On a standalone basis, Q4 FY26 revenue increased 8.5% QoQ to Rs 2,260 crore, while EBITDA rose 7.2% QoQ to Rs 610 crore, translating into an EBITDA margin of 27.0%. Profit before tax (before exceptional items) stood at Rs 486 crore, up 9.7% sequentially.

For FY26, standalone revenue was Rs 8,396 crore, with EBITDA of Rs 2,312 crore. Consolidated revenue for FY26 increased 11.2% YoY to Rs 16,812 crore, while consolidated EBITDA rose 5.9% YoY to Rs 2,921 crore. The company maintained a strong balance sheet with standalone net debt-to-equity at 0.18x. During FY26, Bharat Forge secured new orders worth Rs 4,814 crore, including defence orders worth Rs 2,816 crore. The company’s defence order book stood at Rs 10,961 crore at the end of FY26, reinforcing its strategic positioning in the sector.

Export performance improved significantly during Q4, aided by inventory restocking and recovery in North American truck production. Passenger vehicle exports also witnessed strong momentum across North and Central America. Aerospace execution improved during the quarter with the onboarding of new customers across engine, structural, and landing gear components.

Domestic commercial vehicle demand remained robust, supported by GST-led industry tailwinds, while passenger vehicle production maintained healthy momentum. The industrial business continued to benefit from strong demand across power, construction & mining, agriculture, and machine tools.

Commenting on the performance, Baba Kalyani, Chairman & Managing Director, Bharat Forge Limited, said: “Despite demand challenges and regulatory volatility, Bharat Forge delivered a resilient performance in FY26, supported by strong execution across businesses and improving export demand in the second half of the year. The company secured new orders worth Rs 4,814 Crore in FY26, including Rs 2,816 crore in Defence. The order book for Defence stood at Rs 10,961 crores as of FY26. The order wins across businesses reflect a resurgence in business momentum, including in aerospace, with the onboarding of new customers across Engine, Structural, and Landing Gear components.

On the Indian subsidiaries front, JS Autocast registered topline of Rs 757 Crore and EBITDA of Rs 106 Crore (14.3% EBITDA margin) in FY26. K-Drive mobility is making significant progress in its effort to reorient its product portfolio with new order wins beyond M&HCVs, including 4 EV platforms for LCVs. The Rs 450 Crores impairment during the quarter of our investments in KPTL (E-mobility division) is an acceptance of the need to take a fresh look at how we address the EV opportunity, as the EV adoption globally has changed significantly. The US & European operations reported modest operating profits despite weak demand. We have initiated the restructuring of the steel business of CDP Bharat Forge, and we expect this process to conclude by the end of CY27. The management is pursuing various alternative business opportunities in Europe to leverage its scaled-down manufacturing footprint.

Looking ahead into FY27, barring any geopolitical crisis and its impact on demand, we are optimistic of achieving 25% revenue growth with a commensurate increase in EBITDA & profitability for the Indian manufacturing operations driven by execution of orders across business and recovery in the export market.”

Bharat Forge continues to focus on diversified growth opportunities across automotive, defence, aerospace, renewable energy, oil & gas, marine, rail, and industrial sectors.

The post Bharat Forge Achieves Strong Sequential Recovery in Q4 FY26: A Positive Outlook for FY27 appeared first on NRI News.

NEW DELHI: According to PwC India’s report “Global Entertainment & Media Outlook 2024–28: India perspective,” the Indian E&M industry is projected to grow at a CAGR of 8.3% to hit INR 3,65,000 Crore (19.2 Bn USD) outpacing the global rate of 4.6%.

Despite economic challenges and geopolitical tensions, global E&M revenues grew 5.5% year-on-year, from INR 13,891,000 crore in 2022 to INR 17,359,000 crore in 2023. Currently, the US leads the global E&M market by revenue, with China in the 2^nd place and India at the 9^th.

Manpreet Singh Ahuja, Chief Digital Officer and TMT Leader at PwC India commented, “India’s Entertainment & Media sector is on the cusp of a major transformation. According to our Global Entertainment & Media Outlook 2024-2028, key growth drivers such as digital advertising, OTT platforms, online gaming, and Generative AI are shaping the future of the industry. These rapidly expanding segments are positioning India as a global leader in innovation and growth. Businesses that adapt and innovate in these areas are poised to seize unparalleled opportunities in this dynamic landscape.”

With India’s improved connectivity, rising advertising revenues, and favorable Government policies around foreign direct investment (FDI), the country is predicted to see one of the highest growth rates in the next five years. The country’s large millennial and Gen-Z population base of over 91 crore has access to the world’s cheapest data costs. At present, India has 80 crore broadband subscriptions, 55 crore smartphone users, and 78 crore internet users. Indians are spending 78% of their time on mobile phone apps related to E&M. Leveraging India’s strong growth trajectory in the E&M sector, the Government of India is set to host the inaugural WAVES summit, boosting its E&M sector globally through stakeholder collaboration and innovation.

With growing consumption and gross domestic product (GDP) growth in India, the advertising market is projected to grow at a 9.4% CAGR from INR 1,01,000 crore in 2023 to INR 1,58,000 crore in 2028, which is 1.4x the global average. Most of this growth will come from the digital front (internet advertising), which is expected to grow at a 15.6% CAGR, rising from INR 41,000 crore in 2023 to INR 85,000 crore in 2028. Internet advertising’s year-on-year growth, which was 26.0% in 2023, will remain in double digits throughout the forecast period (2024–28) and is expected to be 12.2% in 2028.

