Pvt players will benefit: Workers federation leader slams electricity bill

The Electricity Amendment Bill 2022 tabled in Parliament in August will benefit private players and hurt common citizens, a senior functionary of an employees' outfit said on Saturday. Mohan Sharma, national general secretary of All India Federation of Electricity Employees, said the Bill will stop power subsidy to famers and common consumers. "While private companies will supply electricity to commercial consumers, the government distribution companies will suffer losses by providing subsidised electricity to farmers and common consumers. As a result, state-run power firms will become loss-making companies," he claimed. The Bill, which was introduced in the Lok Sabha on August 8, was referred for scrutiny to the Parliamentary Standing Committee on Energy on the same day. A few days ago, Union Power Minister RK Singh had told PTI "we hope we will be able to bring the Electricity Amendment Bill 2022 for consideration and passage in the Winter Session of Parliament".

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IRDAI to mandate dematerialisation of new insurance policies by year end

The Insurance Regulatory and Development Authority of India (IRDAI) has mandated the dematerialisation of new insurance policies by December 2022 aiming at increasing customer convenience. In addition, the regulatory body has asked the insurance companies to dematerialise the existing and old insurance policies. The deadline for it is set as December 2023, reported Live Mint.

Dematerialisation, or “Demat,” is the transformation of a portfolio of insurance policies from paper form to digital form. The modifiable online format of the policies allows the policyholder to store them in an electronic form with an insurance repository.

The IRDAI is mandating dematerialisation so that a person no longer has to indulge in paperwork, in instances such as renewal or transaction, the report added.

To make the transition smoother, the IRDAI has also made eKYC mandatory for all insurance policies, starting from November 1, 2022. By doing this, the insurance regulator is aiming at speeding up the process to abide by the deadline which is the end of this calendar year.

Talking about the benefits of the initiative, Vijay Gupta, senior vice president, National Database Management Limited (NDML), in an interview with Live Mint, said, “The new proposal seeks to make the electronic issuance through EIA universal so as to provide benefits of digital and consolidated access of all policies to all insured and their nominees. This is also expected to bring significant benefits of automating the insurance issuance and servicing aspects.”

To dematerialise the policies, users can opt for National Securities Depository Limited (NSDL), Central Depository Services Limited (CDSL), or Karvya, as per the sources cited by Outlook.

“We expect IRDAI to soon release a circular on this move. All expected keyholders have agreed to this. This would make the insurance process very convenient for the customers. So far, it has not happened due to operational challenges,” said a senior industry official.

The initiative was taken up by the IRDAI a few years back. However, it did not gain momentum due to multiple challenges, including the fact that the associated cost for insurers outweighed the customer convenience that the transition offered. Now, the insurance regulator is reviving the idea and is reported to have mandated the process across all insurance providers and policyholders.

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United States International DFC to invest Rs 299 crore in Indian businesses

The US International Development Finance Corporation (DFC) recently announced that the institution will support key sectors in India by investing a capital of $37.5 million, which roughly converts to Rs 299 crores. The investment is expected to fuel the growth of businesses working in sectors like financial services, agriculture, healthcare, and climate.

The US International DFC is a financial institution that channels capital in developing nations. Announcing the allocation of equity and investment funds in the current quarter, the DFC stated that the agency approved 16 new projects, with the total capital totaling to $1.6 billion. These investments will be received by various projects in the form of political risk insurance products and debt financing instruments as well.

The mobilisation of the private sector investment by DFC, the corporation is aiming at helping communities across the globe that are impacted by various issues that are compounding into a crisis. One of the most glaring issues mentioned is Russia’s war against Ukraine, which is limiting access to energy and is inducing food insecurity.

Talking about the $1.6 billion dollar investment, DFC CEO, Scott Nathan, in a statement, said, “The DFC transactions approved this quarter will support priority sectors for development and economic growth, including food security, energy security, climate solutions, and small business growth and recovery.”

In addition to the mentioned sectors, DFC investments will also focus on gender equity and financial inclusion. It will also help in boosting the growth and connectivity in “priority regions including Eastern Europe and Latin America and across strategic sectors like energy, critical minerals, digital connectivity, and shipping and logistics.”

Apart from the $37.5 million investment in India, the DFC has also allocated $100 million debt investment in the Gigaton Empowerment Fund, primarily focusing on SMEs in Asia and Africa to build climate-friendly solutions to increasing demand for energy. $55 million will go to Finanzauto S.A, Colombia, for boosting vehicle access in the area. The largest chunk of the investment, $400 million, is channelised towards energy diversification efforts in Moldova.

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Job alert! Myntra to hire 16,000 workers for delivery, warehouse handling and Logistics

Myntra is here with its biggest hiring, in any festive season, so far. The online fashion arm of Flipkart is creating over 16,000 jobs for roles in delivery, logistics and warehouse handling, according to a report by The Economic Times. Myntra’s chief human resource officer, Nupur Nagpal stated that 10,000 of these jobs will be direct employment opportunities (including 1,000 in contact centres) and 6,000 indirect. The organisation had provided around 11,000 employment opportunities, during the same period, last year.

The job positions for which Myntra will kickstart the hiring process, this festive season, including its upcoming Big Fashion Festival (BFF), comprises sorting, packing, picking, loading, unloading, delivery, and return inspection along with cargo fleet management. Reportedly, more than 6,000 brands will be part of Myntra’s BFF, which is a 50 per cent increase from last year.

During the festive season, last year, Myntra hired 11,000 people, of which 7,000 were for direct jobs. According to Nagpal, the expected demand will most likely be more around this time as the festive period will be celebrated in all its glory after two years.

Going by the report, around half of the supply chain management staff from the current new batch will remain on board and will continue working. Whereas, the contact centre staff will continue till their contractual period.

This is not it, Myntra has also added a new incentive – customer service champion-for last-mile delivery partners to recognise delivery personnel with a maximum number of ‘five’ ratings from customers for their service.

Meanwhile, Myntra sold 50 lakh items on day one of its flagship bi-annual “End of Reason Sale” (EORS) that was held earlier this year, from 11 June to 16 June. The online retailer reported a remarkable growth of 70 per cent in traffic during the EORS as compared to regular days. The Flipkart-owned company has also created 27,500 third-party employment opportunities ahead of the EORS sale, in the month of June.

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How FMCG brands leveraging data for targeting in a cookie-less world

Data has always been used to run well-oiled marketing campaigns. The shift towards online shopping, e-commerce and social media instantly generated far more data than earlier, with apps and websites freely tracking customers’ online behaviour. Digital marketing leverages such data to determine new product launches, market trends, swings in customer behaviour, and so on. With concerns on privacy rising, regulatory control has queered the pitch for marketers, more so in the FMCG sector that needs to make quick changes to adapt to market requirements.

