KIA ORA INDIA | VOL 3 ISSUE 01 | MAR 2021

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MAR 2021| VOL 3 ISSUE 01

The New Zealand-India Trade Magazine

INDUSTY SPOTLIGHT:

SPORTS: A new ball game

India emerges as the new Vaccine Superpower

New Zealand’s bilateral trade with India: How did it fare during the COVID-19 pandemic and global recession? Upcoming INZBC Summit tackles new trade challenges

TRADE CHALLENGES: A world beyond COVID

INDIAN UNION BUDGET 2021: A vision for a self-reliant India

ALSO INSIDE:

Stories from the frontline:

One year on, supply chain issues still persist in New Zealand

Indians contribute $10B to the NZ Economy

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New Zealand businesses invest in ‘Make in India’ initiative What’s eating the meat industry?


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CONTENTS KIA ORA INDIA | MAR 2021

6 EXECUTIVE BRIEFING Executive Briefing from Sunil Kaushal, Head, Strategic Partnerships at INZBC

7 Trade CHALLENGEs: A world beyond COVID

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A world post-Brexit, RCEP, COVID, Trump and other geo-political changes, is now our new normal. In this new world order, both India and New Zealand are well positioned to work and strive together for mutual benefit. KiaOra India’s team examines this new reality with insights from speakers of the upcoming INZBC Summit.

10 What’s eating the meat industry? Column by Esther Guy-Meakin Senior Manager: Strategy, Trade Policy and Advocacy, New Zealand Meat Industry Association

10 India EMERGES AS the NEW Vaccine Superpower Professor Harsh V. Pant and Aarshi Tirkey at the Observer Research Foundation discuss India’s unique role in positioning itself as a responsible vaccine superpower during the COVID-19 crisis.

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12 New Zealand’s bilateral trade with India: How did it fare during the COVID-19 pandemic and global recession? Quarterly Business Update by Dr. Rahul Sen, Senior Lecturer in Economics, Auckland University of Technology

14 Stories from the frontline: One year on, supply chain issues still persist in New Zealand

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Kevin Jenkins, Founder of MartinJenkins talks to people on the ground about their supply chain issues

16 A new ball game: Table tennis, shooting & Esports are having a mainstream moment In a world where social distancing is the norm, sports like table tennis, shooting and Esports are the real winners as capital and marketing spend gets redirected to less popular sports. In an interview with KiaOra India, CricHQ New Zealand, CEO for South Asia, Sreedhar Venkatram shares his thoughts on the recovery path for the global sports industry.

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18 Indian Union Budget focuses on healthcare spending & infrastructure growth KiaOra India team takes a look at some of the important focus areas of the Indian Union budget. Mar 2021 | KiaOra India | 3


CON T E NT S KIA ORA INDIA | MAR 2021

21 Budget provides an impetus to growth - CII The Indian Union Budget is set to springboard the country towards economic growth with investments in infrastructure and textile manufacturing according to the Director General of the CII, Chandarjit Banerjee.

22 Budget 2021-22 lays the foundation for a New India: FICCI With this union budget, the Indian government is sending out clear signals that it is ready for the next decade, according to Manish Singhal, Deputy Secretary General at the FICCI

24 Indians contribute $10B to the NZ Economy Highlights from the report on ‘Economic contribution of NZ Indians” published by Waitakere Indian Association

26 New Zealand businesses invest in ‘Make in India’ initiative A union budget that focuses on reforms and improved investment sentiments, the team at Invest India break down the plethora of investment opportunities available for New Zealand business in India

28 INZBC EVENTS REPORT A overview of networking events organised by INZBC

30 Helping people around the world thrive through the goodness of Zespri Kiwifruit Michael Fox, Director of External Relations, Zespri talks about how the pandemic has heightened the importance of the local, neighborhood fruit vendors in India.

Vol 03 | Issue 01 - March 2021 Publisher: India New Zealand Business Council Editorial Direction: Sunil Kaushal Content Development: Priti Garude Design & Production: Media Solutions Kiwi Ltd. For Advertising, contributions & feedback contact: Garry Gupta, Secretary, INZBC. Email: secretariat@inzbc.org | +64 9 574 5220 Contributors in this issue: Sreedhar Venkatram, Esther Guy Meakin, Professor Harsh V Pant & Aarshi Tirkey, Dr. Rahul Sen, Shamubeel Eaqub, Kevin Jenkins, Michael Fox, Chandrajit Banerjee, Manish Singhal, Agrim Aggarwal & Vidhi Khabya Office Address: Suite 7, Palm Space Office Complex, 4343 Great North Rd, Glendene, Auckland 0612 Postal Address: PO Box: 20092, Glen Eden, Auckland 0641, New Zealand.


FRO M T HE C HA I R KIA ORA INDIA | MAR 2021

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n the 33-year history of India New Zealand Business Council; whenever transitions and challenges arise, we embrace them as opportunities to collaborate, educate and build a greater future. This past year, though, has been uniquely difficult. The unprecedented crisis as a result of the COVID-19 pandemic exposed deep cracks in our businesses, our supply chains, our industries and our relationships. However, it is heartening to see that many Indian and New Zealand businesses didn’t just survive, but have emerged stronger in this crisis. We outline their stories in this issue of the KiaOra India magazine. One such story highlights New Zealand company, Zespri, who learnt invaluable lessons in exporting Kiwifruit to the Indian and wider market during the pandemic. At the same time, we take a closer look at issues faced by other major players in New Zealand such as the meat industry, construction industry with their supply chain. This magazine brings contributions from foreign-policy experts on the issue of vaccine diplomacy and India’s role in the production and distribution of the vaccines to over 100 countries. Furthermore, we put a spotlight on the world of Sports as we discuss the impact of COVID on this industry. Instability and crisis will continue to test our nations, but we cannot accept that as our

Sameer Handa Chair, INZBC

future. Knowing that this too shall end, and that we are already on our way to a solution, should give us the confidence to reshape our lives and businesses to be better and more aware than old normal. Lastly, I want to take a moment to extend our gratitude to our strategic sponsors - HCL, High Commission of India, Wellington, New Zealand Foreign Affairs & Trade (MFAT), Westpac who have been with us through these conflicting times. I also want to give a special mention to our associate partners Asia New Zealand Foundation, Incredible India, Martin Jenkins, New Zealand Trade & Enterprise (NZTE), Zespri, the Trusts Arena along with our Indian industry partner, Federation of Indian Chambers of Commerce & Industry (FICCI) and Confederation of Indian Industry (CII). Due to the sudden lockdown in Auckland this past week, we made a difficult decision to postpone our annual INZBC Summit. The health and wellbeing of our stakeholders, staff and members has always been our priority. The Summit, however, has now been rescheduled to 23 - 24 June 2021. We hope you are still able to join us. Registration is mandatory. To register for the Summit, please visit: www. inzbusinesssummit.com It will be good to see each other in person – at a distance less than two meters.

Sameer Handa has been doing business with and in India for the past over two decades and has invaluable knowledge of both India and NZ markets. Currently, Mr Handa sits on the board of Bank of India (NZ) since 2012. He is also a member of the Institute of Directors NZ and is on the board of several New Zealand companies with interests in India, including his most recent foray in the lighting industry, Glowbal NZ Ltd.


Executive Briefing

NZ-India business models for a post COVID-19 world The number of confirmed coronavirus cases is likely to surpass 119 million this week and this impact on society and the economy is massive. The stock markets had their worst quarter in 30 years and business activity has steeply declined. It is devastating to hear companies across NZ and India report a drop of 80% in their revenue streams in a weeks’ time. And this is affecting a wide range of industries. But if we can take away one good thing from this crisis, it is that businesses are forced to innovate and re-evaluate the way they operate. For example, the tech community has helped businesses adopt new ways of working wherein technologic enablement has allowed parts of – or in some cases entire – organisations to continue operations amidst the current situation. For sure, the world will look different post-virus and so will international business models. According to the latest, One critical finding, business-model innovation was by far the most important strategic lever. Earlier this year, a McKinsey survey of 300 business leaders, identified characteristics of succesful future business models to be more mobile, cloud-enabled and having a more flexible workforce. Yet, our analysis found an execution gap between what business leaders focused on improving in the next 12 months versus what they needed to focus on in order to build business models for the new decade. But then the COVID-19 pandemic hit, and C-suite offers were forced to shift their focus, to new digital experiences, new partnerships, faster product development, more flexible, mobile and cloud-enabled models and other

changes to the business model had made them more effective. And it is not just technology adoption their focus has shifted towards. NZ and Indian companies need to successfully navigate the pandemic in order to survive on a country-by-country basis. Post COVID-19, we foresee a “new norm” for business owners and C-suite officers with respect to international structuring and operational strategies, including the following: •

Strategic workforce planning, including remote workforce planning, flexible contracts, employee efficiency best practices and HR policies;

Crisis response and business continuity planning, risk containment policies and procedures.

Financial resources to weather future unexpected events;

Cloud-enabled IT infrastructure, including an enhanced cyber security protocol;

Redundant sourcing of essentials such as inventory, supplies and people.

Technology has changed the way international businesses generate revenue, as well as the way companies source inventory, supplies, and labour. It has allowed businesses the ability to expand global operations by seeking out low tax jurisdictions and incentives offered by countries as a means to attract business and employees. COVID-19 has shifted focus from international compliance and planning, to business issues that have tax consequences.

