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Expectations from Modi's package - Here's what Raghuram Rajan, Amitabh Kant, and others expect

<ul><li><keyword id="7832818" type="UNKNOWN" weightage="20" keywordseo="new-space-india-limited">New Space India Limited</keyword> (NSIL) will be the <keyword id="116095" type="ORGANIZATION" weightage="20" keywordseo="Indian-Space-Research-Organisation">Indian Space Research Organisation</keyword>’s (ISRO) new commercial arm.</li><li>During the <keyword id="6200577" type="UNKNOWN" weightage="20" keywordseo="union-budget-2019">Union Budget 2019</keyword>, India’s finance minister — Nirmala Sitharaman — announced that NSIL will aid ISRO to commercialise its space products like launch vehicles and the transfer of technology.</li><li>The country is already processing its ‘Space Activities Bill’ to align its liability in outer space with international standards.</li></ul> The Indian government has been pushing to become a space power with testing its <a href="https://www.businessinsider.in/nasa-comments-on-mission-shakti-impacts-mission-ganganyaan/articleshow/68682092.cms">anti-satellite weapon</a>, planning a manned mission — <a href="https://www.businessinsider.in/isro-pads-up-to-make-indias-manned-mission-into-space-a-reality/articleshow/64887057.cms">Ganganyaan</a> — and launching its second mission to moon, <a href="https://www.businessinsider.in/heres-why-chandrayaan-2-is-landmark-moon-mission-for-india/articleshow/69842571.cms">Chandrayaan 2</a>, next month. <a href="https://www.businessinsider.in/finance-minister-nirmala-sitharaman-interesting-facts/articleshow/69940950.cms">Nirmala Sitharam</a>, India’s new finance minister, during the <a href="https://www.businessinsider.in/budget">Union Budget 2019</a> just announced a new commercial arm of the Indian Space Research Organisation (<a href="https://www.businessinsider.in/searchresult.cms?query=isro&amp;sortorder=effectivedate">ISRO</a>) — New Space India Limited (NSIL). She said that “the time has come” for India to harness its space technology commercially. While NSIL will be a public sector enterprise, it will aid ISRO to tackle the benefits of its research and development. Sitharam specified that NSIL will spearhead commercialisation of various space products, including production of launch vehicles, transfer of technology and marketing of space products. India is currently processing its ‘<a href="https://www.businessinsider.in/india-space-activities-bill-addresses-damage-in-outer-space/articleshow/69960212.cms">Space Activities Bill</a>’ as well to align its liability in outer space with international standards. This means that in case any Indian space objects cause damage to another, natural or man-made, object in space, India will have a financial plan in place. See also: <a href="https://www.businessinsider.in/india-space-station-plan-by-isro-plans-k-sivan/articleshow/69775780.cms">India wants to set up its own space station to carry out experiments in microgravity</a> <a href="https://www.businessinsider.in/chandrayaan-2-why-indias-isro-is-going-to-the-moon/articleshow/69893150.cms">Chandrayaan 2 will give India bragging rights even if it doesn’t find water</a> <a href="https://www.businessinsider.in/isro-nasa-just-spotted-a-black-hole-spinning-so-fast-that-it-could-be-making-space-itself-rotate/articleshow/66416605.cms">ISRO, NASA just spotted a black hole spinning so fast that it could be making space itself rotate</a>

