Monday, January 17, 2022

Singapore Tourism Board & Little Black Book Launch Singapore Edit Festival


* The Singapore Edit Festival brings together six Indian and four Singaporean homegrown brands to create a Singapore inspired limited collection in apparel, home décor, cocktail mixer and healthy snacks.

The Singapore Tourism Board (STB) India announced that it has partnered with Little Black Book (LBB), one of India’s leading online discovery & content e-commerce platforms, to launch a Singapore inspired limited collection of lifestyle products. The collection will be showcased at the Singapore Edit Festival on LBB shop from January 14th to February 14th 2022.

Designers of popular local brands from both Singapore and India have come together to create a range of Singaporean-inspired products from furniture, home décor, apparel to cocktail mixers and healthy snacks.  They will be made available for sale exclusively through LBB’s online shopping platform.  This unique collaboration of six Indian brands and four Singapore brands have blended their brand ethos and design elements to present a unique and limited edition that has never been done before.  The designers from both countries had worked virtually to jointly curate the design of the products and the fruits of labour were proudly made in India.

With the pandemic affecting local retail business, this association hopes to reinvigorate demand for local Indian brands which has been growing over the years. The innovative collaboration brings forth the uniqueness and cultural mix of Singapore and India to create compelling offerings that celebrate the journey of these homegrown brands.

In the home edit category, Singapore’s furniture brand Scene Shang and India’s home décor brand Sashaa World have co-created furniture, cushion covers, rugs and wall hangings inspired by Scene Shang’s signature coin pattern, a commonly found motif in heritage architecture in Singapore. India’s House This presents home décor items inspired by Singapore’s flora and fauna while in the apparel category, Singapore’s Baju by Oniatta, a clothing line dedicated to reimagining Batik for the modern wardrobe, and Fabnest, a fast-growing Indian fashion brand have reimagined a ‘Tiger’ themed apparel collection to mark the ‘Year of the Tiger’ according to the Chinese calendar. Fabnest has brought this theme to life on an Ikat fabric, which is native to India.

Kolkata-based brand Leisure Loom and Singapore’s design brand Onlewo have collaborated on a range of women’s apparel while in the packaged food category, Singapore’s Prima Taste and India’s Omay Foods are serving up Singapore Laksa-inspired seasoned Potato Flakes, Foxnuts and Barbeque chickpeas to add to Omay Foods’ range of healthy snacks. Finally, for the cocktail mixers category, Bartisans, an Indian brand of cocktail mixers has concocted a Singapore inspired pandan and coconut cocktail mixers to add a dash of Singapore to its range of cocktail classics.

The four selected Singapore brands, Scene Shang, Baju by Oniatta, Onlewo and Prima Taste, are part of ‘Made with Passion’ initiative, a national marketing campaign which promotes Singapore’s local lifestyle brands which embody the Singapore spirit of turning possibilities into reality.

Speaking about the new initiative, Mr. Raymond Lim, Area Director, India (New Delhi), STB said, "We are delighted to partner with LBB for the Singapore Edit Festival and present to the Indian audience a collaboration that cross promotes talents from both countries. This is a continuation to our earlier effort in 2021 where the pairing of Indian Gond artist Bhajju Shyam and Singaporean artist Sam Lo have come together through the curation of St+art India Foundation to create a mural artwork titled, “Dancing in Unison” in Singapore.  Such cross border efforts have become one of our signature creative approaches in curating compelling content for our audience and bring both countries closer. We believe these wonderful creations by the talents from both Singapore and India will be well subscribed by the fans of LBB.  As travel to Singapore by travellers from India who are fully vaccinated is now possible through the Vaccinated Travel Lane, we hope this initiative will spur their interests to better appreciate Singapore retail brands and bring home something locally created when they next visit Singapore”.

From LBB, Co-Founder Suchita Salwan had the following to say about the association “We’re thrilled to partner with Singapore Tourism Board on a first of its kind collaboration - the LBBxSTB Singapore Edit Festival. LBB has celebrated and empowered emerging brands and entrepreneurs in the lifestyle category since our inception. Through this association, we’re excited to give our users an opportunity to experience some of the best Singaporean design and lifestyle brands, in the comfort of their homes; till they’re ready to travel to Singapore and experience these incredible brands in person. This is also a tremendous opportunity for Indian brands that sell on LBB to share context and ideas and build truly unique products that embody Indian craft and Singaporean inspired design.”

