Weekly News Updates-India Apr 26 to May 2

Manharsinh L. Yadav to be India's new representative in Taiwan; Wistron to discontinue operations in India; Govt incentives decide India's future growth of EV adoption; GST revenue for April 2023 at a record high; Centre to extend the deadline for the Smart Cities Mission; First Draft Of Digital India Act To Be Released; Hydrogen Valley project design launched; ED raid at Byju’s

Manharsinh L. Yadav to be India’s new representative in Taiwan

Manharsinh Laxmanbhai Yadav, who most recently worked in the Prime Minister’s Office, is likely to represent India in Taiwan, while Acquino Vimal, who is now the deputy chief of mission in Beijing, is anticipated to represent India in Norway as part of diplomatic postings.

During his more than five-year term in the Prime Minister’s Office, Yadav dealt with Taiwanese companies that had made investments in India. In January 2018, he was appointed to the PMO. He will be one of just a few non-Mandarin speaking diplomats to hold the job if his employment as the Indian representative in Taipei is approved.

In Taipei, Yadav is anticipated to succeed Gauranga Lal Das. In July 2020, Das, who had previously worked in Beijing, Washington, and the Americas division, was named director general of the India Taipei Association, which serves as India’s de facto mission in Taiwan.

Manharsinh L Yadav tipped to be India’s new representative in Taiwan | Latest News India – Hindustan Times

Wistron to discontinue operations in India

The Taiwanese electronics company Wistron will soon cease operations in India after serving for more than fifteen years. According to sources, the company will largely withdraw India and is anticipated to dissolve its India operations before the National Company Law Tribunal and the Registrar of Companies in the coming year.

The major portion of Wistron’s entire business in India, the iPhone production facilities in Karnataka, are going to be acquired by Tata Electronics.

It also has Internet of Things companies registered in India and was attracting American OEMs in the EV market as well as laptop OEMs, but none of these plans are likely to materialize in India any longer.

According to reports, Wistron’s first subsidiary in India, “ICT Service Management Solutions (India) Private Limited,” was established there in 2008 as a sales and maintenance service center.

Wistron to wind down operations in India – The Hindu BusinessLine

India’s future growth of EV adoption depends on govt incentives

India has adopted electric mobility in the two-wheeler market more quickly than other countries, which is made possible by a supportive policy environment. However, executives from Bajaj Auto said that the rate of growth moving forward will depend on the continuation of incentives by the central and state governments.

Rakesh Sharma, executive director of Bajaj Auto, stated that the government has provided the market with a number of incentives, including support under the FAME II (Faster Adoption and Manufacturing of Electric Vehicles) scheme and a lower GST rate of 5% on electric vehicles (compared to 28% on two-wheelers with an internal combustion engine).

Recovery notices likely to two EV companies over FAME sops (indiatimes.com)

GST revenue for April 2023 at a record high of Rs 1.87 lakh crore

Gross GST revenue has surpassed Rs 1.75 lakh crore for the first time. 9 crore e-way bills were produced overall in March 2023, an increase of 11% above the 8.1 crore e-way bills produced in February 2023.

The highest-ever tax collection day occurred in April 2023 when 9.8 lakh transactions of Rs 68,228 crore were made. The highest single-day payment last year (on the same date) was Rs 57,846 crore through 9.6 lakh transactions.

The total gross collection for the 2022-23 fiscal stood at Rs 18.1 lakh crore, 22 per cent higher than the previous year.

GST collection for April 2023 at all-time high of Rs 1.87 lakh crore – BusinessToday

Centre to extend the deadline for the Smart Cities Mission until June 2024

The Centre has decided to extend the deadline for the Smart Cities Mission from June 2023 to June 2024. The flagship mission, which involves development of 100 cities into smart cities, originally had a June 2021 deadline. The project aims to improve the quality of life for people living in India and drive economic growth. It would be the mission’s second extension since its launch on June 25, 2015.

According to the sources, only 50 cities would be able to complete projects started under the mission by June 2023. The extension might allow 100% completion of all of the projects by June 2024.

The housing and urban affairs ministry thoroughly examined each of the 100 cities before deciding to extend the mission’s duration.

Government decides to extend smart cities mission deadline till June 2024 | Communications Today

First Draft Of Digital India Act To Be Released By End Of July

By the end of July or the beginning of August, the Centre is planning to release the first draft of the Digital India Act (DIA), a new policy framework that would replace the IT Act of 2000.

According to reports, the government will begin pre-draft consultations in the first week of May. Lawyers, public policy consultants, and other specialists will be requested to offer their opinions on what ought to be included in the draft at this phase of consultation.

The Ministry of Electronics and Information Technology (MeitY) will review the submissions and confer with government and private legal experts before making the final draft available for public comment.

Government looks to release Digital India Act first draft by the end of July, ET CIO (indiatimes.com)

Design for Hydrogen Valley project launched in Gujarat

With the goal of creating a localized hydrogen value chain where it serves more than one end sector or application in mobility, industry, and energy, Gujarat has launched the eagerly awaited Hydrogen Valley Project in the state.

The Department of Science and Technology (DST), the Government of India, and the Office of the Principal Scientific Adviser to the Government of India worked together with iCreate to jointly organize the gathering. One of the event’s co-chairs was Sunil Parekh, a board member of the FICCI National Executive Council.

The goal of DST is to assist India in achieving green hydrogen and to make India an energy-independent country by 2047, where green hydrogen will actively participate as an alternative fuel to petroleum and other fossil-based products.

Gujarat launches design for Hydrogen Valley Project (indianchemicalnews.com)

ED raid at edutech giant Byju’s

On April 29, the Directorate of Enforcement (ED) in India conducted a raid at the Byju’s offices in Bengaluru, Karnataka. In accordance with the terms of the Foreign Exchange Management Act (FEMA), the ED conducted raids at two business locations connected to the company and one residential home connected to its founder Raveendran Byju.

Incriminating documents and digital data were reportedly taken by the officials during the raid, according to ED. Byju’s attracted FDI of Rs 28,000 crore ($3.4 billion) between 2011 and 2023, according to the agency. Additionally, the company sent $1.1 billion worth of FDI (foreign direct investment) abroad.

It should be noted that the ed-tech giant has not prepared its financial statements since FY20-21 and has not yet undergone an audit, which is a requirement.

ED raid on edutech unicorn Byju’s in Bengaluru – The Hindu