India forms a new space company to sell ISRO’s space technology products

<ul><li><keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>’s finance minister told Parliament that the tax called ‘equalization levy’ applies to e-commerce firms, not investors.</li><li><keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> also disclosed that the government has no data on how many <keyword id="2721952" type="PERSON" weightage="20" keywordseo="crypto">crypto</keyword> exchanges are currently operational in the country or how many Indian investors are on the platforms.</li><li>According to her, the Modi administration has no conclusive information on whether or not these exchanges are involved in any illicit activities.</li></ul>India may not be looking to impose its equalisation levy, often called the ‘Google Tax’, on investors putting money into <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">cryptocurrencies</a>. <div type="ExtQuote" text="Equalisation levy is imposed on e-commerce operators, not on the investor." auname="India’s Finance Minister, Nirmala Sitharaman said on July 27, during the Monsoon session of Parliament"></div> The controversial Google Tax, which has historically been imposed on foreign companies — like Amazon, Facebook and others — earning revenues from India for advertising online. Earlier <a href="https://www.businessinsider.in/cryptocurrency/news/trading-on-crypto-exchanges-based-outside-of-india-may-get-more-expensive/articleshow/83747213.cms">reports</a> had indicated that trading cryptocurrencies on foreign exchanges may attract a 2% equalisation levy, but they did not relieve how the tax would be imposed. Sitharaman’s comments, in response to a query from Sushil Kumar Modi — the deputy chief minister of the eastern state of Bihar — shed some clarity. <cmsannotation type="cmsannotation" annotationid="The Indian government data has no data on crypto exchanges or investors" comment="subhead" text="The Indian government data has no data on crypto exchanges or investors">The Indian government data has no data on crypto exchanges or investors</cmsannotation> Modi’s original question to Sitharaman was whether or not the government collects information about <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">crypto exchanges</a> and their investors in India. According to the Finance Minister, the Modi administration does not collect any such information. As per data shared by WazirX CEO, <a href="https://twitter.com/nischalshetty/status/1389437595327733764?lang=en">Nischal Shetty</a>, the country has over 15 million investors trading in crypto and the monetary value of that trade comes up to around ₹15,000 crore. In addition to exchanges, India is home to over 350 blockchain and crypto startups — many of which have raised money from bigger global exchanges. WazirX — the largest crypto exchange in the country — for instance, is owned by crypto giant Binance. <cmsannotation type="cmsannotation" annotationid="Finance Ministry has no insight into the how cryptocurrencies are being used" comment="subhead" text="Finance Ministry has no insight into the how cryptocurrencies are being used">Finance Ministry has no insight into the how cryptocurrencies are being used</cmsannotation> In addition to highlighting the lack of data on how many companies are operating within the crypto space, Sitharam also disclosed that her department has not received information on whether any of these exchanges are involved in drug trafficking or other forms of money laundering in the country. However, the authorities have been digging in. Earlier this month, the Enforcement Directorate (ED) <a href="https://www.businessinsider.in/cryptocurrency/news/cryptocurrency-wazirxs-founder-nischal-shetty-gets-notice-from-ed-for-2971-crore-transactions/articleshow/83427891.cms">accused</a> WazirX of allegedly violating provisions of the Foreign Exchange Management Act (FEMO) for <keyword id="6357017" type="DEFINITION" weightage="20" keywordseo="cryptocurrency">cryptocurrency</keyword> deals worth ₹2,790.74 crore. More recently, an individual got arrested by the Hyderabad police for running a cryptocurrency scam to the tune of ₹3,145 crore. According to the cops, the person allegedly used WazirX to befriend the victims. Meanwhile, the crypto exchange told <a href="https://www.medianama.com/2021/07/223-cryptocurrency-scam-wazirx-binance/">Medianama</a> that it is not involved in any way. <cmsannotation type="cmsannotation" annotationid="Crypto regulation in India still hangs in the balance" comment="subhead" text="Crypto regulation in India still hangs in the balance">Crypto regulation in India still hangs in the balance</cmsannotation> India has been on the verge of formulating a bill to regulate cryptocurrencies in the country. It was expected to be tabled during the ongoing Monsoon Session of the Parliament, but <a href="https://www.businessinsider.in/cryptocurrency/news/indias-crypto-bill-is-unlikely-to-be-up-for-discussion-this-month-and-it-may-be-a-while-before-we-see-it-in-parliament/articleshow/84401863.cms">stakeholders</a> now believe that is unlikely. The crypto industry in India has been in a flux of sorts, following clashes with the country’s central bank, the Reserve Bank of India (RBI). The bank had issued an informal note to lenders in May, which led them to withdraw services from many crypto exchanges in the country. Exchanges in turn had to stop taking rupee deposits from investors, and though the situation has improved since, some have still limited the services they can provide. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/imf-remains-wary-of-cryptocurrencies-calls-legalisation-an-inadvisable-shortcut/articleshow/84790881.cms">Inadvisable shortcut, a step too far, and dire consequences — the IMF warns countries against using Bitcoin as a national currency</a> <a href="https://www.businessinsider.in/cryptocurrency/news/elon-musk-and-michael-saylor-had-the-most-influence-on-crypto-markets-over-the-last-three-months/articleshow/84789343.cms">Elon Musk and Michael Saylor’s influence on crypto markets have made it as volatile as the ‘crypto winter’ of 2017</a>

