AAPI: October 2023

DELHI, October 2023

Index of this Newsletter

INDIA

INDIA & THE WORLD

21. Santiniketan inscribed on UNESCO World Heritage List: PM Modi celebrates India's 'proud moment'
22. Apple Bites Big, Turns Largest Smartphone Exporter from India
23. Now, Tesla Rival VinFast Looks to Make in India
24. India is the Shining Star of Asia Now
25. Global experts chart new directions for G20 countries to achieve women’s empowerment and leadership in agri-food systems

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DELHI, OCTOBER 2023

NEWSLETTER, OCTOBER 2023

INDIA

– GENERAL POLICY, INFRASTRUCTURES, COUNTRY FINANCES, ETC.

1. RBI's Composite Financial Inclusion Index FI-Index: Financial inclusion index rises; RBI's data shows improvement across all segments

ET Gov. 18 Sep. 2023

The FI-Index comprises three broad parameters -- Access (35 per cent), Usage (45 per cent), and Quality (20 per cent) -- with each of these consisting of various dimensions, which are computed based on a number of indicators.

A police officer walks past the Reserve Bank of India (RBI) logo inside its headquarters in Mumbai.

The RBI's composite financial inclusion index (FI-Index), capturing the extent of financial inclusion across the country, rose to 60.1 in March 2023, showing growth across all parameters.

The index captures information on various aspects of financial inclusion in a single value ranging between 0 and 100, where 0 represents complete financial exclusion and 100 indicates full financial inclusion.

"Index for the year ending March 2023 has since been prepared. The value of the FI Index for March 2023 stands at 60.1 vis-a-vis 56.4 in March 2022, with growth witnessed across all sub-indices," the Reserve Bank of India said in a statement on Friday.

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Improvements in the FI Index were mainly contributed by Usage and Quality dimensions, reflecting the deepening of financial inclusion, it added.

In August 2021, the central bank said it has been conceptualised as a comprehensive index, incorporating details of banking, investments, insurance, postal, as well as the pension sector, in consultation with government and respective sectoral regulators.

The FI-Index comprises three broad parameters -- Access (35 per cent), Usage (45 per cent), and Quality (20 per cent), with each of these consisting of various dimensions, which are computed based on a number of indicators.

The index is responsive to ease of access, availability and usage of services, and quality of services.

According to the RBI, a unique feature of the index is the quality parameter which captures the quality aspect of financial inclusion as reflected by financial literacy, consumer protection and inequalities and deficiencies in services.

2. This Could Be India’s Altius Moment

ET, 24Sep. 2023

India may not win 100 medals but this could well be their best Asian Games ever.

With a dazzling opening ceremony, the Hangzhou Asian Games are officially under way . (Preliminary rounds of some sports have already taken place, though.) With its biggest-ever contingent of 650 athletes (and 200 officials), India is expected to turn a new page in its sports handbook.

A BIT OF HISTORY

Writing in 1959, Anthony de Mello, the main organiser of the 1951 Asiad, recounted the first opening ceremony in words that merit repetition. “What was the greatest moment in Indian sport? There was never an occasion to beat that of March 4th, 1951. On that historic day for the sport of India—indeed for the sport of Asia, even the world — the first Asian Games were opened…It was Asia marching ever nearer to the great Olympic ideal of ‘Citius, Altius, Fortius’—faster, higher, stronger…. India—the ‘Big Brother of Asia’—had given the lead in this the finest sporting venture of the Orient.”

Just four years after independence, with hundreds of thousands of partition refugees still camping in the environs of Delhi, India’s capital put together the first truly pan-Asian sporting event. It was a time of hope, of idealism. It is not too difficult to see why an Indian watching the parade of nations marching under the shadow of the majestic ramparts of Delhi’s Purana Qila, the Old Fort, would begin fancying his or her country as the new ‘Big Brother’ of Asia.

Since then, the Games have evolved and are perhaps the second-best multidiscipline event in the world, second only to the Olympics. An Asian Games podium finish, in some sports at least, is as important as an Olympic or World Championships medal.

THE HANGZHOU TEST

For India, the Hangzhou Games can prove that the country is on track to winning medals in multiple disciplines and after years of frustration and disappointment, it is starting to put systems and structures in place.

There has been a certain ‘hunger’ on show on the part of the Indians in these Games already. The volleyball team, which will play Japan later today, has already beaten the 2018 silver and bronze medallists on way to topping the group. Korea, ranked 27, and Chinese Taipei, ranked 43, were taken down by the 73-ranked Indians.

We have also seen the football team, which travelled in the most abnormal circumstances, mount a fight against China in the first half and win against Bangladesh in the second match. With a good effort against Myanmar, they can make the last 16.

MEDAL COUNT

While the host broadcaster has run a campaign claiming India could win more than 100 medals in Hangzhou, touching or even crossing the 2018 medal count of 70 seems realistic. Twenty-plus gold medals look possible with men’s and women’s cricket expected to add to the tally. The fact that the BCCI has sent its best women’s team to China is also a telling statement. It shows cricket’s most powerful body is now taking multi-discipline events seriously and this perception helps enormously in cricket’s efforts to making it back to the Olympics in Los Angeles in 2028.

Athletics, shooting and boxing are expected to boost the medals tally and players like Murali Sreeshankar (long jump), Rudrankksh Patil (shooting) and not to forget Satwiksairaj Rankireddy-Chirag Shetty (badminton) can well put up personal best efforts. Having recently won wrestling World Championships bronze, Antim Panghal has already shown that she is capable of winning at the Asiad too.

A MULTI-SPORTING INDIA

When he missed out on a medal by the tiniest of margins at Rio Olympics in 2016, Abhinav Bindra said with a lot of sarcasm, “Now you will celebrate me bigger. We in India love fourth place finishes. Perhaps they are more celebrated than even a gold medal.” Bindra, the hardest task master and perfectionist, had yet again hit bull’s eye. For the longest time Indians didn’t accept this and were satisfied with having performed decently. Not anymore. This is an India which wants to be on the podium.

Asian Games 2023 is a stepping stone for the 2024 Paris Olympics. It is a statement that India will not wake up every four years anymore and lament about the lack of infrastructure. Rather, as Bindra said, “The Olympics don’t come every four years. They come everyday.” While it may not be 100 medals just yet, it could well be India’s best Asian Games ever.

3. 50 lakh Street Vendors covered under PM SVANidhi Scheme

Press Information Bureau, Oct. 4, 2023

The Prime Minister Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) scheme, an initiative of the Ministry of Housing and Urban Affairs (MoHUA), has reached a historic point by providing assistance to more than 50 lakh street vendors across the country.

According to the union government, nearly 50 lakh street vendors have received loans totalling Rs. 8,600 crore (US$ 1.03 billion) under a micro-credit scheme introduced in 2020 to assist them in dealing with the COVID-19 pandemic.

The Prime Minister Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) scheme seeks to give collateral-free working capital loans of up to Rs. 50,000 (US$ 600.65). Under the plan, regular repayments are rewarded with a 7% interest subsidy, while digital transactions are rewarded with a cashback of up to Rs. 1,200 (US$ 14.42) per year.

Beginning on July 1st, 2023, the Ministry of Housing and Urban Affairs (MoHUA) initiated a campaign to revise the Scheme's targets. Many high-level review meetings and monitoring were undertaken for the review of public sector banks by the Finance Minister. More than 50 lakh street vendors received a total of 65.75 lakh loans with a value of more than Rs. 8,600 crore (US$ 1.03 billion).

In the last three months, states have successfully added over 12 lakh new vendors to the system. Madhya Pradesh, Assam, and Gujarat are among the best-performing states, whereas Ahmedabad, Lucknow, Kanpur, Indore, and Mumbai are the most active cities in implementing the scheme.

In addition to facilitating microcredits, the PM SVANidhi scheme empowers street vendors through digital payments. Participating Lending Institutions or Banks and Digital Payment Aggregators (DPAs) have provided digital onboarding and training to promote digital transactions. These engagements have resulted in nearly 113.2 crore digital transactions worth Rs. 1,33,003 crore (US$ 15.97 billion), with recipients receiving Rs. 58.2 crore (US$ 6.99 million) as cashbacks.

