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Business Deals Will Soon be taking place between Israel and the UAE
  • Newsletter, U.A.E

Business Deals Will Soon be taking place between Israel and the UAE

With the recent signing of the historic peace agreement, Israel and the UAE have taken steps in normalizing the ties between the 2 countries and formalizing a combined effort to research the COVID-19 pandemic.  This could open ties between such industries as air travel, investment, security, telecommunications, and tourism.  The world could soon be seeing cross-border ventures for doing business in UAE as well as Israel.  All of this resulted from a landmark call that took place between Israel’s Minister of Foreign Affairs Gabi Ashkenazi and UAE Foreign Minister Sheikh Abdullah bin Zayed al Nahyan.

Company Alliances being formed

With the announcement of the peace agreement on August 13th, decades of hostility and opposition were finally set aside while promises were made to open ties in the industries above.  For example, Etisalat (Emirates Telecommunications Corp,), the UAE’s largest phone company is in advanced talks with Partner Communications, the wireless operator of Israel.  In addition to this, Israir Airlines Ltd. has applied for landing permits in the UAE.  Finally, Israel’s TeraGroup has agreed to join forces with UAE-based APEX National Investment and research the Coronavirus.

Recent Stock Gains and other News

In other noteworthy news, the peace agreement has continued to reverberate through stock markets in the Middle East.  For instance, Israel’s TA-35 was up as much as 2% while the indexes in Abu Dhabi and Dubai rose 0.6% and 1.3% respectively.  Additionally, Stock indexes were up in other countries including Bahrain, Egypt, Kuwait, Qatar, and Saudi Arabia.

According to the Times of Israel, a recent phone call took place between Bahrain’s Prime Minister and the chief of Israel’s spy agency Mossad.  An Arabic-language news reporter for Israel tweeted that a future meeting between the two has been planned and may lead to a peace agreement between those two countries as well.  Interestingly enough, Bahrain has denied that the phone call occurred while there was no comment from Israel’s Office of the Prime Minister. 

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Indian PM Modi Announces Long-awaited Digital Projects
  • India, Newsletter

Indian PM Modi Announces Long-awaited Digital Projects

India celebrated their independence from the British Empire for the 74th time this past August 15th.  It was also the day Prime Minister Modi announced the launching of three Digital India projects that could result in new company formation in India:

  • the National Digital Health Mission
  • a new cyber security policy
  • the promise of optical fiber connectivity to 600,000 villages over the next 1,000 days.


The following is a breakdown of these three monumental projects.


National Digital Health Mission

The beginning of India’s new digital health infrastructure took place in 2017 when the National Health Policy was implemented.  It proposed a National Digital Health Authority and released the blueprint for it two years later (July, 2019).  This past August 7th was the release date of the NHDM’s (National Digital Health Mission’s) which outlined the digital registration of:

  • doctors
  • hospitals
  • digital clinical decision systems
  • digital personal health records
  • pharmacies
  • insurance companies


As a result, patients can now share their information between doctors and hospitals in a digital format by simply creating a Health ID.  Furthermore, they can choose the specific documents they want to share with whom for as long as they want. To get the government benefits, people will need to connect their health IDs with the Aadhaar cards. In early weeks of July, NDHM began consultation and collaborations with insurance companies, large hospitals, laboratories and licensing authorities to ensure smooth functioning when the scheme is implemented. Other key features would include tele-medicine, data analytics tools and online pharmacy.

New Cyber Security Policy

The existing cyber security policy was born when whistleblower Edward Snowden said that India’s domestic issues were being monitored by the US National Security Agency.  The scope and sophistication of cyber attacks and intrusions has increased dramatically over the past decade and are now targeting critical information infrastructure as well as sensitive business and personal data.  Consequently, this poses a serious threat to the national economy and security.  Due to a number of technological developments, there are significant challenges to contend with in the cyber environment such as:

  • access to overseas data
  • cyberspace law enforcement
  • data privacy and protection
  • global cooperation regarding cybercrimes and cyber terrorists
  • misuse of Facebook, Twitter, and other social media platforms


Additionally, this will likely require the revamping and revitalization of existing structures.  This may also have an impact on the passage of data protection legislation by a Joint Select Committee in India’s Parliament when attracting new companies in India.

