India plans to share its expertise in digital public infrastructure (DPI), including systems like Aadhaar and Unified Payments Interface (UPI), with ASEAN nations to explore cross-border collaborations. 

In a joint statement, the two sides said they would explore cooperation in areas like education, healthcare, agriculture, and climate change.

The statement followed the 21st India-ASEAN Summit, during which both sides committed to advancing AI technologies responsibly by developing infrastructure, skills, and risk management frameworks. 

They also discussed partnerships in fintech innovations and digital financial solutions. Both parties also agreed to strengthen cybersecurity cooperation to support the digital economy.

The move is in line with India’s plans to share DPI with countries across the world. 

In July, the Reserve Bank of India (RBI) teamed up with the Bank for International Settlements (BIS) and central banks from four ASEAN nations to launch Project Nexus, a multilateral initiative aimed at facilitating retail cross-border payments. 

Under the initiative, UPI will be linked with the respective fast payment systems (FPS) of Malaysia, Philippines, Singapore, and Thailand to facilitate instant cross-border retail payments.

Last year, the RBI also engaged in discussions with counterparts in the US, Hong Kong, and SWIFT to explore a fast and cost-effective cross-border settlement system using central bank digital currencies (CBDCs).

The RBI also signed a memorandum of understanding (MoU) with the Central Bank of the United Arab Emirates (CBUAE) to conduct joint proof-of-concept and pilot projects for a bilateral CBDC bridge. This initiative aims to facilitate cross-border CBDC transactions for remittances and trade while promoting innovation in financial services.

Notably, in February 2023, India and Singapore linked their real-time payment systems.

The National Payments Corporation of India (NPCI) has also signed agreements with countries like Peru and Namibia to develop UPI-like payment systems.

The post India To Share Digital Public Infra Expertise With ASEAN Countries appeared first on Inc42 Media.

The Maharashtra government has set up an advanced cyber command and control centre in Navi Mumbai in partnership with L&T Technology Services as part of its effort to curb the cybercrimes.

Touted to be India’s first state-level cyber command centre, the facility was inaugurated by Maharashtra deputy chief minister Devendra Fadnavis on Friday (October 11).

The centre, set to become fully operational by October 15, is part of the INR 837 Cr Maharashtra cyber security project. The project was approved last year with the aim of curtailing the growing number of fraudulent schemes on social media platforms, such as WhatsApp and Facebook, and preventing other cyber attacks.

“Maharashtra’s digital future is safer with Maha Cyber – Maharashtra Cyber Security Project,”  Fadnavis said in a post on X.

The control and command centre will have over 150 experts working round the clock to register and resolve the complaints of cybercrime victims in a timely manner. Once the complaints have been lodged, emails will be sent to banks to freeze the accounts of victims. 

Maha Cyber Security Command Centre has a dedicated helpline that can be reached 24 hours a day at 14407. Additionally, the government plans to train 5,000 police personnel annually as part of the initiative.

Apart from the dedicated cyber command and control centre, the Maharashtra cyber project will have several other departments such as a technology assisted investigation centre with advanced digital forensics tool, CERT – Maharashtra with AI-based threat intelligence tools, security operations centre and a cyber centre of excellence.

The development comes at a time when a wave of cyber attacks has swept Maharashtra and the country. Earlier this year, cybercrime sleuths reportedly unearthed a syndicate that tricked villagers in Maharashtra’s Nanded and Dharmabad into opening mule accounts. Fraudsters used these accounts to park laundered money, crediting farmers’ accounts with lakhs of rupees every month.

A few years ago, cyber fraudsters hacked many cooperative banks in Maharashtra, wiping out crores of rupees from accounts of a large number of customers. 

However, the menace of cyber crime is not limited to Maharashtra. In a recent report, the Reserve Bank of India said that the number of online frauds in the country surged 334% year-on-year (YoY) to 29,082 in the financial year 2023-24 (FY24).

Further, India-based businesses faced over 3,000 cyber attacks in Q2 2024, second only to Taiwanese firms in the APAC region, according to a report by Check Point Research.

The country reportedly lost INR 177.05 Cr to cyber frauds in FY24, more than double the INR 69.68 Cr it lost in FY23 on account of credit, debit card and internet banking frauds.

However, the Centre has taken several initiatives to clamp down on the rising tide of cyber frauds. For instance, it has disabled over 70 Lakh mobile connections till date, which were obtained through fake or forged documents.

To strengthen the mechanism of preventing cyber attacks, the government has also set up the ‘Citizen Financial Cyber Fraud Reporting and Management System’, which has already helped save more than INR 2,400 Cr from being syphoned off by fraudsters. 

The post Maharashtra Sets Up Cyber Command Centre To Curb Cybercrimes appeared first on Inc42 Media.

The Reserve Bank of India (RBI) has asked fintechs and banks to make their point of sale (PoS) devices and other payment solutions accessible to persons with disabilities (PwDs).

In a statement, the central bank said that at a time when all sections of the population, including differently abled persons, are increasingly adopting digital payment systems, payment system participants (PSPs) should review their payment systems/ devices in terms of accessibility to PwDs. 

“While selecting potential solutions for the purpose, care should be taken to ensure that the modifications / enhancements do not compromise security aspects of their systems,” it said. 

Additionally, the PSPs have been asked to submit the details of their systems that need to be modified, along with a time bound plan of action for those modifications, within one month from the date of issue of the notice. 

The statement comes after the finance ministry released the “Accessibility Standards and Guidelines for Banking Sector” earlier this year.

The recent update is in line with the RBI’s effort to make fintech space more accessible to the wider population in India. 

For instance, earlier this year, the central bank said it will soon launch a platform to offer credit to rural and small businesses.

Dubbed ‘Unified Lending Interface’, the platform will cater to large unmet demand for credit across various sectors, particularly for agricultural and MSME borrowers.

Earlier this week, the central bank also increased the transaction limit for UPI123Pay and UPI Lite to further increase UPI adoption.

While the transaction limit of UPI123 Pay will be increased to INR 10,000 from the current INR 5,000, the limit for UPI Lite will be increased to INR 1,000 from the current INR 500. 

The developments come at a time when UPI continues to grow by leaps and bounds. In September, the number of UPI transactions surged to 15.04 Bn from 14.96 Bn in the previous month.

Fintech giants PhonePe and GooglePay continue to dominate the UPI market. 

