Archive: January 25, 2023

Union Budget Expectations for EV Sector | Mr. Raj Mehta, Founder, Greta Electric Scooters

“EV has been a sunrise industry.

Thanks to the Government initiatives both at the central & state level and the policymakers, the segment has experienced exponential growth. But as players in this market, as always, dil mange more, as we have miles to go before we sleep i.e. achieve the zero-emission target by 2070.

Some ask that comes to my mind that will help the manufacturer offer better value to the customer is a reduction in GST on components. Currently, at 28%, as against 5% of the end product adds to the manufacturer’s capital cost.

The extension of FAME -2 is a welcome move. A little tweaking will get more people to benefit from the scheme.

PLI has seen good traction, but the focus must shift to indigenizing component manufacturing for EV vehicles.

On the financing end, support is needed for end customers through easy loans and financing options and for manufacturers via financing subsidies.”- Mr. Raj Mehta, Founder, Greta Electric Scooters,

Budget 2023 – Expectation from Hospitality Sector (Mr. SP Jain, CMD, Pride Hotels Ltd.)

Mr. SP Jain, Chairman and Managing Director, Pride Hotels Limited has shared his expectations from the Union Budget 2023 for the Hospitality Sector.

1. Extend Timeline for Export Obligation under EPCG Scheme:-

The EPCG scheme allows the import of capital goods including spares at zero duty subject to an export obligation of six times of duty saved on capital goods imported under the scheme, to be fulfilled in six years. Foreign Exchange earnings of the hotel industry have been impacted due to the unprecedented pandemic and restrictions on travel by many countries. This is leading to non-fulfillment of export obligations for pre-covid capital goods imports and consequent penalties on the hospitality industry. In view of the volatile economic environment created due to the Covid Pandemic, the timeline for meeting export obligations should be extended by at least 6 (Six) years for all the EPCG licenses which have an EO period falling between February 2020 onwards.

2. Continuation of EPCG Scheme, service export benefits and grant export status to the hospitality industry:-

The EPCG Scheme allows the import of capital goods for pre-production, production, and post-production at zero customs duty and subject to fulfillment of specific export obligations equivalent to 6 times of duties and taxes saved on capital goods to be fulfilled in 6 years from the date of issue of authorization. This scheme has helped the hospitality sector in India immensely to emerge as a strong player in the global tourism market, by procuring equipment as per international standards and quality. However, the capability of the domestic market to cater to the specific requirements of the hospitality sector is in its nascent stage in comparison to the requirements of the hospitality sector, where the clientele is largely from the global market which is highly competitive. Therefore, it is imperative to continue the EPCG Scheme to enable the hospitality sector to remain competitive in a global market scenario, for some more years.

Granting Export Status to the hospitality Industry with tax incentives and benefits would enable the sector to be more competitive and help the sector to jumpstart its growth to the next orbit.

3. Waiver of secondary condition with regard to average Foreign Exchange

Earnings under the EPCG scheme retrospectively from FY 2007-08 onwards From 2004-2007, the Hospitality industry enjoyed its golden years in terms of revenue performance while earning substantial foreign exchange but ever since then its revival to that past glory looks very remote. It was during this time that the service industry was exempted from maintaining Annual Average Performance conditions vide Para 5.7.6 of Chapter 5 of Exim Policy 2002-07. However, in the year 2007-08, DGFT in the new Exim Policy introduced an additional condition which not only meant that over and above the primary condition, the industry will have to earn 6-8 times the FEE within the respective block period and also saddled with a secondary condition of maintaining a 3 years average past performance continuously over & above the specific EO and the average has to be maintained for the entire block of 8/6 years till the redemption of license.

In this regard, our two requests are given below: –

a) Grant Relaxation in average export obligation by adjusting the preceding 3 years’ annual average performance for all years commencing from the financial year 2008/09.

b) Allow offsetting any shortfall in the average EO in any year by using the excess export done above export obligation for the fulfillment of an EPCG license.

3. Uniform GST @ 12 % on all Hotels

G.S.T. rates for hospitality in India are one of the highest in the world. This makes both domestic and inbound tourism in India very expensive. India is facing tough competition from neighboring destinations especially due to the higher rate of GST in India and other factors which make the total tourism package expensive to India.

