A defence budget bill, passed by both chambers of Congress has asked China to stop using force to settle the dispute along the LAC and instead use diplomacy. The US Congress has thereby expressed concern over China’s “aggression” along the Line of Actual Control (LAC) with India and declared as “baseless” the territorial claims by Beijing in the Himalayas.
The section of the bill titled, “Sense of Congress on the Aggression of the Government of China Along the Border with India and its Growing Territorial Claims”, was introduced by Raja Krishnamoorthi, a Democratic Party member of the House of Representatives.
The bill, with a $740 billion allocation for defence, now goes to President Donald Trump who has threatened to veto the budget bill over unconnected matters and because it was not hard enough on China.
Krishnamoorthi said in a statement on Tuesday: “By including my resolution language in the NDAA (National Defence Appropriation Act) and signing that legislation into law, the United States government will send a clear message that China’s military provocations of India will not be tolerated.”
Raja Krishnamoorthi, a Democratic Party member of the House of Representatives, who introduced the bill.
“The United States is committed to standing with our allies and partners like India in resolving the border standoff using diplomatic means.
“Violent aggression is seldom the answer, and this is especially true for the Line of Actual Control, which is the disputed border region that separates the People’s Republic of China from India,” he said.
The mention of China’s aggression along the LAC and expression of support for India is important as the US leadership is transitioning from Trump, a staunch supporter of India who has taken a strong against China, to the Democratic President-elect Joe Biden.
The provisions in the bill on China’s aggression received the support of members of both houses.
The bill said: “It is the sense of Congress that continued military aggression by the government of China along the border with India is a significant concern.”
It said that China’s government should work with India “toward de-escalating the situation along the Line of Actual Control through existing diplomatic mechanisms and refrain from attempting to settle disputes through coercion or force”.
Viewing Beijing’s aggressive actions from the Himalayas to the Indo-Pacific, it denounced as “destabilising and inconsistent with international law” the “attempts by the government of China to advance baseless territorial claims, including those in the South China Sea, the East China Sea, and with respect to Bhutan”.
The budgets as well as other legislation passed by Congress usually contain issues that are not directly connected to them in order to make a point or to force the government to take other action.
Trump has threatened to veto the bill primarily because it calls for renaming military bases named for leaders of the Confederacy — the states that wanted to preserve slavery and tried to break away from the US during the mid-19th century Civil War.
He also asserted that the bill did not adequately act on China, tweeting, “THE BIGGEST WINNER OF OUR NEW DEFENSE BILL IS CHINA!. I WILL VETO!”
The bill was passed with sufficient majorities in the two chambers to over-ride a veto and should he veto it, the Congress can pass it again making it the law.
US President Donald Trump.
The bill calls for wide-ranging actions against China including on its spying, money laundering and recruitment of scientists, and requires assessing the defence capabilities of Beijing and competition in space.
It called for action to “deter industrial espionage and large-scale cyber theft of intellectual property and personal information” by China and requires the President to report on what the government is doing about it.
It wants the president to “demonstrate the credibility of United States resolve to defend its interests in cyberspace”.
The UAE Ambassador to India, Dr. Al Banna said India’s participation in the global project to deliver continuous medical education is to start with 52 doctors in India joining the initiative…reports Asian Lite Newsdesk
India has joined the Waterfalls Initiative for Continuous Education from UAE to the World, Dr. Ahmed Al Banna, the UAE Ambassador to India, has announced.
Waterfalls Initiative is the largest global initiative for continuous education and specialised remote training to medical professionals.
At a virtual event attended by participants in both India and the UAE on Tuesday, Dr. Al Banna said India’s participation in the global project to deliver continuous medical education is to start with 52 doctors in India joining the initiative.
The initiative’s Indian partners, in their speeches, thanked His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, for his timely decision in launching the initiative, which will benefit one million health professionals.
The virtual event was attended, among others, by Pavan Kapoor, India’s Ambassador to the UAE, Dr. Abdul Salam Al Madani, Executive Chairman of the Waterfalls Initiative and the Chairman of INDEX Holding, Colonel Abdulrahman Ali Al Mansouri, Director of the Executive Office in the Department of Behavioural Rewards at the Ministry of Possibilities, and Dr. Aman Puri, Consul General of India in Dubai.
Uday Shankar, President Elect of the Federation of Indian Chambers of Commerce and Industry (FICCI), India’s premier industry organisation, described the Waterfalls Initiative as a “unique project in challenging times” and said FICCI was proud to be part of it.