The post Make Pos Devices Accessible To Persons With Disabilities: RBI To Fintechs appeared first on Inc42 Media.

Saurabh Chandrakar, the alleged kingpin in the scam linked to online betting platform Mahadev Book, has reportedly been arrested in the UAE on money laundering charges.

Chandrakar was allegedly involved in money laundering and orchestrated match-fixing of major cricket matches and tournaments held in India through the Mahadev app. 

The Enforcement Directorate (ED) is likely to make a formal request for his extradition from the UAE soon, the Economic Times reported, citing sources.

It is pertinent to note that the ministry of electronics and information technology (MeitY) blocked the Mahadev app last year amid allegations that a large number of people had been defrauded of nearly INR 15,000 Cr through the gambling app.

The gambling app, allegedly run by Chandrakar and Ravi Uppal from Dubai, allowed users to bet in real-time on a number of games, including cricket, football, and tennis. The app was widely popular and had nearly 10 Mn users at its peak.

However, an investigation by the ED revealed that the app was being used to launder money between India and Dubai through dubious banking methods or ‘hawala’ transactions. The proceeds of the crime in the case are estimated to be around INR 20,000 Cr, of which INR 1,100 Cr were diverted into the stock market through dummy accounts and fake bank entities.

The ED probe into the Mahadev online gaming and betting app indicated that several high-profile politicians and bureaucrats from Chhattisgarh were allegedly involved in the scandal.

Former Chhattisgarh chief minister Bhupesh Baghel, along with other politicians and bureaucrats, was accused earlier of accepting kickbacks of over INR 500 Cr from the main promoters and operatives of the app.

The ED began its probe into the Mahadev betting app scam after Chandrakar’s lavish wedding celebration in the UAE made headlines in February last year. The wedding cost around INR 200 Cr, with at least half a dozen Indian celebrities paid to perform at the event. Private jets were hired to ferry relatives of Chandrakar from India.

Later, the probe agency reportedly froze funds worth over INR 1,700 Cr and arrested nearly a dozen persons in connection with the money laundering case linked to the Mahadev Book app.

The post Mahadev Betting App Scam: Mastermind Saurabh Chandrakar Arrested In UAE appeared first on Inc42 Media.

Following the end of the production linked incentive (PLI) scheme for the drone sector, the government is reportedly planning to come out with a new PLI scheme. 

Speaking during a conference organised by industry body FICCI, civil aviation secretary Vumlunmang Vualnam said that the new PLI scheme would be more effective in terms of implementation, documentation and other aspects, news agency PTI reported.

The secretary said that some of the procedures under the first PLI scheme were onerous for startups and micro, small and medium enterprises (MSMEs).

Vualnam said that the drone sector has to be segregated into three segments – those for civilian use, security or defence forces use, and the rogue or unregulated use of drones. 

“We have to be cognisant of that… counter drone technologies are being developed,” he was quoted as saying. 

The Centre introduced the PLI scheme for drones in 2021 with an outlay of INR 120 Cr and a tenure of three years, commencing from 2021-22. The tenure of the scheme has ended now.

Under the scheme, the civil aviation ministry disbursed INR 30 Cr to the beneficiaries in FY23. 

The Centre has taken a number of steps over the last few years, including liberalisation of the drone regime, with an eye on making India a global drone hub by 2030.

This has spawned a number of drone startups, including Garuda Aerospace, Aereo, Skye Air, among others, in the country over the last few years. These startups have also been attracting a lot of investor interest.

For instance, former Indian skipper MS Dhoni increased his investment in Chennai-based drone startup Garuda Aerospace a week ago.

Meanwhile, Bengaluru-based drone startup Aereo raised $15 Mn in its Series B funding round led by 360 ONE Asset in July to expand its aerial intelligence solutions for capital asset management.

As per Inc42 data, India is home to over 200 drone tech startups and these startups have raised a funding of over $140 Mn since 2014. The country’s drone tech market is expected to clock a CAGR of 22% between 2022 and 2030 to reach a size of $13 Bn at the end of this period.

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The government has reportedly eased the eligibility criteria for the procurement of 10,000 Graphics Processing Units (GPUs) under the IndiaAI mission to allow more participation of smaller companies and startups.

According to a Moneycontrol report, the IT ministry has reduced the turnover requirement for bidding companies and adjusted the AI compute unit specifications.

These changes were made after companies raised concerns during a pre-bid meeting in September, saying that the initial tender terms were too restrictive for smaller businesses.

The turnover requirement for primary bidders has been reduced from INR 100 Cr to INR 50 Cr, while for non-primary consortium members, it has been halved to INR 25 Cr, as per the documents dated September 27.

In the original tender, bidders were required to have at least 1,000 AI compute units on their cloud platform. While this remains unchanged, the government has lowered the performance specifications.

Initially, the AI compute units needed to meet 15 TFLOPS for FP32, 300 TFLOPS for FP16, and have 40 GB of compute memory. The new requirements have reduced FP16 to 150 TFLOPS and AI memory to 24 GB.

Additionally, bidders can now provide a bank guarantee for future AI compute units, giving them six months post-agreement to meet the requirement.

Earlier this year, Ministry of Electronics and Information Technology (MeitY) secretary S Krishnan had reportedly said that the government may tap into “viability gap funding (VGF) to create more “compute capacity”.

It is pertinent to note that in March the Cabinet approved the IndiaAI Mission with an allocation of INR 10,372 Cr over the next five years.

Notably, of the total INR 10,372 Cr outlay for the AI Mission, more than INR 4,500 cr has been earmarked for compute capacity.

Under the Mission, the government is currently planning to build a cutting-edge, scalable AI computing infrastructure by deploying more than 10,000 GPUs– which will be made available to various stakeholders including startups, MSMEs and institutions at subsidised rates. 

Indian authorities have proposed to pay up to 50% of the GPU cost by giving vouchers to various institutions and others.

Driving this push is India’s AI boom. The country now hosts over 100 startups that have raised more than $600 Mn between 2019 and the first half of 2024.

According to an Inc42 report, India’s Generative AI market is projected to surge, surpassing $17 Bn by 2030.

The post IndiaAI Mission: Govt Eases GPU Norms To Facilitate More Participation Of Smaller Firms appeared first on Inc42 Media.

