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Business Standard
12 hours ago
- Business
- Business Standard
PM Modi's 'make in India' strikes emotional chord with the consumers
Prime Minister Narendra Modi's 'make-in-India' programme seems to have struck an emotional chord with Indian consumers. A survey conducted by McKinsey says that as much as 68 per cent of the respondents feel that in the second quarter (Q2) of 2025, they would purchase a product made by 'locally-owned companies,' catapulting India to the top among 18 countries. This trend is also three percentage points higher compared to the previous quarter (Q1) of 2025. But the nationalistic spirit is not limited to only India. In China — which is involved in an aggressive trade battle with the US over high tariffs — consumers seem to be moving back towards local goods. The survey shows that 58 per cent of the respondents in China want to buy local products in Q2 of 2025. This has gone up sharply by 7 per cent over the previous quarter. In the US, with President Donald Trump's aggressive calls for 'make in USA' or 'Making America Great Again', 52 per cent of the respondents in the country want to buy local products in Q2 of 2025. It is up by four percentage points compared to Q1. In Canada, Trump's call to convert the country into a US state led to the boycott of American products there. This explains again the 8 percentage points increase in Canadian respondents (hitting 61 per cent) in Q2. They said they would buy more local products over the previous quarter. The research was based on quizzing 25,998 consumers across 18 countries between April 26 and May 5, and included Gen Z customers as part of the McKinsey ConsumerWise Sentiment Survey of Q2, 2025. What is also interesting is that Gen Z consumers in India seem to have the highest propensity to 'splurge' on buying products and services compared to other age groups (like millennials, generation X and baby boomers) according to the survey. Asked a question on products and services they would like to spend money on and if they plan to 'splurge' in the next three months, over 80 per cent in India answered in the positive, again. This puts India at the top of the pecking order. It is ahead of countries like the UAE (over 75 per cent said yes), China (75 per cent ), Saudi Arabia, Canada, European Union countries, Brazil, Japan, Australia, US, Mexico and South Korea. Not only that, as much as 38 per cent of the Gen Z respondents in India said they use the 'buy now pay later' services to make purchases. This helps them in splurging despite not having enough money. Gen Zs have been identified as those born between 1996 and 2010, the first generation which has grown up in a digital world and reached adolescence during the pandemic. What the survey brings to the fore is that among overall consumers, while there is worry about rising prices, a larger proportion of them plan to keep splurging. Even here, India tops the list — while 40 per cent of consumers say that they are concerned about rising prices, only 31 per cent of them intend to splurge. The rest intend not to.
Time of India
a day ago
- Automotive
- Time of India
Americans may pay $2,000 more for each new car, thanks to Trump
Trump's plan of 'Making America Great Again' is likely to backfire and punish its own people and industry. His $30 billion worth auto tariffs are set to have a direct impact on car buyers, or plainly put, the Americans themselves will be bearing the brunt of it. As July approaches and with the tariffs taking effect, car prices are expected to shoot up by almost $2,000 per vehicle, driving up already high US auto prices, Bloomberg reported citing consultant AlixPartners. The firm estimates that automakers will pass along about 80 per cent of the tariff costs directly to customers, who will be paying around $1,760 more per car on average. As a result, US auto sales could drop by 1 million vehicles over the next three years. However, the firm expects a rebound to 17 million annual sales by 2030, a million more than last year, as tariff effects begin to ease. 'These tariffs bring a big wall of cost,' said Mark Wakefield, global auto market lead at AlixPartners, during an online briefing. 'We see consumers taking the majority of the hit.' Major US carmakers have already flagged the impact. General Motors expects a $5 billion hit from the tariffs this year, while Ford estimates $2.5 billion. Both companies say they plan to manage the blow, partly by adjusting prices. Live Events AlixPartners' forecast is less severe than others because it assumes tariffs will reduce over time as trade talks progress. The current 25 per cent tariff on imported cars may fall to 7.5 per cent on fully assembled vehicles and 5 per cent on parts, with even lower rates for vehicles that qualify under the US-Mexico-Canada Agreement (USMCA). 'This tariff wall is not likely to last forever,' Wakefield added. EV incentive Cuts may stall American auto innovation While tariffs may ease in the long term, a more lasting concern for the auto industry is the Trump administration's move to cut electric vehicle (EV) incentives. AlixPartners warned that scaling back support measures, such as the $7,500 consumer tax credit for EVs, will push buyers toward cheaper, gasoline-fueled vehicles. 'Car buyers will follow their pocketbook,' Wakefield said. As a result, the firm has sharply cut its forecast for US EV adoption. It now expects EVs to make up only 17 per cent of total vehicle sales in 2030, down significantly from an earlier projection of 31 per cent. Meanwhile, traditional internal combustion engine vehicles are expected to make up 50 per cent of the market, up from 33 per cent. Hybrid models are forecast to grow modestly to 27 per cent, while plug-in hybrids and extended-range EVs are expected to shrink to just 6 per cent, down from 10 per cent. For consumers, that could mean fewer affordable electric options and a deeper dependence on older, fuel-based technologies, just as the rest of the world moves ahead. The shift away from EVs could leave American automakers falling behind global competitors, especially as companies in China continue to lead in electric vehicle technology. 'It makes it much more likely that they end up licensing or joint venturing or otherwise using platforms and EV technologies from China,' Wakefield said. With fewer incentives and higher costs, the US risks becoming an outlier in clean transportation. 'They'll have the world's best V8 engines by 2028,' Wakefield added. 'They'll probably also have the world's only V8 engines by 2028.'
