EV Boom in India 🚗, PM Modi's Campaign 🗳️, BetterPlace Revenue Surge 💰

Catch up on the latest in 🇮🇳 Indian 🇮🇳 startups and tech landscape - all in 5 minutes. [Newsletter Banner] Daily 🇮🇳 IndiaTech 🇮🇳 Roundup Welcome to today's edition of NextBigWhat Daily News! Today's top stories include India's EV sector boom, PM Modi's election campaign, and BetterPlace's revenue surge. 🚗🗳️💰 Help us reach your your friends and colleagues! Share the NextBigWhat newsletter. [Tweet it]( [Whatsapp]( India’s electric two-wheeler sector sees explosive growth amid government incentives 🇮🇳 IndiaTech - India’s electric two-wheeler startup count has risen to over 150, fueled by government efforts to promote clean energy and reduce oil imports. - Despite subsidy cuts, the sector grew from 124 to 152 companies by January 2024, with many relying on imported components for assembly. - The government’s shift towards production-linked incentives aims to favor domestic manufacturing, though intense competition may limit profits. PM Modi intensifies campaign efforts in southern states ahead of Lok Sabha elections 🇮🇳 IndiaTech - PM Narendra Modi has visited all five southern states multiple times in the past 10 days, aiming to secure a significant victory for the BJP and NDA in the upcoming Lok Sabha elections. - Despite the BJP’s limited success in the South in the 2019 elections, senior BJP leader Prakash Javadekar expresses confidence in the party becoming the single largest party in South India post-elections. - Utilizing technology, the BJP has been translating Modi’s speeches into local southern languages to overcome language barriers, alongside inaugurating numerous development projects across these states. How to Shape Your Identity & Goals [NBW Newsletter Ad]( Awe as a Catalyst for Change Experiences that induce awe can have a profound impact on our self-perception and our understanding of our place in the world. bigIdeas from Huberman Lab Podcast [Read 🚀]( BetterPlace achieves tenfold revenue increase in FY23 despite rising losses 🇮🇳 IndiaTech - BetterPlace’s revenue surged to Rs 523 crore in FY23 from Rs 51 crore in FY21, marking a significant financial growth. - The company’s expenditure rose to Rs 666 crore in FY23, with employee benefits being the largest cost factor. - Despite the increased losses, BetterPlace’s comprehensive service offerings and substantial funding position it for potential future growth. India ranks as the third largest startup ecosystem globally, says PM Modi 🇮🇳 IndiaTech - Prime Minister Narendra Modi announced at the Startup Mahakumbh event that India is now the world’s third largest startup ecosystem with over 1.25 lakh startups and 110 unicorns. - These startups have generated employment for over 12 lakh people and India has registered more than 12,000 patents, reflecting significant growth beyond metro cities. - Modi emphasized the shift in Indian mindset from being job seekers to job creators, highlighting the role of startups in aiming to make India the world’s third-largest economy. Get NBW News: The short news app for busy professionals. [App Store]( [Google Play]( Dell : No promotion for remote workers 🇮🇳 IndiaTech - Dell announced that remote workers would not be eligible for promotions, pushing for a stricter return-to-office policy. - The company differentiates between ‘hybrid’ and ‘remote’ workers, requiring hybrid employees to work onsite for a minimum of three days a week. - Employees express discontent with the new policy, fearing it will limit career advancement and reduce job flexibility. Flipkart’s valuation drops by over ₹41,000 crore in two years 🇮🇳 IndiaTech - Flipkart’s valuation fell to USD 35 billion by January 2024 from USD 40 billion in January 2022, according to Walmart. - The decline was partly due to the demerger of PhonePe, with Walmart increasing its Flipkart stake from 75% to approximately 85%. - Flipkart disputes the valuation decrease, attributing it to an ‘appropriate adjustment’ after PhonePe’s separation in 2023. India introduces EV policy to boost sector and allow limited car imports at lower duty 🇮🇳 IndiaTech - The Indian government approved an EV policy enabling limited car imports at concessional duty for investors establishing facilities in India. - The policy opens the Indian market to Tesla and other foreign EV manufacturers, aiming to boost the electric vehicle sector. - Despite Tesla’s demands for special concessions, the government emphasized that it does not offer company-specific incentives, maintaining a uniform policy for all. Deloitte India forecasts 9% average salary hike for corporate executives in 2024 🇮🇳 IndiaTech - Deloitte India’s ‘Talent Outlook 2024’ report predicts a 9% salary increase for corporate executives in 2024, slightly lower than the 9.2% forecasted in 2023. - The report highlights that increments will surpass pre-Covid levels across all sectors except IT and BPOs, with top performers possibly receiving 1.8x the average increment. - It also mentions that half of the companies might offer at-target or above bonuses, with a focus on performance management strategies amid a declining attrition rate. India’s election commission resolves website security issues to protect voter information 🇮🇳 IndiaTech - India’s Election Commission fixed website flaws that exposed citizens’ data on voting eligibility and more. - Security flaws allowed unauthorized access to Right to Information requests and responses. - The issues were resolved after intervention by India’s cybersecurity agency, CERT-In, following a security researcher’s report. Jaya Bachchan attributes internet for rising anxiety among youth on granddaughter’s podcast 🇮🇳 IndiaTech - Jaya Bachchan discussed the negative impacts of the internet, including its role in increasing anxiety among younger generations, on Navya Naveli Nanda’s podcast. - She believes the pressure to constantly respond and seek validation online is elevating stress levels and anxiety among the youth. - Despite Navya’s disagreement on feeling stressed, Jaya insists that the excessive information and need for validation online are key stressors, a view not shared by Navya’s mother, Shweta Bachchan. © 2023 Zakti Techmedia Pvt. Ltd. All rights reserved. | [Unsubscribe](