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2. Instruction No. 16/2024-Customs
dated 25th June, 2024: CBIC Issues Clarifications on
Transfer of Goods Between Section 65 Units Under MOOWR
The Central Board of Indirect Taxes & Customs issued
Instruction No. 16/2024-Customs on June 25, 2024, addressing
concerns about transferring goods under Section 65 of the
Customs Act. The instruction clarifies procedures under the
Manufacture and Other Operations in Warehouse Regulations,
2019 (MOOWR).
It outlines requirements for transferring goods manufactured
or processed in a warehouse to another Section 65 unit,
emphasizing the need for filing transfer documentation,
notifying bond officers, and complying with duty payment
obligations upon clearance for home consumption.
For more detailed information, ELCINA members are advised to
refer to the CBIC website
3. Circular
No. 07/2024-Customs dated 25th June 2024: CBIC Introduces
Exchange Rate Automation Module (ERAM) Effective July 4,
2024
The Central Board of Indirect Taxes & Customs (CBIC) issued
Circular No. 07/2024-Customs on June 25, 2024, introducing
the Exchange Rate Automation Module (ERAM). This module
automates the calculation of imported and exported goods'
values based on exchange rates as per Section 14 of the
Customs Act.
ERAM will replace the manual process of exchange rate
determination, starting July 4, 2024. It will publish
exchange rates for 22 currencies online via the ICEGATE
website. Rates will be updated twice a month, on the
evenings of the 1st and 3rd Thursdays, becoming effective
from midnight the following day. This initiative aims to
enhance trade facilitation by providing importers and
exporters with accessible and timely exchange rate
information.
For detailed procedural guidelines, ELCINA members are
advised to refer to Circular No. 07/2024-Customs dated June
25, 2024, issued by CBIC.
4. Circular
No. 08/2024-Customs on SCMTR Implementation dated 30th June
2024: DGoS Issues Guidelines for Smooth Transition to New
Cargo Manifest Regulations
Circular No. 08/2024-Customs, issued by the Ministry of
Finance, Department of Revenue, extends the transitional
provisions of the Sea Cargo Manifest and Transshipment
Regulations (SCMTR) from June 30, 2024, to August 31, 2024.
This extension aims to facilitate a phased implementation of
SCMTR, ensuring stakeholders have adequate time to adjust to
new filing formats and timelines. The regulations seek to
improve transparency and efficiency in Customs clearance
processes for imported and exported goods.
Stakeholders are advised to commence parallel filing in the
new SCMTR format alongside existing systems to minimize
potential disruptions. Detailed guidelines and support
resources are available on
www.icegate.gov.in to assist stakeholders in compliance.
5. Trade Notice No. 07/2024-2025- DGFT
Dated: 28th June 2024: Extension of Interest Equalisation (IES)
Scheme for MSME Exporters till August 31, 2024
The Government of India, Ministry of Commerce and Industry,
Department of Commerce, Directorate General of Foreign
Trade, Vanijya Bhawan, New Delhi, has issued Trade Notice
No. 07/2024-2025-DGFT dated 28th June 2024 regarding the
extension of the Interest Equalisation Scheme (IES) for Pre
and Post Shipment Rupee Export Credit.
-
The Interest Equalisation Scheme, previously extended as
a fund-limited scheme until 30th June 2024, has now been
further extended for an additional two months, up to
31st August 2024.
-
This extension is specifically applicable to MSME
exporters, with a total outlay capped at Rs. 750 Cr for
the extended period. The terms and conditions of the
scheme remain unchanged from its current form.
-
Claims from non-MSME exporters will not be considered
beyond 30th June 2024.
-
Stakeholders are advised to refer to guidelines issued
by the Reserve Bank of India and relevant notifications
concerning this matter.
This Trade notice aims to inform the trade and industry
community about the revised timeline and conditions of the
IES to facilitate better understanding and compliance.
6.
Policy Circular No. 06/2024-25-DGFT Dated: 19th June, 2024:
Addressing Import Restrictions for SEZ Units
The DGFT has issued Policy Circular No. 06/2024-25 to
address concerns raised by SEZ units regarding import
restrictions on ITC (HS) Codes 71131912, 71131913, 71131914,
71131915, and 71131960.
According to Rule 27(1) of the Special Economic Zone Rules,
2006 (amended), these restrictions do not apply to imports
by SEZ units, excluding FTWZ units. This clarification aims
to facilitate uninterrupted import operations within SEZs.
