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New Delhi: The <keyword id="19938513" type="General" weightage="20" keywordseo="Department-of-Consumer-Affairs" source="keywords" meta.keywordsubtype="org" meta.entityname="Department of Consumer Affairs" meta.hostid="268" meta.entityid="Department of Consumer Affairs">Department of Consumer Affairs</keyword> has constituted a committee of experts to recommend a robust framework for a <keyword id="22964001" type="General" weightage="100" keywordseo="Repairability-Index" source="keywords">Repairability Index</keyword> aimed at empowering consumers and promoting <keyword id="20128078" type="General" weightage="20" keywordseo="sustainable-practices" source="keywords">sustainable practices</keyword> within the tech industry. The committee, chaired by Department of Consumer Affairs (DoCA) Additional Secretary Bharat Khera, will develop the Repairability Index to provide consumers with greater transparency on repair information for their products and foster a more sustainable technology industry. The National Workshop on the Right to Repair in the <keyword id="20881182" type="General" weightage="20" keywordseo="mobile-and-electronics" source="keywords">Mobile and Electronics</keyword> Sector, convened on August 29, brought together industry stakeholders to establish a consensus on the framework for evaluating components for the Repairability Index, fostering longevity in product design and democratising access to repair information and spare parts. "The framework on Repairability Index aimed to provide consumers with essential information about product repairability besides seamless access to spare parts will enable informed purchasing decisions," the DoCA said in a statement. The committee, which includes representatives from the Ministry of Electronics and Information Technology (MeitY), Ministry of Micro, Small and Medium Enterprises (MSME) and industry stakeholders, is expected to submit a comprehensive report on the Repairability Index framework by November 15. The key components of the proposed Repair Ecosystem include comprehensive repair information, accessible spare parts, affordable tools, modular product design and ensuring the economic feasibility of repairs for consumers. "By standardising the assessment of repairability, the index will create an ecosystem where consumers can easily compare products and choose options that align with the ethos of mindful consumption and sustainability," the DoCA statement said.

Government set to introduce Repairability Index for mobile, electronics products

Donald <keyword id="19906203" type="General" weightage="20" keywordseo="Trump" source="keywords">Trump</keyword> and <keyword id="19903807" type="General" weightage="100" keywordseo="Elon-Musk" source="keywords">Elon Musk</keyword> have apparently become great friends over recent months. Musk poured millions of dollars into Trump's successful election campaign and has been a vocal and visible supporter of the president-elect. In return, he's been given a new job, in joint charge of the new <keyword id="23593857" type="General" weightage="20" keywordseo="Department-of-Government-Efficiency" source="keywords">Department of Government Efficiency</keyword> (Doge), where he will be tasked with streamlining government operations and reducing bureaucracy. This "department"—actually an advisory group—will aim to cut unnecessary spending and make the general functioning of the US government more efficient. The idea is that within a federal budget of over US$6 trillion, there are opportunities to make some big savings. Musk's appointment—like many things he's involved with—has sparked controversy. The richest man in the world has already said he wants to cut spending by US$2 trillion (£1.6 trillion) and mentioned setting up a "leaderboard for most insanely dumb spending of your tax dollars.". Some are concerned about the impact he could have on public services. Others fear he will use his position to promote his own business interests. On the positive side, Musk has a very impressive CV when it comes to big organisations. He has created (or co-created) multi-billion-dollar businesses, including Paypal, <keyword id="19895433" type="General" weightage="20" keywordseo="Tesla" source="keywords" meta.keywordsubtype="org" meta.entityname="Tesla" meta.hostid="261" meta.entityid="Tesla">Tesla</keyword>, and <keyword id="19905255" type="General" weightage="20" keywordseo="SpaceX" source="keywords" meta.keywordsubtype="org" meta.entityname="SpaceX" meta.hostid="261" meta.entityid="SpaceX">SpaceX</keyword>. He has founded startups involved in AI (xAI), tunnelling (the Boring Company), and medicine (<keyword id="19985233" type="General" weightage="20" keywordseo="Neuralink" source="keywords" meta.keywordsubtype="org" meta.entityname="Neuralink" meta.hostid="261" meta.entityid="Neuralink">Neuralink</keyword>). And research suggests that much of Musk's success comes down to a relentless focus on efficiency. He has also been praised for the depth of his analytical thinking and innovative problem solving. Tesla's factory in California went from being the least productive car manufacturing plant in the US when it was owned by General Motors to the most productive under Musk's ownership. SpaceX has vastly reduced costs in the space cargo business. So he has form. And Musk is not the first American business leader to offer private sector expertise to the world of politics. Back in the 1960s, Robert McNamara, former president of the Ford Motor Company, served as secretary of defence under presidents John F. Kennedy and Lyndon B. Johnson. McNamara brought significant innovations to <keyword id="22668770" type="General" weightage="20" keywordseo="government-efficiency" source="keywords">government efficiency</keyword> that drew on his corporate experience. He championed cost-benefit analysis and a data-driven approach to decision-making and was keen on reducing bureaucracy and promoting accountability in complex governmental processes. To achieve this, McNamara recruited a team of experts from the worlds of academia and business. Known as the "Whizz Kids," they brought new perspectives to the White House. In the UK now, the Labour government's minister of state for investment is Poppy Gustafsson, a former venture capitalist and tech founder. Its minister for prisons is James Timpson, former CEO of the Timpson Group, a family firm renowned for hiring ex-offenders. These people—and there are many other examples around the world—were brought into the political sphere because of the knowledge and vision they have demonstrated in the private sector. The hope is their talent and leadership will improve policy and practice. <h2>Data-driven reform</h2>The same must be hoped for Musk: that with his co-leader, Vivek Ramaswamy—a biotech entrepreneur and former Republican leadership candidate—he will bring expertise in cost-cutting and innovative strategies. This will probably include comprehensive audits and data-driven approaches to reform. Critics refer to prior examples of Musk's approach, such as the mass layoffs and aggressive cost-cutting measures at Twitter (now X), with concerns that there could be similarly drastic reductions in the federal workforce and public services. But big job cuts were happening across the tech sector at that time. They came in the wake of reduced revenues and a need to reduce bloated workforces and ineffective functions—not unlike the challenges faced by the US government. Nevertheless, while proponents see Musk as an experienced leader capable of streamlining bureaucracy, sceptics fear the advent of harmful austerity measures that risk disruption to essential public programs. Concerns have also been raised about potential conflicts of interest, as Musk's business empire benefits from government contracts. However, since Doge will operate as an advisory body, concerns over him gaining advantage through any self-dealing seem overblown. Besides, two of Musk's companies (SpaceX and Tesla) have been awarded US$15.4 billion (£12.3bn) in federal contracts in the last decade. Perhaps then, success precedes influence rather than the reverse? Doge will also be governed by the Federal Advisory Committee Act, which maintains legal and ethical guardrails. And Congress will have the final say over any decisions. Fears of the worst possible outcome to Musk's appointment are a natural human response in the face of uncertainty. It is part of the reason that negative headlines get more clicks than positive ones. It is also true that Musk has aligned himself with a politician who divides opinion like few others. By leveraging his billions of dollars and 200 million followers on X to help Trump to victory, he made it clear which side he was on. And in a highly polarised US political landscape, the anguish about his governmental role may be little more than a knee-jerk reaction from the millions of people whose side he did not choose.

