My Tirth India, a spiritual tech business, declared on Monday that it is ceasing operations as a result of a serious shortage of funding.
Following the passing of its primary shareholder and mentor Subrata Roy, the creator of Sahara India Pariwar, the company is facing a funding shortage, according to founder and chief executive Indraneel Dasgupta.
By urging individuals to reconnect themselves with their history, culture, and traditions, the firm sought to provide as many job opportunities as possible in urban, suburban, and rural areas.
“However, we regret to inform you that, following the tragic passing of our principal shareholder and mentor, we are now in a financial position where we must close the office,” Dasgupta stated.
What My Tirth India Was Offering?
The company, which is situated in Mumbai and was established in 2018, is a pilgrimage and darshan website that provides a one-stop shop for pilgrims to travel throughout India’s sacred attractions. A variety of online services, including online prasad and puja facilities, astrological and ayurvedic consultations, and funeral services, are also provided by the organisation. In addition, it offers customised trip packages for devotees.
Because of the current state of affairs, company was unable to move forward with its operations. It was already operating with a small workforce that is working without being paid, without having an office, and working from their homes. “At this point, we are unable to continue operations since we do not have the financial resources to do so,” Dasgupta continued.
Spiritual and Religious App Market in India
Over the past few years, companies such as Peak XV Partners, Elevation Capital, Titan Capital, and India Quotient have made significant investments in India’s rapidly growing market for religious and spiritual applications. Among the most important companies operating in this sector are Vama.app, Astrotalk, AppsForBharat, DevDham, and Utsav.
Using funds from Left Lane Capital and Elev8 Venture Partners, the digital astrology platform Astrotalk was able to raise $9.4 million on June 7th.
A well-known media outlet said on July 7 that the fortunes of apps that provide spiritual and devotional services have been revived as a result of a post-pandemic boom in internet engagement and a growing interest in spiritual activities in recent times both of which have occurred in recent times.
A number of business analysts have compared this trend to the quick growth in digital payment apps like Paytm that occurred after the demonetisation of high-value cash in 2016. The Ram Temple in Ayodhya was inaugurated in 2016, which contributed to an increase in the number of people using devotional applications.
On 26 August 2024, Shaktikanta Das, governor of the Reserve Bank of India (RBI), stated that the bank is considering a nationwide launch of a technological platform dubbed the Unified Lending Interface (ULI) to expedite the distribution of loans, particularly to smaller borrowers and those residing in rural areas.
At a worldwide conference in Bengaluru on “Digital Public Infrastructure and Emerging Technologies,” Das predicted that ULI will revolutionise retail financing in the same way that UPI did.
“We expect ULI to transform the lending landscape,” the governor stated, comparing it to how the Unified Payments Interface changed the payments sector.
For the purpose of facilitating frictionless financing, the central bank created the Public Tech Platform one year ago today. The original intent was to simplify the process of obtaining a loan or credit by giving lenders digital information in a matter of minutes.
“VoloFin welcomes the Reserve Bank of India’s initiative to introduce a unified lending interface, a pivotal step towards enhancing financial inclusion across rural India. This platform will empower borrowers in remote areas by providing quick and seamless access to credit, bridging the gap between financial institutions and the underserved segments of our society. The availability of instant loans will not only boost economic activity but also enable entrepreneurs in these regions to scale their businesses, create jobs, and contribute to the overall development of their communities. As a company dedicated to simplifying finance and extending support to MSMEs, we believe that this move will revolutionize the way rural India interacts with financial services,” said Roshan Shah, Co-Founder & CEO, VoloFin.
Echoing similar sentiments, Pramod Kathuria, Founder and CEO of Easiloan stated, “The ULI will simplify the loan application process by integrating multiple financial institutions, including banks, non-banking financial companies (NBFCs), and digital lenders, onto a single platform. This streamlined process ensures that loan applications are processed more quickly and efficiently. Through real-time data sharing and advanced algorithms, ULI enables instant verification of borrower credentials, such as KYC (Know Your Customer) details, credit history, and income verification. This reduces the time taken for loan approval from days to mere minutes, accelerating the disbursement process.”