This clarification will help to ensure smooth import
operations within SEZs.
7.
OM no. 12/136/2021-HSM dated July 1, 2024: MoEFCC Extends
Timeline for Filing E-Waste Returns
The Ministry of Environment Forest and Climate Change (MoEFCC)
has extended the deadline for filing quarterly and annual
returns under the E-Waste (Management) Rules, 2022 until
August 31, 2024, for the financial year 2023-24. This
extension, issued on July 1, 2024, applies to manufacturers,
producers, recyclers, and refurbishers (collectively
referred to as "registered entities").
Previously, the deadline for filing annual and quarterly
returns was set for 30th June, 2024. The extension, granted
under Rule 9A of the E-Waste (Management) Rules, 2022,
allows for EPR certificate generation and transfer on the
EPR portal during this period.
For further details, please refer to the MoEFCC's order
dated July 1, 2024.
INDUSTRY SCAN
General
Semiconductor Park To Come Up At
Kochanahalli Near Kadakola
The stage is set for the ambitious Semiconductor Park to
take shape at the Kochanahalli Industrial Area near Kadakola,
close to Nanjangud. Karnataka Industrial Area Development
Board (KIADB) has acquired a total of 234 acres in
Kochanahalli, with 140 acres earmarked specifically for the
Electronics Manufacturing Cluster (EMC), known as
Semiconductor Park. Mysuru-based Kaynes Technology and Wurth
Technology have secured the necessary land in Kochanahalli
to establish their respective units. Kochanahalli Industrial
Area, part of the second phase of development along with
Kadakola and Tandavapura Industrial Areas, has seen
significant progress. Out of the total 234 acres allocated
for EMC, 140 acres are available after setting aside land
for Civic Amenities (CA) sites, roads and a Sewage Treatment
Plant (STP). Earlier, Israel-based Analog Fab Private Ltd.
had planned to set up a semiconductor chip manufacturing
unit in Mysuru, aiming to create 10,000 jobs. However, a
US-based company acquired Analog Fab, resulting in the
cancellation of the investment plan for Mysuru’s
Semiconductor Park.
Source: https://starofmysore.com/, June 30, 2024
India, US to develop AI devices,
semiconductors for missiles
India and the US are looking at cutting-edge military
technology, including military-grade semiconductors to guide
long-range missiles and new artificial intelligence backed
situational awareness equipment that will be jointly
developed by a US company with an India-based partner. The
two sides are exploring co-production of the Javelin
anti-tank guided missile and armoured carrier Stryker. These
are in addition to the procurement of long-range armed
drones MQ9B and the joint-production of the General
Electric’s F414 jet engine for Tejas Mark 2 jets. US State
Department’s Deputy Secretary Kurt Campbell, in an
international online press briefing last week, mentioned the
recent meeting of the US-India initiative for Critical and
Emerging Technologies (iCET). Campbell, who was in India
with the US delegation on June 17-18, led by National
Security Advisor (NSA) Jake Sullivan, said, “We are also
launching a new strategic semiconductor partnership between
General Atomics and 3rd ITECH to co-develop semiconductor
design and manufacturing for precision-guided ammunition and
other national security-focused electronics platforms”.
Source: https://www.tribuneindia.com/, June 29, 2024
Samsung Semiconductor India automates
5G field testing process
Samsung Semiconductor India Research (SSIR) has implemented
an end-to-end 5G wireless protocol signaling solution to
streamline and automate its 5G field-to-lab workflow. This
is done for SSIR’s lab in the Bangalore city of India. It
has selected Keysight Technologies’ Signaling Field-To-Lab
(S-FTL) solution to improve end-user quality of experience (QoE)
by accelerating the replication, analysis, and resolution of
5G field issues in a test lab environment. SSIR’s corporate
EVP and MD, Balajee Sowrirajan, said the partnership has
helped recreate real-world field scenarios in a lab
environment, and accelerated the resolution of communication
and connectivity issues for wireless modem customers. With a
comprehensive set of tools and techniques for testing, the
S-FTL solution enables engineers to identify and resolve
communication issues accurately, said Sowrirajan.
Source: https://www.itnews.asia/, July 01, 2024
Smart Grids to Save Over $290 Billion
in Global Energy Costs by 2029, Says Research Experts
Research experts have now found that by 2029, the savings
potential from smart grids will increase by 249 percent, up
from $84 million in 2024; benefitting utilities and
consumers. Global Research body, Juniper Research has stated
in its new survey report that the growth is driven by
increasing investment in solutions from governments,
including the US, China, and Europe, with BESS (Battery
Energy Storage Systems) becoming a focal point for the
market. The research found the market shift to prioritising
BESS efficiency and solutions is facilitated by the need to
meet climate goals and reduce reliance on fossil fuels.