Love him or loathe him, Elon Musk is a champion of efficiency and could save the US government a fortune

Last week, Donald Trump announced the creation of the <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-department-of-government-efficiency-donald-trump-ramaswamy-2024-11">Department of Government Efficiency</a>, which promises to "dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies." And to run the new cost-cutting department, Trump tapped the businessman he calls the world's "greatest cutter" — <a target="_blank" class="" href="https://www.businessinsider.com/gop-senator-waste-list-influence-elon-musk-spending-cuts-2024-11">Elon Musk</a>.If you're looking to take a chainsaw to the federal government, Musk seems perfectly suited to the job. At <a target="_blank" class="" href="https://www.businessinsider.com/twitter-x-elon-musk-startup-competitition-town-square-election-2024-10">Twitter,</a> he eliminated a staggering 80% of the staff — over 6,000 people. At <a target="_blank" class="" href="https://www.businessinsider.com/tesla-salary-database-elon-musk-pay-strategy-2024-11">Tesla</a>, he cut 10% of the workforce, saying the company needed to be "absolutely hardcore about headcount and cost reduction." He also laid off 10% of employees at <a target="_blank" class="" href="https://www.businessinsider.com/spacex-jared-isaacman-interview-polaris-dawn-space-walk-2024-11">Space X</a>, insisting his teams need to be scrappy and nimble. Cutting, for Musk, is generally Job No. 1.For the most part, Musk's slash-and-burn tactics have paid off. Twitter usage, according to Musk, is at an all-time high. Tesla's stock is up 28% over the past year. And SpaceX — now valued at $250 billion — is grabbing rockets out of the sky with <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-spacex-starship-landing-super-heavy-2024-10">giant chopsticks</a>. In the world of business, fewer workers often translate into higher profits.The question is: Can the cost-cutting tactics Musk has employed in the private sector work to corral waste and bloat in the federal government? Musk and his DOGE cochair, the biotech billionaire <a target="_blank" class="" href="https://www.businessinsider.com/why-elon-musk-cutting-federal-spending-could-work-2024-11">Vivek Ramaswamy</a>, have said they're looking to hire "super high-IQ small government revolutionaries" to help make $2 trillion in cuts — about a third of all federal spending — and to slash the federal workforce by as much as 75%. It's a dream that has eluded every Republican administration since Ronald Reagan — and it's one that may prove elusive even for Musk, the man now anointed as America's cost-cutter in chief.There's certainly no shortage of waste and inefficiency in the federal government that cries out to be streamlined. In 2019, the Defense Department forked over $22 million for lobster tails. In 2020, the IRS sent $1.4 billion in tax refunds to dead Americans. Millions of square feet in federal buildings sit unoccupied.In theory, a bold, outside figure like <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-donald-trump-elected-shadow-president-2024-11">Musk</a> could be the very thing needed to downscale an operation as vast and intractable as the federal government. Large organizations need a force of "creative destruction" to change, says Michael Morris, a professor at Columbia Business School. "Things don't go away on their own. You have to have somebody with a willingness to deliberately dismantle things if you're going to have innovation." And when a new figure institutes a massive shock to the system — whether at the government or private level — "it often backfires," says Morris. "There's often very fierce, active resistance to change." As <a target="_blank" class="" href="https://www.businessinsider.com/joe-biden-corporate-gerontocracy-aging-ceos-retirement-succession-replacement-2024-8">CEO</a>, Musk has the latitude to push past that resistance and overhaul company culture. But things are going to be different with DOGE. Despite its branding as a "department," the new outfit will operate only in an advisory capacity: Congress holds the ultimate responsibility for authorizing spending and <a target="_blank" class="" href="https://www.businessinsider.com/doge-how-to-apply-dm-job-application-elon-musk-2024-11">eliminating agencies</a>. Government, by design, is an intensely collaborative process, intended to hammer out the competing needs of different constituencies. Musk, by contrast, is accustomed to ruling by fiat."Musk certainly exercises a great deal of control in his companies that he won't have in the environment of the federal government, where we have checks and balances," says Andy Wu, an associate professor of business administration at Harvard Business School. "Even if Musk had the right idea for things, it's not so clear he could implement any of them."The federal government is infamous for holding on to past practices, even when they no longer make sense. Linda Bilmes, a senior lecturer in public policy at the Harvard Kennedy School, cites the continued minting of the penny, each of which costs three cents to produce. Last year, in an economy that has largely moved away from cash, the government spent $179 million forging pennies and nickels. Yet past calls to get rid of the penny haven't amounted to one red cent."The danger is if Elon Musk were to somehow think he is the first person who has ever looked at cost cutting in government," says Bilmes. "Many people who know a lot about government have proposed many good ideas. The potential for usefulness would be if he could take some already reasonably good ideas and help them get implemented."The <a target="_blank" class="" href="https://www.businessinsider.com/watchdog-dod-must-speed-up-weapons-deliveries-to-maintain-advantage-2024-6">Government Accountability Office</a> and inspectors general have already recommended a variety of potential targets. They aren't always flashy: This year, the GAO recommended agencies use predictive models to schedule maintenance, saying they could save $100 million or more. It also urged the IRS to focus on collecting taxes owed by sole proprietors, which could generate hundreds of millions of dollars in revenue. If the government implemented all 5,480 of its suggestions, the GAO estimated, it would "produce measurable financial benefits" of up to $208 billion.But so far, Musk has seemed more interested in the kind of flashy, small-bore proposals that attract clicks on X. He's taken to resharing what he sees as examples of waste — everything from $3 million spent on drug research that involved watching "hamsters fight on steroids" to a $20,000 grant that funded drag shows in Ecuador — and crowdsourcing them on the platform. Those sorts of items might generate outrage on <a target="_blank" class="" href="https://www.businessinsider.com/twitter-donald-trump-elon-musk-2024-11">Fox News</a>, but eliminating them won't do much to trim the federal government's $6,200,000,000,000 in annual spending.Then there's the politics of budget cutting. The last time Republicans succeeded at slowing government spending, under <a target="_blank" class="" href="https://www.businessinsider.com/reagan-secret-service-agent-says-trump-shooting-failure-for-agency-2024-7">Ronald Reagan</a>, they made deep cuts to areas of government that proved unpopular — including social welfare programs, student loans, and job training. Musk may see plenty of areas he'd like to slash, but a wide range of constituencies will inevitably push back against cuts to programs they consider essential. When it comes to federal spending, one person's waste is another person's bread and butter."People support the idea of improving how the government delivers services," says Joel Friedman, the senior vice president for federal fiscal policy at the Center on Budget and Policy Priorities, a progressive think tank. "I think people would take a different view if you end up gutting programs they depend on and care about." Efficiency always sounds like a good thing, until it comes for something you love.Beyond the question of where to cut, Musk will face intense scrutiny over why he's targeting certain areas of government. His role at DOGE is rife with the potential for conflicts of interest. SpaceX, for example, has received nearly $20 billion in federal contracts since 2008, and Musk has been sharply critical of the Federal Aviation Administration, viewing it as an obstacle to launching his powerful <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-trump-spacex-starship-rocket-milestone-election-2024-10">Starship</a>. And his massive investments in electric vehicles and social media are dependent on all sorts of federal spending and oversight. When it comes to how the government interacts with the marketplace, the world's richest man inherently has a lot of skin in the game. Musk's companies did not respond to requests for comment. But Brian Hughes, a spokesperson for Trump's transition team, says it plans to ensure that those involved with DOGE "are compliant with all legal guidelines related to conflicts of interest."Those concerns also touch on the larger question of what Trump and his allies hope to accomplish by reducing the size of government. Calls for reducing "inefficiency" and "bureaucracy" have long been a euphemism for Republicans eager to reduce or eliminate federal oversight of everything from industrial pollution to airline safety. Less government is not necessarily better government, and there are plenty of federal agencies that remain so understaffed and underfunded, from the IRS to the Veterans Administration, that they're unable to perform even their most basic functions. The GOP's aim of cutting spending, a leading Reagan ally once acknowledged, is to shrink government to the size where conservatives can "drag it into the bathroom and drown it in the bathtub." On Friday, Ramaswamy directly linked DOGE to the Reagan-era dream of smaller government, promising that the new agency will finish its work by July 4, 2026 — the 250th anniversary of the Declaration of Independence.And even when conservatives have succeeded at cutting costs, it's done nothing to slow the pace of government spending. Reagan slashed $22 billion in social welfare programs during his first two years in office — savings that were more than offset by his tax cuts and military spending, which nearly tripled the national debt. And in 1981, when a deep recession hit, carving up the safety net left the millions of Americans who were mired in poverty with even fewer resources to get by.It's also important to remember that Musk did more than downsize X — he also used the platform to elevate far-right talking points and unfounded conspiracy theories. In short, he reshaped it to serve his own political ends, making it meaner as well as leaner. It remains to be seen if Musk will do the same with DOGE. There are plenty of places where Uncle Sam could spend America's hard-earned tax dollars more wisely. But there are also plenty of places where the man Trump's family now refers to as "Uncle" Elon could deploy what DOGE calls "unglamorous cost-cutting" to bend the federal government to serve his own financial needs.Musk has acknowledged that Americans will feel "hardship" as a result of the cuts he wants to see implemented. But that doesn't mean he won't be able to juice more performance out of fewer resources, as he did at his own companies. When Musk slashed the workforce at Twitter, critics predicted that the app would collapse without enough staff to maintain it. Two years later, after a few initial glitches, it works much the same as before — at a far lower cost. Doubting Musk, even when he seems to be operating at his most extreme, can be a fool's game.<a target="_blank" rel="" class="" href="https://www.businessinsider.com/author/amanda-hoover">Amanda Hoover</a> is a senior correspondent at Business Insider covering the tech industry. She writes about the biggest tech companies and trends.

Elon Musk downsized Big Tech. Can he do the same to Big Government?

