Indian fintech regulatory companies leave their imprint on global stage
印度法遵新創成功跨入國際市場
In foreign markets, a number of startups that provide services for digital documentation and verification are now well established.
Indian software companies have been exporting their services for many years. A new wave of tech companies that offer regulatory services to financial institutions are joining the bandwagon. The Middle East, Southeast Asia, and even the Americas are all potential markets for the online identity verification businesses like Signzy, EMudhra, and IDfy.
In addition to these companies, which are sometimes bundled together under the umbrella name “regtech,” or tech companies active in the regulatory environment, other software-led fintechs are also looking outside of India. The unicorn fintech company Yubi’s debt collection platform Spocto has opened an office in Dubai.
Experts claim that there is recognition for the technical abilities of Indian businesses. Although there is a willingness to invest money on technological advancements, pitching to these businesses is difficult. It is important to keep in mind that the procurement procedure and local regulatory requirements varies.
Commercial mining of lithium and titanium approved by cabinet
印度內閣核准鋰礦和鈦礦的商業開採
According to reports, the union cabinet approved amendments to the Mines and Minerals (Development and Regulation) Act that permit the commercial mining of lithium and a few other minerals including beryllium, titanium, niobium, tantalum, and zirconium.
In addition to being used to create EV batteries, these minerals have a major role in the communications, electronics, and space technology sectors. Due to the prohibition on mining these minerals currently in place, many sectors have been dependent on imports. Lithium will play a major role in helping India achieve its net-zero by 2070 target as the country transitions to clean energy.
Since 2014, the Mines and Minerals (Development and Regulation) Act has been amended five times. Prior amendments required e-auctions for mineral resources and permitted the renewal of mining licenses that were about to expire. According to an official, the proposal sought to include a provision for an exploration license in the regulations, which would be awarded through an auction for conducting reconnaissance and prospecting operations.
HCLTech to Acquire German Automotive Engineering Services Company ASAP Group
印商HCLTech將收購德國自駕車技術公司ASAP Group
A renowned international technology firm, HCLTech, disclosed that it had signed a binding contract to buy a 100% equity position in ASAP Group, a provider of automotive engineering services. The transaction is anticipated to completion in September 2023, subject to all necessary regulatory clearances.
With its headquarters in Ingolstadt, Germany, ASAP focuses on cutting-edge automotive technologies in sectors like connectivity, e-mobility, and autonomous driving. Top automotive OEMs (original equipment manufacturers) and tier 1 suppliers are served by ASAP in Germany. Electrics/electronics, software, consulting, service testing and validation, and vehicle development are all part of ASAP’s service offering. Over 1,600 people work for ASAP at nine sites throughout Germany.
By enhancing its advanced technology capabilities in the quickly expanding automotive engineering services sector in Europe and other significant worldwide markets, the acquisition will reinforce HCLTech’s position as a global leader in engineering services.
$1 billion fund from the World Bank, Asian Development Bank, and SIDBI to jumpstart the EV finance industry
世界銀行，亞洲開發銀行，印度小工業發展銀行將投入10億美金發展印度電動車
The ministries of heavy industries, road transport, and roads, along with the government think-tank NITI Aayog, are attempting to move quickly to make financing for electric vehicles affordable for commercial use.
According to a top official at NITI Aayog, in addition to creating a $1 billion fund to finance electric vehicles, they are also actively in talks with US-based investors eager to participate in the payment security mechanism (PSM) for the electric buses.
According to a Small Industries Development Bank of India (SIDBI) official, the negotiations with the World Bank and Asian Development Bank for the development of the $1 billion fund are nearing their conclusion. The official stated that following the finance ministry’s clearance, the fund will shortly become operating.
Target for CBDC transactions must be 1 million: RBI DG
印度儲備營行(RBI)要求所有金融機構在年底前達到一百萬筆CBDC數位貨幣交易
According to Reserve Bank of India (RBI) Deputy Governor T Rabi Sankar, by the end of 2023, banks and other financial institutions must aim to complete at least one million transactions using e-rupi, or central bank digital currency (CBDC), each day.
The goal of one million e-rupi transactions per day is not impossible, he claimed, noting that at least 310 million United Payments Interface (UPI) transactions are made every day. All significant banks will have to join the e-rupi ecosystem, he said. Currently, the DG said at a news conference, there are roughly 5,000 retail e-rupi transactions every day. He also stated that the UPI network should be utilized to improve CBDC transaction volume.
With a 5G availability rate of 29.9%, India is among the top markets for 5G rollout
印度5G普及率達29.99% 成為全球普及率最高區域之一
Since October 2022, 5G services have been available in India, and in just nine months, the availability of 5G has increased to 29.9%. Some of the 5G experience criteria for the time period from March 1 to May 29, 2023, have been examined in a trade study.
