Centre To Provide Startups With Export Incentives
In June 2023, India’s exports of products decreased by 13% year over year. In addition to lowering compliance with existing exporters, the Centre has created export incentives for startups and new exporters.
Startups and new exporters are now eligible for reimbursement for airfare to attend international events under the Market Access Initiatives (MAI) Scheme. The maximum amount of this incentive for current exporters has also been increased by 20%. The program allows the government to financially assist initiatives aimed at promoting exports.
This will make startups eligible for export support if their domestic market sales total at least INR 50 lakh per year. When they host overseas buyers during reverse buyer-seller meetings in India, such entrepreneurs and exporters will also get the benefits of higher flight reimbursements.
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Electronics Become Fourth Largest Export Item In June Quarter; Fastest-Growing Category
Electronics became the fastest among the top 30 exported items in the June quarter, moving up to become India’s fourth-largest export.
Electronics exports increased by almost 56% between April and June, reaching Rs 57,220.24 crore as opposed to Rs 36,533.18 crore during the same time last year, according to the Ministry of Commerce and Industry.
According to reports, the only industry to experience growth among the top five export categories is electronics. Reports also suggest that electronics could overtake gems and jewelry as the third-largest export category in the coming quarters if the current trend continues.
Tech companies oppose more laws, a statutory body to regulate AI
The Telecom Regulatory Authority of India (Trai) presented a set of proposals on Thursday that call for the swift passage of legislation to control the ethical advancement of artificial intelligence (AI) in all fields. In its 10-page analysis, Trai emphasized the need for risk-based regulation of particular AI use cases that might directly affect people.
A separate statutory entity called the Artificial Intelligence and Data entity of India (AIDAI), which will serve as a regulatory, advising, and recommending body for all AI-related sectors, was also suggested by Trai. The ministry of electronics and information technology should serve as the administrative ministry for artificial intelligence, according to Trai.
Cabinet of Odisha approves the state’s semiconductor policy
To encourage investors to start producing semiconductors and electronic chips in Odisha, the Odisha Cabinet has approved Odisha Semiconductor Manufacturing & Fabless Policy. With this strategy, the state wants to transform Odisha into a semiconductor design and manufacturing leader.
India is making every attempt to bring the semiconductor ecosystem, including chip production, to the nation after decades of ineffective efforts. States are also contributing to semiconductor policies to increase profitability.
The state anticipates that the policy will result in the establishment of 100 fabless design companies and at least one semiconductor manufacturing facility in Odisha. During the 7-year policy period, the semiconductor ecosystem in Odisha is predicted to create 20,000 indirect employment possibilities in addition to about 5000 direct employment opportunities.
This development comes following the report that a UK-based business intends to build a semiconductor fabrication facility in the Ganjam region of Odisha. In the first phase, it is anticipated to invest Rs 30,000 crore.
Reliance Jio set to launch its second-generation laptop on July 31
Reliance In October 2022, Jio unveiled the Jiobook, a cheap laptop, at the India Mobile Congress in New Delhi. The largest telecom company in the nation is currently getting ready to deliver the second iteration of its Android-powered laptop.
Recently, a webpage for the device on Amazon went live, teasing some of the specifications and displaying the laptop in a blue color option. Although it doesn’t seem like the JioBook (2023) would undergo many external design changes, the new gadget is anticipated to receive internal updates.
According to the Amazon microsite, one of the significant physical differences between the JioBook 4G laptop models between 2022 and 2023, will be its weight. The next gadget is listed to weigh 990g, which is significantly less than the outgoing model’s 1.2kg weight and is scheduled for release in the nation on July 31.
Unauthorized websites attempting to facilitate the issuing of India e-visa
The government has taken many steps to stop some unauthorized and unrecognized private websites from trying to enable the issuance of an India e-visa through an intermediary and fraudulent ways, the Lok Sabha was informed on Tuesday.
Nityanand Rai, the Union Minister of State for the Interior, stated that with regard to e-Visas, the government has occasionally been made aware that some unofficial and unrecognized private websites attempt to act as an intermediary and enable the issuing of an India e-visa.
Rai further mentioned that the Indian Computer Emergency Response Team (CERT-In) is frequently given a list of these unapproved websites by the Bureau of Immigration (BOI) in order to prevent them from being able to access the official Indian visa portal. He also added that the government has instructed all Indian Missions and Posts abroad to post a warning or advisory message on their websites or through social media platforms for the benefit of foreign nationals applying for Indian visas.
Faster visa processing for Chinese electronics industry professionals on the cards
For Chinese nationals who are largely needed for installation, expansion, and maintenance work in the electronics manufacturing industry, particularly for businesses certified under the production-linked plan (PLI), the Indian government is putting in place a method to speed up visas.
This is in reaction to the difficulty that the electronics manufacturing sector has reported in getting Chinese nationals visas. According to industry leaders, installation, expansion, and repair operations are most negatively impacted since they need skilled Chinese citizens to do the work.
Some Chinese smartphone businesses, whose executives are unable to visit to India due to visa restrictions, have placed orders with some Indian smartphone contract manufacturers that have invested under production-linked incentive (PLI) programs. However, a procedure for granting Chinese nationals visas is now in place.
HCL Group considers $300 million entry into the Indian semiconductor market
As per reports, The HCL Group is thinking about entering the growing semiconductor market in India.
Reports suggest that the HCL Group will likely make a proposal to the Centre soon for the establishment of an assembly, testing, marking, and packaging (ATMP) facility for semiconductors. The project expected to cost $200–300 million. According to senior corporate officials, HCL Group, not HCLTech, the group’s $12.6 billion IT exports division, is in charge of this large-scale initiative.
HCL also plans to submit a standard operating procedure (SOP) application as part of the $10 billion semiconductor incentive programme. The central and state governments provide subsidies under this programme, paying up to 75% of the capital costs paid by businesses establishing semiconductor facilities in India.
Chinese phone manufacturers such as Vivo, Oppo, and Xiaomi, evaded Rs 9000 crore in taxes: Govt
According to a government statement made in Parliament, Chinese smartphone manufacturers Oppo Mobile, Vivo India, and Xiaomi were among those caught evading taxes in India to the tune of Rs 9,000 crore.
According to data presented in the Rajya Sabha by Minister of State for Electronics and IT Rajeev Chandrasekhar, between 2018–19 and 2022–23, there was estimated tax evasion of Rs 9,000 crore, which included GST and customs duty. The Minister said that Oppo, Vivo, Xiaomi, Transsion (which manages three brands in India, namely Itel, Tecno, and Infinix), Realme, and Oneplus are the top Chinese mobile phone manufacturers currently operating in India.
These companies either produce the mobile phones directly or hire contract manufacturers to do so. In India, its total revenue was projected to be Rs. 1.5 lakh crore in 2021–22.
More than 75,000 people are directly employed by them overall as a result of their manufacturing operations. Around 80,000 people work in sales and operations for them as well, he added. He added that these Chinese businesses have mostly established their own production facilities. But they also collaborate with contract manufacturers who have established Electronics Manufacturing Services (EMS) businesses in India, notably Bharat FIH Limited and DBG Technology (India) Private Limited.