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Sitharaman declares Jan Dhan Scheme a revolutionary force in financial inclusion-Telangana Today

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Of these accounts, around 55.5 percent are owned by women, with 67 percent being established in rural and semi-urban regions.

Updated On – 02:13 PM, Mon – 28 August 23


Sitharaman declares Jan Dhan Scheme a revolutionary force in financial inclusion



New Delhi: Finance Minister Nirmala Sitharaman on Monday said that the Pradhan Mantri Jan Dhan Yojana (PMJDY) has revolutionised financial inclusion.

Speaking on the occasion of completion of nine years of the scheme, she said, “The nine years of PMJDY-led interventions and digital transformation have revolutionised financial inclusion in India. It is heartening to note that more than 50 crore people have been brought into the formal banking system through the opening of Jan Dhan Accounts.”

Among these accounts, approximately 55.5 per cent belong to women and 67 per cent have been opened in rural and semi-urban areas.

Also, about 34 crore RuPay cards have been issued to these accounts without charge, which also provides for a Rs 2 lakh accident insurance cover, the finance minister said.

“With the collaborative efforts of stakeholders, banks, insurance companies, and government officials, the PMJDY stands out as a pivotal initiative, changing the landscape of financial inclusion in the country,” Sitharaman added.

Total deposit balances under PMJDY accounts stand at Rs 2,03,505 crore.

PMJDY accounts have grown by 3.4-fold from 14.72 crore in March 2015 to 50.09 crore as on August 16.

Business

Govt’s ONDC reaches 50K restaurants, takes on Zomato-Swiggy dominance-Telangana Today

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Giving a tough fight to Zomato-Swiggy dominance in online food delivery market, ONDC on Monday said that 50,000 restaurants are now live for placing online orders

Published Date – 01:20 PM, Mon – 28 August 23


Govt’s ONDC reaches 50K restaurants, takes on Zomato-Swiggy dominance



New Delhi: Giving a tough fight to Zomato-Swiggy dominance in online food delivery market, Open Network for Digital Commerce (ONDC), an initiative of the government, on Monday said that 50,000 restaurants are now live for placing online orders on the Open Network, across 172 cities.

The number of restaurants on the Open Network shot up from 500 in February 2023 to 50,000 in August 2023, depicting exponential growth. “What started with our first order in September 2022, the Network has onboarded over 50,000 restaurants till now. As we continue to grow and expand, we are excited about the future of online food delivery in the ecommerce ecosystem and our role in shaping it,” said T. Koshy, MD and CEO at ONDC. ONDC said that Seller Network Participants (NPs) are central to this achievement, like Magicpin, uEngage, Bitsila, EkSecond, Growth Falcons, Mystore, nStore, and eSamudaay.

ONDC aims to double the restaurant count by the end of 2023. Consumers can order food online on the ONDC Network via Buyer Apps including Paytm, Pincode, Magicpin, Mystore among others.

Business

Circular economy to unlock $7 billion untapped revenue in Indian electronics sector by 2035-Telangana Today

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Projected at $13 billion by 2035, the market size for these circular models aligns with existing commitments and targets.

Published Date – 01:22 PM, Mon – 28 August 23


Circular economy to unlock $7 billion untapped revenue in Indian electronics sector by 2035



New Delhi: India’s electronics sector is set to harness $7 billion untapped revenue by 2035 via circular business model and policy pathways, industry stakeholders said here on Monday.

Current commitments and targets set the projected market size for these circular models at $13 billion in 2035.

Yet, the total addressable market, achievable through the right public and private actions, can reach an astounding $20 billion, revealing an untapped potential of 35 per cent, according to the report by the India Cellular and Electronics Association (ICEA).

Alkesh Kumar Sharma, Secretary, MeitY, said that embracing the circular economy and sustainable growth is pivotal as India’s resource consumption is surging.

“The report resonates with the government’s commitment to India-centric circular business models. It evaluates readiness, identifies opportunities, and proposes evidence-based policies, propelling us towards responsible resource management and the 4Rs — reuse, repair, recover and re-manufacture,” said Sharma.

