VOL XXII, ISSUE 20

31 October 2022

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POLICY SCAN                                                                                    

Uttar Pradesh's Electric vehicle policy eyes ₹30k crore investment and generate over 10 lakh jobs

The Yogi Adityanath government in Uttar Pradesh announced the state's new electric vehicle policy in a bid to promote faster adoption of environment-friendly clean mobility solutions. In an official statement, the Uttar Pradesh government said the main objective of the policy is to make the state a global hub for the manufacturing of electric vehicles, batteries and other equipment. The government said the new electric vehicle policy aims to attract investment of more than ₹30,000 crore and generate employment (direct and indirect) for over 10 lakh people.

Source: https://www.hindustantimes.com/car-bike/uttar-pradesh-electric-vehicle-policy-eyes-rs-30k-crore-investment-and-generate-over-10-lakh-jobs-101665647168856.html

Appropriate battery swapping policy will catalyse the adoption of EVs

By all accounts electric vehicles (EVs) are the future and economies across the world are tallying the numbers of EVs sold. Policymakers are busy predicting when EVs will surpass the number of internal combustion engine (ICE) vehicles sold. In India too there is a great deal of optimism. This ties in well with India’s climate goals and ambitions of becoming the global hub for EVs. To catalyse this transition India must seriously consider making battery swapping the mainstay of its EV strategy especially those for light EVs. It is after all a simple concept that involves exchanging discharged batteries for charged ones.

Source: https://www.financialexpress.com/express-mobility/appropriate-battery-swapping-policy-will-catalyse-the-adoption-of-evs/2758240/

Govt notifies changes to IT Rules 2021, grievance panel to hear complaints

Months after first proposing changes to IT Rules, 2021, the government on Friday (October 28) finally notified the amendments. The amended rules will come into effect immediately. The amended rules will lead to the formation of a grievance panel that will hear complaints from users about content moderation decisions of social media platforms. The move is largely being seen as the Centre’s bid to reign in social media platforms and big tech players like Meta and Twitter. Any user who is not satisfied with the response of an intermediary’s grievance officer can approach the government-appointed Grievance Appellate Committee (GAC) within a period of 30 days.

Source: https://inc42.com/buzz/govt-notifies-amended-it-rules-grievance-panel-to-hear-complaints-of-social-media-users/

INDUSTRY  SCAN                                                                           

General

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Metaverse All Set To Reach $996 Bn By 2030

A recent report titled, ‘Metaverse Market Size, Share, Trends, Analysis, and Forecasts by Vertical, Component Stack, Region, and Segment 2022-2030’ suggested that the metaverse market will attain a compound annual growth rate (CAGR) of 39.8% in 2030, to reach $996 billion. The main factor behind such a huge impetus is the increasing investment around the globe by companies across the tech and non-tech spectrum. This technology helps industries engage better with customers and identify new revenue streams while expanding brand awareness.

The research undertaken by GlobalData revealed that last year, Asia-Pacific and North America together held 50% Metaverse market share due to the presence of big tech giants and emerging economies. An increase in the number of startups leveraging these technologies in both developed and emerging economies will eventually boost the metaverse market revenue.

Project Manager at GlobalData, Deepak Agarwal stated, “As of 2021, the media and entertainment market captured a sizeable revenue share of the metaverse market. The entertainment experience we have seen through metaverse has been through music and concerts. A couple of notable ones among them are the dead mouse performance at metaverse festival in decentraland and the grimes-hosted concert that closed out meadowverse fashion week. Also, in the non-blockchain world, Travis Scott in Fortnite had put on an enormous concert which showed $20 billion, including merchandise, versus the 1.7 billion from the regular show.”