The Department of Telecommunications (DoT) plans to launch the second phase of a centralised system soon to block international spoofed calls.

Spoofed calls are fraudulent international calls that appear to originate from Indian mobile numbers. As per the DoT, the system has been envisaged with an eye on curbing the growing number of incidents involving fake threats of mobile disconnection and arrests, and impersonation of government officials. 

The implementation of the system has been divided into two phases. The first phase, which has already been executed by all four major telecom service providers (TSPs), focusses on preventing calls spoofed with numbers of subscribers from the same telecom operator.

So far, about one-third of the estimated 4.5 Mn spoofed calls entering the Indian telecom network have been blocked under the first phase. The second phase will expand the effort to eliminate spoofed calls across all TSPs and is expected to be commissioned shortly.

To further combat these threats, the DoT has introduced several initiatives. One of these is the Digital Intelligence Unit (DIU), aimed at curbing the misuse of telecom resources for cybercrime and financial fraud. 

Additionally, the DoT has developed the Sanchar Saathi portal, which serves as a citizen-centric platform allowing users to report suspected fraudulent communications and unsolicited messages, report stolen or lost handsets, verify the genuineness of mobile devices before purchase, and report incoming international calls with Indian numbers.

Moreover, the DoT has launched the Digital Intelligence Platform (DIP), a secure online platform that facilitates real-time information sharing among stakeholders such as telecom operators, law enforcement, and banks to prevent telecom misuse. 

The DoT also said that it has disconnected 1.77 Cr mobile connections acquired through fake documents. It has also taken targeted actions, including blocking 33.48 Lakh connections and 49,930 handsets used by cybercriminals. 

It has also traced 12.02 Lakh out of 21.03 Lakh reported stolen mobile phones and blocked 2.29 Lakh devices linked to cybercrime activities. 

Furthermore, approximately 11 Lakh bank accounts associated with fraudulent connections have been frozen, and 71,000 SIM agents have been blacklisted, with 365 FIRs registered across various states.

Last month, it was reported that the Telecom Regulatory Authority of India (TRAI) and DoT jointly disconnected over 1 Cr mobile connections to check pesky callers and fraudsters.

TRAI is said to be mulling for compulsory name display on incoming calls. However, it has faced delays due to tech-related issues to roll out the plan.

The post DoT Rolls Out New System To Block Spoofed International Calls appeared first on Inc42 Media.

The union government will “soon” float tenders for setting up 10 gigawatts (GWs) of battery energy storage projects.

Vijay Mittal, joint secretary in the Ministry of Heavy Industries (MHI), said that the new projects will strengthen India’s position in the energy storage segment, news agency PTI reported.

“The ministry (MHI) will soon come out with a 10 GW RFP (request for proposal) for those who are working on the energy storage part of it for grid-scale energy storage systems… so that we have… indigenous capability for manufacturing of battery energy storage system(s) compatible with advanced chemistry cells,” Mittal was quoted as saying. 

Mittal also said that the Centre has set aside over 40 gigawatt-hours (GWh) out of 50 GWh for various original equipment manufacturers (OEMs) for indigenous manufacturing of advanced chemistry cells (ACCs) under the government’s production-linked-incentive (PLI) scheme.

Simply put, ACCs are used in electric vehicles (EVs) and can store electric energy either as electrochemical or as chemical energy.

According to Livemint, the new RFP will be formulated in association with the ministry of new and renewable energy and NITI Aayog. Mittal also reportedly added that a large chunk of India’s energy storage requirement, which may be in the range of 110-150GWh, will be manufactured domestically by 2030.

Noting that the ministry is leading the mission of indigenous manufacturing of chemistry cells in the country, Mittal, as per PTI, said that the country has set its eyes on reducing the need for imports of internal combustion engine (ICE) vehicles to address environmental concerns.

It is pertinent to note that the Centre approved the PLI scheme for manufacturing ACC batteries in May 2021 to give a major impetus to the homegrown electric mobility sector and battery storage ecosystem. With an outlay of INR 18,100 Cr, the PLI scheme aims to achieve manufacturing capacity of 50 GWh of ACC and 5 GWh of “niche” ACC.

The scheme will look to enhance India’s manufacturing capabilities by setting up giga scale ACC manufacturing facilities in India with emphasis on maximum domestic value addition. 

Notably, last month, MHI selected Reliance Industries Limited (RIL) as the successful bidder under the PLI scheme for 10 GWh ACC manufacturing unit. Under the scheme, the conglomerate will  be eligible for the maximum budgetary outlay off INR 3,620 Cr.

The first round of bidding, in March 2022, for the PLI scheme saw three companies – Reliance New Energy Limited, Ola Electric, and Rajesh Exports Limited win grants for 10 GWh each.

It is pertinent to note that Ola Electric has already completed the initial phase of setting up its gigafactory, “Futurefactory”, in Tamil Nadu’s Krishnagiri. The EV major claims that the unit will have an overall production capacity of up to 20 GWh.

The post Govt To Soon Invite Bids For Building 10 GW Battery Storage Projects appeared first on Inc42 Media.

The Confederation of All India Traders (CAIT) has alleged the Competition Commission of India (CCI) of inaction and mishandling investigations into anti-competitive practices by ecommerce majors Amazon and Flipkart. 

In a letter to finance minister Nirmala Sitharaman today (October 3), CAIT raised concerns over the alleged delays in addressing the violations of India’s FDI policies by the two ecommerce giants. 

According to CAIT, Amazon and Flipkart have been bypassing regulations by using proxy sellers to control inventory and dominate listings on their platforms. 

These sellers, according to CAIT, benefit from reduced fees and exclusive product launches, while independent traders are burdened with significantly higher charges, distorting the competitive landscape.

It criticised the CCI for not taking decisive action on numerous complaints filed by various trade associations and individuals. 

The industry body pointed to multiple cases involving allegations of preferential treatment, deep discounting, and exclusive deals with mobile manufacturers that have either been dismissed or subjected to significant delays. 

Even after the Supreme Court gave the green light for investigations, CAIT said that progress has been limited, with the CCI showing little urgency in addressing these complaints.

A key point of contention for CAIT is the CCI’s decision to separate investigations into Amazon and Flipkart, a move the organisation argues has only prolonged the process. 

The Director General’s office submitted a detailed investigation report in December 2023, but the CCI took five additional months to request separate reports for the two companies. 