<ul class="summary-list"><li>The FTC finalized its rule to make canceling subscriptions easier.</li><li>The rule targets "negative option" programs, such as auto-renewing subscriptions.</li></ul>The government has had it with <a target="_blank" class="" href="https://www.businessinsider.com/cancel-subscriptions-easier-flight-refunds-customer-service-gym-memberships-2024-8">companies making it difficult for consumers to cancel</a> their subscriptions.The Federal Trade Commission <a target="_blank" class="" href="https://www.ftc.gov/news-events/news/press-releases/2024/10/federal-trade-commission-announces-final-click-cancel-rule-making-it-easier-consumers-end-recurring">announced in a press release</a> on Wednesday a final "click-to-cancel" rule that will require companies to make canceling subscriptions just as easy as signing up for them."Too often, businesses make people jump through endless hoops just to cancel a subscription," FTC Chair Lina Khan said in the agency's press release. "The FTC's rule will end these tricks and traps, saving Americans time and money. Nobody should be stuck paying for a service they no longer want."The agency said that its amended rule, most of which goes into effect 180 days after being published in the Federal Register, will apply to "almost all negative option programs in any media." A negative option, <a target="_blank" class="" href="https://www.federalregister.gov/documents/2023/04/24/2023-07035/negative-option-rule#:~:text=Negative%20option%20offers%20come%20in,as%20acceptance%20of%20an%20offer.">according to the Federal Register</a>, is when an offer contains a term or condition that lets the seller interpret a customer's silence, or lack of affirmative action, as acceptance of an offer — like, for example, auto-renewing subscriptions.The updated rule will prohibit companies from misrepresenting or omitting facts when marketing negative options, require companies to provide important information before the customer gives over their credit card, and make sure that the companies get the customer's explicit consent before they are charged, the FTC explained.The agency said its rule aims to address common problems with these types of subscriptions, such as companies obscuring the terms of their subscriptions, customers getting billed when they didn't agree to pay, and companies making it difficult or impossible to cancel subscriptions.The FTC said it gets thousands of complaints a year about companies' subscription practices. According to the FTC, that number has been on the rise in the last five years. In 2021, for example, the agency received an average of 42 consumer complaints a day, according to the press release. In 2024, the agency has received nearly 70 complaints a day on average.The FTC's crackdown on <a target="_blank" class="" href="https://www.businessinsider.com/cancel-subscriptions-congress-ftc-dark-practices-autorenewal-2023-2">deceptive subscription practices</a> has been a long time coming. The agency <a target="_blank" class="" href="https://www.businessinsider.com/ftc-subscriptions-cancel-negative-option-rule-gym-memberships-2023-3">first announced its proposed rule last year</a> but had to go through a lengthy public comment process before it could be finalized. During that process, the agency said it received more than 16,000 comments from consumers, federal and state government agencies, consumer groups, and trade associations.

The government steps in to make it easier to cancel your subscriptions 

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> is planning a <keyword id="22964001" type="General" weightage="100" keywordseo="repairability-index" source="keywords">repairability index</keyword> for <keyword id="20016418" type="General" weightage="20" keywordseo="mobile-phones" source="keywords">mobile phones</keyword> and electronic products to address the growing <keyword id="19932462" type="General" weightage="20" keywordseo="e-waste" source="keywords">e-waste</keyword> problem and encourage manufacturers to produce more easily repairable items, officials said on Thursday. The <keyword id="20026051" type="General" weightage="20" keywordseo="Consumer-Affairs-Ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="Consumer Affairs Ministry" meta.hostid="261" meta.entityid="Consumer Affairs Ministry">Consumer Affairs Ministry</keyword> is spearheading the initiative, which will provide a score on key parameters to inform consumers about the ease with which a product can be repaired, the officials said at a national workshop on the issue. Addressing the workshop, <keyword id="20003684" type="General" weightage="20" keywordseo="consumer-affairs" source="keywords">Consumer Affairs</keyword> Secretary Nidhi Khare said: "As India emerges as the third largest economy in the world, we should have a vibrant and tech-savvy repair system." She also added, "India can become a repair hub for the world." The proposed index will be similar to initiatives in other countries, such as France's repairability index. It will rate products on criteria including availability of technical documents, ease of disassembly, spare parts availability and pricing. The workshop was aimed at establishing a consensus among industry stakeholders on "key parameters for accessing and evaluating repairability index" besides promoting longevity in product design, and democratizing repair information to enhance consumer experiences in reusing the mobile and <keyword id="19896834" type="General" weightage="20" keywordseo="electronics" source="keywords">electronics</keyword> products they own. Additional Secretary Bharat Khera emphasized the need for transparent and affordable repair solutions, increased consumer awareness, and support for local repairers. Joint Secretary Anupam Mishra highlighted concerns about the lack of genuine spare parts in local markets, compatibility issues with product components, and the absence of information for consumers to repair their own devices. He also mentioned that the Repairability Index of France rates products on five criteria, while the EU has additional parameters. <keyword id="20032279" type="General" weightage="20" keywordseo="HCL-Technologies" source="keywords" meta.keywordsubtype="org" meta.entityname="HCL Technologies" meta.hostid="261" meta.entityid="HCL Technologies">HCL Technologies</keyword> Founder Ajai Chowdhry called for legislation to drive change. "Today, most products are not repairable. We need to design products which can be repaired.... Unless we create a law, things will not change," he said. The government has already launched a <keyword id="22964002" type="General" weightage="20" keywordseo="Right-to-Repair-Portal" source="keywords">Right to Repair Portal</keyword>, with 63 companies onboard, including 23 from the mobile and electronics sector. India is the third largest electronic waste producer globally after China and the US. The initiative aims to reduce e-waste, promote <keyword id="20128078" type="General" weightage="20" keywordseo="sustainable-practices" source="keywords">sustainable practices</keyword>, and create opportunities for third-party repairers in India's growing electronics market.