This shift towards cord-cutting is expected to accelerate. Traditional TV advertising will grow at a 4.2% CAGR between 2023 to 2028, while global revenues are set to drop by -1.6%. India is poised to become the fourth-largest TV advertising market by 2026.

As per the 2024 outlook, other subsectors will also witness growth that surpasses global averages:

• The total online gaming and esports revenue in India stood at INR 16,480 crore in 2023 and is expected to reach INR 39,583 crore by 2028, growing at a CAGR of 19.2%. With the inclusion of real money gaming (as per PwC’s India Gaming Report ‘24) the total gaming and esports revenue would amount to INR 33,000 crore (4BnUSD) in 2023 and is expected to reach INR 66,000 crore (8BnUSD) by 2028 at a CAGR of 14.5%. Globally, video games and esports revenue will increase at a CAGR of 8.0%.
• Over-the-top (OTT) will be the third-fastest growing segment with a CAGR of 14.9%, putting the country in the lead by 2028.
• Infrastructure enhancements have supported massive growth in India’s out-of-home (OOH) advertising market which grew by 12.9% in 2023. It is expected to continue to grow at a 7.6% CAGR.
• When it comes to print advertising revenues, despite a global decline at a CAGR of -2.6%, India’s market is expected to grow at a rate of 3%, making it the 3rd largest Print market in the world by 2028
• India’s cinema market continues to expand, growing at a 14.1% CAGR.
• The total music (live, recorded, and digital)  revenue grew from INR 2,416 crore (293 Mn USD) in 2019 to INR 6,686 crore (811 Mn USD) in 2023. It is expected to cross INR 10,899 crore (1.3 Bn USD) by 2028, growing at a CAGR of 10.3%.
• At a 5.6% CAGR, India will stand out as having the highest B2B revenue growth rate in the world over the next five years. In contrast, global B2B revenue growth is forecasted at a 1.9% CAGR.

The report highlights four key opportunities in the E&M sector. Internet advertising emerges as the fastest-growing market in Asia-Pacific and the second globally, with a projected 15.6% CAGR (2023–2028). Companies can prioritize regulatory compliance and leverage data analytics to enhance trust and implement targeted advertising strategies.

OTT platforms in India, the world’s fastest-growing, saw a 20.9% rise in 2023, reaching INR 17,496 crore (2.1 Bn USD), and are projected to double by 2028 (14.9% CAGR). Focusing on advertising-supported tiers, market consolidation, and regional narratives can boost engagement.

Online gaming and esports are rapidly expanding, projected to represent 9% of the E&M sector by 2028. Promoting responsible gaming and investing in high-quality AAA games will position Indian studios on the global stage. Lastly, generative AI (GenAI) is set to transform content creation, personalization, and monetization, with over 70% of global companies expected to adopt it by 2025. Early adoption of GenAI in India can drive hyper-personalised content and dynamic advertising campaigns.

The report also outlines strategic approaches for companies to enhance success. It recommends consolidation among regional or niche players through mergers and acquisitions to increase size and scale. It also highlights the use of social media for marketing and distribution, as media companies leverage these platforms for content promotion. The report suggests innovation in content strategy, including esports, online gaming, and Indigenous sports to meet changing consumer behaviors. It advises investment in cost optimization through analytics, audits, and automation to lower operational and production costs. Finally, it points to the use of GenAI for creating hyper-personalized content discovery and improving user experiences, especially for regional players aiming to match the technological capabilities of global peers.

The post Indian Entertainment and Media Industry Set to Reach INR 365,000 Crore by 2028 with 8.3% CAGR Growth appeared first on NRI News.

MUMBAI: Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS), a global leader in IT services, consulting, and business solutions, has announced its 2025 Cybersecurity Outlook, a list of technology trends and focus areas curated by TCS experts. Generative artificial intelligence (GenAI), cloud security, and supply chain resilience will be key for organizations to effectively navigate the threat landscape in the coming year.

As next-gen technologies continue to gain momentum across industries, they give rise to new and complex threats. Experts and leaders at TCS have identified seven focus areas that will influence cybersecurity and help organizations prioritize their security investments to prepare for increasing cyberattacks.

Ganesa Subramanian Vaikuntam, Global Head of Cybersecurity at TCS, said, “With geopolitical shifts and evolving technology, global cybersecurity is undergoing a major transformation. GenAI is enhancing operational efficiencies, but organizations must equip themselves to counteract cyber threats. Organizations must harness these advancements and implement GenAI-powered threat detection and response systems to stay ahead of the curve. In this era of evolving technologies, a robust and proactive cyber resilience strategy is not just an option, but a necessity for enterprises to effectively navigate and mitigate unforeseen cyber incidents.”

In the face of emerging cyber threats, enterprises are looking for ways to leverage GenAI to secure their businesses, according to TCS’ 2025 Cybersecurity Outlook. The cybersecurity trends to look out for in 2025 are:

1.       Influence of GenAI in cybersecurity on the rise

GenAI is transforming organizational operations but is also being exploited by cybercriminals for advanced attacks like deepfakes, phishing, data manipulation, and new malware. In response, organizations must fight fire with fire by deploying GenAI-powered threat detection and response systems.

