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India moves forward with ports and maritime development with projects worth 38,000 crores or $4.75 billion including Mangaluru Port Authority and refinery, petrochemical industries. Priority is being place in port connectivity and development for 150 projects on a 7500 kilometres coastline. Ports are important for logistics and exports, a key priority for linking India to the new supply chain being built by the US and EU, which would link India to manufacturing supply chain in Vietnam, Japan and other countries. Natural gas brought in through ports would enhance green development to reduce climate change emissions. India's coastline of 7500 kms compares with 20,000 for the US, 25,000 for Australia and 14,000 for China. India's coastline is about that of Brazil and a bit less than Mexico. New Zealand with a coastline of 15,000 has more coastline than China or India showing how the Pacific ocean coastlines are of a magnitude higher. Japan's is similar to Australia stretching across the Pacific. Canada has the largest coastline in the world. ...

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A whole series of efforts will come together to cut logistics cost for businesses from 14% to a small percentage. PM Modi says the policy aims to expedite last mile delivery to save time and money. Gati Shakti Plan will address some of the infrastructure gaps. "National Logistics Policy helps in making the support system modern," says Modi. The government is using technology to support logistics in new ways, Faceless assessment has started in customs and e-way bills and FASTag are bringing efficiency to the logistics sector. Drones are being used.  Sagarmala Project to connect ports and dedicated freight corridors is starting to improve logistics connectivity and systematic infrastructure development work. Modi said the world has accepted the production linked incentive scheme PLI announced by the government for boosting domestic manufacturing. Put together this puts India in a position to become one of the top three economies in the world from the situation today of being in the top five. ...

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Strong hiring and consumer spending is propelling the US economy forward in 2024. With 4th quarter growth at 3.3% the year 2023 ended with the US economy growth at 3.1% for the year. Contrast that with economists projecting 0.2% growth in 2023 in 2022. In 2022 the growth was 0.7%. Much of this growth can be attributed to the Biden administration going all out to support American industry and bringing jobs and factories home, supporting wage increases which in turn supported consumer spending into 2023 and now into 2024. The public feeling the effects of price increases has not grasped the full significance of this growth trend of this decade with the complete focus on the economy, manufacturing, and the strength in advanced technologies of president Biden and a group of bipartisan members of the US Congress from both parties. As inflation slows with the public resisting unfair price increases and the Powell Fed controlling parameters of inflation, the economic effects of this growth are being felt across all sectors and among the wider public.  ...

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President Biden passed same sex marraige legislation. Twelve Republican Senators from southern, midwestern and western states including North and South Carolina, Utah, Alaska, Iowa, Ohio, Wyoming and Maine supported the legislation. Some had relatives or children in that situation. Senator Cynthia Lummis of Wyoming who is a member of the Trinity Lutheran Church gave her reason- "For the sake of our nation we do well by taking this step", giving an emotional speech on the floor of the Senate about the need for more tolerance "during turbulent times for our nation." By putting divisive issues aside America can bring opinion together around the issues central to our future- the need for strengthening democracy, rebuilding the nation's aging infrastructure, investing in manufacturing in America, investing in education, health and rebuilding communities across this vast nation, and in the culture that sees this as vital to our future and the future of the world. ...

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Treasury Secretary Janet Yellen is the only Treasury Secretary who also served as the chairperson of the US central bank the Federal Reserve 2014-2018, and the only woman in these roles. Here she says she toured the country in 2022 a year after joining the Biden administration as head of the finance ministry. What she has seen are the early results of president Biden's  two trillion dollar bills, the Inflation Reduction Act of 2022 and the Science and CHIPS Act 2021, which give manufacturing and new infrastructure building a critical role in a new revitalized America. All across this vast country aging infrastructure is being rebuilt and new infrastructure is changing the landscape. Yellen says the US economy is resilient and growing amidst a global economic slowdown and higher interest rates. The labor market is strong and household balance sheets are healthy, consumer spending robust, says Yellen. It provides the basis for American global economic leadership in the years ahead. ...