Sunil Kaushal Head of Strategic Partnerships, INZBC

Across industries, global shortages of supplies are a real threat to operations and require a shift in production. As supply chains got disrupted over the past few months –from imports of goods and supplies from various countries to timely and reliable delivery of goods to customers – many companies are tapping into product reserves and are looking to secure additional sources for inventory supplies. In some cases, businesses are looking to bring operations closer to their domestic market in order to minimise interruptions by sourcing/producing locally. This could be a longer-term effect of the pandemic. This will have tax consequences. Business leaders are faced with slow payment cycles and might be forced to create necessity policies on ‘’who gets paid first’’. In addition to slow payment cycles, business development and sales teams are facing increased difficulty in maintaining a robust pipeline, while customer care agents try to enhance sales and service to customers. As economic forecasts are pessimistic, multinational companies are faced with issues like these, which will have a long-term impact on the focus and priorities of C-suite officers and owners, forcing them to rethink their international business model and consequently, their international tax strategy. The coronavirus pandemic has started a revolution on how NZ-Indian entities will strategically approach their business model going forward as they deal with day-to-day operations. This crisis has forced businesses to adapt in how they operate, manage their work force, adhere to governmental mandates, and react to customer and employee needs. We expect the world to look different post COVID-19 and while the short-term outlook might be gloomy, history shows markets and society can not only recover after a crisis, it comes back stronger.

Sunil Kaushal is one of the leading commentator on Business, Commerce and International Trade particularly focusing on India. He has first-hand on the ground experience in guiding New Zealand firms expand into India.


INZBC Summit: The Decade of Action

Trade Challenges: A world beyond COVID

A world post-Brexit, RCEP, COVID, Trump and other geo-political changes, is now our new normal. In this new world order, both India and New Zealand are well positioned to work and strive together for mutual benefit. KiaOra India’s Priti Garude examines this new reality with insights from speakers of the upcoming INZBC Summit.

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t the beginning of this new decade, new realities have emerged: a world post-Brexit, post-RCEP, post-COVID, post-Trump and other geo-political changes, is now our new normal. In this new world order, both India and New Zealand are well positioned to work and strive together for mutual benefit. Keeping this in mind, the India New Zealand Business Council (INZBC) aims to highlight this ‘Decade of New Normal’ with their upcoming annual Summit to be held on 23-24 June 2021. Adapting to changing times, the first INZBC Summit of the 20’s will be a hybrid summit that will be held at a physical venue as well as broadcasted virtually. It will bring together influential Ministers, policy makers, from across India and New Zealand to focus on various issues of diplomacy & trade that affect the new world order. The Summit aims to provide a deeper and meaningful dialogue at a diplomatic level, by moving conversation away from the FTA and finding new, innovative ways

INZBC.ORG

of collaboration on diplomacy and trade. Championing the cause to educate kiwi businesses of on-the-ground realities of doing business with India, the Summit aims to continue to work closely with government agencies like Ministry of Foreign Affairs & Trade, New Zealand Trade & Enterprise, Education NZ, Indian High Commission, to achieve this goal.

Panel Discussion: Indo-Pacific strategic ties

Although it’s been growing in popularity for over ten years, the concept of `Indo-Pacific`is still a relatively new addition to the geopolitical debate and lexicon of international relations. While there is no concrete definition of the concept, governments around the world have already devised strategies that demonstrate their plans for the region. The first panel discussion of the INZBC Summit will focus on the power dynamics in the Indo-Pacific. Examining India’s involvement and relevance in the region along with New Zealand’s dynamic and strategic importance, an ensemble of speakers will decode the

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Feature: INZBC Summit shifting geopolitics in the region. Experienced diplomats and public sector leaders will examine the future of rule based trade and international security in the Indo-Pacific. Commenting on the importance of the strategic ties in the region, Suzannah Jessep, Director of Engagement and Research at the Asia New Zealand Foundation; former Deputy Head of Mission to India and one of the

panellists for this discussion said, “In diplomacy, words count. After decades of using the language “Asia-Pacific”, New Zealand talking about the “Indo-Pacific” counts. But with words, actions must follow. One of the most important things for New Zealand to emphasise across the Indo-Pacific region is ‘cooperation’ – especially when it comes to sharing knowledge and exploring opportunities to work together where our values and interests align. New Zealand has always been an active multilateralist because it is in our interests to be so. We work with like-minded partners to promote peace and prosperity through bilateral and regional arrangements, including the Digital Economy Partnership Agreement (DEPA), Quad-plus, Regional Comprehensive Economic Partnership (RCEP) and the Association of Southeast Asian Nations (ASEAN). The more progressive and constructive the New Zealand-India relationship can be, the better for both our nations.”

Panel Discussion: Globalisation, Post COVID-19

Globalisation suffered a big blow with the spread of COVID-19. The pandemic rolled back several years of progress, which, while not strong enough to shake the foundation of a global market, still resulted in a decline in trade and global GDP. India and New Zealand both launched initiatives that focused on domestic growth with an eye on continuing to grow global exports. The Indian government introduced the Atma-Nirbhar Bharat Abhiyaan, a campaign aimed at resurging the Indian economy by creating a self-reliant movement, while focusing on manufacturing-led, export-driven 8 | KiaOra India | Mar 2021

growth. Gaurav Vats, Additional Director & Head- ASEAN & Oceania, FICCI explains, “The government of India took this crisis (COVID-19) head-on and turned it into an opportunity by launching an ambitious policy paradigm — the Atmanirbhar Bharat Abhiyan which aims to move from reliance to self-reliance and accentuates manufacturing-led, export-driven growth.

India recorded a 13% growth in FDI in 2020 at a time when fund flows declined in major economies due to pandemic. India has been riding high on the government’s flagship ‘Make in India’ scheme and other reforms attracting foreign investment. This kind of improvement is simply unprecedented and reflects the commitment of our Government towards ushering in structural reforms for the same.” New Zealand signed agreements with 12 nations to keep supply chains open and to remove any trade restrictive measures on essential goods, especially medical supplies. According to the New Zealand Trade Recovery Strategy, “the next phase of New Zealand’s response is recalibrating their (New Zealand’s) trade policy for a new international environment.” The second panel discussion of the summit will examine the impact of these policy changes and initiatives on globalisation. With the global community continuing to reel from the effects of the pandemic, what does the future look like for international trade? Speakers from across the public and private sector will compare different avenues of future trade collaboration, strategic partnerships, IP sharing, against a trade that’s solely reliant on import and export. The panel discussion will also examine the growth of the indigenous and Maori economy by the Indian and INZBC.ORG


New Zealand government respectively and the effects of vaccine diplomacy on globalisation.

Panel Discussion: Trade Regulations – The New Normal

While we have seen several nations withdrawing into protectionist shells, both India and New Zealand have focused on balancing domestic with international trade

growth. Does this mean that governments will continue to focus on multilateral agreements or will this signal an era of bilateral trade relations? According to Gaurav Vats, Additional Director & Head- ASEAN & Oceania, FICCI, the Indian government’s Atmanirbhar campaign is focused on growing the domestic economy and leading export growth. He said,

The most important element of the Atma-Nirbhar Bharat Abhiyaan is that India will not cut off itself from the rest of the world, nor will it adopt anti-trade policies or protectionism. Rather, India will identify and promote industries and sectors where it has the potential and capability to scale up and be globally competitive. Government of India has recently announced to spend Rs. 1.97 lakh crore in next 5 years for Production Linked Incentive Scheme (PLI) in 13 Sectors, to create and nurture manufacturing global champions for an AatmaNirbhar Bharat. The scheme will make “Indian manufacturers globally competitive, attract investment in the areas of core competency and cutting-edge technology. Businesses across the world want certainty, predictability, and a stable regulatory framework for doing business, at the same time they want faster justice. Indian Government and respective authorities are working in this direction.

“The most important element of the Atma-Nirbhar Bharat Abhiyaan is that India will not cut off itself from the rest of the world, nor will it adopt anti-trade policies or protectionism. Rather, India will identify and promote industries and sectors where it has the potential and capability to scale up and be globally competitive. Government of India has recently announced to spend Rs. 1.97 lakh crore in next 5 years for Production Linked Incentive Scheme (PLI) in 13 Sectors, to create and nurture manufacturing global champions for an AatmaNirbhar Bharat. The scheme will make Indian manufacturers globally competitive, attract investment in the areas of core competency and cutting-edge technology. Businesses across the world want certainty, predictability, and a stable regulatory framework for doing business, at the same time they want faster justice. Indian Government and respective authorities are working in this direction.” This third panel discussion will examine the future of trade regulations. With India set to release its new foreign trade policy on the 1st of April 2021, what does the future look like for trade between India and New Zealand? Will we see more bilateral or multilateral trade agreements between nations and how will this affect relationships between the two countries?

