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<keyword id="20190045" type="General" weightage="20" keywordseo="Industry-body" source="keywords">Industry body</keyword> <keyword id="21568150" type="General" weightage="20" keywordseo="SME-Chamber-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="SME Chamber of India" meta.hostid="261" meta.entityid="SME Chamber of India">SME Chamber of India</keyword> has urged <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> to continue the 45-day <keyword id="21233021" type="General" weightage="100" keywordseo="MSME-payment-rule" source="keywords">MSME payment rule</keyword> for <keyword id="20008810" type="General" weightage="20" keywordseo="corporates" source="keywords">corporates</keyword> and other buyers. According to Section 43B(h) of the <keyword id="19936187" type="General" weightage="20" keywordseo="Income-Tax-Act" source="keywords">Income Tax Act</keyword>, introduced through the <keyword id="19955404" type="General" weightage="20" keywordseo="finance" source="keywords">Finance</keyword> Act 2023, if a larger company does not pay an MSME on time -- within 45 days in case of written agreements -- it cannot deduct that expense from its taxable income, leading to potentially higher taxes. The government in last year's Budget added a new clause under Section 43B of the Income Tax Act to address the challenge of delayed payments faced by MSMEs in the country. "We are pursuing not to change the 45-day MSME payment rules imposed by the Department under the pressure of corporates or multinational companies to save the life span of the MSME sector. Section 43B(h) of the Income Tax Act reinforces the importance of timely payments by mandating that companies settle payments to MSME vendors within 45 days to qualify for deductions," SME Chamber said in a statement addressed to Sitharaman. The industry body argued that this provision serves as a powerful incentive for companies to adhere to payment timelines, thereby supporting the financial health of MSMEs. "Many MSMEs are NPA victims of corporates, who are buying from them and not dealing through the TReDs platform. Most of the corporates and multinational companies are forcefully insisting to deregister from the Udyam Portal and insisting not to deal through the TReDs platform," SME Chamber stated. The industry body also urged the finance minister to consider providing Rs 5 crore loans under the "Differential Rate of Interest" scheme for micro and <keyword id="20569966" type="General" weightage="20" keywordseo="small-enterprises" source="keywords">small enterprises</keyword>. It suggested changing the NPA definition from 90 days to 180 days for the MSME sector. The chamber also sought the setting up of a task force to review various issues, hurdles, grievances and difficulties faced by MSMEs for availing credit facilities and the lack of approach by the financial institutions towards enhancement of credit flow to the MSME sector.

Continue 45-day MSME payment rule: Industry body to Finance Minister Nirmala Sitharaman

The government has waived the requirement for clinical trials of certain categories of drugs in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> if they are approved in the <keyword id="19899478" type="General" weightage="20" keywordseo="US" source="keywords">US</keyword>, the <keyword id="19922618" type="General" weightage="20" keywordseo="UK" source="keywords">UK</keyword>, Japan, Australia, Canada and the European Union. The waiver only covers five categories -- orphan drugs for rare diseases, gene and cellular therapy products, <keyword id="22559447" type="General" weightage="20" keywordseo="new-drugs" source="keywords">new drugs</keyword> used in pandemic situations, new drugs used for special defence purposes and new drugs having significant therapeutic advances over the current standard care. This waiver would ensure expeditious availability of the latest medicines for treating diseases like cancers, rare diseases like Spinal Muscular Atrophy (SMA) and Duchenne Muscular Dystrophy (DMA), and autoimmune conditions in India. "As per Rule 101 of New Drugs and Clinical Trials Rules, 2019, the Central Licensing Authority, with the approval of the Central Government, may specify, by an order, the name of the countries, from time to time, for considering waiver of local clinical trial for approval of new drugs under Chapter X and for grant of permission for conduct of clinical trial under Chapter V of the said rules," the Drugs Controller General of India (<keyword id="20559042" type="General" weightage="20" keywordseo="DGCI" source="keywords">DGCI</keyword>) said in an order issued on August 7. "In exercise of the powers conferred under Rule 101 of the said rules with the approval of the Central Government, the countries namely USA, UK, Japan, Australia, Canada and EU are hereby specified for following categories of new drugs," it said. Presently, several medicines already approved by other regulatory authorities in the US, the UK and the EU are not immediately available for Indian patients because of certain regulatory requirements under the Drugs and Cosmetics Act and rules made thereunder. These include the requirement of conducting a local clinical trial and generating safety and efficacy data before marketing authorisation in India, an official explained. However, Rule 101 of the New Drugs and Clinical Trials, 2019, allows the DCGI to specify certain countries for considering waiver of local clinical trials for approval of new drugs. "The advantages of operationalising this rule are that the latest medicines to treat diseases like cancers, rare diseases like SMA and DMA, and autoimmune conditions will become available expeditiously in India. "Presently, the delay in launching a new or novel medicine in India is anywhere between 5-20 years when compared to western markets. With the waiver of Rule 101, the scope of parallel launches of medicines in India along with the West will be opened up," the official explained. Besides, there will be a considerable reduction in the cost of various advanced medicines. Also, there will be a substantial reduction in the public procurement costs of the central and state governments under various schemes like the Central Government Health Scheme (CGHS) and Ayushman Bharat. Another advantage is that the resources which would have gone into approving the Indian clinical trials could now be utilised productively elsewhere, the official said. The costs of conducting local clinical trials will be reduced for pharmaceutical firms, therefore passing on these savings to patients. This is especially true for cases of rare diseases where firms have logistical difficulties in finding participants. The change will promote further research in these areas as there will be access to patient data in the Indian context much earlier, ultimately promoting indigenous innovation and shift from volume to value, the government's mission for the pharmaceutical industry, the official said. SEE ALSO:<a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a><a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank"></a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank">RBI MPC meet – Cheque clearing time reduced, UPI limit increased for tax payment</a><a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank">Tata Curvv EV with up to 585 km range launched starting at ₹17.49 lakh</a>

Govt waives clinical trial requirement for several drugs approved in select countries

