US National Security Advisor Jake Sullivan received his Indian counterpart Ajit Doval at the White House to formally establish a high-level collaboration in the field of defense, but also emerging technologies. [U.S. and India launch high-level defense and tech initiative - washingtonpost.com]. In January 2023, India’s manufacturing sector saw strong growth, as the sector’s seasonally adjusted performance managers’ index (PMI) was 55.4, marking a nineteenth successive monthly improvement in operating conditions, as per a report by S&P Global. [India witnesses robust growth in manufacturing sector in Jan ...- KNN India]
The US official called the agreement "a strategic bet" between democratic partners. The two bureaucrats carried out the agreement reached in May 2022 by their respective presidents Joe Biden and Narendra Modi for the joint production of military equipment, including jet engines, long-range artillery and armored vehicles for motorized infantry.
The news is particularly relevant as it signals India's attempt to ease its decades-long dependence on military supplies from the Russian Federation.
In addition, the economic and military assertiveness of the People's Republic of China serves as a stimulus for greater collaboration between Washington and Delhi. Recent violent clashes in the Himalayas with stones and sticks have intensified tensions between the two demographic giants; frictions that America has managed to slip into to bring the subcontinent to its side in China's containment efforts. Interviewed by reporters, Sullivan was quite clear: "The background of geopolitical competition with China has been a feature of U.S.-India relations for more than a decade now. It is basically a bet on high technology and industrial innovation. This is at the heart of President Biden's entire approach. So the China-Russia factors are real, but so is the idea of building a deep democratic ecosystem with high technology.
The Sino-American initiative consists primarily of semiconductor collaboration, 5G and 6G wireless infrastructure, and commercial spaceflight, including lunar exploration.
In January 2023, India’s manufacturing sector saw strong growth, as the sector’s seasonally adjusted performance managers’ index (PMI) was 55.4, marking a nineteenth successive monthly improvement in operating conditions, as per a report by S&P Global. Although the manufacturing PMI fell from December's recent high of 57.8, the headline figure remained above its long-run average.
Indian manufacturers welcomed a strong influx of new business at the start of 2023. The rate of expansion eased from December but remained sharp and above its long-run average. Panellists suggested that marketing efforts bore fruit, with demand resilience and favourable economic conditions also supporting sales.
In order to adjust for rising new orders, firms bought additional materials for use in production. Input purchasing grew at a softer pace than in December, albeit one that was marked.
Sustained increases in purchasing activity supported another upturn in input stocks. Although softer than in December, the rate of accumulation was one of the strongest seen in nearly 18 years of data collection.
Input prices ticked higher in January, amid reports of greater chemical, electronic component, energy, metal and packaging costs. The rate of inflation quickened to a three-month high, but was well below its long-run average.
Manufacturers reportedly lifted their selling prices in January, owing to the passing of higher input, transportation and staff cost through to clients. The overall rate of charge inflation remained historically elevated, despite easing from December.
