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New Delhi [India], August 9 (ANI): Union Minister of Commerce &amp; Industry <keyword id="19895367" type="General" weightage="100" keywordseo="Piyush-Goyal" source="keywords">Piyush Goyal</keyword> stated that the leather and <keyword id="21599313" type="General" weightage="20" keywordseo="Footwear-industry" source="keywords">footwear industry</keyword> of the country has the potential to raise employment in the sector from the current 40 lakh to 1 crore. The minister stated it while inaugurating the 8th <keyword id="22718849" type="General" weightage="20" keywordseo="India-International-Footwear-Fair" source="keywords" meta.keywordsubtype="org" meta.entityname="India International Footwear Fair" meta.hostid="261" meta.entityid="India International Footwear Fair">India International Footwear Fair</keyword> in Delhi on Thursday. He highlighted that the leather and footwear industry has the ability to expand its market domestically and abroad. "We have the world market to capture. We need self-confidence, open mind to accept change" said Goyal. The minister also added that the implementation of Quality Control Orders (QCOs) will help prevent substandard, low-cost leather product imports and help save the Indian Footwear industry from unfair competition. He stated QCOs will help inculcate a spirit of quality among the domestic manufacturers, enabling India to become a world-class manufacturer of quality footwear. On liberalising the QCO guidelines, Goyal said that the Centre will give retailers two years to dispose of the existing footwear stock post application of the order. He also noted that fashion footwear manufacturing up to 72,000 pairs will not have to go through QCOs. Minister Goyal asserted that India is poised to become the market leader in the world. He also expressed hope for the footwear industry to become the world's largest manufacturer. Currently, India is the 2nd largest manufacturer and 9th largest exporter of footwear. The Minister also said that a target of USD 50 billion in exports by 2030 is achievable. He pointed out that QCOs don't apply to exports but the exporters have to meet the quality requirements of their clients. The Minister urged the industry to leverage the Free Trade Agreements (FTAs), especially with ASEAN and European countries and work towards making Indian brands global. Earlier the minister also highlighted that micro and small units under <keyword id="19990810" type="General" weightage="20" keywordseo="MSME" source="keywords">MSME</keyword> would continue to be exempted from the purview of QCOs. (ANI)

Leather and footwear industry can create 1 crore jobs: Piyush Goyal

<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> on Tuesday announced a <keyword id="20274081" type="General" weightage="20" keywordseo="credit-guarantee-scheme" source="keywords">credit guarantee scheme</keyword> for facilitating <keyword id="22087606" type="General" weightage="20" keywordseo="term-loans" source="keywords">term loans</keyword> for <keyword id="19910977" type="General" weightage="20" keywordseo="MSMEs" source="keywords">MSMEs</keyword> to purchase machinery and equipment without collateral or third-party guarantee. In her Budget speech in the Lok Sabha, she said the Budget provides special attention to micro, small &amp; medium enterprises (MSMEs) and manufacturing, particularly labour-intensive units. "We have formulated a package, covering financing, <keyword id="20961204" type="General" weightage="20" keywordseo="regulatory-changes" source="keywords">regulatory changes</keyword> and technology support for MSMEs to help them grow and also compete globally, as mentioned in the interim budget," she said. The credit guarantee scheme for MSMEs in manufacturing will operate on the pooling of credit risks of such entities. "A separately constituted self-financing guarantee fund will provide, to each applicant, guarantee cover up to Rs 100 crore, while the loan amount may be larger," the minister announced in the Budget. The borrower will have to provide an upfront guarantee fee and an annual guarantee fee on the reduced loan balance. She also announced a new mechanism for facilitating the continuation of bank credit to MSMEs during their stress period. Sitharaman said that while being in the 'special mention account' (SMA) stage for reasons beyond their control, MSMEs need credit to continue their business and avoid getting into the NPA stage. "Credit availability will be supported through a guarantee from a government-promoted fund," she added. In another move to help MSMEs, the minister announced a new assessment model for credit to the sector. She said public sector banks will build their in-house capability to assess MSMEs for credit, instead of relying on external assessment. "They will also take a lead in developing or getting developed a new credit assessment model, based on the scoring of digital footprints of MSMEs in the economy," she added. The new assessment model, she said, is expected to be a significant improvement over the traditional assessment of credit eligibility based only on asset or turnover criteria. It will also cover MSMEs without a formal accounting system. Mohammad Athar (Saif), partner and leader capital projects and infrastructure development, PwC India, said the credit guarantee scheme and <keyword id="22514802" type="General" weightage="20" keywordseo="e-commerce-export-hubs" source="keywords">e-commerce export hubs</keyword> for MSMEs will enable demand creation and boost India's aspiration of achieving USD 1 trillion in exports by 2030, driven by MSMEs. Sitharaman also announced that to enable MSMEs and traditional artisans to sell their products in international markets, e-commerce export hubs will be set up in public-private-partnership (PPP) mode. These hubs, under a seamless regulatory and logistic framework, will facilitate trade and export-related services under one roof. Vivek Jalan, Partner, Tax Connect, a multi-disciplinary firm, said, as requested by the trade and industry bodies and laid down by the Economic Survey, for MSME businesses, the compliance burden is also sought to be relaxed. Litigations will be reduced in the new <keyword id="22517694" type="General" weightage="20" keywordseo="Vivaad-Se-Vishwas-Scheme" source="keywords">Vivaad Se Vishwas Scheme</keyword>, he added. Rumki Majumdar, Economist, Deloitte India, said the credit guarantee schemes for MSMEs in the <keyword id="19955573" type="General" weightage="20" keywordseo="manufacturing-sector" source="keywords">manufacturing sector</keyword>, facilitating term loans for the purchase of machinery, and formulating packages to finance technology support to them will go a long way to providing access to finance and increasing investments, which have been key challenges in the sector.

