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New Delhi: India's economic growth fell, for the second consecutive quarter, to 4.4 per cent in October-December period of the current financial year, owing to weak demand and high inflation, as per data released by the Statistics and Programme Implementation Ministry on Tuesday.
The GDP growth was 6.3 per cent in the September-quarter of 2022-23. The second quarter growth itself was almost half of 13.2 per cent growth seen in the April-June quarter of the current fiscal. The Reserve Bank of India (RBI) had suggested a growth rate of 4.4 per cent for the last quarter of 2022-23, however that projection was based on the annual GDP projection of 6.8 per cent by the central bank.&nbsp;
The first advance estimate of the GDP, released last month, had suggested a 7 per cent growth for 2022-23.
According to the second advance estimate released on Tuesday, the 7 per cent growth for the current fiscal has been retained.
—IANS

India's economic growth fell, for the second consecutive quarter, to 4.4 per cent in October-December period of the current financial year, owing to weak demand and high inflation, as per data released by the Statistics and Programme Implementation Ministry on Tuesday.

GDP Growth Slides To 4.4% In Dec Quarter Of 2022-23

Business

Bengaluru: US Treasury Secretary Janet L Yellen on Saturday held a meeting with the chief of various IT companies like Infosys Technologies Limited Nandan Nilekani, Wipro's head Nishad Premji and others in Bengaluru.
Yellen, who arrived in India for the G20 Finance Ministers meet, had addressed the roundtable with US and Indian tech business leaders on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting in southern Bengaluru city on Saturday.
Yellen, in the roundtable meeting, said that under the Partnership for Global Infrastructure and investment (PGII), the US announced investments in agri-tech to enable climate-smart agricultural production, and in digital payments systems for microentrepre-neurs. Yellen said going forward, "I am eager to deepen our ties in the technology sector." She said the US was advancing an approach called "friend-shoring" to bolster the resilience of its supply chains.
The treasury secretary said, "We are doing this by strengthening integration with our many trusted trading partners -- including India. We are seeing progress; as an example; technology companies like Apple and Google have expanded their phone production in India."
Yellen said through the Partnership for Global Infrastructure and Investment (PGII), the US is investing in digital technologies that will drive inclusive and resilient growth in India.
She said these stand alongside investments in renewable energy, health and other infrastructure sectors in India. Overall, the United States aims to mobilise USD 200 billion through 2027 for PGII, and we look forward to partnering with India to continue investing in its future, the US treasury secretary said in a statement released on Saturday morning.
Yellen said one of the most rewarding parts of my job is meeting with innovators, entrepreneurs and business leaders across the globe and this is especially true in India, which has one of the most dynamic economies in the world.
Yellen said the US is India's biggest trading partner. She said in 2021, bilateral trade between the two countries was over USD 150 billion.
"Our people-to-people ties affirm the closeness of our relationship. 200,000 Indians are studying in America and enriching our schools and universities," she said. Yellen said, "We depend on each other on a daily basis: Indians use WhatsApp to communicate and many American companies rely on Infosys to operate."
—ANI

US Treasury Secretary Janet L Yellen on Saturday held a meeting with the chief of various IT companies like Infosys Technologies Limited Nandan Nilekani, Wipro's head Nishad Premji and others in Bengaluru.

US Treasury Secretary Holds Meeting With Chiefs Of Indian It Companies In Bengaluru

Bengaluru: Union finance minister Nirmala Sitharaman on Thursday met US Treasury Secretary Janet Yellen ahead of the first G20 Finance Minister and Central Bank Governors meeting to be held in Bengaluru, starting Friday.
The two leaders exchanged views on G20 FinanceTrack priorities under India's G20 presidency.
They also discussed their perspectives on strengthening multilateral development banks (MDBs), global debt vulnerabilities, crypto assets, and health, besides the just energy transition partnership (JETP) and possible takeaways for the two sides. "Both sides agreed that lessons learnt from the COVID19 pandemic should not be lost sight of and there is a need for enhancing preparedness for future pandemic type shocks," the Ministry of Finance tweeted. The second Finance and Central Bank Deputies Meeting under India's G20 Presidency is underway in Bengaluru. The meeting began on Wednesday.
Road to policy for crypto assets, a symposium of digital public infrastructure, and enhancement of cross-border payment arrangements are among the agenda to be discussed on Thursday. The deputies' meet will be followed by the first G20 Finance Ministers and Central Bank Governors meeting, scheduled to be held between February 24 and 25 in the same city. The meeting will be jointly chaired by Sitharaman and RBI Governor Shaktikanta Das.
The meeting will be spread over three sessions, covering issues such as strengthening multilateral development banks to address shared global challenges of the 21st century, financing for resilient, inclusive, and sustainable 'cities of tomorrow', leveraging Digital Public Infrastructure (DPI) for advancing financial inclusion and productivity gains, an official release said earlier.
The sessions will also cover issues related to the global economy, global health, and international taxation, and discussions in the G20 finance ministers and central bank governors meeting are intended to provide a clear mandate for the various workstreams of the G20 Finance Track in 2023.
—ANI

