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India now has more than 1.4 lakh startups, as the government continues to nurture innovation and encourage investments in the ecosystem, Union Minister of State for Commerce and Industry, Jitin Prasada, informed on Friday. In a reply to a question in the Rajya Sabha, the minister said that under the ‘Startup India’ initiative, the Department for Promotion of Industry and Internal Trade (DPIIT) has recognised 1,40,803 entities as startups (as of June 30). Over 55 regulatory r...
India now home to more than 1.4 lakh startups: Union Minister
The Directorate General of Foreign Trade (DGFT) has announced significant enhancements to the Export Promotion Capital Goods (EPCG) Scheme aimed at simplifying processes, reducing transaction costs, and promoting automation to benefit exporters. The scheme has been tweaked to provide exporters an extended period to submit Installation Certificates for imported Capital Goods. This extension reduces pressure on businesses, allowing them to focus more on production and export activit...
DGFT tweaks Export Promotion Capital Goods scheme to help exporters
In a fillip to the country’s local manufacturing success story, tech giant Apple is set to make its ‘Make in India’ iPhone 16 Pro and 16 Pro Max models available in the country right after the global launch this fall, industry sources said on Friday. Sources told IANS that these high-end, India-assembled Apple devices will be available within 1-2 months of the global launch in partnership with leading manufacturer Foxconn’s facility in Sriperumbudur, Tamil Nad...
Apple set to manufacture high-end iPhone 16 Pro models in India, to arrive soon after global launch
The abolition of angel tax will further ease the funding winter for the Indian startup ecosystem as the tax burden will go away for foreign investors, industry experts said on Friday. The Department for Promotion of Industry and Internal Trade (DPIIT) has emphasised that the pipeline of funds should get better with abolition of the angel tax. The Indian private equity and venture capital investments in 2023 stood at $39 billion compared to $62 billion in 2022. This decline was agg...
Angel tax abolition to further ease funding winter for Indian startups: Experts
The Centre’s Shipbuilding Financial Assistance Policy has helped Indian shipyards to secure both domestic and export orders for building ships to the tune of approximately Rs 10,500 crore since 2016, according to information tabled in Parliament on Friday. As many as 39 shipyards have secured a total of 313 orders since the inception of the scheme. These shipyards have received financial assistance totalling Rs 337 crore for delivering 135 vessels to domestic and international ...
'Indian shipyards secured orders worth Rs 10,500 cr for building ships in last 8 years'
In a significant move to bolster India's agricultural exports, the Union Minister for Ports, Shipping and Waterways Sarbananda Sonowal has approved the Jawaharlal Nehru Port Authority (JNPA)'s project for the development of export-import cum domestic agricultural commodity-based Processing & Storage Facility in private-public partnership (PPP) mode with an investment of Rs 284.19 crore. JNPA is now set to establish an all-in-one state-of-the-art agricultural facility at t...
India's first integrated agri-export facility to be built at Mumbai's JNPA
A robust IT sector earnings in the April-June quarter means that jobs are back and the country’s top tech companies are looking to hire close to 90,000 freshers in the current fiscal. While IT services major Tata Consultancy Services (TCS) plans to hire nearly 40,000 freshers in FY25, Infosys aims to recruit around 15,000-20,000 freshers this fiscal. TCS hired 5,452 employees in the first quarter of FY25, reversing three-quarters of the drop in headcount. The company now employs 6...
Leading Indian IT firms look to hire 90,000 freshers in FY25 amid strong quarterly results
As the Union Budget 2024-2025 gives special attention to labour-intensive manufacturing, a new survey said on Friday that manufacturing sentiments in the country have shown an improvement in the April-June quarter. According to FICCI’s ‘Quarterly Survey on Manufacturing,’ nearly 78 per cent of respondents in the Q1 FY25 expect either higher or unchanged production levels, compared to the same period last year. It also highlighted optimism in domestic demand condi...