Equalisation levy on crypto exchanges in India will not apply to investors, according to the Finance Minister

<ul><li>Indian Finance Minister, <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword>, has announced a ban on e-cigarettes in India. </li><li>She said e-cigarettes are being used as a 'style statement' rather than a tool to quit smoking.</li><li>The ban is subject to approval from the Indian parliament.</li></ul> Indian Finance Minister and cabinet member, Nirmala Sitharam, announced a total ban on every aspect of e-cigarettes in the country. "Production, manufacturing, import, export, transport, sale, distribution, storage and advertisements related to e-cigarettes are all banned in India. It is banned in all these nine forms," stated Sitharam during the cabinet briefing. She said that the decision is being taken in lieu of the seven deaths, which occurred in the US over the past week, directly linked to the use of e-cigarettes. <div type="twitter" handle="PIB_India" handlename="PIB India" image="http://pbs.twimg.com/profile_images/974552536408444928/TVZG_9jP_normal.jpg" favoritecount="104" retweetcount="38" status="#UnionCabinet approves the promulgation of the prohibition of E-Cigarettes Ordinance, 2019. The decision to prohib… https://t.co/DF4OUMqGGa" createdat="1568800703000" id="1174261375339827201"></div>

 "The cabinet, rightly, thought it's time to immediately take a decision so that the health of our youth and citizens is not risked," said Sitharam. E-cigarettes are a 'style statement' A large number of e-cigarette models are available in the market today. However, none of them are produced in India. The government believes that are currently over 400 brands of e-cigarettes in the country available in over 150 flavours. The varieties on offer tend to make people try them due to the 'cool' factor, rather than the devices being used for their original purpose, which is to help people quit smoking. "In India, ground reports say that e-cigs are being used as a 'style statement'," said Sitharaman. "Reports say many people are not using it to quit smoking but actually smoking cigarettes as well as e-cigarettes, if they're already smokers. Some are getting into the habit because it seems cool," she explained. Passive smoking E-cigarettes were banned as they are not only harmful to the user and those around them. The fact that're odourless makes even more dangerous, according to Sitharaman. "The smoke exhaled by a user of e-cigarettes, contains a high level of residual nicotine, which for people around standing as passive smokers — it will affect them too," she said. While the cabinet approved the ban, it is subject to approval from the government. The ordinance advises the government to analyse the impact of e-cigarettes on people and their health. The cabinet will take the matter forward during the next session of parliament.

Cabinet bans e-cigarettes which are 'harmful' and a 'style statement'

