Month: March 2023

FDI firms witnessed great recovery in 2021-22 as COVID impact diminished: RBI

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

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The Reserve Bank of India (RBI) on Friday said foreign direct investment (FDI) companies witnessed broad-based recovery in 2021-22 as the COVID-19 pandemic’s impact diminished and economic activity rebounded.

Releasing the data relating to the financial performance based on audited annual accounts of 2,206 FDI companies in India during 2021-22, the central bank said sales expanded by 29.7 percent (2 percent growth in the previous year).

The paid-up capital (PUC) of these companies amounted to Rs 5,04,271 crore, which accounted for 54.5 percent of the total PUC of FDI companies that had reported in the 2021-22 round of the Reserve Bank of India’s annual census of foreign liabilities and assets of Indian direct investment companies, it said.

Also Read: Virgin Orbit to cease operations, lay off almost entire workforce as it fails to secure funding

Also, RBI said the operating expenses increased to meet the surge in sales and the ratio of raw material cost-to-total expenditure increased to 51.1 percent (47 percent in the previous year).

Companies with direct investment from Mauritius, Singapore, and the USA accounted for nearly half the sample companies. The Netherlands, Japan, the United Kingdom, and Germany were other major direct investment sources. A major chunk of companies belonged to the manufacturing, and the information and communication sectors, the central bank added.

Further,  RBI stated that royalty payments by FDI companies, with a 1.35 percent share in their total expenditure, increased by 33.4 percent in 2021-22 (19.7 percent in the previous year).

Also Read: Adani group to rein in non-core expansion and focus on ports, power

The operating profit of the sample companies increased by 21.4 percent during 2021-22. Manufacturing companies maintained their operating profit margin, which slipped marginally for the services sector, 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

IMF board approves $15.6 billion loan for Ukraine

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

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The executive board of the International Monetary Fund on Friday approved a four-year $15.6 billion financing package for Ukraine to help the country meet urgent funding needs as it continues to defend against Russia’s invasion, a source told Reuters.

The loan is Ukraine’s biggest since Russia’s full-scale invasion on Feb. 24, 2022, and the first major package approved by the IMF to a country involved in an active conflict.

Also read: Joe Biden calls on Russia to release US reporter

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

Future Female Forward | Here’s how Cipla is creating a women-friendly workplace

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

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Some of India’s largest pharma companies are spearheaded by women, and yet reports suggest that women make up just about 11 percent of the pharmaceutical industry, something the industry is now actively trying to change.

Cipla for instance is targeting 20 percent gender diversity by 2024. As part of CNBC-TV18‘s on-going campaign “Future Female Forward: A Women’s Collective”, Shilpa Ranipeta of CNBC-TV18 reported from Cipla’s Baddi plant that a big driver of that change will be breaking stereotypes and getting rid of unconscious bias.

Surrounded by quant villages and towns, most of the residents in Baddi area are land owners. They prefer agriculture or working in local banks and schools. In such a socioeconomic setup, working day-long jobs that involve travel, especially for women, has never been encouraged. But that is changing.

21-year-old Suman Lata is the first woman from her village Malpur in Himachal Pradesh’s Baddi Tehsil to work for a large corporate house. The job has meant that she has been financially independent for over a year and has become a key contributor to her family’s income. She is a part of Cipla’s Neev program, which allows students to study pharmacy at BITS Pilani while working at the company.

Lata said, “When we started here, there were no female operator or engineer. It’s not true that women can only do documentation work, we can also run machines. I thought I couldn’t do it earlier but I am telling you today I can do it.”

The financial independence from such jobs goes beyond helping women run their households. It has made dreams for many women, a reality. Renuka Gautam, for instance, has been able to buy herself a car and land.

Gautam who works at Cipla’s Baddi Plant as lead of packaging said, “Financial independence means a lot for me. I saved a lot of money and bought land and bought a Fortuner car which is very valuable for me. I am proud to say yes I have purchased all those things.”

Cipla has 13 packaging lines operated entirely by women across its manufacturing units including Baddi, Sikkim and Goa. The company said this has become possible because it has given these women the option to study while they work.

