Month: June 2021

Tax burden for manufacturing startups: Gauging impact of GST

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The revolutionary year 2015 that bought “Make in India Campaign” to light gave birth to startup culture in India. This design promoted in-house employment opportunities and now start-ups contribute substantially to the economic development of India. Data shows a notable increase in the number of start-ups that have been established in India since the last decade and international investors have also moved their investments to Indian startups. However, India is still far behind many other countries in making the manufacturing sector a key contributor to its GDP.

As per the report from the Ministry of Statistics and Programme Implementation dated January 4th, 2021, the manufacturing sector in India contributes a mere 15.13 percent to the overall GDP. However, the potential to make this a high-growth and high-GDP sector is huge. The “Make in India” campaign by the government of India makes this possibility real by giving stimulus to the sector through various measures including various tax reforms.

GST was introduced in the year 2017. This has led to a dynamic shift from the existing indirect tax structure to the GST regime which was a major challenge for our blooming start-ups. It had a huge impact on the administration of start-ups in the manufacturing industry and bought various compliance challenges in this sector. It has been seen that the introduction of GST has both positive and negative impacts. During the initial phase of its implementation, there were several issues like delay in sanctioning refunds, non-clarity on tax return formats, the new hurdle of input tax credit matching, etc.

GST was introduced as a simple tax system, however, the various reporting requirements placed a huge compliance burden on these small and medium segment enterprises. Further, SMEs which were dependent on imported raw material faced the issue of inverted duty structure thus accumulating credit and although the refund mechanism was prescribed under GST due to the non-availability of an online system in place and human intervention, the refunds got delayed.

A very common practice followed by manufacturing startups is job work. GST allows the movement of goods from manufacturer to job worker without payment of taxes. However, if the same is not returned to the manufacturer post-processing within the stipulated period, there is a boomeranging provision of levy of taxes retrospectively from the original date of removal of inputs/goods for job work along with the interest at 18 percent. Power has been given to the Commissioner for further extension for one year/two years on sufficient cause being shown. However, practically it is very difficult to get this extension as there are no specified guidelines prescribed for the same.

Although, the introduction of GST has eased various compliances as compared to previous multiple taxes like Central Excise, Central Service Tax, VAT laws etc, however, if we come to the turnover limit for registration under excise laws and GST, it is noted that there is a huge difference. Previously, in excise law registration was compulsory if the turnover for the previous year exceeded Rs 1.50 crore, however, under the GST law the limit was reduced to Rs 0.40 crore. This has led to an increased compliance burden on smaller manufacturing start-ups.

As per GST law, units under the same PAN having a place of business in different states shall be registered as a separate entity and thus any stock transfer from GSTIN in one state to GSTIN in another state having common PAN shall be treated as a taxable sale and thus GST liability has to be discharged on the same. This has led to additional working capital requirements and further in order to avoid payment of stock transfers now manufacturing units have to stock up their inputs and raw material at each unit which shall lead to increased warehousing and storage cost.

Startups being new businesses cannot afford experts who can analyse and state them whether paying taxes on stock transfer shall be a more economically feasible option in comparison to bearing storage and warehousing cost at each registration in different states in long run. Stock transfers also bring additional e-way compliances. However post introduction of GST, the need for entry tax, Octroi and other similar taxes have vanished which were added to the final cost of goods.

While GST has brought additional working capital requirements on new manufacturing startups, it has helped in the reduction of manufacturing costs of start-ups on account of seamless flow of credit across India. It is evident that costs have reduced on account of the availability of ITC for inputs, input services and capital goods as well. Certain state taxes paid on NON-GST products like Petrol and Diesel still add to transportation costs as they are currently outside the purview of GST. The government may in the future cover Petrol and Diesel as taxable under GST and shall be beneficial to these startups.

GST regime has bought a paradigm shift in the supply chain management of the economy. Unlike earlier laws which required taxpayers to manage warehouses based on arbitrage between various VAT rates across states, presently under GST same rate for each product has changed the picture of warehouse management.

In view of providing relief from compliance and reduce the tax burden on new startups, the government has introduced the Composition Scheme, which covers small taxpayers whose turnover for the preceding year does not exceed Rs 1.50 crore. Taxpayers opting for Composition Levy are neither eligible to take input tax credit nor do they can collect any tax from the recipient and hence they cannot issue Tax invoices as well. If we analyse market position, taxpayers opting for Composition Scheme find it difficult to grab B2B business opportunities as they cannot pass on ITC, thus registered taxpayers will not be interested in conducting business with them.

