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Bain Capital-backed 360 One WAM is launching its fifth private credit fund as India's private credit market approaches $10 billion, driven by a surge in infrastructure funding. The firm’s private credit assets are nearing $1 billion following the closure of its fourth fund at Rs 2,130 crore last year. Mid-sized enterprises are increasingly turning to private credit for flexible financing solutions amid challenging economic conditions.
Prime Minister Narendra Modi and Spanish PM Pedro Sanchez inaugurated the Tata-Airbus C295 aircraft manufacturing facility in Vadodara, marking India's first private sector final assembly line for military aircraft. The project, part of the "Make in India" initiative, involves the production of 40 aircraft locally, complementing 16 being delivered from Spain. Modi emphasized the facility's role in strengthening India-Spain relations and expressed confidence in future exports of the aircraft.
RBI Governor Shaktikanta Das defended the central bank's 7.2% GDP growth forecast for FY25, asserting that the positives in the economy outweigh the negatives despite some mixed signals. He acknowledged lower-than-expected growth in the first quarter and concerns over festive demand but emphasized that past projections have proven accurate. The RBI's outlook remains more optimistic than the government's 6.5-7% growth estimate and recent downgrades by investment banks.
The Reserve Bank of India maintains a growth forecast of 7.2% for the fiscal year ending March 2025, despite signs of economic activity slowing down. This optimistic outlook contrasts with the 6.5%-7% growth projected by the government and recent downgrades by investment banks like Goldman Sachs to as low as 6.5%.
Prime Minister Narendra Modi and Spanish PM Pedro Sanchez will inaugurate the Tata Aircraft Complex in Vadodara on October 28, dedicated to manufacturing the C-295 aircraft. This initiative includes 56 aircraft, with 16 delivered from Spain and 40 produced in India, marking a significant "Make in India" effort in the aviation sector. The facility will handle the entire lifecycle of the aircraft, supported by various defense public sector units and private enterprises.
Germany is intensifying efforts to recruit skilled workers from India, particularly in light of its aging population and labor shortages. A pilot project in Delhi aims to teach German to students preparing for apprenticeships in Germany, while Maharashtra plans to expand German language lessons statewide. Despite high unemployment in India, challenges remain, including language barriers and the need for regulated migration processes to ensure the recruitment of qualified workers.
India's bond market faces its first monthly outflow since April, as foreign investors exit swap trades linked to the country's $1.3 trillion sovereign debt. This trend is influenced by rising US Treasury yields and the unwinding of total return swaps, which have gained popularity since India's inclusion in global bond indices. Rajeev De Mello from Gama Asset Management notes that this inclusion has strengthened the connection between global markets and India's financial landscape.
German Chancellor Olaf Scholz's visit to India for the 7th India-Germany Inter-Governmental Consultations aims to enhance economic collaboration, particularly in emerging sectors like electric mobility. This visit follows the release of Germany's white paper, ‘Focus on India,’ and underscores the growing partnership in business, defense, and energy. As India seeks deeper European integration and a free trade agreement with the EU, Germany views India as a vital partner to diversify its international ties and reduce reliance on China.
Hyundai's Indian subsidiary debuted on the stock market with a 7% drop, now 5% below its IPO price, despite raising $3.3 billion by offloading a 17.5% stake. Analysts cite concerns over the capital's use, higher royalty fees, and minimal upside pricing, while some see long-term growth potential in India's evolving automotive market.
Nvidia has announced significant partnerships in India, including a collaboration with Reliance to build AI infrastructure and the launch of a Hindi language model, Nemotron-4-Mini-Hindi 4B. CEO Jensen Huang emphasized India's transition from software export to AI export, predicting a 20-fold increase in computing power by year-end. The company is also training 500,000 developers in AI technologies, aligning with India's ambitions to enhance its semiconductor industry and establish itself as a major tech player.
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360 One WAM launches fifth private credit fund amid India's funding boom
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