combustion engine (ICE) vehicles. This statistic — despite the study’s limited sample size of just 500 EV owners — is certainly surprising, given the evident success of India's push toward electrification with the attractive FAME and EMPS schemes.<br /><br />This isn’t even a special case; a similar survey revealed that 29% of EV-owners shared the same sentiment internationally — perhaps not that large of a number, but certainly not an unnoticeable one either. The number is even higher when you look at just the United States. According to McKinsey &amp; Co., 46% of US <keyword id="22369438" type="General" weightage="100" keywordseo="electric-vehicle-owners" source="keywords">electric vehicle owners</keyword> are “very” likely to purchase a gas-powered vehicle the next time.<br /><h2><keyword id="21396729" type="General" weightage="20" keywordseo="range-anxiety" source="keywords">Range anxiety</keyword> remains a major roadblock</h2>While the world has seen massive leaps in EV tech over the past few years, many still complain that the primary concerns still prevail. For instance, several cite the persisting inadequacy of <keyword id="20111395" type="General" weightage="20" keywordseo="charging-infrastructure" source="keywords">charging infrastructure</keyword> as a primary reason for the shift back to ICE vehicles. While urban areas in developed countries may boast a fair number of charging stations, the time taken to charge and faulty stations remain significant problems for a daily EV long-distance commuter.<br /><br />For instance, one user sparked up a conversation on Reddit after explaining that they had begun to consider moving back to a hybrid of regular gas vehicles since they wanted to explore the countryside. This is a sentiment that reflects broader consumer concerns that influence purchasing decisions.<br /><br />“Once I was in Big Bear there was only two DC chargers in town, one of which was out of order. There was a line to use them. It was overall an unpleasant experience and took up a lot of time we could have spent actually enjoying Big Bear,” another responded, noting that this was just one of many unpleasant experiences they’ve experienced with the charging infrastructure. “Most of the time at least one or two chargers are out of order and it's just a pain to charge. I love EV's but the infrastructure isn't adequate and reliable enough for me to ditch an ICE car completely.”<br />    <div type="Article" hostid="261" msid="111341259" title="EV charging is so bleak that some owners are considering going back to gas-powered cars, survey finds" mstype="2" mssubtype="0"></div>Further, you have to reconcile with the fact that these are still concerns for the urban rich, and that rural and less developed regions are still lagging significantly behind in this matter. Take India, for instance, where the charging infrastructure is still in its nascent stages, despite years-long government efforts. Long queues at charging stations, inconsistent availability, and longer charging times compared to refuelling <keyword id="21283001" type="General" weightage="20" keywordseo="ICE-cars" source="keywords">ICE cars</keyword> are major deterrents for the average Indian EV consumer.<br /><br />Further, range anxiety continues to be a significant barrier, especially in countries like India that value long-distance trips. Despite advancements in <keyword id="20172158" type="General" weightage="20" keywordseo="battery-technology" source="keywords">battery technology</keyword>, two-wheeler EVs boast a maximum range of only 200-300 kilometres, while cars have a 300-400 kilometre range.<br /><h2>Cost and practicality concerns</h2>The initial cost of EVs also remains higher than that of their ICE counterparts, despite decreasing battery prices. For many consumers, especially in price-sensitive markets like India, this cost difference is substantial. Additionally, the practical concerns of battery life and replacement costs add to the apprehension.<br /><br />“While consumers still have plenty of concerns surrounding an EV’s battery range, price remains the higher priority when purchasing an EV,” reported Julia Martinez, a US energy and auto expert.<br />    <div type="Article" hostid="261" msid="112062360" title="Government extends EV subsidy scheme till September 30, increases outlay" mstype="2" mssubtype="0"></div>While EVs are often touted for their lower maintenance costs, the reality can be different. Many lament that specialised service centres, the availability of parts, and skilled technicians are not as widespread for EVs as they are for ICE vehicles. This disparity in service infrastructure makes EV ownership less appealing to some consumers, both in India where mechanics are still grappling with learning about the new tech, and globally.<br /><h2>Car-makers are rethinking their approach</h2>This “rejection”, along with the fact the global and US <keyword id="20623482" type="General" weightage="20" keywordseo="EV-market" source="keywords">EV market</keyword> has been stagnating for a while now, has already begun to bleed into real-life corporate decision-making as automakers reevaluate their EV strategies. For instance, Ford and General Motors have recently announced a downscaling of their EV production plans due to slower-than-expected market uptake.<br /><br />Even <keyword id="107096" type="General" weightage="20" keywordseo="tesla" source="Orion">Tesla</keyword> — the very company that arguably made EVs “cool” in the first place — has found itself in an awkward position having to fan some flames away. Not only is the Musk-led company struggling to entice more people into buying their cars, studies have also shown that car buyers are connecting better with EVs built by more traditional automakers than Tesla owners. These developments suggest a broader hesitancy and a rebalancing towards consumer choice, including the retention of ICE options.<br />    <div type="Article" hostid="261" msid="112145967" title="Tesla is having trouble wooing new EV shoppers" mstype="2" mssubtype="0"></div>The transition from ICE to EVs is not as straightforward as initially anticipated. While EVs offer significant benefits, various factors such as infrastructure, cost, range anxiety, and consumer sentiment are causing some to reconsider their choices. In India, the journey toward widespread <keyword id="20421629" type="General" weightage="20" keywordseo="EV-adoption" source="keywords">EV adoption</keyword> is marked by impressive sales growth but also significant challenges that need to be addressed. The automotive industry's future may lie in striking a balance between advancing <keyword id="19945562" type="General" weightage="20" keywordseo="EV-technology" source="keywords">EV technology</keyword> and maintaining the reliability of ICE vehicles to meet diverse consumer demands.<br />

EV-iction notice: Why are electric vehicle owners switching back to petrol and diesel (ICE) cars?