Here are what some of the brands have to say about their experiences in their collaborative journeys for the Singapore Edit Festival.

Indian Brands

House This - Shikha Pahwa, Founder and CEO, said, “The collaboration with the Singapore Tourism Board and LBB was a unique opportunity to rediscover Singapore through its hidden jewels and co-create a collection that lies at the confluence of both our cultures. The whole journey has been immensely invigorating and enriching.”

Bartisans - Jovita & Jordan Mascarenhas, Mother-son duo founders, said, “The Bartisans story began with bringing happy hours to your home when you couldn't go out to enjoy them with small-batch, hand-crafted mixers, premium garnishes and bar tools. On my first international holiday to Singapore, I discovered the flavour of pandan. When the opportunity to collaborate with Singapore Tourism Board came up, I didn't think I could have let it go.  The Coconut and Pandan Cocktail Mixer is a reflection of those very flavours from that trip and we are super excited to have this opportunity with LBB, to introduce you to Singaporean flavours, one cocktail at a time.”

Fabnest - Divam Jain, Founder, said, “The team at Fabnest is absolutely delighted to have had such an enriching experience working with Oniatta and her team in Singapore. The insight that we have gained in finding a balance between the design sensibilities of the two brands has truly brought our competencies forward for this collaboration. A big thanks to LBB and the Singapore Tourism Board for giving us this amazing opportunity.”

Omay Foods - Vijay Katta, Founder, said, “At Omay Foods, we bring nutrition and taste together. The teams at Prima Taste and Singapore Tourism Board helped us crack these staple Singaporean flavors with locally available ingredients. The snacks' taste and packaging present the strong bond the two cultures share. We are super excited to serve these across India with LBB and cultivate memories for a long time!”

Sashaa World - Sakshi Munjal, Founder, said, “It was also heartening to revisit Singapore, a place extremely close to my heart, albeit through conversations and design inspirations. Complementing Singaporean heritage with Indian craftsmanship in this collaborative effort has been my utmost pleasure.”

Singaporean Brands

Prima Taste - Mr. Eric Sim, General Manager, said, “Food is a uniting force that binds people from all over the world and we are thrilled to be partnering like-minded brands like Little Black Book, Omay Foods and Singapore Tourism Board that share the same passion for local specialities. This collaboration was a great opportunity for us to introduce Singaporean favourites to India and express our love for Singaporean cuisine as well.”

Baju by Oniatta - Oniatta Effendi, Cultural Entrepreneur and Founder, said, "Collaborations are always special because above everything else, it is an opportunity for us to learn new things and make new friends. It is amazing how, despite the pandemic that has made distance seem further than it actually is, technology has allowed for us to make connections and share our experiences, our brand value and journey, our sources of inspiration - and all this culminating to a product which both brands and our following will be very proud of.”

Scene Shang - Jessica Wong & Pamela Ting, Co-founders, said, “In this collaborative effort, Saasha World has used our repeat geometric coin design, which is inspired by Peranakan tiles found in shophouses in Singapore, and which symbolises endless blessings, to create a collection of woven homeware bearing these symbols. We are especially excited by the newly created woven coin pattern in the macramé magazine holder as this marries the symbol with the craft especially well, and the result is beautiful, inspiring and refreshing.”

To access the edit festival, click on: https://lbb.in/shop/events/singaporeedit

ASUS Chromebook C214 In India On No Cost EMI At Just Rs.1916 pm During Flipkart Republic Day Sale

 


Key Points:

* Attractive offers on the entire range of dependable and seamless ASUS Chromebooks

* Instant savings of 10% on ICICI Bank Debit & Credit Card (T&C Apply*)

* For the first time, ASUS Chromebook C214 will be available on No Cost EMI of just Rs. 1916 per month for 12 months’ tenure

* The Flipkart Republic Day Sale will start from Sunday, January 16th (00:00 hours), to Saturday, December 22nd (23:59 hours)

The New Year brings some exciting offers for students as the study from home continues for another quarter. ASUS, the Taiwan-head-quartered, multinational computer hardware as well as consumer electronics manufacturer and the fastest-growing consumer laptop brand in India, is offering its ‘Thoughtfully Simple’ Chromebooks at amazing prices during the Flipkart Republic Day Sale, providing a sleek and easy on the pocket gifting option for festive shoppers.

Under the Flipkart Great Gadget Days offer, customers can avail attractive offers on ASUS Chromebooks Flip C214, CX1101, C223, C423 (touch variant), and C523 (touch & non-touch variant).

