Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

Amid a tussle between the <keyword id="6362177" type="UNKNOWN" weightage="20" keywordseo="Union-government">Union government</keyword> and <keyword id="6354616" type="UNKNOWN" weightage="20" keywordseo="Twitter">Twitter</keyword> over the new IT rules, members of a <keyword id="85516" type="PERSON" weightage="20" keywordseo="Parliamentary-panel">parliamentary panel</keyword> on Friday strongly objected to Twitter India officials' observations that they abide by their policy and categorically told them that the rule of land is supreme. According to sources, members of the Parliamentary Panel on <keyword id="6363148" type="UNKNOWN" weightage="20" keywordseo="information-technology">Information Technology</keyword> also asked Twitter why it should not be fined as it has been found "violating" rules of the country. Earlier this month, the Centre issued a notice to Twitter giving it one last chance to "immediately" comply with the new IT rules and warned that failure to adhere to the norms will lead to the platform losing exemption from liability under the IT Act. The Parliamentary <keyword id="6355940" type="UNKNOWN" weightage="20" keywordseo="standing-committee">Standing Committee</keyword> on Information and Technology, chaired by Congress leader <keyword id="42749" type="PERSON" weightage="20" keywordseo="Shashi-Tharoor">Shashi Tharoor</keyword>, had last week summoned Twitter over issues related to misuse of the platform and protection of citizens' rights. Twitter India's public policy manager Shagufta Kamran and legal counsel Ayushi Kapoor deposed before the panel on Friday. Members of the panel asked some tough and searching questions to Twitter India officials but there answers lacked clarity and were ambiguous, sources said. They strongly objected to the observation of Twitter India officials that its policy is on par with the rule of land and categorically told them "rule of land is supreme, not your policy", sources said. Twitter and the Centre have been at loggerheads over several issues for the last few months. The microblogging site had faced backlash when it briefly removed the 'blue tick' verification badge from the personal account of Vice-President M Venkaiah Naidu and of several senior RSS functionaries, including its chief Mohan Bhagwat. Earlier, Delhi Police had sent a notice to Twitter, seeking an explanation of how it described an alleged "Congress toolkit" against the Central government as manipulated media. The police reportedly had also questioned Twitter India MD Manish Maheshwari on May 31 and visited the Twitter India offices in Delhi and Gurgaon on May 24 over the toolkit issue. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/low-skilled-it-jobs-in-india-are-definitely-at-risk-as-per-different-reports/articleshow/83633565.cms">Whether it's half a million or three million — 'low skilled' IT jobs in India are definitely at ris</a> <a href="https://www.businessinsider.in/cryptocurrency/news/el-salvadors-bitcoin-experiment-is-gaining-momentum-even-if-the-world-bank-doesnt-want-to-lend-its-support/slidelist/83634654.cms">Here’s how El Salvador’s Bitcoin experiment is playing out so far — the good, the bad and the ugly</a>

Rule of land supreme, not your policy: Parliamentary panel on information technology to Twitter

