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<ul><li>The Indian government has revamped its import policy to curb imports of laptops and tablets.</li><li>Import of laptops and tablets will now require a licence.</li><li>Here’s how the government’s new regulations could impact the common man.</li></ul>The Indian government on Thursday revamped its import policy and announced curbs on importing several products, including laptops, tablets, all-in-one PCs and more. While the import of these devices has not been banned, it can only be done by those holding a valid licence for restricted imports. “Import of Laptops, Tablets, All-in-one Personal Computers, and Ultra small form factor Computers and Servers falling under HSN 8741 shall be 'Restricted' and their import would be allowed against a valid Licence for Restricted Imports,” the government said in a notification. Update: The government has now deferred the import restrictions to November 1, allowing companies ample time to apply for licences and avoid issues. “Keeping in view global supply chain arrangements and long-term commitments of the industry stakeholders, liberal transitional arrangements are notified for these imports till October 31, 2023,” said the government. <cmsannotation type="cmsannotation" annotationid="What does this mean?" comment="subhead" text="What does this mean?">What does this mean?</cmsannotation> So far, companies were to import pre-built or fully assembled laptops and tablets to the country without any licensing requirements. Now, companies will be required to licence the devices before they can import them to India. <cmsannotation type="cmsannotation" annotationid="What will be the impact?" comment="subhead" text="What will be the impact?">What will be the impact?</cmsannotation> The new import norms will require companies to licence laptops and tablets before they can sell them in India. This may not only cost the company money, it may also result in devices getting delayed when compared to earlier. While companies who were caught by surprise by the sudden announcement are still evaluating the impact of the new regulations, a<a href="https://www.bloomberg.com/news/articles/2023-08-04/apple-samsung-halt-india-laptop-imports-after-sudden-curbs"> report</a> from Bloomberg has revealed that HP, Samsung and Apple have already put a stop to imports of new laptops and tablets in the country. <cmsannotation type="cmsannotation" annotationid="Short term impact" comment="subhead" text="Short term impact">Short term impact</cmsannotation> While companies are evaluating the impact and are in talks with the authorities, the move may have an adverse impact on both the companies and the customers in the short term. The decision comes just ahead of the festive season, where companies sell a bulk of their devices and customers usually plan their purchases to get the most out of discounts and bank offers. "The government's move is aimed at promoting domestic production and reducing dependence on imports. The industry comprises around 12 million units, and this restriction may lead to some short-term supply disruptions, especially for brands like Apple, HP, and Lenovo. Moreover, with the festive season approaching, a significant period for sales, the industry may face challenges in meeting demand," said Tarun Pathak, research director, Counterpoint Research. As companies will need some to move manufacturing, there may be some short-term impact on the prices and the availability. However, no company has changed the prices <cmsannotation type="cmsannotation" annotationid="Reason for the restrictions" comment="subhead" text="Reason for the restrictions">Reason for the restrictions</cmsannotation> The restrictions have been put in to boost local manufacturing of laptops and tablets, similar to how it pushed for local manufacturing of smartphones. With the new restrictions, the government may want big players to push the companies to assemble or manufacture their devices in India. According to Pathak, the total laptop and PC market size is close to $8 billion and around 65% of these devices are currently imported to India. In addition to the creation of more jobs, this move may also be aimed at curbing imports from China, which makes up for a majority of laptops and tablets imported into India. <cmsannotation type="cmsannotation" annotationid="Local companies hail move" comment="subhead" text="Local companies hail move">Local companies hail move</cmsannotation> While this move may not be seen favourably by some companies, domestic manufacturers have spoken in support of the government’s decision. "We believe the government’s decision to curb the laptop, tablet, and computer imports is progressive and has the potential to boost indigenous electronics manufacturing in the country and also help in achieving Make-in-India vision,” said A. Gururaj, managing director, Optiemus Electronics in a statement to Business Insider India. “We currently hold the PLI for IT Hardware and are manufacturing laptops for notable brands. With this move, we expect further expansion of our capacity to manufacture these devices,” he added. "We are confident that valid licences will be provided to trusted industry partners which will enable ease of doing business and unrestricted access to trusted brands for digital consumers," said Pankaj Mohindroo, chairman, India Cellular and Electronics Association (ICEA). SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-market-sees-a-declines-in-q2-vivo-in-the-lead/articleshow/102417485.cms">Indian smartphone market sees a declines in Q2; Vivo in the lead</a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-recover-in-july-2023/articleshow/102347978.cms">Electric two-wheeler sales recover after spending June in the pitlane</a> <a href="https://www.businessinsider.in/business/auto/news/tata-motors-posts-net-profit-of-3203-cr-in-q1-2023-24-on-improved-jlr-performance/articleshow/102108825.cms">Tata Motors posts net profit of ₹3,203 cr in Q1 on improved JLR performance</a>