Thus, they are more inclined towards taking the normal registration. However, the restriction imposed on claiming ITC to the proportionate of the total ITC pertaining to transactions reported by the supplier within the due date has not only increased the burden of preparing the reconciliations on monthly basis, it has also impacted the promised free flow of credit to these genuine start-ups.

To conclude, manufacturing startups now have to comply with one indirect tax regulation i.e. GST as compared to multiple tax laws earlier. The impact of GST has been positive and day-to-day issues arising in GST compliance are pro-actively resolved by the government, which helps assesse to comply with the provisions of laws actively. The government has also introduced a GST practitioner facility online, where one can search for GST expert and queries on the tax gets resolved.

Further, the refund process has also been made online. There have been various reforms announced in the budget with respect to customs duties and import duties forming part of the cost structure of manufacturing units and such measures taken by the government are expected to give a boost to the startup manufacturing units.

—The author, Rajat Mohan is a Senior Partner at AMRG & Associates. Views expressed are personal

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Explained: Link between global hunger and climate change

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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NITI Ayog recently released the SDG India Index 2020-21, which highlights the national and state level progress on the 17 UN Sustainable Development Goals (SDGs). One of the most important objectives of the SDGs is to end hunger by 2030. The report can be accessed here.

However, global hunger is inexorably on the rise. The situation is expected to get worse as climate change grips the world.

Here is the relationship between global hunger and climate change in a nutshell.

Hunger Gains 

Global hunger is a growing problem. Around 690 million individuals across the world are undernourished, and 144 children suffer as a result of chronic undernourishment, according to the Global Hunger Index.

India has a significant proportion of the world’s hungry population, with 33.4 percent of children under five years old being underweight, and 34.7 percent of children in the same age range suffering from stunted growth.

Hunger is mostly caused by poverty, conflict, political instability, population growth, and food practices. But climate change also has a part to play in the rising levels of hunger. Over the last decade, increasing regional conflicts, and rising global temperatures have contributed the most to the rise of hunger.

While political instability and continuing conflict may have contributed to hunger in the worst hit nations, climate change has undeniably compounded the problems.

The Democratic Republic of Congo, Yemen, South Sudan, Syria, Nigeria, Burkina Faso, Mali, and Niger have nearly 80 percent of the world’s hungriest people, according to a report by the UN World Food Program.

At the same time, reports from Mali, Niger, South Sudan and Burkina Faso also identified that drought and increasing temperatures were leading to drastically lower agricultural yields.

Climate’s Vital Role 

Climate change decreases the level of agricultural productivity, which has a direct impact on hunger levels globally. The rise in global temperatures affects agricultural productivity through changing climatic conditions and increasing environmental disasters.

Environmental disasters like floods, droughts, erratic rainfall, and storms can cause a significant decrease in agricultural production in food sensitive areas like Africa and Asia.

In 2018, the UN’s Food and Agricultural Organization (FAO) called climate change the leading factor for rising global hunger. The report from the international organisation looked at extreme weather events, land degradation and desertification, water scarcity and rising sea levels that were being caused by climate change, that led to food scarcity.

A pre-print report by the Intergovernmental Panel on Climate Change (IPCC) estimated that 80 million more people than today could be facing drastic levels of hunger by the year 2050, reported AFP. 

The Global Hunger Index also estimates that the world is not on track to hit the UN’s SDG of “zero hunger” by the proposed timeline of 2030. The report indicates that while progress has been made, much needs to be done to lift the people currently in the starvation category and to future-proof vulnerable populations against famines.

Needed: Wholesales Changes

While nations have signed and ratified international agreements like the UN Sustainable Development Goals and the Paris Climate Deal, a greater scale of mitigatory action is required to achieve the goals set out.

Wholesale systemic changes in agricultural practices, consumer behaviour and even government support will be needed to bring about changes that can help India, and the world reach the goals set out before them.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India reports current account surplus of 0.9% in pandemic-affected FY21

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India reported a current account surplus of 0.9 per cent of GDP in the pandemic-hit FY21, as against a deficit of 0.9 per cent in FY20, data released by the RBI showed on Wednesday. The country’s current account deficit widened to USD 8.1 billion or 1 per cent of GDP for the March quarter, as against a surplus of USD 0.6 billion or 0.1 per cent of the GDP in the year-ago period and a deficit of 0.3 per cent in the preceding December quarter, as per the central bank data.