2.       Cloud security remains crucial

As cloud computing adoption continues to accelerate, organizations need to implement strong security protocols like encryption, access controls, and continuous monitoring. Maintaining proper cloud configurations is crucial to prevent unauthorized access and breaches, and those moving to multi-cloud or hybrid environments will need to adapt their security measures accordingly.

3.       Elastic supply chains will be relevant for operational integrity

In 2025, organizations will need flexible, resilient supply chains due to changing geopolitics and partner ecosystems. Leaders must develop proactive strategies to adjust their supply networks while protecting sensitive data and maintaining regulatory compliance. Enhancing supply chain resilience will be increasingly vital for preserving operational integrity in the face of uncertainty.

4.       Emerging business models will underscore the need to be secure by design

At a time when digital technologies, IoT capabilities, and advanced connectivity are driving new business models in EV charging, DERMS, autonomous vehicles, and other connected factories, organizations must secure their value chains to ensure these businesses are safe by design. By 2025, the growth of IoT devices will require stronger device hardening, secure communication channels, and ongoing vulnerability assessments to maintain momentum in business growth.

5.       Cybersecurity Mesh Architecture will pave the way for zero-trust security

Organizations are moving from traditional security models to zero-trust architecture, which requires continuous authentication and limited access to minimize threats. By 2026, most large enterprises will adopt zero-trust methods, consolidating security tools to be more efficient. To adapt, organizations must use integrated platforms for orchestrating and automating cybersecurity while working towards Cybersecurity Mesh Architecture (CSMA) for dynamic, collaborative, and secure environments.

6.       CSOs will adopt an ‘automation-first’ approach to Managed Detection and Response

Modern Managed Detection and Response (MDR) combines Security Information and Event Management (SIEM), Security Operation Centers (SOCs), Security Orchestration, Automation and Response (SOAR), Extended Detection and Response (XDR), threat hunting, threat intelligence, and various attack simulations. These components must integrate seamlessly under an “automation-first” approach for strong cyber defense against new technologies like Gen AI, quantum computing, and 5G expansion. By 2025, organizations are likely to seek more industry-specific and integrated cyber-physical security solutions.

7.       Back to basics: Cyber resilience will be essential for business security

Now more than ever, a robust cyber resilience strategy is crucial for organizations to handle unexpected cyber incidents and will require taking a fresh look at the basics: regular backups, detailed incident response plans, and business continuity measures. Something as simple as regular drills can enhance organizational preparedness and response capabilities. Promoting a culture of resilience will help minimize downtime and disruptions from cyberattacks.

A leader in cybersecurity globally, TCS’ offerings range from consulting, and implementation, to managed security services across – detection and response, identity and access management, attack surface management, governance, risk and compliance, data privacy and protection, digital forensics and incident response, cloud security, and cyber-physical security. These offerings are tailored to address industry-specific challenges. With over 16,000 cybersecurity professionals on its roster, TCS helps over 600 enterprises across the globe protect their entire digital estate and improve their security posture. TCS’s network of 15+ cybersecurity delivery centers worldwide enables secure businesses across geographies. To learn more visit https://www.tcs.com/what-we-do/services/cybersecurity

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Divyesh Dalal, Managing Director & Head – Global Transaction Services, SME & Institutional Liability Business, DBS Bank India.

“The measures announced in the Union Budget underscore the government’s commitment to empowering MSMEs, the backbone of our economy. The introduction of the credit guarantee scheme is an encouraging step towards making capital more accessible. Additionally, the provision of collateral-free term loans for purchasing machinery and equipment will tangibly enhance the operational capabilities of MSMEs by enabling technology upgrades.

Further, lowering the turnover thresholds mandatory for onboarding on the TReDS platform will allow more MSMEs to access the benefits of this system. The establishment of e-commerce export hubs is poised to further equip enterprises with the tools and support needed to expand into international markets. By making their products more accessible globally through e-commerce platforms, Indian businesses can tap into new opportunities with offshore customers across markets. DBS Bank India is well-positioned to support MSMEs given the focus on supporting the sector.“

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The International SOS Risk Outlook 2024 report also outlines the diverse consequences for the workforce, including increased health risks such as heat-related illnesses and associated decreased productivity. Extreme weather events also have the potential to lead to disruptions in global supply chains. Beyond the physical implications, mental health and absenteeism are also key factors, as climate anxiety grips people across the world.

Looking ahead; what will the impact be in 2024:

• 48% of respondents reported that climate change anxiety is an issue that they have encountered among their workforces.
• 42% of respondents think that their organization is not necessarily fully prepared to respond to / mitigate disruptions caused by climate activism.
• 41% of respondents think that their organization is not necessarily fully prepared to respond to / mitigate environmental threats.
• 26% of respondents have already reported operational disruption attributed to climate change.