Panel Discussion: Services Sector – Changing scenarios and challenges

Service sectors like education, tourism and sports industries are the biggest casualties of this pandemic. While these sectors contribute a significant percentage to the Indian and New Zealand economy, a lack of movement has hindered growth within these sectors. The fourth panel discussion brings together local and international experts who will examine the current biggest challenges faced by the service sector and present best case scenarios, solutions and ways forward. Commenting on a post-COVID scenario for the sporting industry, Sreedhar Venkatram, CEO South Asia Cric HQ and one of the panellists for this session said, “Sports ecosystem will resurface with new vigor and all stakeholder will have a role to play in it. The post COVID sporting world will not be one laden with fear and apprehensions of stakeholders, instead it will be ripe with experience and confidence helping to cope better from similar crises arising in the future.” Our team covers more on about the impact of the pandemic on the sports industry later in this issue. To be a part of these conversations join us for the INZBC Summit on 23-24 June 2021. To register, please visit: www.inzbusinesssummit.com


Article/ Column

What’s eating the meat industry? Column by Esther Guy-Meakin, Senior Manager: Strategy, Trade Policy and Advocacy, New Zealand Meat Industry Association

Global meat markets and supply chains have been severely impacted by COVID-19, but with New Zealand red meat exports reaching a historic high last year ($9.2 billion), the NZ sector has navigated these challenges well compared to other exporters. Our exporters have faced two main global trade challenges: supply chain impacts due to port congestion, and disruption to air/ sea freight, and distribution networks in the market. Secondly, demand for red meat was affected as lockdown measures globally closed the food service sector, an important market for valuable cuts. Our resilience can be attributed to our diverse market strategy (111 export markets)

and our deep understanding and relationships across our supply chains. This allowed our processing and exporting companies to shift products to different countries and within markets and pivot to new channels, such as from the food service sector to retail and e-commerce. Secondly, our processing companies showed remarkable agility to reconfigure processing operations under COVID19 constraints to deliver high quality products in an efficient manner. While the sector has faced very few COVID-19 specific trade barriers, the risk of trade protectionism remains and we value the New Zealand government’s leadership in ensuring trade relationships are strengthened

and trading routes remain open for business. Initiatives such as the International Air Freight Capacity Scheme have ensured affordable air freight routes remain open and this is a credit to the strong government to government relationships with partner countries, which are underpinned by close trade and commercial relationships. It is critical that the New Zealand government continues to argue for science-based regulations with trading partners and push back against COVID-19-related regulatory creep that does not reflect the latest science or food safety best practice.

India emerges as the new Vaccine Superpower India already meets 62% of the global demand for vaccines, and now as a part of its post pandemic recovery effort, India will provide 20 million doses to neighboring countries. This puts it in direct competition with China. Professor Harsh V. Pant and Aarshi Tirkey at the Observer Research Foundation discuss India’s unique role in positioning itself as a responsible superpower during the COVID-19 crisis. The world’s pharmacy is looking to inoculations to build friendly ties around the world—and compete with China. If the COVID-19 pandemic has taught us anything, it is that global responses are needed to confront diseases that can spread around the world with stunning speed. It is no wonder, then, that the concept of global health diplomacy—including vaccine diplomacy—has become a major foreign-policy talking point everywhere from China to the United States.

protection equipment increased, countries imposed export prohibitions and restrictions to stabilize domestic supplies. Vaccine nationalism was soon to follow, with the possibility that rich countries would attempt to hoard vaccines by striking pre-purchase deals with pharmaceutical companies.

Throughout it all, though, it was always clear that a global challenge of this magnitude would eventually require a global solution, based on international health cooperation between public and private-sector stakeholders. And Indian Prime Yet rhetoric aside, the predominant Minister Narendra Modi recognized early on that his country could play a response to the disease has been unique role in that process. India is to shut down and look inwards. As already known as the pharmacy of the global demand for medicines, the world. It is the largest producer medical supplies, and personal

of generic medicines, accounting for 20 percent of their global production. It meets 62 percent of the global demand for vaccines. Since the coronavirus pandemic began, the country has been at the forefront of supplying medicines and generic drugs to others. India received requests from more than 100 countries for hydroxychloroquine (once thought to help treat COVID-19) and paracetamol (a painkiller), and sent supplies to Brazil, the United States, and Israel. By May 2020, India was spending $16 million on pharmaceuticals, test kits, and other medical equipment for about 90 countries. Even before multilateral organizations got on board, New Delhi also consistently supported

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Feature: Vaccine Diplomacy If the government can ensure that its domestic vaccine requirements are being adequately met, as seems to be the plan, there is little possibility of political blowback for Modi of sending vaccine elsewhere. Meanwhile, the foreign-policy benefits in strategic areas could be great.For instance, India is keen on mending its ties with Bangladesh. New Delhi’s controversial citizenship Despite challenges, India has law enacted last year and the news launched the world’s largest COVIDof $40 billion in investments from 19 vaccination drive this month. China to Bangladesh had strained Companies such as Zydus, Bharat Biotech, and Gennova are developing ties between the two nations. The COVID-19 vaccine can let a little slack indigenous vaccines. Others like back in. Similarly, vaccine diplomacy Serum Institute are collaborating provides an opportunity for India with foreign companies, namely AstraZeneca. The most promising two to resolve outstanding issues with Nepal. Relations between the two COVID-19 vaccines are the made-inIndia Covaxin by Bharat Biotech and countries recently hit a new low when they entered into a heated exchange Covishield, by Serum Institute. over the Kalapani territorial dispute— an area situated at the strategic India has launched the world’s China-Nepal-India trijunction. In largest COVID-19 vaccination drive Indian Ocean countries like the this month. Maldives and Mauritius, India’s vaccine diplomacy can help foster India will need more than stronger ties in the region, and offset a billion doses to protect its China’s growing influence attributable own population. But it also to its financial investments and aims to offer 20 million doses social-development projects. to neighboring countries Nepal, Bangladesh, Sri Lanka, India’s vaccine diplomacy Afghanistan, the Seychelles, and puts it in direct competition Mauritius by this spring. It will with China—which has made no then distribute vaccines to Latin secret that vaccine distribution America, Africa, and the former is wrapped up in its broader Soviet Republics. Many of the geopolitical ambitions. In fact, it recipient countries have signed has even explicitly included vaccine so-called vaccine pacts with India distribution in its broader Health Silk on a government-to-government basis to finalize the number of doses Road initiative, which aims to bolster China’s international soft power. and determine whether they will be provided under grant assistance Vaccine manufacture and or under commercial terms. While commercial overseas shipments are distribution is one area where India likely to start around March, India has has some comparative advantage over China, but the competition already sent 3.2 million free doses between the two may still be fierce. of the vaccine Bangladesh, Nepal, Bhutan, and the Maldives. measures to temporarily suspend COVID-19 vaccine intellectual property rights—which would mean it could produce generic versions at lightning speed whenever a vaccine was created—and sponsored a WHO resolution calling for international cooperation to ensure global access to the vaccine.

Prof. Harsh V Pant Director, Studies & Head of the Strategic Studies Programme, Observer Research Foundation, New Delhi

The quality and efficacy of Chinese vaccines have been questioned due to concealment of test data and lack of transparency in information. Recent reports have revealed that Brazil—which was initially planning to deploy China’s Sinovac—raised concerns about the efficacy and safety of the vaccine and ultimately decided to opt for India’s Bharat Biotech. Such outcomes will help India position itself as the more responsible global power. Simply put, India has a longer track record of supplying medicines and vaccines to the rest of the world, especially to low- and middleincome countries. Nevertheless, China has one big advantage over nearly every other country: It has largely been able to control the pandemic within its borders, and its economy is mostly back on track. That means China can potentially devote more diplomatic attention and resources to its global vaccine outreach. However, unlike India, there is little transparency about the safety or efficacy of Chinese vaccines. Vaccines are the single most powerful health interventions developed by modern medicine. Universal, equitable, and affordable supply of vaccines for low- and middle-income countries are needed more than ever. In past epidemics, such as the H1N1 influenza, many developing countries were on the outside looking in when it came to access. India is now on the inside, and it can play a crucial role in health and safety in an increasingly interdependent world. Originally published in The Foreign Policy, republished with permission from the author.

Professor Harsh V Pant is Director, Studies and Head of the Strategic Studies Programme at Observer Research Foundation, New Delhi. He holds a joint appointment with the Department of Defence Studies and King’s India Institute as Professor of International Relations at King’s College London. Professor Pant has been a Visiting Professor at the Indian Institute of Management, Bangalore; a Visiting Fellow at the Center for the Advanced Study of India, University of Pennsylvania; a Visiting Scholar at the Center for International Peace and Security Studies, McGill University; and an Emerging Leaders Fellow at the Australia-India Institute, University of Melbourne. Professor Pant’s current research is focused on Asian security issues.


NUMBERSPEAK: Trade Update

New Zealand’s bilateral trade with India : How did it fare during the COVID-19 pandemic and global recession? Despite the decline in bilateral trade between India and New Zealand, Dr. Rahul Sen, Senior Lecturer, School of Economics, Faculty of Business, Economics and Law at Auckland University of Technology writes about the significant scope for expansion and diversification for businesses involved in New Zealand-India bilateral trade in goods.

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ew Zealand’s trade relationship with India has been strong and growing, but has declined during the pandemic and the onset of the global recession, accompanied by a sharp decline in import demand in India, as well as border restrictions on travel and related business services. As of the September 2020 quarter, India was the 9th largest export destination and 12th largest import source for New Zealand’s total exports and imports of goods and services respectively. India was the 5th largest destination for New Zealand’s commercial services exports after Australia, US, China and the EU-28, and the 7th largest import source for its commercial services imports. As at year-end September 2020, India was New Zealand’s 11th largest trading partner based on total trade in goods and services, with a two-way total trade valued at $ 2.4 billion, out of which exports were worth $ 1.4 billion.