The CAD, the gap between the country’s overall foreign receipts and payments, is an important factor representing a nation’s external sector’s strength. The Reserve Bank of India said the current account balance swung into the surplus territory on the back of a sharp contraction in the trade deficit to USD 102.2 billion from USD 157.5 billion in 2019-20.

Net invisible receipts were lower in FY21 due to an increase in net outgo of overseas investment income payments and lower net private transfer receipts, even though net services receipts were higher than the year-ago period, it said. Despite the pandemic, the net foreign direct investment inflows at USD 44 billion were higher in FY21 than the USD 43.0 billion in 2019-20, the central bank added.

Net foreign portfolio investments also increased by USD 36.1 billion in FY21 as compared to USD 1.4 billion a year ago, it said. External commercial borrowings by India Inc recorded an inflow of USD 0.2 billion as compared to USD 21.7 billion in 2019-20, the RBI data showed.

There was an accretion of USD 87.3 billion to foreign exchange reserve on a balance of payments basis, it said. The current account deficit in the March quarter was higher primarily on account of a higher trade deficit and lower net invisible receipts than in the corresponding period of the previous year, the RBI said.

Private transfer receipts, mainly representing remittances by Indians employed overseas, increased to USD 20.9 billion, up by 1.7 per cent from the year-ago level. Net outgo from the primary income account, primarily reflecting net overseas investment income payments, increased to USD 8.7 billion from USD 4.8 billion a year ago, according to the data.

The net FDI came at USD 2.7 billion during the March quarter as against USD 12 billion in the year-ago period. Net foreign portfolio investment (FPI) increased by USD 7.3 billion mainly on account of net purchases in the equity market as against a decline of USD 13.7 billion in Q4 FY20. Net external commercial borrowings to India was lower at USD 6.1 billion in the March quarter as compared to USD 9.4 billion a year ago, the RBI said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Land prices near national highways to rise 60-80% in near term: JLL report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Property prices near India’s national highways are expected to increase by 60-80 percent in the short term. Further, the price of real estate around micro markets will increase by 20-25 percent after the facilities become operational, according to a report published by JLL.

The government’s focus on providing world-class infrastructure in its highway networks is going to lead to a short-term squeeze of prices by anywhere between 60 and 80 percent. The short-term rise in prices will be on the back of increased connectivity and improvements in infrastructure. The report by JLL also predicts that the price of land around micro markets will further increase by nearly a quarter after wayside amenities open up.

The National Highway Authority of India (NHAI) is all set to take advantage of these market dynamics and has already identified several locations to be developed. The NHAI has selected 650 properties in 22 states across India, with a consolidated area of over 3,000 hectares that will be developed with private sector participation in the next five years. Of these, 94 sites are located on the Delhi Mumbai Expressway, nearly 180 sites are along existing highways and 376 sites will be located on new or under-construction highways.

JLL’s Head, Strategic Consulting and Valuation Advisory, A. Shankar said, “We envisage that NHAI will give an impetus to modernisation of the Indian highway network in the coming years, ultimately culminating in various advantageous effects for highways users, market players, developers, investors, and facility operators. Further, we estimate a land price appreciation in said sites’ micro markets by 60-80 percent in the short term and 20-25 percent as the facilities become operational.”

A total of Rs 4,800 crore will be invested by private investors in the projects over the next five years, with capex investment ranging between Rs 1 crore and 10 crore per site or an average of Rs 2 crore per hectare of site area.

“Out of the 650 identified sites, bids are already invited for 138 sites and had received enthusiastic participation from market players. The majority of the said 138 site tenders are still active to receive bids as of 30 June 2021,” Shankar added.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

SEBI revises minimum application value in InvITs and REITs

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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To deepen the market for REITs and InvITs, Sebi has decided to reduce the minimum subscription amount and trading lot size for such publicly issued emerging investment vehicles. The minimum application value will be in the range of Rs 10,000-15,000 and trading lot will be of one unit for REITs (Real Estate Investment Trusts) and InvITs (Infrastructure Investment Trusts), Sebi said in a release after its board meeting on Tuesday.

