StartupTalky

Tag: #news

  • US Proposes OPT Tax as 25% Outsourcing Penalty Hits American Companies

    Trump’s new immigration restrictions are putting pressure on overseas businesses and students. Stricter rules are being implemented regarding the issuance of study visas to international students.

    Additionally, measures are being taken to tax the income of international students who work in the United States following their education. Additionally, lawmakers have suggested taxing the profits of US businesses that contract with foreign countries.

    The Trump administration is currently putting policies into place to safeguard American jobs and keep foreigners from filling them. Commenting on the move, Kamal Karanth, Co-founder of Xpheno stated, “The proposed hike in H1B visa fees is not a surprise, and IT services companies have been preparing for such developments. Over the last six months, many of them have either nominated or hired new GCC heads to capitalize on the GCC route for business. While higher visa costs could slow down onsite hiring, it will only accelerate the offshoring momentum. We expect MNCs to increase their reliance on GCCs and IT services firms in India, which remain a cost-effective option even after factoring in a 25% cess. In the near term, IT services companies may become more aggressive in offering GCC-specific services, and the increased supply of talent could also lead to softer pricing for GCC staffing.”

    Lawmakers in the US have suggested taxing the money earned by overseas students participating in the Optional Practical Training (OPT) programme. Under the OPT programme, foreign students employed by US companies are now free from paying Social Security and Medicare taxes.

    US Lawmakers Introduced Dignity Tax

    The Dignity Act, which has been introduced, would require OPT students to pay FICA (Social Security and Medicare) taxes on their earnings. OPT students who are employed in the United States will be required to pay FICA taxes if the proposed Dignity Act is passed.

    The current employer and employee Social Security tax rates are 6.2% and 6.2%, respectively, for a total tax rate of 12.4%. The current employer and employee Medicare rates are 1.45% and 1.45%, respectively, for a total of 2.9%. FICA taxes are currently waived for international students employed in the United States under the OPT programme.

    Foreign students will be required to pay these taxes if the Act is passed. The only tax with a wage base restriction is Social Security. The highest salary that is taxable for that year is known as the wage base limit. This base limit for 2025 earnings is $176,100. The Medicare tax has no wage base restriction. Medicare tax applies to all covered wages.

    US Administration Also Proposes HIRE Act

    US businesses that hire foreign workers or contract out work to foreigners will be required to pay taxes to the US government. Senator Bernie Moreno introduced the Halting International Relocation of Employment Act, or HIRE Act, with the goal of preventing outsourcing by deterring American companies from hiring workers from other countries in search of lower wages.

    A 25% tax on outsourcing payments made by American taxpayers or businesses to foreigners whose labour benefits American consumers is proposed under the HIRE Act. Those payments made after December 31, 2025, will be subject to the recently proposed levy.

    Any American who makes an outsourcing payment is subject to a tax under the HIRE Act, which is equal to 25% of the payment’s total amount. Any business that hires foreign workers rather than Americans will be subject to a tax under the law, and the money raised will be used to support middle-class workforce development initiatives.

    Quick
    Shots

    •OPT students would lose exemption
    from FICA taxes (Social Security & Medicare).

    •Would impose 12.4% Social Security
    and 2.9% Medicare taxes on OPT earnings.

    •Social Security taxable wage base capped
    at $176,100 (2025); Medicare applies to all wages.

    •Introduced to curb outsourcing by US
    firms hiring foreign workers.

  • UK to Slash Visa Fees for Top Global Talent as US Raises H-1B Visa Cost to $100,000

    According to Financial Times story, British Prime Minister Keir Starmer is considering plans to do away with immigration costs for outstanding international talent. The Trump administration’s announcement of a $100,000 cost for new H-1B visas, which went into effect on21 September, was preceded by the talks that were already taking place inside Number 10 and the Treasury.

    According to those briefed on the discussions, Starmer’s “global talent taskforce” is formulating plans to attract the top academics, scientists, and digital specialists to Britain in order to spur economic growth.

    A zero-fee system for applicants who have attended one of the top five colleges in the world or received prestigious awards is one alternative being considered, according to FT.