FM announces credit guarantee scheme, other measures for MSMEs

The Production-Linked Incentive (PLI) Scheme for <keyword id="19899038" type="General" weightage="20" keywordseo="drones" source="keywords">drones</keyword> and drone components is a kickstarter for the sector to progress and should not be considered as a permanent subsidy scheme by the government, according to Union Minister <keyword id="19895367" type="General" weightage="20" keywordseo="Piyush-Goyal" source="keywords">Piyush Goyal</keyword>. "The <keyword id="19981334" type="General" weightage="20" keywordseo="PLI-scheme" source="keywords">PLI scheme</keyword> is not an end to itself, infect the purpose of the PLI is to kickstart the industry. This is not a permanent subsidy. The aim is not to make the industry dependent on the subsidy of the government," Goyal said. The Union Minister's remaks came during his address at the International Innovation Conclave organised by the <keyword id="22293565" type="General" weightage="20" keywordseo="PHD-Chamber-of-Commerce-Industry" source="keywords" meta.keywordsubtype="org" meta.entityname="PHD Chamber of Commerce &amp; Industry" meta.hostid="329" meta.entityid="PHD Chamber of Commerce &amp; Industry">PHD Chamber of Commerce &amp; Industry</keyword> (PHDCCI) in New Delhi on Thursday. Goyal noted that technological progress in the drone industry will help farmers in getting higher quality crops and will also help in increasing the yield of crops, The minister pointed out that drones will help in combating erratic weather patterns. Praising the development of technology and growth in the drone industry on the strength of innovation, he asserted that the development of the drone ecosystem and deploying them in villages across the nation aligns with the PM's 'NAMO Drone Didi' initiative that will help empower the women in the agriculture sector. "In the third term of the PM's administration we will work at triple the speed, ensure three times the result and hope to become the third largest economy in the world", said the Union Minister. He further stated that drones have the ability to contribute to the cooperative sector, Self-Help Groups (SHGs) and to Farmers Producer Organisation (FPOs) as a shared facility with the help of agri-infra funds in delivering fertilisers and reducing wastage and expenses of the farmers. The Union Minister said that for financing and mentoring of the drone ecosystem, (Small Industries Development Bank of India) SIDBI can be roped in to promote the sector. On the startup ecosystem, the Minister said that 18 Initial Public Offerings (IPOs) have already been offered in the first half of 2024 and 17 IPOs were offered in 2023. Goyal added that under the guidance of <keyword id="19899320" type="General" weightage="20" keywordseo="PM-Modi" source="keywords">PM Modi</keyword>, the country has seen windfall investments from foreign investors and there has been a massive push for infrastructure. He further stated that easing of regulations and compliance burden on startups along with enabling Ease of Doing Business (EoDB) have been the primary focus of PM Modi's government. The minister also added that infrastructure growth has a multiplier effect on the economy that leads to demand for goods and services and increases consumption in the country. He stated that PM's infra push has enabled growth of industry and generation of employment that has put the nation on a virtuous cycle of growth. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank">Upcoming smartphones launching in India in July 2024</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-july-2024/slidelist/111341281.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-july-2024/slidelist/111341281.cms" target="_blank">Upcoming cars launching in India in July 2024</a><a href="https://www.businessinsider.in/tech/news/hp-envy-x360-14-review/articleshow/111407165.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/hp-envy-x360-14-review/articleshow/111407165.cms" target="_blank">HP Envy x360 14 review – feature-packed laptop with a sleek design</a>

Production Linked Incentive scheme for drones to kickstart industry, not permanent subsidy: Piyush Goyal