Geena Malhotra, Global Chief Technology Officer at Cipla said, “We have curated a lot of educational diploma, as well as now, graduation programs, for both women and men. But that is an opportunity that women continue to pursue their education while they are working. That in itself encourages women to come forward and, and take up a job.”

Also Read: Future Female Forward | 50-60% of trainees hired in last couple of years are women: Nestle India

Raju Mistry, President & GCPO at Cipla said, “Even in the pharma industry, for example, field force – traditionally stereotyped to be an area where you often find men, and even a lot of women have actually very successfully broken that stereotype and actually risen the levels. So more and more pharma companies are actually doing that. It’s a slow process, it’s a journey.”

Women-friendly policies are helping. Case in point, Cipla’s Flexi Field Days policy which gives female sales executives a better chance to balance their home and work life… and its Women@Cipla platform that allows female employees to connect with their peers, share ideas, and network beyond work. But women empowerment exercises are incomplete without support from male colleagues — and to this end, Cipla has been conducting workshops for its mid-level and senior leaders to get rid of unconscious bias. Creating an inclusive and equitable work environment for all employees, the company believes, is the best way to create a future that puts women employees first.

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

DFS Joint Secretary Saurav Mishra has likely submitted his resignation

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

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Saurav Mishra, Joint Secretary at the Department of Financial Services (DFS), has likely submitted his resignation, as per sources on Friday.

Mishra, who was appointed as Jt Secy, DFS in September 2019, had received a three-year extension in 2022. During his tenure, Mishra had primarily focused on the insurance and fintech sectors.

Although the government has not yet accepted Mishra’s resignation, rumors are rife that he may be eyeing a position at the Insurance Regulatory and Development Authority of India (IRDAI) as a member (life). This position had fallen vacant after K Ganesh retired from the post in June 2022.

According to sources, Debasish Panda, IRDAI Chairman, is believed to have recommended Mishra’s name for the post of IRDAI Member (Life). Interviews for this position are likely to be conducted over the next week.

Also read: G20 Sherpas meet: Delegates discuss upon priority areas identified by presidency on second day

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

One Impression to utilise $10 million Series A fundraise for business expansion and product development

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

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Influencer marketing startup, One Impression, has bagged $10 million in a Series A round led by South Korean gaming giant Krafton. This signifies a spike in investor interest in ever growing creator economy. Prior to this, the startup had raised $1 million in seed funding from angel investors such as Peeyush Bansal, Anupam Mittal and celebrities like Neeraj Chopra and Zakir Khan.

In an interview to CNBC-TV18, Apaksh Gupta, Founder & CEO of the company said that they will be utilising the funds for business expansion and product development.

“We will be utilising the fundraise in three key focus areas. One, our product is already creating magic, so we want to invest very heavily in scaling up the business. We also plan to build a lot of seamless tools for creators including creators in tier III and tier IV cities. Second, we also plan to expand internationally. We already transact in countries like Indonesia, Middle East etc, so we want to build localised platforms for those regions. Third, we want to launch a lot of product offerings both for creators and brands, so acquisitions become a very natural pathway for us to scale our business. So we are going to look for opportunities were we can partner with great founders to launch new products and services for all our ecosystem players,” Gupta said.

Moreover, a three-day convention in India, which was dubbed the “world’s biggest startup-funding event” and prompted hundreds to spend huge amounts of money on it – has turned out to be a hoax of epic proportion, forgery and the biggest scam.

The event promised attendees a chance to meet with ministers, top investors and even the likes of Elon Musk, Sundar Pichai and Softbank’s Masayoshi Son.

However, the situation soon turned grim once the attendees realised that they have been duped and no giant investors, no chief guest, no explanations and even no refunds were offered.

Also Read: Building a successful startup in India requires innovation, customer-centricity, and a long-term vision, say experts

The World Startup Convention has left thousands of participants disappointed due to its lack of transparency and questionable claims. While an FIR has been filed, the organisers haven’t been arrested yet and there is no clarity if the money will be refunded to the participants.

Watch video 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

Delhi’s air quality shows improvement with 35 ‘good’ to ‘moderate’ days so far this year

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

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Delhi recorded 35 days of ‘good’ to ‘moderate’ air quality in the first quarter of 2023, according to data from the Commission for Air Quality Management (CAQM) on Friday. This is the highest number of such days in the same period in six years, except for 2020 when the strict lockdown imposed due to the COVID-19 pandemic had a significant impact on air quality.

