From Seattle to Delhi: Amazon’s $13 Billion Cloud Trail

Friday, May 19^th 2023

Good Morning ☕

Looks like AWS is taking 'cloud' computing to new heights in India! With a $13 billion investment, they're certainly aiming to make it rain in the Indian tech industry. Looks like India's tech forecast just went from partly cloudy to AWS-some. Talk about a truly magical cloud experience!

Important News of the Day

1. Amazon Web Services to invest $13 billion in India by 2030

Amazon Web Services (AWS) plans to invest $13 billion in India by 2030 to expand its cloud infrastructure, in addition to a previously committed $6.5 billion for e-commerce. This is expected to create over 100,000 annual jobs and responds to India's growing public cloud market, which is projected to hit $13 billion by 2026. The move comes as India develops policies to regulate and attract more digital investments.

2. India’s Electronics Manufacturing Crosses $100 Bn; Next Target, $300 Bn By 2026

India's Ministry of Electronics and Information Technology (MeitY) has formed a board to turn India into a $300 billion electronics manufacturing hub by 2026. The board includes members from major tech companies and covers sectors beyond smartphones, such as IT hardware and wearables. The decision was based on an Indian Cellular and Electronics Association (ICEA) report emphasizing the need for more mobile and IT hardware manufacturing.

3. 20% TCS From July: Govt Clarifies International Credit Card Spend Under RBI LRS Limit

The Indian Finance Ministry clarified that foreign spending using credit cards will be subject to Tax Collection at Source (TCS), with rates increasing up to 20% for some overseas transactions starting July 1, 2023. It's part of the Liberalised Remittance Scheme (LRS) that allows residents to send up to $250,000 abroad annually. Higher limits require the Reserve Bank of India's approval.

4. India's exports to EU worth USD 1.3 bn to be impacted by EU's deforestation regulation

According to a report by the Global Trade Research Initiative (GTRI), India's annual exports could be impacted by approximately $1.3 billion as a result of the European Union Deforestation Regulation (EUDR). The EUDR, recently adopted by the EU, aims to address deforestation concerns and restrict the import of products associated with deforestation. The report suggests that Indian exports may face challenges in meeting the regulatory requirements, leading to potential trade disruptions and economic implications for the country.

5. SEBI proposes to tweak 'unpublished price sensitive information' definition

India's market regulator, SEBI, has suggested changes to the definition of unpublished price-sensitive information (UPSI) for listed companies. This is to improve regulatory clarity and ensure uniform compliance. The move follows concerns about inadequate judgment by companies in classifying UPSI and possible insider trading risks.

6. Google to phase out cookies for 1% of Chrome users in early 2024

Google intends to phase out third-party cookies for 1% of Chrome users in early 2024, with a broader phase-out later that year. This will change how website ads are targeted. The aim is to prepare for a web without third-party cookies and allow developers to test their products. The plan, designed with the UK's Competition and Markets Authority, will address their feedback before expanding to more users.

Breaking News: The Scoop You Can't Miss!

1. India’s mineral production rises nearly 7% in March

India's mineral production rose by 6.8% in March 2023 compared to the previous year, according to the Ministry of Mines. From April to March, mineral production grew by 5.8% compared to the same period the prior fiscal year. Increased production was noted in minerals like coal, natural gas, iron ore, and copper concentrate, with particularly high growth in copper concentrate, chromite, phosphorite, and manganese ore.

2. Shein Makes a Comeback in India, Teams Up with Reliance Retail

Online fashion retailer Shein is reportedly planning to re-enter the Indian market by partnering with a major local retailer. The move aims to leverage the growing consumer market in India and diversify beyond its China-based supply chain. Shein had previously been banned in India over data security and content concerns. The return is expected later this month.

3. FADA urges GST rate cut on 2-wheelers from 28% to 18%

The Federation of Automobile Dealers Associations (FADA) in India is urging the GST council to lower the Goods and Services Tax on two-wheelers from 28% to 18% to increase affordability and boost demand. The industry has been facing a significant sales drop due to increased costs from raw materials, stringent emission norms, and higher taxes. FADA believes this tax reduction will help address these issues and promote the industry's growth.

4. Merely 27% of Indian businesses confident about ESG preparedness: Deloitte

A Deloitte India survey found that just 27% of Indian businesses feel ready for Environmental, Social, and Governance (ESG) requirements. Despite the recognition of ESG's value in growth and reputation enhancement, there's a gap between commitment and readiness, with the consumer industry least prepared. The challenges lie in evolving regulations and multiple frameworks, and a need for better understanding of reporting mechanisms and improvements in climate, social, and governance policies.

5. ISRO Likely To Launch Chandrayaan 3 In Second Week Of July: ISRO official

The Indian Space Research Organisation (ISRO) plans to launch its Chandrayaan-3 mission in July, aiming for a lunar landing at the moon's south pole. The mission will test important technologies for safe landing and lunar exploration. The spacecraft will carry scientific instruments for moon studies, an experimental tool for studying Earth from lunar orbit, and equipment to measure thermal conductivity, seismic activity, and plasma density. The rover will use spectrometry to analyze the landing site's elemental composition. The mission will also include a NASA array for lunar laser ranging studies.

6. PM Modi Launches Railway Projects Worth Over Rs 8,000 Crore In Odisha

Indian Prime Minister Narendra Modi has initiated various railway projects in Odisha, totaling over $1 billion. These include the launch of a new express service, redevelopment of railway stations, full electrification of the rail network, and rail line expansion. These projects are designed to improve connectivity, stimulate tourism and economic growth, and cater to the growing transport needs of Odisha's steel, power, and mining sectors.

7. Jet Airways reports net loss of ₹54 crore for, revenue up 12.5%

Jet Airways reported a net loss of $7.3 million in Q4 of the fiscal year, improving from a larger loss the previous year. Its operation revenue rose by 12.5% to $1.7 million. Former Jet Airways CEO-Designate, Sanjiv Kapoor, joined Saudia Group as an advisor and expressed enthusiasm for contributing to Saudi Arabia's Vision 2030. He also noted that Jet Airways 2.0 is set to launch next quarter.

World News 🌎

• Patriarch's Death Puts Spotlight on $14 Billion Hinduja Feud

• UK Telecoms Firm BT Group To Cut Up To 55,000 Jobs By 2030

• Rishi Sunak talking to EU over threat to UK electric cars

• Montana to become first US state to ban Tiktok app on personal devices

• Deutsche Bank To Pay $75 Million In Jeffrey Epstein Victim Settlement

• Fresh rescue efforts as Italy counts cost of deadly floods

• Job Cuts Ripple Across Corporate Europe, Despite Resilient Economy

• Google, Amazon, Meta are hiring low-paid H1B workers for specialized roles

• AT&T Is Spending Billions to Wire U.S. for Fast Internet as Rivals Take Differen

• Crucial Russia-Ukraine Grain Deal Extended; UN, U.S. Welcome The Move

• Bad News! Infosys cuts average variable payout by 60%