Author: Alisha Sachdev

Rich Indians want to invest abroad – and their interest in investment visas is proof

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India’s wealthy citizens are increasingly looking to invest their money in foreign countries, going by the interest in inquiries they’re making to obtain investment visas.

An investment visa, like the popular EB-5 VISA which enables individuals to immigrate to the USA by investing in the country, is a route that high net worth Indians often take to obtain residence in other nations. While the EB5 remains a popular choice for the wealthy, interest is fast shifting to European countries.

“Families are now asking themselves, for 250,000 Euros, do we want to buy a holiday home in Goa, or home in Greece and at the same time get a Schengen residency which gives me VISA-free access to 26 Schengen states along with it? , Nirbhay Handa, who heads the South Asia Team at the world’s largest citizenship by investment planning firm Henley & Partners told CNBC-TV18.

According to the firm, inquiries for investment-based immigration from Indian High Net Worth Individuals saw a record 62 percent jump in 2020. These queries continued to grow in 2021 — surging 30 percent in just the first five months of the year.

It’s worth delving into what’s leading High Net Worth individuals to want to take off from India and diversify their wealth outside the country. First, the trend is not new.

“Families have been looking to obtain a secondary citizenship abroad for many years now, but especially so in the last 3-4 years. In the past year especially as people stayed home due to Covid-19, they had time to talk to their families about their investment, education & retirement plans, and a lot of HNI professionals and business families asked us about these investment options”, a wealth management firm which works with HNI clients told CNBC-TV18.

The reasons include expansion of business to other territories for HNI families, better education & work opportunities for children in global markets, and a desire to be truly global, transnational citizens.

Even as interest in investment-based migration Indian skies were closed and international borders were barred due to the global outbreak of Covid-19, actual migration out of the country was rarely possible. But Covid-led uncertainties also led wealthy Indians to move towards mitigating their sovereign risk – and not put all their investment eggs in one basket.
“ Uncertain events around the world typically increase our inquiries, that’s the nature of the business we are in. People have realised how imp it is to have an alternative residence”, Handa said.

European investment visas become attractive

While the citizenship-by-investment route has traditionally been associated with the EB5 Visa in the US, interest is increasingly shifting to European countries which offer citizenship by investment to Indians at relatively lower investment thresholds & faster timelines.

According to actual applications received by Henley & Partners, the most popular destination in 2020 was the Portugal Golden Residence Program which costs 280,000 Euros in real estate investment, Canada’s Quebec Immigrant Investor Program which costs 1.2 million Canadian Dollars for a period of 5 years at no interest, Malta’s Permanent Residence program which requires a minimum contribution of 175,000 Euros for mixed capital requirements, and the Greece Golden Visa which comes with a minimum real e-statement investment of 250,000 Euros. HNIs are also opting for the Thai Elite Visa, which costs only 15,000 USD for 5 years of residency.

Covid-19 prevents actual migration

Investment migration is also a global trend and was picking up pace even before the pandemic hit.

The Global Wealth Migration Report, which studied HNI migration said India lost 7,000 Or 2 percent of its HNIs in 2019. However, migration data for the “Covid-year” — 2020-2021, provisionally shows that actual emigration fell, most probably due to global travel restrictions, according to Andrew Amoils, Head Researcher, New World Wealth.

“Our feeling is that because of the travel restrictions it is very unlikely that many wealthy people have moved during 2020 and 2021, and a lot of the investor visa programs which were in place in Portugal and the rest of Europe will have to lower their investment thresholds to encourage more people to move. At the moment people are not that keen to move, the world is a very uncertain place. There obviously has been an organic movement of people where people have already had citizenship in another country and moved to those countries” Amoils told CNBC-TV18.

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Smooth Ride Podcast: Why 2021 was a bumper year for tractors and will we see anything like it again?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In the financial year 2021, when all segments of the auto sector shrank in volumes due to a brutal wave of COVID-19, there was one segment that stood apart and continued to grow — tractors.

Growing over 20 percent, the most in a decade, India’s tractor market benefited from a unique combination of factors in 2021. There was an unusually good monsoon, a bumper kharif and rabi output, and the government was in “mission mode” to support rural incomes leading to a robust circulation of money.

