All posts by Rabindra

India, September 27, 2024 — TCY Learning Solutions Pvt. Ltd, a leading provider of test preparation and educational technology, has announced the launch of AI-powered test preparation resources specifically designed for the Duolingo English Test (DET). This new initiative aims to offer more accessible and effective study tools for students preparing for the DET, helping them achieve their goal of studying abroad.

The Duolingo English Test has rapidly gained global recognition and is now accepted by over 5,000 universities worldwide, including prestigious institutions in the United States, the UK, Canada, and beyond. With its cost-effective pricing of $65 (approximately INR 5,500) and the convenience of online testing with results available within 48 hours, the DET has become a popular choice for Indian students aiming to study abroad.

TCY’s new resources leverage its expertise in AI-driven educational technology to offer personalized and adaptive learning solutions tailored specifically for the DET. With a proven track record of successful collaborations and cutting-edge solutions in test preparation, TCY, serving around 8 million learners and supporting over 2,000 coaching centers across India, will provide students with customized study plans, in-depth analytics, and remedial technologies designed to enhance their DET preparation, thereby improving their test readiness and chances of success.

Mukta Gogia, Vice President at TCY, commented, “As the Duolingo English Test (DET) rapidly gains popularity across India, coaching centers turned to TCY for the real-like mock tests and practice resources we’re known for. Responding to this demand, we partnered with the DET for their inputs in developing prep materials specifically designed for the exam. This collaboration has resulted in a unique test prep package, offering students and teachers an authentic DET preparation experience. With this, we’re not just preparing students, but we’re setting a new standard in language testing.

The new resources will include real-time performance analytics and personalized feedback, allowing students to focus on areas that need improvement and track their progress more effectively. This approach is expected to enhance individual performance and support students in achieving their goals.

Rashi Dhanani, Head of Business Development for the Duolingo English Test, India said “With the rapid adoption of the Duolingo English Test by students in India and beyond, we’re excited to see innovative test preparation resources like those offered by TCY. These offerings reflect the growing demand for high-quality, personalized test prep solutions that enhance students’ readiness and confidence in taking the DET.”

Additionally, TCY will offer vouchers that enable students to book their DET exams at reduced rates through their website and partner institutes. This initiative aims to make the DET more accessible and affordable, further supporting students in their study-abroad endeavours.

Dehradun, 27 September 2024: UPES is proud to announce a landmark collaboration with Virasat, an annual heritage and folk festival organised by REACH (Rural Entrepreneurship for Art & Cultural Heritage), aimed at promoting the rich tapestry of Indian art, culture, and heritage. This significant partnership brings together the entire community of over 16,000 students, faculty and staff at UPES, who will rally behind the university’s commitment to cultural preservation and propagation among youth in the higher education ecosystem.

The university’s facilities, including its state-of-the-art amphitheatres, Multi Activity Centre (MAC), as well as other areas of the campus, will be available round-the-year for hosting events focused on the preservation and promotion of art, craft, culture and environment.

The collaboration encompasses a series of impactful initiatives, most notably the ‘Gateway to Himalayas’ program, a visionary joint endeavour between UPES and REACH to give youngsters an immersive experience of the Himalayan region and its associated challenges. As the cradle of Indian civilisation, the Himalayas hold immense cultural significance, and this initiative seeks to promote their rich heritage both within India and on the global stage. Beyond cultural promotion, the program will engage and sensitise the youth to pressing global challenges, including climate change, global warming, community issues, forest fires, and natural disasters, which are issues that are also being tackled by the Himalayan Institute for Leadership & Learning (HILL) Centre at UPES. With such an immersive experience, the initiative aspires to shape the next generation into more conscientious and responsible global citizens, equipped to tackle the complex challenges of our world.

Dr Ram Sharma, Vice Chancellor of UPES, commented on the partnership, stating, “This collaboration with Virasat is a reflection of UPES’s deep commitment to promoting the rich cultural heritage of India. We believe that by supporting this iconic festival, we are not only helping to sustain traditional arts but also providing our students and faculty with a unique opportunity to engage with and contribute to the cultural landscape of our country.”

