Expansion an Elusive Dream for Indian Industry

JFIF;CREATOR: gd-jpeg v1.0 (using IJG JPEG v62), quality = 80 C   %# , #&')*)-0-(0%()(C   ((((((((((((((((((((((((((((((((((((((((((((((((((( " }!1AQa"q2#BR$3br %&'()*456789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz w!1AQaq"2B #3Rbr $4%&'()*56789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz ?\uEQS sy"v,`mj%U?Ƈy9*&ɫd{rGjWRku!O5X ryb*wN>\rU׬Tljʊ㽊(+q/S^-c4I&y \_ֹ?i%L ,O&H:}q޻CnV く %vqԜ;"C J$yϦ_N3;x!3'8>YH̒רD ) ]{?֣ϫ4۸kB#sSsZe=Ď՝ p㞽{SU2 9e\'\砥X" 71ӵgI9..I#cMVU簬Kiƫe:(d^Rb]8zu1eglv>_]cV02 =I&$>n BqR&>$O(LzS[b %y<Q\ޮѼm?*Av5^-eiWA,{W4cNIklq9A?ʸi_/1<1Z5'Ȉ& d~RS,g$g+RN+PqW]*TU!$$՘W'JJ sn{fu,oC ιRf 3_PH$px8i;8r1΂09ջUjk'8隔W>,gWIF{sIԁLFhxҞ:P&mҐD C' k3`qNN[<ǵ,|Nhp98;+RY4o O(BkZ \sޠHCJYP9TO6U*UՒŐy[QET'޹e+.j܄>yjvL u?&R%K`|)>W'䛻xb_AhpaU@6\ l#vN-JRn( mmĜ u?Ƿ'nⴢS.}).mIs1k̩9Uw%c' Ԍ^k33Bh\!U9lؤ3xBF]^3ڳPm]%Y9\֤|D`*\-* VĄybA.19Xw1 "[;o{E">5_(V OL|_NxzHzl{6ꫴWc)KT>hXQFFkqwk&v+ϥrIF*A#BWEؚI-Ib$a寓pǜJm#1VȻPĪ jWN'9J+IoR_A٤WN AJq=l4RcWM)稟@ҾqXS|; #'k H0:q9is>:c&>VI IUkkӭB(+3J}zWCQڪh}J*Gң@}USa(dTuHRt $zK\ӗgԻ W#3+rG^eF~^cvWA|>kVw淴.(vkIj{v99{rҸ$X +}Icw?6p7 {Ve֕$07h&n~XOb OƔ㸯=}*VV)1=ic)7@#F+RbOZ[^#b;X6?t@5FwbǜёA"6 Eƶf]iz*':P2B85}ylg" 8|z8*6瞴jC?J 94&s,޼\Z^]0"7tlN5zַkC;: x56{NN)I?΄f$S?1sFjaX㟭k:6P{Otdsgyf^9H e}+KwV~Ӛ{biQڹe";c>kʡJɻOlc=M0'u%wUZɗ4@Gq]+B~uRӊU<.)Zt2N}ŻFIA[` ֫IM8U[W_Jcwpvuy#)#+$߱&­xk,4F:D9pexdq񎣞(Qv oX"3! <}U8„nldokIg㳰b aBv9~ZK*Z#M6 'zTK8*&W ʼl6OKRr/ڤӬc$Ҭd㌟f *(F?"7ܧl.,@t~ }$3"J e<JLutyfh!m?\x5[ 6.3s:O͡%丷_,:+Ղw$HO|XNQc+Xct(F:]SMF+L C~LtiW[t҈o:mds]wdB7;?˭D{3迊.X  XbI%y;WkwcXucZ(l\M w(l*tN%ŪH<.ܥяEkipʁcw=+)>RսQĤchZU|sTU^UyKۊpzX+P}:0 x? GpNyH`h"7<IjЇaF 8r=)4qHbca'@rO{'ç1=(Ք|k(~lԁ[MS;K۶+xQmҠ9vbW4 ۷ɭmW#NFH^ڥZcE/Ϝ ιg6b.C?mdgOK *&wdcVύ> ˷Tُ~ g8+ y0E/*He=NZP[.r͐>b}}}? EᆊmKP$ˁU?Kp3ҸI(x7y>]4FM9C1\uo%˻xI'dS2\Vn΃+ڻ(3+;,kC|<>Օmy0f䑓W4[c†# OSGX˽P &oƷ#'s+œu7h-X[m^DoS͝d"2rH9b_#" le**U|GU8)/yS8/gkgvYc DzЫ#ȞmA]e^ZdLj`VUjL/Չ2+֩bt́ڎzVJMlvN!