MM TAX CLUB

Celebrating 8 years of Startup India, the ‘Startup India Innovation Week 2024’ commenced on 10.01.2024 with Ask Me Anything (AMA) session with ecosystem enablers. Eight, virtual Ask Me Anything (AMA) live sessions are planned to be conducted from 10th to 17th January 2024 with relevant stakeholders to celebrate the spirit of entrepreneurship in India. On 10th January 2024, the Ask Me Anything session focused on ‘Opportunities for Budding Startups through Incubators’, giving insights to startups and entrepreneurs on various sources of seed funding available. The session also provided valuable guidance on the different stages of the startup journey, from the initial spark of an idea to finally entering the market. It was live-streamed on Startup India social media channels, including   Twitter, LinkedIn, and Facebook, and can be accessed here:  https://www.youtube.com/watch?v=hM36ZJA_5ZI.

The first mentorship session under the MAARG Mentorship Series for budding entrepreneurs focused on ‘From Idea to Execution - Building a Solid Business Plan’. The session shared insights into the process of transforming entrepreneurial ideas into a well- structured business plan, engaging the participants, and explaining the fundamentals using case studies depicting challenging scenarios. The session was also hosted on the MY Bharat portal for aspiring entrepreneurs.

Further, ‘Startup Shala’ - Startup India’s flagship Accelerator Program was launched for extensive handholding of startups at the scaleup stage. The initiative is a 3-month long accelerator program for early-stage startups to provide them access to knowledge, network, funds, or guidance required to scale up. Each program cohort will focus on a particular sector, the first one being the clean-tech sector. The applications have been opened on the Startup India portal from 10th January 2024.

Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, Textiles, Shri Piyush Goyal while addressing the India-UAE Business Summit during the Vibrant Gujarat Global Summit 2024 highlighted India’s booming startup landscape and the way ahead for the growth of the startup ecosystem. Joint Secretary, Department for Promotion of Industry and Internal Trade (DPIIT), Shri Sanjiv, participated in various engagements and also addressed and highlighted the importance of international exposure for Indian startups and the crucial role a startup bridge plays in easing international market access.

Celebrating Indian innovations across the country, incubators organised startup-related events at their centres as well. On 10th January 2024, 9 such engaging events took place physically in 7 different states across 9 cities. More than 845+ entrepreneurs and student entrepreneurs attended the events. The events provided opportunities for startup showcases, mentorship sessions, and engaging panel discussions, among others.

On 11.01.2024, Secretary DPIIT, Shri Rajesh Kumar Singh, delivered the inaugural address in the startup seminar, ‘Startups Unlocking Infinite Potential’, at the Tenth Vibrant Gujarat Global Summit in Gandhinagar, Gujarat. In his address, he highlighted the growth of the e-commerce industry in recent years owing to increased internet penetration and the growing popularity of digital payments. This has led to a surge in startup activity, particularly in the e-commerce and fintech sectors.

Joint Secretary, DPIIT, Shri Sanjiv highlighted the government’s proactive role in nurturing and promoting the startup ecosystem in the country in partnership with the industry. He underscored India’s remarkable strides in the e-commerce and retail sector and highlighted the importance of startups in the Indian growth story.

The second Ask Me Anything session focused on ‘Innovation at the Intersection’ with

leading corporates actively engaging with startups. The panel discussed current trends and advised startups on insights on tapping new market opportunities. Subsequent to this session, one-on-one handholding and mentorship sessions to shortlisted startups with the corporates will be provided in domains of financial lending and support, operations, sustainable innovations, and disruptive technology.

The second mentorship session under the MAARG Mentorship Series focused on ‘Understanding Business Structures and Processes to Incorporate an Entity’. It explored different kinds of business structures and their nuances for a startup. The session saw active participation from aspiring entrepreneurs who gained valuable insights on the steps to start their startup journey.

Showcasing innovations across the country, 14 events took place physically in 9 states across 12 cities. The events saw active participation from startups and entrepreneurs attended the events. The events included an ideathon for student entrepreneurs, showcase of women-led startups, and a panel on exploring deeptech frontiers and IPR Strategies, among others.

