Good morning. It’s Earlybird here with your morning chai and a boatload of business news and insights to perk you up.

In this edition:

• 💊 No import duty on miracle drugs

• 🏦 Blockchain-based dollar accounts in India

• 📦️ Alibaba’s post-stock crash plan

MARKETS

*Stock data as of market close. Source.

• Markets: The Sensex and Nifty rebounded to end higher on the close, boosted by gains in media, realty, and metal stocks, which helped "steel" the market against recent volatility. Despite ongoing concerns over global inflation, investors remained optimistic about India's economic recovery.

PHARMA

No more import duty on miracle drugs

💊 A new tariff lift! (Say that 10x fast). India's Ministry of Finance has announced the exemption of import duty on drugs and food for special medical purposes used to treat rare diseases. Here are some key details:

• Normally, drugs/medicine are subject to 10% basic import duty, but if they’re ~life-saving~ drugs and vaccines, this tariff is scratched down to 0-5%.

• Now, a full exemption will be granted but your miracle pill or supplement would have to be classified as a treatment for any of the rare diseases listed under the National Policy for Rare Diseases 2021.

• This spankin’ new policy will take effect on April 1st, and is again, hopefully not just an April Fool’s thing because people’s lives are at stake.

Between the lines. This lift is seen by many as a step in the right direction towards making healthcare more accessible and affordable for all, as well as a boon for better distribution opportunities.

BANKING

JP Morgan pilots blockchain-based dollar accounts in India

🏦 Stop the traffic. There’s a new web3 fintech service in town (but it’s in trial mode). JPMorgan is testing out blockchain-based apps to provide dollar-based settlement services to Indian banks. Here’s the 411:

• JPMorgan's blockchain trial will be limited to banks in India's GIFT City, a global free trade zone.

• The pilot run will enable participating banks to create on-chain Nostro accounts for making dollar payments.

• JPM claims that by adopting blockchain, settlement times would be instantaneous, and participants will be able to conduct transactions 24/7.

What’s wrong with the now? The current SWIFT payment system is limited to functioning only during U.S. business hours, making weekend transactions annoyingly… not possible.

Hopes and dream. This move by JPMorgan aims to increase efficiency, reduce costs, and open up the vessels of global transactions in a way that makes sending money abroad a walk in the park.

TOGETHER WITH E-Cell NIT Trichy

We like stickers and merch as much as the next person, and know you do too. To get you this fix and more, E-Cell NIT Trichy is hosting an Entrepreneurship Summit from March 31st to April 2nd at the NIT Trichy Campus.

For the benefit of eager learners, the event will include guest lectures from seasoned entrepreneurs, forums, workshops, and networking events that’ll hit like a well-rounded business podcast but in 3D.

INDIA EDITION: WHAT ELSE IS ON THE BIRDWATCH

• ✂️ Lucid Group is snipping its human bandwidth. Lucid Group Inc., a Newark-based purveyor of electric vehicles, is looking to reduce its workforce by 18% and streamline operations.

• 🦗 Crickets at the office. Office space leasing in India's top seven cities fell by 34% in the first quarter of 2021, reaching a six-quarter low.

• 🌿 JSW’s big green buy. JSW Energy has acquired 1,753 MW of green energy assets from Monnet Ispat & Energy, in a deal worth over Rs 10,000 crore.

FUNDING DEALS

Catch up on the Indian funding flows from the past 24hrs:

• EazyDiner, the restaurant table reservation startup, just secured a Rs 40cr ($5.4m) investment from DMI Alternative Investment Fund. The startup, which has quickly become a hot favorite among diners and restaurateurs alike, plans to use the funds to serve up a heightened presence across the country.

• Design Cafe, a home interior startup, is sprucing up its finances with a Rs 40cr ($5.4m) Series B raise led by WestBridge Capital and others. The Bangalore-based startup plans to use the funds to enhance its tech capabilities and scale the business.

• Vitraya Technologies, a Mohali-based insurtech startup, got a new $5M fund injection in a Series A round led by StartupXSeed. The fresh dough will be used to upgrade company tech and further its stride in the insurance industry.

WORLD

Headline Explorer

🎮️ Axie’s Ronin gets a hack-a-versary makeover. It’s no axie-dent that Sky Mavis’ Ronin is looking to boost platform security and attract more users in the wake of a $625M hack last year. To this end, Axie Infinity's Ronin blockchain has undergone a major overhaul and is expanding its tech to new game studios and IPs.

👀 Starbucks reflects on its labor practices. Starbucks shareholders have approved a proposal to conduct a review of the company's labor union practices, which have come under scrutiny in recent months. The move comes as the coffee giant looks to filter out impurities in its image and promote a more socially responsible approach to business.

📦️ Alibaba’s garage sale of sadness. Alibaba Group is picking up the pieces after the massive 70% stock price deletion that everyone is still reeling about. The digital titan is in the process of scooping up cash for its non-core assets and is considering giving up control over some of its businesses.

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