    Peeyush Agarwal, Co-founder & CEO of Invest4Edu stated, “Talent acquisition has become a global war, and immigration policies are becoming decisive factors. The US announced just six weeks ago that it would be raising the prices of coveted H-1B visas to nearly $100,000. Such a move may prove detrimental for startups, tech companies, and skilled professionals alike. For decades, the H-1B programme has been the very gateway for talent from across the globe, mainly from India, to enter the US job market. This exorbitant pricing, however, can only mean that the dream of working abroad may be closing further. Seizing the opportunity, the UK is now in the process of slashing visa fees as an inducement for talent acquisition from around the world.”

    Kajal Dave, Co-Founder, LaunchEd Global echoed similar sentiments as she stated, “The recent contrast in visa policies between the U.K. and the U.S. is already influencing how global talent makes decisions. The U.K.’s move to cut visa fees for top global talent shows it is serious about attracting skilled professionals and international students. Lowering costs not only makes the U.K. more accessible but also creates a clear message: the country is open and welcoming to talent. On the other hand, the U.S. decision to raise H-1B visa costs to as high as $100,000 is creating concern in India. For years, the U.S. has been the top choice for Indian graduates, especially in technology and management. But with higher costs and ongoing immigration uncertainty, both employers and students may hesitate. Companies could rethink sponsoring talent, and students may wonder if the high cost of a U.S. degree is still worth it when work opportunities are less certain.”

    Current Cost of Britain’s Global Talent Visa

    The Global Talent visa presently costs £766 ($1,030) in Britain, and partners and dependents must pay the same amount. Since President Donald Trump signed the proclamation instituting the $100,000 levy, which is frequently used by American software companies to hire Indian employees, the gap with the US has widened.

    According to a source close to the UK negotiations who spoke to FT, the US ruling has “put wind in the sails” for those advocating for Britain to reduce the expense of its expensive immigration system before the November 26 Budget. To recruit scientists and IT workers, the UK established a Global Talent Taskforce in June 2024, supported by a £54 million Global Talent Fund.

    The taskforce will assist researchers, entrepreneurs, investors, senior engineers, and creatives, according to the Department for Science, Innovation, and Technology. The funding will be distributed to top universities and research institutions through UK Research and Innovation during a five-year period beginning in 2025. In accordance with Britain’s new Industrial Strategy, these organisations will locate and target certain individuals.

    Good News for Skilled Indians Planning for Britain

    India is anticipated to play a significant role. The Global Talent visa is an essential tool for luring scientists and innovators, according to Lord Patrick Vallance, Minister for Science, Research, and Innovation. He stated that India and the UK already have a solid connection and that he believes it is only becoming stronger while speaking at the India Global Forum’s Future Frontiers Forum in London on June 20.

    But in reality, everything isn’t driven by government-to-government ties on science. Both the scientist and the person must be scientists. There are significant scholarly connections. “I’d like to see more of that as India becomes an increasingly powerful player in the science and tech space,” he said. India has been moving up the research ladder in the world.

    According to the Australian Strategic Policy Institute, the nation placed in the top five for 45 of 64 essential technologies in 2023. In fields like distributed ledger technology and biological manufacturing, it surpassed the US.

    Quick
    Shots

    •Possible exemption for applicants
    from top 5 global universities or with prestigious awards.

    •Trump administration imposes $100,000
    fee on new H-1B visas from September 21, mainly affecting Indian tech
    workers.

    •UK launched taskforce in June 2024
    with £54m Global Talent Fund to attract scientists, engineers, and
    innovators.

    •Funds to be distributed via UK
    Research & Innovation to target top researchers and specialists.

  • EVamp Technologies secures Rs. 7 crore funding, to expand charger manufacturing and grow Mobilane network

    Ahmedabad: EVamp Technologies, the company behind Mobilane, the fast-growing electric vehicle charging network, has raised Rs. 7 crore in its first round of funding. The company plans to use the capital to scale up its pan-India EV charging infrastructure and to invest in the in-house manufacturing of AC chargers and Light Electric Vehicle (LEV) DC chargers.

    As a prominent Charge Point Operator (CPO), EVamp has established itself as a key player in delivering reliable and smart charging solutions across urban centres, highways, and commercial spaces under the Mobilane brand. With this funding, EVamp aims to expand its market reach, expand its portfolio, and contribute to India’s shift toward clean mobility. 

    Commenting on the development, Devansh Shah, Founder of EVamp Technologies Pvt. Ltd., said, “This funding marks a major milestone in our journey. Since inception, our focus has been on building a high-performance, future-ready EV charging network. We have developed deep capabilities in charger technology and operations, and with this investment, we are well-positioned to rapidly scale manufacturing for AC and LEV DC chargers and lay the foundation for a sustainable EV infrastructure across the country.”