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Maggie Haberman has covered Donald Trump from the period before he ran for president in 2016. Here she looks back at this period and reflects on the trial in New York with Judge Merchan, the campaign trail, and reflects on what it all means today to the people of the 51 states. She says it shows a former president who sees his best days in the 1980's when the Trump Tower was built, the connections with the New York elites who at once ignored and embraced this new view of the world and a place for greed in this world. It is also a period that began with Reagan Bush and the start of the Iran Iraq wars, the Bush war in Afghanistan, the Clinton embrace of economics that led to decline in US manufacturing, the 2009 financial crisis and Obama's continued war in Afghanistan- a period of decline in standard of living of the American people and failure to invest in essential infrastructure to improve quality of living.

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Kamala Harris and Tim Walz pick up support in the swing states from Michigan and Wisconsin to Minnesota and New Hampshire, from Georgia to North Carolina, and from Arizona to Nevada in different regions of the US. This happens through directly talking to the public one on one and with the unions and workers, workers families. The media's tolerance for misinformation and for not talking seriously about issues such as climate change, on whose side Harris and Walz are - that of workers and families- on the investments in manufacturing and infrastructure, investment in rural areas, that have changed the potential of the US economy, is amazing, simply amazing not to think about its credibility with the public. And the social media's appetite for misinformation as happened this week in Britain with the riots in the north and Prime minister Starmer calling them out - "social media is not a law-free zone" - shows the extent of the challenge the Nation faces. ...

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The US Senate races in 2024. See if you can connect the names to the state in US where the contest is being decided November 5. Bob Casey Jon Tester Tammy Baldwin Angela Alsobrooks Jacky Rosen Ruben Gallego Colin Allred Which is the big upset race? Who are the Independent Senators who retired? Answers- Casey- Pennsylvania, Tester- Montana, Baldwin- Wisconsin, Alsobrooks-Maryland,  Rosen- Nevada, Gallego- Arizona Colin Allred- Texas The big upset US Senate race in Texas, Colin Allred to unseat Republican Ted Cruz. Independent Senators retiring Joe Manchin- West Virginia, Krysten Sinema-Arizona. With their support Biden passed the Inflation Reduction Act, other major legislation to invest in the renewal of America's infrastructure, American manufacturing,  CHIPS and Science.   ...

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A sharp drop of over 6 points. 57.9 in March 2025 from 64.7 in Feb. the University of Michigan's index of consumer sentiment shows the effects of the uncertainty generated in tackling fentanyl flows by imposing tariffs on CMC countries Canada, Mexico and China. And the result of the uncertainty from reciprocal tariffs imposed to correct the loss of manufacturing in the US as a result of unfair trade by China, EU, Canada and Mexico. Some of this comes from the unfair coverage in the press and internet that these tariffs are economic tariffs to gain advantage when they are designed to correct huge trade imbalances that other countries had no incentive to correct when previous administrations, corporations and America's Ivy League economists- stuck to textbook economics divorced from reality- turned their back on the workers and communities in the Nation whose communities were destroyed with the loss of factories and plants shipped overseas. ...

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During a critical 4 weeks in March 9 to April 9, 2025 Germany finds itself without a newly elected government following elections Feb 23, 2025. Only on April 9 is a new CDU/CSU and SPD coalition government in place led by CDU chancellor Merz. Tariffs came to the forefront, the critical issues of world trade and the effect on stock markets, without an elected government in place in Berlin to speak for the European Union and participate in discussions.  Japan's Ishiba and India's Modi offered the US some support as it sought to restore the world trading system to where it was before the serious distortions from China joining the WTO. Much of it the result of American companies outshoring American manufacturing and turning their backs on American workers, and the dignity and pride of workers who rebuilt the US and Europe, and Asia after the Depression and the Second World War.