Anas Al Madani, Vice Chairman and Group CEO of INDEX Holding, who was Master of Ceremonies at the virtual event, said India’s participation would contribute to “value addition” to the Waterfalls Initiative.
Sangita Reddy, Past President of FICCI and Joint Managing Director of Apollo Hospitals, a pre-eminent Indian medical enterprise, said the Waterfalls Initiative is an “outstanding” effort at a time of need. As someone from the medical fraternity, she said it would be a medical professional asset.
Dr. Alok Roy, Chairperson of FICCI’s Health Services Committee and Chairman of Medica Group of Hospitals, expressed the readiness of both these organisations to partner with the UAE Initiative with India’s manpower assets in the health sector.
Meanwhile, UAE and India are also aiming to treble the volume of their food trade in the next five years.
Optimism in achieving this goal was expressed by a multitude of speakers from the government and private sectors in both countries at the “UAE-India Food Security Summit 2020,” a two-day hybrid event, held last week.
The summit brought together about 200 businessmen, representatives of state-owned organisations, investors and other economic enterprises from the UAE and India.
Bullion Exchange
The stage has been set for India’s International Bullion Exchange to go into operation with the notification of its regulations in the official Gazette of India.
The Ministry of Finance here said in an announcement today that the International Financial Services Centre (IFSCA) in Gandhinagar, capital of Gujarat state, “has been entrusted with the responsibility of operationalization of this Exchange.”
The IFSCA was created in April this year and the plan to set up India’s International Bullion Exchange was revealed in her annual budget speech 2020 by the Minister of Finance and Corporate Affairs, Nirmala Sitharaman.
The regulations cover the entire gamut of the Bullion Trading and Exchange, including its Clearing Corporation, Depository and Vaults. “The Government of India has notified the bullion spot delivery contract and bullion depository receipt as financial products and related services as Financial Services under the IFSCA Act.”
India is a huge consumer of gold and its market for the precious yellow metal is historically linked to the Dubai gold souk. India’s major jewelers have had a presence in the souk for many decades and the emirate is a major source for gold re-exports to the Indian market.
Chief Minister Shri Uddhav Thackeray’s Magnetic Maharashtra 2.0 is attracting global focus to the West Indian state and boosting state’s investment competitiveness… A special report by Asian Lite Newsdesk
Maharashtra Industrial Development Corporation (MIDC) is Government of Maharashtra’s nodal investment promotion agency. The corporation is not only the India’s largest Industrial development authority but one of South East Asia’s most competent Investment Promotion Agency. Over the last 5 decades, MIDC has enabled the state to achieve an undisputed leadership position with regards to investments and industries.
It was set up in the year 1962 by the special act of the state government with the mandate to achieve balanced industrial development in Maharashtra. It is the special planning body which operates through a vast network of local offices. It acts as an important link between investors and the government being the single point of contact for all investor relations. MIDC administers the investment lifecycle in the state from outreach to aftercare and is responsible for providing essential infrastructure to businesses like land, power, water and more.
Dr.P.Anbalagan, IAS, CEO, MIDC
Dr.P.Anbalagan, IAS, CEO, MIDC: “As the world is advancing, we are attempting to recognize and fulfil the needs of our investors in terms of world-class infrastructure at MIDC. By maintaining a team of capable individuals, who are constantly pushing the frontiers of industry and modern facilities, we ensure a futuristic approach that keeps up with the changing dynamics of the business world. It is our target to stay one step ahead of the expectations of our investors and ensure them the best arrangement in terms of business ecosystem in the country. ”
In June 2020, Chief Minister Shri Uddhav Thackeray unveiled Magnetic Maharashtra 2.0; the state’s investment and growth stimulus strategy. Initiatives under this strategy enhanced the state’s policy framework and overall investment sentiment. With focus on economic recovery, the strategy features some of the boldest and most impactful investment reforms. Key Interventions proposed under Magnetic Maharashtra 2.0 to boost state’s investment competitiveness.
Capacity Augmentation of MIDC Land Bank
MIDC manages 289 industrial parks built over 2.25 lakh acres of land across the state. It is geared to further acquire additional 40,000 acres of land for companies looking to invest in Maharashtra.
The acquisition is targeted in the regions viz. Pune-Chakan-Talegaon-Satara belt, Mumbai-Thane-Raigad belt, Aurangabad-Jalna region, Nagpur-Amravati belt and Nashik-Ahmednagar region.
