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Tesla and Apple drive U.S. corporate pivot to India
From Tesla to Apple, leading U.S. corporations are accelerating their push into India as an alternative production hub to China amid protracted tensions between Washington and Beijing. Tesla CEO Elon Musk met with Indian Prime Minister Narendra Modi in New York on Tuesday. The electric vehicle maker is reportedly in talks with New Delhi to set up a factory in India, expanding a production network that spans the U.S., China, Germany and Mexico. "I am confident that Tesla will be in India, and will do so as soon as humanly possible," Musk said afterward. On Thursday, Micron Technology said it will invest $825 million to build a semiconductor assembly and testing facility in the Indian state of Gujarat. The project is expected to receive support from New Delhi and Gujarat. Amazon Web Services, Amazon.com's cloud unit, said in May that it will invest 1.06 trillion rupees ($12.9 billion) in India by 2030, including to build new data centers. This represents a major increase from the 309 billion rupees invested between 2016 and 2022. These moves come amid heightened tensions between the U.S. and China. Since 2018, Washington has imposed restrictions on trade with Beijing and worked to decouple American supply chains from China in areas that affect economic security. This has made it more difficult for U.S. companies to buy and sell Chinese goods and services, raising the risk of doing business in China. India's importance to American businesses has grown in the meantime. The U.S. accounted for 22% of foreign direct investment to India in 2020. It was the second-largest investor in India last year, after Singapore, and could account for an even larger slice when including indirect investments such as those made through the Cayman Islands. India's appeal stems largely from the size of its domestic market. The country reportedly overtook China as the world's most populous this year. Its per-capita gross domestic product is expected to reach $2,600 this year and top $3,000 in 2025, the International Monetary Fund projects. Consumer spending generally appears to accelerate at the $3,000 mark, which China crossed in 2008, the year it hosted the Beijing Olympics. Purchasing power in India is expected to continue increasing beyond its largest cities. Apple opened its first stores in India in April, and wants to shift more output there from China with the help of suppliers like Hon Hai Precision Industry, known as Foxconn. The U.S. tech company reportedly aims to produce around 25% of its products in India, up from 5%-7% currently. European and Japanese companies also are increasing investment in India in light of China-related risks. In April, Suzuki Motor said through a subsidiary that it will expand annual capacity in India by 1 million vehicles from the current 2.25 million. Modi in 2014 set a goal of expanding manufacturing to 25% of India's GDP. The recent surge in foreign investments could help the country finally meet this target. "A new world order is forming, and we have to seize the opportunity," Modi said at a semiconductor industry event in 2022. Source: asia.nikkei.com
24 Jun 2023,19:52

India, China, Korea drive growth as global intellectual property filings touch records in 2021: UN
  International Desk, Rtv Global intellectual property filings of patents, trademarks, and designs-reached record levels in 2021 driven largely by increases from Asian countries of India, China, and South Korea according to the World Intellectual Property Organization (WIPO). The UN agency said that despite the disruption of the Coronavirus pandemic, this bucked previous economic downturn trends. Strong growth in local patent filings in India (+5.5 percent), China (+5.5 percent) and the Republic of Korea (+2.5 percent) drove the global growth in patent applications in 2021, propelling the share of Asian filings to cross the two-thirds threshold, the report said. Local patenting activity in the U.S. (-1.2 percent), Japan (-1.7 percent) and Germany (-3.9 percent) declined in 2021. The WIPO's World Intellectual Property Indicators (WIPI) report showed that innovators around the world filed 3.4 million patent applications in 2021, up 3.6 percent from the previous year with offices in Asia receiving 67.6 percent of all applications worldwide. According to WIPO, despite the disruption of the coronavirus pandemic, this bucked previous economic downturn trends.   "Local patenting activity in the U.S. (-1.2 percent), Japan (-1.7 percent) and Germany (-3.9 percent) declined in 2021," the report said. Most countries registered increases in trademark filing activity in 2021, with 18.1 million trademark class counts worldwide in 2021, up 5.5 percent on 2020. This growth in registering new brands coincided with a boom in entrepreneurial activity and venture capital deals prompted by the pandemic's disruptions. Industrial design filing activity rose by 9.2 percent. The largest growth in designs was also from offices in Asia. "The latest WIPI data show continued and sustained growth in IP filings, driven largely by increases from Asia, with other regions also trending mostly upward," said WIPO Director General Daren Tang. "IP filing strength during the pandemic showed that people across the world continued to innovate and create despite the economic and social disruptions caused by the pandemic," he added. Tang, however, noted that this resilience should not be taken for granted. Another economic downturn is looming and geopolitical tensions have increased. "However, the challenges facing us right now such as climate change and the achievement of the UN SDGs means that we have to continue supporting innovators and creators to use the IP system to bring their ideas to reality, and create the impact that will change our lives for the better," he added. WIPO also noted that the growth in registering new brands coincided with a boom in entrepreneurial activity and venture capital deals that was prompted by the COVID-19 disruption. "Industrial design filing activity rose by 9.2 percent," WIPO's report said, with the largest growth in designs also from Asia. Source: ANI
23 Nov 2022,19:05
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