Google's new report on <keyword id="19904566" type="General" weightage="20" keywordseo="artificial-intelligence" source="keywords">artificial intelligence</keyword> (AI) emphasizes responsible AI development and suggests recommendations for policymakers, companies, and civil society.<br /><br />The report titled "An AI Opportunity Agenda for India" outlines how artificial intelligence can drive <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword>, social progress and global leadership for the nation.<br /><br />The report says India with its rapidly growing economy, outstanding tech talent, young demography and vibrant start-up ecosystem, is poised to reap the immense benefits of artificial intelligence. <br /><br />A comprehensive and responsible approach to AI can unlock significant economic growth and societal progress in India. <br /><br />"The potential economic impact of AI in India is substantial - reports estimate that at least INR 33.8 lakh crore of economic value from <keyword id="20037918" type="General" weightage="100" keywordseo="AI-adoption" source="keywords">AI adoption</keyword> can be achieved in India in 2030. While these achievements signify a promising beginning, unlocking the full potential of AI hinges on the strategic decisions we make today," says a Google's press release.<br /><br />The report suggests that to maximize the AI opportunity for India collaborative efforts are needed across government, industry, and civil society. <br /><br />They need to prioritise three key areas which include investments in infrastructure and innovation, building human capital and an AI-powered workforce and promoting wide adoption and universal accessibility.<br /><br />AI is already addressing some of the most pressing challenges like revolutionizing farming practices and improving <keyword id="20646060" type="General" weightage="20" keywordseo="healthcare-access" source="keywords">healthcare access</keyword>. <br /><br />The <keyword id="20214323" type="General" weightage="20" keywordseo="agriculture-sector" source="keywords">agriculture sector</keyword> is getting the benefits of AI through minimizing climate risks, optimizing productivity and sustainability, and providing access to real-time crop pricing information and early warning of potential crop threats. Many <keyword id="23569666" type="General" weightage="20" keywordseo="AI-powered-platforms" source="keywords">AI-powered platforms</keyword> are empowering farmers to boost crop yields and encourage sustainable practices.<br /><br />In the healthcare sector, AI is being used for better diagnosis, bigger access, and personalized care, especially for underserved communities. <br /><br />Google has partnered with <keyword id="23569667" type="General" weightage="20" keywordseo="ARMMAN" source="keywords" meta.keywordsubtype="org" meta.entityname="ARMMAN" meta.hostid="261" meta.entityid="ARMMAN">ARMMAN</keyword> to use AI to identify women at risk of dropping out of their health information program, allowing for personalized interventions to improve maternal health outcomes.<br /><br />ARMAAN seeks to address the pervasive systemic problems underlying maternal and child mortality and morbidity in India.<br />

AI adoption can unleash Rs 33.8 lakh crore of economic benefit to India in 2030: Google Report

A day ahead of the final Budget presentation, India released the <keyword id="20613906" type="General" weightage="100" keywordseo="economic-survey" source="keywords">Economic Survey</keyword> 2023-2024, outlining a plethora of optimistic — and some bittersweet — indicators of the health of the nation’s economy. When you consider the climate-related aspects of the report, there’s a ton of good news: we have achieved massive strides in clean power generation, while cutting out a ton of dirty emissions from our products.<br /><br />However, scroll down to the bottom of the report, and you find a scathing criticism of the “western” approach to climate change. Here's a closer look at why, and what clues do such narratives hold about India's <keyword id="22513472" type="General" weightage="20" keywordseo="environmental-strategy" source="keywords">environmental strategy</keyword> in coming years.<br /><h2>Problems with the “Western way”</h2>The major criticism, as per the survey, is that the Western approach to climate change is far too alarmist. They argue that this “one-size-fits-all” attitude often fails to account for the diverse needs of countries like India. To that end, it also points out that the Intergovernmental Panel on Climate Change (IPCC) promotes "accelerated and equitable mitigation pathways" that don't always align with the developmental priorities of <keyword id="20353838" type="General" weightage="20" keywordseo="developing-nations" source="keywords">developing nations</keyword>.<br /><br />Additionally, the report notes that Western solutions often prioritise market-based strategies to sustain high consumption levels rather than addressing the root issue of overconsumption. The survey emphasises that <keyword id="20224417" type="General" weightage="20" keywordseo="sustainable-living" source="keywords">sustainable living</keyword> is deeply ingrained in <keyword id="19983840" type="General" weightage="20" keywordseo="Indian-culture" source="keywords">Indian culture</keyword>, which contrasts sharply with the consumption-driven lifestyle prevalent in the West. This focus on high consumption misses the mark, as it doesn't consider the environmental impact of such lifestyles.<br /><br />And for the most part, this bit is true; Indian history is enriched with traditions that emphasise the conservation of nature. As <a href="https://onlinelibrary.wiley.com/doi/10.1155/2017/3828609">per estimates</a>, religious practices have preserved an estimated 1.5 lakh sacred groves across India, and natural conservation efforts can be traced back to the time of Ashoka.