Business
Indian app industry cheers South Korea move to rein in Apple and Google
The South Korean Parliament on Tuesday passed a Bill that is expected to rein in the control that Apple and Google have over payment systems in their app stores. The legislation is now awaiting the signature of the President of South Korea, Moon Jae-in.
This Bill is the first major legislation in the world to specifically target in-app markets and payment systems, even as market giants Apple and Google are facing global criticism for mandating the in-app use of their proprietary payment systems, and charging commissions of up to 30 per cent on the sale of apps and subscriptions through the app stores. Developers across the world have questioned these moves, and have demanded freedom to choose alternative methods of payment and distribution, such as via third-party app stores installed on the iOS or Android operating systems.
On Tuesday, South Korean legislators voted to approve amendments to their Telecommunications Business Act, with the intent of promoting fair competition in the app market industry. The bill prohibits app market business operators from taking advantage of their dominant status to force developers to use a specific payment system. It also prohibits app store service providers from engaging in activities such as preventing apps from registering on their stores, inappropriately delaying app registration and unfairly deleting apps from the app market. The move would also enable app developers to avoid the hefty commissions, and thus reduce costs both for developers and end-consumers.
In addition, the bill also empowers South Korea’s Minister of Science/ICT and the Korea Communications Commission to conduct an inquiry into the operations of the app market, to help the government more actively identify app-market related disputes and prevent acts that hinder fair competition and consumer interests.
This move comes as regulators worldwide have turned their attention to app stores and the fees they are charging developers. In the US, three senators introduced a bipartisan Bill earlier in August to promote fair competition by regulating in-app purchases and forcing dominant players from excluding third-party app stores from their operating systems. In India, the Competition Commission of India (CCI) has been investigating Google for potential abuses of its dominant position in the market to promote its proprietary payment services.
Apple and Google have both publicly opposed attempts to regulate their business practices through legislation.
Meanwhile, several industry players have reacted positively to the developments in South Korea. Rakesh Deshmukh, Co-founder & CEO of Indus App Bazaar, India’s largest third-party app store, shared his support for the move. He said that “policy needs to support innovation. We hope that Google enhances developer choice by allowing the listing of app distribution platforms like Indus App Bazaar on the Play Store. That would help us to formulate a B2C journey. I hope that App Stores like ourselves are allowed a fair play environment on Google Play and Android. Furthermore, in India, we need to look into developer choice for app distribution & payment gateways from a policy perspective.”
Sijo Kuruvilla, Executive Director of the Alliance of Digital India Foundation (ADIF), a startup alliance, welcomed the move by tweeting “Any legislation on the matter anywhere in the world will set a precedent for other nations to adopt and build on. To fair markets.”
Commenting on the developments from the US, the Coalition for App Fairness (CAF), an industry association of apps, reacted positively, terming it a momentous step forward, with Meghan DiMuzio, the Executive Director of CAF saying, “South Korean lawmakers and President Moon Jae-in have made history and are setting an example for the rest of the world. This law will hold app store gatekeepers accountable for their harmful and anti-competitive practices. The Coalition for App Fairness hopes U.S. and European lawmakers follow South Korea’s lead and continue their important work to level the playing field for all app developers and users.”
Match Group, that operates the largest portfolio of dating and social discovery apps such as Tinder and OKCupid, thanked South Korean Legislators in a statement, also saying that the legislation “… marks a monumental step in the fight for a fair app ecosystem…” and “…will put an end to mandatory IAP in South Korea, which will allow innovation, consumer choice, and competition to thrive in this market…” The statement adds, “We look forward to the bill being quickly signed into law and implore legislative bodies around the globe to take similar measures to protect their citizens and businesses from monopolistic gatekeepers that are restricting the Internet.”
Meanwhile, many Indian players have also noted these developments with interest, more so in context of opposition to Google’s “app tax” on in-app purchases and its impacts on local players.
NFN Labs, developers of popular apps like Screeny and Vookmark, who have had their share of run-ins with Google, Twitter, and Apple, have also been welcoming of alternative stores and choices of payment gateways.
Rajesh Padmanabhan, cofounder, NFN Labs in a statement said, “For our IoT product, Vookmark launching on Indus App bazaar has boosted our growth with a new set of engaged users…Additionally, we are exploring the ability to distribute and collect payments through alternative channels for our browser extensions, Android, and iOS packages. An alternative distribution that allows free uploads like Indus App Bazaar & lower commissions will certainly help to redirect funds for R&D and help us grow faster.”
The implications of the move in the Indian market remain to be seen, but Rakesh Deshmukh of Indus App Bazaar feels there is more that can be done with app distribution in India, “It’s about the choice of distribution; we all know that Google Play Store and App Store will continue to exist but we need more competition. We believe that choice is central to competition and hence when developers choose to distribute via our infrastructure, we allow a choice of payment gateway. This choice we believe would allow developers leverage to negotiate a reasonable fee with the two companies and payment gateway providers.”
Business
India’s defence exports jumped from Rs 2,000 to Rs 21,000 crore in 10 years: Rajanth Singh
Mhow (Madhya Pradesh), Dec 31: Defence Minister Rajnath Singh said that India’s defence exports have surpassed a record level of Rs 21,000 crore from a mere Rs 2,000 crore a decade ago.
Addressing officers at the Army War College (AWC) here on Monday, he said the government has set a Rs 50,000 crore target for defence exports crore by 2029.
He highlighted the radical changes in warfare with unconventional methods like information warfare, Artificial Intelligence (AI)-based warfare, proxy warfare, electromagnetic warfare, space warfare, and cyber-attacks presenting a big challenge.
