Daily News - Monday, 23 September 2024
India’s data centre ambitions will have to go through Malaysia, Japan (The Indian Express)
India is poised to become a significant market for data centers, driven by increasing data demand and advancements in AI, cloud computing, and digitalization, but will face competition from countries like Malaysia, Vietnam, and developed economies such as Japan. S&P Global estimates over $100 billion will be invested in data center facilities across the Asia-Pacific region, with countries like India, Indonesia, Malaysia, the Philippines, Thailand, and Vietnam showing higher capacity growth potential, partly due to government support and favorable costs. The Indian government’s IndiaAI Mission, with a Rs 10,370 crore investment, aims to create a robust computing infrastructure, benefiting start-ups and research institutions by providing accessible AI development resources, including over 10,000 GPUs and foundational models for sectors like healthcare, agriculture, and governance.
Over a Dozen Food & Beverage Cos Get Notice Over Trademark Usage (The Economic Times)
The Directorate General of Goods and Services Tax Intelligence (DGGI) has issued show cause notices to over a dozen food and beverage companies, demanding approximately ₹3,000 crore in GST for trademark usage by franchises and outlets in states other than where the companies are registered, covering the period since GST was introduced in July 2017. According to DGGI, these franchises, being registered separately in different states, are liable to pay GST on the use of the trademark as it qualifies as a taxable service under GST laws. Experts warn that this interpretation could significantly increase the tax burden and complexities for businesses operating across multiple jurisdictions, especially where full input tax credit is not available.
India, US plan $1 bn push to clean energy supply chain (mint)
India and the US are collaborating on a $1 billion multilateral financing plan, through the International Bank for Reconstruction and Development (IBRD), to develop a domestic clean-energy supply chain focused on solar, wind, battery, and energy grid systems. This initiative aims to enhance manufacturing capacity for clean energy technologies, create high-quality jobs, and accelerate the global clean energy transition, while also expanding cooperation in third countries, particularly Africa. Both countries are committed to fostering public-private partnerships, identifying investment opportunities, and aligning policies to strengthen demand for locally manufactured clean energy technologies, building on their existing Strategic Clean Energy Partnership.
India signs clean, fair economy agreements (mint)
India has signed two new agreements under the Indo-Pacific Economic Framework (IPEF) during Prime Minister Modi's US visit, focusing on clean energy, anti-corruption, and trade transparency, aimed at fostering a "clean" and "fair" economy. These agreements, which strengthen India’s sustainability efforts, enhance its collaboration with other IPEF members such as the US, Australia, Japan, and South Korea, amidst growing global emphasis on climate action and fair-trade practices. With these new pacts, India is now part of three of the IPEF’s four pillars, having previously ratified the supply chain resilience agreement, while maintaining observer status for the trade pillar.
Cochin shipyard has ₹22,000 cr orders (mint)
Cochin Shipyard Ltd (CSL) is focusing on building modern, green energy-powered vessels as it works to deliver 65 ships worth over ₹22,000 crore for both global and domestic clients, including the Indian Navy. The company is incorporating advanced green ship technologies, such as hydrogen fuel cells, methanol, and hybrid batteries, and has orders for such vessels from European clients, while also exploring technology transfer partnerships with European firms to scale up manufacturing. Additionally, CSL is expanding its ship repair capabilities with new investments, including a ₹3,000 crore dry dock and international ship repair facility in Kochi, aiming to increase annual ship repairs from 100 to 160 vessels to meet global market demands.