India puts curbs on laptop and tablet imports – here’s how it could impact you

Top industry groups and tech giants, including <keyword id="6354427" type="General" weightage="50" keywordseo="apple" source="Orion">Apple</keyword> and Intel, have sent a letter to the <keyword id="126668" type="General" weightage="50" keywordseo="us-department-of-commerce" source="Orion">US Department of Commerce</keyword>, protesting against <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword>'s recent import restrictions on PCs, laptops and servers. In the letter, the biggest players in technology and manufacturing said the move "could significantly disrupt trade, hamper efforts to more closely integrate India into global supply chains, and harm businesses and consumers in both countries". Eight American trade groups asked the government to urge India to reconsider the policy, reports Bloomberg News. The industry groups included the Information Technology Industry Council, the National Association of Manufacturers and the <keyword id="1034072" type="General" weightage="50" keywordseo="semiconductor-industry-association" source="Orion">Semiconductor Industry Association</keyword>. They wrote in the letter that any barrier to trade could affect the shipment of US-made computers and electronics into India. According to the notification by the Directorate General of Foreign Trade (DGFT) in India, for clearance of import consignments with effect from November 1, 2023, a valid licence for restricted imports is required. The government has told tech companies that the restrictions are not to ban imports but to promote exports via domestic manufacturing. Meanwhile, top consumer electronics companies like HP, Apple and Dell last week urged the government to extend the November 1 deadline for the licences required for PCs, laptops and tablets by at least an year, as it will take time to configure and set up manufacturing/assembling units as per new guidelines. In a meeting with the Ministry of Electronics and Information Technology (MeitY) officials, also attended by leading industry bodies the Manufacturing Association of IT Hardware (MAIT) and the India Cellular and Electronics Association (ICEA), the tech companies conveyed to the government they need more time to set up manufacturing units in the country, according to sources. Post November 1, no entity will be allowed to import laptops, computers, and related items without a license. The Centre has said the restrictions were imposed for security reasons and also for promoting the 'Atmanirbhar Bharat' mission. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/webstories/audi-has-announced-the-launch-of-the-q8-e-tron-and-the-q8-sportback-e-tron-electric-cars-in-india/slidelist/102836760.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/audi-has-announced-the-launch-of-the-q8-e-tron-and-the-q8-sportback-e-tron-electric-cars-in-india/slidelist/102836760.cms" target="_blank">Audi Q8 e-tron and Q8 Sportback e-tron launched in India with more than 500 KM Range</a> <a href="https://www.businessinsider.in/tech/news/indian-pc-market-declines-for-fourth-consecutive-quarter-reports-15-decline/articleshow/102822733.cms">Indian PC market declines for fourth consecutive quarter, reports 15% decline</a> <a href="https://www.businessinsider.in/tech/mobile/news/india-crosses-the-2-billion-mark-in-its-journey-to-become-a-smartphone-manufacturing-powerhouse/articleshow/102760757.cms">India crosses the 2 billion mark in its journey to become a smartphone manufacturing powerhouse</a>

