Crypto industry asks for tax relief in Budget 2026; India Inc seeks reforms to spur consumption

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How will Prism stack up against Google’s multi-agent system, known as the AI co-scientist, and Anthropic’s Claude models for life science research remains to be seen.

Meanwhile, Microsoft introduced the Maia 200, a bespoke AI accelerator designed to improve the performance and cost of running large-scale AI models within its Azure cloud. Here’s a YourStory explainer on the evolution of custom AI chips.

In other AI-related news, Google is bringing AI-powered photo editing to more users globally, including India. The feature will help users fix photos with simple text commands instead of complicated editing tools, TechCrunch reported.

Elsewhere, instant messaging app Snap is moving the unit working on the development of augmented reality glasses under a subsidiary called Specs. Its launch comes at a time when Meta has become a frontrunner in the smart glasses market. 

ICYMI: Are wired earphones making a comeback?

Lastly, people suffering from migraines must have thought countless times what must be causing these instant, continuous headaches. Scientists and researchers are finally breaking some ground on that front. 

In today’s newsletter, we will talk about 

• Crypto industry asks for tax relief
• India Inc seeks reforms to spur consumption
• What’s on the table for gig workers?

Here’s your trivia for today: What traditional dish is served at the Wimbledon tournament?

Union Budget

Crypto industry asks for tax relief

India's crypto and blockchain debate is no longer about whether innovation should be allowed, but whether policy can keep domestic capital, liquidity, and enterprise adoption onshore.

With India now home to over 100 million crypto users—the fastest-growing user base globally—industry stakeholders are calling for fundamental reforms to taxation, regulatory architecture, and compliance frameworks, arguing that these would position the country as a leader in the compliant crypto finance space.

Key demands:

• The crux of industry frustration centres on India's 2022 VDA tax framework. “...the current tax framework presents challenges for retail participants by taxing transactions without recognising losses, creating friction rather than fairness,” says Ashish Singhal, Co-founder of CoinSwitch.
• Singhal proposes specific interventions: “A reduction in TDS on VDA transactions from 1% to 0.01% could improve liquidity, ease compliance, and enhance transparency while preserving transaction traceability.” 
• "The industry also hopes for clarity on the classification of crypto assets and a forward-looking regulatory framework that differentiates between speculative trading and genuine blockchain-based innovation such as tokenisation, decentralised finance, and Web3 infrastructure," says Sathvik Vishwanath of Unocoin.

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Union Budget

India Inc seeks reforms to spur consumption

The recent overhaul in GST rates—dubbed a “Diwali gift” by the Finance Minister—which reduced prices of essential items, shored up India’s consumption in the latter half of the year. 

With the Union Budget just around the corner, consumers, retail businesses, and D2C brands are hoping for more announcements to fuel the consumption story further. Besides stimulus and tax benefits, India Inc is also seeking structural reforms to spur demand and consumption. 

Supply and demand:

• Rural India requires deep-rooted structural reforms, such as investments in local industries, skilling, and infrastructure that create sustainable livelihoods, which in turn lead to increased consumption.
• Businesses are also calling for sustained and stronger implementation of schemes such as MGNREGA and PM Kisan, as well as continued investment in rural infrastructure under Pradhan Mantri Gram Sadak Yojana, to create steady income flows. 
• EY India flags that, while GST 2.0 helped rationalise tax rates, manufacturers are still trapped in a system where inputs and services are often taxed at 18% while finished goods sell at 5%.

Union Budget

What’s on the table for gig workers?

This year’s Budget comes at a moment when gig work has firmly entered mainstream economic and political discourse, driven by the rapid growth of quick commerce, rising worker unrest, and unionisation.

However, unions and labour experts broadly agree on one thing: Budget 2026 is likely to prioritise incremental welfare measures, such as insurance and access to credit, over much-needed implementation around social security, fair pay, labour rights, and platform accountability.

News & updates

• Silver linings: Starbucks reported a bigger-than-expected rise in Q1 comparable sales, as demand in the US saw an uptick after nearly two years. The turnaround comes as early signs of success of CEO ‌Brian Niccol's efforts.
• AI boom: Dutch chip giant ASML said that orders smashed past expectations. Its 2026 sales guidance was also ahead of analyst estimates as the AI boom supports its growth. The company said it was going to cut jobs that would result in a net reduction of around 1,700 positions, mostly in the Netherlands.
• Job cuts: Amazon is laying off 16,000 employees, the company’s second round of large-scale job reductions in three months, as it fights to improve its standing in the battle for AI supremacy. In a blog post, Amazon said it needed to reduce red tape to increase its decision-making speed.

What traditional dish is served at the Wimbledon tournament?

Answer: Strawberries and cream

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