<ul><li>The observations were made in Mandates of the Special Rapporteur on the promotion and protection of the right to freedom of opinion and expression</li><li>"We understand the new Rules were issued under the Information Technology Act of 2000 and therefore, were not subject to parliamentary review or opened for consultation with stakeholders," the report said.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/" data-type="tilCustomLink" target="_blank">Business Insider</a>. </li></ul>Experts at <keyword id="6355833" type="ORGANIZATION" weightage="20" keywordseo="united-nations">United Nations</keyword> Office of the Human Rights Commissioner have said in a report that it is concerned that Indias Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021, in their current form, do not conform with international human rights norms. The observations were made in Mandates of the Special Rapporteur on the promotion and protection of the right to freedom of opinion and expression; the Special Rapporteur on the rights to freedom of peaceful assembly and of association and the Special Rapporteur on the right to privacy. ALSO READ: <a href="https://www.businessinsider.in/tech/apps/news/why-whatsapp-twitter-and-facebook-are-reluctant-to-comply-with-indias-new-it-rules/slidelist/82975313.cms" data-type="tilCustomLink" target="_blank">Here’s what India’s new IT rules want — and why WhatsApp, Facebook, Twitter and others are reluctant to comply</a> The report is authored by Irene Khan, Special Rapporteur on the promotion and protection of the right to freedom of opinion and expression, Clement Nyaletsossi Voule, Special Rapporteur on the rights to freedom of peaceful assembly and of association and Joseph Cannataci, Special Rapporteur on the right to privacy. "As noted in previous communications sent to your Excellency's Government, we are concerned that these new rules come at a time of a global pandemic and of large-scale farmer protests in the country, where the enjoyment of the freedom of opinion and expression, including the right to receive information, and the right to privacy, is particularly important for the realisation of several other civil, cultural, economic, political and social rights," the report said. "We would like to recall that restrictions to freedom of expression must never be invoked as a justification for the muzzling of any advocacy of multiparty democracy, democratic tenets and human rights," the report said. The report said as a global leader in technology innovation, India has the potential to develop a legislation that can place it at the forefront of efforts to protect digital rights. However, the substantially broadened scope of the Rules is likely to do just the opposite. "We would therefore encourage the Government to take all necessary steps to carry out a detailed review of the Rules and to consult with all relevant stakeholders, including civil society dealing with human rights, freedom of expression, privacy rights and digital rights", the report said. "We understand the new Rules were issued under the Information Technology Act of 2000 and therefore, were not subject to parliamentary review or opened for consultation with stakeholders. We believe such consultations with relevant stakeholders are essential in order to ensure the final text is compatible with India's international legal obligations, in particular with Articles 17 and 19 of the ICCPR," it added. This observation along with India's comment will also subsequently be made available in the usual report to be presented to the Human Rights Council, it added. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/twitter-is-at-odds-with-india-in-the-battle-to-control-online-speech/articleshow/83030224.cms" data-type="tilCustomLink" target="_blank">Twitter is at odds with the Indian government over new laws — reigniting the age-old battle of national interest versus freedom of speech</a> <a href="https://www.businessinsider.in/india/news/delhi-police-serves-notice-to-twitter-india-visits-office-in-connection-with-covid-toolkit-probe/articleshow/82929756.cms" data-type="tilCustomLink" target="_blank">Delhi Police serves notice to Twitter India, visits office, in connection with 'COVID toolkit' probe</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/twitter-may-now-be-directly-responsible-for-every-single-tweet-in-india/articleshow/83565645.cms">Twitter may now be directly held responsible for every single tweet in India</a>

A UN report says India's new IT rules do not conform with international human rights norms