<ul><li>Unified Payments Interface (<keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword>) has emerged as one of the most popular modes of payments in India.</li><li>Some new changes have been announced to UPI from January 1, 2024.</li><li>Here are the new rules and features of UPI that you need to be aware about.</li></ul> The year 2024 has begun and with this, there have been some changes in the financial sector. Unified Payments Interface (UPI), the country’s fastest growing mode of payment has some new rules that you need to keep in mind. To improve UPI and improve user experience, the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) have formulated some new rules and regulations that have come into effect from January 1, 2024. In this post, we look at the five new changes in UPI that you need to be aware about – <cmsannotation type="cmsannotation" annotationid="Inactive UPI IDs" comment="subhead" text="Inactive UPI IDs">Inactive UPI IDs</cmsannotation> As per guidelines by the NPCI, payment apps such as PhonePe, Google Pay, PayTM and more are required to verify and maintain active UPI IDs. UPI IDs that haven’t been used for a year will be deactivated. So, if you have a UPI ID that hasn't been used in a long time, it is important to at least make one payment soon to avoid deactivation of that ID. <cmsannotation type="cmsannotation" annotationid="Fraud prevention" comment="subhead" text="Fraud prevention">Fraud prevention</cmsannotation> In a bid to reduce the increasing financial frauds, the central bank has reportedly proposed a 4-hour window for users making a first payment of ₹2,000 or more to a new recipient. During this window, the users will be able to modify or reverse the transaction, if they haven’t transacted with the person before. <cmsannotation type="cmsannotation" annotationid="Increased transaction limit" comment="subhead" text="Increased transaction limit">Increased transaction limit</cmsannotation> To help users making large transactions to hospitals and educational institutions, the transaction limit for such institutions has been increased from the existing INR 1 lakh to INR 5 lakh. This will make it easier for those paying large amounts to such institutions to complete their payment. <cmsannotation type="cmsannotation" annotationid="UPI ATMs" comment="subhead" text="UPI ATMs">UPI ATMs</cmsannotation> In a bid to make it easier for users to withdraw cash, NPCI in collaboration with Hitachi Payment Services has started rolling out UPI ATMs, which allow users to withdraw cash using UPI apps, without having to carry a debit card. The first ATM has already been launched and more ATMs will be rolled out across the country. <cmsannotation type="cmsannotation" annotationid="UPI for secondary market" comment="subhead" text="UPI for secondary market">UPI for secondary market</cmsannotation> NPCI’s UPI for secondary market project has entered the beta phase, allowing selected users to block funds post-trade confirmation in the secondary market. This enabled settling of funds on T 1 basis via clearing corporations. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-s24-pre-reservation-starts-how-to-pre-book-benefits-and-more/articleshow/106505615.cms">Samsung Galaxy S24 pre-reservation starts – How to pre-book, benefits and more</a> <a href="https://www.businessinsider.in/tech/mobile/webstories/new-upcoming-smartphones-in-india-in-2024-apple-samsung-google-mobiles-in-the-list/slidelist/106489936.cms">Apple to Samsung and many more – smartphones set for launch in 2024</a> <a href="https://www.businessinsider.in/business/auto/news/tata-motors-hyundai-sales-rise-maruti-suzuki-reports-a-decline-in-december-2023/articleshow/106474205.cms">Mixed December – While Tata Motors, Hyundai sales rise, Maruti Suzuki reports in the slow lane</a>

UPI in 2024 – Five rule changes that you need to know

The overall size of the budget has remained almost unchanged from the interim one presented in February, indicating the government's strong commitment to move along the <keyword id="20099794" type="General" weightage="20" keywordseo="fiscal-prudence" source="keywords">fiscal prudence</keyword> path, said experts on Tuesday. According to the <keyword id="19908389" type="General" weightage="100" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024-25 presented by Finance Minister Nirmala Sitharaman, the total expenditure in Budget Estimates (BE) 2024-25 is estimated at Rs 48,20,512 crore of which total <keyword id="20018917" type="General" weightage="20" keywordseo="capital-expenditure" source="keywords">capital expenditure</keyword> is Rs 11,11,111 crore. The total expenditure in the Interim Budget presented in February was estimated at Rs 47,65,768 crore of which total capital expenditure was Rs 11.11 lakh crore. Debadatta Chand, Managing Director &amp; CEO, <keyword id="19920717" type="General" weightage="20" keywordseo="Bank-of-Baroda" source="keywords" meta.keywordsubtype="org" meta.entityname="Bank of Baroda" meta.hostid="261" meta.entityid="Bank of Baroda">Bank of Baroda</keyword>, said the Union Budget complements the main takeaways from the Economic Survey and focusses clearly on medium term development of the economy. "The overall size of the budget has remained almost unchanged from the interim one. The budget has shown strong intent on moving along the fiscal prudence path and targeted the <keyword id="19942084" type="General" weightage="20" keywordseo="fiscal-deficit" source="keywords">fiscal deficit</keyword> at 4.9 per cent for the year," he said. The said action will keep the growth steady as well as robust not only for economy but also banking. Aditi Nayar, Chief Economist, ICRA Limited, said the budget has kept the capital expenditure unchanged and pared the fiscal deficit to 4.9 per cent of GDP. "The anticipated reiteration of the reduction in the fiscal deficit to below 4.5 per cent of GDP in FY2026 is welcome. Interestingly, the new medium term fiscal consolidation path has been linked to a reduction in the debt/GDP ratio instead of continued compression of the fiscal deficit/GDP ratio," she said. Buoyed by improvement in revenue collection, the government has lowered fiscal deficit target to 4.9 per cent for the current <keyword id="19910979" type="General" weightage="20" keywordseo="financial-year" source="keywords">financial year</keyword> as against 5.1 per cent estimated in February's interim budget. Ranen Banerjee, Partner and Leader Economic Advisory, PwC India, said that fiscal prudence is the highlight of the full Union Budget 2024-25. The government has gone with realistic projections on its revenue and expenditure estimates and refrained from announcing overly populist measures. "The majority of the allocations, including the capex allocation, are as outlined in the interim budget, thus providing continuity. The capex being kept at INR 11.11 trillion was expected, given that the ability to consume this allocation is limited due to disruption from the elections in the first quarter and the second quarter being typically slowed down by the monsoons," Banerjee said. Institute of Chartered Accountants of India (ICAI) President Ranjeet Kumar Agarwal said the government has announced five schemes to facilitate employment and skilling for 4.1 crore youth over the next five years with a central outlay of Rs 2 lakh crore. "This is a welcome step that will create a skilled workforce to address the existing deficit and generate <keyword id="19972727" type="General" weightage="20" keywordseo="employment-opportunities" source="keywords">employment opportunities</keyword>. Additionally, financial support for loans up to Rs 10 lakh for higher education will help students pursue higher education and acquire skills," he added. Indian Institute of Insolvency Professionals of ICAI (IIIPI) Chairman Ashok Haldia said the budget proposals for an integrated technology platform and sprucing up NCLT infrastructure will provide a fillip to the Insolvency and Bankruptcy Code (IBC) regime. IIIPI is promoted by ICAI. Meanwhile, Kumarmangalam Vijay, Partner, JSA Advocates and Solicitors, opined that in its new avatar, it seems that the Modi government is keen to deliver on its promise of 'ease of doing business'. "Its focus on making it simpler is evident from the abolition of the angel tax, the increase in new income tax regime thresholds, new Vivad se Vishwas Scheme 2024 for the resolution of pending cases and the increase in the threshold for appeal by tax departments at various levels, decriminalising the non-reporting of shares received from non-resident employers and reducing the period for re-opening of the cases," Vijay said. The Institute of Company Secretaries of India (ICSI) said there has been a focus on the manufacturing sector in the budget. Measures have been taken for simplifying the FDI/ODI rules and regulations, and the <keyword id="21847964" type="General" weightage="20" keywordseo="tax-regimes" source="keywords">tax regimes</keyword>. The enhanced Mudra loan limit and the abolition of angel tax are all set to incentivize the startup and MSME ecosystem of the country. "The nine priorities identified in this progressive and inclusive budget 2024 are aimed at generating ample opportunities for all. Besides agricultural reforms, the budget focuses on skilling, educating and employing the youth, a priority that the ICSI has been concentrating on," said ICSI President B Narasimhan. Rajesh Magow, Co-Founder and Group CEO, MakeMyTrip, said the government's continued emphasis on infrastructure development is commendable. Enhanced road infrastructure will bolster the travel and tourism sector. "We also welcome the initiatives to develop iconic spiritual and cultural sites into world-class tourist hotspots," Magow said. Furthermore, he said the provision of credit for TCS against income tax under 'Income from Salaries' is logical and will provide much-desired relief to taxpayers who travel internationally.

