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US President Donald Trump suspends H-1B visas till year end

23Jun By PriyankaNo Comments

USA

US President Donald Trump suspends H-1B visas till year end

US President Donald Trump has issued a proclamation to suspend issuing of H-1B visas, which is popular among Indian and Chinese workers, along with other foreign work visas for the rest of the year. Trump said the step was essential to help millions of Americans who have lost their jobs due to the current economic crisis. Issuing the proclamation ahead of the November presidential elections, Trump has ignored the mounting opposition to the order by various business organisations, lawmakers and human rights bodies. The proclamation that comes into effect on June 24, is expected to impact a large number of Indian IT professionals and several American and Indian companies who were issued H-1B visas by the US government for the fiscal year 2021 beginning October 1. They would now have t...

22Jun By Press Trust of IndiaNo Comments

INDIA

India China standoff: Indian Ministry proposes restrictions on Neighbors Countries Investment

New Delhi, Jun 22nd, 2020: Amid growing tensions between India and China, the finance ministry has proposed putting restrictions on pension fund investments from any of India's bordering countries. Foreign investment in pension funds regulated by the Pension Fund Regulatory and Development Authority (PFRDA) is capped at 49 per cent under the automatic route. According to a draft notification circulated for comments on Friday, "A government approval would be required for the investing entity or individual from any of the bordering countries including China. The relevant provisions of FDI policy issued from time to time would apply in all such cases." Any foreign investment from these countries will be subject to approval from the government. The restriction would be applicable ...

155 Indian companies Invest $22 billion, creates 125K jobs in US in 2020

17Jun By AnkitaNo Comments

USA

155 Indian companies Invest $22 billion, creates 125K jobs in US in 2020

Washington, Jun 15, 2020: As many as 155 Indian companies have invested USD 22 billion in the US, thus creating nearly 125,000 jobs in the country, according to a report issued by the Confederation of Indian Industries (CII) on Monday. The report, “Indian Roots, American Soil 2020,” is a state-by-state breakdown of tangible investments made and jobs created by 155 surveyed Indian companies doing business in all 50 states, as well as Washington, DC, and Puerto Rico. Texas, California, New Jersey, New York and Florida are home to the greatest number of workers in the US directly employed by the reporting Indian companies, the report said. “Indian-Americans have made so many important cultural, economic, and scientific contributions to our country and Texas values your hard work and...

8Jun By Press Trust of IndiaNo Comments

INDIA

No better time to bet on India than now, says Gautam Adani

NEW DELHI, 8th June 2020: The recent slump in economic growth notwithstanding, India will be one of the world's top consumption centers and a manufacturing and services hub for the next several decades, billionaire Gautam Adani has said, stressing there is no better time to bet on India than now. India's economic growth slipped to 4.2% in 2019-20 fiscal (April 2019 to March 2020) its slowest pace in more than a decade. International rating agencies as well as the Reserve Bank of India (RBI) have forecast a contraction in GDP in the financial year that began in April 2020 on account of the coronavirus-induced slowdown. "What we must realize is that there are no absolute right or wrong ideas. What is required during an unprecedented, hard to model, a crisis like COVID-19, is a Governm...

1Jun By PriyankaNo Comments

INDIA

Indian Govt blocks file sharing website WeTransfer

New Delhi, May 30: The Indian government has ordered internet service providers to block the computer file-sharing website WeTransfer due to security reasons. However, the security reason has not been disclosed but as per our analysis, the situation could be connected with the Pakistan agency spying case in India. The order issued by the Department of Telecom on May 18 directed all ISP to block two download links on the Dutch website WeTransfer and also the entire website. 'Delhi Police had requested the IT ministry to block two download links and the entire We Transfer website immediately. Following which orders were issued to the website and links suggested by the Delhi Police,' an official source said. Meity asked the DoT to direct internet service providers to block the we...

Thierry Delaporte becomes new Wipro CEO and MD

29May By PriyankaNo Comments

News

Thierry Delaporte becomes new Wipro CEO and MD

IT services major Wipro has appointed Capgemini Group veteran Thierry Delaporte as its Chief Executive Officer and Managing Director, effective July 6, 2020. In January this year, the company had said its CEO and Managing Director Abidali Z Neemuchwala had decided to step down from the company. Abidali Neemuchwala will relinquish his position as CEO and MD on June 1. Rishad Premji will oversee the day-to-day operations of the company until July 5, Wipro said in a statement. "Until recently, Thierry Delaporte was the Chief Operating Officer of Capgemini Group and a member of its group executive board. During his 25 year career with Capgemini, he held several leadership roles," it said. He also oversaw Capgemini's India operations, and led the group's transformation agenda, ...

