OIC underscored the importance of encouraging dialogue, understanding and cooperation among religions, cultures and civilisations…reports Asian Lite News
The Secretariat General of the Organisation of Islamic Cooperation (OIC) has condemned in the strongest terms the tearing of a part of the Holy Quran by an extremist in The Hague, Netherlands.
In a statement on Tuesday, the Secretariat General of OIC reiterated that “such behaviour fuels feelings of Islamophobia in the world and works against calls for co-existence and freedom of belief.”
OIC underscored the importance of encouraging dialogue, understanding and cooperation among religions, cultures and civilisations and rejection of hatred and extremism to achieve peace worldwide.
The UAE also strongly condemned the incident. In a statement, the foreign ministry affirmed the UAE’s permanent rejection of all practices aimed at destabilising security in contravention of human and moral values and principles.
Meanwhile, Turkish Foreign Ministry has summoned the Dutch ambassador to Ankara to protest against “the vile act” of a far-right Dutch politician to tear pages out of the Quran.
The ministry summoned Joep Wijnands to protest the “heinous and despicable act and demanded that the Netherlands allow no such provocative acts”, Xinhua news agency reported, citing a statement by the ministry.
“We condemn in the strongest possible terms the vile attack by an anti-Islamic person in The Hague, Netherlands, on January 22, to target our holy book, the Holy Quran,” the ministry said.
“This despicable act … is a clear declaration that Islamophobia, discrimination and xenophobia know no bounds in Europe,” it added.
Turkey expected the Dutch authorities to take necessary actions against the perpetrator of the incident and to implement concrete measures to prevent the recurrence of such incidents, according to the ministry.
A video posted on social media showed Edwin Wagensveld, leader of the far-right group, Patriotic Europeans Against the Islamization of the West, ripped pages from a Quran in The Hague.
The incident comes after Swedish-Danish right-wing extremist, Rasmus Paludan, burned the Quran in front of the Turkish embassy in Stockholm on Saturday, which drew strong reaction from Turkey.
The move aligns with the objectives of the ‘’Make in the Emirates” initiative to create an attractive business environment for local and international investors..reports Asian Lite News
The Ministry of Industry and Advanced Technology (MoIAT) has reduced the fees for 14 main and sub services and waived the fee for one service as of January 1st, 2023.
The move aligns with the objectives of the ‘’Make in the Emirates” initiative to create an attractive business environment for local and international investors and support entrepreneurship and SMEs in the industrial sector by reducing the cost of doing business in the UAE.
MoIAT said that in line with the announcement of 2023 as the Year of Sustainability, the service fee reduction will encourage sustainable industries by promoting the deployment of advanced technology that lowers emissions and enhances the circularity of the sector.
The drive includes reducing the fee of issuing product conformity certificate from a provider of a specific conformity assessment from AED 1,000 to AED 670, issuing a conformity certificate for optional (unrestricted) products from AED 3,700 to AED 1,720, licensing to use the Emirates Quality Mark from AED 26,000 to AED 2,000, licensing to use the national Halal mark from AED 18,000 to AED 2,000, and scope expansion of the Emirates Quality Mark and the national Halal mark from AED 2,500 to AED 250.
The scheme also includes reducing the fees of the notification of conformity assessment bodies from AED 33,000 to AED 24,500 and registering conformity assessment bodies from AED 7,500 to AED 5,000.
In addition, MoIAT waived the fee for selling UAE standards that previously costed AED 481 to raise awareness of the importance of national standards and their role in supporting the industrial sector and economic development.
Omar Al Suwaidi, Under-Secretary of the MoIAT, said, “The reduction and cancellation of some fees is in line with the ministry’s keenness to develop priority industrial sectors in the country and enhance its investment appeal, in line with the ‘We the UAE 2031’ vision that represents a national plan that offers promising opportunities for global partners. We also seek to further strengthen the UAE’s position as a global partner and an attractive and influential economic centre, as we enhance the competitiveness of industrial companies and their products without affecting the efficiency of their operations, as well as the certificates they issue.
He added, “The reduction of fees will improve the UAE’s competitiveness through growth in economy and business development, which will reflect on the index of ease of doing business. The move is in line with the ministry’s commitment to enhancing the flexibility of the legislative framework and providing added value to its customers. It also reduces the burden on the designated bodies as well as the registered conformity assessment bodies, which supports national industries in line with the national industry and advanced technology strategy, Operation 300bn.