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Issues raised by the huge mismatch between revenues and investment for AI. $400 billion estimated investment by 5 Tech firms in 2025 alone with revenue of about $40 billion and huge uncertainty about when AI will produce returns. Articles seen this week of November 17 in the WSJ and NYT on this issue, podcasts, discussions in other media outlets. Could this lead to a dot com bubble type economic crisis? Could that lead to a recession? Alongside these articles another article in the WSJ on Nov 17 shows the benefits small firms get by using AI, benefits which are on the fringes of their business, not essential but with some experimenting firm owners/managers able to tweak AI information for use in business. Nothing significant which firms will pay much money for. The uncertainty is a major factor. Should geopolitics trump all these concerns? Is the competition with China require this scale of investment, and is China following a more utilitarian approach as reported in a WSJ article this month, of investing in AI in a utilitarian way targeting its use in improving manufacturing, improving infrastructure, and not wildly throwing money at experimental uses that are unlikely to yield much result. In geopolitical sense would the country that not only promoted AI but used it efficiently and cost effectively, used it in ways that promote the overall public good, get the WIN. In short it behooves everyone of us to ask hard questions of AI, to dehype the hype, to look for the public good that comes out of this from it's efficient use. To ask the tough questions when $400 billion generates only $40 billion in 2025 and the $3 trillion planned investment over 5 years is half unfunded, is it going to crowd out energy needs for homes and business, push renewable energy targets back, crowd out essential investments in the crumbling aging infrastructure of the US and Europe, crowd out essential investments in education, healthcare, pharmaceuticals, and manufacturing, that hold better promise for our People. Will it also put retirees at risk when corporate bonds from retirees money fund the unfunded portion of AI? This means making the political dimension not about migration, settling the illegal migration issue that was meant to be settled a long time back, or about cultural issues that have little day to day impact on our lives which are about groceries, childcare, housing that are non ideological. Making the political dimension not about remote countries that one knows little about except when it affects public safety and health as with fentanyl. Capital allocation decisions to the vital needs of America can then be free of politically induced error, so that it can be subjected to the test of how best it serves the public interest and the people of the Nation. ...

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Samuelson says the bill in the U.S. Senate is symbolic because it allows companies to cite the undervalued renminbi as an illegal subsidy and have the Commerce Department impose duties on Chinese products. This would have to be done on a case by case basis, making it largely ineffective in dealing with the large trade deficit with China. He also cites the differences among economists that show a range between 1 million and 2.8 million jobs lost. The 2.8 million jobs estimate is from the Economic Policy Institute for the period 2001-2010. The 1 million is an estimate for 1990-2007, which estimates a loss of quarter of all manufacturing jobs. By WTO rules subsidies that are not targeted at specific industries or firms are allowed, according to lawyers. Which means China could appeal to the WTO, and impose retaliatory duties. In the meantime the trade deficit with China, with imports of $364 billion in 2010, and $86 billion in exports, would remain largely unaffected. This is the reason some Senators, including Republican Orrin Hatch (Utah), see this move as political posturing by President Obama and the Democrats, because the administration has no new proposals to address the trade deficit and the gradual erosion of America's manufacturing base. Samuelson cites Arvind Subramanium of the Peterson Institute, and his book "Eclipse: Living in the Shadow of China's Economic Dominance." Subramanium says what is at stake is not a temporary imbalance in world trade a happened with Japan in the 1980's, but a gradual shift to a system of trade in which China has preferential access to raw materials (oil, grain, minerals), subsidizes exports in new industries as it moves upscale from shoes and textiles to automobiles, aircraft and alternative energy, and changes the very nature of the global trading system as it becomes the dominant trading nation in the world. By Subramanium's estimate China's share of global trade increased from 1.6% to 9.8% in the 2 decades from 1990 to 2010. In two more decades he estimates China could increase this to 15% of global trade, significantly larger than the U.S. In a response to Congressmen, businessmen and policymakers wary of starting a trade war, Samuelson says there already is a trade war as a "fixed" system of trade undermines America's manufacturing and industrial base. The only difference being that today only one side is fighting that war, and America is slow to grasp the implications or its policymakers are clueless how to respond....

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The U.S. is moving quickly to gain access to an effective vaccine by September or October 2020. It is doing this by providing the money for companies to conduct trials and ramp up manufacturing in a big way. The U.S. government has agreed to give Astra Zeneca upto $1.2 billion to secure supply of a Oxford University developed vaccine which could be ready by October. Astra Zeneca has agreed to make the vaccine under a licensing deal with Oxford University's Jenner Institute and promised it will not make a profit on this. U.S. has also given $483 million to Moderna in Cambridge, Massachusetts, for making the vaccine. Both Oxford and Moderna are testing the vaccine on humans. Oxford uses a tested older technology, Moderna a new technology. UK has given Astra Zeneca $79 million to secure 100 million doses of the vaccine, with 30 million ready by September. Oxford is also in negotiations with Gavi the international vaccine alliance, and Coalition for Epidemic Preparedness Innovations on further deals to boost production. Oxford began a 1100 person study in April, and is  doing a 5000 person trial in late May.  ...