Three core business models — Repair, Resell, and Recycling — are already thriving in India, predominantly driven by the informal sector.

Around 90 per cent of collection and 70 per cent of recycling are handled by this competitive sector.

However, only 22 per cent of collected e-waste is managed by the formal sector, revealing room for improvement, the report mentioned.

Pankaj Mohindroo, Chairman, ICEA, highlighted the future potential of India’s electronics sector as a global manufacturing hub.

“I am confident that the electronics industry would facilitate sustainable circular economy practices to ensure a sustainable green future for the generations to come,” Mohindroo said.

Business

OPPO pays 23 per cent of its India sales to Nokia as per court order-Telangana Today

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OPPO has deposited with the Delhi High Court 23 per cent of the amount generated from its sales in India for infringing upon Nokia’s patent

Published Date – 01:40 PM, Mon – 28 August 23


OPPO pays 23 per cent of its India sales to Nokia as per court order



New Delhi: Global smartphone brand OPPO has deposited with the Delhi High Court 23 per cent of the amount generated from its sales in India for infringing upon Nokia’s patent, reliable sources told IANS on Monday.

According to sources, the Chinese company deposited 23 per cent as to Nokia from the sale of around 77 million devices in India since 2019, before the court-set deadline of August 25. However, the exact amount deposited by OPPO could not be ascertained. Earlier this month, the Supreme Court dismissed OPPO’s plea against a Delhi HC order which directed the company to deposit 23 per cent of the amount generated from its sales in the country for infringing upon Nokia’s patent.

A division bench of the Delhi High Court passed the order in July, after it found that the Chinese smartphone brand was using Nokia’s technology without the requisite consent. The HC had reached the 23 per cent penalty figure after taking into account OPPO’s sales in India which is around 23 per cent of its global sales.

A Nokia Technologies spokesperson had welcomed the Supreme Court decision. “OPPO has been unwilling to renew its license on fair and reasonable terms or resolve the matter amicably and has used our technology without making any royalty payments for two years,” a Nokia spokesperson said. Courts in India, Germany, the UK, the Netherlands, and Brazil have all given their verdicts in Nokia’s favour.

“Once again, we encourage OPPO to play by the rules, and like its competitors, agree to a license on fair and reasonable terms, rather than continue to operate without one,” said Nokia. OPPO had secured a licence from Nokia in 2018 for using some of the Finnish telecom gear company’s technology for three years. Nokia alleged that after the expiry of the pact, OPPO sold around 77 million devices in India without paying a single rupee in royalty, according to reports.

Business

As many as 58 firms including top global players registered for IT hardware PLI-Telangana Today

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The Ministry of Electronics and IT, Secretary, Alkesh Kumar Sharma said that the response to PLI Scheme 2.0 for IT hardware has been more than expected

Published Date – 02:20 PM, Mon – 28 August 23


As many as 58 firms including top global players registered for IT hardware PLI

The Ministry of Electronics and IT, Secretary, Alkesh Kumar Sharma said that the response to PLI Scheme 2.0 for IT hardware has been more than expected

New Delhi: As many as 58 companies, including top global players, have registered for the government’s Rs 17,000-crore production-linked incentive (PLI) scheme for IT hardware, a senior government official said on Monday.

The Ministry of Electronics and IT, Secretary, Alkesh Kumar Sharma said that the response to PLI Scheme 2.0 for IT hardware has been more than expected.

“The last date for the scheme is August 30. 58 companies have registered,” Sharma said on the sidelines of an event organised by the India Cellular and Electronics Association.

When asked if all the top global players have registered, Sharma answered in the affirmative.

He said several domestic companies have also registered for the scheme and added that more than two players have already applied for the scheme. The Production-Linked Incentive Scheme 2.0 for IT hardware covers laptops, tablets, all-in-one PCs, servers and ultra-small form factor devices.
The scheme aims to broaden and deepen the IT hardware manufacturing ecosystem in the country.