Budget size almost unchanged from interim, shows govt's commitment to fiscal prudence: Experts

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Good morning! Tired of having to check your email when you're supposed to be off the clock? A growing number of countries are implementing laws that make those <a target="_blank" href="https://www.businessinsider.com/ban-after-hours-work-calls-emails-could-bring-trouble-peace-2024-11">late-night emails from your boss illegal</a>.In today's big story, OpenAI's next big AI model <a target="_blank" href="https://www.businessinsider.com/openai-orion-model-scaling-law-silicon-valley-chatgpt-2024-11">isn't showing massive improvement over previous versions</a>, and it could be a sign of a new era.What's on deck:<ul><li>Markets: Prediction markets were one of the big winners of the election. <a target="_blank" href="https://www.businessinsider.com/polymarket-kalshi-trump-victory-future-prediction-markets-2024-11">So now what</a>?</li><li>Tech: The key role YouTube played <a target="_blank" href="https://www.businessinsider.com/youtube-donald-trump-podcasts-joe-rogan2024-11">in helping Trump get elected</a>.</li><li>Business: These companies <a target="_blank" href="https://www.businessinsider.com/companies-raising-prices-trump-tariffs-inflation-goods-getting-more-expensive-2024-11">have signaled they might increase prices</a> because of Trump's trade plans.</li></ul>But first, not so fast.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">Big leaps to baby steps</h2><div type="image" title="Image of Sam Altman" height="1355" width="1920" msid="115221991" hostid="261" sizebytes="24236"></div>The fastest-growing sector of tech is facing a serious speed bump.OpenAI's next artificial intelligence model, Orion, reportedly isn't showing the massive leap in improvement previous versions have enjoyed. That's leading to bigger questions about how quickly <a target="_blank" href="https://www.businessinsider.com/openai-orion-model-scaling-law-silicon-valley-chatgpt-2024-11">we can expect future generative-AI models to keep getting better</a>, writes Business Insider's Hasan Chowdhury and Beatrice Nolan.Some OpenAI employees who have used and tested Orion told The Information its improvements are only moderate and smaller than what users saw going from GPT-3 to GPT-4.It's an astounding revelation when you consider the stakes. OpenAI is considered the leading AI company, and we're learning that its most important new product may not be that much better than something it released about 20 months ago — a lifetime in the AI industry.It also undermines a core assumption about the future of generative AI: If you add more data and computing power, you get smarter and more powerful AI models. This "scaling law" is the consensus view now, yet OpenAI is reportedly struggling with it.Top AI players have eye-popping valuations based on the promise that AI models will keep getting smarter and better with time. If that growth trajectory slows, it could lead to difficult questions, particularly from investors bankrolling the hundreds of billions of dollars companies are pouring into these projects.<div type="image" title="An eye in the center while abstract swirls, numbers and chat bubbles surround it" height="1080" width="2160" msid="115221987" hostid="261" sizebytes="520698"></div>So what's holding AI models back from making another big jump?AI models are already burning through text, with one estimate predicting they'll run out of material by 2028. Companies are trying to circumvent the issue with synthetic data, <a target="_blank" href="https://www.businessinsider.com/ai-synthetic-data-industry-debate-over-fake-2024-8">but that might not be a viable solution</a>.Using more computing also comes with limitations and has the added hurdle of <a target="_blank" href="https://www.businessinsider.com/amazon-data-centers-delays-costs-power-labor-shortages-aws-ai-2024-10">needing significant power</a>. The biggest companies in the world are struggling to find cost-efficient energy sources for the massive data centers they're building as part of their AI strategy.There was always an expectation that things might slow down a bit. In July, one OpenAI customer told BI he thought the newest iteration <a target="_blank" href="https://www.businessinsider.com/openai-gpt5-gpt4-expectations-ai-2024-7">would be like going from undergrad to a PhD program</a>, as opposed to the jump from GPT-3 to GPT-4, which was like "grade school to undergrad."More resources can help address those issues to a degree, but the improvements still might not mirror what we saw in the early days of generative AI. If that's the case, investors might be unwilling to open their wallets for something they view as having diminishing returns.Even if they shell out the cash, companies will likely price their products accordingly to recoup those investments. That's a tricky proposition, as <a target="_blank" href="https://www.businessinsider.com/for-ai-models-good-enough-is-good-enough-2024-5">"good enough" is fine for plenty of users</a>.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>New York Times tech workers are <a target="_blank" href="https://www.businessinsider.com/the-new-york-times-tech-workers-ending-their-labor-strike-2024-11">ending their strike</a>.</li><li>Anthony Scaramucci tells BI Trump's economic plans could cause a <a target="_blank" rel="noopener" href="https://www.businessinsider.com/stock-market-crash-risk-outlook-trump-deportation-tariff-anthony-scaramucci-2024-11">1920s-style stock-market crash</a>.</li><li>Bitcoin hits fresh record near $85,000 as investors keep <a target="_blank" href="https://markets.businessinsider.com/news/currencies/bitcoin-record-price-outlook-crypto-trump-election-digital-assets-altcoins-2024-11">cheering 'crypto president' Trump</a>.</li><li>The winners of Wall Street bonus season this year: <a target="_blank" href="https://www.businessinsider.com/wall-street-bonus-season-alan-johnson-associates-report-underwriters-2024-11">the underwriters</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Dice with the faces of Trump, Musk, RFK, and Zelensky" height="1500" width="2000" msid="115221989" hostid="261" sizebytes="103426"></div><ol><li>Betting markets are taking their victory lap and already thinking about what's next. Besides Donald Trump — and maybe Elon Musk — betting markets were arguably one of the biggest winners on election night, having predicted a resounding Trump victory. Insiders spoke to BI about how the betting markets' success <a target="_blank" href="https://www.businessinsider.com/polymarket-kalshi-trump-victory-future-prediction-markets-2024-11">could impact traditional polls and the media</a>.</li><li>Morgan Stanley teams up with Carta on the eve of an IPO boom. Carta, which helps startups and investors track company ownership, will refer clients looking to go public to Morgan Stanley. Jed Finn, the bank's wealth boss, explained how the partnership will benefit both sides <a target="_blank" href="https://www.businessinsider.com/morgan-stanley-partners-with-carta-startup-ipos-wealth-2024-11">in an exclusive interview with BI</a>.</li><li>Putting a number on the impact of Trump's potential tax cuts. Goldman Sachs said the S&amp;P 500 earnings could rise more than 20% over the next two years <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-tax-cuts-tariffs-stock-market-sp500-inflation-china-trade-war-2024-11">if Trump cuts corporate taxes like he said he would</a>. The president-elect's blanket tariff proposal could have the opposite effect, but Wharton professor Jeremy Siegel said Trump's so focused on appealing to investors <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-policies-tax-cuts-inflation-government-debt-deficit-jeremy-siegel-2024-11">he might soften his economic agenda to suit them better</a>.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Distorted Youtube logo with election imagery." height="900" width="1200" msid="115221994" hostid="261" sizebytes="215788"></div><ol><li>This election, social media killed the TV star. Donald Trump spent a lot of time on the campaign trail with podcasters like Joe Rogan, <a target="_blank" href="https://www.businessinsider.com/youtube-donald-trump-podcasts-joe-rogan2024-11">who have huge YouTube followings</a> and benefit from the platform's content-recommendation algorithm. Now, the Trump administration might turn away from TV and <a target="_blank" href="https://www.businessinsider.com/twitter-donald-trump-elon-musk-2024-11">embrace new media even further</a>, given the president-elect's bromance with X owner Elon Musk.</li><li>A $3 billion healthcare startup just cut some physical therapists as it turns to AI. Sword Health, which provides virtual care for problems like muscle and joint pain, laid off more than a dozen of its clinical workforce in October, three former employees told BI. <a target="_blank" href="https://www.businessinsider.com/3-billion-sword-health-cuts-physical-therapists-2024-11">The cuts came as the startup ramps up its AI platform to treat patients</a>.</li><li>Trump's trade plan could make things muy difícil for Elon Musk. Tesla's planned $10 billion gigafactory in Mexico will hit a major roadblock if Trump pursues the massive tax he's discussed putting on vehicles imported from Mexico. Musk isn't alone — analysts warned <a target="_blank" href="https://www.businessinsider.com/trump-tariffs-threaten-elon-musk-tesla-mexico-factory-limbo-2024-11">tariffs on imported cars from Mexico would seriously hurt US automakers</a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Photo illustration of a lightbulb with the globe painted on it" height="960" width="1920" msid="115221992" hostid="261" sizebytes="26616"></div><ol><li>Trailblazing for a sustainable future. Solving the climate crisis will take innovation and action across industries like energy, transportation, agriculture, and finance. BI identified <a target="_blank" href="https://www.businessinsider.com/climate-action-15-global-leaders-innovating-climate-solutions-2024-11">15 entrepreneurs, policymakers, organizers, and academics</a> around the globe confronting the crisis head-on.</li><li>Expect the price of these goods to go up if Trump enacts his trade plan. Three executives have already warned they plan to raise prices if the president-elect implements the aggressive tariff proposal he campaigned on. "<a target="_blank" href="https://www.businessinsider.com/companies-raising-prices-trump-tariffs-inflation-goods-getting-more-expensive-2024-11">It's going to be very, very difficult to keep products affordable for Americans</a>," one CEO said.</li><li>Key players in Trump administration 2.0. From the wily campaign strategist who will be the first female presidential chief of staff to the ex-ICE director tapped to be "border czar," <a target="_blank" href="https://www.businessinsider.com/donald-trump-white-house-staff-cabinet-picks-list-2024-11">these are the people shaping key policies</a> for the next 4 years.</li></ol><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>New York judge Juan Merchan rules on claims of presidential immunity in Donald Trump's hush-money case. Trump's defense has argued that the prosecution should not have been allowed to use some evidence in the case.</li><li>Jack Teixeira, the national guardsmen who pled guilty to leaking sensitive military documents on Ukraine online, is sentenced in Massachusetts court.</li><li>Home Depot and other companies report earnings.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Hallam Bullock, senior editor, in London. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.