&nbsp;

Union finance minister Nirmala Sitharaman on Thursday met US Treasury Secretary Janet Yellen ahead of the first G20 Finance Minister and Central Bank Governors meeting to be held in Bengaluru, starting Friday.

Sitharaman Meets Us Treasury Secy Janet Yellen Ahead Of Crucial Bengaluru G20 Meet

Bengaluru: Nirmala Sitharaman, India's minister of finance, emphasised the importance of a global framework to regulate cryptocurrencies on Thursday, in addition to strengthening multilateral development banks and establishing more effective methods to address global debt risks.
The G20 ministerial summit was preceded by a series of bilateral talks in which she discussed similar issues with her counterparts from the United States, Japan, and Spain.
Finance ministers from the Group of Twenty (G20) nations, an alliance of both rich and developing countries, will gather here on February 24 for a two-day conference of G20 finance ministers and central bank governors (FMCBG).—Inputs from Agencies

Nirmala Sitharaman, India's minister of finance, emphasised the importance of a global framework to regulate cryptocurrencies on Thursday, in addition to strengthening multilateral development banks and establishing more effective methods to address global debt risks

FM holds bilateral meetings with G20 ministers; pitches for global framework to regulate cryptocurrencies

Jaipur: Union Finance Minister Nirmala Sitha-raman Monday said that petrol and diesel can be brought under the GST ambit if the GST council takes a call.
She was in Jaipur to attend the post-budget press conference where she answered at length on questions related to petrol-diesel prices, inflation, rising repo rates, among other issues. Answering a query on bringing petrol and diesel under the GST purview, she said, "Petrol and diesel can be taken under the GST if the GST council, which is not governed by any one government but finance ministers of all states, takes the call.
"The Centre government has made its intent clear by saying that we will put it as an item under GST. Now the GST council should take a call and let there be an 'open charcha'."
On the Congress' allegations of vindictive approach, the finance minister said, "Investigative agencies like ED, CBI and others do a huge big homework for quite some time and when they have necessary prime facie material in their hands, after having sent a number of questionnaires and getting partial complete, or no reply, they go. It can't be done overnight by any instinct."
"It's strange that a party's past presidents, on money matters or corruption are all out on bail and that is through courts. And they speak of vindictive politics.
"Each agency going there has been bringing tangible material... some of which has been pictured by the media. Instead of accusing people of vindictiveness, they should explain to people and its own plenary as to why their people are out on bail by the court."
She said, "The Congress party should not speak at all on corruption, and then bring in the matter of vindictiveness. It is a shame, one after the other, every Congress government has come and gone out of power on the issues related to corruption," she said.
—IANS

Union Finance Minister Nirmala Sitha-raman Monday said that petrol and diesel can be brought under the GST ambit if the GST council takes a call.

Petrol, Diesel Can Be Brought Under GST Ambit If Council Takes A Call: Sitharaman

New Delhi: Commerce and industry minister Piyush Goyal suggested on Friday that the industry set a goal of exporting organic products worth USD 1 billion by 2030.
This was during his speech to the Gangtok audience of the Sikkim Chamber of Commerce and Industry's interaction programme.
"He urged to set a target to export USD 1 billion organic product by 2030 from existing USD 1 million organic produce in Sikkim," the ministry said in a statement.—Inputs from Agencies

Commerce and industry minister Piyush Goyal suggested on Friday that the industry set a goal of exporting organic products worth USD 1 billion by 2030

Let us set a target to export organic products worth USD 1 billion by 2030: Goyal

