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29 Apr

Form team of entrepreneurs to suggest reforms in banking: PM Modi

Prime Minister Narendra Modi inaugurated the Global Patidar Business Summit (GPBS), being organized by Sardardham, on Friday via video conferencing.

Speaking on the occasion, the Prime Minister said, “It is constant effort of the government that youth of the ordinary families can also become entrepreneurs and dream and take pride in entrepreneurship”

PM asked the business community to form a team of entrepreneurs and experts to suggest reforms in banking and other sectors and to point out the shortcomings.

“I urge you to form a team of entrepreneurs and experts to suggest shortcomings and reforms in banking and other sectors and how to change it,” said PM.

The Prime Minister said schemes like Mudra Yojna are giving strength to those people to get into business who never dreamed about doing so. Similarly, Start Up India is helping in realization of innovation, talent and dreams of Unicorn which appeared inaccessible earlier.

Modi said that every small and big business is contributing to the national progress and  this spirit of Sabka Prayas is becoming strength of the New India in the Amrit Kaal. He expressed happiness that the Summit this year is discussing this aspect in detail.

Modi called for a new outlook towards financial empires. He emphasized that it may be decided that industries can be based in small cities instead of big cities. He gave example of Jyotirgram Yojna which triggered industrial activities in villages. Now such work can be done for small town and cities, he said.

Sardardham is organizing GPBS under ‘Mission 2026’ to provide an impetus to socio-economic development of Patidar community. The Summit is organized every two years. The first two Summits were held in Gandhinagar in 2018 and 2020, and the current Summit is now being held in Surat. The main theme of GPBS 2022 is “Aatmanirbhar Community to Aatmanirbhar Gujarat and India”.

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29 Apr

India’s consumption of Semiconductors expected to cross 80 billion Dollars by 2026: PM Modi

Prime Minister Narendra Modi inaugurated Semicon India Conference 2022 and shared his remarks via video conferencing at the inaugural session today.

At the outset, Modi underlined the critical role of semiconductors in today’s world and said “it is our collective aim to establish India as one of the key partners in global semiconductor supply chains. We want to work in this direction based on the principle of Hi-tech, high quality and high reliability.”

Modi said that India is building a digital infrastructure to connect over 1.3 billion Indians. He said “we are using digital technology to transform lives in all sectors of governance from health and welfare to inclusion and empowerment.”

Prime Minister said, with steps like connecting six hundred thousand villages with broadband investment in developing capabilities in 5G, IoT and clean energy technologies, India is paving the way to lead the next technology revolution.

Modi said that India is headed for robust economic growth with the world’s fastest-growing Startup Ecosystem and the consumption of Semiconductors is expected to cross 80 billion Dollars by 2026 and 110 Billion Dollars by 2030.

The Prime Minister informed about measures like the abolition of more than 25,000 compliances, a push towards auto-renewal of licenses, transparency and speed in regulatory framework via digitization and one of the most favourable taxation structures in the world.

The Prime Minister said that there is heavy investment in skilling and training young Indians for the needs of the 21st century.

“We have an exceptional semiconductor design talent pool which makes up to 20% of the world’s semiconductor design engineers. Almost all of the top 25 semiconductor design companies have their design or R&D centres in our country”, he added.

Modi said that India has undertaken several measures towards transforming the Indian manufacturing sector.

Prime Minister Modi talked about ”Production Linked Incentives” schemes that offer incentives of over 26 Billion Dollars in 14 key sectors. Over the next 5 years, the electronics manufacturing sector is expected to see record growth, he informed.

Modi also told the audience about the recently announced Semi-con India Programme with a total outlay of over 10 billion dollars. This program aims to provide financial support to companies investing in semiconductors, display manufacturing and design ecosystems.

Noting the formation of the new world order, the Prime Minister asked to seize the opportunity that is emerging. “We have worked hard over the last few years to create an environment that encourages growth. India has an appetite for tech and risk-taking. We have put the odds in your favour as far as possible through a supportive policy environment. We have shown that India means business”, the Prime Minister concluded.

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28 Apr

8 months of GST compensation released to states, Rs 78,704 cr pending: Finance Ministry

The Finance Ministry on Wednesday released a statement saying that the Centre has released a GST compensation of eight out of ten months of dues to the states for the fiscal ended March 2022. They further stated that Rs 78,704 crore is pending due to inadequate balance in the cess fund.

“…Rs 7.35 lakh crore has been released to States till now and, currently, only for the year 2021-22, compensation of ₹78,704 crore is pending due to inadequate balance in the fund, which is equivalent to compensation of four months,” read the statement.

