JSW Steel USA, a subsidiary of India’s leading steel company, on Tuesday said it plans to invest $110 million in steel projects in the state of Texas.

The company said this investment will enable the production of high-quality monopile steel plates to support the Joe Biden administration’s new actions to expand offshore wind energy by deploying 30 gigawatts (GW) of offshore wind by 2030, enough to power 10 million homes with clean energy.

JSW Steel USA is part of the $24 billion JSW Group, with over 800 employees.

“The new investments will enable us to progressively deliver high-quality steel products while further defining our niche markets through a ‘Made in America’ speciality steel portfolio,” said Parth Jindal, Director of JSW Steel USA.

“These investments have the potential to significantly reduce US import reliance in the infrastructure and renewable energy sectors,” he added.

This portfolio expansion will also support the expanded development of the domestic renewable energy market by increasing JSW USA’s service capacity towards its customers within the offshore wind market.

These new projects, which further build upon JSW USA’s recent $145 million investment in its Mingo Junction facility (Ohio), are expected to be completed and commissioned by FY26.

“Without a doubt, the ‘Lone Star State’ is the best place to live, work and raise a family — and continued investment will ensure future growth and economic opportunities for the entire region. I’m proud to represent JSW and am excited for what is in store,” said Congressman Brian Babin, representing the 36th district of Texas and the city of Baytown.

Atul Keshap, President of the US-India Business Council (USIBC), said through initiatives like this, the US and India will continue to see convergence based on trust, partnership and mutual progress. AGENCIES

Buoyed by the government policies, the Indian automotive and ancillary sector is likely to double its size to Rs 15 lakh crore, providing employment to over 19 million people by the end of 2023, a report said on Tuesday, adding that Indian corporates are navigating global challenges with superior risk handling.

The automotive and ancillary sector is projected to contribute 7.1 per cent to the national GDP, according to the report by ICICI Lombard in collaboration with Frost and Sullivan.

Two-wheelers currently dominate the sector with 77 per cent market share, followed by passenger cars at 18 per cent.

India currently ranks second globally in two-wheelers, seventh in commercial vehicles and sixth in passenger vehicles.

Government initiatives such as ‘Make in India,’ continued investments in infrastructure, and the promotion of sustainable energy management have played a pivotal role in bolstering sector resilience.

Meanwhile, despite facing global headwinds and increased risk exposure in certain sectors, Indian enterprises have demonstrated resilience and strategic advancements, leading to improved risk management scores, according to the report.

The Corporate India Risk Index (CIRI) 2023 shows an improvement in the risk index score from 63 in 2022 to 64 in 2023.

“The improved score is a testament to the efficient risk management practices adopted by Indian corporates in the face of global headwinds and challenges,” said Sandeep Goradia, Chief – Corporate Solutions Group at ICICI Lombard.

The manufacturing, metals and mining, and new-age sectors displayed notable advancements in their risk index scores.

“The steady improvement in risk index score for the country as a whole, combined with the fact that there are no sectors below the optimal risk index category, indicates a very positive outlook for Indian corporate,” said Aroop Zuthsi, Global President and Managing Partner at Frost & Sullivan.

The ongoing digital transformation and AI integration across sectors have further enhanced operational efficiencies and risk management practices, the report mentioned. AGENCIES

Driven by the production-linked incentive (PLI) scheme, the country’s manufacturing sector is projected to expand threefold, reaching a market size of $1.66 trillion from the current $459 billion (FY24), a report showed on Tuesday.

This growth surpasses the average increase of $175 billion experienced over the last decade.

The manufacturing sector’s contribution to the GDP is anticipated to rise from 14 per cent in FY24 to 21 per cent by FY34, bolstered by lower logistics costs and improved infrastructure, according to the report by DSP Mutual Fund.

Investments in infrastructure are set to climb from 33 per cent of GDP in FY24 to 36 per cent by fiscal year 2029, sparking a ripple effect on the economy.

“We continue to be positive on the manufacturing theme as we believe most of the segments are at the cusp of a significant pickup in demand which would drive earnings growth for the companies,” said Charanjit Singh, Fund Manager, DSP Mutual Fund.

The last five years focused on key reforms by the government and policy changes.

“We believe that the period from FY 25-30 is going to be about execution,” Singh added.

Private capex which had been weak for a very long time could witness a revival from FY26 led by rising utilisation levels, strong corporate balance sheets and political stability, the report mentioned.

The PLI scheme has the potential for significant capital expenditure. It’s anticipated that sectors will spend around $39 billion between fiscal years 2024 and 2026.

“While current PLI investments are focused on pharmaceuticals, mobile phones, and solar PV modules, upcoming sectors like semiconductors, speciality steel, textiles, and automobiles are set to witness increased investment in the fiscal year 2025,” the report mentioned.

