Embassy of India in Israel
India Connect July-August 2016
Ms. Mamta Verma, Industries Commissioner, Government of Gujarat, led a delegation of leading companies and heads of various organizations to Israel from July 31 to August 3. During the visit, the delegation took part in a roundtable: "Gujarat: Land of Business Opportunities" organized by the Embassy and Confederation of Indian Industries (CII) for promoting the Vibrant Gujarat Summit 2017. In addition, the delegation also visited various facilities and interacted with leading industrialists, institutions of learning, Chambers of Commerce and companies with business interests in India during the visit.
Associated Chambers of Commerce and Industry of India (ASSOCHAM) organized an Agriculture delegation to Israel from July 23-29. The delegation comprised several Indian companies and Agripreuners. The delegation covered all major aspects of Israeli agriculture and innovation during the visit and included B2B meetings, roundtables, field visits etc.
Infosys invests USD 4 million in Israel's start-up Cloudy
Infosys invested USD 4 million in Israel's cloud management and optimisation start-up Cloudy. Last year, Infosys had purchased Israeli Start-up Panaya for USD 200 million. The investment in Cloudy is part of CEO Vishal Sikka's strategy to look at investments in high technology start-ups in Israel, which it can leverage to offer its services to its global customers. Infosys has built a USD 500 million war chest to invest in start-ups to access technologies. Infosys Executive Vice-Chairman Mr. Kris Gopalkrishnan is scheduled to visit Israel from September 11-13, heading a CII delegation comprising 14 senior officials from various companies in India.
Wipro acquires minority stake in Israeli cyber security firm
India's third largest software services firm Wipro purchases stakes in Israeli cyber security company, Intsights Cyber Intelligence for USD 1.5 million. Intsights is an early-stage company founded in 2015 and offers a threat intelligence driven security platform employing cyber intelligence, rapid mitigation and one-click remediation. In August, It was announced that Wipro Infrastructure Engineering (WIN) will acquire Israel-based H R Givon, supplier of metallic parts and assemblies to the aerospace industry.
India's growth to rise to 8 percent in 2019
India's growth rate will accelerate to 8% by fiscal year ending March 2019 according to global rating agency Fitch. According to Fitch, India’s GDP is slated to be 7.5%, 7.7% and 7.9% in fiscal years 2016, 2017 and 2018 respectively. Fitch, in its report, said that the passage of the Bankruptcy Code earlier this month showed that implementation of big ticket reforms was possible in India. India remains to be the fastest growing country across the world at a time when global GDP which is likely to grow at 2.5% according to Fitch estimates.
India climbs 15 spots in innovation ranking
India bettered its position by 15 places on the Global Innovation Index ending up at 66th position this year. It maintained the top spot in the Central and South Asia regions, according to the rankings released by Cornell University, INSEAD and the World Intellectual Property Organization (WIPO). India scored high on tertiary education and R&D, the quality of its universities and scientific publications, its market sophistication and information and communication technology service exports, where it ranks first in the world. The index said that India had all the ingredients needed to become a global driver of innovation including strong market potential, an excellent talent pool, and an underlying culture of frugal innovation.
India to have 730 million internet users by 2020
India will continue to be the fastest growing internet market and is estimated to have 730 million internet users by 2020, with 75% of new user growth expected to come from rural areas, according to a report by NASSCOM. The growth is expected to be led by e-commerce, travel and hospitality, finance technology and media sectors. The overall e-commerce market in India was valued at $17 billion in fiscal year 2016. India’s financial technology market is expected to grow 1.7 times between 2015 and 2020, with the use of mobile banking and e-wallets growing at a fast pace. By 2020, India will also have an estimated 702 million smartphones.
Indian telecom services market to touch USD 103.90 billion by 2020
Indian telecom services market is estimated to touch USD 103.90 billion by 2020, growing at 10.3% annually from 2015 to 2020 according to a report by Market Research Store. India has recorded exponential growth in the past few years, and has emerged as the second largest market in the world, according to the report. 4G technology services is estimated to reach a compounded annual growth rate of 26.6% during 2015-2020 and wireless services market is predicted to grow at a CAGR of 9.3%.
Indian agrochemicals market to reach USD 6.3 billion by 2020
Indian agrochemical industry, which is estimated at USD 4.4 billion in fiscal year 2015, is expected to grow 7.5 % annually and reach USD 6.3 billion by fiscal year 2020 according to a report jointly presented by Tata Strategic Management Group and FICCI. According to the report, domestic demand will grow at 6.5 % per annum and export demand at 9 % per annum.
Textile sector to grow at 6% to USD 40 billion in 2017
Textile exports are expected to grow at 6 % to USD 40 billion in 2017 according to ICRABSE. During 2017, segments such as apparels, shall see positive volume growth, especially due to improved export competitiveness due to the recent financial package for the textile industry.
Parliament passes amendment Bill for GST
Indian Parliament passed the constitution amendment Bill to roll out Goods & Services Tax. The new tax system is expected to make manufacturing more competitive and speed up logistics among host of other benefits. Some estimates say it will add up to 2% to the country's GDP. At least 16 States (out of 29 states and 2 union territories with Assemblies) also need to pass this Bill before it can be sent for President's assent.
Telemedicine market may touch USD 32 milllion mark by 2020
India's telemedicine sector, which involves use of telecommunication and Information Technology in extending healthcare facilities, is expected to double to reach USD 32 million by 2020. Telemedicine could greatly improve access to specialists, increased patient satisfaction and clinical outcomes, reduction in emergency room utilisation, cost savings are certain key benefits of telemedicine etc.
Government of India will electrify all villages by the end of 2016
The government of India has advanced by at least five months the target to electrify all villages and all un-electrified villages in the country are likely to be electrified by the end of 2016. The government had earlier set the rural electrification target at May 2017.
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 [email protected]
--Mr. Eldos Mathew Punnoose, Second Secretary
-Ms. Shayela Israel, Trade Officer
-Mr. Elad Itzkovitch, Commercial Officer
-Mr. Yakir Dahari, Marketing Officer
140 Hayarkon St., P.O.B 3368, Tel-Aviv 61033, T: 03-5291999, F: 03-5291952