Chennai: The Union budget to be presented by Finance Minister Nirmala Sitharaman on February 1 should look forward to allocating funds on research and development (R&amp;D), said a top official of Insecticides India Limited.
"The upcoming budget should look forward to allocate funds on research and development activities to develop new more effective and safer solutions for the control of pests, diseases and weeds for chemical and as well as biological streams," said Rajesh Aggarwal, Managing Director, Insecticides India Limited.
"Different forms of incentive to the companies engaged in such R&amp;D activities can be a motivating factor for them to invest more in the same," he added.
According to him, the government should also make budgetary allocations and develop more aggressive awareness missions for the new technology and new crop avenues, so that input cost can be reduced and output value can be maximised.
The budget needs to take this into account and provide higher allocation to horticulture.
Government subsidies and initiatives are required for safe farming, enhanced focus on sustainable development, and expanding crop supplier and manufacturing base network.
"To facilitate the growth of agri-exports, the government should speed up and ease the documentation process for registrations, incentivise global collaborations, and educate stakeholders," Aggarwal added.
On the manure side, the government should subsidise organic manure so that it could be promoted among the farmers, said Maninder Singh, Founder &amp; CEO, CEF Group.
Stressing on the importance of urban farming, Singh also said separate budgets should be allocated for the promotion and implementation of urban farming on a larger scale.
"Government must devise some schemes to promote urban farming such as rooftop or balcony farms, community gardens, etc. This will not only help in reducing pollution but also in inculcating environment-friendly practices among the general public," he added. —IANS

The Union budget to be presented by Finance Minister Nirmala Sitharaman on February 1 should look forward to allocating funds on research and development (R&D), said a top official of Insecticides India Limited.

Budget Should Allocate Funds On R&D To Develop Pesticides, Organic Manure

Noida: Gautam Buddh Nagar, which includes the industrial cities of Noida and Greater Noida, has received investment proposals worth Rs 5.86 lakh crore since the Uttar Pradesh Global Investors Summit in November 2022 was announced, according to district officials.
Starting on February 10, the UP Global Investors Summit will be held in Lucknow. The state government, led by Chief Minister Yogi Adityanath, has set a target of Rs 17 lakh crore investtments through this ambitious effort.
Adityanath has also asked state authorities to host investment summits at the district level in each of the 75 districts of the state in the run-up to the GIS, with road shows also being done in other states and internationally to attract investments.—Inputs from Agencies

Gautam Buddh Nagar, which includes the industrial cities of Noida and Greater Noida, has received investment proposals worth Rs 5.86 lakh crore since the Uttar Pradesh Global Investors Summit in November 2022 was announced, according to district officials

Noida receives Rs 5.86 lakh cr investment intents ahead of investor summit.

Hyderabad: According to a press release issued on Saturday, Telangana was able to secure investments of over Rs 21,000 crore across a variety of sectors at the recently concluded annual World Economic Forum (WEF) meeting in Davos, Switzerland.
It was reported that the trip to Davos by a delegation led by Telangana IT and Industries Minister K T Rama Rao was a success, and that the minister's efforts to attract investments to the state had been productive.
"All the meetings at the WEF were highly productive and we were able to attract Rs 21,000 crore at the meet," Rama Rao said.—Inputs from Agencies

According to a press release issued on Saturday, Telangana was able to secure investments of over Rs 21,000 crore across a variety of sectors at the recently concluded annual World Economic Forum (WEF) meeting in Davos, Switzerland

Telangana secures Rs 21,000 crore worth of investments during World Economic Forum in Davos

New Delhi: In its ongoing presidency of the G20, India will focus on foundational literacy and numeracy. The Ministry of Education, which will lead the Education Working Group (EdWG), plans to hold four such meetings during the event followed by a conclave of education ministers of participating countries between January and June 2023, according to a G20 agenda document.
"Ensuring foundational literacy and numeracy, especially in the context of blended learning, making tech-enabled learning more inclusive, qualitative, and collaborative at every level, building capacities, promoting life-long learning in the context of the 'Future of Work', strengthening research and promoting innovation through richer collaboration, are the underlying themes and priority areas that have been finalised for discussion in the EdWG meetings during G20 Presidency," it said, as reported by a leading media outlet.
The deliberation also aims to discuss leading practices across G20 countries adopted to resolve some of the most pressing problems with respect to demographic trends such as -- silver economy, multi-generational workforce, environmental (green economy) and technological (Web 4.0, Industry 3.0).
Some of the meetings will be held in Jodhpur in a hybrid mode while one of the main seminars will be organised in Bhubaneshwar.
Foundational Literacy and Numeracy is a child's ability to read basic texts and solve basic mathematics problems. It is also one of the major themes of India's National Education Policy 2020.
Even though access to schools has grown globally in the last few decades, the present state of foundation learning around the world has not translated into actual learning. It is projected that in 2030 about 43 per cent of children in lower-level income countries will still be learning poor, which means that so many children in these countries will not be able to either read or understand the simple text by age 10, reported a leading media outlet.
"The working group will hold two webinars -- mega trends shaping the future of work; and foundational skills, lifelong learning in the context of future work -- as a precursor to the main seminar. Knowledge papers will be prepared based on the discussions in these webinars," the agenda document stated.
The deliberations over the four meetings will focus on gaining outcomes such as sharing of strategies and measures required to "strengthen human and institutional capacity" for the delivery of "future skills" through skilling, reskilling, upskilling and promoting life-long learning.
"One of key deliverables from the meeting includes outlining a consensual roadmap for G20 nations to enable human-centric, intergenerational, and anticipatory policy response," the document said.
It also aims to achieve sharing of flexible pathways to lifelong-learning that lead to creation of a "future ready" workforce that is gainfully employed, reported News18.
Along with basics, social and emotional skills and well-being lay a strong foundation for further learning and development.
Those who fail to attain basic competencies in foundational literacy and numeracy find it difficult to catch up in higher classes and fall behind creating vital learning gaps and leading to increased chances of children dropping out of the school system altogether.
Thus, there is a need to redesign approaches to achieve universal foundational literacy and numeracy just like India is doing guided by its National Education Policy (NEP) 2020. —IANS