Top internet browser Google has announced that it will end third-party cookies from Chrome by 2023. Apple’s Safari and Mozilla’s Firefox browsers have enabled users to opt-out of ad tracking cookies. Globally too, nations have taken action to protect online privacy. Collection and sharing of personal information to third parties without prior consent of consumers is under the scanner. According to UNCTAD, 137 out of 194 countries had put in place legislation to secure the protection of data and privacy. The stringent 2018 General Data Protection Regulation in Europe, the California Consumer Privacy Act of 2020, Singapore’s Personal Data Protection Act, and so on, are some examples of such global laws. In India, a revised Data Protection Bill is slated to be moved in Parliament in the winter session. With such a clampdown, advertisers and marketers must evolve new ways to get consumer data, and also act on it without defying privacy principles.

In a recent survey by Boston Consulting Group and LinkedIn, 39 per cent of marketers claimed their campaigns had been impacted due to the changes, and 56 per cent expected to see a worsening impact over the year. Marketers are thus scrambling to put in place data management strategies that are in compliance with privacy norms.

To truly capture the customer’s attention, brands need to understand they cannot proceed with a one-size-fits-all, mass-blast strategies. With such high growth forecasts for digital campaigns, it’s important to tread carefully. Marketers should invest in specific technologies to customize engagement. Sustained campaigns must be initiated to attract and retain customers.

Studying consumer behaviour in a cookieless world

In the past intrusive, repetitive, and mass blast campaigns were disliked by customers, and that gave rise to the need for privacy. But customers do expect personalized and relevant interactions from their favourite brands. Therefore, it is now becoming important to meaningfully interact with the customers rather than simply transact with them. Once a personalized campaign sets in, customers can also become potential brand advocates. The way millions of consumers globally engage with the brand through the Kellogg’s Family Rewards program is an example of fine customer engagement through data collection.

To identify market and distribution opportunities, many companies are investing in marketing command centres called Sixth Sense to create Identity Solutions.

To create value for the business and the consumer, it’s important to invest in first-party data. For the FMCG sector, it’s important to move to first-party data for better accuracy, relevance and ROI. When the data exchange is contextual and meaningful, customers will happily share data. Such information then must be catalogued, stored, and used in line with privacy regulations. For that, you need to build advanced analytics, and use them wisely, for contextual targeting. A road traffic alert on a route you are likely to take, for instance, is contextual information that anyone would look forward to receiving. It’s also important to steer clear of intrusive campaigns or too much of unwarranted familiarity. For example, showing Facebook pictures for identity is likely to annoy customers. Brands can use Artificial Intelligence (AI), Machine Learning (ML), location intelligence, and so on, to drive relevant campaigns that engage consumers, like sending information of a sale happening nearby, or a new store opening.

Marketers can also create value by investing in measurement tools that to track changes in business outcomes in different markets, and advanced marketing-mix models that employ granular customer insights for better results. Building strong, trust-based customer dialogues will hold the key to a more effective data strategy in a cookie-less world. Chrome’s Privacy Sandbox for interest-based advertising (FLoC) or any other renditions of it, provides anonymity, while at the same time allows advertisers to use behavioural targeting at a segment level. It groups people with similar interests together. The new market strategies will respect privacy and at the same time will bring in more personalization into customer engagement.

There is a resurgence of panel-based measurement and extrapolation of behaviours to population, based on statistical principles. The behaviour from a panel can be studied with new age technologies of data capture from smart devices. The cookie-less future is already here.

The author is Founder and CEO, VTION Digital Analytics. Views are personal.

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India opts out of joining IPEF trade pillar, to wait for final contours

India to wait for final contours before formally associating with IPEF trade pillar, says Goyal

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Rajasthan govt set to launch job guarantee scheme for the urban poor

If a similar scheme were to be launched at the national level, several existing ones might have to be merged to provide fiscal room for it

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India's retail inflation likely rose in Aug, ending 3-month downtrend: Poll

Food inflation, which accounts for nearly half the consumer price index (CPI) basket, is expected to have soared as prices of essential crops like wheat, rice and pulses were driven higher

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After duty hike on some varieties, Centre bans broken rice exports

India exported around 1.8 MT broken rice between April-June

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India's rice export rates hit one-year peak on high demand from Bangladesh

Prices of rice exported from India held firm near their highest level in more than a year this week as demand from neighbouring Bangladesh remained strong

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What is design thinking and why is it important to decode how users think

Design thinking essentially helps a creative streamline their thought process and create a system that they can work with. It’s an extremely important process that every designer should apply to their skill set. As a creative, when you create a product or service for a client, understanding their needs should be a priority. In order to do so, you should be able to empathise with your audience and keep their emotions in mind. A design evokes feelings which encourage the customer to buy the product or service. Of course, functionality and practicality play an integral role as well, however the first look is where the emotion lies.

There are five main non-linear stages in design thinking — Empathising, Defining an Audience, Ideating, Prototyping and Testing. Once you clear all stages, you can come up with a core strategy for your client that is well-thought out, innovative and structured. Once you create a process for yourself that is based on the principles of design thinking, you can create a flow that starts to work for itself.

As a process, design thinking is applicable to all creatives, whether they work individually or with teams. Not only does it help streamline your workflow, it also helps you solve problems better when it comes to working with clients who are either seeking help for their product or service.

A process that takes into account both qualitative and quantitative data, design thinking creates a holistic approach to creating a problem-solving mechanism. It’s a “user first” thought process. Starting with vague ideas and then supporting them with data that is analysed well, as a creative you can understand both sides of the coin and support your solution with rational discoveries.

The stages mentioned below are non-linear and can be rearranged in order to reach the final outcome.

Empathising: This is the first step ideally to outline the user’s needs. This stage can be used as the starting point to help you start the process. Create a broad list of who your user is and what their needs are.

Defining the Audience: Once you have narrowed down the user’s needs, this stage helps you funnel the problems they are facing.

Ideating: Ideating can be considered as a brainstorming stage where you get creative to formulate solutions based on the data collected on the core user group. This stage should be discussed and researched at length. Once you make a mind map of what the solutions could be to the problems that need to be addressed, creative solutions can start to be the bridge between ideas and prototyping.

Prototyping: As the name suggests, this stage involves working on multiple iterations based on the ideas you have shortlisted, that need to be experimented with. Only then will this stage break away from following a certain roadmap, it’ll construct and reconstruct ideas and processes until an outcome is nailed-down.