28May By reutersNo Comments

INDIA

Google faces Antitrust case in India over payments app

NEW DELHI (Reuters) - India’s antitrust body is looking into allegations that Alphabet Inc’s Google is abusing its market position to unfairly promote its mobile payments app in the country, five sources familiar with the case told Reuters. The complaint was filed in February and the Competition Commission of India (CCI) has kept the identity of the complainant confidential, the first source with direct knowledge of the case said. The complaint alleges the U.S. tech giant more prominently showcases its Google Pay app inside its Android app store in India, giving it an unfair advantage over apps of competitors which hurts consumers, the source added. Google did not respond to a request for comment. Two of the sources said the watchdog informed Google about the case being filed a f...

BattRE Launches Affordable Connected eScooter gps:ie

22May By NitishNo Comments

Automobile

BattRE Launches Affordable Connected eScooter gps:ie

App based User Interface. Key Features – GPS Tracking, Remote Immobilizer, Secure Park, Geofencing, Driving behavior and trip reports. Key Alerts – Tow alert, Crash alert, Speeding alert,Device status and Offline alert. Price starts from around $860 (Rs. 64,990) New Delhi, May 2020: With the positive sentiment of Indian EV industry which grew by 20% in the last fiscal & witnessing a strong demand Inspite of COVID 19; BattRE Electric Mobility Pvt Ltd, a technology driven EV startup has launched BattRE gps:ie, an affordable internet connected electric scooter. BattRE has partnered with San Jose California head quartered technology company Aeris Communications with country office in Delhi NCR for this affordable connected scooter. It is a SIM card based smart vehicle and i...

Foreign Investors pull out USD 26 billion from Asian economies

20May By PriyankaNo Comments

BUSINESS

Foreign Investors pull out USD 26 billion from Asian economies

Amidst global economic recession due to coronavirus, foreign investors have pulled out an estimated USD 26 billion from developing Asian economies. Foreign investors have pulled an estimated USD 26 billion out of developing Asian economies increasing concerns of a major economic recession in Asia, the latest report on global economic effects of COVID-19. In Europe, over 30 million people in Germany, France, the UK, Spain, and Italy have applied for state support, while first quarter 2020 data indicates that the eurozone economy contracted by 3.8 percent, the largest quarterly decline since the series started in 1995, it said. In the US, preliminary data indicated that the GDP fell by 4.8 per cent in the first quarter of 2020, the largest quarterly decline since the fourth quarter...

18May By AdityaNo Comments

INDIA

German footwear brand shifts production from China to India

German Footwear company Casa Everz Gmbh which owns healthy footwear brand Von Wellx has decided to shift its entire production from China to India. The company took this decision on the basis of demonstrating a start to the Indian government's recent plans to bring foreign companies into the country. The production will now happen at Agra in Uttar Pradesh in collaboration with Iatric Industries Pvt Ltd. Von Wellx is a pioneer of healthy footwear with benefits like relieving feet, knees and back pain, protection of joints and muscles against shocks, and correct posture. The brand is sold in over 80 countries and has over 100 million customers across the globe. It was launched in India in 2019 and is available at over 500 top retail locations and online. "We are very happy to...

18May By AnkitaNo Comments

FUNDING

Agritech startup Eggoz raises $350k funding

Agritech startup Eggoz raises $350k (around Rs 2.5 crore) funding from investors to fund its expansion plans. Founded in December 2017, the startup is a full-stack egg producer of nutrition-rich eggs. It operates a network of poultry farms in Indian states like Bihar and Madhya Pradesh. Eggoz has raised $350k as part of its seed funding. It had earlier secured $200k from a clutch of angel investors. The seed funding round saw participation of investors like Tracxn Labs, Angellist, Tri-Deep Capital, founders of Letstransport, and angel investors along with existing investors Narendra Sankar, Sunil Mishra, and Vishal Sharma, the company said. Eggoz has so far sold over 20 million eggs and has more than 100k birds under management. It has developed a new farming model for small-s...

16May By Press Trust of IndiaNo Comments

INDIA

Lava to shift operations from China to India, Invest $100 Million cr in 5 yrs

Mobile devices maker Lava International said it is shifting its China operations to India following recent policy announcements by the Indian government. The company plans to invest around $100 million (800 crore) over the next five years to scale up its mobile phone development and manufacturing operations in the country. "We had around 600-650 employees in China for product design. Now we have shifted designing to India. Our sales requirements for India were met from our local plant. "We used to partially export mobile phones from China to the rest of the world, which will now happen from India," Lava International Chairman and Managing Director Hari Om Rai told PTI. During the lockdown period, Lava met its export demand from China. "My dream is to export mobile devices t...