Wednesday, March 11
Prime Minister Modi, marking Independence Day, urged India's talent to design and build jet engines for indigenous fighter aircraft, crucial for defence self-reliance under the Aatmanirbhar Bharat vision. This push comes amid delays in foreign engine deliveries, prompting India to seek co-development partnerships with Rolls-Royce, Safran, and a Japanese manufacturer.
Prime Minister Modi highlighted India's renewed focus on semiconductor manufacturing during his Independence Day address, lamenting past missed opportunities. He announced the imminent arrival of a 'Made in India' chip and the establishment of six semiconductor units, with four already approved.
President Trump is planning new tariffs on semiconductor chips and steel, potentially shaking global trade. The rates will start low to encourage domestic manufacturing before increasing significantly. Trump hinted at tariffs as high as 100% or even more on semiconductors, with exemptions for companies building in the U.S.
The next AITIGA review negotiations are scheduled for October 6-7, 2025, in Jakarta, hosted by Malaysia, following the tenth round in New Delhi focused on enhancing trade effectiveness. India-Singapore JWGTI met on August 14 to discuss priority sectors, supply chains, and trade digitalisation. Singapore is India's largest ASEAN trading partner with $34.26 billion in trade.
India faces a strategic dilemma as the US imposes a 50% tariff on most Indian goods, potentially costing India $50 billion. Options include negotiation, retaliation, export diversification, or offering concessions like halting Russian oil imports. Bilateral trade talks continue despite the dispute, with aims to significantly increase trade by 2030.
Prime Minister Modi's GST 2.0 announcement, featuring rate cuts by Diwali, is hailed by tax experts as a strategic move to bolster the Indian economy. The proposed reforms aim to simplify the tax structure, reduce litigation, and boost consumption, particularly for MSMEs. These changes are expected to enhance export competitiveness and address the inverted duty structure.
To boost maritime growth, the government is expanding the Maritime Development Fund to Rs 70,000 crore, supporting shipbuilding, port infrastructure, and shipping. The fund will use a blended finance model, combining government and commercial capital. India aims to become a top shipbuilding nation by 2047, requiring significant investment and infrastructure development.
Prime Minister Modi announced India's push for self-sufficiency in critical minerals like lithium and rare earth elements, essential for clean energy and technology. Exploration is underway at over 1,200 sites. He also emphasized reducing reliance on fertilizer imports, urging judicious use and increased domestic production to protect soil health and benefit the nation's economy.
Infosys is empowering clients to significantly cut manpower costs, potentially by 5% to 35%, using its poly-AI framework. This adaptable AI architecture allows businesses to seamlessly shift solutions across different models, avoiding reliance on single tools. As tech spending slows, Infosys is developing autonomous agents capable of independent operation, boosting efficiency and lowering costs.