OpenAI reportedly facing issues with its new AI model is a red flag for the entire industry

Senior pacer <keyword id="19895336" type="General" weightage="20" keywordseo="mohammed-shami" source="keywords">Mohammed Shami</keyword> has been ruled out of next month's <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>n Premier League owing to a left ankle injury, for which he will undergo a surgery in the UK, a BCCI source told PTI on Thursday. The 33-year-old, who is not part of the ongoing Test series against England, last played for India in the ODI World Cup final against Australia in November. "<keyword id="19929077" type="General" weightage="20" keywordseo="shami" source="keywords">Shami</keyword> was in London in last week of January to take special ankle injections and he was told that after three weeks, he can start light running and take it from thereon. "But the injection hasn't worked and now the only option left is surgery. He will shortly leave for UK for surgery. IPL seems out of question," a senior BCCI source said on the condition of anonymity. Shami, who was one of the architects of India's stupendous World Cup campaign with 24 wickets, played through pain as he had problems with his landing but didn't let it affect his performance. Shami, who was recently conferred with the Arjuna Award, has 229 Test, 195 ODI and 24 T20 wickets in his decade-long career. The development raises a question mark about the injury rehabilitation management programme planned by the National Cricket Academy (<keyword id="19901707" type="General" weightage="20" keywordseo="nca" source="keywords">NCA</keyword>) for Shami. Now it is highly unlikely that the pace bowling artist would be able to make a comeback before India's Test matches at home against Bangladesh and New Zealand (October November). His target could be the marquee away series against Australia. People in the know of things believe that the NCA's conservative line of thinking has not worked in Shami's case. "Shami should have gone directly for surgery and that should have been NCA's call. Just two months of rest and injections wouldn't have worked well and that's what has happened. He is an asset and the Indian team would need him in Australia," the source said. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/indian-pc-market-down-by-6-6-in-2023-hp-leads-the-market-while-acer-gains/articleshow/107906820.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indian-pc-market-down-by-6-6-in-2023-hp-leads-the-market-while-acer-gains/articleshow/107906820.cms" target="_blank">Indian PC market down by 6.6% in 2023, HP leads the market while Acer gains</a><a href="https://www.businessinsider.in/tech/mobile/news/iqoo-neo-9-pro-with-snapdragon-8-gen-2-launched-in-india-will-take-on-the-oneplus-12r/articleshow/107908049.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/iqoo-neo-9-pro-with-snapdragon-8-gen-2-launched-in-india-will-take-on-the-oneplus-12r/articleshow/107908049.cms" target="_blank">iQOO Neo 9 Pro with Snapdragon 8 Gen 2 launched in India, will take on the OnePlus 12R</a><a href="https://www.businessinsider.in/tech/news/from-usernames-to-secret-codes-for-locked-chats-here-are-the-upcoming-whatsapp-features/articleshow/107885651.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/from-usernames-to-secret-codes-for-locked-chats-here-are-the-upcoming-whatsapp-features/articleshow/107885651.cms" target="_blank">From usernames to secret codes for locked chats, here are the upcoming WhatsApp features</a>