Commenting on the medical outlook, Dr Vikram Vora, Medical Director – Indian Subcontinent cautions, “We are witnessing an increased severity of extreme weather events like storms, wildfires, and cloudbursts in the past years. Worsening air quality and the emergence of new diseases are concerning trends. The progressive worsening of heat waves has raised an alarm that we may approach the human limits of survivability by mid-century. While the physical impact of climate change on vulnerable populations is obvious, the not-so-visible damage that any climate event can cause to mental health is far more serious and will affect more people across all age groups. While organisations have been trying to reduce the impact of their actions on the environment, it has now become crucial for them to protect their people from the health and wellbeing consequences of climate change.

At International SOS, we saw a significant increase in the number of climate-related alerts we issued last year. Throughout January – November 2023, we saw a fourfold increase in climate related alerts issued to our clients, with 80% more medical climate-related alerts compared to the previous year. This surge underscores the critical need for organisations to understand the complex interplay between climate change and health risks.”

Udit Mehta, Executive Vice President and Director of Operations for International SOS thinks that organisations should take heed from the losses that can be incurred by extreme weather events, investing in climate preparedness can help ensure a business weathers a storm. “Climate change is of course a key environmental concern, but importantly, also a critical factor intensifying risks for individuals and companies. Although until recently, climate change has rarely been seen as the singular driver of conflict or security issues, the impacts of climate change considerably exacerbate existing tensions, vulnerabilities and operational challenges. The cascading impacts of climate change can be the spark that ignites civil unrest, violence and security issues at high level, as well as amplifies existing political and socio-economic insecurities.

It is more important than ever for organisations monitor these events, prioritise climate resilience and incorporate proactive measures into their operational frameworks. This year, the International SOS Risk Map 2024 includes a layer which outlines climate change risks, an important tool for strategic planning. This provides quantified estimates of the impacts of climate change on the future risk of humanitarian crises and disasters. This risk index is intended to inform policy choices across climate mitigation and adaptation, disaster risk reduction, sustainable development and humanitarian assistance for greater resilience to the adverse impacts of climate change.”

Top Five Practical Measures for Organisations to Mitigate Climate Change Risks and Safeguard their Workforce in 2024:

1.    Develop a comprehensive climate risk management plan: strategically map climate change impacts on operations to inform mitigation strategies and investments effectively.

2.    Engage employees across the organisation: foster collaboration among HR, risk managers, and the C-suite to harness diverse expertise in combating climate-related risks.

3.    Enhance security protocols and prioritize medical preparedness: establish a system to identify, assess, and control health and security risks related to climate change. Understand the capacity of local healthcare facilities and ensure access to medical care during disruptions.

4.    Provide workforce with adequate emotional support solutions: implement programmes to address the mental health impacts of climate change on employees, such as anxiety, stress and post-traumatic stress disorder (PTSD).

5.    Leverage external expertise and data: harness the insights and support of third-party experts to conduct a climate vulnerability risk assessment and learn best practice to navigate the complexities of climate risk management effectively.

As businesses navigate the evolving landscape shaped by climate change, International SOS remains committed to providing essential guidance and support to ensure the safety and well being of employees worldwide.

The post Climate Change Risks Exposed: International SOS Data Highlights Urgent Need For Preparedness: Sharing Key Advice for Businesses appeared first on NRI News.

“The interim budget has laid out an affirmative action of fiscal glide path towards 4.5% in FY26. The heartening news is that the anticipated tax buoyancy in FY24 excluding the outlier pandemic year is the highest in 7 years. This apart, the budget has laid out reinforced architecture of Big possibilities, creating an all-encompassing action-oriented roadmap to embark upon an arduous yet rewarding journey for every Indian, chiefly the fringe and hitherto vulnerable masses, entrepreneurs, agripreneurs and women, making them an equity holder in Viksit Bharat.”

Gopichand P. Hinduja, Chairman, The Hinduja Group 

“A Runway for the Vikasit Bharat Flight to Take off Interim Budget is both a time for reflection and visioning for the future while managing adroitly the present. Compliments to FM Nirmala Sitharaman for effectively achieving this. She articulated the achievements of the past decade and spelled out the broad roadmap to 2047 while maintaining the path of fiscal rectitude with fiscal deficit targeted at 5.1% in FY 25 and down to 4.5% in FY 26.

The interim budget commendably shunned any populist measures so often resorted to by the governments. But Bharat could certainly do more on its infrastructure CAPEX budgeting which increased nominally by 11%. Some bold measures are needed to increase the annual FDI level of 60bn $ further. The banking and power sector reforms coupled with further impetus on digital infrastructure are imperatives to Vikasit Bharat with improved sovereign rating. Overall, stability and continuity with judicious acceleration are the wheels deployed through this interim budget for taking off this flight. Now, it’s over to July 2024.”

Vinod Aggarwal, President, SIAM and MD & CEO, VECV

“The announcement on strengthening the Electric Vehicle ecosystem by supporting manufacturing and charging infrastructure will boost the development and adoption of EVs in the country. He further stated the encouragement of the Payment Security Mechanism for the adoption of e-buses for public transport networks is also a welcome step.”

T S Kalyanaraman, Managing Director – Kalyan Jewellers

“We welcome the interim budget announced by FM Nirmala Sitharaman and commend the Government of India’s consistent efforts in ensuring inclusive growth as well as recognizing the pivotal role of women in economic transformation, through a diverse array of initiatives.