Sectors like power, defence, water and manufacturing are primarily fueled by demand rather than a push, it added. AGENCIES

Gujarat International Finance Tec-City (GIFT City) — India’s only International Financial Services Centre (IFSC) — on Tuesday signed a memorandum of understanding (MoU) with non-profit organisation TiE (earlier known as The Indus Entrepreneurs) to drive economic growth, create employment opportunities through entrepreneurship, and facilitate a robust business ecosystem in the country.

Under the MoU, a collaborative framework will be established between GIFTCL and TiE to promote innovation, attract investments, and create an enabling environment for businesses in India through GIFT City.”The collaboration will enable us to attract top-tier entrepreneurs and businesses to GIFT City, further solidifying our position as a leading financial and technology services hub,” Tapan Ray, MD & Group CEO, GIFT City, said in a statement.

As part of the MoU, a joint working committee will also be formed with representatives from GIFTCL and TiE to oversee collaboration activities.

This committee will meet periodically to discuss progress, address challenges, and explore new opportunities.

“We are excited to sign this MoU with GIFT City that will serve as a catalyst for capacity building to create jobs, drive economic growth, and shape innovation to transform and uplift societies and economies,” said Amit Gupta, Chairman, Board of Trustees, TiE Global and Group CEO, Ecosystem Group.

In addition, TiE, along with its chapters, will facilitate connections between GIFT City and its global network of entrepreneurs and industry leaders, provide insights and recommendations on enhancing the startup ecosystem, and jointly organise knowledge-sharing sessions, networking events, and boot camps. AGENCIES

 With an improving adoption rate, electric car sales in India are likely to reach 1.3-1.5 lakh in the current fiscal year (FY25), according to a CareEdge Rating report.

After a record growth of 90 per cent with volumes at 90,432 units in FY24, the electric car penetration is consistently increasing in the country, driven by the government’s efforts towards a more sustainable, environmentally friendly, and efficient transportation sector.

The shift to electric mobility extends beyond cars and trucks and e-rickshaws and e-karts are also gaining popularity across the country.

As per the report, the overall passenger vehicles (PV) industry is expected to exhibit moderate volume growth of around 3-5 per cent in FY25, on account of a high-base effect of FY24, shrinking order book and expectation of persistently subdued demand for entry-level variants in FY25.

“Strong demand for new model launches and SUVs coupled with the expectation of interest rate cuts in the second half of FY25 is expected to keep the sales momentum rolling,” said Arti Roy, Associate Director at CareEdge Ratings.

For the past decade, the utility vehicle (UV) segment has consistently outperformed the PV industry growth rate.

In FY24, for the first time, UV sales volume stood higher than passenger cars and vans.

Currently, UVs account for over 55 per cent of all new PV sales, and their share in overall PV sales is expected to further rise over the medium term, according to the report.

“While the market for premium vehicles is predicted to thrive, driven by a surge in demand for luxury and high-end models, entry-level variants are likely to see continued diminished demand due to a downturn in both rural and urban markets,” said Hardik Shah, Director at CareEdge Ratings. AGENCIES

 US-based Corning International Corporation and homegrown Optiemus Infracom Limited on Tuesday broke ground on the Bharat Innovative Glass Technologies (BIG Tech) facility in Tamil Nadu to produce high-quality, finished cover-glass parts for mobile consumer electronics.

The BIG Tech facility, located at the SIPCOT Pillaipakkam industrial park in the Kanchipuram District, Tamil Nadu, will help strengthen local supply chains and create substantial employment opportunities.

“Today’s ground-breaking for BIG Tech not only marks a significant investment in our state’s industrial capabilities but also reinforces Tamil Nadu’s position as a hub for innovation and technological advancement,” MK Stalin, Chief Minister, Tamil Nadu, said in a statement.

Earlier this year, BIG Tech inked an MoU with Tamil Nadu Government to set up a plant to make cover glass for mobile phones.

As per the MoU, the company said to set up the cover glass manufacturing plant at an outlay of about Rs 1,003 crore.

“By actively supporting our customers as they advance their supply chains, we’re giving more consumers in the region an opportunity to experience the renowned durability of Gorilla Glass,” David Velasquez, VP and General Manager of Corning Gorilla Glass, said.

The new facility further underscores Corning’s continued investment in the country across multiple industries, specifically those aligned with emerging market trends in the region.

“Establishing India’s first cover-glass finishing operation for mobile consumer electronics is a major milestone in our journey to meet the growing demand for high-quality, advanced cover glass,” said Ashok Gupta, Executive Chairman, Optiemus Infracom. AGENCIES

The Central government is likely to increase its welfare spending on social schemes by Rs 50,000 crore in the upcoming budget, due to robust tax collection and record dividend from the Reserve Bank of India (RBI), according to the global brokerage Jefferies.