Optical Fiber Connectivity

The Indian Government is referring to this as the “largest connectivity project in the world today.”  BharatNet (Bharat Broadband Network Limited) which is governed by the Government of India’s Department of Telecommunications, is the country’s telecom infrastructure provider.  Under this project, roughly 800,000 kilometers or nearly 500 miles of OFC or optical fiber cable to cover more than 2,50,000-gram panchayats with an estimated cost of the project to be over $6.2 billion. Although it was unable to meet its original deadline of March 2020, the project is still on track to be completed in the ensuing year. It has encountered multiple snags over the deadline and the most prominent issue that is cropping up is the lack of bidders for maintenance. This is partly due to keeping Chinese vendors out of the tender ambit.

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DIFC Unveils a New License in a Bid to Boost Entrepreneurship and Creativity
  • Newsletter, U.A.E

DIFC Unveils a New License in a Bid to Boost Entrepreneurship and Creativity

Dubai International Financial Centre (DIFC) has recently unveiled a new license for tech companies, entrepreneurs and start-ups. With the license, DIFC company formation has now been made more efficient. The new license, dubbed “Innovation License,” is expected to attract different types of enterprises and businesses to the center. As per a recent press release by the DIFC, the new license is also an important initiative towards the Dubai Future District plan, which was announced back in January this year by His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Vice President and the Prime Minister of the UAE.

Innovation License is designed to support entrepreneurship, innovation and creativity in the Middle East, Africa and South Asia (MEASA) region. Business organizations will expand and scale their operations using the Dubai International Financial Centre’s independent English Common Law-based data protection regime as well as legal and regulatory framework. Holders of the Innovation License will join the network of tech companies in the region’s largest financial free zone that consists of more than 2500 enterprises and 25,000 professional individuals.

The Innovation License costs $1,500 and provides business organizations with access to co-working spaces at Dubai International Financial Center. License holders also get access DIFC co-working spaces at subsidized, attractive prices. A top executive at DIFC Authority, Salmaan Jaffery, mentioned that the new Dubai Innovation License provides a prominent opportunity for future business aspirants to start, upscale and secure their enterprise within the framework of a global financial centre.

The license has indeed incentivized business setup in Dubai. Jaffery added that he hopes the new license will attract technology-focused enterprises that will transform the financial sector. In his opinion, these entities can shape the economic future that UAE holds.

With an aim of becoming a leading fintech hotspot, the DIFC has been working on and launching various initiatives and policies in order to attract foreign firms. It also intends to build a nurturing environment for businesses to thrive and succeed. The center is a proud home to over 730 active financial companies in addition to 120+ fintech firms.

Intuit Management Consultancy (IMC Group) can help businesses with DIFC licensing processes in a hassle-free manner owing to their experience and hands-on expertise.

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Despite Pandemic’s Hits to the Economy, Southeast Asian Startup Investments have nearly doubled
  • Newsletter

Despite Pandemic’s Hits to the Economy, Southeast Asian Startup Investments have nearly doubled

During the second quarter of 2020, we saw investments in Southeast Asian startups nearly double despite the damage to the global economy caused by the COVID-19 pandemic.  Most of this surge of investments was driven by e-commerce and FinTech (financial technology) companies.  According to DealStreetAsia, the Singapore-based startup information platform, the value of fundraising in southeastern Asia rose 91% to nearly $3 billion during the second quarter (April – June, 2020).  At the same time, the number of transactions rose 59% for the same period.