This was about $ 0.2 billion lower compared to a year ago. Figure 1 showing the trend of bilateral trade flows since 2015 suggests that the decline in bilateral trade between New Zealand and India over 2019-2020 due to the onset of the global pandemic, was largely led by that of goods exports (which declined by $ 181 million), followed by goods imports (a decline of $ 56 million), with services exports also falling by $ 35 million year on year. Bilateral services imports however, increased by about $ 68 million during the same period.

Exports

New Zealand’s exports to India have been heavily concentrated in a few product categories. The top 10 goods exported from New Zealand to India as of Year end September 2020 constituted 86.4% of New Zealand’s total exports to India. The top commodity item of exports

was Wood consisting of Logs and Forestry products ($ 117 million), followed by Wood Pulp ($ 58 million), Edible Fruit and Nuts ($ 56 million), Confidential items ($ 50 million), and Wool ($ 39 million). In terms of change in value of exports to India as of year end September 2019, the largest increases were noted in Optical, medical and measuring equipment (up by $ 22 million from a year ago), mainly due to the spike in demand following the onset of the pandemic, and followed by Fruit and Nuts (up by $ 9 million) and Wool and Dairy (both up by $ 7 million).

Imports

New Zealand’s imports from India have not been highly concentrated in a few product categories compared to its exports in the past, and a similar trend continues to persist. The value of imports in terms of c.i.f. (costs, insurance, freight) has decreased by $ 56 million as at year end September 2020, compared to a year ago. The top 10 goods imported by New Zealand from India during this period constituted about 52% of New Zealand’s total imports from India. The top commodity item of imports was Pharmaceuticals/ Medications ($ 82 million), followed by Precious Metals and Gems ($ 47 million), Textiles ($ 47 million), and Machinery Equipment and Parts ($ 45 million) . In terms of change in value of imports from India, the largest increases were noted in Pharmaceuticals (up by $ 9 million from a year ago); followed by

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Machinery Equipment and Parts (up by $ 3 million). The largest decreases in import values during this period were noted in imports of Motor Vehicles and Parts (down by $ 14 million); followed by Electrical Machinery and Equipment (down by $ 4 million) and Precious Metals and Gems, Textiles and Plastics (all down by $ 3 million each).

Table 1 New Zealand-India Exports of Commercial Services by Industry as at Year ended September 2020 compared to 2019

Trade in Commercial Services

Exports of Commercial Services decreased by $ 35 million from $ 958 million to $ 923 million over September 2019-2020. In contrast, Imports of Commercial Services increased during the same period by $ 68 million from $ 252 million to $ 320 million. On the Export side, 96% of commercial services exports to India have been Travel related, with 80% of total commercial services exports being accounted for by Education related travel, whose share increased by 3% in year-end September 2020 compared to a year ago. Other Personal Travel related services decreased its share to 17% during this period, compared to 19% a year ago. Business Travel Service exports were also down by more than $ 10 million, during this period (Table 1).

On the Import side, 74% of commercial services imports from India have been Travel related, with 70% of total commercial services imports being accounted for by Other Personal Travel, whose share increased by 10% in year-end September 2020 compared to a year ago. This was primarily due to repatriation flights for Indian citizens returning back to New Zealand during the The data trend historically suggests pandemic. Telecommunication and that bilateral service exports IT related services constituted 11% expansion between the two countries of total service imports sourced from has been led by Education related India (down by 2.5% compared to a travel services in recent years, year ago), followed by Other business accounting for nearly 50% of total services (10.6%). value of bilateral exports between New Zealand and India, It is notable While being low in value ($ 9 that while Other Personal Travel million), Business Travel services related service exports decreased by constituted 2.8% of bilateral service $ 20 million, the same period saw an imports during this period. This increase in Education related Travel suggests that bilateral service service exports by $ 10 million during imports between the two countries this period. The net decline in total have been largely led by personal bilateral commercial services exports travel services in recent years, and during this period was therefore COVID related repatriation travel primarily due to that of Other from New Zealand to India over the Personal Travel Service exports from last year ended September 2020. New Zealand to India.

Dr. Rahul Sen Senior Lecturer, School of Economics

Overall, the trade data available so far suggests that bilateral trade between New Zealand and India has been severely affected by the pandemic, with volume of two-way trade reaching levels lower than that in year-end September 2015, driven by a significant drop in merchandise trade. With India opting out of RCEP, and also going for a growth strategy based on self-reliance and foreign investment partnerships (Atmanirbhar Bharat Abhiyan (ABA), there is significant scope for expansion and diversification for businesses involved in New Zealand-India bilateral trade in goods. Further, it is evident that prolonged border closures due to COVID-19 has significantly affected travel exports (both for personal and education purposes), a major contributor to bilateral service trade between the two countries, which is also likely to yield negative ramifications for tourism and education services exports overall for the New Zealand economy.

The author is Senior Lecturer, School of Economics, Faculty of Business, Economics and Law at Auckland University of Technology (AUT) and Fellow, New-Zealand India Research Institute (NZIRI), Wellington


Opinion: Kevin Jenkins

Stories from the frontline: One year on, supply chain issues still persist in New Zealand Kevin Jenkins, Founder of MartinJenkins talks to people on the ground about their supply chain issues. He speaks to business owners and leaders about supply shock and whether supply chains are still messy and disorganised. We’ve all been impressed at how fast a range of Covid-19 vaccines have been developed. It’s shown that while regulatory checks and balances are critical to good science and consumer wellbeing, they don’t have to involve long development times if a sense of urgency drives the work and enough money is made available. But distributing the vaccines may be another matter. It’s going to be vital that vaccine supply-chain problems are resolved quickly.

Broken links in global supply chains

bookings less than eight weeks out. There’s lots of uncertainty, with bookings changing regularly, and no guarantees they’ll be rolled over to the next sailing. Several months ago Rosemarie Dawson, CEO of the Customs Brokers and Freight Forwarders Federation (CBAFF), described how shipping companies had reduced capacity when China shut down due to Covid19 but were then hit by a surge in consumer demand (CBAFF release, 29 October 2020). Capacity was squeezed and some shippers began bypassing New Zealand.

materials. Another friend employs several hundred people in Auckland manufacturing products for the building industry, and they rely on imported materials like polished stone. He told me the following story – which he said was typical: “A ship arrived at the Port of Auckland where Covid-related issues are exacerbated by the port’s automation project. The ship sat in the Gulf for a week then decided to sail to Tauranga, where our materials were unloaded. However, they took another week to arrive at our factory back in Auckland. Meantime our customers are angry because their product is late, and even worse we haven’t been able to give them any updates.”

The shipping companies are also charging him detention Supply-chain problems have More recently, Rosemarie was fees, adding more costs to his become high-profile recently – quoted saying firms are being operation. Meanwhile he says his appliances taking months to arrive charged “detention fees” – $8,000 export business to Australia is for example. in one example – when they failed “dead” because freight rates have to return empty containers on time, doubled or tripled and are no longer I wrote about some early supplydespite there being no room for them economic. chain issues in the NZ Herald nearly a year ago (“Feed the backs”, 26 April to be dropped off at the shippers’ At the other end of the supply 2020), sharing stories from a group of storage facilities (Radio NZ, 23 chain is the product my Auckland us in business who banded together February). manufacturing mate has in Sweden for mutual support in the depths of Sometimes these extra costs waiting to be shipped here: the the Level 4 Lockdown. I checked in will be passed on to consumers suppliers can’t get containers for a with some of my mates recently to in higher prices, while sometimes few more weeks, holding up work see what has changed. they will put firms at risk by in his factory. He told me: “This is a global phenomenon where you They told me things have gotten forcing them to absorb ruinous loss of margins. Firms are also can’t get containers going in the right worse in some areas. For example, incurring extra costs from having to directions anymore. Global freight in-bound freight into Tauranga has arrangements are messed up.” ramped up, creating congestion, and hold backup stock, manage multiple suppliers, or manufacture inputs longer delays in getting containers It’s frustrating for him: railed to Auckland’s inland MetroPort. onshore. there’s high demand from the The uplift of containers from construction industry, but supply MetroPort is also taking longer – 14 Stories from the frontline side problems prevent him days isn’t unusual. A property developer mate of meeting it. He sees this driving mine in Auckland recently grumbled a slowdown across the economy As for exports, rail transit times to me about how it’s getting harder this year. have increased significantly. Some and harder to source stainless shipping lines now won’t take steel screws and other key building 14 | KiaOra India | Mar 2021 INZBC.ORG


A third friend of mine manufactures and trades in food-processing equipment. In mid-February he heard welcome news: the kit he’d ordered from Europe for a client – a machine worth half a million Euros – had now arrived and would be released in two days. He quickly let his client know and she got excited about soon being able to deliver for her own clients using the new machine. But two days later the kit hadn’t arrived – it turned out the original notice was based on what was planned, not what happened. The latest delivery date became mid-March. “An embarrassing shambles” were my friend’s words. His export business is at risk too. He had a consignment booked on a ship

to Australia but this was cancelled, with no alternative in sight.

equivalent of local trucking firms. Rosemarie Dawson of CBAFF noted recently that New Zealand has seen about 20 fewer vessel visits in the last What the future holds few months (Sunday Star-Times, 21 Some commentators predict that February). things will return to the pre-Covid Of course, not all solutions normal by June this year, while others will create new problems. New think it’ll take a lot longer. Some say things won’t get back to normal at all, technologies like 3D printing and AR/ because of underlying risks that have VR may allow New Zealand firms to find ways to restore or even increase been exposed. pre-Covid levels of profitability. Some shippers are now treating Supply chain problems have New Zealand like the Pacific sparked a lot of innovation here Islands, with Australia a hub for and globally, but New Zealand is larger ships and freight being an open, trading nation. Let’s hope shipped on in smaller vessels. supply problems ease before they The larger players may even start to have a serious impact on our abandon New Zealand, with smaller economy. trans-Tasman lines becoming the

Kevin Jenkins Founder, Martin Jenkins

Kevin Jenkins is a Founder of professional services firm MartinJenkins, a Contributor to the NZ Herald, and a panellist at the 2021 India NZ Business Council Summit.

