J P Chawla & Co. LLP

Fineprint Vol.6 2021

The surge in COVID-19 cases prompted the government to bolster healthcare facilities and infrastructure. Efforts to attract Foreign Direct Investment (FDI) resulted in a $6.24 billion increase, facilitated by improved investment processes. Noteworthy economic developments in June 2021 included the inauguration of NATRAX, Asia’s longest high-speed track, and forecasts indicating a fourfold growth in India’s esports industry to Rs. 1,100 crore by 2025. The extension of the production-linked incentive (PLI) scheme for mobile phones by a year provided significant relief to the industry, aiming to enhance India’s appeal as an investment destination. India’s 43rd ranking on the IMD’s World Competitiveness Index underscored its global standing, with initiatives like the trilateral partnership with Italy and Japan emphasizing stability in the Indo-Pacific region. Furthermore, projections suggest India’s live commerce industry could reach $4-5 billion by 2025, with collaborations with Australia indicating a commitment to expanding cybersecurity cooperation, particularly in critical technologies like 5G.
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