The contemporary lifestyle and poor eating habit has been impacting the health of people causing deficiency of essential nutrients especially proteins. However, it is very easy to get our daily dose of protein with Toor dal (Arhar Dal) which is a part of our staple diet as it’s a rich source of protein with low calories and high level of digestive fibres.
The company has reached new milestones in its illustrious journey with numerous awards such as ‘Power Rising brand of the year’ Award at the Glamme Awards in Las Vegas, U.S.A in 2013, the ‘Udyog Bharti Award’ by the Indian Achievers Forum, New Delhi in 2004 and an award from brand owners’ summit. Laxmi Toor Dal is also the one of its kind in the segment to have developed an E-commerce website along with Social Media Presence on Facebook, Instagram, Twitter and a dedicated YouTube Channel.
The brand has diversified its product line with chana dal, moong dal, moong fada and whole moong. Further, the fully automated packaging process has helped the brand in touching lives of people directly with consumer-friendly packaging of 1, 5 and 25 Kg. In India, the products are supplied across Gujarat, Rajasthan, Maharashtra, Madhya Pradesh and Karnataka while it is exported to countries such as U.S.A., U.K., U.A.E., Canada and Australia.
The high-tech processing and stringent quality control ensures premium quality and impeccable taste retaining the nutritional value in compliance with international standards. It’s tagline, ‘Dana Dana Swaad ka Khazana’ simply sumps up the essence of the brand.
MISSION
Laxmi Protein Products Pvt. Ltd. is a leader in food processing industry by delivering nature’s finest pulses. Quality, competitive price and customer service are our success factors. LPPPL will remain committed to their employees, vendors and customers.
SOCIAL RESPONSIBILITY
Quality in product makes us a quality brand, while quality in conduct makes us a quality group. We strongly believe that each of us take up the responsibility and contribute our share towards achieving equitable growth in the society and make our society a progressive world.
LPPPL has remained active in various socially driven causes and has financed and managed educational institutions and charitable trusts. The company also extends financial support for the construction of basic amenities for the benefit of people.
AFFILIATION
LPPPL is affiliated to various reputed government and international organizations and is among few select processors possessing AGMARK quality assurance in the industry.
AFFILIATION
Quality Affiliation from Government of India
Federation of Import Export Organization
The Agricultural & Processed food products Export Development Authority
Gujarat Chamber of Commerce and Industries
Contact on 8929149365
Tourism in india
The Indian tourism and hospitality industry have emerged as one of the key drivers of growth among the services sector in India. Tourism in India has significant potential considering the rich cultural and historical heritage, variety in ecology, terrains and places of natural beauty spread across the country. Tourism is also a potentially large employment generator besides being a significant source of foreign exchange for the country. In 2019, FEEs were US$ 29.96 billion registering a growth of 4.8 per cent year-on-year and reached US$ 5.40 billion during January-February 2020.
According to WTTC, India ranked third among 185 countries in terms of travel & tourism’s total contribution to GDP in 2018. India was ranked 34th in the Travel & Tourism Competitiveness Report 2019 published by the World Economic Forum.
Market Size
India is the most digitally advanced traveller nation in terms of digital tools being used for planning, booking and experiencing a journey, India’s rising middle class and increasing disposable incomes has continued to support the growth of domestic and outbound tourism.
During 2019, foreign tourist arrivals (FTAs) in India stood at 10.89 million, achieving a growth rate of 3.2 per cent year-on-year. During January-February 2020, Foreign Tourist Arrivals (FTAs) were 21,33,782.
In 2019, a total of 29,28,303 tourist arrived on e-Tourist Visa registering a growth of 23.6 per cent.
As of 2019, 4.2 crore jobs were created in the tourism sector in India which was 8.1 per cent of total employment in the country. The number is expected to rise by two per cent annum to 52.3 million jobs by 2028.
International hotel chains are increasing their presence in the country, as it will account for around 47 per cent share in the Tourism & Hospitality sector of India by 2020 & 50 per cent by 2022
Investments
India is also the third largest globally in terms of investment in travel & tourism with an investment of US$ 45.7 billion in 2018, accounting for 5.9 per cent of national investment.
During the period April 2000-December 2019, the hotel and tourism sector attracted around US$ 14.42 billion of FDI, according to the data released by Department for Promotion of Industry and Internal Trade (DPIIT).
Government Initiatives
The Indian government has realised the country’s potential in the tourism industry and has taken several steps to make India a global tourism hub.
Some of the major initiatives planned by the Government of India to give a boost to the tourism and hospitality sector of India are as follows:
Ministry of Tourism launches Audio Guide facility App called Audio Odigos for 12 sites of India (including iconic sites).
Prime Minister, Mr Narendra Modi urged people to visit 15 domestic tourist destinations
India by 2022.
Statue of Sardar Vallabhbhai Patel, also known as ‘Statue of Unity’, was inaugurated in October 2018. It is the highest standing statue in the world at a height of 182 metre. It is expected to boost the tourism sector in the country and put India on the world tourism map.
The Government of India is working to achieve one per cent share in world's international tourist arrivals by 2020 and 2 per cent share by 2025.
Under Budget 2020-21, the Government of India allotted Rs 1,200 crore (US$ 171.70 million) for development of tourist circuits under Swadesh Darshan for eight north-eastern states.
Under Budget 2020-21, the Government of India allotted Rs 207.55 crore (US$ 29.70 million) for development of tourist circuits under PRASHAD.
Under Budget 2020-21, the Government of India allotted Rs 1,200 crore (US$ 171.70 million) for development of tourist circuits under Swadesh Darshan for eight north-eastern states.
In 2019, Government reduced GST on hotel rooms with tariffs of Rs 1,001 (US$ 14.32) to Rs 7,500 (US$ 107.31) per night to 12 per cent; those above Rs 7,501 (US$ 107.32) to 18 per cent to increase India’s competitiveness as a tourism destination.
In September 2019, Japan joins a band of Asian countries, including Taiwan and Korea among others to enter into the Indian tourism market.
Achievements
Following are the achievements of the government during 2019-20:
During 2019-20, an additional fund Rs 1,854.67 crore (US$ 269.22 million) is sanctioned for new projects under the Swadesh Darshan scheme.
Ministry of Tourism sanctioned 18 projects covering all the North Eastern States for Rs 1,456 crore (US$ 211.35 million) for development and promotion of tourism in the North Eastern Region under the Swadesh Drashan and PRASHAD Schemes.
Statue of Sardar Vallabhbhai Patel, also known as ‘State of Unity’, was inaugurated in October 2018 and the total revenue generated till November 2019 is Rs 82.51 crore (US$ 11.81 million).
Road Ahead
India’s travel and tourism industry has huge growth potential. The tourism industry is also looking forward to the expansion of E-visa scheme which is expected to double the tourist inflow to India. India's travel and tourism industry has the potential to expand by 2.5 per cent on the back of higher budgetary allocation and low-cost healthcare facility, according to a joint study conducted by Assocham and Yes Bank.
Textile se
Introduction
India’s textiles sector is one of the oldest industries in Indian economy dating back several centuries. India’s textile and apparel exports stood at US$ 38.70 billion in FY19 and is expected to increase to US$ 82.00 billion by 2021 from US$ 22.95 billion in FY20 (up to November 2019).
The Indian textiles industry is extremely varied, with the hand-spun and hand-woven textiles sectors at one end of the spectrum, while the capital-intensive sophisticated mills sector at the other end of the spectrum. The decentralised power looms/ hosiery and knitting sector form the largest component of the textiles sector. The close linkage of the textile industry to agriculture (for raw materials such as cotton) and the ancient culture and traditions of the country in terms of textiles make the Indian textiles sector unique in comparison to the industries of other countries. The Indian textile industry has the capacity to produce a wide variety of products suitable to different market segments, both within India and across the world.
Market Size
The Indian textiles industry, currently estimated at around US$ 150 billion, is expected to reach US$ 250 billion by 2019. India’s textiles industry contributed seven per cent of the industry output (in value terms) of India in 2018-19. It contributed two per cent to the GDP of India and employs more than 45 million people in 2018-19. The sector contributed 15 per cent to the export earnings of India in 2018-19.
The textile industry has around 4.5 crore workers employed in textiles sector including 35.22 lakh handloom workers all over the country.
The production of raw cotton in India is estimated to have reached 33.7 million bales in FY19^.