<ul><li>The Indian smartphone industry expects fewer or no increase in component duties for smartphones.</li><li>A 2.5 per cent customs duty on imports of electronics along with other factors led to an increase in smartphone prices.</li><li>For homegrown brands in particular, a separate budget to help bring more Indian smartphone brands is expected.</li></ul>In the 2021 Union Budget, a 2.5 per cent customs duty was imposed on the import of electronics. This was in line with the Indian government’s larger plan to boost local manufacturing of electronics. Higher duties on components would lead to smartphone companies relying on local production in the country. But this also led to an increase in smartphone prices along with other factors such as the ongoing global chip shortage. The <a href="https://www.businessinsider.in/budget" data-type="tilCustomLink">Union Budget 2022</a> will be announced on February 1 by Finance Minister Nirmala Sitharam, and this year fewer or no increases in component duties are expected from the smartphone industry. According to Hari Om Rai, chairman and managing director of phone maker Lava International, there are two major demands from the industry. One is to not impose any “further increase in component duties in this budget as it impacts our global competitiveness.” The other demand is to create a separate budget for homegrown brands. “We are looking at creating economies of scale to create global competitiveness, [and] value-addition will follow,” Rai said. Lava is among the few Indian smartphone brands that still operate and launch products. Other brands like Intex Technologies and Karbonn Mobiles shut shop primarily due to the influx of Chinese brands in the country. Lava launched its first 5G smartphone ‘Agni 5G’ in India last November. Another Indian smartphone brand still floating is Micromax, which made a comeback last year with new smartphones and wireless earbuds as well. But the majority of the Indian smartphone market is occupied by Chinese brands including Xiaomi, Vivo, Realme and Oppo, according to quarterly data from Counterpoint Research. The reason is aggressive pricing and high-specced devices. <div type="image" title="nft - 2022-01-31T192425.461" msid="89251597" hostid="261" caption="&amp;lt;p&amp;gt;Indian smartphone market share in 2021.&amp;lt;/p&amp;gt;"></div> An example of this is Bengaluru-based <a href="https://www.vccircle.com/sachin-tendulkar-backed-smartron-gets-up-to-200-mn-gem-group-s-commitment">Smartron</a>, a tech brand backed by Sachin Tendulkar that silently exited the smartphone market in India. It launched budget smartphones under ₹10,000, and it also launched tablets under its product portfolio. The brand is now focusing on expanding its smart home segment with its IoT ecosystem ‘tronX’. Another homegrown and Bengaluru-based startup Creo that tried its luck not only in smartphones but a custom OS as well. Founded by former Hike employees, Creo had launched the <a href="https://www.techradar.com/in/news/hike-acquires-creo-the-makers-of-os-centric-mark-1-smartphone">Mark 1 smartphone</a> that ran on Android-based Fuel OS. The company soon decided to end production of the device and focus on Fuel OS. According to Upasana Joshi, research manager, client devices at IDC India, Indian smartphone brands “continue to struggle in comparison to global or Chinese players owing to the large scale of business and acceptability in the market.” One way of helping bring up more Indian smartphone brands would be a separate budget to build “National Champions” according to Rai. “To acquire strategic skills and become global Indian champions have a remarkable potential to create national wealth and become beacons of economic progress for India's long term technological and financial independence. It is highly imperative to develop and bolster Indian champions to bring strategic skills and technology and augment GDP, employment, and foreign exchange,” Rai said. Another expectation is “huge investments to match production, marketing and operational spends in a consolidated smartphone market like India,” according to Joshi. For the smartphone industry in general, <keyword id="10547300" type="General" weightage="20" keywordseo="budget-2022" source="Orion">Budget 2022</keyword> is expected to continue the “push for establishing component factories and making them available locally, along with fewer exemptions,” Joshi added. But we may continue to see smartphone prices increasing even in 2022. “IDC expects ASPs (average selling price) for smartphones to only rise further and peak annually,” Joshi said. Regardless, as per research firm Counterpoint, India's smartphone market revenue crossed $38 billion in 2021 with 27 per cent (on-year) growth, as shipments grew 11 per cent to reach 169 million units. It would be interesting to see how the upcoming budget will aid the existing Indian manufacturers to bolster their share to survive, unlike their counterparts that had to quit the business. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/budget-2022-expectation-why-india-needs-an-urban-mgnrega/articleshow/89199969.cms" data-type="tilCustomLink">Budget 2022 expectation: Why India needs an urban MGNREGA</a> <a href="https://www.businessinsider.in/budget/news/union-defence-budget-2022-submarines-drones-warships-and-aircraft-carriers/articleshow/88989045.cms" data-type="tilCustomLink">This year’s defence budget may focus on building submarines, drones, warships and aircraft carriers</a>

India Budget 2022 expectations: Fewer or no increase in component duties for smartphones