Says R.K. Singh, ex-ED (HR) ONGC, and Founder, REACH Virāsat, “This MoU unfolds a grand vision of holistic, value-based education for the Indian youth. The coming together of UPES and REACH is a confluence of artistic and aesthetic sensibilities which will enrich the cultural landscape. Virāsat is just the beginning; together, I’m sure we will achieve several milestones.”

Virasat is a 15-day festival which will be held from October 15 to October 29 this year. In the last three decade since its inception, Virasat has been instrumental in rescuing rural art forms from obscurity. The festival has revitalised these traditions, showcasing their importance in the development of classical and contemporary arts. It features diverse attractions, including a crafts village, cuisine stalls, an art fair, folk music, Bollywood-style performances, heritage walks, and more.

Every facet of the festival, including art exhibitions, musical performances, food, and heritage walks, reflects the traditional values associated with Indian heritage. Over the years there have been scintillating performances by some of the finest artists such as Pt. Bhimsen Joshi, Ustad Bismillah Khan, Pt. Hariprasad Chaurasia, Jagjit Singh, Rajan and Sajan Mishra, Suresh Wadkar, and Wadali Brothers, among many others.

ICICI Lombard and IRM India Affiliate Unveil 2^nd Edition of the India Risk Report on Building Resilience by providing for a Comprehensive Analysis of Risk Culture in India Inc.

(L-R) Mr. Sandeep Goradia – Chief Corporate Solution Group, ICICI Lombard, Mr. Hersh Shah, CEO – IRM India Affiliate and Mr. Gaurav Arora – Chief UW, Claims & Property, ICICI Lombard

Mumbai, September 27, 2024: As India progresses toward becoming a developed nation under the Viksit Bharat 2047 program, it maintains rapid economic growth. This progress, amid a complex risk environment, presents both opportunities and challenges for Indian industries.  A strong risk culture will enable an organisation to confidently pursue its objectives by taking calculated risks and effectively managing potential threats and hazards.

India Risk Report 2024 by ICICI Lombard and IRM India highlights the crucial need for embedding a risk culture into organizational strategies. The report emphasises a simple A-B-C approach for understanding the “Risk Culture” of an organization. Attitudes of individuals and groups shape their Behaviours. Over time, these repeated behaviours form the Culture, which in turn influences the attitudes and behaviours within the organisation.

This report is a timely reminder of the importance of proactive risk management. It assesses the self-evaluation of processes and cultural standing within Indian enterprises, based on a comprehensive survey of risk perceptions, management practices, and cultural aspects. It equips businesses with actionable insights to navigate the complex risk landscape and unlock opportunities for sustainable growth.

The comprehensive study, combining primary and secondary research, incorporates valuable insights from business and risk leaders across various fields. This report aims to enhance our collective understanding and management of risks while promoting a resilient organizational culture grounded in effective risk practices. It examines risk disclosures from over 500 Indian companies and more than 50 global companies, based on their annual reports for the years 2022 and 2023. The quantity and quality of these disclosures provide insights into the prevailing risk culture within these organizations. 

Key Findings:

1. Risk Maturity: Mature organizations ensure that all employees can identify risks within their areas of responsibility. According to survey responses, there has been a marked improvement in this aspect compared to the previous year. Still 42% of organizations still expect the Board or the Risk department to identify risks. 

2. Risk Culture: Measuring risk culture presents unique challenges due to its intangible and subjective nature. Despite this complexity, our research team has developed a risk culture scoring system (0–100) to benchmark organizational resilience. Our findings indicate that only 16% of businesses score above 60, with a mere 6% achieving scores between 80-100.

