India’s New Tax Law and Higher F&O STT Begin April 1
印度新稅法及更高的期貨及選擇權證券交易稅於4月1日生效
India’s new Income-tax Act, 2025 came into force on April 1, 2026, replacing the six-decade-old 1961 law with a more streamlined and accessible framework while retaining the broader tax architecture. Alongside the legal overhaul, the government has implemented a sharp increase in Securities Transaction Tax (STT) on futures and options trading: futures contracts now attract 0.05% tax on the sell side versus 0.02% earlier, while options premium and exercised options are taxed at 0.15%, up from 0.10% and 0.125% respectively. The measures are designed to raise the cost of speculative derivatives activity, especially in the retail segment, and come into force with the 2026–27 fiscal year.
The same policy package also includes a strategically significant 20-year tax holiday, valid through 2047, for foreign companies procuring data centre services in India, alongside expanded safe-harbour thresholds for software firms. For non-Indian companies, this materially improves the attractiveness of India as a regional base for cloud infrastructure, AI compute, disaster recovery, fintech back-office operations, and software export structuring. Multinationals with heavy trading, data, or digital platform exposure should read the STT hike as a signal of tighter oversight in capital-market activity, while the long-duration data-centre incentive points to India’s parallel ambition to become a preferred destination for global digital infrastructure and sovereign data localisation strategies.
編者按：印度新的《2025年所得稅法》於2026年4月1日生效，取代了1961年的舊法，並對期貨和選擇權引入了更高的證券交易稅（STT），以遏制投機性零售交易。同時，印度政府宣布對使用印度資料中心的外國公司實施20年免稅期，凸顯印度打造成為全球數位基礎設施和雲端運算服務中心的雄心。
India’s Electronics Manufacturing Surges, Smartphones Drive Output and Exports Boom
印度電子製造業蓬勃發展，智慧型手機帶動產量成長，出口激增
India’s electronics manufacturing sector has expanded to an estimated ₹11.3 lakh crore, with domestic value addition rising to 18–20%, according to data presented in the Lok Sabha by Minister of State for Electronics and IT, Jitin Prasada. Smartphones, contributing nearly ₹5.5 lakh crore in output, have emerged as the sector’s biggest growth driver, helping local production increase fivefold and exports rise eightfold between 2014–15 and 2024–25. Under the production-linked incentive (PLI) scheme for large-scale electronics manufacturing, investments reached ₹17,519 crore, more than double the original target, while total production crossed ₹8.12 lakh crore, exceeding goals by 36%. India now hosts 300 mobile manufacturing units, and smartphones became the country’s top export commodity in calendar year 2025, with outbound shipments worth ₹2.62 lakh crore (about $28 billion).
The momentum is also spreading deeper into the supply chain. Exports under the large-scale electronics PLI scheme have surpassed ₹6.2 lakh crore, beating targets by 27%, while the IT hardware PLI has delivered ₹18,863 crore in production, ₹872 crore in investments, and over 5,000 direct jobs by February 2026. To strengthen components and semiconductor capabilities, the government’s ECMS has already approved 75 applications across 12 states, expected to attract ₹61,671 crore in investments and generate 65,040 jobs, while the SPECS scheme has driven ₹18,609 crore in cumulative investment and over 64,000 jobs. For non-Indian companies, the significance lies in India’s rapid evolution from an assembly base into a broader electronics and semiconductor ecosystem: global OEMs, component makers, semiconductor suppliers, EMS players, and enterprise hardware firms now have a stronger incentive to establish sourcing, partnerships, design support, and manufacturing operations in India as the country scales both exports and local value addition.
編按：印度電子製造業規模已成長至11.3兆盧比，主要受益於智慧型手機的蓬勃發展。過去十年間，印度的智慧型手機產量增加了五倍，出口量增加了八倍，2025年成為印度最大的出口產品。政府推出的PLI、ECMS和SPECS等計畫吸引了大量投資，創造了超過12.9萬個職位，將印度從一個區域性的組裝中心轉型為一個成熟完備的電子和半導體生態系統，對全球企業極具吸引力。
Rupee Stabilises as RBI Action Offsets Iran Deadline Jitters
印度儲備銀行穩住盧比，抵銷了美伊對開放航道最後期限帶來的不確定性
The Indian rupee ended firmer on April 7, closing at 93.0075 per US dollar, its strongest level since mid-March, as the unwinding of residual arbitrage positions continued to support the currency after recent intervention-led measures by the Reserve Bank of India (RBI). Reuters reported that the rupee gained 0.1%, helped by RBI steps aimed at curbing speculative and arbitrage activity in the domestic foreign exchange market after the currency had recently touched record lows. At the same time, traders remained cautious ahead of the RBI’s policy decision, with markets closely watching whether the central bank would maintain liquidity support and keep bond yields contained.