     

    Gunjan Mehta, Co-founder of EVamp Technologies, said, “EVamp is built on strong fundamentals of technological innovation, operational efficiency, and financial sustainability. We are proud to be the only Charge Point Operator (CPO) in India to achieve PAT (Profit After Tax) positivity even before raising external capital. This speaks to the strength of our robust business model and disciplined approach. As we expand and start manufacturing at scale, we remain committed to creating a sustainable ecosystem that delivers long-term value to our users, partners, and investors, while supporting India’s clean mobility mission.” 

    EVamp’s Mobilane network has already made significant inroads in key urban and highway locations, offering user-friendly, app-integrated charging solutions. The new funding will allow EVamp to accelerate deployment, enhance user experience, and ramp up domestic manufacturing in the EV space.

    About EVamp Technologies: EVamp Technologies is a new-age EV infrastructure company that owns and operates the Mobilane network, a pan-India EV charging platform offering reliable, scalable and smart charging solutions. The company designs and manufactures AC and LEV DC chargers and provides integrated hardware and software solutions for EV charging across urban, residential, and highway infrastructure.

  • Workers’ Union vs. Coca-Cola: CCBSA to Lay Off 600 Workers in South Africa

    South Africa’s job industry is in trouble as several companies announce job reductions. Ford Motor South Africa, Glencore, ArcelorMittal South Africa, and Goodyear South Africa have already announced the layoffs. And now joins Coca-Cola Beverages South Africa (CCBSA). The company is planning to cut over 600 jobs and is in talks with worker unions on the same. However, nothing is final yet, as the union is fighting back and negotiations are underway. So, why is the company laying off now? Is CCBSA cutting some costs, or is it just a restructuring? How will this impact South Africa’s severe unemployment problem? Learn more. 

    Why Is Coca-Cola Beverages South Africa (CCBSA) Laying Off?

    According to CCBSA, it is planning to lay off 600 workers due to “evolving industry dynamics,” meaning it is restructuring itself to fit the new economic conditions.

    CCBSA Quoted by Business Day, CCBSA said, “In response to evolving industry dynamics, Coca-Cola Beverages SA intends to make adjustments to its organisation that, if implemented, may result in some roles being impacted and may, unfortunately, result in job losses.”

    Industry experts are concerned and point fingers at:

    • Higher costs (costs of raw materials, transport, etc.).
    • Weak consumer spending (people in South Africa are buying less because of economic struggles).
    • Frequent power shortages (the load shedding is making production difficult and expensive in South Africa).

    Food and Allied Workers Union Fighting Back

    • If the layoffs happen, the economic condition in South Africa could worsen. Coca-Cola Beverages South Africa (CCBSA) sent a notice on September 2, 2025, to the Food and Allied Workers Union (Fawu).
    • The notice said it will lay off about 600 of its employees.
    • Fawu is strongly against the move and is fighting back as it represents many hardworking Coca-Cola workers.  

    The Union’s Stance

    • Fawu firmly believes that the layoffs can push South Africa’s already severe unemployment into more trouble.
    • Apparently, 1 in every 3 people in South Africa struggles to find a job. According to Reuters, the country’s unemployment rose to 32.9%.
    • This is not the first time the union in the past has also criticized Coca-Cola for its cost-cutting activities and neglecting workers’ livelihood. 

    Bigger Picture

    • Notably, CCBSA is part of Coca-Cola Beverages Africa (CCBA). It is the eighth-largest Coca-Cola bottler in terms of revenue globally.
    • The company operates in several African countries, and especially in South Africa, CCBSA employs thousands of South Africans. 

    What Happens Next?

    According to the South African companies, they can’t randomly lay off employees. There is a process in place; companies must consult with the unions first.

    While discussing the issue with the unions, the companies have to be open to:

    • Redeploying workers,
    • Voluntary severance packages,
    • And other cost-saving measures.

    Having said all that, the law can’t guarantee that companies won’t lay off. It is hard to avoid layoffs, but what it can guarantee is having a voice.

    Right now, in Coca-Cola’s case, the negotiations between CCBSA and Fawu are underway, and 600 people’s jobs are at risk. 