*Dj;P:uM쀁M2HA<֘NzTГgA}i;cQiA$~49o~hMhk#cҦ=MZ`Ѩ.aozKQvuzv1 WkijGkonl(z8wiS9ޞ&:P <FSu=S?x㿭\Eq`Oޑ}8(ݜhU6y5*x)ARqt('ҡrdTf-&y֥;@+DbS*^;=}nP'ڃk31 sn(tKN=Z5A*/#tS[٥ͩKQ!t 4wW(f̆C=j_ RVxb3O(TqWjQvLBT ?3M8!BHHթ4+i5qXYkg @=Ͼ9kkbY3+ص Ʌi˂sU)d`S^w6+FǜY:e[ Zl%J-]TVV ѓ/y|Zcɪiac\8C߇t  4G4rO+ϭ//bZᇱ53DUg.hI-]񥗇әJ< m{,Vo# 8__=jJlNs}-O—W3\LEM3rv1~6dA6+3ǂ7A's?zDZYn@{K"$c1>|U@McdpsAܱiEx^e l^Uw0{̎T7@'Ya`ӆtֺ#ODLI @ Zzlkzv:.\wf U8'h½}ڱzUẻd$b#_~G[f"X4}cM9, ^Ԡ?6R=h= q=h \wGs@Rdo9 #ց`iq'n  i:a8S?P9@i@@]I{HƘrA'w4?ZL uUАJb;eSJ~=G4+ձb.rzюs@ Vb9*g84 vLp8q:Eؓ=NzL j~B'RcjzG֔e4[jb=01R#7^ysצkg+Eޓʥ]-l)8m0V%y:X/N;qSFG9dojB߽H1Q?$oBI'ҩWޜ1v. (X\TxYjw?B">?1OÖ166XQTm^ sv\Kf!+\v AaaFE+4l5[k[w#c9׵~l<WLCwO=x6hd;+ ,<)PO׉|)F\  +W>ӫ= Gdh|=_M>?x>vw1_מ~2tOekfCjnI{S6GU7Q@cϭ4h<C@0Iޤ㡠t$P(Ž;wz^zSɠhx<Ɯ>cLCϨ?+w`dphAqgNQ=i4I\{`TrpSsz@Hb=[)piiqqgYs^e^ܜWj?-23SkPҹ[2~/ ^{b*waj{R d_X"\zSG vyǎ:JmU9n*!w#ǽ6?N'j9G5(8(4 1ǧi1>g iT {s0\{ ⓓJsi>i M9=iXt4q4֤$c49R50~t 0|dev;ʄ+$ Ia(9c5oO2*u~ui]xwQm V6̣ϋ\5Znw`9@Xg*ȟs:'EJwCK;3-tVdQJ:ڻ pV2vue:^Ex[yV~?tx6VxFBq> :w<ܟO 뎙fdF$ױH6\?ʼĚT o-DISKQTH'kgҽ;dbZ0]5ʆ$O4;Np`?0T~V#BTH$w#gk{[O8`{קiB[~W#6I\t;$[Z5vCF@S׭s+mPuz!\ ,'ڴW6p)kk!_U^Ԣ.p3J3#RfO?Zp8( ,Lޘ J\.3);RҚHQɮR嶞iITE4?(-(v5\Uw; \d{и:Spp+#o=GP_JP9ɠusn9O5uZDC8šMHGҜ:zn9Ҥ-ހʍҕPr{{7ӈƎ14t@A`Z4Zc@zғi1A Q4AP'C9!~9d#rޚy&rF1@!R<Fs@ ^By@ #A:Ll!$?:F??SN}@ J޴sMp:zS@@SE=g<-!8JK}".}1\&1p@ϿwZ"\6FFUL |}=kN }렏\5w;NA:cqӹ= dtx49R4$ZN}@(;?Jq?Zy&{㊐p*0i3~;hT R<#{Qi10ڔ`a;RAҟʛ֑h^GJz[֑qK4ہԇ׵F1lixf5II(^w0}q^_Bd,=y2 U!!ھ5o4}*w ?=;R}7NMb9\s#ti+\/4湖ԤF~L`z Kk{+PUV>B]/nZ@غ|pT?{m&85"B%IQa? ^IVGXw7baY Xn 8&SL W<`c~Sn=zi&$.x $~ևQil~V pÌ/΋?2yעIYw+;\UnaaC!,[e rZ`NX %$>A8cuyY8cv&M,T-ݿZaHibp1Пj* tBM4Pj0JN>߂\Vps 8=oVje~'tOFrNNL;s[sAƊ $G[8%:sF,X!r$޿skH< !“Ҫ-ޝ]S̑q׹Iq#*uEi: 6+S +\ l ֽ2OCa(r\KTl,}76~[fL9-ݼj|x.ƣÜ"m#߷֣5628bVť垣z̎LnVuR̶;0?rZ1=֞@ zRwŨ4p)@ڑPǵ&F}~wHFO^0`xhQH{{@ R848J ? P99>pz@n#4vAペA1@w&PsI^:PO=($`v@ASS'҆U=yV~Ґ s CSsAnh ?Z:7|iԙ͜(`.\Ҟ50roZRxdRHI=KM*I(C=xɥ$u𡟑^g̴# 9$89ŽPء SG}"H#l\\3.}lwdLg)I.