 "Top Headlines: Byju's says lenders faked debt crisis, Tesla in India & more")
Byju's accuses lenders of manufacturing fake debt crisis to extort money
One of India’s hottest tech companies, Byju’s, asked a New York court to intervene in its dispute with lenders owed more than $1 billion, claiming a group of distressed-debt investors manufactured a fake debt crisis to extort money from the education-technology firm. In a lawsuit filed Monday — the same day the company refused to make a $40 million interest payment — Byju’s argued that it hasn’t violated its US debt contract, as an agent for the lenders claims. The agent declared a default and demanded immediate repayment of the loan. Byju’s asked the court to dismiss the default. Read more...
India to have 87% EVs by 2047 with policy boost: FICCI-YES Bank report
India will have 87 per cent electric vehicle (EV) penetration in new vehicle sales and 85 per cent localisation of the XEV value chain by 2047, the FICCI-YES Bank report’s on e-mobility said on Tuesday.
“The projected segment-wise penetration is 91 per cent for three-wheelers, 90 per cent for two-wheelers, 79 per cent for passenger vehicles, and 67 per cent for buses by 2047,” FICCI-YES Bank report ‘India@2047: Electric Mobility’ said. Read more...
Nasscom releases normative guidelines on generative artificial intelligence
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Amid rapidly growing technological advancements in generative artificial intelligence (AI) and calls for its regulation, industry body Nasscom on Tuesday released normative guidelines that may act as common standards and protocols for researchers, developers, and users of the technology. Key recommendations include having an internal oversight for the lifecycle of AI solutions and public disclosure of all technical, non-proprietary information about the development process, as well as of data and algorithm sources used for modelling the solution. Read more...
Centre not looking at any 'tailored incentives' as of now for Tesla: Report
The union government is not looking at extending any tailor-made incentives to US-based electric car maker Tesla as of now, though states are free to offer concessions to the company, sources said. They also said that the company is talking about building a complete supply chain in the long run as they are showing keen interest in India. Read more...
Online economy to become twice the size of IT services by 2030: Report
India's internet economy is likely to grow six-fold to $1 trillion in gross merchandise value (GMV) by 2030, to reach twice the size of IT services by value, says the India e-conomy report by Google, Temasek and Bain & Company. Growing appetite for digitally delivered goods and services in tier-2 and smaller towns, digitisation of large, traditional businesses, growing startup ecosystem, and success of homegrown digital public infrastructure are expected to drive this growth. The report says the internet economy contributes to 4-5 per cent of the country’s Gross Domestic Product (GDP), and could reach 12-13 per cent by 2030. Read more...