<ul><li>The <keyword id="183099" type="ORGANIZATION" weightage="20" keywordseo="BSE-Auto-Index">BSE Auto index</keyword> surged nearly a percent on December 16, with Ashok Leyland and Tata Motors leading the way. The index has gained 16% since September 30. </li><li>A Parliamentary Standing Committee seeks more stimulus aside from other measures to boost demand, and revive the <keyword id="34478" type="PERSON" weightage="20" keywordseo="auto-industry">auto industry</keyword> in India. </li><li>The recommendations include regulatory relief, financial incentives for the scrappage policy, discount on research and development and more loans for dealers, but with less collateral. </li><li>The Committee also recommended reducing the GST rate to 18% from 28% to bring down a sizable amount in vehicle price. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian benchmark indices remained in the grip of bulls, recording fresh highs during the trade today and one of the big drivers of today’s rally were the auto stocks. The BSE Auto index surged nearly a percent on December 16, with Ashok Leyland and Tata Motors leading the way. Car and truck makers in India are not in good shape. The car makers were already broken with months of falling sales before the pandemic struck but now, there is hope in the horizon⁠— a parliamentary panel can see their pain. Their proposals include a recommendation to cut Goods and Services Tax (GST) rate by 10%. A Parliamentary Standing Committee, which pegged the loss to the industry at about ₹2,300 crore ($312 million), wants the government to release more stimulus to revive the sector. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stocks </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Today's gain </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ashok Leyland </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.48% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.07% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">M&amp;M </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.89 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TVS Motors </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.88% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">MRF </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.62% </td></tr></tbody></table>Source: BSE Auto Index There has been some recovery in auto sales in recent months. But, there is a peculiar situation in India, where the car makers and the dealers can’t agree whether the sales in the month of November were good or not! While the Society of Indian Automobiles, the lobby of car manufacturers, said <a href="https://www.businessinsider.in/business/auto/news/festive-boost-passenger-vehicle-sales-jump-13-in-november-two-wheelers-rose-14/articleshow/79676027.cms">it has been a great month</a>, the dealers association <a href="https://www.businessinsider.in/business/auto/news/passenger-vehicle-retail-sales-rise-4-two-wheeler-decline-21-despite-festive-boost-fada/articleshow/79622188.cms">wasn’t as excited</a>. The recommendation from the Parliamentary panel has come at a time when car makers like Maruti and Mahindra &amp; Mahindra have already announced discounts⁠— a usual fair at the end of every year⁠— after a losing an entire year to the pandemic and its extended impact. The recovery of this segment of industry is important because it employs a large number of people, many unskilled or less-skilled ones, and as per the panel’s estimate, 345,000 people have already lost their jobs. These are major items recommended by the Parliamentary Standing Committee: <ul><li>Consider wages paid to contract workers as charity: The committee recommended that the expenditure incurred by automakers for making payments to the temporary and contract labour during the lockdown period should be eligible as corporate social responsibility (CSR) expense. This move will help the automaker from tax paid on salaries. </li></ul><ul><li>Give more time to pay suppliers and vendors: It also recommended that the condition to avail ITC (Input Tax Credit) requiring payment of invoice to the supplier within 180 days of invoice to be done away with, till the situation returns to normal. Or at least should be provided with a waiver of interest which is charged from the date of invoice of the supplier, as most payments to the vendors will be deferred in the present scenario. The input credit helps the automaker to reduce the already paid raw material tax at the time of paying tax on output. </li></ul><ul><li>Reduce need for testing and regulatory approvals: A provision should be made for acceptance of self-certification by OEMs, instead of testing and approval by Government agencies for meeting regulatory requirements. Also a prioritised attention should be given to new approvals of alternate materials/parts identified for testing for compliance and validation purposes and fast track approvals by testing agencies. </li></ul><ul><li>Double the waiver on demurrage charge: Instead of 50%, 100% waiver on demurrage charges to be provided at the Airports/Seaports and rail yards until 1 month post resumption of full commercial production. </li></ul><ul><li>Reduce depreciation on value of vehicles: To make up the lost sales in March 2020 vehicles purchased till May 30 be permitted to enjoy 6 months depreciation in FY 2019-2020 — which will help in stimulating sales. </li></ul><ul><li>Discount on research and development: The government should also give a temporary exemption on import/export taxes and a 50% discount in testing prices in National Automotive Testing and R&amp;D Infrastructure Project (NATRIP) facilities.</li></ul><ul><li>More loans for dealers, but with less collateral: The Committee also recommended that the collateral norms for regular loan products for Auto Dealers should be moderate for availing required finance. It addressed that though banks have been facing various challenges because of bad loans, however, they should not look at all financial lendings with the same eye as the recovery rate is very high in the <keyword id="46265" type="PERSON" weightage="20" keywordseo="Auto-sector">auto sector</keyword>.</li></ul><ul><li>Financial incentives in the Scrappage Policy: The committee said that in addition to setting of Automotive Vehicle Scrapping Facility (AVSF) centres across the country, the government should make provisions for upfront financial incentives in the Scrappage Policy to boost demand for purchase of new vehicles. </li></ul><ul><li>GST reduction: To mitigate this cost increase, the Committee said the reduced GST rate to 18% from 28% at the moment. It said it will bring down a sizable amount in vehicle price creating more demand for newer vehicles. The increased sale due to the reduction in GST rate, will cover up the loss in GST revenue.</li></ul>Federation of Automobile Dealers Associations of India President Vinkesh Gulati welcomes the recommendations from the Parliamentary Standing Committee. “We had recommended One Nation – One Road Tax. I am happy to note that the committee found it relevant. It will also be praiseworthy if the Government accepts the committee’s recommendation of introducing effective rate of depreciation as 25% on permanent basis thus helping in improving sales,” he said in a statement to Business Insider. SEE ALSO:<a href="https://www.businessinsider.in/business/corporates/news/interview-home-recipes-that-are-set-for-a-7-million-ipo-mrs-bectors-food-is-no-cookie-cutter/articleshow/79721783.cms" data-type="tilCustomLink"> INTERVIEW: Home recipes that are set for a $73 million IPO⁠— Mrs Bector’s Food is no cookie cutter</a> <a href="https://www.businessinsider.in/thelife/personalities/news/facebook-ceo-mark-zuckerberg-and-reliance-industries-mukesh-ambani-spoke-but-had-no-chemistry/articleshow/79739547.cms" data-type="tilCustomLink">Zuckerberg spoke to Ambani but there was no chemistry — even with a multi-million dollar partnership between them</a>