\K,n#g [;GUpL4{_XȌ x%d-hwc`ٌZq`  GjQ^DY鵻 ⲖǧO( 7icvhx|'*֭Èf{⧑d1Pk^ 9+Լ@#+cz7AɩG߁=N) :rzr=qG{PGNiOS;hi^zP13M g9<qH.)0=U)b^ON :PQ׭(cQrwWfGzܞib!P?XY/bmPjT+2nD2w-h[1ֱd)[\{c 915`jbo`0O|ԧ;Ӧ($Qӎ*)1jEc9L>S8?JAzP3pG5`0R-4NxǨ S@p;i3=(}:z_3$5-B:)  /b'=)y1L'‸& 􇯮}\Fa)}< =Y4Oy7c?zς Y[ne>?ZFg=LL)x K<7 uMcP_KCY$d>|?P kXc\Oz"khKVpTJJV9/ Z'U'z5iǙ32};w˿b+KMxI|$Đ &}{ƫˬm->^\IF'ǡjp&e:KbH-_* <ynNzW uZH͞23,0>H<k7-Kb$3T>g?p7Co׭t^Q=OWj7Ouv;g'j_/]h"(C8^B˵nPFrf^ g7WLs&=5ZMX9z^+n{Ě5ƅIgu2:uEe8[TzT+MQns1K q:4g4:OZ))?qց0}j0pi=.=qǡ f8H}z~4C` ~x$}FsJrF !@ڟqM$cU}h9ʕHSHqG'Q;_=1ר$w9ksҰGSRc!5@i8緽6A@6Fp1co~eqTQ}iJfsޜP1GQ!`0 ~h4NKq,NJa'K1Զ\$м9ƋX/mJSY]j7 mam-"RU;wyrHO"2 =E -úWi6[ OSZF{q՞9_7sb<Cn^x{F$cd9LL^x]qB$cܮޤPHb*TݔS|:sҴlW9,ߥQ.tE+5V16ˀ<)܀8k[" $yQ#H϶kxZ ԓ:c"{*Q#<#WCJr*>Qw4?VDn-&їb F) 0.bOG#vԐXrPCTAQi`<򼯸*Z[XK< Ot\ >&xԠ^ɏqW0ֲȸԒ<ĺ>Tү c.>eGץcX|)yƻ|" [rB~mS沰*Mgj/BFoG4/MH0_Տ&v Ox6+esq=i*[" H೴g|+ƵY&ֵ;QŔX;|[ 8ޱqn's %(}O S kG +.ʓjFU!763ILŵ30£;&[/D0\+wa9$0ިۮU؃xfllZFXD1aӠvJS{V^flQjsԟ5xP1[NqJ9Zjf|Saae#GZ~󤷶>B> wVv o8 qlA{ū*k] vN<r=)Fi9N:qMHCv=zSI4)c9&3qM?$x<aۚM0pOZ,;9>Իù&s)x?^~ +sE~\ > O@  I4*?ApoHČG.}x?JXAe1iN87Ã^<$ВV D5UL.GJdce J0R#$P*iRNsjg9ήnԯa&B0xP9>d* 5??:z enG_Ҡ(ֳ}ӱvnG?:sbc&Ά^wr{Euf2)}p'5lHz[`5}ku˚v7-Zd3EllU9[;h=h@wCd~d GXZsT9AG2^UЮdt;Ÿ=–B$֭\Dj$q4II#S+Lw_ DݔaI մmkEԽMuuW<x7_kF<ǻt!~ITODhZ-[@Wq8a,$FΔ˵)]郑T.ozN-mv69GB={]?R"xQs|8S'F;ӧw%I32zVrw/)ܵi8W8EU4r$1p~SКb@Pb>fٯ+LΙm ^l,9'^|@֥jnݽ~ .3ijIjynƏsF}{FP>m).Ub JP#'C"e?| nq5sQz[^>H%qөVmu:c\yJ#n~|AKpmyڜ/{JvߵLG=Ww!^M*r x=dd{O OMc|8ьf'd_1-XsOd+CڮNqڙRO]һm]~ dv֭%.2HMݔJڝg4(?* yrܚnk}Oƪ@ʧڨfbiN)3,qS\QjkZ(B}+WŒoRNПƷ<M1_,OR٢vW7E@ W/c,#]S. Է<EH)2c'sõ=oz۽{GVmcu)h̖= k^MI]lsj)~Z@юGZȒ7򮈻ulFFs<|s?rRCeIvԷee5EsGAɫv.z*\{ JۚO<%~B[%m,.gnQ9j6.Jwi~FֺQ=a@C6s 1 zTe$F#<Rp[ A==+&De=K?*W`d<*7gu!Tһ#!O1;籮A!9z~_X9Kmk6yp$ !lb OJ2Ip<3߶sm[}ÆX?S^#dƮ0Q9+szgiF֫jd@m'19͛>!eV'3޶# b@>VR{19&Ȯ+Գڻeo13ڔ6z?ySckv'❄o@~SnڅVSڷ9X-w/ :wWJsZHG^Zvľdk7'8b:*p ϡ-[=s-ݷgS'o>)1=T״m[JMetчQAQQgG+xuK?.o@/6xEꍎq > 㸴,g*{ ]i.>a7Ҵ@[ JȲ0.z)l7 wM?oM}qBt-RദyH(e?M/&)ÃrP񯉦\FFs3't%ߣKog+-XG薂J.TnztCq| נ_b;=W皏ϨTG!d:޽c֋a[[@yVyUuvd҈ciTqUu v/ X~\&ofl#55d<$(F\f/gt~%dEDw)uN̠vTl2miPvcqZexOn#E XO|Wki^< yy#<\.