Karnataka Bill For Locals’ Quota On Hold After Outcry, Deeptech Fund Framework In 2 Months

Karnataka Puts Jobs For Locals Bill On Hold After Industry Shock, Backlash

The Karnataka government has put its controversial job quota bill on hold following huge backlash from industry, the Economic Times reported.

The Karnataka State Employment of Local Candidates in the Industries, Factories and Other Establishments Bill, 2024, made it compulsory for private firms to reserve jobs for Kannadigas. The Bill had reserved 50 per cent jobs in management and 75 per cent jobs in non-management categories for Kannadigas, and made it mandatory for non-Kannadigas to undergo proficiency tests in Kannada. The Bill is similar to the one introduced by the Haryana government, mandating 75 per cent reservation in private sector jobs to residents of the state. It was, however, struck down the Punjab and Haryana High Court on November 17, 2023. Read more

Budget Scheme To Encourage Manufacture Of Medical Devices In The Works

 The Union budget may introduce a new scheme to encourage domestic manufacture of medical devices on the lines of a similar scheme for drugmakers, Livemint reported.

The scheme will aim to achieve self-reliance in medical gear, reducing healthcare expenses. The quantum of financial support has not been decided yet, the people said on condition of anonymity. The government has been regularly discussing the scheme's inclusion in the budget, one of the two people cited above said. At a review meeting last month, Union Health Minister JP Nadda had emphasized on upgrading domestic manufacturing of drugs & medical devices to global standards over the next three years. More here 

Government Readying Rs 1 Trillion Deeptech Fund, Framework To Be Out In Two Months

Startups exploring space, crafting high-end chips and developing defence technologies may get long-term loans at low or zero interest rates from a Rs 1 trillion government fund to support companies in promising segments struggling for capital, Livemint reported.

Setting up the fund for deeptech companies is part of the government's to-do list for the first 100 days in power. An inter-ministerial committee led by the Department of Space is working on a framework for the fund, in coordination with the central government's principal scientific advisor, officials said, adding it will be announced in the next two months. The fund will be part of India's National Deeptech Startup Policy. More here

After Mobile Tariff Hike, BSNL Gains 2.5 Lakh Customers In A Fortnight 

Bharat Sanchar Nigam Ltd (BSNL) is believed to be gaining subscribers after the recent tariff hikes by private telcos as many low income and other prepaid subscribers are joining the state-run company, allowing it to curb the consistent net loss of customers for the past many months, the Economic Times reported.

Since July 3-4, when the hike by Reliance Jio, Bharti Airtel and Vodafone Idea came into effect, some 250,000 customers have ported to the state-run firm from other operators by utilising mobile number portability (MNP). Apart from the customers joining through MNP, BSNL has added around 2.5 million connections. BSNL has been able to get new subscribers as it still offers mobile tariffs that are affordable to low-income subscribers, said officials familiar with the development. More here

PSU Listing In Stock Market May Begin With Seeds Corporation, Warehousing Corporation 

The government has initiated a process to identify state-run companies that can be listed as it seeks to unlock their potential value, the Economic Times reported. 

The National Seeds Corporation and the Central Warehousing Corporation could be among the first set of candidates for listing, as per preliminary discussions, according to officials. Meanwhile, the proposed listing of the Export Credit Guarantee Corporation of India, which has an 85 per cent share in India’s export credit insurance market, is being expedited, they said. There are 170 unlisted non-financial central public sector enterprises (CPSEs), according to the Department of Investment and Public Asset Management (DIPAM) data. More here

India’s Export Basket Away Turns From Textiles, Footwear, Jewellery

Electronics, engineering and pharmaceutical products that fetch higher foreign exchange than earlier are claiming a larger share of India’s overall export basket, edging out traditional shipments of textiles, footwear and jewellery and signalling a crucial shift aligning with India’s global ambitions, Livemint reported.

The trend indicates that the government’s efforts to increase the production of value-added products by rolling out incentives, calibrating import tariffs, and cutting red tape in cross-border trade may finally be paying off. The Union government’s production-linked incentive schemes for various sectors and free trade agreements to encourage trade and investments have helped increase the sophistication and diversification of manufacturing exports, said an economist. More here