He noted that MoIAT pays great attention to establishing an efficient and effective industrial business environment, as studies conducted by the ministry’s sectors indicated an increase in factories demand to obtain certificates, with an expected annual growth rate of up to 25 percent in the number of applications for next year, compared to a 12 percent increase in applications in 2020. In addition, MoIAT anticipates an increase in requests for licensing the use of the Emirates Quality Mark and for issuing conformity certificates for products according to health and safety requirements.
As part of its international growth strategy, EDGE, which comprises an impressive portfolio of 20 complementary companies, is placing a clear focus on the development of autonomous systems…reports Asian Lite News
The UAE’s EDGE group has announced a strategic investment in High Lander, the company behind Universal UTM, a drone-agnostic unmanned traffic management solution which provides the automation, coordination, and safety much needed in increasingly crowded skies.
The US$14 million investment creates a ground-breaking partnership and is already forging ongoing deals and high-value opportunities in both the military and civilian domains between some of the world’s biggest technology providers, as both companies progress along their respective roadmaps.
Faisal Al Bannai, Chairman of the Board of EDGE, said, “As EDGE grows rapidly, and with our focus increasingly being directed to the development of world-leading autonomous aerospace solutions, the need for a superior and readily available air traffic management platform could not be more urgent. Today’s operating environments require the most advanced unmanned air traffic control systems, and High Lander provides the only truly universal solution for this critical requirement. Our investment in High Lander as a major shareholder is logical for EDGE, and mutually beneficial and opportune for both companies, allowing us to grow and perfect these solutions further together, in both the military and civilian domains.”
As part of its international growth strategy, EDGE, which comprises an impressive portfolio of 20 complementary companies, is placing a clear focus on the development of autonomous systems, including unmanned aerial vehicles (UAVs), smart weapons, and cyber technologies. The group is keen to further assist High Lander in developing its next-generation Universal UTM solution, which enables the safe coexistence of manned and unmanned aviation. EDGE aims to utilise Universal UTM in the management of autonomous operations.
Alon Abelson, co-founder and CEO of High Lander, commented, “We are excited about the strategic partnership with EDGE because it strengthens High Lander’s position as a market leader in drone fleet management and UTM spaces as we begin to scale globally. High Lander and EDGE have a mutual goal of creating the most technologically advanced airspace automation systems possible, and we look forward to working with EDGE for many years to come.”
High Lander’s Universal UTM oversees the busiest airspaces, enabling multiple, simultaneous drone operations. From pre-flight authorisation to mid-mission changes and post-flight logs, Universal UTM enables efficient management of all aspects of airspace control.
Mansour AlMulla, Managing Director and CEO of EDGE, added, “High Lander is a growing tech company with huge potential, operating with a startup mindset yet drawing from decades of experience in the aviation sector. This, coupled with the highest levels of innovation, has allowed it to create an opportunity in the autonomous air traffic sector, a sector which is in pressing need of transformation. This is a win-win partnership. High Lander will benefit from EDGE’s offerings of integrated systems and solutions, and we in turn will adapt High Lander’s world-leading UTM platform to further advance our autonomous capabilities.”
Workers’ remittance is one of the main sources of foreign revenues for Sri Lanka….reports Asian Lite News
Sri Lankan Minister of Labour and Foreign Employment Manusha Nanayakkara on Tuesday said Saudi Arabia is willing to take up to 200,000 Sri Lankan workers in 2023.
The minister told the media that Saudi Arabia offered 54,000 jobs for Sri Lanka in 2022, adding that over 300,000 Sri Lankans went for foreign jobs in 2022 and most went to the Middle East.
Workers’ remittance is one of the main sources of foreign revenues for Sri Lanka.
Sri Lankan migrant workers remitted around 3.8 billion U.S. dollars in 2022, the country’s central bank data showed.
Last week, Saudi Arabia announced the launch of an investment fund to boost culture, tourism, entertainment and sports sectors in the kingdom, the Saudi Press Agency reported.
The Events Investment Fund (EIF) focuses on increasing direct foreign investment to contribute 28 billion Saudi riyals (7.46 billion U.S. dollars) to the gross domestic product by 2045.