The country’s phenomenal growth trajectory and economic prowess in the past decade, have been nothing short of extraordinary, particularly the surge in FDI, which witnessed a two-fold increase over the past two decades. As we celebrate the golden era, we would like to applaud PM Modi’s commitment and vision for fostering a thriving economic landscape. The ‘First Develop India’ (FDI) initiative, geared towards encouraging foreign partnerships, exemplifies a collaborative spirit towards economic progress.

Furthermore, we believe the PM Vishwakarma Yojana is playing a critical role in empowering India’s artisan community. With benefits extending across 18 trades, it symbolizes the Government of India’s holistic approach towards preserving traditional craftsmanship and contributing significantly to the nation’s economic fabric.”

Sadaf Sayeed, CEO, Muthoot Microfin

“We commend the government’s recent initiatives, especially the momentum for Nari Shakti and the focus on rural development. As a microfinance institution, we resonate with their commitment to women’s upliftment, evident from the introduction of the Mudra Yojana loans announcement.

Through the implementation of comprehensive programs, the government is creating opportunities for underserved communities. These initiatives additionally empower key constituencies, including farmers, small business owners, and women entrepreneurs, who are significant contributors to the development of India.

At Muthoot Microfin, we look forward to aligning towards enabling these transformative endeavors for a self-reliant and prosperous India.”

Pradeep Lala, MD & CEO – Embassy Services Pvt. Ltd

“In a bold stride towards sustainability, our focus lies in bio-energy, amplifying ethanol production and championing green-energy access through hybrid policies. A significant breakthrough is imminent with a major announcement on distributed solar, bolstered by a welcomed relaxation in BCD for solar panel module manufacturing. A strategic push towards enhancing energy storage systems is underscored, backed by subsidies or GST relaxation to spur growth. The transformative investment in smart grids aligns with our commitment to a future-ready energy landscape. Noteworthy is our keen attention to the promising realm of green hydrogen, particularly in transportation and later in steel industries, marking a pivotal step towards cleaner industrial processes. The emphasis on ISTS for renewable energy solidifies our dedication to a comprehensive and sustainable energy ecosystem, setting the stage for a greener and more resilient future.”

Aditya Virwani, COO, Embassy Group

“The government’s announcement of a scheme to facilitate homeownership for deserving sections of the middle class is a commendable step in line with the Housing for All initiative. This not only addresses a crucial need for our young population but also propels the housing sector into a new era of growth, fosters inclusivity, and ensures that homeownership becomes a reality for a larger section of our society.

As we anticipate the final budget under the new government, we hope for continued support, including reduced home loan rates, favorable tax policies, and incentives for sustainability. These measures will be crucial in fostering an environment conducive to the growth of the real estate sector and contributing to the larger vision of India becoming a USD 7 trillion economy.”

Md. Sajid Khan, Director-India, ACCA (Association of Chartered Certified Accountants)

“The Interim Union Budget paints a promising picture of India’s transformation. The focus on skilling India’s youth through initiatives like NEP and Skill India Mission, and the emphasis on both traditional and non-traditional skilling avenues is a laudable step towards India’s aspirations of becoming a ‘Viksit Bharat’ by 2047. Public-private partnerships and leveraging industry expertise will be crucial in bridging the skill gap and empowering the ‘Amrit Peedhi’ for a developed India by 2047. Unleashing GIFT IFSC’s potential as a global financial hub requires fostering a future-ready accounting workforce through industry-aligned training programs and internships. A robust pipeline of skilled accountants adept in FinTech, international finance, and global regulations is key to propel India’s economic growth and achieve ‘Viksit Bharat’.”

Neel Chheda, Senior Executive Vice President & Head – Auto & Actuarial Analytics, TATA AIG General Insurance Company Limited

“The interim budget of 2024-25 unveils a visionary initiative to enhance EV ecosystem. By bolstering manufacturing capabilities and charging infrastructure, it aims to drive the adoption of clean and efficient transportation. We can aspire to create an ecosystem that not only benefits the environment but also propels our nation to the forefront of global leadership in sustainable energy. We expect more collaborations with the EV industry enabling solutions that cater to the evolving needs of the e-mobility landscape. We look forward to remaining committed to supporting and contributing to the growth and success of the government’s vision for a greener future.”

Mukundan, MD & CEO, Tata Chemicals Limited

“The Interim Budget has presented a clear vision for Viksit Bharat by 2047 using demography, democracy, and diversity as enablers. It reinforces India’s commitment towards people-centric, inclusive, and sustainable development, with every Indian becoming an active player in national growth.

The announcement of the bio-manufacturing and bio-foundry scheme gives a fillip to India’s larger green growth mission. Along with climate-resilient activities for restoration and adaptation measures, these initiatives will go a long way in supporting our net-zero 2070 goals. Guided by the principle ‘Reform, Perform, and Transform’, the government has taken up next-generation reforms such as strengthening the e-vehicle ecosystem, underscoring India’s ambition to be a manufacturing hub.

The Interim Budget focuses on economic policies that boost the profound transformation of the economy over the past decade. This comprehensive approach strengthens our belief in the nation’s economic trajectory and towards a future.”

Sumeet Mehta, Co-founder & CEO of LEAD Group

“The vision to make India a Viksit Bharat by 2047 is commendable and the emphasis on transformational reforms through NEP 2020 is a positive step in this direction.  The progress made on the Skill India Mission is also highly encouraging.