Proud to support the INZBC Summit 2021 as part of our work growing New Zealanders’ knowledge and understanding of Asia.

www.asianz.org.nz


IBnudsui ns tersys Si n p otthl ei g Ph at :c iSfpi co r t s

A new ball game: Table tennis, shooting & Esports are having a mainstream moment In a world where social distancing is the norm, sports like table tennis, shooting and Esports are the real winners as capital and marketing spend gets redirected to less popular sports. In an interview with KiaOra India’s Priti Garude, CricHQ New Zealand, CEO for South Asia, Sreedhar Venkatram shares his thoughts on the recovery path for the global sports industry.

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here’s a first time for everything. Who would have thought records would be broken or that 5 wicket hauls would be celebrated in an empty or near to empty stadium. However, that’s precisely what Australian cricketer, Aaron Finch and Indian bowler, Ravichandran Ashwin would have experienced in their recent cricket matches that were held in our new normal - an era of sports without a live audience. Lockdown 4.0 in New Zealand and a series of continued restrictions in India have led to individual teams playing behind closed doors. Loud echoes that are normally reserved for cricket grounds were now witnessed only by television screens. The spread of COVID-19 has put many sports and other associated industries on the back seat. Match cancellations, lack of broadcasting revenue, drop in sports betting, membership fees and ticketing revenue, has had a devastating impact on the bottom line of many sporting organisations. According to a KPMG report, European football clubs reported a loss of around 4 billion euros (3.59 billion pounds) in revenue. Back home, NZ Cricket has budgeted a loss of $3.5 million in the year ending 31 July 2021, as a result of cancelled international tours as well as management of government mandated health protocols during matches.

Grassroot organisations take a hit

The resultant domino effect has also affected local clubs and smaller grassroots organisations who operate on a shoestring budget and are usually reliant

on national bodies to provide support. Talking about the impact of COVID on the sports sector, Sreedhar Venkatram, CEO South Asia, Cric HQ said, “The one worry is how badly COVID has affected the grassroot organisations. (We need to figure out) how the National Governing Bodies can subsidize them and make them vibrant so future generations can grow up engaging in sports which lay the foundation for their health and wellbeing. The COVID-19 pandemic has had a major effect on the entire sector affecting those who participate and the organisations that provide play, active recreation and sport services.” National organisations in many countries have provided relief to the sector. Sport NZ provided initial relief funding as well as pandemic management support and advice to the sector. In July 2020, the New Zealand government announced a $80 million sports recovery package of which $10 million was allocated for community resilience by Sports NZ.

Subsidiary industries take a hit

Cricket clubs and organisations are not the only ones affected by the cancellation of matches. Subsidiary industries like hospitality, tourism and manufacturing also took a hit due to the lack of sporting events. The Rs. 2000 crore sporting industry in India was severely impacted. According to the Secretary of the Sports Goods Export Promotion Council (SGEPC), the city of Meerut based in Indian state of Uttar Pradesh, which produces about 45% of exported sports goods, was expected to have lost at least Rs 200 crore in April 2020.

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These financial ramifications raise questions around how governments can help support existing sporting organisations and their subsidiary industries. Sreedhar who is also the Executive Committee member of India NZ Business Council suggests, “Some countries are using sports as a tool to promote domestic sports tourism. America’s Cup in Auckland is an example of this. It provided a major boost to the Auckland hospitality sector. ”

Lesser known sports for the win

A surprisingly positive outcome of the pandemic is the shift in spotlight on lesser known sports. Just like football is revered in Europe, cricket is as good as a religion in India. However, the lack of matches and cancellations of cricket or football tournaments has resulted in millions of followers shifting their attention to other types of sporting entertainment.

revenues, however the COVID-19 reduced their sources of revenue and the restrictions forced them to think of innovative ways to engage with their audiences.

Looking ahead

As in other industries, COVID-19 has worked as a catalyst to accelerate technological change. During the This change in audience behaviour, according to pandemic, the sports industry developed innovative Sreedhar, will result in creating an strategies to resume the season interdependence of sports. He said, and bring entertainment to their “Interdependence will increase audience’s screens. Whether it was In India, the COVID-19 and a great example of that is in through virtual seats in the NBA lockdown has surprisingly Spain, where governing bodies or immersive technologies such diversified participation of both La-Liga and FA agreed to as fake crowd noises, or the use in sporting events with distribute a part of their commercial of Bluetooth bands as in the IPL shooting and other income to other smaller Olympic to alert players about proximity, individual events picking and non-Olympic games. Such the pandemic has given us a up, ending the sole realignments will happen across glimpse into what the future of dependence on cricket. the globe. In India, the COVIDsports may look like. Such diversifications will 19 lockdown has surprisingly promote newer games, diversified participation in sporting A study conducted by boosting revenues, which events with shooting and other PricewaterhouseCoopers (PwC) in turn will mitigate the individual events picking up, ending reported a tremendous growth in losses and put the sporting the sole dependence on cricket. Esports and video games during and partner industries on Such diversifications will promote the initial months of COVID-19 a recovery path. newer games, boosting revenues, era. Esports streaming platforms which in turn will mitigate the losses reported a surge in growth during and put the sporting and partner the months of March and April, industries on a recovery path.” with a 20% increase in usage hours and 75% increase in gaming traffic during peak hours. A perfect example of this, is the redistribution of capital which was till now only limited to major sporting Commenting on the recovery post COVID, Sreedhar events. He stated, “This is evident in how betting concluded, “Globally, we have already seen innovative operators changed their wagering options, after top-level ways of fans being able to get closer to players through international sporting events were cancelled in March more personalised interviews and creative camera 2020. Sportsbook presented a 90% drop in amounts angles, in both change rooms and on the field. The wagered, but the betting market did not completely sports ecosystem will resurface with new vigor and evaporate. By the end of May 2020, ESPN reported a all stakeholders will have a role to play in it. The post steep increase in betting on table tennis.” COVID sporting world will not be one laden with fear and apprehensions. Instead it will be ripe with experience Sports broadcasters primarily rely on live events and confidence helping to cope better from similar crises to sustain their business, attract viewership and earn arising in the future.”

Sreedhar Venkatram CEO- South Asia, CricHQ New Zealand

Sreedhar Venkatram is the CEO - South Asia, for CricHQ New Zealand, a digital platform for sport which combines competition management and administration software with live scoring and statistics for cricket clubs.


Feature: India Budget Analysis

Indian Union Budget focuses on healthcare spending & infrastructure growth KiaOra India looks at some of the important focus areas under the six pillars announced in the budget.

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inance Minister of India, Nirmala Sitharaman presented the first ever digital Union budget on February 1, 2021. In the wake of the worst humanitarian and economic crisis faced in modern history, Sitharaman stated that while the fight against COVID-19 continues, this moment in history is the dawn of a new era – one in which India is well-poised to truly be the land of promise and hope. Presenting her third Union budget, Sitharaman proposed a slew of measures to aid the recovery of an economy hit by the pandemic. It contains schemes to continue empowering multiple sectors of the economy and sections of the society given the unprecedented contraction triggered by the global pandemic.

She outlined the mitigatory schemes that have been implemented so far in India which includes the Atmanirbhar Bharat Scheme and the Pradhan Mantri Garib Kalyan Yojana which provided food grains to 800mn beneficiaries as well as free cooking gas and cash for the needy. The Finance Minister proposed that this year’s budget rested on six pillars - Health and Wellbeing, Physical & Financial Capital, and Infrastructure, Inclusive Development for Aspirational India, Reinvigorating Human Capital, Innovation and R&D and Minimum Government and Maximum Governance.


INZBC.ORG

Mar 2021 | KiaOra India | 19


Feature: India Budget Analysis

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Industry analysis Strategy Economic analysis Business cases Regulation & public policy Organisational performance

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Budget provides an impetus to growth - CII Bold and pragmatic, the Union Budget for 2020-21 is set to springboard the country towards economic growth with investments in infrastructure, textile as well as reduction in compliance burden on MSMEs, according to the Director General of the Confederation of Indian Industry (CII), Chandarjit Banerjee.