Testing: This is a very interesting and feedback-based stage where you don’t just collect quantitative data based on the user’s reaction, you also receive feedback as to what the user thinks about the solution. Users are an integral part of the process, they help you understand the main “why” which the entire process is based on. Using the feedback received from the testing stage, creatives can go back to the drawing board to better formulate their theory.

Design thinking is a simple approach that can help creatives develop a strategy that solidifies their thought process. Being a multi-staged process, you can break down your actions and take control of the solution you intend on offering the user.

Keeping the user and their problems at the centre, you need to conceptualise, create prototypes and finally actualise. This creative approach will not just help you understand how users think and behave, it’ll also help you stand outside the box and think in a non-linear manner to come up with multi-faceted solutions.

The author is a graphic designer and writer. Views are personal.

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India restricts rice exports to increase domestic supplies, ease prices

India exports rice to more than 150 countries, and any reduction in its shipments would increase upward pressure on food prices

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Digital lending in the education sector: How financial barriers are fading

In a country of nearly 1.3 billion people with a significant young population, financial barriers mustn’t affect the hope of pursuing higher education. There are numerous reasons which stand in the way of easy financing of higher education for students in India. In fact, the education loan approval rate of major Public Sector Banks in India had shrunk to 24 per cent in 2020, despite having a steady accretive demand for student loans.

There are different reasons which make the process of getting a student loan from traditional institutions, onerous and at the same time daunting.

Firstly, meeting the eligibility criteria is a challenge and rejection rates are high due to many reasons, the most common being a lack of collateral, poor CIBIL or credit scores, inadequate earning capacity of the co-borrower, average academic performance of the applicant, and gaps in documentation. On top of that the process is convoluted for reasons like, student loans can be applied through only specific branches of the Public Sector banks, physical documentation and visits are involved and the whole process can stretch up to 3 months or more.   At the same time, the cost of higher education has increased in both domestic and international markets, thereby reemphasizing the need for education loans.

The new-age technologies have ushered in new possibilities, dissolving these barriers and ensuring that loan availability becomes more inclusive and accessible, empowering millions to realize their dreams.

Against this backdrop, some of the major advantages of digital education lending facilities are discussed as follows:

Easy and quick loan application and disbursal process

The loan application and disbursal of money through online procedures are faster and more efficient. There are no intermediaries or agents involved in the entire process. The approach adopted by new-age technology companies is entirely transparent and leaves little margin for error.

Eliminating the pressure on parents to be a co-applicant

Parents and guardians can be assured that they would no longer need to be a co-applicant or guarantor as far as the education loan is concerned. Digital lenders provide student loans by evaluating an applicant’s creditworthiness, course assessment, and future earning potential. They do not rely on the parent’s debt-repayment capability.

Flexible repayment options

Financial burdens are further reduced for the applicants with the help of flexible repayment options. This includes adequate moratorium, reduction of EMI, lower foreclosure charges, extended loan terms, and refinancing options.

Experts as counselors providing excellent after-disbursement services

This critical factor adds to the overall reliability of modern companies over conventional lenders. Besides having an excellent and transparent application and disbursement process (as discussed before), these organizations provide a wide range of after-disbursement services. For instance, visa assistance, tips for first-time overseas travelers, and counseling services are part of the relationship. Hence, the collaboration between students and lenders is not just based on a loan.

Providing funding of 100 per cent cost of education

Based on the creditworthiness and requirements of the students, companies today provide a wide range of loan offers that can cover up to 100 per cent of the finance requirements. The lenders take care of any financial worries that generally bother students during higher studies.

No requirements for collateral security

The need for a tangible asset to be kept as collateral for taking up education loans is not relevant in the context of these modern-age digital lenders. Loans and financial assistance are solely provided based on the creditworthiness and predictive analysis of the repayment capability of a student applicant.

Other critical deals

There can be a plethora of other deals, such as the provision of health and travel insurance and forex services which are critical for a student residing abroad for a considerable period. The digital lenders’ partnerships with reliable vendors in the respective domain, help students get the best possible offers that save money and cover a wide range of future obligations.

Going forward

Students have traditionally faced various challenges whilst availing of education loans and chances of obtaining loans for higher education has been relatively poor. Without proper guidance and transparency, students often were burdened with financial obligations that affected their study-related targets.

However, with the emergence of cutting-edge technology lenders, student loans are becoming more accessible. The loan disbursement has become infinitely more flexible and transparent than ever before. The opportunity to choose the right financial partner to avail the student loan from, is opening up a broad spectrum of possibilities for Indian students to pursue their higher education dreams from an institution of their choice.

The author is founder of Kuhoo Fintech. Views are personal.

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LIC announces New Pension Plus plan; all you need to know about term, premium and more

The Life Insurance Corporation of India (LIC) has introduced its ‘New Pension Plus’ plan. The plan, which went into effect from 5 September, can be purchased either as a single premium or regular premium policy. Under the regular premium policy, the premium will be payable over the duration of the New Pension Plus plan. According to LIC, the non-participating, unit-linked, individual pension plan can either be purchased through agents/intermediaries or through the company’s website- www.licindia.in.

The state-owned insurance company revealed the details of the plan through its Twitter handle. According to LIC, the plan will help “build a corpus by systematic and disciplined savings which can be converted into regular income by purchase of an annuity plan on completion of term.”

As per LIC, the partial withdrawal of units is allowed after five years. The policyholder must be between 25 and 75 years of age to avail the benefits. The minimum policy term is 10 years, while the maximum is 42 years.

The guaranteed additions offered by LIC shall be payable up to 5 percent on single premium on completion of a policy year. For regular premium, the guaranteed addition ranges from 5 to 15 percent.

View the tweet here:

LIC of India introduced a new plan ‘LIC’s New Pension Plus’ with effect from 05.09.2022 #LIC #NewPensionPlus pic.twitter.com/6vcT6JNsBr

— LIC India Forever (@LICIndiaForever) September 6, 2022

The policyholder will have four funds to choose from when investing the amount. Each premium by the policyholder will be subject to a Premium Allocation Charge. Four free switches for change of funds in a policy year can be availed by the holder.

The New Pension Plus plan will allow policyholders to choose the amount of premium they have to pay and the policy term, provided their choice is subject to vesting age, policy term and the minimum and maximum limits of the premium. An option to extend the accumulation/deferment period on the same policy, with the same terms and conditions applicable as the original policy will be provided (under certain conditions).

The Net Asset Value (NAV) will be based on fund management charge of each fund type as well as on investment performance. It will be computed on a daily basis.

For more details, you can visit the website of LIC.

