Manufacturing Current Affairs - 2019

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India launches third IT corridor in China

India has launched its third IT corridor in China. The corridor will facilitate partnerships between Indian and Chinese companies. National Association of Software and Services Companies (NASSCOM) entered into a partnership with China’s Xuzhou city from Jiangsu Province in China to help develop the IT corridor.

IT Corridor

  • IT corridor facilitates partnerships between Indian and Chinese companies by enabling Indian software and service industry associations to enter the Chinese market and seize the development opportunities in China.
  • The corridor facilitates will facilitate match-making between Indian companies wanting to collaborate with companies in China looking to adopt digital transformation from verticals such as manufacturing, retail, automotive, healthcare and utilities and help them create innovative product and solutions in the co-create mode.
  • The corridor will help create more jobs in China and India and facilitate talent transfer between the two countries.
  • The earlier two corridors launched at Dalian and Guiyang cities has brought to fore opportunities with over 300 companies where more than 10 Indian SME companies have signed deals worth 31 Million RMB (USD 4.5 million).
  • The first two corridors had enabled cooperation in co-create mode in the emerging technologies such as AI, IoT and Analytics in the Chinese market.

IT corridor project between India and China strengthens India-China Digital Cooperation by leveraging the respective strengths in hardware and software to build innovative products and solutions in Co-create mode.

Month: Categories: National

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Index of Industrial Production of November: Key Facts

The Index of Industrial Production for the month of November has been released by the Central Statistical Office, under the Ministry of Statistics and Programme Implementation.

The Index of Industrial Production (IIP) provides details about the growth of various sectors in an economy such as mineral mining, electricity and manufacturing. IIP is a composite indicator that measures the short-term changes in the volume of production of a basket of industrial products during a given period with respect to that in a chosen base period.

Key Facts about the IIP, November 2018

The IIP report of CSO makes the following observations:

  • Industrial growth unexpectedly plummeted to a 17-month low in November as a result of the post-festival season decline in manufacturing, fewer working days in the month and tighter financial conditions.
  • The Index of Industrial Production (IIP) stood at 0.47 per cent in November and the high base of last year has also contributed to the slowdown. IIP had witnessed a growth of 8.5 per cent in November 2017.
  • Manufacturing which constitutes 77.63 per cent of IIP, shrank 0.4 per cent, the Manufacturing had witnessed a robust growth of 10.4 per cent in November 2017.
  • The production of both capital goods and consumer goods saw a decline.
  • Mining expanded by 2.7 per cent in November 2018 compared with 1.4 per cent in November 2017.
  • The electricity generation rose 5.1 per cent.
  • The Production of intermediate items was down 4.5 per cent.

The Industrial growth in India is still not on a sound footing due to the high variability in industrial growth across sectors and within sectors on a month-on-month basis. It is expected that incrementally improving liquidity, normalisation after festive season related disruptions and spending tied to elections would act as a catalyst for the growth.

Month: Categories: Business, Economy & BankingReports & Indices

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