<VV\_] iN5@ ҹi!K"8D- JLry^lq\hd=iq=ywRuNEttIR*SY:ˊGkN؆7^潛태OjYRLnaT9Px"0A .y08:E7)eaUq8`; $c&,F*J0qW4c]t6zmŻVM&6bjKܮ^*6s&y[1+-<{gֺiϡ --Fi60qȦ7N H>Ӎ)=1HG4 =}):}{ix( _ێCdzurji0~iNG#;L8"YunRϞq@h{eSjmz|f!DHHPbnK`q6ojIT\v?zJq[9kZC׵t9nI=? 8'R,-gbO8ӖSH#uR3UZnocl1xS֙q!N3TW U\JT*R!g`{U_FM;J|\ tjħ懰\y-]Vp^3mЀτOd ) Mn?3~#+TjVK._uޛsZ8#5r+mDw& =qꧺ(쵨4m&W_Gb;]zи_6;ğ (Gq%K+̙#*d '?hV<A2v|?,Cpy>~x`2>Jwv\g'EZY~囅;GS'd8o@QNk5y:{HyNN$ֵC78+ ڭh6P(.OEbޱ&\^tWһ_!|ua%o*՛=iȄ`i*:{Cx-ˆ`ڠc5V =<¼ehHf%tz͕.v ۚ<vBU.:k= ='( Ni=ԼPOqJ=;J\qL3N"(vUI^T[k{F*r6OR,4eXz~.Ǖ8C6{yr>=(iW?2jg<})eoӥ:}) J{AY, P=i9O=xjCڃMls ђiF1{W|>H](a^%1~OiX;TE&]bmt&vg>X]z6Ƒz8rm_`+}eY^8[ s>ѧ>־&"e;mS 8{býRԞƮ;LYg<54zdNa9( F}r>ղ2g;#kNoxRpd'ۅtж5k rJA1n?SƞMN)$\^ܹ㺚 n2W vqӜTEG`дN7Ñ\RQZK#mZhctmxeАT 9k*QԁZwu<*mh#qVFQA\wR:CH{8#ml➅qUa=XGwy*ռjvqڬF@`x@-Ewpf"iTqKp1EyEإv$jJURV4RW=Zasټ@Q?$cQ_U,Sy5y${OH$4_Ug.yЎ?ZQ+RЋ忍%:*huIo*Mמxa:oǴ5 ŹF'*RCIE jJ8X{^7B)#ڮmLqK#Z~gsPjːk,@$']ƉAj5.rTø+.OAKJln +ڐ+SeKjTS{bm+CV@1ޚtǥJvց䈰xW ~xkE\[p,L ֬M LFGJf}6"`4\o"w##֮C0چQ 0IB58]֌'57eۡ Pb9TUsUat櫻Zb6Z#csHg77vq3]>@3\.EvbcP= 0M#9nʠ*wXu@Wj ыLq1頹b0sMklsjmyKS/֚O=~Ani)(ځ^OZyu R@v[D!샒ku9h-v? 賀TsݙNՕirm[w=erFFI߼ǺV~V|9Bi1V5l查'7{TzS ŋvŲn\ܳLˁS1QGڥ=)BH9d95L rI@@T't ik[ \uTrWDߦhfM;~4 ƼwSKt3n%`t`cL'g &TKfP&l>W7pKӀbg <Չ1uLEDžx!M ;0)V<<⯰D[u]"[RL9WßQ@ZMVXLAQrI95Y[%M /] ^;x+@Ht֖pj܀N`8`O [^A}ZYu%ѓ X)Pk׭o.-4k[̸L$]@$bxk}KoR8ٻMHuL,܆9:g)n )2I?}?25:7]ݏ$>]iXkjGw,pj ޥsҽ39;hpz|r\y y$c͊twr" {V| h/u!X'ޤ~-b^P+sP}bӣڪTnGv\˓Y6Y楺}5U1=jG1\S%d`HBMAG%6x~xj(Mgڳ[1f]rs"t6s_9֡MM ?UouĠH?LOr=Oh7|U+]q7* b@?3O'%f41xB."!5$;YJfmc9!ߍ<'>~Zp|+ *qkx*HF= C7]FpxW,}sQej=,[PR٤`xnۚcvsXcc([7dz䧃SIޢ E3AVlx[t[ꦓmwYO23@f43̽ubq׭늩 *5R\穠 Lh0V|i֌<z*NWx,$(-]K+T'^ VMBiyWԦ_}S7ހ=WǞ7мcw`N1Zdž_޾gO|EvZd;@^I#p_5Vԧ[ۥԯ2뚞\־o_[bnq-i'oc#ypF뫏>mvpomHPҟ&x#`8;ĖҠ_fGmp? $c5+{ua\76~ЀO@'R[I< 5?ik0Q${~xFƔaǕHc`szܳx{H.`}:kF?[cq8:Ҿ[]. 9lL4xpqK)&~00>M#>]0WPs˟\t㽗381`R~[ zG|\3sUq fh"FWZmi hetiNFKeq,w9Kir sD#,Cja:b<\zm?Nh'^kWC +ҹas < `z)4[Cj^@8 Pcno_}v5Sؑl \Or{h&1\,DqZq^c495by0\#]5d©{!nA~h4T>!vA8>O*K2jZy rÃKg'J4gm8ai֭^Hk.Bfީߝ`g5#P_@wz!1,WE5Qy ei\-^}),72}H8 =ʬs['1D.;6JzW@cU ~~t'obynzKbE1֮js@ܱap:V@/?J~svfo* ,9ɯ "/ MڝFgz)hMđұWJˤ WQ؊kne6RP;t^F/9.qߊT+;)8< il{l QfLܔ0=E$qUr8 V_,~:T xA8oqj [ޝ!9MWf> 8^BT1Ncc5kP4t=ҴJ} HԚm3"0ֹhk1 l^L5tlǚd[Nj9{tMܫj175(8nշMws"cXBHHW֤ ?zWÄ޽n[9{k:/E~@ݽv6*(`SF5_@aHE8)cA/޲5(g+UK2``T+Z=ahWB$NC Hd6ˀjZ/k+_jpZG>>ÓL,D5|@6Ay屁p{o=}y/s5,&'goJޫʚXYHwf=Op 9s]mj;7I"ۡ-A5~4YqDyv[()pB:QJQ6*>6Zû˘m%_7ze?3_\jM`f;ܠ=S+Zm٢̎o׈0Gܢ}kƵ j DY*<7c;foxF-b#ُR=֡Ǫ-3m6&v>RxBiG˫IGC)F[֮D囯B,,.g;IF0wwedG ?:f?kg5co/365ꄴ=+w-OǍjɻN :ADŽo8OUȭz mcl, +kE2&Z Ȗ&k3vTɻ1OZ:F CmN,ӟ\F,5 }>&w؇=?kӯ,A"`u*GUH6gE@OٛVơy3FїލGidƱuv^}AV8ʩ+T[Pn^+~}2wV*ǩZ~V &#j i!B[Lp]hQ?#벆BDvlñЭ%gB8 {݇QVvF3=jKA4 #ZqWe%1FLWJNMz߉m 65庍[VqKȦHzζjuҀM>%du>gGTl]b޺tʎ6fٜ ^Ǿ+ʵ_n^ƕH狋=GDaQkX\g E5gMuc!8Ҽ^_gҼ#;+:a#?qzƉ%qMzƆp ElQIҟƐ򮝎'!4$wTFqLIzjs\BG9SgC,^z!LQ 89d(=2j39&@Rڛs>T]u9"(^!R͸3ޞ :Un{Z:v=F T4G*M@1Yk1.rN54+5n.c~ kNV/j~ojNyvq{AWK5:lH~bo+ºT,_{`}͸:~,yt۟O2>l梕H[B.ZK?P?I?vw>Fh,\@zFA|ߴ7a?ktRK2E9919%_~3hX5}d|\Mou?ĊcgKD?s;-TX㹮 REoG \3= >WiOM;K8(p>y4 hχ t nojZ`LBu;|ߴO??w??V2N+xh3hO. <3HrtX$ݓhҴO.o/\S (@tX>` !M|hlJ?]4~:.4fwJǾsDI5/QsMjQiG^Nrj-mʓ$+L-Jn9?C^'Vmxv v@v¦RQҝ9TOA~ iof'c;G>]/Bi..FFq\:v \𨮾=Gmn] w#> [4t*E\DA T}mo#,O? iI/w2>1W{TdA} GF$V==9X?[O`t?VnSaKT{6۷W?v85wV?"e? ?)O=~Z"gFpH^ FK[D?Ua߱~4G0+l~L~>Zwf?hMK2JA`ޚ1vC<9SE[KBx˞At5z͌V"w\ׇY(ׂс)w|{#o^5Ь˨ +1F=z{±ui W].~BO^g F.oDqΞZc┙sƫ6Mn|etT8-Me&Fnʵy}^r5,EM_0Vd6 i+/k WlY+zɱg#Krϵ>O~,`8N;}M GW Mdj9{,r%6U?FG XʠҚR`vFA=ɍ $G-AaAvjFzO3kvprU|A+R/u c51VoxU;q\ O5gLIm-XLw?u} z鿥L_CCBSZA{W+'<6fU?ƺ989B*^gl8sVQ =kPUMkC]VFzQ̇.I"t^]&?@?53yRy_F$"C%h"b̩̳aj2",tg*ZK!q܅]Sz3_H@xuǸZΛ(Hel]q8ۭoF;~Q]4H#\9BnR$+esNnlH#a^Q>v%ՆkS,ɮj;U$Zc1\/c¦rkJږ6'YJ!IW#p⊻ kߚm @^Qn&[A?gGsy4Jv{S Kkonda|+_WlB njKԩ6,(=ɪ:bZĎjٯV$c0l{A#' W{["i==*Pi=Tuީ{I;4U3wG&k"x|rZ碙#{q * xuK$;=v$Q3r[}*o1FyZ΂n@9Z@¤[@dֻxV)4~ڀ\\Tcsѿu,˛hg=z8H%^6*A+{J>%hzJ?p JMXq'@'aOӬ.K eߩ=Ri4>mZ;ku,y=w5&mYVsՍ \qx"+n&'({P2OOץx]M#T㢛VFMmS.߽Q;#'84Vms5&*7-8*]v{_ZxnE[a+wiQjpZxL2;|+c^A[;PT$}:αB 1jL;S4׽8ǀ9F rqFM!ǜwWHv]88swຐsɣY1SJZ3˴q߬W;6=\[}쌎7&GW9[5W'ڻ_i/hc]䤵<ÒV8c:W$|MRhlyQ^Q9W)_#Mf\ZA2W4][$,Tu|m'5i/hNZuf]Gڹ\9%tt6{]V}/R)?";z>KnێY:>c`Q)blŐF utrxvj\<]7)T6h,ڮ <EcJl޽fe+5=*tuX}[UѴ- 9#sTX8w5Vv,M~ךTQ]2,4jy=.t+}|eT15z]qJ#nN9?