Weekly News Updates-India Mar 15 to Mar 21, 2023

Foxconn to have a phone unit in Bengaluru; India's export of electronic items increased in 5 years; India ranks higher than China for number of Unicorns; Foreign law firms permitted entry into India; Increase In Fame-II Subsidy for Three-Wheeled EVs; Domestic electronics production likely to reach Rs 8.42 lakh cr; New Foreign Trade Policy by March end

Foxconn receives government approval for phone manufacturing unit in Bengaluru
富士康得到班加羅爾政府的設廠許可

The Foxconn plans to invest Rs 8,000 crore in building a mobile phone manufacturing facility close to Bengaluru. The project the government claims will generate 50,000 employment, was approved by the Basavaraj Bommai administration on Monday.

The project was approved in a meeting of the State High Level Clearance Committee (SHLCC) presided over by the chief minister Bommai. According to the government, the SHLCC authorized 18 projects totaling Rs 75,393 crore and creating 77,606 employment.

The 300-acre Foxconn manufacturing facility would be built in the Information Technology Investment Region (ITIR) in the Doddaballapur and Devanahalli taluks, possibly to produce Apple iPhones. Foxconn would invest Rs 8,000 crore in three phases.

Foxconn gets govt nod for phone unit near Bengaluru | Deccan Herald

India’s export of electronic items increased by 22.39% in 5 years
印度電子產品出口量在5年內成長22.39%

The value of India’s exports of electronic goods increased from Rs 39,978 crore in 2016–17 to Rs 1,09,797 crore in 2021–22, indicating a 22.39 percent compound annual growth rate (CAGR).

Data from the ministry of electronics and IT suggests that the nation’s electronics exports are predicted to total Rs. 1.76 lakh crore in 2022–2023.

Out of the $2.5 trillion in total exports, which includes a significant amount of re-exports, the global exports of electronic goods from key manufacturing economies (including China, Vietnam, Mexico, Taiwan, Korea, Japan, the US, and Germany) is approximately $1.5 trillion.

India’s percentage of global exports increased from 1.2% in 2021–2022 to over 1.8% in 2022–2023.

India’s electronic goods export rose 22.39% in 5 years, Retail News, ET Retail (indiatimes.com)

India created more than twice as many unicorns as China in 2022: Report
印度在2022年誕生的獨角獸新創數量為中國兩倍

According to the most recent version of Bain & Company’s annual India Venture Capital Report 2023, which was written in collaboration with the Indian Venture and Alternate Capital Association, the year 2022 saw a recalibration in venture capital (VC) investments in India as rising macroeconomic uncertainty and recessionary fears impacted investment momentum (IVCA).

For the second year in a row, India continues to produce more new unicorns than China. In 2022, China produced 11 unicorns, while India surpassed its neighbor with 23 unicorns. India increased the overall number of these high-value businesses to 96 by adding 23 more unicorns to the list.

india unicorns: India ranks higher than China for number of unicorns created in 2022: Report – The Economic Times (indiatimes.com)

Foreign lawyers and law firms permitted entry into India by the Bar Council of India
外國律師和事務所可在印度境內提供諮詢服務

The Bar Council of India (BCI) has given permission for international lawyers and law firms to work in India, but only in certain, non-litigious sectors and on a reciprocal basis. The BCI has clarified that foreign lawyers and legal firms are only permitted to advise their clients with foreign and international laws.

The BCI published a notification on foreign legal firms operating in India and has stated that it is committed to safeguarding the rights of advocates in the nation.

Foreign lawyers and law firms are not permitted to appear before any tribunal, board, statutory or regulatory authority, or other forum that is lawfully permitted to accept testimony under oath and/or have other features of a court.

Foreign lawyers India: Bar Council of India allows entry of foreign lawyers and law firms in India – The Economic Times (indiatimes.com)

Manufacturers of Three-Wheeled EVs Want A 50% Increase in Fame-II Subsidy
三輪電動車生產商要求政府將補助額提高50%

According to reports, producers of electric three-wheelers have contacted the Ministry of Heavy Industries (MHI) in order to request at least a 50% increase in subsidies under phase-II of the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) program, which aims to encourage the adoption of electric vehicles (EVs) in the country.

Reports also say that the manufacturers want to increase the subsidy from the current INR 10,000 per kWh battery size to at least INR 15,000 per kWh.

The makers of electric two-wheelers can currently avail subsidies of INR 15,000 per kWh, with a maximum of 40% on the cost of the vehicles, under FAME-II.

According to a senior government official, a number of business organizations have made representations to the MHI pertaining to this demand. The government organized a stakeholder meeting on the subject and is now considering the request.

Three-Wheeler EV Manufacturers Seek 50% Hike In Fame-II Subsidy (inc42.com)

Domestic electronics production likely to reach Rs 8.42 lakh cr this fiscal: Vaishnaw
印度電子產品生產額將在本財務年達到一千億美元

In the current fiscal year, it is anticipated that domestic electronics output will total Rs 8.42 lakh crore and exports will total Rs 1.76 lakh crore, the government has informed the Parliament.

Union Electronics and IT Minister Ashwini Vaishnaw stated that the government has made many steps to increase electronics manufacturing in the nation in a written response to a question in the Lok Sabha. He said that India’s share of global exports has increased to approximately 1.8 percent in the current year from 1.2 percent last year.

The minister added that there has been a 22.39 percent compound annual growth rate (CAGR) in the export of electronic goods, which climbed from Rs 39,978 crore (USD 5.96 billion) in FY 2016-17 to Rs 1,09,797 crore (USD 14.6 billion) in FY 2021-22.

Domestic electronics production likely to reach Rs 8.42 lakh cr this fiscal: Vaishnaw, Telecom News, ET Telecom (indiatimes.com)

New Foreign Trade Policy by March end: Commerce Secretary
印度政府將在三月底公布新的國貿政策 聚焦於電商和出口特區

According to Sunil Barthwal, the commerce secretary, the Union government will introduce its new foreign trade policy by the end of this month. A last-minute change of plans delayed the policy announcement for 2022–27, which was supposed to take place on September 30 of last year.

The new trade policy is anticipated to include new chapters on e-commerce, districts as export hubs, and SCOMET—items with multiple uses that can be used for industrial, commercial, and military purposes—thus giving them specific attention.

The third decrease in the current fiscal year, India’s merchandise exports fell by almost 9% in February, driven by a sustained slowdown in demand in key countries including the US and the EU.

New Foreign Trade Policy by March end, says commerce secretary | Mint (livemint.com)