Interestingly enough, many countries were under a strict lockdown during the second quarter of the year.  To say the least, this hampered deal-making opportunities while economic uncertainty discouraged many investors.  However, a number of different venture capital funds raised a significant amount of investment funds.  According to an interview with Monk’s Hill Ventures’ co-founder and managing partner Kuo-Yi Lim, most deals had been in the pipeline since earlier in the year. 

During the past 5 or 6 years, two largest ride-hailing businesses in the region (Gojek in Indonesia and Grab in Singapore) have led the way in the startup funding boom.  During the first quarter, these two businesses were responsible for raising 70% of the regions’ revenues.  This equates to over$2 billion.  We witnessed a different picture in the 2nd quarter as the e-commerce sector raised $691 million while the FinTech sector raised $496 million and logistics raised $360 million.

Furthermore, a considerable amount of funds were raised by a number of other local companies as well.  As a result, Southeast Asian economic experts contend that this is an indication that the COVID-19 pandemic has generated an increase in Singapore company incorporation.  The 2nd quarter’s biggest fund raiser was Tokopedia, an Indonesian-based e-commerce company.  According to DealStreetAsia, Tokopedia secured $500 million from Temasek Holdings, a Singapore-based investment firm.

Furthermore, the Vietnamese e-commerce company Tiki secured $130 million from the private equity firm Northstar Group.  According to Tiki Vice President Ngo Hoang Gia Khanh, the company witnessed a dramatic increase in consumer shopping needs where face masks, hand sanitizers, and other necessities were concerned.  As competition continues heating up in Vietnam’s local and regional business sectors, Tiki offers unique services in order to differentiate itself from other companies doing business in Vietnam.

With a network of fulfillment centers operating nationwide, the company provides an express delivery service known as TikiNow for shipping packages to customers within 2 hours from the time their order is received which is faster than their competitors.  They also offer free, on-the-spot installation of bulky and heavy items.  As Southeast Asia’s demand for online shopping venues continues to increase, delivery and logistic startups have also enjoyed increased revenues.  For example, Kargo Technologies of Indonesia raised $39 million while Ninja Van of Singapore raised a whopping $279 million.

The FinTech sector has also seen some significant fundraising in several companies.  For example, Voyager Innovations, the parent company of mobile payment app Paymara of the Philippines raised $120 million this past April from Tencent Holdings of China and KKR, a US private equity fund – two of their current shareholders.  As the first funding round the company has had since 2018, Voyager Innovations was able to compete with their in-country rival Mynt.

Other notables in the fundraising deals arena included:

  • Cleantech Solar of Singapore (energy sector) $75 million
  • Kopi Kenangan of Indonesia (food and beverages sector) $109 million
  • RWDC Industries of Singapore (biotech sector) $133 million
  • Synqa of Thailand (FinTech sector) $80 million
  • Traveloka of Indonesia (online travel agent) $100 million

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Indian Startups endure unprecedented Challenges but still find Opportunities during COVID-19 Pandemic
  • India, Newsletter

Indian Startups endure unprecedented Challenges but still find Opportunities during COVID-19 Pandemic

Although the first half of 2020 was supposed to be a banner financial period and witness accelerated growth throughout numerous sectors, the COVID-19 pandemic had other ideas.  In every industry sector, we saw unprecedented economic challenges, especially among early-stage startups.  It’s not about the industry sector that suffered the least or most amount of damage anymore, but rather the extent to which each sector was hurt, hence the decline in company formation in India.

From the standpoint of damage assessment, the hospitality and travel sectors suffered the most in the way of economic losses and realistically, these will most likely be the two sectors that have the longest recovery period under what is now the “new normal.”  Furthermore, sectors such as logistics, manufacturing, transportation, and other areas that are classified as “people intensive” will be facing difficult challenges as well. However, there is hope that things will get better over the next few months.

How have Emerging Sectors been affected?

