A joint nuclear deterrence guidelines document signed by South Korea and the United States will significantly expand the assignment of US strategic assets on the Korean Peninsula to a “constant” level, South Korea’s defence ministry said Friday, as the allies seek to bolster their cooperation in responding to North Korean threats.

On Thursday, Cho Chang-rae, Seoul’s Deputy Defence Minister for Policy, and Vipin Narang, Acting US Assistant Secretary of Defence for Space Policy, inked the ‘Guidelines for Nuclear Deterrence and Nuclear Operations on the Korean Peninsula’.

The signing of the document came a year after the allies launched the Nuclear Consultative Group in joint efforts to ensure the credibility of America’s “extended deterrence” commitment to South Korea in an integrated way that includes South Korea’s conventional support for US nuclear operations in a contingency.

Extended deterrence refers to a US pledge to mobilize the full range of its military capabilities, including nuclear arms, to defend its ally, reports Yonhap news agency.

Under the joint guidelines, the allies will seek to expand the frequency and level of US strategic assets deployed to the Korean Peninsula, as the document commits to the assignment of Korean Peninsula missions of such weapons during both wartime and peacetime, according to the ministry.

The document also paves the way for the allies to sharpen their practical capabilities against nuclear threats through the joint sharing of intelligence, planning, training and implementation of operations, with South Korea expected to play a bigger role compared with the past, it added.

“The US had notified of and discussed imminent deployment of strategic assets. But South Korea and the US will now discuss the need for such deployment around-the-clock,” a ministry official said.

The ministry emphasised that the signing of the document elevates the South Korea-US alliance that had been based on conventional weapons to a “firm nuclear-based alliance.”

“The conventional-nuclear integration between South Korea and the US marks the first and sole case of a non-nuclear nation directly discussing nuclear operations with the US,” the ministry said according to Yonhap news agency.

On Thursday, President Yoon Suk Yeol and US President Joe Biden warned that any North Korean nuclear attack against South Korea will be met with a “swift, overwhelming and decisive” response, as they highlighted “tremendous” progress in their joint deterrence efforts.

The leaders issued the warning as they met on the margins of a North Atlantic Treaty Organisation summit in Washington amid growing concerns over North Korea’s unceasing pursuit of advanced nuclear and missile programmes and its deepening military alignment with Russia. AGENCIES

About 64 per cent of the Indian organisations observed enhanced innovative work like developing new features, with adoption of generative artificial intelligence (GenAI), versus 61 per cent globally, a new report said on Wednesday.

According to the IT firm Capgemini, innovative work and upskilling are the top areas where organisations are channellising productivity gains.

“GenAI has emerged as a powerful technology to assist software engineers, rapidly gaining adoption. Its impact on coding efficiency and quality is measurable and proven, yet it holds promise for other software activities,” said Pierre-Yves Glever, Head of Global Cloud & Custom Applications at Capgemini.

The report surveyed 1,098 senior executives (director and above) and 1,092 software professionals (architects, developers, testers, and project managers, among others).

Moreover, the report showed that 49 per cent of Indian organisations are focusing on software professionals’ efforts on complex, high-value tasks as compared to 46 per cent globally.

About 47 per cent of organisations in India and globally are upskilling software professionals on business skills and understanding.

Further, the report mentioned that 35 per cent of Indian and global organisations are assessing and evaluating potential GenAI use cases.

About 20 per cent of Indian organisations are running pilots with Gen AI as compared to 27 per cent globally.

Around 54 per cent stated that they have the culture and leadership for the implementation of GenAI, while 44 per cent said they have the computation infrastructure and the processes and workflows for the implementation of GenAI. AGENCIES

The Indian telecom sector will get a boost if the Centre further reduces the tax burden in the upcoming budget to help enhance the financial well-being of the sector, the Cellular Operators Association of India (COAI) said on Wednesday.

In its recommendations on behalf of the telecom industry, the COAI said considering the huge capital that telecom service providers (TSPs) have to invest in the current scenario, especially for the deployment of 5G, the Universal Service Obligation Fund (USOF) levy should be abolished.