Ahead of the union <keyword id="19936553" type="General" weightage="20" keywordseo="budget" source="keywords">budget</keyword> 2024, which is set to be presented on the 22nd July, finance minister Nirmala Sitharaman kicked off pre-budget consultations on 19th June. In their pre-budget memorandum to the <keyword id="19900485" type="General" weightage="20" keywordseo="finance-ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="finance ministry" meta.hostid="261" meta.entityid="finance ministry">finance ministry</keyword>, the <keyword id="20366533" type="General" weightage="20" keywordseo="PHD-Chamber-of-Commerce-and-Industry" source="keywords" meta.keywordsubtype="org" meta.entityname="PHD Chamber of Commerce and Industry" meta.hostid="261" meta.entityid="PHD Chamber of Commerce and Industry">PHD Chamber of Commerce and Industry</keyword> proposed 10 reforms it deemed essential for <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>’s journey towards <keyword id="19916816" type="General" weightage="20" keywordseo="Viksit-Bharat" source="keywords" meta.keywordsubtype="org" meta.entityname="Viksit Bharat" meta.hostid="261" meta.entityid="Viksit Bharat">Viksit Bharat</keyword>. Amongst the proposals submitted were introducing reforms to enhance the share of the manufacturing sector in India’s <keyword id="19904293" type="General" weightage="20" keywordseo="GDP" source="keywords">GDP</keyword> to 25% by 2030, and the expansion of the <keyword id="19981334" type="General" weightage="20" keywordseo="PLI-scheme" source="keywords">PLI scheme</keyword> beyond its existing scope of 14 sectors. In addition to this, <keyword id="20366532" type="General" weightage="100" keywordseo="PHDCCI" source="keywords" meta.keywordsubtype="org" meta.entityname="PHDCCI" meta.hostid="261" meta.entityid="PHDCCI">PHDCCI</keyword> also emphasised on rationalising direct taxes for the middle class, infrastructure enhancement and smart village development, with special focus on tier-2 and 3 cities. As per Sanjeev Agrawal, President, PHDCCI, “In order to strengthen the share of the manufacturing sector in the country's GDP, we recommend the status quo on the corporate tax rate at 22% for existing companies and 15% for new manufacturing companies incorporated after October 1, 2019. The middle class must be spared from the 30% tax rate and this rate must be applicable only to those with taxable income above Rs. 40 lakh, this will support consumption demand in this country”. In addition to this, PHDCCI also emphasised on strengthening linkages between universities and industries for bettering research and development activities in the country, and also appealed for reducing cost of doing business. Here’s a snapshot of some prominent demands placed forth by the PHDCCI ahead of the budget : <ol><li>Change in NPA classification limit from the present 90 days to 180 days</li><li>Fostering AI education, skill development and competitiveness in the service sector</li><li>Increase agricultural exports to US$100 billion in the next 3 years via increased public investments in infrastructure,</li><li>Ensure the presence of schools within a radius of 1 km, colleges within a 10 km radius and universities within a 25 km radius in the next five years.</li><li>Make health centres available within the radius of 1 km and hospitals within the radius of 10 km.</li><li>Propose a Voluntary Disclosure Scheme (VDS) for legal cases older than 10 years, offering settlement opportunities at a nominal 15% penalty. </li></ol>

