India's Bold Move to Regulate Digital Markets!

Friday, July 28th, 2023

Good Afternoon ☕

Picture this a wild and wacky world where tech titans battle it out for supremacy, and the fate of digital markets hangs in the balance! 💥 But fear not, for a team of super-smart experts has gathered to ensure fairness, fun, and a touch of quirkiness in the digital realm!

Enter the "Digital Competition Bill," a groundbreaking proposal that's more exciting than an action-packed video game! This Bill is the Indian government's secret weapon to regulate competition, boost consumer protection, and tame the mighty tech overlords. It's like having a cheat code to level up the playing field! 🌟

Important News of the Day

1. Panel urges govt to finalize digital competition bill

A panel of experts has urged the Indian government to finalize the Digital Competition Bill, which aims to regulate competition in digital markets, enhance consumer protection, and limit the market power of the most powerful technology firms. The Bill proposes significant changes to UK merger control, competition enforcement, and consumer protection, as well as introducing a new competition regime for certain large digital firms designated as having "strategic market status." The Bill is similar to the EU Digital Markets Act, although it purports to be a "more targeted and pro-innovation approach" that "avoids creating unnecessary regulatory burdens" for the firms to which it will apply.

2. Income tax department may impose penalty of up to 200% of your actual tax outgo

The Income Tax Department may impose a penalty of up to 200% of the actual tax outgo for individuals who fail to file their income tax returns on time. The Failure to File Penalty by the Internal Revenue Service (IRS) in the United States is 5% of the unpaid taxes for each month or part of a month that a tax return is late, with a maximum penalty of 25% . The penalty for filing late with the IRS is 5% of the total tax assessed that was not paid when due, charged each month or part of a month the return is late. The Franchise Tax Board in California also imposes penalties for late filing, with a maximum penalty of 200% or more of the correct figure. It is important to note that these penalties vary by jurisdiction and specific circumstances, so it is advisable to consult the relevant tax authorities for accurate and up-to-date information.

3. Indian Coast Guard rescues distressed ship with 36 onboard off Karwar coast

The Indian Coast Guard rescued 36 people from an ocean research vessel named RV Sindhu Sadhana off the Karwar coast after it suffered an engine and total power failure, rendering it motionless and at the mercy of the sea's currents. The vessel was drifting perilously close to Karwar and posed a threat of running aground that could have resulted in a major oil spill.

4. India, ADB sign $295 million loan to upgrade state highways in Bihar

The Asian Development Bank (ADB) has approved a $295 million loan to upgrade around 265 km of state highways in Bihar, India. The project aims to support the government of Bihar's program to upgrade all state highways to standard two-lane widths and improve road safety. The loan will be used to widen and upgrade state highways, improving transport connectivity and safety in the state. The project is expected to enhance the capacity of the state's road network, reduce travel time, and improve access to social services and economic opportunities.

Entrepreneur of the Day👨‍💼

Skippi Ice Pops achieved a groundbreaking milestone on Shark Tank India by securing a funding of Rs 10 million. The brand's founders, Ravi and Anuja Kabra, made history as the first entrepreneurs to receive an 'All Shark Deal,' with all five investors coming together to offer them a cumulative deal. Despite facing a significant loss of Rs 11 lakh during the pandemic-induced lockdown, the determined duo impressed the investors with their unique ice popsicles that don't require refrigeration and can be stored at room temperature.

Ravi and Anuja's journey began when they returned to India in early 2020 with the idea of launching ice popsicles, inspired by the product's nostalgia value and the market gap they identified. They introduced Skippi Ice Pops with six natural flavors and a liquid form, eliminating the need for cold storage. However, the pandemic hit, causing them to face losses and halt production temporarily. After patiently waiting for the market to open up, they finally launched the product in 2021, and it quickly gained popularity, selling 60,000 popsicles every month. Their appearance on Shark Tank brought unprecedented success, with an overwhelming influx of orders, investor requests, and distribution opportunities. Despite the newfound success, Ravi and Anuja remain focused on maintaining quality and expanding their product line while aiming to achieve Rs 100 crore in revenue within five years.