More insightful Ask Me Anything sessions with ecosystem enablers and sessions under the MAARG Mentorship series are planned across the week. The schedule of the lineup of events can be accessed at https://www.startupindia.gov.in/innovation-week/ .

ers emphasized their mutual interest in furthering public health discussions to ensure safe and effective medical products. India emphasized the need to increase the number of inspections by the U.S. Food and Drug Administration (U.S. FDA) in India to facilitate trade and continue to reduce the backlog. The United States appreciated India’s remarks, noting that the U.S. FDA has increased staffing to increase pharmaceutical inspections conducted by the agency.

11. The Ministers acknowledged the ongoing discussions related to ensuring patient access to affordable medical devices, including through the Trade Margin Rationalization (TMR) approach. They also emphasized the importance of enhancing engagement to address measures that could negatively impact the ongoing trade in the sector, such as standards and pricing issues for medical devices, including for cardiac stents and knee implants. The Ministers noted that this engagement would facilitate access to cutting-edge medical technology for patients. The Ministers shared concerns related to the overdependence and lack of diversity in Active Pharmaceutical Ingredients within the global pharmaceutical supply chain and welcomed the opportunity to collaborate to derisk and diversify with a focus on Key Starting Materials.

12. Ambassador Tai raised the issue of India’s new import requirements for computers, tablets, and servers. Minister Goyal described India’s objectives, including those related to national security concerns, and Ambassador Tai expressed a willingness to collaborate with India on the shared objective of supply chain resilience in this sector. India conveyed its willingness to continue engaging on this issue with the United States and other interested stakeholders. She further welcomed that India has implemented the “import management system for specified IT Hardware” in a facilitative manner that has thus far minimized the impact on trade and urged India to ensure that the end-to-end online system currently in operation and related policies do not restrict trade going forward.

13. Minister Goyal reiterated India’s interest in restoration of its beneficiary status under the U.S. Generalized System of Preferences program. Ambassador Tai noted that this could be considered, as warranted, in relation to the eligibility criteria determined by the U.S. Congress.

14. The United States welcomed India’s decision to reduce the timeline for reaching 20 percent ethanol blending with petrol from 2030 to 2025 and for the launch of the Global Biofuels Alliance as well as the India-U.S. Biofuels Task Force. They offered to explore ways that the United States can supplement ethanol supply in India for fuel blending in the event that stocks in India fall short of demand. Indian side noted the United States’ request for cooperation in this regard. Intellectual Property

15. The Ministers appreciated the positive ongoing engagement on intellectual property (IP) in the TPF IP Working Group and acknowledge the important role protection and enforcement of IP plays in promoting innovation, bilateral trade, and investment in IP-intensive industries. The United States welcomed India’s efforts to modernize its patent system and registration processes across its IP offices, particularly through recently proposed amendments to the patent rules which aim towards streamlining compliance requirements and easing the process of patent filing and granting. The Working Group also discussed a number of other issues, including protection for geographical indications and trade secrets. Both sides welcomed each other’s commitment to comply with the World Intellectual Property Organization Copyright Treaty and World Intellectual Property Organization Performance and Phonogram Treaty. The United States and India committed to continuing to engage on IP matters concerning both sides. Agriculture

16. The Ministers acknowledged the pending work to be completed for early finalization of market access for certain agricultural products of interest to both sides. They also conveyed their interest in enhancing their ongoing dialogue on food and agricultural trade issues in 2024 and to continue working to address outstanding issues through the Agriculture Working Groups, as well as the relevant sub-groups, utilizing science and risk-based principles. The Ministers welcomed the engagement and information exchange on necessary regulations regarding import of animal feed products, including alfalfa hay. Services

17. The Ministers acknowledged the constructive engagement of the Services Working Group under the Trade Policy Forum. The Ministers emphasized that bilateral cooperation on digital trade and services should support the growth of their dynamic economies, while also addressing shared challenges and providing tangible benefits for workers and small businesses.

18. The Ministers acknowledged the ongoing discussions on a Social Security totalization agreement and receipt of additional information by the United States from India. They also encouraged further engagement in order to establish a stronger basis for a future agreement.