On January 4th, 2021, a special programme known as "SVANidhi se Samriddhi" was introduced with the goal of connecting participants' families to eight socioeconomic welfare schemes of the government, fostering holistic development.

Union Urban Development Minister, Mr. Hardeep Singh Puri said, “The PM SVANidhi Scheme has exceeded our expectations by reaching over 50 lakh beneficiaries in just over three years. This achievement underscores our commitment to empowering street vendors and integrating them into formal financial systems”.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

4. Agriculture And Rural Development Banks: Centre to computerise 1851 agri-rural development banks and state cooperative registrars

ET Gov. 9 Oct. 2023

Under the project the government will computerise the offices of Registrar of Cooperatives of all states and Union Territories.

The government has also decided to computerise the offices of Registrar of Cooperatives of all states and Union Territories.

The government on Sunday announced it will computerise state cooperative registrars and 1,851 offices of Agriculture and Rural Development Banks (ARDBs) under a scheme with a budget of Rs 225.09 crore. Currently, the government is computerising all Primary Agriculture Credit Societies (PACS) in the country.

"On the lines of the computerisation scheme of all PACS in the country, a centrally sponsored scheme has been approved for computerisation of 1,851 units of ARDBs of 13 states through a national unified software," the cooperation ministry said in a statement.

The government has also decided to computerise the offices of Registrar of Cooperatives of all states and Union Territories, it said.

A Central Project Monitoring Unit (PMU) will be established, which will work towards the successful implementation of the scheme. "The total estimated expenditure for this scheme will be Rs 225.09 crore," the statement said.

The implementation of this scheme will not only enable people to quickly access services provided by the cooperative departments of the states and the offices of ARDBs but will also bring transparency and uniformity in the functioning of these offices, which will make them more efficient and save time, it added.

The central government has taken several steps to strengthen all the cooperative societies across the country.

5. Follow Irrigation potential for 78 pc cultivable land created by June this year: Water Resources Minister

The New Indian Express, 29 Sep. 2023

The Water Resources department has sought technical assistance of ORSAC to get a clear picture on areas covered under irrigation.

BHUBANESWAR: The state government on Thursday informed the Assembly that irrigation potential has been created for over 78 per cent of the cultivable land of the state by the end of June 2023. Responding to a query from a leader of the Congress legislature party Narasingha Mishra, Water Resources Minister Tukuni Sahu said over 61.80 lakh hectares of land of the state is suitable for growing crops. The potential has been created to bring more than 48.29 lakh hectares of total arable land under irrigation.

While the highest irrigation potential of 97 per cent has been created in the Bargarh district followed by 93 per cent in the Dhenkanal district, the area coverage has exceeded the actual cultivable land in the Cuttack and Sonepur districts.

While the total cultivable area in Cuttack district is 18.81 lakh hectare, the district-wise irrigation potential statistics provided by the Water Resources Department said 21.99 lakh hectare is covered under irrigation.

In the case of Sonepur, out of the total cultivable area of 12.53 lakh hectares, irrigation potential has been created for more than 15 lakh hectares.

Admitting to discrepancies between total cultivable area and irrigation potential created in some districts, the minister said it has come to the notice of the government. The Water Resources department has sought technical assistance from ORSAC to get a clear picture of areas covered under irrigation.

The minister further said that steps have been taken to digitise the map of ayacut areas of individual irrigation projects with the help of Panchayati Raj, Agriculture and Scheduled Tribes and Scheduled Caste Development departments. After GIS mapping, a clear picture will emerge.

Kandhamal and Nayagarh districts have having least irrigation facilities as compared to other districts. With a total cultivable area of 12.77 lakh hectares and 13.36 lakh hectare, irrigation potential has been created for only 4.99 lakh hectares and 6.21 lakh hectares in the two districts respectively.

Apart from major, medium and minor irrigation projects, the minister said the state government is now giving more emphasis on mega lift and lift irrigation projects to bring more areas under assured irrigation.

Irrigation potential for 78 pc cultivable land created by June this year: Water Resources Minister

Agriculture, Fishing and Rural Development

6. Double exports, achieve $10 billion export target by 2023: Piyush Goyal exhorts spices industry

ET Gov. 18 Sep. 2023

Goyal also suggested that the 35 million people of Indian origin residing across the world be made brand ambassadors to encourage increased consumption of Spices across the world.

The World Spice Congress, one of the largest events in the spices industry, brought together all key stakeholders of the global spices industry under one roof from September 15-17, 2023, in Mumbai.

“Spices unite India. Spices of India resonate across the country and reflect the rich traditional culture and heritage along with our well-known trading power. We have to once again bring back the old charm that Indian spices had across the world. India doesn’t settle for second best anymore. We have to become a world leader in the Spice Industry.” This was stated by Piyush Goyal, Union Minister for Commerce & Industry.

Goyal was addressing the World Spice Congress being held at Navi Mumbai on September 17. He also presented the Spices Export Excellence Awards for 2019-2020 and 2020-202 at the ceremony.

The World Spice Congress, one of the largest events in the spices industry, brought together all key stakeholders of the global spices industry under one roof from September 15-17, 2023, in Mumbai.

The Minister emphasized on the need to expand the spice industry through value addition to exports. He urged the industry stakeholders to work together to achieve a target of $10 billion for exports by 2030 from the current $4 billion. He stated that achieving the target would require everyone to work together with focused energies to capture newer markets through increased value addition along with expanding existing markets.

Goyal also suggested that the 35 million people of Indian origin residing across the world be made brand ambassadors to encourage increased consumption of Spices across the world.

“The launch of the India - Middle East - Europe Economic Corridor is similar to the Spice Route of the past. So we should be actually looking up to this new initiative that Prime Minister Modi has launched along with other world leaders. This is an appropriate opportunity for us to bring back the glory of the old Spice Route. It is an opportunity to celebrate the flavors of India and the versatility the country offers. Let us go to capture world markets,” Goyal said.

7. Govt approves 23 new Sainik Schools in partnership mode, aims to set up 100 such schools

ET Gov. 18 Sep. 2023

By setting up 100 new Sainik Schools, the government aims to improve access to quality education, in line with the New Education Policy, to the students from every section of society .

The Government of India has approved the plan to set up 100 new Sainik Schools.

The plan to set up 100 new Sainik Schools in partnership with NGOs, private schools and state governments in a graded manner class-wise, starting from Class 6th onwards, has been approved by the Government of India.

Under this initiative, Memorandum of Agreement (MoA) has been signed by Sainik Schools Society with 19 New Sainik Schools located all over the country.

Following further evaluation of applications for opening new Sainik Schools in partnership mode, Rajnath Singh, Union Defence Minister, has approved setting up of 23 New Sainik Schools. This initiative has increased the tally of new Sainik Schools functioning under the aegis of Sainik School Society to 42 apart from the existing 33 Sainik Schools.

By setting up 100 new Sainik Schools, the government aims to improve access to quality education, in line with the New Education Policy, to the students from every section of society and enable them to explore better career opportunities, including joining the Armed Forces. These schools also serve as an opportunity for the private sector to work with the Government towards providing good education to the youth to enable them to become responsible citizens of tomorrow.

These new Sainik Schools, besides their affiliation to respective education boards, will function under the aegis of Sainik Schools Society and will follow the rules and regulations for new Sainik schools in partnership mode prescribed by the Society. In addition to their regular affiliated board curriculum, they will also impart education of Academic PLUS curriculum to the students of Sainik school pattern.

8. Cooperatives enabled with modern technology will bring national economic progress: Amit Shah

ET Gov. 25 Sep. 2023

"Cooperation is a human-centric model where people with minimum capital can contribute to the economy by coming together and compete with those who have access to more funds."

If we take forward the activities of cooperatives by combining them with modern technology in tune with the changing times, then there is no better way to develop the economy along with employment generation in a country like India.

This was stated by Union Home Minister and Minister of Cooperation Amit Shah in his address at the Laxmanrao Inamdar Memorial lecture, organized by Mumbai University and Sahakar Bharati in Maharashtra on September 23.

Shah also said that the government led by Prime Minister Narendra Modi is going to take many new steps in the cooperative sector in the coming days. He assured that one should not assume that the cooperative has become irrelevant. He insisted that the future of the cooperative is going to be brighter.