He stressed the need for the military to be well-trained and equipped to fight off such attacks and praised the training centres in Mhow for their valuable contribution.
Defence Minister Singh commended the training centres for constantly improving their training curriculum as per changing times, and striving to make the personnel fighting fit to take up every kind of challenge.
He urged the officers to explore the possibility of promoting integration through areas such as weapons training in Infantry School; AI and communication technology in the Military College of Telecommunication Engineering (MCTE), and leadership – junior and senior command in AWC.
He further stated that the Modi government is committed to strengthening integration and jointness among the three defence services.
“In the times to come, the armed forces will be able to face challenges together in a better and more efficient way,” the defence minister said.
He pointed out that some officers would work as defence attaches in the future, and they should strive to secure national interests at the global level.
“When you take up this post of defence attaches, you should imbibe the government’s vision of ‘Aatmanirbhar Bharat’. Only through self-reliance can India strengthen its defence capabilities and gain more respect on the world stage,” he explained.
Defence Minister Singh said the government is committed to making India one of the strongest economic and military powers in the world.
“Economic prosperity is possible only when full attention is paid to security. Similarly, the security system will be robust only when the economy is strong. Both complement each other,” he observed.
Defence Minister Singh hailed the role of armed forces in securing the borders and being the first responders during natural disasters.
He was briefed by AWC commandant Lt Gen HS Sahi on the role and significance of the institute in training and empowering military leaders for warfighting across the spectrum of conflict.
The defence minister was also briefed on the significant steps in training methodology through jointness in multi-domain operations, infusion of technology in training curriculum and exchange programmes being undertaken with academia, universities and industries along with training of CAPF officers, a release stated.
He was also apprised about the global footprints of the institute achieved through training officers from friendly countries and contributing immensely towards military diplomacy.
The defence minister laid a wreath and paid homage to brave-hearts at the Infantry Memorial.
Chief of the Army Staff General Upendra Dwivedi and other senior officials of the Army were present on the occasion.
VinFast is set to make its India debut at the 2025 Bharat Mobility Expo, showcasing its first India-specific electric vehicle alongside global models like the VF e34 and VF7 SUVs. Recent road tests of VinFast vehicles in India have sparked curiosity, offering a preview of their modern features and sleek design.
The Vietnamese EV manufacturer is also planning to establish a manufacturing facility near Chennai, demonstrating its commitment to India’s fast-expanding EV market. With its strategic approach, VinFast aims to provide innovative mobility solutions and position itself as a key player in the country’s electric vehicle segment.
VinFast is gearing up to make its mark in India with the launch of the VF e34, a compact electric SUV aimed at the growing EV market. Powered by a 110kW motor, the SUV offers a top speed of 130 km/h and a practical range of up to 318 km, thanks to its 41.9kWh battery. The VF e34 also features fast-charging capabilities, allowing a 10% to 70% charge in just 27 minutes. Positioned to rival models like the Maruti Suzuki eVitara and Hyundai Creta EV, the VF e34 blends global recognition with advanced features, making it a strong contender in India’s competitive EV landscape.
Scheduled from January 17 to 22, 2025, the Bharat Mobility Global Expo will take place across three major venues in the Delhi NCR region—Bharat Mandapam in New Delhi, Yashobhoomi in Dwarka, and the India Expo Centre & Mart in Greater Noida. This highly anticipated event will bring together leading domestic and international companies, showcasing a wide range of vehicles powered by electric, hybrid, CNG, and biofuel technologies. With a focus on sustainable innovation, the expo aims to highlight cutting-edge advancements that are shaping the future of mobility.
Mumbai, Dec 30: The Indian stock market closed in the red on Monday as a spike in volatility amid foreign institutional investors’ (FIIs) outflow and global cues affected investor sentiment.
Sensex ended at 78,248.13, down by 450.94 points or 0.57 per cent and Nifty settled at 23,644.9, down by 168.50 points or 0.71 per cent. Nifty Bank ended at 50,952.75, down by 358.55 points, or 0.70 per cent.
The Nifty Midcap 100 index closed at 57,189.75 after rising 209.95 points, or 0.37 per cent, while the Nifty Smallcap 100 index closed at 18,639.95 after declining 115.90 points, or 0.62 per cent.
According to Rupak De of LKP Securities, “Nifty remained volatile during the session, oscillating between 23,600 and 23,900. On the daily chart, the index has slipped below its recent consolidation.”
“Additionally, it continues to trade below the 200-DMA, indicating weak sentiment. The overall outlook remains negative for the short term, with potential downside risks,” he noted.
On the Bombay Stock Exchange (BSE), 1,486 shares ended in green and 2,636 shares in red, whereas there was no change in 145 shares.
On the sectoral front, PSU Bank, auto, financial service, metal, realty, media, energy, infra and commodities sectors were major gainers. Pharma, IT, FMCG and healthcare sectors were major losers.
In the Sensex pack, Tata Motors, Titan, M&M, Tata Steel, SBI, NTPC, Maruti Suzuki, HDFC Bank and ICICI Bank were the top losers. While Zomato, Tech Mahindra, HCL Tech, Sun Pharma, IndusInd Bank and Asian Paints were the top gainers.
The rupee closed flat at 84.84 against the US dollar, down nearly 30 paisa form its previous closing at 84.54 rupee against dollar.
On Monday, the Indian currency opened at 85.48 against the dollar after strengthening by 6 paise.
FIIs sold equities worth Rs 1,323.29 crore on December 27, while domestic institutional investors bought equities worth Rs 2,544.64 crore on the same day.
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