India’s auto stocks cheer after Parliamentary Panel agrees that they need more stimulus and the dealers need loans with less collateral

<ul><li>The Society of Manufacturers of Electric Vehicles (<keyword id="2746593" type="General" weightage="20" keywordseo="smev" source="Orion">SMEV</keyword>) has sent a petition to a Parliamentary Standing Committee on unpaid subsidies.</li><li>The industry body said the allegations against EV manufacturers regarding violation of localisation norms were ‘fake’ and ‘mischievous’,</li><li>The EV body highlighted the disruptions caused by Covid-19 for two years and the 12-month delay in subsidies.</li></ul>Electric vehicles (EVs) have become quite popular in <keyword id="3658" type="General" weightage="20" keywordseo="india" source="Orion">India</keyword> over the past few years, with traditional companies also jumping on the EV bandwagon. In addition to the rising fuel prices, another major cause for adoption of EVs in the country has been the subsidy provided by the government as part of the Faster Adoption and Manufacturing of Electric Vehicles (<keyword id="6523642" type="General" weightage="20" keywordseo="fame-ii" source="Orion">FAME-II</keyword>) scheme. The Society of Manufacturers of Electric Vehicles (SMEV), an association of Indian EV manufacturers has sent a petition to the Parliamentary Standing Committee on Electric &amp; Hybrid Mobility, Energy, and Estimates, raising the issue of subsidies. <cmsannotation type="cmsannotation" annotationid="Subsidies worth ₹1,200 crore withheld" comment="subhead" text="Subsidies worth ₹1,200 crore withheld">Subsidies worth ₹1,200 crore withheld</cmsannotation> SMEV has said that ₹1,200 crore worth of subsidies have been withheld, causing a serious liquidity crisis in the industry. This is holding up the industry despite the supply chain being ready, it said. “Current trends are showing a slowing down of EV adoption due to the financial stress for the industry, which has been besieged by irritants designed to disturb the momentum of FAME 2,” SMEV said. The industry body has gone as far as to say that the unpaid subsidies are killing the EV revolution in the country. <cmsannotation type="cmsannotation" annotationid="EV body claims emails that brought FAME-II under government lens are fake" comment="subhead" text="EV body claims emails that brought FAME-II under government lens are fake">EV body claims emails that brought FAME-II under government lens are fake</cmsannotation> For those unaware of the issue, the FAME-II scheme, which was announced in 2019 has been under the government’s scanner for some time now. A<a href="https://www.businessinsider.in/business/auto/news/government-is-reportedly-reworking-the-fame-ii-scheme-to-ensure-companies-use-domestic-components/articleshow/93752352.cms"> report</a> in 2022 even suggested that the government may re-work the scheme. The controversy around the scheme began when a whistleblower claimed that EV makers were violating the localisation norms and claiming fraudulent subsidies. SMEV, however, dismissed these as “mischievous emails” and claimed that the delay in subsidies has been due to these emails. “Most of the debate on localisation - the prime misdemeanours held against OEMs (original equipment manufacturers) so far - is a matter of degrees and a subject of minor negotiations. Most OEMs have struggled over the last three years to secure local parts that adhere to quality standards but have achieved localisation to greater or smaller degree providing for availability,” SMEV said. <cmsannotation type="cmsannotation" annotationid="SMEV credits FAME-II for EV revolution" comment="subhead" text="SMEV credits FAME-II for EV revolution">SMEV credits FAME-II for EV revolution</cmsannotation> The EV body highlighted the importance of the government’s FAME-II scheme in helping the EV industry and paving the way for an EV revolution in the country. “SMEV believes that FAME 2 initiative is a path­ breaking, pioneering policy architecture that has not only opened up the EV sector dramatically, but has prepared the market to take off in full swing”, the association said. FAME got derailed by the ‘fake emails’ the industry body claimed. Talking about the challenges faced by the EV manufacturers, the body highlighted the disruptions caused by Covid-19 for two years and the 12-month delay in subsidies. The delay in subsidies has squeezed the working capital of companies that have already passed on the benefit to customers, resulting in a drop in industry volumes. SMEV has called for the industry and the government to work together to solve the issues and put the country back on track to meet its e-mobility targets. 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>