However, the role of technology and innovation in education remains understated.  We must prioritize tech-enabled curriculum and infrastructure improvement in schools.  Well-designed public-private partnerships (PPPs) will help drive innovation at scale; and ensure high-quality education reaches every corner of Viksit Bharat. Policy support in terms of GST rebates on educational materials and hardware, as well as an emphasis on affordable, multimodal education, can further enhance accessibility and quality.  Going forward, I hope to see a continued commitment to holistic educational reforms that address the diverse needs of India’s schools.”

Varun Babbar, MD India and SAARC for Qlik

“The 2024 budget announcement signals a strategic focus on propelling the economy toward sustained growth. The government’s dedication to fostering growth, enhancing productivity, and creating employment opportunities aligns seamlessly with Qlik’s commitment to empowering businesses with transformative data solutions, including cutting-edge AI and ML applications.

The emphasis on transformative reforms via NEP 2020 and the Skill India Mission, particularly in crucial tech and AI segments, highlights the immediate need for upskilling and reskilling – essential pillars where Qlik’s innovative data analytics, data literacy, augmented by AI and ML, play a pivotal role. The allocation of Rs. 1 lakh crore for Research and Innovation, coupled with interest-free loans, underscores the crucial role of the private sector.

Furthermore, the forward-looking initiatives supporting shore-wind energy demonstrate a commitment to technological advancement and resonate with Qlik’s vision for sustainability and impactful innovation.”

Rohit Gupta, CEO, Mantra Properties

“We applaud the visionary approach of the government reflected in the Union Budget 2024-25 announcement. The emphasis on Awas Yojana Gramin, particularly the commitment to achieving 3 crore houses and empowering women with significant ownership in rural areas, aligns seamlessly with our industry’s mission for inclusive and sustainable development.

The introduction of a scheme supporting middle-class home ownership and the substantial allocation of Rs 11.11 lakh crores for infrastructure in FY25 underscore the government’s understanding of the important role played by the real estate sector in our nation’s growth. This collaborative and forward-thinking budget sets a positive tone for our industry, adopting an environment of optimism, innovation, and shared prosperity. We look forward to contributing actively to the nation’s progress and development under the supportive policies laid out by the government.”

Niranjan Kirloskar, Managing Director, Fleetguard Filters Private Limited, 

“The Finance Minister proposed a well-crafted budget that balances growth and social development. The focus on infrastructure development, with the Interim Budget 2024 proposing to raise capital expenditure—for the fourth consecutive year—by 11.1% to ₹11.11 lakh crore, which is 3.4% of the GDP, presents a significant opportunity for the auto and construction industry. The impetus on Research and Innovation for catalyzing growth, employment, and development is a welcome move for a Viksit Bharat. With reforms supporting the adoption of sustainable mobility and skill development, India is poised to become a global leader in automotive technology.”

Abrarali Dalal, Director & CEO, Sahyadri Hospitals Pvt Ltd

“This year’s Union Budget is a testament to the government’s dedication to improving public health in the country. The focus on establishing more medical colleges will help in utilizing existing hospital infrastructure and creating quality professionals in healthcare. To enable wider access to preventive care and health coverage, there is an increased focus on vaccination for cervical cancer and extending health coverage under the Ayushman Bharat scheme to ASHA and Anganwadi workers.

The consolidation of maternal and child healthcare schemes into a comprehensive program, alongside the expedited upgradation of Anganwadi centers and the rollout of the U-Win platform, reflects a holistic approach towards ensuring the well-being of women and children. These measures, coupled with the intensified efforts of Mission Indradhanush, signify a progressive leap towards a healthier and more resilient India. Mission Indradhanush is a critical health mission of the Government of India, aimed at achieving more than 90% full immunization coverage for children.

The mission’s goal complements the comprehensive healthcare approach outlined in Budget 2024, reflecting the government’s commitment to ensuring the well-being of all citizens through proactive healthcare measures.

The absence of specific allocations for AI in healthcare in this year’s budget, despite the previous focus on setting up a Center of Excellence in AI for health, overlooks the potential of AI in diagnostics and medical advancements.”

 Jaepy Kurian, Senior Vice President & Delivery Head – India, Orion Innovation –

“We appreciate the government’s vision of making India a developed nation by 2047 and its efforts to provide inclusive development and growth across various sectors and regions.”

“We support the government’s initiatives and schemes that aim to boost the digital economy, such as the PM SVANidhi scheme for street vendors, the PM Kisan Yojna for farmers, Mudra Yojana for women entrepreneurs, PM Mudra Yojana for entrepreneurs, the Digital India program, the National Digital Health Mission, and the National Education Policy. We believe that these initiatives will empower millions of Indians with access to digital services, opportunities, and benefits.”

“We also suggest some areas where the government can further invest and collaborate with the private sector to accelerate the digital transformation of India, such as enhancing the digital infrastructure, promoting digital literacy and skills, fostering innovation and entrepreneurship, and ensuring data security and privacy. We are confident that with the government’s support and guidance, India can emerge as a global leader in the digital era.”