Investment
The textiles sector has witnessed a spurt in investment during the last five years. The industry (including dyed and printed) attracted Foreign Direct Investment (FDI) worth US$ 3.41 billion from April 2000 to December 2019.
Government Initiatives
The Indian government has come up with a number of export promotion policies for the textiles sector. It has also allowed 100 per cent FDI in the Indian textiles sector under the automatic route.
Initiatives taken by Government of India are:
Under Union Budget 2020-21, a National Technical Textiles Mission is proposed for a period from 2020-21 to 2023-24 at an estimated outlay of Rs 1,480 crore (US$ 211.76 million).
In 2020, New Textiles Policy 2020 is expected to be released by the Ministry of Textiles.
CCEA approved mandatory packaging of foodgrains and sugar in jute material for the Jute Year 2019-20.
In September 2019, textile exports witnessed an increase of 6.2 per cent post GST as compared to period pre-GST.
The Directorate General of Foreign Trade (DGFT) has revised rates for incentives under the Merchandise Exports from India Scheme (MEIS) for two subsectors of Textiles Industry - Readymade garments and Made ups - from two per cent to four per cent.
As of August 2018, the Government of India has increased the basic custom duty to 20 per cent from 10 per cent on 501 textile products, to boost Make in India and indigenous production.
The Government of India announced a Special Package to boost exports by US$ 31 billion, create one crore job opportunity and attract investments worth Rs 80,000 crore (US$ 11.93 billion) during 2018-2020. As of August 2018, it generated additional investments worth Rs 25,345 crore (US$ 3.78 billion) and exports worth Rs 57.28 billion (US$ 854.42 million).
The Government of India has taken several measures including Amended Technology Up-gradation Fund Scheme (A-TUFS), scheme is estimated to create employment for 35 lakh people and enable investments worth Rs 95,000 crore (US$ 14.17 billion) by 2022.
Integrated Wool Development Programme (IWDP) approved by Government of India to provide support to the wool sector starting from wool rearer to end consumer which aims to enhance the quality and increase the production during 2017-18 and 2019-20.
The Cabinet Committee on Economic Affairs (CCEA), Government of India has approved a new skill development scheme named 'Scheme for Capacity Building in Textile Sector (SCBTS)' with an outlay of Rs 1,300 crore (US$ 202.9 million) from 2017-18 to 2019-20. As of August 2019, 16 states have signed pacts with the Ministry of Textiles to partner with it for skilling about four lakh workers under the scheme.
Achievements
Following are the achievements of the government in the past four years:
I-ATUFS, a web-based claims monitoring, and tracking mechanism was launched on April 21, 2016.
381 new block level clusters were sanctioned.
Under the Scheme for Integrated Textile Parks (SITP), 59 textile parks were sanctioned out of which 22 have been completed.
Employment increased to 45 million in FY19 from 8.03 in FY15.
Road Ahead
The future for the Indian textile industry looks promising, buoyed by both strong domestic consumption as well as export demand. With consumerism and disposable income on the rise, the retail sector has experienced a rapid growth in the past decade with the entry of several international players like Marks & Spencer, Guess and Next into the Indian market.
High economic growth has resulted in higher disposable income. This has led to rise in demand for products creating a huge domestic market.
Note: Conversion rate used as on January 2020, Re 1 = US$ 0.01402
References: Ministry of Textiles, Indian Textile Journal, Department of Industrial Policy and Promotion, Press Information Bureau
Note: ^ - Provisional
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
Automobile
Introduction
The Indian auto-components industry has experienced healthy growth over the last few years. The auto-component industry of India has expanded by 10.6 per cent to reach at a level of US$ 56.2 billion in FY19.
The auto-components industry accounts for 2.3 per cent of India’s Gross Domestic Product (GDP) and employs as many as 1.5 million people directly and indirectly each. A stable government framework, increased purchasing power, large domestic market, and an ever-increasing development in infrastructure have made India a favourable destination for investment.
Market Size
The Indian auto-components industry can be broadly classified into the organised and unorganised sectors. The organised sector caters to the Original Equipment Manufacturers (OEMs) and consists of high-value precision instruments while the unorganised sector comprises low-valued products and caters mostly to the aftermarket category.
India’s exports of auto components increased at a CAGR of 8.34 per cent, during FY14-FY19, with the value of auto component exports increasing from US$ 10.16 billion in FY14 to US$ 15.17 billion in FY19. This has been driven by strong growth in the domestic market and increasing globalisation (including exports) of several Indian suppliers. Growth is further expected to accelerate to 8-10 per cent in FY19 due to pick up in global scenario. ** Turnover of the aftermarket has increased at a CAGR of 11.35 per cent from US$ 5.90 billion in FY14 to US$ 10.10 billion in FY19 and expected to reach US$ 32 billion by 2026. Turnover of automotive component industry stood at Rs 1.79 lakh crore (US$ 25.61 billion) in FY20 (April-Sept 2019). During April-September 2019, exports of auto components grew by 2.7 per cent to Rs 51,397 crore (US$ 7.35 billion).
According to the Automotive Component Manufacturers Association of India (ACMA), the Indian auto-components industry is expected to register a turnover of US$ 100 billion by 2020 backed by strong exports ranging between US$ 80- US$ 100 billion by 2026.
Investments
The Foreign Direct Investment (FDI) inflows into the Indian automotive* industry during the period April 2000–December 2019 were recorded at US$ 23.89 billion, as per data by the Department for Promotion of Industry and Internal Trade (DPIIT).
Some of the recent investments made/planned in the Indian auto components sector are as follows:
In February 2020, National Engineering Industries Ltd (NEIL) announced investment of Rs 100 crore (US$ 14.31 million) over the next three years for producing needle roller bearing at its Jaipur facility.
In January 2020, Tata AutoComp Systems entered a joint venture with Beijing-based Prestolite Electric to enter the electric vehicle (EV) components market.
In October 2019, Minda Industries acquired Germany-based automotive lamps firm Delvis Gmbh along with two of its subsidiaries for Rs 164 crore (US$ 23.47 million).
In August 2019, Eaton has partnered with Pune-headquartered technology firm KPIT.
In April 2019, Durr, a German automotive painting and sealing company, entered into a partnership with Patvin to provide automated painting solutions for two or three-wheelers and agricultural machinery for the Indian markets.
As of January 2019, Lite Auto Components Pvt Ltd, a part of Hindustan Magnesium Products Pvt Ltd plans to invest Rs 500 crore (US$ 69.30 million) to set up Magnesium-based manufacturing plant in Andhra Pradesh.
Schaeffler India, the Indian arm of Germany’s automotive and industrial parts maker, is planning to invest Rs 300 crore (US$ 46.66 million) per annum over FY18-19.
As of December 2018, German automotive major Continental has planned investments of Rs 180 crore (US$ 25.65 million) for setting up a premium surface materials facility in Pune. The facility will have an initial capacity of five million square metres and is expected to start production in 2020.
In October 2018, IMI Precision Engineering inaugurated its second largest manufacturing facility in the Asia Pacific region. The company is planning to expand its product and technical offerings over the course of the next few years.
As of September 2018, air-compressor manufacturer Elgi Equipments is going to invest Rs 18 crore (US$ 2.56 million) for setting up of a motor production facility in India. The facility is expected to be commissioned in Q1 FY20.
Achievements
Following are the achievements of the government in the past four years:
In April-December 2019, 540,384 units of passenger vehicles were exported from India.
The FAME – India Scheme formulated by Department of Heavy Industry led to a continuous increase in registered OEMs and vehicle models. Also, the scheme enhanced the sales of electric vehicles and about 261,507 electric/hybrid vehicles were supported under the scheme up to December 6, 2018. In February 2019, the Government of India approved the FAME-II scheme with a fund requirement of Rs 10,000 crore (US$ 1.39 billion) for FY20-22.
Under National Automotive Testing and R&D Infrastructure Project (NATRiP) various facilities including passive safety labs comprising of crash core facility and crash instrumentations including dummies were established at ICAT-Manesar & ARAI-Pune
To give a fresh thrust to e-mobility in public transport, Department of Heavy Industry announced the launch of public & shared mobility based on electric powertrain.