However, the recovery remained fragile as geopolitical risks from the Middle East continued to weigh on sentiment. The market was balancing RBI-driven currency stability against rising uncertainty linked to US President Donald Trump’s deadline for Iran to reopen the Strait of Hormuz, a flashpoint that kept oil prices elevated near $110 per barrel and intensified foreign portfolio outflows from India. Reuters noted that nearly $16 billion had been pulled from Indian equities across March and early April, underscoring the sensitivity of the rupee to global risk sentiment and energy prices. For non-Indian companies, especially multinational treasury teams, exporters, commodity buyers, and investors with India exposure, the move is highly relevant because it signals a period of relative short-term currency stability but sustained geopolitical vulnerability—important for hedging decisions, import pricing, India-market earnings translation, and capital allocation into rupee-denominated assets.
編按：4月7日，盧比兌美元匯率走強至93.0075，創下3月中旬以來的最高水準。此前，印度儲備銀行的干預措施抑制了投機活動，並在盧比近期跌至歷史低點後穩定了匯率。然而，經濟復甦依然脆弱，160億美元的股市資金外流以及與美伊緊張局勢相關的高油價，凸顯了投資人和跨國公司財務團隊面臨的持續地緣政治風險。
India Migrates 16.68 Lakh Government Email Accounts to Zoho Cloud Platform
印度將166.8 萬個政府電子郵件帳號遷移到 Zoho 雲端平台
India’s central government has migrated around 16.68 lakh official email accounts to a cloud-based platform operated by Zoho, with total spending reaching ₹180.10 crore, the Ministry of Electronics and Information Technology (MeitY) informed the Lok Sabha on April 1. The migration is being executed through the National Informatics Centre (NIC), which selected Zoho as the Master System Integrator after a Government e-Marketplace bidding process that included proof-of-concept trials with shortlisted vendors and government user groups. The programme is aimed at creating a secure, sovereign government email ecosystem, with the state retaining full ownership of both data and intellectual property, a key requirement as digital governance systems scale across ministries and departments.
According to MeitY, pricing ranges from ₹170 to ₹300 per user per month, depending on mailbox capacity between 30 GB and 100 GB, with payments linked directly to the number of accounts migrated. The latest count represents a sharp increase from 12.68 lakh accounts reported in December, highlighting the accelerating pace of sovereign cloud adoption within India’s public sector. For non-Indian companies, especially global SaaS providers, hyperscale cloud operators, cybersecurity firms, digital identity vendors, and public-sector technology integrators, the development is highly relevant because it underscores India’s strong policy preference for data sovereignty, local IP control, and trusted domestic cloud ecosystems—a trend that may increasingly shape procurement models, partnership structures, localisation requirements, and government-tech market access strategies.
編按：印度斥資18.01億盧比將166.8萬個政府電子郵件帳號遷移至Zoho的主權雲端平台，旨在確保各部會的資料所有權和智慧財產權。該平台郵箱定價為每用戶170至300盧比，自去年12月以來用戶數量迅速成長。此舉凸顯了印度大力推動本土雲端生態系統和資料主權建置的決心，形塑全球科技公司未來在印度的採購與合作模式。
Indian Broadcasters Complete Shift to Non-Chinese Satellites Amid Security Push
在國安考量下，印度廣播公司完成向非中國製衛星的全面過渡
India’s television broadcasters have fully transitioned their operations to non-Chinese satellite providers, following a government-led security directive that came into effect on April 1, 2026. Satellite operators such as Chinasat and ApStar are no longer permitted to offer services in India, while AsiaSat has received only a limited three-month extension for occasional use and international channels with downlink-only permissions. The move follows action by IN-SPACe, which had earlier withdrawn authorisation for AsiaSat’s AS-5 and AS-7 capacity beyond March 31, prompting broadcasters to migrate to approved alternatives. As a result, major channel distribution has now shifted primarily to India’s GSAT satellites and US-based Intelsat, marking a decisive realignment in India’s broadcast infrastructure.
The transition reflects India’s broader strategic emphasis on space-sector security, communications sovereignty, and reduced dependence on China-linked infrastructure in sensitive sectors. AsiaSat, which previously held a significant share of India’s broadcaster transponder capacity, remains under review after reapplying for authorisation, even as broadcasters have already completed the operational shift. For non-Indian companies, the development is especially relevant for global satellite operators, media distribution firms, broadcast technology vendors, aerospace players, and telecom infrastructure investors, as it signals that market access in India’s satcom ecosystem will increasingly depend on geopolitical trust, regulatory alignment, and local-security considerations, potentially reshaping partnership models, transponder leasing strategies, and cross-border media delivery architectures.