Urge India to reconsider PC import restrictions: Top industry groups ask US govt

After Singapore and Hong Kong, Nepal has also banned the sale and import of certain spice-mix products manufactured by Indian brands over alleged quality concerns. Four spice-mix products by <keyword id="21333385" type="General" weightage="20" keywordseo="MDH" source="keywords">MDH</keyword> and <keyword id="19997009" type="General" weightage="20" keywordseo="Everest" source="keywords">Everest</keyword> were banned in the Himalayan nation from Friday due to suspected ethylene oxide or EtO contamination, according to the Department of Food Technology and Quality Control here. Under this, Madras Curry Powder, Sambhar Mixed Masala Powder; Mixed Masala Curry Powder of MDH and Fish Curry Masala of Everest have been banned in Nepal. "As residue contents of ethylene oxide are found to be exceeding the prescribed limit in these four products, the import and sale of these products are banned within the country as per Article 19 of the Food Regulation 2027 B.S.," the department said in a notice issued on Friday. "Our serious attention has been drawn towards media reports about the sale of these sub-standard products in the market, and they are harmful for consumption," it said. The food quality control watchdog has also urged importers and traders to recall these products from the market. Last month, Singapore and Hong Kong halted sales of some spices produced by MDH and Everest over suspected elevated levels of ETO linked with some cancers. The Food Safety and Standards Authority of India (FSSAI) has since initiated steps to examine the quality of powdered spices from various brands in the country. On Friday, the Federation of Indian Spice Stakeholders (FISS) said India's spice export may decline nearly 40 per cent in FY25 if the issue of <keyword id="21673555" type="General" weightage="20" keywordseo="ethylene-oxide-contamination" source="keywords">ethylene oxide contamination</keyword> in spices meant for exports is not addressed at the earliest. India is among the world's leading spice producers, exporting over 200 spices and value-added products to some 180 countries worth USD 4 billion in 2021-22, according to the Spices Board of India. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/webstories/motorola-edge-50-fusion-vs-oneplus-nord-ce-4-price-specs-and-features-compared/slidelist/110197390.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/motorola-edge-50-fusion-vs-oneplus-nord-ce-4-price-specs-and-features-compared/slidelist/110197390.cms" target="_blank">Motorola Edge 50 Fusion vs OnePlus Nord CE 4 – price, specs and features compared</a><a href="https://www.businessinsider.in/tech/mobile/webstories/iqoo-z9x-5g-with-120hz-display-6000mah-launched-starting-at-12999/slidelist/110176453.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/iqoo-z9x-5g-with-120hz-display-6000mah-launched-starting-at-12999/slidelist/110176453.cms" target="_blank">iQOO Z9x 5G with 120Hz display, 6000mAh launched starting at ₹12,999</a><a href="https://www.businessinsider.in/india/news/woman-loses-54-lakh-in-work-from-home-scam-heres-what-it-is-and-how-to-protect-yourself/articleshow/110166963.cms" target="_blank"></a> <a href="https://www.businessinsider.in/india/news/woman-loses-54-lakh-in-work-from-home-scam-heres-what-it-is-and-how-to-protect-yourself/articleshow/110166963.cms" target="_blank">Woman loses ₹54 lakh in work-from-home scam! Here's what it is and how to protect yourself</a>

