"Will Make India Manufacturing Hub": Industry Hails Curb On Laptop Imports

Industry leaders have hailed the restrictions imposed on the import of laptops, tablets and other IT hardware into the country.

The import restrictions, notified by the Directorate General of Foreign Trade (DGFT), has garnered positive responses from industry leaders and is expected to position India as a major global hub for electronics production.

The move aims to bolster domestic manufacturing and promote self-reliance in the technology sector.

Founder and Chairman of Noida-headquartered Dixon Technologies, Sunil Vachani, hailed the "landmark" move, which he said would pave the way for India's emergence as one of the largest manufacturing centres for IT products.

"This is a landmark decision to put the import of IT hardware in the restricted category. This will translate to India emerging as one of the largest hubs for manufacturing IT products. I see a time where Indian manufacturers and India as a country will be catering for global requirements for IT hardware products. This will translate to massive employment, new factories created to cater to this requirement," Vachani said.

He expressed optimism about the future, envisioning a time when Indian manufacturers would cater to global requirements for IT hardware products, leading to a surge in employment opportunities and the establishment of new factories.

Hari Om Rai, Chairman and Co-founder of Lava International, praised the government's leadership in making India a global electronics manufacturing hub.

He emphasized that the restrictions would not disrupt the supply chain, and consumers would not suffer, assuring a seamless transition toward self-sufficiency.

"The restriction on import of laptops and tablets is truly a leadership move by the Government of India. It is a step forward for making India the global hub for electronics production. The government of India has ensured that there is no disruption in the supply chain and that the consumer does not suffer", said Rai.

"India will generate a huge number of jobs and have a large component ecosystem and one day become a great electronics manufacturing hub. It is now a new India that is working for its industry, consumers and citizens. The electronics industry truly welcomes this move," Rai said.

The DGFT notification, effective immediately, restricts the import of laptops, tablets, all-in-one personal computers and ultra-small form factor computers and servers.

Such imports will now be allowed only with a valid license. However, to accommodate existing global supply chain arrangements and long-term commitments of industry stakeholders, liberal transitional arrangements have been put in place until October 31 this year.

During this period, import consignments can be cleared without the need for a license for restricted imports. From November 1, 2023, a valid license will be mandatory for import clearance.

Asked about the reasons that prompted the imposition of these restrictions, ICEA (India Cellular and Electronics Association) chairman Pankaj Mahindroo told ANI, "India's digital footprint is growing very aggressively. We have nearly 90 crore, mobile users, we have almost 15 crore consumers who are using tablets and laptops. It is very important that the devices are secure and are from trusted sources. There is a large illegal and legal import of refurbished products which are not giving good services to the consumers. So the idea is that by restricting the open general license, the government is trying to ensure that the products are available from trusted sources."

On being asked how this decision will impact companies who import laptops and computers, Mahindroo said, "PLI 2.0 (production-linked incentive), is a very robust policy. You have seen the magic in mobile phone manufacturing which has grown almost 1800 per cent from 19,000 crores to 3,50,000 crores and similar magic is trying to be rubbed off on the IT hardware also. The companies are setting up manufacturing here."

He further said, "There are 44 participants in PLI 2.0. So we are going to see massive growth in manufacturing from the current level of 25-30,000 crore to more than 100,000 crore. The category has got restricted, it has not got banned. There will be very good coordination between domestic manufacturing and import so that consumers can get full supply and at the same time domestic manufacturing keeps growing rapidly."

"I would like to assure the consumers, trade and industry that there will be no disruption in supply. In fact, the last year has been muted in IT, and hardware because during the covid there was robust demand and after that, the demand fell by 15-20 per cent", said ICEA chairman, Mahindroo

Mahindroo said, "There will be no shortage and this policy which has just come in will not impact it in any which way and the government is also determent that there should be no supply shortage."