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India's online festive sales to register 28% increase to hit $11.8 bn

The festive month is generally defined as a period starting from the first sales event and lasting roughly till Diwali week

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Why 'Make in India' in defence may be leaving India vulnerable to threats

India's air force, army, and navy can no longer import some critical weapons systems to replace aging ones, the officials said

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Innovation in the business of investing in India: An overview

Back in the day, it was common for our parents to rely on banking executives or a financial advisor, you know that family friend either an uncle or an aunty, to help them decide their investments. And the common investment suggestions were gold, real estate, fixed deposit, bonds, or pension schemes.

While keeping aside a few thousand rupees from the monthly income was a regular habit, investing it for wealth management wasn’t a priority. The lack of investment options, poor financial literacy, extensive paperwork, and limited access to investing firms were the top reasons.

Traditionally, wealth managers earned a nominal percentage of the investment amount as a commission. Now, if person A had ₹5,000 to invest and person B had ₹1,00,000 to invest, the wealth manager focused on advising the latter since there was a chance of earning a higher commission. As a result, a person with smaller savings had to wait until he accumulated a larger savings amount or invest in age-old investment products.

Additionally, assets like gold offered yearly returns of 2 per cent to 3 per cent, while inflation grew at 6 per cent. So, if you invested ₹500 in gold, at the end of a year, your wealth grew to ₹510, but inflation grew to ₹530. As a result, the value of your money is degraded.

To match the rate of inflation and manage wealth effectively, investors required better investment solutions. Fortunately, the scenario of the investing industry in India is rapidly changing, with technology and innovation leading the way forward.

New-age fintech firms disrupt the investment sector in India

Fintech startups are offering innovative, cost-effective services and enhanced customer experience to transform the way you invest. As more and more millennials join the investing wagon, here’s how the business of investing in India is changing.

Going digital and online

Traditionally, a lot of paperwork was involved in investing. But it is now simplified with apps and investing platforms digitising all paperwork, displaying product details on tabs, and providing customers with the tools to analyse their portfolio. As a result, there is more transparency, and it is easier for investors to monitor their investments.

Opportunity to start early and start small

Earlier, wealth management solutions involved high barriers to entry with an investor needing big-ticket investments. However, micro-investment platforms have fundamentally changed how the younger generation understands investments and simplified their entry into the investment ecosystem.

In fact, it is possible to start investing with as little as ₹500 per month. These platforms aim to help individuals realise the power of compounding and its impact on the amount of wealth one can generate by 60, provided they are consistent. Moreover, with offerings like spare change investing and daily deposits, these platforms encourage individuals to start early. The benefits of compounding increase dramatically if you are invested for long.

Moving away from traditional asset classes

When you plan to invest your savings, you are no longer limited to fixed deposits, gold, savings accounts etc. There are plenty of investment options for you to explore, including mutual funds, index mutual funds, commodities, structured debt, private equity, cryptocurrencies, exchange-traded funds, individual stocks, etc.

Wealth management firms and micro-investing platforms have moved beyond the run-of-the-mill to offer more sophisticated products. Investors can diversify their portfolios to fulfil financial goals.

Access to tools without a middleman

Increasing internet penetration and growing awareness have led to the birth of DIY platforms. The youth can invest and track their investments without interacting with an individual. They have complete control of their investment. Moreover, they can bring customisation as per requirement. The automated, algorithm-driven advisors evaluate the investor’s risk appetite, goals, and investment horizon to provide recommendations for asset allocation and portfolio management.

Ending notes

Five years ago, RBI’s report titled ‘Indian Household Finance Survey’ highlighted that 84% of India’s household wealth was held in real estate and other physical goods, 11 per cent in gold and the residual 5 per cent in financial assets. However, the scenario has changed as investors shift to financial savings from physical savings. During the financial year 2021-2022, the Demat account tally jumped 63% as per data provided by depositories. In uncertain times like these and emotional milestones, such as marriage, and parents’ retirement, more investors – both amateur and seasoned – are realising the value of investing. The new generation of investors is combining financial goals with ethical and life goals and searching for micro-investing options, bespoke offerings, and faster, more convenient, and seamless experiences.

The investing business in India is at the peak of a transformation. Its future looks bright, with micro-saving and micro-investing platforms giving investors the power to benefit from compounding returns and generating wealth for the fulfilment of financial goals.

The auhtor is founder and CEO of micro-investing and micro-savings app Deciml. Views are personal.

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GST wing of CBIC conducts tax inspections against insurance companies

A government source said the tax searches were about cases where the insurance companies had taken input tax credit in excess of what they are entitled to.

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Former RBI Guv suggests 10-year road map for privatisation of all PSBs

Former RBI governor D Subbarao has suggested that the government should come up with a 10-year road map for privatisation of all Public Sector Banks (PSBs) as it would provide much needed predictability to stakeholders. Subbarao further said that the big bang approach to privatisation of state-owned banks is not desirable but at the same time the issue should not be put on the back burner. "Ideally, we should have a road map, maybe over a 10 year timeframe, to privatise all PSBs. "That will give much needed predictability to all stakeholders," he told PTI. Meanwhile, Subbarao said the government should also be thinking about corporatisation of public sector banks so that they come within the umbrella of uniform RBI regulation. In the Union Budget for 2021-22, the government announced its intent to take up the privatisation of two PSBs in the year and approved a policy of strategic disinvestment of public sector enterprises. The government think-tank NITI Aayog has already suggest

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Mizoram to soon notify rules for processing local grapes for wine making

The Mizoram government will soon notify rules for processing locally grown grapes to make wine in the state, a minister said. The state council of ministers had recently approved the draft rules. Replying to a question from VL Zaithanzama of Zoram People's Movement (ZPM), Excise Minister K Beichhua told the assembly on Tuesday that the draft rules have been sent to the law department for vetting and would be notified soon. Excise duty will be charged on the locally processed grape wine, he said. Manufacture and sale of wine from grapes grown outside the state would not be allowed under the rules, the minister said. The state cabinet had allowed manufacture and sale of wine from fresh grapes harvested locally by farmers under a liquor prohibition law. The decision was taken months after grape growers' society in east Mizoram's Champhai district protested against the seizure of locally brewed grape wine. The farmers' body demanded legislation for the manufacture of grape wine. An

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India aspiring to take international trade to $2 trn by 2030: Piyush Goyal