CAIT argues that this decision has delayed the comprehensive review of their anti-competitive practices, further stalling action.

In addition to these procedural delays, CAIT expressed concerns about alleged bias within the CCI’s antitrust division, suggesting that certain officials may be favouring the ecommerce giants.

The traders’ body demanded the removal of officials who have been in their positions for more than three years, in line with government policy, and called for stricter oversight on those involved in handling the case.

Notably, earlier this week, CAIT released a white paper, highlighting a need for establishing a dedicated ecommerce regulator to address unfair trade practices in the Indian ecommerce market.

In the white paper, CAIT outlined several recommendations to create a unified dispute resolution mechanism and streamline the regulatory framework for governing ecommerce platforms.

The post CAIT Alleges Inaction In CCI’s Probe Against Amazon & Flipkart appeared first on Inc42 Media.

The Delhi High Court (HC) has directed social media platforms to submit details about their standard operating procedures (SOPs) while responding to requests for information from law enforcement agencies.

“The platforms shall place on the next date, their standard operating protocol for dealing with requests for information from law enforcement agencies including the timelines,” it said in a recent order.

In the order, dated September 20, the HC bench noted that the “time lag” between police seeking information and receipt of such information from social media platforms is impeding the process of tracing missing persons.

Subsequently, the bench, comprising Justice Prathiba Singh and Justice Amit Sharma, directed all major intermediaries, including Google, Meta, Reddit, X, Telegram and LinkedIn, to furnish details about their SOPs for requests from law enforcement agencies and timeline for providing such data. 

The HC also directed the Delhi Police’s counsel to hold a meeting with concerned police officials and place a note before the court on “any challenges” faced by enforcement agencies and training required by them.

“In order to ensure that such delay and lag does not impede the process of tracing out missing persons who are sometimes even children and minors, it is necessary that proper timelines ought to be adhered to by the concerned online platforms and their concerned officials. It is also necessary that the IOs (investigating officers) are also properly acclimatised to the manner in which requests ought to be posted, how the portal is to be monitored and immediately upon receipt how the same is to be downloaded from these platforms,” read the order.

The directions came as the HC was hearing a habeas corpus writ petition filed by the parents of a missing child. The Delhi Police contended before the HC that it had sought information about the Instagram handle of the missing child from Meta but the said data was not supplied by the platform. 

During the hearing, Meta counsel Tejas Karia said that the information was later furnished to the said agency on the morning of the hearing. Karia also said that there are “usually” training programmes for law enforcement agencies to access the portal functions for seeking the said information. 

The HC said that the delay in furnishing such information was noticed in other cases as well. The bench then listed the matter for next hearing on October 8.

Notably, this is not the first time that social media platforms have landed in the crosshairs of Indian authorities. While Google has been grappling with antitrust fines, Meta has been under fire from the government for failure to crack down on fake news and misinformation.

Besides, social media platforms have also been pulled up by authorities for failure to comply with takedown orders or effectively crack the whip on content related to child sexual exploitation and terrorism. 

The post Delhi HC Asks Social Media Platforms To Submit SOPs For Furnishing Info To Police appeared first on Inc42 Media.

The Ministry of Heavy Industries (MHI) on Monday (September 30) notified the INR 10,900 Cr PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme. 

The nearly two-year long scheme will be implemented from October 1, 2024 to March 31, 2026. 

It aims to foster adoption of electric vehicles (EVs) by offering subsidies to manufacturers, shoring up charging infrastructure and spurring local EV manufacturing capabilities. 

The gazette notification also mentioned that the PM E-DRIVE initiative will subsume the number of vehicles and the expenditure made under the erstwhile electric mobility promotion scheme (EMPS) 2024.

The new PM E-DRIVE initiative is kind of an extension of the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME) scheme. 

As per the notification, INR 1,772 Cr, including EMPS 2024 outlay, will be utilised to subsidise electric two-wheelers between FY25 and FY26. It also noted financial incentives for electric two-wheelers will be capped at INR 10,000 per vehicle in FY25 and would then be halved to INR 5,000 per vehicle from 2025-26.

Another INR 902 Cr under the scheme will go towards offering sops for electric three-wheelers (including e-rickshaws, e-carts and L5 vehicles). Besides, INR 500 Cr each has been earmarked for electric ambulances as well as etrucks and other emerging categories.

Additionally, the biggest outlay of INR 4,391 Cr has been assigned for the roll out of 14,028 electric buses (with an ex-factory price less than INR 2 Cr) while a support of INR 2,000 Cr has been envisaged for setting up “adequate public charging infrastructure” for various categories of EVs. Another INR 780 Cr has also been provisioned for upgrading the facilities of EV testing agencies. 

Of the total outlay, INR 50 Cr has been set aside for admin expenses, including INR 35 Cr fees for knowledge partners and technical expertise and INR 15 Cr towards events, exhibitions, roadshows, among others. 

Under the new scheme, a phased manufacturing programme (PMP) has also been notified to support localisation of EV components. “The minimum of 50% of domestic value addition (DVA) in manufacturing of EV charger with effect from the date of last implementation date i.e. 1 st December 2024,” added the notification. 

“An inter-ministerial empowered committee viz. PISC (project implementation and sanctioning committee) headed by secretary (heavy industries) is constituted for overall monitoring, sanctioning and implementation of PM E-DRIVE as well as to remove any obstacles/ difficulties that may arise in the implementation stage,” read the notification. 

The 12-member panel will also comprise NITI Aayog CEO, MHI financial advisor, secretaries from various departments, including roads and transport, power, housing, urban affairs, among others.

The panel will also oversee “downward revision of rates of demand incentive”, quantum of financial support for setting up of charging infrastructure, sanctioning of funds and approving the guidelines for upgradation of testing agencies, among others. 

The notification comes weeks after the union cabinet approved the PM E-DRIVE scheme to spur EV adoption in the country. It effectively replaced the FAME-II scheme, which was approved in 2019 with an outlay of INR 10,000 Cr for a period of three years. 

However, the deadline was extended by the Centre from March 31, 2022 to March 31, 2024. Subsequently, the government launched the EMPS 2024 with an allocation of INR 500 Cr as a stop-gap measure to promote EV adoption.

The post Centre Notifies PM E-DRIVE Scheme To Boost EV Adoption appeared first on Inc42 Media.

Actual investments under the production linked incentive (PLI) schemes were INR 1.46 Lakh Cr till August and expected to cross INR 2 Lakh Cr soon, union commerce minister Piyush Goyal said.

The minister engaged with 140 companies out of the 1,300 manufacturing units across 14 sectors, which have been the beneficiaries of the scheme.

“We had estimated that in the 14 sectors, about INR 46 Lakh Cr would be invested…Our estimate is that we could look at an investment of upward of INR 2 Lakh Cr being seeded through the production linked incentive scheme (throughout the scheme period),” Goyal said.

The scheme was revised earlier in May, making a majority of the manufacturers eligible to commence production.

This development comes weeks after the PLI scheme benefitted a number of manufacturers across sectors.

For instance, the Ministry of Heavy Industries (MHI) selected Reliance Industries Limited (RIL) as the successful bidder for the global tender for PLI scheme for 10 GWh advanced chemistry cell (ACC) manufacturing.

Meanwhile, Dixon’s subsidiary Padget Electronics inked an MoU with HP India to manufacture personal computers (PCs) and laptops, enabling HP India to leverage PLI scheme 2.0 and shore up the domestic production of its products. 

Additionally, the electric two-wheeler startup Ola Electric’s S1 X escooter model (both 3 kWh and 4 kWh) received domestic value addition (DVA) certification needed to be eligible for the PLI scheme for automobile and auto components, in August.

The post Investment Under PLI Expected To Breach INR 2 Lakh Cr Soon: Piyush Goyal appeared first on Inc42 Media.

With an eye on increasing the adoption of electric vehicles (EVs), the Karnataka government reportedly plans to offer incentives and cut taxes on such vehicles.

Citing a draft document, Reuters reported that the government also plans to offer incentives of up to 25% on capital investments by EV manufacturers. EV battery component makers and charging gear manufacturers will also be eligible for these sops.

The move is part of the state government’s plan to promote clean mobility. Besides EVs, the government is also looking to drop road tax and registration charges for hybrid vehicles, the report said.

Earlier this year, the Uttar Pradesh government also waived registration charges for strong hybrid vehicles. 

The development is in line with the push of the Centre and the state governments to promote adoption of EVs. A number of state governments, including Uttar Pradesh, Kerala, Haryana, Chhattisgarh, have come out with dedicated EV policies to increase the sale of such vehicles.

Earlier today, Indian Express reported that the Delhi government is working on EV policy 2.0.

Meanwhile, the union cabinet recently cleared the ‘PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme’, which would replace the FAME-II scheme, for the promotion of EVs.

Under the scheme, the Centre will provide subsidies and demand incentives worth INR 3,679 Cr for electric two-wheelers (E2Ws), three-wheelers (E3Ws), ambulances, trucks and other emerging EVs. 

With this, the government aims to support 24.79 Lakh E2Ws, 3.16 Lakh E3Ws, and 14,028 ebuses. 

Along with PM E-DRIVE, the cabinet also approved the ‘PM-eBus Sewa-Payment Security Mechanism (PSM) scheme’ with an outlay of INR 3,435.33 Cr for procurement and operation of ebuses by public transport authorities.

As a result of the push by the governments, adoption of EVs is on the rise in the country. Buoyed by this, two-wheeler EV manufacturer Ola Electric went public earlier this year. Meanwhile, its rival Ather Energy is awaiting SEBI’s nod to go ahead with its IPO.

The post Karnataka To Offer Incentives To Further EV Adoption appeared first on Inc42 Media.

The Enforcement Directorate (ED) has arrested four persons for their alleged involvement in a scam carried out via online gaming application ‘Fiewin’ to defraud users to the tune of over INR 400 Cr (around $47.6 Mn).

In a statement, crypto exchange Binance said its financial intelligence unit helped ED trace the funds and unearth the cross-border criminal network.

The ‘Fiewin’ app masqueraded as a legitimate platform and allegedly lured gullible users into online betting and gaming with the promise of easy money. Users were first instructed to make small investments in the app to earn commissions by playing mini-games.

The app, purportedly run by Chinese nationals, then gained the trust of gamers by offering bulk payout services and allegedly lured them into making larger bets. However, several users complained that the platform abruptly halted withdrawals on the platform, leaving them to recover the trapped funds.

The ill-gotten money was converted into cryptocurrency and then laundered to wallets of Chinese nationals on foreign crypto exchange Binance. An investigation by ED revealed that the criminal network used several methods to obfuscate the trail of funds, including opening crypto wallets and ‘mule’ bank accounts.

The arrests are part of ongoing efforts of the enforcement directorate to crack down on online gaming apps that are allegedly involved in money laundering. The ongoing sweep has also involved apps offering digital loans and making false promises of getting high returns in lieu of investment in cryptocurrencies. 

Earlier this month, ED unearthed a money laundering operation being carried out by illegal betting and online gaming apps via kirana stores. As per media reports, over two dozen offshore gaming apps have come under the scanner of ED for remitting and round-tripping funds, resulting in user losses to the tune of INR 1 Lakh Cr.

In May, the ED seized frozen crypto assets worth INR 90 Cr, kept in wallets of Binance, ZebPay and WazirX, in connection with a money laundering case involving online gaming app E-Nugget. The agency alleged that E-Nugget disguised itself as a gaming platform and lured users with promises of lucrative profits.

Last year, the ED also made several arrests as part of its investigation against several fintechs, NBFCs and payment aggregators, purportedly owned and controlled by Chinese nationals, that offered short-term instant loans and later harassed borrowers by accessing their personal data.

The post ED Arrests Four Accused In INR 400 Cr Gaming App Fraud appeared first on Inc42 Media.

India is reportedly engaging in discussions with countries in Africa and South America to help them build digital payment systems akin to its Unified Payments Interface (UPI).  

Led by the National Payments Corporation of India’s international arm, NIPL, these initiatives aim for a launch by early 2027.  

Ritesh Shukla, CEO of NPCI International Payments Ltd (NIPL), told Reuters that the overseas arm of the National Payments Corporation of India (NPCI) is in talks with several nations and is close to finalising an agreement with one.

The report added that NIPL, a division of NPCI focused on promoting India’s payment systems globally, has held talks with over 20 countries in Africa and South America to help them develop UPI-like systems.

Earlier this year,  the NPCI also signed agreements with a number of countries, including Peru and Namibia, to develop UPI-like payments systems. 

