Foreign Investors Pump Over $60bn Banking On Modi

Foreign investment inflows are estimated to more than double and cross the $60-billion level this fiscal as overseas investors repose confidence in the Narendra Modi-led government that is expected to unleash reforms to reboot the economy, says an Assocham study.

“Riding on huge expectations from the incoming Modi government, global investors are gung ho on the Indian economy which is expected to witness over 100 per cent increase in foreign investment inflows — both FDI and FIIs — to above $60 billion in the current financial year, as against $29 billion during 2013—14,” the study projected.

The net foreign investment inflows, led by aggressive foreign institutional investors (FIIs) in the Indian equity and debt markets in 2014—15, are expected to even overtake the figure of $46.17 billion during fiscal 2012—13, one of the best years for overseas investment inflows, it estimated.

“The unfolding scenario also points to easing of prices and lowering of interest rates, the two major challenges that the Indian economy had been facing for some years now,” Assocham President Rana Kapoor said.

However, the emerging situation will pose a new challenge to the Reserve Bank to deal as it will have to balance the rupee rate and inflation from the increased liquidity into the system.

The new Finance Minister and the RBI, thus, will have to be on the same page in dealing with this scenario which will see strengthening of Rupee and a further improvement on the current account balance, Assocham said.

In the current fiscal, the FII investment would remain more than the FDI inflows, Assocham said. The expectations are that FII investment in both debt and equity could exceed $35 billion while the FDI money could be above $25 billion.

“If the Modi government is able to take some reform-friendly measures along with taming inflation and earning goodwill of the people, the FDI will do a fast catch-up with the FIIs. The euphoria must be taken advantage of and things will move on from there,” Kapoor said.

Significantly, India will continue to outpace all other emerging economies in terms of FII inflows which would not be affected much by the tapering of the Quantitative Easing by the US Federal Reserve, the study found.

Besides, as the new government goes about removing obstacles in investment, FDI is likely to pick up again in the key infrastructure areas of ports, airports, roads and energy, the study said.

Source: Agencies

Vineet Taneja Appointed New CEO of Micromax

Micromax, India’s 2nd largest smartphone player and leading consumer electronics brand, today announced the appointment of Vineet Taneja as its new Chief Executive Officer. He was the Country Head for IT & Mobile businesses of Samsung India till recently.

This move is a testimony to the vision and commitment of Micromax Co-founders to bring in the best talent from the industry at the helm to build a strong organization and steer Micromax through the next phase of growth by capitalizing the immense opportunities in this environment of data devices explosion. Vineet will focus on consolidating Micromax’s strong presence in the market, driving global partnerships and strategic alliances while strengthening the organizational capabilities within Micromax.

Commenting on Vineet’s appointment, Rahul Sharma, Co-founder, Micromax said, “Vineet will be an asset in our next phase of growth, his diverse experience will be a great addition to the Micromax leadership in India both from organizational set-up and business growth perspective. Vineet is one of the most respected corporate leaders in the industry and has a great track record of successfully leading diverse brands across sectors.”

  He further added, “I firmly believe that he will be a strong partner in our vision to be India’s first technology brand to leave an imprint at the global level. We look forward to working closely with Vineet and support him in this new journey.”

With an end-to-end P&L responsibility, Vineet is excited and ready to take upon his new work profile. Apart from leading company's growth & profitability he will spearhead the transformational agenda of Micromax given the burgeoning opportunity in the devices space globally.

“Micromax has been one of the great success stories in India’s mobile eco-system, and has pioneered the democratization of technology for masses by addressing specific consumer needs with constant innovations. We are witnessing an inflection point in the smart devices globally. Therefore, it is a great opportunity for me to lead Micromax into its next phase of growth by consolidating and further strengthening its position in India, and looking at global markets to complete its transition of becoming a global force to reckon with", said Vineet Taneja on his appointment.

With over 25 years of experience, Vineet worked with leading consumer brands like Hindustan Lever, Nokia and Bharti Airtel, prior to Samsung. From performing Sales & Marketing roles at HLL & Nokia to general management responsibilities at Bharti Airtel and Samsung, Vineet has evolved as a respected leader of the telecom industry. Over the last decade Vineet has had the distinction of working for the service provider as well as the device companies giving him a comprehensive understanding of the telecom ecosystem including the OTT play. Vineet holds a degree in engineering from IIT-Roorkee and is also an alumnus of IIM-Kolkata.