Unpaid subsidies worth ₹1,200 crore leading to ‘serious liquidity crisis’ among EV makers, says industry body

New Delhi, Dec 11 () A parliamentary panel has called for restoration of financial credit instruments of Letters of Undertaking (LoU) and Letters of Comfort (LoC) but with proper safeguards.
 Voicing concern over discontinuation of LoU/ LoC that is impinging trade and commerce in labour intensive and MSME Sectors, the Panel expressed concern on the absence of any prescribed norms for resolutions of NPAs due to quashing of RBI Circular dated February 12, 2018 by Supreme Court: Recommends a realistic framework for resolution of stressed assets.
After Rs 14,000 crore fraud by diamantaire Nirav Modi, the RBI last year had decided to discontinue the practice of issuance of LoUs/ LoCs for trade credits for imports into India. 
The Department Related Parliamentary Standing Committee on Commerce, under the Chairmanship of V Vijayasai Reddy, MP, Rajya Sabha Wednesday presented the Report on 'Action Taken by Government on the Recommendations/ Observations of the Committee contained in its One Hundred and Forty Sixth Report on Impact of Banking Misappropriation on Trade and Industry' to the Rajya Sabha. 
 "It is strongly felt by the Parliamentary Panel that the financial credit sourced through borrowing instruments of LoU and LoC stimulated trade in the country because of their easy availability and cost effectiveness. 
 "The Committee, therefore, notes that a ban on these instruments would impinge the trade in labour intensive and MSME Sectors which are mainly dependent upon cheap credit. Hence, the Committee recommends that the Government should make prudential analysis for the restoration of LoU and LoC at the earliest with proper safeguards," a statement on the report's observations said. RSN DP RSN MR
MR

Par panel calls for restoration of financial credit instruments with proper safeguards

New Delhi, Mar 11 () Expressing concern over contraction in exports, a Parliamentary panel on Wednesday said the commerce ministry should take measures like diversification of the export basket for revival of growth. Department Related Parliamentary Standing Committee on Commerce said the volatility in growth of exports is still notable despite reaching the half trillion mark (USD 538.08 billion in 2018-19). It said that downslide in major exportable commodities and labour-intensive sectors depicts a "doom and gloom" scenario for India's trade in the long run. "The committee expresses its concern on the contraction of exports in the year 2019-20 as compared to the previous year. The committee is of the opinion that the (commerce) department should take all out measures for bringing a desired momentum on trade front," the report said. It stressed on the need for a calibrated approach, concerted efforts, diversification of export basket, removal of supply chain bottlenecks and simplification of export procedures, among others, to achieve the goal of making India a significant global player in goods and services trade with USD 1 trillion export volume by 2024-25. The committee recommended a detailed analysis of the performance and policy issues in exports before initiating new programmes, policy and schemes in the current year. It also asked for close monitoring of the existing schemes/policies to be taken up rigorously. The report urged the department to make vigorous efforts for market expansion and establish trade synergies with new emerging trade destinations in Africa, Latin America and West Asia to reduce overdependence on developed countries, especially the US and EU for exports, and to minimize uncertainties due to adverse global event/scenario. It recommended the government to be vigilant in checking fluctuations in exchange rate of rupee and unfair trade practices adopted by the trading partners. Besides, the committee pitched for setting up a monitoring committee to address key issues related to Free Trade Agreements. It also expressed concern on discriminating measures such as delisting India from 'Developing Beneficiary Country' under the 'Generalised System of Preferences (GSP)', inclusion of the country in 'Priority Watch List' by the United States Trade Representative (USTR) and increase in disputes against India in the WTO. Further, the report said the government should formulate a global value chain (GVC) integration policy to facilitate Indian industries' participation in GVCs. It added that merely discontinuing the MEIS (Merchandise Exports from India Scheme) before putting in place any suitable substitutive mechanism will impact the sectors which at present are under the garb of inverted duty structure. "The Committee recommended to make a careful evaluation and analysis of new scheme viz. Remission of Duties or Taxes on Export Products (RoDTEP) Scheme before its implementation for its compliance with global trade norms," it said. The report also expressed its "deep concerns" on the substantial reduction of the budgetary allocation made to agencies/commodity boards. "The curtailing of funds will impact the functioning of the schemes and programmes of the agencies and boards and the shortfall may lead to upsurge in liabilities in the coming years," it said. The committee has also recommended that the department should strive to evolve a robust mechanism to capture export data of e-commerce. RR ABMABM