  • Donald Trump Says Murdochs May Play Key Role in Potential US TikTok Deal

    According to President Donald Trump, Rupert Murdoch and his son Lachlan are anticipated to be among a group of investors attempting to purchase TikTok in the United States. Trump stated that the men would “probably” be part of a planned agreement to keep TikTok operational in the US during an interview with Fox News that aired on 21 September.

    He added that Michael Dell, the founder of Dell, and Larry Ellison, the chairman of Oracle, would probably be engaged. Trump called the guys “American patriots” and stated, “I think they’re going to do a really good job.” The US and China are moving closer to an agreement that would sell the social media platform’s American operations to US investors, the president said during a phone conversation with his Chinese counterpart earlier this week.

    Why TiTok Needs to Sell its Business to US Investors?

    A law approved by Congress in April 2024 would have prohibited the app unless its Chinese parent firm, ByteDance, sold its US unit, necessitating the sale. Concerns that Beijing would obtain the personal information of TikTok’s 170 million American users led to the proposal of this law. Until a deal is reached, its enforcement is on hold. Trump stated on Fox’s The Sunday Briefing that “they’re very well-known people” who would generate a “tremendous amount” of money in response to a question about who was involved in the potential TikTok agreement.

    Among these is Larry Ellison. He’s part of it. Michael Dell, a wonderful man, is involved. Unfortunately, there is a man named Lachlan involved. “Are you familiar with Lachlan?” he said. “And Rupert is probably going to be in the group.” The family’s media giant, which includes Fox Corp and News Corp, was recently taken control by Lachlan Murdoch, ending a protracted struggle with his siblings over succession. News Corp. chairman emeritus Rupert Murdoch is 94 years old.

    Following Trump’s remarks on Sunday, US media outlets indicated that the Murdochs would not be investing in their personal capacity, but rather through Fox Corp. They are well-known for their conservative viewpoints and right-leaning media outlets, such include Fox News and the Wall Street Journal. However, Trump, who is now suing the Wall Street Journal for defamation after a report said he signed Jeffrey Epstein’s birthday book, has also occasionally taken offence at them.

    US Eager to Crack TikTok Deal

    In response to political pressure to remove the social networking app’s US operations from its Chinese owners, ByteDance, the White House has increased hopes that a deal is almost final.

    According to White House Press Secretary Karoline Leavitt, a deal might be inked “in the coming days” on Saturday. Speaking to Fox as well, Leavitt stated that Oracle will oversee data and privacy for the app in the US and that “America will also control the algorithm.”

    The possibility of the Murdochs and Ellisons, two of the most influential families in US media, obtaining substantial control over one of the most widely used social media apps in the country is increased by the planned TikTok merger. China has not officially stated if an agreement has been reached or not.

    Quick
    Shots

    •Congress passed a law in April 2024
    requiring TikTok’s Chinese parent ByteDance to sell its US business or face a
    nationwide ban.

    •Involvement likely through Fox Corp,
    not personal investment; Lachlan Murdoch recently took control of the family
    media empire.

    •Oracle expected to oversee TikTok’s
    US data security and algorithm control.

    •Press Secretary Karoline Leavitt said
    a TikTok deal could be finalized “in the coming days.”

  • Spacefields Raises Pre-Series A Of $5m (₹42cr) to Bolster Aerospace And Defence Manufacturing Capabilities Under Atmanirbhar Bharat

    Bengaluru / New Delhi / Mumbai, India, 22 September 2025: SpaceFields, an emerging deeptech startup developing next generation Rocket Propulsion systems for Defence & Space, has raised $5 (₹42cr) million in strategic investment led by Globaz Technologies Pvt. Ltd, co-led by Rockstud Capital and Venture Catalysts + + Group, with participation from Nithin Kamath’s Rainmatter, VC Grid, Burla Angel Network, Faad Capital, SIDBI, O2 Angels, MeitY Startup Hub and others. The company had previously raised about $1.3 million in Seed funding from Jamwant Ventures, HVB 88 Angels and others in 2024.

    Founded in 2021 by VSSUT Burla (Odisha) alumni- Apurwa Masook, Rounak Agrawal, and Sudarshan Samal, SpaceFields, incubated at the Indian Institute of Science (IISc) Bangalore, is pioneering innovations in rocket propulsion and solid propellants, positioning itself at the cutting edge of India’s growing space and defence ecosystem. SpaceFields has won four contracts under the iDEX initiative of the Ministry of Defence, and has also filed ten patents (with five granted) on various novel technologies developed in-house.

