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New Delhi, The government on Wednesday eased <keyword id="19946825" type="General" weightage="20" keywordseo="foreign-direct-investment" source="keywords">Foreign Direct Investment</keyword> (<keyword id="19946824" type="General" weightage="20" keywordseo="fdi" source="keywords">FDI</keyword>) norms in the space sector by allowing 100 per cent overseas investment in making components for satellites, as part of efforts to attract overseas players and private companies into the segment. The decision was taken at the <keyword id="19901283" type="General" weightage="20" keywordseo="cabinet" source="keywords">Cabinet</keyword> meeting chaired by Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword>. Now, the satellite sub-sector has been divided into three different activities with defined limits for foreign investment in each such sector, according to an official statement. Presently, FDI in the space sector is allowed up to 100 per cent in the area of satellite establishment and operations through government route only. By changing the current policy, the government has allowed up to 74 per cent FDI under automatic route in satellites-manufacturing and operation, satellite data products, and ground and user segments. Beyond this limit, government approval will be required in these areas for FDI, it said. Up to 49 per cent FDI is allowed through the automatic route for launch vehicles and associated systems or subsystems, creation of spaceports for launching and receiving spacecraft. Beyond 49 per cent, FDI in these activities would require government approval, it added. Further, up to 100 per cent overseas investments are permitted under the automatic route for manufacturing of components and systems/sub-systems for satellites, ground and user segments. This increased private sector participation would help generate employment, enable modern technology absorption and make the sector self-reliant. It is expected to integrate Indian companies into global value chains. Through the decision, the government seeks to liberalise the FDI policy provisions in the space sector by prescribing easy entry routes and providing clarity for overseas investments in satellites, launch vehicles and associated systems or subsystems, creation of spaceports for launching and receiving spacecraft and manufacturing of space-related components and systems. With this, companies will be able to set up their manufacturing facilities within the country, duly encouraging Make In <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> initiatives of the government.

Govt eases FDI norms in space sector; 100% in making components for satellites

Issues related to data privacy and rising <keyword id="20127272" type="General" weightage="20" keywordseo="online-frauds" source="keywords">online frauds</keyword> are emerging as significant hurdles in the growth of e-commerce in India, said the <keyword id="20613906" type="General" weightage="20" keywordseo="Economic-Survey" source="keywords" meta.keywordsubtype="org" meta.entityname="Economic Survey" meta.hostid="261" meta.entityid="Economic Survey">Economic Survey</keyword> 2023-24 tabled in Parliament on Monday. Citing third-party data, the survey said that the e-commerce industry in India is expected to cross USD 350 billion by 2030 and called for the need to educate users on the safe use of e-commerce platforms. "The rise of e-commerce is constrained by inadequate skills required for online selling, such as cataloguing. <keyword id="22505774" type="General" weightage="20" keywordseo="data-privacy-issues" source="keywords">Data privacy issues</keyword> and increasing online fraud have turned out to be the most significant hurdle in the growth of e-commerce in India. It becomes imperative to educate users on the safe use of e-commerce platforms," the survey said. The survey mentioned that India's e-commerce market has gained significant momentum during the past few years, owing to technological advancements, evolving new-age business models coupled with government initiatives like the Digital India program, UPI, One District - One Product (ODOP), Open Network for Digital Commerce (ONDC), new foreign trade policy, easing of FDI limits and Consumer Protection (E-Commerce) (Amendment) Rules 2021. It has identified data privacy and <keyword id="19906883" type="General" weightage="20" keywordseo="cybersecurity" source="keywords">cybersecurity</keyword> as critical concerns in the <keyword id="22505776" type="General" weightage="20" keywordseo="digitisation-of-services" source="keywords">digitisation of services</keyword> in the country and called for adopting strong security measures, compliance with privacy regulations, and innovation, among others. "Data privacy and cybersecurity have become critical concerns with the increasing digitisation of services," according to the survey. It said that the government is spearheading data protection laws and cybersecurity policies to safeguard consumer data and strengthen cybersecurity measures in the services sector. "To further embrace technology with confidence, ensuring the adoption of strong security measures, compliance with privacy regulations, and fostering innovation in security technologies are essential," the survey noted. It said the future of e-commerce is built on the enhanced <keyword id="20290101" type="General" weightage="20" keywordseo="user-experience" source="keywords">user experience</keyword> through <keyword id="19899640" type="General" weightage="20" keywordseo="AI" source="keywords">AI</keyword>, seamless <keyword id="21332958" type="General" weightage="20" keywordseo="digital-payment-methods" source="keywords">digital payment methods</keyword>, innovations like UPI, and business engineering data analytics for business operations and enhancements. The survey mentioned that the buyer ecosystem in India is evolving at a very sharp rate, and business models will need to innovate to serve the needs of a diverse shopper base regarding service expectations, price sensitivity and language requirements. "Local language platforms are needed as the shopper base expands to tier-2 and tier-3 cities. Growing startups and innovative social media platforms provide an opportunity to test unique business models that might be targeted to specific demographic cohorts," the survey said.