<br />    <div type="Article" hostid="261" msid="111925936" title="Economic Survey 2023-24: Where does India stand on the employment, and what&amp;#39;s next?" mstype="2" mssubtype="0"></div>Therefore, it may not be entirely inaccurate to say that in India, sustainability isn't a new concept; it's a way of life. Traditional Indian practices like using reusable materials, upcycling, and embracing minimalism have always promoted sustainability. The survey highlights that these practices are now threatened by Western capitalist ideals that equate consumption with progress. By returning to these roots, India can offer a model of sustainability that's both practical and culturally relevant.<br /><h2>Fixation on technical solutions</h2>The Economic Survey also critiques the Western obsession with high-tech solutions, such as solar-powered buildings and electric vehicles. These solutions require substantial financial and infrastructural resources that many developing countries simply don't have. Moreover, they often overlook the broader environmental impact and lifecycle costs associated with urban sprawl and high-density living. Instead, the survey suggests that simpler, more holistic solutions might be more effective and sustainable.<br />    <div type="Article" hostid="261" msid="111774972" title="Economic Survey shows India&amp;#39;s energy needs to grow 2.5x, healthy growth in formal employment" mstype="2" mssubtype="0"></div>However, this does not mean that India refuses to embrace greener tech. Not only has the country launched various initiatives to promote energy efficiency and reduce carbon emissions, it also aims to to generate 40% of its energy from non-fossil fuel sources by 2030. As per the report, India is the only G20 country on track to meet the 2°C warming commitment under the Paris Agreement, with significant investments in <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword>, particularly solar power.<br /><h2><keyword id="20269618" type="General" weightage="20" keywordseo="Mission-LiFE" source="keywords" meta.keywordsubtype="org" meta.entityname="Mission LiFE" meta.hostid="261" meta.entityid="Mission LiFE">Mission LiFE</keyword>: A sustainable initiative</h2>In order to help reinforce and rejuvenate the Indian way, the survey highlights Prime Minister Modi's Lifestyle for Environment initiative, or Mission LiFE. This initiative underscores individual responsibility in combating climate change, drawing from ancient Indian philosophy that advocates for a naturally sustainable lifestyle. By focusing on small, individual actions that collectively lead to significant environmental benefits, Mission LiFE contrasts sharply with the Western top-down policy approach. This grassroots strategy could be key to achieving real, lasting change, the report asserts.<br />    <div type="Article" hostid="261" msid="111927198" title="On the right track — Economic Survey 2023-24 outlines India’s commendable climate action" mstype="2" mssubtype="0"></div>All in all, the report challenges the dominance of Western policies and offers a pathway that could be more adaptable and relevant for other developing nations facing similar challenges. With its ongoing progress towards climate goals, India is well-placed to lead by example, showcasing a sustainable and culturally attuned approach to environmental stewardship.<br />

Why did the latest Economic Survey of India heavily shun the ‘Western ways’ of climate action?

<ul class="summary-list"><li>Apple is celebrating the release of its iPhone 15, but trouble is growing for the company.</li><li>It has become dependent on China, and that's starting to cause problems.</li></ul><p>This week, Apple is publicly celebrating the <a target="_blank" href="https://www.businessinsider.com/apple-iphone-15-event-announcements-usb-c-titanium-pro-watches-2023-9">release of the iPhone 15</a>, but behind the scenes, the company has a growing problem in China that could cost it billions.</p><p>As Apple and its flagship iPhone have grown to global dominance over the past two decades, much of that has come with the help of China. Consider the following:</p><ul><li><p>Despite recent efforts to diversify, <a target="_blank" href="https://www.forbes.com/sites/stevebanker/2023/01/19/apples-china-problem/?sh=4f458669282f">over 95% of iPhones, AirPods, Macs, and iPads are still made in China</a>.</p></li><li><p>In the second quarter of this year, <a target="_blank" href="https://www.macrumors.com/2023/08/29/china-biggest-iphone-market-q2-2023/">more iPhones were sold in China (24%) than in any other country, including the US (21%)</a>.</p></li><li><p>Last year, about <a target="_blank" href="https://www.nasdaq.com/articles/apple-has-a-$74-billion-problem">19% of Apple's total revenue came from China</a> ($74 billion).</p></li></ul><p>But <a target="_blank" href="https://www.businessinsider.com/america-not-ready-china-war-military-economy-2023-5">as tensions rise between the US and China</a>, Apple may be stuck in the middle.</p><p>Recently, The Wall Street Journal reported that <a target="_blank" href="https://www.wsj.com/world/china/china-bans-iphone-use-for-government-officials-at-work-635fe2f8">China had barred government employees from using iPhones at work</a> or even bringing them to the office. While the ban's direct impact on sales will likely be minimal, workers fear other employers will follow suit. Some have already said their <a target="_blank" href="https://www.businessinsider.com/china-iphone-ban-office-workers-worry-bosses-apple-huawei-2023-9">companies are cracking down on iPhones</a>. While we don't know what the extent of the ban will be, it's just one of the problems Apple is facing in China.