India's goods and services exports have already crossed USD 675 billion in last fiscal year and the country is now aspiring to take international trade to USD 2 trillion by 2030, Commerce and Industry Minister Piyush Goyal has said. Interacting with faculty, researchers, and students at the Stanford University here, Goyal also said by the time India would celebrate the 100th anniversary of its independence, it would be a USD 30 trillion economy. "...by 2047-2050 period, when India would be completing 100 years of Independence, we will be at least a USD 30 trillion economy on a business as usual scenario and possibly a USD 35-45 trillion economy if some of the aggressive plans that the government is putting together work well. That's the kind of opportunity that I bring to the table, Goyal said. India, with a GDP of USD 3.3 trillion, is currently the fifth largest economy in the world only behind the US, China, Japan and Germany. A decade back, India was ranked 11th among the large

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US, EU demand slowdown, global uncertainties impacting India's exports

Subdued demand from developed countries and blocs like the US and EU is impacting exports of key sectors including engineering, gems and jewellery and may have implications on India's exports in case the global situation does not improve in coming months. Global inflation, Russia-Ukraine war, simmering China-Taiwan crisis and supply disruptions are hurting economic growth worldwide, leading to poor demand, experts say. The world merchandise trade volume is expected to grow 3 per cent in 2022 against the earlier forecast of 4.7 per cent, mainly due to the ongoing war between Russia and Ukraine, according to the World Trade Organization forecast, released in April. Organisation for Economic Cooperation and Development (OECD), a grouping of developed nations, has stated that G-20 merchandise trade growth has slowed markedly in value terms in second quarter of 2022 (April-June). Exporters are keeping their fingers crossed over the country's exports growth and are hopeful that the ...

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FSSAI suspends 16 licences for non-compliance with calorie count order

The FSSAI has suspended the licenses of 16 food business operators for not complying with the regulator's latest norms

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India inflation rate likely rose to 6.9% in August, says Deutsche Bank

The risks to food inflation persist with negative seasonality kicking in for the September-November period, the bank said

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Private players dominate external debt growth amid economic recovery

External borrowings up 8.2% overall in FY22; private debt accounts for 60%, against 29% a year ago

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Stuck payment, discount: China puts Indian hair exporters in tough position

Chinese buyers, who account for 80 per cent of Indian hair exports, are asking exporters to ship hair at a discount of 40 per cent

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Indian pharma industry eyes South American market, seeks greater access

As Global pharma majors are exiting South America post Covid, the Pharmaceuticals Export Promotion Council of India (Pharmexcil) is looking to promote Indian pharmaceutical exports in the LAC

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Should you bank with the so-called neobanks?

Recent years have seen a rise in the popularity of neobanks. In a country where fintech is growing rapidly, Neobank stands out as a key player. The growing popularity of fintech products can be attributed to their convenience, 24/7 service of money transfer, and ability to fill in the gaps left by traditional banks.

So what exactly are neobanks?

Some people use the words neobanks and digital banks interchangeably, but the fact is they aren’t the same. Neobanks are digital banks completely providing their services online whereas digital banks are an extension of traditional banks used to expand their services.

A neobank offers banking services such as payments, debit cards, money transfers, and lending. Their products and services are seamless, and they provide excellent customer service.

Should you be using neobanks?

When you become a neobank user, you can take advantage of many benefits. Neobanks make opening an account hassle-free and very convenient, right from the initial process of opening a bank account. You can do it in the comfort of your home, you don’t have to physically go to a brick-and-mortar bank and fill up forms and do the whole procedure, with neobank it’s just a few clicks and you’re done.

Neobanks are extremely customer-oriented and more transparent as compared to traditional banks. Neobanks provide you with a better view of your financials which can help you plan your investments better.

Some neobanks are AI-driven which helps you manage your money better. AI helps with providing you with your financial history, and credit score based on your payment patterns, neobank chatbots help you solve your queries within seconds, unlike traditional customer service which took hours if not days.

In India, neobanks are emerging in collaboration with traditional banks. Fintechs are using the latest technological advancements and trying to inculcate the average Indian family–who lacks the exposure and opportunity to avail of financial services. Neofam for example is striving to provide a solution to the under-served class. We aim to achieve this using interactive technology and existing networks to strike the right balance for the user. This further enables us to provide all banking products and services to the underprivileged and deprived segment of the society to reduce their unnecessary financial hardships.

Neobank applications provide a variety of services to its user like:

• Easy and trustworthy fund transfer between members of the family.
• Voice search and recognition.
• Petty cash savings.
• Easy bill payments.
• Starting a gold journey by buying and selling gold.

These services are provided to make the banking procedure as convenient as it can be for users which is the main focus of all neo banks.

So undoubtedly neobanks are game-changers introduced by the fintech industry which will change the dynamics of the financial industry across the globe. Also, with the growing tech-savvy population neobanks might just be the revolution the banking system was long due.

But there are certain cons of neobanks as well in comparison to traditional banks. The first and worst drawback is the trust component that comes with traditional banks. Traditional brick-and-mortar banks have existed for a long time and thus, they have a legacy and goodwill which makes customers trust them.

Neobanks are still growing and developing to make a name for themselves and so it’ll take some time for them to gain the same trust from customers as they have for traditional banks.

Also, currently, neobanks are also not fully chartered and licensed by the government to full-fledged work on their own as a separate entity they have to be backed by a traditional bank.

The bottom line is like everything even neobanks have certain cons and limitations but at the end of the day, it is diversifying the banking system and provide customers with a better banking experience.

The author is Chief Executive Officer and Founder of Neofam, a neobanking platform. Views are personal.

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Govt won't sponsor roads sector InvITs; plans to bring retail investment

InvITs are collective investment vehicles that allow direct investments from individual and institutional investors in infrastructure projects, and give them a small portion of the income in returns

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FSSAI sends notices to eateries for not complying with calorie count order

The last date for restaurants to comply with these norms was January 1, 2022, but it was later extended to July 1

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Public sector banks to open 316 branches in financial inclusion drive

Brick and mortar branches to be opened by December 2022; progress was shared in PSB review

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Indian railways earn Rs 844 cr in 3 months from e-auction of assets

The railways has earned Rs 844 crore in the last three months, since it brought its commercial earning and non-fare revenue contracts online, with contracts for advertisement on its premises, for parking lots, leasing parcel space and pay-and-use toilets emerging as the top revenue-generating assets. In a boost for small entrepreneurs and start-ups, Railway Minister Ashwini Vaishnaw had launched e-auction for commercial earnings in June, a project enabling a quick finalisation of contracts and a quick re-award in case of failure of any contract. With the bidding process being online, there is no geographical restriction on the bidders and applicants for registration and participation in any e-auction throughout the Indian Railways. Also, the Railway Ministry has relaxed the eligibility criteria. "This e-auction portal has increased the railways' earnings and helped in realisation of the true value of the assets. Since the launch of the e-auction portal for commercial assets, auction

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UP govt to formulate township policy before global investor summit

The proposed policy is likely to be ready by month-end to ensure its implementation before the mega UP global investor summit in January 2023.

