Connect with us
Sunday,23-February-2025
Breaking News

Business

Tough road ahead for India’s Crypto moment

Published

on

The Cryptocurrency and Regulation of Official Digital Currency Bill 2021, seeking to prohibit all private cryptocurrencies in India, was set to be tabled in the Winter Session of Parliament that began on November 29. But the Bill did not make it to the table — second time in a year — as the chorus around the legality of digital coins and how to safeguard investors’ money grew louder.

Grave concerns have now been raised over the misuse of digital coins on the Dark Web for terror acts and drugs trafficking by militant organisations, and for money laundering and hawala-based transactions — posing serious threat to national security and a big challenge to the security agencies in India.

While the Reserve Bank of India (RBI) wants a blanket ban on cryptocurrencies, the government remains in a confused state of mind.

From “all windows on cryptocurrencies will not be closed” to “no proposal to recognise Bitcoin as currency”, and “regulating cryptocurrency will have to be a collective effort”, Finance Minister Nirmala Sitharaman and her team is yet to make up their mind as to how to deal with this emerging situation, especially at a time when several countries like China, Bangladesh, Russia, Egypt, Morocco, Qatar, Turkey and Vietnam have banned or prohibited/restricted cryptocurrencies.

Will India finally see a fruitful Crypto Bill, after inserting global knowledge into its clauses as being sought by the government, next year?

According to Subhash Chandra Garg, former Finance Secretary of India and a key figure behind drafting the original Bill, crypto businesses and assets (built on the Blockchain cryptography technology in decentralised databases), including stable-coin currencies, are expanding fast in the world.

“India, though not quite deep into developing crypto platforms like Ethereum or in creating crypto-businesses, has acquired a fancy for crypto-assets of different types. This fascination started with Bitcoin and has now expanded to many other crypto-assets (loosely referred to as crypto-currencies),” Garg told IANS.

Garg sees this fascination continuing in 2022 as well.

“Although, if there is a big crash in crypto-asset prices, which is inevitable sooner or later, Indian investors might bolt from crypto-stables, but only after their noses get bruised,” he warned.

Organisations globally were forecast to spend nearly $6.6 billion on Blockchain solutions this year, an increase of more than 50 per cent compared to 2020, according to the International Data Corporation (IDC).

Blockchain spending will continue to see strong growth throughout the 2020-2024 forecast period with a five-year compound annual growth rate (CAGR) of 48 per cent and reaching nearly $19 billion in 2024.

The deployment of Blockchain technology for cross-border settlement will drive significant cost savings for banks, rising from $301 million in 2021 to $10 billion in 2030 — a whopping 3,300 per cent growth in cost savings, according to a report from Juniper Research.

From an industry perspective, banking leads the way in Blockchain spending, followed by process manufacturing and discrete manufacturing and IT services and business services.

Given its pool of tech talent and early adoption, India will have a crucial role to play in the Blockchain-based financial world order.

“Blockchain-cryptography technology is brilliant and full of promise and the businesses and assets being built thereon are quite valuable. However, there is no good way at present to assess the true value of crypto-assets and businesses. Present prices reflect the euphoria of this potential,” Garg noted.

“Indian entrepreneurs might also be able to unscramble this technology by then and start building good crypto-Blockchain technology service businesses. That would be the beginning of true crypto adoption in the country,” he added.

Amid the growing adoption around Blockchain, the cryptocurrency exchanges have recently mushroomed with deep business interests in mind.

According to experts, the government must not only ensure that investors’ money is safe, but also trace millions of dollars that have been routed via crypto exchanges and platforms that the relevant authorities have no clue about.

A media report said in November that over Rs 4,000 crore of illegal transactions via cryptocurrency exchanges have been unearthed by the Enforcement Directorate (ED) in the last one year.

“The crypto craze has reached Tier 2 and 3 towns and non-regulation of this market of Rs 6 lakh crore size is raising questions on the sovereign authority of the Government of India. Non-levy of GST in various layers of its transaction and non-imposition of income tax with penalty is already causing huge loss to the state and Central government’s revenues,” said New Delhi-based cyberlaw expert Virag Gupta.

The Indian government faces a tough road ahead on Crypto in 2022, and taking the right decision will have to be a collective one.

Business

Tata Motors Unveils Limited-Edition Safari STEALTH to Mark 27 Years of Legacy

Published

on

Tata Motors is celebrating 27 years of the Safari with the launch of the exclusive STEALTH Edition, a limited-run variant designed for those who seek style and performance. Available in both the Harrier and Safari models, only 2,700 units of this edition will be produced. The Harrier STEALTH is priced at Rs 25.09 lakh (ex-showroom, Delhi), while the Safari STEALTH starts at Rs 25.74 lakh (ex-showroom, Delhi) and is offered in both 6- and 7-seater configurations. With a striking design, premium features, and advanced technology, the STEALTH Edition adds a new level of exclusivity to Tata’s SUV lineup.

The Tata STEALTH Edition brings a bold, monotone design that reflects the growing demand for exclusive and distinctive vehicles. With limited units available, this special edition is set to attract enthusiasts looking for a unique SUV. Bookings for the STEALTH Edition opened on February 21, both online and at Tata dealerships across India, giving customers the chance to own a rare and stylish addition to Tata’s lineup.