Emerging sectors such as the hygiene industry gained prominence as a result of the COVID-19 pandemic and good hygiene has been a hot topic of debate in India.  Unfortunately, very little action has been taken over the years.  However, this will likely change because of the global impact of widespread contamination risks. The Prime minister, Narendra Modi had been emphasizing and launching campaigns to improve hygiene and sanitation for the past few years. This has improved the situation but a lot still needs to be done.

Whether it’s a matter of community, personal, or surface area hygiene, the landscape has changed dramatically over the past several months.  Even now, we’ve been seeing a dramatic increase in the number of India attract investment post-COVID-19 efforts among numerous early-stage startup companies.

Adversity – a significant Source of Opportunity

Ever heard the expression “War not only destroys, but also creates opportunities for those who are resilient and keen to rebuild.”? Well, the world has been at war with the Coronavirus and it has provided many difficult challenges yet amazing opportunities.  We’ve seen numerous economic, financial, and physical challenges including:

  • Cash flow impact attributed to lost sales
  • Funding and investment plans being put on hold
  • Growth setbacks for companies of all sizes
  • Manpower shortages in labor-intensive industries including agriculture, construction, manufacturing, and so on)


Coincidently, this has given rise to numerous opportunities on a global scale such as increased online sales and product innovations. Indian companies are now focusing on delivering their products to the consumer’s residence.  And guess who will benefit the most from all this? Those startups who figure out a method that meets these demands and fulfills the needs of the consumer will benefit the most.

The bottom line is simple.  Indian startups that are capable of creating products that address the needs of the global marketplace will witness accelerated growth that surpasses pre-Coronavirus economic times. The future looks bright.

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FinTech Abu Dhabi searches for Early-stage Startups via Digital Tour of 23 Countries
  • Newsletter, U.A.E

FinTech Abu Dhabi searches for Early-stage Startups via Digital Tour of 23 Countries

FinTech Abu Dhabi recently announced that their Innovation and Startups team will be taking a virtual tour of 23 countries to solicit and correspond with founders of some of the most exciting early-stage financial technology sector startups from June through November of this year.  The esteemed FinTech Abu Dhabi program will be inviting the top startups to join them during the 2020 FinTech Abu Dhabi Festival which runs from November 24th to 26th.  The festival is co-hosted by the Central Bank of the UAE and the Abu Dhabi Global Market.

The global digital tour began in the UAE at the end of June and was kicked off with comments from such notables as:

  • Lucy Liu, Airwallex co-founder and President
  • Richard Teng, Abu Dhabi Global Market and Financial Regulatory Services Authority CEO
  • Shu Pui Li, Governor of the Central Bank of The UAE (CBUAE) and Advisor to His Eminence


As the gateway to one of the most important portals and markets, FinTech100 offers a wealth of opportunities globally. The mutual topic of discussion between them was “FinTech – in the next decade.”  It focused on company formation in Abu Dhabi and company formation in the UAE.  This was followed by a 5-way pitching battle of FinTech startups.  Mamo Pay and McLedger were the two companies that were crowned as champions of the match-up and will be a part of the FinTech 100 in Abu Dhabi at the festival this coming November. It will open new frontiers globally and help business network more. 

The next virtual destinations in the FinTech Abu Dhabi Global Tour scheduled for the months of July and August include:

  • Australia
  • Canada
  • India
  • New Zealand
  • Singapore
  • Switzerland
  • UK
  • US


The FinTech 100 is the gateway to one of the most important markets in the world and is a high-level, by-invitation-only event that serves as a portal to a number of business opportunities.  During the event, numerous startup founders who’ve traveled from many locations around the world to Abu Dhabi will be able to experience the renowned Abu Dhabi hospitality and have a chance to:

  • be introduced to key corporate executives and major investors from the Middle East
  • learn about numerous business and marketing opportunities
  • network with their peers
  • participate in the Innovation Challenge Awards

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Why are High Net Worth Individuals In India Looking To Invest Overseas?
  • India, Newsletter

Why are High Net Worth Individuals In India Looking To Invest Overseas?

