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India Economic News Pg 02 Government of India Tenders Pg 05 Bilateral Relations Pg 05 Forthcoming Events in India Pg 07 ITPO ´S Fairs, Useful Links Pg 09 INDIA NEWSLETTER November 2018 INDEX: India Economic News Pg 02 Government of India Tenders Pg 05 Bilateral Relations Pg 05 Forthcoming Events in India Pg 07 ITPO ´s Fairs, Useful Links Pg 09 Embassy of India Milady Horákové 60/93 Praha, 170 00 Czech Republic Tel: +420 257 533 490 Web: www.eoiprague.gov.in 1 INDIA ECONOMIC NEWS compared to Rs. 1,48,962.64 Crore in October India GDP Growth Slows More than 2017, registering a positive growth of 33.35 Anticipated per cent. Non-petroleum and Non Gems and Jewellery exports in October 2018 were US $ The Indian economy advanced 7.1 percent 18.94 Billion, as compared to US $ 16.54 year-on-year in the third quarter of 2018, well Billion in October 2017, exhibiting a positive below 8.2 percent in the previous period and growth of 14.54 per cent. market expectations of 7.4 percent. It is the lowest growth rate in three quarters, mainly Imports in October 2018 were US $ 44.11 due to a slowdown in consumer spending Billion (Rs. 3,24,774.78 Crore), which was amid high oil prices and a weaker rupee. Also, 17.62 per cent higher in Dollar terms and inventories, financial services, manufacturing 33.07 per cent higher in Rupee terms over and the farm sector rose less. Household imports of US $ 37.50 Billion (Rs. 2,44,064.20 spending (7 percent compared to 8.6 percent Crore) in October 2017. in the previous period) and inventories (3.8 percent compared to 8.6 percent) slowed. On India will be Global Hub of Start-Up the other hand, government spending (12.7 Community percent compared to 7.6 percent), gross fixed capital formation (12.5 percent compared to Indian startups have the capacity to bring 10 percent), exports (13.4 percent compared about transformational change to India’s to 12.7 percent) and imports (25.6 percent growth story said Union Minister of compared to 12.5 percent) rose faster. Commerce & Industry and Civil Aviation, Household spending accounted for 54.5 Suresh Prabhu, in New Delhi today. He was percent of the GDP (54.9 percent in Q2); gross speaking at the launch of a report on the State fixed capital formation for 32.3 percent (31.6 of the Indian StartupEcosystem-2018 by Inc percent in Q2); public expenditure for 12.4 42 which is an Indian information platform percent (11.8 percent in Q2); and changes in known for its coverage of the Indian startup stocks for 0.7 percent, the same as in Q2. ecosystem. Exports accounted for 21.8 percent (21.4 The Minister went on to say that the percent in Q2) while imports subtracted 26.6 Commerce & Industry Ministry is taking many percent (-24.7 percent in Q2). initiatives to foster a positive and empowering ecosystem for startups togrow and flourish in the country. To this end many regulations India's Foreign Trade which were in place for traditional industries India’s overall exports (Merchandise and are now being reviewed and either scrapped Services combined) in April-October 2018-19* or modified in order to facilitate the are estimated to be USD 308.32 Billion, ecosystem which will fosterand encourage exhibiting a positive growth of 17.17 per cent startups to take root in India. Commerce over the same period last year. Overall Minister also said that the Ministry is holding imports in April-October 2018-19* are a global investors meeting next month in India estimated to be USD 374.88 Billion, exhibiting where top investors are being invited to a positive growth of 18.88 per cent over the participate in a roundtable meeting in order same period last year. to pave the way for greater investments in Exports in October 2018 were US $ 26.98 Indian startups. Billion, as compared to US $ 22.89 Billion in October 2017, exhibiting a positive growth of 17.86 per cent. In Rupee terms, exports were Rs. 1,98,634.84 Crore in October 2018, as 2 Ayurveda Departments will be opened in the Nauru Republic and United States Virgin new 19 AIIMS Islands," Plexconcil chairman Ravish B Kamath Minister of State for AYUSH Shri Shripad said. Yesso Naik has announced that Ayurveda Departments will be opened in the new 19 PwC India to invest Rs 100 cr for new tech AIIMS. He said, work is already on to start solutions, to hire 1,000 digital tech experts Ayurveda Departments in hundred ESIC hospitals under Ministry of Labour. Further, PwC India Monday said it will invest Rs 100 approval has been received from Home crore on development of digital solutions and Ministry to open Ayurveda Deparments in expects to hire 1,000 digital technology seven hospitals of BSF and other Para military experts over the next three years. The move is forces. Inaugurating the 3rd Ayurveda Day in aimed at strengthening capabilities to deliver New