India sees uptick in manufacturing sentiments, domestic demand in April-June
Universal Sompo General Insurance Company successfully started end-to-end cashless claim transaction on the National Health Claims Exchange (NHCX) Platform. NHCX is a single-window interface that provides a secure platform for the efficient exchange of health insurance claims data. The platform is designed to strengthen efficiency and transparency in claims processing. The NHCX platform serves as a single-window interface, providing a secure and efficient exchange of health insurance claim...
Universal Sompo General Insurance Company Completes Inaugural Cashless Claim Transaction on National Health Claims Exchange (NHCX) Platform
As more and more Indians prefer to have simple and transparent exposures in mutual funds, the total retail folios in index funds increased by nearly 12 times from 4.95 lakh in March 2020 to 59.37 lakh in December 2023, a study by Zerodha Fund House showed on Friday. The Assets under management (AUM) of index funds has recorded a staggering increase of 25 times -- from about Rs 8,000 crore in March 2020 to about Rs 2,13,500 crore in March this year. Notably, debt index funds had seen a s...
Indian retail investors behind 12 times surge in index funds folios in last 4 years
As the global healthcare industry embraces technology, with interconnected medical devices, there is an urgent need for robust cybersecurity measures to safeguard patients' data, a report showed on Friday. The report by GlobalData, a data and analytics company, showed that the medical devices sector is experiencing a significant rise in cybersecurity spending. The growth is projected at 12.9 per cent from $631.2 million to $1.2 billion between 2022 and 2027 -- a response to the i...
Robust cybersecurity measures must for global health tech industry
Finance Minister Nirmala Sitharaman decreased income tax and increased standard deduction rebate in the Union Budget 2024-25. This move by the government is likely to boost FMCG sector growth. According to marketing research firm Kantar Worldpanel, "The FMCG sector is expected to register 6.1 per cent yearly growth in FY 2024-25 in the rural market, which was 4.4 per cent last year. However, the FMCG sector’s growth in the urban market remained flat at 4.2 per cent in this...
Lower income tax would boost FMCG sector growth
Bengaluru-based mobile games developer Mayhem Studios on Friday said it has secured investment from Lumikai, an interactive media and gaming focused venture fund, for an undisclosed sum. Mayhem Studios said it will leverage the fresh infusion of capital to scale their operations, accelerate game development, expand its team of talented developers, and enhance technological capabilities. It is currently building its flagship title, Underworld Gang Wars (UGW) which is a AAA battle r...
Indian mobile games developer Mayhem Studios raises funds from Lumikai
In yet another success story of India’s local manufacturing push, iPhone maker Apple has achieved record exports numbers in the April-June quarter in the country, reaching around $3.8 billion. Riding on the government’s production-linked incentive (PLI) scheme, Apple reached a new all-time high in the Q1 FY25, according to industry data, as manufacturers continue to look at the ‘China + 1 business strategy’ to avoid investing only in the neighbouring country ...
iPhone exports from India touch new all-time high in April-June quarter
As many as 16.83 crore new jobs have been created in the last six financial years from 2017-18 to 2023-24 , Minister of State (MoS) for Labour and Employment Shobha Karandlaje informed the Parliament. The total employment in the country registered a robust 35 per cent increase during this 6-year period from 47.5 crore in 2017-18 to 64.33 crore as of March 2024, the minister stated in a written reply to the Rajya Sabha. The information is based on the latest KLEMS (K: Capital, L: L...
16.83 crore new jobs created in last 6 years: MoS Shobha Karandlaje
With strong macro-economic indicators, conducive government policies and over 7 per cent growth projected for the Indian GDP, the auto component industry will continue to perform well in FY25, according to the industry. Riding on steady production, a robust aftermarket and growth in exports, turnover of the automotive component industry in India has broken all previous records, reaching $74.1 billion in FY24. Apart from an increase in vehicle production, higher value addition from...