India plans repairability index for mobile, electronics to tackle e-waste

Market watchdog SEBI has come out with a consultation paper in a bid to ease the functioning of <keyword id="22476006" type="General" weightage="100" keywordseo="ESG-Rating-Providers" source="keywords">ESG Rating Providers</keyword> (ERPs), pushing for the development of a <keyword id="23760035" type="General" weightage="20" keywordseo="subscriber-pays-model" source="keywords">subscriber-pays model</keyword>. As of July 2024, nine ERPs are registered with SEBI to operate in the country. These include <keyword id="23760037" type="General" weightage="20" keywordseo="CRISIL-ESG-Ratings" source="keywords">CRISIL ESG Ratings</keyword> &amp; Analytics, ESG Risk Assessments and Ratings, GlobeTrend Climate Impact Institutional Investor Advisory Services, <keyword id="23760038" type="General" weightage="20" keywordseo="NSE-Sustainability-Ratings" source="keywords">NSE Sustainability Ratings</keyword> and Analytics, PGS Impact, Pragati Development Consulting, CARE ESG Ratings, and SES ESG Research. Per the paper's proposal, ERPs won't be required to disclose ESG (environmental, social, and governance) ratings to the bourses, provided they confirm that there is no non-public information that could potentially affect the rating. Another proposal was the simultaneous sharing of the ESG rating reports both to the rated companies and to the subscribers who pay to access these reports. ERPs should ensure that rated entities, their group companies, or associates cannot subscribe to their own ESG ratings, SEBI said in its consultation paper. Some of the other suggestions put forth by SEBI include: 1. Companies will have a specific timeframe to respond to the ESG report, and any such comments should be included in the report as an addendum. 2. In case the ERP does not agree with the remarks issued by the rated company, they can add their comments to the report as well. 3. ERPs can rate unlisted issuers or other products, provided they meet specific guidelines from relevant regulators. SEBI is receiving public comment on these proposals until November 15, 2024. <h2>Steady returns </h2>Of the 11 ESG mutual fund schemes available to Indian mutual fund investors, the Quant ESG Equity fund has generated the highest returns of about 45.44% over one year, data from ValueResearch showed. Simply put, had you invested Rs 10,000 every month in this fund for three years, you would have accumulated a corpus of Rs 5,47,525. Over three years, the returns on this fund come to around 26%. This was followed by the ICICI Pru ESG Exclusionary Strategy fund, which yielded 44.73% returns over the same period. However, over ultra-short terms, i.e., 1-3 months, ESG funds have largely delivered negative returns, underscoring their suitability only as a long-term investment avenue. Only the SBI ESG Exclusionary Strategy Direct Fund and Quantum ESG Best In Class Strategy Direct Fund have been around for 5 years, during which they have generated returns of about 16.67% and 18.7%, respectively. <keyword id="23760036" type="General" weightage="20" keywordseo="ESG-mutual-funds" source="keywords">ESG mutual funds</keyword> typically select and invest in companies that are ESG-compliant, i.e., who weave in environmental conversation, social welfare, and robust <keyword id="20392393" type="General" weightage="20" keywordseo="corporate-governance" source="keywords">corporate governance</keyword> practices into their working philosophy and work ethos, while simultaneously generating decent financial returns for stakeholders as well.

SEBI mulls measures to facilitate ease of doing business for ESG Rating Providers (ERPs)

<ul class="summary-list"><li>The FTC is targeting companies that use AI tools or make claims about AI for deceptive practices.</li><li>The crackdown includes firms that sell AI tools for fake reviews or misleading services.</li></ul>The Federal Trade Commission is cracking down on companies selling AI tools that it says harm consumers. But some experts, and even some FTC commissioners, worry the agency could do more harm than good.The FTC said last week it had targeted five companies that used artificial intelligence "to supercharge deceptive or unfair conduct that harms consumers."One company claimed to sell AI "lawyer" services, and multiple companies deceptively claimed to sell AI tools to help build online stores. Another company, Rytr, has offered an AI writing assistant since 2021. The FTC says the tool offers a feature that generates fake testimonials and reviews.The FTC said in court documents that Rytr's service can quickly generate an unlimited number of "genuine-sounding reviews" with minimal input from the user. The complaint says the tool's "likely only use" is to post fake reviews that deceive consumers and "pollute the marketplace with a glut of fake reviews."In August, the FTC announced it would seek more civil penalties against companies that use fake reviews to boost products or website traffic and strengthen regulations around similar practices."Consumers rely on reviews for fair and accurate information about products and services, and fake reviews can give consumers a false impression of a product or service's quality," the complaint says.As annoying as fake reviews can be, not everyone is on board with the FTC crackdown.Neil Chilson, the head of AI policy at Abundance Institute, a tech nonprofit, and a former acting chief technologist at the FTC, told Bloomberg that the action against Rytr is an "extremely aggressive" use of authority for the agency."It worries me about the effect it would have," Chilson told the outlet. "The legal uncertainty of, 'If someone does something bad with my product, is the FTC going to sue me?'"Commission members voted 3 to 2 on party lines to approve the action against the companies, with two Republican commissioners dissenting.In her dissent, Republican commissioner Melissa Holyoak wrote that misguided enforcement can stifle innovation and competition in all industries, "especially evolving ones like artificial intelligence."