Mohammed Shami ruled out of IPL, to undergo ankle surgery

“Ye le beta, humare khaandani sone ke gehne. Ise girvi rakhva de, shayad kuch paise aa jaye ghar main.” How many times have we seen similar dialogues repeat itself in Bollywood films of the 70s and 80s—abject poverty and a frail-looking old mother pleading to her son to pawn the family’s heirloom gold ornaments to a jeweller, all to get a few bucks? Well, if you’d ask that son in 2024, he’d rather hit the loan button on his <keyword id="105386" type="General" weightage="20" keywordseo="Demat-account" source="Orion">Demat account</keyword> than pawn his mother’s gold jewellery. Given how Indians are rapidly resorting to taking loans against their investments in shares and mutual funds, these might as well be a cherished family heirloom in today’s time. Fair warning though; it's not as if gold and loans against it are going down in India’s lending scene. It's very much the opposite, shining brighter than ever! The secured loan category is having its time in the spotlight, and people are certainly looking beyond land and property to get their hands on some extra monies! But what is funding the steep rise behind these loans? And are they as failsafe and secure as they’re made out to be? We decode for you in this week’s Simply Put. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">The great Indian pawning party</h2>Pawning one’s gold has been, by far, the OG Indian financial move to get a loan. That continues well into 2024, and apparently, more so when India decides to wed and celebrate! Data from <keyword id="30067" type="General" weightage="20" keywordseo="RBI" source="Orion">RBI</keyword> suggests that the outstanding amount on gold loans has swelled from Rs 85,009 crore in September 2022 to Rs 1,47,081 crore in September 2024. It looks like Gold took the motto of rise and shine too seriously! Table 1: Growth in gold loans <table class="redcator-table-advance" style="border-width: initial; border-style: none; background-color: rgb(255, 255, 255); font-size: 16px; line-height: 1.6em; box-shadow: none; width: 468pt; font-family: Merriweather; table-layout: fixed; padding-bottom: 10px !important; background-image: inherit !important; background-position: inherit !important; background-size: inherit !important; background-repeat: inherit !important; background-attachment: inherit !important; background-origin: inherit !important; background-clip: inherit !important;"></colgroup><tbody><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Year </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Amount (In Rs crore) </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">September 2022 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">85,009 </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">March 2023 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">89,370 </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">September 2023 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">97,426 </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">March 2024 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">1,02,562 </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">September 2024 </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); padding: 5pt; font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">1,47,081 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Source: RBI data While the world continues to be riled up in multiple geopolitical crises in 2024, gold has been making merry of these tough times. Thus far this year, <keyword id="3886593" type="General" weightage="20" keywordseo="domestic-gold" source="Orion">domestic gold</keyword> prices have grown by 23%, outperforming benchmark indices like Nifty and Sensex by a mile, which have gone up by 9.85% and 8.86%, respectively. The growth in gold loan disbursal rates month on month this year could also put Nifty and Sensex’s growth to shame. In just September 2024, gold loans grew an astounding 51%, up from 40.9% in August, 30.5% in June, and just 14.8% in March. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">Hey, wait up for me, says LAS</h2>In lockstep with the elder, gold loan sibling, advances against shares and bonds have also been inching up since 2022. Data from RBI (Reserve Bank of India) notes that as of September 2022, the outstanding quantum of loans that were taken against shares (LAS) and bonds stood at Rs 7,397.94 crores. This inched up to Rs 7,764 crore in September 2023. Come 2024, and it looked like this was LAS’ time to shine. Loans swiftly skyrocketed, with outstanding loans in this category going up from Rs 8,492 crore in March 2022 to a staggering Rs 9,546 crore at the end of September 2024. Naturally, the smoke of LAS has its fire in the record inflows that Indians are pouring into the stock market and mutual funds month on month. Per AMFI (<keyword id="134904" type="General" weightage="20" keywordseo="Association-of-Mutual-Funds-in-India" source="Orion">Association of Mutual Funds in India</keyword>), the net AUM (assets under management) of India’s mutual fund industry grew to Rs 67,25,614.61 crores in October 2024, up from Rs 67,09,259.24 crores in September 2024. Even the number of retail mutual fund folios, which include equity, hybrid, and solution-oriented mutual funds, burgeoned to 17,23,52,296 in October, as compared to 16,81,61,366 in September. The same goes for stock investments in India, where the number of new demat accounts that are added every month just simply refuses to climb down. As of last month, total demat accounts in the country stood at 17.9 crore, which is more than the entire population of full-fledged nations like Japan (12.45 crore), Russia (14.38 crore), and Bangladesh (17.3 crore). In fact, since February this year, the monthly growth of LAS has been hitting double digits. From 11.3% in March to 21.6% in May to 26.8% in August, growth in LAS has been exceptional, hitting 22.9% in September this year. For context, monthly growth in the LAS segment was at a mere 5% in September 2023. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">What's driving the growth?</h2>It's a win-win for both the bank and the customer. Customers love them because LAS is available at a lower interest rate compared to unsecured personal loans. You can get a loan at an interest rate of anywhere between 9 and 12% by pledging your gold, MF units, or shares. Compare this to over 10-28% rates, which is the range where unsecured personal loans charge interest. Banks love <keyword id="827883" type="General" weightage="100" keywordseo="Secured-Loans" source="Orion">secured loans</keyword> since they are well-secured. In case you default on paying back, the bank can sell off your gold, shares, or mutual fund units to recover the amount. This takes a lot of stress off the banks, which are already dealing with secured loans’ riskier sibling-<keyword id="947940" type="General" weightage="20" keywordseo="unsecured-lending" source="Orion">unsecured lending</keyword>. High NPAs (non-performing assets) and non-payments in the unsecured borrowing space have already put RBI on red alert, which is why the apex bank is tightening the screws on unsecured lending, which was well on its way to becoming a ticking time bomb. As a result, credit growth has moderated to 12.8% YoY in October, as against the 19.3% rise recorded in the year-ago period. Yet it's not like the banks won't feel the heat. Analysts at Nomura note that <keyword id="23954457" type="General" weightage="20" keywordseo="personal-loan-delinquencies" source="Orion">personal loan delinquencies</keyword> in India that have been overdue by over 90 days rose to 5.1% in the last financial year, as opposed to just 3.9% in the year prior. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">How does it work?</h2>Both these loans work on a similar principle: Your <keyword id="857141" type="General" weightage="20" keywordseo="loan-amount" source="Orion">loan amount</keyword> is equal to a certain percentage of the actual market value of your asset. This is known as the LTV (loan-to-value ratio). In the case of gold and debt mutual funds, RBI mandates that this LTV be about 75-80%. So, for every Rs 100 of gold or debt mutual fund unit you pledge, your maximum loan amount cannot exceed Rs 80. If you pledge gold, which has a market value of Rs 10 lakh, you can take a loan of up to Rs 8,00,000. In the case of shares and mutual fund units, this limit is set at 50%. So, your shares worth Rs 5,00,000 can only get you a loan worth Rs 2,50,000. But the bright side? You can continue earning returns on your investments and pay interest only on the amount you use, since this loan works as an overdraft facility. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">Super safe, you say?</h2>Interest rates on both of these loans are very much dependent on the market value of the asset, which wildly fluctuates on a day-to-day basis. So, in case the value of your asset falls, you’ll have to keep a margin or more of the same asset in order to continue with the loan and maintain the LTV balance. Failure to do so could mean the bank can even sell off your asset. Says financial planner Nema Chaya Buch. “Yes, LAS offers easy availability of funds since these loans come with a lower interest rate as compared to personal loans. Also, you continue to earn average returns of 10–13% on your equity investments. But the downside is, in case of emergency, those pledged securities cannot be sold. Also, if the equity market goes down, then the bank may ask for additional collateral. Raghvendra Nath, MD, Ladderup Wealth Management notes that taking a LAS is best when the value of your securities has appreciated significantly. “This allows you to maximize the loan amount based on your collateral while also addressing financial needs without having to liquidate your investment portfolio. However, there are notable disadvantages to consider. The market risk is significant; a substantial decline in market value could lead to margin calls, which may incur fees and charges if there are delays or prepayments, ultimately increasing the effective cost of borrowing. Furthermore, failure to make timely payments could result in the loss of your assets.”. Umesh Mohanan, ED &amp; CEO, of Indel Money, cautions that one should have a sufficient quantity of gold to get the loan amount one wants. "According to the current RBI rules, the loan applicant/borrower can draw up to 75% of the total market value of the collateral/gold jewellery. So, always carry a sufficient quantity of gold based on one’s loan requirement. “The most important thing is that the valuation of the gold depends on the purity of the gold. If the borrower pledges gold with higher purity, such as 24 carats or 22 carats, he will get the maximum loan amount," he adds.