Since renewable energies do not meet current demand,
ensuring excess energy is not wasted is crucial for reducing
carbon emissions. The report also identified that whilst AI
is used extensively for grid automation processes, GenAI
(Generative Artificial Intelligence) is providing additional
features.
Source: https://circuitdigest.com/, June 30, 2024
TOP
Information Technology
Tech companies must 'acknowledge the
damage', says UN, and other digital technology stories you
need to know
António Guterres, Secretary-General of the United Nations
(UN), has called on technology firms to “acknowledge the
damage your products are inflicting on people and
communities”. Speaking at the launch of the UN's Global
Principles for Information Integrity, he said that
algorithms on social media platforms had the ability to
“push people into information bubbles and reinforce
prejudices including racism, misogyny and discrimination of
all kinds” through opaque algorithms. “You have the power to
mitigate harm to people and societies around the world,” he
said. “You have the power to change business models that
profit from disinformation and hate”. His comments come
after several high-profile calls for social media companies
to do more to protect vulnerable people, especially
children.
Source: https://www.weforum.org/, July 01, 2024
IT union seeks probe on DXC
Technology's 4,800 campus onboarding delays
IT sector employee union Nascent Information Technology
Employees Senate (NITES) has asked the Ministry of Labour &
Employment to look into DXC Technology for delaying
onboarding of over 4,800 new campus recruits. “These delays,
lasting more than two years, have caused serious problems
for these new employees. Many turned down other job offers
because they believed in DXC Technology's promises. Now,
they are struggling financially and are unsure about their
future because they haven't started working yet. DXC
Technology's actions have broken the trust of these young
professionals. They expected a smooth start to their
careers, but instead, they are left waiting,” said Harpreet
Singh Saluja, president at NITES. These young professionals'
well-being and careers are at risk. We have asked the
ministry to act quickly to protect them and make sure they
are not unfairly punished because of DXC Technology's
delays, Saluja added.
Source: https://economictimes.indiatimes.com/, June 28, 2024
TOP
Consumer Electronics
Retail India News: OKIE Ventures into
Madhya Pradesh with Innovative Consumer Electronics
OKIE Ventures, a prominent player in electronics
manufacturing specializing in OEM (Original Equipment
Manufacturer) and ODM (Original Design Manufacturer)
solutions, has unveiled its strategic expansion into Madhya
Pradesh. This expansion marks a significant move for OKIE
Ventures into the vibrant markets of central India, renowned
for its cultural richness and economic dynamism. Recognized
for its innovation and commitment to quality, OKIE Ventures
is introducing its acclaimed OKIE LED TV range to the
discerning consumers of Madhya Pradesh. This expansion
aligns with OKIE's strategic initiative to broaden its
presence across key regions in India, leveraging its
expertise in delivering advanced consumer electronics
solutions. The OKIE LED TV series, renowned for its superior
quality and innovative features, will anchor OKIE's product
lineup in Madhya Pradesh. These TVs, equipped with smart
functionalities and available in various sizes from 32" to
86", promise an immersive viewing experience tailored to
diverse consumer preferences.
Source: https://www.indianretailer.com/, July 01, 2024
LG Electronics adopts human rights
principles: Know-why
LG Electronics, a South Korean giant which is leading the
consumer electronics market with a range of devices
worldwide has reportedly said that it has adopted human
rights principles. The move has been taken to avoid human
rights violations within the company as well as its
contracted companies. In an official statement, The company
said that LG Electronics has reportedly integrated existing
human rights-related rules and strengthened them in line
with the United Nations Guiding Principles on Business and
Human Rights (UNGPs), Yonhap news agency reported. The human
rights principles result in the banning of discrimination,
forced labour, harassment and child labour at workplaces,
while stipulating violations in working hours, welfare
benefits and wages, as well as artificial intelligence
ethics in the work workplaces.
