Daily News - Wednesday, 12 June 2024
India to lead in electronics, tech: Vaishnaw (Financial Express)
Ashwini Vaishnaw, the new minister of electronics and information technology (MeitY), aims to position India as a leader in electronics, semiconductors, and technology. Under his leadership, MeitY has launched the ₹76,000 crore India Semiconductor Mission and approved four chip projects to enhance domestic manufacturing. Vaishnaw will focus on implementing the Digital Personal Data Protection Act, the ₹10,000 crore IndiaAI mission, and new component manufacturing schemes, while also facilitating the establishment of mega campuses by big tech firms to bolster the tech ecosystem.
India to grow at 6.7% in 2024-26: WB (mint)
The Indian economy, driven by strong domestic demand, increased investment, and robust services, is projected to grow at an average of 6.7% annually from 2024 to 2026, making South Asia the fastest-growing region globally, according to the World Bank. India's growth rates are forecasted at 6.6%, 6.7%, and 6.8% for FY24, FY25, and FY26, respectively, keeping it the fastest-growing large economy. Despite global growth projected at 2.6% in 2024 and 2.7% in 2025-26, India's investment growth and private consumption, buoyed by agricultural recovery and declining inflation, are expected to remain robust.
Scheme to digitize health data extended (mint)
The Indian government has extended the scheme for digitizing patients' health records and linking them to Ayushman Bharat Digital Health Accounts (ABHA IDs) by a year, now running until June 30, 2025, or until funds are exhausted. Hospitals will receive ₹220 per patient for digitizing records and linking them with ABHA IDs, aiming to boost digital healthcare service adoption and the Ayushman Bharat Digital Mission. With 633 million ABHA IDs created, the scheme encourages states and union territories to utilize the funds for enhancing digital health infrastructure and patient welfare.
‘Unusual surge’: Govt restricts imports of gold jewellery, parts (Indian Express)
The Indian Commerce and Industry Ministry has restricted jewellery and parts imports, excluding those from the UAE under the FTA, due to a surge in gold imports, particularly from Least Developed Countries and FTA nations. This move follows concerns from investigative agencies about importers exploiting lower tariffs, with imports of certain jewellery parts skyrocketing from $52 million in 2022-23 to $1.551 billion in 2023-24. The restriction aims to monitor and manage the import surge more effectively, amidst rising gold imports contributing to a significant trade deficit and issues of duty evasion and smuggling.
Regulator Plans to Ease Compliance Burden on Insolvency Professionals (The Economic Times)
The Insolvency and Bankruptcy Board of India (IBBI) has proposed reducing the compliance burden on insolvency professionals by streamlining the submission process without compromising information accuracy. The proposal includes combining various reporting systems into a centralized IBBI website and implementing a monthly compliance reporting framework. This approach aims to enhance efficiency and ease of doing business by allowing insolvency professionals to focus on their core resolution tasks rather than grappling with numerous compliance mandates.