In its ongoing presidency of the G20, India will focus on foundational literacy and numeracy. 

Foundational Literacy To Remain India's Focus At Its G20 Presidency

New Delhi (The Hawk): Ashneer Grover, a former managing director and co-founder of BharatPe, reportedly claimed that his wife Madhuri Jain Grover had paid an advance tax of Rs. 1.15 crore. However, her vocation is listed as "House Wife" on the Golden Dubai visa she received while working for BharatPe.
In the name "Madhuri Grover Suresh Jain" (Jain is Madhuri's father), Madhuri Jain Grover's Golden Dubai visa, issued in September 2021 and reviewed by IANS, clearly lists her vocation as "House Wife."
Madhuri Jain was serving as the Head of Controls at BharatPe at the time the visa was issued. Prior to joining BharatPe in 2018, she worked as a senior fashion designer for years and has been an entrepreneur since 2000.
She oversaw internal operations, HR, and finances at BharatPe.
The reason she preferred to be included on the Golden Dubai Card as a "House Wife" is now under dispute.
The 10-year Golden Dubai visa is a lengthy residence permit that allows anyone to dwell, work, or study in the United Arab Emirates while also enjoying special advantages.
Ashneer tweeted on December 15 that his wife, Madhuri Jain Grover, has recently filed an advance tax payment of Rs. 1.15 crore.
"She has long been one of India's highest-earning individual women taxpayers. How many VC partners do you believe have similar tax obligations in India? There aren't many because they are mostly tax-free in Singapore and Dubai "He'd published.
In response to a significant theft of corporate cash, BharatPe began criminal and civil actions against Ashneer, Madhuri Jain, and their relatives earlier this month.
The business claims that Grovers defrauded it of money totaling Rs. 88.6 crore with 18% interest by using, among other things, fake invoices, inflated vendor payments, and personal expenditures.
(Inputs from Agencies)

Ashneer Grover, a former managing director and co-founder of BharatPe, reportedly claimed that his wife Madhuri Jain Grover had paid an advance tax of Rs. 1.15 crore. However, her vocation is listed as "House Wife" on the Golden Dubai visa she received while working for BharatPe.

Madhuri Jain Grover pays advance tax Rs 1.15 cr ,remains "housewife" on Golden Dubai visa