Data privacy issues, online frauds emerging as e-commerce growth hurdles: Eco Survey

<ul><li>The oil and gas sector has exhibited resilience and recorded a strong 9% growth in hiring trends compared to July of the previous year. </li><li>The real estate sector demonstrated a noteworthy 5% growth in hiring activity. </li><li>The current AI boom is driving a significant demand for specialised positions like full stack AI scientists and machine learning (ML) engineers. </li></ul>The rapidly growing cities of Jaipur and Vadodara have demonstrated a consistent upward trend in their hiring indices, exhibiting increases of 4% and 2% respectively, when compared to July last year, according to the JobSpeak report by online job portal Naukri.com. This growth has been primarily driven by the oil and gas, pharma, and auto sectors, which have been actively recruiting in these regions. The positive hiring trends in these sectors contribute significantly to the overall employment landscape of both Jaipur and Vadodara, making them attractive destinations for job seekers and businesses alike. The Naukri JobSpeak Index, which serves as a key indicator for white-collar hiring in India, recorded a value of 2,573 for July 2023. This figure reflects an 8% decline compared to the previous month and a significant 19% decrease compared to July 2022. <cmsannotation type="cmsannotation" annotationid="Oil and Gas sector exhibit resilience" comment="subhead" text="Oil and Gas sector exhibit resilience">Oil and Gas sector exhibit resilience</cmsannotation> Despite the market turbulence, the oil and gas sector exhibited resilience and recorded a strong 9% growth in hiring trends compared to July of the previous year. The surge in energy consumption in the domestic market played a crucial role in driving this growth. Certain roles within the sector saw high demand, particularly in cities like Ahmedabad, Mumbai, Pune, and Hyderabad. Positions such as field service engineer, quality engineer, procurement manager, and logistics manager were among the most sought-after. Notably, senior professionals remained highly in demand within the oil and gas industry, indicating a preference for experienced and seasoned individuals to lead and contribute to its continued growth. <cmsannotation type="cmsannotation" annotationid="Real estate sector shows resurgence" comment="subhead" text="Real estate sector shows resurgence">Real estate sector shows resurgence</cmsannotation> The real estate sector demonstrated a noteworthy 5% growth in hiring activity, reflecting the resurgence of infrastructure projects and an increase in consumer investment in residential properties compared to July of the previous year. Among the most sought-after profiles were project manager - construction, interior designers, architects, and civil engineers, particularly in cities like Kolkata, Mumbai, and Chennai. Notably, the demand for mid to senior-level professionals within the sector witnessed a higher increase in July 2023 compared to the same period last year, indicating a positive trend towards hiring experienced and skilled individuals to drive the industry's growth and development. <cmsannotation type="cmsannotation" annotationid="AI specific roles in demand" comment="subhead" text="AI specific roles in demand">AI specific roles in demand</cmsannotation> The current AI boom is driving a significant demand for specialised positions like full stack AI Scientists and ML Engineers. In July, the number of new job openings for these roles increased by 9% and 6%, respectively, compared to the beginning of the year. The tech and finance sectors are particularly showing the strongest demand for these niche roles. As AI continues to shape various industries, professionals with expertise in these areas are becoming increasingly sought after in the job market. <cmsannotation type="cmsannotation" annotationid="Hospitality sector on steady growth trajectory" comment="subhead" text="Hospitality sector on steady growth trajectory">Hospitality sector on steady growth trajectory</cmsannotation> As travel restrictions have been easing out and tourism is on the rise, the Hospitality sector has experienced a steady growth trajectory. In July 2023, there was a notable 2% increase in new job creation compared to the same month last year. The sector has been actively generating employment opportunities for positions such as restaurant managers, hotel managers, and travel desk coordinators, with a particular focus on cities like Mumbai and Chennai. This positive trend in job creation signifies the recovery and revival of the hospitality industry as it adapts to the changing travel landscape. <cmsannotation type="cmsannotation" annotationid="IT industry witnesses dip in new job creation" comment="subhead" text="IT industry witnesses dip in new job creation">IT industry witnesses dip in new job creation</cmsannotation> The IT industry's hiring situation remains a cause for concern, as there was a significant 46% decline in new job creation in July 2023 compared to the same month last year. Additionally, other sectors like FMCG, Retail, BPO, insurance, and education also exhibited cautious hiring sentiments, with a respective decline of 23%, 23%, 21%, 16%, and 14% in new job opportunities compared to July last year.