By Vaishali Yadav: Electronicsb2b.com| October 6, 2022

The sudden reversal of the global chip shortage

Remember the global semiconductor shortage a few months ago? It’s over. Now, quickly shrinking demand for consumer electronics is causing canceled orders and unsold stockpiles at makers of integrated circuits including Taiwan Semiconductor Manufacturing Co (TSMC), Advanced Micro Devices Inc (AMD) and Nvidia. It’s a stark contrast with the disruptions that chip shortages caused for makers of autos, smartphones, computers and other goods that rely on the advanced electronic devices. The multibillion-dollar smartphone industry has cut at least three rounds of orders to chipmakers so far in 2022, a mobile industry veteran told Caixin. Global 5G smartphone shipments will shrink by as much as 150 million units in 2022, and demand for 5G phone chips will fall by 100 million to 120 million units, market research firm Strategy Analytics estimated.

Source: https://www.straitstimes.com/asia/east-asia/the-sudden-reversal-of-the-global-chip-shortage

Tech war: How the US chip embargo is eroding China's research base

When Nancy Pelosi traveled to Taiwan in August, it made front-page news around the world and raised the specter of an all-out war between the U.S. and China. Early in October, the Biden administration made a far more decisive move against China – but it barely made the news in Australia. Biden decided to unequivocally sever China’s access to high-end computer chips (aka semiconductors). Don’t be deceived by the technical-sounding subject. More than any other policy decision by an American president since the end of the Cold War, this measure is intended to tilt the global balance of power in favor of the United States. Semiconductors are small, ubiquitous, and underappreciated. They are the brains of every modern device. Without semiconductors, your phone, T.V., and microwave would be transformed into bricks. Your car wouldn’t drive, and planes wouldn’t fly. Weapon systems, the stock exchange, and telecommunications all depend upon semiconductors.

Source: https://interestingengineering.com/culture/tech-war-us-chip-embargo-china

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Indian Hotels Company collaborates with Tata Power to install 224 Electric vehicle charging stations across country

Indian Hotels Company (IHCL) in collaboration with Tata Power has installed 224 Electric vehicle charging stations at 92 of its properties across the country, including Taj, SeleQtions, Vivanta, Ginger and ama Stays & Trails properties. With a long-term vision of driving responsible tourism, IHCL has announced its sustainability commitments for the year 2030 under Paathya. A few weeks ago, to enhance EV charging infrastructure, the Delhi government installed 1,000 charging stations for electric vehicles under the single window facility in less than a year. 18,000 such points will be established by the government during the following three years. For the installation of EV chargers in private and semi-public areas of Delhi, including residential areas like apartments and group housing societies, institutional structures like hospitals, and commercial areas like kirana stores, shops, and malls, a single window facility was put in place in November 2021.

Source: https://zeenews.india.com/electric-vehicles/indian-hotels-company-collaborates-with-tata-power-to-install-224-electric-vehicle-charging-stations-across-country-2527793.html

Buying electric vehicle in Chandigarh? Now, get incentive within 15 days

The special incentive promised to early birds going for an electric vehicle in Chandigarh will be released within 15 working days of acceptance of application, as per the standard operating procedure (SOP) approved by the administration. Under the EV policy, which was notified last month and will be applicable for the next five years, an incentive will be offered for up to 42,000 vehicles of different categories, including 25,000 e-cycles, 1,000 e-bikes and 3,000 e-cars. Only new vehicles bought after September 20, 2022, are eligible for the incentive, for which the application must be submitted with the chief executive officer (CEO) of Chandigarh Renewable Energy and Science and Technology Promotion Society (CREST) within three months of purchase. As the online portal to claim the incentive is pending full release, the cases will be processed offline for the time being. The subsidy will remain in operation through the five-year policy period or till the time the administration decides otherwise and will not be applicable for the government sector.

