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If India Takes Initiative In Futuristic Areas We Will Lead Industry 4.0: PM

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Prime Minister Narendra Modi says that the abundant availability of data and technology in 21st-century India will help science

If the country takes initiative in futuristic areas India will be in a position to lead industry 4.0, said Prime Minister Narendra Modi on Tuesday while addressing the 108th Indian Science Congress (ISC).

PM Modi also said that India’s scientific community will ensure a deserving place for our country.

Prime Minister Modi highlighted the role of India’s scientific strength in India’s story of development over the next 25 years. 

“When the spirit of national service gets infused in Science along with passion, results are unprecedented. I am sure, India’s scientific community will ensure a place for our country of which it was always deserving,” he said.

Pointing out that observation is the root of science, and it is by such observation that scientists follow patterns and arrive at required results, he mentioned the importance of gathering data and analysing results. 

He highlighted the abundant availability of data and technology in 21st-century India and said that it has the potential to take Indian Science to new heights. 

PM also informed that the field of data analysis is moving forward at a meteoric pace which is of great help in converting information into insight and analysis into actionable knowledge. 

“Be it traditional knowledge or modern technology, each one plays a crucial role in scientific discovery,” the Prime Minister remarked. 

He also emphasised the need to strengthen the scientific processes by applying various techniques of research-led development. 

Steel cfo

Crude Steel Production Grew 4.4% Annually To 120.29 MT In 2021-22: Govt Tells Rajya Sabha

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The domestic production of iron ore is sufficient to meet the current demand and requirements of the domestic iron and steel industry, the centre said

The crude steel production grew at 4.4 per cent annually (compound annual growth rate) from 88.97 MT in 2014-15 to 120.29 MT in 2021-22, said Minister of Coal, Mines and Parliamentary Affairs Pralhad Joshi in a written reply in Lok Sabha on Wednesday.

Further, he cited data and said that the domestic production of iron ore is sufficient to meet the current demand and requirements of the domestic iron and steel industry.

“The government has not limited the expansion of mines by amending the renewal of licences rule in the Mineral Concession Rules in the country including Rajasthan. Rather, a uniform lease period of 50 years has been prescribed to ensure certainty in the mining lease period,” Joshi said.

The production data of iron ore for Rajasthan for the last three years is 1.01 MT in 2019-20, 1.08 MT in 2020-21 and 1.23 MT in 2021-22.

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Telcos May Raise 10-15 Billion USD To Push 5G: Top Bharti Exec

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The investment will include four to five billion dollar for the infrastructure. The telecom infrastructure providers had not demanded tax concessions however the input tax that the industry pays towards Goods and Services Tax (GST) needs to be set off

In the Indian telecom industry, which is facing low returns on investment, the average revenue per user (ARPU) must increase. Expectedly, the industry may spend 10 to 15 billion dollar for the expansion of 5G coverage across the nation in coming four to five years, informed a top Bharti executive.

The vice chairman of Bharti Enterprises which is the parent entity of India’s second largest telecom, Bharti Airtel, Akhil Gupta said that investment is foremost and an investment of 10 to 15 billion dollar is required to reach to the masses. This will include four to five billion dollar for the infrastructure.

The telecom infrastructure providers had not demanded tax concessions however the input tax that the industry pays towards Goods and Services Tax (GST) needs to be set off, Gupta added while speaking at the third edition of the Digital Telco Summit – 2022.

Highlighting the recent government policies, he said that the time for right-of-way clearances witnessed a fall to nearly 20 days from 200 days earlier.

Adding, the industry had a long way to go, Gupta said that at around 80 per cent telecom towers are required to be fiberised.

morgan stanley

RIL’s Fourth CapEx Cycle May Double Its Profits: Morgan Stanley

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Morgan Stanley claims in its most recent study that each time RIL reimagined its company, it outperformed investor expectations

Reliance industry limited (RIL) has always gone large, and each capex cycle is bigger and “newer” than the last. According to Morgan Stanley, an American multinational investment management and financial services company, the oil, telecom, and retail conglomerate is currently in its fourth capex cycle, following a significant 75,000 crore (about. $9.4 billion) investment into a new energy ecosystem.

Morgan Stanley claims in its most recent study that each time RIL reimagined its company, it outperformed investor expectations. At the 45th annual general meeting, RIL chairman Mukesh Ambani described it as the most ambitious ever.

The report claims  that the Investment cycles have unwound with about two to three times value generation for shareholders in the previous two decades with each decade witnessing around $60 billion in market cap creation.

