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Samsung says will roll out 5G software update by November end in India

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Samsung India on Wednesday said it will roll out the software update for its vast portfolio of 5G devices in the country by the end of next month.

The company said in a statement to IANS that it is currently working with operator partners for a seamless roll-out of 5G experience for users.

“We are working closely with our operator partners and are committed to rolling out OTA updates across all our 5G devices by end of November 2022, enabling Indian consumers to experience 5G seamlessly,” a Samsung India spokesperson told IANS.

“Samsung has pioneered 5G technology development since 2009 and took the leading role in standardising 5G technology globally,” the company spokesperson added.

In India, Samsung has the widest portfolio of 5G devices.

The announcement came as the government convened a meeting of handset manufacturers and telecom service providers on Wednesday to ensure a smooth transition towards the new technology.

Prioritising software upgrade would enable early adoption of 5G in India.

Airtel and Jio have rolled out their 5G services in key metros in a phased manner. There are no 5G roll out plans from Vodafone-Idea yet.

India is home to more than 500 million smartphone users and over 100 million users with 5G-ready smartphones wish to upgrade to a 5G subscription in 2023, according to a latest Ericsson report.

The study said that the Indian smartphone users are willing to pay a 45 per cent premium for a plan bundled with novel experiences, which could be a delight for Internet service providers ready with 5G.

However, there are multiple challenges ahead for telecom service providers to meet the roll-out deadlines.

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Coal demand in India projected to reach 1,755 MT by 2047

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New Delhi, Feb 10: The coal demand in India is projected to reach 1,462 million tonnes (MT) in 2030 and 1,755 MT by 2047, the government said on Monday.

With the fifth-largest geological coal reserves globally and as the second-largest consumer, coal continues to be an indispensable energy source, contributing to 55 per cent of the national energy mix.

Over the past decade, thermal power, predominantly fueled by coal, has consistently accounted for more than 74 per cent of the total power generation.

Despite commendable strides in promoting renewable energy sources, the sheer growth in electricity demand necessitates a continued reliance on thermal power, with projections indicating its share to be 55 per cent by 2030 and 27 per crnt by 2047, according to Ministry of Coal.

As per the Index of Eight Core Industries (ICI), the coal sector registered the highest growth of 5.3 per cent in December 2024, reaching 215.1 points compared to 204.3 points in December 2023.

During April-December 2024, the coal industry index increased to 177.6 points from 167.2 points in the previous year, marking a 6.2 per cent growth—the highest among all core industries, according to the government data.

The Combined Index of Eight Core Industries showed an overall growth of 4.0 per cent in December 2024 compared to the previous year.

The index for April-December 2024 increased by 4.2 per cent over the same period in FY 2023-24, emphasising coal’s significant contribution to industrial expansion.

Additionally, the coal sector accounts for about 50 per cent of freight revenue for Indian Railways and provides direct employment to nearly 4.78 lakh individuals.

India’s coal production reached an all-time high of 997.82 million tonnes (MT) in FY 2023-24, marking a significant rise from 609.18 MT in FY 2014-15, with a compound annual growth rate (CAGR) of 5.64 per cent over the past decade.

In FY 2023-24 alone, production has surged by 11.71 per cent compared to the previous year.

A landmark policy reform came with the introduction of commercial coal mine auctions in 2020, encouraging private sector participation and modern technological adoption.

With the vesting of these mines, a total of 107 coal mines have been auctioned under commercial coal mine auctions, with a cumulative PRC of approximately 246.60 MTPA, generating estimated annual revenue of Rs 34,000 crore and employment for about 3,33,000 people.

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RBI desires to go extremely calibrated on future repo rate actions: Experts

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New Delhi, Feb 8: The monetary policy in India is easing since last few months and as rate cuts transmit with a lag, it makes sense to act with a forward-looking estimate if the monetary policy has to work its way on real economy, according to experts.

The October policy saw the stance getting changed to neutral (vs. withdrawal of accommodation). This was followed with 50bps of CRR reduction in December, plethora of liquidity supporting measures in January and now a 25bps of repo rate reduction in February 2025.

“We interpret the neutral stance as the RBI desire to go extremely calibrated on future repo rate actions, given the change in global dynamics, where the markets have significantly dialled down quantum of rate cuts by the US Fed in 2025,” said Mittal.

The fact that stance is neutral, it means that everything that transmit between now and April — Q3 FY25 GDP data, global dynamics, currency, crude, March heat waves — will matter.

“We are expecting 50bps of rate cutting cycle,” Mittal said, adding that liquidity will play much larger role.

In a big relief for banks, RBI Governor Sanjay Malhotra announced that the implementation of the proposed Liquidity Coverage Ratio (LCR), as well as project financing norms, will be deferred by a year and will not be implemented before March 31, 2026.

“A key announcement for banks concerned the postponement of the LCR guidelines implementation, now scheduled for no earlier than April 1, 2026, and to be rolled out in a phased manner,” said Mittal.

Additionally, the RBI indicated that more time would be needed to finalise project financing norms and expected credit loss rules.

According to Ajay Kumar Srivastava, Managing Director and CEO, Indian Overseas Bank, with the inflation rate expected to moderate further in FY26 and GDP growth estimated at 6.7 per cent, “we believe this rate cut will provide a boost to the economy and stimulate investment and consumer demand, fostering overall economic momentum”.

“We also appreciate the RBI’s focus on enhancing digital security in the banking and payments system,” he added.

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New Income Tax Bill set to be tabled in Parliament next week

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New Delhi, Feb 8: Aiming to put more money in the hands of the middle class and simplify the whole filing process, the new Income Tax Bill is set to be tabled in the Parliament next week after receiving approval from the Union Cabinet.

The bill, which was granted approval in the Cabinet meeting chaired by Prime Minister Narendra Modi on Friday, will be introduced in the Parliament next week before it is sent to the Parliament’s Standing Committee on Finance.

Before the Income Tax Bill was cleared by the Cabinet, people in the know said that the legislation would likely provide directions to widen the tax net, given the contraction in the tax base following the exemption limit being raised to Rs 12 lakh in the Union Budget.

The current Income Tax Act was enforced in the country in 1961 and now, the new Income Tax Act is being made according to the needs of the 21st century to replace the existing law, according to sources close to the development.

A review committee was formed for the new Income Tax law in the country to replace the earlier cumbersome law. According to sources, the new Income Tax Bill has been prepared by the government on the recommendation of the committee.

In this era of technology and massive digitalisation, taxpayers can perform several things online on his or her own. In such a scenario, there will be smooth changes in the new I-T Bill for the common man who can understand it seamlessly online. This is an attempt to make the system simple and convenient for common people.

Along with this, the government’s intention behind giving such a big relief to the taxpayers is to increase private consumption which would directly benefit the health of the economy.

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