26 October 2023
Shubhada Mandavi
October 26, 2023
Newswala aaya, taaza khabre laya! Good morning!
 | Today, Your Newswala Delivers:
|
…and find out where you fall in the internet addiction spectrum??
Chalo chalein!!
Today’s reading time is 6 minutes.
BUSINESS
Jio Reigns Supreme: India's Digital Game Changer!
What Happened
Reliance Jio, a prominent Indian telecom provider, has achieved a remarkable feat in the first half of 2023. According to Ookla, a broadband speed and quality research firm, Jio has secured the top position across nine crucial mobile network parameters.
They even swept the awards for the speedy 5G networks, making this achievement the talk of the telecom town. Notably, Jio has deployed 85% of India's 5G network ahead of its promised timeline for December 2023.
Why It Matters
This achievement holds significance as it establishes Reliance Jio as the leading mobile network in India, outperforming all competitors. Jio's dominance across various network metrics, particularly in the emerging field of 5G, highlights its commitment to providing exceptional customer experiences.
The rapid deployment of 5G infrastructure across the nation further reinforces India's digital advancement and showcases Jio as a pioneer in the telecom industry.
Zoom Out
In the grand scheme of things, this victory is a big deal. This success underscores India's growing prominence in the digital world and the ambition to become a global leader. It also exemplifies the pace of 5G deployment, with Jio covering 85% of India's 5G network and deploying new 5G cells at an astonishing rate, underlining their dedication to shaping India's digital future.
BIG MONEY MOVES
Goa's Casino Giants Challenge GST
The Bombay High Court in Goa has accepted three petitions challenging a show-cause notice from the Director of Revenue Intelligence. The notice demands GST of Rs 11,139 crore for casino operations. Section 31A of the CGST Rules is also being disputed. The notice, dated September 27, 2023, aims to impose GST, interest, and penalties potentially totalling Rs 22,250 crore.
SEBI slaps ‘Baap of Chart’
SEBI, India's market regulator has banned Mohammad Nasiruddin Ansari, known as 'Baap of Chart'. Ansari is accused of offering unauthorized stock market recommendations and must pay a whopping ₹17.20 crore in penalties due to unlawful gains from his so-called 'educational courses.'
BUSINESS
India-Japan Deal: Turbocharging Tech Jobs
What Happened
The Union Cabinet, led by PM Modi, has given the green light to a vital agreement signed in July 2023 between India and Japan. This Memorandum of Cooperation (MoC) involves India's Ministry of Electronics and Information Technology (MEITy) and Japan's Ministry of Economy, Trade, and Industry.
The agreement starts from the day it's signed and stays active for five years. It involves both government-to-government and business-to-business teamwork.
Why It Matters
The main goal of this MoC is to strengthen collaboration between India and Japan on the semiconductor supply chain. As it includes both Government-to-Government (G2G) and Business-to-Business (B2B) collaboration, the plan is a double benefit. Not only that, the agreement also assures more job opportunities, especially in the Information Technology sector.
Zoom Out
This partnership is part of India's broader strategy to boost its semiconductor industry, which includes fiscal support for semiconductor facilities. Additionally, the "India Semiconductor Mission" aims to advance India's semiconductor and display manufacturing capabilities. This cooperation builds on the "India-Japan Digital Partnership" initiated during Prime Minister Modi's 2018 visit to Japan, focusing on digital technologies and industrial competitiveness.
BIG PICTURE
✈️ Pakistan cancels 322 flights!
Pakistan's financial and fuel crisis has delivered a severe blow to Pakistan International Airlines (PIA), jeopardizing its operations. Due to unpaid dues and reduced fuel supply by Pakistan State Oil (PSO), PIA has axed 322 flights, including 134 on international routes, within the past ten days.
🏆️ IndiGrid Wins Delhi's 20MW Energy Storage Project
IndiGrid has secured a Letter of Award (LOA) from BSES Rajdhani Power Limited for a 20 MW/40 MWh battery energy storage system in Delhi. This project operates on a build, own, operate, and transfer (BOOT) basis for 12 years. The Global Energy Alliance for People and Planet (GEAPP) will fund 70% of the project, aiming to reduce 4 gigatons of future carbon emissions and create 150 million jobs.
BUSINESS
Power Pals: Supercharge India's Energy Evolution
What Happened
Sterlite Power Transmission (SPTL) and GIC, Singapore's sovereign wealth fund, have formed a $1 billion joint venture to address the surging demand for power evacuation networks in India.
SPTL, a Vedanta Group subsidiary, is in the process of splitting into two separate businesses: one focused on power transmission infrastructure and the other on domestic cable and conductor production.
GIC will invest $500 million in the infrastructure business, securing a 49% stake, with funds allocated incrementally based on project tenders won by Sterlite Power.
Why It Matters
This partnership holds significance in the context of India's renewable energy expansion. Sterlite Power's expertise in power transmission combined with GIC's substantial investment provides a strong foundation for the development of critical power evacuation networks.
GIC's goal to become Sterlite's exclusive partner in India's transmission sector is like the commitment of a trusty friend – always there, ready to lend a helping hand. They're not just looking for a one-off adventure; they want to win the long game.
The commitment of GIC to potentially invest beyond the initial $500 million underscores the long-term potential of this collaboration.
Zoom Out
The collaboration between Sterlite Power and GIC signifies a strategic move to capitalize on India's renewable energy boom and the growing need for efficient power evacuation networks.
As India's energy needs continue to soar, this partnership is a shining example of how two powerhouses can come together to meet the nation's growing demands. With renewable energy ambitions on the rise, it's a bit like turning on the Bat-Signal for clean, efficient energy solutions.
MIRCH MASALA
💸 Read: Break free from these 5 money blunders .
🌊 Antarctic ice melt speeding to a crisis.
🧑⚕️ Cumin seeds: Ancient wisdom for weight loss and cholesterol control!
👀 Look: Which countries take the most sick days , visualized.
❔ Test where you fall on the internet addiction spectrum.