In this edition of the Smooth Ride podcast, Mahindra and Mahindra’s Senior vice president, farm equipment strategy & FAAS (Farming as a Service) Ramesh Ramachandran tells CNBC-TV18’s Alisha Sachdev about the less obvious factors like reverse migration into villages during COVID-related lockdowns and an increased propensity to spend that played a critical role in making the year what it was.

The industry was in touching distance of 900,000 units of tractor sales last financial year but the growth in FY22 is likely to soften to single digits.

However, going forward the growth will be driven by non-tractor elements of the farm machinery market too, Ramachandran said.

In the latest episode of the podcast, the conversation goes beyond tractors to probe at length what constitutes the farm equipment market, the vast opportunity for mechanising Indian agriculture, and improving agricultural incomes.

Tune in to Smooth Ride podcast to find out how technology like the Internet of Things and Artificial Intelligence is of critical importance to the Mahindra Group’s big global bets on this segment and more

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CII pitches for Rs 3 lakh crore government stimulus to counter current ‘demand shock’

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The government should provide a fiscal boost of Rs 3 lakh crore to counter the “demand shock” the economy is facing, according to the Confederation of Indian Industry.

In his first press conference after taking over from Mr Uday Kotak as President of the apex industry body, T V Narendran, told the media that the CII has called for a fiscal stimulus amounting to around 1.3 percent of the Gross Domestic Product (GDP) to revive demand after a devastating second wave of COVID-19 in India.

The government has room to provide this additional stimulus, and the Reserve Bank of India (RBI) will have to “expand its balance sheet” in order to accommodate this increased stimulus to maintain lending costs, Narendran said.

In addition to the fiscal boost, other measures including cash transfers to vulnerable households through Jan Dhan accounts, increasing MNREGA allocation from the government’s budgeted amount, as well as short-term and focussed tax deductions, along with time-bound tax relief or stamp duty concession for homebuyers could incentivise consumer spending, according to Narendran. He also advocated for extending the Atmanirbhar Bharat Rozgar Yojana till March next year.

Addressing the high inflation trend in the country, significantly above the RBI mandate, Narendran also suggested this was an appropriate time for Aircraft Turbine Fuel (ATF) to be considered under the GST regime. He said that the government may relook taxes on fuel as it has benefited from low global crude oil prices for the last few years.

Considering that the RBI’s view of the current inflationary trend is supply-chain led, Narendran said he expects the pressure to ease once supply chains start to stabilise.

The CII’s projections for GDP for the financial year 2021-22 at 9.5% fall in the optimistic or the best-case scenario that it has outlined. This would take GDP for FY22 slightly above FY20.

However, the CII has also flagged that while growth can pick up by 8 percent-9 percent in the medium term if positive actions are taken now, it could also fall to 5 percent-6 percent, pushing India’s goal of being a $5 trillion economy back by 3-4 years.

Narendran emphasized that an accelerated vaccination drive will be key to economic recovery in India, and to ensure demand returns in time for the festive reason, averting the possibility of a third wave of Covid-19.

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Economic recovery dependent on accelerated vaccination programme, says CII

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Confederation of Indian Industry (CII) on Thursday said that an accelerated COVID-19 vaccination program covering a large part of India’s adult population will be key for demand revival.

T V Narendran, MD and CEO of Tata Steel and CII’s newly appointed President told the media that economic recovery in India is dependent on a sped-up vaccination drive.

According to CII calculations, a minimum of 71.2 lakh average daily doses must be administered between now and December to cover India’s entire adult population.

“A significant part of the population needs to be vaccinated to capitalise on the upcoming festive season”, Narendran said, adding, that the CII suggests the government to ramp up domestic production to at least 175 crore doses by December this year.

To enable this, CII has urged the government to fast-track all necessary licensing requirements, make advance purchase agreements, and institute capital subsidies and grants to incentivise production.

The trade association group also suggested vaccine IP owners to issue voluntary licenses along with the transfer of technology.

Narendran said, “If we do not push hard enough now, we will have more vaccine doses and fewer people to vaccinate due to vaccine hesitancy”. To that effect, the government should consider incentives like cash and food, and incentives for those who are vaccinated with two doses.

