Daily News - Wednesday, 17 July 2024
Interest Sops in Works for Cos Setting Up Cold Storage Facilities for Onions (The Economic Times)
The Ministry of Food Processing Industries (MoFPI) plans to introduce an interest subvention scheme for private companies to establish cold-storage facilities for onions near major cities, aiming to stabilize prices and control inflation. This initiative, expected to be announced in the upcoming budget, follows last year's onion price surge, which led to an export ban that stabilized consumer prices but angered farmers. The scheme, a collaboration among three ministries, will focus on procuring onions from farmers when prices are low, storing them near 50 identified consumption centers, and releasing them during price hikes to mitigate inflationary pressures, especially during the off-harvest months of June to September.
Planning to roll out FAME-III in near future: Govt (Business Standard)
Union Minister for Heavy Industries HD Kumaraswamy announced that the third phase of the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme will be rolled out soon, with preparatory work already in progress and recommendations from seven line ministries. This phase, potentially budgeted between ₹12,600 crore to over ₹30,000 crore, follows the ₹11,500-crore second phase, which ended in March and incentivized over 1.6 million vehicles since April 2019. While discussions on reducing taxes on hybrid vehicles and potential investment from Tesla remain undecided, the Ministry has received in-principle approval for ₹10,000 crore from the Finance Ministry's Department of Expenditure for FAME III.
AI law may not prescribe penal consequences for violations (The Indian Express)
The Ministry of Electronics and IT (MeitY) is developing a specific law for artificial intelligence (AI) which, while avoiding penal consequences, will require social media platforms to label AI-generated content and encourage training AI models on Indian-specific data. This initiative aims to address issues such as deepfakes and discrepancies in AI responses, especially those involving prominent figures like Prime Minister Narendra Modi. The Ministry seeks to balance regulation with innovation, ensuring that while AI's potential is harnessed, the growth of startups and protection of civil rights are also prioritized, a strategy previously adopted in the Digital Personal Data Protection Act.
Byju’s faces insolvency as law tribunals admits BCCI plea over default (The Indian Express)
The National Company Law Tribunal (NCLT) in Bengaluru has initiated corporate insolvency proceedings against Think & Learn Private Ltd, the parent company of Byju's, due to a default on Rs 158.90 crore in sponsorship dues owed to the Board of Control for Cricket in India (BCCI). The tribunal's order establishes that Byju's defaulted on 12 invoices from BCCI, setting the stage for Byju Raveendran to potentially lose control of his company, with a moratorium on asset disposal for 180 days. Pankaj Srivastava has been appointed as the Interim Resolution Professional (IRP) to manage the company's affairs, and Byju's is seeking an amicable settlement despite the proceedings.
E-commerce export framework by Sept: Commerce Secretary (The Indian Express)
The Commerce Ministry is developing a regulatory framework to enhance India's e-commerce exports, aiming to complete it by September, according to Commerce Secretary Sunil Barthwal. This framework will support small businesses, which dominate India's e-commerce sector with exports valued between $25 and $1,000, and aims to establish export hubs near airports and ports to facilitate growth. With current e-commerce exports at $5 billion, the ministry seeks to address compliance burdens and emulate successful policies from countries like China, Korea, Japan, and Vietnam, targeting potential growth to $350 billion by 2030.