Par panel expresses concern over contraction in exports, suggest steps to increase growth

<ul class="summary-list"><li><keyword id="6356970" type="LOCATION" weightage="60" keywordseo="myanmar">Myanmar</keyword>'s military says it will be taking control of the country for the next year.</li><li>Several government officials, including <keyword id="56335" type="PERSON" weightage="60" keywordseo="Aung-San-Suu-Kyi">Aung San Suu Kyi</keyword> and President Win Myint, were rounded up.</li><li>Global diplomatic leaders are expressing outrage and dismay over the coup.</li></ul>Myanmar's military on Monday announced it would be taking over the country for at least a year, citing massive voter fraud as justification for the coup.The announcement was made on the military-owned television channel <a href="https://www.reuters.com/article/us-myanmar-politics-military-text-idUSKBN2A11A2">Myawaddy TV</a>, and it followed the detainment of several top Myanmar politicians, including the civilian leader Aung San Suu Kyi and President Win Myint. Members of the ruling National League for Democracy were also taken into custody, according to the <a href="https://apnews.com/article/aung-san-suu-kyi-myanmar-dda3d013897e14d5d0bd44d19eac9cd1?utm_campaign=SocialFlow&amp;utm_medium=AP&amp;utm_source=Twitter=Twitter">Associated Press</a>. The newly elected parliament had been due to meet Monday for the first time since the election.Myanmar Vice President Myint Swe, a former general who is backed by the military, is now heading up the government.In the country's latest election, in November, the National League for Democracy won 396 out of 476 parliamentary seats, while the military-backed Union Solidarity and Development Party won just 33 seats.The military, known as the Tatmadaw, argued there was massive voter fraud and on Tuesday released a list of corruption allegations. It claimed there were 8.6 million instances of "voter irregularities" among a population of 54 million.The claims were rejected by the country's election commission, according to the <a href="https://apnews.com/article/aung-san-suu-kyi-elections-myanmar-cc1b225b806c27dda748d3ab51d0e47f">AP</a>.Myanmar's citizens woke up Monday to a media blackout, and there are <a href="https://t.co/Jgc20OBk27?amp=1">reports that internet connectivity is down 75%</a>, with the military planning to disconnect the internet later Monday.As <keyword id="6355005" type="UNKNOWN" weightage="100" keywordseo="news">news</keyword> of the coup spread across the country, <a href="https://twitter.com/ThaiEnquirer/status/1356049130087280640">people lined up at banks</a> to pull their cash. Residents in the city of Yangon reported that area ATMs had run out of cash. According to Reuters, all banks are planning to shut down temporarily.World leaders expressed shock and outrage at the military takeover."We call on Burmese military leaders to release all government officials and civil society leaders and respect the will of the people of Burma as expressed in democratic elections on November 8," US Secretary of State Antony Blinken <a href="https://twitter.com/SecBlinken" target="_blank" rel="noopener noreferrer">tweeted</a>. "The military must reverse these actions immediately."UN Secretary-General António Guterres <a href="https://twitter.com/karmanomad/status/1356087284739796992">said the coup represented</a> "a serious blow to democratic reforms in Myanmar."Volkan Bozkir, the president of the UN General Assembly, <a href="https://redirect.dataminr.com/1/redirect?key=90822319&amp;hash=GZh8n9tT8IL7rnXMKt45UWC2ygLw81bow_1Oz4M4STN8tGVSsLx0jngKz9RkF92S6DmCIsN_Zz9ABRZBn5xY4A==&amp;guid=e2af51af44714b209609f6674ea0a9674ea0a967">tweeted</a>: "I call for immediate release of detained political leaders. Attempts to undermine #democracy and rule of law are unacceptable. Military leaders must adhere to democratic norms and respect public institutions and civilian authority."In a statement Monday, the military said the international community "should not be endorsing the next steps of the political process on a business-as-usual basis without understanding actual events," <a href="https://www.mmtimes.com/news/tatmadaw-reprimands-diplomatic-community-unwarranted-assumptions.html">according to the Myanmar Times</a>.Sen. Bob Menendez, the incoming chairman of the Senate Foreign Relations Committee, recommended the US impose sanctions, "as well as other measures, against the Tatmadaw and the military leadership of Burma."Myanmar's military ran the country until 2015, when it began transitioning toward a democratic model. In recent years, Aung San Suu Kyi, who was hailed as a humanitarian hero and presented with a Nobel Peace Prize while under house arrest in 1991, has been criticized for her response to the imprisonment and torture of the country's <a href="http://www.insider.com/category/rohingya">Rohingya ethnic minority</a>.

Myanmar's military says it's taking over as world leaders look on in shock

New Delhi, Mar 11 () A parliamentary panel on Wednesday expressed concerns over decline in foreign direct investment (FDI) in the manufacturing sector and recommended to address these issues to make India an attractive destination for investments. The Department-Related Parliamentary Standing Committee on Commerce said the FDI equity inflow in manufacturing is declining and the sector's share in the total FDI inflow in 2018-19 was around 23 per cent "which is very low". It said the "low inflow of FDI in the manufacturing sector defeats the very purpose of Make in India scheme". It recommended the commerce department to take concerted efforts to increase the share of manufacturing sector in FDI inflows. It said that in the past five-and-a-half years (April 2014-September 2019), India received FDI inflows worth USD 319 billion, which is 50 per cent of the total FDI inflow (USD 642 billion) in the past over 19 years since April 2000. It also asked for fast disposal of 51 pending cases of FDI proposals. "The committee, while appreciating the liberal and investment-friendly policies adopted by the government, recommends to take necessary precautions/ steps to ensure that the liberal policies are not exploited by some unscrupulous investors and institute a stringent mechanism to check the misuse of FDI for routing black money in the guise of FDI," it said. Besides, the report stated that a large chunk of FDI inflow is captured by a few states while majority of them witness a minimal inflow of FDI. It recommended the government to take necessary steps to increase the inflow of FDI into the lean states to ensure balanced growth so that there is no regional disparity in development. Further, it asked the department to be vigilant about the domestic sourcing norms and ensure that they are strictly adhered to by the multinational corporations so that the intended benefits are accrued to the target groups. "The committee recommends to address the concerns raised by the domestic retailers and indigenous traders in a structured manner through its retail trade policy which is supposedly under preparation," the report added. The report also said necessary steps need to be taken to ensure that the liberalisation of the coal sector provides the required impetus to the sector. It called for concerted efforts for revival of the industrial sector with focus on mining, manufacturing and electricity sectors given their importance in the economy and to address declining capacity utilisation of the manufacturing sector considering its impact on investment and job creation. On the proposed new industrial policy, it suggested for finalising the policy at the earliest in tune with changing global scenario. On intellectual property rights, the committee stressed the need to further reduce the time for examination and disposal of patents to match the international standard, create awareness among various stakeholders and fill the sanctioned posts of patent examiners and controllers at the earliest. Taking note of the World Bank's Doing Business Report, 2020, which ranks India at 63rd among 190 countries, it said sustained measures need to be taken for further improvement. Further, for start-ups, it suggested to increase registration of start-ups in Government e-Marketplace portal, facilitate establishment of start-ups in those states with dismal record, address the issue of insignificant drawing of funds from the Fund of Funds Scheme and operationalisation of Credit Guarantee Scheme to ease the availability of credit. "Expressing concern over the delay in payment by the PSUs (public sector undertakings) and the government departments to the start-ups, the committee recommended to increase procurement and payment of dues within a stipulated time period," it said. RR HRS