Secured Loans 2.0 — why more and more Indians are turning to gold, shares and mutual funds to get loans

<ul><li><keyword id="23563912" type="General" weightage="20" keywordseo="Canadian-Trade-Minister" source="keywords">Canadian Trade Minister</keyword> has said the government will continue to support businesses amid strained ties with India.</li><li>This comes after India expelled six Canadian diplomats and withdrew its High Commissioner and five other diplomats from Ottawa.</li><li>Canada and India achieved a <keyword id="19895950" type="General" weightage="20" keywordseo="bilateral-trade" source="keywords">bilateral trade</keyword> relationship that reached $8.27 billion in FY23.</li></ul>Amidst an unprecedented diplomatic row between India and Canada, the Canadian Trade Minister has assured the country's business community that they are committed to supporting the well-established commercial ties between the two countries. <keyword id="21145182" type="General" weightage="20" keywordseo="Mary-Ng" source="keywords">Mary Ng</keyword>, Minister of Export Promotion, International Trade and Economic Development, made these remarks on Tuesday as tensions between India and Canada escalated after Canadian Prime Minister <keyword id="19898713" type="General" weightage="20" keywordseo="Justin-Trudeau" source="keywords">Justin Trudeau</keyword> on Monday accused the Indian government of supporting criminal activities targeting Canadian citizens. "I want to reassure our business community that our government remains fully committed to supporting the well-established commercial ties between Canada and India," Mary Ng, the minister of export promotion, international trade and economic development, said in a statement. India on Monday expelled six Canadian diplomats and withdrew its High Commissioner and five other diplomats from Ottawa. Canada, however, claimed that the Indian diplomats were expelled. Ng also said that "the Government of Canada remains open to a dialogue with India and we look forward to continuing our valued relationship." "Our Trade Commissioner Service will continue to assist and provide resources to Canadian companies operating in India," she said as India in an unprecedented step not only recalled its high commissioner from Ottawa but also expelled six of the Canadian diplomats from New Delhi. "Let me be clear: Canada stands firmly by its businesses. We will work closely with all Canadian enterprises engaged with India to ensure these important economic connections remain strong," she said. "However, we must consider our economic interests with the need to protect Canadians and uphold the rule of law. We will not tolerate any foreign government threatening, extorting, or harming Canadian citizens on our soil. We urge the government of India to respect the same principles of law and justice that guide our actions," Ng said. "The Government of Canada remains open to a dialogue with India and we look forward to continuing our valued relationship," said the minister. The ties between India and Canada came under severe strain following Canadian Prime Minister Trudeau's allegations in September last year of the "potential" involvement of Indian agents in the killing of Nijjar. New Delhi rejected Trudeau's charges as "absurd". As the ties between the two countries hit rock bottom, Canadian Foreign Minister Melanie Joly did not rule out imposing sanctions against India saying "everything is on the table". On its part, India strongly rejected attempts by Canadian authorities to link Indian agents with criminal gangs in Canada with official sources even saying that Ottawa's assertion that it shared evidence with New Delhi in the Nijjar case was simply not true. According to the India Brand Equity Foundation, Canada and India achieved a bilateral trade relationship that reached $8.27 billion in FY23 and $5.3 billion during April-November 2023. In 2022, India was Canada's ninth-largest merchandise trading partner in the Indo-Pacific region, the 13th-largest merchandise trading partner globally and the 14th-largest destination for merchandise exports. As of September 2023, Canada was ranked as the 17th largest foreign investor in India, having made cumulative investments amounting to $3.6 billion since April 2000. Canadian investments constitute approximately 0.56% of the total foreign direct investment (FDI) inflow into India. More than 600 Canadian companies and organizations have established a presence in India. The bilateral commercial relationships between the two countries stand at $100 billion, which includes $70 billion of Canadian portfolio investment into India. In 2020, Canadian direct investment in India amounted to $2 billion. Canadian portfolio investment in India is estimated to have grown more than 50% over the past five years, reaching about $27 billion. With inputs from PTI. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/apple-ipad-mini-with-a17-pro-chip-launched-starting-at-49900/articleshow/114259209.cms">Apple iPad mini with A17 Pro chip launched starting at ₹49,900</a> <a href="https://www.businessinsider.in/tech/mobile/news/global-smartphone-shipments-record-4-growth-in-q3-2024-samsung-leads-the-market/articleshow/114241402.cms">Global smartphone shipments record 4% growth in Q3 2024, Samsung leads the market</a> <a href="https://www.businessinsider.in/stock-market/webstories/hyundai-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/114235421.cms">Hyundai IPO – Price band to risk factors, all you need to know</a>