Why not everyone is on board with a government crackdown on deceptive online AI products

India is organizing the 'Global <keyword id="22243491" type="General" weightage="20" keywordseo="IndiaAI-Summit-2024" source="keywords">IndiaAI Summit 2024</keyword>' under the aegis of the Ministry of Electronics and Information Technology, scheduled for July 3-4 in New Delhi. According to a press release by the Ministry of Electronics and IT, the summit aims to foster collaboration and facilitate knowledge exchange among international <keyword id="22243492" type="General" weightage="20" keywordseo="AI-experts" source="keywords">AI experts</keyword>, reinforcing India's dedication to ethical and inclusive AI growth. The Global IndiaAI Summit 2024 will serve as a vital platform for stakeholders from diverse sectors, including science, industry, civil society, governments, international organizations, and academia. These experts will convene to discuss key AI issues, share insights, and address the challenges faced by the <keyword id="20055332" type="General" weightage="20" keywordseo="AI-ecosystem" source="keywords">AI ecosystem</keyword>. By hosting this summit, India is reaffirming its role as a proactive player in the global AI community, focusing on advancing technologies that are safe, secure, and beneficial to society. As the lead chair of the Global Partnership on Artificial Intelligence (GPAI), India is set to host member countries and experts to advance GPAI's commitment to trustworthy AI practices. The summit aims to showcase India's capability to lead in the AI domain and emphasizes the country's goal of ensuring that AI benefits are accessible to all, thereby contributing to the nation's socio-economic development. Central to the summit is the <keyword id="20869035" type="General" weightage="20" keywordseo="IndiaAI-Mission" source="keywords">IndiaAI Mission</keyword>, an initiative designed to build a comprehensive ecosystem that promotes AI innovation across the country. This mission focuses on democratizing access to computing resources, enhancing data quality, developing indigenous AI capabilities, attracting top AI talent, fostering industry collaboration, providing risk capital to startups, ensuring the societal impact of AI projects, and promoting <keyword id="20750054" type="General" weightage="20" keywordseo="ethical-AI-practices" source="keywords">ethical AI practices</keyword>, read the press release. The IndiaAI Mission is built upon seven key pillars, each targeting a crucial aspect of AI development and deployment. The first pillar, IndiaAI Compute Capacity, aims to establish a scalable AI computing ecosystem with over 10,000 GPUs through public-private partnerships. This will include the creation of an AI marketplace offering AI as a service and pre-trained models, providing essential resources for AI innovators and researchers. The second pillar, IndiaAI Innovation Centre, focuses on developing and deploying large multimodal models (LMMs) and domain-specific foundational models tailored to the unique needs of India's diverse industries and sectors. The third pillar, IndiaAI Datasets Platform, seeks to streamline access to high-quality non-personal datasets through a unified platform. This initiative will support Indian startups and researchers by providing seamless data access, thereby aiding in the development of robust AI models. The fourth pillar, IndiaAI Application Development Initiative, aims to promote AI applications across critical sectors by addressing problem statements from various government bodies and institutions, focusing on creating impactful AI solutions for large-scale socio-economic transformation, read the press release. The fifth pillar, IndiaAI FutureSkills, is dedicated to reducing barriers to AI education by increasing the availability of AI courses at different academic levels and establishing Data and AI Labs in Tier 2 and Tier 3 cities. This effort is crucial for building a steady pipeline of skilled AI professionals, ensuring that talent development keeps pace with technological advancements. The sixth pillar, IndiaAI Startup Financing, supports deep-tech AI startups by providing streamlined access to funding and risk capital, nurturing a vibrant ecosystem of AI startups that drive technological advancements and economic growth. The seventh pillar, Safe &amp; Trusted AI, emphasizes responsible AI development through the implementation of projects focused on ethical AI practices. This includes developing indigenous tools and frameworks and establishing guidelines for the transparency and trustworthiness of AI technologies. 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India to host Global India AI Summit 2024 in New Delhi on July 3-4

