Manish Tiwary plans to take up a new role at another firm.
India is not "rethinking" supporting investments from China, said Commerce and Industry Minister Piyush Goyal on Tuesday, referring to a proposal made in the Economic Survey 2024. The survey by India's chief economic advisor last week said India had two "choices" to benefit from the so-called China plus one strategy, either by integrating into that country's supply chain or by promoting foreign direct investment (FDI). "Chief economic advisor's report speaks about new ideas and gives out their own thinking. It is not at all binding on the government and there is no rethinking to support Chinese investments in the country," Goyal told reporters in Delhi.
Edtech company Byju's parent Think & Learn will challenge the National Company Law Tribunal's (NCLT's) order on insolvency proceedings and may approach the National Company Law Appellate Tribunal (NCLAT) in the next few days, a source claimed. With the NCLT appointing Pankaj Srivastava as the interim resolution professional (IRP), time is running out for Byju's as the committee of creditors (CoC) begins to be formed.
Developers in India now have expanded access to Google's powerful AI models with the 2 million token context window in Gemini 1.5 Pro and Gemma 2, the next generation of open models.
Ola Electric, the SoftBank-backed electric vehicle (EV) maker, is likely to pursue a valuation of approximately $4.5 billion in its upcoming initial public offering (IPO), marking about 18 per cent decrease from its last funding round valuation of around $5.5 billion, according to industry sources. The Bhavish Aggarwal-founded firm aims to file for the IPO by next month, according to people familiar with the matter. "The strategy is to price the IPO attractively for investors, fostering long-term growth and wealth creation," said a source.
India has flagged concerns over non-tariff barriers (NTBs) faced by its exporters with the Russian government, commerce secretary Sunil Barthwal said on Monday. NTBs faced by Indian exporters are mainly in sectors such as marine products and pharmaceuticals.
A group comprising top tech startups and unicorns has raised several "serious concerns" over a platform-based gig workers Bill proposed by the Karnataka government, saying it would hurt the ease of doing business. They told the state government the Bill in its current form would hamper operations and increase regulatory and compliance burden on the nascent gig and startup economy, according to sources.
Bhavish Aggarwal, founder and chief executive officer of Ola, is encouraging developers to switch from Google Maps to Ola Maps. Ola is offering developers a year of free access to Ola Maps on the company's Krutrim Cloud and over Rs 100 crore in free credits. This initiative comes after Ola replaced Google Maps with its own Ola Maps, leading to annual savings of around Rs 100 crore.
India's trade deficit with Russia continued to widen for the second consecutive year to $57 billion in the financial year 2023-24 (FY24), with Moscow becoming New Delhi's largest source of crude oil imports. All eyes will now be on Prime Minister Narendra Modi's visit to Russia during July 8-9, where he is set to meet President Vladimir Putin. This will be Modi's first visit to the Kremlin since the Russia-Ukraine conflict began over two years ago.
Edtech firm Unacademy has laid off 250 people across verticals, according to people familiar with the matter, reducing its employee strength by 50 per cent from what it was two years ago. Of those, 100 are from core functions such as marketing, business, and product, while the rest are from sales.
The government-backed Open Network for Digital Commerce (ONDC) is likely to start levying user charges in the current financial year.
The government is expediting visa-related issues to bring technicians to India from any country, not just China, as and when required, to ensure the smooth implementation of the flagship production-linked incentive (PLI) scheme aimed at boosting domestic manufacturing. "If those under the PLI scheme need to get their equipment installed, we try to expedite the ability to get technicians into India from any country, whichever it may be," Union Commerce and Industry Minister Piyush Goyal told Business Standard in an interview.
In March 2021, Ola Electric founder Bhavish Aggarwal was seen surveying an empty 500-acre land surrounded by shoe factories, temples, bakery shops, coconut trees and dusty roads in Pochampalli town of Krishnagiri district, Tamil Nadu. Many excavators and workers were busy at the construction site to build the Ola Futurefactory for electric vehicles.
Byju Raveendran, the founder of the beleaguered ed-tech firm Byju's, put himself on a pedestal and stopped listening to anyone, said Gaurav Munjal, the chief executive officer of edtech firm Unacademy. Munjal highlighted the importance of 'blunt feedback'. In a post on X, he alleged that Byju's founder stopped listening and failed to have people who could give him the right feedback.
To burnish production-linked incentive (PLI) schemes, the government is considering an overhaul of some of them relating to sectors such as textiles and pharma, and making incentive payments quarterly, officials in the know said. In a bid to cut the delay in processing incentive claims, the government is looking at switching to a quarterly disbursement of incentives. Currently, in most schemes, incentives are annual.
Beleaguered edtech firm Byju's has moved the Karnataka high court challenging the order of the National Company Law Tribunal (NCLT) restraining it from going ahead with the second rights issue. The plea is likely to come up for hearing on Monday. The orders of NCLT were expected to be challenged before the National Company Law Appellate Tribunal (NCLAT).
The commerce department has reaffirmed its plans to launch the 'Trade Connect' e-platform to help exporters connect with stakeholders of international trade, as a part of the new government's 100-day action plan, a senior government official said.
Another priority in the first 100 days could be the launch of an e-platform -- Trade Connect -- to help exporters connect with stakeholders of international trade.
'The demand for international fashion labels, particularly from tier-II cities and beyond, has seen a notable uptick.'
'The youth is stressed and students are depressed.'
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