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Showing posts from June, 2021

NITI moots 100% I-T exemption for donations to not-for-profit hospitals

Government think tank Niti Aayog has suggested 100 per cent income tax exemption for donations and provision of working capital loans with lower interest rates for not-for-profit hospitals to strengthen healthcare services in India. In a report titled 'Not-for-Profit Hospital Model in India', the Aayog also pitched for involving high performing hospitals in public private partnership (PPP) models for managing primary health care (PHCs), operations of government facilities and PSU hospitals. "Income-tax exemption could be increased from the current 50 per cent exemption to 100 per cent exemption for philanthropy toward the identified not-for-profit hospitals. This could be a catalyst in channelizing the much-needed funds to deserving hospitals." it said. According to the report, the government can consider the provision of working capital loans with lower interest rates, which would be more financially viable for not-for-profit hospitals and would assist in adequate ca...
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After 20 years, US to leave Bagram - heart of its Afghan military power

For nearly 20 years, Bagram Airfield was the heart of American military power in Afghanistan, a sprawling mini-city behind fences and blast walls just an hour's drive north of Kabul. Initially, it was a symbol of the U.S. drive to avenge the 9/11 attacks, then of its struggle for a way through the ensuing war with the Taliban. In just a matter of days, the last U.S. soldiers will depart Bagram. They are leaving what probably everyone connected to the base, whether American or Afghan, considers a mixed legacy. Bagram grew into such a massive military installation that, as with few other bases in Afghanistan and even Iraq, it came to symbolize and epitomize the phrase mission creep', said Andrew Watkins, Afghanistan senior analyst for the Brussels-based International Crisis Group. U.S. Central Command said last week that it's well past 50% done packing up Bagram, and the rest is going fast. American officials have said the entire pullout of U.S. troops will most likely be com...
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Covid leaves a lasting impact

India's problem is less with the unemployment rate and much more with the labour participation rate and the employment rate. The lasting impact of Covid is a much smaller worker participation rate from Today's Paper https://ift.tt/3w21I75
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Ambani, Adani and China

The big boys may well compete, but if your parse Mr Ambani's AGM statement, it appears that RIL would more like to play the role of an input and/or original-equipment-manufacturer than a fierce rival from Today's Paper https://ift.tt/3qwpzuo
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Vedantu eyes $200 mn run rate, to hit profitability by June next year

Online live tutoring platform Vedantu on Friday said it expects its revenue run rate to more than double to USD 200 million and hit profitability by June next year. Vedantu, which competes with players like Byju's, has seen month-on-month revenue growth of 50 per cent in April and May this year. Its revenue grew 4x in May 2021 over last year and its current revenue run rate is at about USD 60 million. "Currently, Vedantu is at cash flow profitability of more than 15 per cent on the unit level and is looking at achieving a USD 200 million run rate in the next 12 months with overall company profitability. The platform has a strong community of over 30 million registered users and added 22 million new users since the pandemic began," a statement said. It added that personalised access, interactive classes, and 24/7 customised content have resulted in "4X annual growth in paid subscribers to more than 200,000". Vedantu said it has witnessed majority adoption from ou...
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Will increase women delivery staff by 10% by year-end, says Zomato

Online food ordering platform Zomato on Friday said it will increase the number of women in its delivery service to 10 per cent by the end of the year as part of its workplace inclusivity initiatives. In a blog on its website, Zomato founder Deepinder Goyal said at present only about 0.5 per cent of its delivery partners are women. "Today, we are taking our first step towards increasing the participation of women delivery partners in our fleet. To begin with, we have set ourselves a goal of reaching 10 per cent participation by the end of 2021 starting with Bengaluru, Hyderabad, and Pune," he wrote. Stating that Zomato has always been "about being a more inclusive workplace", he said, "So far, our inclusive workplace initiatives haven't taken into consideration the fact that only about 0.5 per cent of our delivery partners are women." Goyal, however, said adding more women to the delivery fleet "is not as simple as just targeting more women for th...
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Vedantu eyes $200 mn run rate, to hit profitability by June next year