Indian auto component sector on robust track, to perform well in FY25: Industry
Dubai-based retail giant the Landmark Group has partnered with Unicommerce, one of India’s leading e-commerce enablement SaaS platforms to strengthen its e-commerce operations across the United Arab Emirates and the Kingdom of Saudi Arabia. The Landmark Group has initially integrated its home decor brand Homebox with Unicommerce and will add more brands moving forward. The arrangement envisages deployment of Unicommerce’s multi-channel order m...
UAE`s Landmark Group Adopts E-commerce Tech Unicommerce to enhance its Business Operations across UAE & Saudi Arabia
Amid the changing landscape where cyber-criminals use novel methods to steal personal data, the Digital Personal Data Protection (DPDP) Act, 2023 upholds individuals' rights to safeguard their data, incorporating established principles for its protection, the government has said. According to Ministry of Electronics & IT, these principles include obtaining consent for lawful and transparent use of personal data, limiting its use to specified purposes, minimising data coll...
Digital data protection bill reflects India's commitment to safeguarding users: Centre
The Power Ministry has estimated that the expansion required in the country’s thermal capacity to meet the growing demand for electricity will entail an expenditure of a minimum of Rs 6.67 lakh crore by 2031-32, Minister of State for Power Shripad Naik informed the Parliament on Thursday. In order to meet the estimated electricity demand by the year 2031-32, generation planning studies have been carried out by the Central Electricity Authority (CEA), he told the Lok Sabha in a ...
Rs 6.67 lakh crore investment needed by 2031-32 to expand thermal power capacity
Minister of State for New and Renewable Energy (MNRE), Shripad Yesso Naik on Thursday held discussions with industry representatives on the production-linked incentive (PLI) scheme and other incentives to promote Indian manufacturing in the renewable energy sector. He assured renewable energy industry associations of full support from MNRE, emphasising the government's commitment to accelerating India's transition to a low-carbon economy. Secretary, MNRE, Bhupinder Singh ...
Government assures green energy sector of support under PLI scheme
As India aims to achieve Net Zero target by 2070, the country’s installed nuclear power capacity is projected to nearly triple by 2031-32, Union Minister of State (Independent Charge) for Science and Technology, Dr Jitendra Singh, told the Parliament on Thursday. In a reply to a question in the Rajya Sabha, the minister said the present installed nuclear power capacity is set to increase from 8,180 MW to 22,480 MW by 2031-32. "Various studies have projected the need to ...
India to triple installed nuclear power capacity by 2031-32: Union Minister
Over-Indexed to things which don’t matter ! We did this 4 months before, we will again do it after 6 months. But few budgets leave an imprint and legacy larger than others. We will touch upon the other aspects of this budget in more notes but today we wish to just address the elephant in the room. The big hullabaloo in this Budget is about ‘indexation’ being buried for good. Real Estate and Gold are now brought at par with Equity on taxation (12....
Indians are over-indexed to Properties !
ITC Hotels, India’s leading hospitality chain, has achieved a significant milestone in its growth trajectory as it announced the opening of its 25th property under the distinguished Brand Welcomhotel. The landmark launch of Welcomhotel Belagavi, Karnataka, is a testament to ITC Hotels' robust asset-right expansion strategy and reflects the Brand’s ability to adapt to diverse market demands while consistently delivering exceptional service and hospitality. Brand Wel...
ITC Hotels achieves major milestone as Brand Welcomhotel grows with 25 properties pan India
Leading agritech AgroStar on Thursday released its comprehensive Environmental, Social, and Governance (ESG) impact report 2024, showcasing its transformative impact on the Indian agriculture ecosystem. The report titled 'Sowing Seeds of Sustainability' showed that Indian farmers have increased their yield by an average of 27 per cent with the help of AgroStar products and advisory services while reducing their input cost by 17 per cent. The company's agri-input produ...