The newest telecom innovation, 5G, is currently being implemented all over the world. While Indonesia is only getting started with 5G, some nations, like South Korea, are almost at 50% availability. With ratings of 42.9% and 48.4%, respectively, South Korea and Puerto Rico are the two markets with the most widespread availability of 5G. 5G users in these markets spend close to half of their time connected to an active 5G network.
Average 5G download speeds in India are 19.2 times faster than average 4G download rates. The average 5G download speed in India was 301.6 Mbps. TDSI-RIT, a version of the international 5G (3GPP) standard, was created in India. TDSI-RIT provides improved rural service while lowering costs to cover a predetermined area.
Gujarat in discussions with Foxconn for its semiconductor facility
古吉拉特邦政府與富士康討論設立半導體廠房
Days after the Taiwanese company cancelled a $19.5 billion joint-venture proposal with India’s Vedanta, a key government official in Gujarat, India, told Reuters that Gujarat is in negotiations with Foxconn about building a semiconductor plant.
This week, Foxconn (2317.TW) cancelled its joint venture with Vedanta (VDAN.NS), which was also slated for Gujarat, the home state of Prime Minister Narendra Modi, citing problems like delayed progress.
The JV’s dissolution was a blow for Modi’s goal of making India a centre of the semiconductor manufacturing industry. Foxconn then clarified that it will independently apply for India chip incentives and that it was looking into new collaborations.
Foxconn may partner with TSMC and TMH to set up fab units
富士康據傳將與台積電和日商TMH在印度合資設立半導體廠
According to a report, Foxconn is now in talks to establish a joint venture and technology collaboration in India with Taiwan Semiconductor Manufacturing Co (TSMC) and Japan’s TMH Group with the purpose of constructing semiconductor fabrication units. This change comes after Foxconn’s semiconductor joint venture with the Vedanta Group was recently cancelled.
While TMH Group specialised in offering semiconductor solutions as well as operating and repairing manufacturing equipment, TSMC is known as one of the world’s top chip producers.
According to the source, Foxconn has been in talks with both businesses for a while and is soon to reveal the specifics of the agreement. The agreement will probably involve the manufacture of both modern and traditional chips in India.
India gets its first regional AI news anchor, ‘Lisa’
區域性電視台推出印度首位AI主播 “Lisa”
The debut of “Lisa,” India’s first regional AI news anchor, by Odisha TV, an Odia-based news network, marks a crucial turning point for the AI sector. With the potential to completely transform the business, Lisa’s entry to the world of TV broadcasting and journalism is a momentous occasion. The bounds of AI in the media sector are being pushed further with Lisa’s emergence as India’s first regional AI news anchor, creating new opportunities for dynamic and compelling news presentations in a variety of languages and regional contexts.
OTV posted a video of Lisa introducing herself and expressing delight for this momentous occasion on Twitter. She would soon be hosting news updates, displaying her ability as an AI news presenter, the news network announced. Odia, English, and other languages are among the impressively diverse languages that Lisa is able to speak.
https://currentaffairs.adda247.com/india-welcomes-its-first-regional-ai-news-anchor-lisa
Centre extends application date for 2nd phase of PLI scheme for IT hardware
中央政府延長IT硬體生產補助計畫PLI 2.0收件期限
On Friday, the government extended the deadline for submitting PLI Scheme 2.0 requests for IT hardware until July 31. The ambitious plan seeks to strengthen and widen the nation’s ecosystem for making IT gear.
The Union Cabinet authorized a Rs 17,000 crore incentive to increase domestic manufacture of IT devices, like as tablets and laptops, in May. The scheme is expected to provide additional output worth Rs 3.35 lakh crore over a six-year period.
Chandrayaan-3 successfully launched, India celebrates
印度太空研究組織成功發射月船三號登月器
On Friday, July 14, at 2.35 PM IST, the Indian Space Research Organization’s (ISRO) Chandrayaan-3 mission successfully launched from the Satish Dhawan Space Centre in Sriharikota, Andhra Pradesh.
The project, which is modelled after Chandrayaan-2, aims to demonstrate several capabilities, including reaching lunar orbit, performing a soft landing on the moon’s surface with a lander, and sending a rover out of the lander to explore the moon’s surface.
Starting with Chandrayaan-1, was launched on October 22, 2008, Chandrayaan missions are intended to explore the moon. “The primary science objective of the mission was to prepare a three-dimensional atlas of both the near and far side of the Moon and to conduct chemical and mineralogical mapping of the entire lunar surface with high spatial resolution,” Isro stated at the time.