Jaipur, Vadodara to act as emerging hiring hubs, finds report

Prime Minister Narendra <keyword id="19899684" type="General" weightage="20" keywordseo="Modi" source="keywords">Modi</keyword> on Friday said the government is making necessary <keyword id="20861068" type="General" weightage="20" keywordseo="policy-changes" source="keywords">policy changes</keyword>, like removal of <keyword id="20279287" type="General" weightage="20" keywordseo="Angel-Tax" source="keywords">Angel Tax</keyword>, to promote the <keyword id="19945816" type="General" weightage="100" keywordseo="fintech" source="keywords">fintech</keyword> sector, even as he asked the <keyword id="19962476" type="General" weightage="20" keywordseo="regulators" source="keywords">regulators</keyword> to take additional measures to check cyber frauds which can have a crippling impact on startups. Lauding the fintechs for democratising <keyword id="19976433" type="General" weightage="20" keywordseo="financial-services" source="keywords">financial services</keyword>, Modi said the sector, which has attracted USD 31-billion investment in the last 10 years, has played a key role in denting the parallel economy. The Prime Minister was addressing the Global Fintech Fest (GFF) 2024, jointly organised by the Payments Council of India, the National Payments Corporation of India and the Fintech Convergence Council. He said the domestic economy and the capital market are in a celebratory mood at a time when the nation is also going through a festive period. Modi underlined that the government is making all necessary changes on the policy level to assist the fintech sector and gave examples of doing away with Angel Tax, allocating Rs 1 lakh crore to encourage research and innovation in the country and implementing the Digital Personal Data Protection Act. Broadly, fintech refers to entities utilising technologies for providing financial services. Expressing the need to put an end to <keyword id="19901142" type="General" weightage="20" keywordseo="cyber-fraud" source="keywords">cyber fraud</keyword>, he urged the regulators to take major initiatives to boost digital literacy. It is equally important to ensure cyber fraud does not come in the way of the growth of fintech and startups in the country, Modi said. In his speech, the Prime Minister also cautioned about the dangers of a parallel economy for the world. Fintech, he said, has played an impactful role in denting such a system and credited the emergence of transparency. He said that digital technology has introduced transparency in India and gave the example of the implementation of Direct Benefit Transfer used in hundreds of government schemes that has prevented leakages in the system. "Today, people can see the benefits of aligning with the formal banking system," he said. Modi further said the trinity of Jan Dhan, Aadhaar and Mobile have broken down the mentality of 'Cash is King' and made way for approximately half of the <keyword id="20004116" type="General" weightage="20" keywordseo="digital-transactions" source="keywords">digital transactions</keyword> in the world taking place in India. "India's <keyword id="19900911" type="General" weightage="20" keywordseo="upi" source="keywords">UPI</keyword> has become a major example of fintech in the world," he said, adding that it has enabled 24X7 banking services in every village and city in all weather conditions. Underlining the role of fintech in democratising financial services, the Prime Minister gave examples of readily available loans, credit cards, investments and insurance. He said that fintech has made access to credit easy and inclusive, and gave the example of PM SVANidhi scheme that has enabled street vendors to avail collateral-free loans and further expand their business with the help of digital transactions. "Sustainable <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> is India's priority today," he said and emphasised that the government is creating robust, transparent and efficient systems to strengthen financial markets with advanced technologies and regulatory frameworks. About 800 speakers, including policymakers, regulators, senior bankers, industry captains, and academicians, from India and other countries are participating in the fest.

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Govt eases FDI norms in space sector; 100% in making components for satellites

PTI

Data privacy issues, online frauds emerging as e-commerce growth hurdles: Eco Survey

PTI

Jaipur, Vadodara to act as emerging hiring hubs, finds report

Anagh Pal

Removed Angel Tax, taking policy measures to promote fintech sector: PM Modi

PTI

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