Amazon, Google face tough rules in India’s e-commerce draft.
India’s latest e-commerce policy draft includes steps that could help local startups and impose government oversight on how companies handle data.
The policy draft which was (prepared by the Ministry of Commerce’s Department for Promotion of Industry & Internal Trade) laid out a 15-page draft, (the government would appoint an e-commerce regulator) to ensure the industry is competitive with (broad access to information resources.) (The government has been working on the policy for at least two years) amid calls to reduce the (dominance of global tech giants like Amazon.com Inc., Alphabet Inc.’s Google and Facebook Inc.)
(E-commerce companies will be required to make data available to the government within 72 hours,) which could include information related to (national security, taxation and law and order.)
The draft policy also said e-commerce platforms would be required to provide to consumers the (details of sellers, including phone numbers, customer complaint contacts, email and addresses.) (For imported goods, the country of origin and value of work done in India) should be clearly specified.
Hyundai online car buying platform receives 15 lakh visitors since March
Hyundai Motor India Ltd (HMIL) on Monday said its online car buying platform has recorded over (15 lakh visitors and over 20,000 registrations) since its launch in March this year.
HMIL said in a statement.With the (‘Click To Buy’ online sales platform), that integrates over 600 dealerships, the auto major is offering a complete end-to-end online car buying solution that enables customers to purchase cars from the convenience and safety of their homes. The company said it has also (partnered with the leading banks HDFC and ICICI), in order to facilitate application of loans online without the need to visit any bank branch for approval.
Lenders staring at additional Rs 1.67 lakh crore of bad debts due to Covid-19
India Ratings and Research Ind-Ra said in a note that Impact of the Covid 19 pandemic could result in an (additional Rs 1.67 lakh crore of debt slipping into non performing asset) (NPA) between the current and next financial years
The rating agency analysed (top 500 debt-heavy private sector borrowers) and said the additional stressed loans will take the cumulative quantum of delinquent loans to (Rs 4.21 lakh crore over the FY21 and FY22.)
“This is over and above the (Rs 2.54 lakh crore anticipated prior to the onset of pandemic.) (It constitutes 6.63% of the total debt) (previous estimate: 4%). Given that (11.57% of the outstanding debt is already stressed), the proportion of stressed debt is (likely to increase to 18.21% of the outstanding quantum),”. Ind-Ra said.
The agency believes that in the worse case scenario wherein funding markets continue to exhibit heightened risk aversion, corporate stress could increase further by (Rs 1.68 lakh crore resulting in Rs 5.89 lakh crore of corporate debt) (9.27% of the total debt) becoming stressed in FY21-FY22.
Tata Consumer Products To Emerge As Full-Fledged FMCG Company.
Tata group chairman N Chandrasekaran said that Tata Consumer Products Ltd., formed recently by the merger of Tata Global Beverages and Tata Chemicals, is aiming to be a full-fledged FMCG company.
The merger, which took effect from February, will provide a (broader exposure to growth and opportunities in the FMCG space)
He also said the (Covid-19 pandemic impacted business in the last quarter of 2019-20) and the first quarter of the current fiscal. The company is expecting a slow recovery of the supply chain and they expect the pandemic to continue in the near term and the (company is positive about the current fiscal and beyond.)
He said the company will (strengthen distribution and marketing channels so that its products are available nationwide). It will also bolster (presence in the U.S., U.K. and Canada.)
Chandrasekaran said during the last financial year, (Tata Starbucks opened 39 outlets, taking the total to 185 across the country.)
SBI readies Rs 1k-cr B2B e-market only for MSMEs
(State bank of India is ready to invest Rs750-1000 crores) and leverage its YONO platform (to set up business to business e commerce market place for micro, medium and small enterprises (MSMEs).)
The country’s largest lender hopes this will also help it (better manage financing of small businesses.) The plan which has been cleared by the bank’s executive committee, entails getting MSMEs on to the platform and providing funds based on the transactions that take place
SBI MD Challa Sreenivasulu Setty said that they are (engaging with the MSME ministry to create a marketplace for SBI customers) to sell their products, called Bharat craft, which is going to be (an e commerce and technology driven platform) and it is in the initial stage of taking shape.