Despite the restriction, the government has granted exemptions for certain categories, including imports as part of baggage allowance, limited imports for research and development (R&D), testing, benchmarking and evaluation.

Additionally, imports for repair and re-export, product development purposes, re-import of goods repaired abroad, and essential capital goods are also exempted from the restriction.

The government has emphasized that the restriction aims to protect the security interests of the country and its citizens.

Union Minister for Electronics and IT, Rajeev Chandrasekhar, took to Twitter to clarify the government's objective, emphasizing that the move is not about a return to a license raj system.

"It is the government's objective to ensure trusted hardware n systems, reduce import dependence and increase domestic manufacturing of this category of products (sic)," Chandrasekhar tweeted.

"This is not at all about license raj - It is about regulating imports to ensure trusted and verifiable systems AND ensuring India tech eco-system uses trusted n verified systems only that are imported and/or domestically manufactured trusted systems/products (sic)," he wrote.

To facilitate the licensing process, the DGFT has introduced a portal where companies and traders can apply for licenses.

The government aims to issue licenses within three-to-four days if all necessary details are provided promptly.

Furthermore, the government's production-linked incentive (PLI) scheme for IT hardware, introduced on May 29, 2023, has already seen registration from 44 companies.

The scheme provides additional incentives to eligible manufacturers, further encouraging domestic production and making India an attractive destination for investment in the electronics manufacturing sector.

Interested companies can still submit applications until August 30 to participate in the PLI scheme.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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"Will Make India Manufacturing Hub": Industry Hails Curb On Laptop Imports

Industry leaders have hailed the restrictions imposed on the import of laptops, tablets and other IT hardware into the country.

The import restrictions, notified by the Directorate General of Foreign Trade (DGFT), has garnered positive responses from industry leaders and is expected to position India as a major global hub for electronics production.

The move aims to bolster domestic manufacturing and promote self-reliance in the technology sector.

Founder and Chairman of Noida-headquartered Dixon Technologies, Sunil Vachani, hailed the "landmark" move, which he said would pave the way for India's emergence as one of the largest manufacturing centres for IT products.

"This is a landmark decision to put the import of IT hardware in the restricted category. This will translate to India emerging as one of the largest hubs for manufacturing IT products. I see a time where Indian manufacturers and India as a country will be catering for global requirements for IT hardware products. This will translate to massive employment, new factories created to cater to this requirement," Vachani said.

He expressed optimism about the future, envisioning a time when Indian manufacturers would cater to global requirements for IT hardware products, leading to a surge in employment opportunities and the establishment of new factories.

Hari Om Rai, Chairman and Co-founder of Lava International, praised the government's leadership in making India a global electronics manufacturing hub.

He emphasized that the restrictions would not disrupt the supply chain, and consumers would not suffer, assuring a seamless transition toward self-sufficiency.

"The restriction on import of laptops and tablets is truly a leadership move by the Government of India. It is a step forward for making India the global hub for electronics production. The government of India has ensured that there is no disruption in the supply chain and that the consumer does not suffer", said Rai.

"India will generate a huge number of jobs and have a large component ecosystem and one day become a great electronics manufacturing hub. It is now a new India that is working for its industry, consumers and citizens. The electronics industry truly welcomes this move," Rai said.

The DGFT notification, effective immediately, restricts the import of laptops, tablets, all-in-one personal computers and ultra-small form factor computers and servers.

Such imports will now be allowed only with a valid license. However, to accommodate existing global supply chain arrangements and long-term commitments of industry stakeholders, liberal transitional arrangements have been put in place until October 31 this year.

During this period, import consignments can be cleared without the need for a license for restricted imports. From November 1, 2023, a valid license will be mandatory for import clearance.