High net-worth individuals (or HNI’s as they are often called) have recently generated a surge of international investing as they urged Indian-owned family offices to develop partnerships with foreign investors in Singapore and Gulf countries.  According to the Reserve Bank of India’s (RBI) liberalized remittance scheme (LRS), an Indian citizen is allowed to invest up to $250,000 abroad each year in bonds and stocks.  Over the past 4 to 5 years, India has been outperformed by global markets.  The fact that the Rupee has depreciated against the US dollar has made them more attractive to foreign investors.

Why should You consider investing Abroad?

Singapore has been putting its marketing efforts into attracting foreign investors from around the world.  As a foreign investor, establishing a business is relatively easy.  Singapore and UAE are cosmopolitan, multicultural sovereign countries that are well connected globally.  Furthermore, their business environment is conducive to creative and knowledge-driven companies.  Most importantly, these countries are strategically located at the main intersection of Europe and Southeast Asia and have excellent infrastructure.

Currently, even in the pandemic the governments of the Gulf Corporation have given rebates on taxes and other levies have been removed to ensure that family business in Gulf Cooperation with restricted liquidity and lower profits are able to maintain and thrive during these difficult times.

Compared to other countries, Singapore’s attractive tax system, sophisticated banking system, and strong legal framework have given it the competitive edge.  Other positive factors that have helped this city-state attract foreign investors include:

  • An educated workforce
  • Ease of Singapore company incorporation
  • Lower corporate taxes
  • Numerous investment opportunities and incentives
  • Strict enforcement of intellectual property laws


In addition to the above, Gulf countries and Singapore is an excellent place to live, learn, and work.  These countries have long been recognized as some of the most competitive entities globally and are a frontrunner in several industry areas including:

  • asset and wealth management
  • insurance treasury operations
  • international banking
  • maritime finance
  • trade finance

 

As a result, many international companies have established a base in Singapore and in the Middle Eastern countries and have taken advantage of what it has to offer foreign investors.  They have utilized its diverse capital markets and their state-of-the-art financial investment services. The basic incentive for HNIs to invest in Gulf countries and Singapore is the tax advantage and investment policies that offer better growth prospects for their businesses.

What else makes Singapore attractive to foreign investors?

In recent years, Singapore has gained prominence as a favorable destination for the centralization of certain activities such as finance, IT, and logistics.  This provides companies with certain benefits including enhanced productivity, lower operating costs, and superior customer service.  Compared to other countries, company formation in Singapore is relatively easy.  The city-state offers certain incentives that are targeted towards foreign investors from specific industries who can apply directly to the city-state government for them.  For the foreign investor, Singapore offers one of the highest rated communications infrastructures when compared to Hong Kong and Malaysia.

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Technology City in Oman’s Salalah Free Zone to be constructed with Funds provided by UAE Investors
  • Newsletter, Oman

Technology City in Oman’s Salalah Free Zone to be constructed with Funds provided by UAE Investors

According to a recent “Oman Observer” report, a $350 million investment agreement was reached between a UAE investor and Oman’s Salalah Free Zone for the building of Technology City.  The planned 500,000sqm area will feature numerous support facilities including a data park and a technology academy.  The $350 million funding is the most recent in a series of investments made to the Salalah Free Zone.  According to Tech City CEO Ali bin Mohammed Tabouk, the signed MoU (Memorandum of Understanding) envisions a city dedicated to 4th generation and innovation technologies.

Tabouk went on to say that seven investment agreements were signed during the first half of 2020, bringing the total number of signed projects to 88.  This represents a total of $8.7 billion in investments and a potential for the creation of more than 8,000 jobs.  One of the contracts calls for the building of Phase Twuaeo of Al Mazaya Logistics Station, a 134,000sqm parcel of land dedicated to the development of amenities and facilities for tenants of the free zone and a storage area as well.