Mahesh Viswanathan, CFO, of Finolex Cables

“The Union Budget 2024 strategically addresses key aspects with its focus on rooftop solarization through the Muft Bijli initiative. This move not only aligns with the global trend towards sustainable energy but also marks a significant stride in empowering one crore households with up to 300 units of complimentary electricity monthly. As a prominent player in the electrical cables industry, Finolex Cables is enthusiastic about contributing to this transformative initiative by delivering top-notch products that bolster and elevate solar infrastructure. The government’s commitment to fostering inclusive and sustainable development, encapsulated in the ‘Reform, Perform, and Transform’ mantra, deeply resonates with our business principles. We eagerly anticipate engaging with the government and collaborating with stakeholders to build consensus, steering the nation toward the implementation of next-generation reforms that foster robust growth.

The focus on MSMEs aligns seamlessly with Finolex Cables’ pivotal role in supporting infrastructure development. Furthermore, the budget’s acknowledgment of the housing sector, exemplified by initiatives such as the Pradhan Mantri Awas Yojana and the Housing for Middle-Class scheme, sets the stage for Finolex Cables to make substantial contributions to the nation’s infrastructure landscape. In essence, the budget appears poised to cultivate an environment conducive to Finolex Cables’ success, positioning us to play a crucial role in driving the country’s economic growth.”

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INDIA: KPMG has launched its 24th Annual Global Automotive Executive Survey report titled – ‘Getting real about the EV transition’. The report examines in detail how executive sentiment is changing and the concerns and challenges that make global automotive leaders more cautious.

KPMG’s 24^th Annual Global Automotive Executive Survey

Now in its 24^th edition, the survey of 1,041 senior executives in thirty countries and territories reveals a dip in optimism as the sector deals with concerns over the global economy and rising costs. However, auto executives hold a more realistic view of the EV transition.

EV penetration outlook is maturing – with less variation in estimates of market share for 2030

Executive expectations about the shift to electric powertrains continue to mature. In the past, when KPMG asked executives across the industry about how they expected EV penetration to trend in their markets, the responses varied widely. Now the range of estimates has narrowed, a sign of greater realism. Even so, the mean estimates for penetration rose in this year’s survey. In India, respondents feel that 20% of new vehicle sales will be battery-powered (excluding hybrids) by 2030.

Customer experience is a key differentiator

While performance remains the most important selling point, a seamless and hassle-free customer experience has moved up to second place. The emphasis on a smooth customer experience extends from buying the car to having seamless operating software in it, but the latter is a challenge for manufacturers. The car’s hardware is usually reliable, the software less so.

The software-defined vehicle provides an opportunity to supply all sorts of driver applications. However, consumers are not likely to sign up for software subscriptions if the products aren’t compelling. In this year’s survey, OEM executives in particular are less confident than in previous years that they can generate subscription revenue. How good is cybersecurity? Widely publicized breaches have raised concerns about automotive cybersecurity. In our survey, executives are still confident that automakers provide adequate cybersecurity and customer data protection, but they may be over-confident.

Gary Silberg, Global Head of Automotive at KPMG International, said: “A year ago, we said that automotive executives sensed the future was theirs to seize. In the latest survey, more than 1,000 executives in 30 countries again said they see enormous opportunities. But they are becoming more sober in their assessment of market prospects. Having committed more than half a trillion dollars to the EV transition, the industry is asking when companies will see a return on the investment. Right now, almost all automakers are losing money on their battery-electric vehicles, possibly presaging a shakeout among EV manufacturers and suppliers.

Our 24th annual survey examines in detail how executive sentiment is changing and the concerns and challenges that make global automotive leaders more cautious. The upshot: to help ensure companies end up as winners, not losers, executives should rethink their strategies and ask themselves some difficult questions about potential shifting consumer habits, especially driven by a cost-of-living crisis, the possibility of fewer government subsidies, and how the industry can potentially vertically integrate, creating more efficient operating systems. 

Finding the right answers to these and other strategic questions will help determine how companies succeed in the coming years. We believe that a dazzling future for the automotive business—with amazing products, more delighted consumers, and a positive impact on the planet—is still in view. But getting there will require overcoming near-term challenges.”

Vinodkumar Ramachandran, Partner, Head of Business Consulting, KPMG in India says, “Consumers are increasingly savvy and demanding about the technology in cars. Manufacturers should stay ahead of their competitors in offering the latest equipment in vehicles, advanced connectivity features, and enhanced safety technologies.”

Just in case is overtaking just in time

After the disruptions of the past few years, the new norm in supply chain management is becoming “just in case,” rather than “just in time.” Companies are pursuing a wide range of strategies to build resilience and things are far better than two years ago. Still, there is a high level of concern about the continuity of supply for many commodities and components over the next five years.

The technology challenges grow more complex

In the latest survey, automakers indicated that they feel less prepared than in the previous year for advanced technologies, such as artificial intelligence, digital twins, and advanced robotics. Only 12 percent of auto executives said they felt extremely well prepared, down from 22 percent the year before. The change is likely associated with the rapid advances in artificial intelligence, particularly generative AI, which is expected to bring automation to white-collar jobs. Automakers are going to have to train more workers to take advantage of AI in all its forms and must compete with other industries to hire people with the requisite skills. When it comes to powertrain technology, this year more companies seem to be hedging their bets. Hybrid technologies have jumped from fourth to second place overall in technology.