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Jakson Group eyeing green hydrogen projects in India, West Asia and North Africa

Jakson Group is planning to build green hydrogen projects in India, North Africa and West Asia. The projects will be driven by Jakson Green Pvt. Ltd., the company’s clean energy arm. Jakson Group is also looking for potential partners in the regions for its overseas projects. The details about the energy and infrastructure company’s plans were revealed by chairman and managing director Sameer Gupta in an interview to Mint. “The intention is not only to look for solar EPC (engineering, procurement and construction) projects, but also for hydrogen and ammonia projects both in India and MENA (Middle East and North Africa) region. To explore the opportunities, we have also opened our offices in Dubai and Johannesburg,” Sameer Gupta said.

Jakson Group is also in talks with some states regarding green hydrogen projects in India. The company is also aiming for acquisitions and strategic partnerships in “futuristic endeavours” like fuel cells, batteries and electrolyzers. “Either we will have acquisitions or strategic partnerships, where both companies will financially participate…we are looking at long term relationships”, Sameer Gupta added. Jakson Group is also looking to scale up its solar module manufacturing capacity from 600 MW at present to 1 GW by December 2022.

The regions of West Asia and North Africa have seen much interest from investors due to their potential as leading suppliers of green hydrogen. Many homegrown renewable energy companies, such as ReNew Power are looking to set up projects in the regions.

Jakson Group was in the news recently as Viresecent Infrastructure was in talks to acquire 100 MW of its solar power portfolio for about Rs 400 crore. According to a Mint report, the discussions were in an advanced stage and would close in a few months. The portfolio includes three operational solar projects, one each in Haryana, Rajasthan and Uttar Pradesh. The projects have long-term purchase agreements for 25 years with the Uttar Pradesh Power Corporation Limited as well as NTPC Vidyut Vyapar Nigam Limited.

Virescent Infrastructure, which operates the Virescent Renewable Energy Trust (VRET), is also looking to collaborate with Jakson Group in other areas as well.

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PMI services expands to 57.2 in Aug on better demand, easing cost pressures

Driven by strong growth in services and manufacturing activity, Asia's third-largest economy expanded at its fastest annual pace in a year during the April-to-June quarter

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EPFO calls for increasing retirement age to ease pressure on pension funds

The EPFO has almost 60 million subscribers and it has a cumulative pension and provident fund corpus of more than Rs 12 trillion

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Revving exports to US keeps India in race to be next China amid Covid curbs

Sea-borne shipments of festival goods and accessories to America touched $20 million last month, almost triple the value from the year-ago period

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Railways' freight revenue up 19% in Aug, earns Rs 66,658 cr during FY23

Coal freight revenue rose 42 per cent despite rains, floods during August

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India's external debt of $620-bn is 'sustainable': Finance Ministry report

India's external debt of $620.7 billion, as at end of March 2022, is sustainable and is being managed in a prudent manner, the Department of Economic Affairs, under the Union Finance Ministry, said

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PSU banks to open about 300 branches in unbanked areas by Dec 2022: Report

As part of the financial inclusion drive, public sector banks will open about 300 brick-and-mortar branches in the unbanked areas of various states by December 2022. These new branches will cover all remaining unbanked villages with a population of more than 3,000, according to sources. A Maximum number of 95 branches will be opened in Rajasthan followed by 54 in Madhya Pradesh. The public sector banks will open 38 branches in Gujarat, 33 in Maharashtra, 32 in Jharkhand and 31 in Uttar Pradesh. The progress with regard to the opening of branches in the rural areas was reviewed in the recent meeting of heads of public sector banks with the Financial Services Secretary last month. Banks have been asked to open branches at allocated locations by the respective State Level Bankers' Committee (SLBC) by December 2022, the sources said. Bank of Baroda will open 76 branches, while State Bank of India will establish 60 branches. Financial Inclusion is a national priority of the governmen

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Indore to soon start working 24X7 to facilitate IT, BPO sectors, start-ups

The Indore district administration in Madhya Pradesh is all set to open round-the-clock working activities in areas around the Bus Rapid Transit System (BRTS) corridors to attract investment especially in the Information Technology sector, an official said. Efforts are being made to start this within a week, he said. Local administration held a meeting with police officials, business establishments and elected representatives on Saturday in Indore to discuss the roadmap for opening of such activities in certain areas of the state's biggest city. After the meeting, Indore Collector Manish Singh told reporters that Chief Minister Shivraj Singh Chouhan had in a workshop announced to make Indore the start-up capital of the state. "It was suggested to open round-the-clock working not only to support IT companies, Business Process Outsourcing (BPO) establishments, but also to strengthen the city economy. The CM had issued directives to work in this direction, he said. The issue was dela

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Q1 GDP growth below expectation, cause for concern: Ex-RBI guv Subbarao

India's GDP growth of 13.5 per cent in the April-June quarter of 2022-23 has turned out be a cause for 'disappointment and concern', as there was expectation of a bigger bounce back from the first quarter of last year when economic activity was crippled by the Delta wave of COVID-19, former RBI governor D Subbarao said on Sunday. Subbarao added that risk factors for the country's growth outlook in the short term include high commodity prices, possibility of a global recession, monetary tightening by the RBI and an uneven monsoon that could threaten crop output, especially of rice. "The economy clocked growth of 13.5 per cent in the first quarter (April-June) of this fiscal year which would have been cause for celebration in any other circumstance. "In the event, it's turned out be a cause for disappointment and even concern," he told PTI in an interview. India's economy expanded 13.5 per cent in the April-June quarter, the quickest pace in a year. As per the RBI's estimates, the ..

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China missing among nations driving India's foreign fund inflows

Foreign direct investment (FDI) into India stood at $58.8 billion in 2021-22 with Singapore and the US being the top two major contributors among the list of 15 nations

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Exports remain flat in August; trade deficit more than doubled to 28.68 billion: Commerce Ministry

New Delhi: India’s exports contracted by 1.15 per cent to USD 33 billion and trade deficit more than doubled to 28.68 billion in August, a preliminary data released by the commerce ministry said on Saturday.

Trade deficit in August 2021 stood at 11.71 billion.

Imports rose by 37 per cent to USD 61.68 billion in August this year.

Commerce secretary B V R Subrahmanyam, however, said that the country’s overall exports are expected to cross USD 450 billion during the current fiscal.

“In goods exports, we will be crossing USD 450 billion this fiscal,” Subrahmanyam said.