As its new energy pivot is combined with its chemicals business and its own substantial captive usage, this fourth cycle will likewise deliver more value more quickly.

Morgan Stanley also predicts that the balance sheet leverage ratios will be the lowest ever during the current investment cycle. The reasons for this will include the rise in refining margins, the production of gas, rising telecom costs, the development of the food business, and the quicker monetization of new energy sources.

In addition to predicting repeated re-ratings of the retail and telecom sectors as these IPOs would unleash value, the brokerage expects many triggers for RIL over the next months across all industries.

It does anticipate that the value unlocking in telecom and retail would lead to certain holding company discounts.

piyush goel

PLI In White Goods Win-win For India, Industry And People: Goyal

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Goyal expressed happiness with demand from the AC and LED sector to open them for Free Trade Agreements (FTA) and said that the industry should now aim at becoming global champions

The Production Linked Incentive (PLI) in white goods is a win-win for India, Industry and the people, said Union Minister Piyush Goyal on Friday while speaking at the high-level DPIIT-FICCI investor roundtable. He said that the PLI scheme is being used to only encourage the industry to take the first few steps to compete in the global market and give it the initial push to bring scale to your business. 

Citing the example of how the LED revolution was brought about by removing the subsidy, Goyal said, “In the long run, no country has succeeded in becoming a prosperous nation on the back of government support. In the LED programme in 2015, my first decision on file was to remove the subsidy on the bulb given by EESL.” He said that because the budget was only 9 crores so everybody kept waiting for the subsidy and we could not go beyond six-hundred thousand bulbs in a year. After removal of the subsidy, we could encourage industry to start expanding the sale of the LED bulbs,” the minister said. 

Goyal expressed happiness with demand from the AC and LED sector to open them for Free Trade Agreements (FTA) and said that the industry should now aim at becoming global champions. “You want to become global champions. You want to compete with the rest of the world on an equal footing from a position of strength. India is not a weak country. We are not looking for sops. We are not scared of any competition. That’s the message this room should give out to the rest of the world,” Goyal said. The union cabinet had given approval to the PLI scheme for white goods (air conditioners and LED lights) to be implemented over FY 2021-22 to FY 2028-29 with an outlay of Rs 6,238 crore on 07 April 2021. 

economic recovery

The Year Of Industry Resurgence

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“The target of crossing 200 bn in the industry was a cherished target which has been achieved, it is now time to move on to 300 bn target (INR)” Union Minister Ashwini Vaishnav

By Urvi Shrivastav

The last two years have been hard on the Indian economy, but not one to shut it down. Exhibiting the spirit of enterprise, Indian industry has resurged from crisis and how. This year has begun with technology companies gaining even more traction, while the IT sector has seen a boom in employment. All this while top leadership has accommodated to changing circumstances and served as a guiding light. 

               Image: Strides Made In India by NASSCOM

Recognising these factors, NASSCOM released its ‘Strategic Review of 2022’  talking about the year that has been in the Indian industry and what one can expect in times to come. Their comprehensive output serves as a a barometer of the health of the industry and what is to come in the immediate future. Some of the key highlights of their report include, 22 Billion USD revenue in the last fiscal year, along with creating 4.5 lakh new jobs in the IT sector, pushing up the employment strength of the industry to 50 lakh. This also includes 200,000 additional women, totalling to 18 lakh, indicating the strong push applied to getting women back in the workforce.

                 Image: Nasscom Industry Highlights

Some other highlights also include an increase in tech services with over 6000 Indian tech services companies in India, in addition to a whopping 25,000 tech startups, and 78 unicorns. Talking about the accelerated development we have witnessed in the last year despite the lockdown, Union Minister Ashwini Vaishnav notes, “The target of crossing 200 bn in the industry was a cherished target, time to move on to 300 bn targets.” He also lays stress on multiple dimensions India has to focus on, namely, expanding to tier 2 and tier 3 cities, OSB reforms already in place, and more reforms to come, new opportunities including 5G which was readily adopted in India, and the like. He also adds, “The government is willing to provide support in any shape and form that the industry requires.” Krishnan Ramanujan Vice President Nasscom further adds that the organisation will continue to drive growth in times to come.

A key factor when looking at industry growth is what the leaders believe the past growth has been and what the future growth will be. NASSCOM recognises the importance of effective leadership and has hence conducted its annual CEO survey.