Asked about the reasons that prompted the imposition of these restrictions, ICEA (India Cellular and Electronics Association) chairman Pankaj Mahindroo told ANI, "India's digital footprint is growing very aggressively. We have nearly 90 crore, mobile users, we have almost 15 crore consumers who are using tablets and laptops. It is very important that the devices are secure and are from trusted sources. There is a large illegal and legal import of refurbished products which are not giving good services to the consumers. So the idea is that by restricting the open general license, the government is trying to ensure that the products are available from trusted sources."

On being asked how this decision will impact companies who import laptops and computers, Mahindroo said, "PLI 2.0 (production-linked incentive), is a very robust policy. You have seen the magic in mobile phone manufacturing which has grown almost 1800 per cent from 19,000 crores to 3,50,000 crores and similar magic is trying to be rubbed off on the IT hardware also. The companies are setting up manufacturing here."

He further said, "There are 44 participants in PLI 2.0. So we are going to see massive growth in manufacturing from the current level of 25-30,000 crore to more than 100,000 crore. The category has got restricted, it has not got banned. There will be very good coordination between domestic manufacturing and import so that consumers can get full supply and at the same time domestic manufacturing keeps growing rapidly."

"I would like to assure the consumers, trade and industry that there will be no disruption in supply. In fact, the last year has been muted in IT, and hardware because during the covid there was robust demand and after that, the demand fell by 15-20 per cent", said ICEA chairman, Mahindroo

Mahindroo said, "There will be no shortage and this policy which has just come in will not impact it in any which way and the government is also determent that there should be no supply shortage."

Despite the restriction, the government has granted exemptions for certain categories, including imports as part of baggage allowance, limited imports for research and development (R&D), testing, benchmarking and evaluation.

Additionally, imports for repair and re-export, product development purposes, re-import of goods repaired abroad, and essential capital goods are also exempted from the restriction.

The government has emphasized that the restriction aims to protect the security interests of the country and its citizens.

Union Minister for Electronics and IT, Rajeev Chandrasekhar, took to Twitter to clarify the government's objective, emphasizing that the move is not about a return to a license raj system.

"It is the government's objective to ensure trusted hardware n systems, reduce import dependence and increase domestic manufacturing of this category of products (sic)," Chandrasekhar tweeted.

"This is not at all about license raj - It is about regulating imports to ensure trusted and verifiable systems AND ensuring India tech eco-system uses trusted n verified systems only that are imported and/or domestically manufactured trusted systems/products (sic)," he wrote.

To facilitate the licensing process, the DGFT has introduced a portal where companies and traders can apply for licenses.

The government aims to issue licenses within three-to-four days if all necessary details are provided promptly.

Furthermore, the government's production-linked incentive (PLI) scheme for IT hardware, introduced on May 29, 2023, has already seen registration from 44 companies.

The scheme provides additional incentives to eligible manufacturers, further encouraging domestic production and making India an attractive destination for investment in the electronics manufacturing sector.

Interested companies can still submit applications until August 30 to participate in the PLI scheme.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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SBI Posts Highest-Ever Quarterly Profit Of Rs 16,884 Crore

The State Bank of India (SBI) on Friday reported its highest-ever quarterly profit at Rs 16,884 crore in the April-June quarter of 2023-24 -- a nearly three-fold jump over Rs 6,068 crore in the year-ago period -- buoyed by a steep fall in bad loans and higher interest income.

On a consolidated basis, the bank's net income soared more than two-fold to Rs 18,537 crore in the quarter from Rs 7,325 crore a year ago. Total income was Rs 1,32,333 crore in the period as against Rs 94,524 crore in the April-June quarter of 2022-23.

On a sequential basis, some of the key numbers such as margins and net interest income showed marginal deterioration while loan loss provisions more than doubled, leading to SBI shares tanking nearly 3 per cent on bourses. This had an upset chairman Dinesh Khare opening his earnings address, wondering aloud why the markets and analysts look only at sequential numbers.

"For a bank, the first quarter is unique as most institutions hold back pay-outs or pay-ins to the last quarter of the fiscal year. In our case in the Q4 of FY23, we had Rs 830 crore of interest income from a tax refund plus there are various other one-off gains, while in the first quarter has none of them at all.

