India Signs Trade Deal with European Countries

India has finalized a significant economic pact with the European Free Trade Association (EFTA), comprising Switzerland, Norway, Iceland and Liechtenstein, after nearly 16 years of negotiations.

Under the deal, India will lift import tariffs on industrial products from EFTA countries in exchange for a commitment of $100 billion investment in India’s fast-growing market over 15 years. This pact marks a milestone in India’s trade relations, aiming to boost economic growth and create opportunities for both sides.

With the removal of customs duties on a vast majority of industrial imports, India anticipates increased investment and technological exchange, particularly in critical sectors such as medical devices and clean energy. The agreement also addresses modern trade elements like intellectual property rights and gender equity, signaling a comprehensive and mutually beneficial trade partnership between India and EFTA nations.

India’s Stands Firm On Tesla Demands

India’s Commerce and Industry Minister, Piyush Goyal, emphasised that India will not customise its policies to accommodate specific companies like Tesla.

Instead, the country aims to foster an environment conducive to attracting electric vehicle (EV) manufacturers globally. Goyal’s statement comes in response to Tesla’s request for tariff concessions as a precondition to establishing a manufacturing plant in India.

India acknowledges the significance of a vibrant EV ecosystem in reducing carbon emissions and oil import dependency. The government is engaging with potential investors from various regions, including Europe, the United States, and the Far East, to promote the growth of the EV sector.

By adopting a policy framework that encourages all EV manufacturers, India aims to accelerate its transition towards sustainable mobility while enhancing its economic competitiveness on the global stage.

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Byju’s Pays Salaries, Promises More

Embattled edtech company Byju's encountered difficulties in disbursing salaries due to ongoing disputes with investors.

Despite these challenges, Byju's managed to process partial salaries for February and assured employees that the remaining payments would follow once funds from a recent rights issue become available.

The company’s management reaffirmed its commitment to addressing operational hurdles and stabilising the business. Byju's has been navigating through a period of turmoil, marked by layoffs and disagreements with investors, impacting its financial stability and day-to-day operations.

However, the company remains determined to fulfill its obligations to employees and mitigate disruptions through alternate funding arrangements. As Byju's strives to overcome its current challenges, its founder and management are taking proactive measures to restore confidence and ensure the continuity of its educational services.

Strategic Changes in Zee Entertainment Enterprises

Punit Goenka, MD & CEO of Zee Entertainment Enterprises, has implemented strategic changes in the organization’s revenue vertical to optimize operations and enhance productivity.

Following Rahul Johri’s resignation, Ashish Sehgal, the chief growth officer for ad revenue, will now directly report to Goenka. This restructuring aims to streamline communication channels and facilitate closer collaboration between the revenue teams and senior management.

Goenka expressed optimism about working closely with Sehgal to maximise advertisement revenue and unlock growth opportunities in the linear business landscape.

While acknowledging Johri’s contributions to the organization, Goenka emphasized the importance of continuous improvement and resource optimization. The restructuring reflects Zee Entertainment’s commitment to adaptability and efficiency in the ever-evolving media industry, ensuring sustained performance and value creation for its stakeholders.

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