Delhi today along with Union Minister tech solutions that will help clients address for Science & Technology, Earth Sciences and real-world business challenges, it said in a Environment, Forest and Climate Change Dr. statement. This will be in addition to ongoing Harshvardhan, Shri Naik said, this year investments towards innovation, digital R&D Ministry has taken many steps to fulfil the and talent for building new tech-enabled solutions, it added. "Our deep expertise and theme ‘Ayurveda for public health’ and decided for further expand the coverage of understanding of our clients' business and the sectors they operate in has been the the National Programme of ‘Prevention of foundation upon which these tech solutions Non Communicable Disease’ from exiting six states. The Minister further said, the Ministry have been created. These technology-based will organise 50 workshops in collaboration tools and solutions will also get integrated with MSME to enhance entrepreneurship in with our existing service offerings," PwC India Ayurveda and AYUSH sector. Partner and Leader (Advisory) Deepankar Sanwalka said. The company has also demonstrated 40 new tech solutions spanning India's plastics export jump 31.6% to US$ multiple areas like digital, finance, risk and 4.59 bn in H1 FY19 compliance and tax. The tech-enabled India's plastics exports posted a growth of solutions have been developed to solve client 31.6 per cent at USD 4.59 billion during the challenges on emerging technologies like period April - September 2018 (H12018-19) as cloud, Artificial Intelligence and Mobile. against USD 3.48 billion in same period during H1 2017-18, registering a faster pace of Impact of GST has largely been positive and growth than the overall merchandise export constructive on Pharma Sector growth from India, as per the Plastics Export Promotion Council (Plexconcil). During H1 Impact of Goods and Services Tax (GST) on 2018-19, India reported merchandise exports Pharma sector has largely been positive and worth USD 164.04 billion, up 12.5 per cent constructive, informed Minister of State for from USD 145.75 billion in H1 2017-18. Road Transport, Highways, Shipping and According to Plexconcil, plastics formed 2.80 Chemicals & Fertilizers, Shri Mansukh per cent of India's overall merchandise Mandaviya, in a statement here today. exports in H12018-19. The growth in India's Following the vision of Prime Minister of plastics export has been primarily boosted by India, Shri Narendra Modi, to ensure health higher shipment of plastic raw materials, security for all citizens of India, the Ministry of plastic sheet, film, plates, and packaging Chemicals & Fertilizers has taken various steps materials. And we added new destination to ensure availability of ‘Affordable, Quality countries for plastics export which includes Medicines for All’, the Minister added. In this French Guiana, Guam, Kiribati Republic, background, Shri Mandaviya informed that Lesotho, Marshall Island, Mayotte, Monaco, the Pharma sector has seen a positive growth after the implementation of GST. This is 3 evident from the following:-Before GST, Annual Turnover of the Pharma Sector (as on 31.05.2017) was Rs 1,14,231 crores while after GST, the Annual Turnover of Pharma GOVERNMENT OF INDIA TENDERS sector (as on 31.05.2018) touched Rs 1,31,312 crores, which is 6% higher than the Pre-GST Central Public Procurement Portal regime. https://eprocure.gov.in/eprocure/app, http://www.worldoffooindia.com Digital disruption' to add 1.4 mn new IT jobs in India by 2027 The Government of India Tender information India is likely to add over 1.4 million new IT System http://tenders.gov.in/ jobs by 2027, primarily driven by emerging technologies like cybersecurity, Internet of More details on Tenders in India are available things (IoT) and Big Data, a report by Cisco- at th efollowing Embassy link: IDC said. According to IDC InfoBrief, http://www.eoiprague.gov.in/tenders_detail. commissioned by tech major Cisco, new-age jobs will add more than 5 million positions php?year=2018 worldwide by 2027. The report said roles like social media administrator, machine learning designer, and IoT designer would be most sought after in the coming years. It pointed out that about 22 per cent IT professional respondents said they self-funded their certification courses, while about 50 per cent of them underwent some training in 2017 - a reflection of the growing importance of upskilling in a rapidly changing technological landscape. 4 BILATERAL RELATIONS H.E. Mrs. Narinder Chauhan, Ambassador of the Republic of India to the Czech Republic called on H.E. Mr. Andrej Babiš, Prime Minister of the Czech Republic on Monday, 5 November, 2018 to convey Diwali greetings and celebration of Diwali in Prime Minister’s office of the Czech Republic.
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