Canadian Trade Minister re-assures business community amid strained ties with India

<ul><li>Restrictions have been imposed in several major cities across India to curb New Year’s Eve celebrations.</li><li>Night curfews and Section 144 has been imposed in Delhi and Mumbai.</li><li>Hyderabad has permitted parties between 11 PM on December 31 and 1 AM on January 1.</li></ul>The New Year Eve celebrations will have to be low-key this year due to the COVID-19 pandemic and the restrictions being imposed across the country to control the spread of the virus. Various state governments have come up with guidelines for the New Year’s Eve which are aimed at controlling crowds at busy locations in order to contain the spread of the COVID-19, especially with a <a href="https://www.businessinsider.in/india/news/india-detects-14-new-cases-of-uk-covid-19-strain-putting-the-tally-at-20/articleshow/80020163.cms">new variant on the loose. </a> Here’s a quick look at the guidelines for some of the major cities in India: Delhi The Delhi Disaster Management Authority has imposed a night curfew in the national capital from 11 PM of December 31 till 6 AM on January 1. This means that no more than five people can gather in public. New Year celebrations and gatherings will not be permitted at public places. To prevent private events, the Delhi Police has warned the people not to hold any parties or root-top celebrations during the designated curfew timings. "To ease overcrowding on New Year's Eve (31 December), exit from Rajiv Chowk metro station will not be allowed 9 pm onwards. Entry of passengers will be allowed till the departure of the last train. Please plan your journey accordingly," the Delhi Metro Rail Corporation (DMRC) <a href="https://twitter.com/OfficialDMRC/status/1344230052083367937">tweeted</a>. Mumbai In Mumbai, night curfew will be imposed from 11 PM on December 31 to 6 AM on January 1. This means that gatherings will not be allowed in restaurants, bars, beaches, rooftops and pubs once the curfew begins. While there will be no restrictions on visiting friends and family, a maximum of four persons will be allowed to travel in a vehicle. The Mumbai Police has said that it will conduct blood tests instead of breathalyser tests to ward against drinking and driving. Bengaluru The Bengaluru city police in its guidelines has stated that gatherings of more than four people will not be allowed in public areas. The prohibitory orders in the city will start from 12 noon on December 31 and end at 6 AM on January 1. Apartments and societies have also been instructed to not organise New Year celebrations. Restaurants will be allowed to operate but customers will be allowed only with advance booking. Chennai The Chennai Police has instructed resorts located along the Old Mahabalipuram Road and Chennai's East Coast Road to not organise parties. Guests who are presently staying at these resorts will be allowed to take these routes till 10 PM on December 31 after providing a valid ID proof. No parties will be allowed at beaches, restaurants, pubs, clubs and bars. Hyderabad The Cyberabad Police have instructed that New Year celebrations should be held between 8 PM on December 31 to 1 AM on January 1. The Outer Ring Road (ORR) will be open only to airport passengers from 10 PM on December 31 to 5 AM on January 1. The police have also instructed hotels, resorts, pubs and bars to not organise any party without the prior permission of the police. Jaipur The Rajasthan government has imposed night curfew in all cities with a population of more than 10 million. The restrictions will be in place from 8 PM on December 31 till 6 AM on January 1. Kolkata The West Bengal government has decided to hold public events across the state and the theme will be based on the ongoing anti-agri law protests and anti-CAA protests. Odisha The state government has <a href="https://www.businessinsider.in/india/news/odisha-night-curfew-from-10pm-to-5am-on-new-years-eve/articleshow/80043164.cms">imposed</a> night curfew from 10 PM on December 31 to 5 AM on January 1. Cuttack-Bhubaneswar Police Commissioner Sudhanshu Sarangi said that all hotels and shops will remain closed during the night curfew. "The government of Odisha is imposing a night curfew from 10 PM tonight to 5 AM tomorrow morning across the state. The general public is requested to cooperate. All essential services and movements are allowed to continue during the curfew hours," Special Relief Commissioner (SRC) Pradeep Kumar Jena tweeted on Thursday. SEE ALSO: <a href="https://www.businessinsider.in/india/news/these-are-some-important-changes-in-india-from-january-1-2021-new-year/articleshow/80021085.cms">From WhatsApp not working on select models to quarterly GST returns — these are some important changes in India from January 1</a> <a href="https://www.businessinsider.in/india/news/delhi-imposes-two-night-curfew-on-new-years-eve-no-celebrations-allowed-at-public-places/articleshow/80038857.cms">Delhi imposes two-night curfew on New Year’s eve — no celebrations allowed at public places</a> <a href="https://www.businessinsider.in/india/news/indias-health-ministry-warns-that-new-year-celebrations-pose-a-superspreaders-threat-asks-states-to-curb-crowding/articleshow/80024342.cms">India's Health Ministry warns that New Year celebrations pose a 'superspreaders' threat, asks states to curb crowding</a>