</p><div type="image" title="Apple CEO Tim Cook attends China Development Forum in 2017" height="2013" width="2500" msid="103642324" hostid="261" sizebytes="528746"></div><h2>Apple's dependency on China goes back 2 decades</h2><p>China was admitted to the World Trade Organization in 2001. Trade between the US and China <a target="_blank" href="https://www.cfr.org/backgrounder/contentious-us-china-trade-relationship">has exploded in the 22 years since,</a> thanks in large part to China's critical place in global supply chains.</p><p>And Apple enjoyed the ride.</p><p>The same year China joined the WTO, <a target="_blank" href="https://www.nytimes.com/2021/06/17/technology/apple-china-doug-guthrie.html">Apple began manufacturing in China</a>. Since then, China has spent billions on roads, factories, power plants, employee recruitment, and housing, <a target="_blank" href="https://www.nytimes.com/2021/06/17/technology/apple-china-doug-guthrie.html">all to help create Apple's supply chain</a>.</p><p>While adding China to the WTO did help make the country a bigger economic power, the problem for Apple is now the rest of the intentions of that move have backfired, <a target="_blank" href="https://video.foxbusiness.com/v/6336971737112">the investment strategist Luke Lloyd of Strategic Wealth Partners said on Fox Business' "Varney &amp; Co."</a></p><p>"We wanted to make China more Western, so we opened up trade and tried to push our democratic and capitalistic ideals on them," Lloyd told the host Stuart Varney. "Instead, all we did was create massive amounts of wealth for them, and they used that wealth to propagate their socialistic ideas instead of adopting capitalism and democracy for themselves."</p><p>In other words, instead of empowering the Chinese people as hoped, increased global investment, especially from the US, has empowered the country's Communist Party.</p><h2>The Chinese economy is putting Apple in a tough spot</h2><p>While many had been predicting that China would surpass the US as the top global economic superpower, the country has recently hit some bumps in the road, putting that ascension into doubt.</p><ul><li><p>Chinese stocks have fallen this year, and <a target="_blank" href="https://asia.nikkei.com/Business/Markets/Investors-pulling-out-of-Chinese-stocks-at-faster-pace">investors are pulling billions out</a>.</p></li><li><p><a target="_blank" href="https://markets.businessinsider.com/news/currencies/china-economy-dollar-vs-yuan-renminbi-growth-deflation-xi-jinping-2023-8#:~:text=The%20currency%20tumbled%201%25%20last,economic%20rebound%20is%20sputtering%20out.">The yuan has plunged 5% this year</a> over economic concerns.</p></li><li><p><a target="_blank" href="https://www.cnbc.com/2023/08/24/chinas-deflation-could-spill-over-into-a-global-concern-economists-say.html">China is now in deflation</a>.</p></li><li><p>Youth unemployment has reached <a target="_blank" href="https://www.businessinsider.com/chinese-young-adults-gdp-graduates-university-economy-rate-unemployment-2023-8">a record high of over 20%</a>.</p></li><li><p>China's real-estate market <a target="_blank" href="https://www.vox.com/world-politics/2023/8/29/23845841/chinas-economy-xi-expert">is in shambles</a>.</p></li></ul><p>Things are so bad some are wondering if the Chinese economy is <a target="_blank" href="https://www.businessinsider.com/china-economy-outlook-financial-crisis-property-crash-rebound-japanification-growth-2023-9">heading toward a financial crash</a>. At the very least, <a target="_blank" href="https://www.ft.com/content/20a14331-d282-4039-97d2-71d777359733">the country is not catching the US anytime soon</a>.</p><h2>China is taking out its economic frustration on Apple</h2><p>While <a target="_blank" href="https://www.notion.so/Apple-China-story-6a2b92e9491546adbe8ecf808e9a48f7?pvs=4#2b61742012de4985b90086dfe09d8a06">some of China's economic woes are of its own doing</a>, such as its troubled real-estate market and overspending on infrastructure that's not being used, the US has tried to reel China in.</p><p>In 2009, <a target="_blank" href="https://money.cnn.com/2017/01/03/news/economy/obama-china-tire-tariff/index.html">President Barack Obama got tough and slapped tariffs on China</a>. President Donald Trump was even tougher, which <a target="_blank" href="https://www.reuters.com/article/us-usa-trade-china-jobs/u-s-china-trade-war-has-cost-up-to-245000-u-s-jobs-business-group-study-idUSKBN29J2O9">led to a trade war</a>. President Joe Biden has continued playing hardball with various sanctions, hoping, in part, <a target="_blank" href="https://fortune.com/2023/09/03/america-china-chip-war-whos-winning-raimondo-biden-semiconductors-economy/">to restrict Chinese access to semiconductor tech</a>.</p><div type="image" title="Joe Biden" height="1667" width="2500" msid="103642325" hostid="261" sizebytes="123280"></div><p><a target="_blank" href="https://www.nasdaq.com/articles/apple-has-a-$74-billion-problem">China has taken several steps that appear to be in retaliation to the latest US moves</a>, including the iPhone ban.</p><p>While there are unfounded <a target="_blank" href="https://www.businessinsider.com/china-iphone-ban-office-workers-worry-bosses-apple-huawei-2023-9">fears among the Chinese that the US government can use iPhones to spy on the country</a>, the more-logical motive is that China is once again trying to reduce its dependency on foreign products, pushing more of its citizens to purchase Chinese phones and further boosting its economy.