The shipbuilding companies in China are looking out for business opportunities in India as the latter has a long coastline and growing shipbuilding sector. The shipbuilding sector in China is saturated and it is presently facing slowdown. India has a huge market in the shipbuilding sector.
“The shipbuilding companies in China are looking out for business opportunities in India as the latter has a long coastline and growing shipbuilding sector. The shipbuilding sector in China is saturated and it is presently facing slowdown. India has a huge market in the shipbuilding sector and Chinese companies have the capability to build ships and meet India’s demand,” remarked Ms. Le Hongxia, Chairman, Global Trade Union and Chairman, Yangzhou Juneng Export and Import Company, in her keynote address during an interactive meeting with the business delegation led by her. The interactive meeting was jointly organised by MVIRDC World Trade Centre (WTC) Mumbai and All India Association of Industries (AIAI) at World Trade Centre Mumbai.
Speaking about the Global Trade Union, Ms. Hongxia said the body was set up in Hong Kong in 2010 to provide a platform for Chinese companies to explore commercial ties with their counterparts abroad.
The Union co-ordinates with trade unions in other countries to facilitate the entry of Chinese companies in those countries. The union proposes to expand its activity in India as well to facilitate Chinese companies find ideal partners in India, Ms Hongxia informed. The Chinese government is implementing the ambitious ‘one belt one road’ project to enhance trading relationship between China and other countries, she added.
Mr. Aditya Rasiwasia, Committee Member, All India Association of Industries (AIAI), in his welcome address, said, “India and China are neighbouring countries and they are natural trade partners. Chinese exports to India constitute 5% of its overall exports and it majorly includes electronic goods and machinery. Both countries have a long coastline and can provide huge impetus to the development of infrastructure, especially to India’s need for road and port infrastructure. While China has built excellent infrastructure facilities, India is still developing them. Therefore, both countries have a natural advantage in collaborating in the infrastructure sector. I hope that the present delegation (which consists of companies in the shipbuilding industry, port & marine equipment, power relevant equipment and export-import companies) would explore fruitful business opportunities with their counterparts in India”.
Dr. Yadnya Pitale, Joint Director, Research and WTI, World Trade Centre Mumbai delivered the vote of thanks for the event.
Source: CNBC TV18 | Money Control
India will have seven world class automotive design and testing centres being set up by National Automotive Testing and R&D Infrastructure Project (NATRiP) by the end of this year.
The government has already made it mandatory for vehicle manufactures in the country especially cars for complying with best international standards for safety of driver and passengers and has set October 2017 deadline to comply with new norms.
The centers will have infotronics laboratory and crash testing labs. The high-speed testing track will come up in two years.
The centers are coming up at Manesar, Bangalore, Rai Bareli, Silchar, Indore, Pune and Chennai under NATRiP are the best in the world for carrying out all safety tests including frontal and side crash test for vehicles.
"With new testing facilities and new safety norms coming, vehicles will become safer and country will be able to formulate new norms for crash test, emissions and other safety equipment like brakes, stability, noise and electro-magnetic radiations," said Sanjay Bandopadhyay, CEO, NATRiP.
"Since most of our vehicle manufacturers were drawn from Europe and were the earliest in the industry, we have followed their method of testing for prototypes and the subsequent COP," he added.
Ministry of Road Transport and Highways has set October 2017 as the deadline for mandatory crash test for new models and October 2019 for existing cars. The high speed testing track is being developed at Indore centre.
Source: Economic Times
Leading Indian industry body, the Federation of Indian Chambers of Commerce and Industry (FICCI) and other business associations on Saturday termed the 'Start-up India' initiative as a landmark moment.
"It is indeed a landmark moment and a major shift as we are looking at an unshackled regime where the government would merely be a facilitator of the entrepreneurship in the country that would provide employment for our large young population," said FICCI president Harshvardhan Neotia in a statement.
He expressed confidence that with 'Start-up India', the ecosystem has been envisioned and incentive put in place for large number of young entrepreneurs in the country to come forward with innovative start-ups.
FICCI sent a 100-member delegation of young innovators and startups to participate in 'Start-up India' initiative launched by Prime Minister Naredra Modi, the statement said.
India Electronics and Semiconductors Association (IESA) president M. N. Vidyashankar said: "We are elated by the fact that India has the third-largest number of startups globally. IESA applauds the government to be a facilitator to build the start-up nation. With the government's support, a start-up can be built in a day which will definitely motivate many young entrepreneurs."
He highlighted Modi's announcement of legal support for filing patents at free of cost and 80 percent reduction in patent fee would boost the confidence of entrepreneurs.
"The action plan of a corpus of Rs.10,000 crore made through a Fund of Funds is a major and important decision taken by the government which would enable an entrepreneur to startup from the non-urban areas of India as well," said Vidyashankar in a statement.
WudStay founder Prafulla Mathur, Girnar Soft founder Anurag Jain, AsaanJobs co-founder Dinesh Goel and Kaaryah founder and CEO Nidhi Agarwal among others also gave a thumbs up for the 'Start-up India' programme.
National Skills Development Corporation (NSDC) CEO Jayant Krishna said: "This is just the beginning, we will see start-ups driving the social economic growth. Start-up India offers immense opportunity to the youth where the government is also assuring them the ease of doing business."
Source: Business Standard
New Policies and initiatives were announced by the Current Primer Minister of India Mr. Narendra Modi at a major press conference launching the “Startup India” action plan at Vigyan Bhawan in New Delhi last Saturday. The action plan aims to make it easier for investors and startup founders to incubate their ventures in the country. The government program aims to fill gaps in the economy for the growth and development of startups .
