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Posted On:
19-10-2024

India plans to impose import curbs on laptops to boost local production: Report

India launched an “import management system” in November 2023, which required companies to register with the government the quantity and value of their laptop and tablet imports. India is expected to limit imports of laptops, tablets and personal computers after January, a move to push companies to increase domestic manufacturing, Reuters reported citing sources. A similar plan to restrict imports was withdrawn last year following backlash from companies and lobbying from the United States. India has since monitored imports under a system set to expire this year and has asked firms to seek fresh approvals for imports next year. The government feels it has given the industry enough time to adapt, said the sources, the report added. This plan, if implemented, could disrupt an industry worth $8-$10 billion and reshape the dynamics of the IT hardware market in India, which is heavily reliant on imports. India launched an “import management system” in November 2023, which required companies to register with the government the quantity and value of their laptop and tablet imports.
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Posted On:
22-10-2024

PVR INOX is actively looking to expand into Tier II and Tier III cities, particularly in South India, says company CFO Gaurav Sharma

The company also plans to expand its premium screen portfolio to cater to the increasing demand for high-quality, differentiated experiences in cinema PVR INOX is actively looking to expand into Tier II and Tier III cities in South India. Currently, 22% of PVR INOX screens are in Tier II and III cities. Over the past 14 months, the company has entered new cities such as Dharwad (Karnataka), Cuddalore (Tamil Nadu), Machilipatnam (Andhra Pradesh), and Patna (Bihar). Gaurav Sharma, CFO, PVR INOX, said, “The company believes that India remains significantly under-screened, offering vast growth potential. The trends of rapid urbanisation, a young workforce, and rising disposable incomes will drive demand across all regions of the country. That is why PVR INOX is actively expanding into Tier II and Tier III cities, particularly in South India, where the market is highly vibrant.” Internationally, PVR INOX has a presence in Sri Lanka. However, at this point, the company doesn’t have immediate plans to expand into international markets. Additionally, the company plans to invest in the renovation of key high-value properties to accelerate revenue growth from existing cinemas.
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Posted On:
22-10-2024

Focus on work-life balance: India Inc prioritises mental health in workplace

Firms have introduced initiatives like mental health days, counselling services, and training for managers to better support their teams. India Inc. is increasingly prioritising mental health in the workplace, recognising its significant impact on employee well-being and productivity. This shift follows several incidents that have highlighted the urgent need for mental health support in professional settings, including the recent death of an EY employee, which raised serious concerns about workplace stress. While several are already running specific programmes to deal with workplace stress, many corporates have begun implementing mental health initiatives, understanding that a healthy work environment is essential for employee retention and overall organisational success. These initiatives include offering mental health days, counselling services, and training for managers to better support their teams.
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Posted On:
22-10-2024

Retailers vs Zomato, Swiggy, Zepto? Retail group seeks probe against quick commerce platforms

According to a letter by the group to CCI, quick commerce platforms, Zomato, Swiggy, Zepto, are offering deep discounts and selling below cost to lure customers. India’s largest group of retail distributors, All India Consumer Products Distributors Federation (AICPDF) that represents 4 lakh retail distributors of major companies such as Nestle and Hindustan Unilever, has asked antitrust body Competition Commission of India (CCI) to investigate quick commerce companies, Zomato, Swiggy and Zepto, for alleged predatory pricing. According to a letter by the group to CCI, dated October 18, the quick commerce platforms are offering deep discounts and selling below cost to lure customers. Zomato’s Blinkit, Swiggy’s Instamart, and Zepto have been named by the federation. They said that several consumer goods companies are now directly dealing with quick commerce firms to increase their reach, and bypassing the traditional salespeople who have been delivering orders from one shop to another for decades.
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Posted On:
22-10-2024

Vedanta plans over Rs 1 lakh crore investment in Rajasthan across verticals

Vedanta has invested over Rs 1.5 lakh crore in Rajasthan to date. Two of its flagship businesses Hindustan Zinc Ltd, the world’s second-largest integrated zinc producer, and Cairn Oil & Gas have their largest operations in the state. Vedanta plans to invest over Rs 1 lakh crore in Rajasthan across different business verticals, including, zinc and oil and gas. While Hindustan Zinc, a Vedanta group firm, will invest Rs 30,000 crore to double zinc capacity from 1.2 million tonnes per annum (MTPA) to 2 MTPA, silver from 800 tonne to 2,000 tonne, and set up a one MTPA fertiliser plant, Cairn Oil & Gas, a subsidiary of Vedanta Ltd, will invest Rs 35,000 crore to augment capacity to 3 lakh barrels per day. Vedanta Group entity Serentica Renewables will invest Rs 50,000 crore to develop 10,000 MW renewable power capacity to support the investments, help energy transition and ensure highest environmental standards and green manufacturing, the company said in a statement on October 19.
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