The EIF seeks to develop infrastructures including indoor arenas, art galleries, theaters and conference centers, horse-racing and auto-racing tracks and other facilities, aiming to position Saudi Arabia as the global hub in the culture, tourism, entertainment and sports sectors.
The fund will conceptualize, finance and oversee the development of more than 35 venues by 2030.
The two leaders also praised “the long-standing friendship and partnership” between Israel and Jordan..reports Asian Lite News
King Abdullah II of Jordan stressed the need to maintain calm and cease all acts of violence to pave the way for the Middle East peace process.
At a meeting in Amman with visiting Israeli Prime Minister Benjamin Netanyahu on Tuesday, the king stressed the importance of respecting the historical and legal status quo in Al-Aqsa Mosque compound to maintain peace.
The king stressed Jordan’s steadfast position in supporting the two-state solution, which guarantees the establishment of an independent Palestinian state on the June 4, 1967 border, with East Jerusalem as its capital, living side by side with Israel in peace.
In a statement issued by Netanyahu’s office, the two leaders discussed regional issues and “especially strategic, security and economic cooperation between Israel and Jordan, which contributes to regional stability”.
The two leaders also praised “the long-standing friendship and partnership” between Israel and Jordan, the office said.
Jordan was the second Arab nation to normalise relations with Israel, but tensions have increased between the two countries since the inauguration of the Israeli right-wing coalition government in December 2022.
Israel’s far-right national security minister Itamar Ben-Gvir visited the Al-Aqsa mosque compound in Jerusalem on Jan. 3, angering the Palestinians and drawing a slew of global condemnations.
Earlier, UN Secretary-General Antonio Guterres called for preserving the status quo of Jerusalem’s holy sites and the two-state solution to the Palestine-Israel issue.
“I had the occasion to reaffirm that we must preserve the status quo of the holy sites in Jerusalem and that it is essential to preserve the two-state solution to avoid any initiative that might put at risk the two-state solution,” Guterres said after meeting with the Permanent Representatives of the Extended Troika of the Arab Group at the UN headquarters in New York.
Al-Aqsa Mosque compound in East Jerusalem, known to the Jewish people as the Temple Mount, is sacred to both Muslims and Jews.
Guterres added that the UN “recognise the right of Israel to exist and to live in security”.
At the same time, “the construction of settlements, the evictions, destruction of homes are creating an enormous anger and frustration not only of the Palestinian people but further afield”.
The India-UAE Partnership Summit called for exploring opportunities in new sectors, moving away from the current trading patterns to new areas, reflecting both nations’ desire to develop significant digital economies and ignite greater innovation…reports Asian Lite News
Celebrating the special economic relations between India and the UAE, Dubai Chambers has hosted the India-UAE Partnership Summit at its headquarters in Dubai.
India’s Minister of Commerce and Industry, Piyush Goyal inaugurated the Summit highlighting that the UAE-India Comprehensive Economic Partnership Agreement (CEPA) has given a natural boost to key sectors such as food and agriculture products as well as gems and jewelry.
“India and the UAE are both pursuing dynamic trade and investment policies. India hopes to see its exports touch US$1 trillion in the near to medium term. Our growing bilateral trade will play an integral role in the UAE’s efforts to double the size of its economy by 2030,” Goyal said.
“The destinies of the UAE and India have been inextricably intertwined for centuries. A closer collaboration, trust and the spirit of entrepreneurship will create limitless opportunities for our economies, our industries, our cities, and our people, now and for generations to come. This is the vision that CEPA aims to turn into reality,” he added.
He also highlighted the various cooperation prospects which include the rupee-dirham trade, the virtual trade corridor, the food corridor and leveraging UAE and India’s startup ecosystems. Sectors such as textiles, green energy (wind, solar and hydro), connectivity infrastructure (airports, ports and roads) as well as waste management, were also amongst the areas of opportunity for both countries.
Meanwhile, President and CEO of Dubai Chambers, Mohammad Ali Rashid Lootah, revealed that the number of new Indian companies that joined Dubai Chamber of Commerce in 2022 exceeded 11,000, bringing the total number of Indian companies registered with the Chamber to more than 83,000.