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Tariffs are for adaptive reindustrialization, for building capacity step by step over a decade starting with components in the supply chain and semiassembly, then final assembly, all within the USA. Do not grade them by the news cycle or one year, says Peter Navarro, adviser to US president DJT, as it took many years to deindustrialize and lose American manufacturing, it took many years for China starting in 2000 to industrialize. It will take years step by step with policy actions to achieve the goal of jobs and growth through factories making in America, starting earlier in the Biden administration and now in the Trump administration with industrial and trade policy that directly supports American factories. Tariffs do not create inflation when foreign producers who keep overcapacity and subsidize to put American factories out of business and people out of jobs have to reduce their prices to maintain sales, not pass through the tariffs to buyers. This is why inflation in the US is subdued. And the process of actively building new factories in the US is only now beginning to take place in its first year for DJT, following Biden/DJT early efforts It will require patient attitude, har.d work, and strong action, policies set in place that will bring results by 2030. ...

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The unemployment rate in the U.S. state of Ohio drops to 7.2% in June 2012 from 10.6% in the second half of 2009. But polls show two thirds of the respondents see the economy as being worse or the same as in 2011. Because of lower wages in some industries such as auto manufacturing which are reviving there appears to be a lowering of incomes and expectations.

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A transcript of remarks by Ben Benrnake as Fed Governor on Dec. 9, 2003, at meeting of the Federal Open Market Comittee which makes monetary policy in the USA. Bernanke is teling his colleagues here that it would be amistake to choke off growth unnecessarily by raising rates, that critics who say inflation is a threat are not well informed, and that the Open Market Comittee should remain patient. Here he points out that the large decline in the share of the population that is working -with one survey showing household employment at 2.9 million jobs below normal at that time- suggesting that employment could rise significantly before seeing pressure on wages and unit labor costs. With the underutilization of labor, the withdrawal of people from the full time labor force, and increase in parttime employment, there are todfay anumber of changes ocurring in the labor markets that build additional slack into the system from what the unemployment rate of 9% today would suggest. A similiar case could be made today with factory capacity utilization at 68% and dropping, and manufacturing hard hit and seeing a permanent downsizing in industries like automobiles. What about raw materials prices? Bernanke shows agraph of historical data, that suggest convincingly he says, even very large movements of raw materials prices appear to have muted effects on intermediate goods prices and no discernible effects on final goods inflation. The reason for this is that raw materials prices are only asmall portion oftotal costs, and unit labor costs are a far larger factor in inflation determination that raw materials prices. And at that time as is happening today wage growth is slow or negative. What about the dollar falling in value making imports more expensive, which we face today? Here Bernanke says that asimilar anlysis applies to the dollar. Large movements of the dollar he says, translate into smaller movements against the U.S. trade-weighted basket of currencies, and into smaller effects on import prices because of imperfect pass-throughs. And he goes on to say that the nonoil import prices, in turn, are are a relatively modest part of the overall price index, making the ultimate effects quite small. This analysis by Bernanke of the impact of rising raw materials prices and falling dollar having a muted effect, and the important role slack and underutilization of labor in the labor markets play in inflation, helps respond to critics like Laffer and others who say inflation is a threat and call for changes in the policy course the Fed has set....

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The Journal's Jeff Bennett talks with Rodney O'Neal, the CEO of Delphi Automotive. O'Neal says Delphi's success depends on focussing on advanced technologies where emerging market producers are less able to compete. He has focussed on 33 product lines which are 'green,' safe' and connected.' If it doen't create value then revenue and cost numbers are wrong, is O'Neal's lesson from the bankruptcy filing. He likes the chaotic discussion coming form strong debate, where views are expressed with passion and counterpoints made, and he takes this debate seriously, because as he sees it choosing the right course is a significant task in itself, which takes much time to correct if wrong. There are major improvements in emission and fuel economy ahead and a high tech future for the automobile industry. He see America's future in high-tech where America can do better than emerging market producers, and ensuring that the steady flow of exceptional American talent continues to be channelled properly....