In addition, the regulator has decided to introduce minimum unit holders requirement for unlisted InvITs. “The minimum number of unit holders, other than sponsor, its related parties and its associates shall be five together holding not less than 25 per cent of the total unit capital of the InvIT,” Sebi said.

Sebi board has approved amendments to REITs and InvITs Regulations for revision in minimum subscription amount and trading lot. “The revised minimum application value shall be within the range of INR 10,000-15,000 and the revised trading lot shall be of one unit,” it added.

While making an initial public offer and follow-on offer, minimum subscription should not be less than Rs 1 lakh for InvITs and Rs 50,000 for REITs under the current rules. Allotment to any investor is required be made in the multiples of a lot. At present, for initial listing, a trading lot should be of 100 units and during follow-on offer, each lot should consist of such number of units in its trading lot as it had at the time of initial offer.

Suraj Malik, Partner — M&A Tax and Regulatory Services — at BDO India said that reduction in application value and trading lot for REITs and InvITs will enable greater retail participation in such instruments. “The government itself is targeting several REITs/InvITs to monetise state & PSU assets and this change will enable them to attract an asset allocation from a wider market of retail investors,” he said.

Harsh Shah, CEO, IndiGrid said the reduction in trading lot size to one is a landmark step by Sebi to deepen the market for InvITs in India. “This will not only lead to better liquidity and efficient price discovery, but also provides an attractive opportunity for retail investors to earn stable yields with growth potential. The move also paves the way for increased institutional participation with greater confidence on liquidity,” he said.

According to him, the policy action by Sebi will pave the way for a vibrant and successful InvITs market in India for infrastructure investment. Yash Ashar, Partner & Head of Capital Markets at Cyril Amarchand Mangaldas, said that in a radical change for publicly issued InvITs and REITs, Sebi has reduced minimum subscription and trading lots.

“This change has democratised this market and with three publicly listed InvITs and three publicly listed REITs, everyone who wants to have income which is better than fixed deposit income and with reasonable risk (albeit higher than fixed deposit) can now enter this market,” Ashar noted.

(With text inputs from PTI)

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Vicks’ special film pays tribute to healthcare workers

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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If you are one of those who has waited by the phone, slept next to it hoping to hear a positive update or news from a loved one admitted to the hospital whom you can’t see or meet due to COVID restrictions and hospital regulations, you will relate to this campaign. If you are distressed by the endless struggles and sacrifices that healthcare workers have to go through during this ongoing pandemic, this film will leave you heartbroken.

Vicks launched the third edition of its #TouchOfCare campaign series, on the eve of National Doctors’ Day 2021 and the film narrates the real-life extraordinary story of the late Dr Dnyaneshwar Bhosale.

The film takes viewers on the inspiring journey of Dr Bhosale’s selfless acts of care, as he left no stone unturned to ensure many less fortunate children received life-saving medical attention during the pandemic. Unfortunately, Dr Bhosale succumbed to COVID-19 and left behind his wife, kids and his dreams of building his own paediatric hospital. The film is a reminder of how hundreds of doctors lost their lives during the pandemic leaving their families and dreams behind.

Dr Priyanka Dnyaneshwar Bhosale shares, “It was difficult to see my husband take his last breath and my prayer then was that somehow he would receive the healing hand of care just like the one he selflessly extended to many children. I thank Vicks for bringing to light my husband’s extraordinary work and inspiring story and joining me to keep his dream of building a children’s hospital in Latur alive so his memory and touch of care live on forever.”

Vicks has also pledged to support Mrs Bhosale to help build a pediatric hospital in memory of her husband’s extraordinary acts of care. Committed to making a meaningful difference and step up as a #ForceforGood, Vicks continues to support India’s fight against COVID-19 through P&G’s Suraksha initiative. Under this initiative, P&G recently contributed towards 1 million vaccination doses for 5 lakh citizens in partnership with state governments and local authorities.

Speaking about this film, Himanshu Tewary, Senior Director and Category Head, Personal Healthcare at Procter & Gamble, “Our doctors have given a new meaning to humanity during these challenging times, and their selflessness deserves lifelong gratitude.