CII has proposed that there should be a Vaccine Czar who can make decisions and coordinate vaccine coverage in India, Narendran told the media. He pointed to how a dedicated Vaccine Minister in the country, like in the United Kingdom, can ensure speedy and equitable distribution of vaccines across the country.

He also said that the government should tap into private sector expertise and work to set up COVID-19 care and diagnostic centers. Narendran called for special incentives to set up medical facilities in remote areas.

The Tata Steel MD announced that the CII is preparing a COVID Preparedness Index for states, in which they will be ranked on various parameters including the number of ICU beds, percentage of population vaccinated, and access to oxygen facilities to assess their level of preparedness.

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Smooth Ride Podcast: India’s EV policy most ambitious in the world now, says Ather Energy

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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After a recent modification to the Faster Adoption and Manufacturing of Electric Vehicles in India Phase II (FAME India Phase II) scheme, this week’s edition of the Smooth Ride podcast focuses on electric vehicles – electric two-wheelers to be specific.

Not surprisingly, the government’s decision to significantly hike customer incentives for electric two-wheelers under its FAME II scheme is a major shot in the arm for Made-in-India e-2-wheeler makers, and also for customers who wish to switch to EVs by lowering the cost-entry barrier.

CNBC-TV18’s Alisha Sachdev gets in conversation with the founders of Ather Energy, Swapnil Jain and Tarun Mehta to talk about what Mehta says is the “take-off point for mass adoption of EVs in India.”

Tune in to Smooth Ride Podcast to find out more about the new policy, Ather’s flagship product – the 450X, its expansion plans, and the production challenges it faces as it enters a massive growth spurt.

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Volkswagen Finance exiting India lending business; in advance talks with bankers

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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As the India arm of Volkswagen Financial Services looks to wind down its lending business in the country, it is in talks with leading banks for the transfer of its existing dealer & vehicle financing activities.

Volkswagen Finance Private Limited (VFPL) is in advanced stages of discussions with banks including Axis Bank, Kotak  Mahindra Prime and ICICI bank, and will likely finalize its panel of preferred financiers by the next quarter, according to sources in the know.

VFPL has not done any full-fledged wholesale financing for its dealers in the last six months.

Sources close to the development indicate Volkswagen Finance’s relatively limited reach in upcountry markets and the VW Group’s decision to consolidate its core business in India are possible reasons behind VFPL choosing to wind down its lending business in the country.

More than 100 dealers comprising close to 70 percent of the Volkswagen Group’s network in India currently avail financial services from VFPL.

While switching to other banks & NBFCs does not hamper the flow of business for VW dealers, some dealer sources CNBC-TV18 contacted indicate the timing of the move, when banks are exercising caution and the auto industry is recovering from the impact of the Covid-19 crisis, means that the requirement of collateral which banks could ask for may put declares through some pain.

Volkswagen Group operates the Volkswagen, Skoda, Audi, Porsche & Lamborghini brands in India.

VW Group’s dealers are currently awaiting details of the new financing program from the company, but so far they’ve been told to approach Axis Bank, Kotak Mahindra, HDFC Bank, ICICI Bank and SBI for their financing requirements.

On the retail side, however, VFPL’s lending activities will continue via its automotive fintech subsidiary KUWY Technologies. Volkswagen Finance owns more than 50 percent stake in the Chennai-based vehicle finance aggregator and will be the face of VFPL financing in India.

​”With its innovative digital credit platform, KUWY is the market leader in meeting the growing demand for new and used car financing. Based on its positive experience and for business policy reasons, VWFPL India, in close coordination with the brands of the Volkswagen Group, will review its business strategy for dealer financing by the end of 2021″, Volkswagen Finance told CNBC-TV18.

Axis Bank, Kotak Mahindra Prime & ICICI Bank did not respond to queries sent by CNBC-TV18 at the time of filing this story.

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Sona Comstar poised to benefit from rising global EV agenda

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Gurugram-based automotive components manufacturer, Sona Comstar, is in the market to raise some serious money to facilitate its investor Blackstone to offload part of its stake in the company.

A public issue of Rs 5,500 crore will let Blackstone offload nearly half of its present 65 percent stake, leaving it holding a little over 33 percent of its holding in Sona Comstar. Its post-money valuation on the upper end of the price band will be Rs 16,974 crore.