    The partnership between Globaz & SpaceFields underscores a shared commitment to develop critical, sovereign, dual‑use technologies that enhance national security while expanding India’s role in the global defence & aerospace value chain. “SpaceFields sits at the intersection of deeptech innovation and national need,” said Mr. Karan Wilkhoo, Director & Promoter, Globaz Technologies. “This investment reflects our strong confidence in SpaceFields’ ability to translate advanced propulsion R&D into high-impact field-ready solutions for India and global markets. With Globaz’s expertise in system integration and scale-up manufacturing, together, we are poised to become a cornerstone in India’s journey towards technological sovereignty, enabling a future of strategic self-reliance.”

    The fresh capital will be deployed towards scaling up manufacturing, securing key regulatory certifications, and expanding the team across engineering, operations, and business functions. The development comes at a pivotal time for India’s Defence and SpaceTech ecosystem, with a growing wave of new-age startups driving innovation and indigenization. Government of India’s proactive policies, including the liberalization of defense procurement has further provided a boost to such startups. SpaceFields’ journey aligns perfectly with Prime Minister Modi’s clarion call to the youth in his recent Independence Day speech, to build homegrown deeptech capabilities and strengthen India’s technological sovereignty.

    Abhishek Agarwal, Managing Partner of Rockstud Capital, said, “Thrilled to partner with SpaceFields, which is uniquely positioned in a differentiated whitespace, bringing in-house developed, IP-led innovations to a sector that has seen limited private innovation so far. Their breakthrough work aligns closely with Rockstud Capital’s Yuva Bharat thesis, which backs innovations driving Atmanirbhar Bharat in national security and deep-tech. We are proud to support their journey of advancing cutting-edge propulsion technologies and strengthening India’s strategic autonomy.”

    Dr. Apoorva Ranjan Sharma, Co-Founder and MD of Venture Catalysts++ Group, said, “India’s rise as a global aerospace and defence hub will be written by young companies that dare to solve hard-tech challenges at home and scale them for the world. SpaceFields embodies that spirit. In just four years, the team has transformed rigorous research into patent-backed solid-propulsion platforms that can strengthen our armed forces, serve NewSpace economy, and catalyse an entire supply chain of precision engineering. At Venture Catalysts, we back founders who combine deep scientific insight with relentless execution, and SpaceFields does exactly that. Our investment stands as a testament to our conviction in their technology roadmap as well as their mission to make Atmanirbhar Bharat a reality, while opening lucrative export corridors for Indian defence innovation.”

    Dinesh Pai, Head of investments at Rainmatter by Zerodha, said, “Most of us at Rainmatter have tracked SpaceFields team for more than couple of years now. From the initial years of building prototypes to leading precision engineering solutions in solid propellants, they have constantly demonstrated sharp execution, delivering on ambitious milestones while staying deeply rooted in their mission. Their relentless focus on building local capabilities in aerospace, solving hard-tech problems with long-term impact, aligns strongly with our patient capital approach.”

    “We have been fortunate to have earned the trust of unique mix of Investors, who resonate with our long-term vision of advancing sovereign capabilities in critical propulsion technologies,” said Apurwa Masook, Founder & CEO, SpaceFields. “Solid propulsion being a core enabler of defense and space missions, as also evident in our diverse cohort of customers such as the Armed Forces, DPSUs, DRDO, Tactical drone companies, and several Aerospace OEMs who are in need of bespoke custom-developed solid-fuel powered systems. This investment will accelerate productionization and expand manufacturing capacity to meet India’s strategic requirements while addressing global demand. We are also delighted to partner with Globaz Technologies, whose strengths in systems engineering and production-scale supply-chain, complement our propulsion innovation.” 

    About Venture Catalysts

    Venture Catalysts is India’s first multi‑stage venture investing platform, backing founders from idea to growth through a combination of deal‑by‑deal syndication and Category II AIFs. Since 2016, the firm has built a nationwide investing and platform network, with over US$500 million in AUM and 400+ portfolio companies, delivering multiple unicorn outcomes and meaningful liquidity events.

  • PwC Lays Off 1,500 Staff and 60 Partners in Middle East Amid Saudi Arabia Dispute

    About 60 partners and 1,500 employees were laid off by PwC’s Middle East division as the Big Four accounting firm’s expansion in the region is being severely slowed by a dispute with Saudi Arabia’s sovereign wealth fund.