Faced with so many challenges and opportunities, executives should recalibrate strategies—and act. KPMG’s Global Automotive Executive Survey team has outlined four key priorities for top leaders to better position them in the altered automotive business:

1. Manufacturers should hedge their bets about the trajectory of both the internal combustion engine and all the alternatives. However, if they spread themselves too thin, they risk losing to competitors that more successfully predict the future and focus more narrowly. The answer, then, is to entertain heretical theories, employ a diverse array of talent with different perspectives, and make your best bets.
2. Generative AI has captured the imagination of business leaders across industries and is vastly expanding access to AI. We believe AI technology will likely touch virtually every aspect of the automotive business, from the way autos are designed and manufactured to how they are sold and driven. The critical question for auto executives, then: Is your AI strategy sufficiently comprehensive and forward-looking?
3. Car manufacturers have tended to go it alone when it comes to developing automotive technologies, often with unspectacular results. Given the array of business opportunities and the limited pool of skills, auto companies have little choice but to look outside for the ideas and know-how they need to supercharge their R&D operation.

To read KPMG’s Global Automotive Executive Survey in full, go to:  www.kpmg.com/automotive

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The report also provides a detailed view of some of the major risks that organizations must address in 2024, including the climate crisis, the power of AI, the evolution of employees’ expectations, and worldwide unrest. The second-highest security concern identified by respondents in this year’s survey revolves around geopolitical tensions, with civil and social unrest, coupled with political instability, ranking as the next largest worries for organizations.

AI has inspiring potential to create a new industrial revolution. However, for now, it further complicates the vital task of sorting reliable information from misinformation and deliberate disinformation for businesses. More than two out of five respondents to the Risk Outlook research said they were worried about the effect of medical misinformation and disinformation on their workforces. This rises to three in five when asked about inaccurate political information.

Three-quarters of surveyed organizations report increased employee expectations for Duty of Care. A similar number are now also shouldering duties previously seen as government responsibilities, including two-thirds who acknowledge extending responsibilities to support workers’ families in times of need. This underlines how the era of offering only basic occupational health services for work-related conditions is over. While still essential, occupational health provisions must be enhanced with diverse support and interventions to safeguard and nurture employees globally.

Udit Mehta, Executive Vice President and Director of Operations for International SOS, comments “2024 will likely be a year that redefines a crises conundrum, with multiple risks driven by instability causing a considerable impact and consistent insecurity that organizations need to address. This coupled with the crisis management functions being continually challenged for a fourth year running since the outbreak of the COVID-19 pandemic implies organizations would need to re-assess not just the resourcing of this critical function but also its placement in management structures.”

It is now imperative that all current and future organizational climate action planning includes employee health and well-being as a key driver of sustainable business operations. The International SOS Group of Companies is in the business of saving lives, and protecting your global workforce from health and security threats. Wherever you are, they deliver customized health, security risk management, and well-being. solutions to fuel your growth and productivity.

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According to the report, the yield on the new 10-year benchmark government security (G-sec;7.18% GS 2033) opened October at 7.23% and closed at 7.35%, up 14 bps from its September closing of 7.21% and outside CRISIL’s forecast range of 7.23-7.33%. In the first week, bonds traded largely with a negative bias due to a surge in US Treasury (UST) yields and crude oil prices. In addition, the Reserve Bank of India (RBI) hinted at open market operations (OMO) sales in the future to manage liquidity in the market. This led the yield on the 10-year benchmark G-sec to harden by 14-15 bps. The domestic 10-year benchmark yield closed the week at 7.34%.

The second week started on a negative note, tracking a surge in crude oil prices amid geopolitical tensions in the Middle East and due to likely OMO sales. India’s retail inflation printed at a three-month low of 5.02% in September on the back of softer vegetable prices. However, as the week progressed, the bond market witnessed a softening in yields due to a decline in UST yields. The 10-year benchmark yield slipped and closed the week at 7.32%.

The report also includes information on CRISIL’s data and analytics platforms, including Alphatrax and Quantix, which enable clients to assess industry and company-level risks based on CRISIL’s proprietary models. CRISIL ESG Scores help benchmark companies based on their inherent ESG risk using public domain information and a proprietary framework. The company reports, which combine select financial and non-financial data, analytics from CRISIL’s proprietary risk models, and commentary on a company’s financial performance, are used by commercial banks, financial institutions, and non-banking finance companies as part of their credit/risk management process. CRISIL’s SME Gradings, used by lenders, assess the creditworthiness of SME enterprises relative to their peers leveraging CRISIL’s proprietary grading model.

Insights from CRISIL Market Intelligence and Analytics November 15, 2023.

The report also includes a privacy statement and analyst disclosure, as well as company disclosure information. CRISIL Research does not provide investment banking or merchant banking or brokerage or market-making services. The company encourages independence in research report preparation and strives to minimize conflict in the preparation of research reports through a strong governance architecture comprising of policies, procedures, and disclosures. CRISIL Research prohibits its analysts, persons reporting to analysts, and their relatives from having any financial interest in the securities or derivatives of companies that the analysts cover. CRISIL Research or its associates collectively may own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of the research report. CRISIL Research or its associates may have a financial interest in the form of holdings in the subject company mentioned in this report.

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