The Harrier and Safari STEALTH Edition stand out with their bold design and advanced features, built on the sturdy OMEGARC platform derived from Land Rover’s D8 architecture. The exclusive Matte Black finish, R19 Black Alloy Wheels, and a distinctive STEALTH mascot give these SUVs a powerful road presence. Inside, the cabin is designed for comfort with ventilated first- and second-row seats (Safari only for the second row), a Carbon-Noir interior theme, and a voice-assisted dual-zone climate control system.

Technology is a highlight, featuring a 31.24 cm Harman touchscreen, Arcade App Store, Alexa Home 2 Car, Map My India navigation, and a 10-speaker JBL audio system with Harman AudioworX. Power comes from a 2.0L KRYOTEC BS6 Phase 2 turbocharged engine producing 170PS, paired with a 6-speed automatic transmission. Safety is a priority, with Level 2+ ADAS offering 21 functions, including a segment-first Intelligent Speed Assist, along with 7 airbags and ESP with 17 safety features.

Unveiling this exciting new version of the Harrier and Safari, Vivek Srivatsa, Chief Commercial Officer, Tata Passenger Electric Mobility Ltd., stated, “Tata Motors has been a leader in the Indian SUV segment, with innovation at its core. The Tata Safari, which introduced the concept of a lifestyle SUV to India, reflects this legacy of pioneering excellence. Over 27 remarkable years, the Safari has constantly evolved, and the launch of the STEALTH Edition is a tribute to this journey. This special edition is an exclusive offering, with only 2,700 units available in the striking STEALTH Matte Black finish. More than just an SUV, the STEALTH Edition is a symbol of prestige, adventure, and capability, making it a highly desirable collector’s item for enthusiasts and connoisseurs. Owning a STEALTH Edition isn’t just about having an extraordinary vehicle—it’s about claiming a piece of automotive history that many will aspire to have in their collection.”

Continue Reading

Business

Maruti Suzuki’s New Mid-Term Plan Aims To Make India An Export Hub, Launch More EVs

Published

on

New Delhi: The Suzuki Motor Corporation of Japan, the parent company of Maruti Suzuki India, on Thursday announced a new mid-term plan with a “rethink” in its strategy as “the business environment has changed due to declining market share in India” and the growing electrical vehicles segment.

In its new mid-term plan for 2025-30, the company has identified India as its “most important market”. Maruti Suzuki aims to create a manufacturing capacity of producing 4 million cars annually to reclaim a 50 per cent market share in India and use the country as a global export hub as well.

The auto major plans to expand its EV lineup starting with the e-Vitara, and is aiming to launch four new EV models by FY30 in a segment where its rivals like Tata Motors and Mahindra & Mahindra already have a varied EV portfolio in India.

“In India, we will promote further localisation in line with the growth of the electric vehicle market,” the company said.

Maruti Suzuki is currently exporting three lakh vehicles from India annually. By the end of this decade, it is targeting the export of 7.5-8 lakh units per year.

While the company noted it achieved revenue and profit targets ahead of schedule by improving sales mix and quality, its sales volume target could not be met.

It noted that the “competitive environment is becoming increasingly severe, and the quality of product functions, equipment and services required by customers is increasing”.

It aims to be India’s no.1 carmaker in terms of production, local sales and exports of electric cars. A total of six electric vehicles will be introduced by FY30, including four electric cars and two commercial vehicles.

Suzuki Motor plans to invest 1,200 billion yen (about Rs 7,000 crore) as capital expenditure towards production, new models, carbon neutrality and quality measures. A new plant in Haryana’s Kharkhoda and an assembly line in Suzuki Motor Gujarat will come onstream by 2030 for a total installed capacity of four million units.

Continue Reading

Business

‘Made in India’ iPhone 6e not SE variant but a next-gen entry point for consumers

Published

on

New Delhi, Feb 20: In a further push to the local manufacturing, the entire iPhone 16 lineup, including the newly-launched iPhone 16e, is now being assembled in India for domestic market as well as for exports, as industry experts on Thursday cleared the air around the new device being compared to now-retired iPhone SE.

The new Apple device, with A18 chip, breakthrough battery life, Apple Intelligence, and a 48MP 2-in-1 camera system, is being manufactured/assembled for local consumption as well as for export to select countries.

According to experts, iPhone 16e is not iPhone SE4 and the whole “comparison is futile”.

When iPhone SE was launched, it was another masterstroke at that time. However, times have changed since then.

“Essentially, Apple retired the SE lineup and extended the iPhone 16 lineup with a new entry point. iPhone SE was no longer adding any value to consumers, developers or Apple,” said Neil Shah, Partner and Co-Founder at Counterpoint Research.

The iPhone SE which was positioned as a “Special Edition,” which brought nostalgia of older and smaller design, was priced around $400.

However, the iPhone SE lost its value and popularity, which used to be once 16 per cent of the total iPhone sales volumes, dropped to 1 per cent last year.

According to Shah, consumers now prefer better cameras, bigger displays and faster processors.

“With all this background, what Apple did was to extend the 16 series with a newer ‘base version’ of iPhone 16 and now retired SE,” Shah explained.

According to industry experts, the company has done well with streamlining the series, reducing fragmentation in design and experience and able to charge $599 (US)/Rs 59,999 (India) with the newest entry point for the best Apple experiences.

Continue Reading

Trending