Nepal bans sale of Indian spice-mix products over quality concerns

<ul class="summary-list"><li>Radhika Merchant and Anant Ambani are slated to get married on Friday in Mumbai.</li><li>Four Indian event planners shared what it's like to plan a big celebrity wedding.</li></ul>The wedding of the year is upon us.After rounds of opulent pre-wedding festivities, <a target="_blank" rel=" nofollow" class="editor-rtfLink" href="https://www.businessinsider.in/india/news/anant-ambani-and-radhika-merchant-to-wed-at-the-jio-world-convention-centre-in-mumbai-on-july-12/articleshow/110562426.cms">Radhika Merchant and Anant Ambani</a>, the youngest son of <a target="_blank" rel="" href="https://africa.businessinsider.com/local/markets/indian-billionaire-ambani-targets-african-telecom-market-with-new-venture/vwmsmgn">Asia's richest man</a>, are slated to get married on Friday in Mumbai.Their guests, who have so far included <a target="_blank" href="https://www.businessinsider.com/ambani-pre-wedding-celebration-with-justin-bieber-performance-2024-7">Bollywood actors, Indian cricketers,</a> and <a target="_blank" href="https://www.businessinsider.com/bill-gates-mark-zuckerberg-among-expected-attendees-at-indian-wedding-2024-2">international business leaders</a>, will also attend events on Saturday and a reception on Sunday.During a pre-wedding event in March, Ambani said his mom worked 18 hours a day for the four months leading up to the parties."All this is created by my mother and no one else, and my mother has gone all out for the last four months," Ambani said, per a <a target="_blank" rel=" nofollow" href="https://www.youtube.com/watch?v=mmMh8KtrGaY&amp;ab_channel=BusinessToday">video</a> of the speech uploaded in March.Planning such an event takes a village, according to four wedding planners who spoke to Business Insider about what goes into organizing a multi-day Indian celebrity wedding.<h2 id="d3a9cac7-58b4-42c9-888b-817200ed450e">The biggest cost is the venue</h2>The planners BI spoke to said a typical multi-day wedding that they plan costs between five to 10 crore Indian Rupees, or about $1.2 million.Crore is an Indian term for 10 million; 1 crore rupees is around $120,000.Whether it's a big-ticket <a target="_blank" href="https://www.businessinsider.com/ambani-richest-family-in-asia-india-lifestyle-home-wedding-photos-2018-12">wedding like the Ambani's</a> or the wedding of an upper-middle-class family, the breakdown of major costs in an Indian wedding look about the same, one event planner told BI.About 40% to 50% of the budget goes to the venue, which includes catering and rooms for the guests, said Nishita Aggarwal, the founder of The Event Designer, a Delhi-based wedding planning company.Next, 25% to 30% of costs go toward decorations, which include elaborate backdrops, tents, and floor-to-ceiling floral arrangements.<div type="image" title="pink backdrop at Indian wedding" height="3508" width="5262" msid="111674066" hostid="261"></div>About 10% is spent on entertainment. The Ambanis have hired Rihanna, <a target="_blank" href="https://www.businessinsider.com/ambani-pre-wedding-celebration-with-justin-bieber-performance-2024-7">Justin Bieber, </a><a target="_blank" href="https://www.businessinsider.com/anant-ambani-katy-perry-backstreet-boys-pre-wedding-party-2024-6">Katy Perry, The Backstreet Boys</a>, and Pitbull for pre-wedding functions in recent months.Other families spend a lot on artists including singers and celebrity DJs, said Purvi Modgil, a destination wedding planner based in Mumbai."If you plan to call three or four of them in different core functions, that can also add up to a good cost," she said.The remaining 10% usually goes into wedding gifts and logistics for the family and guests."Now, when it comes to a high-net-worth wedding or a celebrity wedding, everything becomes 10 times or hundred times" of that cost, Aggarwal said. "There is no bar on the budget."Planners' cost estimates of the Ambani wedding varied widely, from tens of millions of dollars to hundreds of millions of dollars.Anant's older sister <a target="_blank" href="https://www.businessinsider.com/ambani-richest-family-in-asia-india-lifestyle-home-wedding-photos-2018-12">Isha Ambani</a> got married in 2018 in a similarly lavish wedding, including