Vicks #TouchOfCare is a reminder of the extraordinary acts of care, courage and bravery of each one of our doctors, those with us, and those who we have lost. As a society, it’s time to rise together and give back to our doctors’ community for all they have done for us and our loved ones by preserving their #TouchOfCare for generations to come.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Russia opens case against Google for breaching personal data law

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Russia has opened an administrative case against Google for not storing the personal data of Russian users in databases on Russian territory, a move that could see the tech giant fined, communications regulator Roskomnadzor said on Wednesday.

Roskomnadzor said it was also waiting for Facebook and Twitter to respond to a demand that they localise similar data by July 1 or face fines, part Moscow’s wider efforts to exert greater control over Big Tech.

Russia has imposed a punitive slowdown on Twitter since March over a failure to delete content Moscow deems illegal and is considering legislation that would force foreign technology companies to open offices in Russia or face penalties such as advertising bans.

President Vladimir Putin said on Wednesday Russia was not planning to block any foreign social media sites, but that he hoped Russian social networks would provide opportunities for creative and talented people to thrive.

“We don’t intend to block anyone, we want to work with them, but there are problems, which lie in the fact that they send us away when they do not comply with our demands and Russian law,” Putin said during a live question and answer session broadcast by state television.

Google, a subsidiary of Alphabet Inc, did not immediately respond to a request for comment.

It could be fined up to 6 million roubles ($82,060) for failing to comply, Roskomnadzor said.

Such administrative cases are usually heard in a Moscow district court.

About 600 foreign companies have localised data in Russia, a list that Roskomnadzor previously said includes Apple, Samsung and PayPal.

Microsoft’s LinkedIn is blocked in Russia after a court found it breached the data-storage rule, passed in 2015, which required all data about Russian citizens to be stored within the country.

($1 = 73.1175 roubles)

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

The pandemic’s payoff: Seizing the green opportunity

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Just days ago, India’s biggest company announced a Rs 75,000 crore (over $10 billion) investment in green energy over a three-year period. Elsewhere, responding to a survey by US Cotton Trust Protocol and Sourcing Journal, over 40 percent of the participating global sustainability executives from the apparel industry revealed that the pandemic had positively influenced their future commitments to sustainability. Other studies reveal that the pandemic has fuelled demand for organic food in many markets. Governments, in several countries, have announced recovery plans with a strong focus on green projects in clean energy, public transportation and clean tech.

‘Going Green’ is the common theme in these recent news and findings. Are we set on a path of greening our economies, businesses and consumption? The pandemic has certainly chiselled a sentiment for pro-environment disruptions. Two factors have helped.

First, the pandemic has enhanced our awareness about the magic of nature. During lockdowns, we noticed with awe, the clear blue skies, mountain ranges visible from long distances, flamingos flocking on a big city beach, wild animals reclaiming urban spaces and more. Return of nature, was a theme of conversations in homes, on news channels and social media.

Second, the pandemic motivated a shift towards a more collectivist worldview. 24×7 news and visuals of deaths heightened peoples’ realisation about their own mortality and enhanced their anxieties. This, along with economic hardships, shortages and uncertainty made people seek refuge in relationships, in sharing and in helping and caring for others. Research too supports this change. In a big data study, published in Human Behavior and Emerging Technologies journal, psychologists Noah FG Evers, Patricia M Greenfield and Gabriel W Evers analysed content from google searches and social media posts on Twitter, internet forums and blogs in the USA. They noted a strong shift towards collectivist values in the USA after the pandemic was declared a national emergency in March 2020. Such a shift in values, they suggest, is consistent with predictions based on Patricia M Greenfield’s Theory of Social Change, Cultural Evolution, and Human Development.

However, the shift towards collectivist values may not be limited to just one country or society. Think for yourself—did you experience an enhanced urge to help others? Did you feel more connected to your families, friends and neighbours? Importantly, the above value shift also has pro-environment implications. The collectivist rather than individualist values (and societies) are more consistent with pro-environment attitudes and behaviours.

These pandemic-induced factors seem to have enhanced the awareness and support for pro-environment institutional actions, consumer behaviour and way of life. In a recent survey by Ipsos, more than 70 percent respondents from across the world considered climate change over time as serious a crisis as COVID-19. The numbers for China (87 percent) and India (81 percent) are even higher. The majority of respondents favoured a green economic recovery. Another study by Kantar suggests an increase of over 20 percent (2020 vs. 2019) in the percentage of ‘Eco Actives’, a term it uses for consumers who are high on environmentally conscious consumption.