With their business booming and their dreams taking flight, Ravi and Anuja Kabra remain steadfast in their commitment to delivering a product that brings joy to their customers. As the demand for Skippi Ice Pops surges, the duo is working diligently to scale their operations while ensuring that the quality and essence of their popsicles are never compromised. They have built an expanding team of passionate individuals who share their vision and are dedicated to taking the brand to new heights. Embracing the lessons learned from their journey, Ravi and Anuja now eagerly look forward to the future, driven by the belief that their delectable ice pops will not only make a mark on the Indian market but also find a place in the hearts of children and adults alike, becoming synonymous with cherished memories and moments of delight.

Breaking News: The Scoop You Can't Miss!

1. Rajasthan: PM Modi dedicates 1.25 lakh Kisan Samriddhi Kendras

Prime Minister Narendra Modi dedicated more than 1.25 lakh PM Kisan Samriddhi Kendras to the nation in Rajasthan, which will provide farmers with fertilizers, seeds, equipment, and other facilities. The PM also released a package of Rs 17,000 crore for farmers. The Kendras will serve as one-stop centers for farmers and pave the way for their prosperity. In his speech, Modi emphasized that his government is committed to the welfare of farmers and will not allow them to suffer.

2. Govt explores bus roof mounted air purification systems to tackle air pollution: Jitendra Singh

The Indian government is exploring the use of Bus Roof Mounted Air Purification Systems (BRMAPS) to tackle air pollution in highly polluted cities. This initiative aims to reduce urban pollution and improve air quality. The West Bengal government has already launched buses with air purifiers in Kolkata as part of a pilot project. These buses are equipped with the Bus Roof Mounted Air Purification System (BRMAPS) called "Suddha Vayu," which is the first of its kind in India. The buses also have a Bus Inside Air Purification System (BIAPS) to clean the air circulating inside. This effort is part of a larger push to address India's pollution problem, which has caused significant health issues and deaths. Other solutions being explored include air purification towers and water-spraying drones.

3. Chemical, petrochemical industry’s role imperative to lower carbon emission

India's Minister of Environment, Bhupendra Yadav, has stated that the chemical and petrochemical industry has an essential role in reducing carbon emissions. Yadav emphasized that the industry should focus on reducing emissions by adopting cleaner technologies and processes. India has a Perform, Achieve and Trade (PAT) scheme for industries, which encourages them to reduce their energy consumption and carbon emissions. . India is under pressure to announce plans to become carbon neutral by mid-century or thereabouts at the upcoming climate conference in Glasgow. India has committed to cutting the emissions intensity of its GDP by 33%-35% by 2030 from 2005 levels, achieving a 24% reduction by 2016.

4. India’s semiconductor industry lagged as past govts lacked vision: Minister

According to Rajeev Chandrasekhar, India's semiconductor industry has lagged behind due to the lack of political vision and strategic planning by previous governments. India is now seeking foreign investments for its indigenous semiconductor industry for the development and design of fabs, ATMP, among others. Through various initiatives, India hopes to attract investments worth at least US$25 billion to build up local manufacturing capacity for semiconductors and display panels.

5. Japan's foreign minister Hayashi set for two-day India visit

Japanese Foreign Minister Yoshimasa Hayashi arrived in Delhi for a two-day visit to India. The purpose of his visit is to review and strengthen the strategic partnership between India and Japan. During his visit, Minister Hayashi will hold wide-ranging talks with External Affairs Minister S Jaishankar. This visit is part of Minister Hayashi's tour of Southwest Asia and Africa to enhance relations with countries in the Global South. The visit aims to further deepen the Indo-Japan relationship and promote cooperation in various areas of mutual interest.

World News 🌎

• Chess player banned from Iran for skipping Hijab, gets Spanish citizenship

• MEA confirms Modi and Xi spoke on bilateral ties at Bali meet in 2022

• US climate envoy Kerry meets officials in India

• Pakistan's focus on IMF deal amid rising terrorism in Khyber Pakhtunkhwa

• North Korean leader Kim Jong Un meets Russian defence minister Sergei Shoigu

• UFO whistleblower gives evidence to Congress on US govt holding alien spacecraft

• Fewer working Asians will hit growth worldwide: Moody’s

• Flight returns to NYC within 2 hrs after pax called flight attendant ‘waiter’

• UK visa fee likely to increase by 20% soon

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