a Beyoncé performance. While media outlets speculated about a $100 million price tag, a spokesperson for the Ambani-owned company, Reliance, said that it cost less than $15 million, <a target="_blank" href="https://www.forbes.com/sites/naazneenkarmali/2018/12/11/the-big-fat-ambani-wedding-celebrates-a-match-among-indias-billionaire-elite/#7cb474465992">per a Forbes article</a> at the time.A spokesperson for the family did not respond to a request for comment about the costs for Anant Ambani's wedding.The pre-wedding events have grabbed <a target="_blank" href="https://www.businessinsider.com/ambanis-throwing-another-pre-wedding-party-cruise-ship-2024-5">headlines</a> for months. With so many celebrities and business leaders angling for an invitation, the nuptials are also a business networking event, Aggarwal said.<h2 id="7190f45a-3ee9-4e5a-bf2a-0fef8f5de89f">Each main family member is assigned a 'shadow'</h2>Many couples don't want to host their weddings at venues where other high-profile families have already held nuptials, Aggarwal said."They want everything to be exclusive," she said. "The decor has to be something else that no one else has ever thought of. It is almost like a big movie set."For a big celebrity wedding, planners divide their staff into teams and hire hundreds of additional people leading up to and on the day of the ceremony.With chefs, waiters, light and audio teams, and decorators, about 500 people often work the event, Modgil said.The planners also assign butlers to each main family member. These staffers, called "shadows," hold their phones and gifts and ensure they stay hydrated and have everything they need."There are over 70 suppliers and vendors who we work with for each wedding," said Darshan Shroff, a Mumbai-based wedding planner. "I like to describe wedding planners in India as circus masters."<h2 id="07e84198-c3b3-4ae5-b860-565eaa82e3bd">Privacy and security are top concerns</h2>Many celebrity or influencer couples are particular about how their wedding is portrayed on the news and on social media.Planners have strict instructions that restrict posts from vendors about outfits, decor, or flowers before a set date. Most big weddings also collect the phones of their guests for privacy, and couples have teams that work with the media."You can't have too many people hanging out taking their pictures. It makes them very uncomfortable," Modgil said about celebrity guests and couples.Top security firms and even local authorities may sketch out safety plans."The minute there are some kind of celebrities, whether it's politicians or Bollywood, security becomes very important," Modgil said. "We've had separate people escorting them and even taking them back because sometimes they even get mobbed."The families and their guests are not always easy to please.Aggarwal said she has planned weddings where celebrity attendees call to confirm what type of hotel suite they will be staying in and what kind of car is coming to pick them up. Everything must match their lifestyle standard.<h2 id="f2b6f12d-16c9-4226-9b64-e59a5aa60374">Setting a blueprint for other weddings</h2>The Ambani wedding is already influencing how other Indians are envisioning and planning their own nuptials.The planners told BI that brides are asking them for the same designers that Radhika Merchant wore in her pre-wedding events, like the custom lehengas designed by Abu Jani Sandeep Khosla and Tarun Tahiliani.<div type="image" title="Radhika Merchant wore a Swarovski crystal lehenga designed by Abu Jani and Sandeep Khosla" height="691" width="1024" msid="111674067" hostid="261"></div>Planners expect the main wedding to leave an even bigger mark."Given the immense influence celebrities have, their weddings often become blueprints for future celebrations worldwide," said Bharat Jagasia, a Delhi-based wedding planner."For the Ambani wedding, I am particularly excited to see how they differentiate the main event from their pre-wedding functions," he said.The festivities are slated to kick off Friday at the Jio World Convention Centre, which is owned by the Ambani family. It can accommodate over 16,000 guests.July 12, 2024 — An earlier version of this story misstated Nishita Aggarwal's location. She is based in Delhi, not in Mumbai.