AgroStar launches sustainability report, shows transformative impact on Indian agriculture ecosystem
In a bid to revolutionise R&D in India, I-STEM (Indian Science, Technology, and Engineering facilities Map), an initiative from the Office of Principal Scientific Adviser, on Thursday launched V-LABS (Vertically Aggregating Labs). V-LABS platform connects researchers, startups, and industries with a vast network of labs and equipment across diverse sectors through an online portal, providing data free of cost. The initiative aims to save capital expenditure on advanced equipme...
I-STEM launches V-LABS initiative to revolutionise R&D in India
PC and printer major HP on Thursday unveiled its most powerful AI PCs in India which are aimed at empowering large enterprises, startups and retail consumers. The new devices include the HP EliteBook Ultra and HP OmniBook X, being the company’s first Copilot+ PCs. Both laptops are engineered around the Snapdragon X Elite processor and its dedicated Neural Processing Unit (NPU), capable of 45 trillion operations per second (TOPS) to run language models and generative AI local...
HP brings powerful AI PCs for businesses, retail customers in India
With proper regulation, India's medical devices industry is estimated to grow five-fold to $50 billion by 2030, said Drug Controller General of India (DCGI) Rajeev Singh Raghuvanshi on Thursday. He was speaking at a conference on the classification of health products organised by the PHD Chamber of Commerce and Industry in the national capital. The DCGI underlined the benefits of regulation, including quality monitoring and international acceptance, which collectively boost in...
India's medical devices industry to grow five-fold to $50 bn by 2030: DCGI
US-based cancer detection startup Navaux on Thursday announced receiving fresh funding, which it said, will play a "pivotal role" in entering the Indian market. The life science company secured an undisclosed investment from angel investor Karna D. Shinde. This comes as India is rapidly emerging as a hub for health-tech innovations, a trend highlighted by Finance Minister Nirmala Sitharaman's recent announcement in the Union Budget 2024-25, which offers relief to can...
Early cancer detection startup Navaux gets new funding
Homegrown Generative AI (GenAI) startup Devnagri on Thursday said it has raised an undisclosed amount in a pre-Series A round led by Inflection Point Ventures. The B2B-focused Indian language translation startup said new funds will be allocated to marketing, sales, technology scaling, R&D, infrastructure and administrative expenses. Devnagri offers personalised business communication to non-English speakers, making it hyper-local and more accessible. Co-founded by Nakul Kun...
Indian GenAI startup Devnagri raises new funds led by Inflection Point Ventures
"Set to bring 500 + national and international exhibitors under one roof RX India (formerly Reed Exhibitions) a pioneer in organizing large scale B2B events, proudly announces the commencement of AMTEX (Asian Machine Tool Exhibition) 2024, slated to happen from July 26-29, and Fastener Fair India, taking place from July 26-28, at Pragati Maidan. The two premier events bring together over 500+ national and international exhibitors making it a flagship event for professionals in the mac...
AMTEX and Fastener Fair India 2024 to unveil the future of Machine Tools and the latest in Fasteners Technology in India
Amid the growing chatter over the removal of indexation benefit in the long-term capital gain (LTCG) calculation, Finance Minister Nirmala Sitharaman has reiterated that the move is not a “revenue-raising measure” and will not lead to a higher tax burden on real estate transactions. According to the Finance Ministry, the new LTCG regime will benefit taxpayers in “almost all cases” through substantial tax savings. The Union Budget 2024 has announced a reduct...
Indexation removal on real estate won't hike tax burden, has limited impact
Honeywell (Nasdaq: HON) today released the findings of its Industrial AI Insights global research study, which captures the state of Artificial Intelligence (AI) in the sector. While only 17% of AI decision makers around the world have fully implemented their initial AI plans, more than 9 in 10 say they are uncovering unexpected new use cases whether they are in the prototyping, launch, or scaling stages of AI implementation. The research also finds they’re &ldquo...