19. The Ministers exchanged views on the potential of digital trade to spur economic growth and innovation. The Ministers discussed India’s new Digital Personal Data Protection Act (DPDPA). Ambassador Tai appreciated India’s extensive consultations and noted that India’s approach of enhancing data protection, privacy and security while enabling connectivity will support further expansion of the bilateral digital trade. Both Ministers expressed their desire to continue engaging as India begins to draft rules for implementing the DPDPA.

20. The Ministers acknowledged the discussions on telemedicine services and encouraged stakeholder engagement on both sides to create an enabling framework for future collaboration in this area.

21. Ambassador Tai welcomed the positive amendments to the Direct Selling Rules and appreciated India’s continued engagement on the issue.

22. Minister Goyal highlighted India’s leadership in further developing Digital Public Infrastructure (DPI). Both sides recognized the potential of Digital Public Infrastructure (DPI) approaches for enabling open and inclusive digital economies. The Ministers expressed their interest in further collaborating to ensure that DPI is utilized in a manner that ensures competitive markets and promotes inclusive development, and includes appropriate safeguards to protect privacy, data security, and intellectual property.

23. The Ministers acknowledged the role of professional services in catalyzing bilateral trade between the two countries and noted that issues related to recognition of professional qualifications and experience can facilitate services trade. In this context, both sides agreed to continue discussions on promoting engagement in these sectors.

24. The Ministers noted that the movement of professional and skilled workers, students, investors and business visitors between the countries contributes immensely to enhancing the bilateral economic and technological partnership. Minister Goyal highlighted challenges being faced by business visitors from India due to visa processing time periods and requested the United States to augment processing. Resilient Trade

25. The Ministers welcomed the continued engagement on the use of best practices with respect to customs and trade facilitation, including continued collaboration on issues related to the WTO’s Trade Facilitation Agreement and adopting provisions on digitalization of trade facilitation measures.

26. The Ministers reiterated their commitment towards policies that ensure transparent regulatory practices, including online accessibility to information regarding regulations and regulatory processes, and adequate time for public consultations.

27. Minister Goyal conveyed India’s interest in being recognized as a Trade Agreements Actdesignated country by the United States. The Ministers highlighted the initiation in 2023 of discussions on issues related to bilateral government procurement, such as transparency and procedural fairness, and welcomed plans for further technical engagement between their officials.

28. The Ministers recognized the importance of eliminating forced labor in global supply chains to promote resilient and sustainable trade and committed to work together on issues pertaining to child and forced labor in global supply chains.

29. The Ministers appreciated the positive spirit of collaboration demonstrated by both sides while resolving bilateral WTO disputes and in that spirit emphasized that the TPF will continue to act as the key platform to discuss all outstanding trade issues with the aim to both strengthen the bilateral economic partnership and to address these issues bilaterally.

30. The Ministers concluded the meeting by directing the five TPF Working Groups to reconvene quarterly, either in person or virtually, and identify specific trade outcomes to ensure that the trade relationship continues on its positive trajectory. They also instructed senior officials to hold an in person inter-sessional TPF meeting by mid-2024 and plan to reconvene the TPF at the Ministerial level before the end of 2024.

The 14th Ministerial-level meeting of the India- United States Trade Policy Forum (TPF) was held in New Delhi, India on January 12, 2024. Minister of Commerce and Industry, India, Shri Piyush Goyal and U.S. Trade Representative, Ambassador Katherine Tai co-chaired the TPF meeting.

Before the delegation level talks, CIM also held a small group meeting with USTR Ambassador Katherine Tai. The Ministers highlighted that the effective implementation of the TPF plays a pivotal part in fortifying resilient bilateral trade and in elevating the overall economic partnership between the nations. After the meeting a Joint Statement has been issued.

Top ten highlights of the 14th India – USA TPF discussions are as follows:

1. The Ministers committed to pursue foundation to launch future Joint Initiatives in certain areas, including critical minerals, customs and trade facilitation, supply chains, and trade in high tech products, in which the United States and India will develop an ambitious and forward-looking roadmap for enhanced cooperation in order to achieve economically meaningful outcomes.
2. The Ministers agreed to establish a Joint Facilitative Mechanism (JFM) to mitigate non-tariff barriers which would pursue mutually recognition of results from International Laboratories and establish mutual recognition arrangements (MRAs), on a bilateral basis whenever possible. This would eliminate duplicative testing requirements and reduce compliance costs for trade in high-quality goods.
3. Ambassador Tai appreciated India’s G20 Presidency and the outcomes achieved in the G20 Trade and Investment Working Group, in particular the adoption of the High-Level Principles on Digitalization of Trade Documents. The Ministers agreed to further pursue support for the implementation of these principles in other forums thus building on the G20 outcomes, bilaterally.
4. The Ministers acknowledged the ongoing discussions on a Social Security Totalization Agreement and additional information provided by the Indian side to the US side as part of discussions. They also encouraged to fast track the engagement for a future agreement. Social Security/ Totalisation Agreement is one of the key asks from the Indian side in the TPF which will significantly contribute towards enhancing services trade between countries and help Indian IT professionals who temporarily work in the US.
5. Indian side raised the issue of lifting the ban on exports of wild caught shrimps, which is a significant ask from the Indian side affecting Indian fishermen and our exports to the US market. USA is India’s top export market for shrimps. In this context, both the Ministers welcomed the finalization of the Turtle Excluder Device (TED) design developed with the technical support of the National Oceanic and Atmospheric Administration (NOAA). TED is an effective device in minimizing the impact of fishing on sea-turtle population and would foster enhanced seafood trade between the two countries.
6. Under the Resilient Trade Working Group which was launched during the 13th TPF, both sides deliberated further on the issue of India’s designation as a TAA Compliant country for which a formal discussion was initiated after the State Visit of Prime Minister to USA in June 2023. Discussions under TAA would contribute towards supply chain integration for India and the USA.
7. India also emphasized the need to increase the number of inspections by the U.S. Food and Drug Administration (U.S. FDA) in India to reach the pre-pandemic level. It may be noted that USA is India’s top export market for pharma products. The exports to US are growing at the rate of 6.7% in the last 5 years. In the backdrop of pandemic, USFDA had stopped conducting inspections and audit in India for a long period, and resumed later, which resulted in huge backlog impacting product approvals and unit approvals / renewal.
8. The Ministers noted that the movement of professional and skilled workers, students, investors and business visitors between the countries contributes immensely to enhancing bilateral economic and technological partnership. Minister Goyal highlighted challenges being faced by business visitors from India due to visa processing time periods and requested the United States to augment processing. The Ministers also acknowledged the role of professional services in catalysing bilateral trade between the two countries and noted that issues related to recognition of professional qualifications and experience can facilitate services trade.
9. Both Ministers also discussed the issue of import management system for specific hardware and Minister Goyal briefed her about India’s objectives, including those related to national security concerns, and Ambassador Tai expressed a willingness to collaborate with India on the shared objective of supply chain resilience in this sector.
10. Minister Goyal reiterated India’s interest in restoration of its beneficiary status under the U.S. Generalized System of Preferences program. Ambassador Tai noted that this could be considered, as warranted, in relation to the eligibility criteria determined by the U.S. Congress. 

The Ministers also appreciated the strong momentum in the India-US bilateral trade in goods and services which continued to rise and has likely surpassed $200 billion in calendar year 2023 despite the challenging global trade environment. The bilateral goods and services trade between US and India has almost doubled since 2014, it signals accelerated growth benefitting both countries.

The Ministers, during the meeting, reviewed the substantial progress made in addressing concerns impacting the bilateral trade relationship since the 13th TPF held in January 2023. This was highlighted by the historic settlement of all seven longstanding trade disputes at the World Trade Organization (WTO) between the two countries. These outcomes were delivered in the context of the historic state visit of India’s Prime Minister Narendra Modi to the United States in June 2023 and subsequently during the visit of U.S. President Biden to India for the G20 Summit in September 2023.

As vibrant democracies, both India and USA are natural partners and have trade complementarities, long standing strategic and economic relationship, and people to people contact. The two countries are also collaborating under the QUAD, I2U2 (India-Israel/ UAE-USA) and IPEF (Indo-Pacific Economic Framework) and Commercial Dialogue. Regular exchanges at the leadership-level have been an integral element of the expanding bilateral engagement. Ambassador Tai’s visit served to further strengthen the existing deep ties between India and the United States.

The following State Governments have offered to sell stock by way of auction, for an aggregate amount of ₹19,200 Crore (Face Value).