Due to the pandemic, the consumers today have stronger than usual pro-environment attitudes, backed and prodded by a collectivist worldview. These would suggest a rising demand—a big of part of it, still latent—for green products and services. It is a moment that must be seized by businesses to adopt the triple bottom line—people, planet, and profits—mandate.

Businesses need to make sustainable innovation a part of their very DNA. They must align their structure, processes, and outputs to minimise their carbon footprint; strive to become carbon neutral. It is an opportune time to adopt green technologies, alter supply chains, re-educate workforce and modify product life cycles. This should help create a strong portfolio of eco-friendly products and services to satisfy environmentally-conscious consumers.

For businesses’ green shift to succeed, marketing managers role would be key. For in the final analysis corporates’ green investments would be guided by the stability and size of the pro-environment market and consumer demand. Marketing can help solidify consumers’ preference for green options despite the availability of competing cheaper, less green alternatives. Through well-designed marketing and communication, the environment-friendly brands, products and services can be firmly positioned as the ‘best’ options. Creative marketing and communication can help strengthen the narrative favouring eco-friendly consumption and nudge consumers towards greener choices. Marketing’s touchstone would be whether green alternatives become consumers’ first choice and way of life.

The pro-environment paradigm presented by a deadly virus is a great opportunity, but it may not last for long. For Greenfield’s Theory also predicts that post-pandemic, when mortality (and its salience) is lowered and economic prosperity returns, societal values will shift back to what they were. While we hope for pro-green values and behaviours to persist, a safer bet lies in governments and corporates exploiting the present-day soft corner for the environment, to invest in a sustainable future. With the right efforts, green consumption may come into vogue. In contrast, greenwashing or pseudo environment-friendly actions by corporates could greatly harm the cause. The change must be real and sincere. It will not be easy, nor will the results be immediate. But the journey must begin and begin now.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

West Bengal launches Student Credit Card scheme: All you need to know

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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West Bengal launched its ‘Student Credit Card’ on June 30. Under the scheme, a student will be eligible for a soft loan of up to Rs 10 lakh for higher studies. This was one of the schemes promised by the Trinamool Congress in the run-up to the elections.

“The idea behind the launch of the student credit card scheme is to make the youth of Bengal self-reliant,” West Bengal Chief Minister Mamata Banerjee said.

The scheme will cover various institutional or non-institutional expenses to ensure no student from West Bengal is deprived of education due to lack of monetary support.

These are the salient features of the scheme:

• Any Indian citizen who has been living in West Bengal for the last 10 years is eligible to apply.
• The soft loan will be available for students pursuing undergraduate, postgraduate, doctoral, and post-doctoral study in India or abroad.
• The student can apply for a credit limit of up to Rs 10 lakh. An interest rate of 4 percent will be levied on the loan.
• The loan will have easy repayment options. This will ensure that students need not depend on their parents for pursuing higher education.
• The upper age limit for eligibility is 40 years.
• Students will have 15 years to repay the loan after getting a job.
• The education loan can also be extended to those studying in various coaching institutes. Any student preparing for national level competitive exams such as IIT, IIM, NLU, IAS, IPS, WBPS among others, can apply.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

COVID Fight Podcast: Virus deaths underreported in India; Brazil suspends Covaxin deal

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The US’ National Institute of Health has said that Covaxin — the vaccine developed by Bharat Biotech in collaboration with the Indian Council of Medical Research — effectively neutralises both Alpha and Delta variants of the coronavirus.

The development comes at a time when India is staring at a third wave of the pandemic, which is likely to be triggered by the Delta Plus variant.

Meanwhile, Brazil has suspended a $324-million contract for Bharat Biotech’s Covaxin following accusations of alleged irregularities in the deal. Nonetheless, Hyderabad-based Bharat Biotech insists that it has not received any advance payment from the Brazilian government.

In this episode of the COVID Fight Podcast, CNBC-TV18’s Kanishka Sarkar brings to you the latest developments on vaccine controversies, the revival of the hospitality sector and experts’ take on reports suggesting underreporting of COVID-19 deaths in India.

Tune in to COVID Fight Podcast for more…

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow