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UK Update (June 2020): UK Government policy announcements

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Changes to lockdown measures, effective 4 July: The UKG announced that from 4th of July, pubs, restaurants and other such businesses will be allowed to reopen, provided they adhere to social distancing rules. Extension of Coronavirus Job Retention Scheme: In June and July, there will be no changes to the scheme. In August, the taxpayer contribution will remain at 80%. Employers will be asked to pay National Insurance and employee pension contributions. In September, the taxpayer contribution will reduce to 70%, with employers asked to pay 10% of staff wages alongside National Insurance employer contributions and pension contributions. In October, the taxpayer contribution will reduce to 60%, with employers asked to pay 20% of wages, alongside the other contributions above. Employers will b...

Implications of recent developments in the UK; our 2nd largest market

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In the last few days there have been some developments in the UK such as  the extension of Furloughing scheme, passing of the Immigration bill by Commons and presentation of a draft FTA between EU & the UK. While we continue to watch the developments in these area, below is our analysis on how are these are likely to impact the industry, what should we plan for and areas where NASSCOM will continue to engage. A brief analysis on some of the recent developments in the UK, our outlook and proposed next steps are below: Extension of Coronavirus Job Retention Scheme / Furloughing : This is UK Governments flagship scheme for employment retention under which the government will provide the employers a grant worth 80% of an employees’  wage, up to £2,500 a month. The scheme has been extended ...

Is it the best time to mitigate your Frac-Hit

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In 2018, global liquid fuel demand topped 100 MMbbl per day. EIA – part of US federal agency responsible for analyzing energy statistics, predicts that the crude oil and other petroleum demand will cross the aforesaid figures. In recent time, US became one of the largest hydrocarbon producers. Now, the question arises whether the US is going to surpass its own demand and produce more quantity of oil every year? The answer is quite straightforward. Yes. If we closely observe the industry trend especially after the Gulf war in 1991, we’ll capture the fact that, US heavily relied on imports of oil and natural gas due to captive need in the market. Further, this dependence started declining due to shift from import to being energy independent – with aim to boost country’s economy and reshaping...

UK General Elections; Political update; Major parties’ manifestos, Implications for Indian IT and Roadmap

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A General Election is taking place in the United Kingdom on December 12th. Polling data suggests that the current governing party, the Conservatives led by Boris Johnson, is on course to win an overall majority and form the next government. However, this election as we all know is very volatile and therefore a caution against reading too much into the polling at this stage. UK is our industry’s second largest and a very critical market for us. We have been engaging with the UK government on various issues such as Immigration, Apprenticeship Levy, Tier II Visa ICT Type, Surcharges and others that remain critical for our industry to operate in the UK. More recently have been following the manifestos of the major parties in the UK. While manifestos are usually light on detail and are more of ...

NASSCOM’S LARGEST SME PROGRAM OPENS GATEWAY TO THE US MARKET

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As part of its continued efforts to explore newer markets and reinforce commitment to existing geographies, the National Association of Software and Services Companies (NASSCOM) concluded its first edition of an exclusive SME program for the US market. The largest international engagement program from 15th – 22nd July 2019 provided SMEs a gateway to the U.S. market to promote mutually-beneficial trade, investment, and technological exchange opportunities between India & US.   Focus of the Visit was to facilitate – Investment opportunities for the Indian Tech companies across the US Potential partnership with the US companies for co-innovation Understanding of talent availability across various states Regulatory framework of setting up and starting the company in the US   Key ...

UK Policy Update: Foreign Affairs Committee report on UK-India Relations

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The UK Foreign Affairs Committee (FAC) recently published a report titled Building Bridges: Reawakening UK-India ties, following their “Global Britain” inquiry, to which NASSCOM submitted written evidence in September 2018. The report is very positive about the UK-India relationship and makes a number of recommendations on skills, migration and trade policy. Specifically, the report recommends that the UK Government should prioritise trade talks with India and do more to lay the groundwork for an eventual deal; and that the UK’s relations with India be considered as the post-Brexit immigration system is established. In particular, we want to highlight that the NASSCOM submission to the Committee was highly impactful – it is specifically cited two times in the report, with regards to the im...

SME Excusive Market Development to UK

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Despite continued uncertainty due to Brexit, U.K. remains the 2nd largest market for Indian IT Industry. All major Indian IT companies have a significant presence in the U.K. and contributing to the British economy. However, it is also the market where the SMEs struggle to find the right base, an appropriate landing point and cater to suitable market opportunities. With the intent to provide a fillip to the market development efforts of SMEs,NASSCOM’s 1st exclusive SME Program to UK was organised. The program has following key pillars of engagement: Coincided with the London Tech Week, having 300+ events and close to 50,000+ attendees from 90 different countries. Handpicked Sessions at the LTW in areas such as Market entry, Setting up, Scaling up and Capital Raising in the UK, Sector...

Nordics – The next big frontier

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Background Nordics is a high potential region and relatively underpenetrated by India IT. There is limited awareness on Indian IT (its capabilities) beyond the top large players. While Nordics houses many small boutique companies doing cutting edge work in Emerging Technologies that can bring long-term strategic benefits to our industry, there are also a large number of SME and large enterprises posing enormous business opportunities for large and SME players. We have moved steps ahead in our understanding of the market and have identified the right partners who can help in creating outcome based effective interventions. We are in the process of  building comprehensive – strategic- long term intervention that will open opportunities for our member companies, both large and SMEs and will po...

BREXIT Update: Theresa May announces stepping down as UK PM

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On 24th May 2019, Theresa May announced her decision to step down as the UK Prime Minister. This follows the inconclusive cross-party talks between Labour and the Conservative parties; and an overwhelmingly negative response to her new Brexit proposal thereafter. UK’s future political direction, particularly regarding Brexit, will now depend on who succeeds May as the Conservative leader and the next Prime Minister. If a hard-Brexiteer leader takes over, one of their first actions will be to step up preparations for no deal Brexit. Implications: Overall this entails continuation of the general environment of uncertainty for businesses for NASSCOM members in the UK. That said, core policy issues for us, e.g. immigration policy regime, data security regimes remain unchanged If a hard-Brexit ...

Brexit Update – Brexit Withdrawal Agreement Bill

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On 14th May 2019, Downing Street announced that the Brexit Withdrawal Agreement Bill (WAB) will be brought for voting before UK MPs in the first week of June 2019. It looks likely that PM May will struggle to secure the requisite number of votes to pass the WAB given cross-party Brexit talks between Labour and the Tories now widely expected to fail. If the WAB were to be defeated at Second Reading it would not be able to be reintroduced in the current session of Parliament, in effect ending PM May’s hopes of securing Brexit. She would then be under intense pressure to resign, triggering a Tory leadership contest during June-September 2019. For Indian companies in the UK, this entails continuation of the general environment of uncertainty for businesses. That said, core policy issues for us...

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