Governor Sayyid Mohammed bin Sultan al Busaidi of Dhofar pledged his support to development efforts.  Furthermore, he welcomed the role the free zone is playing in contributing to the diversification of income sources, the economic benefit for Dhofar, and the overall growth of the regional economy.  He went on to say that the success that has been achieved in the Salalah Free Zone will attract future investments as it continues to move toward becoming a regional and global business hub.  This will help in the areas of company registration in Oman and Oman company incorporation. If you need assistance with registration of a company or related taxation services, call on experts. 

Chairman Ahmed bin Nasser Al Mahrazi stated that the success that they have achieved with Salalah Free Zone is commendable. Additionally, he hoped that the business zone attracts global businesses and investments to further enhance the economy.  The success resulted from gaining $8.7 billion in investments translates into numerous business opportunities for small and medium-sized enterprises (SME’s) as well as national companies.  Overall, this equates into many economic developmental benefits.  Additionally, Al Mahrazi, who is also the Minister of Tourism, stated that the investments will drive technology inflows and support the creation of new jobs for the citizens of the region.

Al Mahrazi commented that by maintaining this framework, numerous efforts to organize promotional campaigns will continue and target a number of different markets including India, Iran, South Africa, Turkey, and other countries.  The focus will continue to be on attracting high-quality funding in important areas such as innovation-based technologies, logistics, and manufacturing along with other needed sectors.

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Dubai Businesses utilize Digital Formats to access New Markets in spite of Pandemic’s Disruptions to the Global Trade Landscape
  • Newsletter, U.A.E

Dubai Businesses utilize Digital Formats to access New Markets in spite of Pandemic’s Disruptions to the Global Trade Landscape

Even though there have been disruptions to the global trading landscape caused by the COVID-19 pandemic, this cloud really has a silver lining.  By utilizing digital formats, nearly a quarter of a million members of the Dubai chamber of commerce have been exploring new market opportunities on a global scale.  According to Omar Khan, current Director of the Dubai Chamber’s International Offices, a series of virtual meetings and webinars were organized and joined by UAE businessmen and their African, Eurasian, and Latin American counterparts.

Khan went on to say that this digital platform has enabled Chamber members to explore newer, attractive investment and trade opportunities internationally.  Furthermore, this has encouraged new company formation in Dubai while at the same time promoting the area as a hub for global business.  The increasing confidence in Dubai among foreign investors is attributed to their higher levels of participation.  Additionally, that growth is expected to continue in the ensuing months as companies are preparing for the post-COVID-19 recovery period.

One of the more recent virtual events hosted by the Dubai Chamber was an online mission to the Canton Fair (a.k.a. the China Import and Export Fair).  The purpose of the virtual visit was to discuss food trade between Dubai and Russia and explore new opportunities in Mozambique’s gas and oil sectors.  This event was attended by many businesses that are eagerly looking to tap into new market opportunities.  According to Khan, Dubai businesses can leverage the Chamber’s network of international offices in order to:

  • access valuable market intelligence
  • benefit from local support when expanding into new markets
  • make well-informed business decisions
  • network with prospective partners


The Chamber is also supporting those high-potential companies who desire entry into the Dubai market and use the UAE as a strategic trading hub to expand their reach in this area of the world.

This digital platform should also benefit the Dubai Multi Commodities Centre and DMCC company formation.  Established by Dubai’s government in 2002, the DMCC provides the financial, market, and physical infrastructure require for the establishment of global commodities trading.  It should benefit JAFZA company formation as well.  The Jebel Ali Free Zone began its operations in 1985 and is located in the Jebel Ali area at Dubai’s westernmost end near Abu Dhabi.  It was established to provide ready-built facilities such as standard size offices and warehouses for clients or customers.