Customers can also avail of 10% savings on ICICI Bank Debit & Credit Card (T&C Apply*).

The sale starts from Sunday, January 16th (00:00 hours), to Saturday, December 22nd (23:59 hours).

For the first time, ASUS Chromebook C214 will be available at No Cost EMI at just Rs. 1916 per month for 12 months’ tenure from available banks making it one of India’s most affordable Chromebook.

About ASUS Chromebooks

ASUS Chromebooks are a range of budget-friendly laptops powered by Google’s Chrome OS, and Intel® Processors enable seamless sync with user’s Android smartphone. ASUS Chromebooks have Google’s familiar user interface with access to Million+ Apps on Google Play Store that makes it easy for Android Smartphone Users to adapt to ASUS Chromebooks.

Powered by ultra-efficient dual-core 64-bit Intel® processors, 4GB of LPDDR4 RAM, and Micro SD expansion up to 2TB and up to 10 hours of battery Life, the ASUS Chromebooks enable the students and young professionals to pursue uninterrupted learning and multitasking. These new range of Chromebooks from ASUS come with HD camera, stereo loudspeakers, dual-band Wi-Fi 5 and up to Bluetooth 5.0 for superior online two-way learning and video conferencing. These super lightweight devices allow for super effortless mobility for children and grownups alike.

ASUS Chromebook C223 gives consumers effortless mobility with its ultra-light 1000g weight, and has one of the thinnest profiles of any 11.6-inch Chromebook. While, ASUS Chromebook C423 & C523 incorporates 14” and 15.6 inches of screen sizes respectively, with up to 80% screen-to-body ratio thanks to NanoEdge display and sleek design profile. ASUS Chromebook C423 and C523, are available in both touch and non-touch variants. Lastly, ASUS Chromebook Flip C214 specially designed for students, with its 360-degree convertible touch-screen display, dual cameras that include a special world-facing autofocus camera. This device, allows students to explore and learn in a very new way in tablet mode. Built highly rugged yet sleek, this device is certified military-grade durability.

The newly launched, ASUS Chromebook CX1101, designed to boost everyday productivity with military-grade rugged reliability. This launch strengthens ASUS' ongoing partnership with Flipkart, India's homegrown e-commerce marketplace, which has been at the forefront of meeting customers' evolving requirements. This versatile and tough series is powered by a fast, Intel® Celeron® N4020 dual-core processor, 4GB of fast RAM, fast 64GB Solid-state eMMC storage and Google’s renowned Chrome OS for fast and dependable computing and multi-tasking. The storage can be further expanded, up to a supported 2TB via a MicroSD memory card.

EVRE Enables EV Fast-Charging infrastructure At All Its 52 EV Hubs

 


* All 52 charging hubs, across 12 cities to be upgraded with technologically advanced solutions, eateries & retiring rooms for drivers, insurance for driver-users against fire & electrical hazards, telematics and dynamic load management for EV fleets

EVRE, India’s leading EV charging infratech player today announced that it is enabling all its 52 EV charging hubs with EVRE fast chargers. This will enable the charging hubs with AC chargers (3.3 KW Industrial/ Domestic 3-pin sockets and 7KW Type-II) and fast DC chargers (GB/T and CCS) for all its consumers including EV fleets and retail customers.

The large hubs by EVRE can charge up to 80 EVs at the same time.   

The charging hubs, powered with intelligent framework by EVRE, will ensure a seamless charging experience for every EV user.  Along with slow and fast unmanned smart charging, the hubs will provide a single-window access to all the services through EVRE App. The advanced EVRE hubs will fully operate with cloud-based technology that will be capable of dynamic load management creating a one-stop shop for all the requirements of an EV driver. For the convenience of EV fleets, EVRE has enabled an always connected aggregator with one-web dashboard that provides features such as telematics for complete real-time monitoring, smart keys-management as well as automated systems for ensuring safety of the vehicles. The idea is to create a 100% safe and reliable network for frictionless charging experience on-the-go.

Apart from the technology enablement, the EVRE hubs ensure a hassle-free charging experience for every EV user with installed amenities such as smart parking and charging points, Eat and Charge facility, retiring rooms especially for the comfort of last–mile delivery fleets and vehicle servicing.  EVRE also offers insurance coverage against hazard to driver-users operating the charging stations.  The digitally managed hubs will be equipped with solar based EV charging solutions as well.

