Category — India Market Expansion

Apple Looks to Expand in India

India has offered to allow Apple Inc., to import mobile handset components intended for use in local manufacturing tax free; but these concessions will be subject to the condition of increasing local value addition over a period of time.

Aruna Sundararajan, Secretary at the Ministry of Electronics and IT told Reuters, “We have offered them tax exemptions on those components which could not be manufactured in India.” She added that Apple will need to increase the local manufacturing component gradually in phases of 3, 5, 7, and 10 years as the local capacity builds up.

In mid-May, Apple‘s OEM partner, Wistron, started assembling the iPhone SE in Bangalore, India, in order to lower the price point and make it more affordable to Indian consumers.

Ravi Shankar Prasad, the federal minister for Electronics and IT said that Apple had approached the Indian government to expand Wistron’s facilities in Bangalore, and that government officials were in touch with Apple for expanding the facility and setting up new plants.

apple-ipad_1

May 26, 2017   No Comments

Female Filmmakers From India Shine on Global Stage

Female filmmakers of Indian origin are making history by standing out as award winning directors including Mira Nair (2016’s Queen of Katwe) and Deepa Mehta (2012’s Midnight’s Children)

In 2015, Ruchika Oberoi won the FEDORA prize for best new director at the Venice Film Festival with her first feature, Island City. Konkona Sen Sharma’s directorial debut, A Death in the Gunj, won her a best female filmmaker award at the 2016 Mumbai festival.

At Cannes this year, the only Indian entry was from a female director, Payal Kapadia, a student at the Film and Television Institute of India. Her 13-minute short, Afternoon Clouds, is the first Indian film to be selected for the Cinefondation section, which chooses entries from film schools worldwide, says The Hollywood Reporter.

Historically, female representation behind the camera remains low, but this is now beginning to change in India with Amazon Prime Video and Netflix signing deals to acquire titles and produce originals across genres in indie and mainstream categories. Amazon has signed contracts for no less than 30 Indian originals. “Digital platforms have given a new lease on life to indie cinema,” says Shefali Bhushan, who made her feature debut with 2016’s Jugni.

Bollywood Posters

May 26, 2017   No Comments

Swedes Consider Business Climate in India as Favorable

The embassy of Sweden in India and the Swedish Chamber of Commerce released the 9th edition of their Business Climate Survey report for India, wherein 65 percent (a massive jump from the only 15 percent in 2013) of Swedish multinationals put India as a favorable destination to do business. This survey reflects the views of some of the biggest Swedish companies such as  Ericsson, IKEA, Volvo,  Scania, and Electrolux .•

NDTV reports that among the 160 of the 170 companies in India that took part in the survey, 64 percent of them claimed to be satisfied to be doing business in India; 80 per cent of the companies claimed they would be going ahead with their India investment plan as usual. “There are some challenges as well like the bureaucracy. Companies find it difficult to get licenses easily,” Anne Linde, Minister for EU Affairs and Trade, told the publication.

Part of a questionnaire for surveying the business climate in India

The Economic Times says that the key findings in the Business Climate Survey 2016/17 include:

  • The direct and indirect jobs created across the country by Swedish companies in India shows an increase of 20% since 2014
  • Goods and Services Tax matters: 3 out of 4 companies say the reform contributed positively to the business climate in India
  • 45 Swedish companies are a part of “Make in India”
  • 8 out of 10 companies invested as per plans or more last year
  • 8 out of 10 say they will increase their investments in the coming years
  • 7 out of 10 companies are involved in skills development, either through business operations or community development programs

 

May 25, 2017   No Comments

U.S.’s Ebix Acquires Majority Stake in India’s ItzCash

Atlanta, GA-based Ebix Inc., a maker of software for the insurance and financial services industry, acquired a majority stake in Indian payments services firm ItzCash for approximately $124 million. ItzCash’s earlier investors, Matrix Partners, Intel Capital and Lightspeed Venture Partners, exited the company for returns between 3X – 5X, leaving Essel Group with a 20% stake.

Founded in 2006, ItzCash, started with digital payments, and expanded into remittances, financial services, corporate solutions, point of sale (PoS) terminals and payment gateway. The company processes 600,000 transactions per day. In 2016-17, it processed payments worth $1.6 billion through its network, reports the Livemint.

ItzCash Logo

“With the youngest tech-savvy society, the largest middle class, a 1.3 billion population, a country committed to going digital and a growth rate of 7% plus, India is an emerging economic superpower today. We are big believers in the power of exchanges and thus have been keen to take an early position in India in terms of powering financial and insurance exchanges,” said Robin Raina, chairman and chief executive of Ebix.

May 25, 2017   No Comments

Global Automakers to Invest $8 Billion in India

Over the next four years, automakers will invest $8-10 billion to set up factories in India. Maruti Suzuki, South Korea based Hyundai Motor Company and Kia Motors, Chinese SAIC, Changan and Beiqi Foton, and Italy’s Fiat, are among the companies that plan to expand production in the country.

The Indian subsidiary of SAIC Motor Corp is called MG Motor India and most likely the company will roll out its first vehicle from the country late next year or early 2019, reports ET Auto.

Cars

According to industry body the Society of Indian Automobile Manufacturers, India’s passenger vehicles industry currently has a production capacity of over 5.5 million. The automotive industry, including component manufacturing, is estimated to grow to almost $50 billion in annual sales by 2026 it added.

May 20, 2017   No Comments