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Today is February 14. We’re covering the President’s rule in Manipur, new Income Tax Bill, the end of free IPL streaming, and more.

Must Know

Manipur Comes Under President’s Rule After Ethnic Clashes

The Indian government has imposed President’s rule in Manipur, days after Chief Minister N. Biren Singh of the BJP resigned under pressure from the opposition. This means the federal government will now directly govern the state through its appointed governor, Ajay Kumar Bhalla. The decision followed the state BJP’s failure to agree on a new chief minister.

Manipur has been embroiled in ethnic violence since April 2023, when a court ruling on job quotas triggered clashes between the Meitei and Kuki communities. Tensions escalated after a court ruling suggested extending Scheduled Tribe status to the Meitei community, angering Kukis. Despite the ruling later being set aside, violence has persisted, killing over 250 people and displacing thousands.

Good to Know

Policy & Governance

New Income Tax Bill Grants Authorities Greater Access to Digital Records

The proposed Income Tax Bill, 2025, grants tax authorities broad access to taxpayers’ digital records during searches, including emails, social media accounts, online investments, and banking data. This marks a significant shift from the existing law, which lacked explicit provisions for accessing electronic records.

The new Income Tax Bill keeps tax residency rules unchanged, despite earlier reports suggesting that NRIs earning ₹15 lakh+ in India without paying taxes abroad might be reclassified as full residents instead of Resident but Not Ordinarily Resident. The bill will first be reviewed by a standing committee before moving forward.

Parliamentary Panel Considers Stricter Content Laws Amid YouTuber Controversy

India’s Parliamentary Standing Committee on IT is reportedly considering tighter digital content regulations following controversy over YouTuber Ranveer Allahbadia’s remarks. Sources indicate the panel may recommend legislative changes to the Centre to prevent similar incidents in the future. While details remain unclear, the move signals potential increased scrutiny of online creators and stricter content moderation laws in India.

Business

Adani Exits $442M Sri Lanka Wind Power Projects Over Cost Concerns

Adani Green Energy has withdrawn from two wind power projects in Sri Lanka, citing financial unviability. The projects, initially estimated at $1 billion, were under renegotiation after Sri Lanka’s government sought to lower power costs from $0.08 per kWh to $0.06 or less. 

The withdrawal follows scrutiny of Adani’s deals after US authorities accused its executives of bribery in securing Indian power supply contracts—claims the company denies. The move also aligns with Sri Lankan President Anura Kumara Dissanayake’s anti-corruption stance, marking a shift in foreign investment dynamics in the region.

Retail inflation eases to 5-month low, helped along by food prices

Retail inflation eased to 4.3% in January, down from 5.2% in December, marking the lowest inflation rate since August 2024. The drop was driven by a sharp decline in food inflation, which fell from 8.4% in December to 6% in January. Vegetable inflation, a major contributor to price pressures, plummeted from 26.6% to 11.4%, while deflation in spices and lower inflation in pulses, eggs, and cereals further helped ease overall food prices.

Nikhil Kamath’s WTFund Announces Second Cohort of Young Founders

WTFund, an initiative by Zerodha co-founder Nikhil Kamath, has unveiled its second cohort, featuring 22 entrepreneurs under 25. The fund provides up to ₹20 lakh in grants, along with mentorship and strategic partnerships to help startups scale.

The cohort includes startups working on robotics, AI, wearables, and eCommerce. Here are a few standouts:

• Armatrix – Industrial robotic arms for hazardous environments.

• InnerGize – Wearable device for reducing chronic stress.

• ReferRush – AI-driven referral platform for eCommerce brands.

• Bytes – AI-powered driver assistance for two-wheelers.

Tech, Media & Telecom

Free IPL Streaming Ends: Reliance-Disney Moves to Paid Model

Reliance-Disney will end free IPL streaming, introducing a paywall after a certain viewing limit, according to a source. The company is also launching a rebranded streaming app, with subscription plans starting at ₹149. This move comes after Reliance and Disney merged their India media assets in an $8.5 billion deal last year.

Gaganyaan Mission Expands, ISRO Plans Space Station

India is scaling up its Gaganyaan human spaceflight mission, now planning two crewed and six uncrewed missions by 2028, along with the development of a national space station. The mission, which aims to send astronauts into a 400 km orbit and return them safely, has seen its budget rise to $2.32 billion—up from about $1.1B. If successful, India will become only the fourth country to achieve human spaceflight, following the U.S., Russia, and China.

Apple Contract Manufacturers Receive Majority of $1 Billion PLI Payouts

Under India’s Production-Linked Incentive (PLI) scheme for smartphone manufacturing, the government has disbursed ₹8,700 crore ($1 billion) from 2022-25 to 19 companies that met investment and production targets. Apple’s contract manufacturers—Foxconn, Tata Electronics, and Pegatron—received over 75% of the total funds.

The PLI scheme, launched in 2020 with a ₹38,601 crore budget has significantly boosted smartphone exports, making them India’s second-largest exported product.

Coinbase Eyes Return to India After Regulatory Halt

US cryptocurrency exchange Coinbase is working on re-entering the Indian market after ceasing operations in September 2023. The company is engaging with Indian authorities, including the Financial Intelligence Unit (FIU), which oversees financial transactions, according to sources.

Coinbase’s attempted return follows Binance’s re-entry into India last August, after registering with the FIU to resolve regulatory concerns. The precedent set by Binance suggests that Coinbase may follow a similar route to comply with Indian regulations. 

SpotDraft Secures $54M to Expand AI-Powered Contract Management

SpotDraft, a Bengaluru- and New York-based contract lifecycle management (CLM) platform, has raised $54 million in Series B funding to enhance its AI-driven legal tech offerings. Designed for in-house legal teams, SpotDraft streamlines contract creation, negotiation, and management, offering features like AI-assisted redlining, e-signatures, an intelligent repository, and clickwrap agreements. CEO Shashank Bijapur is an alumnus of Hidayatullah National Law University, Raipur, and Harvard Law School. 

Worth a Look

This inspiring article on ice hockey in the Himalayas charts the sport’s growing popularity. It’s worth a read after the Indian men’s ice hockey team secured its first-ever win at the Asian Winter Games, defeating Macau.

Thanks for reading. As always, we’d love to hear from you! Which story did you enjoy the most? Was there any that didn’t add value? Please reply to this email or write to us at [email protected].

See you on Monday.