Commenting on this partnership, Krishna K Jasti, Co-Founder and CEO of EVRE said, “We aim to provide one-stop charging solution for both commercial fleet owners and retail customers, offering them with seamless experience at a one-stop-shop. The idea is to create a smart and integrated base for both B2B and B2C networks in the country that will be much more than just a charging stop. Contributing with an intelligent framework and world-class manufacturing smart hardware, EVRE is developing a robust charging infrastructure in the country to satiate the demand across cities with its technologically-enhanced hubs.”

About EVRE: EVRE is India’s leading integrated charging infratech company that follows EAAS (Energy-as-a-Service) model, offering public charging infrastructure in a pay-per-use model in 12 cities across India. EVRE is working towards enabling EV-ready communities and cities with sustainable Electric Vehicle Charging Infrastructure that are not only convenient but prompt consumers to make the switch with ease. Founded in 2017, EVRE aims to enhance the experience of the EV users with smart and connected infrastructure for seamless and immersive consumer experience while ensuring sustainability through its solar-powered Intellipoles.

India’s 2-Wheeler Domestic Production Declined To Rs 1.83 Crore In FY21 As Compared To 2.10 Crore In FY20


* The automobile industry has emerged as the top sector during the first four months of FY2021-22 with 23% share of the total FDI Equity inflow: Infomerics Report 

70% of the material used in the manufacturing of lithium-ion batteries is already available in India. 

Government’s new PLI worth ?25938 and other schemes such as FAME to provide boost to electric vehicles and hydrogen fuel cell vehicles. 

EV sales share in overall sales crossed 1.5% mark. 

Lack of public charging infrastructure and lack of currently available options in the EV segment to consumers coupled with high interest rates makes the EV avenue expensive at the current juncture. 

The Indian automobile industry is of more than ?8 lakh crore and its turnover contributes approximately 7.1% of overall GDP, 27% of industrial GDP and 49% of manufacturing GDP. However, the pandemic has caused havoc in the automobile industry. The numbers have plummeted in FY21 for both production and sales as compared to FY20. However, FY22 has brought a little respite compared to FY21.Two-wheeler is the largest contributor to the automobile sector contributing about four-fifth to the overall industry followed by passenger vehicles contributing approximately 13% to the industry.  

In the two-wheeler segments’ domestic production declined to about 1.83 crore in FY21 as compared to FY20 where it was about 2.10 crore. Similarly, sales went down to about 1.51 crore from about 1.74 for the given time.  

These are some major findings of a report titled INDUSTRY OUTLOOK AUTOMOBILE INDUSTRY: EMERGING CONTOURS released by Infomerics Valuation and Rating Pvt Ltd., the well-known SEBI-registered and RBI-accredited financial services credit rating company. 

Government interventions 

The government has been taking necessary steps towards the automobile industry. Therefore, it has emerged as the top sector during the first four months of FY2021-22 with 23% share of the total FDI Equity inflow. The reforms by the government in FDI policy, investment facilitation and improving ease of doing business are some of the reasons for the increased FDI inflow. Along with enhancing the FDI route the government has floated ?25938 crore worth new production-linked incentive (PLI) scheme for the auto sector. It is estimated that over a period of five years, the PLI Scheme for Automobile and Auto Components Industry will lead to fresh investment of over ?42500 crore, incremental production of over ?2.3 lakh crore and will create additional employment opportunities of over 7.5 lakh jobs. The government has also decided to extend the second phase of the Faster Adoption and Manufacturing of Hybrid and Electric vehicle (FAME) scheme by two years to 31st March 2024. Moreover, the Union Cabinet has approved ?76,000 crore scheme to boost semiconductor and display manufacturing which will help incentivise semiconductor manufacturers amid shortages of crucial inputs. 