編按：自2026年4月1日起，印度電視廣播公司已全面轉向非中國的衛星供應商，主要是GSAT和Intelsat，此前政府禁止中國衛星公司（Chinasat）和亞太衛星公司（ApStar）的業務。此舉凸顯了印度對太空產業安全和通訊主權的重視，顯示衛星通訊市場的准入取決於地緣政治的信任和監管協調。
India’s Tech Hiring Slows as AI Drives an 8% Drop in Job Openings
人工智慧導致職缺減少8%，印度科技業招聘放緩
India’s technology job market saw a notable slowdown in early April, with active openings falling 8% to 110,000 from 119,000 in March, according to staffing firm Xpheno, as companies increasingly use artificial intelligence to automate routine tasks and improve productivity. The ETCIO report notes that the broader market has been weakening for several quarters, with tech’s share of total national hiring dropping to 49% from 83% in April 2022, erasing the gains made over the previous three months. The softness has been most visible in IT services, where hiring is now largely restricted to essential positions and new-age AI-linked skill sets, while lower-value support roles continue to shrink.
The report also highlights a structural shift rather than a temporary hiring dip: global capability centres (GCCs) are still recruiting, but selectively, with focus moving toward high-skill digital, strategic, and transformation roles. Recruiters cited deferred decisions from clients in the US and Europe, along with tighter internal cost controls, as companies prioritise AI-led efficiency and margin expansion over incremental headcount growth. For non-Indian companies, especially multinational GCC operators, IT outsourcing buyers, enterprise software firms, and global HR strategy teams, the trend is highly relevant because it signals that India’s talent market is evolving from scale hiring toward AI-augmented, skills-first workforce models, making future India investments increasingly dependent on specialised engineering, automation governance, cybersecurity, and digital transformation talent rather than traditional volume-based staffing.
編按：4月份印度科技就業市場成長放緩，職缺減少8%至11萬個，原因是人工智慧的普及降低了對常規職位的需求，IT服務招聘也集中在關鍵和高技能職位。招募人員認為這是結構性轉變，全球各能力中心正專注於培養專業的數位化和轉型人才，使得印度未來的勞動力市場越來越強調技能優先，而不再由數量驅動。
India’s Electronics and Semiconductor Push Scales into a Full-Spectrum Manufacturing Ecosystem
印度電子和半導體產業推動規模化發展，邁向全方位製造生態系統
India’s electronics manufacturing strategy, aligned with the Prime Minister’s vision of AtmaNirbhar Bharat and the ambition to position the country as a global manufacturing hub, has delivered a dramatic scale-up across the value chain over the past 11 years. Electronics goods production has expanded from ~₹1.9 lakh crore in 2014–15 to ~₹12 lakh crore in 2024–25, while exports have risen from ₹38,000 crore to ~₹3.3 lakh crore. The mobile segment has been the standout driver, with production increasing from ₹18,000 crore to ₹5.45 lakh crore and exports surging from ₹1,500 crore to ₹2 lakh crore, alongside a near-total elimination of import dependence for phones. Under the Semicon India Programme, launched in 2022, the government has already approved 10 semiconductor projects worth about ₹1.6 lakh crore, covering fabrication, assembly, testing, packaging, and advanced module manufacturing, with commercial production already underway at Micron Technology and Kaynes Technology facilities and more plants set to go live this year.
The strategy is now deepening into chip design, supply-chain resilience, and long-term employment creation. The government has provided advanced chip design tools from eight global firms to 315 universities free of cost, enabling 211 chip tape-outs by 75 institutions, while 24 semiconductor design projects spanning surveillance, drones, satellite communications, energy metering, microprocessors, and IoT SoCs have been approved, with several already raising venture funding and fabricating chips at nodes as advanced as 12 nm. The broader ecosystem is estimated to support 25 lakh jobs, including 12 lakh in mobile manufacturing alone, while new schemes such as ECMS and the announced India Semiconductor Mission 2.0 aim to expand into equipment, materials, Indian IP, and stronger supply chains. For non-Indian companies, the relevance is exceptionally high: global fabs, OSAT players, EDA vendors, semiconductor IP firms, capital equipment suppliers, materials makers, industrial automation companies, and electronics OEMs now face a rapidly maturing India ecosystem that offers scale manufacturing, design talent, policy-backed incentives, and strategic bilateral semiconductor partnerships with the US, Japan, the EU, Singapore, and the Netherlands.
https://www.pib.gov.in/PressReleasePage.aspx?PRID=2247814®=3&lang=2
編者按：印度電子製造業產值已從2014-15財政年度的1.9兆盧比飆升至2024-25財政年度的約12兆盧比，其中行動電話是成長的主要驅動力，而價值1.6兆盧比的半導體計畫已在「印度半導體計畫」下啟動。該策略目前已擴展至晶片設計、供應鏈韌性和就業創造等面向，將印度定位為一個日益成熟的全球晶圓廠、OSAT（外包半導體組裝與測試）、EDA（電子設計自動化）、IP（智慧財產權）和設備供應商生態系統，並輔以強有力的政策激勵和國際合作。