Adar Poonawalla was recently included in ‘Fortune magazine’s 40 under 40’ listing in the healthcare category. He recently came into limelight when the Covishield vaccine which was developed by Astra Zeneca with Oxford University began to be manufactured by the Serum Institute of India, the world’s largest vaccine manufacturer. Mr Poonawalla became the CEO of SII in 2011, which was initially founded by his father, Cyrus Poonawalla in 1966. In 2014 SII launched and initiated the Oral Polio vaccine which became the company’s bestseller.
The Institute is currently producing 50 million doses of Covishield a month and according to its CEO Adar Poonawalla, is aiming for a production of 100 million does a month after regulatory approval.
Adar Poonawalla has received several awards for his work in the health industry including the ‘Business Leader of the year’ award as part of the ET Edge Maharashtra Achievers Awards
Sridhar Vembu social entrepreneur noted for introducing software and product development functions from Urban centers to rural villages in India. His company Zoho became popular after setting up offices in rural districts in Tamil Nadu and Andhra Pradesh. In 2004, the company further went ahead to establish educational institutions to provide vocational software development education to rural students as an alternative to formal university education. The company takes pride in the fact that 15% to 20% of their engineers have received vocational education from Zoho schools with no college degree. In 2020, the company made a landmark move when they announced the setup of a ‘rural school startup’ which focused on free primary education.
Sridhar Vembu’s Alma mater is Princeton University in New Jersey, having secured his MS and PhD from there. His decision to move from Bay Area to Mathalamparai is historical and has been lauded by many, winning him many awards for his iconic work in the field of education. In 2019, Vembu was conferred with the Ernst & Young “Entrepreneur of the Year Award’’ in India. Recently in 2021, he became the recipient of the Padma Shri, India’s fourth highest civilian honor.
His amazing business instinct and acumen helped him to identify the right focus area to apply his knowledge, skills and innovative ideas. His legacy in education in the rural areas will live on for years to come. We hope that India will witness more social entrepreneurs of this calibre.
Department of Scientific & Industrial Research (DSIR) up until 31st March
2020, offered manufacturing companies,
tax exemptions u/s 35 (2AB) of the
Income Tax Act, 1961 up to 150% for expenses incurred on R&D in their
respective field. This exemption would let companies spend more money in their
R&D & helped in innovating new technology, product development &
April 2020, the Government of India phased down the tax exemption to 100% of
the expense incurred on R&D. This decision has come as a significant blow
affecting all major manufacturing companies involved in research &
development. We at Scinnovation, are positive, that these exemptions wouldn’t
be phased down any further.
claim these tax deductions, a manufacturing company had to sign an agreement
with DSIR for co-operation, a company had to fulfil certain conditions
concerning the maintenance of accounts & audit thereof & furnishing of
reports in a manner as may be prescribed by DSIR.
With the lowered tax
exemption of 100%, the company is not mandated to enter into an agreement with
DSIR to claim the tax exemption.
we would recommend that a company trying to avail the tax exemption should
apply for recognition as an in-house R&D centre by DSIR. By doing so, the
company will drastically speed up the claim period.
Scinnovation Consultants will help your company get DSIR Recognition for your
Research & Development efforts. Having worked with multiple seed companies
we have developed expertise in the area. SCinnovation Consultants has a 100%
track record in terms of getting the DSIR Recognition.
inquiry please contact Mr. Rajesh Ravindranathan, Client Acquisition Specialist