Good morning. Welcome to Earlybird beach, where the water is fine and the Indian business & tech news is even finer.

In this edition:

• 🛥️ New waterways to float your cargo

• 🎮️ Online gaming sector opposes new tax rule

• 💻️ Zoom exec fired without cause

MARKETS

*Stock data as of market close. Source.

Markets: The Nifty formed a "shooting star" pattern, but instead of granting wishes, it indicates a potential weakness in the market. According to technical analysts, a further sharp upward movement may be possible only above 17,800. Despite this, Indian investors remain optimistic about the country's economic recovery and the potential for growth in the stock market.

GAMING

Online gaming industry writes ‘pls don’t’ to new tax rule

🎮️ India's online gaming industry has written to the Central Board of Direct Taxes (CBDT) opposing proposed changes in tax rules that could adversely affect the sector's growth. Here's what you need to know:

🚧 The obstacle course. The CBDT recently proposed changes to the Income Tax Act that would require online gaming companies to pay 28% tax on the entire face value of virtual items and in-game currencies, rather than just the commission earned on their sale.

💵 Financial hits. The industry argues that the proposed changes would stifle innovation and growth, and would discourage new players from entering the market. The online gaming industry is a major contributor to India's digital economy, and the proposed changes could have a ripple effect on related sectors such as e-commerce and digital payments.

🎲 What lies ahead. The online gaming industry is urging the CBDT to reconsider the proposed changes and to engage in a dialogue with industry stakeholders to better understand the impact of the changes. The industry is also calling for a regulatory framework that supports innovation and growth, while ensuring consumer protection.

AIRLINES

IndiGo looks to expand codeshare connectivity

🛫 IndiGo, India's largest airline by domestic market share, is reportedly considering codeshare agreements with North American carriers to expand its international reach. Here's what you need to know:

The plan

• IndiGo is said to be in talks with several North American airlines, including United Airlines, Delta Air Lines, and WestJet, to establish codeshare agreements that would allow it to offer flights to more destinations in the United States and Canada.

• The move comes after Emirates and Air India recently announced similar codeshare agreements, which allow airlines to sell seats on each other's flights and share revenue.

• For IndiGo, the codeshare agreements would allow it to tap into the large and lucrative North American market, which has traditionally been dominated by legacy carriers. The move could also help IndiGo expand its customer base and increase revenue.

✈️ The future flight path. While the talks are still in the early stages, industry experts say that codeshare agreements could be a game-changer for IndiGo and other Indian carriers. The move could also help India become a more competitive player in the global aviation market.

TRANSPORT

Indian government to develop 23 new waterways to float your cargo

🛥️ The Indian government has announced plans to develop 23 river systems for cargo and passenger vessel movement as part of its efforts to boost inland waterways transportation. Here's what’s up:

🗺️ The blueprint. The government plans to invest in infrastructure development and modernization of river ports, as well as dredging and channel marking to improve navigability. The move is aimed at reducing transportation costs, improving efficiency, and reducing carbon emissions.

🪙 The real gold in the river. Inland waterways have the potential to be a game-changer for transportation in India, which has a vast network of rivers and canals but has yet to fully tap their potential. The move could also help alleviate congestion on roads and railways, and provide an alternative mode of transportation for goods and passengers.

🍃 Setting up for real change. The government has already started work on several projects, including the National Waterway 1 on the Ganga river, which was declared a national waterway in 2016. India has also signed agreements with several foreign countries, including the United States and the Netherlands, to share expertise and technology in the development of inland waterways.

INDIA EDITION: WHAT ELSE IS ON THE BIRDWATCH

• 💰️ CAMS is buffing its fintech presence with newest 55% stake. CAMS, a leading Indian registrar and transfer agent, has acquired a 55% stake in Think Analytics, a fintech firm that provides supply chain financing solutions to businesses. The move comes as CAMS looks to expand its offerings and cement its position as a registrar and trans-fund-er in the financial services space.

• 🥗 Britannia is closing the gender gap. Indian food and beverage company Britannia Industries is aiming to increase its female workforce to 50% by 2024, as part of its commitment to gender diversity and inclusion. The move shows that Britannia is taking a wafer-thin slice of the gender pay gap and turning it into a big opportunity for women in the workforce.

• 🏠️ Bank of Baroda slashes home loan interest rates. Bank of Baroda, one of India's largest public sector banks, is reducing its home loan interest rates by 40 basis points to 8.5% until March 31. The move is aimed at attracting more home buyers and boosting the bank's mortgage mojo as the Indian real estate market starts to recover.

FUNDING DEALS

Catch up on the Indian funding flows from the past 24hrs:

• Zetwerk, an Indian B2B manufacturing platform, has secured Rs. 100 crore in debt funding from Edelweiss to help meet the increasing demand for its services

• DAO EVTech, an Indian electric vehicle (EV) startup, is set to invest Rs. 100 crore in Tamil Nadu, signaling that the state's EV sector is charging ahead with growth and development.

• Off Duty, the Indian premium apparel and fashion brand, has secured Rs 4 crore in funding from Velocity.in, a prominent venture capital firm. With this investment, Off Duty plans to expand its product line and reach a wider audience.

WORLD

Headline Explorer

🚥 Apple greenlights AI-driven app. An AI chatbot-powered app called ‘BlueMail’ has reportedly received Apple's approval, after its developer provided assurances regarding the software’s capacity for content moderation. This comes after recent concerns over ChatGPT, with some users complaining of inappropriate content generation.

🥾 Zoom boots president ‘without cause’. After laying off 1,300 employees last year, Zoom Video Communications has now fired its president, Greg Tomb, "without cause," in a move that has left many questioning the video conferencing company's future. A few weeks ago, Zoom also disclosed its intention to lay off 15% of its staff. 

🚪 America slams trade door on the UK. The Biden administration has reportedly rebuffed requests from Britain to develop an advanced trade and technology dialogue, citing concerns about angering European partners and the UK's diminished status outside the EU post-Brexit.

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