Source: https://www.indiatvnews.com/, June 28, 2024
Sony India MD says India is expected
to overtake Japan to become third largest global market in
two years
Japanese consumer electronics giant Sony expects India to
overtake home market and become the company’s third largest
market globally in the next couple of years with its revenue
from the country reaching Rs 10,000 crore.Sony India
Managing Director Sunil Nayyar said the company clocked a
revenue of Rs 6,353 crore in 2022-23 in the country and is
betting on the premium television segment besides its audio
and imaging products to drive the growth.According to him,
Sony India is also betting big on the fast growth of the
gaming segment and imaging business. We have travelled a
long way. If I go 10 years back, we were quite behind the
globe, but now, we are a close number four as a single
country business across the globe, which means in a couple
of years, maybe we can be number three and to remain in the
top three in future I think should be a good position to
stay as a Sony company around the globe,” Nayyar told PTI.
Source: https://www.thehindubusinessline.com/, July 01, 2024
Top brands bank on 'imported' sales
events to boost demand
When technology giants Apple, Lenovo, HP and Dell rolled out
their 2024 editions of back to school or campus sales in
India earlier in June, it underscored the rapid growth of
this US sale event 'imported' to India over the last five to
six years. The sales campaign currently spawns more than a
fourth of retail laptop sales, second only to the Diwali
festive season's contribution of 30-35%, as per industry
estimates. Back to school, small business days, Black
Friday, Cyber Monday, Mother's Day, Father's Day,
Valentine's Day are part of a growing list of 'imported'
sales events in India. Brands, retailers and ecommerce
platforms are increasingly relying on such events 'imported'
from the West to drive sales with discount shopping emerging
as a notable trend among Indian consumers, especially since
the pandemic.
Source: https://economictimes.indiatimes.com/, June 30, 2024
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Telecom
Why tariff hikes by Airtel, Jio,Vi
were inevitable
All three of India’s leading telecom operators, Reliance Jio,
Bharti Airtel and Vodafone Idea (Vi) have announced tariff
hikes within hours of each other, as the companies search
for a path of monetizing 5G services and improving the
financial health of the sector. Jio has raised tariffs by
12-25 per cent, with the steepest hike coming in some of its
more premium plans. The most active plan — 28 days validity
with 1.5 GB of data per day — saw the sharpest hike of 25
per cent. Airtel has increased prices by 11-21 per cent. Vi
has raised prices by 10-20 per cent. In Jio and Airtel’s
case, the new prices will come into effect from July 3,
while Vi’s new tariffs will kick on July 4. India’s two
leading telecom operators, Reliance Jio and Bharti Airtel,
have both announced tariff hikes within hours of each other.
Source: https://indianexpress.com/, June 29, 2024
Indians to spend an extra ₹47,500
crore post-Jio, Airtel, and Vodafone tariff hikes: Report
Indian telecom users are expected to pay Rs.47,500 crore
more annually as a result of the tariff hikes from India's
top three telecom operators, reported the Economic Times
quoting a Kotak Institutional Equities research note. The
tariff hikes were executed to effectively monetise their new
5G plans and put an end to the ongoing price war among the
telecom operators which has been waging since 2016,
according to the report. Reliance Jio Infocomm increased
their prices by 13-27 per cent, Bharti Airtel raised tariffs
by 10-21 per cent, and Vodafone Idea raised prices by nearly
10-23 per cent, within two days. A Jio user willing to get a
5G internet plan must now pay a minimum of ₹349 for a 2 GB
per day recharge pack, as compared to the earlier ₹239 data
plan which gave them 1.5 GB per day. Similarly, an Airtel
user willing to get a 5G data pack now has to even take a
bigger priced pack at ₹409 which gives them 2.5 GB internet
per day, as compared to the earlier ₹239 plan which gave
them 1.5 GB per day.
Source: By Anubhav Mukherjee, https://www.livemint.com/,
June 29, 2024
Spectrum auction: Govt to issue demand
note to telcos this week for payment
The telecom department is expected to issue a demand note to
telcos this week for payment of spectrum they bought in the
just-concluded auction, according to a source. The auction
-- lasted for two days spanning seven rounds this time
around - witnessed the sale of 141.4 MHz of radio waves for
Rs 11,340.78 crore. In all, 10,500 MHz of radiowaves used
for mobile services worth over Rs 96,238 crore were placed
on the block during the auction started on June 25. Sunil
Mittal's Airtel emerged as the biggest bidder for radio
waves, cornering about 60 per cent of the Rs 11,341 crore
worth of spectrum sold in this auction. Airtel bid and won
airwaves worth Rs 6,856.76 crore, and rival Mukesh Ambani's
Reliance Jio - the market leader - got Rs 973.62 crore worth
of spectrum - the least in the three-way contest.