In the statement, the ministry said normally, GST compensation for 10 months (April-January) of any financial year is released during that year and the compensation of February-March is released only in the next financial year.

“Normally, compensation for ten months of April-January of any financial year is released during that year and the compensation of February-March is released only in the next financial year. As explained earlier, compensation of eight out of ten months of 2021-22 has already been released to States. The pending amount will also be released as and when amount from cess accrues in the compensation fund,” it said.

At the time of introduction of GST, the Constitution amendment provided that the Centre, by law shall provide compensation to States for a period of five years for loss of revenue due to introduction of GST.

Accordingly, the GST Compensation to States Act was legislated which provides for release of compensation against 14% year-on-year growth over revenues in 2015-16 from taxes subsumed in GST. This compensation cess is credited to the compensation fund and as per the Act, all compensation is paid out of the fund. Presently, cess is levied on items like pan masala, tobacco, coal and cars.

Compensation of about Rs 49,000 crore has been released for 2017-18 from the fund, which increased to Rs 83,000 crore for 2018-19 and further to Rs1.65 lakh crore in 2019-20.

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26 Apr

Flipkart Signs MoU With West Bengal Govt To Train And Support Local Artisans, Weavers

Flipkart, on Tuesday, announced the signing of a Memorandum of Understanding (MoU) Government of West Bengal to train and support local artisans, weavers, and handicraft makers to leverage the e-commerce platform to scale their local products nationally.

The MoU is signed between with Micro, Small and Medium Enterprises and Textiles (MSME&T) Department of Bengal and Flipkart.

Flipkart Samarth programme will empower artisans/weavers in West Bengal with the ecosystem support required to grow and benefit from the e-commerce platform access. Under this partnership, the Samarth program will provide time-bound incubation support and training benefits to underserved communities.

Commenting on the partnership, Rajesh Pandey, IAS, Principal Secretary, MSME & Textiles Department, Government of West Bengal, said, “We are focused on deepening our commitment towards MSMEs in the state and helping their growth. This partnership with the Government of West Bengal and Flipkart will greatly enhance the growth and development of artisans, weavers, small businesses and MSMEs by providing access to opportunities that ecommerce enables. These efforts will also be instrumental in driving the commercial and social development in the state by creating inclusive growth.”

Rajneesh Kumar, Chief Corporate Affairs Officer, Flipkart Group, said, “As a homegrown company, we are passionate about our sellers’ growth, building an inclusive e-commerce ecosystem and constantly innovate to find new ways to uplift and empower all sections of society, especially MSMEs. Flipkart’s partnership with the Govt of West Bengal will be instrumental in driving the economic growth of weavers, artisans and small businesses with Flipkart’s national market access. We have partnered with the government to continue supporting the state and India’s inclusive growth vision and create shared-value in the country.”

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26 Apr

Tesla CEO Elon Musk Buys Twitter for $44 billion

Elon Musk, the world’s richest man has now officially bought the online platform Twitter for approximately $44 billion.

“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” said Musk.

Talking about the future of Twitter Musk said, “I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it.”

Twitter will now become a private company owned by Musk and shareholders will receive $54.2 for each Twitter share they own.

“Twitter has a purpose and relevance that impacts the entire world. Deeply proud of our teams and inspired by the work that has never been more important,” Parag Agrawal said in a tweet after the takeover.

 

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25 Apr

India, European Union To Launch Trade And Technology Council

Prime Minister of India, Narendra Modi held talks with President of the European Commission, Ursula von der Leyen in New Delhi on Monday. Both of them agreed to launch the EU-India Trade and Technology Council at their meeting.

“PM Narendra Modi held talks with EU_Commission President Ursula von der Leyen in New Delhi today. They reviewed progress in the vibrant India-EU Strategic Partnership & agreed to deepen cooperation in areas of trade, climate, digital technology and people-to-people ties,” tweeted MEA spokesperson Arindam Baghchi.

A press release by the European Commission read, “This strategic coordination mechanism will allow both partners to tackle challenges at the nexus of trade, trusted technology and security, and thus deepen cooperation in these fields between the EU and India.”

According to the press release, both sides agreed that rapid changes in the geopolitical environment highlight the need for joint in-depth strategic engagement.

“The Trade and Technology Council will provide the political steer and the necessary structure to operationalise political decisions, coordinate technical work, and report to the political level to ensure implementation and follow-up in areas that are important for the sustainable progress of European and Indian economies,” read the statement.