Industrial AI uptake is just getting started but majority of sector is uncovering new use cases, finds honeywell research
The Indian National Space Promotion and Authorization Centre (IN-SPACe) led a delegation of Indian space startups to the 17th Australian Space Forum in Adelaide on 24th and 25th July. During the two-day event, the delegation highlighted India's growing prowess in space technology and strengthening international collaboration. The delegation, led by Dr. Vinod Kumar, Director Promotion, IN-SPACe, and Mr. Shashank Saxena Deputy Director IN-SPACe, included participants from Indian companie...
IN-SPACe Leads Indian Delegation to the 17th Australian Space Forum, Extending International Collaboration
Piramal Capital & Housing Finance Limited (referred to as Piramal Finance), a leading diversified financial services company and wholly owned subsidiary of Piramal Enterprises Limited (PEL), has successfully issued its debut US dollar-denominated bonds in the international markets. This bond marks Piramal Finance's first issuance in the international capital markets, providing the company access to a deep, alternative pool of liquidity to complement funds available through banks and I...
Piramal Finance makes a standout debut in International Bond Markets with USD 300 Mn Sustainability Bond
In a fillip to local manufacturing, 32 companies have invested Rs 8,282 crore under the production-linked incentive (PLI) scheme for large-scale electronics manufacturing till June 30, the Parliament was informed on Wednesday. The IT Ministry said that 27 companies have cumulatively invested Rs 464.66 crore under the PLI scheme for IT hardware and PLI scheme 2.0 for IT hardware. In a written reply to a question in Lok Sabha, Minister of State for Electronics and IT, Jitin Prasada...
PLI booster: 32 firms invest Rs 8,282 crore for large-scale electronics manufacturing
India’s textile sector is poised for growth with a 28 per cent increase in the Budget allocated for the sector for 2024-25, said Northern India Textiles Mills Association (NITMA ) President Sanjay Garg on Wednesday. This significant boost in funding is expected to drive innovation, enhance productivity, and create new opportunities for the textile industry in India. The increased investment underscores the government’s commitment to supporting the growth and development of the ...
India’s textile sector set to gain pace with 28 pc increase: NITMA
The Indian startup ecosystem players on Wednesday applauded the Budget 2024 for doing away with the angel tax, which was levied on money raised by companies from angel investors, for all categories of financiers. Union Finance Minister Nirmala Sitharaman said the change was made to support innovation, encourage entrepreneurship, and strengthen the Indian startup ecosystem during her budget speech. “The Finance Minister, in a bid to strengthen the startup ecosystem and foster...
Abolishing angel tax to benefit entire Indian startup ecosystem: Experts
The country now has 5,293 electric vehicle (EV) charging stations along the national highways and has set a target of establishing 5,833 more along the highways out of a total of 7,432, the Ministry of Road Transport & Highways said on Wednesday In a written reply in the Rajya Sabha, Union Minister for Road Transport and Highways, Nitin Gadkari, said a capital subsidy of Rs 800 crore has been provided to three oil marketing companies towards the establishment of 7,432 EV charging...
Centre to build 5,833 new EV charging stations along national highways
Assessing the impact of budget proposal for real estate The government has rationalized the long-term capital gains tax on real estate by removing the indexation benefit while simultaneously reducing the applicable rate to 12.5% from 20% earlier. We highlight that the impact of the change is case-specific: a seller would now have a lower tax implication in the case of higher price appreciation (>10% average). We view the change as having negligible impact on end-users (75-80% of demand)...
Real Estate, July 24, 2024 by Kotak Institutional Equities
Adani Green Energy Limited (AGEL) on Wednesday said it has operationalised the first 250 MW wind capacity at the world’s largest 30,000 MW (30 GW) renewable energy plant at Khavda, Gujarat. With this milestone, 2,250 MW of cumulative capacity has been made operational at the Khavda plant, strengthening AGEL’s leadership in India with the largest operational portfolio of 11,184 MW. “Khavda has one of the best wind resources in India, with speeds of 8 metres ...