17 Technology Startups Graduate from Microsoft's Accelerator Program

Microsoft Ventures in India today announced the graduation of 17 technology startups, 16 of which constituted the fourth batch of its Accelerator program and another from an earlier batch. At an event held here today, an audience of 800 plus mentors, industry influencers, venture capitalists, angel investors and journalists witnessed the accelerated progress made by Appointy, App Virality, Bookpad, Boutline, Imly, InstaSafe, IntouchApp, Metaome, Sliderule, Voonik, MyBusTickets.in, Praxify, Thinxtream, Touchfone, ZingHR and Zoom during the last four months at the Accelerator. Profoundis, a startup from its second batch, also graduated today.

Congratulating the graduating batch, Shripati Acharya, Managing Partner, Angel Prime, said: “I have been closely watching this batch since they started at the Accelerator.  Each company was unique—not only were they at different stages of maturity and addressing very different business segments, their problems were also unique. Together with each startup, the Microsoft Ventures team worked hard to identify the right strategy and make the connections that would help each of them. I am really happy that the joint efforts have finally paid off! I congratulate Microsoft Ventures and the graduating startups on the success, and wish them all the best in their entrepreneurial journey ahead.”

Sharing his experience, Abhijit Gupta, Co-Founder, CEO and MD, Praxify said: “Microsoft Ventures has played a pivotal role in reshaping our business strategy for emerging markets. Access to partners and potential collaborators has been a boost for a fast-growth product company like ours. The weekly meetings with the leadership team have helped us maintain focus on achieving our short term goals and ensured that these are aligned with the company’s long term vision. Our mentors have helped us to accelerate from a startup of 20 people to 45 people in less than 3 months."

Demo Day was a part of day-long activities that included Think Next, Microsoft Venture’s new initiative to boost the startup ecosystem of India. A semi-annual conclave, Think Next aims at providing a forum for all stakeholders to network, deliberate and take measurable steps that will help spur the growth of the local entrepreneurial ecosystem. Two roundtables—Understanding Trends in Corporate Development and How to Create SAAS models from India, were organized as part of Think Next.

Explaining the rationale behind this new initiative, Ravi Narayan, Director, Microsoft Ventures in India, said: “Over the course of the last two years, Microsoft Ventures has emerged as a key player in the Indian startup ecosystem, working closely by pooling its resources with other accelerators, incubators and industry bodies, with the single objective of helping startups. While each of us are putting in a lot of efforts, many of these are fragmented and don’t have the potential of making a significant impact. We felt the need for a forum which brings together all the stakeholders and provides them with a platform to discuss current initiatives, decide on actionable follow-up steps and measure the progress over a period of time. Think Next is that forum, and we are confident it will provide a strong boost to the local entrepreneurial ecosystem.”

Going forward, Microsoft Ventures will be partnering with several industry bodies, eg Nasscom, TiE Chapters around the country and iSPIRT for Think Next. The roundtables at Think Next 2014 were organized in association with iSPIRT.

Commenting on the initiative, Sharad Sharma, co-founder and governing council member, iSPIRT Foundation, said: “As a think tank, we want to drive thoughtful discussions in the software product ecosystem. Microsoft Venture’s Think Next is focused on deep dive specialized discussion. Since both iSPIRT and Microsoft Think Next are focused on exactly the same thing, it’s a great partnership and we are happy to be part of it. This partnership brings the whole technology startup ecosystem together.”

The 17 startups which graduated today will join the 34 alumni startups from the last three batches of the Accelerator program. While their four month stay at the Accelerator ended today, it also marked the beginning of another life-long association. As alumni, they will continue to be supported by the Microsoft Ventures team, both in India and abroad, as they work on customer connect and technology advancement.

MAIT Reaches 0ut to Modi-led Govt ICT Think Tank

MAIT, the apex body representing the interests of the IT hardware sector in India, commends the immense technological forte and constant support of the BJPs IT cell in augmenting the vision of the Narendra Modi led Government and playing a crucial role in delivering BJP to power at the Centre,  in addition to the Cyberspace. 

MAIT also appreciates the earnest efforts of Vinit Goenka, National Co-Convener, BJP IT Cell, and Head for verticals E-Governance, ICT Industry Interface & Policy Issues, in driving the campaign and exemplifying the use of IT’s potential to a maximum. 

The expectations from the Modi led government are very high and therefore we believe that the industry would benefit from the proactive role Vinit Goenka and his team has played in understanding industry needs.

Although the expectations from the new government are at an all-time high, MAIT has been working closely for the past few months with the team advising the new government on ICT.

AMCHAM All Praise For BJP & Modi on Election Victory

The American Chamber of Commerce in India (AMCHAM India) has welcomed the historic mandate secured by BJP under the dynamic leadership of Mr. Narendra Modi. 

“The American Chamber is indeed looking forward to resurgence in India’s economic landscape and rapid improvement in the investment climate in the country,” the Executive Director, Amcham India, Ajay P Singha, stated.  

Amcham has had regular contacts with BJP and with Narendra Modi in the recent past. Amcham delegations comprising of CEOs of US companies in India have met Modi in 2011 and 2012 in Ahmedabad. Subsequently in 2013 an Amcham delegation comprising of CEOs of US companies met Nitin Gadkari, the then President of BJP, in Mumbai as well as in New Delhi. The meeting took place in conjunction with the IT Cell of BJP and was presided over by its Co-Convenor, Vinit Goenka. 

A working group comprising Goenka and senior representatives of US companies in India addressed several concerns impacting US investments in India. The working group identified issues which could be successfully addressed by decision makers in various sectors ranging from IT, Energy, Defence, Aviation, Food Processing, Agriculture, Healthcare and Financial Services. There was general agreement on most issues specially related to simplifying taxation, bringing in more transparency in Government contracts and creating a conducive investment climate.

Amcham recently brought out a document articulating the “Challenges faced by US companies in India.” Advance copies were shared with the BJP leadership.  “We are confident that our genuine concerns will receive an excellent response from the new government to help us address the challenges faced by US companies operating in India,” stated Singha. “Amcham is looking forward to working closely and strengthening the hands of the various ministries and departments in the Government of India to bring about the desired economic reforms and robust growth rates essential for showcasing India as the most desired nation for foreign investments,” he added.  

Earlier U S President Barack Obama had called on and congratulated PM designate Narendra Modi on his historic and landslide election victory. Both the leaders discussed Indo-US strategic partnership and the prevailing global economic situation. President Obama stated that under Modi's leadership India will contribute at the global stage. 

Meanwhile, Secretary of State John Kerry has also tweeted: "Congrats to @narendramodi and BJP. Look forward to working w/you/growing shared prosperity/security w/world's largest democracy." 

At a recent meeting of the Amcham India, the former US Ambassador to India, Nancy J Powell, had stated that there is a potential for US- India bilateral trade in goods and services to be increased from its current level of nearly $100 billion to an ambitious goal of $500 billion. “One possibility might be the convening of a Track 1.5 event during the first 100 days of the new Indian government to begin a conversation on how we can best accomplish this task.”  The Ambassador had mentioned that there are remarkable opportunities to rapidly expand U.S.-India trade in sectors such as civil aviation; defense; infrastructure; energy; healthcare; IT services; and, agriculture. 

Panasonic Enters Window AC Segment In India

Panasonic has just added a new window air-conditioner model to its wide-ranging AC portfolio. As part of its India focused strategy to bring products designed keeping in mind the needs of Indian customers, the brand has re-entered the window AC segment with competitively-priced entry-level product. With this new launch and the existing line-up of products which consists of Split ACs, CUBE ACs, and a comprehensive range of Commercial ACs, the company is aiming to establish itself as a complete solutions provider for the air conditioning need of its consumers. The ACs are already available in the market in variants of 1.0, 1.5 and 2,0 ton capacities and in 2, 3 and 5 stars. They are priced between Rs. 24,990 to Rs. 39,490.

Panasonic’s re-entry into the window AC segment is also a part of its strategy to expand the consumer base and capture the untapped potential of the hinterlands and small towns. The consumption pattern in these areas is shifting from necessities to discretionary goods and the consumers have been showing a great appetite for consumer durables. Window ACs have strong potential demand from rural India and smaller towns since the first time buyers in these markets essentially prefer window ACs as they want a low cost product with simpler features. Now with this entire gamut of products under the Air Conditioner range, Panasonic will be able to tap different audiences with its offerings.