Source: https://www.business-standard.com/, June 30, 2024
Scindia sets up six advisory panels to
energise the telecom sector
The
Department of Telecommunications (DoT) has constituted six
stakeholder advisory committees which will give inputs for
fostering the growth of the sector and also for resolving
key issues. The move was spearheaded by communications
minister Jyotiraditya Scindia (pictured), who took charge
earlier this month. Committees have been constituted for
original equipment makers (OEMs), telecom service providers
(TSPs), the satellite communications ecosystem, internet
service providers (ISPs), electronics, and an advisory
committee of academicians and research and development in
the telecommunications sector. The first meetings of the
committees are expected to take place soon, and members have
been asked to share items for discussion as well as goals
and targets for their respective areas. The committees will
be represented by industry associations, private firms,
NITI Aayog, public sector undertakings (PSUs) as well as
officials from the DoT. A senior Dot official has been
tasked with coordinating the various committees.
Source: By Surajeet Dasgupta, https://www.business-standard.com/,
June 28, 2024
TOP
EV’s & Auto Electronics
EV sales drop 14% to 106,081 units in
June, signalling challenges ahead
Sales of electric vehicles (EVs) in India saw a sharp 14 per
cent decline in the month of June against May’s figure, with
experts suggesting that it could be due to a combination of
factors such as changes in government policies and people’s
increasing interest towards hybrid vehicles. But, the June
2024 sales were over 20 per cent higher when compared to the
same month last year, when the sales had dropped due to
government tweaks in subsidies. According to Vahan data from
the Ministry of Road Transport and Highways, EV sales in
June 2024 fell by more than 14 per cent to 106,081 units,
compared to 123,704 units sold in May. It was the lowest
sales figure in this calendar year. So far this year, around
839,545 electric vehicles have been sold, accounting for
approximately 6.69 per cent of the total 12,541,684 vehicles
sold. “Low incentives for e2Ws, increasing consumer
confidence in hybrids, a lack of robust charging
infrastructure, and high EV prices are all impacting EV
sales,” Preetesh Singh, specialist CASE and alternate
powertrains, NRI Consulting & Solutions.
Source:https://www.business-standard.com/, July 01, 2024
Auto Sales June 2024 LIVE: Tata Motors
domestic PV sales down 8%, Maruti Suzuki sales up 3%; other
auto makers to report data soon
Auto sales India June 2024, car sales, two-wheeler sales,
motorcycle sales, CV sales, EV sales: Auto majors -
including Maruti Suzuki India, Tata Motors, Mahindra &
Mahindra, Hero MotoCorp, Bajaj Auto, TVS Motor Company,
Eicher Motors and Ashok Leyland - are all set to release
their sales reports for the previous month starting July 1.
Both investors and analysts closely track the monthly data
sheets from key manufacturers across segments - ranging from
passenger and commercial vehicles, to motorcycles, scooters,
and electric vehicles - to gauge the overall health of the
country's automobile sector.
Source: https://www.zeebiz.com/, July 01, 2024
VCs chase auto parts makers to hitch a
ride on EV journey
A number of smaller electric vehicle (EV) component makers,
many of which started in other businesses, are seeing
increasing interest from venture capital funds, given the
boom in the market. These firms often pivoted from their
earlier businesses to fill gaps in services provided by
larger manufacturers, while also providing extensive
design-to-manufacturing services to customers such as
original equipment manufacturers (OEMs). Gurgaon-based
Indigrid, for instance, started with the manufacture of TV
set top boxes, before moving to electric vehicle parts such
as motor control untis (MCUs) and instrument clusters over
six-seven years. Matel started off as a solar water pump
manufacturer in 2016 before starting EV part manufacture in
FY21. Both the firms saw their maiden institutional funding
only in May-June of 2024. Such firms have raised funds to
expand operations as local demand for EV parts has shot up,
opening up the space that has been traditionally dominated
by large manufacturers like Sona Comstar and Sterling Gtake.
Source: By Soumyajit Sinha, https://economictimes.indiatimes.com/,
July 01, 2024
Electric South: 45% of EV sales come
from southern states in India
A new report on India's electric vehicle market has revealed
that southern states have contributed higher in EV sales. A
report titled “An Overview of Indian Electric Vehicle
Market: Trends And Future Outlook” by Frost & Sullivan
highlighted that the presence of OEMs, component suppliers,
and battery/cell manufacturing companies in Tamil Nadu has
resulted in a spike in electric vehicle sales. The report
pointed out that South India accounts for half the EV sales
in the country. Currently, Hyundai Motor and Stellantis have
commenced production of EV passenger vehicles in Tamil Nadu.
