Winners of the new tax regime; Mixed reality skilling for industrial workforce

Hello,

It’s a fine day for a few familiar businesses to have another stroll around the block. 

WeWork’s Indian franchisee is taking the opportunity to dip its feet into the IPO market. The Embassy Group-promoted firm's IPO is entirely an Offer for Sale of up to 4.37 crore equity shares, according to draft papers filed with SEBI.

Indian shoppers might also see an old fast fashion app return to the fray, albeit with a few caveats. Reliance Retail has launched an app in India to sell apparel from Shein under a licensing deal, almost five years since the app was banned in the country. 

This does come with some conditions, including the requirement that all platform data be stored locally, with no access or ownership by SHEIN, and full compliance with Indian laws. 

With any luck, this may just be Shein’s second chance at capturing its Gen Z and millennial base back from rivals like Ajio and Myntra. 

Meanwhile, this year’s Grammys might see two of the biggest pop idols in the world duke it out for the crown. Taylor Swift and Beyonce are set to go head-to-head for the album of the year award, for The Tortured Poets Department and Cowboy Carter, respectively. 

Will the Diva take home the glory, or will there be Bad Blood? Let the clash begin. 

In today’s newsletter, we will talk about 

• Winners of the new tax regime
• Mixed reality skilling for industrial workforce

Here’s your trivia for today: The bulk of the wine industry's corks come from what country?

Union Budget

Winners of the new tax regime

The last part of the Union Budget 2025 was something that the salaried class waited for—an Income Tax relief that exempts people who earn up to Rs 12.75 lakh per annum from paying any income tax from the upcoming fiscal. 

While this was cheered on by many, it looks like the new rates under the new tax regime may not be for everyone. So who is really set to make the most out of the regime intended to put money in the hands of the middle class?

Pros and cons:

• The new tax regime, which is likely to replace the old tax regime, does not allow any exemption on investment. However, this offers lower tax rates to a large number of people. 
• Anyone who earns more than Rs 12.75 lakh per annum will have to pay personal income tax. However, this also depends on the exemptions they have, including their house rent and housing loans, according to Sarthak Prashar, Associate Director, Grant Thornton Bharat.
• HNIs may not find the new tax regime attractive, as the old one may help them save more taxes, owing to deductions. For example, someone who earns Rs 1.5 crore a year may now have to pay taxes of around Rs 48.52 lakh per annum under the new regime, with standard deductions and 80C exemptions.

Startup

Mixed reality skilling for industrial workforce

As the manufacturing sector in India and globally continues to grow, the need for a skilled workforce has become more crucial than ever. A well-trained workforce ensures operational reliability, thus minimising errors and downtime in critical processes. 

Bengaluru-based skilling startup Cusmat is trying to ensure this by helping the industrial workforce—especially blue-collared workers—understand their jobs better and upskill themselves through cutting-edge technology. 

AI-powered training:

• Cusmat’s AI-powered training platform uses technologies such as augmented reality (AR), virtual reality (VR), and mixed reality (MR) to deliver skilling solutions for operational roles in enterprises and give actionable insights to trainers on the skills gaps in the workforce. 
• Cusmat offers enterprises a subscription-based model, providing them access to its training platform and AI agent. The pricing varies regionally, with India being in the middle of the maturity curve for this product segment, according to co-founder Abhinav Ayan.
• It has 56 enterprise customers currently, 48 in India, 8 across APAC & GCC. It operates across sectors like Manufacturing - FMCG, Steel, Packaging - Bottling operators, Mining, Logistics, etc. Some of its clients include Schneider Electric, Coca-Cola, Tata Steel, DTDC and DHL.

News & updates

• Step down: Porsche's supervisory board has started talks to end finance chief Lutz Meschke's and sales executive Detlev von Platen's contracts early, the German luxury carmaker said in a statement late on Saturday, as it struggles to boost flagging earnings and weak sales in China.
• Discussions: Morgan Stanley hosted a meeting with senior executives from social-media platform X and about two dozen investment firms on Friday as part of its effort to sell $3 billion of the company’s outstanding debt, according to people with knowledge of the matter.
• Trade wars: Donald Trump issued an executive order applying additional tariffs of 25% to all imports from Canada and Mexico, with the exception of Canadian oil and energy products, which will face a 10% levy. Imports from China will face a 10% tariff over and above existing US tariffs.

The bulk of the wine industry's corks come from what country?

Answer: Portugal.

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