</p><h2>Apple turns its flirtatious eye to India</h2><p>As problems continue to mount in China, Apple is making a — perhaps long-overdue — shift to become less dependent on China.</p><p>India caught <a target="_blank" href="https://www.businessinsider.com/apple-tim-cook-obsessed-india-consumers-iphone-2023-7">Apple CEO Tim Cook's eye</a>, in part because of the country's booming potential. <a target="_blank" href="https://www.businessinsider.com/india-us-economy-biggest-in-world-china-imports-2023-7">A recent Goldman Sachs report</a> projected India's economy would surpass the US by 2075.</p><p>"I see a lot of similarities to where China was several years ago," <a target="_blank" href="https://indianexpress.com/article/technology/tech-news-technology/apple-ceo-tim-cook-is-bullish-says-india-where-china-was-several-years-ago-4778292/">Cook told investors in 2017</a>. "And so I'm very, very bullish and very, very optimistic about India."</p><p>This came <a target="_blank" href="https://www.nytimes.com/2021/06/17/technology/apple-china-doug-guthrie.html">three years after Apple was warned by its own people</a> that China would take a nationalist and authoritarian turn under its leader, Xi Jinping.</p><p>And while Cook was eyeing India in 2017, it was only earlier this year that <a target="_blank" href="https://www.businessinsider.com/apple-opens-its-first-bricks-and-mortar-store-in-india-2023-4"><u>Apple opened its first two stores in India</u></a>. Apple is also increasing its production of iPhones in India but is <a target="_blank" href="https://www.businessinsider.com/apple-tim-cook-obsessed-india-consumers-iphone-2023-7">still miles behind China in terms of both volume</a> <a target="_blank" href="https://www.cnbc.com/2023/08/16/apple-begins-iphone-15-production-in-india-report-says.html">and speed</a>.</p><p>While it is impossible to predict how much damage the ban on iPhones in China's government offices will cause, it's just one problem. There's also the fear that the ban could grow into something <a target="_blank" href="https://www.bbc.com/news/business-65667746">similar to what happened to Micron</a>, which forecast <a target="_blank" href="https://www.nasdaq.com/articles/apple-has-a-$74-billion-problem">half of its revenue in China was at stake</a>.</p><p>Apple can't get a bigger foot in India soon enough.</p>

Apple has a big China problem that's 22 years in the making

<ul class="summary-list"><li>The Indian economy has grown strongly under Narendra Modi, whose party is set to win another term.</li><li>India's success has caught the eye of figures including Elon Musk, Jamie Dimon, and Tim Cook.</li></ul><p>India's powerful economic growth and blossoming middle class under Narendra Modi have caught the eye of corporate titans like Elon Musk, Jamie Dimon, and Tim Cook.</p><p>Modi is pretty much a shoo-in for a third term as prime minister after the national election now underway ends on June 1. But the work starts there, as he'll have to navigate thorny issues such as youth unemployment, income inequality, and reliance on sanctioned Russian oil.</p><h2>Fueling growth and shaking hands</h2><p>India's economy has more than doubled in size during Modi's decade in charge to more than $3.7 trillion last year.</p><p>The International Monetary Fund (IMF) <a target="_blank" href="https://www.imf.org/en/Blogs/Articles/2024/04/29/asias-growth-and-inflation-outlook-improves-but-risks-remain">recently upgraded</a> its growth forecast for real Gross Domestic Product (GDP) to a robust 7.8% this year, 6.8% in 2025, and 6.5% in 2026.</p><p>India has already overtaken Britain to become the world's fifth-largest economy. It's on track to leapfrog Japan and Germany into third spot behind the US and China by 2027.</p><p>The country's flagship stock index has also tripled in value since Modi took office in May 2014, thanks to wealth gains and growing investment appetites.</p><p>Moreover, <a target="_blank" href="https://sbi.co.in/documents/13958/36530824/270224-HCES_Feb24.pdf">one estimate</a> puts the percentage of the Indian population living on less than $2.15 a day at below 5%, down from 12% in 2011. However, the <a target="_blank" href="https://pip.worldbank.org/country-profiles/IND">World Bank</a> pegged that figure at nearly 13% in 2021.</p><p>India's middle class has also ballooned with 60 million people now earning the rupee equivalent of more $10,000 a year — about $37,200 once adjusted for <a target="_blank" href="https://www.imf.org/external/datamapper/profile/IND">purchasing power</a>. Goldman Sachs <a target="_blank" href="https://www.goldmansachs.com/intelligence/pages/indias-affluent-population-is-likely-to-hit-100-million-by-2027.html">expects</a> the ranks of the relatively affluent to swell to 100 million by 2027.</p><p>"Modi has done an unbelievable job in India," JPMorgan's Dimon <a target="_blank" href="https://www.businessinsider.com/jpmorgan-jamie-dimon-economy-inflation-recession-stagflation-geopolitics-crypto-bitcoin-2024-4">told</a> the Economic Club of New York last month. "I know the liberal press here, they beat the hell out of him. He's taken 400 million people out of poverty."</p><p>Musk has <a target="_blank" href="https://twitter.com/elonmusk/status/1781541775183610310">posted</a> on X that he's looking forward to visiting India and meeting Modi this year. He delayed his trip last month, blaming "very heavy Tesla obligations." The pair are expected to discuss Tesla building a multibillion-dollar factory in the country.</p><p>As for Apple's Cook, he hailed India on a November earnings call as an "incredibly exciting market" and a "<a target="_blank" href="https://www.businessinsider.com/apple-tim-cook-obsessed-india-consumers-iphone-2023-7">major focus of ours</a>" given the explosive growth in potential customers as locals get richer.