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Power of Thoughts

Year-11, Issue-2, May 2022, Price : `300

Aatmanirbhar

BHARAT

Making India Self-reliant

28 PM Modi's Aatmanirbhar Bharat attracting big foreign players to invest in India

PSU’s

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Aatmanirbhar Bharat a move that can carve a brighter future The globalised world has been brought to a standstill by the Covid-19 outbreak. Before the invention of Covid, countries routinely imported everything they lacked the capacity to produce on their own. In addition, the lockdown imposed to prevent the spread of the coronavirus has taken a massive financial toll on India's economy. This was exacerbated by the economic and border vulnerabilities that India has faced. "Atmanirbhar Bharat Abhiyan," which means "Self-reliant India Mission," was the BJP-led Central government's flagship programme to revive the economy in the face of uncertain waters.. Apparently, the goal was not to drastically reduce imports, but rather to re-educate, re-invigorate, and reinvigorate domestic industries and make Indian goods once again popular with Indians. On May 12, Prime Minister Narendra Modi unveiled a special package aimed at reviving and protecting the country's economy, which has been severely impacted by the pandemic. In addition to providing financial assistance to the most vulnerable members of society, the Atmanirbhar Bharat Abhiyan was also aimed at reviving cottage industries and MSMEs, as well as local industries such as brick-making and pottery, by focusing on the importance of land and labour, liquidity, and the law. An economic package of INR 20 lakh crore (approximately 10 per cent of India's GDP) was unveiled under the Abhiyan initiative. The beauty of this Mission is that it focuses on the revival of all five "pillars," namely economy, infrastructure, technology-driven systems, vibrant demography, and demand, in order to get the Indian economy back on track. For Atmanirbhar Bharat, the Union Finance Minister announced structural reforms in four phases, with a focus on MSMEs and agricultural activities. Funding and loan guarantees for small and medium-sized enterprises, NBFCs/ HFCs, DISCOMs, contractors and real estate developers are among the relief measures worth INR 5,94,550 crore in Tranche 1. This tranche, worth INR 3,10,000 crore, is geared toward low-income groups like migrant workers, small-scale farmers, and street vendors. Tranche 3: USD 1,50,000,000,000 in total value. In order to strengthen the overall farm sector, agriculture and its allied sectors like dairy, animal husbandry, and fisheries are the primary focus. It is worth INR 48,100 crore and focuses on eight critical sectors, including mining and coal production, defence production, airspace management, social infrastructure projects, power distribution firms, the space sector, and atomic energy production. More than 24 lakh micro, small, and medium enterprises (MSMEs) received a direct benefit from the government's policy of limiting imports of sports equipment, toys, chemicals, and other goods. It also boosted the Indian defence manufacturing industry by prohibiting the import of more than 101 foreign-produced goods.

Dr. Hariom Tyagi Editor-in-Chief Observer Dawn Connect with Dr. Hariom Tyagi @harityagi2003

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BRIEFING 08

PSU's Dividend to Government of India by HAL is highest in FY 21-'22

COVER STORY

AATMANIRBHAR MAKING INDIA SELF-RELIANT INDIA'S INDIGENOUS MOVE TO BECOME SELF-RELIANT

DAWN

May 2022

BUSINESS OUTLOOK In FY23, the ADB expects India's economy to grow at a rate of 7.5 per cent

CAPITAL NEWS Proposal for Uniform Banking Code for Forex Transactions has been requested by Government

TOP STORY

PM Modi's Aatmanirbhar Bharat attracting big foreign players to invest in India

SPECIAL STORY Indian telecom tower Industry writing a new success story

TOURISM Indian tourism all set to welcome world with a vibrant smile

TRENDS India's defence sector beefing up its T&M domain to attain Atamanirbhar Bharat

INDUSTRY OUTLOOK Is The Indian auto industry on the verge of a comeback?

DEFENCE The Final Phase of Exercise Varuna 2022 has been completed

GLOBLE BUSINESS OUTLOOK Dubai utility Dewa's stock rises in the Middle East's largest IPO since Aramco's in 2012

May 2022

DAWN

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RNI REG.No DELENG/2013/50357

OD/ MAy / 2020 / INR - 300 UAD - 10 ENG

www.observerdawn.com

Year-10, Issue-5, May 2020, Price : `300

Power of Thoughts

DEADLY

VIRUS

NOT INFECTED BUT AFFECTED

OUTLOOK 2020

TOURS & TRAVEL

BIG LOSS IN MUTUAL FUND SIP? KNOW YOUR OPTIONS

INVESTMENT

DEFENCE

PSU's

DIVIDEND TO GOVERNMENT OF INDIA BY HAL IS HIGHEST IN FY 21-'22

THE EA 1N AXLE STEEL BLOOMS WERE CREATED BY SAIL ASP FOR VANDE BHARAT

or the first time, the Alloy Steels Plant of the Steel Authority of India Limited has developed EA 1N Axle Steel Blooms for Vande Bharat in-house (Train 18). Shipment number one was recently successfully delivered to Rail Wheel Factory (RWF) in Bangalore. RWF Bangalore will forge, heat treat, and machine these blooms into axles, which will be shipped to ICF, Chennai.

overnment of India was paid INR 653.36 crores in the second interim dividend for FY 2021-22 from HAL. At a ceremony in New Delhi, the dividend check was presented to Defence Minister Rajnath Singh by HAL CEO R. Madhavan and Director (Finance) C. B. Ananthakrishnan in the presence of Dr. Ajay Kumar, the Defense Secretary. Second interim dividend of INR 26/- per equity share of INR 10/- each amounting to INR 869.41 crores was declared. In addition to the first interim dividend of INR 14/- per equity share of INR 10/- each, which was declared on November 11, 2021, a total amounting to INR 1337.55 crores, which included a GoI share of INR 1005.17 crores, a total amount of INR 1337.55 crores It is the highest dividend declared by the Company since its stock was listed on the Stock Exchanges and is higher than the DPE guidelines, says Mr. R. Madhavan. There was also the presence of Mr. Chandraker Bharti, JS (Aero), MoD and Mr. Alok Verma, Director (HR), HAL at the event.

NEW HEIGHTS FOR IREL; HIGHEST SALES TURNOVER AND PBT SINCE INCEPTION EVER ACHIEVED

ndia's Department of Atomic Energy (DAE)-owned CPSE IREL announced its highest ever sales turnover and pre-tax profit (PBT) for the first time. The sales turnover and PBT totaled INR 1462.05 crore and INR 700.00 crore, respectively, a 53.3 percent and 68.6 percent increase over the previous year's record. Additionally, the MoU rating of "Excellent" that the company has maintained for the fourth consecutive year has been awarded. In spite of the Pandemic and supply chain disruptions, this was possible. The Chairman and Managing Director of IREL, D.Singh, who has led the company for the past seven years and has been the pivot of its growth, congratulated the employees on their monumental achievement and said that this pinnacle was only possible because of the enormous contribution of all employees despite the trying time the country has experienced over the last year.

DAWN

May 2022

Around 175 kilometres from Kolkata, ASP is situated in West Bengal's Paschim Burdwan district along the HowrahDelhi Railway Line and the Grand Trunk Road (National Highway-19). It covers an area of approximately 4.67 square kilometres (467.22 Hectare). More than 400 grades of steel are produced at the plant, which serves a wide range of industries, including the military, railways, automobiles, and power plants.

PSU's

10 STATES WILL RECEIVE AN ADDITIONAL INR 28,204 CRORE FROM THE FINANCE MINISTRY TO HELP THEM REFORM THE POWER SECTOR

A TOTAL OF 29.20 BILLION UNITS OF ELECTRICITY WERE PRODUCED BY NLCIL IN THE YEAR 2021-22

he Ministry of Finance's Department of Expenditure has approved an additional borrowing of INR 28,204 crore for 10 states to implement the power sector reforms in 2021-22. Among the states are Andhra Pradesh, Himachal Pradesh, Manipur, Meghalaya, Odisha, Rajasthan, Sikkim, and Uttar Pradesh. The state of Tamil Nadu received the most money, receiving INR 7,054 crores. Following the Fifteenth Finance Commission's recommendations, the Ministry of Finance decided to provide the States with an additional 0.5 percent of GSDP in borrowing space each year for a four-year period beginning in 2021 and ending in 2024-25, in exchange for the States undertaking power sector reforms. The Finance Minister announced this in his Budget Speech for 2021-22. An increase in paid electricity consumption is a primary goal of granting additional borrowing permission as a financial incentive for reforming the power market. Even in 2022-23, the States will be able to borrow additional funds linked to power sector reforms. States will be eligible for a financial incentive of INR 1,22,551 crore in 2022-23 if they implement these reforms. Restructuring efforts must be completed in the current fiscal year in order to take advantage of the additional borrowing available for 2022-23 for states that could not finish the reform process in 2021-22.

t was a record year for NLC India Ltd and Navratna PSU. Power plants owned and operated by NLC India Limited and its subsidiaries produced 2920 Crore units of electricity (29.20 billion units) in 2021-22, setting a new record for electricity generation. This year's generation is 18.64 percent higher than the previous year's generation of 2020-21, making it the company's highest ever in a financial year. Units: 2461.30 billion rupees There was a 19.75 percent increase in power exports to the DISCOMS from last year, which is an entirely new record for this company and its subsidiaries. The Talabira Coal Mine in Odisha began producing coal in April 2020, and this year it produced 63.58 lakh tonnes of coal, a 527 percent increase over the coal production of 2020-21. A record 218.40 Crore Units of electricity have been generated by the Solar Power Plants and Wind Power Plants, which is 5.93 percent more than the previous year's (2020-21) figure of 206.17 Crore Units of electricity. There was a 30 per cent increase in lignite production this year compared to last year. The company produced 25.1 million metric tonnes of lignite in FY 2021-22, setting a new record for Lignite sales worth INR 419 crore. Capital expenditure by NLCIL Group has exceeded target by 17 per cent to INR 2,417 Crore, from a budget of INR 2,061 Crore. The company collected Rs 15,486 crore from DISCOMS in the financial year 2021-22. Since its inception, this is also a record for revenue. The company's collection efficiency was a remarkable 146 percent in the year under review.

May 2022

DAWN

PSU's

AIPEF WARNS THE GOVERNMENT OF AN IMPENDING ENERGY CRISIS IN 12 STATES DUE TO A LACK OF COAL SUPPLY

he All India Power Engineers' Federation (AIPEF) has warned of an impending energy crisis in 12 states due to the depletion of coal inventory at domestic thermal power plants. AIPEF Chairman Shailendra Dubey warned on Monday that a lack of coal to fuel thermal power plants could exacerbate the country's electricity crisis. "A coal crisis is once again being witnessed in 12 states after October 2021," he said, adding that domestic power demand in the first two weeks of April 2022 reached a monthly high of 38 years. There was a power shortage of 1.1 per cent in October 2021, but it rose to 1.4 per cent in April 2022," he says. According to him, power cuts ranging from 3 to 8.7 percent are taking place in Andhra Pradesh, Maharashtra, Gujarat, Punjab, Jharkhand, and Haryana. Coal inventories in thermal power plants must be replenished immediately, as Dubey has urged, in order to avoid a crisis. As was the case in October of last year, the AIPEF has warned that a lack of coal could disrupt thermal power generation. According to Dubey, the power demand in Uttar Pradesh (UP) has reached 21,000 MW, while the supply is between 19,000 MW and 20,000 MW. Despite the fact that thermal power plants operated by Uttar Pradesh Rajya Vidyut Utpadan Nigam have no serious coal crisis, their reserve stock is only 26 per cent of the standard norm. As the mercury level rises, "the situation is likely to become more difficult," he continued. One of the largest coal mines in the world is located near the Anpara Thermal Power Project in Uttar Pradesh. In accordance with CEA guidelines, there should be enough coal on hand to power the nation for 17 days. According to Dubey, the other projects include the 1,265 MW Harduaganj, the 1,094 MW Obra, and the 1,140 MW Parichha. "As per the standard norm, there should be 26 days' worth of coal stock because coal is not at the pit head of the mine," he added. According to the records, Anpara should have 5.96 million metric tonnes of coal in stock, but it only has 3.28 million metric tonnes. There should be 4.97 million tonnes of coal in Harduaganj, but only 65,700 tonnes are there. Obra is supposed to have 4.45 million metric tonnes of coal, but there is only about one million metric tonnes left. Despite the fact that Parichha has the capacity to store 4.30 lakh metric tonnes of coal, only 12,900 metric tonnes are actually on hand.

DAWN

May 2022

THE DELHI METRO PLANS TO EXPAND MUKUNDPUR DEPOT WITH NEW AMENITIES

ukundpur Depot in Delhi is being expanded to accommodate the additional needs of two of its upcoming Phase 4 corridors, Majlis Park to Maujpur (Extension of Pink Line) and Janakpuri West to R K Ashram Marg (Extension of Magenta Line). There will be no new depots built in Phase 4 sections of the DMRC. As a result, the depots that already exist are expanding. Mukundpur Depot's existing stabling lines will be expanded and new lines will be added to accommodate more trains for maintenance and stabling purposes. Currently, the Mukundpur depot has 24 stalls. Of these, 11 are being extended in length and will be used for the storage and maintenance of the Pink Line's rolling stock, while the remaining 13 stabling lines will be used for the Magenta Line's needs. In addition, the already-open Majlis Park Metro Station will see the construction of six new elevated stabling lines (Pink Line). Once operational, these elevated stabling lines will ease the strain on Depot and shorten the time it takes to get a train started. A similar facility was built at the Jasola Vihar Shaheenbagh Metro Station on the Magenta Line. There are also plans to expand the existing depots at Sarita Vihar and Ajronda to support the Silver Line of Phase 4 (Delhi Aerocity to Tughlakabad) of Phase 4 as well as the operational Violet Line (Line 6 – Kashmere Gate to Raja Nahar Singh). New depots and facilities for phase IV of the Delhi Metro will not be built if these measures are taken by the Delhi Metro. As a result, less money and labour will be needed because the already-existing resources will be used to their full capacity. Pink and Magenta Lines test tracks will be added to the newly expanded depots. Most of the Depot's expansion components have already been awarded to bidders. Mukundpur Depot's remodelled facility should be operational by the end of 2024, according to current estimates. More than a half-dozen new lines will be added in Phase 4 to the Delhi Metro's three corridors: Majlis Park to Maujpur, Janakpuri West to R K Ashram Marg, and Delhi Aerocity to Tughlakabad (23.62 km). These corridors are currently under construction.

INAUGURATION

AVERY DENNISON INAUGURATES COMMUNITY LIBRARY & RESOURCE CENTRE IN JEWAR

mpowerment of the historically e x c l u d e d , s u s t a i n a b i l i t y, a n d enhancing the skills for employability are the key issues that Avery Dennison has been supporting under its CSR program. Taking a step further in this direction, the company today inaugurated a Community Library and Resource Centre (CLRC) in Murad Gari, Jewar, UP in partnership with Rural Education and Development (READ) India which will provide education and vocational reading material to the underprivileged children. The initiative will also offer programs related to livelihood skilling for women and girls, soft skills for youth, and health awareness p r o g r a m s f o r t h e c o m m u n i t y. The inauguration was done in the hands of Dr. Arunvir Singh (I.A.S), Chief Executive Officer, Yamuna Expressway Industrial Development Authority (YEIDA) wherein, apart from the local community and selected team of Avery Dennison, the Country Director of Rural Education and Development (READ) India was also present with her colleagues.

Dr. Arunvir Singh (I.A.S) addressing the audience during inaugural ceremony

Speaking on the occasion, Ms. Manvi Sushil, HR Director, Avery Dennison - South Asia, “Avery Dennison believes in empowering rural communities to create equity of opportunities and to move closer towards building a world where necessary access to knowledge and skills open doors while helping us achieve a more prosperous future in t h e c o m m u n i t i e s w e o p e r a t e i n” Mr. Saurabh Agarwal, Senior Director & General Manager, LPM - South Asia, Avery Dennison added, “ At Avery Dennison, we believe that we can contribute to the future of our nation by doing our bit to provide necessary means to people of the communities we operate in and help them realize their dreams and avail opportunities for skill development.” Dr. Geetaa Malhotra, in her address highlighted that Community interventions are the key elements for READ India. “We empower with the concept of one woman, one family, one village”. This concept has a ripple effect, meaning, the woman who learns the skill shares it with other women; if she migrates to another village or State, she starts her own training

Dr. Arunvir Singh (I.A.S), Chief Executive Officer, Yamuna Expressway Industrial Development Authority (YEIDA) with officers inaugurating Community Library & Resource Centre in Jewar

center or gets a job. In times of difficulty, she starts her own micro-enterprise and adds to the family income. The power to Empower others continues and leaves a ripple effect. The objective behind launching this Community Library and Resource Centre (CLRC) is to provide easy accessibility to required books, computers for basic and advanced learning and proper study rooms. Children can come to play indoor games and read the story books. Also, qualified staff has been hired from within the

local community to educate the children and create employability opportunities. This model is also complementing and supplementing the government efforts of addressing the programmes like READ India, Digital India, Atma Nirbharta and also addressing Sustainable Development Goals on Education, Skilling and Health Awareness. The company had earlier initiated a similar program at two locations. One such program is running at Basai, Gurugram from 2019 and another one in Ranjangaon, Pune from 2021.

May 2022

DAWN 11

COVER STORY

AATMANIRBHAR MAKING INDIA SELF-RELIANT INDIA'S INDIGENOUS MOVE TO BECOME SELF-RELIANT –OD Bureau

DAWN

May 2022

COVER STORY

rime Minister of India Narendra Modi recently kicked off a promotion campaign on making India Aatmanirbhar. This particular movement is started with an optimum aim to make India self-sufficient which will eventually cut down country's lot of imports. On 12 May 2020, PM raised a clarion call to the nation giving a kick start to the Atmanirbhar Bharat Abhiyaan (Self-reliant India campaign) and announced the Special economic and comprehensive package of INR 20 lakh crores - equivalent to 10 per cent of India’s GDP – to fight COVID-19 pandemic in India. He further outlined five pillars of Aatma Nirbhar Bharat – Economy, Infrastructure, System, Vibrant Demography and Demand. With this move, government is not only making the country and its denizens selfrelaint but it is also opening a bundle of opportunities for local players to ramp up their business operations. This campaign

will create a cluster of opportunities in the field of infrastructure, food processing, defence, production, agro sector, life sciences etc. Already this move has marked a vibrant future for India with country's exports for the first time have crossed USD 417.8 billion mark this year despite of inimical situations including COVID-19. The previous best was 331.02 billion that was achieved in 2018-19.

world. Until the Chinese started dumping their products in the Indian market, things were going well for India. Some things are beyond saving, despite the rising tide of initiatives like 'Make in India' and 'Vocal for Local.' Imports and investments from China have spread like weeds throughout the world, making it difficult to eradicate completely without causing harm to the locals.

Rather than taking the easy way into app-based businesses, entrepreneurs and investors should consider giving India's history a chance. “Every child is an artist. The problem is how to remain an artist once we grow up.” - Pablo Picasso

Hunar Haat, an initiative of 'Aatmanirbhar Bharat,' helps strengthening it: Anurag Thakur Union minister Anurag Thakur recently said that "Aatmanirbhar Bharat" was being strengthened through initiatives like Hunar Haat, claiming that there was no shortage of talent in India. After inaugurating the 40th edition of the Hunar Haat, a marketplace for traditional Indian arts and crafts, he spoke to the media here. The MMRDA Ground in Bandra-Kurla Complex, Mumbai, is the venue for the 12-day event.

The glass industry in Firozabad, the carpet industry in Bhadohi, and the furniture industry in Jodhpur have all historically been major centres of artistic crafts in India. With an expanding India, many of these cities became known for producing high-quality goods that were exported around the

May 2022

DAWN 13

COVER STORY

'Swadeshi' (locally-made) products were praised by the Minister of Information, Broadcasting, and Youth Affairs and Sports for this year's Hunar Haat. "Initiatives like Hunar Haat help to strengthen Aatmanirbhar Bharat (Independent India). More than a thousand craftsmen and artisans from 31 states have set up 400 stalls for this year's Hunar Haat, which is in its 40th year. It's impossible to find a shortage of talent in India "During the time of crisis, India responded quickly to Prime Minister Narendra Modi's call for an Aatmanirbhar Bharat. When he spoke, he said that they had started making PPE kits, masks, and even ventilators. "One District, One Product" is a Union government initiative that recognises each district for a single product, and it allows people to generate their own income while also creating job opportunities for a few others in the immediate area when the global economy was affected by a pandemic. Thakur focused on Prime Minister Narendra Modi's efforts to promote the "Skill India" mission. So that you don't just become job-seekers, but job-givers as well, he advised. He opined that the country's culture and educational system do not place a high value on labour pride. Nonetheless, he said, "PM Modi has emphasised a lot on the dignity of labour," he continued. "Within a year, 30,000 skilled job-seekers will be sent to the United Arab Emirates," he said, referring to the government's TEJAS (Training for Emirates Jobs and Skills) programme. Mukhtar Abbas Naqvi, the Union Minority Affairs Minister, said that visitors to the Hunar Haat in Mumbai will be able to see "Ek Bharat Shreshtha Bharat" and "Unity in Diversity" in action. "From Kashmir to Kanyakumari and from Kutch to Cuttack, you will get to experience the culture and skill of the country," he said, adding that over nine lakh artisans and craftspeople have benefited from getting employment opportunities through Hunar Haat in the last seven years. In this year's edition, more than 1,000 makers from 31 states and U.S. territories are taking part, showcasing a wide range of goods and abilities. Exquisite products made from recycled and discarded materials, such as plastic, paper, ply and wood, ceramic, jute as well as banana stems and sugarcane pulp will be on display in accordance with the themes 'Vocal for Local' and 'Best from Waste.' A highlight of Hunar Haat is the main attraction, 'Vishwakarma Vatika,' where local artisans will demonstrate the process of making

DAWN

May 2022

Predicting what will happen, where it will happen, and how it will affect us in the future is difficult in the current world. It's inevitable that this will have an impact on India, because the world has shrunk so much. Atmanirbhar Bharat is the only solution to this problem. traditional indigenous goods live. Prime Minister Narendra Modi in his recent media outing said that "Atmanirbhar Bharat" (a self-reliant India) is the only way for the country to be least affected by global events such as the Russian-Ukrainian conflict and the Covid-19 pandemic. Predicting what will happen, where it will happen, and how it will affect us in the future is difficult in the current world. It's inevitable that this will have an impact on India, because the world has shrunk so much. Atmanirbhar Bharat is the only solution to this problem. "Our country must be able to stand on its own two feet," Modi said while addressing a religious gathering in Ahmedabad. Speaking of the gurukul tradition, Prime Minister Modi said, "Our Rishi-munis were associated with one or another Gurukul tradition. It was as if each rishi-muni

tradition had its own university," Modi remarked. This tradition connects our glorious past with our bright future," says Swaminarayan Gurukul. In addition, the Prime Minister urged everyone involved in gurukal education to support Indian-made products. He went on to say that taking a "vocal for local" stance can do a lot to strengthen the country. In addition, Modi urged them to switch to organic farming methods to avoid the harmful effects of chemicals. Swami Dharmajivandas would be honoured by such a move, said Prime Minister Narendra Modi. Swami Madhavpriyadas praised Prime Minister Narendra Modi for introducing the New Education Policy in India at the event. "The gurukul tradition was eclipsed" during the "dark period" of 75 years following independence, he said. It was

COVER STORY

A loan of Rs 3 lakh crore will be made available to small and mediumsized enterprises (SMEs) with an annual revenue of Rs 100 crore or an outstanding loan of Rs 25 crore as a collateral-free or unsecured loan. MSMEs in distress will receive loans totaling Rs 20,000 crore. "created in the name of secularism" that he said. Bhupendra Patel, Union Minister Parshottam Rupala, and former Chief Justice of the Delhi High Court DN Patel were among those in attendance. Even though Union Home Minister Amit Shah was supposed to attend, he was nowhere to be found.