Bolster manufacturing sector, consumption this budget: PHDCCI to FinMin

<keyword id="22865833" type="General" weightage="20" keywordseo="online-vendors" source="keywords">Online vendors</keyword> have generated 15.8 million <keyword id="19914922" type="General" weightage="20" keywordseo="jobs" source="keywords">jobs</keyword> in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>, including 3.5 million for women, with about 1.76 million retail enterprises participating in <keyword id="19990771" type="General" weightage="20" keywordseo="e-commerce" source="keywords">e-commerce</keyword> activity, says a report released on Wednesday. The report 'Assessing the Net Impact of e-Commerce on <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">Employment</keyword> and Consumer Welfare in India' was launched by Commerce and Industry Minister Piyush Goyal. "Plugging in data from our survey, we estimate that online vendors generate 15.8 million jobs, including 3.5 million jobs for women," the report prepared by Pahle India Foundation (PIF), a Delhi-based policy research institute, said. E-commerce, according to the report, has been a key driver of employment generation In India. On an average, online vendors employ 54 per cent more people and almost twice the number of female employees, compared to offline vendors. The report noted that two of the most widely-recognised contributions of e-commerce penetration in the retail sector are --growth in employment and improvements in consumer welfare. It said rather than displacing physical markets, e-commerce is expanding into new territories like tier 3 cities. "Our data shows that a higher percentage of Tier 3 city consumers spend more than Rs 5,000 per month on online shopping as compared to consumers from bigger cities," it said, adding this is the India consumption story, which enables the co-existence of physical and digital retail. The study analysed the impact e-commerce has had on employment and consumer welfare through a pan-India survey of 2,062 online vendors, 2,031 offline vendors, and 8,209 consumers of products from e-commerce websites across 35 cities in 20 states and UTs. According to the report, each e-commerce vendor on an average employs about 9 people, of which 2 are female, while each offline vendor employs about 6 people, of which only 1 is female. It pointed out that there was increase in employment across skill levels, including high-skilled (management, marketing), medium-skilled (customer service, operations), and low-skilled (warehousing, logistics, delivery) functions. The report said that the growth of e-commerce and accompanying digitalisation have fundamentally changed the skill sets and roles required in the industry. "Vendors have experienced improved business performance parameters since listing online, including higher sales and profits," it said. According to the report, 60 per cent and 52 per cent of vendors, respectively, state that their sales and profits have increased since the time they have started selling online. "Overall, more than two thirds of the online vendors interviewed experienced an increase in online sales value and profits in the past year," the report said, adding that 58 per cent saw an increase in both. Barring costs, it said vendors have seen a positive shift in all other aspects of business performance since they started selling online. The report said there is a strong business case for offline vendors to list on e-commerce platforms or pursue an omni-channel strategy. "E-commerce integration has accrued significant benefits to vendors from smaller cities and micro-enterprises," it said. The study also delves into how e-commerce has reshaped consumer behaviour, noting that consumers have shifted to online shopping for reasons that include convenience, product variety, and access. "A highly engaged consumer base is indicated by the fact that more than 50 per cent of all respondents to the survey spent more than two hours on e-commerce platforms a week, and that 70 per cent made a purchase via e-commerce in the last month alone," it said. Speaking at the event, former NITI Aayog Vice Chairman Rajiv Kumar said, e-commerce has revolutionized India's retail landscape. Ministry of Statistics and Programme Implementation(MoSPI) secretary Saurabh Garg lauded the government's initiatives expanding digital public infrastructure that have enabled the smooth expansion of e-commerce. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-gained-over-3-million-subscribers-in-june-vi-lost-nearly-a-million/articleshow/112670406.cms">Reliance Jio and Airtel gained over 3 million subscribers in June, Vi lost nearly a million</a> <a href="https://www.businessinsider.in/tech/mobile/news/the-iphone-pro-models-will-be-made-in-india-for-the-first-time-this-year/articleshow/112653019.cms">The iPhone Pro models will be made in India for the first time this year</a> <a href="https://www.businessinsider.in/stock-market/webstories/orient-technologies-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112646237.cms">Orient Technologies IPO – Price band to risk factors, all you need to know</a>

Online vendors generated 15.8 million jobs in India: e-commerce report

The <keyword id="19915423" type="General" weightage="20" keywordseo="Indian-Chamber-of-Commerce" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Chamber of Commerce" meta.hostid="153" meta.entityid="Indian Chamber of Commerce">Indian Chamber of Commerce</keyword> (ICC) has suggested the government to rationalise <keyword id="6360806" type="General" weightage="20" keywordseo="customs" source="Orion">customs</keyword> duties in various sectors including steel, solar battery, aluminum, and lithium cells in a bid to boost <keyword id="20053977" type="General" weightage="20" keywordseo="domestic-manufacturing" source="keywords">domestic manufacturing</keyword>. Finance Minister Nirmala Sitharaman is scheduled to present the <keyword id="6360189" type="General" weightage="20" keywordseo="union-budget" source="Orion">Union Budget</keyword> for financial year 2024-25 on July 23. ICC President Ameya Prabhu said protective measures are needed for the growth of domestic industry in sectors including steel, solar battery, aluminum, and lithium cells. "There is a need for rationalisation of <keyword id="20454068" type="General" weightage="20" keywordseo="customs-duty" source="keywords">customs duty</keyword> in these specific sectors in a holistic manner. Huge potential is there to boost domestic manufacturing and make India a global hub for manufacturing," Prabhu said. He added that levies on raw materials impact domestic players particularly the downstream firms. He also asked for correction in inverted duty structure by cutting down duty on mixed petroleum gas from 5 per cent to 2.5 per cent. "To boost domestic manufacturing, there is a need to increase duty on polymers - polyvinyl chloride, polyethylene terephthalate, polypropylene and polyesters to 10 per cent. This will help in reducing import dependency and will drive India towards self-sufficiency in the petrochemical manufacturing segment," Prabhu said. Talking about the importance of the aluminium foil sector, the President said the domestic industry has been facing severe losses as there is anti-dumping duty on raw materials whereas the finished goods are not subject to any duties on imports from China. "This dual effect has resulted in extensive net losses to the companies that have made significant investments into this industry," Prabhu noted. On the taxation side, the chamber has suggested setting up a commission to review the Income Tax Act 1961 in its entirety and simplify the provisions. "This is an old Act. Every year in the <keyword id="6358021" type="General" weightage="20" keywordseo="budget" source="Orion">Budget</keyword>, amendments are made which has made this Act complex to understand. These amendments have resulted in many anomalies which in turn have given rise to a large number of legal cases," the chamber has said. Prabhu further recommended the government not to impose tax on dividends. He added that during his tenure so far the ICC has spread its wings further nationally and internationally and become a truly world-class chamber. "We have opened 25 chapters globally in countries including New Zealand, the US, Europe, Australia, Korea and Middle East nations," he said.