The highly diversified auto tech player is an industry leader in highly specialised “mission-critical” auto components such as differential assemblies and start-up and traction motors, across categories of passenger vehicles, commercial vehicles, and tractors, both electrified and non-electrified.

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It is also one of the very few automotive components makers in India whose plans to grow hinge on an ever-increasing global electric vehicle penetration. The company claims industry-leading profitability among domestic and global peers, and a higher R&D spend compared to the competition.

Although the penetration of pure-play fully electric vehicles remains restricted internationally and in India, the company is “obsessed with electric vehicles (EVs),” according to Vivek Vikram Singh, managing director, and chief executive officer of Sona Comstar.

The numbers speak to this fact: Currently, 14 percent of Sona Comstar’s revenue comes from pure battery-electric vehicles (BEVs), while 27 percent of revenues come from hybrid and micro-hybrid vehicles. It has also been gaining market share competing with global peers.

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In 2020, Sona Comstar accounted for an 8.7 percent market share in BEVs, according to Singh. Most of Sona Comstar’s business, however, comes from international markets like Europe, the US, and China. About 75 percent of its revenues come from its global business, including a sizeable revenue from China, the world’s largest EV market.

As automakers the world over plan to release over 200 new electric car models, Sona Comstar is poised to benefit from this shift, the company said.

The company’s main competitors include Denso, Borg Warner, SEG Automotive, Hitachi, Valeo, according to the company’s Draft Red Herring Prospectus (DRHP).

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According to chairman Sunjay Kapoor, Sona Comstar is one of few global auto tech companies and “certainly the only in India” at the intersection of a sizeable and increasing presence in EVs, best-in-class financial performance, and a scaled manufacturer with a highly profitable growth outlook.

Sona Comstar started out as Sona BLW Precision Forgings in 1995 and took its current form after the acquisition of Comstar Automotive in 2019. Blackstone acquired 66.2 percent in Sona BLW the same year.

Sona BLW entered the global EV market in 2016, starting off with the supply of differential assemblies, and now offers integrated drive unit solutions to most major global electric vehicle makers — including the world’s largest EV manufacturer and the most valued auto manufacturer globally.

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It is also the largest manufacturer of differential gears for PVs, CVs, and tractor OEMs in India, and serves 6 of the world’s top 10 PV makers, top 3 CV makers, and top 8 tractor manufacturers, according to a presentation Sona Comstar shared in a press meet announcing its IPO.

Aided by government policy and incentives, OEM strategy shifts towards EVs and a changing customer preference in favour of clean energy, Sona Comstar expects to further consolidate as the “supplier to go-to for the most demanding needs for EV powertrains,” according to Singh.

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Smooth Ride Podcast: Toyota’s Naveen Soni says 50% showrooms now partially open, demand picture net positive

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Over half of Toyota Kirloskar Motor’s dealerships have partially opened up in the last week as several states have started easing COVID-19 restrictions. Matching supply with demand is likely to be a challenge for the carmaker over the next month.

However, things will soon begin to normalise and the demand picture for passenger cars looks net positive, says Naveen Soni, Senior Vice President, Toyota Kirloskar Motor. 

Toyota Kirloskar Motor, one of India’s leading Utility Vehicle (UV) automakers, manufactures products like the much-loved Fortuner and Innova Crysta, alongside younger, smaller models like Glanza and Urban Cruiser.

In this episode of the Smooth Ride podcast, CNBC-TV18’s Alisha Sachdev catches up with Soni to discuss how the Japanese automaker’s principle of Heijunka is critical to planning its production- a system where demand “pulls” manufacturing.

Tune in to the Smooth Ride Podcast to find more about the company’s product portfolio, its EV and hybrid strategy, and more.

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Tesla Model 3 cars officially land on Indian shores

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Three of Tesla’s Model 3 cars arrived in Mumbai on Friday afternoon – and are likely to be transported further for testing, sources told CNBC-TV18.

More cars will follow suit as a flurry of activity takes place at Tesla, which is now stepping up efforts to ready its leadership team and set up its sales infrastructure for a year-end launch. The world’s most valued carmaker is looking to bring Model 3 cars to India by July or August for testing, sources in the know said.