Here are 12 key points announced in the Startup India event.
1) A single point of registration for startups
In order to Make the registration process simpler, the government will launch a mobile app and a portal on April 1, which will enable startups to register their company in a day. The portal will also serve as a single point of contact for clearances, approvals and registrations, and for companies to apply for schemes under the Startup India Action Plan.
2) A fast-track mechanism filing patent applications
To encourage the creation and protection of its intellectual property, the Central Government shall bear the cost of patents, trademarks and designs for a startup, with an 80 percent rebate This will be launched on a pilot basis for a year.
3) A simplified regulatory regime based on self-certification
To reduce the regulatory burden for startups, the government will allow startups to self-certify compliance on nine labour and environment laws through the startup mobile app. No inspections will be conducted in case of the labour laws for a period of three years.
4) Tax exemption for three years, and capital gains
The Startups will be exempted from income tax for a period of initial three years in order to facilitate growth and assist in retaining capital However, the exemption shall be available subject to non-distribution of dividend by the startup. To augment the funds available to various VCs and alternative investment funds, capital gains invested in SEBI registered venture funds will be exempt from tax as well.
5) A Rs. 10,000 crore fund for startups
The government will set up a fund with an initial corpus of Rs. 2,500 crore and a total corpus of Rs. 10,000 crore over a period of four years, which will be be managed by a board with private professionals drawn from industry bodies, academia, and successful startups.
6) A credit guarantee fund for startups
The government will initiate a credit guarantee mechanism for helping startups to raise debt funding through the formal banking system through National Credit Guarantee Trust Company (NCGTC)/SIDBI, which has an annual corpus of Rs. 500 crore for the next four years.
7) Relaxed norms of public-procurement
As long as they have their own manufacturing facility in India, and have the requisite capabilities and are able to fulfil the project requirements, the Central Government, State Government and PSUs will exempt startups in the manufacturing sector from the criteria of “prior experience/ turnover”
8) Faster exits for startups
As per the recently tabled Insolvency and Bankruptcy Bill 2015, startups may be wound up within a period of 90 days from making of an application for winding up on a fast track basis. This process will respect the concept of limited liability.
9) A Startup India Hub
The hub will assist startups in obtaining financing, and organize mentorship programs to encourage knowledge exchange.
10) Atal Innovation Mission to encourage entrepreneurship and innovation
The Atal Innovation Mission will promote entrepreneurship via the establishment of sector specific incubators and 500 ‘Tinkering Labs’. Pre-incubation training and a seed fund for high-growth startups will also be provided.
11) Unveiling of Innovation focused programs for students
Innovation focused program targeted at school kids aims to source 10 lakh innovations from five lakh schools, out of which the the best 100 would be shortlisted and showcased at an Annual Festival of Innovations, to be held in Rashtrapati Bhavan.
12) An annual incubator grand challenge
On basis of Key Performance Indicators (KPIs) , The government will identify , evaluate and select ten incubators as having the the potential to become world class, and give them Rs.10 crore each as financial assistance to ramp up their infrastructure.
Source: Tropical Post
Betting on India emerging bigger than China, Japan's SoftBank on Saturday said it has invested %2 billion in Indian firms in the last one year and will look to scale up the investment to $10 billion in the coming year.
SoftBank chairman and chief executive Masayoshi Son said internet and solar are the sectors that excites him, but wants the government to develop a robust mobile phone infrastructure and resolve slow Internet issues.
"If I rescale, I will scale up. What will $10 billion become, I don't know. If I have said that we will invest $10 billion in 10 years, we have invested $2 billion in a year. That's over pacing and I think we will accelerate," he said at the "Start-up India" conference here.
He said the more he knows about India on every visit, the more he gets excited.
Stating that 21st century belongs to India, he said there exist huge opportunities in India. "Every market is different. I truly think this is really the beginning of Big Bang for India."
"In the next 10 years India will repeat the growth China saw in the last 10 years and in my opinion, India could be bigger (than China)."
Stating that Indians are smart, English speaking, IT-proficient, he said, "all these things make me believe that the 21st century is this country."
"We are very happy with the portfolio we have. We will continue to look for new opportunities. Internet and solar are the sectors that excite me," he said.
Son, Japan's second-richest person with a net worth of $14.1 billion said infrastructure was important and mobile broadband infrastructure was lacking in India.
"I think mobile internet is too slow. More spectrum allocation to the mobile carriers is needed so that they can have better mobile broadband," he said.
SoftBank had in 2014 announced plans to invest $10 billion in India over the next decade. It has already put in $627 million into online marketplace Snapdeal and smaller investments in property site Housing.com.
Its unit, SoftBank Internet and Media Inc is leading a group of investors putting an investment of $210 million in ANI Technologies Pvt, which runs the Ola Cabs taxi booking service. It paid $200 million for a 35 per cent stake in InMobi, an Indian mobile-advertising network.
It also has a joint venture with India's Bharti Group, Bharti SoftBank, the investments of which include the mobile application Hike Messenger.
SoftBank in June had entered India's solar energy sector with a venture with Bharti Enterprises and Foxconn Technology Group of Taiwan.
The Japanese group will own the majority stake in the new venture, SBG Cleantech that will bid to build 20 GW of solar power plants. Under the partnership, Foxconn will help manufacture solar equipment, and the venture will consider producing some locally.