Alternatively, the government may consider the suspension of the USO contribution of 5 per cent of adjusted gross revenue (AGR) till the existing USO corpus of approximately Rs 80,000 crore is exhausted, the industry body noted.

“The telecom industry plays a pivotal role in this transition providing affordable connectivity and inclusivity. Thus, reducing the TSPs’ levy burden and facilitating investment opportunities are not just an economic necessity but a strategic investment for the country’s future,” said Lt Gen Dr S.P. Kochhar, Director General, COAI.

COAI also recommended that the license fee be reduced from 3 per cent to 1 per cent, so that it just covers the administrative costs by the Department of Telecommunication/government, thereby relieving the TSPs from additional financial burden.

“The industry is also concerned over the definition of gross revenue (GR). The definition of GR be made precise, stipulating that the revenue from activities for which no license is required should not be a part of GR,” said the COAI.

COAI also urged the government to introduce a special regime for the telecom operators under Section 72 of the Income Tax Act, 1961 wherein the business losses can be carried forward and set off for 16 assessment years from the existing eight years.

The apex telecom industry body also requested the finance ministry to exempt service tax on the additional AGR liability arising from the recent Supreme Court judgment.

Specifically, relief has been requested for the exemption from Service Tax payment for the period from April 2016 to June 2017, and on various services issued in November 2018.

The industry body also recommended that the customs duty be reduced to zero and then gradually increased depending on the creation of an ecosystem for manufacturing telecom gear in India.

COAI has also requested that the government exempt GST on license fees, spectrum usage charges and spectrum acquisition fees to provide much-needed relief to the sector. AGENCIES

 The demand for electric buses is expected to remain robust in the coming years due to the growing focus on cleaner transportation systems and various government initiatives, a report showed on Wednesday.

Last year, the government unveiled the PM e-bus Sewa Scheme, allocating a substantial $2.4 billion to deploy and operate 10,000 electric buses through a public-private partnership model across 169 eligible cities.

These eco-friendly vehicles are set to hit the roads in 2024, with full deployment anticipated by 2026.

According to the report by CareEdge Ratings, between FY21 and FY24, the EV segment experienced substantial growth, despite its smaller share in overall commercial vehicle (CV) sales.

“Key indicators of this growth include increased adoption rates and a rising market share, aided by the gradual expansion of the EV infrastructure. Notably, this transition to EVs is particularly evident in the e-bus and light commercial vehicle (LCV) categories,” the report noted.

In FY24, registrations of electric heavy passenger vehicles (e-HPVs), primarily large electric buses, surged significantly.

The number of registrations increased from a mere 217 units in FY21 to an impressive 3,400 units in FY24.

Registration of electric light passenger vehicles (e-LPV) also surged from 360 units to more than 10,500 units during the aforementioned period, the report noted.

A surge in demand for electric buses across major cities in India is likely to support the growth of CV going ahead.

The increase in demand for electric buses across India can be attributed to various factors, including rapid urbanisation leading to an increase in demand for sustainable and cleaner public transportation systems, heightened environmental concerns, large oil import bills due to diesel-run vehicles, technological advancements and improvements in battery charging infrastructure.

Further, the Indian government, recognising the need for cleaner public transportation, has rolled out several initiatives to promote electric mobility.

These include the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme and the National Electric Mobility Mission Plan (NEMMP). AGENCIES

Automakers Hyundai Motor and Kia are aiming for a rebound in domestic electric vehicle (EV) sales in the second half of the year with reasonably priced new entry-class compact models.

According to industry data, Hyundai Motor sold a total of 16,842 EVs domestically in the January-June period, down 54.7 per cent from a year ago. In June alone, sales fell 36.4 per cent on-year to 3,625 units.

Kia sold a total of 16,537 units during the six-month period, recording a 39.9 per cent decrease from last year. By model, sales of the Niro EV plummeted 80.4 per cent, while sales of the EV6 went down 50 per cent to 5,305 units, reports Yonhap news agency.

Hyundai Motor Group’s weakened domestic EV performance is attributable to a slowdown in demand due to the weak economy and also reflects the so-called EV adoption chasm in the country taking its toll on the market.