Whereas automakers like Renault-Nissan and BMW are expected
to produce EVs in the state soon. The OEMs are aiming at
localizing the production of 60-70% EV components by 2030,
including battery and other critical components. According
to the report, over 123,000 units of Battery Electric
Vehicles (passenger cars) are likely to be sold in India by
the end of 2024; recording an estimated y-o-y growth of
47.9% as compared to 83,000 units sold in 2023.
Source: https://www.storyboard18.com/, July 01, 2024
TOP
Defence & Solar
India gets one of the most powerful
non-nuclear bombs, 2x lethal than TNT
In a significant advancement for the army, the Indian Navy
has successfully developed and certified a new explosive
with a lethality 2.01 times greater than standard TNT
(Trinitrotoluene), according to The Economic Times. This
high-performance explosive, developed by Solar Industries,
is now among the most powerful non-nuclear explosives in the
world. The newly formulated explosive, which has undergone
extensive testing and certification by the Navy, has the
potential to significantly enhance the destructive power of
bombs, artillery shells, and warheads without adding extra
weight, the report said. Named SEBEX 2, this explosive has
been evaluated, tested, and certified by the Indian Navy
under its Defence Export Promotion Scheme. “The development
of the explosive will enhance the potency and efficiency of
weapons and ammunition in use,” the financial daily reported
citing officials, noting that final certifications were
completed last week. Explosive performance is gauged by TNT
equivalence, with higher values indicating greater
lethality. Currently, the most powerful conventional
explosive used in India, specifically in the Brahmos
warhead, has a TNT equivalence of about 1.50. Most
conventional warheads worldwide have a TNT equivalence
ranging from 1.25 to 1.30.
Source: By Abhijeet Kumar, https://www.business-standard.com/,
July 01, 2024
All About 70 mm Rockets Adani Defence
Will Build In India
In a major boost to self-reliance in defence manufacturing,
Adani Defence & Aerospace has collaborated with Thales
Group, to build 70 mm rockets for India's attack
helicopters. Thales is a world leader in manufacturing 70mm
rocket. They can be used against soft and light armoured
vehicles, air defence facilities, radar sites and
communication installations with laser-guided precision.
Adani Defence has partnered with Thales, Belgium to
establish the manufacturing, assembly and testing in India
under Buy Indian category of Defence Acquisition Procedure
(DAP) 2020. An exclusive partnership for India, it will also
provide avenues for exports based on the competitiveness of
the supply chain in India, sources said. India operates the
HAL Rudra - attack variant of the Dhruv chopper, Light
Combat Helicopter Prachand, the Apache AH-64 and the Mi-35
choppers in its attack fleet.
Source: https://www.ndtv.com/ June 29, 2024
Indian Army inducts first-ever
indigenous chip-based made in India 4G base station from
Signaltron
Indian army has inducted the first-ever indigenous
chip-based 4G mobile base station, which it procured from
Bangalore-based firm Signaltron through the government
e-marketplace portal, a top company official said.
Signaltron founder Himamshu Khasnis told PTI that the chip
used in the Sahyadri LTE base stations has been developed by
Signalchip. Earlier in 2010, Khasnis and his team founded a
fabless semiconductor company Signalchip to make chips for
4G and 5G networks. Signaltron has built the entire system
indigenously using India's first chips for 4G and 5G
networks developed by Signalchip. This is the first time an
Indian system running on an Indian chip for complex
communication technology has been inducted into the army.
Using indigenous chips gives a high degree of control on the
security of the system in its operation.
Source: https://economictimes.indiatimes.com/, June 30, 2024
Defence Ministry dials into Velmenni’s
Li-Fi technology to address Indian Navy’s communication
challenges
Velmenni, a trailblazer in light communication technology,
has recently received a significant grant from the Ministry
of Defence (MoD) under the iDEX initiative. This funding
aims to bolster secure wireless communication for the Indian
Defence sector, particularly focusing on the Navy and the
unique communication challenges it faces in modern warfare.
The iDEX program is designed to stimulate innovation within
India’s defence sector by incorporating advanced
technologies, such as Velmenni’s Li-Fi. This initiative
aligns with national strategies like Make in India, Startup
India, and the Atal Innovation Mission (AIM). The grant
underscores the potential of Li-Fi to address the
communication hurdles encountered by the Navy in harsh
environments. Deepak Solanki, Founder and CEO of Velmenni,
remarked on the significance of the grant, saying, “The iDEX
Grant is a testament to the potential of our Li-Fi
technology. With these resources, we are poised to
revolutionize wireless communication, ensuring secure and
efficient data transmission using light.