The System Aims to Make Entire Lending Process Hassle Free
Banks, account aggregators, digital identification authorities, banks, credit information businesses, and state and federal governments were among the several sources from which RBI retrieved the data needed for credit evaluation. A delay in the smooth and timely distribution of loans was caused by the data being available in several systems.
Because of this, the entire digital platform was built with an open architecture and open APIs so that all the participants in the financial sector can connect with each other in a ‘plug and play’ fashion.
The tech platform is the result of several pilot initiatives that started in 2022. These experiments included digital dairy loans and end-to-end digitisation of Kisan Credit Card (KCC) loans. As a result of these initiatives, the loan processing time was significantly reduced and the desired efficiency was achieved. Additional digital loans were added to the platform last year.
According to Das, the digital Public Tech Platform is an aspect of the central bank’s efforts to digitise banking services. “Data privacy is fully protected, and the new platform is also based on consent of potential borrowers,” he assured.
Das mentioned that there is a new suggested trinity that would replace the old one, which consisted of Jan Dhan Accounts, Aadhaar, and mobile phones or JAM.
He proclaimed that the Central Bank Digital Currency (CBDC), which will be introduced gradually and consists of the new trinity of JAM, UPI, and ULI, is a groundbreaking development in India’s digital public infrastructure. “This initiative streamlines the integration of multiple technical systems, which means borrowers can enjoy the benefits of easier credit delivery and faster processing times without having to provide a mountain of paperwork,” he continued.
Lenders, customers, and data service providers are all winners with this platform. Through consent architecture, customers can acquire streamlined, personalised credit without submitting paper forms or physically visiting banks. The network effect, standardisation, cost efficiency, innovation in the loan process, scalability, and increased reach are all to the advantage of lenders and data service providers.
According to reports, the ride-hailing app Namma Yatri, based in Bengaluru, is looking into entering the American market.
An article in a well-known media outlet states that the firm is negotiating with various US unions in an effort to distinguish itself from industry heavyweights like Lyft and Uber.
In addition, the article stated that the company’s entry into the US market will be backed by Juspay, which separated Namma Yatri into its own entity in April of this year.
Juspay has recently stated its intentions to expand into international markets, including the United States, and received a payment aggregator license from the Reserve Bank of India.
Obstacles in the Western Market
Because the taxi industry is a very low-margin business, it is a free market in the USA, and anyone who has a superior product can enter it. The question is, however, whether they will be able to maintain it because of the circumstances. Not only that, but Uber and Lyft are the two companies that dominate the market in the United States. When compared to the situation in India, the drivers in the United States are in the same position.
It is impossible for businesses to enter a new market without first lowering their prices, and if the prices are lowered, the driver will not obtain any profit from the transaction. In order to attract investors, businesses that invest a significant amount of capital in a market must also guarantee a certain rate of return on their investment. Namma Yatri will face competition from companies such as Uber, Didi, Grab, and Lyft if it decides to enter the market in the United States. On the other hand, at a time when there is some unhappiness among drivers and customers, the Indian company will be able to gain an advantage and take off thanks to the relationship with unions.
The Indian Market Continues to Be the Primary Focus at Present
Namma Yatri’s primary focus continues to be on increasing its reach within India, even if discussions and negotiations on expansion in the United States are still underway.
Karnataka (Bengaluru, Mysuru, and Tumakuru), Kerala (Kochi), West Bengal (Kolkata, Asansol-Durgapur, and Siliguri), Telangana (Hyderabad), Tamil Nadu (Chennai), and Delhi are the states in which it is currently actively operating.
Blume Ventures and Antler led the pre-Series A funding round, which raised $11 million (approximately INR 91 crore) a month ago. Sundar Pichai-led tech behemoth Google and other investors also participated. This development comes right one month after the company acquired the aforementioned funding, indicating Namma Yatri’s future growth plans.
Nazara Technologies, a gaming and esports company based in Mumbai, recently made the announcement that it has successfully closed a cash transaction of INR 230 crore to acquire Fusebox Games, a company based in the United Kingdom.