Journey begins with Atmanirbhar Bharat The globalised world has been brought to a standstill by the Covid-19 outbreak. Before the invention of Covid, countries routinely imported everything they lacked the capacity to produce on their own. In addition, the lockdown imposed to prevent the spread of the coronavirus has taken a massive financial toll on India's economy. This was exacerbated by the economic and border vulnerabilities that India has faced. "Atmanirbhar Bharat

Abhiyan," which means "Self-reliant India Mission," was the BJP-led Central government's flagship programme to revive the economy in the face of uncertain waters. Apparently, the goal was not to drastically reduce imports, but rather to re-educate, re-invigorate, and reinvigorate domestic industries and make Indian goods once again popular with Indians. On May 12, Prime Minister Narendra Modi unveiled a special package aimed at reviving and protecting the country's economy, which has been severely impacted by the pandemic. In addition to providing financial assistance to the most vulnerable members of society, the Atmanirbhar Bharat Abhiyan was also aimed at reviving cottage industries and MSMEs, as well as local industries such as

brick-making and pottery, by focusing on the importance of land and labour, liquidity, and the law. An economic package of Rs 20 lakh crore (approximately 10 per cent of India's GDP) was unveiled under the Abhiyan initiative. The beauty of this Mission is that it focuses on the revival of all five "pillars," namely economy, infrastructure, technology-driven systems, vibrant demography, and demand, in order to get the Indian economy back on track. For Atmanirbhar Bharat, the Union Finance Minister announced structural reforms in four phases, with a focus on MSMEs and agricultural activities. Funding and loan guarantees for small and medium-sized enterprises, NBFCs/HFCs, DISCOMs, contractors and real estate developers are among the relief measures worth Rs 5,94,550 crore in Tranche 1. This tranche, worth Rs 3,10,000 crore, is geared toward low-income groups like migrant workers, small-scale farmers, and street vendors. Tranche 3: USD 1,50,000,000,000 in total value. In order to strengthen the overall farm sector, agriculture and its allied sectors like dairy, animal husbandry, and fisheries are the primary focus. It is worth Rs 48,100 crore and focuses on eight critical sectors, including mining and coal production, defence production, airspace management, social infrastructure projects, power distribution firms, the space sector, and atomic energy production.

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More than 24 lakh micro, small, and medium enterprises (MSMEs) received a direct benefit from the government's policy of limiting imports of sports equipment, toys, chemicals, and other goods. It also boosted the Indian defence manufacturing industry by prohibiting the import of more than 101 foreign-produced goods. Let's take a quick look at some of the positive effects this policy has had on a few different industries. A loan of Rs 3 lakh crore will be made available to small and medium-sized enterprises (SMEs) with an annual revenue of Rs 100 crore or an outstanding loan of Rs 25 crore as a collateral-free or unsecured loan. MSMEs in distress will receive loans totaling Rs 20,000 crore. In doing so, it will help restart businesses, improve supply chain efficiency, and reduce the country's reliance on other nations. Cash-strapped DISCOMs and independent power producers will receive a Rs 90,000 crore bailout from the government. The privatisation of DISCOMs operating in Union Territories in order to strengthen as well as bring efficiency and thus stabilise the power sector. Funding for agriculture infrastructure projects at the farm gate and cluster formation across all levels will be provided by NABARD. Improvements to farm gate infrastructure such as storage, cold chains, and postharvest management will be the primary focus of the financial assistance. By easing restrictions on commercial flight use of Indian airspace (currently 60 percent of domestic airspace is available), the government hopes to save these companies money in the long run. CLSS (Credit Link Subsidy Scheme) for middle-income households has been extended until March 2021. An additional Rs 70,000 crore in investments in the housing sector will help to revive the sector. It is imperative that the Government of India (GoI) take action to protect the people and ensure that we are wellequipped to deal with any threats that may arise in the future, including Covid-19. The fact that India went from zero production of Personal Protection Equipment kits in March to 2 lakh PPE kits a day shows that the country has the ability to be self-reliant but only lacked appropriate economic policies and perhaps, motivation. For SARS-Cov-2, India wants to be selfsufficient in both the development of the vaccine and its mass production, as other countries race to find a cure. India, which has been dubbed the "pharmacy of the world," has the largest capacity to produce Covid-19 vaccines.

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In the face of the pandemic, it appears that the country's production of ventilators has also increased. The government has announced several phases of unlocking restrictions to allow economic activity to resume while exercising extreme caution. It is extremely rare for a policy to have a positive impact across multiple industries. Even though promoting Indian products is a primary goal, it's also important to realise the full potential of Indian brands and make them globally recognised. The government uses a certain percentage of GDP and distributes it to various sectors of industry and society in order to boost the economy. It's also interesting to see how popular the idea of an independent India has become among Indians themselves. It appears that the government's efforts to instil a sense of patriotism in its citizens have been a success. Small-scale industries and MSMEs have been given a renewed sense of purpose and drive by the fact that demand drives supply and this has given them a renewed sense of purpose and drive to shine and create more jobs. Covid-19 is a dark time, but there is

a silver lining of aspirational prosperity, job creation, revved-up production, quality manufacturing, protection of vulnerable classes, and the elevation of the middle classes, thanks to the government's efforts to instil confidence in its citizens. A new phase of India's development is taking place as the country shifts from an open economy to one where it must retool itself as a competitive manufacturing hub, an independent country that can deal with war and pandemics, as well as a welcoming investment destination where the world can capitalise on its huge and talented manpower and geographic advantages. A crude strategy of shutting down China and replacing it with India cannot be viewed as such. Rather, it's a strategy to make India equally attractive, to make the world believe in regulatory stability in our country, and to revive the nation and truly put it on the world map.

Atmanirbhar Krishi, Aatmanirbhar Bharat The majority of people in the country are still dependent on agriculture for their

The government uses a certain percentage of GDP and distributes it to various sectors of industry and society in order to boost the economy. It's also interesting to see how popular the idea of an independent India has become among Indians themselves.

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livelihood. All of the country's citizens are affected by agriculture in some way, whether directly or indirectly. Indian agriculture has recently taken several historic pro-farmer reforms in an effort to make it a sustainable enterprise, and the government's Ministry of Agriculture & Farmers' Welfare has recently taken a host of historic pro-farmer reforms.

C. T h e E s s e n t i a l C o m m o d i t i e s (Amendment) Ordinance 2020 Boosting private investments in Agri supply chains, food processing industries, export infrastructure.

A. The Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Ordinance, 2020 Allowing liberal trade, increased competition amongst buyers, remove barriers in interstate trade and offering more options to sell and buy. All these activities will culminate into the enhancement of farmers’ income.

Agricultural market reforms made possible by these historic laws give farmers more flexibility and are seen as a giant step towards a more free market. These reforms necessitate a response from the states and other stakeholders in order to ensure that the reforms' objectives are met at the farm gate. It is expected that the Ordinance will further encourage APMCs to provide farmers with cost-effective services for efficient marketing of their produce in order to improve their income.

B. The Farmers’ (Empowerment and Protection) Agreement on Price Assurance and Farm Services Ordinance, 2020 Facilitates Visibility and Assurance of price to farmers at the time of sowing, cropping decisions based on forward contracts, minimize market risks and solve issues of erratic food pricing and encourage contract farming.

Additionally, the National Agriculture Market (e-NAM) is a groundbreaking initiative in agricultural marketing that makes it easier for farmers to access multiple markets and buyers via the internet, while also increasing the transparency of the price discovery process and the realisation of fair market value based on product quality. e-NAM had expanded to 1000 mandis in 18 States and three Union

The fruits of the Integrated Efforts have already begun to appear: There are many benefits to forming formal farmer groups of Farmer Produce Organizations (FPOs). These groups will help connect the market in a better way, reach consumers without hassles, and increase the value of their produce.

Territories (UTs) in order to reach the last mile farmer and transform the way they sell their agricultural products. When using e-NAM as a trading platform, FPOs can conduct trade from their collection centres. It is the goal of this online market to lower transaction costs, to eliminate information disparities between buyers and sellers, and to help farmers gain greater access to the market. e-NAM has revolutionised the traditional agribusiness in India and is now a ready solution for farmers and other stakeholders to conduct their business as part of the country's goal of "One Nation One Market" for agricultural commodities. e-NAM has become a more advanced and robust platform thanks to its value-added services. The government has unveiled a new plan to create and promote 10,000 new field officers. To help create Krishi Atmanibhar, the Ministry of Agriculture and Farmer Welfare organised small and marginal farmers into an organisation called the Farmer Produce Organization. There are numerous ways to lower production costs, increase productivity, and improve marketing links to increase net income. This is the most effective and appropriate institutional mechanism. Farmer incomes will be bolstered as a result of this, but a paradigm shift toward Atmanibhar Bharat will take place at the grassroots level. Recently, Operational guidelines of the scheme have been launched. The Salient feature of the scheme are as follows:Minimum number of members to be 300 in plain area, while 100 in North- East and Hilly areas FPOs will be registered either under Companies Act or any State

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Cooperative Societies Act as decided by Members of FPO 15 per cent of the targeted FPOs are to be formed in Aspirational Districts & formation of FPOs is to be prioritized in notified Tribal areas. Scheme will be focussed on the concept of “One District One Product” to promote formation of value chain, processing and export. SFAC, NCDC & NABARD have been chosen as the implementing agencies. Agriculture Value Chain Organisation forming FPOs and facilitating 60 per cent of market linkages for members’ produce , then FPO management cost can be reimbursed Implementing Agency (IAs) will engage professionally managed Cluster Based Business Organization (CBBOs) to form, register and promote FPOs. The fruits of the Integrated Efforts have already begun to appear: There are many benefits to forming formal farmer groups of Farmer Produce Organizations (FPOs). These groups will help connect the market in a better way, reach consumers without hassles, and increase the value of their produce. Surya Farmers Producers Company Limited (SFPCL), an FPO success story founded in 2015 by 538 small and marginal farmers, is one such example. Members of the SFPCL farm turmeric as well as pulses and vegetables in Basmat Tehsil of the Hingoli District. In 2018, SFPCL officials attended MSAMB training and support programmes at Basmat APMC and then in Pune for FPOs, which led to their involvement with e-NAM. SFPCL has sold more than 3100 quintals of produce worth more than INR 2.18 crores on eNAM, a consistent seller. FPO has reaped substantial rewards from selling their goods on eNAM, as evidenced by the sheer volume of sales. eNAM helped SFPCL to register on the new FPO trading module after the launch of the new FPO trading module.

Making in India 2.0 possible in post-covid world thanks to PM Aatmanirbhar package The Atmanirbhar Abhiyan Package, worth nearly INR 21 lakh crore, is a chance to kickstart Make in India 2.0.. With the exception of reducing the short-term working capital requirements and The Atmanirbhar Abhiyan Package of the Narendra Modi government, worth nearly Rs 21 lakh crore, is an opportunity to start Make in India 2.0. Additionally, the package lays out a bold plan to re-energise, revitalise, and reinforce a strong industrial and manufacturing sector for India's long-term growth in the

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post-Covid world. The stimulus package has a dual purpose. First and foremost, it addresses the immediate financial and liquidity issues that companies, businesses, and utilities are experiencing as a result of the lockdown. Nearly Rs 6 lakh crore in collateral-free loans, interest rate subventions, and liquidity provisions have been advanced in this direction. The banks' fear of lending to SMEs has been alleviated by a guarantee that the loans they do make will be fully guaranteed. A further Rs 1 lakh crore in immediate refinancing facilities for small financial institutions and mutual funds has been provided by RBI monetary operations, which have already generated around Rs 1.4 lakh crore in liquidity. Apart from a significant expansion of government safety nets, the package also includes reforms that could serve as a springboard for India's long-term

manufacturing movement. As a first step, the government has accepted a longstanding demand to revise the definition of MSMEs and disallow global tenders in government procurement to the tune of Rs 200 crore (the average public procurement in India is around Rs 70 lakh).

Maintaining Momentum Manufacturing in India had been plagued by low productivity, high input costs, and competition from cheap imports even before the swine flu epidemic struck. Despite India's enormous growth potential, the manufacturing sector has lagged behind the country's overall GDP expansion. As a result, manufacturing's contribution to India's GDP has remained stable at 16-17 per cent. According to the International Monetary Fund (IMF), China and South Korea had manufacturing accounts for 29 per cent of GDP in 2018. A lot more needs to be done to make manufacturing

Manufacturing in India had been plagued by low productivity, high input costs, and competition from cheap imports even before the swine flu epidemic struck. Despite India's enormous growth potential, the manufacturing sector has lagged behind the country's overall GDP expansion.

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distortions. Our untapped export potential should be tapped into by recalibrating existing Free Trade Agreements (FTAs). Currently, we only use about 20 per cent of the agreements, making full channelization of FTAs critical if we want to boost the economy's reliance on export-led manufacturing.

A Robust Base There has been a lot of debate about whether or not the Modi government's package is the best way to deal with the current situation. Cash handouts have been vigorously argued for. The question is whether or not it is worth the money. The available information does not provide satisfactory answers. Until now, we don't have a database of labourers' bank account and Aadhaar information. A commission for migrant workers has been established by the government of Uttar Pradesh, which, if successful, could serve as a model for other states and the federal government.

the foundation of India's economy, despite the country's high ranking in Ease of Doing Business. In a previous article, we stated that each new manufacturing job has a 2-3 times multiplier effect on additional jobs in other sectors. That's why the package's outline and layout couldn't have come at a better time. A new national industrial policy has been in the works for some time, and it is now time to outline and implement it. In light of the coronavirus outbreak, it's important to note how well-equipped our country's pharmaceutical and medical supply industries really are.

sick MSMEs in light of recent economic disruptions and growing uncertainty. For the MSME sector in India to thrive, these clinics need to be staffed with top-notch professionals. As a second step, states and ministries should work to create a business-friendly environment in order to speed up the implementation of reforms announced for various industries. Initially, RPOs (a fixed percentage of energy in the form of renewables to be purchased from state electricity boards) could be extended to all businesses and industries. As a model for other states to follow, the state of Karnataka has extended the deadline for RPO requirements.

We need an industrial policy that keeps the medical sector as a keystone of our industrial policy because of the significant capacity enhancement of medical supplies for domestic and export markets. The MSME ministry should immediately establish industrial "health clinics" for

The cost of setting up a captive power supply (due to poor supply quality) has increased over the years, and major manufacturing units are now facing rising input costs as a result. This is a time when state governments must step in to help these companies and fight price and supply

One could argue that existing government scheme beneficiaries should receive targeted cash payments in the absence of a database, but many of these recipients already receive additional financial assistance through the Atmanirbhar package, which also includes rations in kind. However, all of these calculations must be meticulously worked out because they are highly susceptible to leaks and slippages. To avoid credit downgrading, these cash payments could be financed by pledging PSU shares to the RBI (Vijay Kelkar-Ajit Ranade proposal). The Modi government appears to have been perfectly reasonable in implementing the package in its current form as an immediate start, given the numerous ambiguities. When it comes to India's manufacturing sector, the government's Atmanirbhar package should not be seen as a stand-alone effort. In India, we build 1.0 was a huge success in terms of getting India's manufacturing sector off the ground. Taking it from there, Make in India 2.0 should build a strong manufacturing base. Taking the steps outlined here could provide additional impetus for an economy ready to take off if the proper conditions are in place. We had to wait for a pandemic to make us realise how important it is to put our factories together, but we shouldn't give up now. There is still a lot of work to be done.

Through innovation and entrepreneurship, Aatmanirbhar Bharat is being fueled There has been unprecedented devastation caused by the Covid-19 pandemic, which is still going on today. Many new opportunities

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have emerged as the world's top scientists rush to find cures and preventative measures against a newly discovered virus, but this crisis has also opened our eyes to a number of previously overlooked dangers. Narendra Modi made a call for a self-reliant India, or Aatmanirbhar Bharat, which would be the source of local ingenuity and global impact. Residents were encouraged to speak out for their communities during this time of crisis and to be self-sufficient. Atmanirbhar Bharat would be built upon the foundation of these five foundational principles: Aatmanirbhar Bharat would be built upon the foundation of these five foundational principles: Aatmanirbhar Bharat would be built upon the foundation of these five foundational principles: Building an ecosystem of institutionalised talent development, cutting-edge research and technology-driven innovations is essential if we are to strengthen these foundational pillars and make them resilient enough to withstand any new crises that may arise. As a result, there will be an unprecedented influx of world-class start-ups and entrepreneurs, which will create new jobs across the country. That's why we need to cultivate a workforce that's both job creators and job seekers. And at the heart of all of this is the requirement for extensive collaboration between business, academia, and local, regional, state, and federal governments. As a result of the Covid-19 crisis, these synergies have gained traction and should be further exploited. It is time to look at the five pillars of innovation and entrepreneurship through the prism of innovation. The demographic dividend is the first pillar. India enjoys a demographic dividend unlike any other in the world, with more than 1.4 million schools, 10,500 engineering and related institutions, and a whopping 39,000 colleges and universities. Developing vocational, technical, and managerial skills, as well as fostering a culture of innovation and entrepreneurship at all levels of education and industry, is essential to directing this youthful energy toward nation-building activities. Creating and promoting such ecosystems can be made possible through creative use of new digital technologies. Hundreds of edtech startups have the opportunity to build and leverage wireless, 5G communication, mobile AR/VR, and AI technologies to power the same. Atal Tinkering Labs and AI curricula at school levels, incubators and innovation cells in universities, as well as encouraging startups and vocational training in emerging

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Private sector participation in space and defence sector innovations has recently been announced, which opens up new opportunities for the MSME industry. It is possible that any solution created to meet the needs of 1.3 billion people could be applied to the planet's estimated population of 7 billion or more.

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preventive assistance solutions, resulting in an impressive number of innovative solutions. Private sector participation in space and defence sector innovations has recently been announced, which opens up new opportunities for the MSME industry. It is possible that any solution created to meet the needs of 1.3 billion people could be applied to the planet's estimated population of 7 billion or more. Atal Innovation Mission, MeitY, and MyGov are collaborating to create a Bharat App Innovation Challenge to find and create world-class apps that can be used by everyone. This is a positive step forward. Next, we come to technology, which is a pillar. The impressive rise of India's 180 billion-dollar IT/ITES and biotech industries over the last decade has demonstrated to the world India's scientific, engineering, and technological prowess and capabilities.

new areas, must all be accelerated to strengthen this pillar. Infrastructure is the second pillar. Over 715 districts, over 4000 cities, and over 6,00,000 villages make up India. The development of both physical and digital infrastructure in all of these regions of the country is unquestionably dependent on innovation and entrepreneurship. Smart villages and hundreds of smart cities are needed across the country to serve as active nodes for enabling livelihoods, innovating, and creating jobs. Innovation and entrepreneurship in the fields of smart water management, transportation, energy management, and housing are ripe with opportunity. In order to avoid an unbalanced development of our economy and an unsustainable urban migration to a small number of Tier-1 cities, this is essential. Building digital highways is also a requirement for the infrastructure pillar, as it will ensure that innovations in education, healthcare, housing, and employment reach the average citizen.

This is a golden opportunity for young creative entrepreneurs to tap into and build organisations that have a worldwide impact. India has the ideal conditions for the third pillar, demand. One of the world's fastest-growing economies and a youthful population with a growing middle class, it has over 1.3 billion people and affordable, readily available advanced technology to reimagine new solutions for current and emerging consumer needs. As a result, thousands of startups and small businesses can capitalise on a wide range of unmet needs in agriculture, healthcare, education, water management, clean and renewable energy and affordable housing; clean and renewable energy; affordable housing; defence; space; transportation; and retail. Make in India has never had it so good, thanks to the demand pillar. Many challenges have been launched by various ministries, such as MeitY (AIM (Atal New India Challenges), DST, BIRAC and Covid-19 challenges for

As the world's best multinationals rush to establish large R&D centres in India, they're taking advantage of the country's talented workforce. Now that Aatmanirbhar Bharat has turned its attention inwards, it can create products and services for the Indian market that are on a par with those offered in other nations. IR 4.0 technologies, such as 3D printing, IOT, AR/VR, biotech, cognitive computing, and AI/Blockchain, among others, are igniting this enormous potential. With over 30,000 startups and 250 incubators, India has a strong chance of becoming one of the world's most innovative nations. In the end, this is the foundation for societal progress. With 22 per cent of its people living in poverty, 44 per cent of its economy still based on agriculture, many districts still struggling with unacceptable rates of infant and maternal mortality, and only 13 per cent of women entrepreneurs, India must ensure that rapid economic progress encompasses societal progress. Microfinance and rural-financing schemes have the potential to catalyse significant social and economic change. Achieving gender equality and reducing economic inequality, as well as ensuring that people with disabilities have access to equal opportunities, are all critical. Concerns related to climate change are especially relevant to rapidly expanding economies like ours. Because of this, the Sustainable Development Goals must remain the overarching objective of every organisation. Atmanirbhar Bharat provides a watershed moment in our history to ignite the innovative entrepreneurial spirit of New India by strengthening the above pillars, which will result in an unprecedented wave of long-deserved growth, prosperity and well-being that can serve the interests of the rest of the world.

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IN FY23, THE ADB EXPECTS INDIA'S ECONOMY TO GROW AT A RATE OF 7.5 PER CENT

or South Asian economies, the Asian Development Bank forecasts a collective growth of seven per cent in 2022, with India's growth of 7.5 per cent this year and eight per cent the year after. Manila-based multilateral funding agency ADB said that growth in South Asia is expected to slow to 7 per cent in 2022 before increasing to 7.4 per cent in 2023 in its flagship Asian Development Outlook (ADO) report. The growth of the subregion is largely driven by India and Pakistan. With India expected to grow by 7.5 per cent in FY23 and 8 per cent in FY24, South Asian economies are expected to grow by a total of seven per cent in 2022 and 7.4 per cent in 2023, according to the ADO report from the International Monetary Fund. As a result of monetary and fiscal tightening, Pakistan's growth is expected to slow in 2022 to just 4 per cent, the World Bank said. However, the growth rate is expected to rebound in 2023 to 4.5 per cent. This year, developing Asian economies are expected to grow at a rate of 5.2 per cent and 5.3 per cent in 2023, thanks to a strong recovery in domestic demand and continued export growth. This year's outlook is jeopardised by the Russian invasion of Ukraine, the ongoing coronavirus disease (Covid-19) pandemic, and tightening by the US Federal Reserve. This grouping

Manila-based multilateral funding agency ADB said that growth in South Asia is expected to slow to 7 per cent in 2022 before increasing to 7.4 per cent in 2023 in its flagship Asian Development Outlook report includes the Caucasus and Central Asian countries, as well as countries in East Asia, South Asia, Southeast Asia, as well as the Pacific. Afghanistan, Bangladesh, Bhutan, India, the Maldives, Nepal, Pakistan, and Sri Lanka are all part of the South Asian continent. As the woINRt of the Covid-19

pandemic fades, economies in developing Asia are beginning to regain their footing, according to ADB Chief Economist Albert Park. This momentum, however, could be derailed by geopolitical uncertainty and new outbreaks and virus variants of the Covid-19 virus. In order to avoid these dangeINR, governments in the region must remain alert and ready to take action. As a part of that, we must ensure that as many people as possible are protected against the Covid-19 virus through vaccination. Park urged monetary authorities to keep a close eye on inflation and not fall behind the curve.

A USD 100 BILLION TRADE DEAL BETWEEN INDIA AND AUSTRALIA SHOULD BE A GOAL BY 2030: PIYUSH GOYAL

ccording to India's Commerce and Industry Minister Piyush Goyal, the two countries' current bilateral trade of around USD 27.5 billion should be increased to USD 100 billion by 2030. While in Australia for a three-day visit, Goyal revealed that the two countries are already well on their way to signing an agreement that will see them work together more closely in the educational field. As part of the Economic Cooperation and Trade Agreement (IndAus ECTA), which the two countries signed on April 2, India and Australia will grant duty-free access to a large number of goods and relax regulations to encourage service trade. EntrepreneuINRhip, education, and research are all areas where India and the United States can work together more closely, according to Goyal. In addition, he requested Australian investments in infrastructure. "People's aspirations for a better standard of living are widespread in our market. This opens up a world of opportunity for the people

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BUSINESS OUTLOOK

STATE OF EMERGENCY RESCINDED IN SRI LANKA BY PRESIDENT GOTABAYA RAJAPAKSA

resident Gotabaya Rajapaksa revoked the state of emergency that he had declared on April 1 with immediate effect in Sri Lanka late night on 5 April 2022. The president announced that he had withdrawn the emergency rule ordinance that had given security forces broad authority to quell unrest in the country. The notification was published under the number 2274/10. Protests over the worst economic crisis in Sri Lanka have prompted President Rajapaksa to declare a public emergency on April 1. As a result of the planned large-scale demonstrations on April 3, the government declared a state of emergency. Sri Lanka's currency crisis has resulted in a shortage of essential

goods like cooking gas and fuel. For up to 13 hours a day, there are power outages. Due to more than 40 MPs declaring their independence from the ruling party and subsequently withdrawing their signatures from the gazette, the revocation of that publication is significant. Assembly approval is required within two weeks of

The notification was published under the number 2274/10. Protests over the worst economic crisis in Sri Lanka have prompted President Rajapaksa to declare a public emergency on April 1.

the emergency approval taking effect. On Monday, the opposition demanded that the emergency be debated in Parliament. It had been made clear to Rajapaksa that the SLPP's second-largest faction, which includes 14 members, would not support the motion. For emergency regulations to pass in the assembly, those who had declared independence would have to vote with the government. Currently, Sri Lanka is in the midst of the worst economic crisis in its history. For weeks, the public has been enduring long lines for fuel, cooking gas, and other essentials, as well as long periods of power outages. Rajapaksa has defended the government's actions, saying the currency crisis was not his doing and that the economic downturn was largely pandemicdriven, where the island's tourism revenue and inward remittances decreased. Later, a curfew was imposed for the entire island. Despite a curfew and a state of emergency, protests continued, with senior ruling party figures having their homes surrounded by angry protesters who pleaded with the government for economic solutions. Violence erupted during the protests, injuring several people and setting a number of vehicles on fire. After pulling down a steel barricade erected near the president's residence, police opened fire with tear gas and water cannons at the protesters. Many people were arrested and a curfew was briefly imposed in most of Colombo city following the

Rajendra Kumar Jalan, the Vice Chairman of of India and the rest of the world "Australia, the Council for Leather Exports, leather is part he continued, has an enormous investible of the agreement and it will help to increase surplus, as he also pointed out. There are "fair trade with Australia. India is Canberra's returns" for your investible surplus in India, 9th-largest trading partner, while he said. In addition, the minister Australia is India's 17th-largest. emphasised the necessity of In addition, the In 2021, India's goods exports improving air and maritime minister emphasised totaled USD 6.9 billion, while connectivity. While in the UAE the necessity of its imports totaled USD 15.1 last week, I spoke with DP improving air and billion. "I think our teams should maritime connectivity. World about the possibility While in the UAE look at the relationship from a of expanding direct shipping last week, I spoke sector-by-sector peINRpective lines and connectivity from with DP World about to see how we can strengthen India to Australia, according the possibility of it... If we want to be more to Goyal. Trade Minister Dan expanding direct shipping lines and ambitious, we should aim to Tehan of Australia called the connectivity from invest USD 100 billion by 2030... agreement a "unity agreement" India to Australia, As a result, this relationship and a "comprehensive" in his according to Goyal. could quadruple in eight yeaINR remarks on the occasion. A "In an interview on Tuesday, business delegation is being led Goyal said. Both countries are also looking by Goyal. "The agreement will help boost into ways to promote international trade in trade between the countries," said FIEO services, such as offering dual degrees and President A Sakthivel, who is here with us as signing agreements of mutual recognition. a member of the delegation." According to

AS INDIA'S ENVOY TO UKRAINE, HAINRH KUMAR JAIN TAKES OVER

he Indian embassy in Ukraine announced on Tuesday that diplomat HaINRh Kumar Jain will take over as India's new envoy to Ukraine. "Ambarish Vemuri welcomed Ja i n w ho a rr i v ed i n Wa IN Ra w today to take up his assignment as the new Ambassador of India to Ukraine," according to a tweet from the embassy. While Russia and Ukraine are at war, the embassy is currently located in WaINRaw, Poland. After Partha Satpathy, Jain has been appointed as India's representative to Ukraine.

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BUSINESS OUTLOOK

IN RESPONSE TO RISING INPUT COSTS, MARUTI SUZUKI WILL RAISE VEHICLE PRICES IN THE COMING MONTH Accordingly, it's necessary for the company to raise prices in order to offset the increased cost of the above-mentioned expenditures.

According to the company, prices will go up in April, but the increase will be different depending on the model. However, the company did not reveal the proposed price increase's magnitude.

aruti Suzuki India (MSI), India's largest automaker, announced on Wednesday that it will raise prices across the board this month due to rising input costs. An increase in various input

costs has continued to have an adverse effect on the cost of the company's vehicles over the last 12 months. Additionally, in FY22, Maruti Suzuki exported 2.38 lakh units, a record high.

PAYTM'S LOAN DISBURSALS GREW SIX-FOLD IN FY22

n April 6, Paytm reported a 478 percent increase in loan disbursals for the fiscal year 2021-22, despite its stock dropping nearly 60 per cent since its IPO in November 2021. Over INR 7,623 crore in loans were disbursed in the year, representing a 441 percent increase YoY. The company disbursed over 65 lakh loans in the fourth quarter of FY22, a 374 percent increase from the previous quarter's 44 lakh loans. The amount of money that was loaned out totaled INR 3,553 crore. GMV for its merchant payments business where it competes with BharatPe grew by 111 per cent in the year, from Rs 4 lakh crore to INR 8.52 lakh crore. The company's gross merchandise value (GMV) for the quarter was INR 2.59 lakh crore, a slight increase from the previous quarter's GMV of INR 2.50 lakh crore.

The amount of money that was loaned out totaled Rs 3,553 crore. GMV for its merchant payments business where it competes with BharatPe grew by 111% in the year, from Rs 4 lakh crore to Rs 8.52 lakh crore.

For the first time ever, a large number of people are using the fintech's super app to pay for everything from tickets to mutual

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May 2022

According to the company, prices will go up in April, but the increase will be different depending on the model. However, the company did not reveal the proposed price increase's magnitude.

For the period of January 2021 to March 2022, MSI raised vehicle prices by approximately 8.8% as a result of rising input costs. The Alto to the S-Cross are just a few of the models offered by the manufacturer in the domestic market.

funds and insurance policies. The number of mobile telephony units (MTUs) increased by 41 percent in the first quarter, from 640 million to 710 million. In order to assist merchants in receiving payments and being alerted of the same, the company also uses Point of Sales (PoS) and Soundbox machines. 29 million devices were added to Paytm's network during the quarter. There are currently over 2.9 million of our devices on store shelves, with another 1,000 being added every day." A rise in the number of merchants eligible for loans is expected as a result of the increased engagement with our device merchants, the company said. Core business strategy and revenue streams have come under scrutiny since the company went public. As a leading Indian wallet service, Paytm has been asked by Reserve Bank of India (RBI) to stop onboarding new customers in Paytm Payment Bank. However, Paytm Payments Bank can continue to accept customers via the Unified Payments Interface (UPI). PhonePe, which has a 47 per cent market share, is far ahead of the fintech, which has a monthly volume share of around 16 per cent.

BUSINESS OUTLOOK

Q4 WITNESSED A 16 PER CENT INCREASE IN BANDHAN BANK'S LOAN BOOK

n increase of 16 per cent in the fiINRt three months of 2022 has put Kolkata-based Bandhan Bank's loan book over INR 1 lakh crore for the fiINRt time in its history. Q4 of FY22 saw a total of INR 1,01,359 crore lent out by the bank. According to the bank, deposits grew 24 per cent year-on-year to INR 96,331 crore, with low-cost CASA (Current Account Savings Account) deposits growing an impressive 18 per cent to INR 40,072 crore. Deposits from retail customeINR increased by 21 per cent to INR 74,441 crore, while deposits from large customeINR increased by 32 per cent to INR 21,890 crore in the reported quarter. In the quarter ending December, 2021, the bank's retail portfolio contributed 77 per cent of its total deposits, down from 85 per cent in the previous quarter. This quarter, the bank's loan coverage ratio was around 129 per cent, while collection efficiency for the quarter was around 96 per cent, an increase from the previous quarter's 93 per cent.

INDIAN EQUITIES MAY BE PRICING IN A STRONGER ECONOMY BASED ON BOND MARKET CUES

t is time for Indian market participants to relax after a strong equity market rally and stable currency and bond markets in the last 4-5 weeks. In that sense, the RBI has done a commendable job. Economic growth and financial market stability have been repeatedly reassured by this administration. Despite geopolitical unrest and market turmoil, the Reserve Bank of India was able to keep currency and debt market volatility at very low levels. To put it another way, the market participants are clearly complacent about this week's meeting of the RBI's Monetary Policy Committee. Many economists believe that the MPC will express its concerns about rising prices and worsening fiscal pressures with stronger language, but that it will refrain from raising policy rates or altering its accommodative policy stance entirely. If the economic

recovery is still fragile and global uncertainty other hand, may have a different effect. is high, the Reserve Bank of India (RBI) would In accordance with conventional wisdom, not want to take a risky step. Bond market the stock market takes into account future developments must, however, be closely events. All known future events are factored monitored by equity market participants. into the earnings forecasts and stock prices. Since the RBI announced the government's Analysts' assessments and pricing methods borrowing schedule for 1HFY23, bond are subject to subjectivity, but the event yields have risen. In the next six months, itself is generally recognised uniformly, with the government is expected to borrow very few contrarian views. It is, therefore, reasonable to believe that Rs 8.45 trillion from the the US equities are already market. About 59% of the In contrast, Indian pricing in a recession in next total budgeted [borrowings stocks may be for FY23] are represented pricing in a stronger six months and may not see much correction from the by this amount. There is a economy, which could lead to some current level despite few rate growing belief that despite disappointment. the government's strong The equity markets hikes by the Federal Reserve. tax revenues and consistent could cool if In contrast, Indian stocks price alignment with the benchmark yields rise to 7.25-7.5 may be pricing in a stronger market, it will still be forced percent, as most economy, which could lead to borrow more money than analysts currently to some disappointment. The anticipated due to higher predict. equity markets could cool farm and food subsidies. if benchmark yields rise to As a result, the yield curve in India is steep 7.25-7.5 percent, as most analysts currently in the 1-to-10-year maturity band and predict. However, the RBI's ability to flat in the 12-to-30-year maturity band. effectively manage the bond market will be While the yield curve in the United States the determining factor in whether or not has inverted, this shows a clear contrast. this view is correct. According to conventional wisdom, a recession is usually preceded by a two- Increasing FII allocation, using innovative year yield curve inversion (2yr yields higher tools, and a sharper global commodity than 10yr yields). A steeper yield curve, price correction could keep bond yields on the other hand, indicates a short-term in check (or even lower yields) and further expectation of greater economic activity fuel equity prices. Whatever the case, the and, consequently, greater inflation. A bond market can sometimes guide the steeper or inverted yield curve, on the equity markets.

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CAPITAL NEWS

PROPOSAL FOR UNIFORM BANKING CODE FOR FOREX TRANSACTIONS HAS BEEN REQUESTED BY GOVERNMENT

ccording to a Public Interest Litigation (PIL) filed in Delhi High Court on Tuesday, the Centre must take the issue of the implementation of a Uniform Banking Code for foreign exchange transactions to control the generation of illicit funds and benami transactions seriously. Justice Navin Chawla and Justice Vipin Sanghi issued notice to the government through the ministries of Home Affairs, Law & Justice & Finance. They requested that the government respond to the petition in accordance with its constitutional mandate. On behalf of the government, ASG Chetan Sharma argued that the petitioner had raised a serious issue that should be addressed. The petitioner's issue has been referred back to the court for further consideration on May 25, and the court has asked the government to "seriously" investigate it. It was Ashwini Kumar Upadhya, an advocate for the petitioner, who pointed out loopholes in the system that could be used by terrorists, fundamentalists, and separatists. "He (the petitioner) has raised a serious issue," said the ASG during the hearing. We'll give it some thought and get back to you as soon as possible. Because of the gravity of the situation, careful

consideration is required. Directive was sought to prevent the use of RTGS, NEFT, and IMPS for depositing foreign currency in Indian banks. As the petitioner pointed out, it has a negative impact on India's foreign exchange reserves, but it is also used to fund radical groups like the SIMI and PFI, as well as other extremist groups like the Naxalites and Maoists. He argued that the rules for obtaining a visa are the same regardless of whether a visitor arrives via Air India or British Airways, or flies in from the United States or Uganda. It's also important that the format of deposits in Indian banks is the same whether they are for export payments in a current account, salaries in a savings account, charitable donations in a current account, or service charges due in a YouTuber's account. This includes foreign bank branches for foreign exchange transactions. Whether converted by Western Union, National Bank, or a foreign bank based in India, the format should be uniform, the plea said. There must be a "Foreign Inward Remittance Certificate (FIRC) issued by all international and Indian banks, and an SMS link sent automatically if foreign currency is deposited as converted Indian rupees (INR).

SBI, AXIS, AND IDBI BANK TRUSTEE UNITS UNDER INVESTIGATION BY THE COMPETITION COMMISSION FOR PRESUMED FEE CARTEL

ocuments seen by Reuters show that the Competition Commission of India (CCI) is looking into the trustee units of State Bank of India, Axis Bank, and IDBI Bank for possible collusion on fees. Companies in India are required by law to appoint a "debenture trustee" to safeguard the interests of investors when they take out loans. They take a fee from the companies that issue the debt and conduct their own checks to ensure that the debtors are legitimate. SBICAP Trustee Company, Axis Trustee, and IDBI Trusteeship are among India's leading trustee companies, overseeing hundreds of billions of dollars in debt securities, real estate, and other investment funds. The Trustees Association of India, a group in which the three are founding members, was found to have "substantially" increased

THE RESERVE BANK OF INDIA (RBI) MAY NOT CHANGE ANY OF ITS INTEREST RATES IN APRIL, ACCORDING TO THE BROKERAGE FIRM BOFA SECURITIES 26

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CAPITAL NEWS

Muthoot received a costing proposal that was 300 per cent higher than previous rates when it sought to raise debt in August of last year. Records showed that IDBI responded to a protest by IDBI by saying that "the new pricing structure is decided by the Trustee Association" and that "any deviation by us in quoting the price would lead to adverse consequences on us" in an email sent in August. "Such collective decision making by the association... affects competition in the markets," the CCI noted while ordering its investigation. One document shows that in February, it requested that the trustee association submit their meeting minutes and explain their role in establishing a minimum fee structure.

the fee for assisting companies in raising debt last year and prevented members from going below a floor price, harming competition, according to a confidential December order from the CCI According to court documents, the association is launching a legal challenge in Mumbai to quash the antitrust investigation directive that it has deemed to be "illegal" and "capricious." On Thursday, the case will be heard in court. Due to the pending court hearing and the ongoing antitrust investigation, it is possible that the nearly USD 500 billion Indian corporate debt market could see increased

costs and changes in how trustees conduct their business. Cartelization can lead to fines of up to three times a year's profit set by the trustees or 10 per cent of annual revenue for the period of violation, whichever is higher. Inquiries to SBICAP and IDBI Trusteeship went unanswered. No response was received from Axis Trustee, which is listed as President of the Trustee Association in official documents as well. For confidential cartel investigations that are not made public, the CCI refused to comment. A complaint from Indian gold financing company Muthoot Finance sparked the antitrust case.

by 6.5 per cent (and the commercial LPG price has increased by 12.5 per cent), and edible oils have increased by about 12.5 per cent. Reports say the RBI is expected to raise its inflation forecast for FY23 from 4.5 percent to 5.6 percent and see downside risks to their real GDP growth forecast of 7.8 percent in light of this backdrop.

his week's policy review is expected to see the Reserve Bank maintain its accommodative approach in the face of rising inflation, according to one Wall Street brokerage. Pre-policy note released by Bank of America Securities India on Monday stated that the RBI-MPC is expected to keep rates unchanged on April 8 and maintain its accommodative posture. Yet despite an increase in growth risks and downward pressure on inflation, the central bank will be forced to raise its CPI inflation forecast. For this reason, many believe that frontloading the debt raising by raising as much as 59.1 percent of the full year's gross borrowing of INR 14.3 lakh crore in the first half will delay policy normalisation, as the RBI is expected to announce measures to ensure that the government borrowing programme is not disrupted.

In court documents, the trustee association has argued that the higher fee is justified because their financial burden has increased over time as a result of more stringent regulatory compliance requirements. The pricing structure will be determined by trustees, but it "will not be below the benchmark floor price," according to the company's statement to SEBI last year. A "specialised sectoral regulator," in this case SEBI, is required by law to investigate the matter, according to the group. If there is a price rigging (cartelization), SEBI already has "enough checks and balances" to deal with it, it said. Muthoot also complained to SEBI about the trustees before going to the antitrust agency, and that complaint is still being investigated, according to the documents.

The February policy was anchored by the comfort provided by the expected improvement in inflation. To put it another way: Since the February meeting, Brent crude has risen by 21 per cent, domestic petrol and diesel pump prices have increased 6.5 per cent, domestic LPG has increased

CPI inflation is expected to average 5.5 percent in FY23, with a 30 percent upside risk, and real GDP growth is expected to be 7.9 percent. However, it does not expect the RBI to increase policy repo rates more quickly or sharply, citing governor Shaktikanta Das' recent remark that the RBI remains steadfast in supporting growth "Starting a premature demand compression with the help of monetary policy will be counterproductive. Demand-side issues are addressed by monetary policy "As a matter of fact.

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TOP STORY

PM MODI'S AATMANIRBHAR BHARAT ATTRACTING BIG FOREIGN PLAYERS TO

INVEST IN INDIA –OD Bureau

"Make in India" campaign of Prime Minister Modi in 2014. It was unveiled in 2014 with the goal of increasing manufacturing's GDP contribution from 15 per cent to 25 per cent in five years.

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his year was the first time that India's budget went paperless. Because of the pandemic, the traditional practise of locking up dozens of Finance Ministry employees in a government printing plant to ensure that the blueprint's secrets were not leaked was no longer safe. It was actually a Samsung tablet that the media worked so hard to identify as "Made in India" that Finance Minister Nirmala Sitharaman used to present the budget to Parliament. Sitharaman said in her speech that "our manufacturing companies need to become an integral part of global supply chains, possess core competence and cutting-edge technology". India's fiscal year begins on April 1, and the government has included a USD 28 billion programme to persuade foreign manufacturers to locate their operations in the country. To attract investors from China and Vietnam, it offers cash incentives for meeting sales targets in industries such as automobiles, electronics, and

pharmaceuticals. India's "Self-Reliant India" initiative, the programme is expected to increase output by USD 520 billion over the next five years, according to official projections. By 2027, Credit Suisse expects it to add 1.7 percent to GDP and create 2.8 million jobs. It's easy to think of Self-Reliant India as a repackaged version of long-standing goals that have been outlined over the years. Last but not least was the "Make in India" campaign of Prime Minister Modi in 2014. It was unveiled in 2014 with the goal of increasing manufacturing's GDP contribution from 15 per cent to 25 per cent in five years. There was instead a decrease in the share, which now stands at around 13 percent. Early signs of progress are emerging this time around. A joint venture between Amazon.com Inc. and Foxconn Technology Group's Indian subsidiary will produce Fire TV streaming devices in Chennai, the company announced in February. The iPhone 12 will be manufactured in India starting

Sitharaman said in her speech that "our manufacturing companies need to become an integral part of global supply chains, possess core competence and cuttingedge technology".

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The new rules will allow companies to receive cash payments equal to or up to 6 per cent of the value of their sales, depending on the amount of domestic production they increase. To put it another way: For every hopeful newcomer to the market in India, there's a war-torn company looking for an exit.

this month, Apple announced earlier this month. UBS Securities economist Tanvee Gupta Jain in Mumbai believes that "the relocating to India trend has already started to gain momentum." "This is a major shift in India's manufacturing strategy." Another big-name foreign manufacturer being courted by the Modi administration, namely Tesla Inc., is registering its business in India, which has led to speculation that it plans to open a manufacturing facility there. Transport Minister Nitin Gadkari said the government is ready to offer incentives to ensure that Tesla's costs of making electric vehicles in India are lower than in China. While the company has not commented on the rumours. Prime Minister Narendra Modi's Cabinet in February approved a USD 1 billion programme to boost domestic production of tablets, laptops, and computers, which have not kept pace with the country's soaring demand. There has been an increase of 42 percent in laptop imports, mostly from China, over the past five years, according to a report commissioned by the India Cellular and Electronics Association (ICEA). The new rules will allow companies to receive cash payments equal to up to 6 per cent of the value of their sales, depending on the amount of domestic production they increase. To put it another way: For every hopeful newcomer to the market in India, there's a war-torn company looking for an exit. The high taxes India imposes on new car purchases prompted Harley-Davidson Inc. to pull out of India at the end of last year, while Toyota Motor Corp. threatened to do the same in September. The combination of entrenched protectionist tendencies, complicated regulations, and rickety infrastructure is what drives foreign companies out of the country.

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May 2022

Pranjul Bhandari, Chief India Economist, HSBC Securities & Capital Market (India)

The World Bank's latest Doing Business report ranked India 63rd out of 190 countries surveyed. South Korea was the top-ranked country, followed closely by China, which came in at number 31. Pranjul Bhandari, HSBC Holdings Plc.'s India economist, says the real problem in India is the fear of doing business. Pandemic-induced shortages and supply chain disruptions around the world have given new urgency to governmentled efforts to increase self-sufficiency, whether in ventilators or semiconductors.production. According to China's latest five-year plan, the country plans to increase investment in areas like integrated circuit technology and clean technology, while the Biden administration has asked Congress to allocate funds for subsidies to help build new US fabrication facilities. Historically,

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succeed where previous initiatives failed is unclear in light of this conflict. India is the second-most populous country in the world, which should be enough to entice foreign businesses to set up shop in the nation. There is a chance that PM Modi's bribes will entice more of them to join. Effective measures have been taken by the government to help the country become self-sufficient. Key measures include a special economic and comprehensive package of INR 29.87 lakh crore, a 34.5 percent increase in capital expenditure, a relief package of INR 6.29 lakh crore in June, 2021, a Production-Linked Incentive (PLI) Scheme with an outlay of INR 1.97 lakh crore for 13 key sectors, INR 3 Lakh Crore Emergency Working Capital Facility for Businesses, including MSMEs, and INR 45,000 crore. An Agri Infrastructure Fund of INR 1 lakh crore will provide farmers with farmgate infrastructure as part of the Partial Credit Guarantee Scheme 2.0. the PM GatiShaki - A National Master Plan for Multi-Modal Connectivity, the reduction of compliance burden on citizens and businesses to simplify, decriminalise and remove redundant laws, a liberal and transparent policy to attract Foreign Direct Investment (FDI), the launch of the National Single Window System (NSWS) as a one-stop for all regulatory approvals and services in the country, building a strong ecosystem for nurturing innovation All Government contracts of up to INR 200 crore are exempt from global tenders.

Tanvee Gupta Jain Economist at UBS Securities

India has relied heavily on import tariffs to support domestic supply chains, which are still the highest of any major Asian economy. The government hopes to entice more multinational corporations to locate manufacturing facilities in the country by bolstering its existing arsenal of investment incentives. In today's India, economic priorities often conflict with political realities, which is why the policy mix may appear disjointed. This will create the 10 million new jobs India needs each year, as well as reduce its enormous trade deficit with China, to which the country is particularly vulnerable. On the other hand, he has to consider his ruling Bharatiya Janata Party's base of small and medium-sized businesses, which are used to being protected from foreign competition. Whether Self-Reliant India will

For amounts greater than INR 200 crore, work is delegated to various central ministries and departments according to the relative merits of the business proposals received.

Atmanirbhar Bharat Abhiyan and FDI • Making India self-sufficient does not mean restricting foreign direct investment; rather, it means increasing domestic manufacturing capacity and reducing the country's reliance on imports, which is outpacing its exports.

The government hopes to entice more multinational corporations to locate manufacturing facilities in the country by bolstering its existing arsenal of investment incentives. In today's India, economic priorities often conflict with political realities, which is why the policy mix may appear disjointed.

• Because of their reliance on foreign countries for products and services that can be manufactured in India, the Indian economy and local businesses will both benefit from a more selfsufficient India. • Indian economic ties with other countries will not be severed, and the country will welcome foreign investment in a variety of fields. India's attempt to gain a significant foothold on the global economic map will be to become self-sufficient.

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Increased consumption levels in India are expected to push capacity utilisation over the critical threshold of 75 per cent by the end of 2022, resulting in an increase in 2023 in private sector investment. Consumer prices have fallen from 6.20 percent in 2020 to 5.60 percent in 2021, and experts expect them to fall even further to 4.90 percent in 2022, driving the increase in consumption.

• It is critical for the Indian economy's growth to have foreign direct investment (FDI), but being self-reliant is just as important. The Atmanirbhar Bharat Abhiyan's goal is to reduce India's reliance on imports and maximise the use of domestic resources and innovations for the country's growth. • All economic activities were halted because of the pandemic, and this has had a significant impact on the Indian economy." • Through foreign direct investment (FDI), the country's self-sufficiency cannot be achieved and there is a growing need for the establishment of local manufacturing units.

Why Relying on Ourselves Doesn't Mean Ignoring Global Trade? With the implementation of policies like Atmanirbhar Bharat (Self-Reliant India) and the push to negotiate full free trade agreements, 2021 was a watershed year for the Indian economy. Achieving the desired outcomes is as simple as raising domestic production capacity, decreasing reliance on imports, investing in higher-tech production and R&D, and making business more accessible. As a result of record FDI inflows of USD 81.97 billion in FY 2020-21 and a surge in cross-border mergers and acquisitions (M&A), industries like automobiles, digital infrastructure and services, healthcare, and metallurgy have been driving India' postCOVID recovery.

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There is a positive outlook for India's economy in 2022, with regard to growth, productivity, and capital expenditures. Economic growth for fiscal year 2023 has been revised upwards by Fitch Ratings to 10.3 per cent. Indian growth is expected to be driven primarily by strong corporate earnings, and the Indian market will continue to be globally attractive, with a recovery curve in the shape of a K. According to some of these projections, by March-April 2022, 85-90 percent of India's adult population will have been vaccinated twice. Additional vaccines for the 15 to 18-year-old age group have also been welcomed. Increased consumption levels in India are expected to push capacity utilisation over the critical threshold of 75 per cent by the end of 2022, resulting in an increase in 2023 in private sector investment. Consumer prices have fallen from 6.20 percent in 2020 to 5.60 percent in 2021, and experts expect them to fall even further to 4.90 percent in 2022, driving the increase in consumption. Tax revenues are expected to rise in 2022, which will likely lead to an increase in government spending. Since the beginning of the pandemic, the Indian capital market and the Vietnamese capital market have both made significant gains. Multiple global corporations have been looking into alternative investment destinations to de-risk their supply chains from geopolitical choke holds, natural

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Including PharmEasy (an online pharmacy), Meesho (a social commerce platform), CRED (a fintech company), and Groww (an online investment platform), India has 44 new startups that have become unicorns in 2021. Tracxn, a platform set up by ex-venture capitalists tracking market intelligence data for private companies, estimates that in 2021, Indian startups will receive capital flow worth about USD39 billion, an increase from the record USD14.6 billion in 2019. India is among the best performing countries with respect to ranking on the global competitiveness index. Its Ease of Doing Business Ranking rose from 2014 to 2020 as a result of various regulatory changes that improved the business climate in India. These trends are only going to persist.

disasters, and COVID outbreaks and resulting control measures for infectious diseases (COVID). In addition to India's market size, local talent base, and trade infrastructure, recent policies to further liberalise FDI in sectors like insurance, defence, agriculture, and telecommunications have attracted foreign investors to set up shop in the country. As a demonstration of India's commitment to filling in the gaps in its production ecosystem, industrial policy reforms like the framework for productionlinked incentives have generated positive investment buzz. As a result, foreign investors will be able to take advantage of huge opportunities in both brownfield and greenfield assets as a result of the national monetisation pipeline. The PM Gati Shakti National Master Plan's logistics infrastructure blueprint is one of several government initiatives that will likely contribute to India's macroeconomic growth. Startup businesses experienced a surge in the final three months of fiscal year 22 as well, in the private sector. Many new start-ups entered the education (edtech), financial (fintech), social (social commerce), and B2B (business to business) e-commerce sectors, attracting tier-1 funds like Tiger Global, Falcon Edge Capital and SoftBank. India's appeal may have been boosted by China's efforts to rein in its technology sector. Record-breaking IPOs included Zomato, Paytm, and Nykaa, a fashion and make-up online retailer.

In order to compete with Southeast Asian emerging economies, India lowered its corporate tax rates for new manufacturing firms from 25 per cent to 15 per cent in October 2019. An increasing one-stop digital government interface, reduced compliance burden, and policy measures to boost domestic manufacturing through public procurement orders are increasing India's appeal. Industrial Park Rating System (IPRS), National Single Window System (NSWS), and the India Investment Grid are among the most notable measures to facilitate investments in India (IIG). Decarbonization and deglobalization will be the dominant themes in India's investment outlook by 2022, with a particular emphasis on clean and sustainable growth and the use of local production strengths. Government incentives for electric vehicle production and purchase, as well as PLIs for advanced auto technology and advanced chemical cell (ACC) batteries, accelerated these trends last year. As a result, India is working quickly to finalise bilateral trade agreements with countries like the United Arab Emirate, Australia, and the United Kingdom.

Government incentives for electric vehicle production and purchase, as well as PLIs for advanced auto technology and advanced chemical cell (ACC) batteries, accelerated these trends last year. As a result, India is working quickly to finalise bilateral trade agreements with countries like the United Arab Emirate, Australia, and the United Kingdom.

Investments in R&D, medical devices, pharmaceuticals, etc. will be made in response to the ongoing COVID pandemic and the underserved healthcare market in India. Fintech, e-commerce, and logistics are other areas that will continue to foster innovation and support industrial growth.

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SPECIAL STORY

INDIAN TELECOM TOWER INDUSTRY

WRITING A NEW SUCCESS STORY –OD Desk

he Indian telecom tower industry has established itself as a global leader in infrastructure sharing by focusing on innovation. The tower industry can lead the next infrastructure revolution and bring about the "broadband for all" vision if it focuses on the right mix of competencies and business opportunities. According to a joint report by EY and India's tower body TAIPA, telecom tower penetration in India in the last decade has reached 83 per cent, second only to China’s 100 per cent, and exhibits revenue potential for infrastructure providers to the tune of INR 21,500 crore- INR 31,000 crore in next three years. Telecommunications towers have become increasingly important, especially in the wireless telecommunications industry, thanks to advances in wireless communication technologies like CDMA (Code Division Multiple Access), GSM (Global System for Mobile), and WAP (wireless Web Access). Over a thousand towers of various structural types can be found in this country; nearly all of these towers have been built with wind loading in mind, as India was previously thought to be earthquake free. Steel towers are in high demand as the telecommunications industry continues to grow at a rapid pace. Self-weight, wind load, seismic load, antenna load, platform load, steel ladder load, and other key loads are taken into account while designing these towers. Now that data growth is accelerating and 5G technology is on its way, there are exciting new opportunities for towercos in the next decade. New business models based on fibre,

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In 2023, towercos have a combined market opportunity of INR215-310 billion from these new business avenues. An investment of INR660-930 billion over the next five years, up to 2023, would be required to fully exploit these new business models. As per the data released by TAIPA, currently this sector is dominated by RIL, Indus Tower, Bharti Infra, ATC India and GTL Infrastructure

small cells, data centres, Wi-Fi, smart cities, and other technologies are opening up for tower companies that were previously focused solely on the macro tower business. To expand their infrastructure portfolio and tap into adjacent markets, Indian towercos are well-positioned. Since fiber's deployment is expected to increase by 1.9x and reach 2.8 million kilometres by 2023, the technology has a lot of room to grow. With an estimated 250,000 small cells being deployed outdoors by 2023, this is another promising opportunity. infrastructure Companies can enter the data centre and edge computing (micro data centre) market by advancing the capex to opex model. Opportunities for low-hanging fruit can be found by capitalising on infrastructure providers' real estate rights – opening avenues for advertising, electric vehicles, security solutions and traffic control.

Indian Tower Industry 2021-Report card COVID-19 scenario telecommunications sector initially declined but later recovered due to the telecom tower's massive role in extending services, enabling corporations to extend work from home, and keeping individuals connected for medical assistance and other necessities. During a lockdown scenario, the tower market bears the brunt because of the disruption in the supply chain of materials used to build towers, the lack of skilled and unskilled labour due to migration, the difficulty of conducting maintenance operations, and the volatile markets resulting in huge losses with tower construction project delays. Customers' shift to shopping online boosted demand for telecommunications infrastructure, which is expected to rise by the end of the decade. The tower companies have also seen a rise in demand from areas that were previously unconnected before becoming a greenfield market. According to the resurgence scenarios, telecommunications towers will be exempt from containment

In COVID-19 Scenarios, telecommunications sector initially declined but later recovered due to the telecom tower's massive role in extending services, enabling corporations to extend work from home, and keeping individuals connected for medical assistance and other necessities.

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Bharti Infratel merged with Indus Towers in November and reports a current tenancy rate of 1.8 for its 181,000 towers. Reliance Industries' 135,000 towers were purchased by Brookfield Infrastructure for USD 3.4 billion in August 2020. For USD 1.2 billion in 2018, ATC Telecom acquired 20,000 structures from Vodafone and Idea Cellular in a tenancy agreement, making it the third-largest towerco in the world.

zones and shipping and the supply chain will resume by year's end. Additionally, there will be a sufficient number of workers ready to return to work. Data users have grown rapidly over the past few years, placing a heavy burden on the limited spectrum available. There has been a dramatic increase in demand for towers that can provide a wide range of services to all users. The tower divides the spectrum's range so that everyone can use it. With the help of routing towers, Bharti Airtel, Reliance Jio Infocomm, and Idea Cellular in India have created larger airwaves to speed up data processing across a wide user base and further extended the reach of the waves without affecting the network strength.

Tough time ahead ATC Telecom, a subsidiary of American Tower, and six other major tower infrastructure companies may see their tenancies dwindle overnight if Vodafone Idea (VI), India's third-largest mobile carrier, declares bankruptcy, leaving the country with a duopoly telecom market. While Reliance Jio gained 5.5 million subscribers and Bharti Airtel's user base increased by 3.8 million in a June report from India's Digital Communications Regulatory Authority, VI lost its largest-ever subscriber base of 4.3 million. Due to intense competition and a staggering USD 25 billion debt, VI is unable to move forward with major network upgrades for its 270 million subscribers due to its limited cash reserve of USD 47 million. It is primarily due to a 2019 Supreme Court decision in the 15-year-old AGR case that ruled that non-telecom service revenue should be included in AGR calculations, resulting in the massive debt. More than 180,000 tower tenancies will be lost if VI collapses, according to Moody's Investors'

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International Credit Rating Agency (ICRA). New Street Research analysts believe that Vodafone Idea will soon be bankrupt. Subscribing members of VI may switch to Reliance Jio, Airtel or smaller carriers BSNL and MTNL in the event that VI goes under. However, network capacity is already at an all-time low for most carriers. Customers on VI's 2G network would have to pay more if they switched to a 4G network and would also have to buy new 4G smartphones. To make up for this shortcoming, Bharti Airtel still sees a significant opportunity in the country's migration from 2G to 4G. Bharti Infratel merged with Indus Towers in November and reports a current tenancy rate of 1.8 for its 181,000 towers. Reliance Industries' 135,000 towers were purchased by Brookfield Infrastructure for USD 3.4 billion in August 2020. For USD 1.2 billion in 2018, ATC Telecom acquired 20,000 structures from Vodafone and Idea Cellular in a tenancy agreement, making it the thirdlargest towerco in the world. During their first full year in American Tower's portfolio, the transactions were expected to generate USD 320 million in property revenue and approximately USD 120 million in gross margin. Approximately 6,300 duplicate sites were identified at the time of the agreement, leaving 13,700 or more structures that could lose their VI tenant as a result of the two carriers merging.

Roadblocks hampering the growth With the telecom tower industry providing infrastructure support and serving as the communications sector's backbone, the industry faces challenges such as restrictions on tower installation in residential or adjacent residential areas due to health concerns; this can result in

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authorities taking disruptive actions such as halting operations, frequent fibre cuts, and so on. The situation becomes more difficult as the trained and skilled workforce becomes scarcer, necessitating technicians climbing the tower for maintenance purposes. For example, in Noida, Indus Towers' expansion plans to increase market bandwidth through the installation of towers encountered opposition from a segment of misinformed residents concerned about the electromagnetic field radiation emitted by the towers. Even though, the company has optimised the level as per the government and TRAI protocol.

Asian telecom tower market More than three million towers in Asia's major emerging nations keep the cost of data down and communication accessible

give a strong push to the telecom sector. The National Broadband Mission, which was launched in December 2019, aims to fiberize 70 percent of telecom towers by 2024. 70 percent fiberization by 2024 would require capex of around Rs 45,000 crore according to an E&Y report. Nearly one-third of the nation's telecom towers have only been fiberized in the past year. As soon as this number increases, the telcos' 5G rollout will be a complete and total success. Only 7,93,551 of the total 23,07,068 BTS towers have been fiberized as of this writing. To boost data transfer rates, the report mentions that three of the four towers will be linked together using optical fibre. For 5G to be a success in India, it is imperative that the country is fiberized. 34 per cent of India's mobile towers are fiberized at the moment. The Indian government also plans to fiberize 70 per cent of the country's towers by the end of FY24, in addition to increasing tower density. By the end of March 2024, it is anticipated that the tower density will rise from 0.4/1000 to 1/1000. The government intends to establish a National Fibre Authority (NFA) in the same manner as it has established other regulatory authorities. A surge in infrastructure investment is critical for India to roll out 5G efficiently. Additionally, it will bolster telecom operators' 4G services, enabling them to provide improved coverage to users across the country.

to everyone, making Asian countries the most advanced in this area. Over 2.2 million tower facilities are located in China and India, which make up the majority of the Asian market. More facilities are located in India and China than in Japan, Indonesia, Vietnam, and South Korea put together. With over 7,000 telecommunications towers, the majority of which are owned by XL Axiata and Indosat, Indonesia has a burgeoning market for telecom tower companies. Asian towers are dominated by the Indus Group, which includes American Tower, RITL and Bharti Infratel.

India is getting ready for 5G with the construction of 8 lakh new cellular towers By August 15, 2022, 13 Indian cities are expected to have 5G networks. Although it may seem impossible given the current pace of development, India is expected to add 8 lakh new mobile towers to boost the role of 5G networks within two years. Adding these many new towers, more than doubling the current strength, the Indian government is reportedly looking to

Construction of the telecommunications infrastructure is fraught with difficulties, not the least of which are the rules and permissions governing the Right of Way (RoW). A number of states have adopted RoW rules that are not in line with the 2016 Indian Telegraphy RoW rules. In addition, the permissions must be expedited so that the telcos can develop and set up the infrastructure aggressively. Ericsson, Nokia, and Samsung are among the global vendors working with telecom operators to test their 5G solutions. Indian consumers are willing to pay up to 50% more for 5G service if it is bundled, according to Ericsson India and Network Solutions Ericsson South East Asia, Oceania & India's Nitin Bansal. TelecomTalk spoke with Bansal about whether or not India is ready for 5G and what kind of investments are necessary for its successful rollout.

Indian consumers are willing to pay up to 50 per cent more for 5G service if it is bundled, according to Ericsson India and Network Solutions Ericsson South East Asia, Oceania & India's Nitin Bansal. TelecomTalk spoke with Bansal about whether or not India is ready for 5G and what kind of investments are necessary for its successful rollout.

Ericsson thinks India is ready for 5G, and that's why telecom operators need to have access to 5G spectrum at a reasonable price. The 'long-term benefits' of 5G technology for India must be viewed as critical infrastructure and the foundation on which the Digital India vision can be realised.

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SPECIAL STORY

5G technology is critical infrastructure for India. At this point, we are ready to deploy 5G in India because we have already implemented it on 93+ live networks around the world. Telecommunication service providers (TSPs) can easily upgrade to 5G using the Ericsson Radio System hardware that has been 5G-ready since 2015. For 5G in India, Ericsson is working with its partners, customers, and the academic community to design as well as curate India-specific use-cases to create the ideal ecosystem. Consumers in India are eager for 5G, and they are willing to pay a premium to take advantage of the new capabilities that 5G brings.

There has been an increase in discussion about 5G rollout since the pandemic highlighted the need for faster and more reliable connectivity for life and work to continue unabated. India's telecommunications market is currently the second-largest in the world, and it has been steadily increasing in size over the past decade. The market is experiencing rapid data growth, necessitating the implementation of 5G.

At least 40 million Indian smartphone users could adopt 5G technology in the first year of its launch, according to our recent consumer lab study, "Five ways to a better 5G." Additionally, Indian users are willing to pay up to 50% more for 5G plans if they are packaged with new services. Around 26% of all Indian mobile subscriptions will use a new 5G network by the end of 2026, according to the most recent data from the Ericsson Mobility Report. There has been an increase in discussion about 5G rollout since the pandemic highlighted the need for faster and more reliable connectivity for life and work to continue unabated. India's telecommunications market is currently the second-largest in the world, and it has been steadily increasing in size over the past decade. The market is experiencing rapid data growth, necessitating the implementation of 5G. New revenue streams for operators will be generated as a result of 5G's socio-economic multiplier effect, which will open up new possibilities for consumers and businesses alike. While the current focus of 5G services is on enhancing mobile broadband for consumers, the capabilities of 5G networks are expected to outpace those of previous generations in terms of latency, reliability, capacity, and security. India is expected to have 26 percent of its mobile subscriptions be 5G by the end of 2026, with an estimated 330 million subscriptions (EMR June 2021). In the early stages of 5G's introduction, CSPs will be able to better manage the increasing data demands of consumers. According to the Ericsson Consumer Lab study, more than 70% of consumers expect 5G to provide better performance, such as faster speed, better reliability, and lower latency (2021). Gaming, video, and AR and VR products will be available to consumers as a result. To put it another way, according to an Ericsson ConsumerLab report, the addressable industry digitalization market for service providers is expected to grow

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to around USD 700 billion by the end of the 2030s. By 2030, 5G-enabled digitalization in India is expected to generate revenues of around USD 17 billion. Ericsson has been working on 5G for several years, both in the lab and in advanced outdoor field trials with our Indian partners. We've been testing and developing various 5G use cases relevant to India in conjunction with Indian telecom operators and academics. During the India Mobile Congress (IMC) in 2019, we successfully collaborated with Qualcomm to show India's first-ever live 5G video call using 28 GHz spectrum. For India's first-ever Connected Music performance powered by 5G, Ericsson showcased the resiliency, speed, and low latency of 5G at IMC 2019's opening ceremony. We are committed to working closely and actively with all Indian operators to help them develop their networks further. Earlier this year, Bharti Airtel extended its partnership with Ericsson for the deployment of 5G-ready radio, core and transport solutions. This partnership between Ericsson and Bharti Airtel will demonstrate 5G in Hyderabad in January 2021. The operator used Ericsson's dynamic spectrum sharing technology to give India its first commercial experience with 5G. Using Bharti Airtel's 3500 MHz trial spectrum, we demonstrated a live 5G network with speeds of over 1 GBPS at the Cyber Hub in Gurgaon in June this year. Since the beginning of 2015, the Ericsson Radio System has been 5G-ready. This enables remote software installation for 5G upgrades for operators.

Global Telecom Tower Market The global telecom tower market is

SPECIAL STORY

expected to account for an industry valuation of USD 240.6 billion by the end of the forecast period, from 2020 to 2030, according to a new report from Transparency Market Research.

in the professional intelligence study on the global telecom tower market. In the coming years, the telecom tower market in Asia Pacific is expected to grow into a lucrative regional market.

The global telecom tower market is expected to grow at a rapid pace in the coming years due to the increasing use of high-speed internet services and the growing number of smartphone and smart device users around the world.

Over the forecast period, the Asia Pacific region is expected to grow at a significant rate in the global telecom tower market owing to the increasing investments made by the regional telecommunications players. Other significant driving factors propelling growth within the global telecom tower market in Asia Pacific include the increase in globalisation as well as urbanisation and rising investments aimed at furthering the 5G as well as internet of things or IOT technologies in the region.

In addition, the growing demand for new energy-efficient devices and the data revolution that is sweeping the developing world are expected to have a positive impact on the global telecom tower market in the coming years. It is also possible that the global telecom tower market will benefit from the rise of advanced data networks such as 3G, 4G, and 5G in the coming years. In the coming years, the global telecom tower market is expected to see an increase in the number of tie-ups between government agencies and municipal corporations. Monopole towers, lattice towers, mobile towers, guyed towers, stealth towers, and camouflage towers are some of the types of towers in the global telecom tower market. The global telecom tower market is segmented by who owns the tower, with TowerCo, joint ventures, and mobile network operators (MNO) owning the majority of the towers. Ground-mounted and rooftop-mounted towers are two of the major segments in the global telecom tower market. Europe, Asia-Pacific, North America, the Middle East and Africa, and Latin America are among the major regions examined

In the near future, these factors are expected to have a significant impact on the global telecom tower market. Helios Towers Africa, SBA Communications Corporation, GTL Infrastructure Ltd., Phoenix Tower International, China Tower Corporation, Bharti Infratel Limited, American Tower Corporation, AT & T, Inc., T-Mobile Towers, and Crown Castle International Corporation, among others, are some of the leading players and participants in the global telecom tower market. In the global telecom tower market, there are a number of regional and international companies operating, making the competition moderately fragmented. To stay competitive, companies in the global telecom tower market are merging, expanding geographically, and acquiring new contracts to name a few. In order to strengthen their position as the leading telecom tower company in the Americas, Phoenix Tower International, for example, bought Tower Venture Holdings, LLC's 197 wireless communication tower sites on March 5, 2020. In December of this year, they also purchased 1046 towers in Colombia and 1408 towers in Ecuador from Telefonica. Estimated to be operating and owning approximately 7000 Latin American telecom towers is Phoenix Tower International.

In the global telecom tower market, there are a number of regional and international companies operating, making the competition moderately fragmented. To stay competitive, companies in the global telecom tower market are merging, expanding geographically, and acquiring new contracts to name a few.