                 Image: CEO Survey Highlights by NASSCOM

We are moving towards a hybrid workspace, and the tech industry has evolved to such an extent that remote working will no longer remain a challenge. SaaS companies continue to spread their wings in the technology domain, with cloud adoption remaining the top agenda. Another key area of focus is going to be sustainability, inclusivity, emotional intelligence, empathy, and partnership. Given the importance placed on mental health and the importance of leadership, these are going to be factors we cannot ignore moving forward.

                 NASSCOM On Thought Leadership

In a nutshell, we are poised for growth in 2022, with FY 2023 poised to grow even further. This will be accomplished by putting the employee first, while working on research, technology while promoting inclusivity via a future ready approach.

Colliers-appoints-two-Executive-Directors-for-Project-Management-Business

Colliers hires two senior industry leaders

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Sankey Prasad, Chairman and Managing Director, Colliers India, said: “I am excited to welcome stellar industry leaders that are joining Colliers and the robust platforms that we have created in line with our Enterprise Growth strategy.”

Leading diversified professional services and investment management firm Colliers (NASDAQ and TSX: CIGI) today announced the appointment of two Executive Directors who joined its Project Management business in Karnataka to lead Greenfield projects within the region. 

Sankey Prasad, Chairman and Managing Director, Colliers India, said: “I am excited to welcome stellar industry leaders that are joining Colliers and the robust platforms that we have created in line with our Enterprise Growth strategy. These industry leaders are enterprising, passionate, and up-to-date with industry best practices and will bring a fresh perspective to accelerate the success of our clients.” 

An industry expert and trusted thought leader with more than 22 years of experience, Jagadish Mahendran joins Colliers from Faithful + Gould PMC, Riyadh, as Executive Director, Project Management (Greenfield), Karnataka. Jagadish has strong technical expertise in commercial projects, mixed-use, residential, high-end fitouts, master planning, and infrastructure/public realm projects in GCC countries (UAE, KSA, Oman & Qatar) and India. With a track record of managing construction projects of USD 5 billion, Jagadish joins us from SNC Lavalin Company, Riyadh. Prior to this, he worked with some leading consulting and contract companies in India and abroad. 

B Muralidharan has also been appointed as Executive Director, Project Management (Greenfield), Karnataka. With nearly two decades of experience in project management and construction, Muralidharan is a well-recognized industry leader with a track record of delivering superior results. An enterprising professional, Muralidharan is well versed in managing budgets with full P&L responsibility, negotiating high-level contracts, and building lasting relationships with vendors, clients, and partners. Muralidharan joins us from Riviera Infraprojects, where he held the designation of Chief Operating Officer. Before this, he was part of Adani Realty and Sobha Ltd., where he worked for over 16 years, growing from a Management Trainee to Assistant Vice President- Projects.

Ramesh Nair, CEO, India and Managing Director, Market Development, Asia, Colliers, commented: “I am excited to welcome senior Industry experts, like Jagadish and Muralidharan, to the project management team. They will collaborate closely to drive our project management and construction business growth across the region. We look forward to using the expertise of these leaders and the potential of our technology platforms to drive exceptional results for our business.”

economy

IT Ministry Woos Semiconductor Giants Intel, TSMC & Samsung

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IT Ministry sources said guidelines will be issued early January on the modalities of applying for semiconductor incentives, and that players will be given about 45-90 days to respond.

Interest level among global majors after India announced a Rs 76,000-crore semiconductor scheme is clearly “high” and the government would love to see Intel, TSMC, Samsung, and other technology majors investing in the country, Minister of State for IT Rajeev Chandrasekhar said on Tuesday. India is keen to welcome all semiconductor majors to explore exciting investment opportunities in the country, Chandrasekhar said. 

“Among the companies that we would love to see invest in India are Intel, TSMC, Samsung, global foundaries…and all other semiconductor technology majors, manufacturing, design and testing companies. It is clear that interest levels in global majors after PM’s announcement of Rs 76,000 crore initiative is much higher and much more serious today than it ever was in the last many years,” Chandrasekhar said.

Meanwhile, IT Ministry sources said guidelines will be issued in early January on the modalities of applying for semiconductor incentives, and that players will be given about 45-90 days to respond.

Earlier this month, the government approved a mega scheme to boost semiconductor and display manufacturing in the country, in a bid to position India as a global hub for hi-tech production and attract large chip makers. The move is expected to further India’s ambitions to be self-reliant in electronics manufacturing, bring massive investments and result in 35,000 specialised jobs apart from indirect employment for one lakh people. Under the Rs 76,000-crore scheme approved for development of semiconductors and display manufacturing ecosystem by India, incentives have been lined up for companies engaged in silicon semiconductor fabs, display fabs, compound semiconductors, silicon photonics, sensors fabs, semiconductor packaging, and semiconductor design.