Source: https://www.hindustantimes.com/cities/chandigarh-news/buying-electric-vehicle-in-chandigarh-now-get-incentive-within-15-days-101666300600761.html

Xiaomi shuts financial services business in India

Chinese smartphone maker Xiaomi Corp (1810.HK) has shut down its financial services business in India, four years after its launch, a Xiaomi India spokesperson said on Friday. The company’s Mi Pay app, which allowed users to make bill payments and money transfers, is no longer listed among the recognized third-party Unified Payments Interface (UPI) apps on the National Payments Corporation of India’s (NPCI) website.The company’s Mi Pay app, which allowed users to make bill payments and money transfers, is no longer listed among the recognized third-party Unified Payments Interface (UPI) apps on the National Payments Corporation of India’s (NPCI) website. Xiaomi recently pulled its Mi Credit, which connects smartphone users with lending firms for quick loans, and Mi Pay apps from the local Play Store and its own app store, TechCrunch reported earlier on Friday.

Source: https://indianexpress.com/article/technology/tech-news-technology/xiaomi-shuts-financial-services-business-in-india-8235738/

Elon Musk takes control of Twitter, terminates CEO Parag Agrawal

Elon Musk took control of Twitter and fired its top executives, US media reported late Thursday, in a deal that puts one of the top platforms for global discourse in the hands of the world's richest man. Musk sacked chief executive Parag Agrawal, as well as the company's chief financial officer and its head of legal policy, trust and safety, the Washington Post and CNBC reported citing unnamed sources. Agrawal went to court to hold the Tesla chief to the terms of a takeover deal he had tried to escape. The reports came hours before the court-appointed deadline for Musk to seal his on-again, off-again deal to purchase the social media network.

Source: https://www.siliconindia.com/news/general/elon-musk-takes-control-of-twitter-terminates-ceo-parag-agrawal-nid-220321-cid-1.html

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Information Technology

AIIMS Delhi to fully implement India's e-hospital HMIS platform

All India Institute Of Medical Science in New Delhi is set to adopt a government-developed hospital management information system. Starting next year, the forerunner AIIMS institute will be implementing all modules of the e-hospital HMIS, which was developed by the National Informatics Centre, the IT systems agency under the Ministry of Electronics and Information Technology. The e-hospital platform is an HMIS hosted on the NIC's national cloud system, MeghRaj. It enables the digitisation of internal workflows and processes of hospitals and serves as a one-stop solution that connects patients, hospitals, and doctors in a single digital platform. It was developed to ultimately improve the delivery of healthcare services across India. As of late, there are approximately 1,093 hospitals across India that have onboarded the e-hospital platform, including AIIMS Raipur.

Source: https://www.healthcareitnews.com/news/asia/aiims-delhi-fully-implement-indias-e-hospital-hmis-platform

Microsoft expands cyber programme to boost skilling in India

In a bid to reduce the skill gap in the field of cyber security, Microsoft announced on Thursday to expand its CyberShikshaa programme in association with the Data Security Council of India (DSCI), Tata STRIVE and the ICT Academy. The programme aims to reach 45,000 women and underserved youth with technical skills over the next three years for careers in cyber security and provide internship or job opportunities to 10,000 learners. In India, cybersecurity jobs are projected to grow by 32 per cent by 2028, yet the talent pool falls short by 42 per cent, it added. The CyberShikshaa programme, launched in 2018 by Microsoft and DSCI, has successfully trained 1100 women and employed over 800 women through multiple training batches.

Source: https://www.siliconindia.com/news/general/microsoft-expands-cyber-programme-to-boost-skilling-in-india-nid-220320-cid-1.html

Indian biz up for enterprise tech firms as demand for digitisation, Cloud-led solutions remains high

Indian business units of global technology firms have reported a steady increase in business over the past year despite worries over technology demand slowing globally due to macroeconomic headwinds. As Indian enterprises continue to invest in digitisation and shift to the Cloud, firms like Accenture, Oracle, SAP and Nutanix have all reported high double-digit increases in India revenue over the past year. None of these companies provide a country-wise breakup of revenue numbers. The Covid-19 pandemic drove digital transformation and cloud adoption, and this has translated into high demand across the board. The last two years have seen an acceleration in cloud computing and because the world went digital so rapidly, organisations have also consumed more digital data, said Piyush N Singh, lead - India Business, Accenture.