Mumbai (The Hawk): The Central Bureau of Investigation (CBI (NS:CBI)) bit the bullet to apprehend the Kochhar couple in relation to the alleged large Rs 3,250 crore loan fraud involving the defunct Videocon Group almost seven years after the initial accusations arose.The CBI has accused Chanda Kochhar, 61, of irregularities and violating banking laws and regulations in a number of loans granted to the Videocon Group of businessman Venugopal N. Dhoot between 2009 and 2011, while she was in charge of the bank.In addition to naming businesses like Videocon International Electronics Ltd., NuPower Renewables Pvt. Ltd., Videocon Industries Ltd. (NS:VEDI), and Supreme Energy Pvt. Ltd., the CBI earlier in 2019 charged the Kochhar couple and Dhoot with violating the Indian Penal Code and the Prevention of Corruption Act.After the Videocon Group received a loan of Rs 3,250 crore from ICICI Bank (NS:ICBK) in 2012, the CBI claimed that Dhoot allegedly diverted Rs 64 crore to NuPower Renewables, where Deepak Kochhar had a 50% stake, raising concerns and ethical issues given that Chanda had set the credit limits for the Videocon Group companies.According to the CBI charge sheet, under Kochhar, the ICICI Bank approved loans to the Videocon Group and other parties in flagrant violation of the bank's policies. When these loans were later deemed non-performing assets (NPAs), the bank suffered losses, while the accused and borrowers made illegal gains.The CBI also sought to look into the actions of other senior ICICI Bank executives who allegedly followed Chanda's orders to issue loans to the Videocon Group and other companies.The loans to the Videocon Group companies and other borrowers eventually became non-performing assets (NPAs) by 2017. According to the CBI, the majority of these loans were flagged as "frauds" after the investigation because they were flagged for flagrant violations of the law, banking regulations, and bank policies.According to unaffiliated banking circles, the ICICI Bank reported the most non-performing assets (NPAs) under Chanda's leadership, and according to an RTI response obtained by Pune businessman Prafful Sarda, it will have accumulated up to an astounding Rs 200,000 crore by 2021.Just last week, Nirmala Sitharaman, the minister of finance, told the legislature that among other banks, the ICICI Bank has written off loans of Rs 42,164 crore.Chanda went on leave in early 2018 as the heat increased and subsequently submitted an application for early retirement, which the ICICI Bank accepted ostensibly because it was kept in the dark about specific facts and made no disclosures regarding numerous difficulties that later surfaced.After receiving complaints and media coverage, the ICICI Bank formed a committee in June 2018 under the leadership of Justice B. N. Srikrishna, a retired Supreme Court justice, to look into all Chanda's accusation from April 2009 to March 2018.Her handling of "conflict of interest" and "proper disclosure or recusal" obligations, violations of the ICICI Bank Code of Conduct, and a lack of "diligence" with regard to annual disclosures as required by the bank were all criticised in the study.After receiving this report, the ICICI Bank made the difficult decision to treat Chanda's separation as "Termination for Cause," with all of the severe repercussions that entails, such as the revocation of all of her current and future entitlements, including unpaid amounts, bonuses, increments, unvested and vested and unexercised stock options, medical benefits, and bonuses paid to her during the investigation period.Shaken by the events, Chanda not only contested Justice Srikrishna's report but also the ICICI Bank's decision to terminate her employment in the Bombay High Court and later the Supreme Court, only to be unsuccessful.These changes put an end to the bright young woman of Indian banking who was born in Jodhpur and educated in Mumbai falling into disgrace within 16 years of joining the ICICI Bank as a trainee in 1984 and rising to the position of Executive Director in 2001.From that point on, she expanded her wings and quickly ascended the corporate ladder, eventually rising to the position of MD &amp; CEO in 2009, when she suddenly seemed to be going downhill with the bank.Chanda received numerous national and international honours over the years, including the Padma Bhushan. She also advised the government on policy matters and was a highly sought-after speaker at national and international events.Chanda's arrest by the CBI brings another grisly end to what could have been an illustrious banking career. It also ranks among several high-profile banking scams that have shaken the Indian banking sector, and she is one of a select group of brilliant top women bankers who have fallen victim to ignominy.(Inputs from Agencies)

The Central Bureau of Investigation (CBI (NS:CBI)) bit the bullet to apprehend the Kochhar couple in relation to the alleged large Rs 3,250 crore loan fraud involving the defunct Videocon Group almost seven years after the initial accusations arose. The CBI has accused Chanda Kochhar, 61, of irregularities and violating banking laws and regulations in a number of loans granted to the Videocon Group of businessman Venugopal N. Dhoot between 2009 and 2011, while she was in charge of the bank.

Chanda Kochhar: From the angel of Kamath to jail

Mumbai (The Hawk): Reliance (NS:RELI) Jio paid the lenders Rs 3,720 crore on Thursday to finalise the acquisition of the tower and fibre assets from Reliance Communication Ltd. (RCOM).
Sources claim that the corporation has placed Rs 3,720 crore in the State Bank of India's escrow account (NS:SBI).
The National Company Law Tribunal (NCLT) granted Jio's request for permission to purchase Reliance Infratel (RITL), an RCOM subsidiary that houses the tower and fibre assets, in November.
Jio was permitted by the tribunal to deposit Rs 3,720 crore in the SBI escrow account.
Jio filed a petition with the NCLT in Mumbai on November 6 with the intention of depositing Rs 3,720 crore in an SBI escrow account to finalise the purchase of Reliance Infratel.
Jio made a bid of Rs 3,720 crore in November 2019 to buy the tower and fibre asset from RCOM.
The Jio resolution plan was previously unanimously accepted by the Committee of Creditors on March 4, 2020, but the acquisition procedure was unable to be completed because of disagreements amongst the lenders regarding the allocation of monies.
Implementation of the resolution plan is delayed because of the ongoing legal proceedings over the distribution of the funds and issue of the "no dues" certificate, according to an application made by Jio subsidiary Reliance Projects and Property Management Services.
According to the petition, a delay "is seriously harming the interests of the corporate debtor as well as the resolution applicant" and "will depreciate the value of assets."
43,540 mobile towers and approximately 1.78 lakh route kilometres of fibre are owned by RITL.
Once the inter-creditor disagreement over the distribution of settlement monies is resolved, the funds will be disbursed among the lenders in accordance with the NCLT order.
In a legal dispute over the allocation of cash, SBI and a few other institutions, notably Doha Bank, Standard Chartered (LON:STAN) Bank, and Emirates Bank, are involved.
The Supreme Court is now deliberating the case.
The resolution professional's characterization of the claims from RITL's indirect creditors as financial creditors had been contested by Doha Bank.
(Inputs from Agencies)