Government Initiatives
The Government of India’s Automotive Mission Plan (AMP) 2006–2016 has come a long way in ensuring growth for the sector. Indian Automobile industry is expected to achieve a turnover of $300 billion by the year 2026 and will grow at a rate of CAGR 15 per cent from its current revenue of $74 billion.
As per the Union Budget 2019-20, government moved GST council to lower t ishe GST rate on electric vehicles from 12 per cent to 5 per cent. Also, to make electric vehicle affordable to consumers, our government will provide additional income tax deduction of Rs 1.5 lakh (US$ 2,115) on the interest paid on loans taken to purchase electric vehicles.
Government has come out with Automotive Mission Plan (AMP) 2016-26 which will help the automotive industry to grow and will benefit Indian economy in the following ways: -
Contribution of auto industry in the country’s GDP will rise to over 12 per cent
Around 65 million incremental number of direct and indirect jobs will be created
End of life Policy will be implemented for old vehicles
Road Ahead
The rapidly globalising world is opening up newer avenues for the transportation industry, especially while it makes a shift towards electric, electronic and hybrid cars, which are deemed more efficient, safe and reliable modes of transportation. Over the next decade, this will lead to newer verticals and opportunities for auto-component manufacturers, who would need to adapt to the change via systematic research and development.
National Electric Mobility Mission Plan aims at achieving sales of 6-7 million units of hybrid and electric vehicles by 2020. As per Automobile Component Manufacturers Association (ACMA) forecasts, automobile component exports from India are expected to reach US$ 80 billion by 2026
The Indian auto-components industry is set to become the third largest in the world by 2025. Indian auto-component makers are well positioned to benefit from the globalisation of the sector as exports potential could be increased by up to US$ 30 billion by 2021E
Retail
Introduction
The Indian retail industry has emerged as one of the most dynamic and fast-paced industries due to the entry of several new players. Total consumption expenditure is expected to reach nearly US$ 3,600 billion by 2020 from US$ 1,824 billion in 2017. It accounts for over 10 per cent of the country’s Gross Domestic Product (GDP) and around eight per cent of the employment. India is the world’s fifth-largest global destination in the retail space.
India is the world’s fifth largest global destination in the retail space. In FDI Confidence Index, India ranks 16th (after U.S., Canada, Germany, United Kingdom, China, Japan, France, Australia, Switzerland and Italy).
Market Size
Retail industry reached to US$ 950 billion in 2018 at CAGR of 13 per cent and expected to reach US$ 1.1 trillion by 2020. Online retail sales are forecasted to grow at the rate of 31 per cent year-on-year to reach US$ 32.70 billion in 2018. Revenue generated from online retail is projected to grow to US$ 60 billion by 2020.
Revenue of India’s offline retailers, also known as brick and mortar (B&M) retailers, is expected to increase by Rs 10,000-12,000 crore (US$ 1.39-2.77 billion) in FY20.
India is expected to become the world’s fastest growing e-commerce market, driven by robust investment in the sector and rapid increase in the number of internet users. Various agencies have high expectations about growth of Indian e-commerce markets.
Luxury market of India is expected to grow to US$ 30 billion by the end of 2018 from US$ 23.8 billion 2017 supported by growing exposure of international brands amongst Indian youth and higher purchasing power of the upper class in tier 2 and 3 cities, according to Assocham.
Investment Scenario
The Indian retail trading has received Foreign Direct Investment (FDI) equity inflows totalling US$ 2 billion during April 2000–December 2019, according to the Department for Promotion of Industry and Internal Trade (DPIIT).
With the rising need for consumer goods in different sectors including consumer electronics and home appliances, many companies have invested in the Indian retail space in the past few months.
India’s retail sector attracted US$ 970 million from various private equity funds in 2019.
Walmart Investments Cooperative U.A has invested Rs 2.75 billion (US$ 37.68 million) in Wal-Mart India Pvt Ltd.
Government Initiatives
The Government of India has taken various initiatives to improve the retail industry in India. Some of them are listed below:
The Government of India may change the Foreign Direct Investment (FDI) rules in food processing, in a bid to permit e-commerce companies and foreign retailers to sell Made in India consumer products.
Government of India has allowed 100 per cent Foreign Direct Investment (FDI) in online retail of goods and services through the automatic route, thereby providing clarity on the existing businesses of e-commerce companies operating in India.
Road Ahead
E-commerce is expanding steadily in the country. Customers have the ever-increasing choice of products at the lowest rates. E-commerce is probably creating the biggest revolution in the retail industry, and this trend would continue in the years to come. India's e-commerce industry is forecasted to reach US$ 53 billion by 2018. Retailers should leverage the digital retail channels (e-commerce), which would enable them to spend less money on real estate while reaching out to more customers in tier-2 and tier-3 cities.
It is projected that by 2021 traditional retail will hold a major share of 75 per cent, organised retail share will reach 18 per cent and e-commerce retail share will reach 7 per cent of the total retail market.
Nevertheless, the long-term outlook for the industry is positive, supported by rising incomes, favourable demographics, entry of foreign players, and increasing urbanisation.
Note: Conversion rate used as on January 2020, Re 1 = US$ 0.01402
References: Media Reports, Press Releases, Deloitte report, Department of Industrial Policy and Promotion website, Union Budget 2019–20, Consumer Leads report by FICCI and Deloitte - October 2019
Agriculture in India: Information About Indian Agriculture & Its Importance
Introduction
Agriculture is the primary source of livelihood for about 58 per cent of India’s population. Gross Value Added by agriculture, forestry and fishing is estimated at Rs 18.55 lakh crore (US$ 265.51 billion) in FY19(PE). Growth in Gross Value Added (GVA) by agriculture and allied sectors stood at 2.1 per cent in H1 2019-20.
The Indian food industry is poised for huge growth, increasing its contribution to world food trade every year due to its immense potential for value addition, particularly within the food processing industry. The Indian food and grocery market are the world’s sixth largest, with retail contributing 70 per cent of the sales. The Indian food processing industry accounts for 32 per cent of the country’s total food market, one of the largest industries in India and is ranked fifth in terms of production, consumption, export and expected growth. It contributes around 8.80 and 8.39 per cent of Gross Value Added (GVA) in Manufacturing and Agriculture respectively, 13 per cent of India’s exports and six per cent of total industrial investment.
Market Size
During 2018-19* crop year, food grain production is estimated at record 283.37 million tonnes. In 2019-20, Government of India is targeting foodgrain production of 291.1 million tonnes. As of November 2019, total area sown with rabi crops in India reached 95.35 million hectares.
India is the second largest fruit producer in the world. Production of horticulture crops is estimated at record 313.9 million metric tonne (MMT) in 2018-19 as per third advance estimates. Milk production in the country stood at 187.7 million tonnes in 2018-19, registering a growth of 6.5 per cent. Milk processing capacity is expected to double from 53.5 million MT to 108 million MT by 2025.
Total agricultural exports from India grew at a CAGR of 14.61 per cent over FY10-19 to reach US$ 38.54 billion in FY19. In FY20 (till November 2019) agriculture exports were US$ 22.69 billion.
The organic food segment in India is expected to grow at a CAGR of 10 per cent during the period 2016-21 and reach Rs 75,000 crore (US$ 10.73 billion) mark by 2025 from Rs 2,700 crore (US$ 386.32 million) in 2015.
Investments
According to the Department for Promotion of Industry and Internal Trade (DPIIT), the Indian food processing industry has cumulatively attracted Foreign Direct Investment (FDI) equity inflow of about US$ 9.78 billion between April 2000 and December 2019.
Some major investments and developments in agriculture are as follows:
In March 2020, Fact, the oldest large-scale fertiliser manufacturer in the country, crossed one million production and sales mark.
Nestle India to invest Rs 700 crore (US$ 100.16 million) in construction of its ninth factory in Gujarat.
In November 2019, Haldiram entered into an agreement for Amazon's global selling program to e-tail its delicacies in the United States.
In November 2019, Coca-Cola launched ‘Rani Float’, fruit juices to step out of its trademark fizzy drinks.
Two diagnostic kits developed by Indian Council of Agricultural Research (ICAR) - Indian Veterinary Research Institute (IVRI) and the Japanese Encephalitis lgM ELISA launched in October 2019.
Investments worth Rs 8,500 crore (US$ 1.19 billion) have been announced in India for ethanol production.
The first mega food park in Rajasthan was inaugurated in March 2018.