During April-August 2022-23, exports registered a growth of 17.12 per cent to USD 192.59 billion. Imports during the five-month period of this fiscal grew by 45.64 per cent to USD 317.81 billion.

Trade deficit widened to 125.22 billion in April-August this fiscal as against USD 53.78 billion in the same period last year.

Oil imports in August jumped by 86.44 per cent to USD 17.6 billion. However, gold imports dipped by 47.54 per cent to USD 3.51 billion, the data showed.

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Exports remain flat at $33 bn in August; trade deficit widens to $28.68 bn

India's exports contracted by 1.15 per cent to USD 33 billion and trade deficit more than doubled to 28.68 billion in August, a preliminary data released by the commerce ministry said on Saturday. Trade deficit in August 2021 stood at 11.71 billion. Imports rose by 37 per cent to USD 61.68 billion in August this year. Commerce secretary B V R Subrahmanyam, however, said that the country's overall exports are expected to cross USD 450 billion during the current fiscal. "In goods exports, we will be crossing USD 450 billion this fiscal," Subrahmanyam said. During April-August 2022-23, exports registered a growth of 17.12 per cent to USD 192.59 billion. Imports during the five-month period of this fiscal grew by 45.64 per cent to USD 317.81 billion. Trade deficit widened to 125.22 billion in April-August this fiscal as against USD 53.78 billion in the same period last year. Oil imports in August jumped by 86.44 per cent to USD 17.6 billion. However, gold imports dipped by 47.54 per

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India is likely to become third largest economy by 2029: SBI report

As per the SBI report, India had surpassed the UK as the fifth largest economy as early as December 2021 itself

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Paddy sowing over in 97% normal area till Sept 2, cloud over final output

For all the kharif crops, the acreage, as on September 2, was around 106.92 mha - just 1.27% lower than last year

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What is Active Pharmaceutical Ingredient and why is it essential for drug manufacturing?

Active Pharmaceutical Ingredients or APIs are essential to the pharma industry. According to pharmaceutical company Biocon, an API means “the biologically active component of a drug product (tablet, capsule, cream, injectable) that produces the intended effects”.

It is one of the two main ingredients in medicines, the other being excipients. APIs are crucial to the manufacture of drugs. The COVID-19 pandemic caused a panic among global pharmaceutical manufacturers as the supply of APIs was disrupted from China, the world’s largest producer.

Since then, the world has been worried about overdependence on China as far as manufacturing of APIs is concerned. So, here is a handy explainer on what APIs do and why they are vital to the pharma industries:

What do APIs do?
API is the biologically active component that makes sure a drug works. It is different from excipients, a chemically inactive substance which actually delivers the effect of API.

API manufacturers first acquire relevant raw materials. The compounds go through a host of processes before they become APIs. After rigorous quality control checks, these ingredients are then supplied to pharmaceutical manufacturers who use it to make medicines.

Importance:
APIs are vital to the pharma companies. The COVID-19 pandemic made the world realise how easily global supply chains could be disrupted. The lockdown in China and the resulting supply shocks forced many countries to reckon with their pharmaceutical supply chains.

India, which is already the world’s third-largest producer of pharmaceuticals by volume, was among them. According to a 2020 article in The Conversation, the country relied on China for about 70 percent of its supply of APIs. For some well-known drugs such as ibuprofen, amoxicillin and paracetamol, the country was almost fully dependent on China for API supply.

The government has made efforts to cut back on its reliance on China and promote domestic API production. The Centre had announced Rs. 15,000 crore performance-linked incentives scheme for pharmaceutical companies.

According to a PTI report from March this year, 35 APIs which were imported earlier, are being manufactured in India under the Centre’s production linked scheme for the pharma company.

Furthermore, the government has given ‘in-principle’ approval to set up three bulk drug parks, one each in Gujarat, Andhra Pradesh and Himachal Pradesh.

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Virescent to acquire 100 MW solar power portfolio from Jakson Group; details here

Virescent Infrastructure, which manages the Virescent Renewable Energy Trust (VRET), is all set to acquire about 100 MW of solar power portfolio for around ₹400 crore from the Jakson Group. According to a Mint report, Sanjay Grewal, chief executive officer (CEO), Virescent Infrastructure, said that the transaction is in advanced stages of closure and would close in a few months. After the acquisition, Jakson Group and Virescent are also planning to collaborate in other areas.

“With the conclusion of this transaction, VRET will come closer to its aim of achieving a 1.5 GW portfolio of assets in the initial phase of its growth over the next two to three years,” Grewal said. He added that the latest addition will take the company’s solar portfolio to 600 MW.

The portfolio includes three operational solar projects in Rajasthan and Uttar Pradesh. The projects have long term power purchase agreements with Uttar Pradesh Power Corporation Limited and with NTPC Vidyut Vyapar Nigam Limited for 25 years.

Sameer Gupta, chairman and managing director of the Jakson Group, has said that the company aims to sell more of its solar power portfolio. It is also looking at a long-term relationship with Virescent.

As for Virescent, the renewable energy trust of the KKR-backed company had raised Rs 650 crore through domestic bond issue in February this year. A statement by VRET notified that the organisation had “raised Rs 650 crore through a domestic bond issuance across 7.33-year (Rs 150 crore) and 10-year (Rs 500 crore) tranches”.

As per a report in PTI, which quoted the statement, the instance marked the largest single series issuance of Rs 500 crore by a renewable energy company in 10-year tenor. The proceeds from the bond issue was to be used by VRET to scale up its portfolio and fund its immediate acquisition related debt requirements.

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Moody's, Citigroup and more: Global agencies that have trimmed India's growth forecast for 2022

Several banks and financial institutions have cut their economic growth estimates for India for the current fiscal year (FY23) a day after the National Statistical Office released the April-June quarter gross domestic product (GDP) data. The NSO’s data showed that India’s GDP in the April-June 2022-23 quarter grew 13.5 percent, the fastest in the year. However, it fell far below the Reserve Bank of India’ forecast of 16.2 percent increase. Following this, ratings agency Moody’s, as well as Goldman Sachs, Citigroup and State Bank of India revised their estimates for India’s growth.

List of agencies who have trimmed India’s growth forecast for FY 22-23:

• Moody’s slashed its forecast from 8.8 per cent to 7.7 per cent, citing dampening economic momentum in the coming quarters on rising interest rates, slowing global growth and uneven monsoon. Moody’s also stated that the growth rate is set to decelerate to 5.2 per cent in 2023, as per a PTI report.
• Goldman Sachs trimmed GDP projection from 7.2 per cent to 7 per cent.
• Citigroup has slashed the growth prediction from 8 per cent to 6.7 per cent

SBI also revised its full-year growth forecast to 6.8 per cent from 7.5 per cent. “We are now revising our annual GDP growth for FY23 to 6.8 per cent, mostly due to statistical adjustments, but said growth momentum is likely to show an increasing momentum in the second half,” SBI’s group chief economic adviser Soumya Kanti Ghosh stated.

