Consumer Laws
E-commerce entities may face heavy penalty for posting fake reviews
According to highly-placed sources, a committee formed by the Department of Consumer Affairs is finalising changes in the norms related to fake reviews, which were formulated by the Bureau of Indian Standards (BIS) in 2021. Once the changes are made in these norms, they would become mandatory and entail penalty on e-commerce firms for posting fake reviews and also for getting fake reviews done of rival entities.
Ratan Tata invests in startup that connects the elderly with young graduates
In the last six months, "Goodfellows" has completed a successful beta and will now be available in Mumbai and soon in Pune, Chennai and Bengaluru. "The bonds between the two generations created by Goodfellows are very meaningful and are helping to address an important social issue In India. I hope the investment helps the young team at Goodfellows grow," said Tata. During the beta testing, Goodfellows received a positive response with over 800 applications from young graduates looking to be employed at Goodfellows of which a shortlisted cohort of 20 provided companionship to the elderly in Mumbai.
49% Indian startups now from tier 2, 3 cities: Jitendra Singh
These startups from smaller cities are working in the fields like IT, agriculture, aviation, education, energy, health and space sectors, the Minister said while delivering keynote address at "DST StartUp Utsav" here. As per the latest data, there are currently 105 unicorns, out of which 44 were born in 2021 and 19 in 2022. "The decade 2021-30 is expected to bring transformational changes for Indian science, technology and innovation (STI)," said the Minister.
India ranks 3rd in global startup ecosystem & number of unicorns, says Minister
Union Minister of State (Independent Charge) Science & Technology, Jitendra Singh while delivering a keynote address at 'DST StartUp Utsav' at Dr Ambedkar International Centre, said that Prime Minister Narendra Modi's special focus on Science, Technology and Innovation has fired the imagination of the youth in the country to innovate and solve problems with new ideas.
CoinSwitch's Web3 Discovery Fund to empower up to 100 Indian startups
The CoinSwitch's Web3 Discovery Fund will curate portfolio startups and provide single-window access to marquee investor partners Tiger Global, Ribbit Capital, Coinbase Ventures, Sequoia Capital India, Woodstock Fund and Elevation Capital (ex-SAIF partners), and incubation partner Buidlers Tribe, the company said in a statement.
AWS, Intel empower govtech and edtech startups in India
The exclusive meet up for founders and chief experience officers (CXOs) gave them a platform to network, learn from fellow entrepreneurs, find new business and referrals and accelerate learning."This is a perfect opportunity for you all to share your challenges and expectations, and for us to get feedback to serve you better. We will provide you the technology support and credits if needed, but also go the extra mile to help you get all the support you need to succeed in this industry," said Rahul Sharma, President, Public Sector, AWS India and South Asia, AISPL.
Too many complaints of additional service charge by restaurants, hotels
"A component of service is inherent in the price of food and beverages offered by the restaurant or hotel. Pricing of the product thus covers both the goods and services component. There is no restriction on hotels or restaurants to set the prices at which they want to offer food or beverages to consumers," said Piyush Goyal, the minister of consumer affairs in a written reply in the Lok Sabha on Wednesday.
Indian fintech ecosystem plugged corruption, leaks: Rajeev Chandrasekhar
India is among the world's fastest growing fintech markets with 6,636 startups. The Indian fintech industry's market size was $31 billion in 2021 and has the highest fintech adoption rate at 87 per cent. "There was a time when it was openly admitted that out of every Rs 100 disbursed by the government from Delhi, only Rs 15 reached the beneficiary, and the remaining of money got mysteriously siphoned off.
India's defence sector exports rise, France's Safran bets big on India
India's defence exports touched a record of Rs 13,000 crore in 2021-2022, stated India's Defence Secretary Ajay Kumar. The private sector has played a significantly important role in aerospace manufacturing -- both in manned and unmanned aircraft. "The total defence export in 2021-2022 stands at Rs 13,000 crore," stated Defence Secretary Kumar.
India sees 33% dip in startup funding at $6.9 billion in April-June
In Q2, 121 new startups closed their first funding rounds, four startups turned unicorns, 62 startups got acquired, and five filed their IPOs, according to data intelligence platform Tracxn Technologies. The Indian startups raised $6.9 billion in Q2 in 409 funding rounds and the top startups were VerSe ($805 million), Delhivery ($304 million), and udaan ($275 million).
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