Source: https://www.siliconindia.com/news/general/indian-biz-up-for-enterprise-tech-firms-as-demand-for-digitisation-cloudled-solutions-remains-high-nid-220301-cid-1.html

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Telecom

5G Network Coverage to Extend to India Soon

5G mmWave has been marketed as a high-speed, low-latency network. In spite of the bar set by it,companies like Rakuten Mobile are trying to deliver the world’s fastest multi-gigabit cellular speeds and low latency connectivity.

Founded in 2016, Movandi has 90 patents filed and 74 patents issued optimizing RF chipset performance, size and power efficiency, and dynamic beam forming and beam steering using intelligent algorithms, software and cloud AI and ML. Its powered smart repeaters and technology is now being used to expand 5G network coverage in Japan.

It has partnered with Rakuten Mobile to expand 5G outdoor and indoor mmWave network coverage and capacity in Japan by using Movandi’s smart repeater and BeamXR Open-RAN technology. Rakuten Mobile’s 5G mmWave signals provide better coverage while cutting mmore than half of the infrastructure cost.

By Sharon Katta : Electronicsb2b.com|October 31, 2022

 Centre mulls removal of TRAI-related provisions from telecom bill

Following concerns over the possible dilution of powers of the Telecom Regulatory Authority of India (TRAI) in the proposed telecom policy, the government is mulling the removal of provisions related to the regulator from the bill. It is evaluating introducing a separate bill to strengthen the regulatory body at a later stage, according to an informed source. The DoT is currently under the process of discussion with all stakeholders, including industry bodies, on the draft Bill. The government has also invited written comments from industry on the Bill, the deadline for which was extended till October 30. Post these discussions and receiving of the inputs, a final draft will be introduced.

Source: https://www.thehindu.com/business/Industry/government-mulls-removal-of-trai-related-provisions-from-bill/article66061558.ece

Govt Unveils Satellite Communications Reforms; Nudges Telecom Companies To Deploy 5G Towers Fast

The government on Wednesday unveiled new policy reforms for satellite communications services to ease procedures and streamline clearance processes and nudged the telecom industry to substantially speed up the deployment of 5G towers. Telecom Minister Ashwini Vaishnaw said that the current pace of tower deployment at only 2,500 per week for 5G is "very less" and needs to be increased to at least 10,000 per week. He, however, stopped short of spelling out what the repercussions will be for those companies not heeding the government's call to speed up 5G tower deployment. The industry can share its inputs and comments up to November 10 on the draft Telecommunications Bill 2022. Many players have already given their views on the draft Bill, he added. The draft Telecom Bill is expected to be passed by the 2023 Monsoon Session of Parliament. The Standing Committee members have decided to take up the Bill in its draft form "so that whatever feedback they give, can be incorporated" before it is taken to parliament. The telecom department also released a national frequency allocation plan (NFAP), the master document for radio frequency planning, spectrum auction and government policy making.

Source: https://www.outlookindia.com/business/govt-unveils-satellite-communications-reforms-nudges-telecom-companies-to-deploy-5g-towers-fast-news-232757

Trai to push DoT for separate license for wholesale access network provider

The Telecom Regulatory Authority of India (Trai) is expected to push the Department of Telecom (DoT) again to accept its recommendations on the creation of a separate category of licence for access network provider (ANPs) on a wholesale basis. While DoT had rebuffed the idea, sources said Trai will again write to the department arguing its case, and the issue will be discussed soon. Last year, Trai recommended that ANPs can build complete telecom networks to provide its services as a vendor to telecom operators, internet services companies, among others, on a wholesale basis. But DoT argued against the idea, saying significant market demand did not exist for such licences.

Source: https://www.business-standard.com/article/companies/trai-to-nudge-dept-of-telecom-for-separate-license-for-wholesale-anps-122102600841_1.html

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EV’s & Auto Electronics

Tech Mahindra Joins Foxconn’s MIH Consortium For Sustainable Automotive

MIH Consortium is an open EV alliance that promotes collaboration in the mobility industry. The partners will leverage key technologies and develop reference designs & standards to bridge the gap for alliance members

A leader in re-engineering services and digital consulting, Tech Mahindra recently announced its partnership with Foxconn-initiated MIH (Mobility in Harmony) Consortium. It is an open EV alliance that promotes collaboration in the mobility industry. The partners intend to focus on developing sustainable mobility and autonomous driving solutions while also building next-gen EVs.

As per the official statement, Tech Mahindra will help MIH build the software-defined car architecture and platforms while also providing its software, design development, and consulting expertise to deliver value to customers and stakeholders. The partnership will also focus on leveraging key technologies and developing reference designs and standards to bridge the gap for alliance members, enabling accelerated innovation and shorter development cycles.

By Vaishali Yadav : Electronicsb2b.com | October 14, 2022

Ashok Leyland To Make Hybrid Vehicles With IIT Madras

India’s leading commercial vehicle manufacturer, Ashok Leyland, recently collaborated with the Indian Institute of Technology Madras (IIT Madras) to develop and commercialize the ‘Swirl Mesh Lean Direct Injection (LDI) system’ technology. An overall lighter power train (high weight-to-power ratio), ultra-low emissions, multiple fuel capabilities (eg. Biogas, CNG, LNG, Diesel, Hydrogen etc. ), and low cost of ownership are among the advantages specified of this series hybrid configuration.

IIT Madras Researchers at the National Centre for Combustion Research and Development (NCCRD) are working on developing an indigenously-designed Micro Gas Turbine. The parties will partner to develop a series of hybrid Electrical Vehicles using this turbine technology. 

By Vaishali Yadav : Electronicsb2b.com | October 11, 2022

Made-in-India EV firm to pack 402 bhp, unveils on November 25

Bengaluru-based electric vehicle start-up Pravaig will unveil its all-new electric SUV on November 25, 2022. The company has been teasing its new offering on social media for a while and has now revealed more details about the upcoming offering. The latest post reveals that Pravaig's upcoming SUV will pack 402 bhp of peak power. The torque figures and other mechanical specifications are yet to be revealed. The model appears to be heavily inspired by the Range Rover with a strong shoulder line receding towards the rear, while the LED taillights extend shoulder-to-shoulder. The two-part panoramic sunroof and raked rear windscreen are also easily visible. Other details you can expect on the SUV include flush door handles and blacked-out alloy wheels. The front design remains under wraps for now. That said, the upcoming Pravaig electric SUV promises to get a sharp and sleek design language that will be futuristic.

Source: https://www.carandbike.com/news/pravaig-s-upcoming-electric-suv-to-pack-402-bhp-unveil-on-november-25-3203391

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Defence & Solar

No takers for green power worth 5GW

Amid the government’s ambitious energy transition goals, as much as 5 GW of electricity from renewable energy projects remains unsold, two people aware of the development said. The reason: A government-run nodal agency has been unable to find distribution companies willing to buy the power from these projects. State-run Solar Energy Corp. of India (SECI), the nodal agency for renewable energy, signs PPAs with winning power developers in auctions, and subsequently signs power sale agreements (PSAs) with discoms for the sale of this power. However, discoms are increasingly reluctant to sign PSAs, as they notice tariffs keep declining in subsequent auctions. However, this is still an improvement from the earlier part of the year when the quantum of such projects was 16 GW.

Source: https://www.livemint.com/industry/energy/no-takers-for-green-power-worth-5-gw-11666892639077.html

DefExpo-2022: BEL Signs MoU with Triton EV

At India’s flagship defence exhibition, DefExpo-2022, Defence Public Sector Undertaking (DPSU) Bharat Electronics Ltd (BEL) signed a Memorandum of Understanding (MoU) with Triton Electric Vehicle (TEV). As per the deal, the Navratna DPSU will manufacture Hydrogen Fuel cells with technology transfer from the US-based TEV. This agreement will help the partners to tap both the Indian market and mutually agreed export markets.