Reliance (NS:RELI) Jio paid the lenders Rs 3,720 crore on Thursday to finalise the acquisition of the tower and fibre assets from Reliance Communication Ltd. (RCOM). Sources claim that the corporation has placed Rs 3,720 crore in the State Bank of India's escrow account (NS:SBI).

Jio acquires Reliance Infratel, pays lenders Rs 3,720 cr

New Delhi (The Hawk): 63 moons technologies ltd, a pioneer in domestic fintech and a developer of next-generation digital marketplaces, announced on Tuesday that it had won the "Best Technology Solution Provider of Asia" award from the International Brand Consulting (IBC) Corporation in the US and been named one of "Asia's Most Trusted Companies."
"We are pleased to learn that the worldwide forum has given our organisation prominence on a global scale. We were one of the jury's top 50 carefully picked brands. In the process of creating an organisation, this is a significant turning point "S Rajendran, Managing Director and CEO of 63 Moons Technologies, accepted the honour from IBC Corp CEO Hemant Kaushik and Lt. Gen. Suwat Jangyodsuk of the Royal Thai Army in Bangkok.
Rajendran has expressed his gratitude to mentor Jignesh Shah and 63 Moons Technologies Chairman Venkat Chary for their unwavering support and leadership during the Group's transition to 3.0.
However, 63 Moons Technologies stated that it is ironically not "fit &amp; suitable" to have any shares in commodities exchanges in India, according to the former regulator of the commodity markets, the Forward Market Commission (FMC).
It was claimed that P. Chidambaram, the then-finance minister, and K. P. Krishnan, the then-joint secretary for capital markets, "designed" and Ramesh Abhishek, the then-chairman of the FMC, "implemented" the "scheme" to remove 63 moons technologies from the exchange area.
The honour given to 63 moons technologies is considered as another another rebuke of the "perpetrators of crime" — P. Chidambaram, K. P. Krishnan, and Ramesh Abhishek, according to allegations made by 63 moons on Tuesday.
(Inputs from Agencies)

63 moons technologies ltd, a pioneer in domestic fintech and a developer of next-generation digital marketplaces, announced on Tuesday that it had won the "Best Technology Solution Provider of Asia" award from the International Brand Consulting (IBC) Corporation in the US and been named one of "Asia's Most Trusted Companies."