Data from the commission revealed that Delhi experienced 17 days of ‘good’ to ‘moderate’ air quality in the first quarter of 2017, followed by 24 days in 2018, 32 in 2019, 38 in 2020, 13 in 2021, 27 in 2022, and 35 in 2023.

Furthermore, on Friday, the national capital recorded a 24-hour average air quality index of 73, which is the lowest since October 11, 2022, when it was 66.

Also read: Earth Hour: 10 everyday things you can do for the environment

To provide context, the air quality index (AQI) measures the concentration of pollutants in the air and ranges from zero to 500. An AQI reading between zero and 50 is considered ‘good’, 51 to 100 ‘satisfactory’, 101 to 200 ‘moderate’, 201 to 300 ‘poor’, 301 to 400 ‘very poor’, and 401 to 500 ‘severe’.

Additionally, data from the Delhi government indicates that there has been a reduction of more than 30 percent in PM2.5 and PM10 pollution in the national capital over the last eight years.

The levels of PM10 pollution in the city have decreased from 324 ppm (parts per million) in 2014 to 223 ppm in 2022, as per the data.

Similarly, the levels of PM2.5 have reduced from 149 ppm in 2014 to 103 ppm in 2022. Moreover, the data also shows that the number of ‘severe’ air quality days has significantly reduced from 26 days in 2016 to six days in 2022.

Also read: Funding a sustainable transformation — what CEOs need to know

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

Joe Biden calls on Russia to release US reporter

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

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US President Joe Biden called on Russia on Friday to release detained Wall Street Journal reporter Evan Gershkovich, who was charged with spying by Moscow.

Russia’s FSB security service said on Thursday it had detained Gershkovich, the most serious public move against a foreign journalist since Russia invaded Ukraine.

“Let him go,” Biden said as he left the White House for a trip to storm-ravaged Mississippi.

Asked if he was going to expel Russian diplomats after the detention of Gershkovich, Biden said, “That’s not the plan right now.”

The White House press secretary, Karine Jean-Pierre, called the espionage charges “ridiculous” on Thursday and said there was no evidence to support the claim.

The Journal said the detention of Gershkovich was based on false allegations.

The FSB accused Gershkovich of gathering information classified as a state secret about a military factory.

It did not name the factory or say where it was, but said it had detained the 31-year-old journalist in the Urals city of Yekaterinburg as he was trying to procure secret information. It did not provide documentary or video evidence of his guilt.

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

IRDAI grants life insurance licences to Acko and Credit Access

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

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The Insurance Regulatory and Development Authority of India (IRDAI) on Friday said it has granted licences to Acko Life Insurance Ltd and Credit Access Life Insurance Ltd.

“In the 121st meeting of Insurance Regulatory and Development Authority of India held on 25th March 2023 (sic), two new entities namely Acko Life Insurance Ltd. and Credit Access Life Insurance Ltd. were granted a certificate of registration to commence life insurance business,” the insurance regulator said in a press note.

With these two additions, the total number of life insurers operating in India have gone up to 25. This number had remained stagnant since 2011, when the certificate of registration was last granted to a life insurer.

Also Read: Hurry up! Last day to buy Vaya Vandana Yojana, Dhan Varsha Plan today

This comes after the grant of registration to a general insurer in the Authority’s 120th meeting held in November 2022, marking the addition of a total of three new insurers in the financial year 2022-23, it said.

Another 20 applications are in pipeline at various stages of registration in life, general and reinsurance segments, it 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

G20 Sherpas meet: Delegates discuss upon priority areas identified by presidency on second day

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

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The G20 Sherpas held discussions on the main priority areas identified by the Indian Presidency, including technological transformation inclusive and resilient growth as well as women-led development in the 2nd meeting of Sherpas under India’s G20 presidency. On Friday, the meeting being held in Kumarakom, in the district of Kottayam, Kerala entered into its second day.

The Ministry of External Affairs said that the delegates, during the meeting highlighted the relevance of digital public infrastructure, the need to bridge the digital divide and the usefulness of data for development and appreciated the focus accorded by India‘s G20 Presidency to this area and its relevance for the SDGs.