3. Top Risks: Cybersecurity, technology, and talent shortages have emerged as pressing concerns across all sectors. As businesses increase their reliance on digital platforms, the risk of cyberattacks has grown significantly, while the challenge of hiring and retaining skilled talent continues to escalate
4. Mid-size companies: This year’s report also emphasizes the importance of risk in mid-sized enterprises, which form the foundation of the Indian economy and account for nearly one-third of India’s GDP and half of our total exports. Overall, mid-sized companies have shown significant evolution over the past few years.
5. Expert analysis from 10 industry leaders and 5 risk experts: Our expert contributors and key external stakeholders, who have accumulated years of experience navigating complex risk landscapes across diverse fields, provide these strategies, offering a comprehensive perspective on achieving sustainable growth and managing complex risk landscapes.

Sandeep Goradia – Chief Corporate Business, ICICI Lombard

Sandeep Goradia, Chief – Corporate Solutions Business at ICICI Lombard, states “Risk perception across industries is evolving at an unprecedented pace. Sectors that were once considered risk-averse are now confronting new and complex challenges, driven by the increasingly dynamic and interconnected nature of the global risk landscape. The rise of cybersecurity threats, coupled with talent shortages and economic uncertainties, has transformed risk management from a strategic consideration to an operational imperative. In today’s environment, organizations must adopt a forward-thinking approach to anticipate and navigate these emerging threats. Insurance plays a pivotal role in this framework, offering both financial protection and a strategic buffer against unforeseen disruptions. Our collaboration with IRM enables us to deliver in-depth insights and actionable strategies that not only address immediate risks but also foster long-term resilience. By integrating risk management into the core of their operations, businesses can not only safeguard their future but also capitalize on opportunities that arise even in volatile conditions.”

Hersh Shah, CEO, IRM India Affiliate and India’s Youngest Enterprise Risk Expert, said “As India charts its course towards becoming a developed nation under the Viksit Bharat 2047 initiative, it finds itself at the intersection of immense opportunities and intricate challenges. The dynamic landscape of business and risk demands a new level of agility and foresight. It is within this context that we present the second edition of our report, “Building Resilience: A Comprehensive Analysis of Risk Culture in India’s Corporate Sector,” with ICICI Lombard. The second edition delves deeper into the essence of risk culture, a crucial yet often overlooked facet of organisational health. Our commitment to understanding and enhancing risk culture stems from its profound impact on an organisation’s ability to prepare for evolving scenarios, navigate uncertainties, and leverage opportunities effectively.”

Key Takeaways:

• Top Risks in Focus: Cybersecurity threats and talent shortages are becoming key concerns across sectors. As businesses increasingly rely on digital platforms, cyberattacks have escalated, presenting a critical risk. Furthermore, many organizations are finding it difficult to source and retain skilled talent, a trend likely to intensify as the labor market becomes more competitive.

• Changing Perception of Risk: The report reveals a shift in how some sectors perceive risk. BFSI and Services were low-risk last year and are seen as riskier as they face complex challenges like macroeconomic pressures and cybersecurity, whereas Energy/Utilities and Pharma, which were high-risk last year, are beginning to address risks related to digital transformation. However, Manufacturing and Distribution is at the same lower level both years, so it’s a constant.

• Risk identification:As per the trends, we see that risk identification among all employees rose by 6% from 26% in 2023 to 32% in 2024, which indicates increased ownership and responsibility.Identifying “black swan” and “gray rhino” events (that refer to unexpected and foreseeable catastrophes, respectively) is now being looked at as a significant contributor to an organisation’s success. 

• Risk Management and Insurance: Furthermore, the report highlights that businesses are increasingly turning to loss control solutions and insurance to mitigate key risks. For cybersecurity, over 47% of respondents have adopted loss control measures, while an equal percentage have chosen insurance to manage their exposure. Technology risk is mitigated by 71% of organizations through loss control efforts, while 66% manage legal and regulatory risks. Fire hazards remain the most insured risk, with 70% of businesses covered. However, there is a significant gap in managing climate change risk, as 37.5% of companies still lack any form of risk solution, indicating an area where further insurance and risk management efforts are required. 