</p><div type="image" title="Sundar Pichai, Tim Cook, Narendra Modi, Joe Biden" height="3907" width="5861" msid="109838230" hostid="261" sizebytes="846512"></div><p>Modi has also met with Nvidia CEO Jensen Huang, Microsoft boss Satya Nadella, and Alphabet's Sundar Pichai. He's likely to be seeking to attract foreign direct investment (FDI) in India — and to capitalize on bosses' <a target="_blank" href="https://www.businessinsider.com/us-china-relations-reshoring-manufacturing-jobs-made-in-america-2023-10">desire to hedge their bets on China</a> given its strained relationship with the US, economic woes, and how disruptive its strict pandemic lockdowns were to global supply chains.</p><p>"India's population and economic growth numbers are causing a lot of global executives to revisit their India presence and consider scaling up," Richard Rossow, a senior advisor and chair in US-India Policy Studies at the Center for Strategic &amp; International Studies, told Business Insider.</p><p>"Paired with increased concerns about supply chain resilience and security concerns about China, it's a very good time for a hard push to win investments."</p><p>The United Nations said that India and China both had a population of 1.426 billion in April last year, meaning India is probably now the most populous given its rising birth rate.</p><h2>Change for the better — mostly</h2><p>Modi has instigated a raft of major economic reforms since taking office, intended to make India more business-friendly, and boost government revenues by taxing more of the country's vast informal economy.</p><p>He rolled out a tax on goods and services, simplified bankruptcy laws, lifted FDI restrictions, cut corporate income tax, and ended retrospective taxation.</p><p>However, not all of Modi's moves spurred growth.</p><p>"Demonetisation was a key economic policy which had negative effects on the economy," Kunal Sen, a director of the United Nations University World Institute for Development Economics, told BI.</p><p>Sen is the author of several books about India's economy and a professor of development economics at the University of Manchester.</p><p>He was referring to Modi's sudden declaration in November 2016 that all 500 and 1,000-rupee bills — 86% of Indian currency in circulation — would <a target="_blank" href="https://www.businessinsider.com/india-ending-500-and-1000-rupee-bills-to-fight-corruption-2016-11">no longer be accepted as legal tender</a>.</p><p>The government's goals were to capture undeclared income, get rid of counterfeit currency, broaden the tax base, and bring more activities into the formal economy.</p><p>"The other key economic policy was JAM — the trinity of bank accounts for the poor, mobile numbers and a biometric card. This last economic policy has been revolutionary," Sen said.</p><p>He was hailing a broader digitization drive under Modi that has <a target="_blank" href="https://www.businessinsider.in/business/news/how-indias-digital-payments-ecosystem-has-evolved-in-the-last-one-year/slidelist/90595832.cms">transformed</a> how Indians bank, invest, pay their taxes, and conduct business.</p><h2>Prosperity for all</h2><p>Modi's efforts have helped to usher in a more prosperous era for some Indians, but many have been left behind.</p><p>Young people are India's beating heart, with about half its population under 25 and almost two-thirds under 35. Matching those hundreds of millions of people with jobs has proven a challenge, with youth unemployment almost tripling from below 6% in 2000 to about 18% in 2019. It still stands at a hefty 10% in 2023, per the <a target="_blank" href="https://webapps.ilo.org/wcmsp5/groups/public/---asia/---ro-bangkok/---sro-new_delhi/documents/publication/wcms_921154.pdf">International Labor Organization</a>.</p><p>The report found that nearly 30% of India's graduates were unemployed in 2022, and only about 10% of the working-age population was formally employed.</p><div type="image" title="A farmer uses oxen to plow fields for lentils in Nimaj, Rajasthan, northern India." height="3464" width="5196" msid="109838232" hostid="261" sizebytes="690700"></div><p>"Unemployment is a big issue," Rossow said, emphasizing this isn't just a problem with recent graduates but a "much, much larger bubble: the underemployed farm laborers."</p><p>Rising agricultural productivity is likely to help farm workers make a faster transition to city life in the years ahead, but they'll struggle to secure modern jobs in the services industry "without significant reskilling and education," Rossow said.</p><p>As a result, lower-skilled manufacturing and assembly jobs and lower-end services jobs will be needed, he added.</p><p>Another major challenge will be tackling a widening wealth divide. The richest 10% of the population hold more than 72% of the nation's wealth, per an Oxfam report <a target="_blank" href="https://d1ns4ht6ytuzzo.cloudfront.net/oxfamdata/oxfamdatapublic/2023-01/India%20Supplement%202023_digital.pdf?">published</a> last year.</p><p>Business tycoons Mukesh Ambani and Gautam Adani both rank among the world's 15 richest people, per the <a target="_blank" href="https://www.bloomberg.com/billionaires/">Bloomberg Billionaires Index</a>. Luxury-goods sales are booming with <a target="_blank" href="https://www.carwale.com/news/mercedesbenz-lineups-waiting-period-reduced-in-india/">long waitlists</a> for flashy purchases like the Mercedes "G Wagon."</p><div type="image" title="The Ambani family onstage with Rihanna." height="854" width="1280" msid="109838233" hostid="261" sizebytes="99148"></div><p>The <a target="_blank" href="https://www.businessinsider.com/anant-ambani-pre-wedding-festivities-lack-empathy-india-radhika-merchant-2024-3">lavish pre-wedding party</a> thrown by the Ambani family earlier this year was singled out by some as an affront to the huge number of Indians living in poverty.