Lootah pointed out that the international office of Dubai International Chamber, one of the three chambers operating under the Dubai Chambers, in Mumbai plays an important role in developing mutual relations and attracting more Indian start-ups and SMEs to the emirate.
He confirmed that this year will see expansion in the Chamber’s Mumbai office activities to keep pace with the growing momentum in bilateral relations.
He added, “Our international offices, including our office in India, work in line with the Dubai Global initiative announced by Sheikh Hamdan bin Mohammed to cement the emirate’s position as a business and investment hub that attracts international investment and supports the expansion of local businesses to overseas markets.”
Organised by the International Business Linkage Forum (IBLF) in partnership with Dubai International Chamber – one of the three chambers operating under Dubai Chambers – the Summit highlights the two nations’ bilateral relations with a focus on opportunities in manufacturing and start-ups, agritech and food processing, the future of health, and fintech and investment.
Dubai International Chamber seeks to attract multinational companies based in India and expand the Dubai’s trade ties with the India market.
Through the IBLF exclusive network of prominent personalities globally, the Summit offers the chance to explore synergies, growth areas and sectors where both nations might work together for mutual benefit.
As both economies predict strong growth in 2023, the Summit calls for exploring opportunities in new sectors, moving away from the current trading patterns to new areas, reflecting both nations’ desire to develop significant digital economies and ignite greater innovation.
Rajiv Podar, Chairman IBLF, said, “The bilateral trade is all set to touch US$88 billion in 2022-23. Traditionally food and energy securities has been the prime focus between the UAE and India, however CEPA focuses also on the SME sector opening a flood of opportunities across the sectors.”
Dinesh Joshi, President IBLF and Chairman of SatyaGiri Group of Companies, stated, “The visionary leadership of India and the UAE has reinforced our existing relations which will have a long-lasting impact in the coming times. The signing of the CEPA in 88 days shows the commitment from both nations. The India UAE Partnership Summit aims to bring the stakeholders from both sides to develop strong synergies.”
The Summit featured keynote speakers including Sunjay Sudhir, Ambassador of India to the UAE, and a host of international panelists and business leaders – enabling a broader, global view – including Essa Abdulla Al Ghurair, Chairman of Essa Al Ghurair Investment; Dr. Ahmed Abdul Rahman Al Banna, Former Ambassador of the UAE to India.
Speakers called for the development of economic partnerships that underpin the ambitious development visions of the two countries and economic growth objectives.
Discussions focused on opportunities in the manufacturing sectors, emerging enterprises, agro-industries, food and financial technologies.
With this convincing win, India rose to the top of the ICC Men’s ODI Team Rankings…reports Asian Lite News
Fantastic centuries by Shubman Gill and Rohit Sharma, followed by an impressive outing for the bowlers powered India to a clinical 3-0 series victory over New Zealand with a thumping 90-run win in the third and final ODI.
India emerged victorious despite a fighting century from Devon Conway at the Holkar Cricket Stadium, here on Tuesday.
With this convincing win, India rose to the top of the ICC Men’s ODI Team Rankings. England, who had gained the top spot merely three days back following New Zealand’s loss to India in the second ODI, are now in second position, with New Zealand slipping to the fourth spot.
Eye-pleasing centuries by Gill (112 off 78) and Rohit (101 off 85) along with Hardik Pandya’s vital fifty (54 off 38) powered India to a massive 385/9 in the stipulated 50 overs, after they were invited to bat first.
Gill and Rohit put on an excellent exhibition of batting by hitting sixes and boundaries all around the park, stitching a stand of 212 runs for the opening wicket. The likes of Virat Kohli (36), Ishan Kishan (17) and Suryakumar Yadav (14) got starts but couldn’t convert them into big scores.
Chasing a mammoth total, New Zealand got off to the worst possible start as Hardik Pandya removed Finn Allen for 0 in the very first over. However, the early wicket didn’t affect Devon Conway and Henry Nicholls much as they displayed a range of shots — drives, scoops, cuts, slashes — in their counter-attacking knocks.
The likes of Umran Malik and Shardul Thakur were put under some pressure by Conway and Nicholls to lead the visitors’ recovery after the early setback, adding 106 runs for the second wicket, before Kuldeep Yadav removed Nicholls for 42 (40) by trapping him in front of the wicket.