"So a fair comparison is and should be annualised and not sequential; for other quarters I wouldn't mind a sequential comparison," the chairman told reporters at his headquarters here.

The bank counter, which has the highest market value among all the nearly three dozen central enterprises, closed 2.94 per cent down at Rs 573.25 on the BSE after hitting a low of Rs 571.50 intra-day with a market cap of Rs 5.27 lakh crore.

In the March 2023 quarter (Q4FY23), the bank had booked Rs 16,695 crore of net income, which on a sequential basis is only 1.14 per cent growth in the reporting quarter.

The bank's total income rose to Rs 1,08,039 crore in the first quarter as against Rs 74,989 crore. Of this, interest income printed in at Rs 95,975 crore, 32.06 per cent more than the year-ago period, and the key net interest income clipped at 24.71 per cent to Rs 38,905 crore, Mr Khare said.

The bank continued to improve the asset quality with a major improvement in the slippage ratio too which printed in at 0.94, up by 44 bps on-year and 53 bps quarter-on-quarter, or just about Rs 7,300 crore, down from Rs 9,300 crore a year ago. More importantly, almost all of this came in from agri, SME and retail book and just Rs 131 crore came in from large corporate books, Mr Khare said.

Accordingly, the gross non-performing assets (NPA) fell to 2.76 per cent or Rs 91,328 crore, down from 3.91 per cent or Rs 1,13,272 crore a year ago and from Rs 90,928 crore in Q4FY23.

Net NPAs also eased to 0.71 per cent or at Rs 22,995 crore against 1 per cent a year ago at Rs 28,258 crore and Rs 21,467 crore in Q4FY23.

This had the bank improving its credit cost by 29 bps to 0.32 per cent and Mr Khare said the bank has a target of bringing it down to under 0.25 per cent by the end of the fiscal.

Better asset quality had the bank making only Rs 2,652 crore in loan loss provisions which is as much as 37.87 per cent less than it had provided for in the year-ago quarter at Rs 4,268 crore, but 107.43 per cent higher than the March quarter when it was only Rs 1,278 crore. This had the bank's provision coverage ratio at 74.82 improved by 127 bps and stands at 91.41.

On the margin front, the bank said its domestic NIM (net interest margin) rose 24 bps to 3.47 per cent and the chairman expects this to be maintained at the same level or even marginally more, saying some more assets are to be repriced even as he does not expect the repo rate to go up now.

The bank's credit growth stood at 13.90 per cent but domestic advances grew 15.08 per cent to Rs 33,03,731 crore. Mr Khare said the overall advance growth was impacted by lower growth in foreign advances that grew only 7.44 percent to around Rs 4.6 lakh crore.

Domestic advances growth driven by SME advances, which was 18.27 per cent, followed by retail and personal advances which grew by 16.46 per cent. Auto loans crossed the Rs 1 lakh crore mark during the quarter.

Agri and corporate loans grew 14.84 per cent and 12.38 per cent, respectively.

Of the total advances, domestic corporate rose 12.38 per cent to Rs 9,82,184 crore, domestic retail including personal loan rose 16.46 per cent to 12,04,279 crore of which home loans grew 13.47 per cent to Rs 6,52,548 crore.

On the deposit front, overall deposits grew 12 per cent to 45,31,237 crore and they expect to clip at 12.14 per cent through the year, Of the total deposits the low-cost Casa deposit grew 5.57 per cent to Rs 18,66,059 crore and the ratio stands at 42.88. Term deposits jumped 16.60 per cent to Rs 24,86,168 crore.

The capital adequacy ratio improved by 113 bps to 14.56.

Mr Khare said as much as 63 per cent of SB accounts and 35 per cent of retail asset accounts were acquired digitally through Yono and the share of alternate channels in total transactions increased from 97 per cent on-year to 97.5 per cent.