Furthermore, ratings agency Morgan Stanley has stated that the lower than expected growth has created downside risk of 40 basis points for the fiscal year 2022-23. The slightly weaker than expected growth rate came in despite the main drivers of domestic demand falling in line with the agency’s expectations, as per a statement by Santanu Sengupta, India economist at Goldman Sachs. “Despite the main drivers of domestic demand coming in line with our expectations, a large drawdown in inventories and statistical discrepancies came as a surprise,” he said.

Effect on markets:

The BSE and NSE started with marginal gains, but later fell during the volatile session. Both Sensex and Nifty were trading flat at 12:05 pm, with Sensex at 58,795.58 and Nifty 50 above the 17,500 level.

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Shaktikanta Das seeks to shield growth as RBI prioritises inflation fight

"We are seeing signs of slowdown globally and it will have an impact on India," Das said in an interview with television channel Zee Business on Friday

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Laxman Narasimhan announced as next Starbucks CEO; all you need to know about him

Starbucks has announced Indian-origin Laxman Narasimhan has its next chief executive officer (CEO). Laxman Narasimhan will join the American coffee brand in October, but will take over the top job in April 2023. Until then, Howard Schultz, the interim-CEO, will continue to manage Starbucks. Laxman Narasimhan joins the list of Indian-origin CEOs leading companies all over the world like Sundar Pichai at Google, Leena Nair at Chanel and Parag Agrawal at Twitter. According to a statement by Mellody Hobson, Starbucks chairwoman, to the Wall Street Journal, “We have asked Schultz to remain as interim CEO until April 2023 to assist the new CEO. Narasimhan will assume the CEO role on 1 April. He will take over the world’s largest coffee chain in a number of locations and sales.”

The news has ignited a flurry of comments on social media. As people celebrate the announcement of Laxman Narasimhan becoming Starbucks’ next CEO, here is a short profile on him:

Early life and career:

Laxman Narasimhan was born in Pune. After completing his undergraduate degree in Mechanical Engineering from the College of Engineering, University of Pune, he left for the United States in 1991 to attend the University of Pennsylvania’s Wharton School. After finishing his education, he joined McKinsey & Company, later becoming a senior partner at the global consulting firm.

In 2012, Laxman Narasimhan joined PepsiCo, where he soon proved his worth and became chief commercial officer.

He is also a trustee of the Brooking Institution and a member of the Board of Directors at Verizon. The 55-year-old is also a member of the Council on Foreign Relations. He has served in the UK Prime Minister’s Build Back Better council as well.

Move to Reckitt:

In 2019, he joined Reckitt as the CEO. The company, which owns brands like Lysol and Durex, hired him to revive the conglomerate. According to reports, Laxman Narasimhan was the first external candidate to helm the company. He was much appreciated for his management style and helped revitalise the company. He led Reckitt during the coronavirus pandemic and the baby formula crisis in the United States.

The 55-year-old had been looking for a job opportunity to allow him to relocate to the US, where both his adult children live, as per The New York Times.

The shares of FTSE-listed Reckitt slumped over 4 percent after Narasimhan announced that he was stepping down.

Role at Starbucks:

Laxman Narasimhan will join Starbuck in October and spend the time before taking over to learn about the retail chain “Reinvention Plan”. “During the transition period, Narasimhan will be fully immersed in the company, spending time with Schultz and the management team, partners and customers and gaining in-depth exposure to the brand, company culture, and Reinvention plan.

This will initially include Starbucks store immersions, visiting manufacturing plants and coffee farms, connecting with partners around the globe as well as Starbucks long term business partners,” a statement by the company said.

Narasimhan will be given $1.3 million in annual base salary. He will also be paid a $1.6 million cash signing bonus as well as a replacement equity grant with a target value of $9.25 million to compensate for the incentives he gives up after leaving Reckitt, according to a Bloomberg report.

Challenges ahead:

Starbucks is facing several challenges, including increasing unionisation, higher costs of ingredients and labour as well as reworking its business model. The company is hoping for Laxman Narasimhan to turn its fortunes around.

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Direct tax collections may exceed budget targets, CBDT chief says

Gupta added that if the trend continues, direct tax collections for FY23 could exceed the budget target of Rs 14.20 trillion

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Govt plans to revamp crop cover scheme PMFBY to woo more insurers

Amid reports of some insurance companies making profits in the government's flagship crop cover scheme PMFBY, the Centre is planning to revamp the programme to rationalise premium rate and encourage participation of more insurers. The likely key changes to the scheme will be implemented from 2023-24 crop year (July-June) after the cabinet approval, according to sources. The Pradhan Mantri Fasal Bima Yojana (PMFBY), launched in February 2016, aims to provide financial support to farmers suffering crop loss/damage arising out of natural calamities. Under this scheme, maximum premium payable by farmers is 2 per cent for all food and oilseeds crops grown in the kharif (summer) season, 1.5 per cent for same crops grown in rabi (winter) season and 5 per cent for commercial and horticulture crops. The difference between premium and the rate of insurance charges payable by farmers is shared equally by the Centre and states. The scheme was last revamped in 2020 to enable voluntary ...

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India's power consumption grows by 2% to 130.35 bn units in August

India's power consumption grew marginally by nearly 2 per cent year-on-year to 130.35 billion units (BU) in August 2022, according to the power ministry data. Power consumption in August last year was recorded at 127.88 BU, higher than 109.21 BU in the same month of 2020. However, the peak power demand met, which is the highest supply in a day, in August 2022 dipped to 194.94 gigawatt (GW). The peak power supply stood at 196.27 GW in August 2021 and 167.52 GW in August 2020. Power consumption and demand were affected in August 2020 due to the impact of lockdown restrictions that were imposed to curb the spread of coronavirus. The peak power demand met was 177.52GW in August 2019 (pre-pandemic period). Similarly, power consumption in August 2019 was 111.52 BU. According to experts, power consumption and demand remained subdued in August due to rains across the country under an active monsoon. Power consumption as well as demand would grow steadily in coming months in view of norm

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RBI may slow pace of rate hikes over growth concerns: Deutsche Bank

Das added that the central bank may consider 35 bps rate hike, should the U.S. Federal Reserve deliver a 75 bps rate hike on Sep. 21

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