Plug and Play Infrastructure
MIDC will offer a ready-to-move-in factories complete with advanced utilities, and affordable pricing structure to be made available with sectoral tailoring. It will host a diverse base of entrepreneurs, local suppliers and anchor units.
Industrial Shed Spaces will be provided on a rental basis to enable quick setting up of Industries without a major cashflow impact to the investor.
This helps a new investor immediately start operations from day one while offsetting the company’s risk appetite and liquidity crunch especially in a post-COVID scenario
Maha Parwana
The Government of Maharashtra has unveiled a mega single permission system to fast track industrial permissions as quickly as 48 hours.
This will facilitate investors to get all the permissions through a single-window clearance system and enable industries and their operations to start instantly.
All FDI and Investment Proposals exceeding INR. 50 Crore that are environmentally sustainable will be processed on priority to immediately start construction and production.
Maha Jobs
Designed by the state to act as an Industry employment bureau. Maha Jobs will have a dual impact – It will help industries meet the talent shortfall that they face the recent with ready access to unskilled, semi-skilled and skilled talent. In parallel, it will also allow youth of the state to list his/her skillsets on the portal across 17 sectors and 950+ job roles. Currently it hosts 2.94 lakhs applications and 2731 registered employers. This matchmaking of talent with industry will help the state achieve an optimal mix of utilization and boost manufacturing productivity.
Investor First Programme
Relationship Managers (RM) and Relationship Executives (RE) have be assigned to all the companies investing above INR 50 crore. RMs & REs will be responsible for overall co-ordination and providing necessary support to the Investors on continuous basis.
Dedicated Country Desks
Maharashtra houses large and small businesses as well as MNCs from several countries. In order to boost its bilateral ties and to provide dedicated handholding to investors and industry associations of partner countries, the state has setup country desks for each of its priority partners with the aim of providing extended support and facilitation.
Investment Intentions Signed
Under the leadership of the Hon’ble Chief Minister and Hon’ble Minister Industries, the Industries department along with MIDC signed 29 MOUs with key investors in the months of June 2020 and November 2020. The engagements saw participations from national and global business leaders who reinforced their confidence in the state. MoUs worth over Rs 51,000 crore were signed with business partners from USA, UK, Japan, Singapore, South Korea and Spain across various traditional and novel sectors.
Modi to Attend G7 Summit in London; Farm Laws: Apex Court Proposes A Panel to End Deadlock; How Biden Will Navigate the H1B Visas?; Taliban delegation in Pakistan amid peace talks – All In India Daily Digital – please click here to read.
Hon'ble Minister Industries State Sh.Subhash Desai
The coronavirus pandemic has taken its toll in every walk of life and continues. However economic and industrial activities globally are cautiously coming back on track. Minister of Industries Shri Subhash Desai, Maharashtra Government, talks to Asian Lite in a candid interview about the Maharashtra government’s latest initiatives to bring in investments to the state, sustaining interest from the automotive sector, creating an EV manufacturing hub, and the strategic approach towards signing MoU’s.
ASIAN LITE: How is MAGNETIC MAHARASHTRA 2.0 unique and different from its earlier versions and what are the key focus areas? How is MAGNETIC MAHARASHTRA 2.0 better than investment initiatives of other states?
SHRI SUBHASH DESAI: In June 2020, Chief Minister Shri Uddhav Thackreayji unveiled Magnetic Maharashtra 2.0; the state’s investment and growth stimulus strategy. Initiatives under this strategy enhanced the state’s policy framework and overall investment sentiment. With focus on economic recovery, the strategy features some of the boldest and most impactful investment reforms. Maharashtra Industrial Development Corporation (MIDC) – the state’s nodal investment promotion agency, having the largest industrial land bank in the country of 2.25 lakh acres is geared to acquire additional 40,000 acres for companies looking to invest in Maharashtra. Among our key offerings, MIDC offers ready-to-move-in factories with advanced utilities and affordable pricing structure, tailor-made for specific sectors.
The growth story of Maharashtra coupled with investor confidence seen in last few months has positioned the state to retain its advantage of being “the most favoured investment destination in the country”. Magnetic Maharashtra – the torch bearer of India’s growth is “Open for Business”.
Hon’ble Minister Industries State Sh.Subhash Desai
These facilities will host a diverse base of entrepreneurs, local suppliers, and anchor units. The state has also launched ‘Maha Parwana’, a mega single-permission system to fast track industrial permissions as quickly as 48 hours. The state has designed ‘Maha Jobs’ portal to act as industry employment bureau. Currently it hosts 2.94 lakhs applications and 2731 registered employers. In order to further strengthen bilateral ties with our partner countries the state offers dedicated country desks managed by a team of Relationship Managers and Relationship Executives that ensures priority investor handholding. I assure you, only Maharashtra offers these initiatives backed by robust infrastructure and clear policies, unmatchable to any competitive state’s reform strategies. The state’s capacity to harbour industrial ecosystem coupled with visionary leaders and policymakers that successfully deploy resources in a strategic manner makes Maharashtra a numero uno business destination.
ASIAN LITE: What special initiatives are there for investors to make it convenient for them in setting up their industries, acquiring land banks, ease of doing business, infrastructure etc, in short, the entire business ecosystem?
SHRI SUBHASH DESAI: Technology coupled with strong vision and governance is Maharashtra’s forte. Recent engagements under Magnetic Maharashtra 2.0 witnessed participation of domestic and global business leaders from 29 companies who reinforced their confidence in the state by signing MoUs worth over Rs 50,000 crore. The Maha Jobs portal, Maha Parwana (accelerated permission system) and Plug & Play infrastructure are just a few examples that form the backbone for the state’s economic recovery.
In terms of industrial infrastructure and connectivity, we host some of the most successful industrial clusters in the country with robust connectivity via rail, road, ports and air links. In the use of technology, our single window clearance regime has simplified and streamlined various statutory approvals and clearances required for industries to a great extent. In Ease of Doing Business, we have undertaken various reforms and a transformative approach recently. Specialized policies and markets have been developed across the districts to bring suppliers, producers, sellers and buyers together. We have consistently upgraded our industrial ecosystem through infrastructure development and aim to continue with the development process.
The growth story of Maharashtra coupled with investor confidence seen in last few months has positioned the state to retain its advantage of being “the most favoured investment destination in the country”. Magnetic Maharashtra – the torch bearer of India’s growth is “Open for Business”.
ASIAN LITE: With many states trying aggressively to attract investments, how do you plan to retain your state’s share and rather grow in the coming years?
SHRI SUBHASH DESAI: A robust policy framework and progressive actions initiated by the state political leadership have helped the state in achieving this unparalleled growth. This has led to strong performance in our Ease of Doing Business ranking and a recent study published by NITI Aayog on Export Preparedness ranked Maharashtra as second among Indian states. Maharashtra provides a mature industrial ecosystem to diversified sectors with dominant presence of Automobile and Auto-Components, Biotechnology and Pharmaceutical, Chemicals, Creative Industry, Electronic System Design and Manufacturing (ESDM), Engineering, Food Processing, Information Technology (IT), Textiles & Garments. Besides emerging technologies such as Industry 4.0 including Internet of Things (IoT), IoT based Kiosks, Embedded Technologies, 3D Printing, Artificial Intelligence, Robotics, Nanotechnology and Data Centers have been identified as thrust sectors. A well-developed infrastructure, large pool of skilled manpower, presence of prominent educational and research institutions as well as excellent living conditions, continues to give Maharashtra an edge in attracting global investments.
ASIAN LITE: How far do you think the ongoing coronavirus pandemic has dampened the spirit of investors in terms of volumes? How do you see the pandemic as an opportunity?
SHRI SUBHASH DESAI: The pandemic posed a new normal for the industries to relook at their strategies and operational models to become resilient. Maharashtra, India’s most industrialized state, mirroring the National Growth vision, has scaled its efforts to meet this unprecedented situation, and at the same time realizes its economic response will determine the long-term effects of this pandemic. To promote manufacturing, in line with the Hon’ble Prime Ministers vision of Atmanirbhar Bharat and ‘Vocal for Local’ we aim to support manufacturers through the policy measures of Magnetic Maharashtra 2.0 strategy. The state shall remain to be one of the most preferred investment destinations within India and in South East Asia.
ASIAN LITE: Maharashtra wants to also be a major manufacturing hub for the EV industry, are you offering any special incentives to investors from the EV industry?
SHRI SUBHASH DESAI: The EV industry is in a very nascent stage, yet a consistently developing market. The State’s Electric Vehicle Policy envisions to develop Maharashtra as the leader in EV manufacturing and use. In this regard, we are targeting to generate an investment of Rs 25,000 crores in EV and its component manufacturing which will create jobs for over 1 lakh persons. The Government of Maharashtra through its EV Policy has a focus on promoting R&D, innovation and skill development in the EV which will benefit the existing auto component manufacturing hubs.