During the quarter, the bank infused Rs 489.67 crore into its non-life insurance arm SBI General Insurance, and Mr Khare ruled out reviving the now-shelved IPO plan for the company. It also infused Rs 82.16 crore into eight regional rural banks.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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SBI Posts Highest-Ever Quarterly Profit Of Rs 16,884 Crore

The State Bank of India (SBI) on Friday reported its highest-ever quarterly profit at Rs 16,884 crore in the April-June quarter of 2023-24 -- a nearly three-fold jump over Rs 6,068 crore in the year-ago period -- buoyed by a steep fall in bad loans and higher interest income.

On a consolidated basis, the bank's net income soared more than two-fold to Rs 18,537 crore in the quarter from Rs 7,325 crore a year ago. Total income was Rs 1,32,333 crore in the period as against Rs 94,524 crore in the April-June quarter of 2022-23.

On a sequential basis, some of the key numbers such as margins and net interest income showed marginal deterioration while loan loss provisions more than doubled, leading to SBI shares tanking nearly 3 per cent on bourses. This had an upset chairman Dinesh Khare opening his earnings address, wondering aloud why the markets and analysts look only at sequential numbers.

"For a bank, the first quarter is unique as most institutions hold back pay-outs or pay-ins to the last quarter of the fiscal year. In our case in the Q4 of FY23, we had Rs 830 crore of interest income from a tax refund plus there are various other one-off gains, while in the first quarter has none of them at all.

"So a fair comparison is and should be annualised and not sequential; for other quarters I wouldn't mind a sequential comparison," the chairman told reporters at his headquarters here.

The bank counter, which has the highest market value among all the nearly three dozen central enterprises, closed 2.94 per cent down at Rs 573.25 on the BSE after hitting a low of Rs 571.50 intra-day with a market cap of Rs 5.27 lakh crore.

In the March 2023 quarter (Q4FY23), the bank had booked Rs 16,695 crore of net income, which on a sequential basis is only 1.14 per cent growth in the reporting quarter.

The bank's total income rose to Rs 1,08,039 crore in the first quarter as against Rs 74,989 crore. Of this, interest income printed in at Rs 95,975 crore, 32.06 per cent more than the year-ago period, and the key net interest income clipped at 24.71 per cent to Rs 38,905 crore, Mr Khare said.

The bank continued to improve the asset quality with a major improvement in the slippage ratio too which printed in at 0.94, up by 44 bps on-year and 53 bps quarter-on-quarter, or just about Rs 7,300 crore, down from Rs 9,300 crore a year ago. More importantly, almost all of this came in from agri, SME and retail book and just Rs 131 crore came in from large corporate books, Mr Khare said.

Accordingly, the gross non-performing assets (NPA) fell to 2.76 per cent or Rs 91,328 crore, down from 3.91 per cent or Rs 1,13,272 crore a year ago and from Rs 90,928 crore in Q4FY23.

Net NPAs also eased to 0.71 per cent or at Rs 22,995 crore against 1 per cent a year ago at Rs 28,258 crore and Rs 21,467 crore in Q4FY23.

This had the bank improving its credit cost by 29 bps to 0.32 per cent and Mr Khare said the bank has a target of bringing it down to under 0.25 per cent by the end of the fiscal.

Better asset quality had the bank making only Rs 2,652 crore in loan loss provisions which is as much as 37.87 per cent less than it had provided for in the year-ago quarter at Rs 4,268 crore, but 107.43 per cent higher than the March quarter when it was only Rs 1,278 crore. This had the bank's provision coverage ratio at 74.82 improved by 127 bps and stands at 91.41.

On the margin front, the bank said its domestic NIM (net interest margin) rose 24 bps to 3.47 per cent and the chairman expects this to be maintained at the same level or even marginally more, saying some more assets are to be repriced even as he does not expect the repo rate to go up now.