Agrifood start-ups in India received funding of US$ 1.66 billion between 2013-17 in 558 deals.
Government Initiatives
Some of the recent major government initiatives in the sector are as follows:
In September 2019, Prime Minister, Mr Narendra Modi launched the National Animal Disease Control Programme (NADCP), expected to eradicate foot and mouth disease (FMD) and brucellosis in livestock.
In May 2019, NABARD announced an investment of Rs 700 crore (US$ 100 million) venture capital fund for equity investments in agriculture and rural-focused start-ups
As per the Ministry of Agriculture, during 2019-20, Rs 1.50 crore (0.21 million) has been allocated to state of Andaman and Nicobar as a central share for implementation of per drop more crop component of Pradhan Mantri Krishi Sinchai Yojana (PMKSY).
Under Budget 2019-20, Pradhan Mantri Samman Nidhi Yojana was introduced under which a minimum fixed pension of Rs 3000 (US$ 42.92) to be provided to the eligible small and marginal farmers, subject to certain exclusion clauses, on attaining the age of 60 years.
The Government of India has come out with the Transport and Marketing Assistance (TMA) scheme to provide financial assistance for transport and marketing of agriculture products in order to boost agriculture exports.
The Agriculture Export Policy, 2018 was approved by Government of India in December 2018. The new policy aims to increase India’s agricultural exports to US$ 60 billion by 2022 and US$ 100 billion in the next few years with a stable trade policy regime.
The Government of India is going to provide Rs 2,000 crore (US$ 306.29 million) for computerization of Primary Agricultural Credit Society (PACS) to ensure cooperatives are benefitted through digital technology.
With an aim to boost innovation and entrepreneurship in agriculture, the Government of India is introducing a new AGRI-UDAAN programme to mentor start-ups and to enable them to connect with potential investors.
The Government of India has launched the Pradhan Mantri Krishi Sinchai Yojana (PMKSY) with an investment of Rs 50,000 crore (US$ 7.7 billion) aimed at development of irrigation sources for providing a permanent solution from drought.
The Government of India plans to triple the capacity of food processing sector in India from the current 10 per cent of agriculture produce and has also committed Rs 6,000 crore (US$ 936.38 billion) as investments for mega food parks in the country, as a part of the Scheme for Agro-Marine Processing and Development of Agro-Processing Clusters (SAMPADA).
The Government of India has allowed 100 per cent FDI in marketing of food products and in food product e-commerce under the automatic route.
Achievements in the sector
India’s sugar exports are estimated to cross 5 million tonne (MT) in the current marketing year ending September 2020.
Foreign direct investments (FDI) in India's food processing sector is stood at US$ 628.24 million in 2018-19.
Sugar production in India has reached 33.16 million tonnes (MT) in 2018-19 sugar season and is expected to produce 26.85 MT in 2019-20, according to the Indian Sugar Mills Association (ISMA).
The Electronic National Agriculture Market (eNAM) was launched in April 2016 to create a unified national market for agricultural commodities by networking existing APMCs. Up to May 2018, 9.87 million farmers, 109,725 traders were registered on the e-NAM platform. 585 mandis in India have been linked while 415 additional mandis will be linked in 2018-19 and 2019-20.
Agriculture storage capacity in India increased at 4 per cent CAGR between 2014-17 to reach 131.8 million metric tonnes.
Coffee exports stood at 286.95 million tonnes in FY20 (April-September’19).
Between 2014-18, 10,000 clusters were approved under the Paramparagat Krishi Vikas Yojana (PKVY).
Road Ahead
India is expected to achieve the ambitious goal of doubling farm income by 2022. The agriculture sector in India is expected to generate better momentum in the next few years due to increased investments in agricultural infrastructure such as irrigation facilities, warehousing and cold storage. Furthermore, the growing use of genetically modified crops will likely improve the yield for Indian farmers. India is expected to be self-sufficient in pulses in the coming few years due to concerted efforts of scientists to get early-maturing varieties of pulses and the increase in minimum support price.
Going forward, the adoption of food safety and quality assurance mechanisms such as Total Quality Management (TQM) including ISO 9000, ISO 22000, Hazard Analysis and Critical Control Points (HACCP), Good Manufacturing Practices (GMP) and Good Hygienic Practices (GHP) by the food processing industry will offer several benefits. The agri exports from India are likely to reach the target of US$ 60 billion by the year 2022.
References: Agricultural and Processed Food Products Export Development Authority (APEDA), Department of Commerce and Industry, Union Budget 2020-21, Press Information Bureau, Ministry of Statistics and Programme Implementation, Press Releases, Media Reports, Ministry of Agriculture and Farmers Welfare, Crisil
*as per 4th advance estimates, PE- Provisional Estimates
Automobile Industry in India
India became the fourth largest auto market in 2018 with sales increasing 8.3 per cent year-on-year to 3.99 million units. It was the seventh largest manufacturer of commercial vehicles in 2018.
The Two Wheelers segment dominates the market in terms of volume owing to a growing middle class and a young population. Moreover, the growing interest of the companies in exploring the rural markets further aided the growth of the sector.
India is also a prominent auto exporter and has strong export growth expectations for the near future. Automobile exports grew 14.50 per cent during FY19. It is expected to grow at a CAGR of 3.05 per cent during 2016-2026. In addition, several initiatives by the Government of India and the major automobile players in the Indian market are expected to make India a leader in the two-wheeler and four-wheeler market in the world by 2020.
Market Size
Overall domestic automobiles sales increased at 6.71 per cent CAGR between FY13-19 with 26.27 million vehicles getting sold in FY19. Domestic automobile production increased at 6.96 per cent CAGR between FY13-19 with 30.92 million vehicles manufactured in the country in FY19.
In FY19, year-on-year growth in domestic sales among all the categories was recorded in commercial vehicles at 17.55 per cent followed by 10.27 per cent year-on-year growth in the sales of three-wheelers.
Automobile exports grew 14.50 per cent year-on-year during FY19, while during April-December 2019, overall export increased by 3.9 per cent.
Premium motorbike sales in India recorded seven-fold jump in domestic sales reaching 13,982 units during April-September 2019. The sale of luxury cars stood between 15,000 to 17,000 in first six months of 2019.
Sales of electric two-wheelers are estimated to have crossed 55,000 vehicles in 2017-18.
Investments
In order to keep up with the growing demand, several auto makers have started investing heavily in various segments of the industry during the last few months. The industry has attracted Foreign Direct Investment (FDI) worth US$ 23.89 billion during the period April 2000 to December 2019, according to data released by Department for Promotion of Industry and Internal Trade (DPIIT).
Some of the recent/planned investments and developments in the automobile sector in India are as follows:
In January 2020, Tata AutoComp Systems, the auto-component arm of the Tata Group entered a joint venture with Beijing-based Prestolite Electric to enter the electric vehicle (EV) components market.
In December 2019, Force Motors planned to invest Rs 600 crore (US$ 85.85 million) in order to develop two new models over the next two years.
In December 2019, Morris Garages (MG), a British automobile brand announced plans to invest Rs 3,000 crore (US$ 429.25 million) more into India.
Audi India plans to launch nine all-new models including Sedans and SUVs along with futuristic e-tron electric vehicle (EV) by the end to 2019.
MG Motor India to launch MG ZS EV electric SUV in early 2020 and plans to launch affordable EV in next 3-4 years.
BYD-Olectra, Tata Motors, Ashok Leyland to supply 5,500 electric buses for different state departments.
Premium motorbike sales in India recorded seven-fold jump in domestic sales reaching 13,982 units during April-September 2019. The sale of luxury cars stood between 15,000 to 17,000 in first six months of 2019.
In H1 2019, automobile manufacturers invested US$ 501 million in India’s auto-tech companies start-ups, according to Venture intelligence
For self-driving and robotic technology start-ups, Toyota plans to invest US$100 million.
In India, 7 Series face lift launched by BMW and the new X7 SUV has been introduced at Rs 98.90 lakh (US$ 0.14 million).
Ashok Leyland has planned a capital expenditure of Rs 1,000 crore (US$ 155.20 million) to launch 20-25 new models across various commercial vehicle categories in 2018-19.
Hyundai is planning to invest US$ 1 billion in India by 2020. SAIC Motor has also announced to invest US$ 310 million in India.
Mercedes Benz has increased the manufacturing capacity of its Chakan Plant to 20,000 units per year, highest for any luxury car manufacturing in India.