Along with the components needed for the vehicles themselves, we need to look at the components needed for the EV infrastructure such as sufficient number of charging points, cables, sockets and other accessories will also be a necessary part of the transition to EVs.
The state promotes EV public transport in cities like Mumbai, Pune, Aurangabad, Thane, Nagpur and Nashik in its initial phases and other new regions as well.
Maharashtra is marching on a fast pace to achieve its goals. Despite the fall out of Covid-19 pandemic, the state is attracting foreign investments and creating jobs. Asian Lite meets Chief Minister Shri Uddhav Thackeray to get more details about Magnetic Maharashtra 2.0 and other developmental projects
What are the key highlights of Magnetic Maharashtra 2.0, and how is it different from similar initiatives by other states and from the earlier format of Magnetic Maharashtra? How will you ensure that Maharashtra stays ahead in the race?
We unveiled Magnetic Maharashtra 2.0 in June 2020; the state’s investment and growth stimulus strategy. Initiatives under this strategy enhanced the state’s policy framework and overall investment sentiment. With focus on economic recovery, the strategy features some of the boldest and most impactful investment reforms. Maharashtra Industrial Development Corporation (MIDC) – the state’s nodal investment promotion agency, having the largest industrial land bank in the country of 2.25 lakh acres is geared to acquire additional 40,000 acres for companies looking to invest in Maharashtra. MIDC offers ready-to-move-in factories with advanced utilities and affordable pricing structure; tailor-made for specific sectors. These facilities will host a diverse base of entrepreneurs, local suppliers, and anchor units. The state has also launched ‘Maha Parwana’, a mega single-permission system to fast track industrial permissions as quickly as 48 hours.
“Maharashtra has world class infrastructure and established industrial ecosystem across multiple sectors. This along with the presence of diverse value chain and socio-economic diversity enables the state to have range of engineering, research and design hotspots”
The state has designed ‘Maha Jobs’ portal to act as industry employment bureau. Currently it hosts 2.94 lakhs applications and 2731 registered employers. It aids employers and employees to match adequate skillsets and talent; to achieve an optimal mix of utilization and higher manufacturing productivity. In order to further strengthen bilateral ties with our partner countries the state offers dedicated country desks; managed by team of Relationship Managers and Relationship Executives who ensures priority investor handholding. These unique offerings are custom made after consultation with international and domestic business communities, trade bodies and consul generals of partnering countries. I assure you, only Maharashtra offers these initiatives backed by robust infrastructure and clear policies, unmatchable to any competitive state’s reform strategies. The state’s capacity to harbor industrial ecosystem coupled with visionary leaders and policymakers that successfully deploy resources in a strategic manner makes Maharashtra a numero uno business destination. The state has grown leaps and bounds across every possible investment parameter in last few years.
Maharashtra’s economic development has been traditionally centered around Mumbai. hailed as the commercial capital of India. How are you planning to change that for the inclusive growth of the state?
Historically Mumbai has been epicenter of economic development not only for the state but also for the country. To ensure balanced regional development; Magnetic Maharashtra 2.0 envisioned the developmental strategy of “Inclusive Growth”.
We are constantly engaging with different investors to help them realize their developmental dividends across the state for equitable growth. The gradual economic recovery backed by an uptick in consumption and manufacturing output, it is expected that we should soon return to normalcy.
Hon’ble Minister Industries State Sh.Subhash Desai
To support both greenfield and brownfield investments, MIDC is geared to acquire additional 40,000 acres of land across Maharashtra with special focus on Marathwada and Vidarbha. MIDC’s new plug-and-play infrastructure concept helps a new investor immediately start operations from day one, while offsetting the company’s risk appetite and liquidity crunch. This ensures that land requirement is easily fulfilled for all types of investors. It is our believe that with our investment in infrastructure, skill and training and dedicated relationship management the entire state can rise of being truly magnetic.
How have new initiatives under Magnetic Maharashtra 2.0 helped in attracting investment in the state in 2020?
Technology coupled with strong vision and governance is Maharashtra’s forte. Recent engagements witnessed participation of domestic and global business leaders from 29 companies who reinforced their confidence in the state by signing MoUs worth over Rs 50,000 crore. The Maha Jobs portal, Maha Parwana (accelerated permission system) and Plug & Play infrastructure are just a few examples that form the backbone for the state’s economic recovery. In terms of industrial infrastructure and connectivity, we host some of the most successful industrial clusters in the country with robust connectivity via rail, road, ports and air links. In the use of technology, our single window clearance regime, has simplified and streamlined various statutory approvals and clearances required for industries to a great extent.