"Asia's Most Trusted Company" goes to 63 moons technology

Mumbai (The Hawk): The highest bidder for RCAP assets, a partnership between Cosmea Financial and Piramal Group, has withdrawn from the bidding process, which is a big setback for the resolution process of Reliance Capital Ltd (RCAP).
The committee of creditors' (COC) planned e-auction for Reliance Capital is set to take place on Wednesday, and the highest bidder's withdrawal on the eve of the auction has shocked Reliance Capital's lenders.
The Cosmea-Piramal consortium, according to sources, has decided to withdraw from the resolution process because it believes that the parameters of the bidding process have been significantly changed, and that in order to begin participating, the base bid in the auction itself now requires a significant increase of roughly Rs 1,500 crore over and above the highest bid.
The Net Present Value (NPV) of the Cosmea-Piramal settlement plan is Rs 1,500 crore less than the floor value for the auction set by the COC, which is Rs 6,500 crore.
Additionally, the second and third rounds' increments in the auction process have each been set at extremely high values of Rs 1,000 crore.
The amount established for round four is Rs. 500 crore, and the amount set for each round after that is Rs. 250 crore. Accordingly, the minimum bid amounts would be Rs 7,500 crore, Rs 8,500 crore, Rs 9,000 crore, and Rs 9,250 crore, respectively.
The consortium considers it to be not just arbitrary and unreasonable, but also unrealistic and impractical.
The bidders believe that lack of transparency, such as failing to reveal the highest bidder or the order in which bidders placed after each round, is incompatible with the nationwide electronic auction that the Indian government and state governments held for spectrum for the telecommunications industry as well as for solar and wind energy projects.
Unfortunately, in this scenario, the best practises used by the governments are not being applied.
There are currently just three competitors left in the competition: Hindujas, Torrent, and Oaktree. Cosmea-Piramal has abandoned the event.
Cosmea-Piramal was the highest bidder for Reliance Capital CIC, with a total bid amount of Rs 5,231 crore (Core Investment Company). A 4,250 crore rupee down payment was included in the deal. The Cosmea-Piramal deal had a net present value (NPV) of Rs. 5,000 crore.
The second largest proposal was made by Hindujas, who offered Rs 5,060 crore along with an advance payment of Rs 4,100 crore. Hinduja's offer has an NPV of Rs 4,800 crore.
The price ranges offered by Torrent and Oaktree were 4,500 and 4,200 crores, respectively. They had each proposed a one-time payment of Rs. 1,100 crore and Rs. 1,000 crore. Torrent's resolution plan had an NPV of Rs 4,200 crore, whereas Oaktree's approach had an NPV of Rs 2,600 crore.
The Cosmea-Piramal bid's NPV value is Rs 1,500 crore or 30% higher than the auction's floor price of Rs 6,500 crore.
As a result of Cosmea-withdrawal, Piramal's Hinduja's second-highest bid of Rs 4,800 crore, which was previously the highest bid, is now the highest bid, with a Rs 1,700 crore gap between it and the auction floor price. As a result, the floor price is now 35% more than the highest offer.
Torrent and Oaktree's offer values are Rs 2,300 crore and Rs 3,900 crore higher than the auction floor price, respectively.
(Inputs from Agencies)

The highest bidder for RCAP assets, a partnership between Cosmea Financial and Piramal Group, has withdrawn from the bidding process, which is a big setback for the resolution process of Reliance Capital Ltd (RCAP).

Reliance Capital resolution process suffers major setback as Cosmea-Piramal consortium withdraws from bidding

New Delhi (The Hawk): Bharti Airtel announced on Tuesday that it has paid an undisclosed price for a strategic investment in Lemnisk (Immensitas Private Limited), with the goal of creating the largest customer data platform (CDP) in the world.
Lemnisk, based in Bengaluru, delivers secure CDP and real-time marketing automation, enabling scaled 1-to-1 personalization and cross-channel customer journeys that boost business conversion, customer retention, and growth.
According to Adarsh Nair, CEO of Airtel Digital, "Lemnisk's real-time marketing automation engine is a natural fit for us, as over 350 million customers connect with businesses everyday through many contact points."
Together, they will develop the largest CDP platform in the world for all of Airtel's digital businesses, including ad-tech (Airtel Ads), digital entertainment (Wynk Music and Airtel Xstream), and digital marketplace (Airtel Thanks App).
Future plans call for Airtel to make this service available to its business customers through Airtel IQ, its network-integrated Cloud Platform as a Service (CPaaS).
According to the company, the platform would give businesses the chance to develop a quick, scalable, and multichannel client engagement.
"Our goal of providing super big organisations with a single frictionless platform that organises and activates high volume, high velocity data is aligned with Airtel's mission. Together, we can accomplish a lot of wonderful things "Lemnisk's co-founder and CEO, Subra Krishnan, remarked.
The Airtel Startup Accelerator Program makes investments in early-stage entrepreneurs developing technologies that enhance Airtel's commercial services strategically.
Through the initiative, companies have the chance to make their technology and applications available to over 350 million retail customers and one million businesses.
(Inputs from Agencies)

Bharti Airtel announced on Tuesday that it has paid an undisclosed price for a strategic investment in Lemnisk (Immensitas Private Limited), with the goal of creating the largest customer data platform (CDP) in the world.

Airtel acquires Lemnisk share to develop largest customer data platform

New Delhi (The Hawk): Net tax collections for 2022–2023 were 24.26% greater than net receipts for the same period in the previous year.
With this, official sources reported that 61.79% of the budget projections for the current fiscal year have already been met.
Additionally, compared to the same period last year, income tax refunds issued until November 30 this fiscal year were 66.92% greater.
During the period of April 1 to November 30, refunds of Rs 2.15 lakh crore were given.
Despite issues with the e-filing system, the Union finance ministry said in a statement on Monday that ITR filing was easier and more user-friendly for the assessment year 2022–23.
It claimed that a large amount of the data was pre-filled, making compliance simpler.
According to it, more over 72 lakh ITRs were submitted on just July 31.
Additionally, in July, more than five crore ITRs were filed.
Additionally, the government reported that 7 crore ITRs for the assessment year 2022–23 have been filed as of November 30.
(Inputs from Agencies)

Net tax collections for 2022–2023 were 24.26% greater than net receipts for the same period in the previous year. With this, official sources reported that 61.79% of the budget projections for the current fiscal year have already been met.