Way forward All infrastructure projects in the country are concerned with the ease with which they can be completed. Getting municipal approvals, RoW charges and clearances, and approvals from multiple bodies all take time, all of which need to be addressed if infrastructure projects are to be completed more quickly. It is imperative that the creation of robust telecom infrastructure and the fulfilment of 'Digital India's' goals be expedited by making it easier to conduct business.

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TOURISM

INDIAN

TOURISM ALL SET TO WELCOME WORLD WITH A VIBRANT SMILE –OD Bureau

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TOURISM

ravel and tourism are big business in India. Cruises, adventure, wellness, sports, MICE, eco-tourism, film, rural, and religious tourism are just some of the niche products it offers. For both domestic and international tourists, India has become a popular destination for spiritual tourism. Indian Prime Minister Mr. Narendra Modi urged citizens to visit 15 Indian tourist destinations by 2022 in his Independence Day speech from the Red Fort. World Economic Forum's Travel and Tourism Competitiveness Report 2019 ranked India 34th out of 190 countries in the world. Third only to China and the Philippines, India's Travel & Tourism GDP contribution grew by 4.9 per cent in WTTC's Economic Impact 2019 report. More than half of all new jobs created in Asia between 2014 and 2019 came from India (6.36 million), China (5.47 million), and the Philippines (1.2 million) (2.53 million). An official policy for caravan and camping park development and promotion was developed by the Ministry of Tourism. Prahlad Singh Patel, the Union Tourism and Culture Minister, announced on January 25, 2021 a plan to build an international-level infrastructure in Kargil (Ladakh) to promote adventure tourism and winter sports. In 2020, the World Travel & Tourism Council predicts that the global travel and tourism sector's GDP contribution to GDP will fall by nearly half to just USD 4.7 trillion. It will be difficult for India's tourism industry to bounce back in the face of a bleak global tourism outlook. At pre-Covid levels, the sector accounted for 10.4 per cent of global GDP, but by 2020, it will only account for 5.5 per cent. It has been estimated by the United Nations Conference on Trade and Development (UNCTAD) that a pandemic like Ebola will cost the international tourism industry an estimated USD 4 trillion over the next two years. Travel restrictions, asymmetric access to vaccines, low traveller confidence, and a poor economic environment may prolong the return to normalcy beyond 2023. This is a worldwide trend, and India is no exception. Because of a slew of initiatives implemented since 2014, India had seen a record spike in foreign tourist arrivals before the pandemic. Foreign tourist arrivals (FTAs) in India totaled 10.89 million in 2019, a 3.20 percent year-over-year increase in arrivals. In 2019, 166 countries were covered by measures like the e-visa facility for online visa processing, up from 46 countries when it was launched in September 2014. Visa on arrival, building religious and cultural circuits, infrastructure development and incentives and promotional initiatives were all showing positive results prior to the pandemic. Tourism-related economic indicators in India fell significantly in 2020 compared to 2019. 8 million people, 18 billion dollars and 43 billion dollars in international and domestic spending were directly affected by the drop in the sector's GDP share from 6.9 percent to 4.7 percent. In comparison to the global average of 45 percent, the decline in domestic visitor spending was 30.7 percent. The combined effect of the direct, indirect, and induced impacts on hotels, restaurants, transportation, travel, and tourism services and informal workers is exponential.

A journey to improve oneself In the ten years following 2019, the Indian travel and tourism market is expected to grow from approximately USD 200 billion USD, or 6.9 per cent of GDP, to USD 512 billion USD, or 9.2 per cent of GDP. Despite the difficulties of dealing with a pandemic, increasing vaccination rates and reducing caseloads may encourage policymakers to reopen their borders to a limited extent. A response like this could have a significant impact on a wide range of industries, including business, leisure, medicine, health and wellness, remote

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TOURISM

working, cruises, adventure tourism, and small-town tourism. Furthermore, it is critical to make use of digital innovations in the recovery process. A proper tracking and tracing mechanism, such as the Travel Pass Initiative, should be put in place to allow those who have been vaccinated to travel internationally. With the help of a mobile app provided by the International Air Transport Association (IATA), a digital passport can be generated. Another benefit is that it allows for the rapid implementation of enforcement solutions across countries that are linked to reliable information systems. India's recovery and transition from air bubble arrangements can be expedited by normalising low stakeholder confidence. India has the potential to rebound stronger thanks to a favourable business climate and a thriving health and wellness sector characterised by yoga, meditation, Ayurveda, and naturopathy, among other practises. It is also possible to connect the outside world with Bharat, which is a popular reference to rural communities in India that are far from the coast or border. This type of infrastructure development is occurring from the North Eastern States to the Coastal States. In FY20, rural teledensity was 60.27 percent, up from 56.68 percent in FY19, and we're on track to hit 100 percent by 2025. In addition to promoting village tourism, digital inclusion could help rural entrepreneurs connect with tourists from both domestic and foreign countries online. Lastly, the revival should be more peopleand planet-centric and in line with the global call to rebuild better and greener after the pandemic. Policymakers in India need to ensure that tourism has a positive impact on the environment, social and economic aspects of the country's economy. Examples of this kind of tourism include those that promote village life, wellness, the environment, and a reduction in greenhouse gas emissions by avoiding the consumption of food waste, single-use plastics, and the excessive use of personal vehicles. As a result of meaningful action and a suitable policy environment, the current and future generations could benefit from a better transition. An effort to foster a collaborative eco-system of knowledge sharing, training, and capacity building on that could also be made by Indians in both domestic and international contexts. The pandemic of Covid-19 has prompted the Ministry of Tourism to take a number of measures to address the crisis. The following measures have been implemented to help the tourism industry recover

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from the crisis caused by the Covid-19 pandemic: Covid safety and hygiene operational guidelines have been prepared in detail in order to raise awareness, train employees, and assess whether or not they are complying with the guidelines.

The pandemic of Covid-19 has prompted the Ministry of Tourism to take a number of measures to address the crisis

The program's goal is to help small and medium-sized businesses in the hospitality industry get their operations back on track and grow. In order to ensure the smooth resumption of business, operational recommendations have been issued for hotels, restaurants, B&Bs/Homestays and Tourism Service Providers on 8 June 2020. It has been decided to extend until September 30, 2020 the validity of any project approvals, re-approvals, classifications, or re-classifications for hotels or other accommodation units. It has been determined that SAATHI (System for Assessment, Awareness, and Training for the Hospitality Industry) is an effective method for ensuring that the COVID 19 and subsequent SOPs for the safe operation of hotels, restaurants, and other lodging establishments are effectively implemented. The Ministry of Tourism has extended the recognition of Travel Agents, Tour Operators, and Tourist Transport Operators by six months. Provisional recognition has been granted for a period of six months to those who have applied

TOURISM

important tourist destinations in order to close the viability gap funding. As a result of the pandemic, the ministry has devised a comprehensive strategy to make full use of technological advancements. With the help of Google's digital platform, the Incredible India digital platform features a wide variety of 360 degree walk-throughs and stories for popular tourist attractions across the country. The Incredible India website features the information on popular tourist destinations. Viewers are given an immersive 360-degree photo experience through these embedded walk-throughs. In addition, prominent Indian World Heritage Sites will have 360-degree walkthroughs available. When things return to normal, digital media will be fully utilised to promote and spread awareness of tourist attractions and activities, as well as to engage the public in preparing for their visits. Additionally, content and userfriendly features that cater to tourists are being added to the Incredible India Web Portal and Mobile App. India's Ministry of Tourism has launched the Incredible India Tourist Facilitator Certification Program, a digital initiative that aims to create an Online learning platform with the goal of creating a pool of well-trained and professional Tourist Facilitators throughout the country. Thus, local and even remote areas of the country with tourism potential will be able to create jobs.

for Ministry recognition. Revisions to the Marketing Development Assistance Scheme's financial assistance guidelines are underway with the goal of increasing the Scheme's scope and impact. Dekho Apna Desh (DAD) was launched by the Ministry in January 2020. On the Ministry of Tourism's social media accounts and website, as well as those of other Indian tourism offices, DAD is heavily promoted. It is part of a Ministry initiative to conduct a series of webinars highlighting the country's diverse cultural heritage, destinations, and tourism offerings. A pledge and quiz on DAD have been made available on the MyGov.in platform as part of the Ministry's efforts to raise awareness among the general public. On its social media accounts, the Ministry of Tourism promotes the country's products, festivals, cuisines, and other cultural offerings in an effort to increase domestic tourism. Ek Bharat Shrestha Bharat is also being promoted through these events. While the lockdown was in effect, it hired an aerial photography company to capture images of several cities from above. Similarly, RCSUDAN and discussions with the Ministry of Road Transport & Highways (MoRTH) are focusing on improving road connectivity to

Provisional recognition has been granted for a period of six months to those who have applied for Ministry recognition.

Recent announcement by the government of a relief package for the tourism sector is a timely boost for the industry, which is preparing for a recovery in travel after the second Covid-19 wave has eased. Many tour operators and other tourism-related businesses will be able to get working capital and personal loans from the Rs 60,000 crore loan guarantee scheme for sectors affected by the pandemic, which is expected to help these businesses get back on their feet. Free one-month tourist visas have also been offered to the first 500,000 foreign visitors once global air travel begins. Only when vaccination rates rise and both inbound and outbound travel is fully open can we expect a significant takeoff. In an interview with CRISIL Ratings' Senior Director, Manish Gupta, Up to Rs 10 lakh for travel and tourism businesses and Rs 1 lakh for travel guides are expected to benefit a total of 11,000 stakeholders. " As a result, they will save 200-300 basis points on interest costs and be better able to restart their businesses. There is only a Rs 100 crore allocation for the provision of five lakh free one-month tourist visas

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until March 31, 2022, but it sends a clear message that India is ready to welcome tourists. Prior to the inbound season, which typically begins around October," budgetconscious travellers could benefit from this. The Emergency Credit Line Guarantee Scheme (ECLGS) has also been expanded for sectors affected by the pandemic by Rs 1.5 lakh crore to Rs 4.5 lakh crore. Travel agencies, individual travel agents, car rental agencies, and tourist guides all had their businesses wiped out by the pandemic, which made travel impossible. These measures, however, are only a prelude to what the industry really needs: the opening up of both domestic and international travel. This fiscal year is expected to open in the second half of the fiscal year, but foreign policy is also a factor in the timing. Travel within the United States is expected to improve as state lockdowns are lifted. In order to get back to pre-pandemic (fiscal 2020) levels of 35-40 per cent of business this fiscal year 1, this is critical.

Revival Tourists have been particularly hard hit by the spread of the social distancing pandemic. It's also been established that the tourism sector's recovery will take longer than expected at this point.. If India is serious about reviving its ailing tourist industry, which accounts for 6.8 percent of GDP and employs 8 percent of the workforce, it's time to put in place a strategy for the MSME and informal sectors as well. The World Economic Forum's Travel and Tourism Competitiveness Index (TTCI) 2019 ranks India 34th out of 140 countries. India should have a short-term and a medium-term strategy for reviving its tourism sector. When formulating these plans, policymakers should keep in mind that domestic tourism is likely to rebound quickly, while international tourism is more likely to do so over the medium term. In this regard, India has begun and is increasing the promotion of local tourism (including farm or village tourism), domestic experiential travel in rural areas, day tours, and so on. The annual growth rate of FTA in India from 2014-15 to 2018-19 was an average of 8.7 percent prior to the pandemic. Growth slowed to 3.2 per cent in 2019-20, though. Bans on international travel, which began in February of this year, have allowed for virtual tourism to flourish. The use of virtual technologies in the tourism and hospitality industry in India, despite an

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increase, is still very much in the early stages. As a marketing tool, it has been employed by some of the larger players in the hotel industry. International tourism promotion in Covid times may use this as a springboard. Virtual tours, webinars, and more have already been implemented in India. According to UNESCO, India is home to the sixth-largest number of World Heritage Sites in the world. In fact, the 30 cultural sites (out of the total 38 cultural sites in India) are evidence of this. So far the Ministry of Tourism's "Dekho Apna Desh" webinars have offered virtual safaris, museum and gallery tours, and exhibitions, as well as virtual tours of museums and galleries. Next, virtual tourism could work with international universities, especially those that specialise in history and architecture. International pilgrims unable to travel as

Bans on international travel, which began in February of this year, have allowed for virtual tourism to flourish

a result of the travel bans may be able to view religious sites in India via live virtual reality. For example, the Bodh Gaya in Bihar, an important Buddhist pilgrimage site, draws a large number of visitors each year. Such important pilgrimage sites may benefit from live streaming their rituals. In addition, this will lay the groundwork for international tourism in the medium term. "Dream Now Travel Later" is an example of this sort of thing. India faces a significant challenge in gaining the trust of tourists. 'Travel bubbles' may be an option for post-lockdown tourism in the future, when international travel is allowed. Australia and New Zealand have also looked into the concept of "travel bubbles," in which countries with low or manageable coronavirus cases agree to open up tourism to visitors from other countries. At the micro-level, India may also consider establishing travel bubbles between Indian states where coronavirus cases are low or manageable and countries where the virus is absent or mild. For the time being, ecotourism in India may be more of a priority, with smaller, more supervised groups. All of the above may be considered in addition to stimulus measures to support the tourism sector through reduced or waived GST, collateral-free borrowing or government guarantees on tourism sector borrowing. As a further stimulus measure, government guarantees on tourism sector borrowing may be considered, as well as a reduction in or waiver of the GST. Advertising and disseminating information are essential for all of these.. A Swachh Bharat Ranking for tourists may be an option for India, taking its annual 'Swachh Survekshan' survey a step further in terms

TOURISM

for many years that customers prefer to make their travel reservations online, but Rikant Pittie who is the co-founder and industry expert of EaseMyTrip stated that while offline bookings have long been the norm, customers are now becoming more and more reliant on online travel platforms and apps. "Customers now prefer to book their travel tickets via their phones, which makes using apps and travel platforms a seamless and convenient experience. Online bookings are becoming increasingly popular because they provide a convenient and safe method for customers to make their reservations, Rikant Pittie said. COVID has had a negative impact on the tourism industry around the world, but it has since rebounded. The industry is expected to return to pre-Covid-19 levels within a few months, according to data. India's tourism and hospitality industry is expected to generate USD 50.9 billion in revenue by 2028, according to data from the IBEF. This is encouraging news for the sector. The government's special incentives also help to boost the sector's confidence. There were job losses and company closures in the industry between 2020 and 2021 due to a pandemic. In 2020, the industry saw a 60 per cent to 80 per cent drop in international tourism. of hygiene standards. An important first step in reviving the tourism industry is to instill confidence in visitors; additional safety and hygiene education can be provided via web-based platforms while waiting for international travel to pick up.

A new wave of tourists is drawn in by the internet The tourism industry is making a comeback after being hit hard by the global spread of COVID. The industry is expected to return to pre-Covid-19 levels within a few months, according to data. India's tourism and hospitality industry is expected to generate USD 50.9 billion in revenue by 2028, according to data from the IBEF. This is encouraging news for the sector. The government's special incentives also help to boost the sector's confidence. There were job losses and company closures in the industry between 2020 and 2021 due to a pandemic. In 2020, the industry saw a 60 per cent to 80 per cent drop in international tourism. A 75.5 percent drop in the number of foreign tourists arriving in 2020, and a 67.2 percent drop in the number of arrivals via e-Tourist Visa (Jan-Nov) arrivals. Companies have noticed that people in the middle and lower classes are increasingly using mobile

technologies, resulting in greater regional connectivity among the populace. As a result, a growing number of businesses are embracing new technology to reach a larger audience and offer the best deals. The recent rebound in the travel industry can be seen in its online booking segment rather than the offline one. Compared to offline bookings, online bookings have grown significantly over the past few years, and this has changed the landscape of the travel industry. It has been widely accepted

India's tourism and hospitality industry is expected to generate USD 50.9 billion in revenue by 2028, according to data from the IBEF.

e-Tourist Visa (Jan-Nov) arrivals decreased by 67.2 percent year over year to 0.84 million in 2020, representing a 75.5 percent YoY decline in foreign tourist arrivals. Companies have noticed that people in the middle and lower classes are increasingly using mobile technologies, resulting in greater regional connectivity among the populace. As a result, a growing number of businesses are embracing new technology to reach a larger audience and offer the best deals. The recent rebound in the travel industry can be seen in its online booking segment rather than the offline one. Compared to offline bookings, online bookings have grown significantly over the past few years, and this has changed the landscape of the travel industry. Despite the fact that offline bookings have been the norm for decades, Rikant Pittie, the co-founder of EaseMyTrip and a travel industry expert, stated that customers are now showing a strong preference for online bookings and have started exhibiting a strong dependency on online travel platforms and apps. "Customers now prefer to book their travel tickets via their phones, which makes using apps and travel platforms a seamless and convenient experience. Customers now prefer online bookings because it provides a seamless and secure means of making their reservations, according to Rikant Pittie.

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TRENDS

INDIA'S DEFENCE SECTOR BEEFING UP ITS T&M DOMAIN TO ATTAIN

AATMANIRBHAR BHARAT –OD Desk

Members of the Indian armed forces, including the INDIA'S DEFENCE SECTOR BEEFING UP ITS T&M DOMAIN TO ATTAIN ATAMANIRBHAR BHARAT Navy, Army, and Air Force, hold high regard for technicians and engineers. These people are responsible for ensuring that the military's electronic equipment is operating at its peak performance level.

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ndia is one of the major importers of defence equipment and technologies and over the year, it has constantly increased its defence budget year on year. In order to cut down these massive defence expenditures, Prime Minister of India Narendra Modi on 12 May 2020 raised a clarion call to the nation giving a kick start to the Atmanirbhar Bharat Abhiyaan with an optimum aim to make India selfsufficient which will eventually cut down country's lot of imports. The aerospace and defence (A&D) industry is at the forefront of development, using cutting-edge technology for the country’s safety and survival. The A&D industry is a significant end-user for test and measurement (T&M) equipment, particularly the general purpose variety. If you want to avoid equipment failure, suboptimal performance, or damage, you need electronics and technology that are running at peak efficiency. This is where electronic test equipment comes into play. So the test equipment industry has grown in importance and progressed along with the defence and aerospace industries. Members of the Indian armed forces, including the

Navy, Army, and Air Force, hold high regard for technicians and engineers. These people are responsible for ensuring that the military's electronic equipment is operating at its peak performance level. Smaller, more technologically advanced military forces are being sought by governments around the world. For this transition, T&M will play an important role. The electronic testing requirements in the A&D industry are the most stringent. When developing a test system for this industry, there are many variables to consider. The characteristics of the device being tested (DUT), the scope of the tests, the available resources, and the overall budget are all factors to consider. Shock, vibration, and a wide range of operating temperatures should not be a problem for a test system used in the A&D industry because these conditions are typical. In addition, the system needs to be scalable. An important part of the overall A&D electronic test equipment market is comprised of general-purpose test equipment as well as ATE, DAQ, electrical and environmental testing devices. The highest market share is held by radar and

TRENDS

electronic warfare (EW) applications. Whereas, military communications (public safety and private mobile radio) and satellite and intelligence, surveillance and reconnaissance (ISR) signals intelligence (SIGINT) applications come in second and third place, respectively, in terms of market share. There has been a dramatic rise in the use of advanced radar systems as a result of antenna technology. Wider bandwidths, high resolution, lower phase noise, lower pre-dynamic range and higher signal fidelity are all required for testing such systems. Customers are confronted with new testing, validation, and verification challenges as aerospace and defence systems become increasingly complex. With this shift, testing is taking on a new look and a greater demand for adaptable and scalable solutions. For high-volume data and clear volume transmission, research suggests that network-centric warfare systems will integrate, connecting more platforms across the network. Demand for highspeed connectivity is expected to drive the need for system upgrades that are capable of handling the increased data rate requirements. One of the most important requirements for A&D users is to replicate legacy

instrument capabilities. In order to keep up with the times, air forces are spending large sums of money upgrading their avionics and electronic warfare systems. The full integration of avionics upgrades into older aircraft is required to optimise their mission capabilities and is considered one of the major enhancements for these aircraft. Modular test equipment supports RF requirements at a low cost for applications such as EW, radar prototype, spectrum monitoring, and signal intelligence. Digital subsystems in A&D test systems are undergoing a transformation. More recent serial interfacing platforms are taking the place of slower and less reliable legacy highvoltage digital subsystems. More and more A&D subsystems are using this technology to communicate with each other over faster serial interfaces.

New trends revamping the defence T&M sector New trends and advancements are emerging in the satellite industry. In the near future, low-cost private spacecraft and smaller satellites will be made possible by a new concept known as "NewSpace." Compared to traditional space, satellite development offers significant opportunities for risk and cost management-focused T&M vendors. The design of new commercial satellites is becoming increasingly important to a growing number of corporations. This

For high-volume data and clear volume transmission, research suggests that network-centric warfare systems will integrate, connecting more platforms across the network. Demand for highspeed connectivity is expected to drive the need for system upgrades that are capable of handling the increased data rate requirements.

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is leading to a new testing paradigm that focuses on keeping costs low and providing new opportunities for T&M vendors, with some degree of risk associated with them. T&M vendors globally are turning to a software-centric ecosystem with reconfigurable and modular hardware platforms, with the objective to provide the A&D industry with the design-prototypedeploy-development chain. This approach to building test systems will help to ensure system stability, expandability, and deployment over longer periods of time.

T&M vendors globally are turning to a software-centric ecosystem with reconfigurable and modular hardware platforms, with the objective to provide the A&D industry with the designprototypedeploydevelopment chain. This approach to building test systems will help to ensure system stability, expandability, and deployment over longer periods of time.

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Another key trend being observed is the need for a higher bandwidth in the latest test instruments for testing modern radar and EW systems. Along with higher bandwidth comes the requirement for high processing power to perform critical inline computations during testing.

A&D's various T&M tests and their significance Electronic warfare (EW) and radar evaluations: Detection, avoidance, electronic warfare, and countermeasures become more difficult as technology advances. High-performance test equipment is essential for today's systems in all cases, including analogue and vector signal generators, spectrum analyzers, vector signal analyzers, and vector network analyzers, among other things.. Today's T&M solutions can handle the complexity of radar and EW test applications, from simulating an arriving wavefront with multiple emitters to testing precision components in a receiver. Military communication testing: For current and future missions, the countless unique radios of the past are being replaced by digital systems that are easy to interoperate, compatible, multi-mode,

or software-defined. Radios of this variety must be tested throughout their life cycles in order to keep pace. Current T&M solutions can assist you in ensuring system readiness, from dynamic probing within an FPGA to testing of RF, IF, and IQ, as well as design simulation and operational troubleshooting. Satellite Testing: The satellite and its payload, as well as the terminal at the ground station, all present unique challenges during satellite testing. There can be no room for error without extensive testing to ensure that the satellite works correctly from the start. SSPA and TWTA components, as well as LO and PLL subsystems, and the entire satellite assembly, test, and integration process depend on precise RF and microwave measurements. Spectrum analysis, network analyzer technology, and signal generators and power metres are all available today to

TRENDS

ensure that your satellite system is being tested properly. Avionics, guidance, navigation and GPS testing: Civil aviation and military operations alike are reliant on precise measurement systems to ensure public safety and the success of missions. Electronic systems such as VOR, ILS, DME, and GPS/Galileo all necessitate specialised testing and measurement capabilities, to name just a few. Portable/Handheld Testers: The aerospace and defence industry is ready to invest in new technology, so portable or handheld solutions have a lot of potential. Although these devices are accurate, they aren't quite up to the standards required by this industry just yet With a market share of about 45 percent in the general purpose test segment, Keysight Technologies is the market leader. Lockheed Martin, National Instruments and Cobham AvComm, Boeing are also prominent participants.

numerous subsystems remain untested. Operationalization of the missile will take considerable time.