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iven the extraordinary situation arising from the pandemic ravaged economy, Union Budget 2020-21 was widely expected to announce radical and transformative steps which would resuscitate the economy and bring it back to the growth path. Industry was expecting a clear focus on demand revival measures, infrastructure development, higher allocation on healthcare, no new taxes and cesses and provision of a conducive environment for business. On these counts, Budget 2021-22 has delivered to a great extent. The standout feature of the Budget is the Government’s intent to ramp up investment in infrastructure. Considering its significant multiplier effects, infrastructure investment is considered as a springboard for economic growth. The National Infrastructure Pipeline (NIP), created in 2019, serves as a building block on which the edifice of further infrastructure development is envisaged in the Budget. NIP now has a pipeline of 7400 projects which will require to be funded by both the government and the private sector. The increased allocation for highways, railways and ports would contribute significantly towards reducing the cost of doing business. This will speed up the creation of world class infrastructure which in turn would enhance our manufacturing and export competitiveness, reduce logistics cost and in the process shore up economic growth. It is also worth mentioning that seven projects worth more than US$ 276* million will be offered by major ports on public private partnership mode in FY21-22. This will bring more investment under the PPP

mode. Also, it will lead to effective operational management of ports. This move will also greatly help in ease of doing business as it would reduce the dwell time as well as transaction cost due to modernized and well managed port systems. It is hoped that the government will bring a policy to develop a National Shipping Line to take a major share of India’s exim trade. The crisis has also hastened the move towards augmenting agriinfrastructure for which funds would be generated by the levy of agriculture Infrastructure and Development Cess. Improved agriinfrastructure would facilitate

The standout feature of the Budget is the Government’s intent to ramp up investment in infrastructure. a rise in agri-production while also helping in conservation and efficient processing of agricultural output resulting in enhanced remuneration to farmers. The scope of ‘Operation Greens Scheme’ would also be enlarged to include 22 perishable products. This would boost value addition in agriculture and push up exports. The incentives announced for fisheries would also result in realizing our untapped export potential in the fishery sector. The Mega Investment Textiles Parks (MITRA) scheme, which envisages setting up of seven Parks in three years, is another laudable initiative in the direction of making India’s textile sector a manufacturing and global hub. Allocations have been made to help create world-class infrastructure with plug-and-play

Chandrajit Banerjee Director General, Confederation of Indian Industry (CII)

facilities within the Parks for enabling India’s textile industry to become an integral part of the global supply chain. The scheme will help attract investment, create demand, bring in cutting edge technology and promote employment in the textile sector. The economies of scale developed by units in the Park would create global export champions in the sector and effectively compete with the South Asian and South East Asian economies.The reassurance provided to the MSME sector is noteworthy. To aid recovery and strengthen the sector, the Union Budget has more than doubled the financial support to M SMEs. Further, the proposal to increase the threshold for capitalization from not exceeding US$ 66,666 to US$ 0.27 million and turnover not exceeding from US$ 0.27 million US$ 2.67 million for definition of small companies, will reduce compliance burden on more than 0.2 million smaller companies and improve the productivity of the sector. The Budget also addressed the concerns of start-ups, announced a scrappage policy for automobiles, delineated the disinvestment roadmap and flagged asset monetization. It heightened the focus on ensuring simplification, predictability and stability in tax policy, customs duty rationalization, financial sector reform and inclusion, promoting ease of doing business, steps to increase India’s involvement in global value chains etc. Overall, it is a bold and pragmatic Budget which would unleash the animal spirits of entrepreneurs and investors and help us to resume our journey towards the US$ 5 trillion economy in near future.

Chandrajit Banerjee is the Director General of the Confederation of Indian Industry (CII). CII is India’s apex industry organisation, proactively enhancing the competitiveness of Indian Industry. He has been with the CII for over 33 years and has served as its Director General since 2008. In this post, he is responsible for the overall operations of CII.


Feature: India Budget Analysis

Budget 2021 -22 lays the foundation for a New India: FICCI With this union budget, the Indian government is sending out clear signals that it is ready for the next decade, according to Manish Singhal, Deputy Secretary General at FICCI.

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Union Budget in India is like a Festival of sorts as it’s much more than a budget as we call it. It’s a combination of State of the Union address, plus an account of the Government’s financial performance, plus, more importantly, a vision statement for the next decade. With such a holistic view of the economy, it also is perhaps the ‘biggest challenge for any Indian finance Minister, to keep both pessimists and optimists satisfied’, as some people say. Indian Union Budget 2021, the first paperless one in the history of independent India, has been proclaimed as one of the landmark Budgets. In many ways, it serves as a blueprint meant to prepare India to take its rightful place in the new global order. The announcements remain aligned to the policy course seen over the last year to deal with the pandemic while keeping the broad vision of creating a ‘New SelfReliant India’ intact. FICCI believes that the Indian government has done a laudable balancing job in addressing both the health and economic crisis.

minimum government - maximum governance. The post-COVID world offers India the unique opportunity to become self-reliant and evolve into a global hub for business. We believe that this budget throws up huge opportunities for investors especially in areas like healthcare, infrastructure, Emerging technologies, Startups and insurance. New Zealand can be an ideal strategic partner for India in its journey to achieve a transformative and inclusive economic growth.

This was ratified by the unprecedented surge in our stock markets, achieving all-time highs. At the same time, economic activity is gaining traction and most of the sectors have moved closer to pre-covid operating levels.

This comes on the back of an attractive corporate tax rate of 15% This was ratified by the for new manufacturing companies unprecedented surge in our stock and the PLI (Production Linked markets, achieving all-time highs. Incentive) schemes. The scheme will At the same time, economic activity make “Indian manufacturers globally is gaining traction and most of competitive, attract investment in the sectors have moved closer to the areas of core competency and pre-covid operating levels. The rapid cutting-edge technology”. FICCI vaccination drive is supporting the believes this move will lead to more V-shaped recovery and is expected to inclusive growth and shall create keep the momentum going in most huge employment opportunities. sectors. With global supply chains undergoing a strategic shift, India must grasp the Our Prime Minister’s vision opportunity with alacrity. There are of an “AatmaNirbhar Bharat”, global value chains that are looking in a globalised economy, was to shift to India, and New Zealand commendably augmented by our can explore Indian market in every Finance Minister Ms. Sitharaman, aspect of economic engagement. by presenting the budget proposals India-New Zealand economic on six pillars – health and wellbeing, cooperation has enormous potential physical and financial capital for growth, which can bring great and infrastructure, inclusive economic and strategic benefits development for aspirational to both nations. New Zealand can India, reinvigorating human consider scaling up their niche capital, innovation and R&D, and technologies in India, for supplying

to the large Indian market and to the world.The healthcare sector was at the focal point in the past one year. The increased total budget outlay for healthcare is a big step for strengthening the delivery system and building better capability and capacity to address the current challenges as well as combat any future pandemics. FICCI is happy to note this budgetary allocation for the healthcare/ well-being sector – which marks a 137% year on year increase and sets a historic precedent by being the highest ever. India and New Zealand can partner for innovations & affordable technologies in the healthcare sector. The 2 countries can also collaborate in research programs between Institutes for healthcare and medicine focussing on vaccine development, therapeutics and diagnostics. New Zealand can also consider investment opportunities to develop hospital chains and diagnostic labs in India. Furthermore in the budget 2021, the emphasis on infrastructure, transport in urban areas, affordable and rental housing will have a compounding effect on the economy. We are happy to see that the government has laid emphasis on garnering adequate capital resources for the sector in the Union Budget. The announcement to set up a Development Finance Institution is welcome and has been a long-standing demand from FICCI. India and New Zealand can work together on infrastructure financing with opportunities to tap into funding required for development projects available under NIP in India over the next 5 years. The increase in the FDI cap from 49% to 74% in the insurance sector will also help draw long term funds for meeting the investment requirements of the infrastructure sector. In addition, the announcement to set up a new special purpose Asset Reconstruction

22 | KiaOra India | Mar 2021 INZBC.ORG


and Management Company (AMC) that will take over stressed assets from the banking system and focus on recovery or rehabilitation of these assets is step in right direction. FICCI has long advocated the need to set up a National Asset Management Company. The significant push to building digital infrastructure and digitisation across both the private and public sector is welcome. The proposed investments towards harnessing emerging technologies such as analytics, artificial intelligence (AI) and machine learning (ML) will aid creation of new opportunities that can help propel India as an intellectual tech hub for global markets. Different tech-enabled services like fintech, ed-tech, pharma and e-commerce are

gaining momentum in India due to increased funding and supportive policies. India and New Zealand can collaborate in digital space using these emerging technologies which will create mutually complementary partnerships, including setting up global innovation centres and data centres. Additionally, the support of the government to the agriculture sector through collateral free automatic loans, equity infusion through fund of funds, the much-awaited change in definition of MSMEs, timely release of payments by CPSEs has been extraordinary. Usually the reforms process in India does not start or end with a Union Budget. Hence, we were hoping to see a set of announcements for the hospitality/ tourism sectors going forward. These

Manish Singhal Deputy Secretary General, Federation of Indian Chambers of Commerce & Industry (FICCI)

Emerald Lake, Ooty, Tamil Nadu, India

sectors are significant contributors to the country’ GDP and are highly employment generating too. Tourism and aviation have always been the focus sectors of cooperation between India and New Zealand as well. All in all, this Budget has generated a highly positive sentiment. India is currently positioned as one of the most major players in the global economic landscape, which will drive global economic recovery going forward. Our trade policies, reforms processes and inherent economic strengths have contributed to our becoming one of the most sought-after destinations for foreign investments in the world even during the pandemic year. Surely the next decade is ours!