    According to various media reports, the business started to reduce the number of positions in February after Saudi Arabia’s Public Investment Fund placed a harsh one-year restriction on new consulting contracts for PwC. Reports further stated that this made a larger decline in work for consultancies in the kingdom worse as Riyadh reassesses its massive expenditures over the previous ten years and reprioritises initiatives that had benefited western consulting firms.

    PwC Reorganising its Operations in Middle East Region

    As per media reports citing internal sources, PwC has already started to reduce positions and evaluate performance in the area. According to a media report, PwC’s leadership started figuring out how to cover a potential “large” income deficit in the company’s most recent fiscal year and the following one after the PIF, a significant client, put the firm on “the naughty step”. There is also a change in leadership in the region.

    According to a staff-wide email written on September 19 by PwC UK leader Marco Amitrano, Laura Hinton, managing partner, will take over the Middle East business in October, working alongside Hani Ashkar, the company’s current senior partner. A person knowledgeable on the leadership changes, however, stated that Hinton is anticipated to become the only senior partner after a year.

    The action was taken five months after the PIF ban directly led to the resignation of two top leaders. Massive PIF projects, such as Neom, a futuristic $500 billion development along the Red Sea coast, featured PwC as one of its advisors. The restriction, however, was the consequence of “friction and angst” prompted by the accounting firm’s desire to hire Neom’s top internal audit officer and a reluctance to take on audit work that would interfere with more lucrative consulting contracts, according to persons familiar with those events.

    Revenue growth at PwC’s Middle East division, which is controlled by the UK firm and has been its success story for the past three years, fell to 0.4% in the year to June 2025 from 26% in the previous 12 months, according to figures released recently.

    PwC’s Layoffs Targeted Consulting Roles in Middle East Region

    Partners and employees engaged to work on “transformational” projects have been especially affected by the cuts, which have mostly targeted consulting positions in the firm’s Middle East division.

    Media reports also mentioned that PwC had about 11,000 employees and 500 partners in the region at the end of its most recent fiscal year, most of whom were in Saudi Arabia and the United Arab Emirates.

    The region’s headcount has remained relatively stable despite the reductions, thanks to fresh recruitment in sectors where customer demand is still high. The firm promoted 62 new partners in June and consistently recruits a lot of lower-level employees. PwC still has plans to expand in the Middle East, they added.

    Quick
    Shots

    •Saudi Arabia’s Public Investment Fund
    (PIF) imposed a one-year ban on new consulting contracts with PwC.

    •PwC’s revenue growth in Middle East
    fell to 0.4% in FY25, down from 26% in FY24.

    •Laura Hinton to take over PwC Middle
    East in October, succeeding Hani Ashkar over time.

    •Ban followed PwC’s attempt to hire
    Neom’s internal audit officer and reluctance on audit work.

  • Jio Payments Bank Introduces ‘Savings Pro’; customers can now earn up to 6.5%* returns on their surplus funds

    Jio Payments Bank Introduces ‘Savings Pro’; customers can now earn up to 6.5%* returns on their surplus fundsCustomers can earn higher returns on their idle liquidity by auto-investing surplus savings in the ‘Growth’ plans of Overnight Mutual Funds^ directly through the JioFinance app

    Mumbai, September 22, 2025: In an industry-first initiative, Jio Payments Bank Limited, a subsidiary of Jio Financial Services Limited, today announced the launch of ‘Savings Pro’, an innovative feature that enables customers to earn more from idle surplus funds in their Jio Payments Bank account, through automated investments in the ‘Growth’ plans of Overnight Mutual Funds. 

    With just a few clicks, any Jio Payments Bank account holder can upgrade to a Savings Pro account. Customers need to set a threshold amount of their choice, starting at ₹5,000 during the initial launch phase, and any surplus funds in their account, exceeding this threshold, will be automatically invested into select overnight mutual funds, which carry low risk. 

    Customers can invest up to ₹1,50,000 per day through this facility. Redemptions are processed in accordance with the guidelines set by the Securities Exchange Board of India. Customers have the flexibility to instantly redeem up to 90% of their investments, with a maximum instant redemption limit of ₹50,000. Funds exceeding this amount can be redeemed within 1 to 2 working days. 

    The entire journey is seamless and fully digital via the JioFinance app. 