The system of GST shifting to different slabs in the same hotel on different dates – under/over 7500 room rate – creates compliance issues. It also spills over to F & B. Therefore, we suggest introducing one flat GST slab @ 12 % at all times to all hotels in the country.

4. Treat the payments made by foreigners in rupees in hotels as foreign exchange earned for the purpose of EPCG scheme

Foreigners coming to India and staying and spending in hotels should be deemed as foreign exchange earned by hotels for the purpose of the EPCG Scheme. It should be treated at par with merchandise exports of hotels & resorts to promote exports of hospitality services. To enable investments into developing more global markets, it is requested to declare foreign exchange & deemed foreign exchange earnings from hotels & tourism as export earnings.

Additionally, it is roughly estimated that each foreign tourist moves across Indian states, stay at hotels & resorts, and go through other experiences, and spends their foreign currency or their converted foreign exchange. All such services of hotels & resorts which accept payment from such foreign tourists should be deemed as exports too.

India Assist signs a pact with IRCTC

India Assist aims to provide emergency assistance to 2 million travelers with the new tie-up with IRCTC

India Assist, the showcase startup of GoI has signed a Memorandum of Understanding (MoU) with the Indian Railway Catering and Tourism Corporation (IRCTC) to provide emergency travel assistance service to travelers. By signing the MoU with the largest travel aggregator, India Assist, the only Global player pioneering app-based emergency travel assistance, aims to deliver ‘On-Ground Assistance’ to any traveler who requires such help.

India Assist have been providing services like, medical emergency support, on-ground support in theft, loss, emergency transit assistance, verified information and personal help, to give a seamless and hassle-free experience to travelers. India Assist have dedicated teams to guide people through perplexing situations. For instance, their ground assistance teams help people file First Information Report (FIR) at the nearest police station during cases of theft or connect them to nearest hospital at the time of medical emergency.

Deliberating on the same, Mr Harish Khatri, founder and MD of India Assist, said the new initiative with IRCTC will act as a boon to travelers who are in need. “We are working towards providing a relaxing and stress-free travel to people. The initiative will deliver assistance to travelers during times of disruptions and unforeseen incidents. Our goal is to be present at the right time and place. We have already been offering personal assistance and verified information through an on-ground team system in 100 cities in the country. With the MoU with IRCTC, we expect to reach 2 million travellers,” he said.

Recently, IRCTC has come up with a slew of new initiatives for the convenience of passengers of Indian Railways. Their pact with India Assist will ensure a smooth and safe travel for passengers during unforeseen situations.

Boddess launches #OneIndiaOneRepublicDay

India, 25 January 2023 – Boddess Beauty, the Indian omni-channel multi brand gives a compelling and rather unique take on Republic day this year by encouraging citizens to rise above the bare minimum and support the lives of their care takers through their #OneIndiaOneRepublicDay campaign.

With a series of candid visuals, Boddess hopes to remind people of the importance of their domestic providers and encourage them to take the day off, simply to rejuvenate and celebrate their patriotism as they would like. While simple, this practice is often overlooked and missed across the blue collar work force and Boddess brings it back into the spotlight.

The images hope to convey the equality and respect that those who take care of us, and are often sidelined truly deserve. It reminds customers of the dignity in every kind of labor, mutual respect and humanity that is the core of our Indian spirit; a timely reminder this Republic day.

TVS Credit grows their Assets under Management to Rs.19,541 Cr end of Q3 FY23

India, January 25, 2023: TVS Credit Services Limited, one of India’s leading NBFCs, published its unaudited financial results for the quarter ended and nine months ended Dec 31, 2022.

The NBFC reported a net profit after tax of Rs.278 Cr for the nine months ended Dec 31, 2022. The Company’s AUM registered a Y-o-Y growth of 53% as of Dec’22 compared to Dec’21.

Q3 FY23 Results Summary:

• AUM stood at Rs.19,541 Cr as of Dec’22, a 53% growth over Dec’21
• Total Income was Rs.2,925 Cr for the nine months ended Dec’22, a rise of 47% as compared to the corresponding period of previous year
• Net profit after tax for the nine months ended Dec’22 was Rs.278 Cr as compared to Rs.58 Cr for the corresponding period of previous year

Commenting on the performance, Mr.AshishSapra, CEO, said, “In Q3 FY23, our business has witnessed a growth in loan disbursements owing to strong momentum across products. This fiscal we have added over 2 million customers till date, bringing our total customer base to nearly 10 million. We will continue to provide enhanced customer experience and expand our footprint in newer markets.”

