PRODUCT DEVELOPMENT
Karnataka to set up solar park in Madhugiri, boost renewable energy production: Minister K J George
The Karnataka government plans to establish a solar park in Madhugiri taluk, following the success of the Pavagada Solar park in Tumakuru. The park will be developed in a strategic partnership with Tehri Hydro Development Corporation India Limited (THDCIL), owned by the central government. The project aims to enhance environmental stewardship and energy security in the state.
No new duty concessions for milk, milk products imports: DGFT
India has strictly limited milk and milk product imports under tariff rate quotas (TRQs) in accordance with WTO commitments. Santosh Sarangi, director general of foreign trade, confirmed that no TRQ imports are planned for the current year. TRQ imports have occurred only three times in recent years, managed exclusively by cooperatives and state-owned entities, following guidelines that balance producer and consumer interests.
Beauty secrets: Inside India's booming beauty industry that relies on hundreds of contract manufacturers
Nishit Dedhia, the MD and cofounder of Kain Cosmeceuticals, is leading a tour of his cosmetics manufacturing facility in Khopoli, Maharashtra. The facility produces a variety of beauty products for the growing direct-to-consumer market in India.
India can be the great link joining the largest population of developers to AI’s immense possibilities
India is projected to surpass the US as the largest software developer community by 2027, with the digital economy contributing significantly to its overall economy. AI tools are revolutionizing software development, leading to substantial gains in productivity. The country's focus on early education in programming and the promotion of open-source collaboration are key factors driving this growth.
Insurers asked not to advertise ULIPs as investment products
IRDAI has directed insurers to refrain from promoting unit-linked and index-linked plans as investment products, issuing new guidelines for clear, accurate, and straightforward advertising of these products.
Union Minister G Kishan Reddy to launch 10th round of commercial coal auctions on Friday
Union Minister G Kishan Reddy to launch 10th round of commercial coal auctions with 60 mines on sale to enhance domestic production and energy security.
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iCET Meet: Doval, Sullivan focus on co-production, co-development, R&D
NSA Ajit Doval and US counterpart Jake Sullivan met for the second iCET meeting, focusing on co-production, co-development, and R&D. They emphasized staying at the forefront of innovation and coordinating with allies for secure technology solutions. They highlighted the need to safeguard sensitive technologies from leaks to countries of concern, without naming China.
Builders must provide for rain harvesting, solar energy to make housing societies sustainable: Govt
Naredco President G Haribabu regretted that the real estate sector still does not have as many women entrepreneurs as required for its potential because their participation is still about 8-10 per cent, whereas in other professions such as medical and nursing, women's participation reaches almost 40 per cent of the total capacity.
Production and manufacturing sector emerges as top hiring industry in tier-II cities: foundit
The findings shows that tier-II cities are seeing stronger growth rates in sectors like production and manufacturing (29%), IT-software & services (17%), real estate (8%) and education (8%), where recruiters are seeking diverse talent with specialised skill sets.
Apple WWDC 2024: From AI-based Siri upgrades to custom emoji options; what to expect from iOS 18 ?
At the Apple Worldwide Developers Conference (WWDC) 2024, AI is set to take center stage. Apple plans to integrate generative AI across its operating systems, enhancing features in iOS, macOS, and more. Siri will see significant updates, becoming more conversational and capable of controlling app functions. New AI-driven features, such as voice memo transcriptions, automated message replies, and advanced photo editing, will be introduced.
Marketing firm Maino.ai raises $1.8 million in funding led by India Quotient
A substantial portion of the funds will be allocated to building and scaling teams in key domains such as technology, product development, design, and strategy, said Rishabh Kumar, one of the three cofounders of Maino.ai.
India to increase road toll charges from Monday
India will hike road toll charges across the country by 3-5% from Monday, officials said, after putting the annual increase on hold in April due to the country's general elections. Toll charges in India are revised annually in line with inflation, and highway operators have announced hikes of 3% to 5% at nearly 1,100 toll plazas starting Monday.
US risks a ‘Forever’ trade war with China, says Economist Stephen Roach
The US is erecting new trade barriers that will hold back China’s sales of key products like electric vehicles, accusing Beijing of building excess capacity using state subsidies and flooding global markets with cheap products.
Insurers worried over surrender value rule
Life insurance companies have expressed concerns over proposed regulatory changes that would offer higher surrender values to policyholders the first year itself. Industry representatives have sent their feedback saying that these reforms could severely impact profitability and policy persistence.