Source: https://www.financialexpress.com/, July 01, 2024
MSME
(Special section of the MSME related news under ELCINA Micro
& Small Industry Forum)
M1xchange and Andhra govt ink MoU to
boost MSME financial access
Delhi NCR-headquartered trade receivable discounting system
(TReDS) platform M1xchange signs a memorandum of
understanding (MoU) with the Government of Andhra Pradesh to
enhance financial access for local Micro, Small & Medium
Enterprises (MSMEs) in the state to facilitate their growth
and sustainability. Through TReDS, MSMEs are expected to get
access to working capital against invoices within 24 hours
at the lowest rate through its online bidding platform,
collateral-free and without recourse on MSMEs. Sundeep
Mohindru, director of M1xchange said, this MoU is a pivotal
step towards empowering the MSME sector in Andhra Pradesh by
streamlining access to working capital through TReDS. So
far, the trade receivable discounting platform M1xchange has
facilitated Rs 1,00,000 crore worth of invoice discounting.
The company is expecting Rs 72,000 crore in throughput value
(total value of invoices processed) by March 2025, higher
than Rs 43,300 crore in FY24.
Source: https://economictimes.indiatimes.com/, July 01, 2024
Finance ministry mulls changes to MSME
payout rule
The finance ministry is contemplating changes to the income
tax rule that directs businesses to pay micro, small, and
medium enterprises (MSMEs) within 45 days, sources said.
Finance minister Nirmala Sitharaman could announce the
revisions during the 2024-25 budget presentation next month.
Officials from North Block are reviewing the rule, effective
since April 1, following demands by the industry. Finance
Act 2023 introduced a clause (h) in section 43B of Income
Tax Act — stipulating that payments to micro or small
enterprises beyond the 45-day limit, specified in section 15
of MSME Development Act 2006, would only be deductible upon
actual payment. If businesses fail to comply within the
45-days, they will face tax liabilities. MSMEs have
expressed concern that this provision may drive bigger
buyers to prefer unregistered enterprises to avoid
compliance. Recently, the Supreme Court rejected a plea
challenging Section 43B(h) of the Income Tax Act that
restricts businesses from extending credit beyond 45 days.
Source: By R. Suryamurthy,https://www.telegraphindia.com/,
01.07.24
SBI launches new 15-minute facility
for MSMEs to avail loan against sales invoices
Public sector lender State Bank of India (SBI) on Monday
announced MSME Sahaj, an online business loan solution for
MSMEs to avail credit against their Goods and Services Tax (GST)
registered sales invoices of up to Rs 1 lakh. SBI said the
new solution will have a turnaround time of less than 15
minutes, from applying for the loan to documentation and
disbursement of the amount without any manual intervention.
According to the bank, the closure of the loan would also be
automated on the due date.The underwriting will be based on
multiple data footprints of a business including GSTIN, bank
statements, CIC (credit information company) data base etc.,
using machine learning model.
Source: https://www.financialexpress.com/, July 01, 2024
Interest equalisation scheme extended
for MSME exporters
The Department of Commerce has extended the Interest
Equalisation Scheme for pre- and post-shipment rupee export
credit for Micro, Small and Medium-scale (MSME) exporters
till August 31. According to a trade notice from the
Department dated June 28, the outlay for the extended period
is ₹750 crore and the extension is not applicable for non-MSME
exporters beyond June 30. The terms of the scheme will
remain the same. Sudhir Sekhri, chairman of the Apparel
Export Promotion Council (AEPC), said the extension of the
scheme will benefit the labour-intensive garment sector,
which largely has MSME units. The garment exporters are
grappling with high interest costs, he said. But, there
should be stability and predictability in the policy regime.
The policies and schemes should be for at least a period of
five years.
Source: https://www.thehindu.com/, June 29, 2024
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ELCINA EVENTS , ACTIVITIES & SERVICES
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ELCINA B2B
Interactive Meetings with Taiwanese Companies
Hall 3 Mezzanine Floor,
Pragati
Maidan, New Delhi
9th July 2024 | 9.30
am to 2.00 pm
We are
pleased to inform you that ELCINA has collaborated with
the Commerce Development Research Institute (CDRI),
Government of Taiwan, for the Wow! Taiwan Project.