Par panel expresses concerns over dip in FDI in manufacturing sector

New Delhi, The <keyword id="61705" type="COMPANY" weightage="20" keywordseo="Delhi-Metro-Rail-Corporation">Delhi Metro Rail Corporation</keyword> (<keyword id="45312" type="COMPANY" weightage="20" keywordseo="DMRC">DMRC</keyword>) has been facing a financial stress with the losses to the tune of ₹1,500 crore during the heydays of the pandemic induced lockdown. Metro operations were halted during lockdown for a period of roughly six months, which drastically affected revenue from passenger travel. At the same time, operating expenses including Operation and Maintenance (O&amp;M) costs had to be continuously paid for the upkeep of the metro network which spans 285 stations and a total track length of 389 km. Additionally, there had been a decline in the non-fare revenue garnered from advertisement as well as shop rentals for the months when metro operations had been suspended. The DMRC has around 400 retail outlets at its stations. Owners of these retail shops have expressed their inability to pay rent to the DMRC on account of no sales. Even now, when the metro services have been resumed, it has been done with sub optimal capacity on account of following strict social distancing norms. In addition, the Delhi Metro had taken a soft loan of ₹35,198 crore from <keyword id="6395487" type="COMPANY" weightage="20" keywordseo="japan-international-cooperation-agency">Japan International Cooperation Agency</keyword> (JICA) at a concessional rate of 1.2-2.3 per cent for 30 years. For the financial year 2020-21, DMRC is required to pay ₹1,242.8 crore of which ₹434.1 crore is the interest while ₹808.7 crore is the principal amount. However, till July 2020, DMRC had been able to pay only ₹79.2 crore as interest payment. In the wake of <keyword id="392283" type="PERSON" weightage="20" keywordseo="financial-distress">financial distress</keyword>, the DMRC has turned to seek financial assistance from the <keyword id="6357307" type="COMPANY" weightage="20" keywordseo="Central-Government">Central Government</keyword>, Delhi, Haryana and Uttar Pradesh governments. It is learnt that the DMRC has written to the Central and state governments requesting financial help. It is yet to be seen whether the Central and the state governments come to the rescue of the DMRC since they too are reeling under high fiscal deficit. This is for the first time that the Delhi Metro is facing operational losses. Since 2002, the DMRC has never faced an operational loss owing to efficiency in operations and world class service standards. To tide over its financial stress, the Delhi Metro is brainstorming innovative methods of revenue generation. The DMRC is following a two pronged strategy of curtailing expenditure wherever possible and deferment of non-essential expenditure. It has decided to reduce perks and allowances of its employees to about 50 per cent in the coming financial year and also requested the Centre to defer the payment of its loan instalment to JICA for the year 2020-21. A Parliamentary Committee report had suggested innovative methods of revenue realisation for the DMRC. The average non-fare revenue of Metro, across the world, comprising of revenue from advertisements, property leasing and consultancy is close to around 40-50 per cent of total traffic revenue. However, for the DMRC, non-fare revenue accounts for only 15 per cent, which is abysmally low. In order to tackle this challenge, the committee suggested leasing of existing assets i.e. track and rolling stock, leasing of commercial spaces at stations, advertisement fee, parking fee as well as revenue generation by levying a cess on residential property development of nearby areas which have seen enhancement in value owing to metro operations. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/analysts-explain-why-indigo-paints-shares-fell-with-a-thud-just-like-burger-king-and-mrs-bectors-and-what-to-do-with-it-now/articleshow/80704864.cms">Indigo Paints joins the league of Burger King and Bector's — frenzied IPOs that fizzled out</a> <a href="https://www.businessinsider.in/tech/news/the-india-stack-that-bill-gates-and-sundar-pichai-so-love-is-set-to-get-much-bigger-thanks-to-the-indian-governments-new-blockchain-strategy/articleshow/80718403.cms">The India stack that Bill Gates and Sundar Pichai so love is set to get much bigger – thanks to the Indian government’s new blockchain strategy</a>

You Searched For "parliamentary norms" and got 9 results

Rule of land supreme, not your policy: Parliamentary panel on information technology to Twitter

PTI

A UN report says India's new IT rules do not conform with international human rights norms

IANS

India’s auto stocks cheer after Parliamentary Panel agrees that they need more stimulus and the dealers need loans with less collateral

Navdeep Yadav

Unpaid subsidies worth ₹1,200 crore leading to ‘serious liquidity crisis’ among EV makers, says industry body

Sourabh Jain

Par panel calls for restoration of financial credit instruments with proper safeguards

PTI

Par panel expresses concern over contraction in exports, suggest steps to increase growth

PTI

Myanmar's military says it's taking over as world leaders look on in shock

Julie Gerstein

Par panel expresses concerns over dip in FDI in manufacturing sector

PTI

Delhi Metro facing financial distress with losses of ₹1500 crore due to COVID-19 pandemic

IANS

Popular Keywords

Buying Guides