As of October 2018, Honda Motors Company is planning to set up its third factory in India for launching hybrid and electric vehicles with the cost of Rs 9,200 crore (US$ 1.31 billion), its largest investment in India so far.
In November 2018, Mahindra Electric Mobility opened its electric technology manufacturing hub in Bangalore with an investment of Rs 100 crore (US$ 14.25 million) which will increase its annual manufacturing capacity to 25,000 units.
Government Initiatives
The Government of India encourages foreign investment in the automobile sector and allows 100 per cent FDI under the automatic route.
Some of the recent initiatives taken by the Government of India are –
Under Union Budget 2019-20, government announced to provide additional income tax deduction of Rs 1.5 lakh (US$ 2,146) on the interest paid on the loans taken to purchase EVs.
The government aims to develop India as a global manufacturing centre and an R&D hub.
Under NATRiP, the Government of India is planning to set up R&D centres at a total cost of US$ 388.5 million to enable the industry to be on par with global standards
The Ministry of Heavy Industries, Government of India has shortlisted 11 cities in the country for introduction of electric vehicles (EVs) in their public transport systems under the FAME (Faster Adoption and Manufacturing of (Hybrid) and Electric Vehicles in India) scheme. The government will also set up incubation centre for start-ups working in electric vehicles space.
In February 2019, the Government of India approved the FAME-II scheme with a fund requirement of Rs 10,000 crore (US$ 1.39 billion) for FY20-22.
Achievements
Following are the achievements of the government in the past four years:
In H1 2019, automobile manufacturers invested US$ 501 million in India’s auto-tech companies start-ups, according to Venture intelligence.
Investment flows into electric vehicles start-ups in 2019 (until the end of November) increased nearly 170 per cent to reach US$ 397 million.
On 29th July 2019, Inter-ministerial has sanctioned 5,645 electric buses for 65 cities.
NATRIP’s proposal for “Grant-In-Aid for test facility infrastructure for Electric Vehicle (EV) performance Certification from NATRIP Implementation Society” under FAME Scheme which had been approved by Project Implementation and Sanctioning Committee (PISC) on 3rd January 2019.
Number of vehicles supported under FAME scheme increased from 5,197 in June 2015 to 192,451 in March 2018. During 2017-18, 47,912 two-wheelers, 2,202 three-wheelers, 185 four-wheelers and 10 light commercial vehicles were supported under FAME scheme.
Under National Automotive Testing And R&D Infrastructure Project (NATRIP), following testing and research centres have been established in the country since 2015
International Centre for Automotive Technology (ICAT), Manesar
National Institute for Automotive Inspection, Maintenance & Training (NIAIMT), Silchar
National Automotive Testing Tracks (NATRAX), Indore
Automotive Research Association of India (ARAI), Pune
Global Automotive Research Centre (GARC), Chennai
SAMARTH Udyog – Industry 4.0 centres: ‘Demo cum experience’ centres are being set up in the country for promoting smart and advanced manufacturing helping SMEs to implement Industry 4.0 (automation and data exchange in manufacturing technology).
Road Ahead
The automobile industry is supported by various factors such as availability of skilled labour at low cost, robust R&D centres and low-cost steel production. The industry also provides great opportunities for investment and direct and indirect employment to skilled and unskilled labour.
Indian automotive industry (including component manufacturing) is expected to reach Rs 16.16-18.18 trillion (US$ 251.4-282.8 billion) by 2026.
References: Media Reports, Press Releases, Department for Promotion of Industry and Internal Trade (DPIIT), Automotive Component Manufacturers Association of India (ACMA), Society of Indian Automobile Manufacturers (SIAM), Union Budget 2015-16, Union Budget 2019-20
Auto components
ntroduction
The Indian auto-components industry has experienced healthy growth over the last few years. The auto-component industry of India has expanded by 10.6 per cent to reach at a level of US$ 56.2 billion in FY19.
The auto-components industry accounts for 2.3 per cent of India’s Gross Domestic Product (GDP) and employs as many as 1.5 million people directly and indirectly each. A stable government framework, increased purchasing power, large domestic market, and an ever-increasing development in infrastructure have made India a favourable destination for investment.
Market Size
The Indian auto-components industry can be broadly classified into the organised and unorganised sectors. The organised sector caters to the Original Equipment Manufacturers (OEMs) and consists of high-value precision instruments while the unorganised sector comprises low-valued products and caters mostly to the aftermarket category.
India’s exports of auto components increased at a CAGR of 8.34 per cent, during FY14-FY19, with the value of auto component exports increasing from US$ 10.16 billion in FY14 to US$ 15.17 billion in FY19. This has been driven by strong growth in the domestic market and increasing globalisation (including exports) of several Indian suppliers. Growth is further expected to accelerate to 8-10 per cent in FY19 due to pick up in global scenario. ** Turnover of the aftermarket has increased at a CAGR of 11.35 per cent from US$ 5.90 billion in FY14 to US$ 10.10 billion in FY19 and expected to reach US$ 32 billion by 2026. Turnover of automotive component industry stood at Rs 1.79 lakh crore (US$ 25.61 billion) in FY20 (April-Sept 2019). During April-September 2019, exports of auto components grew by 2.7 per cent to Rs 51,397 crore (US$ 7.35 billion).
According to the Automotive Component Manufacturers Association of India (ACMA), the Indian auto-components industry is expected to register a turnover of US$ 100 billion by 2020 backed by strong exports ranging between US$ 80- US$ 100 billion by 2026.
Investments
The Foreign Direct Investment (FDI) inflows into the Indian automotive* industry during the period April 2000–December 2019 were recorded at US$ 23.89 billion, as per data by the Department for Promotion of Industry and Internal Trade (DPIIT).
Some of the recent investments made/planned in the Indian auto components sector are as follows:
In February 2020, National Engineering Industries Ltd (NEIL) announced investment of Rs 100 crore (US$ 14.31 million) over the next three years for producing needle roller bearing at its Jaipur facility.
In January 2020, Tata AutoComp Systems entered a joint venture with Beijing-based Prestolite Electric to enter the electric vehicle (EV) components market.
In October 2019, Minda Industries acquired Germany-based automotive lamps firm Delvis Gmbh along with two of its subsidiaries for Rs 164 crore (US$ 23.47 million).
In August 2019, Eaton has partnered with Pune-headquartered technology firm KPIT.
In April 2019, Durr, a German automotive painting and sealing company, entered into a partnership with Patvin to provide automated painting solutions for two or three-wheelers and agricultural machinery for the Indian markets.
As of January 2019, Lite Auto Components Pvt Ltd, a part of Hindustan Magnesium Products Pvt Ltd plans to invest Rs 500 crore (US$ 69.30 million) to set up Magnesium-based manufacturing plant in Andhra Pradesh.
Schaeffler India, the Indian arm of Germany’s automotive and industrial parts maker, is planning to invest Rs 300 crore (US$ 46.66 million) per annum over FY18-19.
As of December 2018, German automotive major Continental has planned investments of Rs 180 crore (US$ 25.65 million) for setting up a premium surface materials facility in Pune. The facility will have an initial capacity of five million square metres and is expected to start production in 2020.
In October 2018, IMI Precision Engineering inaugurated its second largest manufacturing facility in the Asia Pacific region. The company is planning to expand its product and technical offerings over the course of the next few years.
As of September 2018, air-compressor manufacturer Elgi Equipments is going to invest Rs 18 crore (US$ 2.56 million) for setting up of a motor production facility in India. The facility is expected to be commissioned in Q1 FY20.
Achievements
Following are the achievements of the government in the past four years:
In April-December 2019, 540,384 units of passenger vehicles were exported from India.
The FAME – India Scheme formulated by Department of Heavy Industry led to a continuous increase in registered OEMs and vehicle models. Also, the scheme enhanced the sales of electric vehicles and about 261,507 electric/hybrid vehicles were supported under the scheme up to December 6, 2018. In February 2019, the Government of India approved the FAME-II scheme with a fund requirement of Rs 10,000 crore (US$ 1.39 billion) for FY20-22.
Under National Automotive Testing and R&D Infrastructure Project (NATRiP) various facilities including passive safety labs comprising of crash core facility and crash instrumentations including dummies were established at ICAT-Manesar & ARAI-Pune
To give a fresh thrust to e-mobility in public transport, Department of Heavy Industry announced the launch of public & shared mobility based on electric powertrain.