IOL News
26-05-2025
- Politics
- IOL News
Thabo Mbeki calls for a reassessment of South Africa's national interests in a multipolar world
Navigating global power dynamics: Former President Thabo Mbeki's insights on US foreign policy Image: Picture: Armand Hough/Independent Former South African President Thabo Mbeki has called on the nation to critically assess and articulate its national interests in an increasingly multipolar world and the evolving foreign policy of the United States. In an interview with Dr Mbuyiseni Ndlozi on Power FM on Monday, Mbeki reflected on recent diplomatic tensions, including the controversial meeting between President Cyril Ramaphosa and former US President Donald Trump—an encounter many observers described as a diplomatic misstep. Mbeki pointed to a February statement by US Secretary of State Marco Rubio, which shed light on Washington's post-Cold War worldview. Rubio stated that 'after the Soviet Union's collapse, the global political landscape changed,' a shift Mbeki sees as emblematic of US foreign policy. 'The norm now should be a multipolar world where countries pursue their interests,' Mbeki emphasised. "When Trump spoke of 'Making America Great Again,' he wasn't advocating isolation. He asserted America's right to define and pursue its interests—controlling resources, influencing regions, shaping global institutions—regardless of others' opinions.' Power Politics in a Multipolar World Mbeki highlighted that this focus on self-interest isn't exclusive to Trump's administration. 'Every US government, regardless of party, operates on the principle of pursuing its national interests,' he said. 'They may see strategic value in places like Greenland or Panama and act accordingly.' This, he explained, is a defining feature of contemporary international relations. 'The guiding principle now is what benefits the US, not respect or equality. That's how they see the world.' Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Implications for South Africa and Africa Mbeki warned that Africa must understand this global shift to safeguard its interests. 'If we ignore the reality that global powers are driven primarily by self-interest, we risk being manipulated or sidelined,' he cautioned. 'We need to articulate and defend our interests instead of passively accepting external dictates.' He touched on recent diplomatic tensions, notably South Africa's support for Palestine. 'Our stance is rooted in principles of justice and solidarity,' he said. 'But we must also recognise that US interests in the Middle East often conflict with ours.' Dependency and the Role of US Diplomacy Ndlozi criticised Africa's reliance on global powers, pointing to last week's White House incident where Trump accused South Africa of genocide—without evidence. 'That scene—staged videos, prepared images—showed how the US believes it has the right to lecture us,' Ndlozi remarked. 'This is a clear example of structural dependency and diminishing our dignity.' He argued that what is often framed as 'respect' is actually a form of dominance. 'It's not about mutual respect; it's about control,' he said. 'Our relationship with global powers has become asymmetrical—rooted in dependence, not equality.' The Changing Dynamics of US-South Africa Relations Ndlozi observed that US-South Africa relations have worsened under the current administration. 'In the past, even during disagreements—whether with Bush or Obama—there was a certain decorum,' he said. 'Now, the US acts as if it's entitled to dictate to us, regardless of our sovereignty.' He reflected on the diplomatic approach of previous US presidents. 'Visits by Bush or Obama, even amid disagreements, maintained mutual respect. Today's aggressive posture is deeply concerning,' Ndlozi noted. Moving Forward: A Call for Vigilance Mbeki concluded by emphasising that the world is shifting away from unipolar dominance. He urged African nations to be proactive by defining their interests and standing firm. 'Developing the capacity to defend our sovereignty is essential to avoid being passive recipients of Western or US policies. IOL Politics
India Today
21-05-2025
- Business
- India Today
Why Trump desperately wants Apple back in the US?