The Union Home Minister said that through the model of cooperation, 36 lakh women in the country conduct a milk business worth 60,000 crore rupees through Amul, and not a single woman has invested more than Rs. 100 as capital. He said that cooperatives have contributed significantly towards prosperity of Gujarat, especially in rural areas. He added that the cooperative model is very suitable for our country because we need employment along with economic development, mass production, and production by masses.

He said that cooperation is a human-centric model where people with minimum capital can contribute to the economy by coming together and compete with those who have access to more funds. Today, there are 8.5 lakh cooperative societies in the country with 30 crore members, 93,000 PACS, 2 lakh milk societies and many world-renowned cooperative societies like IFFCO, KRIBHCO, and Amul. He noted that 12 cooperative banks are among the top 300 top ranked cooperative societies in the world.

The Union Minister of Cooperation said that Prime Minister Narendra Modi has created a separate Ministry of Cooperation in the country to give a new life and momentum to the cooperative sector. He said that from 2014 to 2023, Prime Minister Narendra Modi has provided bank accounts, houses, drinking water, electricity, gas connections, toilets and health benefits up to Rs 5 lakh to those 60 crore people of the country who were not part of the country's economy and this has infused new energy into the lives of these 60 crore people.

Amit Shah said that the government has also done many things for the Urban Cooperative Banks, like raising the problem of settlement with the Reserve Bank. Now Urban Cooperative Banks have also been given the right to do settlement. Along with this, Urban Cooperative Banks will now be able to open new branches, create bank mitras, open micro ATMs and their loan limit for giving residential loans has also been doubled.

He said that there have been radical changes in the rural areas of the country. He said that Narendra Modi has decided that in the next 5 years, 3 lakh new PACS will be created and there will be one PACS in every panchayat and these PACS will be multidimensional. He said that the government has made PACS viable by adding 20 types of new activities to them. He said that the Central Government has prepared model bye-laws and sent them to all the states and 23 states of the country have accepted these model bye-laws.

9. Sugar Industry is Now Seen as a Source of Green Fuel

ET, 27 Sep. 2023

The Indian sugar industry is now being viewed as a source of green fuel that could brighten its prospects, said Vijendra Singh, executive director and deputy chief executive officer, Shree Renuka Sugars, the country’s largest sugar producer. Amidst a rally in sugar company stocks over the past one month, Singh identifies reasons for the current euphoria in an interview with ET’s Mohit Bhalla. Edited excerpts:

We have seen share prices of the top sugar companies surge in the past one month. What’s the excitement about?

Sugar sector has now transformed into a green energy sector where ethanol is playing a major role. Ethanol is a green fuel and considering the reduced carbon footprint and sustainability factor associated with it is leading the sugar industry to be re-rated by investors and other stakeholders.

How has ethanol demand shaped up?

Ethanol is being blended in petrol and we are able to achieve about 12% blending this year. The quantity of ethanol consumed in blending proportionately replaces petrol i.e., petrol use is reduced by 12% effectively. As India imports 85% of its crude oil requirements now, we have already saved over ₹50,000 crore worth of forex by blending ethanol in the last 7-8 years. Besides the economic advantages, ethanol as a green fuel reduces GHG (greenhouse gas) emissions which is the need of the hour.

Is it viable for sugar companies to produce ethanol?

Sugar industry has been perpetually burdened by high sugar stocks. Now, we can choose to produce sugar as per the consumption; this balance of demand -supply ensures positive margins whereas earlier sugar prices were frequently lower than the cost of production. As ethanol is a fast-moving product unlike sugar which is sold as per allotted quota, ethanol helps in saving inventory holdings costs for the industry. However, rider is that ethanol prices should have higher parity in comparison to sugar price.

Will more sugar companies turn to ethanol production in the foreseeable future?

At present, the government has made a roadmap to achieve 20% blending by 2025. Currently, for achieving about 12% blending, we require about 5 billion litres of ethanol. Considering the future growth in vehicles and gasoline requirement as well as to achieve 20% blending, about 10.16 billion litres ethanol is required. It means ethanol production required would be double that of the current levels. Sugar industry is now in equilibrium stage when they will produce sugar equal to consumption and remaining sugarcane will be used for production of ethanol, making the industry lean and efficient.

10. UPAg: Digital Public Infrastructure for resolving diverse issues in agriculture

ET Gov. 29 Sep. 2023

The Department of Agriculture and Farmers’ Welfare has tried to address the challenges in agriculture with the ideation, concretisation and launch of Unified Portal for Agricultural Statistics (UPAg Portal).

UPAg portal is one important spoke in the wheel of Digital Public Infrastructure for Agriculture.

Any organization working in the agriculture policy sector has a diverse and dynamic set of problem statements, attributable to the core nature of the sector, i.e., volatile. One of the major impediments to finding answers to these questions is scattered, non-standardised and non-verified data.

Exhibit 1: Lack of a standard source/ unit of data

The Food and Agriculture Organisation (FAO) maintains a calendar containing crop-wise harvesting and sowing information for countries. However, owing to a lack of country-level data, information on some major countries growing major crops is missing.

For instance, Mozambique is a major global producer of pigeon pea (Tur) and primarily exports to India (~43% of India’s imports are from Mozambique). Thus, it becomes pertinent to understand the crop cycle for pigeon pea in this country and yet any web search or FAO data does not provide this information.

There are multiple organisations like USDA, NCDEX providing such information. Aligning them all to extract a clearer picture is difficult. Another aspect of this lack of standardization is revealed in the format in which data is available across websites. Some organizations upload data in PDF format while others as images and yet others in Excel, CSV and a myriad of other file formats.

The unit of measurement is also an issue. Different sources report data in different units. For instance, prices on one commodity are available in Rs/ Metric Tonne while other source reports the data in $/ Metric tonne

Exhibit 2: Lack of verified data

Agricultural prices are a key indicator of any impending crisis in the commodity. In the Indian agricultural policy space, mandis are where real price discovery happens which then feed into the wholesale and retail prices of agricultural commodities. One source of mandi prices is Agmarknet where prices are recorded from 3000+ mandis. However, there is a need to vet and freeze that data timely to ensure correct prices are used to monitor the crop situation.

Exhibit 3: Dispersed data

For developing a holistic assessment of any crop, three key sets of variables are pertinent. One is production-related variables like area, production and yield which are generally sourced from the Directorate of Economics and Statistics (Ministry of Agriculture and Farmers’ Welfare) for India and FAO & USDA for other countries. Second is the trade-related indicators which are sourced from DGCIS and finally is prices which are sourced from multiple sources like DOCA, Agmarknet, CBOT among other sources.

In all, the data needed to develop a snapshot picture of any commodity is scattered with little information on how they are calculated.

Exhibit 4: Different frequency variables make smooth monitoring difficult

Another challenge is monitoring data when different variables get updated at different times. In Ministries, as of now, data is downloaded again and updated again. This proves to be a very time taking process especially when some data source websites are not working.

Such issues add to the search costs (mainly time and effort). Many stakeholders are not aware of all the sources at the same time. Thus, this leads to delayed decision-making as policy-makers are unable to frame a big picture in a short span of time. This eventually results in reactive and not responsible policy counters to any price/ production/ trade crisis in commodities.

In light of these issues, there is a need to develop a framework that contains a long time-series data in a standardized format in one place after necessary vetting and at different levels of granularity. Not only should the portal capture the information but also be analytics-driven which can facilitate in-time policy response to any possible shock points in any agricultural commodity.

As of today, organisations such as USDA release the World Agricultural Supply and Demand Estimates (WASDE). The report is released monthly, and provides annual forecasts of supply and use of US and world wheat, rice, coarse grains, oilseeds and cotton. The report also covers U.S. supply and use of sugar, meat, poultry eggs and milk, as well as Mexico’s supply and use of sugar. However, such a system is missing in India at the federal level.

The Department of Agriculture and Farmers’ Welfare has tried to address the aforementioned challenges with the ideation, concretisation and launch of Unified Portal for Agricultural Statistics (UPAg Portal) on 15th September 2023. This portal with predictive abilities shall serve as a “ONE STOP CENTRE” for all kinds of data related to agricultural commodities which will eventually enable the user to create a snapshot view of that commodity assisted with information on prices, production, area, yield and trade-related indicators.