New Year celebration guidelines for Mumbai, Delhi, Bengaluru and other cities

<keyword id="20593546" type="General" weightage="20" keywordseo="BCCI-Secretary" source="keywords">BCCI Secretary</keyword> <keyword id="19930802" type="General" weightage="20" keywordseo="Jay-Shah" source="keywords">Jay Shah</keyword> says the 'Impact Player' rule, which has divided opinions in the ongoing IPL, can be revisited if that's what the stakeholders want given that it was introduced as a "test case". The impact player rule has had a heavy bearing on the ongoing edition with teams crossing 250-run mark as many as eight times so far. Players, coaches as well as experts have pointed out the challenges which the impact player rule poses to the bowlers, saying that it allows teams to have extended batting line-ups. India captain <keyword id="19899523" type="General" weightage="20" keywordseo="Rohit-Sharma" source="keywords">Rohit Sharma</keyword> has stated that the rule hurts all-rounders as they are not getting enough bowling opportunities. "Impact player rule was brought in as a test case. On the bright side, it is providing additional playing opportunities to two <keyword id="20619603" type="General" weightage="20" keywordseo="Indian-players" source="keywords">Indian players</keyword>," he said in an interaction with select media at the BCCI office here on Thursday. "Isn't it important that two Indian players are getting a chance? The game is also becoming more competitive," he added. Shah said all stakeholders will sit down in a meeting likely to be held after the <keyword id="19921630" type="General" weightage="20" keywordseo="T20-World-Cup" source="keywords">T20 World Cup</keyword> to decide on it. "But still, if the players feel that this is not alright we will speak on it. However, no one has said anything about it yet. After the IPL and the World Cup, we will have a meeting and decide," he said. "After the World Cup, we will consult with players, franchise and broadcasters and decide about the future course. It's not a permanent rule nor am I saying we will move past it," he added. Shah said India's T20 World Cup-bound players for the Caribbean and the USA, who are currently busy with the IPL, need no rest as competition is perfect preparation ahead of the mega event. "Why do you want to rest players? This is (as good as a) practice session, you cannot get any better opportunity (to prepare) than this," Shah said. "There is a cosmopolitan team in front of you, one team has a bowler from New Zealand, the other has a bowler from Australia and the next one has a bowler from Sri Lanka," he added. Shah said IPL is the best way to prepare for the Indian players as a Jasprit Bumrah gets a chance to gauge a marauding batter like Travis Head well ahead of the World Cup. "If we rest a bowler he won't get a chance to bowl at Travis Head. When (Jasprit) Bumrah will bowl to Travis Head, he will understand where to bowl to him and how. There is no better opportunity," he said. Focussing on women's cricket" Shah said the focus has also been on improving women's cricket by adding more fixtures to their calendar. "Women's cricket is going on full fledged and it is being managed no less than men's cricket. There is a World Cup in Bangladesh so we have maintained our bilateral relationship and played a series," Shah said. "We have put our focus 51 per cent on women's cricket and 49 per cent on men's because we are doing good in men's cricket so we are taking women's cricket on priority (basis). Their match fees has also increased so they have income as well," he added. However, Shah said there is no possibility of an increase in the number of teams for the Women's Premier League. "Let it be five teams for now. The media and sponsorship rights are set for five years and adding more teams will only create issues for them. The franchises have to sustain as well," he said. 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IPL's impact player rule implemented as test case, can be revisited: Jay Shah

<ul><li>On Wednesday, <keyword id="142901" type="General" weightage="20" keywordseo="saic-motor" source="Orion">SAIC Motor</keyword> and <keyword id="144036" type="General" weightage="20" keywordseo="jsw-group" source="Orion">JSW Group</keyword> made a grand announcement of their joint venture, <keyword id="21026216" type="General" weightage="100" keywordseo="jsw-mg-motor-india" source="Orion">JSW MG Motor India</keyword>.</li><li>The new company will launch its first car during the festive season and is set to launch two cars in 2024.</li><li>The company has claimed that it will launch a new car every three to six months in the country.</li></ul> Mumbai, March 20: Chinese auto giant SAIC Motor and Indian conglomerate JSW Group have partnered to launch a new joint venture, named JSW <keyword id="5287148" type="General" weightage="20" keywordseo="mg-motor" source="Orion">MG Motor</keyword> India. On Wednesday, Sajjan Jindal, the chairman of the JSW Group, announced the JV’s ambitious new plans at an event here. The marque of MG Motor, whose portfolio includes the MG ZS EV, MG Comet, MG Astor and others in India, is owned by SAIC Motor. <cmsannotation type="cmsannotation" annotationid="Leveraging the strengths" comment="subhead" text="Leveraging the strengths">Leveraging the strengths</cmsannotation> The JV is aimed at using SAIC Motor’s expertise in the auto sector and the JSW Group’s manufacturing experience in the country. JSW MG Motor India will produce both electric and internal combustion engine (ICE) vehicles. JSW Group will also bring in the expertise of its group companies, such as JSW Energy to improve its infrastructure in the country. The JSW Group recently received approval from the Competition Commission of India (CCI) to acquire a 35% stake in MG Motor India. Parth Jindal, son of Sajjan Jindal and Sangita Jindal, has been appointed as a member of the steering committee of JSW MG Motor India. <cmsannotation type="cmsannotation" annotationid="A new car every three to six months" comment="subhead" text="A new car every three to six months">A new car every three to six months</cmsannotation> Speaking about the company’s ambitious plans, Sajjan Jindal said that the company will launch a new car every three to six months in the country. The first launch from the company will arrive during the festive season, in October 2024. The company aims to launch two cars in 2024. The first launch from the company is expected to be the MG4, which was showcased at the event in Mumbai on Wednesday. JSW MG Motor India aims to expand its production from the present 1 lakh units per year to three lakh units per year. To achieve this, the company will expand its production capacity at its Halol plant in Gujarat. These cars will be manufactured in India for both domestic consumption and exports. In addition, the company will also set up a new research and development facility in the country, Jindal added. <cmsannotation type="cmsannotation" annotationid="JSW MG Motor India will create a NEV Maruti moment" comment="subhead" text="JSW MG Motor India will create a NEV Maruti moment">JSW MG Motor India will create a NEV Maruti moment</cmsannotation> Speaking about how Maruti dominated the Indian auto market by launching new cars in the 1990s, Sajjan Jindal said that JSW MG Motor India wants to create a Maruti moment for new energy vehicles in the country and lead the segment by 2030. The company has said that it will also foray into the premium vehicles segment in India. It showcased the <keyword id="9206504" type="General" weightage="20" keywordseo="mg-Cyberster" source="Orion">MG Cyberster</keyword> at the event and announced that the car would soon make its India debut. The new JV will also focus on the emerging new energy vehicles (NEVs) in the country. Parth Jindal said that the company plans on capturing 33% of the NEV market by 2030 and aims to sell 1 million EVs in 2030. India will move from its current market of 4 million cars per year to 10 million cars a year, as per Jindal. While MG Motor’s sales in India reported decent growth in February 2024, the company is not among the country’s top five players. The company sold 4,532 vehicles in February 2024. SAIC Motor is a global Fortune 500 company with annual revenues of around US $110 billion, while the JSW Group is one of India’s leading global business conglomerates with US $23 billion in revenues across diversified businesses. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/mobile-number-portability-revamped-to-reduce-sim-swap-frauds-here-are-the-new-rules/articleshow/108613683.cms">Mobile Number Portability revamped to reduce SIM swap frauds – Here are the new rules</a> <a href="https://www.businessinsider.in/business/auto/news/new-ev-policy-elon-musks-tesla-may-soon-enter-india-as-import-taxes-slashed-for-electric-vehicles/articleshow/108527306.cms">New EV Policy: Elon Musk’s Tesla may soon enter India as import taxes slashed for electric vehicles</a> <a href="https://www.businessinsider.in/business/auto/news/hyundai-creta-n-line-enters-indian-market-with-four-variants-starting-at-16-82-lakh/slidelist/108426938.cms">Launch alert: Hyundai Creta N Line enters Indian market with four variants, starting at ₹16.82 lakh</a>

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