Weekly News Updates-India Apr 5 to Apr 11, 2023

Transmission fee waiver for the green hydrogen plants; Apple’s first India offline retail store to open in Mumbai; India's industrial output increased by 5.6% in February; VCs more cautious, go slow on startup deals; FDI in space sector is allowed up to 100% in the area of Satellites; New Digital Personal Data Protection Bill to be Introduced

India extends the waiver of the transmission fee for the green hydrogen plants

India keen on becoming the cheapest hydrogen producer in the world has extended a waiver of transmission fees for renewable power to hydrogen production facilities that are commissioned before January 2031, a government official said.

The action is anticipated to reduce the price of green hydrogen, which is created by splitting water with power generated from renewable sources.

According to the source, the change will allow more green hydrogen production facilities to be eligible for the 25-year remission of transmission rates, which was previously available for plants set up before July 2025.

India extends transmission fee waiver for green hydrogen plants -source – ThePrint –

Apple’s first India offline retail store to open in Mumbai, followed by Delhi

On April 18, 2023, Mumbai will welcome customers to Apple BKC (short for Bandra Kurla Complex), Cupertino’s first offline retail store in India. The iPhone manufacturer will open its second location in Delhi in Saket two days later, on April 20. As is customary, we can anticipate that each store will be unique, showcasing the unique flavours of its surroundings and giving Apple’s prized top-notch shopping experience to the second-largest smartphone market in the world.

According to a press release issued by Apple today, Apple BKC and Apple Saket represent a “significant expansion in India” and will provide “great new ways to browse, discover, and buy Apple products with exceptional service and experiences for customers.”

Apple’s first India offline retail store to open in Mumbai on April 18, second store to follow in Delhi on April 20 | The Financial Express

India’s industrial output increased by 5.6% in February

The Ministry of Statistics and Programme Implementation revealed on Wednesday that the industrial output of India increased by 5.6% in February. The results show that the country’s industrial growth for January, as measured by the Index of Industrial Production (IIP), has been revised up to 5.5% from 5.20%.

Power generation increased 8.2 percent during the month under review while mining output increased by 4.6%. The February IIP growth report of 5.6% is roughly in line with consensus estimates of 5.8%. IIP-based factory output indicators showed a 1.2% increase in February 2022. IIP growth for the first 11 months of 2022–23 was 5.5% compared to 12.5% for the same period of 2021–22.

According to figures from the NSO released on Wednesday, India’s retail inflation decreased to 5.66% in March. Rural inflation in the nation was 5.51 percent in March, while urban inflation was 5.89 percent. The most recent CPI inflation reading of 5.66%, which was published in December 2021, is the lowest in 15 months. Additionally, the number is roughly in line with mainstream projections.

IIP data: India’s industrial output rises 5.6% in February – The Economic Times (indiatimes.com)

VCs more cautious, go slow on startup deals

As venture capital inflow to India’s startup industry fell by over a fifth in the first quarter of 2023, risk capital investors are becoming more careful in their study of company ideas and are delaying deal closings. According to investors, entrepreneurs, and individuals participating in fundraising discussions, this sudden fall is delaying the completion of both early-stage and late-stage deals.

According to data collected from Venture Intelligence, total venture capital investments decreased to $2.19 billion from $11.34 billion invested in the same quarter last year to $2.19 billion during January–March 2023. Even in the last quarter of 2022, when companies got a total of around $3.17 billion in capital, the inflow was higher.

Startup Funding: Wary VCs go slow on startup deals, step up diligence, ET CIO (indiatimes.com)

FDI in space sector is allowed up to 100% in the area of Satellites

According to Jitendra Singh, the Union Minister of State for Science and Technology, FDI in the space sector is now only allowed up to 100% through the government route for satellite establishment and operations.

Singh said in a statement placed on the Rajya Sabha’s agenda that the Indian National Space Promotion and Authorization Centre (IN-SPACe), the organization responsible for regulating and promoting space operations, had been involved in the reform of the FDI policy that the Government is currently considering.

IN-SPACe’s specific role in channelizing FDI is bound to change after the government has approved the updated FDI policy.

Up to 100% FDI allowed in satellites establishment, operations via govt route: Minister, ET Government (indiatimes.com)

New Digital Personal Data Protection Bill to be Introduced in Monsoon Session

The government would introduce the Digital Personal Data Protection Bill during the forthcoming Monsoon Session of Parliament in July, the Center notified the Supreme Court on Tuesday.

According to Attorney General R. Venkatramani, speaking on behalf of the Centre, the new Personal Data Protection Bill is ready and will be submitted in the Parliament’s Monsoon Session.

The bench was listening to the plea of students regarding WhatsApp’s 2021 Privacy Policy, which allows users’ data to be shared with the parent corporation Facebook and others, violates their right to privacy and free speech. The Bill that addresses user privacy concerns and requirements for WhatsApp was requested by the top court last year. , The final hearing of the case would start if the government did not comply.

New Digital Personal Data Protection Bill in Monsoon Session – The Hindu