The portal has various features and components. First and foremost component is the real-time connectivity with the sources generating data on various parameters relevant to the agriculture sector and data standardisation across sources. This component seeks to bring all data pertaining to prices (domestic and international), production area and yield, and trade in standardized forms to one place.

For each commodity, this data is envisaged to be put up in one place with the aim to assist the user in understanding the basic trend and also cut down on their effort to compile data from different sources. This also deals with the analytics part wherein the portal will perform some analysis like rate of change in production, change in trends in trade, correlation between different factors and other set of visualisations.

This component also seeks to understand the commodity situation by assessing the stock position of each commodity and its consumption patterns. This will enable the policymakers to get a snapshot view of the commodity and even alert them for timely interventions. Second important component is the generation of Area, Production & Yield estimates by analysing & triangulating data from various sources. Finally, the third component seeks to generate production estimates at a granular level and with increased frequency.

This component aims at analysing estimates from various sources as well as various factors affecting area and yield while preparing the estimates which will ultimately result in a more robust production estimation system. This is the most challenging, especially because of the volatile nature of the sector. However, once done, it will enable the government to attain agility in policy interventions and prevent and mitigate the impact of any crisis.

The portal is in line with the tenets of e-governance–it seeks to bring smartness, transparency and agility in information with technology. The portal shall eventually produce commodity profile reports which are produced using algorithms and with minimal human subjectivity. The portal also provides the feature of plug and play to the users wherein the users can use all the data available on the portal and prepare their own reports.

Agriculture sector is as diverse as the country. One way to harness the potential of this diversity is to homogenise the heterogeneity and using data for the same seems the best and most promising way forward. UPAg portal is one important spoke in the wheel of Digital Public Infrastructure for Agriculture.

(The authors are with the Department of Agriculture and Farmers’ Welfare; views are personal)

Industry and Manufacture

11. A Third of Nykaa GMV in FY23 has Come from New Businesses: CEO

ET, 19 Sep. 2023

Almost a third of omnichannel beauty and fashion retailer Nykaa’s gross merchandise value (GMV) in the year ended March 2023 came from its newer businesses, its chairperson, managing director and CEO Falguni Nayar said on Monday at the annual general meeting of parent company FSN E-commerce Ventures.

“Almost one-third of our GMV contribution in FY23 has come from our newer businesses, with all of them being built from scratch over the last four to five years. Our success here comes from diligently finding product-market fit, executing well with speed, and driving only sustainable growth,” Nayar said.

The company clocked a consolidated GMV of ₹9,743 crore and net revenue of ₹5,143 crore during FY23. It has launched or acquired a number of brands over the last few years in both beauty and personal care (BPC), and fashion verticals. As of FY23-end, the company had 12 owned brands in the BPC category and 13 in the fashion segment.

In an investor presentation made during the AGM, Nayar said that Nykaa’s dependence on its mainstay BPC business, in terms of GMV, had reduced over time with the share being 68.2% in FY23 down from 98.3% in FY19. As of last fiscal, the fashion category had 26.4% share in Nykaa’s GMV with the remaining 5.4% contribution coming from other segments such as NykaaMan, eB2B platform Superstore by Nykaa and other verticals.

Nayar also indicated that there was a “large headroom for growth” in the BPC segment given India’s under-indexed per capita spend in the category. As per the company, India’s annual per capita spend on BPC is currently around $15, and is expected to grow to $50 by 2030. A Nykaa customer’s current average annual BPC spend is around $80, it said.

Meanwhile, for Fashion, India’s per capita consumption stands at $54 and is expected to reach $160 by 2030, based on the trajectory of developed markets, the company said, adding that a Nykaa customer today spends $130 on fashion.

For the first quarter of the current fiscal, Nykaa reported an 8% year-on-year increase in consolidated net profit to ₹5.4 crore. Revenue from operations rose 24% to ₹1,421.8 crore for the three-month period. At the time, the retailer had reiterated that the premium category in the BPC segment is expected to grow faster than the mass category. It sees the premium segment commanding 55% of consumer spends in the beauty vertical by 2027.

12. Desi Snack Packs are a $1b Bite for Haldiram’s

ET, 28 Sep. 2023

Traditional sweets and snacks brand Haldiram’s earned over a billion dollars from packaged snacks during FY23, as Indians prefer to munch more desi snacks instead of Western ones such as chips.

Reuters. Traditional sweets and snacks brand Haldiram’s earned over a billion dollars from packaged snacks during FY23, as Indians prefer to munch more desi snacks instead of Western ones such as chips.

In the year ended March 2023, Haldiram’s snacks sales hit ₹9,215 crore ($1.1 billion), a 19% increase from a year ago, according to Nielsen data cited by industry officials. In comparison, PepsiCo’s snack sales were ₹6,430 crore ($773 million) while Gujarat-based Balaji Wafers took in ₹5,296 crore ($637 million).

Haldiram’s overtook PepsiCo about five years ago to become the country’s largest snack brand, and has since widened the sales gap. It now has a 21% share in the ₹43,800-crore snack food market, compared to 15% for Pepsi, while nearly 40% is controlled by over 3,000 smaller or regional players.

The family-run group is operated as three separate entities — Haldiram’s Snacks (north), Haldiram’s Foods (west and south), and Haldiram’s Bhujiawala (east) — after the Agarwal family split the business geographically among themselves in the 1990s.

“We have remained focused on our quality and pricing even when inflation hit our margins. While small packs helped reach rural markets, our brand is consumed both out of home and in-home, unlike most other products that are largely used outdoors," said Neeraj Agrawal, director at Haldiram’s.

Haldiram’s crossed a billion dollars in revenues two years ago, but this included restaurant revenues, which account for a fifth of their sales. Group sales could be over ₹11,000 crore, said industry officials.

Traditional snacks account for nearly half the market, with both multinationals and homegrown companies pushing namkeen into the hinterland with attractive packaging and pricing, say industry experts.

In the past few years, branded namkeen varieties such as dal, chivra, bhujia and nuts have seen higher demand, which brands including Haldiram’s have been able to cash in on. “There is a shift from unbranded players to organised ones,” said Krishnarao Buddha, senior category head at Parle Products. “Haldiram’s has a strong position in the traditional snacking space. Also, unlike the segment — that gets over 65-70% of sales from small packs worth ₹5 and ₹10 — the majority of sales by Haldiram’s are in large bulk packs, which helps both value and volume share.”

The overall snacks market is divided into four sub-segments. Traditional snacks such as namkeen, bhujia and nuts comprise the first while the second includes western ones such as potato chips. Riblon and gathia, sold under brands such as Kurkure, as well as extruded, which includes cheese balls, are the others.

Haldiram’s has a presence in nearly all snacking categories. Western snacks market leader Pepsi, which also saw 20% segment growth in the previous fiscal, is largely restricted to that sub-segment.

13. MS Swaminathan: The Man Who Turned India's Food Shortages Into Surplus

Times Now Digital, 29 Sep. 2023

New Delhi: Mankombu Sambasivan Swaminathan, the man who transformed India's agricultural landscape, passed away in Chennai at 98. Known as the ‘Father of the Green Revolution’, his vision and commitment led the nation from the shackles of food scarcity to a lasting era of food self-sufficiency.

Amongst his myriad contributions, the introduction of High-Yielding Varieties (HYV) of wheat, in collaboration with the International Centre for Wheat and Maize Improvement (CIMMYT) and Dr. Norman Borlaug, stands out. The Green Revolution, predominantly the introduction of these seeds, reshaped Indian agriculture. Initially targeted at states with superior infrastructure like Tamil Nadu and Punjab, the Revolution eventually spread its wings, engulfing other states and crops.

The subsequent impact of this was nothing short of revolutionary. It catalysed a massive surge in food grain production, with wheat leading the charge. From being a net importer, India transformed into a nation exporting its agricultural bounty. Contrary to fears of commercial farming spawning unemployment, the Revolution galvanized rural employment, invigorating associated sectors like transportation, food processing, and marketing.