In Ease of Doing Business, we have undertaken various reforms and a transformative approach in the recent years. Even during these unprecedented and volatile times, we have invested strongly in the social, physical and industrial infrastructure of the state. Specialized policies and markets have been developed across the districts to bring suppliers, producers, sellers and buyers together. We have consistently upgraded our industrial ecosystem through infrastructure development and aim to continue with the development process.
What shall be your strategy to attract more FDI in the state? What kind of incentives and facilities are being given to foreign investors? What kind of infrastructure development is being ensured for them to facilitate a robust industrial ecosystem in the state?
Maharashtra government is actively aiding global businesses to diversify and decouple supply chain dependencies on any one nation. As they scout for alternative manufacturing bases, Maharashtra offers strategic and inherent comparative advantages.
The state has world class infrastructure and established industrial ecosystem across multiple sectors. This along with the presence of diverse value chain and socio-economic diversity enables the state to have range of engineering, research and design hotspots. Foreign Direct Investment (FDI) has bought innovative technologies and raised competitiveness. While the state retains its position as the preferred investment destination for FDI, in the last one year alone, the state attracted FDI inflows of over Rs 60,000 crore, accounting for more than 25% of total FDI inflow in the country.
The strategy envisioned under Magnetic Maharashtra 2.0 received a lot of interest from countries like USA, Germany United Kingdom, South Korea, Singapore, Spain among others. Constant feedback engagments with consulates of multiple countries, trade bodies, industry associations, export promotion councils in resolving their queries on priority basis; ensured that businesses can continue as well as expand their operations. Approving record 15 FDI proposals and attracting highest share of FDI in past one year, the state continued to grow from strength to strength.
“Actually it is the other way around when you compare it [pink ball test] with the normal Test match something we have to analyse and monitor as we go into the Test match and as we encounter the situation changing and unfolding,” said Kohli…reports Asian Lite
India skipper Virat Kohli has said that the pink-ball Test, which will be the opening match of the four-game series against Australia beginning Thursday, is exactly the opposite of a normal Test match and is difficult to be pre-planned as it has many variables. Kohli on Wednesday added that they will have to react to situations as the game unfolds at the Adelaide Oval.
“I think you can get a fair idea about how you want to go about things. I don’t think you can concretely plan anything in Test cricket. Test cricket is always about encountering situations and reacting to the situations to the best of your abilities — understanding when to attack, to defend, when to bat through…the pink-ball Test brings a lot more variables like the twilight period, a tricky period to bat in, then bowling in the first session (is tough) and then at night you have more on offer for the bowlers,” said Kohli, who led India to a 2-1 Test series win last year.
“Actually it is the other way around when you compare it with the normal Test match something we have to analyse and monitor as we go into the Test match and as we encounter the situation changing and unfolding. We are actually ready to be able to come up with our plans into any situation we face. It is important to plan but you can’t pre-plan anything, especially in a Test which is the pink-ball Test with so many variables,” he added.
Virat Kohli
The right-handed batsman, who has six centuries in 12 Tests in Australia, hinted that KL Rahul, who has opened in the past, can play at any position and also confirmed that Rohit Sharma will open once he re-joins the team in the later part of the series.
“KL (Rahul) is obviously a quality player and hence he has been included in the Test squad. As I said we have a lot of quality players, someone like Hanuma Vihari. He has been absolutely solid. He is someone who has grit and character. KL (Rahul) was brought into the side understanding that we do have opening options already and when Rohit comes back into the team we have another opener who is already established and is going to start,” said the Indian skipper.
“So KL, where he fits and how he fits, is a conversation that we will have to monitor closely. We have to bring our best squad to Australia and then whatever combination you want to go in with which is the best suited for the team’s balance, according to the conditions you want to go forward with,” he added.
The 32-year-old is also looking forward to youngsters like Shubman Gill and Prithvi Shaw who he thinks won’t have a baggage from the past to carry and can play freely.
“Mayank (Agarwal) performed the last time we came here and he batted brilliantly without any baggage. That is what you expect from the young guys, just go out there — they have no baggage from the past — and express themselves and put the team in strong position and play the brand of fearless cricket along with being calculated and reading situations. It is exciting to have young guys as I said who can play more freely,” said Kohli.
According to Kohli, both Gill and Shaw are “very talented”.
India Captain Virat Kohli
“They are obviously very, very talented players, that is why they are here. Shubman obviously hasn’t got opportunities at this level yet in Test cricket. As and when he gets opportunity, it will be interesting to see because he is obviously a confident young man, Prithvi has performed at Test level but he will be playing in Australia for the first time. But it is exciting to see his progress,” the India captain said.
He also said that it important for senior players to take the load and responsibility.
“(With youngsters we) Just tell (them) to go there and enjoy their skill sets and when they have the opportunity to capitalise as much as possible for the team. And let the senior guys take more responsibility and load of what comes playing a Test match and a full Test series. It is pretty exciting. Looking forward to it and we are confident about them,” said Kohli who will return to India after the first Test to be with his wife Anushka Sharma who is expecting their first child.
Automotive giant Fiat Chrysler Automobiles (FCA) announced that it is setting up a Global Digital Hub in Hyderabad with an investment of $150 million.
FCA ICT India, FCA’s new innovation and technology development facility, will create nearly 1,000 new cutting-edge technology jobs by the end of 2021 and it has plans to increase hiring over the next two to three years.
This will be FCA’s second largest facility outside North America, Europe, Middle East and Africa.
“The $150 million investment to set up a Global Digital Hub in Hyderabad cements our continued commitment to India and our customers,” said Dr. Partha Datta, President and Managing Director, FCA India.
“FCA ICT India will be our technology backbone that will not only help us develop products for future mobility but will also sharpen our efforts to enhance customer-centricity. This is a significant step forward in realizing our vision to make our Indian operations more capable to develop digitally-driven products and technologies locally for India and also for the world,” he told a virtual news conference.
Karim Lalani, director and head of FCA ICT India, said the new centre will drive strategic competencies in niche technology areas for connected vehicle programs, artificial intelligence, data science, and cloud technologies.
He said the company was building an innovation powerhouse to deliver at the speed of customer expectations by harnessing intelligence throughout the customer lifecycle. It will be establishing an ecosystem of strategic partners, start-ups, digital accelerators and universities in Hyderabad.
Lalani said the newly recruited employees will work on exciting products and concepts that will define the future of mobility at FCA. The Global Digital Hub will serve as a transformation and innovation engine for FCA and drive global IT strategy, and deliver excellence through a robust platform, technology and service centres of excellence.
“We are working closely with strategic technology partners to accelerate our talent and competency ramp-up at FCA ICT India,” said Lalani.
“The availability of talent coupled with a culture of innovation and pro-business policies played a major role in FCA’s decision to set-up the facility in Hyderabad. The Global Digital Hub will also expand FCA’s relationships with several ecosystem partners, including strategic partners, startups, digital accelerators and universities, to accelerate our innovation agenda,” said Mamatha Chamarthi, Chief Information Officer, FCA, North America and Asia Pacific.
FCA has a major presence in Maharashtra and Tamil Nadu, with headquarters in Mumbai and employs over 3,000 people. The company has a joint venture vehicle and powertrain manufacturing facility in Ranjangaon, Maharashtra. The company’s engineering and product development operations are located in Pune and Chennai.
FCA India manufactures the award-winning Jeep Compass in Ranjangaon and exports the SUV to 13 international right-hand drive markets, including Japan and Australia. FCA India is gearing up to launch a number of new and exciting products in 2021.
Telangana’s Minister for industry and information technology K.T. Rama Rao welcomed FCA’s decision to open the Global Digital Hub in Hyderabad and assured all support to the company from the government.
The Minister also urged the company to look at Telangana for its manufacturing component and the collaboration in promotion of electrical mobility.
WhatsApp Pay has announced its cooperation with State Bank of India, HDFC Bank, ICICI Bank and Axis Bank for its up to 20 million users in India.
After two years of waiting, Facebook-owned WhatsApp payment service received approval from the National Payments Corporation of India (NPCI) in November to go live on Unified Payment Interface (UPI) with over 160 supported banks.
WhatsApp can expand its UPI user base in a graded manner starting with a maximum registered user base of 20 million.
“UPI is a transformative service and we jointly have the opportunity to bring the benefits of our digital economy and financial inclusion to a large number of users who have not had full access to them before,” Abhijit Bose, Head of WhatsApp, India, said during the Facebook ‘Fuel for India’ virtual event.