Through this move, the Indian gaming corporation has made its second acquisition of a gaming studio located outside of India, and it is also the largest acquisition it has ever made.
An announcement that Absolute Sports, a subsidiary of Nazara Tech, had acquired all of the assets of DeltiasGaming.com had been made prior to this action.
Public Notification of Acquisition
Fusebox Games, a game firm based in London, was acquired by Nazara Technologies; the announcement was made earlier this month.
As stated by Nitish Mittersain, the founder and chief executive officer of Nazara Technologies, “We see an enormous potential in building an IP-based global gaming business that benefits from our core base in India. This core base allows us to support global studios by implementing enhanced user acquisition strategies, data analytics, live operations, and new initiatives such as implementing our in-house AI playbook.”
“Several of our existing intellectual properties are excellent illustrations of this strategy, and we are delighted to be able to collaborate with the skilled team at Fusebox as we continue to develop Nazara into a worldwide gaming company that operates on a scale that is relevant,” Mittersain noted further.
Fusebox Games
The mobile free-to-play studio known as Fusebox focusses on developing interactive story games as its primary focus. A well-known interactive story game called “Love Island” is published by the studio, and it is also working on developing new games based on well-known television intellectual properties from around the world.
It operates interactive story games that are powered by intellectual property and are predominantly monetised through in-app purchases, which represented for around 92% of the total sales in the fiscal year that ended in July of 24.
Financial Dynamics of Fusebox
The United States of America, the United Kingdom, Australia, Canada, Switzerland, Sweden, Denmark, Norway, and New Zealand are among the developed areas that Fusebox principally aims to penetrate.
Thirty people are employed by the company, the majority of them are located in the United Kingdom.A total of INR 87.5 crore ($10.4 million) in sales was recorded by the Fusebox during the fiscal year 23 (CY23), while the company’s EBITDA was INR 11.7 crore ($1.4 million).
Year-to-date (YTD) revenues for the company were INR 116.6 crore ($13.9 million) for the fiscal year 24 (CY24), while the company’s earnings before interest, taxes, and depreciation (EBITDA) was Rs 33.3 crore (EBITDA of $4.0 million).
The non-bank financial company Jio Financial Services Ltd (JFSL), which is a subsidiary of Reliance Industries, has been in the news recently. The Department of Economic Affairs, Ministry of Finance, authorised JFSL to raise the foreign investment limit to 49% of its total stock on a fully diluted basis, which the firm disclosed recently and could further accelerate its growth trajectory. Foreign Portfolio Investors (FPIs) and other foreign investors will be able to participate more actively as a result of this decision.
The business, which is headed by billionaire Mukesh Ambani, first asked its shareholders for approval to increase the foreign investment limit to 49% in May 2024. This action is not merely a technical modification; it is a strategic manoeuvre designed to attract substantial foreign capital.
In order to stand out in India’s very competitive financial services industry, JFSL is actively courting investors from around the world. The capacity to attract investment from outside sources will allow the business to grow by bringing in much-needed finance, as well as international knowledge and ideas.
JFSL’s Strong Financial Performance Is the Icing on the Cake
This declaration is made in light of the fact that JFSL had a very successful financial performance during the first quarter of 2024. A consolidated net profit of INR 311 crore was declared by the company for the quarter that ended in March 2024, representing a 6% increase over the previous quarter’s figure of INR 294 crore accumulated in December.
In the meantime, the consolidated revenue from operations stayed unchanged INR 418 crore, which is a decrease from the previous quarter’s figure of INR 414 crore.
Strategic Collaboration
Strategic actions have been taken by Jio Financial Services to increase its market share. The business established a historic alliance with global asset manager BlackRock, Inc. in April 2024. The two companies are teaming up to launch a wealth management and broking firm.
By delivering digital-first investment products, this partnership would likely revolutionise India’s asset management industry and meet the changing demands of Indian investors. By teaming up with BlackRock, JFSL is sending a message that it is serious about innovation and wants to dominate the wealth management industry.
JFSL’s Performance at the Stock Market
The impressive market performance of JFSL since its debut on the stock market in August of last year has captured the interest of investors. At the beginning, the market valuation of the company was more than INR 1.5 lakh crore.
The stock has nevertheless managed to produce positive returns of more than 52% over the past year, even with this small decline. On the other hand, Jio Financial Services is in a great position to attract additional international investments thanks to the recently approved rise in the foreign investment limit, which might lead to even better stock performance in the months to come.
Gaurav Munjal is the co-founder and CEO of Unacademy, one of India’s leading online education platforms. Under his leadership, Unacademy has expanded its offerings, attracting significant investment and becoming a key player in India’s booming edtech industry. His vision of creating accessible and high-quality educational content has driven the platform’s growth and helped establish it as a prominent name in the field of online learning.
Gaurav Munjal Biography
Name
Gaurav Munjal
Birthplace
Rajasthan, India
Born
8 September 1990
Nationality
Indian
Education
B.Tech in Computer Science (NMIMS University, Mumbai)
Position
Co-founder and CEO, Unacademy
Gaurav Munjal – Early Life and Education
Gaurav Munjal completed his schooling at St. Xavier’s College, Jaipur. As a bright student right from his college days, signs of his becoming an entrepreneur were quite evident. While he studied B.Tech at NMIMS, Mumbai, he co-founded Flatchat with Himesh Singh in 2014.
Flatchat links renters, seekers, potential owners, and persons searching for roommates. Munjal started Flatchat to assist individuals in finding compatible roommates. Munjal sold Flatchat to the real estate web portal CommonFloor in 2015 for $2.5 million.
In 2010, Munjal started his YouTube channel where he presented Java tutorials and other coding concepts. This channel later transitioned into what we know as Unacademy. He also worked at Directi as a software developer.
Gaurav Munjal – Unacademy
Unacademy Founders – Roman Saini, Hemesh Singh, Gaurav Munjal
Munjal found that their problem statement was the current state of the Indian education system. It is expensive and needs better placement options. To democratize education, Munjal, along with Hemesh Singh, Roman Saini, and Sumit Jain, officially founded Unacademy in 2015.
What began its journey as a YouTube channel, Unacademy today is an edtech platform helping aspiring students to prepare for competitive exams such as JEE, NEET, UPSC, Chartered Accountancy, GATE, UPSC NDA, CUET, Boards etc.
It launched Unacademy Plus, a paid subscription in 2019 where students could access live courses in 14 Indian languages apart from English.
It is a norm that Indian startups that have become unicorns generally have founders graduating from IITs and IIMs. Defying this norm, Munjal believes that a non-IIT background has helped him in his entrepreneurial journey. While answering a reader on Quora, Munjal explained why being a non-IITian worked for him. Here’s why:
“Sometimes IIT makes you complacent: Okay, avoiding all controversies here and not making a generalized statement, some IITians are very complacent about the fact that they are in IIT and for them that’s it, they want to get a good GPA and get placed. The fact that I was not in IIT and all my friends from school (Xavier’s Jaipur) were made me a little insecure and hence I struggled and worked hard a lot without being complacent.”
“Less Competition: Sometimes because of huge competition people get discouraged, for example, if I had started up at IIT, I would have been one of the many startups that year, and I may or may not have been noticed by the right guys. Whereas in my college we were the only ones running a startup, hence when an angel investor came to give a talk – we met and got along. The glass is always half full, never forget that.”
“There is no backup: Unlike IITs, we non-IITians didn’t have the backup of a good job. The only companies that came to our college were service companies offering packages of 3.2L per annum. I swore to myself in my second year that I would not join one of those and be a guinea pig. Thus, I struggled and worked hard a lot since I had no backup, the only way out was up.”
Since the inception of Unacademy, Munjal and his team of educators have been bringing about a change in the way Indian students learn. Deeply focused on the quality of education, Unacademy launched Graphy in 2020. Graphy is a tool that helps educators launch their online school in under 60 seconds.
Gaurav Munjal – Investments
Gaurav Munjal’s angel profile is quite a comprehensive one. Here’s an overview of his investments in the Indian startup landscape.
Gaurav Munjal has invested in 57 companies till date. Some notable companies in his investment portfolio include Pine Labs, Pratilipi, and Ultrahuman. He has invested in over 21 sectors including Enterprise Applications, Media, and others.
Company
Sector
Year Founded
Total Funding
Unacademy (Founder and CEO)
Edtech
2015
$880 million
Flatchat (Founder)
Consumer-centric
2013
$2.5 million
Pine Labs
Fintech
1998
$1.32 billion
MPL
Consumer-centric
2018
$396 million
Mastree
Edtech
2019
$545k
Rheo
Media & Entertainment
2019
$2.96 million
TapChief
Enterprise Applications
2016
$3.5 million
The most recent investment was in Infinyte Club (Series A Round) on Aug 12, 2024. LightFury Games ($8.5M), BiteSpeed ($3.46M), and Emversity ($11M) are other investments made in 2024.
Gaurav Munjal – Controversies
Gaurav Munjal’s video in August 2024, sparked erratic reactions when he announced that there would be no appraisals for his employees while wearing a $400 Burberry T-shirt. The entrepreneur faced backlash on social media for delivering unfortunate news while he wore an expensive outfit.
“I think 2023 was an average year for us. But 2024, if not great, was above average. But we did not hit our growth goals. The good part is that the burn is extremely low now, and we have a huge runway. And I kept saying that we don’t have a survival risk,” said Munjal explaining the reason for not giving out appraisals.
The announcement followed the layoff of 250 employees from marketing, sales, and streamline operations departments.
Unacademy CEO announces ‘zero appraisals’
Gaurav Munjal – Top Quotes
💡
“Leave Mumbai, Delhi and move to Bangalore”
In a conversation with Shardha Sharma of YourStory, Gaurav Munjal spoke about the challenges in the edtech industry. Additionally, he urged young entrepreneurs to move to Bangalore as provides the perfect ecosystem for tech startups. He believes that Bangalore provides a vital environment for budding startups whether it be finding the right opportunities or investors, increasing the odds for one’s success.
“Bangalore is a slower-paced city. The goal of tech parks of Mumbai and Delhi should be to move to Bangalore” added Munjal.
Final Words
Like every other dreamer, Gaurav Munjal had humble beginnings. He identified a problem, used his skills and built something that caters to a crucial demographic of the country.
Gaurav Munjal believes his approach to the edtech revolution is bullish. As he is in the ninth year of his entrepreneurship, his goal is to pull off a great IPO in the edtech sector.
Not depending on solely offering online education, Munjal has ventured into offline setups and language learning showing his willingness to experiment further. Despite having contemporaries like Allen and Phycics Wallah, Munjal’s relentless strive to offer quality education safeguards Unacademy’s success in the foreseeable future.
FAQs
Who is Gaurav Munjal?
Gaurav Munjal is the co-founder and CEO of Unacademy.
When was Unacademy founded?
Unacademy was founded by Gaurav Munjal, Dr. Roman Saini, and Hemesh Singh in 2015.
What is Unacademy?
Unacademy is an online platform that makes both learning and teaching easy with its educational videos and lectures.
Show-cause notices have been issued to Brainbees Solutions, the parent company of FirstCry, in relation to employee stock ownership plan (ESOP) expenses that were close to INR 80 crore and were incurred during the fiscal years 2018-19 and 2021-22.
The notices have been sent by the Income Tax Department in accordance with clause (b) of Section 148A of the Income Tax Act.
Firstcry in Its Defence
According to the filing that the company made with the Bombay Stock Exchange (BSE), the company is determined in its belief that the claim of ESOP expenses that it has made in its tax returns for the assessment years mentioned above is in compliance with the provisions of the Income Tax Act of 1961 and is in accordance with judicial precedents established by a variety of courts as well as the advice of our external tax advisors.
A comparable employee stock ownership plan (ESOP) expenditure claim was previously allowed by the Commissioner of Income Tax (Appeals) for the assessment year 2015-16, according to the company to which SoftBank provided financial backing. Consequently, the organisation is of the opinion that “no income that is subject to tax has evaded the assessment.”
As was stated earlier, the corporation is of the opinion that it has a solid case on merit, and at this point, there has been no order of any type having been passed. According to the filings, the corporation will, in due course, provide a response that is suitable to the show cause notices.
Not the First Time for the FirstCry
In 2023, it has been reported that the tax department, which is under the jurisdiction of the Ministry of Finance in India, has sent notices to the creator of FirstCry, Supam Maheshwari, requesting him to explain why he did not pay more than $50 million in taxes on equity transactions that were carried out in privately held FirstCry. The tax department has requested that they not be named because the information is not publicly available.
In addition, queries concerning the problem have been received by at least six investors in FirstCry, according to the statement. These investors include the private equity firm ChrysCapital Management Co. and the family office of Sunil Bharti Mittal. In order to resolve the investigation, Maheshwari had several meetings with the tax agency.
The financial year that ended on March 31, 2021 was the first time that FirstCry had generated a profit after years of operating at a loss.
FirstCry’s IPO
An initial public offering (IPO) of $500 million was submitted by FirstCry earlier this year. The IPO featured a fresh issue of INR 1,666 crore as well as an offer for sale of 543 lakh equity shares by existing shareholders. FirstCry is a company that offers a wide variety of products meant for infants and toddlers.
The omnichannel retailer finished the first day of trading on the Indian stock markets with a market value of $4.1 billion, an increase of 44.8% from the previous day’s trade.
Insurtech startup InsuranceDekho, based in Gurugram, has established Heph, a new software-as-a-service (SaaS) company that is affiliated with InsuranceDekho. The company’s mission is to provide digital solutions that would ease the operations of insurance distributors around the country.
This coming Monday, August 26th, will mark the formal launch of Heph’s website, which will be offering a variety of services such as front-end customer interfaces and back-end systems.
This platform covers all areas of insurance operations, from front-end consumer interfaces to sophisticated back-end systems, and it covers a wide range of products from health insurance to life insurance to vehicle insurance to group insurance. The platform is compatible with a variety of distribution channels and works with 49 different insurers. These channels include assisted sales, direct-to-consumer models, and embedded insurance. Heph is the most comprehensive platform in the business as a result of its extensive product API integration, which enables it to provide any insurance product across any distribution channel.
Four Core Modules
Heph serves to a varied clientele by providing its four major modules, which are D2C, POSP, Lending, and Embedded Insurance. These modules are used by banks, non-bank financial companies (NBFCs), brokers, original equipment manufacturers (OEMs), fintech companies, and digital players.
The platform gives users access to more than 650 different insurance products and gives them the ability to co-create products with insurers. This presents an opportunity for businesses to construct, administer, and optimise their insurance services in an effective manner.
Easing the Working Environment
Heph provides businesses with the assurance that they may operate in a highly regulated environment in a secure and efficient manner by adhering to the regulations of the Insurance Regulatory Development Authority of India (IRDAI). With digital insurance platforms becoming an increasingly fundamental part of the financial ecosystem, it is essential that this emphasis on security be maintained.
Ankit Agrawal, who is also the Chief Executive Officer of InsuranceDekho, has remarked that Heph is a platform that combines sophisticated insurance knowledge with cutting-edge technology innovation. The objective of the company is to enable businesses throughout the whole spectrum of the financial industry to provide insurance solutions that are both smooth and efficient.
The company is not merely keeping up with the digital revolution of the insurance industry; rather, InsuranceDekho is leading the way in this change thanks to its powerful API interfaces, bank-grade security, and customisable modules. Through the launch of this product, the organisation intends to revolutionise the manner in which insurance products are delivered and managed in India, hence fostering expansion for its partners and enhancing accessibility for customers.
At a time when customers in India are willing to spend more on high-end experiences, ride-hailing platform Uber is reintroducing its flagship product, Uber Black, to the nation.
According to a media report, the service is set to be launched in the coming weeks, initially targeting certain areas in Mumbai.
In 2013, the firm began operating in India with Uber Black, which offered on-demand access to luxury vehicles including Mercedes, BMW, and Audi. It supplanted the high-end vehicles with more affordable options, such as the Toyota Innova, Honda City, and Toyota Corolla. A year after that, the service was discontinued.