Swaminathan's foresight led to the establishment of pivotal research institutions, notably the International Crops Research Institute for the Semi-Arid Tropics (ICRISAT) in Hyderabad. Furthermore, his involvement fortified bodies like the Indian Council of Agricultural Research (ICAR).

His advocacy for science-based agricultural policies was relentless. While he recognized the potency of modern science, he also believed in the harmony of intertwining it with traditional knowledge. In the latter part of his illustrious career, Swaminathan championed sustainable agriculture, underscoring the significance of ecological farming, the preservation of indigenous seed diversity, and cautioning against the perils of monoculture.

The M.S. Swaminathan Research Foundation (MSSRF) established in 1988 in Chennai stands as a testament to his enduring commitment. The foundation's mission, geared towards harnessing modern science and technology for agricultural and rural development, embodies Swaminathan's ethos.

Swaminathan’s global recognition in the form of numerous accolades, including the inaugural World Food Prize in 1987, the Ramon Magsaysay Award in 1971, and the Albert Einstein World Science Award in 1986, speaks volumes about his monumental contributions to sustainable agriculture. He was honoured with the Padma Shri, Padma Bhushan, and Padma Vibhushan by the President of India.

Though Dr. Swaminathan is no longer amongst us, his legacy is alive and thriving. It pulsates through every grain harvested in the fields he transformed and resonates in the hearts of farmers whose lives he enriched. His daughters, actively contributing to education, medicine, and sustainable development, bear the torch of his inexhaustible spirit.

India mourns the demise of this colossal figure.

14. HP Collaborates With Google To Manufacture Chromebooks In India From October

29 Sep. 2023

In a fillip to the 'Make in India' initiative, PC and printer major HP on Thursday announced a collaboration with Google to manufacture its Chromebooks in India.

The Chromebook devices will be manufactured at the Flex Facility near Chennai, where HP has been producing a range of laptops and desktops since August 2020.

The production of HP Chromebooks is starting from October 2, and will cater to the demand for affordable PCs in India mainly from the education sector, the company said in a statement.

“Manufacturing Chromebook laptops in India will allow Indian students to get easy access to affordable PCs. By further expanding our manufacturing operations, we continue to support the ‘Make in India’ initiative of the government,” said Vickram Bedi, Senior Director-Personal Systems, HP India.

Chromebooks are leading devices in K-12 education, helping over 50 million students and teachers across the world.

Google Launches Earthquake Alert System In India For Android Smartphone Users

Equipped with ChromeOS, these devices have built-in accessibility and security features to deepen classroom connections and keep user information safe.

“The local production of Chromebooks with HP marks an important step in our efforts to continue supporting the digital transformation of education in India,” said Bani Dhawan, Head of Education-South Asia, Google.

From December 2021, HP started manufacturing a wide range of laptops in India, including HP EliteBooks, HP ProBooks, and HP G8 series notebooks.

HP also expanded its portfolio of locally manufactured commercial desktops by adding various models of desktop mini towers (MT), mini desktops (DM), small form factor (SFF) desktops, and a range of All-in-One PCs.

These products include both Intel and AMD processor options and cater to a wide range of customer segments.

Import Licence For Laptops Is Regressive Policy.

This article may contain affiliate links that Microsoft and/or the publisher may receive a commission from if you buy a product or service through those links.

15. Samsung To Make Laptops In India From October At Its Greater Noida Factory: Report Story by S Aadeetya, 29 Sep. 2023

Samsung has already set up one of the most significant manufacturing units in India for making smartphones, and now reports say the company is expanding the plant in Greater Noida to start making laptops in the country.

The report also points out that Samsung could start manufacturing in October itself. It is likely that Samsung has been smitten by the various incentives on offer from the Indian government and the recent push to restrict laptop imports could have made the company rejig its strategy for laptops in the country.

The report by Mint suggests that expanding the plant will allow Samsung to make around 70,000 laptops every year.

It is interesting that Samsung has decided to make laptops in the country when most of its products aren't even launched here. In fact, Samsung has only launched the last two Galaxy laptop models in the country and they are not exactly very popular among consumers.

It is likely that Samsung will use the rumoured unit to make laptops and export to other markets. India is becoming the next production hub for major tech companies. Apple has already started planning for life out of China with a focus on countries like Vietnam and India for a gradual increase in production.

The company has been making iPhones for many years now, and it has reached a stage where the company is able to roll out the new iPhone 15 models just a few days after its official launch globally.

Samsung could be following in the same trajectory as it looks to use the available resources in India to expand its production capacity and bring other products into the pipeline.

Samsung has recently launched its Galaxy Z Fold and Flip models in the country that are being assembled here but most of the components are still imported from different parts of the world, which brings heavy duties into the picture. Having local manufacturing would definitely reduce the duty burden and offer consumers a wide range of choices.

Services (Education, Healthcare, IT, R&D, Tourism, etc.)

16. According to the Health Ministry, now Indian medical graduates can practice in the US, Australia, and Canada

IBEF, Sep. 22, 2023

According to a press release from the Union Health Ministry, the National Medical Commission of India (NMC) has been granted the coveted World Federation for Medical Education (WFME) recognised status for ten years. This certification will enable Indian medical graduates to pursue postgraduate study and work in nations that demand WFME accreditation, such as the US, Canada, Australia, and New Zealand.

All the 706 existing medical colleges in India have become WFME accredited, and the new medical colleges set up in the coming ten years will automatically come under WFME accreditation. Due to the accreditation, the NMC will get the privilege of enhancing the quality and standards of medical education in India by aligning them with global benchmarks, says the Health Ministry.

The Ministry also stated that the accreditation will boost the standing and reputation of Indian medical schools abroad, make academic exchanges and collaborations easier, and encourage innovation and ongoing progress in medical education.

The main goal of the WFME is to raise the standards of medical education globally by promoting the most rigorous scientific and moral principles. A global group called WFME is committed to raising the standard of medical education everywhere.

The Education Commission on Foreign Medical Education (ECFMG) is the primary body in the US that oversees the policies and regulations around licensing International Medical Graduates (IMGs). In order to take the United States Medical Licensing Examination (USMLE) and to apply for residency, all IMGs must be certified by ECFMG. All IMGs must be certified by ECFMG to take the USMLEs and to apply for residency. It typically occurs after completing the second year of a medical program and before taking the USMLE Step 1 examination. In 2010, the ECFMG announced a new requirement which will become effective in 2024.

According to the new regulation, beginning in 2024, those applying for ECFMG Certification must be enrolled in or have completed an adequately authorised medical school. More particularly, the institution must hold accreditation from a body that has received official recognition from the World Federation for Medical Education (WFME).

Each medical college must pay US$ 60,000 to participate in the WFME recognition procedure, which covers all site visit team expenditures. This implies that it would have cost roughly Rs. 351.9 crore (US$ 42.36 million) for all 706 medical institutions in India to seek WFME recognition.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

17. Dr. Mansukh Mandaviya will launch the National Policy on Research and Development and Innovation in Pharma-MedTech Sector in India and the Scheme for the Promotion of Research and Innovation in Pharma MedTech Sector

Press Information Bureau, Sep. 26, 2023

The National Policy on Research and Development and Innovation in the Pharma-MedTech Sector in India and the Scheme for Promotion of Research and Innovation in the Pharma-MedTech Sector (PRIP) will be introduced by Dr. Mansukh Mandaviya, the Union Minister of Chemicals and Fertilisers and Minister of Health & Family Welfare of the Government of India, in the presence of Mr. Bhagwanth Khuba, the Union Minister of State for Chemicals and Fertilisers and Renewable Energy, and Dr. V.K. Paul, Member, NITI Aayog. The event will be organised by the Department of Pharmaceuticals on September 26, 2023, at the India International Centre.

The National Policy on Research and Development in the Pharma-MedTech Sector in India has the ability to contribute to the sector's potential growth to US$ 120-130 billion over the following ten years, raising its gross domestic product (GDP) contribution by roughly 100 basis points.

The aim of the policy is to promote research and development (R&D) in medical devices, traditional medicines, phytopharmaceuticals, and pharmaceuticals. The policy acknowledged the need for greater emphasis on promoting R&D through locally developed cutting-edge products and technologies, with three focus areas: strengthening the regulatory framework, encouraging investments in innovation, and developing an ecosystem that facilitates innovation.