Adani Green begins wind generation from Khavda renewable energy plant
Vietnam's e-commerce market has boasted an average annual growth rate of 16-30 per cent over the past four years, the highest in the Association of Southeast Asian Nations (ASEAN) region, local media VOV reported. Citing OpenGov Asia, a content platform dedicated to sharing ICT-related knowledge and information, the report said that the country's cross-border e-commerce sector is expanding at a rate 2.3 times faster than regular e-commerce between 2022 and 2025, with pr...
Vietnam's e-commerce boasts highest annual growth in ASEAN
The Indian realty sector has largely given a thumbs up to the Union Budget 2024-2025 presented in the Parliament on Tuesday by Finance Minister Nirmala Sitharaman, terming it visionary and vibrant which will sustain India’s growth story over the next five years. The President of the Confederation of Real Estate Developers Association of India, Boman Irani, said that with the PM Awas Yojana-Urban, the housing needs of one crore poor and middle-class families will be addressed wi...
Realty sector hails Union Budget, calls it vibrant & visionary
In a move to bring in the private sector in the nuclear power sector, the Indian government will partner with private players in setting up small reactors, for research and development of small modular reactors, and newer nuclear energy technologies. Presenting her seventh Union budget on Tuesday in the Parliament, Finance Minister Nirmala Sitharaman said: "Nuclear energy is expected to form a very significant part of the energy mix for Viksit Bharat." "Towards tha...
India open up nuclear power sector for Bharat Small Reactors, Bharat Modular Reactors
The government on Tuesday said the last date of its Electric Mobility Promotion Scheme (EMPS) 2024, which aims to provide further impetus to the green mobility and development of electric vehicle (EV) manufacturing ecosystem in the country, is July 31. The scheme’s duration was 4 months (April 1 till July 31) with an outlay of Rs 500 crore. “Total payout under the demand incentive is limited to Rs 493.55 crore (supporting 3,72,215 vehicles). In case the funds for the S...
Deadline to avail Centre`s EV promotion scheme ends July 31
India, on Tuesday, announced a credit guarantee scheme to help manufacturing-focussed medium and small enterprises (MSME) buy machinery and other equipment without offering collateral. "The scheme will operate on pooling of credit risks of such MSMEs," Finance Minister Nirmala Sitharaman said while announcing the federal budget for 2024-25. A separately constituted self-financing guarantee fund will provide each applicant a guarantee cover of up to 1 billion rupees (about $12 ...
India announces credit guarantee scheme for small industries in manufacturing
The government on Tuesday announced to reduce the basic customs duty (BCD) on mobile phones, printed circuit board assembly (PCBA) and mobile chargers to 15 per cent from the current 20 per cent. With a three-fold increase in domestic production and an almost 100-fold jump in exports of mobile phones over the last six years, the Indian mobile phone industry has matured. “In the interest of consumers, I now propose to reduce the BCD on mobile phones, mobile PCBA and mobile ch...
Centre cuts customs duty on mobile phones, components to 15 pc; industry upbeat
India will set up a 10 billion rupee ($119 million) venture capital fund to expand its space sector, Finance Minister Nirmala Sitharaman said on Tuesday, as the country sets its sights on a larger share of the global space market. Earlier this year, Prime Minister Narendra Modi's government allowed 100% foreign direct investment in the manufacture of satellite systems without official approval and eased the rules for launch vehicles. "With our continued emphasis on expanding th...
India unveils 10 billion rupee venture capital fund for space sector
In a major relief for the startup ecosystem, the government on Tuesday announced to abolish angel tax to further boost local talent and innovation. The industry had sought rationalisation of Angel Tax by removing Section 56(2)(viib) in order to further nurture innovation among startups, saying scrapping this section would "greatly aid in capital formation" for the startup sector. Under Section 56(2) (viib) of the Income Tax Act, to become eligible for angel tax exemption...
Angel tax abolished on startups to boost local innovation
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