The peer-to-peer (P2P) payment feature is available now in 10 Indian regional language versions of WhatsApp.
“We introduced banking services on WhatsApp in April. Over two million users have adopted banking services on WhatsApp in this short span. Now with WhatsApp Payments, there is a unique opportunity to scale essential financial services to people all over the country with ease,” said Bijith Bhaskar, Head – Digital Channels & Partnership, ICICI Bank.
According to a latest report by Bengaluru-based research firm RedSeer, digital payments in India are expected to reach $94 trillion by the financial year 2025.
“We’re excited and privileged to partner with State Bank of India, ICICI Bank, HDFC Bank and AXIS Bank to bring simple and secure digital payments to WhatsApp users across India,” Bose said in a statement.
SBI now offers UPI services through the WhatsApp Payments, bringing the convenience of easy and instant mobile based payments.
Parag Rao, Country Head-Payments Business, Consumer Finance, Digital Banking & Marketing, HDFC Bank said that the partnership with WhatsApp Pay is yet another important step toward achieving financial inclusion and making affordable financial services available to Indians.
“Such partnerships will further fuel the economic growth and development of the nation,” Rao added.
WhatsApp had said earlier that the payments feature is designed with a strong set of security and privacy principles, including entering a personal UPI PIN for each payment.
In India, the WhatsApp payment service competes against major players like Paytm, Google Pay and PhonePe, among others.
Rising coronavirus cases and subsequent lockdowns in key export markets dragged India’s merchandise exports lower by 8.74 per cent in November, official data showed on Tuesday.
The country’s merchandise exports during the month under review receded to $23.52 billion from $25.77 billion in November 2019.
“Cumulative value of exports for the period April-November 2020-21 was $173.66 billion as against $211.17 billion during the period April-November 2019-20, registering a negative growth of (-) 17.76 per cent in dollar terms,” a Ministry of Commerce and Industry statement said on the basis of preliminary data.
“Non-petroleum and non-gems and jewellery exports in November 2020 were $19.29 billion, as compared to $19.37 billion in November 2019, registering a negative growth of (-) 0.40 per cent,” the statement said.
Similarly, India’s merchandise imports declined by 13.32 per cent in November to $33.39 billion from $38.52 billion during the corresponding month of the previous year.
“Imports in November 2020 were $33.39 billion which is a decline of (-) 13.32 per cent in dollar terms and (-) 9.96 per cent in rupee terms over imports of $38.52 billion in November 2019. Cumulative value of imports for the period April-November 2020-21 was $215.69 billion as against $324.59 billion during the period April-November 2019-20, registering a negative growth of (-) 33.55 per cent in dollar terms and (-) 29.43 per cent in rupee terms,” the statement said.
Segment wise, oil imports in November 2020 were down 43.36 per cent to $6.27 billion compared to $11.07 billion.
“Non-oil imports in November 2020 were estimated at $27.12 billion which was 1.20 per cent lower in dollar terms, compared to $27.45 billion in November 2019. Non-oil and non-gold imports were $24.10 billion in November 2020, recording a negative growth of (-) 1.67 per cent, as compared to non-oil and non-gold imports of $24.51 billion in November 2019,” the statement said.
In addition, the data showed that India was a net importer in November 2020, with a trade deficit of $9.87 billion, as compared to a trade deficit of $12.75 billion in November 2019.
“With renewed restrictions in various trading partners causing exports to falter, the trade deficit rose to a 10-month high of $9.9 billion in November 2020,” Aditi Nayar, Principal Economist, ICRA, said.
“The slide in non-oil export growth was led by renewed restrictions in trading partners that outweighed the optimism related to an early availability of Covid-19 vaccines. This trend may continue in the winter months, before an uptrend takes root in Q4 FY202,” Nayar said.
The Founder-Chairman of Trade Promotion Council of India, Mohit Singla, said: “Exports of processed food have seen a consistent growth from $60 million in April, when the lockdown started, to $170 million in November, along with the stellar performance in rice and other cereals compared to last year. The overall de-growth in exports can be largely linked to decline in exports of petroleum products, which is also seen in Rs 33,000 cr decline in imports.”
According to Suman Chowdhury, Chief Analytical Officer, Acuite Ratings & Research: “We note that there has been a significant pickup in the imports of electronic goods and components in November, mostly reflecting the increased demand for digital devices and mobile phones. Further, the imports of capital goods, chemicals, coal and edible oil have also witnessed a healthy recovery as compared to the previous months.