Other dignitaries who will actively participate in the event include legislators, healthcare industry professionals, representatives from academia, think tanks, businesses, and the media. This event intends to emphasise India's export trends for drugs and pharmaceuticals, its export share by category, the preamble, the need for the policy, its objectives, the areas on which those goals should be focused, and the monitoring and evaluation mechanism.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

18. Remarkable' 5G adoption drives India's global speed ranking 72 places higher: Ookla

IBEF, Oct. 3, 2023

India's mobile download speeds have significantly increased with the rollout of 5G services, and India has moved up 72 spots to claim the 47th spot in the Speedtest Global Index, according to Ookla. This places India ahead of numerous G20 countries, including Mexico (90th), Turkey (68th), the UK (62nd), Japan (58th), Brazil (50th), and South Africa (48th), in addition to its neighbours Bangladesh, Sri Lanka, and Pakistan.

Since the rollout of 5G, India's speed performance has increased by 3.59 times, with median download speeds improving to 50.21 Mbps in August 2023 from 13.87 Mbps in September 2022. India moved up 72 positions, from 119th to 47th, in the Speedtest Global Index as a result of this improvement.

Through operator investments in backhaul infrastructure, 5G deployments have enhanced overall user experience across all telecom circles. The launch of 5G technology by service providers like Reliance Jio and Bharti Airtel has significantly increased the number of 5G subscribers. Service providers continue to have ambitious roll-out plans, deploying a sizable number of 5G base stations across the nation.

According to the Net Promoter Score (NPS), which demonstrates that 5G customers in India continuously evaluate their network operators more favourably than 4G users, 5G has not only provided faster speeds but also higher customer satisfaction.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

19. India's digital transformation in pandemic akin to mobile revolution: IBM's Arvind Krishna

IT News, ET CIO, 16 October, 2023

India’s rapid digital transformation over the course of the Covid-19 pandemic is similar to what the country did with its mobile phone revolution, IBM Chairman and CEO Arvind Krishna says.

New Delhi: India’s rapid digital transformation, including in payments, over the course of the Covid-19 pandemic is similar to what the country did with its mobile phone revolution, IBM Chairman and CEO Arvind Krishna said on Tuesday.

“The 18 months of the pandemic has accelerated digital transformation in India, which is equal to 15 years in the area of digital payments or online commerce or internet banking,” Krishna said during an interactive session, moderated by Tech Mahindra CEO CP Gurnani, at The Economic Times India Leadership Council.

“You can see that impact. You can see the (Indian) government now beginning to talk much more seriously about what they're doing around the key marketplaces for procurement and what they do to government payments.”

“It is much like India leapfrogging from having few (landline) phones to…800 million to 1 billion mobile phones,” Krishna said.

Gurnani lauded Krishna’s bold attempt to spin off IBM’s IT infrastructure business Kyndryl as an independent company, with IBM focusing on platforms and products. The US-based firm, under Krishna’s leadership, is betting big on hybrid cloud and Edge computing.

“It was a hard decision between the management team and the board. For Kyndryl, that was the time it was important that they get to go on their own journey. They need their own capital structure, they need their freedom,” Krishna said. “They need to have their own margins; they need to have their own partners and to do all that under the auspices of IBM.”

Kyndryl, with a revenue of $19 billion, listed as an independent entity earlier this month.

Krishna and Gurnani discussed the India advantage in terms of talent for global technology companies as well as the opportunity for services companies to help customers transform their businesses using technology.

Global firms will spend over $10 trillion on technology over the next 10 years, Krishna said.

“Only 20% (of the applications) has been modernised with any kind of microservices, modern cloud container-based architecture. The other 80% is still sitting in (servers and databases) how it used to…so our current bets on hybrid cloud and probably a current and future bet on Edge computing remains,” he said.

IBM, he said, was looking at data sovereignty by countries, automation, artificial intelligence and Edge computing to drive demand for hybrid cloud.

“Data sovereignty is deep inside the soul of every nation. They want to control, and they want to know the destiny or where the data is and where the critical infrastructure is going to go wrong. And that's the conversation pretty much every country is having, be it India, in the UAE, in Saudi Arabia, France, Germany or the UK. So, you got to have all of that presence. You need to make sure that that data stays within boundaries,” he said.

“The very question of automating factories and bringing AI is going to imply Edge computing. You bring those together, and that is why we fundamentally believe in the strategy of hybrid cloud,” he added.

20. Revenue for the domestic construction equipment sector is expected to grow 14-15% in FY24: Crisil Ratings

IBEF, Oct. 16, 2023

Crisil Ratings stated that the government's emphasis on infrastructure will drive a 14-15% growth in the domestic construction equipment sector's revenue in FY24. According to the statement, mining and real estate-related construction activity will also be beneficial.

The domestic construction equipment sector is expected to see revenue growth of 14-15% this fiscal year, building on a strong foundation of 29% growth the previous year. The agency stated in a statement that "this will be driven by continued government focus on infrastructure build-out, especially roads, metros, and railways, including projects under the National Infrastructure Pipeline (NIP)".

The increased pace of road development, which supplies 40% of the demand for construction equipment, is encouraging for the industry's expansion.

Furthermore, with the industry transitioning to CEV Stage-V2 emission standards on April 1, 2024, which will raise equipment prices, some pre-purchasing of equipment is also expected towards the end of the current fiscal year.

In terms of volume, the industry is expected to reach a record-breaking sales level of 1.2 lakh units during this fiscal year, up from 1.1 lakh units in FY23.

According to the report, material handling and concrete equipment made up the remaining 22% of sales volume, whereas earthmoving equipment accounted for 70% of sales volume in the previous fiscal year.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

India and the World

21. Santiniketan inscribed on UNESCO World Heritage List: PM Modi celebrates India's 'proud moment'

ET Gov. 19 Sep. 2023

The decision to include Santiniketan in the list was taken during the 45th session of the World Heritage Committee currently underway in Saudi Arabia.

The announcement of the Gurudev Rabindranath Tagore-founded VIsva-Bharati University (VBU) located at Bolpur- Santiniketan in West Bengal's Birbhum district becoming the first living and functional university to get the UNESCO World Heritage site tag, has left Chief Minister Mamata Banerjee elated.

Santiniketan, the famed place in West Bengal where poet Rabindranath Tagore built Visva-Bharati over a century ago, has been inscribed on the UNESCO World Heritage List. The world body made the announcement in a post on 'X' on Sunday.

"New inscription on the @UNESCO #WorldHeritage List: Santiniketan, #India. Congratulations!" it posted. India had been striving for long to get a UNESCO tag for this cultural site located in Birbhum district. The decision to include Santiniketan in the list was taken during the 45th session of the World Heritage Committee currently underway in Saudi Arabia.

Prime Minister Narendra Modi said the recognition was a "a proud moment for all Indians."

"Delighted that Santiniketan, an embodiment of Gurudev Rabindranath Tagore's vision and India's rich cultural heritage, has been inscribed on the @UNESCO World Heritage List. This is a proud moment for all Indians," he posted on X.

West Bengal Chief Minister Mamata Banerjee said she was glad and proud that Santiniketan has finally been included in the UNESCO World Heritage List.

"Biswa Bangla's pride, Santiniketan was nurtured by the poet and has been supported by people of Bengal over the generations. We from the Government of West Bengal have significantly added to its infrastructure in last 12 years and the world now recognizes the glory of the heritage place. Kudos to all who love Bengal, Tagore, and his messages of fraternity. Jai Bangla, Pranam to Gurudev," she posted on X.

Noted conservation architect Abha Narain Lambah, who had worked on preparing a dossier for its inclusion in the list, said she was "dancing with joy" after hearing the news.

"We had worked on the dossier in 2009 and, maybe time wasn't right then, but we always believed in the beauty of Santiniketan, and today we feel vindicated seeing it in the UNESCO list," she told PTI.

Mumbai-based Lambah, many of whose works have received awards and recognitions from the UNESCO, said that once the ICOMOS recommended for its inclusion in the list, it was nearly certain that it would happen.