Manish has been with FICCI since 2012 and oversees the global outreach of FICCI, Resource Conservation &Management (RCM) and FICCI Quality Forum (FQF) Divisions. Prior to FICCI, he has spent over 22 years with some of the best in class Indian transnational companies like Tata Motors, Eicher (Volvo), Tata Autocomp Systems, Moser Baer and BEML.


Analysis: Economic Contribution of NZ Indians

Indians contribute $10B to the NZ economy: Highlights from the report on ‘Economic Contribution of NZ Indians’ Commissioned and published by the Waitakere Indian Association (WIA1), the report on ‘Economic Contribution of NZ Indians – $10 Billion and Rising’ outlines findings from descriptive research conducted to better understand the economic role and contribution of New Zealand Indian to the country’s economy. It calls attention to the rapid growth of the Indian diaspora and its $10 billion on the NZ economy. Take a look at some of the highlights.

INDIANS CONTRIBUTE $10B TO THE NZ ECONOMY IN 2019 Indians are a growing part of New Zealand’s diverse population and their contribution to the New Zealand economy is substantial and significant. The report attributes an estimated $10b of GDP in 2019, or 3.3% of the total GDP, to Indian workers, entrepreneurs and investors. While their contribution is less than it could be, due to skills mismatches and lower incomes, this mismatch has

NZ INDIANS CONTRIBUTED $10B OF GDP IN 2019, AND VISITING INDIANS ANOTHER $0.8B While most Indians still do prefer paid employment over being self-employed or an entrepreneur, the report highlights the trends of entrepreneurship among Indians has increased as compared to the rest of the country.

INDIANS IN NZ ACCOUNTED FOR $10B OF GDP IN 2019, OR 3.3% been reducing over time. Reducing barriers for recent migrants will be better for NZ Indians and New Zealand.A further $825m was contributed by visiting Indians, through international education and tourism. 68, 000 Indian tourists contributed around $180 million to the NZ economy. 15, 300 international Indian students are worth around $645 million of spending in the economy per year. LOW BUT RISING ENTREPRENEURSHIP 10% of Indians are either self-employed or employers.

INDIANS’ ECONOMIC CONNECTION IS INCREASINGLY AS AN EMPLOYEE EVEN THOUGH INDIANS MAKE UP AN INCREASING SHARE OF ENTREPRENEURS

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Indians are more likely to work in some sectors than others. It is interesting to note how the industries that Indians have worked in has changed over a period of time. In 2001, the percentage of Indians working in government, real estate or retail was much higher than it is now. Alternatively, there are more Indians working in professional service and sales now, than 20 years ago. On an average, it appears Indian are moving more towards higher paying industries and professions. This may not be universally true however, it can be surmised based on the statistic that 56% of Indians hold post-school qualifications, 1.6 times the national average. CONCLUSION

INDIANS’ ECONOMIC CONNECTION IS INCREASINGLY AS AN EMPLOYEE EVEN THOUGH INDIANS MAKE UP AN INCREASING SHARE OF ENTREPRENEURS

In conclusion, the report highlights that right now, skills and qualifications of Indians are not yet put to best economic use. The barriers to ‘migrant settlement’ need to be reduced, in order for there to be a greater impact to the NZ Indians as well as New Zealand as a whole. All information is sourced from the report “Economic Contribution of NZ Indians - $10 Billion and Rising”, published by the Waitakere Indian Association

Shamubeel Eaqub CFA, Sense. Partners Author of the report, “Economic Contribution of NZ Indians - $10 Billion and Rising”

INDIANS ARE MORE LIKELY TO WORK IN SOME INDUSTRIES THAN OTHERS

INDIANS LESS LIKELY TO BE IN ENTREPRENEURSHIP

Shamubeel Eaqub is an experienced economist who makes economics easy. He is an author, media commentator and a thought leading public speaker. Message from the author: “Indians are an important and growing part of New Zealand’s diverse population. 240,000 people of Indian ethnicity in New Zealand made up 5% of the population in 2019, up from 2% in 2001. Indian migrants’ economic contribution is a success story. They contributed $10b to our $303b economy in 2019. They are well educated, in their prime working age, more likely to be in work, and over time have been progressively moving into better paid industries and occupation. They are becoming more likely to be entrepreneurs too. Many recent migrants face difficulty in getting jobs suited to their qualifications and skills. Indians face the same hurdles. Indians represent a significant economic resource and contributor. They are being underutilised. The more we can do to tap into the potential of the young and well qualified Indians in New Zealand, the more they and New Zealand will benefit.”


Feature: Invest India

New Zealand businesses invest in ‘Make in India’ initiative A union budget that focuses on reforms and improved investment sentiments, the team at Invest India break down the plethora of investment opportunities available for New Zealand business in India.

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ndia and New Zealand’s relationship dates to the 1800s when many Indians moved and settled in Christchurch. Today, there are more than 220,000 New Zealanders who trace back their history to Indian origin. The growing relationship between the two countries is deepened by the common interest in prosperity and stability in the Indo-Pacific region.

More recently, this figure has grown to cross the NZ$3 Bn mark. The industrial ties between India & New Zealand indicate the collaboration on natural specialties of the two states i.e. tourism (NZ), Animal Husbandry & Dairy (India & NZ), Healthcare & Pharma (India & Pharma), and IT-BPM (India).

In context to the economic and Over the years, India has become trade relations – India and New The recently announced New Zealand’s largest market Zealand, have explored measures Union Budget 2021in South and Southeast Asia for desiring to promote and expand 22 includes a focus on goods and services; whilst also mutually beneficial trade and several sectors with a becoming its 7th largest market commerce between the two strong intent of reforms globally. Furthermore, several New countries, but more recently, the two and improve investment Zealand companies such as Rakon, governments have taken a renewed sentiments. Glidepath, RML Engineering, and interest in expanding their ties and more have taken the Indian government’s invitation New Zealand has made India relationship a priority. to “Make in India” and have invested towards Additionally, New Zealand has also identified India as a priority country in its Opening Door to India Policy, 2015. establishing operations in India. The relationship between India and New Zealand has been growing steadily thus. Allied by shared interests and opportunities, India and New Zealand’s relationship has continued to grow over It was May 2020, in the wake of the COVID-19 the past few decades. Both countries have maintained pandemic, that the Government of New Zealand a keen interest in trading with each other. In 2016, unveiled its Budget 2020-2021, ‘Rebuilding Together’ India was New Zealand’s 10th largest trading partner which also established a NZ$50 Bn COVID-19 Response with trade in goods and services totaling more than and Recovery Fund (CRRF) intended to support the NZ$2.5 Bn. Exports to India were more than NZ$1.7 Bn economy and hasten the recovery. Marrying the vision and imports to New Zealand were worth NZ$821 Mn. 26 | KiaOra India | Mar 2021 INZBC.ORG


will handhold investors and aim to improve Ease of Doing Business to spur sectoral and economic growth

& efforts of New Zealand to promote the industry with those of India to continue supporting global commercial machinery is a preference ingenious. The Government of India has put a noteworthy emphasis on domestic manufacturing and the growth of economic activities in the country. The recently announced Union Budget 2021-22 includes a focus on several sectors with a strong intent of reforms and improve investment sentiments. •

Healthcare and Infrastructure sector witnessed an increase in spend allocation for amenities development. India has allocated INR 35000 Crore for Covid-19 vaccine manufacturing and launched initiatives like Swastha Bharat Yojana and Mission Poshan 2.0 for improved health and well-being.

In Agriculture & Fisheries sector, a multipurpose Seaweed Park will be set up in Tamil Nadu state to promote seaweed cultivation. Additionally, the government also prioritizes the development of inland fishing harbors and fish-landing centers along the banks of rivers and waterways.

In Food Processing, to boost the value addition in agriculture and allied products, the scope of Operation Greens scheme will now be extended to include 22 perishable crops.

The Renewable Energy sector got a capital infusion of INR 2500 Crores and National Hydrogen Mission was announced to generate hydrogen from green sources.

This Union Budget also improved ease of doing business and access to credit by setting-up of Development Finance Institution. In the mold of being self-reliant & self-sufficient, AatmaNirbhar Bharat Abhiyaan has been launched by the honorable Prime Minister of India – Sh. Narendra Modi – to support the world out of Covid-19 induced industrial crisis and revive every sphere of the global economy. The Government of India also brought in some measures to provide the central level incentives: •

Production Linked Incentive (PLI) schemes with a budgetary outlay of INR 1.97 Lakh Crores to boost local manufacturing in 13 sectors and integrate with the global supply chain over the next 5 years starting from the fiscal year 2021-22

Empowered Group of Secretaries (E-GOS) on Investment was constituted on the direction of the Union Cabinet, an Empowered Group of Secretaries to promote investments and Ease of Doing Business in the country. The Group will supervise Project Development Cells set up across Central Government Ministries

Project Development Cells (PDC) have been constituted in Ministries/Departments to create a shelf of readily investible projects. PDCs

National Infrastructure Pipeline (NIP) The NIP encapsulates infrastructure development across key sectors (such as energy, railways, roads, irrigation, etc.) in India with investments of US$ 1.4 trillion planned between 2019 and 2025 and a 21% share of private investments

Easing of Norms for Foreign Investment in Startups by Reserve Bank of India (RBI). The banking regulator said that any Foreign Venture Capital Investors (FVCI) which is registered under the Securities and Exchange Board of India (Sebi) Regulations can invest in equity or equity-linked instrument or debt instrument issued by an Indian ‘start-up’ irrespective of the sector in which the start-up is engaged. They will not require any approval from RBI.