The press release stated that the decision to set up a Trade and Technology Council will be the first for India with any of its partners and second for the European Union following the first one it has set up with the US.

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24 Apr

Sitharaman meets World Bank President Mr David Malpass in Washington D.C.

On Saturday, Union Minister for Finance Nirmala Sitharaman and World Bank Group President David Malpass met in Washington D.C., to discuss various issues.

The topics included India’s continued recovery from COVID-19 pandemic; impact of the Russia-Ukraine conflict on the world economy and India in particular, economy and role of the WBG, and many more.

The Finance Minister stated that India’s pandemic response has focused on the twin goals of saving lives and livelihoods. India has been successfully running world’s second largest vaccination programme, administering more than 1.85 billion doses of vaccine.

Sitharaman mentioned that India remains concerned about the risks to global recovery due to rising uncertainty amidst enhanced geopolitical tensions.

The Finance Minister suggested that the multilateralism has become more critical as the world is undergoing a phase of exceptional uncertainty. On account of the pandemic and the recent geo-political developments, there is a need for the World Bank to come to the rescue of countries facing debt stress. In particular, the World Bank needs to pay special attention to Sri Lanka, which is facing an unprecedented economic situation.

Sitharaman highlighted the India’s roadmap for infrastructure development and look forward to World Bank’s continued support for financing investments for the National Infrastructure pipeline and Gati Shakti programme.

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24 Apr

India only country among top 10 nations to register growth in steel production in Jan-March

Union Steel Minister Shri Ram Chandra Prasad Singh congratulated the Indian steel industry for sterling performance at a global level and encouraged them to sustain this level of performance in the year 2022.

Such momentum of production will help India reach the targeted level of 500 million tonne production capacity in the next 25 years of Amritkaal, he added.

As per the data released by World Steel Association on April 22, India is the only country among top 10 steel producing nations of the world, which has registered growth in steel production in the January to March 2022 period, as compared to the corresponding period last year.

India has produced 31.9 million tonnes of steel in the period with a growth of 5.9 percent. In March 2022, with a production of 10.9 million tonnes of steel in India, the growth rate is 4.4 percent.

Brazil is the only other country among the top 10 Nations which has registered growth in the month of March.

According to a press statement by Ministry of Steel, Steel Minister held separate meetings with public sector and private sector steel companies earlier this week and reviewed their capital expenditure, production targets and future plans.

He exhorted them to keep in mind the carbon neutral commitment of India by 2070, hydrogen mission and clean & green steel while making strategic plans for the future.

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24 Apr

Sitharaman Participates In Meeting Of Development Committee Plenary In Washington D.C.

Union Minister of Finance Nirmala Sitharaman participated in the 105th Meeting of the Development Committee Plenary in Washington D.C. on Saturday.

The items on the agenda included Digitalisation & Development, Making Debt Work for Development and Macroeconomic Stability, and World Bank Group’s Response to Global Impacts of the War in Ukraine: A Proposed Roadmap.

In her intervention at this session, the Finance Minister stated that India’s economic growth in the current year is robust and highest among all large economies and reflects India’s resilience and strong recovery.

Sitharaman stated that India faced the COVID-19 pandemic crisis with great resilience and made remarkable progress in vaccination and administered more than 1.85 billion COVID-19 vaccine doses.

The Finance Minister underlined that India voluntarily offered COVID Vaccine Intelligence Network (CoWIN) platform to all countries and stand willing to provide assistance for other public-goods platforms recognising the importance of replication of proven and scalable digital platforms.

Sitharaman drew the attention of distinguished gathering in the meeting to the unprecedented situation in Sri Lanka and hoped for decisive relief to Sri Lanka so that they come out of the crisis.

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22 Apr

BGBS 2022: Bengal gets investment proposals worth over Rs 3.42 lakh crore

Chief Minister Mamata Banerjee on Thursday announced that Bengal has received investment proposals worth Rs 3.42 lakh crores during the two-day business summit.

While speaking on the last day of the sixth BGBS, Banerjee said that BGBS was a remarkable success as Bengal have received investment proposals worth ₹3,42,375 crores. Talking about employment she said this business summit is expected to generate around 4 lakh jobs.

She announced that at least 37 memorandums of understanding (MoUs) and letters of intent (LoIs) were signed in these two days.

She further informed that the next summit will be held on February 1, 2 and 3 next year.

The Adani Group on the first day of BGBS announced that it will invest Rs 10,000 crore in the state over the next decade.

West Bengal Governor Jagdeep Dhankhar, however, on multiple occasions accused the government for not sharing details of investments received from the five editions of BGBS.

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