</p><p>Almost 1.3 billion people live on less than $3,500 a year by one estimate, and India ranks 111th on the <a target="_blank" href="https://www.globalhungerindex.org/ranking.html">Global Hunger Index</a>, below even North Korea.</p><p>Rising equality is partly explained by a "capital-intensive mode of economic growth along with increasing power of business conglomerates," Sen told BI, referring to how huge companies like the Adani Group secure huge government contracts to build ports, bridges, highways, and other infrastructure.</p><p>A third challenge is regional inequality, as some states like Bihar and Uttar Pradesh haven't experienced the same growth and modernization of their economies as others, Rossow said.</p><h2>The Russia riddle</h2><p>One striking aspect of Modi's economic boom has been its reliance on Russia since it invaded Ukraine in early 2022.</p><p>India went from getting 2% of its crude oil from Russia before the war, to 35% last year. During that period, the US and Europe slapped sanctions on Russian oil to defund Putin's military machine and punish Moscow for attacking a sovereign nation.</p><p>Despite that, India purchased an estimated $37 billion of Moscow's oil in 2023 — 13 times the amount it bought annually prior to the conflict. Its buying helped Russia rake in a <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-sales-india-ukraine-war-moscow-western-sanctions-2024-2">record $320 billion</a> of federal revenue last year.</p><p>Indian demand for Russian oil has <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-oil-trade-crude-india-discount-barrel-sanctions-price-cap-2024-2">cooled</a> in recent months as new sanctions have made it <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-energy-exports-india-imports-revenue-sanctions-discount-2024-3">more expensive</a>, but the buying remains controversial.</p><p>Officials in India have <a target="_blank" href="https://markets.businessinsider.com/news/commodities/crude-oil-prices-india-russia-trade-geopolitics-opec-supply-puri-2024-2">defended</a> the purchases, saying that if they'd bought Middle Eastern oil instead, global crude prices would have shot up.</p><p>India is also one of the world's largest oil refiners and has helped Western nations to maintain access to refined petroleum products even as they're refraining from buying Russian crude directly.</p><p>Yet the country imports 85% of its oil, so its overriding interest is securing the cheapest oil possible to support its development, said Neelima Jain, a senior fellow and chair in US India Policy Studies at CSIS.</p><p>"India will continue to buy Russian oil if the price remains favorable and allows for firm volume guarantees, as the country prioritizes energy affordability and accessibility during its rapid rural-to-urban transition, which has led to a 6% year-on-year growth in energy demand," she told BI.</p><p>"In an inflationary environment, economics [rather] than geopolitics will drive India's energy choices."</p><div type="image" title="Narendra Modi and Vladimir Putin" height="3196" width="4714" msid="109838234" hostid="261" sizebytes="426292"></div><h2>India the IT hub</h2><p>Under Modi, India has made big strides in modernizing its economy, combating bureaucracy, and appealing to foreign investors.</p><p>Big Tech stalwarts like Microsoft have a <a target="_blank" href="https://www.businessinsider.com/microsoft-has-so-many-patents-its-outsourced-the-job-to-india-2013-5">long history</a> of outsourcing to India, but recent efforts to cut red tape and slash corporate taxes appear to have fueled fresh interest.</p><p>Sweeping layoffs at Alphabet, Amazon, Meta, Salesforce and other US tech titans in the past few years could presage a large exodus of jobs to India.</p><p>Sanjay Shetty of Randstad India <a target="_blank" href="https://economictimes.indiatimes.com/tech/technology/outsourcing-hubs-like-india-to-bag-40-of-jobs-lost-to-layoffs/articleshow/101088673.cms?">told The Economic Times</a> last summer that he expected 30% to 40% of the tech jobs eliminated globally to move to India by 2025.</p><p>"India is going to be the biggest gainer in the medium to long term, as almost every company that we speak to is looking at expanding its India base," Shetty said.</p><p>Even if that pans out, it won't be a panacea for a country facing not just unemployment and underemployment, but also stark income inequality, regional disparities, and the risk of alienating Western allies by continuing to buy Russian oil.</p><p>Yet overall, India appears to be headed in the right direction.</p><p>"The growth is real, if focused on a few key states," Rossow said. "India's dynamic technology services sector is to IT services what China is to manufacturing. So there is much to cheer, even as the reform agenda seems to never end."</p>

Tech titans love Modi's economic powerhouse India — despite mass unemployment and abject poverty 

