Paytm's Anticipated Loss 📉, Duty Reduced on Mobile Parts 📱, Viacom Acquires Disney India 🎥

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 the NextBigWhat Daily News! Today's top stories include Paytm's anticipated loss due to RBI's decision, India's import duty reduction on mobile parts, and the acquisition of Disney India by Viacom 18. 📰 Help us reach your your friends and colleagues! Share the NextBigWhat newsletter. [Tweet it]( [Whatsapp]( Paytm anticipates ₹300-500 crore hit as RBI bars customers from topping up wallets 🇮🇳 IndiaTech - Paytm predicts a ₹300-500 crore impact on its annual operational profit due to the RBI barring Paytm Payments Bank Ltd from accepting deposits or top-ups. - The action follows a comprehensive system audit report and subsequent compliance validation report of external auditors. - One97 Communications Ltd, which owns Paytm, will now work only with other banks and not with Paytm Payments Bank Ltd, accelerating plans to move to other bank partners. India reduces import duty on mobile parts to 10%, encourages local production 🇮🇳 IndiaTech - India’s Ministry of Finance has cut import duty on mobile components from 15% to 10%, potentially lowering manufacturing costs and consumer prices. - Duties for manufacturing these goods domestically have been entirely eliminated, indicating a push for local production. - This follows a 2020 incentive scheme by the Ministry of Electronics and Information Technology, which led to the creation of 500,000 jobs in mobile manufacturing. How to launch a million-dollar business (this weekend) [NBW Newsletter Ad]( Noah Kagan, the CEO of AppSumo, shares his insightful journey of launching million-dollar businesses over a weekend BigIdeas from Tim Ferris' podcast with Noah [Get it 🚀]( Viacom 18 set to acquire 60% of Disney India’s business 🇮🇳 IndiaTech - Disney India is in preliminary talks to sell 60% of its business to Viacom 18, a subsidiary of Reliance Industries Limited. - Post-merger, Viacom 18 is expected to create a subsidiary to absorb Star India and has begun anti-trust due diligence. - The merger signifies the contraction of the online streaming market in India, following Disney+Hotstar’s loss of streaming rights for the IPL and HBO content to JioCinema. Income tax return processing time reduced to 10 days, announces Finance Minister Sitharaman 🇮🇳 IndiaTech - Finance Minister Nirmala Sitharaman announced a reduction in income tax return processing time from 93 days in 2013-14 to 10 days in 2024. - The decrease is attributed to technological innovations, including updated income tax returns, a new Form 26AS, and pre-filled tax returns. - The automation of tasks and introduction of Faceless Assessment and Appeal have improved tax-payer services, efficiency, transparency, and accountability. Get NBW News: The short news app for busy professionals. [App Store]( [Google Play]( Key points from Finance Minister Sitharaman’s interim budget speech 2024 🇮🇳 IndiaTech - The interim budget for 2024/25 includes plans for fiscal consolidation, borrowings, and future taxation policy. - Highlights include the construction of 2 crore more houses, conversion of 40,000 rail bogies to vande bharat standards, and a fiscal deficit target of 5.1% for FY25. - Other points include no changes in tax rates, the extension of 43 crore loans under PM Mudra Yojana, and a promise of economic reforms to drive growth. India’s 2024 budget aims to boost EV manufacturing and job creation 🇮🇳 IndiaTech - Finance Minister Nirmala Sitharaman emphasized the government’s focus on expanding Electric Vehicle (EV) manufacturing and charging infrastructure in her Interim Union Budget 2024 speech. - The initiatives are expected to accelerate EV adoption, generate employment opportunities, and help India reach its net zero emission target by 2070. - Industry leaders are largely optimistic about the measures, but some believe a more robust policy framework and greater incentives for EV manufacturing and R&D would have been beneficial. Bollywood actor Ranveer Singh invests in consumer electronics brand boAt 🇮🇳 IndiaTech - Ranveer Singh has invested an undisclosed amount in boAt, joining its group of brand ambassadors. - Founded in 2015, boAt has raised a total of $177 million in funding and was the top wearables brand in the first half of 2023. - Despite registering a revenue of Rs 3,377 crore in FY23, boAt posted a loss of Rs 129.4 crore in the last fiscal year. Tech giants criticize Apple’s new App Store rules in compliance with EU legislation 🇮🇳 IndiaTech - Apple’s new App Store rules, designed to comply with EU’s Digital Markets Act, have been criticized by Microsoft, Spotify, and Epic Games as anti-competitive. - The new rules impose a tax on developers who choose to exist on third-party storefronts, and Apple has been accused of creating barriers for developers not fully tied to its ecosystem. - Microsoft, aiming to set up a mobile gaming store on iOS and Android, has expressed disappointment as Apple seems to have found a way to avoid full compliance with the new rules. Byju’s CEO invokes ‘Invictus’, announces $200m rights issue amid controversies 🇮🇳 IndiaTech - Byju Raveendran, CEO of Byju’s, has announced a $200 million rights issue to support capital expenditure and corporate objectives amid ongoing controversies. - Once India’s most-valued startup, Byju’s has faced allegations of accounting irregularities, mis-selling of courses, and layoffs, significantly impacting its reputation and valuation. - Despite a 118% increase in consolidated revenue in FY22, the company’s losses also surged, raising concerns about financial transparency and timeliness in reporting. IBM mandates in-office work for US managers three days a week 🇮🇳 IndiaTech - IBM has issued an internal memo requiring all US managers to work in-person at least three days a week. - Employees who fail to comply or secure a remote position may lose their jobs. - This policy shift contrasts with previous statements by IBM CEO Arvind Krishna, who had said he wouldn’t force employees to return to the office. © 2023 Zakti Techmedia Pvt. Ltd. All rights reserved. | [Unsubscribe](