Behind the scenes of billionaire Indian weddings: Hired 'shadows,' phone bans, and a circus master to lead the chaos

<ul><li>Made-in-India drone companies are seeing a boost in sales post ban of drone imports by the government. </li><li>Consumer brands like Swiggy, Zomato, Dunzo and <keyword id="41887" type="General" weightage="100" keywordseo="biryani" source="Orion">Biryani</keyword> by Kilo have started launching trials for delivery by drones. </li><li>Drones are being used for defense, consumer and delivery purposes. </li><li><keyword id="1605364" type="General" weightage="80" keywordseo="throttle" source="Orion">Throttle</keyword>, a drone manufacturing company based out of Bangalore, witnessed a 150% growth. </li></ul>Declaring the Indian drone industry as a ‘sunrise sector’, the Directorate General of Foreign Trade, under the Ministry of Commerce, banned the import of drones in February. This has given a fillip to homegrown drone companies that are finding innovative uses for these unmanned aerial vehicles. One of India’s leading drone companies <keyword id="7785402" type="General" weightage="50" keywordseo="throttle-aerospace-systems" source="Orion">Throttle Aerospace Systems</keyword> (TAS) witnessed a 150% growth since the announcement. Even e-commerce companies like Dunzo, Swiggy and Zomato have ventured into the drone delivery space. Last year, Zomato acquired a drone startup <keyword id="6576859" type="General" weightage="50" keywordseo="techeagle" source="Orion">TechEagle</keyword> to build models that can help deliver essentials and possibly food in the near future. Medicines and Biryani from the sky <keyword id="2757817" type="General" weightage="50" keywordseo="rattanindia" source="Orion">RattanIndia</keyword>’s drone company Neosky in association with TAS, is now planning to also supply drones for e-commerce and consumer-led initiatives besides defence. The companies have partnered with Dunzo, leading hospitals in India and even grocery delivery for Instamart, by Swiggy. At present, they are manufacturing 30 drones per month, aiming to go upto 45-50 units in the near future. Consumer brands like Swiggy recently partnered with Garuda Aerospace and Throttle to launch doorstep deliveries for groceries through Instamart. Its trials have already begun across Delhi-NCR and Bangalore. Another startup Biryani by Kilo delivered Biryani to eight influencers post the launch of eight stores in Hyderabad. As of now, the drone space in India is extensively being used in the defense sector and helping with delivery of average payload commodities. “We can see consumer led drones picking up but before that we would need designated drone corridors by the government. As of now, drones would be extensively used in the defense sector or for average load deliveries. Though it is exciting to witness food being delivered by a drone, it is further down the future,” said Sarath Chandra <keyword id="14985844" type="General" weightage="80" keywordseo="gudlavalleti" source="Orion">Gudlavalleti</keyword>, CEO of Neosky. The government too had founded extended uses for drones. During the pandemic, a box weighing 12 kilos of medicines and 20 vials of vaccines was delivered to rural parts of Telangana through drones in an initiative called ‘Medicines from the Sky’. ‘Laws for this sector are still being made’ The government is taking active steps to boost domestic manufacturing of drones. On July 6, 2022, India’s aviation ministry released the second provisional list of 23 beneficiaries of the production-linked incentives (PLI) scheme for the drone industry. Combined annual sales turnover of PLI beneficiaries in the drone industry reached ₹3.19 billion in 2021-22 from ₹880 million the previous year. “A welcome change by the government was to stop drone imports which has boosted Make In India drone companies. Dividing India’s airspace into Red, Green and Amber zones has also helped. But laws for this sector are still being made as it is very new,” said Gudlavalleti. The Ministry of Civil Aviation has divided the Indian airspace into three zones- Green (no permission required), Amber (controlled airspace) and Red (no drones allowed). The government also launched a DigitalSky platform in January 2022 for verification of Made in India drones. The drone defender Through small steps, the Indian government is also opening the door for commercial use of drones during disaster management and even economic mapping. Beginning April 2022, all drone operators have been allowed to promote secure operations without needing multiple approvals by possessing a valid UIN. Throttle is one such beneficiary. On Thursday, RattanIndia through their drone company Neosky assisted with manufacturing company Throttle launched a ‘drone defender.’ It was unveiled by Minister General <keyword id="6364699" type="General" weightage="50" keywordseo="v-k-singh" source="Orion">V K Singh</keyword>, MOS Aviation Ministry at Air Force Auditorium during the ‘Unmanned Aerial Systems India 2022’ event on September 13. “This drone is 70% indegenious and launches a soft-kill against approaching rogue drones without any human intervention. Instead of using direct attack, this drone will pull down the attacker by shooting a net,” said <keyword id="14985845" type="General" weightage="50" keywordseo="nagander-ramaswamy" source="Orion">Nagander Ramaswamy</keyword>, CEO of drone manufacturing company TAS. “We have acquired a 60% stake in Throttle and hope to build our capacity further,” said Gudlavalleti. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/cant-be-locking-horns-with-zomato-and-swiggy-says-restaurant-body/articleshow/94203208.cms">Can’t be locking horns with Zomato and Swiggy, says restaurant body</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/india-to-assume-g20-presidency-for-one-year-from-december-2022-host-over-200-meetings-and-mea-lists-priorities/articleshow/94194674.cms">India to assume G20 Presidency for one year from December 2022; host over 200 meetings and MEA lists priorities</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/harsha-engineers-ipo-opens-today-grey-market-premium-is-at-210/articleshow/94197117.cms">Harsha Engineers IPO opens today; grey market premium is at ₹210</a>

Medicines and Biryani from the sky: Made-In-India drones witness growth post import ban