Speaking to CNBC-TV18, Saurabh Garg, CEO of UIDAI said many countries have shown interest in Aadhaar. He added that the G20 is also working towards a legal identity for all.

“For the past few years there has been a lot of interest from various countries across the globe for Aadhaar. We have visiting delegations from different countries and some of them do not have a digital ID. Many nations do have some form of digital ID and so in many cases it is also an exchange of ideas to find out what works where. In fact one of the sustainable development goals is to have legal identity for all, so globally and G20 being an important institution in that sense we will all work towards that,” Garg said.

Also Read: G20: Second Sherpas meet to start from March 30 in Kerala’s Kumarakom

Debjani Ghosh, President of NASSCOM believes that there needs to be guardrail on the use of artificial intelligence (AI). She added that pace of AI evolution and ethics of AI need to match.

“The pace of artificial intelligence (AI) evolution is happening way faster than pace of us thinking through what should be the ethics of AI and that is dangerous. So these two have to now match-up, they have to move together. I am not a fan of saying stop everything, but we need to think through it. So we need to speed up the thought process, the discussions the deliberations on ethical use of AI, responsible use of AI. So we have to putdown guardrails and it cannot be just government regulating industry, this has to be industry and government coming together to figure out what is the right way, what are the design principles that we need to build to ensure that every innovation is secure,” Ghosh said.

According to Dilip Asbe, MD & CEO of NPCI, interoperability of PPIs is a big boon for consumers and merchants.

“The RBI while it started UPI with complete interoperability as a first principle, it has now also permitted PPIs also to be interoperable. RBI does not want to closed loop payment system. If you look at it from a consumer standpoint, as a consumer having a Paytm wallet or the Amazon Pay wallet, they should not be forced to look at only Paytm QR code or Amazon QR code, they should be able to scan any QR code and make the payments. So these interoperability guidelines of the RBI is a big boon for the customers and the merchants,” Asbe said.

The Minister of State for External Affairs, V. Muraleedharan inaugurated the formal proceedings of the second day of the meeting. Addressing the delegates, Muraleedharan said that the Indian Presidency’s theme, “Vasudhaiva Kutumbakam” or “One Earth One Family One Future” has found resonance across the world, because of its all encompassing, inclusive message, capturing the diverse global challenges of the day.

He appreciated the support extended by all G20 countries, guest countries and international organisations to the Indian presidency for the successful conclusion of 46 G20 meetings so far in 27 different cities around the country.

Interventions by countries also clearly highlighted the need for women’s empowerment and women’s leadership at the center for development. Delegates also emphasised the importance of accelerated efforts to return to a path of resilient growth and recovery which also takes everyone along.

Besides, the Sherpas took stock of the progress made in the various G20 Sherpa track working groups of Digital Economy, Health, Education, Tourism, Culture, Agriculture, Trade & Investment, Employment and Anti-Corruption.

The Sherpas also commented on the various proposed actionable deliverables as well as suggested the way forward on important deliberations being held in these working groups such as digital public infrastructure, data for development food security, digital health and pandemic preparedness, prevention and response, tech-enabled education, global skill mapping, etc.

G20 Sherpas also participated in ‘Kayal conversations’ where they discussed in an informal setting ways to take forward the agenda of G20 and deepen cooperation and understanding on shared concerns.

The Indian G20 Sherpa, Amitabh Kant also held productive bilateral discussions with his counterparts throughout the day.

Also Read: G20 Sherpa meet: India hopes Kumarakom deliberations will achieve agreed outcomes

The meeting which kickstarted on Thursday, March 30, will conclude on April 2. It is chaired by Indian G20 Sherpa Amitabh Kant. Over 120 delegates from G20 Members, 9 invitee countries, and various international and regional organisations are participating in the meeting.

The first formal day of meetings concluded with ‘Charchayum Aharavum’, a cultural evening and dinner. It was attended by the Kerala Governor, Arif Mohammad Khan and Chief Minister Pinarayi Vijayan along with the Chief Secretary V.P Joy. The delegates also witnessed a spectacular rendition of ‘Oathirum Mohitham’, a play based on the vadakkan pattu (traditional ballads of Kerala) and various dance-forms providing them a glimpse into the rich heritage of Kerala, the ministry 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