The primary objective of this project is to identify
potential buyers and partners for Taiwanese startups and
companies in India. These companies will be in India to
have one-to-one interaction with potential partners.
To
facilitate interaction and foster potential partnerships,
ELCINA is organizing organizing
Physical B2B Meetings
on 9th July 2024
(Tuesday) at
Pragati Maidan (Hall 3).
The
tentative
agenda
for the program is as follows:
-
9:30 AM :
Registration
-
10:00 AM – 10:30 AM:
Introduction
-
10:30 AM – 1:00 PM:
Meeting with Taiwan Companies/B2B Meetings
-
1:00 PM:
Networking Lunch
Please find below a list
of the participating Taiwanese companies:
The event
is being organized on the sidelines of Taiwan Expo which
will be held in India from 8th to 10th
July in Hall 2 of Pragati Maidan. Indian industry
will have an opportunity to visit the Taiwan Expo as well.
To know
more about
TAIWAN EXPO
please click the link.
For any
further clarification or assistance, please feel free to
contact
prachi@elcina.com
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ELCINA Publications
https://elcina.com/roadmap-for-developing-pcb-eco-system-in-india |
Roadmap For Developing PCB
Eco-System in India
Key Findings
-
Indian PCB market and industry size in terms of
domestic production, exports, and imports
-
Growth drivers and challenges (needs & gaps) in
the Indian PCB industry
-
Growth potential of PCB manufacturing in India
and identify enablers for creating &
strengthening the domestic value chain
-
Key inputs required viz. investments,
technology, and infra eco-system
Details of key PCB value chain players – global and
domestic, who can be invited to invest to establish
a strong PCB industry |
https://elcina.com/ems-task-force-report-on-market-industry-analysis-of-ems-sector-in-india |
EMS Task Force Report
Key Findings
-
Currently EMS Industry (Contract Manufacturing
Services) are valued 832 Bn $ and are projected
to grow 1055 Bn by 2025.
-
Domestic electronics manufacturing is estimated
at USD 75 Bn of which 39 Bn constitutes EMS
value. This is divided into 23.5 Bn domestic
Mfg. and USD 15.5 Bn PCBS/Sub-Assembly imports.
-
Further USD 53.5 Bn is finished Electronic Goods
imports of which USD 17 Bn is EMS value. Thus
total EMS opportunity loss is US$ 32.5 Bn (15.5
+17).
-
The report estimates that EMS production can
grow realistically from USD 23.5 Bn today to USD
152 Bn by 2025 at CAGR of 45%. This will meet
75% of the countries EMS requirement of US$ 203
Bn by 2025 against a total estimated market of
400 Bn.
|
https://elcina.com/elcina-task-force-report-on-electronic-components |
ELCINA Task Force Report on
Electronic Components
Key
Findings
-
Current status of component manufacturing in
India – Areas of competence vs Gaps and
inadequacies
-
Components which urgently require investments
and growth in domestic manufacturing
-
Emerging technology and new components for
upcoming opportunities
-
Constraints and bottlenecks to be addressed
-
Overcoming Policy constraints, WTO (ITA-1)
deadlock and Zero Duty issue
-
Strategy for overcoming these constraints
-
Eco-System requirements- Role of Central and
State Governments
|
https://elcina.com/elcina-directory-of-indian-electronics-industry |
ELCINA Directory of Indian
Electronics Industry 2023-24
Description
-
ELCINA Directory of Indian Electronics Industry
– includes the updates on Indian Electronics
Industry and a host of additional improved
features covering business environment,
statistical industry scan, company databases
plus various projections. This handy compendium
with its easy-to-read format attracts the
attention of a growing number of users (within
India and abroad)
-
Apart from electronics industry, the users of
this Directory range from financial
institutions, commercial banks, FIIs,
Consultancy organizations as well as industry
promotion institutes across the world….
|
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FORTHCOMING EVENTS & GENERAL INFORMATION
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A newsletter published by ELCINA, New
Delhi. The information contained in this newsletter
is for private circulation only. Despite our best
efforts, some errors could have crept in. You are
advised to verify authenticity of the information
before further use.
Electronic Industries Association of India (ELCINA
)
ELCINA House, 422 Okhla Industrial Estate,
Phase-III, New Delhi 110020 (India).
E-Mails:
info@elcina.com
Tel: 011-41615985,
41011291,
Website:
www.elcina.com
|
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