Testing of 400-km BrahMos India successfully test-fired the Brahmos supersonic cruise missile with a strike range of over 400 kilometres on 30 September 2020. The surface-to-surface cruise missile, which features indigenous booster and airframe sections as well as other Made in India subsystems, launched from the Integrated Test Range's (ITR) launching complexIII near here, a Ministry of Defence statement said.

Test Firing of Hypersonic Technology Demonstration Vehicle India successfully tested its Hypersonic Technology Demonstrator Vehicle on 8 September 2020, establishing India as a member of a select group of nations. The United States of America, Russia, and China are members of this exclusive club. This is DRDO's greatest achievement in terms of demonstrating new technology, surpassing the AntiSatellite Test conducted last year. This is a technology with a dual purpose. Additionally, it is capable of transporting nuclear warheads. While the United States has refrained from operationalizing it, Russia and China intend to do so as well. It can be used to launch small satellites at a reduced cost in the civil sector. India recently demonstrated a new technology.

Way forward for T&M Industry When it comes to space and missile technology, India has advanced to a level where it can be considered one of the world's leaders. RECENT SUCCESS STORIES Test of SMART system On 5 October 2020, India conducted the first successful test of its indigenously developed "game changer" SMART (Supersonic Missile Assisted Release Torpedo) torpedo system. SMART is a missile-assisted release of lightweight anti-submarine torpedo systems for anti-submarine warfare (ASW) operations well beyond the range of conventional torpedoes. This launch and demonstration are significant in terms of India's ability to conduct antisubmarine warfare. However, it's worth noting that this was the missile's first test, and

No one needs to be told of our strategic prowess, given the sanctions imposed after the Pokhran nuclear tests in 1998. As far as aircraft, tanks, weapons systems for the infantry and armoured are concerned, the DRDO has significant limitations.

India successfully tested its Hypersonic Technology Demonstrator Vehicle on 8 September 2020, establishing India as a member of a select group of nations. The United States of America, Russia, and China are members of this exclusive club. This is DRDO's greatest achievement in terms of demonstrating new technology, surpassing the AntiSatellite Test conducted last year.

H o w e v e r, t h e I n t e g r a t e d M i s s i l e Development Programme and the Space Programme make up for this deficit. Fortunately, these are systems of the future and when coupled with its niche technology development programme in robotics, artificial intelligence, ship building and UAVs, we expect India to rapidly move in the direction of self-reliance especially if the private defence sector is boosted appropriately.

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he Awardz is an independent award program it is an initiative by Observer Dawn magazine. The Awardz aims to recognize and reward excellence across private, public and charity sectors. Open to organizations of any size and individuals, based anywhere in the world, entries are encouraged from those who feel they are working smarter to create a business edge.

International Business Awards (IBA), The Indian Realty Awards (IRA), and Pride Awards (PA) bring together the most successful and influential visionaries, manufacturers, consumer and business experts and the industry’s powerful decision-makers on one mega platform as a means to Indian Business enlightenment.

Visit www.theawardz.com

REAL ESTATE

PIRAMAL CAPITAL & HOUSING FINANCE PARTNERS WITH IMGC TO OFFER ‘GRUH SETU HOME LOAN’

iramal Capital & Housing Finance Limited (PCHFL), the wholly-owned subsidiary of Piramal Enterprises Limited, has partnered with India Mortgage Guarantee Corporation (IMGC), India’s first and only Mortgage Guarantee Company. It will offer Gruh Setu Home Loan – mortgage guarantee backed affordable home loans to customers from the unserved and underserved regions. Gruh Setu Home Loan aims to cater to the aspirational needs of salaried and self-employed customers across geographies and take them a step closer to owning their dream home. The loan offering is designed to extend loans to individuals who receive salary by bank or cash, pensioners, employees of proprietorships and partnership firms as well as self-employed professionals like doctors or architects, small business owners, proprietors and partners of partnership firms. Jairam Sridharan, Managing Director, PCHFL, said, “Piramal's Affordable Housing solutions are targeted towards the unserved and underserved customers

of Bharat. While we have designed specific products to serve this population, there is a segment that is presently credit unviable. Our new offering Gruh Setu, created in partnership with IMGC, allows us to expand credit into this population with the support of a mortgage guarantee. We expect this partnership to generate 10-12 per cent of our housing business." The partnership with IMGC will enable PCHFL to deepen its offering through 300+ branches located across the country. Under this product, PCHFL will offer home loans ranging from INR 5 lakh to INR 75 lakhs for tenures up to 25 years at highly affordable rates. Speaking on the partnership, Mr. Mahesh Misra, CEO, IMGC, said, “We are delighted to

partner with Piramal Capital & Housing Finance. Piramal’s domain expertise in real estate will result in a well-structured mortgage guarantee backed home loan product that will help fulfill the ‘Early Home Ownership’ dream of first-time home buyers in India. It will also provide affordable home loans, through lower down payments, longer loan tenures, and lower EMIs. IMGC will offer complete support to PCHFL in empowering the underserved markets and expanding its operations to 1000+ cities.” With the acquisition of DHFL, PCHFL is one of the leading players in the retail lending segment with access to over 1 million lifetime customers, presence in 24 states with a network of over 300 branches. PCHFL plans to expand its operations to about 1,000 cities, with physical presence in about 500-600 cities, over the next three years. The company leverages the “phygital” lending platform driven by Machine Learning (ML) and Artificial Intelligence (AI), including the new mobile app.

DANUBE PROPERTIES DELIVERS THE COVETED GATED COMPLEX PROJECT, 'LAWNZ'

At Danube, we get a thrill out of maintaining an outstanding track record of delivering high-quality real estate projects.”

anube Properties, affordable housing pioneer and leading popular private real estate developers in the UAE, today announced that it is all set to handover its ambitious project ‘Lawnz’ to its 1000 plus property buyers this month. Lawnz by Danube is a fully integrated complex located in International City phase 1, one of the biggest and fully established communities in Dubai. To celebrate this yet another commendable feat, Danube Properties organised a handover party for media, civil society, brokers and the real estate fraternity. The event was attended by the who’s who of the city apart from the property buyers in large numbers. Lawnz is a lifestyle statement in Dubai at an unimaginably affordable price. Moreover, Lawnz has a lot to offer, every day. Stepping out, Lawnz is easily accessible from Sheikh Mohammed Bin Zayed Road and Academic City Road. Danube Properties has also recently delivered Bayz and Miraclz and, all these projects have been appreciated by all the

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Enthused by the overwhelming response, Danube Properties has further set sights on new projects in Dubai Marina and Downtown—two of the city ’s most prominent freehold clusters. investors who had bought units in them. Mr Rizwan Sajan, Founder & Chairman of Danube Group said, “We are delighted to announce the delivery of Gated complex project ‘Lawnz’. Life is about spending time with people you love and our project ‘Lawnz’ will make you in love with staying home as the amenities are world class. It’s due to our committed focus on timely delivery of our projects that we have earned the reputation for meeting and exceeding customer expectations. The continuous back-to-back delivery of projects including the delivery of Lawnz will help to reinforce Danube Properties’ reputation as one of the most successful developers in the UAE with the highest launch-to-delivery ratio.

Danube Group caters to the fast emerging needs of the people around the globe including Indians migrating to the UAE in search of a conducive place to live, work and invest. Meanwhile, the property prices over the past six months in have gone up by 10-15 per cent and prices will continue to rise and it’s the best time for investment, still property in Dubai is cheaper compared to many other major international hubs such as Hong Kong and London. Danube Group, the Dubai-based multibillion-dollar conglomerate, is on a spree of launching new projects and it’s a great developer whose properties make for an attractive investment.

DALMIA CEMENT (BHARAT) LIMITED LAUNCHES DIRECT TO HOME APP AT NAGPUR Industry’s first Cement e-commerce mobile app offers ease in purchase and ‘Direct to Home’ dynamic feature for customers

Mumbai, Maharshtra, April 15, 2022: In its continuous endeavour to provide its customers with new and faster ways to select and purchase its quality cement, Dalmia Cement (Bharat) Limited (DCBL), a leading Indian cement major and a subsidiary of Dalmia Bharat Limited, has announced the launch of its innovative consumer app – Dalmia Unload, at Nagpur, Maharashtra. Through the launch of this direct to consumer app, Dalmia Cement (Bharat) Limited has shifted its product strategy to fit the evolving behavior of its buyers. Customers will now be able to directly connect with Dalmia Cement (Bharat) Limited and receive better deals, faster delivery and maximum discounts. The app also ensures efficient and seamless delivery with its ‘Direct to Home’ feature. Now small builders and independent home builders will also be able to make a better-informed decision that meets their building needs, added benefits and much-needed expert technical support. “Our app was developed to appeal to our current as well as future customers purchasing Dalmia Cement. The innovativeness of this offering reflects our strengthened resolve towards accelerating digital transformation across the organization as we continue to see a rise in demand for our world-class

products range and stellar customer service,” said Mr. Hakimuddin Ali, Executive Director, DCBL. “We are confident that this dynamic app will enable our buyer community to quickly and easily select products with minimum time and effort. Moreover, we see our Direct to Home delivery mechanism enhancing the customer experience, through features like scheduling, stagerred scheduling for big orders, free technical van and many such customer friendly services” The app is available for free download on devices with Android and iOS platforms and boasts a number of dynamic features designed to support Dalmia Cement (Bharat) Limited’s customers across India. The scalable application that is helping the organization in its journey towards digital transformation will enable consumers to independently purchase cement from Dalmia Cement (Bharat) Limited’s wide range of offerings with ease and convenience. About Dalmia Cement (Bharat) Limited

Dalmia Cement (Bharat) Limited (DCBL), a subsidiary of Dalmia Bharat Limited (BSE Code: 542216|NSE Symbol: DALBHARAT and listed in MSE), is a leading player in the cement manufacturing segment and has been in existence since 1939. Dalmia Cement (Bharat) Limited prides itself at having one of the lowest carbon footprint in the cement world globally. It is the first cement company to commit to RE100, EP100 & EV100 (first triple joiner) – showing real business leadership in the clean energy transition by taking a joined-up approach. With a growing capacity, currently pegged at 35.9 MnT, Dalmia Cement is the the fourth-largest cement manufacturing group in India by installed capacity. Spread across 10 states and 14 manufacturing units, the company is a category leader in super-speciality cement used for oil well, railway sleepers and airstrips and is the country’s largest producer of Portland Slag Cement (PSC). Visit us at http://www.dalmiacement.com.

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INDUSTRY OUTLOOK

IS THE

INDIAN AUTO INDUSTRY ON THE VERGE OF A COMEBACK? –OD Desk

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he Indian economy relies heavily on the automotive sector, which serves as a barometer for the country's current state. An alarming decline in commercial-vehicle sales foretold economic difficulties for both 2012 and 2019, while an increase in passengervehicle and two-wheeler sales foretold positive economic news in 2010. In India's manufacturing sector, 10 to 12 percent of GVA is generated by the production of transportation equipment. 1 An adverse shift in that direction would be devastating for India's economy. When vehicle sales decline, employment suffers as well, since the automotive sector provides 37 million direct and indirect jobs and stimulates job creation in other industries. Despite recent difficulties, including the devastating COVID-19 pandemic, India's automotive industry has

INDUSTRY OUTLOOK

Automobile sales fell as credit became more difficult to obtain, demand slowed and discretionary spending decreased. The COVID-19 pandemic, which struck in early 2020 just as the automotive industry was expected to recover, introduced challenges that hampered demand and interfered with the industry's supply chains. a bright future ahead of it. As companies ramp up production, 65 million new jobs in India are expected to be created in this industry by 2026. 2 An examination of India's automotive sector was conducted to identify imperatives and enablers for success by domestic and international players as the market expands.

Automotive industry in India: lessons learned and opportunities for growth There were signs in September 2018 that there had been a dip in sales of CVs following a regulatory change in the axle-load norms, but those signs quickly turned into an all-out firestorm as the Indian automotive industry was roiled by fundamental economic

challenges. Automobile sales fell as credit became more difficult to obtain, demand slowed (particularly in the infrastructure and mining sectors), and discretionary spending decreased. The COVID-19 pandemic, which struck in early 2020 just as the automotive industry was expected to recover, introduced challenges that hampered demand and interfered with the industry's supply chains. However, things have begun to look up in the last few weeks. After 2020, travel restrictions were eased by the Indian government, the country's harvest was strong, and the holiday season boosted demand in some high-volume segments of the economy. Monthly sales of both 2W and PV saw a rebound during that period (exhibit). Indian automotive industry appears to have overcome most challenges despite COVID-19, and many are now in the

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rearview mirror. Added tailwinds for the industry include rebalancing of global supply chains, export incentives, and technological disruptions that create new white spaces. A variety of new opportunities will be opened up as a result of these developments throughout the entire automotive value chain. It's becoming increasingly apparent to the industry's players that there is a path forward that they can take advantage of.

Investing in domestic, international, and downstream expansions Growth is essential for any company, but it is even more critical for one that is emerging from a difficult period. Because of this, Indian automotive industry players should take advantage of every opportunity that presents itself. The market in your backyard. While the Indian automotive market has long been dominated by first-time buyers, the focus is now shifting to returning customers there. A new scrappage policy could make the resale market even more important for consumers. There must be new strategies put in place by automakers if they want repeat customers. Some start-ups have already tried to make the process of buying and selling used cars easier and more efficient. Reviving urban demand may be easier if automakers actively shape the resale landscape. Also, Indian automotive companies should try and bring back the value-seeking customers. Bharat Stage VI emissions regulations pushed up the price of 2Ws and cars by 7 to 9 percent and 3 to 5 percent, respectively, causing this segment to shrink. Automakers should consider a new wave of productivity transformation in order to lower the initial cost of owning a vehicle. It's possible for automakers to innovate by providing customers with alternative ownership options. As a result, new customers may be able to enter the market more easily. Several car manufacturers now offer leasing options, particularly in the PV segment; however, their offerings have narrow limits for vehicle types, lease durations, and other features as mentioned previously. The domestic market will need better leasing options as the mobility needs of millennials change and move away from direct ownership. Automakers need to develop direct-to-customer options as India's consuming classes become more digitally savvy. Leaders can also stand out from the crowd with the help of a topnotch digital and analytics transformation.

Automakers need to develop direct-tocustomer options as India's consuming classes become more digitally savvy Opportunities for international travelPer-capita GDP is rising in international markets, particularly those in Africa that are

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similar to India. At these levels, automotive sales tend to grow significantly. To succeed in international markets, Indian companies can follow the same path they have taken domestically.

intermittently. In order to build a longterm franchise, however, they should focus on a few select international markets and invest heavily in expanding their brand, distribution, and service offerings.

Indian automakers can increase growth and sales volumes while reducing demand cyclicality by expanding internationally. Indian automakers will not have to start from scratch when expanding internationally. For example, in the 2- and 3-wheeler (3-wheeler) segments, their brands already have a strong global presence, and they've learned from that experience.

As a result of recent tailwinds, Indian automotive suppliers may have the best opportunity to expand internationally for decades to come. In order to rebalance their supply chains, global automakers are searching outside of China for sourcing hubs. Additionally, the Indian government is offering USD 7.5 billion in productionrelated incentives over the next five years in order to promote exports. In order to take advantage of recent tailwinds, automotive suppliers can leverage their strengths including their competitive costs, process expertise, high quality, and innovation focus. Several Indian businesses have already achieved this success.

An increasing number of emerging-market consumers will be interested in Indian products because of their high customer value and functional quality. International opportunities have traditionally been pursued by Indian automakers

Some start-ups have already tried to make the process of buying and selling used cars easier and more efficient. Reviving urban demand may be easier if automakers actively shape the resale landscape. Also, Indian automotive companies should try and bring back the value-seeking customers.

INDUSTRY OUTLOOK

supply-chain disruptions could occur every 3.7 years, according to recent research. Companies will need operational resilience across the entire value chain, especially in product development, manufacturing, and supply chain, to cope with uncertainty. Automakers should rethink their product portfolios to make them more customercentric to increase resilience. To become more focused, they should reduce product variants. To simplify product designs, automakers should reexamine their product-platform architectures. As a result, the cost base is improved by 6–8 per cent. In one case, a leading Indian automaker sells more than 60 per cent of its cars on one platform. Another goal for other automakers is to reduce the number of vehicle platforms by half or more.

When it comes to tyre and forging companies, exports make up about 60 per cent of revenues and 20 per cent to 40 per cent of profits, respectively. More companies may be able to achieve similar results if production-related incentives continue. The value chain in the downstream direction- Indian automakers could benefit from expanding into the downstream value chain, which could open up new growth opportunities. Lifetime ownership costs only account for 20 per cent to 25 per cent of the vehicle's initial cost. Fuel, service, financial transactions (such as auto loans and insurance) and resale value are also important considerations. BMW's Secure, which provides financial and insurance services, is one example of an OEM that has already branched out into

these downstream-value-chain elements. Others, such as Ford's partnership with Geotab, have pursued alliances, allowing them to participate in the vehicle-data value chain. Ashok Leyland's Service Mandi and Maruti Suzuki's True Value are two examples of early downstream ventures in India. A one-stop shop for all customer needs, including scheduled service, breakdown service, resale, and purchase of personalised accessories is an opportunity for early movers in this space. The best-in-class ownership experience would be made possible by such all-inclusive solutions.

Increasing product, manufacturing, and supply chain resilience Our experience over the last few years has shown that operational efficiency requires operational resilience. Global

Companies can win by embedding digital and analytics into their operations as the manufacturing and supply-chain philosophy shifts from just-in-time to just-in-case, This strategy will not only reduce inefficiencies, but also strengthen companies' ability to respond to unexpected external threats. Automobile manufacturers all over the world are rapidly adopting digital and analytics. Consider Volkswagen's massive IoT and cloud-enabled digital transformation of production and logistics across its 124 global plants.

Leading disruptive trends, especially in emerging markets Carsharing, autonomous driving, connected cars, and electrified vehicles will all have a major impact on the mobility landscape in the next 10 to 15 years. The changing landscape allows Indian automakers to lead disruptive changes across segments and gain a competitive advantage. Currently, only 2 per cent of new cars sold globally are electric. Now the stakes are much higher, with much more at stake. Indian companies can supply complete products, aggregates, or components globally, supplying complete products, aggregates, or components. Indian players can lead the world in 2W and 3W micromobility from day one. For PVs (cars and SUVs) and light CVs, Indian players can win by following emerging market design requirements. Disruptions in the industry allow suppliers to strengthen their position in the global EV supply chain. That will help suppliers earn more money, as most have begun to explore opportunities in the Indian market. EV will also help suppliers diversify their portfolios and reduce market demand risks. The ACES disruptions may cause global automakers to re-evaluate India's global

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priorities. They may see new opportunities to turn India into a global manufacturing hub. Ford and Volkswagen, for example, are already expanding their Indian operations to sell more products overseas.

Renewed partnership ecosystem The days of going it alone are numbered, as the required investment continues to rise. Companies can also reach new customer segments by partnering with companies that offer complementary products in areas where their current portfolio lacks. Similarly, automakers can benefit from collaborating with partners who have complementary skills or by sharing risks.

The ACES disruptions may cause global automakers to re-evaluate India's global priorities. They may see new opportunities to turn India into a global manufacturing hub. Ford and Volkswagen, for example, are already expanding their Indian operations to sell more products overseas.

Globally, automakers are rethinking strategic partnerships to address the aforementioned imperatives. Some, like GM and Honda, are working on EV platforms and battery technology. Others, like Volkswagen, AWS, and Siemens, focus on manufacturing or supply-chain management. As Indian automakers seek new partnerships, they should identify their core strengths (their “gives”) and the areas where strategic partnerships can help (their “gets”). They can then move from transactional relationships to long-term “win–win” partnerships.

Creating the future organisation Traditionally, automotive organisations have had a vertical functional structure with clear reporting lines. This has served them well for decades, but it is increasingly causing bottlenecks and hindering companies' ability to adapt to change. Many business experts claim that other industries should not follow the automotive industry's lead because their siloed structures slow them down. Automakers should reimagine their organisation by creating two end-toend systems: A Product-Creation and Development System (PCDS) streamlines product development from concept to production-ready models. A CustomerValue Delivery System (CVDS) unifies all processes from manufacturing to sales and service, reducing silos and increasing agility. Identify the most critical roles and staff them with top employees. While this may sound simple, most organisations fall into the trap of relying on hierarchy, relationships, or intuition to fill various roles. To identify and fill critical roles, organisations should use T2V measures that are scientific and quantifiable. Companies should create data-driven, individualised leadership development plans that link to business objectives to help employees develop

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critical skills. A T2V perspective and a focus on new systems development may help companies achieve higher performance and successfully execute all major imperatives.

Digital and analytics-driven organisational transformation Digitization and advanced analytics are already improving productivity and focusing on customers. Most leading automotive organisations have created a CXO-level role to drive the transformation. The first wave of automaker change has begun. Targeted digital marketing and lead generation partnerships help leading companies generate 20-30 per cent more customer inquiries in their sales systems. This allows them to create personalised sales pitches in real time, increasing lead conversion by 5-10 per cent. Globally, innovative brands like Tesla and Lynk & Co see digital channels as the future of retail. Closer to home, a major automaker reported a massive 2 million increase in digital inquiries and 200,000 increase in digital sales in the last 18 months. Traditionally, automotive suppliers have used technology to improve yield, energy efficiency, quality, and throughput in their plants. They've also used technology to make better production and supply-chain

decisions. But now, automotive suppliers must undergo a digital and advanced analytics transformation that prioritises business impact over technology. It should be user-centric and invest in critical talent, including techies. Companies should be agile when developing and testing digital and analytic use cases to avoid unnecessary delays. India's ambition to become a USD 5 trillion economy will rely heavily on the auto industry. The COVID-19 crisis has created an opportunity for automakers to reinvent themselves and grow stronger both in India and globally.

What ails India's post-COVID auto sector? Recently, the ACMA, SIAM, and FADA held their annual conventions, discussing the current low vehicle demand and challenges that have hampered growth forecasts. The auto industry in India, which grew at over 10 per cent in early 2010, is now struggling to stay positive. India's total automobile sales have fallen by double digits in the last two fiscals. Due to the second wave of Covid-19 pandemic affecting sales in the first quarter of the current fiscal, total sales in FY2022

INDUSTRY OUTLOOK

are unlikely to reach FY2019 levels. While Covid-19 is the main deterrent, it is not the only one. New safety and environmental regulations, high GST rate, liquidity crunch post-NBFC crisis, successive fuel price hikes, and declining economic activity have all contributed to lower vehicle sales. India's GDP was already declining before Covid-19 caused a 7.3 per cent drop in FY21. In FY20, India's economic growth rate slowed to an 11-year low of 4.2 percent. Auto sales, a major economic indicator, are also declining. The CAGR (Compound Annual Growth Rate) of the Indian automobile industry fell to -1.9 percent (between FY16-FY21) from 5.7 percent (between FY11-FY16). Sales fell 18 per cent in FY20 to 21,548,494 units, and fell another 14 per cent in FY21 to 18,615,588 units. Despite the economic slowdown, India's regulators implemented numerous rules to improve vehicle safety and reduce harmful CO2. Even though these steps benefit consumers and the nation, they hurt the industry by driving up car prices. A new insurance rule required three-year third-party insurance for cars and five-year third-party insurance for motorcycles, significantly increasing upfront costs. Recent legislation mandated anti-lock brakes and airbags. Revised axle load norms and the NBFC crisis post-IL&FS hampered commercial vehicle sales. Then came the regulatory mandate to switch from BS IV to BS-VI emission standards by April 2020, forcing companies to invest billions in new production lines. These new rules increased vehicle prices and reduced demand. The industry was then hit by the pandemic. It slashed sales in the first quarter of FY21, when the country was shut down. In Q1 FY22, the second Covid-19 wave had a similar but less severe impact on auto sales. During the pandemic, raw material and fuel prices soared. This forced automakers to raise prices quarterly. “The moped's price has risen by 45-50 percent in recent years. The cost of ABS, the Supreme Court's ruling on mandatory three-year insurance,

and a one-time tax have all increased two-wheeler prices. According to Venu Srinivasan, Chairman and MD of TVS Motor Company, we have given away too many low tax benefits on other products, causing one of the major engines of global growth to stall. Despite being a basic mode of transportation, two-wheelers are taxed at the same rate as luxury goods. RC Bhargava, Chairman of Maruti Suzuki (MSIL), said that tax rates in India are more than double those in the EU, Japan, and the US, raising the issue of affordability. Cars are subject to a 28 per cent GST. For vehicles with a larger body/engine, an additional 22 percent surcharge applies. While the government is unlikely to reduce GST rates, more regulatory hurdles are on the way. The new stage of CAFE norms is set to kick in next fiscal, causing another price hike. Moreover, the Madras High Court ruling requiring 5-year ‘bumperto-bumper' insurance will increase vehicle prices by 8-10 per cent.

