Embassy of India, Tel-Aviv
Business and Economic News
Indo-Israel Bilateral Relations
President of NASSCOM visited Israel
Mr. R. Chandrasekhar, President of the National Association of Software and Services Companies (NASSCOM), visited Israel between May 29 and May 31, heading a business delegation comprised of senior representatives of 12 top software companies. During the visit, the delegation participated in a successful business seminar "India-Israel: Natural Synergy in High Tech Sector"organized by the Embassy of India and visited successful high-tech companies, incubators and accelerators.
CEO of T-Hub, Hyderabad visited Israel
Mr. Jay Krishnan, Founder and CEO of T-Hub, India’s largest tech incubator based in Hyderabad, visited Israel between June 2 and June10. Mr. Krishnan visited together with Mr. Josh Bornstein, Partner, and Head of Montane Ventures, a Mumbai-based early-stage fund backed mainly by the Ajay Piramal (Piramal family). The two were speakers at TAU Innovation Conference and at several side events. During the visit, T-Hub signed a MOU with Tel Aviv University's entrepreneurship center StarTau for launching an accelerator program for agrotech startups. The program will be launched in India and Israel and will focus on agro-technology for facilitating the growth of startups in this sector.
Second International Yoga Day
The Second International Yoga Day was organized at the Tachana compound in Tel Aviv on June 21. The event comprised various yoga sessions including Ashtanga Yoga, Iyengar Yoga, Bhrigu Yoga, Shivananda Yoga, Children’s Yoga and Acro Yoga and meditation. Pavan Kapoor, Ambassador of India in Israel, Shlomit Nir Toor, Director at Israeli Ministry of Sport & Culture and Deputy Mayor of Tel Aviv Asaf Zamir launched the event with a traditional Indian lamp lighting ceremony. This was followed by a Yoga Protocol session with an accomplished teacher from India, Mr. Prasad Rangnekar. Approximately 2,000 people attended the event.
Government InitiativeMoody: India's FDI inflow credit positive, 'Make in India' bearing fruit
Moody's Investors Service has lauded consistent efforts of the Government of India to liberalize foreign investment limits in several sectors and the 'Make in India' campaign. The report mentioned that it expected FDI inflow to continue to rise and to provide stable source of financing. It also gave a posituve outlook on the development of industrial corridors, investment and manufacturing zones and 'smart cities'. In another significant announcement, India has been ranked sixth among the world’s 10 largest manufacturing countries, according to a report from United Nations Industrial Development Organization (UNIDO). It is important to note that India’s ranking has moved up by three places compareRead Mored to last year. According to the report, the Manufacturing Value Added (MVA) increased by 7.6 percent in 2015 compared to the previous year.
India Ranked 2nd on GRD index on ease of doing business
India has jumped 13 positions from 2015 to rank second on the Global Retail Development (GRD) Index 2016. Clarity regarding FDI regulations and a pick-up in GDP growth has helped India achieve the second spot, according to media reports. It is noteworthy that retail sector in India has expanded at a compound annual growth rate (CAGR) of 8.8 percent between 2013 and 2015, with annual sales crossing the US$ 1 trillion mark.
Foreign Direct Investment
Wipro invests in Israeli VC firm TLV Partners
India's third largest software services exporter Wipro has invested an undisclosed amount in Israel-based venture capital firm TLV Partners, marking Wipro's first investment in a venture capital firm. The move potentially gives the outsourcing firm access to a portfolio of early-stage enterprise and security ventures in one of the world's most fertile startup ecosystems. Wipro's latest move underscores the increasing importance of Israel's enterprise software industry to India's $160-billion IT industry.
Microfinance industry posts strong growth in India
The gross loan portfolio of microfinance institutions (MFIs) in India increased by 84 percent year-on-year to reach USD 7.9 billion in 2015-16 as a result of bigger loan size and increased bank funding. Close to 60 percent of the loan portfolio was concentrated in urban and semi-urban areas.
Indian healthcare IT now a US 1 billion market
According to Nasscom, the Indian healthcare IT market is valued at USD 1 Billion and expected to grow about 1.5 times by 2020. The healthcare software segment generated revenues expected to grow by 2021 about 11% from its current value of USD 100 Million. In addition, there has been a sharp increase in India in the number of health tech startups of about 60%.
Telemedicine market may touch USD 32 Million mark by 2020
According to Associated Chambers of Commerce and Industry of India (Assocham), India's telemedicine sector is expected to increase to USD 32 Million by 2020 from its current market value of USD 15 Million. Telemedicine has the potential to revolutionize delivery of healthcare in the country as 68 percent of the population resides in remote, rural areas with limited resources.
India takes giant leap in global space commerce after ISRO puts 20 satellites in orbit
Setting a record in its space program, India today successfully launched 20 satellites, including its earth observation Cartosat-2 series, in a single mission on board ISRO’s workhorse PSLV-C34 from the spaceport. In a precision launch, PSLV-C34 took off from the second launch pad of Satish Dhawan Space Centre, about 110 km from Chennai at 9.26 am and placed the Cartosat-2 Series and 19 others in the designated polar Sun Synchronous Orbit (SSO) about 30 minutes later in clear skies.
BOEING TO SHIFT AH-64 APACHE HELICOPTER FUSELAGE MANUFACTURING TO INDIA
The Boeing-TATA joint venture in the aerospace sector (TASL) declared on collaborating for co-producing Boeing AH-64 Apache helicopter fuselages and other aerostructures, as well as to pursue integrated systems in aerospace. The Hyderabad production facility will eventually be the sole producer of AH-64 fuselages globally. TASL will also provide affordable manufacturing capabilities to the global aerospace industry.
Government introduces 100% FDI in defence, civil aviation
The government of India announced fresh liberalization of FDI rules throwing open defense to higher overseas investment. Key changes include allowing 100% FDI under government approval route for trading, including through e-commerce, in respect of food products manufactured or produced in India and permitting up to 100 per cent FDI in defense sector. The other sectors that have benefitted include the broadcasting, pharmaceuticals, civil aviation, single brand retail among others
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For comments, suggestions, economic information and business opportunities, please contact the Embassy's Commercial Section:
-- Dr. Anju Kumar, Deputy Chief of Mission and Head of the Commercial Wing
--Mr. Eldos Mathew Punnoose, Second Secretary
--Mr. Elad Itzkovitch, Commercial Officer
-- Mr. Yakir Dahari, Marketing Officer
--Ms. Shayela Israel, Trade Officer
140 Hayarkon St., P.O.B 3368, Tel-Aviv 61033, T: 03-5291999, F: 03-5291952.