ç,젎Y_`f䜞z 2̰/;5Z>p]{AV$YWliw&]Oju-nYܕNjR]ڜa"#Rֶ"R|g5fcmly|+|7P gåu*>-j8mtgdp##ƭ3A A# ˆ0Y~ nմ:ӻه(w!zԥ av cSQި [6LU~k#«|7,LJ'qVXzׂo no4b]m]hirXe8>5xg7h%7C_r>d{W (kM:p+^kg*V@+;ϮBՔ{W3kC?szdro"XبϨ8",!@RAsʔѐݼweyiTv8Ve5Sl'5sݧU{8DQjvAYX*KWBDmn+j|^2ҦƘ㴟_ZuҼJ`Wh')eKs}RJHzuOt%|w~ LEFVCG]}ZX~[h "^ܐ-F3h/b[}BGdm}zZlZxIbc"FJ1钀U_ގL7g$#jy +rPog e]7PnCUyO0O;}dF؛:)aui9z-?j֑Ft("zt(i>K]ې70?FPnjb!f3vm gw<냰?u;UTVøƔ'1*o۪50r[[[[-t"e#F|n''zm6 [iREkKY,5$̍x󟊺^ַԣ^˓G&KFN#n.@v=p@+'+gJk9w=JS[ l*'W|Dv^:k;-Zucur't‘ĆiHId~-7s!Oj+w=˞r_S҈E N3}M?6USk7ŹԈ=!4˹!mNI5amU!\r@YdFGz?0( zPKd3.Oq޺ GJ-7)֯zC"g#SOG'`g{i*uOUszlNZ2?Q2rr|0:G8#5A8KTvgbpzta>ac#2zz09k@v>:kam:yaXU5AZ/}2Z'<īX?^je *q?ɯa?]^r>X}ש6;ڜvHOq^5M ]H`YrџOo½eaxMϞ *eG#zPփj A<ᆍ~g~uir_<WYce ަ)&$ܐi\9sNhVGA҆y..ZBpnpv;҆Jfj~G\O=\jV7< SmHkSH@1JJxiV?yZq>?J߈Viі y+4=>MOS> ;O[Ի\B:_½;oVV[»cBz1VV.8k~"wc$Eb^ހ׀FK~ΦBf朂;( |u@N)Gj_k|>*</< 3|!k ^~h:U'y?kuǘu(ҽ;uɏ>8C^2?1?ÑӃk͚0IZynk2u-ogCWTxT<<1t"XӯZzF~4Nz~c1a\2@2OLzRj7e-φxO!.G%00:k|[diltĠr9.;tziEFcX jGR3(?twSץx7MdbIS֯(Ko̐Aɯq.; !j 2G=iOO7'<*vIXjhV Cr+@g/րg/Q:_,p|> s^3xF11y_K;ǯ#ҏbcuO]|8dQgxznI(֛ܟ:׀ }8wW2,HDtǾ3+WDvI#\{LyΧW'$r C&P\ y?CP U RF"1]TG<ݕ8C ڂnc9n+@>anOsWz8 q{*&KH;*6nv9b5+~MZoMk{ jM5\R6OX[tjߘ=j'*{kgyw6pF[֯Sk~)L_R'dGJ[ [o»a,}5ْx=s+ ]S[ !9<\O=LiXė t]9CijWz LQyj.V zν9>.X5&?NG52ؖ;u-.:J0x_m"M^si4W-ݍ;2%~Yc׺ٯ1QWҐ{94ྜྷ*;IDK6~~gҮ-aV^٘kQJ&y7#WSv#q)9)2¡/%Oyy[T<:|x2]]nŏ뫄C5'l."^NQR*eOBk6@'Dgkx'_2 K9#JF}:\8\F1梓 qS@#ҢasQs\n&9 +㑏jOKֶbW{Io=`CW'%к&rʅV95q6<^#,8"r%o)KaIz/<) S[g'VĮfo*њҾc'֍ƯyUt6 <}&5s~^|?_pĖ?\W.2Vvczy|[5L\a>~\| ZF- ⮗Č.ِi ǃ*?@vgǧ40r=(7;=Za3ǵR H<j_p/bt0A`g\:}Å}UEꎿ7G3uj>v6>}W>^ף\)?\sל_1j׊0&Eo,Eބnjs'hٝ8F="Aҽ^AV2%B8hTPxiɏ`OT<=U=R-lFrh;ϥ08$杷T=)~  ^3iDžs_?j$8O]? qBԎ20֗Qu=)siKdR"$l@U})gTsFGx:~J{j.R Z~&-nW j &yo5A<+Нpzs_?CWm \8"<x?_AF,k"28ܬ;ҽ:$D|5vi cr4dz>) <>{i$TTUt'1A)k#y%K}jk9|kH =#mcu߄mfIuQ5a7xe8I"MQ:iZޙFi!JtH_z^܎( pA*E0/NO/vh8uֽ~ckô|qo҉kҦ$ēk>1qi㿔νLrG_Ƽ!I o`=zolǟ^I:tk8q9`̱D9 ' YQץ?dfx^+m)?{!{1}MgRVCGT 8ǵ=>  h\&J|ҝ Fs4q 8DKfَ3[ҽ(*|l]#]W,S?猧j]wWG=S!~hP~h6?j?I|8m|jN{nk> Z:Rj bAĿK5oRԴ{«h@W z:$:|GEKBg_0y}}făOV-ӑgWaGu-tAyW#Ljw0H?U?