Despite COVID-19 Wave, auto demand will rebound The second wave of the pandemic's economic impact will be less severe, and buyer sentiment will be resilient, Fitch Ratings says. From a low base, this should drive double-digit growth across most segments in FY22. In FY19, sales volume is expected to be below peak. "We expect fewer restrictions and less business disruption this year compared to last. The 1Q FY22 auto sales volume decline will be less than the 70 per cent decline in 1Q FY21 "Fitch. As corporate spending normalises in 2020, buyers are more optimistic. Fitch said agricultural fundamentals remain strong despite the second wave's higher infection rate in rural India. Despite lenders' caution, this should increase financing availability. "We expect the impact of higher ownership costs due to higher fuel prices to be limited, except in more vulnerable categories like two-wheelers.

In FY19, sales volume is expected to be below peak. "We expect fewer restrictions and less business disruption this year compared to last. The 1Q FY22 auto sales volume decline will be less than the 70 per cent decline in 1Q FY21 "Fitch. As corporate spending normalises in 2020, buyers are more optimistic.

Margins for Indian automakers will improve in FY22 due to improved operating leverage and price increases." With weak demand in 1Q FY22, the global semiconductor shortage will have a limited impact on Indian automakers, according to Fitch. However, scrapping older vehicles is unlikely to generate meaningful replacement demand. But new infections could delay the expected sales recovery. For now, the drop in new infections in May precludes more stringent or prolonged lockdowns.

How will the auto landscape change? The main factors driving down personal vehicle sales are rapid urbanisation, heavy traffic, and rising vehicle ownership and maintenance costs. But the ongoing COVID-19 pandemic will alter Indian travel patterns. Those who used to take public transit or other app-based taxis will now drive. They will start driving themselves due to hygiene concerns. Post-Covid-19 trends include:Demand for two-wheelers and used cars: Because most people who used public transportation will not be able to afford a personal four-wheeler, demand for twowheelers and used cars will rise. Used car sales have increased since the pandemic began spreading, as used cars are more affordable in this situation. In a country where people are losing jobs and wages, customers are looking for the cheapest way to travel. In FY20, used car sales surpassed new car sales by 40 per cent. Affected potential customers: The Indian automobile market has a diverse customer base. Businessmen, traders, and rural customers drive sales in India. The COVID-19 lockdown has impacted these people's income. Due to the uncertainty of the future, these potential customers will take time to convert. Working from home will become the norm: It's the new normal, thanks to the ongoing corona virus pandemic. All organisations have a small workforce and most employees work from home. As a result, companies and employees will have less transportation needs, lowering demand and sales. Online sales will grow: Dealers' operating costs are already rising while sales are falling. As a result of COVID-19, there will be additional costs for maintaining social distance, sanitising the workplace, screening and monitoring employees, as well as providing masks and PPE kits. Due to the increased operating costs, companies will be forced to move to a digital platform. This will cause a significant change in the current fiscal year's sales figures. Sales are expected to be flat.

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DEFENCE

ATMANIRBHAR BHARAT INITIATIVE IN DEFENCE PRODUCTION

THE FINAL PHASE OF EXERCISE VARUNA 2022 HAS BEEN COMPLETED

aruna-2022 was concluded on 3 April 22 as part of the 20th edition of the Indo-French Naval exercise. The scope of the exercise has been broadened to include a wider range of maritime operations this year. Focused on advanced anti-submarine warfare tactics, advanced gunnery shots and manoeuvres, seamanship evolutions, and extensive air operations. Crossdeck landings by helicopters from the same unit demonstrated a high level of interoperability between the units.

oNs given to nine proposals under the Buy (Global) category of capital acquisition have been cancelled or closed by the Defense Acquisition Council (DAC) in accordance with the government's policy of "Make in India" and its mandate given in the "Aatmanirbhar Bharat Abhiyan" for indigenization and promotion of Indian industry, in accordance with DAP-2020. For national security reasons, the details of service-oriented platforms cannot be shared. India's government has taken a number of policy initiatives in the past few years, including reforms to encourage indigenous design development and manufacture of defence equipment, such as that for the Kamov 31 project. Under the Defense Acquisition Procedure (DAP)2020, the government prioritises the procurement of military equipment from domestic suppliers. 18 major platforms for defence industry-led design and development have been announced. Notification of two "Positive Indigenisation Lists" totaling 209 services and one "Positive Indigenisation List" totaling 2851 DPSUs, for which an embargo on imports would be imposed beyond the timelines indicated against them; notification; simplification and extension of the duration of industrial licences; New FDI policy that allows 74 per cent of foreign direct investment (FDI) to go through the automatic route; Launch of the iDEX (Innovations for Defense Excellence) programme, which includes startups and small businesses (SMEs). Procurement (Preference to Make in India) Order 2017 is now in effect. India's Ministry of Defense has announced the launch of an indigenization portal (SRIJAN) to facilitate indigenization by Indian industry, including MSMEs, as well as reforms to the Offset policy with an emphasis on attracting investment and the transfer of technology for defence manufacturing by assigning higher multipliers. DPEPP 2020 is the Ministry of Defense's overall guiding document for the development of the country's defence production capabilities, including Aerospace and Naval Shipbuilding, for self-reliance and exports in the Defense sector, as well as for the development of the country's defence industry.

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Between ships, gun firing and replenishment procedures were also practised. Advanced anti-submarine warfare (ASW) exercises were reduced in importance in the final phase of the exercise. In addition to the Sea King Mk 42B and P8i, the French Navy's FS Courbet frigate and the FS Loire support vessel practised the full range of ASW operations. In the latter stages of the exercise, seariders were swapped out at sea. The final day of the exercise (03 April 22) saw cross visits of personnel, crossenrollment of sea-riders, and a closing session.

INS Chennai hosted a comprehensive debriefing for participants and operations teams from participating units. This year's exercise included a discussion of all of the evolutions conducted at sea, as well as potential inclusions in future editions. A traditional steam past between ships of both navies marked the end of the exercise following the debriefing. The Indian Navy's flagship, the INS Chennai, passed close by the line of French warships, its crew exchanging wishes for smooth sailing and calm seas. Varuna-2022 was characterised by flawless coordination, precise manoeuvres, and flawless execution of complex anti-submarine warfare exercises. The exercise's operational objectives were met in full by the participants. Indian and French naval forces demonstrated a high level of synergy and mutual understanding during the exercise, which will enhance their ability to conduct joint operations in maritime theatres in the future. Varuna-2022 will go a long way toward enhancing India and France's strategic partnership.

DEFENCE

NAVY OPEN LASER AND BAHIA SAILING CHAMPIONSHIP – 2022

arwar, India, hosted the Navy Open Laser and Bahia Sailing Championship – 2022 from March 22 to 26, 2022, under the aegis of the Indian Naval Sailing Association (INSA). Naval personnel from all three Indian Navy commands (WEST, EAST, SOUTH), seven INWTCs, the Army Yachting Node (Mumbai), and cadets from the National

Defense Academy demonstrated their sailing and watermanship skills in Karwar harbour. A total of about 50 people took part in the event, which featured competitions in three different boat classes aimed at fostering teamwork and developing leadership skills. To commemorate the 75th anniversary of India's independence, 'AzadikaAmritMahotsav,' a sail parade was

held off Karwar on March 26. It was a fourday event with 36 races in three different classes of boats: Laser (Standard), Laser Radial, and Laser Bahia, with 12 races each in each category. All three winners in the three categories were awarded medals by Rear Admiral Atul Anand, Flag Officer Commanding Karnataka Naval Area. Admiral Richardson expressed his gratitude to the Naval Yachtsmen and Women for their high standards and impressive sailing abilities in a variety of weather conditions.

This year's conferences included a session on indigenization in accordance with the government's Atmanirbhar Bharat initiative. According to the Chief of Materiel, the defence sector needs to strengthen its public-private partnership.

Refitting processes, changing maintenance policies to keep ships ready for any challenges, and reviewing infrastructure augmentation to meet the Navy's growing needs were the main topics of discussion at the conference.

REFIT CONFERENCE OF THE INDIAN NAVY

n March 31, 2022, Vice Admiral MA Hampiholi, AVSM, NM, Flag Officer Commanding-in-Chief, Southern Naval Command, inaugurated the Indian Navy's Annual Refit Conference and Annual Infrastructure & Indigenisation Conference at the headquarters of the Southern Naval Command, Kochi. There were representatives from Naval Headquarters, as well as representatives from all Commands, Dockyards/Repair Yards, and Material Organizations, in attendance at the conference chaired by Vice Admiral Sandeep Naithani, AVSM, VSM.

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DEFENCE

THE 258TH AMC RAISING DAY MOTORCYCLE EXPEDITION WAS FLAGGED OFF BY THE DGAFMS

demonstrating that "Shoulders Behind Soldiers" with the motto "Sarve Santu Niramaya" means "shoulders behind the soldier."

In order to inspire medical professionals, the expedition will stop at over a hundred military and civilian facilities. Corona Warriors are deployed in remote areas to provide life-saving medical assistance,

Military personnel and civilians in remote areas have relied on the Army Medical Corps [AMC], the country's largest health care organisation, for the past seven decades. This motorcycle expedition is the first of its kind in the history of the Army Medical Corps (AMC). Over the course of 18 days, the team will drive over 10,000 kilometres (5,500 kilometres of which will be in the jungles and mountains), which is a significant undertaking that will put the

n April 3, 2022, Vice Admiral Rajat Datta, Director General of the Armed Forces Medical Services, flagged off the prestigious expedition in New Delhi. To mark the 258th Army Medical Corps Raising Day and "Azadi Ka Amrit Mahotsav," a motorcycle expedition is planned that includes four commands and 12 states, including seven states in the north-east.

team's physical and mental endurance to the test. Driving at high speeds and in treacherous road conditions through the wild, mighty jungles and mountains of the North Eastern states is a necessary part of the expedition's itinerary. It consists of 3 Special Forces Officers, 2 Medicine Officers, 3 NonTechnical Officers and 2 Others in addition to 2 Army Medical Corps Reserves. The bikes are made by Jawa Motors and are part of a limited-edition Army Fleet model. One of the members of the team is a veteran of the Kargil War who is an accomplished mountaineer. Lt Col Vishal Chopra, a spirited Psychiatrist, Lt Col Veerbhadrappa, a veteran bike rider and well-known Eye Specialist are also on the team, as is Lt Col Mrigank Choubey Paediatric Cardiologist, a well-known biker, Lt Col Mahesh Mahto, an experienced rider and Limca Book record holder from a previous AMC Motorcycle Expedition, Maj Girish G an experienced cyclist and In addition to participating in the AMC Motorcycle Expedition, veteran riders Hav Vinayak D Dhamale and NK Deepak Kumar Singh have also registered their names in India Book and Limca Book Records for the Indian Army. As a backup, the team has Hav Yogesh Matwa and Nk Satheesh D. In addition to instilling the Army's 'Espirit De Corps' and 'Spirit of Adventure' among all ranks, the unique effort would also help to showcase the AMC Warriors' tough and robust side. Sr. Col. Comdt., Lt. Gen. Daljit Singh, DGsMS (Navy & Air Force), and other dignitaries were also in attendees of the event.

A DAY TO REMEMBER FOR THE 258TH YEAR OF THE ARMY MEDICAL CORPS

n 3 April 2022, the Indian Army marked the 258th Raising Day of the Army Medical Corps. Sarve Santu Niramaya, or "Let all be free of disease and disability," is the motto of the Corps. Health care for military personnel in times of peace and in times of war, medical services for UN peacekeepers on foreign missions, and disaster relief for civil authorities are all areas where it excels. Since its inception, it has been a leader in the fight against COVID, dedicating its time and resources to the good of the country. A wreath-laying ceremony was held to honour medical personnel who have made

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the ultimate sacrifice in the line of duty at the National War Memorial, including Vice Admiral Rajat Datta, Director General of

the Armed Forces Medical Services, and Lieutenant General Daljit Singh, Director General of Medical Services (Army).

DEFENCE

INDIGENIZATION OF DEFENCE SECTOR

mports of defence equipment have been reduced as a result of policy initiatives taken by the government under the 'Make in India' programme in recent years. These reforms aim to promote domestic defence equipment design, development, and production. Under the Defense Acquisition Procedure (DAP)2020, the government prioritises the procurement of military equipment from domestic suppliers. 18 major platforms for defence industry-led design and

development have been announced. An announcement was made about the two "Positive Indigenisation" lists of DPSUs with a combined total of 209 items of services and two "Positive Indigenization" lists with an aggregate of 2851 items and 107 line replaceable units, respectively, for which an import embargo would be placed beyond the time frames specified against them. Simplification and extension of the duration of industrial licences; Simplification of

the Make Procedure; Launch of the Innovations for Defence Excellence (iDEX) scheme involving start-ups and Micro, Small and Medium Enterprises (MSMEs); Implementation of Public Procurement (Preference to Make in India) Order 2017; SRIJAN, an indigenization portal for Indian industry, including MSMEs, has been launched. Overhauls of the Offset policy, with an emphasis on attracting investment, and the establishment of two Defense Industrial Corridors, one each in Uttar Pradesh and Tamil Nadu; The SRIJAN portal, launched by the Ministry of Defence, aims to encourage industry to go native. As of today, 19509 previously imported defence items have been uploaded for indigenization to the portal. So far, the Indian defence industry has expressed an interest in the indigenization of 4006 of these items. From 2018-19 to 2020-21, the government's actions have reduced the percentage of defence procurement from foreign sources from 46 percent to 36 percent, thus reducing the import burden. Public and private sector defence production value has risen from INR 79,071 crore to INR 84,643 crore in the last two years, 2019-20 and 2020-21, according to the latest figures. In a written reply to Arvind Ganpat Sawant and Krupal Balaji Tumane in Lok Sabha on April 1, 2022, Raksha Rajya Mantri Ajay Bhatt provided this information.

CHETAK HELICOPTERS ARE RECOGNITIONED BY THE IAF FOR 60 YEARS OF OUTSTANDING SERVICE

AF held a Conclave at Air Force Station, Hakimpet on April 2, 2022, to commemorate 60 years of distinguished service by the Chetak Helicopter in the IAF. Hon'ble Raksha Mantri Rajnath Singh inaugurated the event. VIPs in attendance included Air Chief Marshal VR Chaudhari and Air Chief Marshal Manavendra Singh, the AOC-in-C Training Command's Air Marshal in Chief. Air Chief Marshals FH Major (Retd), NAK Browne (Retd), and Admiral Karambir Singh (Retd) were among the key attendees. A commemorative movie and book about the Chetak Helicopters were released by the Hon'ble Raksha Mantri to mark the occasion. Hon'ble RM emphasised the Chetak helicopter's stellar performance in both peace and war, as well as its contributions to fostering a spirit of

cooperation and integration. It was also noted that HAL, which has manufactured the plane since 1965, has been the flagbearer for 'Aatmanirbharta' by supplying the plane under licence to the Indian Air Force. As a result of this experience, HAL was able to develop cutting-edge helicopter design, development, and production capabilities. It was a proud moment for the Chief of the Air Staff when he acknowledged the Chetak's contributions to the country's wars and peacetime operations, including on the Siachen glacier. As part of the Conclave, the Hon'ble RM was treated to a photo exhibition

commemorating Chetak helicopter's 60 years of distinguished service and spoke with military veterans and dignitaries in attendance. For the occasion, a spectacular fly-past showcasing 26 aircraft, including a Light Combat Helicopter and various types of Chetaks, Pilatus, and Kiran helicopters, was put on by the United States Air Force. At the conclusion, eight Chetak helicopters flew in diamond formation over the crowd. The Chetak helicopters are still doing heroic work all over the country. This magnificent aircraft is still in service, flying over all kinds of terrain, and it serves as a primary training tool for pilots from all three branches of the military.

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DEFENCE

COMMISSIONING CEREMONY OF INAS 316

n March 29, the Indian Navy's second P-8I squadron, Indian Naval Air Squadron 316, was commissioned. INS Hansa, Goa, hosted an impressive ceremony. The Chief of the Naval Staff, Adm R Hari Kumar, was the guest of honour at the event. Adm R Hari Kumar told the audience that India is the 'Preferred Security Partner' in the Indian Ocean region, which reflects our country's ability to play an effective strategic role in the region and the need to expand our operational reach. The Indian Navy is an essential part of this commitment, and the commissioning of INAS 316 marked yet another milestone in the Indian Ocean Region's maritime security and surveillance

efforts. Condors, a species of large flying land birds, have been given the codename INAS 316 in honour of their enormous wingspan. The squadron's insignia depicts a 'Condor' scouring the deep blue sea for prey. "Condors" are known for their excellent senses, powerful and sharp talons, and massive wings that symbolise the capabilities of an aircraft and its expected roles in a squadron. As a multi-role Long Range Maritime Reconnaissance and Anti-Submarine (LRMR ASW) aircraft, the Boeing P-8I can be equipped with a variety of Air-to-Ship Missiles and Torpedoes. INAS 316 will be using this aircraft. An effective platform

for Maritime Surveillance and Strike, Electronic Warfare missions, Search and Rescue and providing Targeting Data to Weapon Platforms for IA and IAF is the 'Game Changer' aircraft. It also serves as the platform of choice for detecting and neutralising enemy ships, submarines and aircraft in the Indian Ocean Region. The squadron's mission is to 'Deter, Detect, and Destroy' any threat in the IOR and to house the four new P-8I aircraft purchased under the Option Clause contract. Since December 30, 2021, these planes have been flying out of Hansa, and the squadron is fully integrated with the Navy's surface and subsurface operations. Admiral Amit Mohapatra, a highly experienced Boeing P-8I pilot, is in charge of INAS316. While serving as the Executive Officer of the INS Tarkash, he also served as the Commanding Officer of INS Baratang.

37 CANTONMENT HOSPITALS TO START AYURVEDA CLINICS FROM MAY 01, 2022 Ministry of Defense has decided to open Ayurveda Centers at 37 Cantonment Hospitals across the country from May 1, 2022 in order to provide the benefits of Indian traditional Ayurveda System medicine to a wider clientele. High-level discussions between the Defense Secretary Dr Ajay Kumar and the AYUSH Secretary, Vaidya Rakesh Kotecha, led to the decision. Military personnel and their families as well as civilians using these hospitals will have access to Ayurveda's well-established and time-tested therapies as a result of this move. The Ministry of AYUSH is supplying these 37 Cantonment Hospitals with AYUSH Doctors and Pharmacists as part of this initiative. In addition, officials from the Directorate General of Defence Estates (DGDE), the Ministry of Defense, and the Ministry of AYUSH have agreed to work together closely to make these 37 Ayurveda Centers operational.

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GLOBLE BUSINESS OUTLOOK

IT IS POSSIBLE THAT MARCH'S SOARING ENERGY AND FOOD PRICES WILL LEAD TO THE HIGHEST RATE OF CONSUMER INFLATION SINCE 1981

ood prices, rents, and skyrocketing energy prices are expected to drive consumer price inflation to its highest level since December 1981 in March. According to Dow Jones, economists expect a monthly increase of 1.1 percent and an annual increase of 8.4 percent for the CPI, which will be released at 8:30 a.m. ET on Tuesday. Compare this month's 0.8 per cent rise to February's 0.8 per cent rise, or 7.9 per cent year on year, the highest since early 1982. Mark Zandi, chief economist at Moody's Analytics, predicted "ugliness." This is a perfect storm: Russia's invasion, rising oil prices, China's tightening of its borders, further supply chain disruptions, wage growth accelerating, and unfilled positions. It's all a jumbled mess that's causing excruciatingly high inflation. We're dealing with two major global supply shocks at the same time. It's difficult to believe that we didn't experience higher inflation." Dow Jones expects core inflation, which excludes food and energy, to rise 0.5 percent, the same as in February, with a 6.6 percent year-over-year gain. That said, "the good news is that it does appear to be the peak because of oil prices," Diane Swonk, chief economist at Grant Thornton, said in an interview. Shortly after Russia's invasion of Ukraine in late February, oil prices soared to a high of USD 130.50 per barrel for West Texas Intermediate oil futures in

first raised interest rates by a quarter point in March. A 50-basis-point rate hike by the Fed is expected at its May 3 meeting, according to Jefferies money market economist Tom Simons. A 75-basis-point hike or an intermeeting hike could be discussed if the results are significantly higher than expected, he said. The cost of

early March. On Monday, the price of a barrel of oil was about USD 94 per barrel. On March 11, AAA reported that the national average for unleaded gasoline was USD 4.33 per gallon. A gallon of gas cost USD 4.11 on that particular day. Spokesman Swonk explained that inflation is spreading from goods to services, as well as the possibility that used car prices will rise once more. In the long run, supply chain issues will not go away. There is a deterioration in their condition." This month or next month could be the peak of inflation, according to economists. Zandi projects headline CPI will fall to 4.9 per cent by the end of this year.

housing is expected to continue to rise. Shelter, which accounts for a third of the Consumer Price Index (CPI), has increased by 4.6 percent over the past year.

After four decades of soaring inflation, the Federal Reserve is expected to take a more aggressive approach to policy-making. Expect a half-point increase in May, and economists say a hot inflation report could also lead to a half-point increase in June, according to the markets. In other words, the Fed is on track. It’s at least a half-percent hike, and the balance sheet reductions starting out,” he said. After lowering the fed funds target rate to zero in early 2020, the Federal Reserve

"In my opinion, that's complete nonsense." 1 per cent of a percentage is equal to one basis point. CPI energy prices are expected to rise by 18 percent in March, according to Simons' forecast. After Russia's invasion, the first half of March was particularly tense." It's not exactly the same story with food prices... "Housing is going to play a significant role," he said. Owners' equivalent rent, or the cost of a home in CPI, is expected to rise by 0.5 percent, while monthly rents are expected to rise by 0.6 percent. The cost of housing is expected to continue to rise. Shelter, which accounts for a third of the Consumer Price Index (CPI), has increased by 4.6 percent over the past year. Swonk said that the rise in housing costs is the highest since early 1990, and that they could continue to increase. According to her, "I think there's a risk it comes in too hot."

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GLOBLE BUSINESS OUTLOOK

DUBAI UTILITY DEWA'S STOCK RISES IN THE MIDDLE EAST'S LARGEST IPO SINCE ARAMCO'S IN 2012

ewa, the Dubai Water and Electricity Authority, began trading on the public market Tuesday, making it the first utility company to do so in the Middle East. After just a few moments on the Dubai Financial Market, shares were trading at an 82-cent discount to the IPO price of 2.48 UAE dirhams per share. By 1 p.m. local time, they were trading at 2.88 dirhams per share. In March, Dewa announced its intention to raise USD 3.25 billion through the public offering of 3.25 billion shares, representing a stake of 6.5 per cent. More than 65,000 investors from across Canada, the United States, Europe, and other countries participated in the initial public offering (IPO), which raised approximately USD 6.1 billion. Aramco, Saudi Arabia's state oil company, went public on the Tadawul exchange in 2019 and is the Middle East's largest stock market float since then. Water, electricity, and district cooling for Dubai's 3.5 million residents are all provided by Dewa. When it comes to financial health, investors are eager to get their hands on the company's earnings of USD 3.5 billion for the past financial year, and it has pledged to pay out USD 1.6 billion of dividends over the next four-year period to its new shareholders.

