Canadian Prime Minister Extends A Heartfelt Welcome To MAHE Delegation Visiting New Brunswick

The Manipal Academy of Higher Education (MAHE) is pleased to announce the gracious welcome extended by Mr. Justin Trudeau, the esteemed Prime Minister of Canada, to the distinguished MAHE delegation during their visit to the University of New Brunswick (UNB). The delegation, currently engaged in the esteemed Nursing Preceptorship program at UNB, has been warmly received by the Canadian Prime Minister, marking a significant milestone in global academic collaboration.

The visionary partnership between MAHE and the University of New Brunswick has culminated in the creation of an innovative dual BSc Nursing Degree Program, a joint venture between the esteemed Manipal College of Nursing (MCON) at MAHE, Manipal, and UNB. This pioneering program has received the esteemed endorsement of the Indian Nursing Council, further solidified its credentials and positioned it as a leading global model for educational institutions.

Mr. Trudeau expressed his enthusiasm for the collaborative efforts that address staffing shortages and knowledge gaps, emphasizing the potential benefits this "learn where you live" approach holds for nursing students in both nations. He commended the commitment to high-quality international education and recognized the strength that comes from unity. His words of encouragement and support have deeply motivated the visiting delegation and the teams from both institutions involved in this innovative initiative.

The upcoming Preceptorship Opening Ceremony, scheduled for the 8th of August, will be a momentous occasion commemorating the unwavering dedication of both MAHE and the University of New Brunswick to advancing global education and fostering cross-cultural alliances. Generously supported by the Government of New Brunswick, this ceremony will feature the gracious presence of President Mazerolle, who will extend a warm welcome to the Manipal delegation. As a symbol of unity between the two esteemed institutions, each participating student will receive a lab coat adorned with the distinct logos of Manipal and UNB.

Central to this collaboration is the Preceptorship, a meticulously designed clinical course aimed at empowering senior nursing students. Through immersive collaboration with seasoned healthcare professionals, students will elevate their nursing practice, cultivating a deeper sense of independence and autonomy. This distinctive experience will equip students with the skills to adeptly coordinate and deliver nursing care across a diverse array of healthcare settings. The MAHE delegation is thrilled by the support and recognition received from Mr. Trudeau and the University of New Brunswick. This partnership signifies a significant stride in global academic collaboration, enhancing the future of nursing education and the profession. We eagerly anticipate the flourishing of this program, which will undoubtedly create a profound impact on nursing students in both Canada and India.

About Manipal Academy of Higher Education (MAHE):

MAHE is recognized as a leading quality academic and education service provider and has significantly contributed to continuously improving the standards and penetration of higher education in India. The Manipal Academy of Higher Education has, as its genesis, an enthralling story of a genius, the late Dr. T. M. A. Pai who had the vision of making society rid of the three major ills of illiteracy, ill health, and poverty. It provides a great variety of graduate and postgraduate skill enhancement educational courses covering several important disciplines like medicine, engineering, dentistry, pharmacy, nursing, allied health, management, communication, life sciences, hotel administration, etc. through its 28 Professional Higher Education institutions. It has world class academic and research departments in Statistics, Commerce, Geopolitics & International Relations, European Studies, Philosophy & Humanities, Atomic & Molecular Physics, etc. Over 40,000 students from all over the world pursue undergraduate and postgraduate programmes in diverse subjects. The finest of infrastructure facilities, state-of-the-art equipment, well-equipped laboratories, and dedicated and competent faculty have enabled MAHE to be recognized as Institution of Eminence status by the Ministry of Education, Government of India. The University has two Off-Campus centres, one each at Mangalore and Bangalore, One Medical College with TATA Group at Jamshedpur and two Off-Shore campuses, one in Dubai (UAE) and the other in Melaka (Malaysia).

For further information log on to: https://manipal.edu/mu.html

Bank of Baroda Announces Positive Financial Results for Quarter Ended June 30, 2023

Key Highlights 

Bank of Baroda (BOB) quarterly Net profit higher by 87.7% YoY at INR 4,070 crore in Q1FY24. 