Government Initiatives
The Government of India’s Automotive Mission Plan (AMP) 2006–2016 has come a long way in ensuring growth for the sector. Indian Automobile industry is expected to achieve a turnover of $300 billion by the year 2026 and will grow at a rate of CAGR 15 per cent from its current revenue of $74 billion.
As per the Union Budget 2019-20, government moved GST council to lower the GST rate on electric vehicles from 12 per cent to 5 per cent. Also, to make electric vehicle affordable to consumers, our government will provide additional income tax deduction of Rs 1.5 lakh (US$ 2,115) on the interest paid on loans taken to purchase electric vehicles.
Government has come out with Automotive Mission Plan (AMP) 2016-26 which will help the automotive industry to grow and will benefit Indian economy in the following ways: -
Contribution of auto industry in the country’s GDP will rise to over 12 per cent
Around 65 million incremental number of direct and indirect jobs will be created
End of life Policy will be implemented for old vehicles
Road Ahead
The rapidly globalising world is opening up newer avenues for the transportation industry, especially while it makes a shift towards electric, electronic and hybrid cars, which are deemed more efficient, safe and reliable modes of transportation. Over the next decade, this will lead to newer verticals and opportunities for auto-component manufacturers, who would need to adapt to the change via systematic research and development.
National Electric Mobility Mission Plan aims at achieving sales of 6-7 million units of hybrid and electric vehicles by 2020. As per Automobile Component Manufacturers Association (ACMA) forecasts, automobile component exports from India are expected to reach US$ 80 billion by 2026
The Indian auto-components industry is set to become the third largest in the world by 2025. Indian auto-component makers are well positioned to benefit from the globalisation of the sector as exports potential could be increased by up to US$ 30 billion by 2021E.
Note: Conversion rate used as on January 2020, Re 1 = US$ 0.01402
Notes: ** As per CRISIL Research, * - Includes automobile and auto-components, E – Estimated, SAMARTH - Smart & Advanced Manufacturing and Rapid Transformation Hub
Auto Components Industry in India
The Indian auto-components industry has experienced healthy growth over the last few years. The auto-component industry of India has expanded by 10.6 per cent to reach at a level of US$ 56.2 billion in FY19.
The auto-components industry accounts for 2.3 per cent of India’s Gross Domestic Product (GDP) and employs as many as 1.5 million people directly and indirectly each. A stable government framework, increased purchasing power, large domestic market, and an ever-increasing development in infrastructure have made India a favourable destination for investment.
Market Size
The Indian auto-components industry can be broadly classified into the organised and unorganised sectors. The organised sector caters to the Original Equipment Manufacturers (OEMs) and consists of high-value precision instruments while the unorganised sector comprises low-valued products and caters mostly to the aftermarket category.
India’s exports of auto components increased at a CAGR of 8.34 per cent, during FY14-FY19, with the value of auto component exports increasing from US$ 10.16 billion in FY14 to US$ 15.17 billion in FY19. This has been driven by strong growth in the domestic market and increasing globalisation (including exports) of several Indian suppliers. Growth is further expected to accelerate to 8-10 per cent in FY19 due to pick up in global scenario. ** Turnover of the aftermarket has increased at a CAGR of 11.35 per cent from US$ 5.90 billion in FY14 to US$ 10.10 billion in FY19 and expected to reach US$ 32 billion by 2026. Turnover of automotive component industry stood at Rs 1.79 lakh crore (US$ 25.61 billion) in FY20 (April-Sept 2019). During April-September 2019, exports of auto components grew by 2.7 per cent to Rs 51,397 crore (US$ 7.35 billion).
According to the Automotive Component Manufacturers Association of India (ACMA), the Indian auto-components industry is expected to register a turnover of US$ 100 billion by 2020 backed by strong exports ranging between US$ 80- US$ 100 billion by 2026.
Investments
The Foreign Direct Investment (FDI) inflows into the Indian automotive* industry during the period April 2000–December 2019 were recorded at US$ 23.89 billion, as per data by the Department for Promotion of Industry and Internal Trade (DPIIT).
Some of the recent investments made/planned in the Indian auto components sector are as follows:
In February 2020, National Engineering Industries Ltd (NEIL) announced investment of Rs 100 crore (US$ 14.31 million) over the next three years for producing needle roller bearing at its Jaipur facility.
In January 2020, Tata AutoComp Systems entered a joint venture with Beijing-based Prestolite Electric to enter the electric vehicle (EV) components market.
In October 2019, Minda Industries acquired Germany-based automotive lamps firm Delvis Gmbh along with two of its subsidiaries for Rs 164 crore (US$ 23.47 million).
In August 2019, Eaton has partnered with Pune-headquartered technology firm KPIT.
In April 2019, Durr, a German automotive painting and sealing company, entered into a partnership with Patvin to provide automated painting solutions for two or three-wheelers and agricultural machinery for the Indian markets.
As of January 2019, Lite Auto Components Pvt Ltd, a part of Hindustan Magnesium Products Pvt Ltd plans to invest Rs 500 crore (US$ 69.30 million) to set up Magnesium-based manufacturing plant in Andhra Pradesh.
Schaeffler India, the Indian arm of Germany’s automotive and industrial parts maker, is planning to invest Rs 300 crore (US$ 46.66 million) per annum over FY18-19.
As of December 2018, German automotive major Continental has planned investments of Rs 180 crore (US$ 25.65 million) for setting up a premium surface materials facility in Pune. The facility will have an initial capacity of five million square metres and is expected to start production in 2020.
In October 2018, IMI Precision Engineering inaugurated its second largest manufacturing facility in the Asia Pacific region. The company is planning to expand its product and technical offerings over the course of the next few years.
As of September 2018, air-compressor manufacturer Elgi Equipments is going to invest Rs 18 crore (US$ 2.56 million) for setting up of a motor production facility in India. The facility is expected to be commissioned in Q1 FY20.
Achievements
Following are the achievements of the government in the past four years:
In April-December 2019, 540,384 units of passenger vehicles were exported from India.
The FAME – India Scheme formulated by Department of Heavy Industry led to a continuous increase in registered OEMs and vehicle models. Also, the scheme enhanced the sales of electric vehicles and about 261,507 electric/hybrid vehicles were supported under the scheme up to December 6, 2018. In February 2019, the Government of India approved the FAME-II scheme with a fund requirement of Rs 10,000 crore (US$ 1.39 billion) for FY20-22.
Under National Automotive Testing and R&D Infrastructure Project (NATRiP) various facilities including passive safety labs comprising of crash core facility and crash instrumentations including dummies were established at ICAT-Manesar & ARAI-Pune
To give a fresh thrust to e-mobility in public transport, Department of Heavy Industry announced the launch of public & shared mobility based on electric powertrain.
Government Initiatives
The Government of India’s Automotive Mission Plan (AMP) 2006–2016 has come a long way in ensuring growth for the sector. Indian Automobile industry is expected to achieve a turnover of $300 billion by the year 2026 and will grow at a rate of CAGR 15 per cent from its current revenue of $74 billion.
As per the Union Budget 2019-20, government moved GST council to lower the GST rate on electric vehicles from 12 per cent to 5 per cent. Also, to make electric vehicle affordable to consumers, our government will provide additional income tax deduction of Rs 1.5 lakh (US$ 2,115) on the interest paid on loans taken to purchase electric vehicles.
Government has come out with Automotive Mission Plan (AMP) 2016-26 which will help the automotive industry to grow and will benefit Indian economy in the following ways: -
Contribution of auto industry in the country’s GDP will rise to over 12 per cent
Around 65 million incremental number of direct and indirect jobs will be created
End of life Policy will be implemented for old vehicles
Road Ahead
The rapidly globalising world is opening up newer avenues for the transportation industry, especially while it makes a shift towards electric, electronic and hybrid cars, which are deemed more efficient, safe and reliable modes of transportation. Over the next decade, this will lead to newer verticals and opportunities for auto-component manufacturers, who would need to adapt to the change via systematic research and development.