To further diversify their economies away from oil, Gulf countries, such as Saudi Arabia and the United Arab Emirates, are increasingly turning to going public with state-owned enterprises. Following the IPO debut, DFM CEO Hamed Ali told CNBC's Dan Murphy: "It gives

quite a lot of momentum to other discussions we're having on the market" to start with the biggest listing and with such a massive success — which has seen 37 times over subscription. Investor confidence in the market is also reflected in the amount of local and international liquidity that we were able to attract to the exchange," the CEO said. With regard to Dubai's capital markets infrastructure and the city as a whole, Ali argued that the outcome demonstrated investors' faith in the city following the Covid-19 pandemic. Al Tayer, the CEO of Dewa, refused to be interviewed by the press. To compete with Abu Dhabi and Saudi Arabia across the border,

the IPO represents a significant step forward for Dubai's capital markets. For the past few years, the emirate has sought to improve its sophistication, depth, and retail trading participation and volumes. DP World and DXB Entertainments have delisted from Dubai's exchanges, Dubai Financial Market and Nasdaq Dubai, lagging behind their regional counterparts in terms of liquidity. Last year's performance of the Abu Dhabi Securities Exchange (ADSE) was among the best of the regional markets. As many as ten companies are expected to enter the Dubai market in the next few months, including major toll road operator Salik and possibly Emirates Group companies.

BOOKED.COM VETERAN PLAID TO LEAD COMPANY'S EUROPEAN EXPANSION IN THE UNITED STATES FINTECH

laid's European operations will be led by Ripsy Bandourian, a longtime Booking.com executive. Bandourian joined Plaid just a week ago and is based in Amsterdam, the Netherlands. She'll be in charge of leading the company's expansion into Europe from San Francisco. After serving as Plaid's international director, Keith Grose now primarily oversees the company's operations in the United Kingdom. The Armenian-born entrepreneur brings a unique set of skills to

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the fintech industry. Goldman Sachs offered her a position as a quantitative analyst following her graduation from Brigham Young University in Utah. After working as a McKinsey consultant, she moved to London to work for Apple's European division. For the past eight years, Bandourian has worked in a variety of product and marketing roles for Booking.com, which she joined in 2014. Last but not least, she served as Booking.com's Vice President of Global Accommodation Partnerships. Bandourian

explained to CNBC that she joined Plaid for "personal" as well as "professional" reasons. Bandourian said, "I've lived my life on three continents." Because of this, I cannot take my financial records with me." There are no shortcuts, no shortcuts, no shortcuts, no shortcuts. In addition, this is a case study. " For example, Plaid's technology makes it possible for fintech companies like Venmo and Robinhood to securely connect to customers' bank accounts. It's a part of the "open banking" movement, which

GLOBLE BUSINESS OUTLOOK

ALL NON-EMERGENCY GOVERNMENT EMPLOYEES IN SHANGHAI HAVE BEEN ORDERED TO LEAVE BY THE US STATE DEPARTMENT AS COVID SURGES

s Covid surges, the U.S. State Department has ordered all nonemergency government staff and their families in Shanghai to leave, according to an announcement dated April 11. U.S. citizens have been warned not to travel to China. Due to the arbitrary enforcement of local laws and COVID-19-related restrictions, the State Department advises against travel to the People's Republic of China (PRC). Parents and children may be separated as a result of COVID-19-related restrictions in the PRC's Hong Kong SAR, Jilin Province and Shanghai Municipality, according to a statement. As a result of arbitrary enforcement of local laws in Hong Kong SAR, consider postponing your trip there." United States Embassy in Beijing announced over the weekend that non-emergency US government employees and family members of both non-emergency US government employees in Shanghai could leave the city on their own free will if they wanted to do so. US issued a travel advisory on April 8 with the same warnings about "arbitrary enforcement of local laws" and the Covid-19 restrictions, which were echoed in the latest advisory. In a statement released Saturday, China's Foreign Ministry spokesperson Zhao Lijian slammed the United States' "groundless accusation" of China's Covid policy, according to a CNBC translation of the Chinese statement. In response to

questions about China's assistance to foreign diplomats and consular personnel dealing with Covid-related issues, he stated that the announcement of a voluntary evacuation was made by the United States on its own initiative. Since the beginning of the Covid pandemic in early 2020, mainland China has experienced its worst outbreak of the disease. Local authorities in Jilin province and Shanghai have imposed stringent stayat-home measures and travel restrictions in an effort to control the outbreaks, which have been reported across the country. Authorities in Shanghai recently eased quarantine restrictions that had kept parents and children apart. Lockdowns will

is rapidly gaining traction. Also offering payment tools, the company says it intends to expand "aggressively" in Europe this year. Seven European countries, including the United Kingdom, Germany, and France, currently use its services. The Plaid team has big plans for expansion in the near future, with markets like Poland, Belgium, and the Nordics all on the list of potential locations. Bandourian described the plans as "quite aggressive." It's clear that Plaid sees an opportunity in Europe, and how quickly and deeply the company is evolving. As part of Plaid's strategy for Europe, the company plans to expand its workforce and hire country managers for France and Germany. Clients in Europe that use Plaid include Kraken and Bumble, the dating app. Open banking has become a major trend in

be eased over time, the city announced this week. Since late February, the city has attempted one of the most targeted Covid control policies to control a spike in cases, but in order to conduct mass testing, the city was eventually shut down twice, the first in late March and the second in early April. In China, Shanghai serves as a hub for many foreign businesses, while Jilin is home to numerous auto manufacturing plants. "The employees and family members will depart on commercial flights," the U.S. Mission China said in a separate statement recently. Due to the ongoing outbreak of COVID-19, the Department ordered the employee's departure."

Europe over the past few years. Because of 2018's fintech-friendly regulations requiring banks to share customer data with third parties at the request of consumers, this is a big part of the reason why. According to Statista, open banking users on the continent numbered 12.2 million in 2020 and are expected to reach 63.8 million by 2024, when the data was collected. Investors and major corporations are taking notice. Credit Kudos, a London-based fintech that uses customers' banking data to perform more accurate credit checks, was acquired by Apple last month. Moreover, Visa paid over USD 2 billion for the European competitor of Plaid called Tink. After a USD 5.3 billion deal to be taken over by Visa collapsed, Plaid was valued at USD 13.4 billion.

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GLOBLE BUSINESS OUTLOOK

UNDER THESE CONDITIONS, SRI LANKA HAS WARNED THAT IT WILL DEFAULT ON ITS FOREIGN DEBT

n the midst of its worst economic crisis in over 70 years, Sri Lanka has announced a temporary default on its foreign debt. Ukraine's civil war and the pandemic made it "impossible" for the country to pay its debtors, according to officials. Protests have broken out across the country as a result of food shortages, soaring prices, and power outages. Efforts to secure a loan from the International Monetary Fund (IMF) are scheduled to begin next week. Since its independence from the United Kingdom in 1948, Sri Lanka has maintained a "unblemished record" of timely payment of its debts, according to the finance ministry. However, the recent events have weakened Sri Lanka's fiscal position so much that it is now impossible for the country to meet its external public debt obligations in a normal manner," the country's government stated recently. The International Monetary Fund (IMF) recently concluded that Sri Lanka's debt was unsustainable, according to the ministry. There was a statement that said, "Despite the government's extraordinary efforts to remain current on all of its external indebtedness," the policy was no longer viable. The move has not yet been classified as a default by credit rating agencies. When approached by the BBC, S&P Global Ratings said it had "nothing to say at this time.". As of January, Sri Lanka's rating was categorised as "currently vulnerable

and dependent on favourable business, financial, and economic conditions to meet financial commitments" by the company. Requests for comment from Moody's and Fitch Ratings were not immediately returned. Asia Securities' Lakshini Fernando applauded Sri Lanka's decision, calling it "the better option compared with a hard default". 'We expect Sri Lanka's current credit rating to be downgraded following the announcement,' said Ms Fernando, to'selective default' or'restricted default". As a reminder, she pointed out that Sri Lanka's international sovereign bond payments will be due next week for USD 78m (£60m). At the end of March, Sri

Lanka's foreign reserves totaled USD 1.93 billion. However, it has a USD 4billion debt payment due this year from foreign creditors. Recently, the country has appointed a new head of the central bank and has nearly doubled its key interest rate to help combat rising prices and shortages of essential goods. Demonstrators have taken to the streets of Colombo's capital in recent weeks to protest prolonged blackouts that have affected residents and businesses. After a sharp devaluation of its currency last month in anticipation of bailout talks with the International Monetary Fund, Sri Lankans are now facing shortages and rising inflation.

NEPAL RESTRICTS IMPORTS AS THE COUNTRY'S FOREIGN CURRENCY RESERVES DECLINE

entral bank deputy spokesperson Narayan Prasad Pokharel said that the bank's foreign currency reserves were "under pressure," according to Reuters. Pokharel said, "Something must be done to limit the import of non-essential goods, but without affecting the supply of essential goods." Importers can bring in 50 "luxurious goods" if they pay for them in full, he said. . Pokharel said, "This is not a ban on imports, but a discouragement." Earlier this week, Nepal's government fired central bank

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The Nepalese finance ministry reported on Monday that the country's public debt has risen to more than 43% of GDP as officials increased spending to help mitigate the economic impact of the pandemic.

governor Maha Prasad Adhikari without giving a reason. The Nepalese finance ministry reported on Monday that the country's public debt has risen to more than 43 per cent of GDP as officials increased spending to help mitigate the economic impact of the pandemic. Indicators of the country's economic health were described as "normal" by the ministry. "However, some steps have already been taken to manage imports and increase foreign exchange reserves due to some pressures in the external sector," it said in

GLOBLE BUSINESS OUTLOOK

IN A NEW REPORT, THE WHITE HOUSE SAYS THAT INFLATION IS EXPECTED TO BE "EXTRAORDINARILY ELEVATED."

fter Russia's invasion of Ukraine, energy prices shot up, and the Biden administration is bracing for a spike in March's consumer inflation rates, which are due out on Tuesday. According to Jen Psaki, the White House press secretary, most of the increase in oil and gas costs attributed to Russia's unprovoked invasion of Ukraine was omitted from the Labor Department's previous report. We expect Putin's price hike to have a significant impact on inflation in March, Psaki told reporters. Core inflation will likely be much higher than headline inflation due to global disruptions in the energy and food markets, she said. The consumer price index (CPI) for March will be released by the Bureau of Labor Statistics on Tuesday. Eggs, milk, cellphones, and unleaded gasoline are all included in the CPI, which is used by the Department of Labor to gauge inflation. Both the headline number and a so-called "core CPI," which excludes volatile food and energy prices, are used by economists when analysing the CPI data. In light of the abnormal rise in gas prices last month, the White House expects a larger-thannormal disparity between headline and core readings. According to the American Automobile Association, the price of a gallon of regular unleaded gasoline rose to a record high of USD 4.33 on March 11. It is now USD 4.11 per gallon, according to AAA. At times, gas prices were more than USD 1 above pre-invasion levels, so the roughly

25 per cent increase in gas prices will drive tomorrow's inflation reading," said Psaki, according to the Wall Street Journal. The year-over-year price rises have been at levels not seen since Ronald Reagan was in the White House for several months now, according to Labor Department data. It was the highest level since January 1982, when the Consumer Price Index rose 7.9 percent in a year. It was pointed out by the press secretary that President Joe Biden has taken several steps to help lower energy costs, including a move to release approximately 1 million barrels of oil per day from the nation's Strategic Petroleum Reserve (SPR). Earlier this month, Vice President Joe Biden blamed Vladimir Putin for the recent increase in energy prices.

Many people around the world are no longer purchasing Russian oil. Republicans and Democrats in Congress have called for and supported a ban on Russian-imported oil in the United States. On March 31, Vice President Biden said, "It was the right thing to do. "But, as I said at the time," the president continued, "there will be a cost." Price increases have risen as supply of oil has decreased as a result of Russia's withdrawal from the global market. Now, the price hike imposed by Vladimir Putin is being felt by Americans at the pump." As part of the president's Build Back Better agenda, stalled legislation backed by the White House and congressional Democrats could also help reduce child care and health care costs, Psaki said.

a statement. According to finance minister Janardan Sharma, Nepal has a lower debt burden than other countries in the region and around the world. Media reports quoted.

government's debt is "not particularly high". Without a reduction in the current account deficit, "things will certainly go backwards," he added. There is no sign of an impending crisis, however.

Sharma as saying, "I am surprised why people are comparing with Sri Lanka". It is the worst economic crisis the country has faced since it gained independence from the United Kingdom in 1948. According to Capital Economics emerging markets economist Alex Holmes, the situation in Nepal appears to be "much better than in Sri Lanka".

This past week, Sri Lanka's central bank appointed a new head and nearly doubled its key interest rate in an effort to stem the rising prices and shortages of essential goods. Demonstrators have taken to the streets of Colombo's capital in recent weeks to protest prolonged blackouts that have affected residents and businesses. After a sharp devaluation of its currency last month in anticipation of bailout talks with the International Monetary Fund, Sri Lankans are now facing shortages and rising inflation.

Holmes said that Nepal's foreign currency reserves are more than double the "comfortable minimum" and that the

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GLOBLE BUSINESS OUTLOOK

UKRAINE'S ECONOMY IS EXPECTED TO BE HALVED AS A RESULT OF THE CONFLICT THERE

ccording to the institution's estimates, Russia's invasion of eastern Europe and parts of Asia will cause more economic damage than the coronavirus pandemic. Ukraine's economic output has been reduced by half as a result of its ongoing conflict, according to the World Bank. Vice-President Anna Bjerde of the bank said Ukraine urgently needed a massive financial assistance. Already, the bank has sent almost USD 1 billion in aid to Ukraine. They plan to send an additional USD 2 billion over the next few weeks and months as well. According to the report, Ukraine's grain exports have been cut in half due to the closure of Black Sea shipping from the country. Stopped exports from Ukraine, the world's largest supplier of sunflower oil, have raised global food prices. The war, according to the World Bank, has rendered much of the country's economic activity impossible, causing problems with farming and harvesting. "The scale of the humanitarian crisis triggered by the war is incomprehensible. Invasion by the Russians has taken a massive toll on Ukraine's economy and infrastructure "she opined," Though physical infrastructure damage was not included in this estimate of a 45.1 per cent drop in economic output, the bank warned that this would hamper future economic output even more. World Bank officials have said Russia's economy is already in deep recession because of sanctions imposed by other countries on the country by the United States. Russian banks were cut off and oligarchs and politicians were targeted by the sanctions. Luxury goods were also banned from

being imported or flown into Russia. Russia's economy, according to the bank, will contract by 11.2 per cent in 2022 as a result of sanctions. While the United States has banned all Russian oil and gas imports, the European Union, which receives a quarter of its oil and 40 per cent of its gas from Russia, has not followed suit. Approximately 40 per cent of the Kremlin's income comes from EU countries' daily payments of up to €800 million (£674 million; USD 884 million). Before the year 2030, the EU wants to wean Europe off of

Russian fossil fuels. Russia and Ukraine are expected to enter recession this year, as well as Belarus, the Kyrgyzstan Republic, Moldova, and Tajikistan. According to the report, growth forecasts in all economies have been lowered because of the war, with the euro area experiencing lowerthan-expected growth. Another example of how crises can wreak havoc on an economy is the Ukraine conflict and the pandemic," Asli Demirgüç-Kunt, World Bank chief economist for Europe and Central Asia, said.

SALMONELLA CASES HAVE FORCED THE CLOSURE OF THE KINDER CHOCOLATE FACTORY

ecall orders have also been issued for all Kinder products made at Ferrero's Arlon factory, which is owned by Belgium's food safety authority. Several countries, including the United Kingdom, Germany, France, and Belgium, have reported suspected salmonella cases linked to Kinder chocolate. As a result of "internal failures," Ferrero has apologised. As a result of Ferrero's inability to provide complete information, Belgium's food safety authority, AFSCA, ordered the factory to close. According to the AFSCA, the investigation is ongoing, and if Ferrero

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May 2022

can show that it complies with food safety regulations, then the factory can reopen. David Clarinval, the Belgian Agriculture Minister, said in a statement: "A decision of this magnitude is never taken lightly, but it is necessitated by the current situation. We can never ignore the need to ensure the safety of our citizens' food supply." All Kinder Surprise, Kinder Surprise Maxi, Kinder Mini Eggs, and Kinder Schokobons products are affected by the recall, which was issued on Monday. In addition, the AFSCA has asked companies

to remove the products from their shelves and urged consumers not to eat them. ” Concerns about possible salmonella contamination prompted Ferrero to remove some of its Kinder chocolates from stores in the United States. Kinder Surprise chocolate egg products were also recalled in the United Kingdom earlier this week. The Food Standards Agency in the United Kingdom announced on Friday evening that none of the recalled products should be consumed, regardless of the best before date on the packaging. The Belgian factory

GLOBLE BUSINESS OUTLOOK

THE ENERGY GIANT INEOS HAS REQUESTED THE CONSTRUCTION OF A FRACKING DEMONSTRATION FACILITY

hale gas extraction in the UK could make the country "self-sufficient in 10 years," according to the company's claim. An application for a site has been submitted by the company, led by Sir Jim Ratcliffe, who claims it will lower energy costs while also ensuring the country's long-term energy independence. The government commissioned the new fracking report, which prompted this offer. The UK's new energy strategy was unveiled last week, which included plans for more nuclear reactors, wind farms, and solar power generation.

Fracking, a method of extracting gas and oil from shale rock, was not mentioned in the government's strategy. There have been calls to reconsider the ban given recent increases in the price of energy after the practise was put on hold due to opposition from environmental groups and concerns about earth tremors. It was a "ridiculous situation" with so much gas "under our feet" when the UK was in a "energy crisis," said Sir Jim, the founder and chairman of Ineos. It would allow "the UK to benefit from its own resources, massively reduce the cost of energy and ensure our long-term energy independence" by extracting shale gas.

gas industry in a safe manner. It is estimated that more than one million wells have been safely used in America to improve the country's energy security "Ineos said this, as well. UK gas demand will be met by domestic supplies in 2020 in 48 percent and the rest will be purchased on international markets, according to the Department for Business, Energy and Industrial Strategy (BEIS). As a result of Russia's incursion into Ukraine, many countries, particularly those in the European Union that rely heavily on Russian gas and oil, are reevaluating their energy sources.

A competent operator can be relied upon to safely develop the technology, which is why we're offering to drill a test site in shale. There will be a long period of time before Britain completely abandons fossil fuels, according to a company. "More than half a century ago, fracking was used in the oil and

Earlier this week, Centrica's chief executive suggested that fracking could boost UK energy supplies and lower bills. Now Ineos wants a fracking test site. "Informed debate" is what Chris O'Shea called for. With rising energy prices and security concerns, some senior Conservatives have also called for

where all of the sweets were made was the source of all of the contamination. A spokesperson for the Food Standards Agency said: "We have stressed to the company and to the Belgian authorities the importance of taking a precautionary approach to their recall and trust that they will continue to put consumers' needs first in any action they take." Tina Potter All Ferrero products will be removed from store shelves as well as signs posted warning consumers, so customers can contact the company directly for a refund. In addition to the rest of Asia, Hong Kong and Singapore have had to recall a small number of Kinder chocolate bars. However, Ferrero has previously stated that its Kinder products had not tested positive for salmonella, despite the recalls

a new approach to fracking. Greenpeace, on the other hand, claims that shale gas has been the subject of "a decade of hype and bluster." Since any gas extracted would belong to the drilling company rather than the United Kingdom, Greenpeace claimed that fracking would not improve energy security. Many environmental organisations have expressed concern about the potential for fracking to cause earthquakes. – fracking. More than 120 small tremors were detected at Cuadrilla's drilling site in Lancashire. Government inspectors will be invited to monitor any potential test sites, Sir Jim said. "We will stop and make good the site if the science shows there are problems," he said. It's also possible that shale gas, which would allow Britain to benefit from its own natural resources, reduce energy costs, and ensure our longterm energy independence, isn't what it appears to be.

being referred to as "precautionary". As many as 60 people, mainly children, were infected with salmonella as a result of an outbreak linked to Kinder Surprise eggs in Great Britain. More than a dozen suspected salmonella cases have been linked to chocolate consumption in at least nine countries, including the UK, Germany, France and Belgium. In a statement, it made no mention of Ferrero or any other candy company, but it did warn that the majority of the reported cases involved children under the age of 10. Salmonella infections can be life-threatening, especially in children, the elderly, and others with weakened immune systems, because of the bacteria's virulence.

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GLOBLE BUSINESS OUTLOOK

OIL GIANT SHELL TO TAKE £3.8BN HIT BY LEAVING RUSSIA

ontracts signed prior to the invasion of Ukraine will be honoured despite the company's pledge to no longer purchase oil. Exiting joint ventures with Gazprom will be one of Shell's final costs in Russia. During World War II, Shell was criticised for purchasing Russian crude oil at a low price. The company apologised and promised to stop purchasing oil from Russia in response to the public outcry. The company estimated that it would cost between USD 4 billion and USD 5 billion to break ties with the country. According to Shell, it is legally required to take delivery of crude purchased under contracts that were signed prior to the invasion. "Shell has not renewed longer-term contracts for Russian oil, and will only do so under explicit government direction." "Volatile" was the company's additional description of the current state of the world's oil markets. At the start, Brent Crude, the world's standard for oil prices, was trading at around USD 100 per barrel, but it has since risen to record highs due to the conflict in the Ukraine. Due to Russia's status as one of the world's leading oil exporters and fears that supplies may be disrupted as a result of the conflict, oil prices have increased. Petrol and diesel prices have reached record levels in the United Kingdom, despite receiving only a

small portion of its oil supply from Russia. Shell previously stated that it would sell a 27.5 per cent stake in a Russian liquefied natural gas facility, a 50 per cent stake in an oilfield project in Siberia, and an

energy joint venture as part of its planned withdrawal from the Russian market. The Nord Stream 2 pipeline project between Russia and Germany has been put on hold by Berlin ministers.

THE NEW GOVERNMENT IN PAKISTAN HAS THE POTENTIAL TO MEND STRAINED TIES BETWEEN THE UNITED STATES AND PAKISTAN

akistan has a new prime minister, and this could be good news for the South Asian country's economic recovery and its relationship with the United States and its rival, India. It was just days after a no-confidence vote ousted Ian Khan as Pakistan's prime minister that parliament chose Shehbaz Sharif to replace him. "The affirmation of democracy" in a country where no prime minister has served a full term was by no means inevitable." The all-powerful Pakistani army, which has ruled the country for decades by staging coups, remained in the barracks, surprising observers. It was a surprise when the judiciary stepped in to take control of the situation. Government of Ian Khan was

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the country into a "paradise" for investors, while also raising the minimum wage. It's not going to be an easy ride for Sharif in the future, according to Iqbal Singh Sevea, director of the Institute of South Asian Studies at Singapore's National University. ordered to face a no-confidence vote by the Supreme Court of Pakistan. Khan was removed from office after he lost a rescheduled vote on his trust in the early hours of Sunday morning. Pakistan's new prime minister, 70-yearold Nawaz Sharif, promised to transform

"The current account deficit and inflation he inherited have rattled t h e e c o n o m y. A c c o r d i n g t o t h e associate professor, he will need to increase the state's ability to generate revenue through taxation and increased investment, particularly in the export industry.

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