Issues related to crypto assets require immediate attention and the response of the G20 has to ensure that they do not lose any potential benefits while protecting economies from harm, Union Finance Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> has said. <keyword id="679937" type="General" weightage="100" keywordseo="sitharaman" source="Orion">Sitharaman</keyword> was part of a brainstorming session on "Macrofinancial Implications of Crypto Assets" with G20 finance ministers and central bank governors at the IMF's headquarters here on Friday. India currently holds the rotating annual presidency of G20 countries. Issues related to crypto have emerged as a major point of discussion among G20 countries and there is unanimity among member nations about the urgency to regulate this sector. The brainstorming session was attended by global experts on this issue. In her remarks, Sitharaman said the G20 acknowledges the work of the International Monetary Fund (IMF) and the <keyword id="112428" type="General" weightage="80" keywordseo="financial-stability-board" source="Orion">Financial Stability Board</keyword> (FSB) in bringing out key elements of policy and regulatory framework. She also said a synthesis paper, which would integrate macroeconomic and regulatory perspectives of crypto assets, is required. The minister noted that there was consensus among G20 members to have a globally coordinated policy response on crypto assets that takes into consideration the full range of risks, including those specific to emerging markets and developing economies. Earlier this week, Sitharaman had said that India's G20 Presidency aims to develop a common framework for all countries to deal with risks associated with cryptocurrencies in the wake of the recent shocks witnessed in the crypto market. The last year episode of FTX's bankruptcy, and its spat with Binance triggered a huge sell-off in the market and reduced liquidity. This event made the world realise the vulnerability of this asset class as they do not have any underlying value. "Cryptocurrencies are a very important part of the discussion under the #G20India presidency, given so many collapses and shocks in cryptocurrencies. We seek to develop a common framework for all countries to deal with this matter," she had said at a discussion at Peterson Institute for International Economics here. According to the chair's summary released at the end of the two-day meeting of the first Finance Ministers and Central Bank Governors (FMCBG) held in February, the grouping will be looking forward to the IMF-FSB Synthesis Paper on crypto assets. "I am glad to say one thing: there is almost a clear understanding that anything outside the central bank is not a currency. And this is a position that India has been taking for a very long time and we are glad that such a position of India is now also getting acknowledgement from so many different members. People recognise that the technology is very useful for fintech," she had said after the conclusion of FMCBG. Further, in July, the FSB's paper on crypto assets regulation will be tabled so that it could be discussed at the next meeting of the finance ministers and central bank governors. The International Monetary Fund-Financial Stability Board (IMF-FSB) synthesis paper will be submitted in September, she added. Despite the rapid evolution of the crypto universe, there is no comprehensive global policy framework for crypto assets. Given the concerns over greater interconnectedness between crypto assets and the traditional financial sector as well as the complexity and volatility around crypto assets, policymakers are calling for tighter regulation. The global standard-setting bodies, such as the Financial Action Task Force (FATF), Financial Stability Board (FSB), Committee on Payments and Market Infrastructures (CPMI), International Organization of Securities Commissions (IOSCO) and Basel Committee on Banking Supervision (BCBS), have been coordinating the regulatory agenda while working within their respective institutional mandates. India hopes to broaden the G20 discussion on crypto assets beyond financial integrity concerns and capture the macroeconomic implications and widespread crypto adoption in the economy. This will require a data-based and informed approach to the global challenges and opportunities of crypto assets, allowing G20 members to shape a coordinated and comprehensive policy response. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/ather-finally-focuses-on-affordable-electric-scooters-after-losing-its-lead-to-ola-electric-and-tvs-motor/articleshow/99456189.cms">Ather finally focuses on affordable electric scooters after losing its lead to Ola Electric and TVS Motor</a> <a href="https://www.businessinsider.in/tech/news/17-of-people-store-financial-information-on-their-smartphones/articleshow/99426637.cms">Despite a rise in financial frauds, 17% of people store financial information on their smartphones</a> <a href="https://www.businessinsider.in/tech/news/most-common-passwords-can-be-easily-cracked-by-ai-in-under-a-minute/articleshow/99379900.cms">AI chatbots are cracking the code: How PassGAN can break into 51% of common passwords in under a minute</a>

You Searched For "india import ban" and got 6 results

India puts curbs on laptop and tablet imports – here’s how it could impact you

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Urge India to reconsider PC import restrictions: Top industry groups ask US govt

IANS

Nepal bans sale of Indian spice-mix products over quality concerns

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Eetika Kapoor

Crypto issue requires immediate attention, says FM Sitharaman

PTI

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