Challenges 

As for India, the Indian automobile sector is characterised by the classic situation of a battle outside and a war within. For example, there has been a mismatch between funds allocated and disbursed. The Union government has only disbursed about 10% (about ?820 crore) of the total subsidies out of ?8596 crore earmarked under the FAME-II scheme. EV makers pointed out that the aggressive localisation criteria for qualifying for FAME-II were a reason for the limited disbursal under the scheme so far. On the top of it the semiconductor shortage has been bedevilling the industry for quite some time and could continue for some more time now. The automotive component industry is also facing harsh times since the turnover of the automotive component industry stood at ?3.40 lakh crore (USD 45.9 billion) for the period April 2020 to March 2021, registering a de-growth of 3% over the previous year. The recent restructuring of Ford’s Indian operations caused massive anxiety for dealers and customers alike. Consequently, the future of about 170 Ford dealers with a combined investment of about ?2000 crore and about 40000 employees is uncertain. However, the situation faced is not novel. Abrupt exits by foreign original equipment manufacturers (OEMs) over the last four years including General Motors (GM) in 2017, MAN Trucks in 2018, United Motor Cycles in 2019 and Harley Davidson in 2020 are some such examples. Accordingly, the FADA sought the introduction of legislation, viz., Automobile Dealers Protection Act, to create an enabling environment for automobile dealers. All this have resulted in a languishing recovery whereby industry body like FADA has brought out that it witnessed the worst festive season of the decade. The overall vehicle registrations saw almost 21% dip in festive season 2021 as compared to festive season 2019. Even comparing with festive season 2020 shows a dip of about 18%. 

The way ahead 

The report mentions that the EV segment and the sector growth is optimistic and is also likely to get an impetus by the government’s series of incentives both at the production and the consumption levels. 

However, considering the semi-conductor shortage and infrastructure challenges on the EV front, the report is not very optimistic about the overall industry in the short-term. It further mentions that other factors like triple digit fuel prices and sudden exit of big companies from the market, the industry is not as strong as it was some years ago. The industry needs to work on semi-conductor issue and try to develop native capacities; the government needs to work in tandem and should consider reducing fuel prices given the purchasing power of the consumers have been severely eroded in the wake of the pandemic and exacerbated inflationary pressures. 

About Infomerics: 

INFOMERICS Valuation and Rating Private Limited is a SEBI registered and RBI accredited Credit Rating Agency.  Run by a pool of industry experts, Infomerics does a free & fair analysis and evaluation of credit worthiness & Ratings of Banks, NBFCs, Large Corporates and Small and Medium Scale Units (SMUs) while providing deep insights to Investors & Financial Institutions. Infomerics plays a key role in serving the financial market by minimizing information asymmetry amongst lenders & investors and facilitating borrowers/issuers to various fund-raising opportunities/avenues. With Mr. Vipin Malik, a professional Chartered Accountant as the Mentor, corporate governance and compliance is the driving force behind all its activities. Besides in-depth sectoral reports, Infomerics has enabled several smaller and mid-sized firms scale up to next generation large size firms also. The agency is technologically advanced and uses AI analysis tools to predict probability of default to mitigate any human error and is the only company where Credit Ratings are carried out by a team of autonomous committee independent of the Board of Directors.  

Infomerics has its Registered Office at New Delhi with a pan India presence and ambitious expansion of going global. 

EbixCash’s Divisions – EbixCash Global Services “Reports 54% Y-o-Y Organic Growth With Seven New Contract Wins In Q4” Of 2021


EbixCash Private Limited announced that its subsidiary EbixCash Global Services, that targets the Customer Response Outsourcing (CRO), Human Resource Outsourcing (HRO) & Business Process Outsourcing (BPO) sectors, has secured seven new prestigious contracts in the fourth quarter of the year 2021. 

Reviewing its successful performance in the year 2021 as compared to 2020, the EbixCash Global Services Division announced a number of metrics to gauge its success – 

As of 31st December 2021, its employee count had grown to 2,850 from 810 in September 2020 

28 new clients were secured in the year 2021, with seven new clients still in the process of being onboarded 

Year over year revenue growth reported in 2021 was 54% 

Today the Division is proudly associated with 78 leading clients. 

The Division successfully set up a 125,000 square feet Headquarters in Sector-80, Noida in 2021 

EbixCash Global Services is today recognized as the first independent customer retention and customer response organization in India, with a variety of BPO, CRO and HRO offerings via nine contact centers across the country.  The Division serves industries and clients that have cross-selling value for EbixCash services, while focusing on top priority areas like sales, fulfillment and customer retention for its clients. 

Bhupesh Tambe,Managing Director, EbixCashGlobal Services said, “As the Founder of AssureEdge, I made the decision to merge AssureEdge with EbixCash in October 2020 and reset it as EbixCash Global Services. I understood the EbixCash end-to-end vision and the global opportunities that it would bring to the Division in terms of BPO, HRO and CRO. My confidence in the EbixCash enterprise paid off handsomely with the Division reporting 54% YOY top line growth in a pandemic hit year. I am especially excited about the national and international opportunities that are ahead of us in the year 2022.”  

Robin Raina, Chairman of the Board, EbixCash said, “I am quite pleased with the Division performance, considering that this was achieved in the midst of the century’s biggest human pandemic COVID-19 that hurt most businesses to a great extent. The Division closed the year 2021 with seven new wins, while reporting strong organic top line growth, and growing its staff strength by approximately 2,000 employees – all very creditable achievements.” 

FADA Presents Budget Recommendations For Automobile Industry Demand Revival


Federation of Automobile Dealers Association (FADA) the apex body for Indian Automobile Retailer has highlighted few issues to Honorable Union Finance Minister, Smt. Nirmala Seetharaman, which are hurting the growth of the Indian Automobile Industry and Auto Dealerships at large.

The Association has bifurcated the recommendation into two different aspects Demand Revival Appeal (A) & Dealer Issue (B). We urge the government if the concerns are accommodated in the upcoming budget this could reenergize the auto retail trade, which in turn will bring back the sector and the entire automobile industry back on track and the overall economic growth too.

Demand Revival Appeal

FADA’s Appeal No. A1: Introduce benefits of claiming depreciation on vehicles for Individuals paying Income Tax

• FADA requests the Finance Ministry to allow individuals to account for depreciation. This will not only help in increasing the number of individuals filing their IT return but will also help in igniting automobile demand (especially Two-Wheeler) from individuals and will thus up the GST collection for the government. The Vehicles depreciates for both Corporate as well as Individuals and it would hence be judicial that the Salaried Class should also get the same benefit.

FADA’s Appeal No. A2: Depreciation rate for vehicles

•  FADA requests for reintroduction of Depreciation Scheme which was valid only till 31st March’20 to be further extended for FY 2022-23. Dealer body is thankful to the government for increasing the depreciation rate for all types of vehicles purchased before 31st March 2020 as a temporary measure to revive growth.

FADA’s Appeal No. A3: Regulation of GST rates to boost volumes in Two-Wheeler Automobile sales.

• To bring the Industry and Auto Retail Trade back on growth path, FADA requests the Ministry to regulate and reduce GST rates on Two Wheelers to 18% and continue to move our nation to global leadership. It is noteworthy that the 2W is used not as a luxury but as a necessity to travel distances by lower class and rural segment for their daily working needs. Hence the rationale of 28% GST + 2% cess which is for luxury / sin products does not hold good for the Two-Wheeler category.

• At a time, when vehicle prices are increasing after a gap of every 3-4 months due to continuous price hike in metals and various other factors, a reduction in GST rate will counter the price hike and help spur demand.

• The Association believes that the growth in demand and the ripple effects it will have on many dependent sectors will increase the tax collections and in the mid to long term will actually be revenue positive along with getting positivity in the overall consumer sentiment and thereby the overall economy.

FADA’s Appeal No. A4: Reduction in GST rates for Used Cars To 5%

• The rate of GST on used cars is currently 12% and 18%. 12% for vehicles which are sub 4000 mm and 18% for vehicles above 4,000 mm.

• The used car business occupies 1.4 times the size of new car market, accounting for 5-5.5 million cars per annum with a turnover of over Rs. 1.75 trillion. Authorized dealers account for only 10-15% of this trade, which is also the organised sector thus paying taxes.

• In case the used car is purchased from end consumer by the dealer, no ITC will be there to be claimed by the dealer since, neither the tax has been paid under forward charge nor under RCM. In such a situation there will be cascading to the extent of value addition by the dealer.

•  The Association therefore requests for a uniform GST rate of 5 % on the margin for all used vehicles, to create a win-win situation for the Government, Dealers, and Vehicle Owners. With the reduction in GST, it will help the industry to shift from unorganized segment to organized segment thus bringing in more business under the ambit of GST helping in putting brake on tax leakages.

B. DEALER ISSUE

FADA’s Appeal No. B1: Reduction of Corporate Tax for LLP, Proprietary & Partnership Firms

• The government has reduced corporate tax to 25% for private limited companies with turnover of up to Rs.400 crores. The same benefit should also be extended to all LLP, Proprietary and Partnership firms as most traders within the auto dealership community fall in this category. This will help boost morale and sentiment of the traders which employ 5 Mn people, out of which 2.5 million employees are on direct employment. The auto trading community in its truest sense is the employment generating mechanism for the country as it does not displace employees and gives them employment in their home locations!

The Automobile Sector is not only one of the biggest employment generators, but is also continuously skilling its workforce to keep them updated with the ever-changing technology.

Hence, to make the sector foster growth, the association requests the government to take bold steps. Auto industry is the barometer of any country’s economic performance. FADA believes If the Industry is doing good, the nation’s economy will also be doing good!

FADA urges the Honorable Union Finance Minister, Smt. Nirmala Seetharaman, to look at Auto Industry and especially Auto Dealerships as one of the spokes in the nation’s wheel of growth. The Association looks forward to a serious consideration to its requests and suggestions and due recognition as being one of the contributors towards our nation’s past, current and future progress.

99% Of CEOs In India Believe India’s Economic Growth Will Improve In Next 12 Months: PwC Annual Global CEO Survey – India Highlights


* 98% of CEOs are confident about their own company’s revenue growth prospects in the same time period

* 94% of India CEOs believe that global economic growth will improve over the next 12 months, as against 77% of global CEOs.

* 89% of India CEOs are concerned about health risks, while 77% are worried about geopolitical conflict and cyber risks.

* 78% of India CEOs include automation and digitisation goals in their company’s long-term corporate strategy, as against 54% of global CEOs.

* 81% and 75% of India CEOs, as against 71% and 62% of global CEOs, include customer satisfaction and employee engagement metrics respectively in their company’s long-term corporate strategy.

* 27% of India companies have made a net-zero commitment, as against 22% of global companies.

Despite a variety of headwinds, most notably related to the ongoing COVID pandemic, CEOs in India are significantly optimistic about the prospects for a stronger economy in the coming year. 99% of CEOs in India believe India’s economic growth will improve over the next 12 months, with 94% of India CEOs being optimistic about global economic growth improving over the next 12 months, as against 77% of global CEOs. When it comes to the revenue prospects of their own companies, 98% of CEOs are confident about growth in the same time period/next 12 months.

These are India highlights from PwC’s 25th Annual Global CEO Survey, which polled 4,446 CEOs in 89 countries and territories between October–November, 2021; the India highlights include insights from 77 CEOs from India.

While for the most part, CEOs globally are at least as optimistic as they were last year about the prospects for economic growth in 2022, the optimism of India CEOs – up from 88% last year – stands out at 94%.

Sanjeev Krishan, Chairman, PwC in India said: “While Omicron has cast a shadow and CEOs are focused on the health and safety of their employees at the moment, CEO confidence and optimism over the past one year is testimony to the resilience of Indian companies. The vigour with which most Indian business leaders took the challenges brought in by the pandemic head on, coupled with the will to emerge stronger in the face of adversity, has led to sustained growth for businesses in India. Perhaps owing to the futuristic groundwork done during the difficult times, 97% of India CEOs are confident about their own company’s prospects for revenue growth not only in the near term but also over the next three years.”

Threat landscape

While there is optimism, concerns about some clear threats for India’s CEOs continue to remain. Last year, 70% of India CEOs viewed the pandemic as a top threat to growth, while 62% considered cyber threats as an impediment to growth. This year:

* 15% of CEOs in India are apprehensive about cyber risks hindering their company’s ability to raise capital. India CEOs also agree that cyber risks could cause severe revenue disruptions, with 64% of respondents fearing a breach could hinder sales of products or services. Besides business disruptions, 47% of chief executives believe cyber threats could impede their ability to develop products and services.

* 89% of India CEOs are concerned about health risks – 9% higher than their global counterparts. This is perhaps an indication that business leaders would like to exercise caution when it comes to making early investment and business decisions, despite vaccination drives worldwide. Concern over the ability to attract and retain talent (61%) is also strongly linked in CEOs’ minds with health risks.

* Adding to the continued challenge of the mutating COVID-19 virus is the rising geopolitical conflict which has led to global disruptions in commerce.

Sanjeev added: “After a challenging year, business leaders are under pressure to deliver top-line results. It will require them to take proactive steps to mitigate current and future risks – be they around technology, cyber security, talent or health. Focusing on long-term challenges and issues around climate change and social inequality also becomes extremely crucial given the highly uncertain, volatile environment we are in and will define what sort of world we live in and hand down to the next generation.”

Long-term strategy for growth

Despite rising interest in ESG, strategy is still primarily driven by business metrics, both globally and in India. Most CEOs have goals related to nonfinancial outcomes such as customer satisfaction, employee engagement, and automation or digitisation included in their long-term strategy. Less well-represented, in strategies and compensation, are targets related to workforce gender representation and climate mitigation and adaptation.

* 81% and 75% of India CEOs, as against 71% and 62% of global CEOs, include customer satisfaction and employee engagement metrics respectively in their company’s long-term corporate strategy.

* 78% of India CEOs, as against 54% of global CEOs, include automation and digitisation goals in their company’s long-term corporate strategy.

* 17% and 14% of India CEOs, as against 11% and 13% of global CEOs, factor in gender representation and greenhouse gas emissions respectively in their company’s annual bonus or long-term incentive plans.

The diverse paths to net zero

It is heartening to note that of the India companies that participated in the survey, 27% already have a net-zero commitment (22% globally) in place, 40% are in the process of developing and articulating their commitments (29% globally), and only 30% have neither made nor are in the process of making any net-zero commitment (globally 44%).

At the sector level, energy, utilities and resources are the most represented ones among those that have made net-zero commitments. This reinforces the fact that high-emitting (and hard-to-abate) industries are often front and centre when it comes to climate action, placing them in the complex but critical role of problem-contributor and problem-solver.

Recalibrating skills

Our survey results point to capability-building priorities related to cyber security, the cultivation of trust, and the measurement and management of decarbonisation. When leaders are stretching to reimagine their organisations’ place in the world and juggling an ever-broader array of competing priorities, growth mindsets, empathy and a willingness to embrace debate and dissent become more important than ever. This is interlinked with the need to adopt a democratic yet firm approach to drive reskilling and upskilling as priority programmes to ensure stronger corporate culture, effective governance, transparent and integral disclosure, greater innovation, and higher workforce productivity.

Looking forward – priorities for the CEO

The opportunity – and the challenge – is clear: Progress on society’s toughest problems will be limited without bold action from CEOs stewarding critical corporate resources. Near-term financial imperatives remain mission critical, even as broader societal needs demand more mindshare. Moreover, to drive the growth agenda, build trust and deliver sustained outcomes driven by human-led tech enablement, organisations have to substantially strengthen the following supply chain capabilities to ensure availability of products for evolving consumer needs:

* Build segmented supply chains to service the shift in consumer expectations across new channel models such as direct to consumer and ecommerce.

* Build digital supply chains that would enable organisations to prioritise for differential service expectations of consumers and across channels. This would also build visibility across supply chains and help design supply chains that are more responsive to volatile demands.

* Work on strong digital collaboration models with ecosystem players leveraging emerging technologies to counter disruptions through visibility, transparency and simulation capabilities at scale and speed.

* Diversify supply chain risks by a calibrated shift from global to diversified global to localised models for strategic requirements.

* Reimagine supply chains for ESG considerations across value chains, including ecosystem players (suppliers, distributors, technology players) – to realise net-zero targets by reducing, reusing, recycling and removing carbon, thereby enhancing the positive environmental and societal impacts through effective collaborations.

Sanjeev concluded: “We have seen business leaders navigate the tide of uncertainty and lead the way to drive not only economic growth but also societal change, through the past 25 years of our Global CEO Survey. The role of business leaders as change makers will increasingly come to the fore, and leaders must ensure that their efforts create lasting value while also building trust with the communities and stakeholders they serve. Effective collaboration between all stakeholders – organisations, individuals and governments – can meaningfully enhance not only their own prospects but also the prosperity and vitality of society as a whole.”

About the survey

PwC surveyed 4,446 CEOs in 89 countries and territories (including 77 from India) in October and November of 2021. The global and regional figures in this report are weighted proportionally to country or regional nominal GDP to ensure that CEOs’ views are representative across all major regions. The industry- and country-level figures are based on unweighted data from the full sample of 4,446 CEOs. Further details by region, country and industry are available on request. Ninety-four percent of the interviews were conducted online and 6% by post, by telephone or face-to-face. All quantitative interviews were conducted on a confidential basis. We also conducted in-depth interviews with CEOs from five global regions (North America, Latin America, Western Europe, Asia-Pacific and Africa). Some of these interviews are quoted in this report; in most cases, the full interviews can be found at strategy-business.com/mindoftheceo.

About PwC

At PwC, our purpose is to build trust in society and solve important problems. We’re a network of  firms in 156 countries with over 295,000 people who are committed to delivering quality in  assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us  at www.pwc.com.

PwC refers to the PwC network and/or one or more of its member firms, each of which is a  separate legal entity. see www.pwc.com/structure for further details. 

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