This comes as the Reserve Bank of India (RBI) has teamed up with the Bank for International Settlements (BIS) and central banks from four ASEAN nations to launch Project Nexus, a multilateral initiative aimed at facilitating retail cross-border payments.

Under the initiative, India’s UPI will be linked with the respective Fast Payment Systems (FPS) of Malaysia, the Philippines, Singapore, and Thailand to enable instant cross-border retail payments.

At the heart of this, the Indian government continues to promote UPI on the global stage. In July, NPCI introduced the ‘UPI One World’ wallet to enable seamless payments for foreign tourists.
India also signed an agreement with the Maldives to extend UPI services to the island, with ongoing discussions to integrate UPI with Malaysia’s PayNet. Last year, IT Minister Ashwini Vaishnaw revealed that India has signed MoUs with about 30 countries to expand UPI globally.

The development comes at a time when NPCI is reportedly considering raising the market share cap for Unified Payments Interface (UPI) apps from the proposed 30%. NPCI is contemplating allowing UPI third-party apps to exceed a 40% market share.

Meanwhile, NPCI BHIM Services Ltd (NBSL), a subsidiary of NPCI, announced it will offer e-RUPI vouchers through the BHIM App to support artisans under the PM Vishwakarma Scheme. The initiative aims to empower traditional artisans by enhancing skills, providing modern tools, and helping them scale their services for better livelihoods.

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Heeding to industry demand, the Directorate General of Foreign Trade (DGFT) on September 24 extended the existing import authorisation regime for certain IT hardware products including PCs, tablets and servers till December 2024. 

“… It is clarified that the importers are allowed to apply for import authorisations which will be valid up to 31.12.2024. Further, the existing import authorisations issued till 30.09.2024 will continue to be valid up to 31.12.2024…,” read a DGFT circular. 

In the circular, the directorate, however, said that importers will be mandated to apply for fresh authorisations starting January 1, 2025. Detailed guidelines on the new authorisation regime are expected soon, said the government. 

With this, the Centre has continued with the existing system, which was slated to expire on September 30. The move is expected to offer much needed respite to the IT hardware ecosystem, which has been reeling under the impact of the new authorisation regime. 

The development comes a day after reports surfaced that the Ministry of Electronics and Information Technology (MeitY) had suggested an extension to the existing import authorisation regime. However, the Commerce Ministry was yet to take a call on the matter, which delayed the nod for extension. 

Prior to this, Indian authorities also held extensive talks with stakeholders to determine whether the import authorisation regime should continue in its existing form or whether there was a need for a more stringent regime. 

A major crisis erupted in October last year after DGFT imposed restrictions on the import of seven IT hardware items including servers, computers, and data processing machines. Later on, after industry outcry, the government allowed companies to import such items but after applying for government authorisation to import these products. 

Eventually, industry bodies protested the move saying the new regime was slowing down the process of imports. Meanwhile, the Centre stayed put on its stance and cited national security concerns for the move. 

Owing to this, imports of these products reportedly took a hit and declined 3.4% year-on-year (YoY) to $8.4 Bn between October 2023 (when the regime was implemented) and March 2024. Noticeably, imports of the same products stayed flat and accounted for 58%-60% of total imports.

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Indian authorities reportedly plan to push the Financial Action Task Force (FATF) to bring online gaming companies under the ambit of anti-money laundering (AML) and countering the financing of terrorism (CFT) framework.

Sources told Economic Times that India will again “place its case” at the upcoming meeting of the global anti-money laundering body in Paris. 

“India will again present its case on how the online gaming platforms were being misused and why these should be under the ambit of the global standard,” a senior official reportedly said. 

The government is said to be concerned over illegal laundering of funds through online gaming platforms such as Mahadev online book platform. 

Internally, the Centre has reportedly already kicked off discussions and is examining various avenues to ensure that online gaming platforms “stringently” report suspicious transactions to the Centre and strictly comply with know your customer (KYC) norms.

Another official reportedly said that the yet-to-be formulated policy framework would look to address the “threat of money laundering” without “stifling” the online gaming sector. 

Additionally, if the FATF moves ahead and brings the online gaming space under the AML/CFT framework, the sector will have to comply with stringent mandates for reporting suspicious transactions and provide details of beneficial owners.

“We are concerned about the gaming sector as it has cross border implications as well, because money transfer can happen between jurisdictions and there can be gaming apps which are run from abroad which have Indian clientele,” another person familiar with the development reportedly said. 

The development comes at a time when authorities continue to bust multiple money laundering scams involving online gaming platforms. The Enforcement Directorate (ED), last year, unearthed the Mahadev betting scam, which spanned multiple websites and laundered money of Indians abroad via cryptocurrencies.

In a bid to crack whip on this, the government has made it mandatory for overseas online gaming companies to register in India. On top of that, the Centre has also banned multiple websites, operated from overseas, for not complying with provisions of anti-money laundering laws. 

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With the September 30 deadline approaching fast, the union government is reportedly mulling extending the existing regime for the import of IT hardware products.

Sources told Economic Times that the Ministry of Electronics and Information Technology (MeitY) has suggested an extension to the existing import authorisation regime while the Commerce Ministry is yet to have formulated an opinion on the matter. 

As per the report, a final decision on the matter is still awaited as the Commerce Ministry is yet to take a call on the issue. 

“MeitY was thinking of extending the deadline and continuing  with the system but talks are still going on,” an official reportedly said.

The development comes weeks after reports surfaced that the Centre was holding extensive talks with stakeholders to determine whether the regime should continue in its existing form or if there was a need for a more tighter regime. 

As the confusion over the new policy prevailed, industry body Information Technology Industry Council (ITIC), which represents industry giants like Apple, Dell, HP and Lenovo, also reportedly last month urged the MeitY to shed more clarity on the import policy for the seven IT hardware products post the deadline. 

At the heart of all this is the fracas that broke out last year after the Directorate General of Foreign Trade (DGFT) imposed restrictions on the import of certain IT hardware items including servers, computers, and data processing machines.

Subsequently, the union government allowed companies to import such items but after applying for government authorisation to import these products. At the time, the Centre attributed the restrictions to national security concerns. 

Notably, imports of the IT hardware products appear to have taken a hit since the implementation of the regime in October 2023. As per reports, the imports of these products declined 3.4% year-on-year (YoY) to $8.4 Bn between October 2023 and March 2024. 