Government should rationalise customs duty in Budget to boost domestic manufacturing: Indian Chamber of Commerce

Imagery of battlefields and violence have permeated the news cycle as armed conflicts rage around the globe, particularly in the <a target="_blank" href="https://www.businessinsider.com/israel-rafah-gaza-assault-warns-civilians-biden-2024-5">Middle East</a> and <a target="_blank" href="https://www.businessinsider.com/fierce-russian-attacks-test-ukraine-defense-near-kharkiv-war-expansion-2024-5">Ukraine</a>.Rarely, however, do we see inside the multibillion-dollar industry behind the weapons that cause its destruction.In his new book, "<a target="_blank" href="https://nikitateryoshin.com/nothing-personal">Nothing Personal: The Back Office of War</a>," photographer Nikita Teryoshin lifts the veil on the <a target="_blank" href="https://www.businessinsider.com/us-arms-exports-rise-50-percent-cutting-russia-weapons-trade-2024-1">global arms trade</a>, capturing defense exhibitions worldwide.<div type="image" title="Arms company CTA demonstrating their fire power on an 2mm thick aluminum target. CTA is joint venture between Nexter and BAE Systems based in France. EUROSATORY, Paris, France, 2018" height="2670" width="4000" msid="110124471" hostid="261"></div>"These [defense] fairs are the opposite of what you imagine when you think of arms and war," Teryoshin said in an interview with Business Insider.Through the colorful, bright, yet uncanny depictions of the defense industry, "Nothing Personal" portrays a world that is the complete opposite of the battlefield it profits from, highlighting the sobering reality of war as a business and economic incentive.From 2016 to 2023, Teryoshin documented defense fairs in 14 countries, including the United States, China, France, Abu Dhabi, and Russia. Closed to the public, his series offers a rare inside look into the <a target="_blank" href="https://www.businessinsider.com/russia-economy-oil-export-revenue-price-cap-war-dark-fleet-2023-12">lucrative global arms industry.</a><div type="image" title="Live demonstration of warfare watched by high-ranked guests, politicians and traders. IDEX Expo, Abu Dhabi, UAE, 2019" height="1335" width="2000" msid="110124474" hostid="261"></div>Teryoshin's photos depict the showy display of <a target="_blank" href="https://www.businessinsider.com/ukraine-abrams-tank-crew-says-still-on-front-lines-2024-5">tanks</a>, <a target="_blank" href="https://www.businessinsider.com/armies-need-their-own-drone-air-force-flown-by-specialists-study-says-2024-5">drones</a>, <a target="_blank" href="https://www.businessinsider.com/russian-helicopter-ukrainian-drone-boat-armed-with-missiles-2024-5">missiles</a>, air shows, and war shows at various defense exhibitions. He described the fairs as "an oversized playground for adults with wine, finger food, and shiny weapons.""Dead bodies here are mannequins or pixels on screens of a huge number of simulators," he wrote in his book. "Bazookas and <a target="_blank" href="https://www.businessinsider.com/ukrainians-using-decades-old-us-gun-truck-against-russia-drones-2024-5">machine guns</a> are plugged into flatscreens and war action is staged in an artificial environment in front of a tribune full of high-ranked guests, ministers, heads of state, <a target="_blank" href="https://www.businessinsider.com/top-us-general-russia-growing-back-pre-war-military-strength-2024-4">generals</a>, and traders."<div type="image" title="A photo stand of the Indian Army. The soldier cut out equipped with a Kalashnikov rifle wears a Russian uniform with explosion coming out of his missing head.DEFEXPO, Lucknow, Uttar Pradesh, India, 2020" height="4000" width="2667" msid="110124478" hostid="261"></div>Teryoshin's images are striking — a bright flash in each image tying together the bizarre display of weapons with abstracted figures of anonymous delegates. A colorful array of canapés and a bright floral dress are set in a scene with a sleek gray model of a <a target="_blank" href="https://www.businessinsider.com/french-warships-defeating-houthi-missile-attacks-2024-3">naval gun </a>looming in the background.<div type="image" title="Model of a Swedish Bofors 57 Mk3 naval gun behind a table full of food at defense fair" height="2670" width="4000" msid="110124481" hostid="261"></div>"I think it's the key visuals in the project where you see food and waitress serving wine and juice, and in the background, you see all these war machines," Teryoshin said.In 2019, Teryoshin attended the International Defense Exhibition &amp; Conference in Abu Dhabi, where he said guests were enjoying a cake decorated with a mini tank, <a target="_blank" href="https://www.businessinsider.com/russia-pulls-aircraft-from-front-lines-ukraine-strikes-deep-intel-2024-5">jet fighters</a>, and missiles.<div type="image" title="IDEX 25th anniversary cake with explosions, missiles, and soldier cut outs" height="1200" width="1798" msid="110124485" hostid="261"></div>"Special guests and generals started to eat the cake with little forks out from the pallet directly, and then I thought it looked like a real battlefield," Teryoshin said. "There was an explosion and a tank and a plane and jet fighters were flying little toys that were flying around this explosion, and it was totally weird."He added: "The alliance of <a target="_blank" href="https://www.businessinsider.com/uae-forges-china-ties-but-wont-get-j20-stealth-fighter-2024-5">UAE</a> and <a target="_blank" href="https://www.businessinsider.com/saudi-us-deal-could-reshape-mideast-excludes-israel-war-2024-5">Saudi Arabia </a>were flying strikes against<a target="_blank" href="https://www.businessinsider.com/us-navy-aircraft-carrier-rearmed-back-red-sea-battle-houthis-2024-5"> the Houthis</a> and bombing hospitals, schools, and houses of normal people, and at the same time, 1,000 kilometers away, they are eating this cake with an explosion."With elements of dark humor and absurdity in every image, the photographer's distinctive visual style emphasizes the jarring juxtaposition of the luxury and celebration at defense fairs and the destructive weaponry and firearms the industry produces.<div type="image" title="Missiles models Python, Derby, Spike ER at the stand of the Israeli Rafael Advanced Defense Systems Ltd. surrounding an empty coffee mug." height="4000" width="2741" msid="110124488" hostid="261"></div>Large, metallic-gray <a target="_blank" href="https://www.businessinsider.com/us-navy-more-missiles-recently-got-first-kill-pacific-threats-2024-5">missiles</a> frame a half-empty coffee mug sitting on the edge of a display table. The camera's flash casts imposing shadows of the missiles around the mug — the everyday object normalizing the display of dangerous weaponry.Teryoshin alluded to the look of crime scene photography when discussing the use of flash in his series. The cold, harsh flash highlights the environment's ominousity through a pointedly cynical perspective.After the construction and the <a target="_blank" href="https://markets.businessinsider.com/news/commodities/oil-gas-prices-israel-gaza-war-middle-east-houthi-iran-2024-2">oil and gas sectors</a>, the global arms trade is one of the most corruption-prone sectors in the world, according to <a target="_blank" href="https://ti-defence.org/wp-content/uploads/2016/03/1004_corruption_risk_offsets.pdf">Transparency International</a>. By contrast, the international trade of bananas is more tightly regulated than the arms trade, according to the introductory note of <a target="_blank" href="https://legal.un.org/avl/ha/att/att.html#:~:text=By%202006%2C%20international%20attention%20shifted,resonate%20strongly%20with%20many%20States">the United Nations Arms Trade Treaty</a>.<div type="image" title="Peruvian delegation at the stand of UkrOboronProm shaking hands" height="2670" width="4000" msid="110124492" hostid="261"></div>With the weaponry in the forefront, the fairgoers in the series remain anonymous — the figures of <a target="_blank" href="https://www.businessinsider.com/us-sanctions-russian-trade-banking-financing-ruble-ukraine-war-funding-2024-5">traders and politicians</a> are all faceless and undetectable."I deliberately don't show you the faces of the businessmen," Teryoshin said in his artist statement. "It is not my intention to fix everything upon a certain person."<div type="image" title="South Korean officer watching the air show by the aerobatic 'Black Eagles' air force team flying KAI T-50B Golden Eagle jets." height="4000" width="2670" msid="110124496" hostid="261"></div>The anonymity of the figures adds mystery to each photograph and portrays the photographer's intention of showcasing the global arms industry as a monolith."I also didn't want to blame any special country, manufacturer, or person but to show it just as a phenomenon," he said.Here, war is simply a universal means of commerce — the convention space secluded from the real terror of conflict.<div type="image" title="On the deck of a ferry while jet fighters, helicopters and cargo aircraft fly low." height="2669" width="4000" msid="110124498" hostid="261"></div><a target="_blank" href="https://www.businessinsider.com/global-military-spending-reaches-record-highs-2023-wars-conflicts-ukraine-2024-4">Military spending worldwide</a> amounted to $2.44 trillion in 2023. In the US, it was estimated that the <a target="_blank" href="https://www.businessinsider.com/us-aid-spending-israel-military-defense-gaza-war-2023-10">average taxpayer contributed $5,109 to the US military</a> and its support systems in 2023. While the average American contributes <a target="_blank" href="https://www.businessinsider.com/ukraine-aid-bill-help-american-jobs-military-defense-business-economy-2024-4">thousands of dollars to the military</a>, the general public is not privy to the inner workings of war profiteering — something Teryoshin hopes to change through his photography.Teryoshin shows the irony behind arms company slogans, such as "70 years defending peace" by Kalashnikov Group or "Engineering a better tomorrow" by <a target="_blank" href="https://www.businessinsider.com/militaries-receiving-f35-jets-frees-f16s-for-ukraine-former-exec-2023-7">Lockheed Martin,</a> by showing viewers the opposite of a violent and terrifying battlefield: the people in business attire who profit from window shopping for war machines with champagne in hand.<div type="image" title="A woman holding tray of juice and wine in front of a military helicopter." height="4000" width="2670" msid="110124500" hostid="261"></div>