A few months ago, the landmark site was recommended for inclusion in the UNESCO World Heritage List by international advisory body ICOMOS.

The France-based International Council on Monuments and Sites (ICOMOS) is an international non-governmental organisation that comprises professionals, experts, representatives from local authorities, companies and heritage organisations and is dedicated to the conservation and enhancement of the architectural and landscape heritage around the world.

Santiniketan, a university town over 160 km from Kolkata, was originally an ashram built by Rabindranath Tagore's father Debendranath Tagore, where anyone, irrespective of caste and creed, could come and meditate on the one Supreme God, according to a description of the landmark on the official website of the UNESCO World Heritage Centre.

Debendranath Tagore, also known as 'Maharshi', meaning one who is both a saint and sage, was a leading figure of the Indian Renaissance, it says. "Among the structures built by the Maharshi was the Santiniketan Griha and the beautiful stained glass Mandir, or temple where worship is non-denominational.

"Both structures built in the second half of the 19th century are important in their association with the founding of Santiniketan and the universal spirit associated with the revival and reinterpretation of religious ideals in Bengal and India," the website says.

Visva-Bharati, located in Santiniketan, is one of the most prestigious universities in India with degree courses in humanities, social science, science, fine arts, music, performing arts, education, agricultural science and rural reconstruction.

The university was founded by Rabindranath Tagore. It was declared a central university and an institution of national importance by an Act of Parliament in 1951.

Visva-Bharati is the sole central university of West Bengal and the prime minister is its chancellor.

22. Apple Bites Big, Turns Largest Smartphone Exporter from India

ET, 22 Sep. 2023

Apple has for the first time outpaced Samsung on smartphone export volumes from India, shipping 49% of the country’s total 12 million shipments in the June quarter compared to its Korean rival's 45%. This underscores the Cupertino, US-based company's rapid expansion of local manufacturing in the country.

Industry data showed Apple, which makes iPhones in India through contract manufacturers, clocked a rapid growth in export volumes in the last year. Its share of exports soared from just 9% of the roughly 8 million smartphones shipped in Q2 2022, to almost half the total smartphone exports in Q2 2023, industry executives said. India exported around 13 million smartphones in March quarter this year, which fell to 12 million in Q2 2023. Exports stood at 10 million smartphones in Q1 2022, and 8 million in Q2 2022, according to data accessed by ET.

To be sure, Apple has been the leading smartphone exporter from India in value terms in the first half of 2023, given that it plays in the premium and super premium segments while Samsung has devices across price bands, say experts.

Apple’s robust performance since it began manufacturing in the country in 2017 was driven by a ramp-up in production by three of its contract manufacturers — Foxconn, Wistron, and Pegatron — from the second half of 2022 with the production of iPhone 14 and below to cater to the growing Indian market as well as exports.

All three manufacturers are part of the Indian government’s production-linked incentive scheme for smartphone manufacturing. Wistron and Foxconn have also applied for the incentives after meeting the incremental production targets.

Foxconn has already started making the latest iPhone 15 at its Chennai plant, as reported by ET earlier, with India-made units expected to be available for sale from Friday.

Experts said this underpins Apple’s desire to turn India into an export hub for iPhones, the company’s highest selling product globally, in a bid to diversify its reliance on China, amid geopolitical tensions.

At the same time, Samsung and other Android smartphone brands, which export from India, have seen a stark decline in exports. Industry executives attributed this to the global downturn in demand, which has particularly hit Android smartphone brands.

“As the first quarter of the calendar year coincides with the last quarter of the financial year, there is also a general rise in exports for brands to meet their year-end targets to claim incentives under the PLI scheme. This is also one of the factors behind higher exports in the first quarter, as compared to the second quarter,” an industry executive said.

Samsung’s share of export volumes fell from 50% in Q1 2023 to 45% in Q2 2023. This marks a sharp decline from Q2 2022 when the South Korean company had a dominating 84% of the export market from India.

Industry executives said requesting anonymity that Samsung’s weak export performance in India is also tied to Vietnam becoming a larger export hub for the company. The company’s factory in North Vietnam is its largest smartphone factory globally.

Meanwhile, exports by other Android brands (Xiaomi, Motorola, Vivo, Transsion) declined from 10% in Q1 2023, to 6% in Q2 2023.

Emails to Apple, Samsung, and other brands including Xiaomi and Vivo didn’t elicit any response till press time.

A Motorola India spokesperson said that despite global shipments decreasing in first quarter of 2023, the company has seen consistent growth in exports in 2023 with a 25% increase in Q1 over the previous quarter.

“We have successfully partnered with Dixon to be among the first participants of the PLI scheme for mobiles. In addition to enhancing our ability to serve Indian customers with innovative products, we are proudly manufacturing 100% of our devices in India and exporting to global markets worldwide, including the US,” the spokesperson said.

Market researcher Counterpoint Research has predicted that 2023 global smartphone shipments will decline 6% to 1.15 billion units, the lowest in a decade, with macroeconomic headwinds in China and North America pushing smartphone replacement rates to record highs worldwide.

23. Now, Tesla Rival VinFast Looks to Make in India

ET, 28 Sep. 2023

Vietnamese electric vehicle maker VinFast Auto – a deemed Tesla rival that emerged as the world’s third most valuable carmaker last month – is mulling setting up a manufacturing unit in India, multiple people aware of the development told ET.

Reuters. Vietnamese electric vehicle maker VinFast Auto – a deemed Tesla rival that emerged as the world’s third most valuable carmaker last month – is mulling setting up a manufacturing unit in India, multiple people aware of the development told ET.

The plant is likely to come up in either Tamil Nadu or Gujarat, they said. “The talks are in the preliminary stages but VinFast is very keen on setting up in India,” one of the sources said. “The investment is expected to be significant.”

However, there is no clarity yet on whether VinFast is looking at exports or the new production unit would only serve the Indian market, the person said.

Another person in the know said the company held talks with several state governments before narrowing down on Tamil Nadu and Gujarat as potential regions to set up their facility.

Email queries sent to VinFast remained unanswered as of press time Wednesday.

If the company goes ahead with its investment plans, it will be the first ever Vietnamese automaker to set up shop in India.

Founded in 2017, VinFast Auto last month became the world’s third largest automaker by market capitalisation behind Tesla and Toyota with a valuation of $191 billion with its stock rising nearly 700% days after its listing on Nasdaq.

However, the stock has been highly volatile since and the unprofitable EV manufacturer saw its market capitalisation fall more than $140 billion early this month.

As per Nasdaq, the company’s current market cap stands at $25.7 billion.

This makes it the world’s 17th most valuable automaker by some estimates.

During its second quarter earnings announcement on Thursday, VinFast said that for its next phase of development beginning in 2024, it plans to roll out dealership networks in new market clusters including India.

VinFast is the EV arm of Vingroup, the largest private corporation in Vietnam. It is small in comparison to the likes of Tesla but is expanding fast and has ambitious plans to take on the Elon Musk-owned firm in the US where Tesla has over a 50% market share.

VinFast sold only 7,400 cars last year – all in Vietnam – but has projected sales between 40,000 and 50,000 cars this year as it expands beyond the country’s borders. In contrast, competitors like Tesla and Toyota have projected sales of 1.8 million and 1.5 million EVs, respectively, per year by 2026.

VinFast has a manufacturing facility in Hai Phong in Vietnam. On July 28, the company broke ground for its first American factory in North Carolina which spans across 1,800 acres and consists of main production areas for general assembly, body, and paint shops in addition to other manufacturing facilities. Its annual production capacity is expected to reach 150,000 vehicles in the first phase.

While VinFast does not command the same brand value as Tesla, its cars are seen as affordable alternatives to Tesla and are expected to gain positive buzz in the Indian market for being cost effective and value for money, analysts said.

“Unlike Tesla, which uses a direct-to-consumer sales model, VinFast adopts a multi-channel distribution strategy and differentiates its models for various markets,” Ashwin Amberkar, automotive analyst at Canalys said. “VinFast is expected to adopt a similar model in India.”

The company has more than 120 showrooms across the globe.

Amberkar said India is a key market for VinFast’s global ambitions.

However, VinFast is likely to encounter stiff competition from Chinese rival BYD.

