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Need to follow consistent EV policy, no need for company-specific sops: FICCI EV Committee chair

Economic Times

Economic Times · 1y ago

Need to follow consistent EV policy, no need for company-specific sops: FICCI EV Committee chair

The chairperson of FICCI EV Committee, Sulajja Firodia Motwani, has emphasized the importance of a consistent policy for the Make in India initiative and the need for a holistic ecosystem for the growth of the electric vehicle (EV) segment. She believes that incentives for buying EVs should continue to sustain demand and that electric cars priced up to Rs 20 lakh should be eligible for incentives under the FAME India scheme. Motwani also stresses the need for long-term and consistent policies to attract investment in local manufacturing and promote EV adoption in India.

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Norway wealth fund to seek more women on company boards in India, other emerging markets

VCCircle

VCCircle · 1y ago

Norway wealth fund to seek more women on company boards in India, other emerging markets

Norway's sovereign wealth fund, the world's largest, plans to push for more women on corporate boards in emerging markets, including India and Brazil. The $1.6 trillion fund, which already advocated for gender diversity in companies in Europe, the US, and Japan, aims to apply its policy globally. The fund's updated voting guidelines state that if a company in an emerging market does not have at least one director from each gender, the fund will vote against the chair of the nomination committee or the chair of the board at the annual general meeting. The policy may impact companies such as Ooredoo, ESSA, and Hidrovias do Brasil, which currently have no female directors.

Democratic senator raises concerns about Biden campaign decision to join TikTok

Reuters · 1y ago

Democratic senator raises concerns about Biden campaign decision to join TikTok

Democratic Senator Mark Warner, chair of the Senate Intelligence Committee, expressed concerns about the national security implications of President Joe Biden's campaign decision to join the Chinese-owned video app TikTok. Warner noted the need to follow India's example in banning TikTok and described the Biden campaign's involvement as a "mixed message." However, the White House stated that government national security concerns surrounding TikTok remain unchanged, with a ban on the app's use on government devices still in place. The U.S. government previously demanded that TikTok's Chinese owners sell their shares but has yet to take any action.

GCCs may receive sops to set up units in tier-2 and 3 towns

Economic Times

Economic Times · 8m ago

GCCs may receive sops to set up units in tier-2 and 3 towns

The Indian government is developing a new policy to provide incentives for establishing global capability centers (GCCs) in tier-2 and tier-3 towns and cities. The policy, being prepared by the ministry of electronics and information technology, aims to offer additional incentives in addition to those provided by state governments. The proposed policy will cover regulations such as transfer pricing and tax breaks for GCCs. It also intends to encourage the setup of large GCCs in dedicated office zones and smaller GCCs in specific sectors such as healthcare and finance. The GCC market size in India is projected to reach $100 billion by 2030.

Google begins delisting ten Indian app developers for non-compliance with its billing policy

Thehindubusinessline

Thehindubusinessline · 1y ago

Google begins delisting ten Indian app developers for non-compliance with its billing policy

Google announced on Friday that it is enforcing its Play Store related payments policy on ten Indian companies that have failed to comply with the tech giant's app billing policy. The enforcement will lead to the removal of non-compliant apps from Google Play. The specific company names were not disclosed, but domestic apps such as shaadi.com, Stage, Aha, and Quack Quack are reportedly among them. Google emphasized that it had given developers more than three years to prepare for compliance and is taking these steps to ensure consistent policy application and a level playing field in the ecosystem.

Young entrepreneurs should focus on ethics in business, improving quality of goods and services, says Youth Affairs secretary

Business Today

Business Today · 11m ago

Young entrepreneurs should focus on ethics in business, improving quality of goods and services, says Youth Affairs secretary

Meeta Rajivlochan, Secretary of the Department of Youth Affairs, emphasized the importance of ethics and quality improvement in business during the FICCI Young Leaders Award. She highlighted the need for trust as the most crucial commodity in today's business environment, urging young entrepreneurs to follow ethical practices. Rajivlochan also noted the significance of building Brand India by showcasing the country's commitment to quality and value. She advised entrepreneurs to focus on making Indian products world-class instead of relying on Western standards, emphasizing the impact of trust on reducing costs and driving positive outcomes.

US Senate considering public hearing on TikTok crackdown bill, committee chair says

Reuters · 1y ago

US Senate considering public hearing on TikTok crackdown bill, committee chair says

Senate Commerce Committee Chair Maria Cantwell is considering holding a public hearing on a bill that would crack down on TikTok after receiving a closed-door briefing from U.S. national intelligence and Justice Department officials. The U.S. House recently voted in favor of forcing TikTok's parent company, ByteDance, to divest the app within six months or face a ban. Cantwell emphasized the importance of creating legislation to address concerns about TikTok's potential national security risks, but did not offer a specific timeline for next steps. She plans to meet with Representative Mike Gallagher, one of the House sponsors of the bill, to discuss further actions.

‘Marathon not a sprint’: Audi India head on EV adoption

Livemint

Livemint · 8m ago

‘Marathon not a sprint’: Audi India head on EV adoption

The slowdown in electric vehicle (EV) sales is temporary, according to the head of Audi India, Balbir Singh Dhillon. He believes the industry will continue to grow in the long run, but points to the need for extensive charging networks and supportive government policies. Dhillon highlighted the success of countries like Norway and Iceland, where strong charging networks and consistent government policies have aided EV penetration. In India, sparse charging infrastructure and weak resale value are seen as barriers for potential EV buyers. Dhillon called for government support in improving high-speed charging infrastructure across the country.

New Income Tax bill gives no new search powers, eases compliance: Baijayant Panda

Economic Times

Economic Times · 12d ago

New Income Tax bill gives no new search powers, eases compliance: Baijayant Panda

The new income-tax bill does not extend new search and seizure powers to authorities but simplifies existing provisions, aiming to reduce taxpayer ambiguity, according to Baijayant Panda, the parliamentary select committee chair. The panel has proposed about 285 changes to the bill, emphasizing clarity over brevity and has included provisions for inter-corporate dividend deductions. The panel's suggestions, supported by extensive consultations, are poised to facilitate compliance and diminish disputes while maintaining existing power structures.

Stablecoin Legislation Looms Despite Threat of Government Shutdown

Startup News FYI

Startup News FYI · 1y ago

Stablecoin Legislation Looms Despite Threat of Government Shutdown

House Financial Services Committee Chair Patrick McHenry has indicated that stablecoin regulation remains a priority, even with the potential threat of a government shutdown looming. McHenry stated that he will do his best to get stablecoin regulation to President Biden's desk. Stablecoins, digital assets pegged to the value of a sovereign currency, have been a topic for federal regulation on Capitol Hill for years. McHenry's committee has produced two bills on digital assets, one focusing on stablecoins and the other on market structure. While there is support from both Republicans and Democrats, the legislation would still need to pass through the Senate and obtain Biden's signature. McHenry aims to reach an agreement by the beginning of the year.

RBI holds key rate steady on robust growth, above target inflation

VCCircle

VCCircle · 1y ago

RBI holds key rate steady on robust growth, above target inflation

The Reserve Bank of India (RBI) has kept its key interest rate unchanged for the seventh consecutive policy meeting. Despite robust economic growth, inflation remains above the target of 4%. RBI Governor Shaktikanta Das emphasized the need to focus on inflation, with food price volatility remaining a concern. The decision was made by a majority vote of the monetary policy committee, with the policy stance of 'withdrawal of accommodation' retained. The GDP is forecasted to expand by 7% in the fiscal year 2025, with strengthening rural demand, improving employment conditions, and a pickup in manufacturing and services sectors expected to boost consumer demand.

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