Tesla’s Model 3 is its most affordable and largest selling product in the world.

Backend work to get the product ready for sale before the end of the year is currently underway, as the cars will be brought in for testing, Automotive Research of India or ARAI approvals and for other compliances.

To begin with, Tesla will go slow with installing its India footprint, as it’ll look to test waters in the market beginning with major metros, and also attain better clarity with respect to regulations and schemes surrounding electric vehicle & battery manufacturing in India.

More to follow

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Mercedes Benz in India is fundamentally changing its retail model. Here’s how

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India’s largest selling luxury carmaker, Mercedes Benz India, on Wednesday announced a fundamental shift in how it will sell cars to its customers in the country, the first such decision by any automaker in India.

Forget the traditional dealer-inventory model, where a buyer’s options were limited to the cars the dealer had available in a showroom or the inventory they were holding. Forget having to negotiate a good price. In Mercedes Benz India’s new direct-to-customer retail model, dealers will now function as franchise partners, and the entire stock of cars will be held centrally by the company itself – not the dealer.

The buyer, in turn, will be able to now choose from a much wider product range that Mercedes Benz India has to offer, at one uniform price throughout the country, invoiced by the company itself, and not the dealer partner.

Also read: State lockdowns, COVID second wave drag auto sales down

The franchise partners (or erstwhile) dealers will no longer need to hold any inventory, thereby reducing their financial risk, and will be compensated directly by the company. The Pune-based company is hoping this will drive additional sales for the carmaker, as customers will now be able to buy virtually any car from any part of the country through its franchise partners, or its online platform with complete price transparency.

“We will no longer be following the model where an OEM would wholesale cars to dealers and then the dealer would sell the car to the final customers. We are changing this process and our dealers will now be called franchise partners. They will continue to do everything they have been doing in the past – they will be brand representatives, provide sales consulting, operate the network, organise test drives and facilitate the sale. What they will not do is sell inventory by them, instead, they will be selling inventory owned by Mercedes Benz India,” Martin Schwenk, managing director, and the chief executive officer said.

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“The sales transaction will eventually be a contract and payment between the final customer and us, the company,” he added.

Financing and cost-driven model to drive stronger sales numbers

Mercedes Benz India said a direct-to-customer franchise model optimizes inventory, costs, and processes for the company provides better choice and value to the customer and reduces the risk of carrying inventory for the franchise partner.

The customer will be able to access the full range of variants and model options that Mercedes Benz India offers, as opposed to being previously restricted to what was available at the franchise partner’s location. This mismatch of demand and supply in different geographies is an issue OEMs grapple with often, especially now when supply chains and mobility are restricted in light of COVID-19.

“The other advantage to the customer is that they will always get the best price without having to negotiate with retail partners or retail partners. This is a massive advantage as it also protects the value of the vehicle in the future,” Schwenk told CNBC-TV18.

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Schwenk explained that a lot of retail-related costs currently sit with the company’s retail partners. With centralised stockholding, Mercedes Benz India can not only optimize inventory itself but also finance it under different conditions.

“We have a lot of equity on our books, through which we will be able to leverage cheaper interest rates. So there is a lot of optimization possible around inventory holding. So while this is a cost-driven model, we are also doing this because the new process will drive stronger sales numbers”, he said.

While there will continue to be more development in the digital sales and e-commerce platform for the company, Mercedes Benz India said it will need strong support from franchise partners, and that it has discussed the whole business case and the financials around it with dealers & investors. The change in strategy, MBIL said, will not change the physical footprint or structure of its partners​.

Expect to start seeing bounce-back in demand in a couple of weeks​

Schwenk said launching the new business model at this time was also based on the company’s expectations that sales will improve in the next couple of weeks.

Also read: As China plans new rules, global automakers move to store car data locally

“We believe sentiments are starting to come back. We see more confidence and knowledge in dealing with the crisis now, even though the individual impact in this wave was stronger. But we see a quick rebound in the next couple of weeks, and we are also not changing our strategic plans in terms of product launches,” he said, “We have a substantial order book even from the last couple of weeks, and hope to start delivering on our strong order book soon.”

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow