RBI, Govt support to fuel fintech firms growth: NPCI Chief Dilip Asbe

Asbe issued a caution to fintech founders regarding regulatory compliance, advising them to refrain from developing products that regulators have not explicitly authorised With backing from the government and the Reserve Bank of India (RBI), the fintech companies in India can expand their global footprint said Dilip Asbe, MD and CEO of the National Payments Corporation of India (NPCI). “Creating an acquiring footprint, creating value-added services over that, I think it is very logical for fintechs in India. I would be really surprised if we lose that game. With the clear thinking of the government and RBI, Indian fintechs will go global, as simple as that,” he said at Razorpay’s annual event in Bengaluru. He noted that Indian fintech companies must spearhead the task of elucidating the country’s payment standards to the global market before exporting them.He also noted the need for investment, saying that payment startups are well-funded. He acknowledged the dilemma faced by fintechs regarding balancing focus between domestic and global markets, given India’s substantial market size. Asbe issued a caution to fintech founders regarding regulatory compliance, advising them to refrain from developing products that regulators have not explicitly authorised.He emphasised that if a particular activity or product has not been explicitly approved, the default stance should be to abstain from pursuing it. “Whatever is not written in regulation means a no…When we are part of managing other people’s money, we should be responsible. Compliance is good and risks become higher with size, if fintech founders are here to build long-term, I don’t see it without compliance,” said Asbe. NPCI has also been pushing the lever on international expansion of UPI payments. The domestic service is currently live in countries including the United Arab Emirates (UAE) and Mauritius.    

Govt clears Rs 31,000 cr defence orders

The contracts are likely to be signed in the current financial year and will come as a boost to the domestic defence manufacturing ecosystem. Sources said that the order for over 200 extended range Brahmos supersonic cruise missiles is valued at close to ₹20,000 crore. These missiles will be fitted onboard leading warships. The Brahmos missile is also being supplied to the Philippines.The CIWS system, the urgency for which has increased in recent times given the threat of unmanned aerial systems, is valued to close to ₹6,000 crore and, once signed, will be the largest single order to the Indian private sector. Defence manufacturing giant Larsen and Toubro has won the air force order and the systems will be manufactured indigenously. The government has cleared weapons acquisitions worth over ₹31,000 crore, including the single largest order ever to the Indian private sector. Approvals have been granted by the Cabinet Committee on Security (CCS) for purchase of Brahmos missiles and launchers for the navy and high powered radars and close in weapon systems (CIWS) for the Indian Air Force (IAF).  

BJP was better than Congress but...: Shashi Tharoor predicts ruling partys downward slide in 2024 Lok Sabha polls

Ahead the Lok Sabha Elections 2024, Congress leader Shashi Tharoor explained where the Congress falls behind the Bharatiya Janata Party (BJP). Speaking at ABP Network's Ideas of India' Summit 3.0, he said on Friday the BJP has been better than the Congress "at the last mile of reaching every voter and knocking on doors, their panna prabhari system, etc. He said politics is about ideas, policies, and issues on one hand, and delivering them to the electorate in a way that gets out the results. "I agree that in the last couple of elections, the BJP has been better than Congress at the last mile of reaching every voter and knocking on doors, their panna prabhari system, etc. They have also been far better funded," he added. Speaking about the BJP, Tharoor said it would be difficult for the BJP to repeat its electoral performance of 2019. He said the BJP's performance peaked in 2019, in many states, and there would be only a "downward slide" in the coming elections. "The 'complacency' of the BJP is the opposition's strength," Shashi Tharoor was quoted by PTI as saying while speaking on 'Collaborative Federalism: View of the States'. Meanwhile, BJP MP Vinay Sahasrabuddhe, who was part of the panel, said the target for his party in the coming Lok Sabha polls was 370 seats. Tharoor responded by saying, ""They seem to think it is already a done deal and it isn't." He added that there was a great deal of scepticism about whether the BJP would be able to come anywhere close to what it was projecting. Tharoor further explained why he has doubts about the BJP achieving the 300+ target and said that in the 2019 elections, the BJP did "too well" across the Hindi heartland where it is strong. He said after the "wave of enthusiasm after the Ram mandir and so", the BJP's "percentage of votes may go up but there are no seats left to win at any of these places, and the story will vary from state to state". He noted that the BJP won every seat in Haryana, Rajasthan, all but one seat in Madhya Pradesh and Karnataka, and a large number of seats in West Bengal, Maharashtra and Bihar, Tharoor said. "The percentage of the BJP's votes may rise, but even if there is enthusiasm after the Ram Mandir consecration in Ayodhya, there are no more seats left to win in any of these places, and the story will vary from state to state," he said. "All of them is not possible this time, because it's impossible for them to repeat those numbers. I think they peaked in 2019. We are going to see nothing but a downward slide. How much downhill that is going to be depends on how effective the opposition campaign is, which is just picking up," the Congress leader said. The BJP's tally in the Lok Sabha rose to 303 in 2019. "All of this is not going to happen this time because it is impossible for them to repeat those numbers," Tharoor claimed. "The election hasn't been called yet so we don't know how much time the Opposition has... Don't give up on the Opposition as it could be your next government," Tharoor said. Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!      

Political Parties Should Find Solutions to Kashi, Mathura Outside Courts

Ajmer Dargah chief Syed Zainul Abedin said political parties should try to find solutions to disputes such as in Mathura and Kashi outside the courts. Any dispute that is resolved by mutual consent will win the hearts and trust of communities, he said.The Ajmer Dargah chief was addressing a conference titled “Paigam-e-Mohabbat Hum Sab Ka Bharat” organised by the Rajasthan unit of All India Sufi Sajjadanshin Council in which heads of almost all the dargahs of Rajasthan were present. Abedin said that India was playing a positive role in restoring peace in the world by following the civilization of Vasudhaiva Kutambakam, a statement issued here said.India is playing its role in world peace, so efforts should be made to resolve the internal issues of our country peacefully outside the courts All that is needed is a strong initiative,” he said. On the Citizenship Amendment Act, the Ajmer Dargah chief also said that in the last few years, Muslims have been misled about the CAA law.    

Video: When PM Modi Stepped Into Gujarat Legislature As MLA For 1st Time

Rajkot will always have a very special place in my heart, said Prime Minister Narendra Modi today, sharing a throwback video of him campaigning for his first electoral battle in the city.The throwback video was shared by Modi Archive, a Twitter handle that narrates the life journey of the Prime Minister through archival photos, videos, and newspaper clips. On this day in 2002, PM Modi became a member of the Gujarat assembly for the first time, winning his first election from Rajkot. He was already sworn in as the Chief Minister of Gujarat the previous October and was required to become a member of the legislative assembly within six months to continue in the post. This Rajkot by-election gave him his opportunity. Sharing it, PM Modi said, "Rajkot will always have a very special place in my heart. It was the people of this city who put their faith in me, giving me my first-ever electoral win. Since then, I have always worked to do justice to the aspirations of the Janta Janardan." He also pointed out the "happy coincidence" that he is in Gujarat for two days, during which one of his programmes will be held in Rajkot. From here, five AIIMS will be dedicated to the nation, added the Prime Minister. The video is a montage of clips and images of him filing nomination, campaigning, and giving speeches in Rajkot.    

Germany Votes To Legalise Cannabis But Theres A Catch

The German parliament voted Friday in favour of legalising the possession and controlled cultivation of cannabis starting in April, despite fierce objections from the opposition and campaign groups.Under the new law, it will be possible to obtain up to 25 grams of the drug per day for personal use through regulated cannabis cultivation associations, as well as to have up to three plants at home. However, possession and use of the drug would remain prohibited for anyone under 18.Ahead of the vote, Health Minister Karl Lauterbach called on members of parliament to back the controversial law, arguing that "the situation we are in now is in no way acceptable". Germany has seen a sharp rise in the number of young people using cannabis obtained on the black market, with no guarantees over the drug's composition, said Lauterbach, a member of Chancellor Olaf Scholz's Social Democrats. But Simone Borchardt of the opposition CDU said the new law would only increase health risks for young people, calling Lauterbach's assurances "no more than mere lip service".In their coalition agreement, the three parties had pledged to go further and allow cannabis to be sold in shops, only to be slapped down by the European Union. Borchardt accused the three parties in Scholz's coalition government of "making policy for their ideology and not for the country".The cannabis law has also been the subject of bitter wrangling within the coalition of Scholz's Social Democrats, the Greens and the liberal FDP. The new law has also been widely criticised by medical associations and health groups. The German public is divided on the issue: According to a YouGov poll published on Friday, 47 percent are in favour of the plan and 42 percent are against.    

Steel PLI 2.0 put on hold at the moment, 5 cos start rolling out products under existing PLI scheme

The PLI 2.0 scheme for speciality steel has currently been put on hold, and proposals relating to it could be explored only after a review of the performance of the first phase, which is currently ongoing, senior officials of the Union Steel Ministry told businessline. The review will be carried out of the proposals that take place under PLI 1.0, including the time taken to roll out of products (under it) and the financial outgo, apart from market demand for new products, before any announcement on PLI 2.0 is made. Proposals could come under a new policy head too. PLI 2.0, which was targeting a disbursal of ₹4,300 – ₹4,500 crore, would cover segments like coated & plated steel, high strength and wear-resistant offerings, speciality rails, alloys including wires and tubes, electrical steel, among others. We do envisage that there will be interest in specialised steel making. But since these projects have long gestation period, and are high capex, a call has to be taken considering the change in market conditions in future. Right now, the focus would be on putting in place PLI 1.0 and ensure its roll out,” the official said adding: “So PLI 2.0 is on-hold at the moment.” In the case of PLI 1.0, MoUs have not been received in respect of 13 approved applications, and the official said that despite attempts these applicants have not been on-boarded for the ongoing scheme. Out of the 67 approved applications, 54 MoUs were inked. Drop-outs happened for various reasons that include changing demand patterns, high capex, environment clearances, and land litigation, because of absence of expertise in the segment, or also because clearances were granted in parts and not as a whole. Apart from India, steel demand, including that of specialised steel offerings, continues to remain depressed across key markets in Europe. There has been a drag–down effect by excess stocks in a slow-moving Chinese economy.  

Khalistani’ slur row: BJPs Suvendu Adhikari dares Bengal Police to ‘prove charge in 24 hrs or face consequences’

Leader of opposition in the West Bengal assembly and Bharatiya Janata Party (BJP) leader Suvendu Adhikari on Tuesday challenged the state police to prove their charge that a 'Khalistani' slur was hurled at a Sikh police officer within 24 hours or face consequences. The IPS officer was deputed to prevent Adhikari from visiting the violence-stricken Sandeshkhali in North 24 Parganas district. Adhikari, along with another BJP leader Agnimitra Paul, had claimed that IPS officer Jaspreet Singh wasn't fulfilling his duties, but dismissed allegations that anyone from the party called him a 'Khalistani.' "No one has abused him or used the word 'Khalistani.' He is trying to make an issue," Paul claimed. Adhikari has also denied the allegations and accused the ruling Trinamool Congress (TMC) of diverting attention from development in Sandeshkhali, which had been witnessing protests after local women accused absconding TMC leader Shajahan Sheikh and his supporters of "sexually assaulting" them under coercion. The IPS officer, offended by the alleged comment, had questioned the BJP workers. "Just because I am wearing a turban, you people are calling me a Khalistani? Is this what you have learnt? If a police officer wears a turban and performs his duty honestly, he becomes a Khalistani for you? Shame on you," he had said.  

Govt working on AI regulation framework, will be released by July 2024, says IT Minister Rajeev Chandrasekhar

"In short, by mid-2024, the government will have AI regulatory frameworks in place. AI will be used to improve farmer productivity, healthcare, agriculture, and the economy. The first draft of the long-awaited AI regulatory framework is anticipated in a few months. According to the state minister for electronics and information technology, the government is developing frameworks for regulations pertaining to AI, and they should be released in June or July of this year. According to Chandrasekhar, the Indian government intends to employ AI to achieve its objectives for economic growth. ""We plan to fully utilize AI to accomplish our economic growth objectives, guaranteeing a significant influence on healthcare, agriculture, and farmer productivity, among other areas,"" he stated in a post on X. This was stated by Chandrasekhar at the Mumbai Tech week. The government has been delaying the release of a framework for AI regulations for a long time. The IT Minister had stated plans to release the framework's initial draft as early as May 2023. But the same hasn't been made available yet. We should be able to view the initial draft of it within the next few months, according to Chandrasekhar's most recent remark. The Union Minister has stated multiple times how important and necessary the framework is, notwithstanding the delay. ""Amidst all the excitement about AI's potential to ""do more with less,"" there is also a rising conversation about its risks and drawbacks. Today's discussion centers on how to maximize AI's potential while minimizing its drawbacks mitigated?"" Chandrasekhar asked in a piece that appeared in India Today. ""A global governance framework that deals with safety and trust of AI is important, given the ubiquitous and boundary-agnostic nature of the Internet and AI,"" he continued. In the past, Chandrasekhar has also given a preview of what to anticipate from the AI framework. India's strategy entails formulating guidelines as well as an exhaustive inventory of AI-related injuries and crimes. India favors establishing explicit standards for platforms with an emphasis on addressing concerns like prejudice and misuse throughout model training, as opposed to regulating AI at particular stages of its development. The suggested approach entails outlining forbidden behaviors and enforcing penalties for noncompliance,"" he stated. "

