UK-India 9th Economic and Financial Dialogue

Finance Minister Nirmala Sitharaman participated in the 10th India-UK Economic and Financial Dialogue on Global Responses to coronavirus through Video Conferencing.

FM Sitharaman said that aid that India-UK economic ties are important, as together they are two of the world’s top seven economies with a combined GDP of over $5 trillion.

She said, the trade between the two countries has more than doubled since the first EFD (eFunds corporation) in 2007, with bilateral investment supporting over half a million jobs across both countries. 

The Minister said that this session on sharing of experiences on coronavirus response domestic priorities and policies for economic recovery will help both countries refine their policies and help in learning to ensure better outcomes.

Sitharaman said India and the UK have a joint investment of up to 8 million pounds between their departments of biotechnology for research into factors leading to the severity of the novel coronavirus.

UK Chancellor of Exchequer Rishi Sunak conveyed to Finance Minister Nirmala Sitharaman that he appreciated India becoming the second largest PPE manufacturer in the world.

Sitharaman said the UK-India FinTech Joint Working Group met in March 2020 to seek greater acceptance of RuPay Cards in the UK. 

Further, speaking about the UK-India Capital Markets Working Group's initiative, led by the City of London Corporation, in partnership with the India UK Financial Partnership (IUKFP), she said for attracting inflows to India’s capital markets will help the economy.

"India-UK strategic collaboration helped to accelerate the development of GIFT City with Standard Chartered and HSBC opening offices in Gift City in 2020, becoming the first foreign banks to be licensed to operate an international banking unit," the finance minister said.

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FDI in India jumps 13% to record $49.98 billion in 2019-20

Foreign direct investment (FDI) in India rose by 13 per cent - the sharpest pace in the last four fiscals - to a record of $49.97 billion in 2019-20, according to official data.

The country had received FDI of $44.36 billion during April-March 2018-19.

 Foreign investments in the last fiscal grew at the sharpest pace since 2015-16 when the inflows had jumped by 35 per cent. Also, the country logged its all-time high FDI in a fiscal year since 2000-01 when the first such data was released.

 Sectors which attracted maximum foreign inflows during 2019-20 include services ($7.85 billion), computer software and hardware ($7.67 billion), telecommunications ($4.44 billion), trading ($4.57 billion), automobile ($2.82 billion), construction ($2 billion), and chemicals ($one billion), the Department for Promotion of Industry and Internal Trade (DPIIT) data showed.

Singapore with FDI inflows of $14,67 billion emerged as the largest source of foreign fund flows in India for the second financial year in a row. However, it is down from $16.22 billion in 2018-19.

 FDI is important as the country requires huge investments to overhaul its infrastructure sector to boost growth.

The overseas inflows during the January-March 2020 quarter also increased to $13.2 billion from $10.67 billion in the previous quarter (October-December 2019).

Total FDI into India including re-invested earnings and other capital in 2019-20 stood at $73.45 billion as against $62 billion in the previous fiscal.

In India, 271 million people were lifted out of poverty from 2005-06 to 2015-16, UNDP India Resident Representative Shoko Noda said, while releasing the report, “Beyond income, beyond averages, beyond today: inequalities in human development in the 21st century”.

South Asia was the fastest-growing region, witnessing 46 per cent growth during 1990-2018, followed by East Asia and the Pacific at 43 per cent.

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Niti Aayog CEO on a clear 10 year program for Clean Energy

NITI Aayog CEO Amitabh Kant on Monday stressed on the need for a clear ten-year road map to boost clean energy technologies and creating standards for innovations. Kant also called hydrogen as the fuel of the future especially for commercial vehicles which can ensure efficiency in movement across the country.

Speaking at the India Energy Forum by CERAWeek, Kant said, "We should provide a 10-year roadmap on where we want to be in clean (energy) technology. We should provide policy clarity to innovation stakeholders because a lot of innovation will keep happening as we go along."

 Developing countries like India need to create standards for new technologies which sometimes become a hurdle for Indian entrepreneurs to disrupt the global market with local innovation, Kant said.

India should focus on strengthening standards and certification infrastructure.

Kant also showcased India's ambitious target of having 450GW of renewable energy by 2030 at the international forum.

About the role of traditional energy, he said, "We believe that hydrogen is an area where traditional energy companies can be a game-changer given the similarities in the engineering needs of oil and gas and hydrogen processing technology."

Traditional or conventional energy companies are looking at hydrogen and biofuels these days.

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Marico’s Harsh Mariwala: E-Commerce made business affordable, easier for startups

India’s FMCG guru and founder of $6 billion Marico, Harsh Mariwala, on how e-commerce has removed entry barriers.

 

• Speaking at the Business Insider Global Trends Festival 2020, Harsh Mariwala said the emergence of digital marketing and e-commerce has made it cheaper and easier for startups to make their mark in the segment.
• Modern trade and e-commerce contribute to 22% of total sales of Marico (as of FY20).
• Mariwala also spoke of brands like the one they have acquired Beardo or others like Mamaearth and Boat, who have made a mark for themselves in the consumer market.