Being the fastest growing economy, India holds a plethora of significant opportunities to look forward to for further investment and strengthening the relationship between India and New Zealand. Be it through focusing on the tourism, sporting links, and air industry, or through the emerging sectors of collaboration such as education & sports, which will pose significant benefits in various business sectors and the overall trade relationship between India and New Zealand. In the words of PM Modi to PM Ardern, “We [India] look forward to working together for taking India-NZ relationship to a higher level.”

Mr. Agrim Aggarwal Investment Specialist – BFSI & Oceania, Invest India

Agrim is an engineering graduate, with interests in geopolitical analysis covering international trade & globalization. He is a part of the Oceania team at Invest India, and also works towards enabling the growth of the FinTech industry in India in his current role.

Ms. Vidhi Khabya Investment Specialist- Energy & Oceania, Invest India

Vidhi is an Electrical Engineer with Masters in Business Administration from Indian Institute of Management, Shillong. She has worked with companies like Vedanta, Gobillion, UNDP, and Emami across sectors: FMCG, E-commerce, Energy & Utilities in various domains. She has 3+ years of experience with her core strength in factory operations and expertise in implementing strategic projects.


INZBC Events Report

Strategies for building a stronger NZ - India relationship Focus on partnerships and collaborations to ensure business continuity in a post COVID world - this strong message of recovery was reflected in an insightful panel discussion at the first in-person event held by the India New Zealand Business Council (INZBC), in 2020. The event was held on 12 November at the Westpac Head office in Auckland. Scheduled to coincide with the auspicious occasion of Diwali, INZBC, hosted the Indian High Commissioner, H.E. Muktesh Pardeshi, along with Andrew Needs, Divisional Manager, South and South East Asia Division, Ministry for Foreign Affairs and Trade; Carmen Vicelich, CEO, Velocity Global and Simon Lowe, SME Lead, Institutional & Business Banking, Westpac, for a networking event. With an opening note from INZBC Chairman, Sameer Handa, the discussion revolved around the impact and recovery

of trade and business post lockdown and COVID19. Speaking to an audience of over 50 business leaders, H.E. Muktesh Pardeshi led the conversation and elaborated on the need to reevaluate strategies to enhance economic engagement between New Zealand and India. H.E. Muktesh Pardeshi said, “A good way of looking on how to further engage with each other, is to not merely find markets, but finding partnerships, innovative partnerships. India is looking for investment, but more than investment, India is looking for collaboration in technology, innovation, best practices in areas such as ease of doing business.” His sentiment was reiterated by Andrew Needs, Divisional Manager, South and South East Asia Division, MFAT who during the panel discussion highlighted that while India is a vast and growing potential market, it is equally important to understand what the country wants. He said that India is looking for partnerships and capability support for its development aspirations.

28 | KiaOra India | Mar 2021 INZBC.ORG


Christchurch chapter reinvogorated with high energy by the Indian High Commissioner The India New Zealand Business Council (INZBC) held its much-awaited India Unplugged series in Christchurch at the Canterbury Club, on 1st December 2020. The event hosted dignitaries from all different parts of Canterbury and New Zealand, which included the High Commissioner of India, H.E. Muktesh Pardeshi and Mrs Pradeshi, Second Secretary Paramjeet Singh and Information and communication officer Ms Kiren Rawat. The Canterbury region was represented by Leeann Watson CEO of Canterbury Employers Chamber of Commerce, NZTE and South Island businesses. INZBC took this opportunity to host the dignitaries with the common interest of promoting trade between both the nations. Christchurch Chapter Head, Sandeep Sharma, opened the event introducing INZBC followed by video message from INZBC Chair, Sameer Handa and Ralph Hays (Trade Commissioner and Consul General for South Asia, NZTE).

Muktesh Pardeshi in his keynote to the audience emphasised on “moving beyond transactional business to forming partnerships with Indian companies”. He also mentioned about the importance of people-to-people partnerships for success of trade between India and NZ. Leeann Watson, CEO of Canterbury Employers Chamber of Commerce was also one of the speakers and panelists. She extended full support to INZBC local chapter and spoke about exploring ways to working together in the New Year. She also urged the traders to “include young businesses in the arena as they are the future of our nations”. The event also included a productive panel discussion between the Indian High Commissioner, Leeann Watson, Jo Pennycuick, director of Redesign Group and Lee Robinson from Canterbury Cricket. Jo shared her experience of working in India for over a decade, advising businesses to go to India for “the right reason and with a long-term commitment to the market”. Lee Robinson, spoke about the development of the Hagley Oval in Christchurch into a first class international cricket ground to help build people to people contact.

INZBC.ORG

Mar 2021 | KiaOra India | 29


Opinion: Michael Fox

Helping people around the world thrive through the goodness of Zespri Kiwifruit Michael Fox, Director of External Relations, Zespri talks about how the pandemic has heightened the importance of the local, neighborhood fruit vendors in India.

As the impacts of Covid-19 continue to be felt around the world we’ve seen people become increasingly focused on their own health and wellbeing and also that of our communities and our environment. At Zespri that’s our purpose: We’re focused on helping people, communities and the environment to thrive through the goodness of kiwifruit. We’re delighted to be doing more and more in India and we want to make an even greater contribution in the future. This season’s harvest of Zespri Kiwifruit is quickly approaching and we’re expecting another record-breaking crop for our global customers and consumers, including in India where demand for our premium kiwifruit continues to grow.

pandemic. We’ve learned a number of lessons and it’s been incredibly encouraging to see those lessons shared so we can better respond together. Our priority has been to support our people’s health and wellbeing, and to make sure we delivered our crop to the markets. That culminated in a huge effort from people across the supply chain as we safely picked, packed and shipped our Zespri Kiwifruit. In order to achieve this, we implemented enhanced hygiene practices to keep people safe and we also used a greater number of charter reefer ships in case of any disruption at offshore ports. Some of these lessons have been embedded now in our operations.

As people inevitably spent more time online for both entertainment and grocery shopping, Zespri’s sales and marketing teams shifted our focus to digital platforms and at-home media, to engage with consumers where they were looking for information and inspiration, and to remind them that Zespri Kiwifruit is a fresh, healthy fruit that’s rich in Vitamin C and tastes great. This saw our teams around the world develop strong, compelling campaigns to highlight the superior Vitamin C content in our kiwifruit, and remind consumers that they can get 100 percent of their daily Vitamin C in just one Zespri SunGold Kiwifruit.

With Covid-19 driven restrictions, sampling programmes could not be carried out at retail. However, our global teams developed new and innovative ways to continue with As our partners, customers and consumer education programmes in consumers around the world began Over the last few seasons in to live, work and shop differently, our the market, so our consumers could India, we’ve been working hard be informed of Zespri Kiwifruit’s marketing teams quickly responded to get our Zespri Kiwifruit to fantastic health benefits, especially to the new environment. We also consumers. To achieve this, the high Vitamin C content. recognised a shift in the needs of we’ve run an industry-first our consumers, including a strong engagement and relationshipIn India, our teams worked building programme that’s focused demand for fresh, healthy fruit in strongly on building the capability our major markets, including people closely with our e-commerce partners as well as the online of neighbourhood fruit vendors to wanting an immunity boost. This is extension of traditional, physical because with greater precautions help strengthen their businesses stores. With people taking fewer being taken, fewer trips to physical and sales. We’re helping upskill trips to stores, this heightened stores and less time spent outside our partners ensuring so we can do the importance of Indian or commuting, our traditional more together and we’re incredibly neighborhood fruit vendors. communication and sampling encouraged by the progress we’re programmes were no longer as making and the partnerships we’re We’re excited about another great effective for reaching our Zespri building. season, and helping even more of our consumers. Indian consumers to thrive through This has been even more important the goodness of our Zespri Kiwifruit. to us in light of the COVID-19

Michael Fox Head of Communications and External Relations, Zespri

Michael Fox is Head of Communications and External Relations at Zespri International. He leads Zespri’s external communications, stakeholder engagement, policy, global tours and events and community investment programmes.


new

FRESH LOOK

100%

OF OF YOUR YOUR DAILY DAILY

Vitamin C

IN JUST ONE FRUIT

*BASED ON THE RECOMMENDED DAILY INTAKE OF VITAMIN C FOR ADULTS IN INDIA. VITAMIN C HAS AN IMPORTANT ROLE FOR THE PROPER DEVELOPMENT AND FUNCTION OF THE BODY. EATING KIWIFRUIT INCREASES BLOOD LEVEL OF VITAMIN C, WHICH PLAYS AN IMPORTANT ROLE IN KEEPING YOUR IMMUNE SYSTEM STRONG.


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