Shortly after, Ishan Kishan missed an easy stumping opportunity as Conway got a lucky reprieve on 58 in Yuzvendra Chahal’s over. The left-hander made the Indians pay as he explored all corners of the ground to score quick runs and never allowed the Indian bowlers to get into a rhythm, completing his hundred in 74 balls to push New Zealand on the front foot.
However, Shardul Thakur once again showed his magical wicket-taking ability by scalping three back-to-back wickets of Daryl Mitchell (24), Tom Latham (0) and Glenn Phillips (5) to swing the contest back into India’s favour, leaving New Zealand struggling at 200/5 after 27.4 overs.
The wickets were falling from the other end but Conway kept finding boundaries and sixes regularly to keep the visitors alive in the run-chase. But, against the run of play, Conway flicked one delivery from Umran Malik to midwicket where Rohit Sharma pouched the catch, bringing an end to the southpaw’s splendid knock (138 off 100) in the 32nd over.
From there on, it was a tough task for the remaining New Zealand batters. Michael Bracewell (26) and Mitchell Santner (34) made useful contributions but the duo couldn’t repeat their heroics from the first ODI as the visitors were eventually bowled out for 295 in 41.2 overs.
Shardul Thakur (3-45) and Kuldeep Yadav (3-62) were India’s most successful bowlers while Yuzvendra Chahal (2-43), Hardik Pandya (1-37) and Umran Malik (1-52) chipped in with crucial wickets.
Earlier, put into bat first, Gill and Rohit gave India a strong start with the short-sized boundaries and flat pitch making their job a bit easier. The New Zealand bowlers were tidy enough for the first five-six overs. However, with the ball hardly doing anything in the air or off the deck, it was just a matter of time before India pressed the accelerator pedal.
In the 8th over, Gill cut, drove and steered Lockie Ferguson all around the park as India collected 22 runs in a single over. Soon, Rohit also joined the fun by pulling and lofting Duffy into the stands to score 17 runs in the over as the Indian opening pair added 82/0 in the first Power-play.
Even after the Power-play, both batters continued their aggressive approach and completed their respective half-centuries. While Gill scored his fifty in just 33 balls, Rohit reached the milestone with a six against Mitchell Santner, scoring his fifty off 41 deliveries.
In search of a wicket, New Zealand skipper Latham tried different options in Daryl Mitchell and Santner but it continued to rain fours and sixes in Indore as Gill and Rohit showed their batting class, reaching the 150 mark of their stand in the 18th over. By dealing in boundaries and sixes, both Rohit and Gill raced towards their 90s very soon and even were competing with each to get to the three-figure mark first.
Eventually, it was Rohit Sharma, who won the race and brought up his long-awaited 30th ODI century — his first ton in 50-over cricket since January 2020 — in 83 deliveries with a single in the 26th over. Gill didn’t have to wait longer as he hit a boundary in the same over to score his century in 72 balls — his third hundred in four ODIs — becoming a run-machine in the format.
At that time, it felt as if India could even reach 450 but New Zealand did well to apply brakes on the hosts’ scoring rate by picking wickets at regular intervals.
After his milestone, Rohit couldn’t continue his innings longer and was bowled by Michael Bracewell while trying to slog across the line. Like Rohit, Gill also got out soon after his century, with Blair Tickner providing the visitors with an important breakthrough.
Virat Kohli looked in fine touch, played a cameo (27-ball 36) and also strung together a partnership of 38 with Ishan Kishan (17) before a mix-up saw the latter being run out. When Duffy removed Kohli, the track slowed down a touch as New Zealand’s into-the-wicket bowling, alongside variations in pace resulted in the wickets of Suryakumar Yadav (14) and Washington Sundar (9), who once again wasted their opportunities in the absence of Shreyas Iyer and Axar Patel.
At that juncture, India needed a partnership and Shardul Thakur and Hardik Pandya did exactly that by playing various ranges of shots — lap, slice, pull and slogs. They strung together a vital stand of 54 in just over five overs to lift the pace again and ensure India finished with a total of 385/9 in 50 overs.
Blair Tickner (3-76), Jacob Duffy (3-100) and Michael Bracewell (1/51) were the main wicket-takers for the Black Caps.