 

“In the earlier days, if somebody wanted to launch a new product, they had to have a distribution network which would cater to 2-3 million outlets, which would be very very costly and unless you had a ₹1,000 crore turnover, you won’t be able to afford that,” the maker of iconic hair oil brand Parachute and edible oil brand Saffola said in a conversation at the Business Insider Global Trends Festival 2020.

 

The next big expenditure to ensure your brand is known and becomes a household name, companies had to splurge big money in television advertising. “So, for a startup, there would be a lot of odds before entering the FMCG sector. But with the emergence of e-commerce, you can prototype your products in these options and also use digital marketing, which is not as expensive as television marketing. We have seen a whole host of new entrepreneurs entering the consumer sectors,” he added.

 

Modern trade and e-commerce contribute to 22% of total sales of Marico (as of FY20).

Mariwala also spoke of brands like the one they have acquired Beardo or others like Mamaearth and Boat, who have made a mark for themselves in the consumer market.

 

Marico has an eye for startups entering the space. It is bracing for a game where younger, more agile startups are making a mark, and he is buying out some of them, like Beardo and Mamaearth.

 

Marico has also completed the 100% acquisition of the Ahmedabad-based startup Beardo, in which it had first acquired a stake in 2017. Beardo’s strong presence in the online men’s grooming segment is what drew Marico to the startup.

 

Talking about Beardo, Mariwala said, “At some stage of their journey, where they reach a certain level of turnover and when they have to expand it to physical distribution, that time they find it difficult – that’s when they are forced to divest or get into some sort of partnership.”

 

Even during the pandemic, Marico hasn’t been much affected as most of its products fall in the essentials category.

 

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Nestle plans to invest Rs 2,600 crore in India over the next 3-4 years

FMCG major Nestle India on Friday announced its plans to invest Rs 2,600 crore over the next three to four years to augment its manufacturing capacity in the country, terming the move as “vindication of confidence and trust” the company has in its Indian journey. The company, which saw a robust 10.23 per cent growth in its domestic sales in the July-September quarter, said its production units have returned to “normal output” post lockdown.

As per Nestle’s plan, the new investments are aimed at expansion activities of the existing units and towards the construction of its new upcoming unit in Sanand, Gujarat.

 Meanwhile, the FMCG major — which follows January-December financial year — posted a marginal 1.37 per cent drop in its net profit at Rs 587.09 crore in the third quarter ended September 30, 2020.

Its net sales, however, were up 10.19 per cent at Rs 3,525.41 crore during the period under review, the company said.

 Domestic sales in July-September moved up 10.23 per cent to Rs 3,350.10 crore as against Rs 3,039.09 crore in the year-ago period.

 Nestle, which presently operates eight production units in India, said its factories have returned to normal output and witnessed growth driven by an improved supply situation.

“Total sales and domestic sales both increased by 10.2 per cent driven by volume and mix,” Nestle India said in a post-earnings statement.

Its export sales were up 9.41 per cent to Rs 175.31 crore as against Rs 160.22 crore in the corresponding quarter a year ago.

 Commenting on the results, Nestle India Chairman and Managing Director Suresh Narayanan said: “The quarter witnessed growth driven by an improved supply situation, as our factories returned to normal output.”

 Nestle, which has a 108-year long association with India and nearly six-decade-long manufacturing journey, announced to deepen it by announcing further investments.

 “As a vindication of the confidence and trust in the Nestle journey in India, I am pleased to share that we plan to invest Rs 2,600 crore over the next three to four years to augment our existing manufacturing capacities, as well as towards our new under construction ‘state of the art factory in Sanand, Gujarat,” he said.

Nestle India said its profit before tax was up 12.40 per cent at Rs 786.50 crore over the same period a year ago.

 “Tax expense for the quarter ended September 2020 is not comparable. The cumulative effect of lower tax rate made applicable from April 1, 2019, was adjusted fully in the quarter ended September 2019. Net profit after tax and earnings per share are also not comparable for the same reason,” it said.

 According to Nestle, this quarter was boosted by double-digit growth in the in-home consumption of its key brands such as Maggi Noodles, Maggi Sauces, KitKat, Nestle Munch, Nescafe Classic and Nescafe Sunrise.

 Besides, demand in ‘Out of Home’ channels improved during the quarter but continues to be impacted due to the overall environment.

 “We continued our strong performance in the e-commerce channels, which grew by 97 per cent and now contributes about 4 per cent of domestic sales,” he said.

 Meanwhile, Nestle India in a separate filing informed that its board in a meeting held on Friday declared an interim dividend of Rs 135 per equity share of Rs 10 each for the year 2020 on the entire issued, subscribed and paid-up share capital.

 Nestle India board also approved the appointment of Matthias C Lohner, as whole-time director, designated as ‘Executive Director – Technical’ of the company with effect from November 1, 2020, for a term of five years, subject to requisite approvals.