Commenting on the launch Manish Sharma, Managing Director, Panasonic India and South Asia said, “We want to give our consumers a wide choice of products to choose from and make available products that suit their requirements in context to their economic and demographic limitations. Though the AC market has been stagnant for a while, Panasonic grew at about 5% in terms of value. We are hopeful that year 2014 will definitely open up a plethora of new opportunities and we are expecting the market also to grow by 5 to 8% this year.” He further added, “Panasonic window ACs have made millions of homes in India happy for well over a decade. Keeping this proud legacy alive, we have brought back our iconic range of Window ACs. The all new range comes loaded with class defining features and we are confident that it will do immensely well in the Indian market.”

New Window AC features:

·   Anti- Bacterial Filter- The anti -bacterial layer combines three protective layers into one. Its special filter provides anti -bacterial, anti- virus, and anti -allergen protection letting breathe 99% cleaner air.

·  4D Air throw- Provides constant air flow in all four directions for comfort in every corner.

·    Blue Fin Condenser- Coated with anti-rust coating, Panasonic Window AC is reliable and durable.

·    Inner Grooved Copper Tubes- Inner Grooved Copper Tubes allow quick and optimum refrigerant flow.

· Auto Restart- Should a power failure occur, unit resumes operation automatically in their previous set settings.

·   Energy Efficient Compressor- High efficiency can be achieved even under high load conditions. Get higher degree of cooling & comfort even at higher outdoor ambient temperature.

Unite 2 Smartphone Offers Reverie Multilingual Pack In 21 Languages

Language will no longer be a communication barrier on your mobile phone. You can now truly express yourself in the language that you are most comfortable in while browsing or chatting. Micromax, India’s 2^nd largest smartphone player and World’s 10^th largest mobile manufacturer, announced the launch of world’s first phone with 21 language support – the Micromax Unite 2.

Powered by a 1.3GHz quad core processor, the Micromax Unite 2 is the first phone from the company running on the latest Android KitKat 4.4.2, which can be easily upgraded through FOTA, offering users a number of features including voice search, Google Drive, Hangouts for video calls, smart contact prioritisation etc. promising faster multitasking. The phone will be available in 4 bright colors – grey, white, red and green to break the monotony from the boring black and blues.

Commenting on the launch, Shubhodip Pal, CMO, Micromax said, “India is a diverse country and language at times can act as a barrier for people to seamlessly communicate on their phones. Therefore, we firmly believe that support for local languages on phones will perhaps be the next big driver for day to day phone transactions, internet usage and online content consumption in India given that most of the population does not use English as their primary language.” He further added, “With the launch of the Micromax Unite 2, our aim is to enable local customization to serve the unique needs of Indian consumers across multiple markets. We aim to create a powerful medium for our consumers to interact, engage, entertain and connect in their preferred language to remove any barrier for technology adoption for the masses in the country.”

The Micromax Unite 2 comes with a 4.7-inch Bright Graph IPS display with a resolution of 800x480. Packed with a 2000 mAh battery, the phone ensures a strong battery backup. Equipped with a 5.0MP rear camera with flash to further enhance the superiority of the memorable moments, it also features a 2.0MP front camera to facilitate video chatting with friends and family. The camera also offers a number of features like beauty mode, live photo mode and panorama, letting users experiment with their photography skills.

Users can chose from a multitude of applications pre-loaded on the phone – MAd, a unique application which lets users watch ads, earn points & get money added to their phone balance; Getit, a simple intuitive guide to search for destinations such as hotels, ATMs, Movie theaters; Kingsoft Office, a tool that can help users to create and edit documents on the go; Opera Mini Browser for fast browsing with maximum data savings; Hike, an Indian  instant messaging service; M!Games to play high quality games online; pre-loaded games like Marble, Burn the Rope, Toystory Smash it; M!live to download unlimited latest Bollywood, Regional videos, music, wallpapers, mobile games and applications; Reverie phonebook and Reverie smartpad to save contacts, type, text in the preferred language.

With an expandable memory of 32GB and GPS enabled, the phone supports Bluetooth v4.0 and WiFi, ensuring full time connectivity for the social media buffs.

Priced at a MOP of Rs. 6,999, the Micromax Unite 2 will be available across all leading retail outlets in India from May 22, 2014.