In May, the Union Cabinet had approved a Rs 17,000-crore incentive to boost local manufacturing of IT hardware like tablets and laptops, and the scheme is projected to generate an incremental production worth Rs 3.35 lakh crore over a period of six years.

The government has extended the last date for receiving applications under PLI Scheme 2.0 for IT hardware two times and has fixed the deadline of August 30.
Sharma said the deadline will not be extended further.

Business

Telcos’ operating profit to jump 15 pc to Rs 1.2 lakh cr in FY24: Crisil-Telangana Today

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Indian telcos’ operating profit is likely to rise by up to 15 per cent to Rs 1.2 lakh crore in FY24, a domestic rating agency said on Monday

Published Date – 02:45 PM, Mon – 28 August 23


Telcos’ operating profit to jump 15 pc to Rs 1.2 lakh cr in FY24: Crisil

Indian telcos’ operating profit is likely to rise by up to 15 per cent to Rs 1.2 lakh crore in FY24, a domestic rating agency said on Monday

Mumbai: Indian telcos’ operating profit is likely to rise by up to 15 per cent to Rs 1.2 lakh crore in FY24, a domestic rating agency said on Monday.

The players had reported an operating profit of Rs 1.04 lakh crore in the year-ago period, Crisil Ratings said.

Demand for bigger data packs amid surging consumption will be the key reason for the FY24 profit growth in an industry which has witnessed massive difficulties in the last few years, since the entry of the deep-pocketed Reliance Jio.

Average revenue per user (ARPU), which had been on a declining trend for the last few years, will grow by 8-10 per cent to Rs 190 despite no broad-based tariff hike likely in the near-term as telcos focus on migrating 4G subscribers to 5G services, its deputy chief ratings officer Manish Gupta said.

“Growth would be driven by rise in data usage to 23-25 GB per subscriber per month this fiscal from 20 GB last fiscal, and recalibration of tariff plans, leading to higher operating profitability,” Gupta said.

The agency said the sector has high operating leverage as about three-fourths of the total cost is fixed and any rise in ARPU flows directly to operating profit.
It said between FY20-23, operating profit almost doubled, while the ARPU grew 1.4 times.

The 4G technology will remain dominant for a while, it said, adding that monetisation of 5G services is likely to be gradual, as it hinges on evolving use cases and increase in the penetration of 5G handsets in India, which is currently low.

The telecom companies may spend Rs 90,000 crore this fiscal to beef up network infrastructure in FY24 as against Rs 80,000 crore in the year-ago period, it said, adding that this will be driven by the surge in demand for data, and to improve services and customer experience.

All the private telcos are believed to be adequately placed on the important input of spectrum, having invested Rs 1.5 lakh crore at the previous auction. Hence, the outgo for spectrum purchase at the next auction is expected to be lower than the previous one, the agency said.

On the critical question of debt, the agency’s director Naveen Vaidyanathan estimated the quantum to rise to Rs 6.5 lakh crore at the end of FY24 at an industry level from Rs 6.3 lakh crore in the year-ago period, driven majorly by the 5G investments.

“Yet, the leverage of telcos rated by CRISIL Ratings should improve because of better profitability. Their ratio of debt to EBITDA is foreseen at 3.0 times this fiscal, compared with 3.3 times last fiscal,” he added.

The agency said larger than expected investments in 5G networks and spectrum will have a bearing on the credit metrics and hence, is a key monitorable going ahead.

Business

Ambani announces plan to establish 100 CBG plants within 5 years for Reliance-Telangana Today

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Reliance Industries Ltd, the owner of world’s largest single-location oil refining complex, will set up 100 CBG plants to convert agri-waste into gas.

Published Date – 03:51 PM, Mon – 28 August 23


Ambani announces plan to establish 100 CBG plants within 5 years for Reliance



Mumbai: Reliance Industries Ltd, the owner of world’s largest single-location oil refining complex, will set up 100 CBG plants to convert agri-waste into gas, its chairman Mukesh Ambani said on Monday.

Speaking at the company’s annual shareholder meeting, he said after setting up two demo units for compressed biogas (CBG) at Jamnagar, Reliance has commissioned the first commercial scale CBG plant at Barabanki in Uttar Pradesh in a record time of just 10 months.

“We will rapidly scale this up to 25 CBG plants across India. Our target is to establish 100 CBG plants in the next 5 years, consuming 5.5 million tonnes of agro-residue and organic waste, thereby mitigating nearly 2 million tonnes of carbon emissions, and producing 2.5 million tonnes of organic manure annually,” he said.

This would result in reduction of about 7 million tonnes per annum of imported LNG, he added.

Business

Jio announces launch of AirFiber this Ganesh Chaturthi-Telangana Today

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JioAirFiber is set to deliver fibre-like speed over the air without any wires.

Updated On – 03:55 PM, Mon – 28 August 23


Jio announces launch of AirFiber this Ganesh Chaturthi

Photo: PTI

Mumbai: Reliance Industries Chairman and Managing Director Mukesh Ambani on Monday announced that the company will launch Jio AirFiber this Ganesh Chaturthi (September 19).

He was addressing its 46th Annual General Meeting of Reliance Industries. Reliance aims to tap the untapped segment with an addressable market of over 200 million Indian homes.

What is Jio AirFiber
JioAirFiber delivers fibre-like speed over the air without any wires. Users just have to just plug it in, turn it on, and that’s it and they will have a personal Wi-Fi hotspot at their homes.

JioAirFiber is a Fixed Wireless Access solution that brings clutter-free high-speed connectivity of up to 1 Gbps to homes and offices. Multiple devices, including smartphones, PCs, tablets, smart TVs, and set-top boxes can be connected simultaneously without compromising on internet speed.

Speaking about Jio’s mobile network, Mukesh Ambani said the per-user per month data consumption is 25 GB. Jio telecom services were launched seven years ago.

On Jio 5G services, he said it is now available across 96 per cent of census towns and is on track to cover the entire country, as was planned, by December 2023.
Jio’s overall customer base has now crossed the milestone of 45 crore.

Notably, telecom service providers in India started providing high-speed 5G services in the country from October 2022. In comparison to 3G and 4G, 5G has a very low latency which enhances user experiences in various sectors. Low latency describes the efficiency of processing a very high volume of data messages with a minimal delay.

Business

Crypto criminals steal over $10bn to date, despite crypto crime slowing down-Telangana Today

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Crypto criminals have stolen more than $10 billion to date, despite crypto crime slowing down.

Published Date – 05:07 PM, Mon – 28 August 23


Crypto criminals steal over $10bn to date, despite crypto crime slowing down

Crypto criminals have stolen more than $10 billion to date, despite crypto crime slowing down.

New Delhi: Crypto criminals have stolen more than $10 billion to date, despite crypto crime slowing down, a new report said on Monday.

According to data presented by AltIndex.com, crypto scammers and hackers stole more than $3.5 billion of cryptos in 2022.

Cryptocurrency heists took off in the last six years, going from only 15 hacks reported in 2017 to 136 in 2021, according to Comparitech data.

During this time, the total value of stolen cryptos increased eight times, from approximately $324 million to a staggering $2.7 billion.

Crypto security threats cost nearly $730 million in August 2021 alone. An individual stole $610 million of this total in a Poly Network heist, which ended up being the second-largest crypto hack.

However, crypto crime skyrocketed last year, with crypto scammers and hackers stealing more money than in 2019, 2020, and 2021 combined.

Moreover, the report showed that the year 2022 saw 192 crypto heists, the highest number in the crypto market’s history, while hackers stole a whopping $3.54 billion of investor funds.

Fortunately, the concerning trend slowed in 2023, with crypto criminals stealing approximately $905 million in eight months, or less than one-third of the value seen in the same period the previous year.