As per the report, the Central government will not face any economic challenges in carrying forward capital expenditure and development works in the coming budget. The government enjoys a financial cushion of approx 40 to 50 basis points.

Jefferies said that the budget for FY25 will have a positive impact on affordable housing, consumer companies, price-sensitive industries, and capex companies.

Increasing income tax collection allows the government to give tax exemptions. This may provide relief to taxpayers. An increase in consumer spending will also support economic growth.

Jefferies suggested that India could bring back the Credit Linked Subsidy Scheme (CLSS) for urban housing.

Jefferies believes that the Budget for capital expenditure could be increased by Rs 30,000 crore and government welfare schemes spending could be increased by Rs 50,000 crore in the upcoming budget. AGENCIES

The Centre on Tuesday announced it has begun the auction of spectrum worth Rs 96,238.45 crore for telecom services. The total quantum of spectrum being auctioned is 10,522.35 MHz in various bands, valuing Rs 96,238.45 crore at reserve prices, said the Ministry of Communications.

The following spectrum bands will go up for bidding in the auction — 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz, 2500 MHz, 3300 MHz and 26 GHz — that starts at 10 a.m.

The auction will see participation from three bidders: Bharti Airtel, Vodafone Idea and Reliance Jio Infocomm.

“To augment existing telecom services and maintain continuity of services, the government will hold the spectrum auction on Tuesday,” said the ministry.

The 1800 MHz spectrum band has been allocated Rs 21752.4 crore at reserve price, followed by the 800 MHz band at Rs 21,341.25 crore.

“This is in line with the government’s commitment to facilitate affordable, state-of-art high-quality telecom services to all the citizens,” the ministry added.

The Department of Telecommunications (DoT) initiated the spectrum process on March 8.

Spectrum will be assigned for a period of 20 years. Successful bidders will be allowed to make payments in 20 equal annual instalments, duly protecting the NPV at the interest rate of 8.65 per cent.

Spectrum acquired through this auction can be surrendered after a minimum period of 10 years. There will be no Spectrum Usage Charges (SUC) for spectrum acquired in this auction, said the ministry.  AGENCIES

Artificial intelligence (AI) health startup Cloudphysician on Tuesday said that it raised $10.5 million in a Series A funding round led by Peak XV Partners, with participation from Elevar Equity and venture debt firm Panthera Peak.The fresh funds will be used to propel the company’s growth and operations within India and expand into multiple emerging markets and established markets such as the US.

In addition, the funds will be used to further enhance its innovative AI platform, RADAR, to improve its co-pilot features using data, the company said.

“We aim to scale our business and continue transforming critical care delivery in India and global markets. We remain committed to our vision of leveraging AI and advanced technology to ensure high-quality care is accessible to all, regardless of location,” Co-founders Dr Dhruv Joshi, and Dr Dileep Raman, said in a statement.

Cloudphysician is a full-stack AI and operations company that partners with hospitals to manage patients in their ICU and Emergency departments.

“They are building an India-first business which has the opportunity to become the world’s first independent, scaled-up business in this space,” said Mohit Bhatnagar, Managing Director at Peak XV.

Founded in 2017, Cloudphysician has now extended its partnership to over 200 hospitals across 23 states in the country, caring for over 1 lakh patients. AGENCIES

About 50 per cent of Indian organisations encountered one or more fraud incidents during and after the pandemic, with a substantial majority (77 per cent) perceiving a noticeable increase in fraudulent activities due to the Covid-19 pandemic, a new report revealed on Tuesday.According to the consulting firm Grant Thornton Bharat, nearly half attributed this rise in fraudulent activities to the shift from onsite to remote work environments and the subsequent lack of stringent internal controls.

Specifically, cyber incidents accounted for 64 per cent of these frauds, underscoring businesses’ critical vulnerabilities as they navigate increasingly digital landscapes.

“Our survey highlights the growing awareness among organisations regarding fraud prevention, with 60 per cent of companies now prioritising cybersecurity and anti-fraud technologies on their strategic agenda,” said Samir Paranjpe, Partner, Grant Thornton Bharat.

The report surveyed over 250 CXO respondents from a wide spectrum of sectors, representing different roles and responsibilities, including business and strategy, finance, information technology, risk and compliance, and legal.

Moreover, the report revealed that one-fourth of the organisations have suffered losses of Rs 1 crore and above, with three-fourths of such organisations facing financial damages exceeding Rs 5 crore.

The most affected industries include Technology, Media and Telecommunications (58 per cent), financial services (51 per cent), and manufacturing (46 per cent), highlighting the critical need for tailored anti-fraud strategies to address their unique vulnerabilities.

Further, the report said that post-COVID-19, 73 per cent of organisations have improved their governance and compliance frameworks, 63 per cent have implemented enhanced awareness training for employees, third parties, and customers, and 62 per cent are conducting continuous control assessments of high-risk areas at regular intervals. AGENCIES