US President Donald Trump has made it clear he's not happy with Apple shifting more of its manufacturing to India. He recently said he told Apple CEO Tim Cook to stop expanding in India and focus on the US at a business event in Doha, Trump said, 'I had a little problem with Tim Cook yesterday. I said to him, my friend, I am treating you very good. You are coming up with $500 billion, but now I hear you are building all over India. I don't want you building in India.'He went on to say that India is one of the highest-tariff countries and that it is not easy to sell in the Indian market. Trump also said, 'We are not interested in you building in India. India can take care of themselves.'WHY TRUMP WANTS APPLE TO MAKE APPLE IN USBut why is Trump so bothered about Apple's plans in India?One of the key ideas during his election campaign was to bring manufacturing jobs back to the US. His 'Make America Great Again' campaign included a focus on producing goods within the country to create local (Dr.) Suresh Surana said that Trump's comments may be linked to his push to increase manufacturing and job creation in the US."The production of Apple iPhones in India has been a major leap in positioning India as a 'global manufacturing hub' and 'Make in India' initiative. One of the main aspects of the Trump administration's 'Making America Great Again' (MAGA) has been to increase production in the US and create opportunities for local employment," said CA (Dr.) Suresh Surana. However, he added that a better way forward would be a partnership between India and the US to build large global companies, using India's cost advantage and the US's expertise in design and said that many large US tech firms like Microsoft and Google have grown with support from Indian engineers and lower-cost operations. The same idea can be used in manufacturing by keeping some parts of the work in India and others in the US. 'A collaborative approach is needed,' he SHIFT TOWARDS INDIAApple has been expanding its production in India to reduce its reliance on China. In recent years, the company has been working closely with partners like Foxconn, Pegatron and Tata Electronics to make more iPhones in April 2024 and March 2025, Apple reportedly made iPhones worth Rs 1.83 lakh crore (around $22 billion) in India. This was a 60% jump from the previous year. Nearly 15% of all iPhones made by Apple now come from India, and most of them are shipped to the US and other March 2025 alone, India exported over 3 million iPhones to the started producing iPhones in India in 2017 with the iPhone SE. Since then, it has expanded its production line to include models like iPhone 12, 13, 14, 14 Plus and 15. In late 2024, Apple also began making its high-end models—iPhone 16 Pro and iPhone 16 Pro Max—in India. The company even started assembling AirPods in the country INDIA IS IMPORTANT FOR APPLEIndia has become a key part of Apple's global supply chain. The country offers a large pool of skilled workers and lower labour costs compared to the US or China. Many global companies, including Apple's supplier Foxconn, have increased investments in India to take advantage of these has announced that it will invest $1.5 billion in its India unit to support Apple's growing manufacturing more production to India also helps Apple reduce risks linked to US-China trade tensions and rising Apple follows Trump's suggestion and moves more production to the US, the cost of making iPhones could go up sharply. According to analysts at Bank of America, iPhone prices could rise by as much as 25% due to higher labour costs and the need to build new factories in the would affect both American and Indian consumers. iPhones could become more expensive, and Apple's profit margins might take a Trump's public comments, Apple seems to have no plans to reduce its investment in India. A recent report by the Economic Times said that Apple executives have assured the government that India remains a major part of the company's global manufacturing The views, opinions, recommendations, and suggestions expressed by expert in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)Must Watch
Yahoo
15-05-2025
- Entertainment
- Yahoo
Leslie Jones Names Her Big Problem With Top Trump Folks, With A Brutal Twist
Actor and comedian Leslie Jones pulled no punches on her return to 'The Daily Show' on Wednesday, tearing into President Donald Trump's top allies with a blistering, R-rated monologue. Jones said her big problem with 'these Trump folks' isn't that they're 'corrupt,' 'evil,' or 'women-hating, racist, unqualified dickheads who couldn't run a Dunkin' Donuts without burning it down' but that they are 'goofy-ass motherfuckers.' 'I thought Reagan was bad, but at least he knew how to talk. I thought Bush was bad, but at least he has a hilarious name. But what do we have now?' she asked. 'JD Vance, RFK Jr. and Elon Musk. I cannot believe America is going to be ended by these fucking loser incels. That's not how I plan to go out.' Jones slammed Musk, the world's richest man who Trump tapped to gut the federal government via the unofficial Department of Government Efficiency, for his 'goofy shit,' called Health and Human Service Secretary Robert F. Kennedy Jr. 'literally, a piece of shit' for his recent sewage-swimming stunt and rebranded Vice President JD Vance as 'JD 'Bitch Ass' Vance.' She then addressed Trump supporters directly: 'But seriously, this is to the people who voted this shit in. This cannot be what you mean by 'Making America Great Again.' This is a fucking circus. Other countries are laughing at us right now. We've got to get rid of MAGA because they're not making America great again. They're making America goofy asses.' Watch Jones' full monologue here: Stephen Colbert's Audience Absolutely Loses It Over 3 Little Words About Trump 'Daily Show' Spots Unwitting NSFW Moment In Trump's Qatari Jet Spin Huge Cost Of Military Parade On Trump's Birthday Is Revealed