Uber’s New Business Strategy
According to various media rports, Uber Black is set to undergo a major overhaul, resulting in a “far more sustainable model” that will offer consumers white glove cab service in larger vehicles compared to traditional commercial sedans. Additionally, reports mentioned that the service will make use of SUVs and MUVs manufactured by Toyota, MG, and other brands.
Uber Black, which will be priced 30–40% higher than the platform’s current top offering, Uber Premier, is expected to have significant uptake by businesses for their business travel expenses. The American ride-hailing giant has been pouring resources into expanding its network of fleet partners. Its biggest vehicle partner, Mumbai-based Everest Fleet, was one of its initial investors in a $20 million round last year.
Motive Behind This Move
The idea that is being considered within the organisation is to develop a mobile application that caters to all different kinds of clients. Consequently, the platform is considering the possibility of releasing items that cater to both extremes of the spectrum, as was emphasised in a media release.
When it comes to the Indian market, the firm is expanding its offerings to include items such as Uber Black in addition to intercity rides and rentals in an effort to achieve larger average ticket sizes and a more profitable dollar.
The premium ride-hailing products that Uber offers in India are expanding at a significantly quicker rate than Uber Go, which is the company’s entry-level offering for on-demand taxi services. According to a source in the media, the corporation is thinking about increasing its focus on providing services of a higher quality.
Uber has revealed to a well-known media outlet that they will be relaunching its Uber Black service.
The firm noted in a press release that there is a critical mass of travellers who are prepared to pay a premium for on-demand services that provide them with a high-end experience. As Uber serves to a complete spectrum of customers who have diverse mobility demands, we are reacting to this expanding demand at the same time.
Recently, representatives from the electronics hardware business penned a letter to the Ministry of Electronics and Information Technology (MeitY) requesting more information on the plans for future policies regarding the import of specific computer items under HS 8471. The letter also requested the Ministry to engage stakeholders more actively.
After local and international businesses voiced their worries, the government revised its limitations on laptop and computer imports in October 2023, following earlier restrictions enacted in August 2023. Importers could simply provide the quantity and value of the hardware they were importing, and the government would grant them “authorisation” to bring the goods in.
Last year, the government made an effort to collaborate with stakeholders in order to clarify administrative procedures and get ready for implementation, which we greatly appreciated.
Kumar Deep, country director of the ITI Council in India, wrote to MeitY Secretary S Krishnan that the strategy “addressed many stakeholder concerns about potential import licensing requirements and restrictions.”
According to him, it is “critical” that the government takes action to facilitate early stakeholder participation in order to keep these commodities available in India as the probable expiration date of the registration/license draws near. This would help “to prevent far-reaching unintended consequences on key sectors.”
Import Management System
Launched this year, the Import Management System (IMS) for information and communication technology (ICT) hardware imports is expected to conclude on September 30, 2024. With the new “import management system,” the government hopes to keep tabs on computer, tablet, and laptop shipments into the nation without stifling supply in the market or instituting onerous licensing requirements. The administration had previously announced that importers could apply for several authorisations, each of which would be valid until September 30.
With computers penetrating every sector of the economy, the ITI Council argued in its letter that India’s policy affects a wide range of interested parties, including domestic and international companies with operations in India.
Industry’s View
In order to facilitate the transition and minimise “unintended consequences,” the industry group claimed that, first and foremost, it wanted the government to release future guidelines in draft form and give stakeholders enough time to comment on them before they are officially published, preferably before October 1.
The government should also give a fair amount of time for people to adjust if there is a change in policy. While deciding whether to revise or replace the IMS, ITI has urged the government to choose a course of action that satisfies India’s goals, encourages foreign investment, and complies with international trade standards and commitments.
According to Deep, the Council and its members are quite worried about the rumours that the government is thinking about switching out the IMS for a quota system. This would have a negative impact on India and make it harder for many businesses to get access to the market.
A positive way ahead would be for the administration to take immediate, tangible steps towards making its objectives and planned policy roadmap more transparent and to increase stakeholder engagement in the policymaking process. In this regard, industry players are prepared to offer their assistance.
Pooja Uniyal