Tax collections increased by 24% year over year in the current fiscal

Chennai (The Hawk): The RRPR Holding Private Ltd. of the Adani Group has been invited to propose two Directors to the board of New Delhi Television Ltd. (NDTV), and the proposal has been approved by the latter's Board.
The choice was made during the NDTV Board meeting on Friday and announced to the stock exchanges later that day.
In NDTV, RRPR Holding owns a 29.18% stake.
The appointment will be discussed at the upcoming board meeting, which is expected to take place on December 23, according to NDTV.
Prannoy Roy and Radhika Roy, the RRPR Holding's initial promoters, recently resigned from their positions as directors as a result of the Adani Group purchasing a 99.5% share in the company.
Prannoy Roy and Radhika Roy do, however, own 15.94% and 16.32%, respectively, of NDTV.
On the other hand, RRPR Holdings has named Senthil Sinniah Chengalvarayan, Sanjay Pugalia, and Sudipta Bhattacharya as Directors.
Additionally, the Adani Group has made an open offer to buy a further 26% stake in NDTV for Rs 294 a share.
NDTV share prices are now declining at the bourses after reaching a high of Rs 470.05 on December 1.
On the BSE, the share's closing price on Friday was Rs 330.95.
(Inputs from Agencies)

The RRPR Holding Private Ltd. of the Adani Group has been invited to propose two Directors to the board of New Delhi Television Ltd. (NDTV), and the proposal has been approved by the latter's Board.

Adani Group nominees on NDTV Board

New Delhi (The Hawk): According to Alphabet and Google CEO Sundar Pichai, India's G20 presidency will be a fantastic opportunity to forge an agreement on creating an open, connected, safe, and useful internet for all people.
Pichai said it is tremendously meaningful to be honoured in this way "by the country that shaped me" after receiving the Padma Bhushan, India's highest civilian honour, from Taranjit Singh Sandhu, India's ambassador to the US, in San Francisco.
"I am a product of India. It travels with me everywhere. I was lucky to have parents who made significant sacrifices so that I could have opportunities to pursue my interests and to grow up in a family that valued education and information "Late on Friday, Pichai stated in a blog entry.
He said that the "Digital India" initiative of Prime Minister Narendra Modi has undoubtedly accelerated progress, and added, "I'm glad that Google continues to invest in India, working in partnership with governments, businesses, and communities across two transformative decades."
Google recently announced that it would invest $10 billion in India's digital future, working to make internet access more accessible and affordable, developing products for the country's particular needs, assisting businesses of all sizes with their digital transformation, and using artificial intelligence to address significant societal issues.
According to Pichai, "We're also investing heavily in digital skilling and have taught over 55,000 teachers in conjunction with the government and local organisations, as well as over 1 million women through our WomenWill Entrepreneurship Program."
Along with this, the tech giant funded over 100,000 Google Career Certificates in association with Tata Strive and the Nasscom Foundation.
"Using a recent development in machine learning, we added 24 new languages to Google Translate earlier this year. There are eight of them that are indigenous to India "Pichai remarked.
(Inputs from Agencies)

According to Alphabet and Google CEO Sundar Pichai, India's G20 presidency will be a fantastic opportunity to forge an agreement on creating an open, connected, safe, and useful internet for all people.

Sundar Pichai: India's G20 Presidency will improve the global economy and open Internet

Chennai (The Hawk): Talbros Automotive Components Limited, a supplier of auto accessories, announced on Friday that its joint ventures and business divisions had acquired fresh multi-year contracts totaling Rs 420 crore from both local and foreign clients.
These orders, which span the company's product lines for gaskets, heat shields, forgings, and chassis, are to be carried out over the course of the next five years.
One of the new orders, worth Rs 160 crore, came from a major electric vehicle (EV) manufacturer, according to Talbros Automotive. Over the course of five years, the order will be completed.
Additionally, the business stated that the orders are coming from the non-automotive sector for export markets.
Anuj Talwar, Joint Managing Director, stated that the new orders "further boost the income and profit visibility for Talbros group and will help us acquire market share in the next years."
(Inputs from Agencies)

Talbros Automotive Components Limited, a supplier of auto accessories, announced on Friday that its joint ventures and business divisions had acquired fresh multi-year contracts totaling Rs 420 crore from both local and foreign clients.

GDP Growth Slides To 4.4% In Dec Quarter Of 2022-23

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