The official statement said that the MoU aims at tapping the demand for clean energy solutions for various applications including for E-Mobility, by leveraging GoI’s thrust for the adoption of clean energy fuels for applications in transport, energy storage etc.

By Vaishali Yadav : Electronicsb2b.com | October 19, 2022

India’s First Solar Powered Village-Modhera

Modhera, situated in the Mehsana district of Gujarat, is famous for its Sun temple, which is situated on the river Pushpavati.

PM Modi said, that people in Modhera do not have to pay for electricity but can as well sell and earn from it. “With solar panel installation, citizens can now produce their own electricity.”

This is the first village in India to become a net renewable energy generator. Spreading over 2436 hectares,  the village has a ground-mounted solar power plant, and over 1,300 rooftop solar systems with 1kW capacity have been installed on houses to generate electricity. All of these solar systems are linked to a battery energy storage system (BESS).

The BESS, India’s first grid-connected megawatt-hour scale battery energy storage system, will provide power to the houses.

An investment of over INR 80-crores has been made for this project, whose foundations have been laid by PM Modi on 16th October 2022.

By Sharon Katta: Electronicsb2b.com | October 19, 2022

Gujarat's Modhera becomes India's first 'net-zero' energy community

As a result of Project Suryagram (Sun Village), Gujarat's Modhera has emerged as India's first 24X7 solar-powered village. It is also a 'net-zero' energy community, meeting 100 per cent of its energy requirements using on-site solar power. Under the project, 1 kilowatt (KW) solar panels have been installed on the roof of almost every house in Modhera in two phases. Apart from panels, the Gujarat Power Corporation Ltd (GPCL) has set up a 6 MW ground-mounted solar power plant with a 15 MWh Battery Energy Storage System (BESS) at Sujjanpura near Modhera. Currently, nearly 1,380 households in the Modhera area have solar rooftop systems, including 1,177 at Modhera, 101 in Sujjanpura and 105 in Samlanpura villages.

Source: https://www.business-standard.com/article/current-affairs/gujarat-s-modhera-becomes-india-s-first-net-zero-energy-community-122102600588_1.html

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Defence ministry seals Rs 1,109 crore contract with Bharat Electronics

The defence ministry on Tuesday sealed a contract with state-run Bharat Electronics Ltd for the development of an electronic warfare equipment for the Indian Air Force at a cost of Rs 1,109 crore. The ministry described the contract for the development of the Instrumented Electronic Warfare Range (IEWR) as a “significant step” toward enhancing the capabilities of the IAF to prepare for future warfare. The ministry said the IEWR will be used to test and evaluate airborne electronic warfare (EW) equipment and validate their deployment in an operational scenario.

Source: https://www.business-standard.com/article/companies/defence-ministry-seals-rs-1-109-crore-contract-with-bharat-electronics-122032901465_1.html

Tata and Airbus to make defence aircraft in India in local manufacturing push

India's Tata group and Airbus (AIR.PA) will make the C-295 transport aircraft in the country, the government said on Thursday, the first such production by a local private company amid a push for an expansion of defence manufacturing. India, among the world's largest defence importers, has been trying to cut its reliance on foreign firms and increase local output. Only state-owned Hindustan Aeronautics Ltd (HIAE.NS) currently makes aircraft, mainly for the armed forces. The project, valued at 219.35 billion rupees ($2.66 billion), involves the supply of 56 C-295 MW transport aircraft for the Indian Air Force. Prime Minister Narendra Modi will lay the foundation stone of the new aircraft manufacturing project in his home state of Gujarat on Sunday.