The bank's credit growth stood at 13.90 per cent but domestic advances grew 15.08 per cent to Rs 33,03,731 crore. Mr Khare said the overall advance growth was impacted by lower growth in foreign advances that grew only 7.44 percent to around Rs 4.6 lakh crore.

Domestic advances growth driven by SME advances, which was 18.27 per cent, followed by retail and personal advances which grew by 16.46 per cent. Auto loans crossed the Rs 1 lakh crore mark during the quarter.

Agri and corporate loans grew 14.84 per cent and 12.38 per cent, respectively.

Of the total advances, domestic corporate rose 12.38 per cent to Rs 9,82,184 crore, domestic retail including personal loan rose 16.46 per cent to 12,04,279 crore of which home loans grew 13.47 per cent to Rs 6,52,548 crore.

On the deposit front, overall deposits grew 12 per cent to 45,31,237 crore and they expect to clip at 12.14 per cent through the year, Of the total deposits the low-cost Casa deposit grew 5.57 per cent to Rs 18,66,059 crore and the ratio stands at 42.88. Term deposits jumped 16.60 per cent to Rs 24,86,168 crore.

The capital adequacy ratio improved by 113 bps to 14.56.

Mr Khare said as much as 63 per cent of SB accounts and 35 per cent of retail asset accounts were acquired digitally through Yono and the share of alternate channels in total transactions increased from 97 per cent on-year to 97.5 per cent.

During the quarter, the bank infused Rs 489.67 crore into its non-life insurance arm SBI General Insurance, and Mr Khare ruled out reviving the now-shelved IPO plan for the company. It also infused Rs 82.16 crore into eight regional rural banks.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Navigating The Trade Winds: A Digital Revolution In Global Commerce

In the ever-evolving world of international trade, a company's ability to adapt and innovate can be the key to its success. At the forefront of this wave of change is Mumbai-based tech company ODeX. Known for its centralised platform that caters to the EXIM (Export-Import) community, ODeX has been setting new benchmarks, challenging the conventional norms of global trade with its suite of digitised solutions. As ODeX embraces an exciting phase of growth beyond its Indian roots, we at NDTV spoke with the company's CEO, Liji Nowal, to explore the driving forces behind this expansion, the challenges encountered, and what the future holds for this ambitious enterprise. 

Setting the Stage for Expansion

Embracing growth beyond a home country is a bold step for any company. This venture, especially into the international arena, brings with it a unique set of challenges. Cultural and language barriers, compliance with a myriad regulatory and legal norms, dealing with currency and financial risks, establishing brand recognition and trust in new markets, acquiring talent, and navigating the diverse shipping and documentation processes unique to each country – these hurdles can appear overwhelming.

ODeX , however, has turned these obstacles into stepping stones for its success. By incorporating careful planning, in-depth market research, adaptive strategies, and a relentless desire to learn and integrate into their core modus operandi, the company has managed to transform these challenges into opportunities for growth. Highlighting one of the more significant challenges in their journey, Nowal explained,

The greatest challenge lies in the shipping and documentation process, which is certain to be distinct from the home country, as each country has its own procedures. Standardisation is a significant challenge for the maritime industry.

Venturing into Uncharted Territories: The West African Experience

As ODeX continues to broaden its geographical footprint, it has come across markets that present more intricate difficulties than others. West Africa, for instance, posed unique challenges due to its distinct demographics and the long-standing practice of cash payments.

Nowal shed light on the situation, stating,

Although people were eager to adopt digitalisation initiatives, the old method of accepting cash payments was an obstacle that made it difficult for us to alter human behaviour.

However, ODeX's operational philosophy that perceives obstacles as hidden opportunities has been instrumental in addressing such issues. The company dedicated substantial time, resources, and efforts to understand the peculiarities of this region and adapt its strategy accordingly. This approach has led to the unearthing of unique advantages and untapped growth potential in markets that many would consider challenging.