“Back Door Linkage Between Party and Donors Was Possible”: Activist Lokesh Batra on Electoral Bonds

Chief Justice D.Y. Chandrachud, leading a five-judge bench, emphasised the significance of transparency in political funding, rejecting the government’s stance against disclosing such information. The ruling not only invalidated electoral bonds but also struck down related amendments to key laws.  At the forefront of challenging the electoral bond scheme stands Commodore Lokesh Batra, a 76-year-old war veteran turned transparency activist. His relentless pursuit through the Right to Information (RTI) Act has exposed the opacity surrounding political funding, despite facing threats and intimidation. Batra’s scrutiny of the electoral bond scheme, initiated in 2017, led to over 80 RTI requests and a major expose in 2019, revealing the scheme’s flaws and the lack of accountability in political funding.      

Of Bread and Circus: Roman Rajya in India

In a recent conversation on the state of affairs in India, I was educated about the ancient Roman politics of “bread and circus”. The Romans relied on skilfully curated distractions that kept the populace happy and distracted from the realities around them. The gladiators in the Colosseum and circus performances would keep the masses entertained while problems like hunger were taken care of by the state by ensuring a steady flow of grains and bread. Bread placated the public and kept their basic needs fulfilled, while the circus ensured that they were distracted from the dismal state of affairs around them.I utilise American journalist Alice Schroeder’s succinct and useful explanations of what the Roman system of bread and circus meant as a framework to make my case. While we are in the times of focusing on Ram Rajya, let us compare our current state with Roman Rajya. While we chest thump our way to being the 3rd largest economy globally, we are facing an ever-widening gap between the rich and the poor. On one hand, Indian businessmen and industrialists are climbing up on the global billionaire index while on the other, self-employed wages and regular wages have seen a negligible increase since 2017. The government has obfuscated this truth by clutching on to NITI Aayog’s Multi-Dimensional Poverty Index which claims that 25 million individuals have been lifted out of poverty in the past 9 years. Without any information on household consumption and savings, the government has hidden income-based indicators of poverty and is relying on this flawed, inaccurate and cherry-picked statistic. Manufacturing has reached historical lows under the Bharatiya Janata Party government (BJP). In 2022-23 it grew a dismal 1.3%. This is the second-lowest growth in the last 25 years. The only year worse than this was 2019-20, when the output declined by 3%. The focus is on the optics of being a manufacturing giant of smartphones, yet the devil is in the details. Wherein, government schemes have incentivised the exporting of phones from India, while ignoring incentivising value addition.   

Former employees own 44 start-ups, eight backed by Binny Bansal

In the wee years of the millennium, two young former Amazon employees, Sachin Bansal and Binny Bansal, quit their jobs and founded their own e-commerce company Flipkart. The company grew by leaps and bounds and almost two decades later, a good number of Bansals’ former employees followed their paths, to start their ventures.  Popularly referred to as ‘Flipkart Mafia’, Flipsters (former Flipkart employees) now own 44 start-ups, based on the data by PrivateCircle Research. However, these are only the companies about which information is available publicly and the real number could be higher. Data from the analytics platform YNOS venture engine, on the other hand, shows that of these 44 companies, eight are backed by Binny. These companies cumulatively have a valuation of $25 billion. Six of them are unicorns, with PhonePe being the company with the highest valuation - $12 billion. The other unicorns are Groww ($3 billion), Udaan ($1.75 billion), Spinny ($1.55 billion), cult.fit ($1.3 billion) and Slice ($1.3 billion), in that order. PrivateCircle’s data shows that the formation of new start-ups by Flipsters has a co-relation with the company’s ESOP buybacks. In December 2017, Flipkart bought back ESOPs worth over $100 million from over 3,000 current and former employees. In May 2018, American multinational Walmart acquired a majority stake in Flipkart. That year, the company exercised another ESOP buyback worth $500 million. The year 2018 also marked the creation of six start-ups by former Flipkart employees, the highest until then. In 2019, the company, yet again, exercised an ESOP buyback worth $100 million. In that year, eight start-ups were created by former Flipkart employees, the highest to date. Amid the pandemic, seven flipster-backed start-ups were incorporated in 2020. Four start-ups each were created in 2021 and 2022. In 2021, too, the company exercised an ESOP buyback.