Behind the Curtains of the Global Arms Industry

<keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> Nirmala Sitharaman on Tuesday proposed reduction in basic <keyword id="20454068" type="General" weightage="20" keywordseo="customs-duty" source="keywords">customs duty</keyword> on <keyword id="19895579" type="General" weightage="20" keywordseo="gold" source="keywords">gold</keyword> and <keyword id="19934349" type="General" weightage="20" keywordseo="silver" source="keywords">silver</keyword> to 6 per cent and <keyword id="20163042" type="General" weightage="20" keywordseo="platinum" source="keywords">platinum</keyword> to 6.4 per cent. Presenting Budget for 2024-25, she also announced removal of basic customs duty on ferronickel, blister copper, while increasing the same to 15 per cent from 10 per cent on specified telecom equipment. The reduction in basic customs duty of gold, silver and platinum has been a long pending demand of the gems and jewellery industry. Sitharaman also proposed reduction in basic customs duty on certain brood stocks, shrimps and fish feed to 5 per cent. On the other hand, she said the government will raise customs duty on ammonium nitrate to 10 per cent and 25 per cent on non-biodegradable plastics. She also said e-commerce export hubs will be set up in PPP (public private partnership) mode to enable MSMEs sell their products. Traditional artisans will sell products in international markets, she said. She also proposed expanding the list of exempted capital goods used in manufacturing of solar cells and panels. SEE ALSO:<a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" target="_blank">Budget 2024-25 – Changes to tax slabs, increased standard deduction and other changes to direct taxation</a> <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank">Budget 2024 Live Updates: FM Sitharaman announces comprehensive review of the Income Tax Act 1961</a><a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank">Union Budget 2024-25: How will this budget impact you?</a>

Sitharaman announces cut in customs duty on gold, silver to 6%

As Indian startups face turbulence in the global funding winter, experts on Monday said they need to reserve cash, create a long-term goal and adopt a culture of customer feedback to survive in 2023. On the occasion of the 'National Startup Day', envisioned by Prime Minister <keyword id="6354477" type="General" weightage="80" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> last year, industry experts said that the founders must continuously monitor the trends which are happening in the world. Indian startups fired more than 18,000 employees in 2022 amid a funding winter and macroeconomic uncertainty. "Investing in R&amp;D can be one of the finest ways to actually tackle disruption. Make sure that as a business, you keep some of your profits or your balance sheet reserves for investing into R&amp;D to actually learn more," Dr Ritesh Malik, Director, <keyword id="6365866" type="General" weightage="50" keywordseo="alliance" source="Orion">Alliance</keyword> for <keyword id="2947744" type="General" weightage="50" keywordseo="digital-india-foundation" source="Orion">Digital India Foundation</keyword>, or <keyword id="1429787" type="General" weightage="50" keywordseo="adif" source="Orion">ADIF</keyword>, told IANS. "If you feel that there is a platform like Instagram where the go-to-market strategy is more efficient, start learning Instagram and start promoting your products there," he added. According to <keyword id="6061635" type="General" weightage="80" keywordseo="tejas-khoday" source="Orion">Tejas Khoday</keyword>, Co-Founder and CEO of trading platform FYERS, this year is special as India has emerged to be the third largest startup ecosystem in the world. "While the past year was turbulent with IPOs of several well-known startups not doing too well, the ongoing funding winter and related layoffs, in the long run, all this will be a blip on the radar," he said. That said, this will help the ecosystem to mature and hopefully and we will see startups achieve a better balance between scale and profitability in 2023, Khoday noted. While interacting with over 150 startups, <keyword id="2238662" type="General" weightage="50" keywordseo="pm-modi" source="Orion">PM Modi</keyword> last year announced the commemoration of National Startup Day on January 16 every year. The Department for Promotion of Industry and Internal Trade and the <keyword id="6416832" type="General" weightage="50" keywordseo="ministry-of-commerce-and-industry" source="Orion">Ministry of Commerce and Industry</keyword> marked an entire week as <keyword id="16072714" type="General" weightage="50" keywordseo="national-startup-week" source="Orion">National Startup Week</keyword>, from January 10 to 16. According to Malik, startups must hear back from their customers. "The more you hear from your customers, the more you will be able to understand their changing needs. And the more your product becomes dynamic and you constantly change that product to the whims and fantasies of the customer," he noted. <keyword id="3337958" type="General" weightage="80" keywordseo="ravish-naresh" source="Orion">Ravish Naresh</keyword>, CEO and Co-founder of Khatabook, said that there is a stronger acknowledgment of Indian startups' role in solving core problems of emerging economies to bridge the socio-economic gaps. "This year, our primary aim is to turn profitable and scale up the digital lending offerings to meet the unmet credit demand of Indian MSME businesses. We are optimistic about the Indian economy and its opportunities for the startup ecosystem," he said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/logistics-startup-locad-raises-11-million-in-series-a-funding-led-by-reefknot-investments/articleshow/97020396.cms">Logistics startup Locad raises $11 million in Series A funding led by Reefknot Investments</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/foreign-investors-pull-out-15000-crore-from-stocks-in-the-first-two-weeks-of-2023/articleshow/97019987.cms">Foreign investors pull out ₹15,000 crore from stocks in the first two weeks of 2023</a>