<ul class="summary-list"><li>Investors are pulling billions of dollars from China – and reinvesting the money in India instead.</li><li>The Asian countries' economies appear to be headed in different directions.</li></ul><p>China's loss is India's gain.</p><p>That's the latest chatter on Wall Street, where top investment managers have seized on the idea that the two Asian countries' economies appear to be headed in different directions.</p><p><a href="https://www.bloomberg.com/news/articles/2024-01-17/goldman-says-more-global-money-will-flock-to-india-post-election" target="_blank" rel="noopener">Goldman Sachs</a> and <a href="https://www.cnbc.com/2023/11/28/a-year-of-volatility-morgan-stanley-names-its-top-stocks-as-india-prepares-to-head-to-the-polls.html" target="_blank" rel="noopener">Morgan Stanley</a> are among the top banks that've touted India in recent months, at a time when foreign investors are <a href="https://markets.businessinsider.com/news/stocks/china-economy-chinese-stock-market-foreign-investor-cash-flow-money-2023-12">pulling billions of dollars out of China</a> due to concerns about the country's fragile economy and leader Xi Jinping's hardline rule.</p><p>Indian stocks have also trounced their Chinese rivals over the past year. <a href="https://markets.businessinsider.com/etfs/ishares-msci-india-etf-us46429b5984">MSCI's India index</a> has climbed 31%, according to data from Dow Jones, while its <a href="https://markets.businessinsider.com/etfs/ishares-msci-china-etf-us46429b6719">gauge of Chinese equities</a> has tumbled 26% over the same period.</p><h2><strong>China struggles</strong></h2><p>China's stock market struggles have been one of the defining stories of 2024. The country is battling deflation, so-so growth, and a seemingly never-ending property crisis – and that's driven away both foreign and local investors.</p><p>Both the Hong Kong <a href="https://markets.businessinsider.com/index/hang_seng">Hang Seng index</a> and the mainland-focused <a href="https://markets.businessinsider.com/index/csi-300">CSI 300</a> gauge have tumbled close to multi-year lows, extending a rout that had already wiped out over <a href="https://markets.businessinsider.com/news/stocks/china-markets-mainland-hong-kong-stocks-losses-economy-woes-2024-1">$6 trillion in market valuation</a> since the start of 2021.</p><p>Beijing has tried to stop the sell-off through a variety of measures – including <a href="https://www.businessinsider.com/china-economy-markets-xi-jinping-fires-markets-regulator-control-reforms-2024-2">firing the boss of the country's top financial watchdog</a> on Thursday – but it'll struggle to lure stockpickers back into the market until its economy is looking more healthy, experts say.</p><p>"Beijing's priority right now appears to be lifting the stock market but there won't be a lasting turnaround until investors have more confidence in the direction of the economy," Capital Economics' Mark Williams told Business Insider.</p><p>"There are two problems – one is how weak the economy is right now, and the other is a loss of confidence in the outlook further ahead," he continued. "Some of the incoming data could start to look better in the next few months, but it is hard to be optimistic about China's long-run economic trajectory."</p><p>Leader <a href="https://www.businessinsider.com/china-economy-faltering-recession-xi-jinping-john-kerry-janet-yellen-2023-7">Xi Jinping's ever-tightening grip</a> on power hasn't helped matters.</p><p>The Chinese president made an obvious power grab at the Communist Party conference in late 2022, unveiling a new leadership team stacked with political allies and publicly disrespecting his business-friendly predecessor.</p><p>Last year, his government banned US semiconductor maker <a href="https://markets.businessinsider.com/news/stocks/micron-technology-stock-china-ban-trade-war-nvidia-biden-beijing-2023-5">Micron's chips</a>, sent state police to the Shanghai offices of American consulting giant <a href="https://edition.cnn.com/2023/04/26/business/bain-shanghai-china-questioning-intl-hnk/index.html" target="_blank" rel="noopener">Bain &amp; Co.</a>, and pressed ahead with a crackdown on <a href="https://www.reuters.com/technology/beijings-regulatory-crackdown-wipes-11-trln-off-chinese-big-tech-2023-07-12/" target="_blank" rel="noopener">local Big Tech firms</a> – all of which signal that China has become less open to doing business with the West.</p><h2><strong>India surges</strong></h2><p>Many of the foreign traders pulling out of China have pivoted to India, the fastest-growing economy in <a href="https://www.spglobal.com/marketintelligence/en/mi/research-analysis/india-seizes-crown-of-fastest-growing-g20-economy-dec23.html" target="_blank" rel="noopener">the G20 group of countries</a>. </p><p>In January, the country's stock market briefly overtook Hong Kong's to become the <a href="https://markets.businessinsider.com/news/stocks/india-stock-market-capitalization-hong-kong-trading-china-economy-stimulus-2024-1">fourth-largest in the world</a>, although it's since given up that position.</p><p>The main US ETF that buys Indian stocks pulled in record investor inflows over the final three months of 2023, according to data from Bloomberg, while assets in a similar Japanese mutual fund recently climbed to a four-year high.</p><p>Meanwhile, Prime Minister Narendra Modi has showcased his country's business-friendly credentials by pressing ahead with a trillion-dollar <a href="https://www.bloomberg.com/news/articles/2024-02-01/india-boosts-infrastructure-spending-in-interim-budget" target="_blank" rel="noopener">infrastructure spending project</a> and hosting execs from US semiconductor makers like <a href="https://www.cnbc.com/quotes/CDNS/" target="_blank" rel="noopener">Micron and Cadence</a>.</p><p>All of that makes for a pretty straightforward investment case for westerners, M&amp;G Investments portfolio manager Vikas Pershad told <a href="https://www.bloomberg.com/news/articles/2024-02-06/goldman-morgan-stanley-bet-on-india-stocks-as-wall-street-shifts-from-china" target="_blank" rel="noopener">Bloomberg</a>.</p><p>"People are interested in India for several reasons — one is simply it's not China," he said. "There's a genuine long-term growth story here."</p>

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