Brief scores: India 385/9 in 50 overs (Shubman Gill 112, Rohit Sharma 101; Blair Tickner 3-76, Jacob Duffy 3-100) beat New Zealand 295 all out in 41.2 overs (Devon Conway 138, Henry Nicholls 42; Shardul Thakur 3-45, Kuldeep Yadav 3-62) by 90 runs.
While a smaller number of respondents highlighted subsidies as a focus area of spending, 53 per cent of the respondents felt that the subsidy burden will increase in FY24…reports Asian Lite News
Majority of the respondents of CARE Ratings pre-budget survey were of the view that the focus of the current NDA government’s final full budget before the Lok Sabha polls will be on employment generation and inclusive growth.
Despite the global headwinds, the Indian economy is expected to grow by seven per cent in FY23, states a pre-budget survey conducted by credit rating agency CARE Ratings.
Ahead of the current NDA government’s final full budget before the Lok Sabha elections, CARE Ratings surveyed 364 respondents from key industries to gauge their expectations.
“72 per cent of the respondents felt that employment generation and inclusive growth would be the focus area of this budget. Commitment to capex also emerged as a critical area,” CARE Ratings survey report notes.
A large 88 per cent of the respondents felt that the government’s focus on infrastructure spending will continue in FY24. Employment generation emerged as the other critical area of government spending, the report said.
While a smaller number of respondents highlighted subsidies as a focus area of spending, 53 per cent of the respondents felt that the subsidy burden will increase in FY24.
As regards the government’s capital expenditure, 42 per cent of the respondents expect the capex target to rise by up to 13 per cent (range of Rs 7.5-8.5 lakh crore) in FY24 compared to FY23 target, while more than 50 per cent of the respondents expect the growth in capex to be even higher.
According to CARE Ratings, support to economic growth and fiscal consolidation to be the twin focus areas of the FY24 budget to be presented by Finance Minister Nirmala Sitharaman.
Continued focus on physical infrastructure to steer economic growth. Increased spending on health, education and skilling for social infrastructure development. Focus on development of agriculture and rural economy. Measures to support the export sector, CARE Ratings added.
The rating agency said the gross tax revenue likely to exceed the budgeted target by Rs 3.5 lakh crore, while non-tax revenue could witness a shortfall owing to lower dividend transfers from the Reserve Bank of India (RBI).
With higher subsidies announced, expenditure is likely to exceed by Rs 3.3 lakh crore. The Central government’s fiscal deficit could exceed the budget target by Rs 0.8-1 lakh crore in FY23.
However, higher than budgeted growth in nominal GDP will keep the fiscal deficit to gross domestic product (GDP) ratio under check in FY23, the report said.
“We expect the government to move towards fiscal consolidation, budgeting a lower fiscal deficit to GDP ratio of around 5.8 per cent for FY24. With nominal GDP growth estimated to moderate to around 10 per cent, we project gross tax collections to grow by 10 per cent in FY24,” CARE Ratings said.
The credit rating agency expects an improvement in non-tax revenue in FY24, on the back of estimated lower receipts in the current fiscal.
“We have factored in a modest rise of 5 per cent in revenue expenditure in FY24, with lower subsidy burden.A We expect capex to rise by around 10 per cent over the budgeted Rs 7.5 lakh crore for the current fiscal,” CARE Ratings said.
The sectoral expectations as per the survey report are:
Fertilisers
* Higher allocation of subsidies towards urea as well as non-urea fertilisers at a level of more than Rs 2,00,000 crore.
* Special incentives to set up fertiliser plants in India to cut dependence on imports.
* Reduction in duty on imports of ammonia and phosphoric acid to improve the competitiveness of domestic fertiliser manufacturers.
* Incentives for the promotion of organic fertilisers.
Sugar
job.(photo:https://pixabay.com/)
* With the government aiming to increase the diversion of sugarcane towards ethanol and fix ethanol supply targets, policy measures and incentives to promote biofuel and flex-fuel vehicles that aim to support ethanol blending are likely to continue.
* No major announcements are expected other than the fact that the government may continue to make allocations towards schemes for the development of the industry as the problem of sugarcane arrears remains.
* Revision in MSP of Sugar is imperative as the cane prices in the past few years have been increasing.
