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India Newsletter April 20211 Focus Sector FINANCIAL SERVICES Embassy of India, Vienna, Austria. News Flash 1 FY-21 recorded US$ 4 Digital payment is additional funds and 37.39 billion foreign expected to increase to overcoming financial issues. portfolio investments (FPI) 71.7% of all transactions in inflows in Indian equity India by 2025, according to a India's IPO fundraising markets. The robust FPI report by ACI Worldwide. 7 flows came on the back of Other payment options such is at a 13-year high, due to faster than expected as Cash and cheques, will increased foreign funds and economic recovery account for 28.3% of the rising interest from small supported by multiple investors, making it one of the tranches of innovatively market, according to a study hottest IPO markets in 2021. Fo designed stimulus by ACI Worldwide, an far in FY21, Indian companies packages. organization that offers payment solutions to raised US$ 2.2 billion through companies. initial public offerings (IPOs), Union Cabinet the highest since 2008, Refinitiv 2 data indicated. approved the Production Linked Incentive (PLI) 5 Telecom advertising in Scheme for White Goods India is expected to grow at (Air Conditioners and LED 11% by 2023, according to India's exports increased Lights) with a budgetary Zenith report. This is a much 8 outlay of US$ 848.96 million faster growth rate than global by 17.27% to US$ 14.22 billion and the 'National telecom advertising, which is in March 1-14, 2021, as Programme on High expected to grow at an compared to the same period Efficiency Solar PV (Photo last year. Engineering, rice, annual rate of 4.5% through Voltic) Modules' with an gems and jewellery were 2023, according to the outlay of US$ 612.43 among the key sectors that Business Intelligence million. recorded healthy growth in Telecommunications report. exports. 3 In February 2021, Indians spent 188 billion 6 The parliament 9 Passenger vehicle sales minutes on various OTT approved a bill to increase in India increased by 17.92% platforms, with daily soaps foreign direct investment YoY to 2,81,380 units in accounting for 69 billion (FDI) in the insurance sector February 2021, according to minutes and movies from 49% to 74%. Union the Society of Indian accounting for 31 billion Minister for Finance and Automobile Manufacturers minutes, according to a Corporate Affairs, Ms. (SIAM). As per SIAM, in report released on Nirmala Sitharaman, who is February 2021, two-wheeler Tuesday. Free telecom piloting the Bill, stated that dispatches to dealers increased bundling supported boost by 10.2% to 14,26,865 units, up increasing the FDI limit in the the amount of OTT from 12,94,787 units in insurance sector will support subscriptions via February 2020. smartphone users. insurers in boosting INDIA NEWSLETTER . 1 Embassy of India, Vienna, Austria. Federation of Indian Chambers of Commerce & Industry (FICCI) initiatives FICCI’s “Global Business Vantage Service” offers ability to organizations to get connected to potential partners around the world. Today, data science and advanced analytics could support B2B matchmaking, as also being attempted with FICCI GLOBIZ portal. What is imperative for organizations is not just business connects, but also the “right ones” which comply to all parameters outlined by the client. Global Business Vantage Services goes a step beyond mere B2B connects.For more information please visit: www.ficciglobiz.com. To Register click here www.ficciexpo.in INDIA NEWSLETTER . 2 Embassy of India, Vienna, Austria. Government Initatives for Business Development AGNIi – Accelerating Growth of New India’s Innovations – is a programme of the Office of the Principal Scientific Adviser to the Government of India, and a Mission under the Prime Minister's Science, Technology, and Innovation Advisory Council (PM-STIAC). AGNIi convenes India's finest technologists and their deployment-ready technologies - from startups and laboratories - with top technology users from Indian and global enterprise, government, and non-profit sectors. www.agnii.gov.in Digital Platform: PRABHASS A National Digital Platform: PRABHASS (Pravasi Bharatiya Academic & Scientific Sampark) has been created to synergize with Global Indian S&T Community for networking & collaborating in the Indian innovation ecosystem & contributing to nation-building. For more information click here. INDIA NEWSLETTER . 3 Embassy of India, Vienna, Austria. News Articles Businesses owned by women The Government of India has notified Copyright (Amendment) Rules, 2021 vide Gazette notification entrepreneurs likely to grow up to 90% under reference G.S.R. 225(E) dated 30th March, in next 5 yrs in India: IBEF dated 30th March, 2021. In India, the copyright ----------------------------------------------------- regime is governed by the Copyright Act, 1957 and According to a new report, women-owned the Copyright Rules, 2013. The Copyright Rules, businesses in India are projected to accelerate by ~ 2013 were last amended in the year 2016. 