    With no entry or exit loads, hidden charges or lock-in periods, customers can maximise their returns and have full control over their money. Customers can view eligible mutual funds, set or modify thresholds, and track returns on their investment with complete transparency. 

    Speaking on the launch, Vinod Easwaran, Managing Director and Chief Executive Officer, Jio Payments Bank Limited, said, “In an environment of softening interest rates, today’s financially aware customers are actively seeking smarter alternatives to grow their savings. Savings Pro empowers them to do just that by turning a passive bank balance into an earning opportunity. With no paperwork, no cost, and easy access, we are offering a future-ready product that aligns with how Indians want to manage money today — effortlessly, intelligently and digitally.”

    Savings Pro marks a significant step in Jio Payments Bank’s commitment to simplify financial decision-making and bring investment-linked savings within the reach of every Indian. Designed to serve both experienced and first-time investors, the product supports long-term financial inclusion by offering a safe, liquid and rewarding way to grow wealth.

    About Jio Financial Services Limited: 

    Jio Financial Services Limited (JFSL) is a Core Investment Company (CIC), registered with the Reserve Bank of India. JFSL is a new-age institution, which operates a full-stack financial services business through customer-facing entities, including Jio Credit Limited, Jio Insurance Broking Limited, Jio Payment Solutions Limited, Jio Leasing Services Limited, Jio Finance Platform and Service Limited, and Jio Payments Bank Limited. 

    Its digital-first model aims to ensure the holistic financial well-being of Indian citizens by enabling them to borrow, transact, save and invest seamlessly. Through the JioFinance app, customers can access a range of services including loans, savings accounts, UPI bill payments, recharges, digital insurance, financial tracking and management tools and more. JFSL has also entered into a joint venture with BlackRock, the world’s leading providers of investment solutions, to offer asset management, wealth management and broking services in India.

    JFSL was originally incorporated as Reliance Strategic Investments Private Limited on July 22, 1999, under the Companies Act 1956. Subsequently, the name of the Company was changed to Reliance Strategic Investments Limited and a fresh certificate of incorporation was issued on January 14, 2002. Thereafter, pursuant to a scheme of demerger with Reliance Industries Limited, the name of the Company was further changed to ‘Jio Financial Services Limited’ and a fresh certificate of incorporation was issued on July 25, 2023. JFSL has been listed on the BSE and NSE since August 21, 2023.

  • MSME Sector Growth Slows Down in Madhya Pradesh Over Last Two Years

    According to data from the Union government, Madhya Pradesh’s MSME sector has grown less during the last two years. Over the previous two years, MP saw a decline in the number of MSMEs registered on the Union government’s Udyam Registration Portal (URP).

    Manufacturing, services, and trading are the three industries where MSMEs are recognised. Compared to 2023–2024, MSME registrations in MP decreased in all three industries in 2024–2025.

    For MSMEs to be recognised by the government and get a number of benefits, such as access to government schemes and subsidies and participation in procurement processes, they must register on the Udyam Registration Portal. Additionally, there were more MSMEs that closed in the state in 2024–2025 than in 2023–2024.

    #Shut Down Rate Higher than Opening New MSMEs in MP

    According to the data that was made public, more MSMEs were closed in 2024–25, while fewer were registered in 2023–24. Over the past two years, there has been a decrease of 17,845 MSME units in MP in terms of new businesses registered on the URP and Udyam Assist Platform (UAP), both by year and sector.

    In the three sectors of manufacturing, services, and trading, a total of 231,164 units were registered in 2024–2025; this was smaller than the 249,009 units registered in 2023–2024. There were 1,961 businesses deregistered as a result of shutdowns in 2024–2025 compared to 552 in 2023–2024.

    This was further supported by data presented to the Rajya Sabha on August 4 by Minister of State for Micro, Small, and Medium Enterprises Shobha Karandlaje on new businesses registered on URP and UAP by state, year, and sector.

    How Udyam Helping MSMEs of India?

    To make it easier for MSMEs to register, the Ministry of MSME introduced the Udyam Registration Portal (URP) on July 1, 2020. In collaboration with the Small Industries Development Bank of India (SIDBI), the Udyam Assist Platform (UAP) was introduced on January 11, 2023, for Informal Micro Enterprises (IMEs) that do not have a PAN and are not subject to GST.