Global Ride-Hailing Platform inDrive Partners SHIELD to Boost Trust and Fairness

India, New Delhi, 25 January, 2023 – inDrive, the world’s fastest-growing online ride-hailing service, today announced that it is utilizing global risk intelligence company SHIELD’s Device Intelligence. SHIELD’s technology is strengthening inDrive’s defenses against fraud and helping it achieve the highest levels of trust, transparency and fairness for drivers and passengers worldwide.

With the second most downloaded mobility app in the world, inDrive provides for the mobility needs of users in over 700 cities and across 47 countries. Today, the inDrive app has been downloaded more than 150 million times. In India, inDrive is already active in over 10 Indian cities including Chandigarh, Ludhiana, Lucknow, Bhopal, Jaipur, Delhi-NCR, Kolkata, Mumbai, and Chennai, with plans to expand into other markets. A people-driven business on a mission to challenge injustice, the platform uniquely empowers drivers and passengers to negotiate fair price offers based on route or other factors.

SHIELD provides industry-leading risk intelligence which eliminates injustice and unfairness by ensuring that negotiations and prices are kept transparent. Dishonest and fraudulent users are kept out of the inDrive platform, preventing them from causing issues such as unwarranted price hikes.

SHIELD’s Device Intelligence will provide the driving force for inDrive to stay ahead of ride-hailing fraud syndicates across the world. These fraud groups often use fake accounts, which can be created with tools such as app cloners, with stolen identities, or even by taking over legitimate accounts. According to SHIELD’s data, over 20% of user accounts across tech platforms in India are fake. Using app cloners, fraudsters are able to create and access multiple
instances of the same app from a single device. Fraud syndicates further scale the breadth of their fraud strategy by replicating this across a large number of devices. Fake accounts can be used to complete ghost rides – rides that do not actually happen – to quickly rack up ride completion incentives. Fake accounts can also be combined with the use of GPS spoofers to simulate high demand in one area, causing fare surges fraud syndicates profit from.

Proactively looking to stop fraud, inDrive will leverage the SHIELD ID, the global standard for device identification that can help link fake devices created from the same physical device, which could number in the thousands. The SHIELD ID will empower inDrive to identify instances of multiple driver or passenger accounts being operated from the same device. At the same time, SHIELD’s AI technology can pinpoint large numbers of accounts tapping on the same IP address or subnet. SHIELD’s Risk Indicators will detect the installation and activation of all malicious tools and techniques on the platform, such as GPS spoofers, tampered apps, and app cloners.

SHIELD’s Risk Intelligence does this all without the need for Personal Identifiable Information (PII), ensuring that inDrive remains compliant with data protection and privacy laws around the world without compromising on security.

inDrive was rapidly launching in new markets and needed to account for the diverse and distinct fraud risks. SHIELD’s Global Intelligence Network ensured that inDrive could stay ahead of emerging threats while catering to the unique risk profiles of each region.

Arsen Tomsky, CEO & Founder, inDrive said, “inDrive is dedicated to challenging injustice and upholding transparency and fairness in the mobility and transportation space. Our partnership with SHIELD empowers us to stay true to our mission of helping people, as well as ensuring the highest standards of trust and fairness for all while maintaining our rapid pace of growth.”

Justin Lie, Founder and CEO of SHIELD, added, “inDrive’s revolutionary price negotiation model is a breath of fresh air in the ride-hailing industry. Trust is a two-way street, and SHIELD is proud to be helping inDrive ensure fair prices and a level playing field for genuine drivers and passengers.”

Cherish the Patriotic Brunch at Ministry of Food, Hilton Bangalore Embassy GolfLinks

Celebrating the Rich Culinary heritage of Culinary of India

India is a melting pot of culture, and food is one of the rich legacies of this country that shelters diverse cultures and traditions, bringing people together. To celebrate the culinary heritage of the country, Hilton Bangalore Embassy GolfLinks has specially curated “Patriotic Brunch” that honors the culture and cuisine of India to celebrate the mark of our constitution on the 26th of January from 12 pm onwards at the all-day dining outlet, Ministry of Food.