One of the Dubai businesses that have taken advantage of the Chamber’s initiatives to assist other companies in reaching out to promising market opportunities is a company named Tradeling.  Tradeling, which launched its entrepreneurial debut in February, is a digital marketplace that has been showcasing products from more than 25 countries and nearly 300 suppliers.  It is a B2B (business-to-business) digital marketplace that connects with global as well as regional suppliers to meet local company demands.

As a part of their operation, Tradeling requires companies to align its plans for expansion with the way in which the business environment is evolving.  For example, when Tradeling witnessed the hit from COVID-19 to its beverages, food, and office supplies (its “verticals”), they knew their e-commerce startup had to adapt to this.  Consequently, they took control of the situation and immediately developed a vertical in the area of health and wellness, which wasn’t a part of their original launch phase.

Muhammad Chbib, Tradeling’s CEO, stated those businesses who want to survive the pandemic’s economic hit will have to adapt using these types of tactics.  Chbib also stated that by launching a new vertical in the midst of an economic crisis has made Tradeling even stronger.  It has provided the company with a sharper focus on adapting to crisis-related economic circumstances.

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Empowered Group Formed in India to Attract Investment in Post-COVID-19 World
  • India, Newsletter

Empowered Group Formed in India to Attract Investment in Post-COVID-19 World

India will be a much more investment-friendly nation post COVID-19 thanks to reforms introduced by the Centre. Indian Prime Minister Narendra Modi approved the formation of a cabinet of empowered government officials whose main mission is to attract investment.

Company formation in India will become much easier post COVID-19. This is largely because of measures initiated by Indian Prime Minister Narendra Modi. He approved the establishment of a group of empowered secretaries. This group is to be led by cabinet secretary Rajiv Gauba. Its goal is to make India a more appealing place to invest by FDI as many large companies are looking to mitigate risks by diversifying the investments in new geographical areas.

Many entrepreneurs are finding that India Company Incorporation is much easier post-COVID-19. They are looking at other less risky parts of the world to invest in and to do business in. They see India as being strategic because it is a gateway to lucrative markets in the US, EU, China, and other strategic geographic regions. The newly formed empowered group’s task is to exploit these opportunities and transform India into one of the major players in the global value chain.

Industries want to diversify by migrating to different geographic locations. Officials know that this is large because of COVID-19. The empowered group of secretaries will ensure that as much of this new investment money will end up in India as possible. The Indian government has established Project Development Cells (PDC) in every ministry. This is according to information and broadcasting minister Prakash Javadekar in a press briefing after the meeting.  He said that this will support new industries in the initial stages and fill in the gap within the domestic industries.

Entrepreneurs will be encouraged to enter into emerging and new industries. The measure is expected to dramatically boost and encourage the Indian industry. India envisions itself as becoming a $5 trillion economy by 2025. These measures are designed to ensure that this happens. Different ministries and departments in state governments and the national government will be integrated to work together strategically in terms of investment and similar incentive policies. This will facilitate India reaching its 2025 economic goal.

CEO Niti Ayog, Amitabh Kant and the commerce, revenue, and economic affairs secretaries would also be participating members. The secretary for the department that promotes industry and internal trade (DPIT) would be the convenor. Secretaries of any concerned departments would co-opt in this role. In the post-COVID 19 world, India stands to gain by better economic and tax policies, handholding new domestic industries in the initial stages and streamlining the policies for more FDIs.

The empowered group will evaluate investors and investments through a number of parameters that included project creation and actual investments. Government departments would be given deadlines for the completion of certain projects. The Kolkata port, Shyama Prasad Mookherjee Port was renamed. He was an academician, thinker and a prominent BJP icon. The renaming was approved by the cabinet.

Another major decision taken by the cabinet was to re-establish Pharmacopoeia Commission for Indian Medicine & Homoeopathy (PCIM&H) under AYUSH ministry. The merger will promote the better use of ancient knowledge, infrastructural facilities and financial resources available.

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