    The goal of the project was to make conducting business easier, provide MSMEs a sense of identity, and qualify them for the schemes’ benefits. The union government added that MSMEs may deregister for a number of reasons, including ownership changes, firm location changes, and more. As a percentage of all MSMEs that have registered since the definition was revised on July 1, 2020, the number of MSMEs that have closed in the nation is 0.15%, according to the Udyam Portal.

    Madhya Pradesh MSME Development Policy 2025

    In 2017, the United Nations General Assembly proclaimed June 27th to be “International MSME Day”. The Madhya Pradesh’s MSME Development Policy 2025 was unveiled recently by the state government.

    On this year’s “International MSME Day”, Chief Minister Mohan Yadav stated that MP’s MSMEs have become important designers of the state’s social and economic future. According to Yadav, the government wants to use the MSME sector to guarantee that at least one member of every family works for themselves or is employed.

    Quick Shots

    •Registrations
    on Udyam Portal decline across manufacturing, services, and trading sectors
    in 2024–25 compared to 2023–24.

    •Total
    registrations fell from 2,49,009 (2023–24) to 2,31,164 (2024–25) – a drop of
    17,845 units.

    •Closures
    surged: 1,961 MSMEs shut down in 2024–25 vs. 552 in 2023–24.

    •CM Mohan
    Yadav on International MSME Day (June 27): MSMEs are key to the state’s
    economic and social growth.

  • Ex-iPhone Designer Poaches Apple Talent to Strengthen OpenAI Team

    The upcoming generation of iPhones and accessories that are currently available in international countries is the iPhone 17 series. As it gets ready to release its first consumer hardware products by late 2026, OpenAI is actively hiring Apple staff and collaborating with the iPhone manufacturer’s major suppliers, according to a report from The Information.

    In 2025 alone, at least 25 former Apple workers—including senior members of the engineering, manufacturing, and design teams—have joined OpenAI. The developer of ChatGPT has also approached Goertek, which manufactures parts for Apple Watches, HomePods, and AirPods, and landed a manufacturing deal with Luxshare, Apple’s largest iPhone and AirPods assembler.

    Tang Tan Leads the Hiring Spree of OpenAI

    Tang Tan, OpenAI’s chief hardware officer and a 25-year Apple veteran who has worked on several iPhone, iPad, and Apple Watch incarnations, is spearheading the hiring push. Tan has previously assisted in turning Jony Ive’s designs into mass-produced Apple products.

    According to various media reports, Tan has assured new hires that OpenAI will have “less bureaucracy and more collaboration” than Apple’s hierarchical system. After OpenAI paid $6.5 billion to acquire io Products in May 2025, the talent exodus accelerated. Ive and Tan co-founded the company, which immediately established OpenAI as a hardware design leader. Among the notable hires are Matt Theobald, a 17-year veteran of manufacturing design, and Cyrus Daniel Irani from Apple’s human interface design team.

    OpenAI to Roll New Products as it Hires More Skilled Staff

    According to reports, OpenAI’s first product looks like a screenless smart speaker, but the business is also investigating wearable pins, digital voice recorders, and eyewear. With an ambitious goal of 100 million units, CEO Sam Altman has detailed plans for a “family of devices” that would be screen-free, contextually aware, and pocket-sized.

    Apple has been shaken by the poaching campaign and cancelled its annual China meeting in August due to worries that executives would switch to OpenAI while travelling overseas. Since Apple presently licenses OpenAI’s models for Siri and iOS features while losing important employees to its AI partner, the scenario creates an awkward relationship.

    OpenAI’s approach is similar to Apple’s: hire outstanding designers, work with high-end vendors, and develop hardware-software experiences that work together. It is unclear if this strategy will be successful in the emerging AI hardware industry, but it is obvious that the corporation is placing a significant wager on upending Apple’s hegemony in consumer electronics.

    Quick Shots

    •In 2025 alone, 25+ former Apple employees (engineering,
    design, manufacturing) joined OpenAI.

    •Tang Tan, ex-Apple veteran and now OpenAI’s
    Chief Hardware Officer, leads the hiring spree.

    •Tan worked on multiple iPhone, iPad, and
    Apple Watch designs during his 25 years at Apple.

    •OpenAI also secured deals with Luxshare
    (Apple’s largest assembler) and Goertek (Apple Watch, HomePod, AirPods
    supplier).

    •Strategy accelerated after OpenAI’s $6.5B
    acquisition of io Products in May 2025, co-founded by Jony Ive & Tang
    Tan.