NEW SCHEMES
Cyient sets up a new subsidiary for its semiconductor business
Cyient Ltd launched a semiconductor subsidiary focusing on ASIC design/manufacturing with a fabless model. Mr. Krishna Bodanapu anticipates a trillion-dollar market by 2030. Cyient DET/DLM drive growth. Key factors include India’s Rs 1.26 lakh crore semiconductor proposals, Micron's OSAT unit, and incentives. Semiconductors are crucial in defense, automotive, and telecom sectors.
Govt receives bids from 23 companies for tranche-II of electrolyser manufacturing incentive scheme
Adani Enterprises Ltd, Bharat Heavy Electricals Ltd, Avaada Electrolyser Pvt Ltd, Thermax Ltd, and Waree Energies Ltd are part of the 23 companies bidding for incentives to manufacture electrolysers in the second tranche of the Strategic Interventions for Green Hydrogen Transition (SIGHT) Scheme. The scheme, part of the National Green Hydrogen Mission, aims to boost domestic manufacturing and green hydrogen production with a total outlay of ₹17,490 crore. The latest tender received bids for 2,847 MW, exceeding the offered capacity of 1,500 MW, with bids totaling up to ₹2,220 crore.
ET Explains: LRS for foreign currency accounts in GIFT city
That approval for expanding the scope of services potentially multiplies the business opportunity for banks in the GIFT city more than five times. ET explains what LRS is and the different permissible and non-permissible transactions under this program, and how banks and individuals stand to benefit from the new rules.
Country not satisfied with lackadaisical approach, demands pro-activeness: Modi to trainee officers
Prime Minister Modi urged 2022 IAS officers to enhance governance and improve quality of life. Mentioning schemes like 'Lakhpati Didi', 'Drone Didi', and 'PM Awas Yojana', he emphasized a 'Nation First' approach. Modi advised focusing on the future, considering past accolades. During the interaction, officers shared experiences, focusing on social justice and reaching beneficiaries.
SCSS interest rate: Latest Senior Citizens Savings Scheme interest rate for July- September quarter
The Senior Citizen Saving Scheme (SCSS) is an investment scheme developed and maintained by the Indian government to help senior citizens live financially secure lives after retirement. The interest rate on this savings scheme is set and revised by the government every quarter.
Budget 2024 Expectations: Atal Pension may double minimum payout to Rs 10k
Budget 2024 Expectations: The government is considering doubling the minimum guaranteed amount under the Atal Pension Yojana to Rs 10,000 in the upcoming budget, according to sources. This decision, which is expected by July 23, is being evaluated for its fiscal impact while aiming to strengthen the social security framework as the government prepares to implement the labor code on social security.
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Lava to decouple production arm to boost PLI targets and attract new business
Lava International plans to separate its production arm to attract business from other handset brands and meet the production-linked incentive (PLI) scheme targets for smartphones. Despite struggling to meet PLI targets since the scheme's inception in 2020-21, Lava remains hopeful due to the upcoming component production incentive package. Sanjeev Agarwal, head of manufacturing, noted that increasing production by Rs 500 crore annually is crucial. He attributed the difficulties to starting with a higher base and rival brands' reluctance to partner with manufacturers with their own brand.
Mobile phone retailers call out rampant fraud, press no on easy EMIs for phones
Mobile phone retailers are calling for an end to financing schemes after reporting 10-12 per cent fraudulent purchases. They are advocating for open-box deliveries and biometric verification to prevent misuse. Apple is aware of the issue, but no significant action has been taken yet.
Sebi tweaks norms for passive mutual fund schemes
Sebi has updated rules on investments by passively managed mutual fund schemes in sponsor group companies. The new norms restrict investments to 25% of net assets, except for equity ETFs and index funds.
Govt reopens PLI window for white goods
The Indian government has reopened applications for the PLI scheme for air conditioners and LED lights, allowing companies to invest more in manufacturing key components. With an outlay of ₹6,238 crores, the scheme, running from FY22 to FY29, aims to boost domestic production. Major firms like Voltas and Daikin are considering new investments.
Govt reopens application window for PLI scheme for ACs, LED lights for 90 days
The government has announced the reopening of the PLI scheme for white goods, such as ACs and LED lights, from July 15 to October 12. Both new applicants and existing beneficiaries can apply to invest more under the scheme. Quarterly claims processing will be introduced to improve liquidity and operational efficiency.
Interest subvention likely to push energy efficiency among MSMEs
The power ministry has begun discussions on offering interest subvention under the Assistance in Deploying Energy Efficient Technologies in Industries & Establishment (ADEETIE) Scheme for adoption of energy efficient technologies, people aware of the developement said.
MNRE issues incentive guidelines for green hydrogen producers under SIGHT scheme
Solar Energy Corporation of India (SECI) is the implementing agency for this tranche as well. The Request for Selection (RfS) shall be issued by SECI shortly. The bidding shall be based on the least average incentive quoted by the bidder. The minimum bid under bucket-I is 10,000 TPA while the maximum bid is 90,000 TPA.
What is SEBEX 2, India's new explosive that is one of the most powerful bomb?
India has introduced SEBEX 2, a high-performance explosive with a TNT equivalence of 2.01. Developed under the Make in India initiative by Economic Explosives Limited, SEBEX 2 enhances the effectiveness of various munitions without increasing weight. Certified by the Indian Navy, SEBEX 2, alongside SITBEX 1 and SIMEX 4, demonstrates India's growing capabilities in military technology, offering significant export potential and enhancing global security efforts.
