Next Government Has Data Protection Rules, AI On Wishlist; EV Sales Drop In May, Cars Worst Hit

Data Protection Rules, AI On Top Of Next Government’s Wishlist 

Technology policy experts say that notification of the Digital Personal Data Protection (DPDP) Rules, which would provide teeth to enforce the DPDP Act notified in August last year, should be the top priority of the new government, the Economic Times reported.

India’s first data protection law has been in suspended animation for the last nine months for the lack of subordinate rules to enforce the legislation. The other key legislation that requires urgent attention is the Digital India Bill (DIB), which would replace the Information Technology (IT) Act of 2000 and revisit fundamental concepts like intermediary liability, fake news and deep fake content. Read more

EV Sales Drop In May, Two-Wheelers, Three-Wheelers Still Drive Numbers

Electric vehicle sales declined by 22.3 per cent in May 2024 compared to the same month last year, the Business Standard reported.  However, there was a modest recovery of 8.8 per cent sequentially, the report said.

In May 2024, according to data from the Vahan portal, total EV sales amounted to 123,107 units, a fall from 158,459 units in May 2023, which also saw peak sales in the calendar year. In April, 113,092 units were sold. Two-wheelers comprised 51.7 per cent of the units. Sector experts see the decline as the result of lowering subsidies and customers warming to hybrids as well as the general elections. More here 

India’s Current Account Deficit May Show Dip In FY24 Last Quarter

India’s current account deficit (CAD) may dip further in the March quarter of FY24 as pressure from the negative net exports during the January-March period eased to an 11-quarter high, the Business Standard reported.

A part of the GDP data, net export— which is usually negative for India — captures the difference between exports and imports of both goods and services, while the CAD data, released by the RBI, also factors in private transfer receipts. According to data released by the National Statistical Office (NSO) on Friday, the net exports in nominal terms stood at -0.8 per cent of GDP in the March quarter of FY24 compared to -2.9 per cent of GDP in the preceding quarter.  More here 

FY24’s Last Quarter Sees Slowest Growth In Listed Companies’ Profits 

Listed companies’ combined net profits were up 11.4 per cent year-on-year in the January-March 2024, growing at the slowest pace in the last five quarters, the Business Standard reported.

The combined net profits of 3,327 listed companies in the Business Standard sample were up 17.3 per cent in Q4FY23 and increased 24.1 per cent during October-December 2023. The companies’ combined net profits climbed to Rs 3.56 trillion in Q4FY24, up from the Rs 3.2 trillion each in Q4FY23 and Q3FY24. The incremental growth in earnings was driven largely by banks, finance and insurance companies (BFSI), and the automobile sector, while companies in oil and gas, information technology services, and FMCG sectors faced slowdown in revenues and earnings. More here 

Centre Likely To Extend Deadline For Public Sector Banks To Meet MPS Norms

The finance ministry is likely to extend the August deadline for public sector banks as well as insurance companies to increase their minimum public shareholdings (MPS) to the mandated 25 per cent, the Business Standard reported quoting a senior government official.

The official added that the Department of Financial Services is likely to write to Sebi regarding the issue. Five public sector lenders, including Bank of Maharashtra, Indian Overseas Bank, UCO Bank, Central Bank of India and Punjab and Sind Bank are planning to reduce government stake to less than 75 per cent. This will help them comply with Sebi's MPS norms. More here 

Bank Clinic By Bank Employees To Help Customers Foxed By Technology

Remember the AIBEA, the All India Bank Employees Association, which opposed every attempt at introducing computerisation in public sector banks in the 1990s? The notoriously Luddite outfit has now launched a website, the Economic Times reported. 

Banksclinic.com is a website where a retail customer can register a complaint. Within five days, the platform will inform the customer of the regulatory guidelines regarding the matter. It will not be liable to resolve the customer's query but will guide them on available remedies. Clinic is an AIBEA initiative to help customers address their grievances amid rapid expansion in technology and a series of RBI guidelines on retail banking. More here