<ul class="summary-list"><li>Vice President Kamala Harris proposed a federal ban on price gouging for groceries.</li><li>While details are light, it would allow the FTC to intervene when companies charge excessive prices.</li></ul>Vice President Kamala Harris released the most detailed information yet on her economic platform, which pledges to lower prices for Americans.It won't be an easy feat.Last week, Harris announced a proposal for the <a target="_blank" class="" href="https://www.businessinsider.com/grocery-costs-inflation-kamala-harris-ban-price-gouging-election-trump-2024-8">first-ever federal ban on price gouging</a>, a practice in which companies raise the price of goods to excessive levels. This move is part of her initiative to lower overall prices as Americans continue to recover from high inflation.The proposal is light on details but said it would enable the Federal Trade Commission and state attorneys general to investigate companies that don't comply with the ban.According to the fact sheet, Harris would also "crack down on unfair mergers and acquisitions" that enable big food corporations to raise prices and undermine competition.However, the president can't just tell a grocery store or its suppliers what prices to charge. Experts told Business Insider that anyone wanting to enact a ban would have to carefully define what qualifies as price gouging, leaving little room for interpretation to ensure the ban is applied consistently. Using the Federal Trade Commission to penalize anti-competitive behavior could be an effective way to address excessive pricing, as well.Many states have existing laws on price gouging that attorneys general enacted during pandemic price hikes, and even former President Donald Trump took action at the start of his term. But state laws are lacking in some areas — and that's where a federal ban could help.<h2 id="5e5f133b-10f8-410b-9725-d27f49a3383a">A state-level patchwork and Trump's take on a federal action</h2>Dan Scheitrum, an associate agribusiness professor studying grocery price gouging at California Polytechnic State University, told Business Insider that existing price gouging laws are a patchwork at the state level. He said states have struggled to crack down on the issue because of the scope they use to detect excessive price increases.For example, he said, some states would consider a 10% to 20% price increase during a national emergency price gouging "unless the retailer can prove that their inputs increased in price.""Other states define it very, very broadly and prohibit any unconscionable increase in price or any extreme increase in price. And that's very vague and overbroad," Scheitrum continued. "And the trouble with these price gouging laws is that they're either too specific or so broad that they don't often get litigated and found in favor of detecting price gouging."The pandemic served as a prime opportunity for states to go after price gouging. Scheitrum said that during the initial stay-at-home orders, consumers were changing how they purchased food, and key everyday items saw price swings — particularly eggs.A range of state attorneys general filed lawsuits against various egg producers over price gouging. For example, Minnesota's Keith Ellison reached a <a target="_blank" class="" href="https://www.ag.state.mn.us/Office/Communications/2021/10/25_SparboeFarms.asp">settlement</a> with a Minnesota-based egg producer in 2021 over accusations the producer raised egg prices excessively.The lack of consistency across states when it comes to the treatment of price gouging means it's not being enforced as effectively as it could, and that's one thing a federal ban could help combat, Scheitrum said.Isabella Weber, an economist at the University of Massachusetts Amherst, also pointed to Trump's efforts to crack down on <a target="_blank" class="" href="https://trumpwhitehouse.archives.gov/briefings-statements/president-donald-j-trump-will-not-tolerate-price-gouging-hoarding-critical-supplies-needed-combat-coronavirus/">price gouging on medical supplies</a> during the pandemic. In March 2020, Trump signed an executive order to prevent hoarding and price gouging of medical resources, showing existing precedent for administrations to address price gouging in emergencies."I think it's feasible because, in the grocery sector, we are talking about extreme levels of corporate concentration. So it's not like you would need to investigate endless numbers of firms, but you would need to investigate a handful of gigantic firms," Weber said. "So the problem is severe, but it's in a way manageable because of the enormous level of concentration that we have in the food industry."<h2 id="a70032b2-a3d3-4b0a-9664-202f56c903ec">The FTC could be the most effective tool in preventing too-high prices</h2>Scheitrum said a problem Harris could encounter with her current proposal is conflating price gouging with unfair prices."If you were to try and cut down grocery prices today, there's no state of emergency. So most price gouging protections wouldn't apply at all. There'd be nothing to detect because there's no relative price to measure against right now," Scheitrum said. "So there's high prices from just inflation and increased prices across the board."But focusing on companies' anti-competitive behavior could have teeth, he said, given that many big players in the food industry have been sued or are suing regarding this issue.The FTC has investigated the cause of high grocery prices over the course of the pandemic. Most recently, the FTC and Justice Department launched an interagency effort to investigate why grocery prices are remaining high."Many large grocery chains are still raking in enormous profits — the FTC is determined to understand why," FTC Chair Lina Khan said during a virtual August meeting.The FTC has filed lawsuits against major companies like Amazon, Microsoft, and Google over anticompetitive behavior. The legal process is lengthy, but it could have success — the agency has succeeded in blocking major airline and biotech mergers that could stifle competition.<h2 id="953c5bba-944f-4186-82ac-280022cc4b53">A safeguard for a national emergency</h2>Weber said a federal ban on price gouging would allow the US economy to be prepared "for when the next shock hits.""The kind of profit bonanza that we have seen in the food sector, from the grain traders all the way down to the grocery stores, is not going to happen to that extent," she said.Some economists and Democratic lawmakers lauded Harris' announcement for managing price hikes and ensuring the food industry stays competitive. However, some conservative lawmakers and economists criticized the plan and its impact on the economy, with Trump even calling it communism for involving the government in prices.Weber said that implementing a federal ban on price gouging "makes a lot of economic sense" and would allow the government to manage excessive pricing in a national emergency, like what the US experienced during the pandemic."We are really talking about the prices of essentials," Weber said. "We're talking about the prices that really hurt when they go up so that a lot of these ideas of, 'Oh, prices go up and therefore people consume less and therefore prices go down again,' just doesn't apply because people need a place to live. People need to eat."The food industry isn't so sure. The Wall Street Journal <a target="_blank" class="" href="https://www.wsj.com/politics/policy/food-industry-pushes-back-against-kamala-harriss-price-gouging-plan-064c3bb1?mod=hp_lead_pos1">reported</a> on Monday that big companies are pushing back on Harris blaming corporate greed for high prices. "The proposal calling for a ban on grocery price gouging is a solution in search of a problem," the National Grocers Association told the Journal.Still, Weber said a federal ban isn't as extreme as some critics have said."So we are really talking about a cost-of-living crisis and the price of essentials to ensure a decent life," Weber added, "and not about price controls for the whole economy or anything like that."

The tricky way the government could lower grocery prices

<keyword id="23188764" type="General" weightage="100" keywordseo="World-Tourism-Day-2024" source="Orion">World Tourism Day 2024</keyword> is celebrated every year on September 27 to show how important tourism is for the world. It focuses on how tourism helps bring people together, supports the economy, and shares cultures. This year <keyword id="22517201" type="General" weightage="20" keywordseo="World-Tourism-Day" source="keywords">World Tourism Day</keyword> is focusing on the connection between tourism and world peace. The United Nations is highlighting the importance of understanding different cultures and promoting sustainable tourism. <h2>History of World Tourism Day</h2>World Tourism Day has been celebrated on September 27 since 1980. This date marks the anniversary of when the Statutes of the UN's tourism organisation were adopted in 1970, an important step for global tourism. The timing of the day is perfect as it falls at the end of the busy travel season in the northern hemisphere and the start of the season in the southern hemisphere. In October 1997, the <keyword id="19949373" type="General" weightage="20" keywordseo="UNWTO" source="keywords" meta.keywordsubtype="org" meta.entityname="UNWTO" meta.hostid="261" meta.entityid="UNWTO">UNWTO</keyword> decided to have a different host country each year to partner in celebrating World Tourism Day. This day is important for raising awareness of how tourism affects social, cultural, political, and economic values around the world. <h2>Host country for this year</h2>In 2024, Georgia, a country known for its rich history, culture, and beautiful landscapes, will host World Tourism Day. Located between Eastern Europe and Western Asia, Georgia offers a unique mix of cultures. It is famous for its ancient churches, wine regions, and stunning mountains. Tourism in Georgia has been growing quickly, drawing millions of visitors from around the world. With its scenic beauty, Georgia is the ideal place to showcase how tourism promotes peace and cultural exchange. <h2>Theme for this year</h2>The theme for World Tourism Day 2024 is "<keyword id="23301034" type="General" weightage="20" keywordseo="Tourism-and-Peace" source="keywords">Tourism and Peace</keyword>." Tourism plays an important role in promoting peace by bringing people from different cultures together and helping the economies of host countries. As people travel and experience new cultures, it leads to more understanding and tolerance. Tourism can break down barriers and build strong connections between nations. It also helps local communities by creating jobs and encouraging sustainable practices, which supports peace and prosperity in the long run. <h2>Indian Government initiatives to promote tourism</h2>The Indian government is working to improve tourism with several initiatives and schemes. Some key efforts include: E-Visa Facility: Nationals from 167 countries can now apply for e-visas online under seven categories, like e-Tourist and e-Business visas. The fees have been lowered to make travel more affordable. Swadesh Darshan Scheme: Started in 2014-15, this scheme creates theme-based tourist circuits across India. By 2023-24, 73 projects have been completed, with a total investment of ₹5,294.11 crore. Swadesh Darshan 2.0: This updated scheme focuses on developing 57 destinations across 32 states and Union Territories for integrated tourism development. PRASHAD Scheme: Aimed at improving infrastructure at pilgrimage sites, 46 projects have been approved so far, with ₹1,621.13 crore set aside for their development. SEE ALSO: <a href="https://www.businessinsider.in/travel/international/webstories/world-tourism-day-2024-exploring-the-10-most-peaceful-countries-on-earth/slidelist/113590691.cms" data-type="tilCustomLink" target="_blank">World Tourism Day 2024: Exploring the 10 most peaceful countries on Earth</a>