However, despite a decline overall, the imports of the seven IT hardware products from China stayed flat YoY at $5 Bn during the same period too and accounted for 58%-60% of total imports.

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Prime Minister Narendra Modi met the CEOs of some of the biggest American tech companies, with discussions focused around semiconductors and artificial intelligence (AI). 

The roundtable organised at the Massachusetts Institute of Technology (MIT) on Sunday (September 22) saw PM Modi interact with the top executives of 15 US tech giants, including the likes of Alphabet CEO Sundar Pichai, Jensen Huang of Nvidia, Adobe’s Shantanu Narayen, AMD CEO Lisa Su, among others. 

“Had a fruitful roundtable with tech CEOs in New York, discussing aspects relating to technology, innovation, and more. I also highlighted the strides made by India in these fields. I’m glad to see immense optimism toward India,” Modi said in a post on X after the meeting.

In a statement, the Prime Minister’s Office said that the roundtable focused on AI, biotechnology, computing, IT, communication, and Semiconductor technologies.

During the chat with the CEOs, PM Modi urged the companies to take advantage of “India’s growth story for collaboration and innovation”. With an eye on attracting investments into homegrown startups, he said that big tech companies can co-develop, co-design, and co-produce in India for the world. 

He also assured the CEOs that India is “committed” to the protection of intellectual property and fostering tech-led innovation. Speaking about AI, he said that India’s policy on the emerging technology centres on promoting “ethical and responsible” use of AI for all.

Meanwhile, the CEOs, as per the statement, expressed “strong interest” in investing and collaborating with India. The statement added that the CEOs “agreed that investing in startups would be a synergistic opportunity to innovate and develop newer technologies in India”.

Nvidia CEO Jensen Huang said, “India is having its moment, and Nvidia is excited to partner with India to advance AI.” 

He added that the chip making giant is committed to providing India with access to its most advanced technologies.

Meanwhile, Google CEO Sundar Pichai said that PM Modi asked Google to expand its efforts in the space of AI in the country. “He (PM Modi) has a clear vision and wants to ensure AI benefits the people of India,” Pichai added.

The developments came on the same day as PM Modi addressed the Indian diaspora in New York. At the event, he asserted that “Made in India” chips will soon be available in the US. 

Touting India’s progress in the electronics manufacturing space, he said that “nearly every major mobile brand” is now produced in India, adding that the country is the second-largest mobile manufacturer in the world.

He also noted that India’s 5G market is now larger than that of the US, a feat achieved in just two years. He said that India is actively working on developing an indigenous 6G network to solidify its leadership in future technologies.

The remarks came during PM Modi’s three-day visit to the US, where he also met US President Joe Biden. 

The two leaders agreed to set up a semiconductor fabrication plant in Kolkata, which would focus on advanced sensing, communication and power electronics for national security, telecommunications and green energy applications.

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The Ministry of Electronics and Information Technology (Meity) is focusing on domestic value addition and creating global brands from India under the revised National Policy on Electronics 2019 (NPE 2019). 

The policy would look to meet the demand of the $500 Bn domestic electronics market by 2030, Mint reported, citing sources.

The revised policy aims to enhance the country’s design capabilities and push for high-value-added products. Priority items under this framework include smartphones, home appliances, consumer electronics, and hearables and wearables.

Additionally, products such as smart metres and optical converters, which are expected to see significant domestic demand as India upgrades its utility infrastructure, are also likely to be featured.

Besides creating Indian brands, the policy would focus on manufacturing electronics components and semiconductors, an industry executive was cited as saying.

The policy’s broader objectives focus on boosting local value addition to 34-40%, attracting global value chains to India, and positioning the country as a key export hub for electronics and components, as per the report.

To support the development of such products and brands, the government is considering establishing a fund of funds and an intellectual property rights (IPR) pool.

The Production Linked Incentive (PLI) scheme for electronic components is set to replace the Scheme for Promotion of Manufacturing Electronic Components and Semiconductors (SPECS), which expired in March. This move follows a series of government initiatives aimed at strengthening India’s manufacturing sector.

Notably, under SPECS, the government facilitated an additional investment of INR 8,803.14 Cr to promote electronic components and semiconductor manufacturing. 

Meanwhile, the PLI scheme for large-scale electronics manufacturing, which provides incentives of 3-6% on incremental sales of locally produced goods over a five-year period, has seen an investment of INR 8,390 Cr.

Further, finance minister Nirmala Sitharaman announced a number of measures during her recent Budget speech to boost the domestic electronics industry.

A recent report by NITI Aayog said that India should aim to achieve $500 Bn in electronics manufacturing by the financial year 2029-30 (FY30). 

It also noted that this target could help create 5.5 Mn to 6 Mn direct jobs in the country by the end of the same fiscal year. The report said that despite advancements in infrastructure and ease of doing business, India’s electronics market remains relatively modest, accounting for only 4% of the global market.

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NPCI BHIM Services Ltd (NBSL), a subsidiary of the National Payments Corporation of India (NPCI), said it will offer e-RUPI vouchers via the BHIM App to support artisans under the PM Vishwakarma Scheme. 

Launched by Prime Minister Narendra Modi, this initiative aims to empower traditional artisans and craftspeople across India by enhancing their skills, providing access to modern tools, and helping them scale their services for improved livelihoods.

Under the new initiative, registered artisans, known as Vishwakarmas, can access e-RUPI vouchers exclusively through the BHIM App. These vouchers will be used to disburse the scheme amount, facilitating the delivery of modern toolkits to enhance productivity and craftsmanship. BHIM will play a crucial role in this process by streamlining access to the scheme benefits and ensuring efficient fund disbursement through e-RUPI vouchers, according to a statement.

The scheme will support a wide range of artisans, including carpenters, blacksmiths, boat makers, goldsmiths, locksmiths, sculptors, potters, cobblers, basket weavers, doll and toy makers, barbers, tailors, and more, across India.

It is pertinent to note that e-RUPI is an innovative digital solution developed by NPCI in collaboration with the Department of Financial Services (DFS), the National Health Authority (NHA), the Ministry of Health and Family Welfare (MoHFW), and partner banks. These vouchers can be issued by organisations or the government to beneficiaries for specific purposes, offering a seamless one-time payment mechanism.