With the semiconductor incentive scheme in place, the government expects investments of around Rs 1.7 lakh crore and 1.35 lakh jobs in the next four years. Earlier on Tuesday, IT Minister Ashwini Vaishnaw took to Twitter to “welcome” Intel to India following a post by Intel Foundry Services president Randhir Thakur lauding the semiconductor design and manufacturing incentives announced by the government. 

The posts created a flutter in the industry as the sector buzzed with talks of US chipmaker’s heightened interest in the market, at a time when India has rolled out sweeteners to boost semiconductor manufacturing and related ecosystem. IT Minister Ashwini Vaishnaw on Tuesday had tweeted “Intel – welcome to India.” This was in response to a tweet by Intel’s Thakur which said, “Congrats to @GoI_MeitY @AshwiniVaishnaw @Rajeev_GoI for Semiconductor design & manufacturing incentives for India as hub for electronics & semiconductors”. Thakur further wrote: “Glad to see a plan laid out for all aspects of the supply chain: talent, design, manufacturing, test, packaging & logistics”.

Intel, however, has not issued any official statement detailing out its specific plans or strategy for India, in the backdrop of the new semiconductor incentives.

(PTI)

accounting

Govt notifies new rules for direct selling industry

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Tupperware, Amway and Oriflame are among the key players in the direct selling industry.

The Centre on Tuesday banned direct selling companies from promoting pyramid and money circulation schemes as it notified new rules for the direct selling industry.

The entities have to ensure compliance with the rules within 90 days. The direct selling companies will also be liable for the grievances arising out of the sale of goods or services by its direct sellers. Tupperware, Amway, and Oriflame are among the key players in the direct selling industry.

The Consumer Protection (Direct Selling) Rules, 2021 notified by the nodal Consumer Affairs Ministry are to be complied with by both direct selling entities and direct sellers using e-commerce platforms for sale. As per the new rules, state governments will have to set up a mechanism to monitor or supervise the activities of direct sellers and direct selling entities.

PTI

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Industry Veteran Ashish Chandra As General Counsel, CoinSwitch Kuber

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During the last two decades, Chandra has played an active role in the evolution of the legal and regulatory ecosystem of fintech in India

CoinSwitch Kuber, India’s crypto unicorn, has appointed Ashish Chandra as the General Counsel. Chandra will play a pivotal role in building a conducive legal framework for the business as crypto-asset adoption continues to grow amidst the mainstreaming excitement.

During the last two decades, Chandra has played an active role in the evolution of the legal and regulatory ecosystem of fintech in India. He is known in the industry for his contribution to the fintech industry from its early days of ATMs and cheque truncation technologies, to building the payment intermediaries and payment wallets, and most recently UPI-based WhatsApp Payments in India.

Most recently, Chandra was the Associate General Counsel of WhatsApp India and was handling its legal, regulatory, and litigation affairs.

Ashish Singhal, Founder, and CEO, CoinSwitch Kuber, said, “At CoinSwitch Kuber, we are building an asset investment platform that regulators and customers can trust. In our endeavour to simplify Crypto investing with customer protection at the center, I am delighted to welcome Ashish Chandra to the team. Ashish’s unparalleled experience in launching revolutionary products in the fintech space, coupled with his understanding of regulations and jurisprudence in the overall Indian internet and technology, will further enable us to capture our customers’ lifetime value with investment as the use case.”

Ashish Chandra, General Counsel, CoinSwitch Kuber, said, “I have been following the Crypto industry developments since 2013. Crypto can play a crucial role in shaping the future of fintech while keeping customer protection at the forefront. I am excited to be part of CoinSwitch Kuber and contribute to our mission of making money equal for all by building a platform that investors and regulators can trust.”

CoinSwitch Kuber has raised $260 million in Series C funding from Coinbase Ventures and Andreessen Horowitz (a16z) in September 2021 to become India’s most valued crypto Unicorn at a valuation of $1.9 billion. In October 2021, the company crossed 11 million registered users in a record 15 months and now plans to deliver diverse investment options to its growing customer base. 

The Crypto unicorn has been expanding its senior leadership team over the past few months with leadership level appointments, including Krishna Hegde (Senior Vice President – New Initiatives), Sarmad Nazki (CFO), Jayram Krishnan (VP – Product), Nishant Das (Global Head of Talent Acquisition), and Zeeshan Ramlan (Director and Head of HR).

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