 "Ajay Banga, Banga")
In a first, Centre to review PLI scheme to sort out teething issues
The government will hold a first-of-its-kind review and seek feedback to resolve the teething issues that beneficiaries of the production-linked incentive (PLI) scheme are facing. A meeting on this will be held on June 27 and it will be chaired by Commerce and Industry Minister Piyush Goyal. It will have participants from all 14 ministries involved in rolling out the scheme, which aims to make India a manufacturing powerhouse, people aware of the matter told Business Standard. Read more
MNC captives woo talent and biz from domestic IT services companies
Global capability centres (GCCs), or captives of large multinational firms, are expanding in the country, and chipping away at the market share and talent held by domestic IT services firms. Traditionally referred to as captives or contact centres, GCCs are offshore units of large multinationals that perform designated technology operations. They emerged during the 1990s as large companies such as GE, Texas Instruments, Citigroup, and American Express began embracing this model. Read more
Smartphones break into top-5 club in exports; value nearly doubled in FY23
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Smartphones catapulted into the league of five most exported commodities by value, based on their harmonised system (HS) codes in FY23, up from the ninth rank in the pecking order in FY22. HS is a globally harmonised identification for a specific product used for export and import of the commodity. Those above smartphones include various HS codes of automotive fuels that conform to certain standards (diesel, aviation, and motor gasoline) and diamonds — cut or polished — but not for industrial use. Read more
Seeking 'accuracy': Govt to come up with fresh logistics cost estimate soon
The Centre is in the process of reaching a more “accurate” estimate of the cost of logistics (as a percentage of gross domestic product) by revising the methodology through which the cost is calculated. And, the new estimate may be lower than the current 14-16 per cent, Business Standard has learnt. “The task force constituted for this is likely to come up with a fresh estimate in around two months. Initial indications suggest that it is likely to be lower than the current estimate,” a senior planning official of the Centre said. Read more
World Bank needs new playbook to boost private investment in EMs: Banga
The World Bank must use "informed risk-taking" to encourage private investors to get more engaged in helping developing countries deal with climate change and leapfrog fossil-fuel energy sources, its new president, Ajay Banga, said on Sunday. Read more