Һ{{LRm_em>?3aٱ\*ƥ$e, @ǹۑTwt?l&Ѽ>vIV1OP8wV֮y10܇ڳN9ƹ۶QѸ;d}(9XG]"هKHl%[{9c5VS%Ha scG vZG<׊#~>icؤ:ߊ.#{{Ƕ כ|ATO ٩_$TzP+jZp=|ԥ F;Ԋy'q<>&4orQ+?[aFx'_P0j??JҗČq?l8#bC i0'xx;uxjwJ?1 wi"O@ Z)h$Va!QWՆ;CQL LJ۞'4I_6@zr |٤jZ-]ZHc3^Oi(Hנ 1'*:" hV¢n/ާu3^M_^8C=¾uq5|6t}H[nR:#u+Iǐ FAy_=2Qh4J\ǥ_bc~KḚ9F98S+j7dØ?C])ז|+Ŧ&3;S=zxN#^!jM4N3#Sp2?:pNS8k/ȇË~iß "SiG?3Vжb8F&t[%*z7pz7T_'Gp IϯSWK3g@Ȯ?Nȹ0?K_tz!p{Tx'@nrAs@_3nsibq!6^j$5 |Lۍ"Oޠ&cu+.)^$sנ),gruFwG^ywsJ3QW+Z𥦥"A~/hj|qk7׼躄Zoy ʹOp,qU,,l:Jkeү p#o_JBvgw VPW!}ԞYV@=ppOh9P Ю_^,~@S=q#ǥ7qNFY#W2?Ы(ې3O z@Jamcq;8*S#ֹڨ>ʍz()6|af~vs^=x,Eou/Տ_׫89dH"IXf=׊)ߘUI1"W]Gkiod^֧Q5"K!I${ӎ餞K3GuO'ڰbJ~ivբʳ[xג0DyWm+츝8YXv}'i$_t]tmXxixM'zхvS[\H?gW z i-謸~]=m֦i~+*CIWLZ9f|Gqfp'Wμz צ>-`f/(OqUz8zDlUvkhHiP+}kvjJqץA'צXiq thd?-W#1nw 7Aqk^ύo[k8})gaW͏ ZzM|ҹ{ŠƩAtMͤ7ӬMAW'Š+G^O?G_i>/ -lx:a4 OߪWv Bi㫣c=zu[)BJk_%s'%9LWm񦅤|HQرW\į481D| ?xgk`ӭ^B'QE(KK9ͮ3Z[??]o+MeQacqފ)-ȹk&T-s#ʢ!$=?Zx6 D-ER`[F^ҭx<(G4OAO(A1;Sd hq] nzץ@?W;;n4tc֚W#P6#gjWy(JJu >[ fse5x[$7(4Q]*Hu\)$FC;rOB}g{ɧCMj8G(oX0k{1cE lk|0\ºE&Halg+z(Z([:xK)"+Inlq)fZ"͐BDQED#|+Z `]ݏZύ#U쬁}@I,yhmO>&ե9g>h$h0(Jv8D^ERԀ@zK+y5kזy #h&t4gaoj@(^ px‘EI{!GR0zBp EX{8Xlc>~5,5@+g)QES!nM tv۾]rf"}oEusIao(P6=oV мS&:/BE) MŠ+:2ĎKǭi͎1~D祂g⨢n1{i+:A:\߅ (?|cUW |.!IV;ErO;6/܎=$QYT.=?K8\U¹Ev9'
Warning: fopen(https://newsweekme.com/wp-content/uploads/2016/04/2016-04-17T141821Z_2111456635_GF10000385392_RTRMADP_3_INDIA-POLITICS-780x439.jpg): failed to open stream: HTTP wrapper does not support writeable connections in /home/newsweekme/public_html/wp-includes/class-wp-image-editor.php on line 428

Indian manufacturers are grappling with under-utilised factories and towering debts, putting pressure on Prime Minister Narenda Modi to count on government spending instead of private investment to boost Asia's third-biggest economy.

By Patturaja Murugaboopathy

April 18 – Expansion is a distant dream for many Indian manufacturers as they grapple with under-utilised factories and towering debts, putting pressure on Prime Minister Narenda Modi to count on government spending instead of private investment to boost Asia’s third-biggest economy.