Speaking on the development, NBSL spokesperson said, “The introduction of e-RUPI vouchers under the PM Vishwakarma Scheme is an important step towards ensuring that our artisans and craftspeople receive the support they need to enhance their skills and productivity. By simplifying access to the scheme through the BHIM App, we aim to make sure that these benefits are delivered swiftly and efficiently, empowering Vishwakarmas to improve their livelihoods and strengthen their communities.”

In August, NPCI announced the incorporation of NPCI BHIM Services Ltd. (NBSL), formerly known as Bharat Interface for Money (BHIM), as a wholly owned subsidiary.

The development comes at a time when NPCI is reportedly considering raising the market share cap for Unified Payments Interface (UPI) apps from the proposed 30%. NPCI is contemplating allowing UPI third-party apps to exceed a 40% market share.

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The union cabinet’s recently approved ‘PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme’ for the promotion of electric vehicles in the country, will reportedly have a phased manufacturing programme (PMP) to support local manufacturing of EV components.

For the uninitiated, the PM E-DRIVE scheme which will effectively replace the FAME scheme, will have an outlay of INR 10,900 Cr for a period of two years, which is higher than the INR 10,000 Cr initial outlay of the FAME- II scheme.  

As per ET, citing officials close to the matter, electric vehicle makers that source components locally will receive financial support under the scheme without any domestic value addition mandate.

They added that only local assembly of parts to make an EV component will be mandatory for claiming eligibility under the scheme, but suppliers will be allowed to import parts.

“There will be a PMP to ensure local manufacturing of EVs. Companies seeking subsidies under the scheme will be given six months to comply with the PMP from the date of scheme notification,” the report quoted a senior government official as saying.

The officials also revealed that the financial aid for electric two-wheelers will be halved to INR 5,000 per vehicle from 2025-26, while for large electric three-wheelers, the subsidy will be capped at INR 25,000 per vehicle, based on the report.

The report also added another official’s statement that manufacturing facilities of component suppliers will be subject to checks to prevent subsidy misuse.

While imposing the new PM E-DRIVE scheme, the Ministry of Heavy Industries (MHI) will launch e-vouchers for EV buyers to avail demand incentives. The scheme will also boost India’s charging infrastructure by promoting installation of electric vehicle public charging stations (EVPCS). 

In the recent new e-bike launch event of Revolt Motors in Delhi-NCR, the union minister of road transport and highways Nitin Gadkari said that India wants to become the number one automobile industry in the world in the next five years with the cooperation of electric vehicle (EV) manufacturers.

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The Centre has invited applications from startups and researchers to build and deploy “impactful” artificial intelligence (AI) solutions in key critical areas as part of the IndiaAI Innovation Challenge. 

To be implemented by IndiaAI, an internal business division under the Digital India Corporation of the Ministry of Electronics and IT (MeitY), the new initiative will see the winning team receive an award of up to INR 1 Cr and a “contract” to deploy their solution in government departments for four years. 

The application forms opened for the general public on August 13 and will be available for submission till September 30. 

“This challenge is part of the applications development initiative within the IndiaAI Mission, which seeks to advance the development, deployment, and adoption of AI applications in critical sectors. It is aimed at promoting the scaling and adoption of impactful AI solutions to enable large-scale socio-economic transformation,” said MeitY in a statement.

Under the initiative, five key areas have been identified for building innovative AI solutions. The indicative use cases include:

• Healthcare: Enhancing diagnostics and patient care, early disease detection using AI-enhanced X-rays, strengthening ophthalmology outcomes and vector-borne disease surveillance
• Improved Governance: Leveraging AI-driven language technologies for better public service accessibility and grievance redressal
• Agriculture: Empowering farmers with AI-assisted crop advisory services, financial inclusion and utilisation of geospatial analytics to improve food security
• Assistive Technology for Learning Disabilities: Early detection and support for specific learning disabilities, enhanced multimedia accessibility tools and gamified learning
• Climate Change and Disaster Management: AI-driven early warning systems and multi-hazard susceptibility mapping

The development comes at a time when the government has been actively pushing for rapid adoption of AI, with an eye on streamlining access to government services and digital public goods. Earlier this year, the Cabinet approved the IndiaAI Mission and earmarked an outlay of INR 10,372 Cr for the mega project. 

Additionally, Minister of State (MoS) for Electronics and Information Technology Jitin Prasada also recently said that the government had constituted an advisory group to formulate a framework to regulate AI. 

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The Bombay High Court (HC) on Friday (September 20) struck down Centre’s proposed fact-checking unit (FCU) while hearing a plea filed by standup comedian Kunal Kamra.

The Information Technology Amendment Rules, 2023, notified last year, empower the union government to set up FCUs for identifying “fake, false, or misleading” content online with regards to the Centre. 

In his judgement, Justice AS Chandurkar observed that the units are violative of Articles 14 and 19 of the Constitution, adding that the expression “fake or false or misleading” is “vague and overbroad” in the absence of any definition. 

“Having considered the matter extensively on the points of difference, I would conclude by opining that… Rule 3(1)(b)(v) of the Rules of 2021 as amended in 2023 is violative of the provisions of Article 14, Article 19(1)(a) and Article 19(1)(g) of the Constitution… The said Rule as amended is ultra vires the Act (IT) of 2000,” said Justice Chandurkar.

He also noted that the “impugned rule” will result in a “chilling effect” on digital intermediaries.

The ruling comes eight months after a two-judge Bombay HC bench gave a split verdict on the petition filed by Kamra and others challenging the setting up of the FCUs. In their petition, the complainants claimed that the IT Rules amendments will put unreasonable restrictions on freedom of speech and expression.

They also claimed that the new mandates will lead to government-led censorship online and empower authorities to be the “prosecutor, the judge, and in that loose sense, the executioner” of what constitutes the ‘truth’ online.

In January, while Justice Patel struck down the rules saying they amounted to censorship, Justice Gokhale upheld the mandates noting that they did not have any “chilling effect” on free speech as argued. Eventually, the matter went to a third judge, Justice Chandurkar, who heard the matter and passed the ruling on September 20. 

Notably, the Supreme Court (SC), in March, stayed an official notification announcing the operational status of the Centre’s official FCU. The court observed that the union government could not move ahead on the plan of setting up the unit until the Bombay HC decides on the constitutionality of the matter.

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