*Better tax incentives for ensuring ease of doing business which will also act as a driving force to move towards E20 and beyond.
Auto and Auto Components
* Validity of FAME II to be extended beyond March 2024 to capitalise on the growing demand.
* FAME II should also be revised to include commercial vehicles.
* Rationalised GST across auto and auto components with a balanced structure that aligns taxation rates with emission norms for vehicles rather than basing it on the type of powertrain. The taxation rates should be the lowest for EVs.
* Revision in PLI to include small/medium-size/start-up players contributing to the EV ecosystem.
* Subsidised financing rates on loans availed by manufacturers of pure EVs for setting up manufacturing facilities and for auto loans availed by buyers – whether by CV fleet owners or buyers of individual cars or two wheelers.
* Increase in the all-industry rate of duty drawback and rate of Remission of Duties and Taxes on exported products to enhance the exports.
Banking and Financial Services
Banking
* Clarity on regulations around Central Bank Digital Currency (CBDC) post initial pilot projects.
* Nudge public sector banks towards market borrowings for funding the credit push given the divergence between deposit growth and credit growth rates.
* Provide additional incentives for long-term funds raised by banks from depositors or the capital markets.
* Support lending to weaker sections/micro businesses with credit support, interventions, etc.
Non Banking Finance Companies (NBFC)
* NBFC is to be brought at par with banks, small finance banks and housing finance companies in terms of SARFAESI regulations, wherein they are also allowed to apply for loans above Rs 1 lakh as against the cut-off of Rs 20 lakh as of now.
* Support lending to weaker sections/micro businesses with credit support, interventions, etc.
Insurance
* Streamline GST input credit norms on expenses.
Capital Goods
* Increase in overall capital expenditure budget and higher allocation towards improving logistics infrastructure, defence, renewable energy, urban development, etc.
* Incentives for renewable energy equipment manufacturing.
* Schemes to promote the indigenization of capital goods and increase exports.
Gas
* Natural gas explorers are under pressure as domestic gas prices are lower compared with LNG prices. A move towards simplification of the tax structure, and exemption of E&P activities from GST to promote investments in exploration and production activities would be critical and thus expected.
* Reduction of GST on regasification of LNG and natural gas transmission from the existing rate of 18 per cent and 12 per cent, respectively, so as to reduce the overall landed cost of natural gas, thereby making it more competitive against alternative fuels.
* Lowering the excise duty rate on CNG, thus reducing the burden of high natural gas costs on the consumers.
* Around 50 per cent of natural gas consumption is met through LNG imports. A reduction in the customs duty on LNG from the present level of 2.50 per cent is expected to boost consumption.
Telecom
* Duty exemptions on key telecom equipment for 5G rollout.
* Reduction in license fees from 3 per cent to 1 per cent.
* Refund of an input tax credit against GST paid on telecom towers.
* Incentive schemes to push Make in India drive for domestic manufacturing.
* Promotion of private/captive 5G network to boost digital penetration in the enterprise segment, while protecting the interest of existing telecom service providers (TSP).
* Abolishment of levying 5 per cent of license fee towards universal service obligation fund for TSPs.
* Removal of GST on the license fee, spectrum usage charges and payment of spectrum acquired through an auction. Alternatively, payment of Reverse Charge Mechanism on Government Services from the input tax credit.
* An incentive to satellite companies by way of reduction in GST and allowing deduction of license fee and spectrum usage charges in the computation of income tax for promoting growth in satellite broadband services.
Textile
* Changes in the textile duty structure to avoid inverted duty structure.
* Reduction/removal of import duty on cotton, which was imposed by the government in February 2021.
*Revision in PLI to increase the scope of product coverage under the PLI scheme. Furthermore, a revision in the PLI threshold and an extension of the scheme to cover additional applications from the industry is expected.
* Effective implementation of various inventive schemes announced by the government until now.
* Incentives for purchasing indigenous machinery for supporting the Make-in-India mission.
* More foreign trade agreements and reduction in tariffs for encouraging export penetration globally
About 3,000 tech professionals are losing their jobs on an average daily in the month of January, including thousands in India…reports Asian Lite News
Amid the growing layoffs, there has been a surge in the number of patients coming from various companies — both office-goers and those working from home — with panic anxiety attacks and depression as they fear losing control over their immediate future plans, mental health experts said on Monday.
About 3,000 tech professionals are losing their jobs on an average daily in the month of January, including thousands in India.
According to health experts, the last 2-3 years of Covid lockdowns, deaths, and fear of re-infection, and now massive layoffs, have resulted in extreme stress for Indian professionals.
Dr Saumya Mudgal, Senior Consultant, Psychiatry, Max Hospital in Gurugram, told IANS that there has been a drastic increase in the number of patients coming from MNCs.
“These patients are usually presented with the issues of panic anxiety and panic disorder with agoraphobia and there is quite an increase in such patients. Some of them are already taking medications and the requirement of medication has gone up and the severity of symptoms has gone up,” Dr Mudgal told IANS.
According to her, there are a lot of people coming with fresh or recent onset symptoms of anxiety and adjustment issues pertaining to anxiety or mixed anxiety.
Layoffs and loss of employment are very stressful experiences for most people. It is a time filled with uncertainties, economic challenges and loss of control over your future.
According to Dr Rishi Gautam, Assistant Professor of Psychiatry, The GW School of Medicine and Health Sciences in Washington, DC, this can lead to significant impact on a professional’s mental health and cause anxiety, depressed mood, shock and grief.
“It affects sleep and appetite, increases risk of unhealthy consumption of drugs and alcohol, causes worsened irritability, loss of self-esteem, family discord etc,” Dr Gautam told IANS.
Dr Arti Anand, a senior clinical psychologist at Sir Ganga Ram Hospital in Delhi, said that the pandemic and massive layoffs both knocked out the working class without any warning.
“This leads to fear and stress. The way to deal with it is to be able to use your available resources, not to panic and stop thinking negatively about the future,” she advised.
Health experts said that to cope in these uncertain times is by maintaining supportive relationships with friends and family, exercising regularly and practicing mindfulness.
Keep a positive attitude and outlook. Stay away from generalising negative thoughts like “I will never have a job again or I will never enjoy my work again etc,” said Dr Gautam.
Divya Mohindroo, Founder, Embrace Imperfections and a counselling psychologist, told IANS that those impacted in the current layoffs need to deal with it practically, rather than emotionally.
“Start making a list of potential employers, research about available opportunities and companies, look for avenues to upskill and even diversify into other sectors, if required,” she advised.
“Approach employers while being mentally prepared to describe their situation while pitching their candidature. It is also important to network – with friends, ex-bosses and colleagues,” she said.
All professionals should share their work responsibilities with colleagues at work and family members at home, which will help them not only be accountable but also feel light about their life and tasks in hand,” Mohindroo noted.
This is the first time since early days of the Covid pandemic that more business leaders anticipate jobs shrinking at their firms…reports Asian Lite News
Deeper layoffs are coming in 2023 as most business economists have predicted that their companies will cut payrolls in the coming months, media reports said.
According to a report in CNN citing a new survey, only 12 per cent of economists — surveyed by the National Association for Business Economics (NABE) — anticipate employment will increase at their firms over the next three months, “down from 22 per cent this fall”.
This is the first time since early days of the Covid pandemic that more business leaders anticipate jobs shrinking at their firms.
The findings indicate “widespread concern about entering a recession this year”, according to NABE President Julia Coronado.
With more Big Tech companies like Microsoft and Google joining the ongoing layoff season, about 3,000 tech employees are now being laid off per day on average in January globally, including in India.
According to the survey, a little more than half of the business economists feel the risk of a recession over the next year at 50 per cent or higher, which means more layoffs in the offing in 2023.
More than 65,000 employees have been sacked by 166 tech companies to date.
Google’s parent company Alphabet announced to lay off 12,000 employees, or about 6 per cent of its workforce.
Microsoft Chairman and CEO Satya Nadella last week said the company will be “making changes that will result in the reduction of our overall workforce by 10,000 jobs through the end of FY23 Q3 (third quarter)”.
Amazon earlier announced to lay off 18,000 employees globally, including nearly 1,000 in India.
Music streaming giant Spotify on Monday announced to slash 6 per cent of its workforce, or about 600 staffers, globally.
In 2022, over 1,000 companies laid off 154,336 workers, as per the data by layoffs tracking site Layoffs.fyi.