 Earlier this week, its Swiss-based parent company Nestle while announcing its July-September quarter result had said: “India posted strong mid-single-digit growth, with good momentum in Maggi, Nescafe and KitKat.”

The Indian market was ranked at number 13 in terms of contribution to Nestle’s global revenue in 2019.

 Shares of Nestle India Ltd on Friday settled at Rs 15,863.00 on the BSE, down 0.30 per cent from the previous close.

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Maharashtra invites Tesla after Elon Musk hints entry into the country

Maharashtra is looking for potential investment from the US electric car major Tesla in the state and has held discussions with the company, weeks after Tesla revealed its plans to enter the Indian market.

 State Tourism Minister Aaditya Thackeray said in a tweet on Thursday that Industries Minister Subhash Desai held a video call, in which he also participated, with the Tesla team, inviting the electric car maker to Maharashtra.

 Maharashtra is already home to a host of domestic and foreign automobile manufacturers with Chakan Industrial belt near Pune a major automobile hub in the state.

 "This evening I had the opportunity to participate in a video call by Industries Minister @Subhash_Desai Ji with @Tesla team to invite them to Maharashtra. I was present not because of just the investment but my firm belief in electric mobility & sustainability @elonmusk," Thackeray said in a tweet.

 Tesla Inc. co-founder and chief executive Elon Musk had earlier this month said the company will enter the Indian market in 2021.

 "Next year for sure," Musk said while replying to a query on Tesla's India plans on Twitter.

 An Avendus Capital report in July this year had forecast that the Indian EV market could be a Rs 50,000 crore opportunity by 2025.

 Factors such as policies, battery cost, charging infrastructure and supply chain as well as localisation are expected to drive the adoption of EVs in various segments in the country over the next decade, the report noted.

 "We are firmly committed to policy building and changes for sustainable development and I personally believe that electric mobility, supported by renewable energy is the way ahead. Let's hope we can help this thought become mainstream soon," Thackeray said in another tweet.

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The United States and India: Shared Strategic Future

The future of India-US relations is "bright" regardless of the outcome of the US Presidential election, American Deputy Secretary of State Stephen Biegun said. "Every presidential administration here in the US has left the relationship in even better shape than the one inherited from its predecessor," he added. The relationship is much bigger than one political party, he further said.

 Ahead of the third edition of the two-plus-two dialogue between India and the US later this month, Indian Ambassador to Washington Taranjit Singh Sandhu has underlined five broad principles to take the partnership between the two nations to the “next level”.

 The dialogue is expected to take place on October 26 and 27 in New Delhi during which both sides are likely to carry out a comprehensive review of their strategic cooperation. US Secretary of State Mike Pompeo and Defence Secretary Defence Secretary Mark Esper are scheduled to visit India for the dialogue.

 These five principles are ‘look ahead’, ‘look broad, look deep’, ‘strengthen each other’, ‘explore together’ and ‘shape together’, Sandhu said. “First and foremost, look ahead. While short-term gains might provide happiness and relief, we cannot afford to overlook where we want to be in the long run. This also means that we cannot be complacent, about short-term gains nor can we be, too agitated about short term losses. Look far, look ahead,” he said.

 

“The second point is related to the first in a way. Look broad, look deep. Both our countries need to look at the big picture. We cannot afford to see things in silos however hard the temptation,” he said, adding the strategic vision needs to encompass the vision from a single department or a single stakeholder.

 Thirdly, the strength of the partnership comes from strengthening each other, Sandhu asserted. India’s growth is not in the interest of its alone. A secure and prosperous India is in the interest of the region, and the world at large, he said.

 “Today we have a very broad-based defence partnership with the United States encompassing all aspects of defence cooperation,” the ambassador said. He asserted that this cooperation is not limited to defence trade, which has grown rapidly to over USD 21 billion in just over a decade but covers joint exercises and training, joint research and technology collaboration, co-development, and co-production of defence platforms.

 “We have a robust institutional framework with several enabling agreements and understanding concluded in recent years to advance our defence collaboration,” Sandhu said. The designation of India as a Major Defence Partner by the US, and the accordance, of Strategic Trade Authorisation-1 Status, by the US is a recognition of our robust defence ties and the immense potential it holds for further expansion across different dimensions, he said in his virtual address.

 Observing that India also wants to play a more active role in global rule-making, the top diplomat said New Delhi seeks reform of multilateral institutions to reflect the realities of the times. India will assume membership of the UN Security Council in January 2021. In these extraordinary times, as an important voice representing one-sixth of humanity, India seeks to play a more active role and contribute to global peace, stability and security. The democratisation of global order can no longer remain elusive, he asserted.

 

“Fourthly, explore together. Let the partnership, branch into areas, that have hitherto remained unexplored. We need to challenge ourselves,” Sandhu said.

 “Last but not least, we all need to shape together, the world where we want to live in. In a way, this is what Gandhiji said long ago, ‘be the change you want to see in the world’. Trust and friendship have become crucial as we confront extraordinary global challenges today,” Sandhu said.

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