World Tourism Day 2024: All about the theme, host country, and tourism-boosting initiatives

In a major setback to Delhi's <keyword id="19935664" type="General" weightage="20" keywordseo="Aam-Aadmi-Party" source="keywords" meta.keywordsubtype="org" meta.entityname="Aam Aadmi Party" meta.hostid="345" meta.entityid="Aam Aadmi Party">Aam Aadmi Party</keyword> government, the <keyword id="19895345" type="General" weightage="20" keywordseo="Supreme-Court" source="keywords" meta.keywordsubtype="org" meta.entityname="Supreme Court" meta.hostid="345" meta.entityid="Supreme Court">Supreme Court</keyword> on Monday ruled that the law "expressly enables" the lieutenant governor to nominate <keyword id="22669982" type="General" weightage="20" keywordseo="aldermen" source="keywords">aldermen</keyword> to the <keyword id="19900879" type="General" weightage="20" keywordseo="mcd" source="keywords">MCD</keyword> and he is not bound by the advice of the council of ministers in the matter. A bench of Chief Justice D Y Chandrachud and Justices P S Narasimha and J B Pardiwala rejected the <keyword id="19925995" type="General" weightage="20" keywordseo="Delhi-government" source="keywords">Delhi government</keyword>'s plea challenging the LG's power to nominate 10 aldermen in the <keyword id="19907640" type="General" weightage="20" keywordseo="Municipal-Corporation-of-Delhi" source="keywords" meta.keywordsubtype="org" meta.entityname="Municipal Corporation of Delhi" meta.hostid="345" meta.entityid="Municipal Corporation of Delhi">Municipal Corporation of Delhi</keyword> without the aid and advice of the council of ministers. The apex court pronounced its verdict on the Delhi government's plea after reserving it for nearly 15 months. In its ruling impacting the fraught relationship between the LG's office and the AAP-led Delhi government, the bench said the Delhi Municipal Corporation Act as amended in 1993 "expressly enables the LG to nominate persons having special knowledge to the corporation". It said the power expressed by the statute in the name of the LG, also seen in the context of other provisions, demonstrates the statutory scheme in which the powers and duties are distributed among authorities under the Act. "The context in which the power is located confirms that the LG is intended to act as per the mandate of the statute and not guided by the aid and advice of the council of ministers. The power to be exercised is the statutory duty of the LG and not the executive power of the state. This is how we analysed the constitutional provisions," Justice Narasimha said while pronouncing the verdict on behalf of the bench. The bench said the statutory power under provision 3(3)(b)(1) which deals with nomination of persons having special knowledge was vested with the LG for the first time by the 1993 amendment of the DMC Act of 1957. The bench said the DMC Act as amended in 1993 recognises five authorities exercising the state's power and duties under the Act -- these are the Central government, the government of NCT, administrator, corporation and the commissioner. It said the amendment Act of 1993 carries out several amendments to the original DMC Act of 1957 by which the power, duties were allocated to the authorities depending on the function they perform under the law. The bench said by way of the amendment the power of nomination of aldermen was given to LG under the provision just like the power of nomination of MLAs was given to the speaker of the House. On May 17 last year, the top court had said that giving the LG the power to nominate aldermen to the MCD will mean he can destabilise an elected civic body. The MCD has 250 elected and 10 nominated members. In December 2022, the Aam Aadmi Party defeated the <keyword id="19894848" type="General" weightage="20" keywordseo="BJP" source="keywords" meta.keywordsubtype="org" meta.entityname="BJP" meta.hostid="345" meta.entityid="BJP">BJP</keyword> in the civic elections, winning 134 wards and ending the saffron party's 15-year run at the helm of the MCD. The BJP won 104 seats and the Congress finished a distant third with nine. Senior advocate Abhishek Singhvi, appearing for the Delhi government, had contended during the hearing that no separate powers have been accorded to the state government to nominate people to the MCD. For the past 30 years, the practice of the LG nominating aldermen on the aid and advice of the city government has been followed, he said. Additional Solicitor General Sanjay Jain, appearing for the LG's office, submitted that just because a practice has been followed for 30 years does not mean it is correct. The top court had observed that giving the LG the power to nominate aldermen will effectively mean that he can destabilise a democratically elected MCD because these aldermen get appointed to the standing committees and have voting power. Earlier, the top court had questioned the "source of power" of the LG under the Constitution and the law to nominate aldermen to the MCD without the aid and advice of the elected government. On May 12 last year, the top court observed that LG has to act on the "aid and advice" of the council of ministers of the Delhi government in nominating 10 aldermen to the MCD.

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