From the spicy delicacies of South India to the rich flavors of North India, India’s cuisine is a reflection of the many communities that make up the great nation, and so is the menu at a classy fine dining restaurant, Ministry of Food. With a variety of tri-colored dishes and sweets,
the menu will also consist of Tiranga bao, Swatantra idli, Ganatantra paneer tikka, Tiranga chicken tikka, and many more to satisfy every taste palate. Not just this, the outlet is also giving away a 20% discount for all the guests who are dressed in all the three colors of our national flag. So come show your patriotism while enjoying the variety of our cuisine.

Raise a fork to the culinary heritage of India at the Ministry of Food!

For reservations: 7353759831

Time: 12 pm onwards

Where: Ministry of Food, Hilton Bangalore Embassy GolfLinks

When: January 26th 2023

Essilor Launches Stellest™ Lenses To Slow Down Myopia Progression In Children

India, January 2023– Essilor, the world leader in prescription lenses, has launched the Essilor® Stellest™ lens in India, to combat myopia progression in children and help protect their vision for the future.

The Essilor® Stellest™ lens has been designed with an exclusive technology called “H.A.L.T.” technology (2) (Highly Aspherical Lenslet Target) by Essilor’s research and development teams. The H.A.L.T. technology consists of a constellation of 1021 aspherical lenslets spread on 11 rings, enabling the Essilor® Stellest™ lens to correct myopia and sharpen far vision through a single vision zone while slowing down myopia progression.
The technology is a culmination of more than 30 years of academic studies, product design, and rigorous research efforts in collaboration with the top research institutes and myopia experts.

“The launch of Essilor® Stellest™ lenses will provide a new revolution for eye care professionals to help correct vision and fight myopia progression in children. With more than 30 years of R&D experience in Myopia Management, we are committed to providing the best solution which requires innovation and awareness of the importance of preventing and slowing down myopia progression in children. These lenses provide an evidence-based spectacle lens solution – we know that this solution has been long awaited and we are confident that Essilor® Stellest™ will be a game changer in the Indian market,” said Mr. Narasimhan Narayanan, Country Head, Essilor Luxottica South Asia.

In a recent study, it was observed that myopia prevalence in the age group of 5 -15 years has grown from 4.4% in 1999 to 21.9% in 2019*(1), which is now observed to be at almost 25% (1A). The COVID-19 pandemic has resulted in children spending fewer hours outdoors and more time (approximately 6 -7 hours) indoors – these factors have had an impact on the vision of our children. Ophthalmologists and eye care professionals across the country are witnessing an increasingly larger number of children walking into their practice with either higher levels of myopia when tested for the first time or with increasing margins in their existing prescriptions. Studies show that any level of myopia may increase the risk of ocular conditions, but the risk increases exponentially once reaching high myopia. Failure to manage myopic progression significantly impacts a child’s productivity due to an increased risk of ophthalmic conditions such as Myopic Maculopathy, Retinal Detachment, Open Angle Glaucoma, and Visual Impairment.

The clinical trial results show that the Essilor® Stellest™ lens slowed down myopia progression by 67% on average, compared to single vision lenses, when worn 12 hours a day (3)

Other key findings from the trial include the following:
● After the first year, the eye growth of 9 out of 10 children wearing Essilor® Stellest™ lenses was similar to or slower than non-myopic children.
● 2 out of 3 children who wore Essilor® Stellest™ lenses did not need a prescription change after the first year2.
● 100 percent of children wearing Essilor® Stellest™ lenses had clear vision; 100 percent of children adapted to their new lenses within a week; 91 percent of children fully adapted within three days; and 94 percent of children felt comfortable with Essilor® Stellest™ lenses, demonstrating that the lenses were comfortable and easy to adapt for children.

The two-year clinical trial results of Essilor® Stellest™ lenses were recently published in the prestigious medical journal, JAMA Ophthalmology(4), where the lenses continue to demonstrate strong myopia control efficacy after two years.

Essilor® Stellest™ lenses may be prescribed to a child with progressive myopia only after checking the myopia risk factors and conducting the appropriate tests needed to establish whether the child will benefit from this lens.