DPIIT OFFICIALS
Chorus grows for angel tax repeal; policy push for EVs
Startup Inc’s calls to do away with angel tax have found support from the government. This and more in today’s ETtech Top 5.
Bright future for air cargo sector; need to ensure faster turnaround time: Official
The Indian government is working on improving processes and ensuring faster turnaround time in the air cargo sector to tap its potential. The government is also developing logistics hubs to improve the ease of doing business. The air cargo sector accounts for nearly 10% of domestic carriers' revenues and is estimated to grow to USD 16.37 billion by 2027.
Centre eyeing one startup in every district by next year
The government is optimistic about its plan to have at least one registered startup in all 785 districts of the country, industry department officials said. With only 20-25 districts remaining without a startup, the goal is expected to be achieved within a year.
DPIIT seeks industry inputs to reduce compliances, improve business ease
The Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Rajesh Kumar Singh chaired a meeting discussing various initiatives to enhance ease of doing business. These include Jan Vishwas 2.0 aimed at reducing compliance burdens and criminalisation of laws. The meeting also focused on preparations for the World Bank’s upcoming B-READY index, which will assess regulatory frameworks and public services for firms.
Ministries started accepting quarterly applications for PLI incentive claims: Official
Several government departments have begun accepting applications for quarterly disbursements of incentives under the Production Linked Incentive (PLI) schemes to expedite claims processing, according to a senior official. The Department for Promotion of Industry and Internal Trade (DPIIT) has encouraged other departments to adopt this practice, except in cases like food processing where the volume of applications is low. The move comes in response to demands from PLI beneficiaries for timely disbursement of claims.
DPIIT’s action plan for startups; Infy’s push for Hubballi campus
In its action plan for the first 100 days, the DPIIT will focus on early-stage startup funding and a lesser burden of compliance for businesses. More on this on today’s ETtech Top 5.
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100-Day action plan: DPIIT looking to start up funding & spur manufacturing push
The Department for Promotion of Industry and Internal Trade (DPIIT) in India is planning to focus on easing early-stage funding for startups, reducing compliance burdens, and reducing logistics costs as part of its 100-day action plan. The plan includes a policy for deep-tech startups, reforms for ease of doing business, and a public-private partnership model of governance.
Govt steps help boost toy exports, manufacturing; more work needed: DPIIT Secretary
In the interim Budget in February, the Commerce and Industry Ministry has recommended an outlay of Rs 3,489 crore for the Production Linked Incentive (PLI) scheme for toys to boost domestic manufacturing of the sector.
DPIIT officials, Flipkart, toy makers to meet on Wednesday on ways to increase sourcing
Senior officials from the Commerce and Industry Ministry, Walmart group firm Flipkart, and domestic toy makers will discuss ways to enhance India's position in the global toy supply chain and increase sourcing on the e-commerce platform.
Govt finally takes note of woes of companies that need but can't get Chinese hands on time
Many Indian companies need Chinese expertise for execution of certain phases of projects. But visa issues don't allow these entities to avail the services of these workers when they need it. The Indian govt is seized of the problem and is now planning a fix.
Ministries divided over inclusion of IT gear in public procurement list
Differences have erupted between DPIIT and IT ministry over listing electronic consumables (printer cartridges, toners, cables) in public procurement preference list.
Deep tech startup policy likely in forthcoming Budget
The new government may announce the full Budget for 2024-25 in July. An official said that startups have to convert their innovation into intellectual property rights and for that extensive R&D is required.
Deep tech startup policy likely in forthcoming Budget
The commerce and industry ministry may propose a dedicated policy for deep tech startups in the forthcoming Budget, to be announced by the new government. The policy, in final stages, aims to promote innovation and R&D. Voting for the Lok Sabha polls is over, with results on June 4 and a new government taking oath this month.
FY24 FDI equity inflows down 3.49% on-yr
Foreign direct investment (FDI) equity inflows into India decreased by 3.49% in FY23 to $44.42 billion from $46.03 billion in FY22, according to official data. Singapore was the top source of foreign inflows, followed by Mauritius and the US. FDI in services, computer hardware and software, telecom, auto, and pharma fell in 2023-24. Total FDI fell 1% to $70.95 billion in FY24.
Govt rolls out mandatory quality norms for asbestos cement products
To safeguard the domestic small/micro industries and ensure smooth implementation of the QCO and ease of doing business, relaxations have been granted to small/micro industries as regards to timeliness. An additional nine months have been given to small industries and an additional 12 months to micro industries to meet the norms.
Money laundering probe: ED raids ex-DPIIT secretary Ramesh Abhishek
The Enforcement Directorate raided retired IAS officer Ramesh Abhishek's premises in a money laundering probe linked to his tenure at the Department for Promotion of Industry and Internal Trade (DPIIT) and subsequent FIR by the Central Bureau of Investigation (CBI) under the commerce and industry ministry.