90% in the next five years. The amendments have been introduced with the EdelGive Foundation, a philanthropic organisation, objective of bringing the existing rules in parity with conducted a survey in 13 states and union territories other relevant legislations. It aims to ensure smooth (UTs). and flawless compliance in the light of the technological advancement in digital era by adopting Nearly 3,300 women entrepreneurs were identified electronic means as primary mode of during the mapping of these regions, who were communication and working in the Copyright Office. divided into three categories: manufacturing, retail, and service delivery. A total of 1,235 women A new provision regarding publication of a entrepreneurs were chosen for the study and copyrights journal has been incorporated, thereby interviewed. eliminating the requirement of publication in the Official Gazette. The said journal would be available These entrepreneurs, as well as their family at the website of the Copyright Office. members, staff, and customers, were interviewed. In- depth interviews were also conducted with 20 NGOs In order to encourage accountability and that encourage women entrepreneurs. transparency, new provisions have been introduced, to deal with the undistributed royalty amounts and After starting a company, ~ 80% of women in semi- use of electronic and traceable payment methods urban and rural India report a significant boost in while collection and distribution of royalties. their socioeconomic and cultural status. To reinforce transparency in working of copyright The study suggests that states conduct meta- societies a new rule has been introduced, whereby analysis to determine their particular requirements the copyright societies will be required to draw up and priorities and execute related initiatives, promote and make public an Annual Transparency Report for goods from women entrepreneurs under a common each financial year. brand with tax incentives, and impart soft-skills training such as accounting. The amendments have harmonised the Copyright Rules with the provisions of Finance Act, 2017 Jammu and Kashmir, Uttar Pradesh, Gujarat, whereby the Copyright Board has been merged with Haryana, Rajasthan, Maharashtra, Manipur, Tripura, Appellate Board. Daman, West Bengal, Jharkhand, Tamil Nadu and Madhya Pradesh are the states/UTs where the study The compliance requirements for registration of was conducted. software works have been largely reduced, as now the applicant has the liberty to file the first 10 and last 10 pages of source code, or the entire source Copyright (Amendment) Rules, 2021 code if less than 20 pages, with no blocked out or notified; Amendments will bring the redacted portions. existing rules in parity with other The time limit for the Central Government to relevant legislations; New rules will respond to an application made before it for encourage accountability and registration as a copyright society is extended to one transparency: PIB hundred and eighty days, so that the application can ----------------------------------------------------- be more comprehensively examined. INDIA NEWSLETTER . 4 Embassy of India, Vienna, Austria. The company is also waiting for the government’s an attractive option for global manufacturers," he production-linked incentive (PLI) scheme for the said. food processing sector, which would be a good step for the industry that has the best ratio of capital investment and employment generation. Progressive and liberal Foreign Direct Investment (FDI) regime, as also PLI scheme (Production India poised to play "decisive role" in Linked Incentive) for telecom equipment are set to 5G era: TRAI secretary- The spur manufacturing ecosystem in India, attracting Economic Times large investment to the market. ----------------------------------------------------- The existing wide base of telecom and internet India is poised to play a "decisive role" in the 5G subscribers, affordable broadband services, era, given inherent strengths in digital and software capabilities, while liberal FDI regime, progressive combined with the power of advanced technologies manufacturing programmes, and resolve for self- like cloud, Artificial Intelligence, and platforms are reliance would usher large investments and growth paving the way for a digitally-strong 'new India', he in the telecom market, a senior TRAI official said noted. on Thursday. The heavy dependence on the import of telecom equipment has been a point of concern, given financial impact and security implications, The pandemic has boosted
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