Sunday, March 3

Tag: Indian government

SoftBank Corp. To Invest Billions In Indian Solar Power Project
FUNDING

SoftBank Corp. To Invest Billions In Indian Solar Power Project

Japanese holding company, Softbank Group Corporation is determined to invest funds amounting to $60 billion to $100 billion in a solar power project in India. According to the reports, the funds being invested in the project are supposedly raised by the Softbank from the Saudi Arabia’s government. Saudi Arabia is the biggest investor in the Softbank’s Vision Fund, which was backed by an amount of $93 billion last year. After all the arrangements and preparations for the deal are done, both the parties that are Softbank and Indian government will make an official announcement for the same. Softbank was initially started as a telecom firm but it now has handed in a number of different areas, including e-commerce, finance, broadband, marketing, and more. The company has taken on an a...
Facebook Responds to Indian Government Notice over Data Breach
News

Facebook Responds to Indian Government Notice over Data Breach

Social Media company Facebook which has been in "hot waters" for a while now has responded to Indian government's latest notice on alleged data breach outlining in detail the “changes made” to protect users’ information. The U.K based data firm, Cambridge Analytica, on the other hand, is yet to send a formal response to Government's second notice as informed by an IT official. Once the replies from both the parties get sought, a view will be taken and reviewed for examination. Meanwhile, a representative from Facebook said in an email statement, "We are committed to protecting people's information and safeguarding the integrity of elections in India." We hope we have helped to answer important questions about the changes we have made to further protect users information as well as e...
Thanks To Indian Govt, Now Hotels Need To Display Their Ratings at Reception & Websites
INDIA

Thanks To Indian Govt, Now Hotels Need To Display Their Ratings at Reception & Websites

All hotels will now have to mandatorily display their classification status prominently at the reception and on their websites, according to a new set of guidelines issued by the Ministry of Tourism. Ministry officials said that the new set of guidelines were aimed at streamlining hotel classifications to make them simple, transparent and time-bound. Hotels in India are categorised under five categories 1-5 star depending on the amenities they provide.Unlike previously, when the payment for applications for classifications had to be done through demand drafts, such payments can now be done only online, the new guidelines stated. This, the officials said, ensures eradication of the possibility of delay and manipulation caused by human interference. Similarly, the new amendments hav...
Indian Government Issued Warning Against These 42 Chinese Mobile Applications
News

Indian Government Issued Warning Against These 42 Chinese Mobile Applications

Earlier this week, Indian government as per some reliable inputs has found that these 43 Android and iOS apps developed by Chinese developers are reportedly either "spyware or other malicious ware." A country wide advisory has been sent to all field formations of the Army and paramilitary forces warning of a cyber attack through mobile phones. The advisory comes in the wake of inputs received by the Union Home Ministry from agencies like the R&AW and NTRO. The advisory says, "As per reliable inputs, a number of android/IOS apps developed by Chinese developers or having Chinese links are reportedly either spyware or other malicious ware. Use of these apps by our force personnel can be detrimental to data security having implications on the force and national security." However ...
Economic Growth Likely To Pick Up In Q2, Say Experts
ANALYSIS

Economic Growth Likely To Pick Up In Q2, Say Experts

Indias economic growth is likely to show a significant improvement for the September quarter of the current fiscal over the previous three months, when the GDP slipped to a 3-year low of 5.7 per cent, say experts. The Central Statistics Office (CSO) is scheduled to come out on Thursday with the estimates of the second quarter gross domestic product (GDP). The data will also capture the impact of the Goods and Service Tax (GST), which was implemented from July 1. Based on a survey of economists, industry body Ficci expects that the economic growth would rebound to 6.2 per cent in the second quarter, a significant improvement over the April-June numbers. "The slowdown in the economy due to demonetisation and the adjustment impact of GST implementation seems to be bottoming out and ...
Sovereign Wealth Funds Pull $3.7B From Global Stock, Bond Markets In Q3
BUSINESS

Sovereign Wealth Funds Pull $3.7B From Global Stock, Bond Markets In Q3

Sovereign wealth funds (SWFs) withdrew more money from global stock and bond markets in the third quarter of 2017, albeit at a slower pace with net outflows of $3.7 billion, data from research firm eVestment showed on Thursday. This was down from the second quarter’s $7.7 billion of redemptions and the first quarter’s whopping $22.7 billion, but it still marked the 13th straight quarter of withdrawals. Oil-backed sovereign funds have been under pressure since oil prices tumbled from their mid-2014 highs of $115 a barrel to below $30 a barrel in January 2016, forcing governments to dig into their coffers to fill budget gaps. Oil prices have since stabilized and currently trade around $60 a barrel. Some of the worst-hit governments have also tapped global bond markets for cash, reli...
Moody’s Raised India’s Rating Based Mainly On UPA Govts Work: P Chidambaram
INDIA

Moody’s Raised India’s Rating Based Mainly On UPA Govts Work: P Chidambaram

Former Union finance minister P Chidambaram today claimed that US credit rating agency Moody's upgraded India's ranking based mainly on the work done by the previous UPA government. Moody's had on Friday upgraded India's sovereign credit rating by a notch to Baa2 with a stable outlook, citing improved growth prospects driven by economic and institutional reforms. "The ranking improved not because what happened yesterday but it improved based on what happened over seven or eight years. "I am happy that Moody's has raised India's ranking ... A major contribution to it was made by the UPA government and the other part of the contribution was by the present government," he told reporters here. The senior Congress leader took a swipe at the government for writing a letter to Moody's fiv...
Indian Govt Weighing Up Apple’s Proposal To Set Up Manufacturing Unit
INDIA

Indian Govt Weighing Up Apple’s Proposal To Set Up Manufacturing Unit

The government is considering iphone maker Apples proposal for setting up manufacturing unit in India, Union Minister Alphons Kannanthanam said today. Cupertino-based iPhone and iPad manufacturer Apple has sought certain concessions for setting up manufacturing unit in the country. "We would like Apple to come in India (for setting up manufacturing unit) and we are examining Apple's proposal," said the Minister of State for Electronics and IT on the sidelines of an event organised by industry body CII. The company had sought concessions, including duty exemption on manufacturing and repair units, components, capital equipment and consumables for smartphone manufacturing and service/repair for a period of 15 years. The technology major had also asked for relaxation in the mandated 3...
Indian Government Makes Changes in GST, Relief to SMEs and Exporters
INDIA

Indian Government Makes Changes in GST, Relief to SMEs and Exporters

Three months after the rollout of the new indirect tax regime, the GST Council today made sweeping changes to give relief to small and medium businesses on filing and payment of taxes, eased rules for exporters and cut tax rates on more than two dozen items. Businesses with annual turnover of up to Rs 1.5 crore, which constitute 90 per cent of the taxpayer base but pay only 5-6 per cent of total tax, have been allowed to file quarterly income returns and pay tax instead of the current provision of monthly filings. Also, the turnover threshold for businesses to avail of the composition scheme that allows them to pay 1-5 per cent tax without going through tedious formalities, was raised to Rs 1 crore from current Rs 75 lakh. "GST Council has considered the implementation experience of t...
Indian Government Considers Exemptions Sought By Apple
INDIA

Indian Government Considers Exemptions Sought By Apple

The Indian government is considering exemptions sought by Apple Inc for setting up a unit to assemble iPhones, Ramesh Abhishek, the top bureaucrat in the Department of Industrial Policy and Promotion (DIPP), said on Thursday. The department is a part of India’s commerce and industry ministry. Apple has asked federal government officials for a range of tax and policy changes to help build out its iPhone assembly work in India. ALSO READ After Tata, Mahindra & Mahindra Bagged The Electric Car Contract From Indian Government It is seeking permission to open its own retail stores in India where it currently sells iPhones through resellers. India has given Chinese smartphone maker Oppo the go-ahead to open its own single-brand retail stores, boding well for rivals li...
Indian Government Approved a Start-up Incubation Centre for Mangaluru
INDIA

Indian Government Approved a Start-up Incubation Centre for Mangaluru

The Indian government has approved a start-up incubation centre for Mangaluru to provide basic facilities for people intending to set up self-employment units, Union Minister Nirmala Sitharaman said. The Centre would start functioning within four months with an investment of Rs 1.18 crore, she said. Facilities would be provided to 60 start-up companies at the centre in the initial phase, the Minister of state for for Commerce and Industry said after inspecting the site identified for the centre here last evening. The start-up companies could function here for a specified term and required facilities would be provided in the second floor of the corporation sub office. Kanara Chamber of Commerce and Industry, Nitte  University, National lnstitute of Technology, Karnataka  (NIT-K)...