• Strengthening Risk Culture:A key theme in the report is the importance of fostering a strong risk culture within organizations. The survey shows that many businesses are still struggling to instil a culture where risk management is part of everyday decision-making. Companies across sectors must prioritize building a risk-aware workforce to improve their overall resilience. 

• Risk Disclosures: The dedicated chapter on risk disclosure analyzed 521 listed Indian companies reveals that only 3% of respondents maintained consistent risk disclosure over two years, serving as a wake-up call for Indian organizations. Effective risk disclosure requires a top-down approach, where the tone is set at the top, and the board is held responsible for driving risk culture throughout the organization.

While solid risk management processes and advanced technology are essential for risk management, a strong risk culture is also critical. This culture must empower everyone in the company to recognize, identify, and manage risks.

The self-assessment of risk culture, combined with the risk disclosure analysis, highlights the urgent need to enhance risk culture within organizations. This research will benefit industry risk leaders and all Indian enterprise stakeholders. It will help them identify the key areas that require attention to become risk-intelligent and risk-ready, enabling them to confidently pursue ambitious goals.

Availability:

The report is available for download:

Website link: http://www.icicilombard.com/docs/default-source/default-document-library/icici-lombard-irm-india-risk-report-2024-edition-2-0.pdf

India’s leading and fastest-growing eyewear brand, Lenskart is set to revolutionise the eyewear industry and break boundaries once again with the launch of its brand-new product line titled ‘Hip Hop Collection’. This dynamic range of eyewear celebrates the bold and rebellious spirit of the hip hop culture, offering a fresh take on self-expression and style

In a groundbreaking collaboration with multi-platinum Indian rapper DIVINE, Lenskart has crafted a bespoke line that fuses eclectic fashion with the fearless attitude of hip hop. Serving as a statement of ambition, attitude and authenticity, the product line is more than just a visual accessory

Inspired by the audacious spirit of the streets, the collection features 26 unique designs, each reflecting the disruptive creativity of hip hop culture. From sleek high-shine finishes to bold cut-out frames and dual-toned temples, these pieces are crafted to make a statement. Built for durability and designed for individuality, the collection incorporates lightweight TR90 and stainless steel, ensuring unmatched comfort and long-lasting style. This collection is a testament to Lenskart’s commitment to providing eyewear that is not only fashionable but also functional.

Commenting on the launch Ramneek Khurana, Co-Founder, Lenskart shares, “At Lenskart, we believe in creating eyewear that not only enhances vision but also serves as a medium of self-expression. The Hip Hop Collection is a testament to our commitment to innovation and style. With DIVINE as the face of this collection, we are thrilled to bring a flavour of hip hop culture to our customers, empowering them to be bold and authentic in their choices.”

As one of the trailblazers of the Indian hip hop revolution, this collaboration marks a significant milestone in the Mumbai-based rapper’s journey. DIVINE states, “Hip hop is a way of life, a mindset, a form of expression. This collection captures the essence of a culture and movement I’m very passionate about, allowing individuals to make a statement and embrace their individuality. I’m excited to collaborate with Lenskart and can’t wait for everyone to experience the magic of this Hip Hop Collection.”

Since its founding in 2010, Lenskart has transformed the eyewear industry globally, offering more than just glasses—it has empowered millions to view fashion through a fresh lens. This latest collection aligns with Lenskart’s mission to bring cutting-edge designs to the forefront, combining high fashion with everyday functionality. From prescription glasses to trendsetting sunglasses, Lenskart continues to lead the revolution in affordable yet luxurious eyewear. Today, Lenskart serves millions of customers both online and in over 1,500 stores across India and beyond producing eyewear with purpose and innovation.

27th September 2024, New Delhi: The career-tech platform, Internshala has signed an MoU with the National Institute of Electronics & Information Technology (NIELIT), the autonomous scientific society of the Ministry of Electronics and Information Technology (MeitY), Government of India. As a part of this partnership, Internshala will help NIELIT trained students with internships and employment opportunities. The partnership aims to streamline campus recruitment processes across NIELIT centres while connecting students with diverse employers through Internshala’s online platform.

As part of the MoU, NIELIT students will gain access to the Internshala platform for internship and job placements. NIELIT will spread awareness about the platform across its centres and assign placement officers to manage student data and job activities on the portal. To improve placement outcomes, Internshala will also conduct an Employability Skill Test for NIELIT students, and create an Analytical Skill Report based on their performance. The question bank for the test will be prepared by Internshala and moderated by NIELIT.

Under this partnership, Internshala’s skilling programmes will be integrated with NIELIT’s courses, adhering to industry standards for accreditation. These courses will bear the credibility of both Internshala and NIELIT, providing students with industry-recognised certifications. Additionally, both Internshala and NIELIT will work together to enhance the career prospects of students by offering free access to the internship and jobs platform and organising joint employment initiatives like job fairs.

Sarvesh Agrawal, Founder and CEO of Internshala said, “We are excited to have partnered with NIELIT to help their trained students with internships and placements. Together with NIELIT, we aim to enhance employability and ensure that students are equipped with the skills and experiences that the modern job market demands. Together, we believe this initiative will play a significant role in shaping the future workforce of India and contribute to the nation’s digital transformation goals.

“Internshala is honoured to be the organisation having an official MoU in place with all 3 ministries working in the area of education and skilling – Ministry of Education (AICTE & Swayam Plus), Ministry of Skill Development (NSDC), and now Ministry of Electronics and IT (MeitY). We were also part of the pre-budget consultation meeting on employment and skilling chaired by the Hon’ble Finance Minister. There are a few more ministries whose work overlaps with ours and we aim to close a partnership with them too before we close this year“ he added.

On signing the MoU, Dr. Madan Mohan Tripathi, Director General, NIELIT congratulated Internshala and team for this collaboration through which students will be provided with valuable internship and job placements, equipping them with industry-relevant skills and facilitating effective campus recruitment processes. This collaboration would entail a comprehensive evaluation of integrated courses against industry standards, ensuring that they meet the required benchmarks for accreditation.

Smart locks are redefining home security by offering advanced technological features that blend convenience with protection. As India embraces smart home solutions, several brands are leading the charge with reliable, feature-packed smart locks designed for Indian homes. Unlike traditional locks, smart locks allow homeowners to control access remotely, monitor entry activity, and even grant temporary access to guests—all via a smartphone app. This real-time control minimizes the risk of unauthorized entry and offers peace of mind. If you’re looking to enhance your home security, these smart locks are a game-changer, providing both convenience and enhanced protection for your home.

1. Yale YDM 7116 Smart Digital Door Lock with Mortsie Lock for Main Door
The Yale YDM 7116 Smart Digital Door Lock is an advanced solution for securing your main door, combining modern technology with convenience and safety.  This smart lock features a sleek, minimalist design, making it a stylish addition to any home. Equipped with a Mortsie Lock mechanism, it ensures robust security against tampering. It offers multiple access options including PIN codes, RFID cards, and a mechanical key override, ensuring you are never locked out. The lock also supports smart connectivity, allowing you to control it remotely via a mobile app. Additionally, it comes with security features like automatic locking, alarm notifications for tampering, and low battery alerts. Ideal for homeowners seeking a high level of security and the convenience of keyless entry, the Yale YDM 7116 provides peace of mind and ease of use, making it a top choice for modern smart homes.

2. Godrej Smart Lock – Advatis Rimtronic Digital Lock – 360° Fingerprint Access
The Godrej Advatis Rimtronic Digital Lock is a cutting-edge smart lock designed to offer top-tier security with 360° fingerprint access. This advanced feature allows for precise and seamless fingerprint recognition from any angle, ensuring quick and secure entry for authorized users. In addition to fingerprint access, the lock also offers multiple access modes, including a numeric passcode and mechanical key, providing flexible and reliable entry options. Built with Godrej’s trusted legacy in security, the Advatis Rimtronic Smart Lock combines innovation with durability. It’s perfect for modern homes, offering both high-end protection and ease of use. The lock’s sleek design complements the aesthetics of any door, while its robust build ensures long-lasting performance.

3. Ozone Oracle Smart Lock with Rose Plate with 5-way access
The Ozone Oracle Smart Lock with Rose Plate is a premium smart lock designed to enhance home security with advanced features.  It provides unmatched convenience, allowing homeowners to unlock the door via fingerprint, passcode, RFID card, mechanical key, or smartphone app. This versatility ensures you always have a secure entry method, even in case of power outages or lost keys. Crafted with a sleek rose plate design, the Ozone Oracle Smart Lock adds a touch of elegance to your home’s aesthetics while maintaining robust security. Its fingerprint recognition technology is highly responsive, ensuring quick access while preventing unauthorized entry. The lock is also equipped with real-time access logs, allowing you to monitor who enters and exits your home via the app.

4. LAVNA LE50 Smart Electronic Metal Door Lock with Bluetooth Mobile App
The LAVNA LE50 Smart Electronic Metal Door Lock is a versatile and secure solution for modern homes, offering seamless access through its Bluetooth mobile app.  The Bluetooth-enabled app allows users to lock and unlock their door remotely, manage multiple users, and keep track of entry logs in real time. In addition to smartphone control, the LAVNA LE50 provides multiple access modes, including a numeric passcode, mechanical key, and RFID card. This flexibility ensures that you always have a reliable backup for entry, even in the event of a power outage or phone issues. Ideal for Indian homes, the LAVNA LE50 combines advanced technology with a user-friendly interface, making it easy to secure your home. Its sleek design and robust features make it a perfect blend of convenience, security, and style for those looking to upgrade their home protection system.

Conclusion:

In conclusion, smart locks are transforming home security by offering advanced, user-friendly features that provide both convenience and enhanced protection. With options like fingerprint recognition, numeric passcodes, RFID cards, and smartphone control, homeowners can easily manage access and monitor entry activity in real-time. These locks, designed specifically for the needs of Indian homes, combine cutting-edge technology with robust security measures to protect against unauthorized entry. Whether you opt for the premium Yale YDM 7116 or the budget-friendly LAVNA LE50, these smart locks offer versatile access methods and peace of mind. By upgrading to a smart lock, you ensure that your home remains secure while embracing the convenience of modern, connected living.

The Indian Institute of Management (IIM), Mumbai, hosted a thought-provoking speech on proactive problem-solving by Shri Ravi Sharma, a visionary leader and well-known philanthropist. During the event, Professor Manoj Kumar Tiwari, Director of IIM Mumbai, extended a warm welcome and honored Shri Ravi Sharma. Mr. Sharma delivered an inspiring address that covered key themes close to his heart. He emphasized the importance of taking the first step toward solving problems and encouraging proactive action in all aspects of life.

Professor Tiwari invited Shri Ravi Sharma in recognition of his numerous contributions and diverse experience as a corporate leader and philanthropist. He is an alumnus of several major telecom companies, including Alcatel Lucent, Videocon Telecom, and Adani Power. After transitioning from corporate roles, he now works full-time on societal causes. His efforts encompass education, sustainability, and spirituality. Through his flagship program, ‘Mission Chetna,’ he has positively impacted nearly 10 million citizens across 11 states in India. This initiative has also established a network of NGOs that serve as a sustainable catalyst for transformation within communities throughout the country.

In his speech, Shri Ravi Sharma emphasized the power of taking the first step to solve problems. “Too often, we are paralyzed by the fear of not having the perfect solution,” he said. “But change doesn’t wait for perfection; it waits for action. The first step is always the most important.” He encouraged students, faculty members, and professionals to adopt a proactive mindset in all aspects of their personal and professional lives. This message resonated with the ethos of IIM Mumbai, which aspires to cultivate leaders who are unafraid to confront unstructured global challenges.

A significant part of his speech focused on the transformative power of “Goodness.” Shri Ravi Sharma urged the audience to incorporate this virtue into their daily lives, emphasizing that spreading kindness and taking personal accountability are essential for fostering a more compassionate and inclusive society. “We need to take responsibility for our actions and our role in building a sustainable, spiritually rich world,” he observed. This philosophy aligns with his philanthropic endeavors, such as the Prama Jyoti Foundation, which aims to improve rural education by adopting and upgrading schools in India’s hinterland.

This event at IIM Mumbai served as an opportunity for the next generation of leaders to look beyond conventional solutions and work towards a proactive, compassionate world. It inspired a new wave of leaders who are willing to take responsibility and actively contribute to societal betterment, for, in Shri Ravi Sharma’s words, “actual change happens with small, independent individual actions.”

Sept 27^th, 2024 – CBRE South Asia Pvt. Ltd, India’s leading real estate consulting firm, today released its report titled, ‘Fortifying India’s I&L landscape with a new manufacturing growth formula’. The report reveals that the manufacturing sector’s growth has significantly contributed to warehousing demand.  The share of sectors catering to the manufacturing space, including engineering & manufacturing, electronics & electricals and auto & ancillary sectors, within the total warehousing demand across major cities, has increased substantially, growing from 15% in 2019 to 24% in 2023 and 25% in H1 2024. The total leasing for warehousing from these manufacturing-related sectors stood at 4.1 mn. sq. ft. in H1 2024.

As per the report, Pune has shown the highest increase in warehousing and industrial space take-up by manufacturing players, growing from 6% in 2019 to 13% in H1 2024. Delhi-NCR and Kolkata have also seen notable increases, reaching 18% and 12%, respectively, in H1 2024*. This surge is attributed to factors like adoption of the China + 1 strategy by global manufacturers and supportive policies such as the Production Linked Incentive (PLI) scheme, now covering 14 sectors.

 Sectoral distribution of warehouse leasing in manufacturing sector

India’s engineering and manufacturing sector has seen a significant surge in warehouse leasing. The report shows that the sector’s share of total warehouse leasing grew from 8% in 2023 to 11% in H1 2024. The top sub-sectors driving warehouse leasing from 2019 to H1 2024 include domestic appliances, auto components, and the automobile industry, reflecting robust demand across these key segments.

India’s economy continues to demonstrate resilience, exhibiting sustained growth underpinned by several positive indicators. With a surging GDP in 2023 and a projected growth rate of 6.5-7% over 2024-2026, India emerges as one of the frontrunners in the global economic race. This ambitious goal appears increasingly attainable due to a decade of successful policy reforms that have propelled economic growth. The manufacturing sector plays a key role, contributing 14% of GDP and employing over 27.3 million people. In June 2024, the Services PMI hit a 14-year high of 60.5, while manufacturing PMI stood at 58.3, reflecting expansion and the strongest growth in three-and-a-half years. The Index of Industrial Production (IIP) grew by 4.2% in June, pushing overall industrial growth to 5.8% in FY 2023-24.

India’s favorable business environment, boosted by streamlined regulations and a jump in global rankings, has attracted strong foreign direct investment (FDI). Private consumption also continues to drive growth, with its share of GDP rising from 56.5% in FY2012 to 60.3% in FY24.

Favorable Government policies enabling manufacturing growth

To reduce high logistics costs, the government is optimizing freight movement by shifting to more cost-effective and sustainable transport modes through initiatives:

• GatiShakti National Master Plan and logistics-specific reforms
• These efforts aim to improve supply chain efficiency, promote green practices, and enhance India’s manufacturing competitiveness globally

In addition, the Indian government is working to reduce production costs through a series of tax reforms, incentives, and infrastructure improvements. Corporate tax cuts, the Goods and Services Tax (GST), and R&D tax benefits are among the measures supporting growth. Key policies such as the Production Linked Incentive (PLI) Schemes, Make in India, and the National Logistics Policy further reinforce India’s competitive edge.