New NPS rules: 7 major NPS changes in last 6 months
The CRAs that are registered with the Pension Fund Regulatory and Development Authority (PFRDA) continuously enhance their systems to meet the needs of the Nation Pension System (NPS) and Atal Pension Yojana (APY) architecture. Here are the 7 important NPS functions recently announced to enhance user experience and operational simplicity. The functionality that CRAs created in Quarters Ill and IV of FY 2023–24 are mentioned below, as mentioned in a Pension Fund Regulatory and Development Authority dated June 14, 2024.
Budget FY25: Central trade unions call for scrapping of four Labour Codes and the new pension scheme
In their pre-budget meeting with finance minister Nirmala Sitharaman on Monday, the joint platform of 10 central trade unions, barring the Bhartiya Mazdoor Sangh, suggested government to enhance resource mobilization through enhanced corporate tax and wealth tax, raise the ceiling limit for the income tax rebate for the salaried class, set up the social security fund and fill up all the existing vacancies in the central government departments and public sector undertakings with regular employment while doing away with contract jobs.
PFRDA to introduce new life cycle fund option by September
Life cycle fund provides an option of investment to subscribers and allocation of equity and debt depends on the option chosen by them. There are different investment choices (Auto/Active) for tier-1 and tier-2 National Pension Scheme (NPS) accounts.
Arunachal CM Pema Khandu to launch new industrial policy and reforms to boost investment and development
Arunachal Pradesh Chief Minister Pema Khandu announced the introduction of a new Arunachal Industrial Policy, aligned with the UNNATI Scheme, to attract investments. After being sworn in, Khandu convened a Cabinet meeting to launch Reforms 3.0, focusing on 24 citizen-centric initiatives. Priorities include 100% digitalization of Finance and Planning Departments, strengthening local administration, and forming the Institute for Transforming Arunachal. Plans also include a new educational policy, revamped Dulari Kanya Scheme, enhanced agricultural policies, and the development of Itanagar-Naharlagun. Additionally, new handloom, handicrafts, and tourism policies will be introduced to boost the economy.
Need to build on success of PLI schemes, recent FTAs, PPP governance model: Piyush Goyal
Goyal said that there is a need to introspect and coordinate better between departments and emphasised the importance of research and development and strengthening the public-private partnership (PPP) model of governance.
Commerce Ministry may seek more funds for startups in forthcoming Budget
The Commerce and Industry Ministry plans to request additional funds for startups in the upcoming Budget to boost innovation. A new scheme may replace the current seed fund program, set to conclude in 2025. The government aims to support early-stage entrepreneurs and promote deep tech startups to address societal challenges.
New govt likely to vote for populism in budget
With the Lok Sabha election results hinting at a coalition government, economists anticipate a populist Budget focusing on welfare schemes for the upcoming fiscal year.
India's electric car incentives limited to new investments: Officials
The Indian government's scheme to promote local production of electric cars will offer incentives only to automakers investing in new manufacturing facilities in the country, officials have revealed. Foreign firms, including those already operating in India, can apply for benefits under the Scheme for Manufacturing of Electric Cars (SMEC) but with no retrospective approval for previous investments.
UPI transactions set new record, scale 14 billion peak in May
The Unified Payments Interface (UPI) network, operated by the National Payments Corporation of India (NPCI), has achieved a significant milestone by processing a record 14.04 billion transactions in May, surpassing the 13.3 billion transactions recorded in April. In terms of value, UPI facilitated transactions amounting to ₹20.45 lakh crore in May, compared to ₹19.64 lakh crore in April, as per the data released by NPCI on Saturday.
India major gainer of China+1, exports to soar to $835 billion by 2030: Nomura
India and Vietnam are emerging as key beneficiaries of the China plus one strategy, with Nomura predicting significant growth opportunities for Asian economies. According to a report by Nomura, India's exports are projected to skyrocket to $835 billion by 2030 from $431 billion in 2023, driven by its vast domestic market attracting companies seeking supply chain diversification away from China.
Shining away: India’s solar potential
India has the potential to generate around 750 GW of power from solar sources, with only 11% utilization. New rooftop solar schemes can help ramp up capacity faster.
Delhi LG orders inquiry into death of six newborns at hospital in Vivek Vihar
Delhi Lieutenant Governor VK Saxena on Sunday asked the Chief Secretary to order a probe into the tragic fire incident where six newborns lost their lives at a baby care centre in the Vivek Vihar area. "Have asked Chief Secy to institute an inquiry into the tragic incidents of fire in children's hospital in Delhi. Also instructed CP to ensure all that is needed. My heartfelt condolences to the bereaved families. I assure all relief & will ensure that guilty are brought to book," Delhi LG Saxena said on X.
Central govt employees' pension: NPS to OPS switch? Centre releases new FAQ answering all your queries
NPS vs OPS: The Centre allowed central government employees to switch from NPS to CCS (Pension) Rules, 1972 (now 2021), known as the old pension scheme. The Department of Pension and Pensioners’ Welfare released FAQs to address queries on the implementation of the switch. All the central government employees and pensioners must know
Govt to hold 2nd meet with stakeholders to issue draft guidelines for new EV policy
The Ministry of Heavy Industries is drafting guidelines for the new electric vehicle policy to attract global automakers like Tesla. Automakers, including Vietnam's Vinfast, must invest as per the new norms to avail incentives under the Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI) approved on March 15, 2024.
Expect good response on EV policy, FDI reforms in new govt; prepare for low tariff regime: DPIIT Secretary
India anticipates a positive response from numerous automobile companies to its electric vehicle (EV) policy, according to Rajesh Kumar Singh, DPIIT secretary. He noted that the government has adjusted tariffs to attract manufacturers without direct spending. Additionally, he stated that India might further liberalize FDI norms in select areas under the new government.
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