Source: https://www.reuters.com/business/aerospace-defense/indias-tata-group-airbus-make-transport-aircraft-gujarat-state-2022-10-27/

India will host the largest artillery manufacturing facility in the world, according to the Kalyani Group 2022

The largest artillery manufacturing plant in the world, holding a daily production capacity of one cannon, is being built in India by the Pune-based Kalyani Group. The Kalyani Group Chairman, Baba Kalyani, confirmed the news during DefExpo22 in Gandhinagar, stating that the company has already made the necessary financial expenditure and is now aiming to increase the volume. He asserted that the Kalyani Group can produce lighter firearms with the same amount of firepower as large firearms and that such guns are in high demand worldwide. While this was going on, General Atomics, US, a world leader in the research, layout, and production of a broad portfolio of electrostatic and progressed power and energy technologies, and Bharat Forge Limited, the largest ship of the Kalyani group and the largest supplier of technology solutions entered into a Memorandum of Understanding (MOU).

Source: https://www.inventiva.co.in/trends/india-will-host-the-largest-artillery/

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Consumer Electronics

Samsung launches lending program for consumer electronics purchase in India

Samsung’s digital lending program Samsung Finance+, which gives easy credit to customers to buy smartphones, is now available for the purchase of other consumer electronics such as televisions, soundbars, refrigerators, washing machines, microwaves, and air-conditioners sold by the South Korean company in India. The lending program is part of Samsung’s plans to tap into the premiumization trend in India and enable customers to buy premium products during the festive season sales by giving them a loan. The company is expecting a 45% year-on-year (YoY) growth during the ongoing festive season sales and 80% growth in the premium segment. Samsung said the loan will be available at 3,000 retail stores in 1,200 cities in India.

Source: https://www.livemint.com/companies/news/samsung-launches-lending-program-for-consumer-electronics-purchase-in-india-11666091443495.html

Apple Warns of Holiday Sales Slowdown, Forecasts Big Drop In Mac Business

After delivering better-than-expected results for the September quarter, consumer electronics giant Apple (AAPL) warned of a slowdown ahead for the December quarter. Still, Apple stock rose on Friday. The Cupertino, Calif.-based company late Thursday said it earned $1.29 a share on sales of $90.1 billion in its fiscal fourth quarter ended Sept. 24. On a year-over-year basis, Apple earnings rose 4% while sales climbed 8 percent. However, on a conference call with analysts, Chief Financial Officer Luca Maestri forecast slower sales growth for the holiday quarter. In morning trades on the stock market today, Apple stock rose 7.7% to 155.95. On the earnings call, Chief Executive Tim Cook noted that Apple is supply-constrained on several new products. He said the company hasn't been able to make enough iPhone 14 Pro models and Apple Watch Ultra wearables to meet demand.

Source: https://www.investors.com/news/technology/apple-stock-iphone-maker-warns-of-holiday-slowdown/

boAt Raises INR 500 Cr From Warburg, Malabar; IPO Plans Delayed

D2C electronics brand boAt has raised INR 500 Cr (around $61 Mn) from an existing shareholder, an affiliate of Warburg Pincus and new investor Malabar Investments. The funding comes when boAt had been lining up for an IPO. It received a nod from the Securities and Exchange Board of India (SEBI) for its INR 2,000 Cr public issue a few months ago. However, since the electronics brand has raised a fresh round, these plans will be delayed. boAt joins the likes of Pharmeasy, Droom, Udaan, Mobikwik and other startups delaying or withdrawing IPO plans. boAt said it plans to deploy the incoming funding to fuel business expansion. The company also targets scaling up across channels and geographies in India and abroad. boAt will also invest in its R&D and design capabilities and support the local manufacturing ecosystem. The company mentioned that it currently manufactures around 1 Mn units per month in India.

Source: https://inc42.com/buzz/boat-inr-500-cr-warburg-malabar-ipo-plans-withdrawn/#:~:text=D2C%20electronics%20brand%20boAt%20has,lining%20up%20for%20an%20IPO.

Reliance Retail to open smaller outlets for electronics: Report

Reliance Retail is expanding its electronics chain Reliance Digital by opening thousands of small-size stores across India. The retailer is yet to decide on a brand name for its venture in which it will be selling smartphones, tablets, laptops, gaming devices, televisions, and internet-enabled products, as per an Economic Times report. Previously, the retailer had Digital Express which were small-sized stores selling digital products. Later it was turned into My Jio stores selling Jio connections and phones. These new outlets will be bigger in comparison to the Digital Express stores. It will be up to square feet in size but the previous ones were 300-500 square feet, the executive told the publication, adding that the product range will be broader too.