Indian startups need to conserve cash & listen to customers, say experts

The <keyword id="13535043" type="General" weightage="20" keywordseo="india-australia-economic-cooperation" source="Orion">India-Australia Economic Cooperation</keyword> and Trade Agreement, which would give a big boost to especially textiles, gems and jewellery and pharmaceuticals sectors, is expected to create new 10 lakh jobs, said <keyword id="269080" type="General" weightage="20" keywordseo="union-commerce-minister" source="Orion">Union commerce minister</keyword> Piyush Goyal. "Since the labour-intensive sectors will be benefitted, it is expected to create additional employment of at least 10 lakhs jobs in India, create ample opportunities for investment, promotion of start-ups. Similarly, it would provide enhanced job opportunities for Indians in Australia and increased remittance flows to India," Goyal said. The Australian parliament has announced the passing of the <keyword id="120586" type="General" weightage="20" keywordseo="free-trade-agreement" source="Orion">free trade agreement</keyword> (FTA) with India, Goyal on Tuesday said adding that the initial size of bilateral trade between the two countries can go up to around USD 45-50 billion in the next five-to-six years. Addressing a press conference on the trade deal following the approval of the Agreement by the Australian Parliament, Goyal said that duties on 100 per cent tariff lines would be eliminated by Australia under this deal. The Minister underscored that the Agreement was finalized after extensive and exhaustive stakeholder consultations and pointed out that it was "unanimously accepted" and supported by all quarters. The deal which was signed on April 2, 2022, is now ready for ratification for its early implementation. The Agreement will enter into force shortly, on a mutually convenient date once both sides have completed their domestic processes, India's Ministry of Commerce and Industry said in a statement on Tuesday evening right after minister Goyal's presser. Australia is an important strategic partner of India and both democracies are part of the four-nation QUAD, Trilateral Supply Chain Initiative and the Indo-Pacific Economic Forum (IPEF). The trade relationship facilitated through the deal will open a new chapter on India-Australia Comprehensive Economic Partnership between two vibrant economies with shared interests and trade complementarities. This Economic Cooperation and Trade Agreement is the first trade agreement of India with a developed country after more than a decade, the statement said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/googles-parent-company-alphabet-prepares-to-lay-off-10k-employees/articleshow/95691119.cms" style="">Google's parent company Alphabet 'prepares' to lay off 10K employees</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/vedanta-announces-third-dividend-of-rs-17-50-per-share/articleshow/95690324.cms">Vedanta announces third dividend of Rs 17.50 per share</a>

You Searched For "Commerce and Industry Minister" and got 10 results

Leather and footwear industry can create 1 crore jobs: Piyush Goyal

ANI

FM announces credit guarantee scheme, other measures for MSMEs

PTI

Production Linked Incentive scheme for drones to kickstart industry, not permanent subsidy: Piyush Goyal

ANI

Bolster manufacturing sector, consumption this budget: PHDCCI to FinMin

Ira Alok Puranik

Online vendors generated 15.8 million jobs in India: e-commerce report

PTI

Government should rationalise customs duty in Budget to boost domestic manufacturing: Indian Chamber of Commerce

PTI

Behind the Curtains of the Global Arms Industry

Momo Takahashi

Sitharaman announces cut in customs duty on gold, silver to 6%

PTI

Indian startups need to conserve cash & listen to customers, say experts

IANS

India-Australia trade deal estimated to create 10 lakh jobs: Piyush Goyal

ANI

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