Finance minister Nirmala Sitharam announced allocation of ₹3150 crore for Ministry of Culture and proposes the establishment of <keyword id="8696744" type="COMPANY" weightage="20" keywordseo="indian-institute-of-heritage">Indian Institute of Heritage</keyword> and Conservation under the ministry. “Five archaeological sites in Haryana, UP, Assam, Gujarat and Tamil Nadu, to be developed with on-site museums, to be developed with on-site museums,” says finance minister Nirmala Sitharaman. The list of five archaeological sites includes: <ul><li>Hastinapur in UP, the city is described in Hindu puranas and Mahabharata, as the capital of Kuru Kingdom. The city also finds its mention in the ancient Jain texts.</li><li>Dholavira in Khadirbet, Bhachau Taluka of Kutch District,is one of the two largest Harappan sites in India, and fifth largest in the subcontinent.</li><li>Adichanallur in Thoothukudi district of Tamil Nadu is one of the earliest ancient sites according to the carbon dating of samples excavated from the Adichanallur site in Thoothukudi.</li><li>Rakhigarhi in Haryana dates back to the pre-Indus valley civilization as old as 6500 BCE. It was also a part of matured Indus-valley civilization. The site was recently in the news for the scientific paper on the DNA analysis of the Harappan skeleton. </li><li>Sivasagar in Assam gets its name from the big lake Sivasagar. The lake was commissioned by the Ahom king Siva Singha and lies in an area of about 360 kilometres. </li></ul>However, the list missed out two important archaeological cultural sites RoopKund in Uttarakhand and Keeladi in Madurai. The Financial minister also said a tribal museum will be set up in Ranchi, Jharkhand and a Maritime site will be set up in Lothal, Gujarat. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/nirmala-skitharaman-recites-kashmiri-poem-comparing-india-to-a-daal-lake-lotus/articleshow/73832846.cms?src=hp_latest">Nirmala Sitharaman ditches Tamil to recite a Kashmiri poem - comparing India to a Dal Lake lotus</a>

Budget 2020 allocates a unique part of budget to Ministry of Culture for Archaeological sites

New Delhi, Dec 22 () LIC-controlled IDBI Bank expected to come out of the Prompt Corrective Action (PCA) framework in the last quarter of the current fiscal with the support of capital infusion and recovery from large IBC cases.
According to sources, some of the restrictions with regard to lending by the bank have been eased recently.
With money coming from resolution on Essar Steel and expected flow from resolution of Bhushan Power and Steel and Alok Industries, sources said the bank is likely to be posting profit during the third quarter and the subsequent quarter.
The bank has already come below net NPA threshold of 6 per cent, one of the three parameters for triggering PCA framework. The net NPA of the bank reduced to below 6 per cent in the second quarter ended September 2019.
Recently, Parliament approved Rs 9,300 crore capital infusion in IDBI Bank. The department of financial services got an additional Rs 4,557 crore for infusion into IDBI Bank through recap bonds for their share of 47.11 per cent in IDBI Bank. State-owned LIC, which is the promoter of the debt-ridden lender with 51 per cent stake, will pump in an additional Rs 4,743 crore to improve the bank's capital position.
Wtih this kind of capital infusion coupled with write back from the recoveries from large NPA cases, the bank is expected to come out from the weak bank watch list by the end of the current fiscal, sources said.
The PCA framework kicks in when banks breach any of the three key regulatory trigger points namely capital to risk weighted assets ratio, net non-performing assets (NPA) and return on assets (RoA).
Earlier this month, Finance Minister Nirmala Sitharam said the recapitalisation was done by the government by infusing Rs 21,157 crore into IDBI Bank since 2015 after we came back to power and LIC infused Rs 21,624 crore.
"So both put together have given Rs 42,781 crore to the bank. This has help reduce the net NPAs from a peak of 17.3 per cent in September, 2018 to 5.97 per cent in September, 2019. It has come below RBI's 6 per cent net NPA threshold level," she had said.
Earlier this year, the RBI removed five banks - Bank of India, Bank of Maharashtra, Oriental Bank of Commerce, Allahabad Bank and Corporation Bank - from the PCA framework in two phases after capital support from the government that resulted in improvement in their financial parameters.
The capital infusion helped these lenders meet requisite capital thresholds and reduced their net NPA levels to below 6 per cent. DP MKJ

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Expectations from Modi's package - Here's what Raghuram Rajan, Amitabh Kant, and others expect

India forms a new space company to sell ISRO’s space technology products

Prabhjote Gill

Equalisation levy on crypto exchanges in India will not apply to investors, according to the Finance Minister

BI India Bureau

Cabinet bans e-cigarettes which are 'harmful' and a 'style statement'

Prabhjote Gill

India Budget 2022 expectations: Fewer or no increase in component duties for smartphones

Marcia Sekhose

Budget 2020 allocates a unique part of budget to Ministry of Culture for Archaeological sites

Navdeep Yadav

IDBI Bank likely to be out of PCA framework in fourth quarter

PTI

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