Source: https://www.deccanherald.com/business/business-news/reliance-retail-to-open-smaller-outlets-for-electronics-report-1157490.html

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MSME

Make in India: Over 125 MSME suppliers identified for IAF C-295 aircraft manufacturing project, says govt

More than 125 MSME suppliers in the country have been identified by a consortium of Tata companies including Tata Advanced Systems Limited (TASL) and Tata Consultancy Services (TCS) that will make 40 C-295 transport aircraft for the Indian Air Force along with the European defence major Airbus. The announcement was made by Defence Secretary Ajay Kumar at a press conference on Thursday. The defence ministry said this will act as a catalyst in employment generation in the aerospace ecosystem of the country and is expected to generate 600 highly skilled jobs directly, over 3,000 indirect jobs and an additional 3,000 medium skill employment opportunities with more than 42.5 lakh man hours of work within the aerospace and defence sector of India.

Source: https://www.financialexpress.com/industry/sme/msme-eodb-make-in-india-over-125-msme-suppliers-identified-for-c-295-aircraftmanufacturing-project-for-iaf-says-govt/2752880/

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MSMEs lap up credit in an attempt to emerge from the COVID-19 blow

Low demand, inflationary pressures, and delays in receivables have pushed more MSMEs (Ministry of Micro, Small and Medium Enterprises) to approach financial institutions for funds this festive season. This is reflected in the recent rise in credit offtake data as well. According to CareEdge Ratings, credit offtake grew at 17.9 percent YoY, reaching a decadal high mark, reporting robust growth for the fortnight that ended October 7, 2022. The credit outstanding of the industry segment registered a growth of 11.4 percent YoY in August 2022 from 1.5 percent in the year-ago period due to inflation-induced higher working capital demand. From the earlier 60-day period, it has gone up to 120 days." In some sectors, it has even touched 190 days and this has forced MSMEs to approach banks for their capital needs.

Source: https://www.cnbctv18.com/economy/msmes-lap-up-credit-in-an-attempt-to-emerge-from-the-covid-19-blow-15043741.htm

MSME credit appetite likely to be robust with ECLGS extension till March 2023: Finance Ministry

The extension of the government’s post-Covid credit scheme for MSMEs Emergency Credit Line Guarantee Scheme (ECLGS) till March 31 2023 is expected to keep the credit appetite of MSMEs robust, said Finance Ministry in its Monthly Economic Review for September 2022. The finance minister Nirmala Sitharaman in this year’s budget had extended ECLGS till the end of the current fiscal from March 2022 and also increased the guarantee cover by Rs 50,000 crore to take the total limit of the scheme to Rs 5 lakh crore from Rs 4.5 lakh earlier. As of August 5, 2022, loans of about Rs 3.67 lakh crore were sanctioned under the scheme, according to the government’s data.

Source: https://www.financialexpress.com/industry/sme/msme-fin-msme-credit-appetite-likely-to-be-robust-with-eclgs-extension-till-march-2023-finance-ministry/2743908/

Govt looking to leverage regional rural banks for MSME, housing loans in rural India: Report

The government is looking to tap into the 15,000-odd strong network of the 43 Regional Rural Banks (RRBs) in India for credit access to rural consumers, according to a report by The Indian Express. The move would involve mandating RRBs to cater to the credit need related to education, housing and small businesses in the hinterland by expanding their portfolio beyond the mainstay of agricultural loans. The development comes amid the Department of Financial Services (DFS) highlighting the issue of educational loans by public sector banks (PSBs) being slowed because of higher defaults and the ongoing struggle of the pandemic hit MSMEs.

Source: https://www.financialexpress.com/industry/sme/msme-fin-govt-looking-to-leverage-regional-rural-banks-for-msme-housing-loans-in-rural-india-report/2743984/