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The index that measures U.S. manufacturing activity, the Institue of Supply Management Index, fell from 60.4 to 57 in April 2011. Regional surveys such as the Chicago Federal Reserve Bank's index dropped by 11 points

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Loss of 1700 jobs, almost half of the workforce at Dell's Irish manufacturing plant in Limerick, Ireland. Ireland attracted multinationals with its 12.5% corporate tax rate, but higher labor and energy costs make Ireland less attractive than Poland. Dell is moving the manufacturing to Poland. Dell was the second largest foreign employer in Ireland.

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This NYT editorial provides statistics for the problems of young people facing high student debt, high unemployment, and working in jobs that do not require their educational qualifications. Federal Reserve data show 44% of young college graduates in 2012 working at jobs that did not require a college degree. Underemployment stands at 16.8% in the U.S.- this includes young people too discouraged to look for work and those stuck in part time jobs. Put another way the hope that existed in the 1970's for a better future is simply lacking. The boom, bust, and corrective policy preceding and following the 2000 and 2008 crises have acted as a huge distraction for needed policy steps and imposed additional penalties on young people, just as other trends in the globalized manufacturing and IT industry were shifting jobs overseas.

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Defense minister Rajnath Singh says on the last day of Aero India, that India has "great potential to emerge as a global and regional Maintenance, Repair, and Overhaul (MRO) hub, given the cost competitiveness of its manpower resources, the availability of abundant specialist capabilities and geographical advantages."

Between 2016 nd 2019, 138 proposals worth over $37 billion for domestic manufacturing of defense equipment components were approved. Aero components sector is expected to double from 30,000 crore today to 60,000 crore by 2025. Aerospace has a big role to play in reaching the targets of domestic defense production of $25 billion and exports of $5 billion by 2025. India will have moved from defense production of $11 billion to $25 billion by 2025.

This includes the LUH new generation single engine helicopter to be designed and developed by HAL.

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Tim Cook and 25 years of shipping overseas America's industrial base 2000-2025. A pivotal moment arrives in May 2025 when for the second time after 2016 Cook fails to understand that America's industrial base, it's manufacturing knowhow, is one of the pillars of the free world without which America can no longer lead the Free World as we know it.

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China's push in renewable energy with large 10,000 MW wind farms and solar energy panel manufacturing. China has built the world's larges solar panel manufacturing industry by exporting 95% of the product to Europe and the USA. WHen CHina built its first solar power plant in 2009 it required 80% of the parts to come from domestic manufacturers. And when the Chinese government took bids for 25 large contracts to build wind turbines, all contracts were won by domestic companies. One energy NGO expert in CHina says that this is because Chinese government investment in wind and solar energy even though it is much costlier than coal, cahn happen only if it helps build up the domestic industry in renewable energy.

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The unemployment rate declines to 7.8% from 8.1% based on the Labor Department's survey of households. The larger and more reliable survey of businesses of the Labor Department shows 104,000 jobs added in the private sector and a revision of July and August jobs estimates to show 86,000 additional jobs created. About 150,000 jobs a month are needed just to keep up with population growth. Most of the 104,000 jobs added by the private sector in the larger survey of businesses were in health care, fewer public sector jobs were lost. However the survey shows 16,000 jobs lost in manufacturing which means there are problems in manufacturing which creates higher wage jobs and benefits relative to other sectors and which is a vitally important sector.

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China is not experiencing high unemployment in 2012 the way it did in 2009. The lower growth rate of 7-8% is not having an adverse impact on unemployment. This makes it possible for the stimulus this time to be much smaller. There is rising upward pressure on wages. According to the National Bureau of Statistics, CEIC and WSJ, average annual wages at private sector manufacturing companies in current U.S. dollars was up 5% in 2009, 16% in 2010, and 20% in 2011. This is being encouraged by the government as China gradually shifts its economy towards higher domestic consumption and better standards of living for workers. Hon Hai Precision Industry Company added 82,000 workers in China in 2011. Salaries at the Shenzen plant were 2200 yuan or $345 a month in February 2012, an increase of 10%. An April survey by Manpower Group showed that a majority of companies will increase workers or hold employment stable, only 3% of companies will have job cuts. Demographic changes are also playing a part-with fewer people in the 15-19 age range, dropping from 120 million in 2005 to 95 million in 2015, according to UN estimates. The number of migrant workers remains steady at 252 million in 2012, up 4% from 242 million in 2010, according to the Bureau of National Statistics....