Relief For Arrested Vivo Employees, Reliance's AI Push And More Stories You Can't Miss From The Weekend

Indian Court Orders Release of Two Arrested Vivo Employees

An Indian court has ordered the release of two employees of the Chinese smartphone maker Vivo who were arrested in a tax evasion case.

The employees were arrested following a raid by the Directorate of Revenue Intelligence (DRI) on Vivo’s office. The court’s decision to release the employees comes amid ongoing investigations into the allegations against Vivo.

Vivo has been accused of evading taxes in India, a charge that the company has denied. The case is part of a broader scrutiny of Chinese companies operating in India, following geopolitical tensions between the two countries.

India to Remain Fastest-Growing Major Economy in 2024

India is projected to remain the world’s fastest-growing major economy in 2024.

The country has shown resilience amidst global economic headwinds, recording significant GDP growth in recent quarters. The growth is driven by robust domestic demand, moderate inflation, and stable interest rates.

According to the Organization for Economic Cooperation and Development (OECD), India’s growth is expected to outpace that of other major economies, including China and Brazil. The Indian economy’s performance is particularly notable against the backdrop of a global economic slowdown.

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Government to Extend Duty Remission Benefits to E-commerce Exports

The Indian government plans to extend export benefits under its duty remission scheme to e-commerce exports.

This move aims to boost the country’s e-commerce sector and support small and medium enterprises (SMEs) in leveraging government schemes for export growth.

The Scheme for Remission of Duties and Taxes on Exported Products (RoDTEP) provides refunds of taxes and duties incurred in the manufacturing and distribution of exported goods. The extension of these benefits to e-commerce exports is expected to enhance India’s competitiveness in the global e-commerce market.

Reliance Industries’ AI Transformation in 2024

Mukesh Ambani, Chairman of Reliance Industries (RIL), has announced a roadmap for a complete AI transformation across all RIL businesses in 2024.

Addressing employees, Ambani emphasised the need for embracing data and AI to improve decision-making and resource utilisation.

The AI transformation is aimed at reinventing RIL as a new-age technology company. Ambani outlined three goals for 2024: becoming a global leader in AI adoption, enriching talent, and cultivating institutional cultures.

The transformation will encompass all of RIL’s growth engines, including digital services, green and bio-energy, retail, consumer brands, and health and life sciences.

Mobile Tariffs in India Expected to Rise

Mobile tariffs in India have doubled since 2017 and are expected to increase by at least 1.5 times over the next five years.

A report by ICICI Securities highlights that despite the tariff hikes, the increased data subscriber adoption and growth in data consumption indicate the inelastic nature of telecom services.

India has one of the world’s most affordable telecom tariffs, with a significant ‘consumer surplus’ for consumers. The report suggests that Indian telecom service providers can further increase tariffs while maintaining affordability.

The analysis indicates that even with future increases, India will continue to have the most affordable telecom services globally.

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