 Anshuman Magazine, Chairman & CEO, India, Southeast Asia, Middle East & Africa, CBRE, said,“Amidst evolving global geopolitical landscapes and economic challenges, India presents a compelling opportunity for growth. India’s manufacturing sector is on the cusp of a transformative journey, attracting significant interest on the global stage. This remarkable trajectory is driven by a combination of factors, including a stable investment environment, strategic government initiatives, and a thriving domestic market.

Continued economic development in both leading and emerging Asia Pacific markets will boost consumer demand for manufactured goods and further fuel the growth of the region’s manufacturing sector”.

Rami Kaushal, Managing Director, Consulting & Valuation Services, India, Middle East & Africa, CBRE, said, “India’s robust industrial infrastructure has been crucial in driving its manufacturing sector forward. It emphasises the nation’s appeal for ease of business, encourages collaboration, and enhances productivity. Furthermore, it has attracted foreign direct investments (FDIs), driven export growth, and created substantial employment opportunities, cumulatively contributing to the manufacturing sector’s expansion.

Additionally, the government is taking steps to attract private capital and implement administrative reforms to streamline the planning and execution of infrastructure investments, aiming to improve efficiency”.

 Ram Chandnani, Managing Director, Advisory & Transactions Services, CBRE India, said, “The government’s focus on “Make in India” and “Atmanirbhar Bharat” initiatives have set the stage for India’s manufacturing revolution. Strategic government initiatives, a thriving domestic market and a young and skilled workforce, are all coming together to make India a global manufacturing leader. India’s focus on trade agreements holds immense potential for its manufacturing sector and will act as a trade catalyst. This presents a golden opportunity for India’s manufacturers to diversify from the dominance of the services sector and capture a larger share of the global manufacturing pie”.

 Way Forward: India’s Push Towards Becoming a Manufacturing Giant

Advanced manufacturing leverages state-of-the-art technologies to streamline and optimise every aspect of the production process. By embracing these cutting-edge techniques, companies gain a significant competitive advantage, enhancing their productivity, efficiency, and adaptability.

September 27, 2024, PRINCETON, N.J. – CitiusTech, a leading provider of healthcare technology, services & solutions, announced that it is Novant Health’s preferred vendor for Enterprise Data & Decision Intelligence services. Novant Health is an integrated network of more than 850 locations, including 19 medical centers, more than 700 physician clinics and urgent care centers, outpatient facilities, and imaging and pharmacy services in North Carolina and South Carolina.

Novant Health aims to harness the power of enterprise data to drive improved patient outcomes and greater operational efficiency through the integration of cutting-edge technologies and methodologies. To that end, CitiusTech will provide Novant Health with a comprehensive suite of data, analytics, and digital services along with strong healthcare domain knowledge. These services include data platform development, engineering and supporting analytic products leveraged for clinical and operational decision-making. The key focus for Novant is building a suite of platforms and products and ensuring its successful implementation across the enterprise.

“We are committed to helping Novant Health achieve its goals by providing robust, scalable, and secure enterprise solutions that drive measurable results,” said Rajan Kohli, CEO, CitiusTech. “This collaboration is all about using enterprise information to push healthcare forward. By bringing together our strengths in advanced analytics, AI, and data integration with Novant Health’s innovative delivery model, we’re focused on creating solutions that improve patient care, boost efficiency, and drive real impact across the board. Together, we are redefining what quality healthcare can look like.”

As healthcare organizations continue to recognize the critical importance of taking a data-first approach in driving innovation and improving patient care, partnerships like the one between Novant Health and CitiusTech are likely to become increasingly important. This collaboration not only underscores CitiusTech’s position as a leader in healthcare technology but also highlights Novant Health’s commitment to adopting cutting-edge solutions to meet the evolving needs of its patients and communities.