BOB has delivered ROA of more than 1% and ROE around 20%, consistently for last 4 quarters. 

This robust growth in profitability was supported by healthy Operating Income growth of 42.9% YoY in Q1FY24. 

Operating income growth was driven by strong Net Interest Income (NII) growth of 24.4% YoY in Q1FY24 coupled with robust growth in Non-Interest Income which grew 2.8x YoY. 

Sustained NII growth is attributable to growth in advances of 18.0% (YoY) coupled with traction in Net Interest Margins (NIM), which grew 25 bps YoY at 3.27%.   

Strong growth in Income coupled with subdued increase in Opex has resulted in robust Operating profit growth of 73% YoY for Q1FY24.  

The Bank has been able to effect a reduction in the Cost to Income ratio (excluding Revaluation of Investment) by 166 bps YoY to 47.43% for Q1FY24.  

BOB has witnessed significant improvement in its Asset quality with reduction in GNPA by 275 bps YoY to 3.51%. Bank’s NNPA improved to 0.78% with a reduction of 80 bps YoY.  

BOB’s balance sheet remained robust with healthy Provision Coverage Ratio (PCR) of 93.23% with TWO & at 78.52% without TWO.  

This strong and sustainable improvement in asset quality has resulted in 5 bps YoY declined in Credit Cost at 70bps for Q1FY24. Excluding prudential provisions credit cost would have been 44 bps in Q1FY24.  

BOB’s Global Advances registered a strong YoY growth of 18.0% in Q1FY24 led by robust retail loan book growth. Bank’s organic Retail Advances grew by 24.8%, driven by growth in high focus areas such as Auto Loan (22.1%), Home Loan (18.4%), Personal Loan (82.9%), Mortgage Loan (15.8%), Education Loan (20.8%).  

Bank achieved a total business of INR 21,90,896 crore as of 30th June 2023, registering a growth of 17.0% YoY.  

Profitability 

BOB reported a standalone Net Profit of INR 4,070 crore in Q1FY24 as against a profit of INR 2,168 crore in Q1FY23.  

Net Interest Income (NII) grew by 24% YoY to INR 10,997 crore in Q1FY24.  

Global NIM stands at 3.27% in Q1FY24, increase of 25 bps YoY.  

Domestic NIM stands at 3.41% in Q1FY24, increase of 34 bps YoY.  

Yield on Advances increased to 8.40% in Q1FY24 as against 6.58% in Q1FY23.   

Cost of Deposits stands at 4.68% in Q1FY24 as against 3.46% in Q1FY23. 

Operating Income for Q1FY24 stands at INR 14,319 crore, increase of 42.9% YoY.  

Operating Profit for Q1FY24 stands at INR 7,824 crore, increase of 72.8% on a YoY basis. 

Cost to Income ratio reduced to 45.36% for Q1FY24 as against 54.81% for Q1FY23. Cost to Income ratio (ex-treasury) by 168 bps YoY to 47.41% for Q1FY24.  

Return on Assets (annualised) improved to 1.11% in Q1FY24 from 0.68% in Q1FY23.  

Return on Equity (annualised) for Q1FY24 increased by 640 bps YoY to 20.03%. 

For the consolidated entity, Net Profit stood at INR 4,452 crore in Q1FY24 as against INR 1,944 crore in Q1FY23. 

Asset Quality 

The Gross NPA of the Bank reduced by 33.8% YoY to INR 34,832 crore in Q1FY24 and Gross NPA Ratio improved to 3.51% in Q1FY24 from 6.26% in Q1FY23. 

The Net NPA Ratio of the Bank stands at a record low of 0.78% in Q1FY24 as compared with 1.58% in Q1FY23. 

The Provision Coverage Ratio of the Bank stood at 93.23% including TWO and 78.52% excluding TWO in Q1FY24. 

Slippage ratio declined to 1.05% for Q1FY24 as against 1.71% in Q1FY23.  

Credit cost for the Q1FY24 stands at 0.70%. Excluding prudential provisions credit cost would have been 44 bps in Q1FY24.  

Capital Adequacy 

CRAR of the Bank stands at 15.84% in Jun’23. Tier-I stood at 13.64% (CET-1 at 11.94%, AT1 at 1.70%) and Tier-II stood at 2.20% as of Jun’23.  

The CRAR and CET-1 of consolidated entity stands at 16.31% and 12.51% respectively 

The Liquidity Coverage Ratio (LCR) consolidated stands at 143.6%. 

Business Performance 

Global Advances of the Bank increased to INR 9,90,988 crore, +18.0% YoY. 

Domestic Advances of the Bank increased to INR 8,12,626 crore, +16.8% YoY.  

Global Deposits increased by 16.2% YoY to INR 11,99,908 crore.  

Domestic Deposits increased by 15.5% YoY to INR 10,50,306 crore in Jun’23. 

International Deposits grew by 21.0% on a YoY basis to INR 1,49,602 crore in Jun’23.  

Domestic CASA deposits registered a growth of 5.5% YoY and stands at INR 4,23,600 crore. 

Organic Retail Advances grew by 24.8%, led by growth in high focus areas such as Auto Loan (22.1%), Home Loan (18.4%), Personal Loan (82.9%), Mortgage Loan (15.8%), Education Loan (20.8%) on a YoY basis. 

Agriculture loan portfolio grew by 15.1% YoY to INR 1,27,583 crore. 

Total Gold loan portfolio (including retail and agri.) stands at INR 40,652 crore, registering a growth of 32.1% on a YoY basis. 

Organic MSME portfolio grew by 12.7% YoY to INR 1,09,220 crore.  

United Nations Global Compact Network India Joins Hands To Promote Good Governance In The Indian Healthcare Sector

* National Conclave organised with Prashanthi Balamandira Trust in Karnataka

A national conclave on the adoption of ethical practices and strengthening governance in the healthcare eco-system was organized by UN Global Compact Network India and Prashanthi Balamandira Trust on 'Good Governance in Healthcare for Global Welfare – Call to Action. The conclave aimed to discuss practices of good governance and transparency, and urge hospitals, doctors, pharma companies, and other members of the healthcare sector to promote ethical practices.

Through the panel discussion and the multi-stakeholder workshop today, delegates and panellists deliberated about the importance of stakeholders’ engagement in addressing healthcare challenges, the responsibility of multi-stakeholders in promoting transparency, governance, and accountability in healthcare, good practices and innovative approaches, and the role of compliance as an anti-corruption measure in the healthcare sector.

Mr Ratnesh Jha, Executive Director of United National Global Compact Network India spoke to the audience, especially the young citizens who were gathered from various medical institutions, about the importance of getting trained in the skills and pedagogy which are suited for the new world. Stressing on the fact that one must adhere to the diversity and richness of Indian traditions as well as equip oneself to address the major challenges that are collectively faced by all, he said, “UN Global Compact is about trusting each other and forming a community of like-minded global corporate citizens. Together, with corporate members, academic institutions, and civil society organizations we will forge together hand in hand to achieve the 17 Sustainable Development Goals (SDGs) ; It’s a win-win partnership with this institution (Prashanthi Balamandira Trust), as it has similar goals. The methods of achieving them are also pure, and we would like this partnership to grow so that we are able to cover more area (geographic) and benefit more people. To do something in an innovative and disruptive way, to break the barriers and boundaries, and reduce the struggle and problems which are faced, is the way of United Nations Global Compact.”

Sadguru Sri Madhusudan Sai, who spearheads Prashanthi Balamandira Trust remarked: “All change begins with the intention to serve, which begins with the human value – empathy. ‘Sympathy’ can merely be lip service, whereas ‘empathy’ demands action. Sri Sathya Sai Baba taught humanity to ‘Love All’ – by empathizing with others, and ‘Serve All’ – by converting empathy into action and serving the needy. Good governance, good people, good education, and good institutions are interdependent on each other. To bring any sort of change in this cycle, the efforts must begin at the institutional level. When good institutions prepare good people with moral fabric and ethical backbone, good governance is looked after. Healthcare is the most crucial part of life needs for good governance. According to me good governance in this field is incomplete till it can deliver healthcare to the neediest in an accessible, affordable, and acceptable way. Though we have global problems, we have local solutions.”