So far, 718 reported heists have resulted in criminals stealing $10.2 billion in cryptocurrency. Surprisingly, only one-fifth of the stolen funds, or $2.6 billion, have been recovered, with a recovery time of around 75 days on average, the report mentioned.

While 2023 saw a huge drop in the total value of stolen cryptos, the number of crypto heists remains high.

Since 2011, there have been 718 cases of crypto heists worldwide, and 70 per cent of them have happened in the last three years. As per the statistics, the year 2021 saw 136 crypto heists, 2.5 times more than the year before that, while, in 2022, the total number of crypto crimes jumped to 199, the highest figure to date, according to the report.

Even though crypto scammers and hackers stole only $905 million in the first eight months of this year, 2023 saw the second-highest number of crypto crimes.

Business

Sebi notifies stricter delisting rules for non-convertible debt securities-Telangana Today

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New Delhi: With an aim to protect investors’ interest, Sebi has notified a new framework prohibiting listed entities, with more than 200 non-QIB (qualified institutional buyer) holders of non-convertible debt securities, from delisting voluntarily. Under the new rule, the listed entity will have to obtain permission from all holders of non-convertible debt securities within 15 […]

Published Date – 07:03 PM, Mon – 28 August 23


Sebi notifies stricter delisting rules for non-convertible debt securities



New Delhi: With an aim to protect investors’ interest, Sebi has notified a new framework prohibiting listed entities, with more than 200 non-QIB (qualified institutional buyer) holders of non-convertible debt securities, from delisting voluntarily.

Under the new rule, the listed entity will have to obtain permission from all holders of non-convertible debt securities within 15 working days of receiving the notification of delisting.

The present rule allows entities to delist by giving a prior intimation to the stock exchange about the meeting of the board of directors, where the proposal for a voluntary delisting is considered.

Unlike equity, wherein approval by a threshold majority is sufficient for approval of delisting, in the new framework, approval of 100 per cent of the debt security holders has been mandated for delisting of debt securities.

This is because, unlike equity which is a perpetual instrument, listed debt securities have a finite term to maturity.

In its notification issued on August 23, Sebi said the new framework for delisting of non-convertible debt securities would allow all listed non-convertible debt securities to be delisted voluntarily.

However, entities would not be authorised to delist certain securities while selectively listing others.

Also, it would not apply to the delisting of non-convertible debt securities in certain situations such as delisting as a consequence of any penalty or action initiated against the listed entity by stock exchanges; delisting pursuant to the redemption of the non-convertible debt securities.

Further, the mechanism would not apply to the delisting of a listed entity’s non-convertible debt securities that have been delisted under a resolution plan authorised under the Insolvency Code.

In case of delisting pursuant to a resolution plan as per the provisions of the Insolvency Code, the details of delisting of non-convertible debt securities will be disclosed to the stock exchanges within one working day of the approval of the resolution plan under the Insolvency Code.

The new rule prohibits a listed entity that has “more than 200 securities holders excluding qualified institutional buyers (QIBs) in any International Securities Identification Number relating to listed non-convertible debt securities or non-convertible redeemable preference shares”.

Sebi said that all the events pertaining to the proposal of delisting in respect of non-convertible debt securities, starting from the placing of the agenda for delisting to the board of directors and till the delisting is completed, need to be disclosed as material information to the exchange.

The listed entity will have to send the notice of delisting to the holders of non-convertible debt securities within three working days from the date of receipt of in-principle approval from the exchanges.

Within five working days from the date of obtaining approval from all the holders of non-convertible debt securities, the listed entity will have to make the final application for delisting to the exchange.

Sebi said that the delisting proposal will be considered failed in case of non-receipt of in-principle approval from the stock exchange, such as non-receipt of no-objection certificate from the debenture trustee and non-receipt of approval from all the holders of non-convertible debt securities.

In case of failure of the delisting proposal, the listed entity will have to intimate the same to the exchange within one working day from the date of such event of failure.

To give this effect, Sebi amended LODR (Listing Obligations and Disclosure Requirements) Regulations.