In light of such developments, Hyundai Motor and Kia are aiming for a rebound by launching new EVs targeted at mass adoption with driving ranges comparable to internal combustion engine counterparts.

According to industry sources, the number of preorders for Kia’s new small electric SUV, the EV3, has surpassed 10,000.

Pricing for the all-new battery SUV will range between $35,000-$50,000 depending on the market. In the domestic market, the EV3’s entry version will be available at around 35 million won ($26,000) with government subsidies, according to Kia.

Hyundai Motor also started receiving preorders this week for its new Casper Electric mini SUV in South Korea. The company has opened preorders for the long-range “Inspiration” variant of the Casper Electric, which was unveiled at the Busan International Mobility Show last month.

The Casper Electric will be available in two other variants as well — base and off-road style variants. Preorders for those will also be opened sequentially. AGENCIES

 Indians travelled close to 1,000 cities across 68 countries over the year, a new report revealed on Wednesday.

According to the ride-hailing platform Uber, summer holidays appear to be the most popular travel time for Indians to travel abroad as schools and colleges go into a break.

The most popular month for overseas travel in 2023 was May, compared to June in 2022.

“Indians have been breaking all travel records over the past couple of years,” said Prabhjeet Singh, President, Uber India and South Asia.

The data reflected a sharp increase in the number of Indians using the ridesharing app abroad during 2023, with the number of overseas travellers being second only to Americans.

While overseas, Indians travelled 25 per cent longer distances on average compared to their trips in India, and tried as many as 21 different products across countries, according to the report.

During the ongoing summer travel season, Indians are expected to cross records set in the previous years, the report mentioned. AGENCIES

Domestic smartphone brand Lava on Wednesday launched a new smartphone under its Blaze series — Lava Blaze X, with a curved AMOLED display.

The new Blaze X comes in two stunning colour variants — Starlight Purple and Titanium Grey.

It will be available on Lava e-store and Amazon from July 20 at a starting price of Rs 13,999 (inclusive of bank offers).

“The new Blaze X, the latest addition to the line-up is developed with three key parameters at the epicentre-segment – first curved AMOLED display, performance and aesthetics,” Sumit Singh, Product Head, Lava International, said in a statement.

The smartphone comes with a 6.67-inch 120 Hz display with a punch-hole design to provide an immersive experience to the users.

The new Blaze X comes equipped with a 64MP+2MP rear camera featuring the Sony sensor and a 16MP front camera.

It offers several shooting modes, including Dual View Video, Film, Pro Video, Slow Motion, Timelapse, UHD, GIF, Beauty, HDR, Night, Portrait, AI, Pro, Panorama, Filters, Macro, AI Emoji.

Moreover, the device comes with the latest MediaTek Dimensity 6300 processor and a 5000mAh battery along Type C port and 33W Fast charging. AGENCIES

Maruti Suzuki India Ltd on Wednesday announced that it is expanding the accelerator programme to include global startups, as it aims to further support the government’s ‘Make in India’ and ‘Startup India’ initiatives.

Both Indian and global startups, with innovative solutions relevant to automobile manufacturing and mobility space, can apply for the ninth cohort of the Maruti Suzuki Accelerator, the company said in a statement.

“By opening the programme to global startups, we are determined to further accelerate the development of innovative technologies relevant to the Indian market,” said Hisashi Takeuchi, Managing Director and CEO, Maruti Suzuki India.

The benefits to startups include guidance from mentors associated with domestic and international startup ecosystems and domain experts from Maruti Suzuki; opportunity to do a paid proof of concept with Maruti Suzuki; participate in educational visits to Japan and get an opportunity to develop global market connect and secure funding through Maruti Suzuki Innovation Fund.

“This expansion will help drive technological advancements and generate good employment opportunities for the youth, thereby contributing to the nation’s economic growth,” said Takeuchi.

Since its inception in 2019, Maruti Suzuki has screened over 2,000 startups over eight cohorts, and engaged with 56 startups.

Of these, 18 of them have been onboarded as business partners. So far, Maruti Suzuki has generated a combined business of over Rs 100 crore for these 18 startups.

“Starting with the ninth Cohort, the erstwhile Mobility and Automobile Innovation Lab (MAIL) will be known as Maruti Suzuki Accelerator,” said the company. AGENCIES

More than seven in 10 (75 per cent) of large Indian companies have set clear sustainability goals, with 84 per cent voluntarily sharing their targets, as environmental, social and governance (ESG) strategy become paramount in the corporate sector, a report showed on Wednesday.

About 61.3 per cent of manufacturing companies expect to see measurable outcomes from their ESG initiatives in the medium to long term in the country, with 13.3 per cent anticipating results in the very near term (zero-1 years), according to the report by research company IMA India and Uniqus Consultech.

Large companies in India revealed that their ESG strategies are fully integrated into their organisational strategies while small and medium enterprises (SMEs) have some road to cover, the findings showed.

Ethical responsibility and corporate citizenship are primary drivers of ESG adoption, as cited by 85 per cent of respondents while more than half of them said they are leveraging or exploring ‘Green Finance’ and technology for their ESG efforts but have not made progress yet.

“Companies are not only recognising the ethical and regulatory imperatives but are also seeing the financial benefits of sustainable practices,” said Suraj Saigal, Research Director, IMA India.

The fact that a majority of companies have embedded ESG into their core strategies and are taking concrete steps towards sustainability is a testament to the growing importance of ESG in India.

“We are optimistic about the growth in ESG consciousness and action in India, especially with new technologies poised to be a game changer in driving positive trends across industries,” added Jamil Khatri, Co-Founder and CEO of Uniqus Consultech.

India has introduced new ESG reporting requirements for the top 1,000 listed companies in the country by market capitalisation.

According to markets regulator Securities and Exchange Board of India (SEBI), the disclosure must be made through the Business Responsibility and Sustainability Report (BRSR). AGENCIES

The telecom equipment manufacturing sales have crossed Rs 50,000 crore under the production-linked incentive (PLI) scheme, creating more than 17,800 direct jobs and many more indirect jobs, the government said on Wednesday.

Within three years of the telecom PLI scheme, it attracted an investment of Rs 3,400 crore, the telecom equipment production exceeded the milestone of Rs 50,000 crore with exports at about Rs 10,500 crore, said the Ministry of Communications.

The sales of telecom and networking products by PLI beneficiary companies in FY2023-24 increased by 370 per cent in comparison to base year (FY 2019-20).

The gap between telecom imports and exports has reduced significantly with the total value of goods (both telecom equipment and mobiles put together) exported is over Rs 1.49 lakh crore as against imports of over Rs 1.53 lakh crore in FY 23-24, the Centre informed.

“This milestone underscores the robust growth and competitiveness of India’s telecom manufacturing industry, driven by government initiatives to promote local production and reduce import dependency,” said the ministry.

India was a large importer of mobile phones in 2014-15, when only 5.8 crore units were produced in the country, while 21 crore units were imported.

In 2023-24, 33 crore units were produced in India and only 0.3 crore units were imported and close to 5 crore units were exported, according to latest ministry data.

The value of exports of mobile phones has gone up from Rs 1,556 crore in 2014-15 and just Rs 1,367 crore in 2017-18, to Rs 1,28,982 crore in 2023-24.

“Import of mobile phones was valued at Rs 48,609 crore in 2014-15 and has dropped to just Rs 7,665 crore in 2023-24,” the government informed.

By encouraging local production, the PLI scheme has significantly reduced the country’s reliance on imported telecom equipment, resulting in import substitution of 60 per cent.

India has become almost self–reliant in Antennae, GPON (Gigabit Passive Optical Network) and CPE (Customer Premises Equipment).

According to the government, the Indian manufacturers are increasingly competing on a global scale, offering high-quality products at competitive prices.

Over the last five years, the trade deficit in telecom (both telecom equipment and mobiles put together) has reduced from Rs 68,000 crore to Rs 4,000 crore and both the PLI schemes have started to make Indian manufacturers globally competitive, attracting investment in the areas of core competency and cutting-edge technology. AGENCIES