Pricey ore, tepid local demand, Chinese imports weigh on steelmakers' margins
This is the third time in the past decade that local producers are confronting such a situation. "The government has in the past imposed duties against Chinese steel products, including those being routed from countries like Vietnam," a top official of a steel company told ET, adding that the primary steel makers had flagged their concerns to theCentre.
Euler Motors raises Rs 200 crore from Piramal Alternatives, others
Euler Motors raised Rs 200 crore in funding led by Piramal Alternatives India Access Fund. The firm aims to become India's top electric commercial vehicle brand, with plans to expand to 40 cities by FY25.
Piramal Alternatives leads Euler Motors’ Rs 200 cr fundraise
Euler Motors, an electric three-wheeler maker, raised Rs 200 crore ($24 million) led by Piramal Alternatives India Access Fund, with British International Investment and Blume Ventures also participating. Total funding now stands at Rs 570 crore. The funds will support expansion to 40 cities and enhance R&D efforts.
Indian startup ecosystem is mature, set to bolster Indian economy: AWS' Kumara Raghavan
AWS' Kumara Raghavan discussed the mature Indian startup ecosystem's potential to become the third largest economy, citing labor addition, infrastructure growth, and GenAI technology as key factors.
Basmati rice export prices plummet below government MEP, global buyers stay away
Export price of basmati rice falls below government-fixed minimum export price, impacting global buyers and domestic prices. Concerns arise over MEP changes, basmati trade competitiveness, and price pressure. Monsoon and La Niña forecasts influence basmati production, while India's rainfall patterns and consumption trends play significant roles.
Indian fertilizer industry on track to reach Rs 1.38 lakh cr by 2032 amidst robust growth and strategic innovations
In 2023, the Indian fertilizer market size stood at Rs 94,210 crore, driven by increased agricultural demands and strategic governmental interventions.
Paytm withdraws general insurance licence application; to focus on distribution-only model
Troubled fintech Paytm will increase focus on insurance distribution. It had earmarked Rs 950 crore to invest in the entity applying for the general insurance licence but it now expects to conserve that cash. The Noida-headquartered company will focus on distributing small ticket-size insurance products such as life, health, motor, shop and gadgets.
NCLAT defers hearing on Google's Play Store billing policy to July 5
Indian Broadcasting and Digital Foundation (IBDF), Indian Digital Media Industry Foundation, People Interactive India which operates Shaadi.com, and Mebigo Labs which operates Kuku FM have filed petitions before the NCLAT against Play Store billing policy.
Tea brand Freshleaf raises Rs 1 cr in seed round led by Inflection Point Ventures
Vikram Ramasubramanian, Partner, Inflection Point Ventures says, “Freshleaf’s approach to crafting premium teas combined with health benefits presents an exciting opportunity for us to contribute to a startup that is set to redefine the tea industry. We believe in Freshleaf’s dedication to fostering a culture of health, wellness and taste.”
GDP likely expanded 6.8% in Q4; FY24 print may hit 7.8%
The strong March quarter print could lift overall gross domestic product (GDP) growth for the full fiscal year to 7.8% against 7.6% assessed in the government's first advance estimates released in February. The International Monetary Fund (IMF) has also forecast 7.8% growth for FY24. The government will release fourth-quarter growth numbers and provisional GDP data for FY24 on May 31.
CEA Nageswaran calls on industry to reciprocate deregulation efforts
Flagging reports of Indian automobiles failing safety standards, and of misleading labelling on food products, Chief economic adviser V Anantha Nageswaran said the industry has to make a compact with society as well.
Xurbian India, bridging the gaps
According to projections for rural and urban productivity, by 2030, urban India will account for 70% of GDP. India targets to become a developed nation with a $26 tn economy by 2047. Rural productivity must grow from 50% of urban productivity today to at least 75%. Also, quality of life across urban and rural India must also transform.
Netweb Technologies starts commercial production at a new facility in Faridabad
Netweb Technologies launches high-end computing production at new Faridabad facility, aiming for Rs 2,000 crore turnover. Expansion plans include employee increase and international exports of Nvidia computers.
As many as 17 firms under IT hardware PLI to start production this year: IT Secretary
Most IT hardware PLI scheme participants, including major players like Dell and HP, are set to commence production this year, according to a Ministry of Electronics and IT official. 17 out of 27 selected companies are expected to begin production, with the India AI Mission prioritizing domestic firms.
Digit to go public on May 15, looking to raise Rs 1,125 crore
Digit's upcoming IPO on May 15 aims to raise Rs 1,125 crore, delayed by Sebi compliance issues. Valued at $4 billion, Digit faced fines from IRDAI. With a new CEO, Digit is poised to enter the market.
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