The plenary session moderated by Dr Somnath Singh – Deputy Director, UN Global Compact Network, India included eminent panellists from the healthcare industry and ecosystem such as:

Dr M Srinivas – Director, AIIMS

Dr K Madan Gopal – Public Health and Administration, National Health Systems Resources Centre, Ministry of Health and Family Welfare, Government of India

Ms Aishwarya Sitharam – Associate Director (Corporate) BIOCON

Mr Venkata Phani Kiran – Associate Vice President, Dr Reddy’s Laboratories Ltd

Dr A Velumani – Founder, Thyrocare

Dr Vishal Rao – Group Director for Head and Neck Surgical Oncology and Robotic Surgery at HCG Cancer Centre

Dr Karthik Ramesh – CEO and Founder, Sentinel AI Machine Learning Quantum (SAIMA) Labs

Dr Swarnalatha – Obstetrics and Gynaecology, Fortis La Femme

Dr R Kishore Kumar – Chairman, Cloudnine Group of Hospitals

Mr Deep Chandra Papnoi – Deputy Director, UN Global Compact Network India

Mr. Arya Dev, Assistant Programme Manager, UN Global Compact Network India.

A multi-stakeholder workshop on collective action was also conducted after the conclave. This workshop addressed the importance of stakeholders’ involvement in fighting healthcare challenges and corruption. It also highlighted the responsibility of each stakeholder to promote transparency, governance, and accountability in healthcare.

To curb graft, the UN Global Compact Network India supports organizations committed to responsible business practices. It recognizes the grave impact that unclean businesses have on the company, common people, and all the stakeholders associated with them.

Organizations and societies face complex ethical challenges on a daily basis around the world, and Collective Action is a key approach to slowing the scale of this issue, thereby contributing to Sustainable Development Goal 17 – Partnerships for the Goals.

Thus, multi-stakeholder partnerships are indispensable in order to effectively tackle and solve the perennial sustainable development problems outlined under good health and well-being in Sustainable Development Goal 3; AND for peace, justice and strong institutions as outlined in Sustainable Development Goal 16.

Motorola Announces “Exciting Discounts On Its Smartphone Range” – Motorola Edge 40, Moto g32, Motorola Edge 30 Ultra And Others

* On Flipkart’s Big Saving Days sale from 4th – 9th August 2023 

• motorola edge 40, from the Motorola’s flagship range and the World’s slimmest 5G phone with IP68 underwater protection, 144Hz 3D curved display, and the world’s 1st MediaTek Dimensity 8020 is available at just Rs. 27,999* 

• moto g32, India’s most loved and  all-rounder with an incredible 8GB RAM+128 GB storage, 6.5” full HD+ display with Qualcomm Snapdragon 680 Processor plus a 50MP quad function camera will be available at an effective price of just Rs. 10,999*  

• moto g62 5G, a ‘True 5G’ device from Motorola, featuring 12 5G bands including all Indian 5G bands for assured and seamless connectivity across Indian operators and states, a smooth 120Hz Display and a blazing fast Snapdragon 695 processor is available at an effective price starting at just Rs. 13,999*  

• moto e13 with 4 GB RAM+64 GB storage, the Hatke phone in the sub 10k segment comes with a long lasting 5000 mAh battery will be available at an offer price of Rs. 7,299*. 

• From Motorola’s flagship range, the motorola edge 30 ultra with 12GB RAM+256 GB storage with the industry’s first  200MP primary camera, will be available at a disruptive price of just Rs. 42,499* exclusively during this sale. 