ULIP offers huge opportunities to states for enhancing logistics ecosystem: DPIIT Secy
ULIP integrates with 37 systems via 118 APIs. Private sector participation with 900 registered companies has led to over 35 crore API transactions. DPIIT Secretary Rajesh Kumar Singh highlighted ULIP's transformative impact on the logistics sector.
ONDC getting traction; five lakh sellers onboarded so far: DPIIT Secy
The government-backed initiative ONDC in the e-commerce sector onboarded five lakh sellers, primarily small and medium sellers. Secretary Rajesh Kumar Singh from DPIIT mentioned facilitating 7.22 million transactions in April. The initiative aims to address market concentration issues and foster startup collaboration with over 125 ecosystem stakeholders.
1,366 tenders worth Rs 60,276 cr procurement violate Make-in-India norms
An analysis by DPIIT reveals 1,366 government tenders worth Rs 60,276 crore non-compliant with procurement norms; 369 tenders violated Make in India Order, 40 sought specific foreign certification. DPIIT recommends increasing local content requirements and identifies various violations in public procurement tenders, prompting corrective actions.
Govt mulls survey to estimate cost of logistics incurred by businesses
Government plans a survey with NCAER to estimate logistics costs accurately for businesses. DPIIT aims to improve World Bank Logistics Performance Index. The survey will provide insights into transportation costs and administrative bottlenecks.
North Eastern trade body engages with DPIIT officials to discuss UNNATI policy implementation
The Federation of Industry & Commerce of North Eastern Region (FINER) has expressed concerns about the implementation of the Uttar Poorva Transformative Industrialization Scheme (UNNATI), 2024. The organization has held a meeting with the Department for Promotion of Industry and Internal Trade (DPIIT) to discuss the policy. FINER has emphasized the potential for the UNNATI initiative to catalyze development and prosperity in the region.
Startup Mahakumbh: PM may visit event, more than 2,000 ventures to participate
Department for Promotion of Industry and Internal Trade (DPIIT) secretary Rajesh Kumar Singh said the government is playing a backseat kind of anchor for the three-day startup ecosystem event to be held in Pragati Maidan from March 18.
Should Tata, Mahindra, and other Indian automakers worry about Tesla & co.
M&M and Tata Motors had in the past advised govt not to lower import duty on electric vehicles and protect domestic firms and their foreign investors. However, DPIIT Secretary Singh said the balanced EV policy's aim to boost the Indian electric vehicles market with import duty concessions for global players like Tesla, ensuring stringent norms and limited imports to benefit domestic manufacturers.
DPIIT notifies changes in FDI norms in space sector
The government has allowed 100 per cent overseas investment in making components for satellites, as part of efforts to attract foreign players and private companies into the segment. "The investee entity shall be subject to sectoral guidelines as issued by the Department of Space from time to time," the DPIIT press note said.
FM Nirmala Sitharaman to meet fintech heads next week
Finance Minister Nirmala Sitharaman will convene a meeting with fintech leaders, RBI officials, and representatives from key ministries on February 26 to address concerns following regulatory action against Paytm Payments Bank. The government aims to reassure the fintech industry of its priority status and understand their apprehensions. The meeting will involve officials from finance, information technology, and DPIIT.
Mandatory quality control norms for 70 sizes, types of tyres from next year
From March next year, about 70 types and sizes of tyres produced by multiple companies will be subjected to mandatory quality control norms. The Department for Promotion of Industry and Internal Trade (DPIIT) will update the list of tyres to include a total of 960 sizes and types, modifying the previous list of 600.
DPIIT stand may pave way for Starlink's India satcom entry
The Department for Promotion of Industry and Internal Trade (DPIIT) has provided clarification to the telecom department regarding the acceptance of undertakings given by companies on foreign shareholding. According to an official familiar with the matter, DPIIT has offered clarity on foreign shareholding in accordance with Press Note 3 of 2020. Starlink aims to enter the Indian market, competing with other players such as Bharti Group-backed Eutelsat OneWeb, Reliance Jio's satellite venture, and Amazon.
Govt to exclude 70 sizes, types of tyres from exemption list of mandatory quality control norms
The review of the list of tyres is a regular exercise to be carried out by IMC (inter-ministerial committee) for making suitable recommendations with regard to the exclusion/inclusion of the pneumatic tyres' sizes from the list of tyres not manufactured domestically. The DPIIT (Department for Promotion of Industry and Internal Trade) is in the process of notifying an updated list of 960 tyres' sizes/types by making necessary modifications to the previous list of 600 tyres.
India will have to eventually move to lower customs duty regime, says DPIIT Secy Rajesh Kumar Singh
India will eventually move to a lower customs duty regime and cannot continue protecting domestic manufacturers by citing the infant industry argument. The Department for Promotion of Industry and Internal Trade (DPIIT) Secretary Rajesh Kumar Singh said tariffs are not considered a revenue source but are used as a policy tool to ensure higher protection for certain sectors to boost domestic manufacturing.
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