Defining Success in New Dimensions: The MENA

Journey In a significant milestone for the company, ODeX has made impactful strides in the MENA region. When questioned about the company's definition of success in this region, Nowal presented an insightful perspective, emphasising the multifaceted nature of success that extends beyond mere financial parameters.

Success should not be measured solely by financial metrics, but also by the positive impact a business has on its stakeholders and the community as a whole.

The initiatives spearheaded by ODeX have elicited a heartening response from stakeholders and customers in the MENA region, vindicating their innovative strategy and robust business model. This implies that ODeX is not only formulating pioneering solutions but also catalysing a transformative change in the industry.

Looking Ahead: The Future of ODeX Global

As a company that never rests on its laurels, ODeX has ambitious plans charted for the future. Nowal shared the roadmap, which revealed further expansion into some of the world's most dynamic markets. Nowal elaborated,

We will go live in North America next quarter, followed by Singapore, Malaysia, and Europe, in that order.

Conclusion: The Journey Continues

ODeX's ongoing expansion beyond Indian borders serves as a testament to the company's commitment to innovation, its appeal to the global EXIM community, and the transformative power of digital solutions in redefining traditional industry practices. The journey of ODeX is emblematic of the evolutionary trajectory of the global trade industry itself. The company's story underscores the power of digitization, adaptation, and innovation in driving growth and operational efficiency in the complex world of international trade.

As ODeX continues to venture into new markets and implement its unique solutions, it's exciting to anticipate the ripple effect this will have on the broader EXIM community. In the ever-changing, fast-paced world of international trade, ODeX stands out as a beacon of change, driving efficiency, fostering accessibility, and promoting sustainable practices.

Their journey is an inspiration to other industry players, offering a blueprint for harnessing the power of digital tools in the creation of a more efficient, streamlined, and inclusive global trade ecosystem. With its relentless focus on innovation and unwavering commitment to enhancing customer experience, ODeX is truly leading the digital revolution in the EXIM landscape. As they continue to break new grounds and set new standards, one can only watch with bated breath, and wish them success in their future endeavours.

from NDTV Profit-Latest https://ift.tt/AH4xgWT
via

Navigating The Trade Winds: A Digital Revolution In Global Commerce

In the ever-evolving world of international trade, a company's ability to adapt and innovate can be the key to its success. At the forefront of this wave of change is Mumbai-based tech company ODeX. Known for its centralised platform that caters to the EXIM (Export-Import) community, ODeX has been setting new benchmarks, challenging the conventional norms of global trade with its suite of digitised solutions. As ODeX embraces an exciting phase of growth beyond its Indian roots, we at NDTV spoke with the company's CEO, Liji Nowal, to explore the driving forces behind this expansion, the challenges encountered, and what the future holds for this ambitious enterprise. 

Setting the Stage for Expansion

Embracing growth beyond a home country is a bold step for any company. This venture, especially into the international arena, brings with it a unique set of challenges. Cultural and language barriers, compliance with a myriad regulatory and legal norms, dealing with currency and financial risks, establishing brand recognition and trust in new markets, acquiring talent, and navigating the diverse shipping and documentation processes unique to each country – these hurdles can appear overwhelming.

ODeX , however, has turned these obstacles into stepping stones for its success. By incorporating careful planning, in-depth market research, adaptive strategies, and a relentless desire to learn and integrate into their core modus operandi, the company has managed to transform these challenges into opportunities for growth. Highlighting one of the more significant challenges in their journey, Nowal explained,

The greatest challenge lies in the shipping and documentation process, which is certain to be distinct from the home country, as each country has its own procedures. Standardisation is a significant challenge for the maritime industry.

Venturing into Uncharted Territories: The West African Experience

As ODeX continues to broaden its geographical footprint, it has come across markets that present more intricate difficulties than others. West Africa, for instance, posed unique challenges due to its distinct demographics and the long-standing practice of cash payments.