National Electric Mobility Mission Plan aims at achieving sales of 6-7 million units of hybrid and electric vehicles by 2020. As per Automobile Component Manufacturers Association (ACMA) forecasts, automobile component exports from India are expected to reach US$ 80 billion by 2026
The Indian auto-components industry is set to become the third largest in the world by 2025. Indian auto-component makers are well positioned to benefit from the globalisation of the sector as exports potential could be increased by up to US$ 30 billion by 2021E.
Note: Conversion rate used as on January 2020, Re 1 = US$ 0.01402
Indian Aviation Industry
The civil aviation industry in India has emerged as one of the fastest growing industries in the country during the last three years. India is currently considered the third largest domestic civil aviation market in the world. India has become the third largest domestic aviation market in the world and is expected to overtake UK to become the third largest air passenger* market by 2024^.
Market Size
India’s passenger* traffic stood at 293.99 million in FY20 (till January 2020) where domestic passenger traffic reached 235.44 million and International passenger reached 58.55 million.
In FY20 (till January 2020) domestic freight traffic stood at 1.14 million tonnes, while international freight traffic was at 1.70 million tonnes.
India’s domestic and international aircraft movements reached 1.82 million and 0.37 million in FY20 (till January 2020), respectively.
To cater to the rising air traffic, the Government of India has been working towards increasing the number of airports. As of March 2019, India has 103 operational airports. India has envisaged increasing the number of operational airports to 190-200 by FY40.
Further, the rising demand in the sector has pushed the number of airplanes operating in the sector. As of July 2018, there were nearly 620 aircraft being operated by scheduled airline operators in India. The number of airplanes is expected to grow to 1,100 planes by 2027.
Investment
According to data released by the Department for Promotion of Industry and Internal Trade (DPIIT), FDI inflows in India’s air transport sector (including air freight) reached US$ 1,904.37 million between April 2000 and June 2019. The government has 100 per cent FDI under automatic route in scheduled air transport service, regional air transport service and domestic scheduled passenger airline. However, FDI over 49 per cent would require government approval.
India’s aviation industry is expected to witness Rs 35,000 crore (US$ 4.99 billion) investment in the next four years. The Indian government is planning to invest US$ 1.83 billion for development of airport infrastructure along with aviation navigation services by 2026.
Key investments and developments in India’s aviation industry include:
In December 2019, AAI announced its plans to set up India's first three water aerodromes in Andaman & Nicobar.
In January 2020, IndiGo became first Indian carrier to have an aircraft fleet size of 250 planes and also became the first airline to operate 1,500 flights per day.
As of December 2019, France-based Safran Group is planning an investment of US$ 150 million in a new aircraft engine maintenance, repair and overhaul (MRO) unit in India to cater to its airline customers.
In November 2019, the Competition Commission of India (CCI) approves the acquisition of shareholdings in Mumbai International Airport Limited (MIAL) by Adani Properties Private Limited (APPL).
UK group to invest Rs 950 crore (US$ 135.9 million) in Turbo Aviation's new airline TruStar
AAI is going to invest Rs 15,000 crore (US$ 2.32 billion) in 2018-19 for expanding existing terminals and constructing 15 new ones.
In June 2018, India has signed an open sky agreement with Australia allowing airlines on either side to offer unlimited seats to six Indian metro cities and various Australian cities.
The AAI plans to develop Guwahati as an inter-regional hub and Agartala, Imphal and Dibrugarh as intra-regional hubs.
Indian aircraft Manufacture, Repair and Overhaul (MRO) service providers are exempted completely from customs and countervailing duties
Government Initiatives
Some major initiatives undertaken by the government are:
Under Union Budget 2020-21, government introduced Krishi Udan scheme on both domestic and international routes to help farmers in transporting agricultural products and improve the product value.
As per the Union Budget 2019-20, government will promote aircraft financing and leasing activities to make India's aviation market self-reliant.
In February 2019, the Government of India sanctioned the development of a new greenfield airport in Hirasar, Gujarat, with an estimated investment of Rs 1,405 crore (US$ 194.73 million).
As of January 2019, the Government of India is working on a blueprint to promote domestic manufacturing of aircrafts and aircraft financing within the country.
In January 2019, the government organised the Global Aviation Summit in Mumbai which witnessed participation of over 1,200 delegates from 83 countries.
In January 2019, the Government of India’s released the National Air Cargo Policy Outline 2019 which envisages making Indian air cargo and logistics the most efficient, seamless and cost and time effective globally by the end of the next decade.
Regional Connectivity Scheme (RCS) has been launched.
Achievements
Following are the achievements of the government:
Under RCS-Udan scheme, approximately 34,74,000 passengers were flown, and 335 routes awarded during the year 2019 covering 33 airports (20 unserved, 3 underserved, 10 water aerodromes).
As on October 2019, 55 AAI airports were declared as Single-Use Plastic Free Airport Terminals.
India is expected to have the largest number of aircraft flying by its scheduled airlines latest by December 2019.
Road Ahead
India’s aviation industry is largely untapped with huge growth opportunities, considering that air transport is still expensive for majority of the country’s population, of which nearly 40 per cent is the upwardly mobile middle class.
The industry stakeholders should engage and collaborate with policy makers to implement efficient and rational decisions that would boost India’s civil aviation industry. With the right policies and relentless focus on quality, cost and passenger interest, India would be well placed to achieve its vision of becoming the third-largest aviation market by 2020. The expenditure of Indian travellers is expected to grow up to Rs 9.5 lakh crore (US$ 136 billion) by 2021. Due to rise in demand in air travel, India will need 2,380 new commercial airplanes by 2038.
Note: Conversion rate used as on January 2020, Re 1 = US$ 0.01402
Note: * - International and Domestic, ^ - As per International Air Transport Association (IATA) forecasts
References: Media Reports, Press Releases, Press Information Bureau, Directorate General of Civil Aviation (DGCA), Airports Authority of India (AAI), Union Budget 2020-21
Banking sector in India
As per the Reserve Bank of India (RBI), India’s banking sector is sufficiently capitalised and well-regulated. The financial and economic conditions in the country are far superior to any other country in the world. Credit, market and liquidity risk studies suggest that Indian banks are generally resilient and have withstood the global downturn well.
Indian banking industry has recently witnessed the roll out of innovative banking models like payments and small finance banks. RBI’s new measures may go a long way in helping the restructuring of the domestic banking industry.
The digital payments system in India has evolved the most among 25 countries with India’s Immediate Payment Service (IMPS) being the only system at level five in the Faster Payments Innovation Index (FPII). *
Market Size
The Indian banking system consists of 18 public sector banks, 22 private sector banks, 46 foreign banks, 53 regional rural banks, 1,542 urban cooperative banks and 94,384 rural cooperative banks as of September 2019. During FY07–19, deposits grew at a CAGR of 11.11 per cent and reached US$ 1.86 trillion by FY19. Deposits as of Feb 2020, stood at Rs 132.35 lakh crore (US$ 1,893.77 billion).
The total equity funding of microfinance sector grew at the rate of 42 year-on-year to Rs 14,206 crore (US$ 2.03 billion) in 2018-19.
Investments/developments
Key investments and developments in India’s banking industry include:
In February 2020, The Cabinet Committee on Economic Affairs has given its approval for continuation of the process of recapitalization of Regional Rural Banks (RRBs) by providing minimum regulatory capital to RRBs for another year beyond 2019-20, that is, up to 2020-21 for those RRBs which are unable to maintain minimum Capital to Risk weighted Assets Ratio (CRAR) of 9 per cent, as per the regulatory norms prescribed by the Reserve Bank of India.
In October 2019, the Department of Post launched the mobile banking facility for all post office savings account holders of the CBS (core banking solutions) post office.
Deposits under Pradhan Mantri Jan Dhan Yojana (PMJDY) stood at Rs 1.06 lakh crore (US$ 15.17 billion
In October 2019, Government e-Marketplace (GeM) signed a Memorandum of Understanding (MoU) with Union Bank of India to facilitate a cashless, paperless and transparent payment system for an array of services.
Transactions through Unified Payments Interface (UPI) stood at 1.32 billion in February 2020 worth Rs 2,21,995 crore (US$ 31.76 billion).
In August 2019, the government announced the major mergers of public sector banks which included United Bank of India and Oriental Bank of Commerce to be merged with Punjab National Bank, Allahabad Bank will be amalgamated with Indian Bank and Andhra Bank and Corporation Bank will be consolidated with Union Bank of India.
The NPAs (Non-Performing Assets) of commercial banks has recorded a recovery of Rs 400,000 crore (US$ 57.23 billion) in last four years including record recovery of Rs 156,746 crore (US$ 22.42 billion) in FY19.
The board of Allahabad bank approved the merger with Indian bank for the consolidation of 10 state-run banks into the large-scale lenders.
As of September 2018, the Government of India launched India Post Payments Bank (IPPB) and has opened branches across 650 districts to achieve the objective of financial inclusion.
The total value of mergers and acquisition during 2017 in NBFC diversified financial services and banking was US$ 2,564 billion, US$ 103 million and US$ 79 million respectively @.
The total equity funding's of microfinance sector grew at the rate of 42 year-on-year to Rs 14,206 crore (US$ 2.03 billion) in 2018-19.
Government Initiatives
As per Union Budget 2019-20, the government has proposed fully automated GST refund module and an electronic invoice system that will eliminate the need for a separate e-way bill.
Under the Budget 2019-20, government has proposed Rs 70,000 crore (US$ 10.2 billion) to the public sector bank.
Government has smoothly carried out consolidation, reducing the number of Public Sector Banks by eight.
As of September 2018, the Government of India has made the Pradhan Mantri Jan Dhan Yojana (PMJDY) scheme an open-ended scheme and has also added more incentives.
The Government of India is planning to inject Rs 42,000 crore (US$ 5.99 billion) in the public sector banks by March 2019 and will infuse the next tranche of recapitalisation by mid-December 2018.
Achievements
Following are the achievements of the government:
As on March 31, 2019 the number of debit and credit cards issued were 925 million and 47 million, respectively.
As per RBI, as of February 14, 2020, India recorded foreign exchange reserves of approximately US$ 476.09 billion
India ranks among the top seventh economies with a GDP of US$ 2.73 trillion in 2018 and economy is forecasted to grow at 7.3 per cent in 2018.
To improve infrastructure in villages, 204,000 Point of Sale (PoS) terminals have been sanctioned from the Financial Inclusion Fund by National Bank for Agriculture & Rural Development (NABARD).
The number of total bank accounts opened under Pradhan Mantri Jan Dhan Yojana (PMJDY) reached 373.4 million accounts were opened (as of August 2019).
Road Ahead
Enhanced spending on infrastructure, speedy implementation of projects and continuation of reforms are expected to provide further impetus to growth. All these factors suggest that India’s banking sector is also poised for robust growth as the rapidly growing business would turn to banks for their credit needs.
Also, the advancements in technology have brought the mobile and internet banking services to the fore. The banking sector is laying greater emphasis on providing improved services to their clients and also upgrading their technology infrastructure, in order to enhance the customer’s overall experience as well as give banks a competitive edge. As per Economic Survey 2018-19, working age population to grow by 9.7 million per year during 2021-31 and 4.2 million per year during 2031-41.
India’s digital lending stood at US$ 75 billion in FY18 and is estimated to reach US$ 1 trillion by FY2023 driven by the five-fold increase in the digital disbursements.
Note: Conversion rate used as on January 2020, Re 1 = US$ 0.01402
References: Media Reports, Press releases, Reserve Bank of India, Press Information Bureau, www.pmjdy.gov.in
Indian Consumer Market
Indian consumer durables market is broadly segregated into urban and rural markets, and is attracting marketers from across the world. The sector comprises of a huge middle class, relatively large affluent class and a small economically disadvantaged class. Global corporations view India as one of the key markets from where future growth is likely to emerge. The growth in India’s consumer market would be primarily driven by a favorable population composition and increasing disposable incomes.
Per capita GDP of India is expected to reach US$ 3,273.85 in 2023 from US$ 1,983 in 2012. The maximum consumer spending is likely to occur in food, housing, consumer durables, and transport and communication sectors.
Market Size
The growing purchasing power and rising influence of the social media have enabled Indian consumers to splurge on good things. Import of electronic goods reached US$ 53 billion in FY18.
Indian appliance and consumer electronics (ACE) market reached Rs 2.05 trillion (US$ 31.48 billion) in 2017. India is one of the largest growing electronics markets in the world.
The industry had a total market size of Rs 76,400 crore (US$ 10.93 billion) in FY19 in which Rs 32,200 crore (US$ 4.61 billion) was contributed from domestic manufacturing.
Television industry in India is estimated to have reached Rs 740 billion (US$ 10.59 billion) in CY2018 and projected to reach Rs 955 billion (US$ 13.66 billion) in CY2021.
As of FY18, washing machine, refrigerator and air conditioner market in India were estimated around Rs 7,000 crore (US$ 1.09 billion), Rs 19,500 crore (US$ 3.03 billion) and Rs 20,000 crore (US$ 3.1 billion), respectively.
India’s smartphone market grew by 14.5 per cent year-on-year with a shipment of 142.3 million units in 2018. India is expected to have 829 million smartphone users by 2022. Smartphone shipments in India increased eight per cent year-on-year to reach 152.5 million units in 2019, thereby making it the fastest growing market of the top 20 smartphone markets in the world.
The S&P BSE Consumer Durables Index is up 6.8 per cent in Jan 2020 and gained 32.1 per cent in one last year.
Investments
According to the Department for Promotion of Industry and Internal Trade, during April 2000 – June 2019, FDI inflows into the electronics sector stood at US$ 2.45 billion.
Following are some recent investments and developments in the Indian consumer market sector.
In December 2019, Kent RO Systems Ltd announced an investment of Rs 150 crore (US$ 21.46 million) to set up a new manufacturing unit over next three years.
In November 2019, Nokia entered in partnership with Flipkart to enter consumer durables market in India and plan to launch smart TVs.
In October 2019, Apple Inc. entered in agreement with Maker Maxity mall, co-owned by Reliance Industries to open its first company-owned iconic outlet in India.
In August 2019, Voltas Beko launched India’s first five star washing machine.
In July 2019, Voltas Limited entered into partnership with Energy Efficiency Services Limited (EESL) to manufacture and sell 5-star rated Inverter Air Conditioners.
In April 2019, TCL Electronic announced its entry into home appliances market in India.
Xiaomi became the India’s largest brand network in the offline market, having presence in over 790 cities in the country.
According to the retail chains and brands, there is 9-12 per cent increase in the sales of consumer electronics in Diwali season in October 2019.
The smartphone shipment witnessed a year-on-year growth of 9.3 per cent in July-September 2019 with 46.6 million unit shipped.
Consumer durables loans in India increased by 68.8 per cent to Rs 5,445 crore (US$ 780 million) in September 2019.
Micromax plans to invest US$ 89.25 million by 2020 for transforming itself into a consumer electronics company.
Haier announced an investment of Rs 3,000 crore (US$ 415.80 million) as it aims a two-fold increase in its revenue by 2020.
Government Initiatives
In January 2020, the Bureau of Energy Efficiency (BEE) made it mandatory for all room air conditioners to have a default temperature of 24 degrees Celsius.
National Policy on Electronics Policy was passed by the Ministry of Electronics & Information Technology in February 2019.
A new Consumer Protection Bill has been approved by the Union Cabinet; Government of India that will make the existing laws more effective with a broader scope.
The mobile phone industry in India expects that the Government of India's boost to production of battery chargers will result in setting up of 365 factories, thereby generating 800,000 jobs by 2025.
The Union Cabinet has approved incentives up to Rs 10,000 crore (US$ 1.47 billion) for investors by amending the M-SIPS scheme, in order to further incentivise investments in electronics sector, create employment opportunities and reduce dependence on imports by 2020.
The Government of India has allowed 100 per cent Foreign Direct Investment (FDI) under the automatic route in Electronics Systems Design & Manufacturing sector. FDI into single brand retail has been increased from 51 per cent to 100 per cent; the government is planning to hike FDI limit in multi-brand retail to 51 per cent.
Road Ahead
Indian appliance and consumer electronics (ACE) market is expected to increase at a 9 per cent CAGR to reach Rs 3.15 trillion (US$ 48.37 billion) in 2022. Demand growth is likely to accelerate with rising disposable incomes and easy access to credit. Increasing electrification of rural areas and wide usability of online sales would also aid growth in demand.
Note: Conversion rate used as on January 2020, Re 1 = US$ 0.01402
References: Media reports, press releases, Press Information Bureau (PIB), Union Budget 2019-20, Boston Consulting Group, International Data Corporation.
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