There is a renewed manufacturing push under Modi’s flagship ‘Make In India’, but with global demand depressed, factories remain under-utilised and plans to increase corporate investment are left on the back burner. Capacity utilisation was at 72.5 percent in October-December, according to the latest Order Books, Inventories and Capacity Utilisation Survey conducted by the Reserve Bank of India (RBI).

Total capital expenditure is expected to slump 14 percent in the year ending March 2017, according to a Reuters analysis of 133 Indian companies for which comparable data since 2011 is available. That would be the biggest decline in at least seven years. In the industrials sector, capital spending is expected to slide 22 percent. In utilities, materials and energy, declines of up to 24 percent are expected.

Squeezing cash flows further is the reluctance of commercial banks to lend despite a cut in the RBI’s key policy rate this month to a more than five-year low. Only three out of 45 domestic commercial banks have lowered interest rates, with most arguing they cannot cut costs for borrowers as they too are facing tight cash conditions. Devang Shah, head of investor relations at Tata Steel Ltd, told Reuters that the RBI rate cut would help capital expenditure but not immediately. “We don’t plan any fresh capex,” he said.

Public spending, rather than private, is more likely to give a new lease of life to investment in India’s manufacturing sector, as the government pushes to increase spending on roads, railways, smart cities and renewable energy. In the government’s latest budget, $32 billion will be set aside for infrastructure development, up 22.5 percent from the previous year, with a focus on rural communities where a drought has crushed farming incomes.

Social Streams

Comments

comments

Facebook Comments

Post a comment