February 18th 2024

Good morning! In today’s top ten:

Tech

• India's Semiconductor Aspirations Face Steep Challenges Despite Substantial Investment

• India's Rising Role in Global Electronics Manufacturing

• Byju's Faces Steep Valuation Drop Amid Financial and Governance Turmoil

• PriyoShop Secures $5M to Enhance Digital Services for MSMEs in Bangladesh

• Adjusting Venture Capital Dynamics in India: Lightspeed's Perspective on Funding and AI Innovation

Culture

• Indian Farmers Protest for Economic Rights and Support Ahead of Elections

• Dr. B.R. Ambedkar’s Story Brought to Hollywood Through 'Origin', Shining a Global Light on Caste

• India Achieves Record Test Victory Over England with Stellar Performances

• Surging Interest in Lakshadweep Post-Modi Visit Raises Environmental Concerns

• Tragic Deaths of Indian Students in U.S. Stir Concerns Over Safety and Mental Health

India's Semiconductor Aspirations Face Steep Challenges Despite Substantial Investment LINK

• India's $10 billion Semicon India subsidy scheme is predicted to result in only five chip fabs by 2029, primarily producing 28nm process chips.

• Despite significant investment, India is unlikely to match the semiconductor production capabilities of other nations, with planned fabs in the US and elsewhere surpassing India's output.

• The Information Technology and Innovation Foundation highlights challenges in creating a comprehensive semiconductor ecosystem in India, including regulatory hurdles and the need for a vibrant local design and manufacturing ecosystem.’’

• Related: Semiconductor Industry in India: Incentives and Key Players

India's Rising Role in Global Electronics Manufacturing LINK

• India is increasingly becoming a significant hub for manufacturing Apple's iPhones and other electronics, with Tamil Nadu leading this shift away from China's dominance.

• New dormitory complexes in Sriperumbudur, Tamil Nadu, are under construction to house over 37,000 workers, signifying major growth in local electronics manufacturing infrastructure.

• Despite a 10 year long "Make in India" manufacturing initiative, manufacturing's share of India's economy has not significantly increased, though Tamil Nadu showcases potential with its thriving industrial sectors and focus on high-value electronics production.

• Related: Exclusive: India IT ministry fears losing out to China, Vietnam in smartphone exports race

Byju's Faces Steep Valuation Drop Amid Financial and Governance Turmoil LINK

• Byju's valuation plummeted from $22 billion in March 2022 to $230 million in January, marking a 99% drop.

• The company's valuation soared by 44x in four years before crashing due to various factors, including allegations of overvaluation and financial mismanagement.

• Byju's faced significant challenges, including layoffs of over 2,500 employees, delayed financial reporting, and calls for leadership changes due to governance issues.

PriyoShop Secures $5M to Enhance Digital Services for MSMEs in Bangladesh LINK

• PriyoShop, a Bangladeshi B2B retail platform for MSMEs (micro, small and medium sized enterprises), successfully raised $5 million in a pre-series A funding round led by Century Oak Ventures, with participation from Evolution Ventures, Iterative, and Orbit Startups.

• Since its founding in mid-2021, PriyoShop has been aiding MSMEs with competitive sourcing, quick deliveries, and financial services, aiming to expand its technology and user base, particularly through new financial services.

• Currently partnering with over 200 brands and serving around 55,000 merchants, PriyoShop aims to impact over one million merchants in the next year, tapping into Bangladesh's $200 billion annual retail market where the majority of transactions occur in small local stores.

Adjusting Venture Capital Dynamics in India: Lightspeed's Perspective on Funding and AI Innovation LINK

• Venture capital investment in India has dropped significantly in recent years, from $33 billion in 2021 to $9 billion in 2023, though some say this may be part of a market cycle and is not reflective of the long-term fate of venture in India

• Lightspeed Venture Partners India, cautious during the 2021 investment frenzy, emphasizes the importance of right-sizing funds and expects a longer fund deployment cycle of three to four years.

• Despite global AI advancements, Lightspeed does not see core innovation in the space coming out of India, but theorizes potential value in application-layer opportunities

Indian Farmers Protest for Economic Rights and Support Ahead of Elections LINK

• Tens of thousands of Indian farmers are protesting near New Delhi, demanding better income support and a legal guarantee of minimum support prices for their produce.

• Clashes with law enforcement occurred, with barricades set up and tear gas used against protesters attempting to enter the capital.

• The protests, fueled by unmet government promises and concerns over market volatility affecting income, signal a significant challenge for Prime Minister Modi ahead of national elections.

• Related: Why Farmers Are Marching Toward Delhi Again

Dr. B.R. Ambedkar’s Story Brought to Hollywood Through 'Origin', Shining a Global Light on Caste LINK

• "Origin" introduces Dr. B.R. Ambedkar to Hollywood, exploring caste discrimination through a narrative linking India, the US, and Germany.

• Directed by Ava DuVernay and inspired by Isabel Wilson's book, the film features Gaurav Pathania as Ambedkar and delves into the global implications of caste.

• Garnering positive reviews, the movie has sparked discussions on human rights and caste, highlighting Ambedkar's contributions on an international stage.

India Achieves Record Test Victory Over England with Stellar Performances LINK

• India secured its biggest Test cricket win by runs against England, leading the series 2-1, with England bowled out for 122 chasing a target of 557.

• Yashasvi Jaiswal's unbeaten double century and Ravindra Jadeja's five-wicket haul were pivotal, with India setting a daunting second innings total of 430-4.

• The victory was highlighted by significant individual achievements, including Jaiswal's record-equalling 12 sixes in an innings and Ashwin's 501st Test wicket, placing him among the elite bowlers in Test history.

Surging Interest in Lakshadweep Post-Modi Visit Raises Environmental Concerns LINK

• Following Prime Minister Modi's visit to Lakshadweep, interest in the islands surged, with a significant increase in online searches and travel inquiries, highlighting its pristine beauty and unique ecosystem.

• Concerns arise over the potential environmental impact of increased tourism on the fragile coral atolls, with scientists warning of risks to the delicate coral reefs and the islands' sustainability amidst climate change threats.

• Efforts are being taken to manage tourism growth including establishing permit systems and favoring eco-friendly activities

Tragic Deaths of Indian Students in U.S. Stir Concerns Over Safety and Mental Health LINK

• In 2024, seven young Indian and Indian American students died under tragic circumstances across various U.S. colleges, including suicides, overdoses, and violent deaths.

• These incidents have heightened concerns among the South Asian community about mental health, safety, and the pressures faced by students abroad.

• The rising death toll and its coverage in Indian media are prompting families to reconsider the U.S. as a destination for higher education due to safety and well-being concerns.

In other news:

• Congress claims party bank accounts frozen by the Income Tax department leading up to election LINK

• New agreement between India and Taiwan will allow Indian migrant workers to fill labor demand gaps LINK

• French journalist flees India fearing expulsion LINK

• Burglars target a movie director’s home, return stolen award with an apology note LINK