Motorola, India’s best 5G smartphones brand^ announced exciting offers on its smartphone range across its motorola edge, moto g and mote e series lineup of smartphones for the ongoing “Flipkart Big Saving Days sale”. Consumers can grab their favorite Motorola smartphones during the sale period till 9th August at incredibly attractive prices. 

Starting with the premium category motorola edge series, the bestsellers motorola edge 40 and motorola edge 30 Ultra are available at disruptive prices. The motorola edge 40 is the world’s slimmest 5G Phone with IP68 underwater protection and the world's 1st MediaTek Dimensity 8020 Processor along with the segment 1st 144Hz 3D curved display with edge lights (6.55" pOLED HDR10+), plus an incredible 50MP camera setup with the widest aperture of f/1.4, OIS and flagship grade features such as Horizon lock that allow for stunning images and videos in any light is available at just Rs. 27,999*. The motorola edge 30 ultra with 12GB RAM+256 GB storage comes with the world’s first 200MP camera and is available at an effective price of Rs. 42,499*.  

Under Motorola’s g series of smartphones, the brand is offering the most loved all-rounder from Motorola – the moto g32 with 8 GB RAM+128 GB storage, expandable up to 1 TB, is available at an exceptional effective price of just Rs. 10,999*. This incredible phone packs features including a 90Hz 6.5” FHD+ display, Stereo Speakers with Dolby Atmos®, near stock Android 12 and powerful performance with Snapdragon® 680 processor plus a 50MP quad function camera, which makes it a must-buy during the Flipkart sale. Additionally, the moto g62 features 12 5G bands including all Indian 5G bands for assured and seamless connectivity across Indian operators and states, a smooth 120Hz Display and a blazing fast Snapdragon 695 processor will be available at a price starting at just Rs. 13,999*  

To ensure there are offerings across price points, the stylish and “hatke” moto e13 comes backed by a strong 5000mAh battery with the 4 GB RAM +64GB storage variant at just Rs. 7,299* and the 2+64 GB variant at Rs.5,849*. 

Tata Capital Unveils A Generative AI Powered Chatbot To Enhance Customer Experience

Tata Capital, the financial services arm of the Tata Group, has introduced the use of generative AI -within ‘TIA’, the company’s chatbot, marking a significant milestone in the adoption of emerging technology to enhance customer engagement. Tata Capital has integrated capabilities of Chat GPT with its Chatbot to enable a more seamless conversational experience and offer contextual assistance to customers for all their service requests.

The integration of ChatGPT will significantly enhance the chatbot TIA’s ability to understand and respond to customer queries and provide customers with high quality content, personalised responses and on-demand support. The enhanced version will be available both on the mobile app and on the website. The use of generative AI will also make TIA capable of answering queries instantly in Hindi and Hinglish, thereby connecting with a wider audience.

Abonty Banerjee, Chief Digital Officer, Tata Capital, said, “We are constantly enhancing the use of AI to innovate across the enterprise. We believe that generative AI has the power to transform roles and boost performance across domains. We are delighted to announce the launch of a new version of our service bot, TIA, which is integrated with the capabilities of ChatGPT. We are confident that customers will love the empowerment this technology brings, which will enable them to self-serve far more effectively.”

Tata Capital unveiled TIA in 2019 to offer customers a simple voice-based solution to help them resolve loan queries related to eligibility, process and so on. TIA uses speech recognition technology, natural language understanding and text-to-speech technology.

About Tata Capital Limited

Tata Capital Limited, a holistic financial services provider that caters to the diverse needs of retail, corporate and institutional customers. Its range of offerings include Consumer Finance, Advisory Services, Commercial Finance, Infrastructure Finance, Microfinance, Project Finance, debt syndication, Investment Banking, Private Equity Advisory and Credit Cards. For more information about Tata Capital, visit www.tatacapital.com

With No Compromise On Boot Space, Tata Motors Revolutionizes The CNG Market With Its Refreshed iCNG Portfolio

* Launches the all-new Tata Punch iCNG with Voice Assisted Electric Sunroof

* Equips Tiago and Tigor iCNG with the advanced twin-cylinder technology

Riding on the success of its twin cylinder technology, Tata Motors, India’s leading automobile manufacturer, today brought joy to its CNG customers by not only refreshing its existing CNG line up with the upgraded Tiago and Tigor iCNG but also launching the brand-new Punch iCNG with this revolutionary technology. The twin-cylinder technology that debuted with the Altroz iCNG in May this year, has received an astounding response for the disruption it has created in the segment – enabling CNG vehicles to provide their customers with a non-compromised boot space, best-in-class features and a superior drive experience.

Commenting on the launch, Mr. Vinay Pant, Head-Marketing, Tata Motors Passenger Vehicles Ltd., said: “Building further on our success with the Altroz iCNG, and to make the CNG segment even more hotly contested, we are excited to introduce the twin cylinder technology in not just one but three products today – the Tiago, Tigor and the much awaited and loved sub compact SUV, the Tata Punch. Since its debut at the Auto Expo 2023, the Punch iCNG has been one of the most awaited products in this segment. With its uncompromised boot space and high-end feature upgrades, the Punch iCNG demonstrates the go anywhere attitude of an SUV, which is engineered to meet the constantly evolving requirements of customers, who are tech savvy and demand best in class features along with an environment friendly and economical product. I am confident that these introductions put together will make our CNG line up appealing, holistic, and stronger than ever.”

About the Punch iCNG:

With multiple milestones to its credit, the Punch has been successful in creating its own mark. And now equipped with the most innovative CNG technology in the country and exquisite features, this Punch goes far and beyond.  

OMG! it’s Safe!

The Punch iCNG is built on the modern ALFA Architecture platform that has been proven for safety by receiving the 5-Star Global NCAP adult safety rating at the time of launch.

Extensive use of ultra-high strength steel and reinforced body structure provides rigidity to the car and makes it robust.

Further enhanced safety features like a micro-switch to keep the car switched off at the time of refuelling.

Thermal incident protection cuts off CNG supply to the engine and releases gas into the atmosphere as a measure of safety.

The twin cylinders located below the luggage area offer the safest solution as the valves and pipes are protected under the load floor minimizing the risk of potential damage. Additionally, the enhanced rear body structure and 6 point mounting system for the CNG tanks provide additional rear crash safety for the Punch iCNG.

OMG! it’s Impressive!

The Punch iCNG comes with advanced features like Voice assisted Electric Sunroof, Front Seat Armrest, USB C Type charger and a Shark fin antenna.

The new Punch iCNG will sport intuitive features such as Automatic Projector headlamps, LED DRLs, 16” diamond cut alloy wheels, 7" infotainment system by Harman™ that supports Android Auto™ and Apple Carplay™ connectivity, rain sensing wipers, height adjustable driver seat and many more.

OMG! It’s Intelligent!

The smart placement of the twin cylinders in Punch iCNG under the luggage areas ensures boot space similar to that in ICE SUVs.

The Punch iCNG comes with advanced Single ECU & features Direct Start in CNG mode.

The Single ECU ensures effortless and jerk free shifting between petrol and CNG modes.

The Direct Start in CNG mode eliminates the hassle of switching modes. With this feature, customers will be able to save fuel every time they start the car.

OMG! it’s Powerful!

The Punch iCNG offers incredible performance with the powerful 1.2L Revotron Engine.

The advance iCNG Technology gives an unmatched performance with a perfect combination of power and pick-up by delivering superior power of 73.4 PS @6000 rpm and torque of 103 Nm @ 3230 rpm

Adding some more ‘punch’ to the car, the company will now offer new features like Voice Assisted Sunroof, Xpress cool, iTPMS, USB C Type charger, front armrest, One Touch Up Driver Window, Shark fin antenna and more in the petrol variants of the car as well.

About the Tiago and Tigor iCNG:

The Tiago and Tigor brands have been appreciated for their versatility. The Tiago also recently achieved the prestigious 5 lakh sales milestone proving its popularity amongst the hatch lovers. Furthermore, the Tiago and Tigor are the only vehicles in their segments to be offered with three powertrain options - petrol, electric and iCNG.

The latest refreshes of the Tiago and Tigor iCNG will come equipped with Tata Motors’ modern twin-cylinder technology that provides consumers with no compromise on boot space, making them an even more appealing option amongst the CNG loyalists. This technology enables the Tigor to offer a CNG tank capacity of 70L (water capacity), the highest in the industry. Since their launch in January 2022, the Tiago and Tigor iCNG have gained popularity with consumers, with combined sales of over 50,000 units till date.

Tata Motors’ venture into the CNG segment has been quite successful, and all its offerings have been immensely appreciated in their respective segments, thereby growing the Company’s market share, and strengthening its multi powertrain strategy. Currently, Tata Motors iCNG vehicles are only catering to the personal segment and are commanding a market share of more than 16% in the overall CNG industry - a testament of their popularity. CNG contribution to the overall sales of the individual brands in the ICE category for Tiago, Tigor and Altroz stand at 20%, 55% and >40% respectively.

To know more about Tata Motors’ iCNG range, visit https://cars.tatamotors.com/

ELCINA Welcomes India's New Licensing Requirement For Imports Of Laptops, Tablets, And Personal Computers

* To Boost Domestic Electronics Manufacturing

The Electronic Industries Association of India (ELCINA) welcomes the recent decision vide Notification No. 23/2023 dated 3rd August 2023 by DGFT, Ministry of Commerce and Industry, Government of India to implement a licensing requirement for imports of finished laptops, tablets, and personal computers falling under HSN 8471. This move aligns with ELCINA's vision to bolster domestic electronics manufacturing and reinforce the "Make in India" initiative promoted by Prime Minister Narendra Modi's government.

The new regulation, effective immediately, signifies a crucial step towards enhancing national security and reducing reliance on foreign imports. With rapidly expanding digitalization and online transactions for all services, cyber security and safeguarding our data from phishing and malware has become imperative. This move will also provide impetus to Indian and global companies to consider establishing local manufacturing facilities and assembly lines, thereby boosting the overall electronics manufacturing ecosystem in the country.

ELCINA acknowledges that the implementation of the licensing requirement may pose initial short-term challenges for global companies and is committed to supporting them in streamlining their supply chains and benefiting from this opportunity. ELCINA firmly believes that this measure will encourage companies to explore opportunities for investing in the India manufacturing eco-system and value chain as India today provides strong support to the Electronic Systems Design & Manufacturing sector.

ELCINA commends MeitY (Ministry of Electronics and Information Technology) for creating a conducive environment for electronics manufacturing. The extension of the PLI 2.0 deadline for IT Hardware and the introduction of the $2 billion incentive scheme underscore the government's unwavering support to ESDM sector and achieving

the target of $300 billion production by 2026. These strategic initiatives position India as a flourishing global electronics manufacturing hub.

Mr Sanjay Agarwal, President ELCINA & MD, Globe Capacitors Pvt. Ltd., expressed his enthusiasm, stating, "This notification is a welcome move from the government to boost manufacturing in India, promoting make in India and Aatmanirbhar Bharat in IT hardware products.  More focus will be there to enhance R&D, Technology, and design, which in turn will make India self-reliant with a thriving supply chain network in IT Hardware."

ELCINA's Secretary General, Mr Rajoo Goel, expressed his appreciation for the government's efforts in safeguarding the digital economy and ensuring the safety of digital devices from cyber threats. As the country embraces technological advancements, it becomes paramount to fortify the security of these devices against vulnerabilities and cyber threats. "With the growing reliance on digital devices and the surge in the digital economy, it is imperative to protect our machines from cyber threats. The government's decision showcases their commitment to enhancing cybersecurity measures in the country and opens up new manufacturing opportunities."

ELCINA encourages the electronics/IT industry to embrace the opportunities presented by the new licensing requirement. By working together, IT Hardware Product industry can drive innovation, create jobs, and strengthen India's position as a Global Electronics Manufacturing Hub.