“In the context of India, VinFast could emerge as a significant contender, but it will encounter fierce competition from BYD,” Soumen Mandal, senior research analyst at Counterpoint Research, told ET. “BYD has overtaken both VinFast and Tesla to claim the top spot in the Southeast Asia (SEA) EV market. The SEA market, with its price sensitivity, bears resemblances to India's dynamics.”

VinFast might have a good opportunity in the premium segment, though, he said.

“In 2022, cars priced above ₹20 lakh accounted for nearly 5% of total sales – a figure predicted to triple by 2030,” Mandal said. “This growth presents VinFast with an opportunity to introduce premium features at prices more competitive than Tesla and other European luxury brands like Mercedes Benz, BMW and Audi.”

24. India is the Shining Star of Asia Now

ET, 17 Oct. 2023

While global macroeconomic headwinds drive volatility in markets, India saw strong merger and acquisition (M&A) activities in 2023. The Indian IPO market saw a flurry of activity with stock markets toting up the greatest number of new listings in 2023 globally. Tyler Dickson, head of investment banking at Citi, sees India as a shining star in Asia right now. In an interaction with Swaraj Dhanjal & Bhaskar Dutta, Dickson said the American bank was bullish about M&A and equity market activity in India. He spoke about the impact of higher interest rates on dealmaking, how China- +One is making India an attractive market, and why he is cautiously optimistic about technology deals across M&A, equity, and debt markets in 2024. Edited excerpts

In the volatile global macroenvironment of the last couple of years, how has India fared compared to other emerging markets and Asia?

India is the shining star of Asia right now. It's the fifth-largest economy, headed to be the third-largest economy, with extraordinary fundamentals and technicals supporting excitement about it. What has been great for me is the enthusiasm of Indian business leaders who I've had the opportunity to meet here on this visit; their excitement and enthusiasm about everything they want to do in India and the alignment of things that look great and exciting for them. Now importantly, the rest of the world, particularly in the ‘China plus one’ opportunity set where people are looking for resilience in supply chains and highly attractive skilled labourers who can do services, technology, and manufacturing, they are very excited about India. And so, from Citi's perspective, we think it’s, if not the best, one of the best opportunities for India clients and our international clients to capture. And our commitment is to make sure Citi's helping them do it. Our long-term perspective is that this is a place that's going to be constructive for growth.

Is the environment conducive for the M&A market amid tighter liquidity conditions everywhere?

The M&A market has been pretty good in India, all things being equal — a $85 billion type of opportunity. ECM (equity capital markets) in India is probably one of the places with the best green shoots for activity. As you know, DCM (debt capital markets) activity has been a little bit of a different story, part of that’s been rates. I think what we must do is take a slightly longer-term perspective. We don't think the M&A opportunity goes away. Frankly, we see upside to that in the Indian market.

I think when we look at ECM, again, we don't see a slowdown in opportunity. In fact, we've seen more Indian companies feeling more confident about the liquidity profile and the ability to access the Indian equity market as a solution for opportunities. We think there's an opportunity to help local ECM markets grow. We also think there will be companies who choose to use the international IPO markets, particularly in New York. And we were excited about that, because given our globality, we can help.

On the debt side, I'd say we're cautiously optimistic of improving conditions, both by rate stability locally, cost of money and adjustment of people looking at that.

Emerging markets were big beneficiaries of the global liquidity glut after Covid. It’s quite clear now that US dollar funding costs are going to be elevated. What does that mean for deal making?

The reality of interest rates being higher for longer is rolling its way through the outlook for economies around the world. I think stability of the cost of capital is as important as the absolute rate. The biggest challenge that we had in this very difficult period over the last two years was the massive adjustment and differentiation in views of the outlook for interest rates. And that volatility was as much a problem as the absolute rate. Now, we certainly live in a world where the cost of money is higher, and that will mean economies will grow more slowly and deal activity will have to reflect that. But I think as the market recalibrates to a view of valuations — we had sellers who wanted to sell up because they thought interest rates were going to be low. We had buyers who thought interest rates could be higher. We're getting into a bit of an equilibrium dynamic, that's helpful. Second, with respect to growth in a world where interest rates are higher, the premium that you put on quality of earnings, quality of cash flow, quality of growth, globally is important.

If you looked at major market dislocations since 2000, the average time that market activity decelerates quarter over quarter, goes to about seven quarters, the longest it has ever been is 10 quarters. We happen to be in the seventh quarter with respect to this adjustment.

What’s more likely to happen in our view, with the cost of money not being outrageous — we would expect to see a cycling up of confidence in the marketplace and that translating into more M&A activity, more ECM activity, and more DCM activity than we're seeing right now.

What's the outlook for the tech industry? Is the funding situation improving or is the so-called winter likely to continue?

There's a short-term perspective and an intermediate, long-term perspective. We're long-term bullish on technology because it's so fundamental. Our long-term perspective on technology is that it’s exciting and interesting; it's a place where growth will naturally come.

The biggest challenge with technology and the technology winter we're dealing with is a world where interest rates were zero, and therefore, enormous target market opportunities to be captured by new technology companies, or existing technology companies was extraordinarily exciting. If you did a private placement round at a high valuation, you don't want to do an M&A sale or an IPO at a lower valuation. But over time, if you run out of money, or you need to position your franchise for growth, you will ultimately do the right thing to make your company succeed. And that's what we think will be happening.

I think we are cautiously optimistic about activity levels for technology companies in M&A, ECM, and DCM to pick up in 2024 and mimic the overall market where we think activity levels will get better. And that's true in India and it's true in the global market.

Given the degree and the pace of monetary tightening in the US and in other advanced economies, is there a global fault line when it comes to refinancing debt?

Fault line may be an exaggerated sense of it. There is a financing wall that many people see in the global marketplace in the sort of 2025 and 2026 era; there's a lot of debt that needs to be refinanced. And that will go from very low-cost debt to more expensive debt. But it's important to realise that this is more expensive debt, not super expensive debt. If you look over our lifetime, there were plenty of periods where debt was more expensive than it is today. When you look at the economic conditions, I think we see an opportunity to adjust to that reality.

25. Global experts chart new directions for G20 countries to achieve women’s empowerment and leadership in agri-food systems

Press Information Bureau, Oct. 16, 2023

In order to boost agricultural productivity, food security and nutrition, and resilience to the effects of climate change, it is important that women's leadership and empowerment in agri-food systems be strengthened. These findings were reached by global experts and researchers at the end of the International Gender Conference “From Research to Impact: Towards Just and Resilient Agri-food Systems,” which was organised by the Indian Council of Agricultural Research (ICAR) and the CGIAR GENDER Impact Platform and held in New Delhi from October 9-12, 2023.

Following the recent G20 Summit, wherein G20 leaders pledged to promote women-led development and women's leadership in food security, nutrition, and climate action, these findings are especially timely.

The conference was filled with evidence backed by research that makes it abundantly evident that intentionally designing agricultural projects, programmes, and policies to empower women improves the lot of everyone involved. This includes increased agricultural productivity, improved child nutrition, improved dietary diversity, increased food security, and increased resilience to climate change.

A best-practice strategy that can increase women's access to markets, resources, agency, and empowerment is the formation of Farmer Producer Organisations or other collectives. Agri-food systems can only be just and resilient if women are encouraged to take on leadership roles in all spheres of innovation, decision-making, and policy formation, according to research.

Assistant Director General (HRD) of ICAR, Dr. Seema Jaggi, summarised the main conclusions drawn from the conference discussions and stated that the G20 leaders decided to focus on four areas of priority: investments in food security and nutrition, climate-smart approaches, inclusive agricultural value chains, and digitalisation for agricultural transformation. According to her, ICAR and CGIAR can be very helpful in guiding these four priority areas.

A last call to action relates to stronger connections between researchers and research users, stated Dr. Ranjitha Puskur, Country Representative for India and Research Leader of Gender and Livelihoods at the International Rice Research Institute (IRRI).

Delegates from almost 60 countries attended the four-day international agricultural gender research conference, which included four plenary sessions, 54 parallel sessions, and six poster sessions, and deliberated how agricultural gender research can contribute to more resilient and just agri-food systems.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.

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