Nowal shed light on the situation, stating,

Although people were eager to adopt digitalisation initiatives, the old method of accepting cash payments was an obstacle that made it difficult for us to alter human behaviour.

However, ODeX's operational philosophy that perceives obstacles as hidden opportunities has been instrumental in addressing such issues. The company dedicated substantial time, resources, and efforts to understand the peculiarities of this region and adapt its strategy accordingly. This approach has led to the unearthing of unique advantages and untapped growth potential in markets that many would consider challenging.

Defining Success in New Dimensions: The MENA

Journey In a significant milestone for the company, ODeX has made impactful strides in the MENA region. When questioned about the company's definition of success in this region, Nowal presented an insightful perspective, emphasising the multifaceted nature of success that extends beyond mere financial parameters.

Success should not be measured solely by financial metrics, but also by the positive impact a business has on its stakeholders and the community as a whole.

The initiatives spearheaded by ODeX have elicited a heartening response from stakeholders and customers in the MENA region, vindicating their innovative strategy and robust business model. This implies that ODeX is not only formulating pioneering solutions but also catalysing a transformative change in the industry.

Looking Ahead: The Future of ODeX Global

As a company that never rests on its laurels, ODeX has ambitious plans charted for the future. Nowal shared the roadmap, which revealed further expansion into some of the world's most dynamic markets. Nowal elaborated,

We will go live in North America next quarter, followed by Singapore, Malaysia, and Europe, in that order.

Conclusion: The Journey Continues

ODeX's ongoing expansion beyond Indian borders serves as a testament to the company's commitment to innovation, its appeal to the global EXIM community, and the transformative power of digital solutions in redefining traditional industry practices. The journey of ODeX is emblematic of the evolutionary trajectory of the global trade industry itself. The company's story underscores the power of digitization, adaptation, and innovation in driving growth and operational efficiency in the complex world of international trade.

As ODeX continues to venture into new markets and implement its unique solutions, it's exciting to anticipate the ripple effect this will have on the broader EXIM community. In the ever-changing, fast-paced world of international trade, ODeX stands out as a beacon of change, driving efficiency, fostering accessibility, and promoting sustainable practices.

Their journey is an inspiration to other industry players, offering a blueprint for harnessing the power of digital tools in the creation of a more efficient, streamlined, and inclusive global trade ecosystem. With its relentless focus on innovation and unwavering commitment to enhancing customer experience, ODeX is truly leading the digital revolution in the EXIM landscape. As they continue to break new grounds and set new standards, one can only watch with bated breath, and wish them success in their future endeavours.

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Zomato Shares Jump 14%, Hit 52-Week High After First-Ever Quarterly Profit

Shares of online food delivery firm Zomato Ltd zoomed over 14 per cent in morning trade on Friday, after the company reported its first-ever consolidated profit after tax of Rs 2 crore in the April-June quarter of 2023-24.

The stock jumped 14.11 per cent to reach its 52-week high of Rs 98.39 on the BSE.

At the NSE, it rallied 13.69 per cent to its 52-week peak of Rs 98.40.

In traded volume terms, 70.26 lakh shares of the company were traded at the BSE and over 19.30 crore shares at the NSE in morning deals.

The company had posted a net loss of Rs 186 crore in the same quarter last fiscal, Zomato said in a regulatory filing on Thursday.

Consolidated revenue from operations in the first quarter of the current fiscal was at Rs 2,416 crore, as against Rs 1,414 crore in the year-ago period, it added.

Total expenses were higher at Rs 2,612 crore, as compared to Rs 1,768 crore in the same quarter a year ago.

In a letter to shareholders, Zomato Managing Director & Chief Executive Officer (CEO) Deepinder Goyal said the company has been working hard to make its business less complex, and putting the right people at the right spots within its businesses.

He had said in May that the company was confident of achieving profitability for the entire business in the next four quarters.
 

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