Online live tutoring platform Vedantu on Friday said it expects its revenue run rate to more than double to USD 200 million and hit profitability by June next year. Vedantu, which competes with players like Byju's, has seen month-on-month revenue growth of 50 per cent in April and May this year. Its revenue grew 4x in May 2021 over last year and its current revenue run rate is at about USD 60 million. "Currently, Vedantu is at cash flow profitability of more than 15 per cent on the unit level and is looking at achieving a USD 200 million run rate in the next 12 months with overall company profitability. The platform has a strong community of over 30 million registered users and added 22 million new users since the pandemic began," a statement said. It added that personalised access, interactive classes, and 24/7 customised content have resulted in "4X annual growth in paid subscribers to more than 200,000". Vedantu said it has witnessed majority adoption from ou...
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Piaggio Vehicles reopens its two-wheeler dealerships across India

Piaggio Vehicles on Thursday announced the reopening of its two-wheeler dealerships across India, which had shut operations due to a massive increase in the coronavirus infection cases between April and mid-May across the country. The decision to reopen the dealerships comes following the announcement of the lockdown opening guidelines from authorities, Piaggio Vehicles Pvt Ltd (PVPL) said in a release. PVPL is a wholly-owned subsidiary of the Italian auto major Piaggio Group. Its India product portfolio comprises iconic Vespa, and Aprilia scooters besides small commercial vehicles. We have been working together with our dealers in navigating through the second wave of COVID-19. Also keeping in mind the possible anxiety of our customers during the lockdowns we have announced an extension of original equipment warranty and free service that expires during lockdown period, said Diego Graffi, Chairman and Managing Director, Piaggio India. The Piaggio dealerships have now geared up to fr...
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Piaggio Vehicles reopens its two-wheeler dealerships across India

Piaggio Vehicles on Thursday announced the reopening of its two-wheeler dealerships across India, which had shut operations due to a massive increase in the coronavirus infection cases between April and mid-May across the country. The decision to reopen the dealerships comes following the announcement of the lockdown opening guidelines from authorities, Piaggio Vehicles Pvt Ltd (PVPL) said in a release. PVPL is a wholly-owned subsidiary of the Italian auto major Piaggio Group. Its India product portfolio comprises iconic Vespa, and Aprilia scooters besides small commercial vehicles. We have been working together with our dealers in navigating through the second wave of COVID-19. Also keeping in mind the possible anxiety of our customers during the lockdowns we have announced an extension of original equipment warranty and free service that expires during lockdown period, said Diego Graffi, Chairman and Managing Director, Piaggio India. The Piaggio dealerships have now geared up to fr...
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Covered bond issuances increase to Rs 2,200 cr in FY21: ICRA report

Domestic covered bond issuances have witnessed a sharp increase to about Rs 2,220 crore in FY2021 as against the issuances of Rs 400 crore seen in the preceding fiscal, said a report by ICRA Ratings. These bonds have been issued so far by non-banking financial corporations (NBFCs), nine in FY2021 compared to two in FY2020. "The covered bonds have seen improved acceptance in the Indian market mainly in H2 FY2021 as it provides a 'dual recourse' benefit to the investor, i.e. the repayment obligation has to be met by the entity and in case of failure to do so, by a pool of assets assigned to a trust," the rating agency said. It said that given the uncertainty on collections due to the pandemic, the protection available to an investor of a covered bond improves when compared with the conventional securitisation of the pool of assets. The domestic market for covered bonds is still in the nascent stages with the first issuance seen in FY2019. This structured product, howeve...
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Govt asks industry to take benefit of PLI, food processing sector schemes

Food Processing Industries Minister Narendra Singh Tomar on Thursday called the industry players to take benefit of the government initiatives, including the production-linked incentive (PLI) scheme. "The government is committed to the development of the food processing sector. The government has taken several initiatives to harness the food and horticulture potential of the country," an official statement quoted Tomar as saying at the northern region food processing summit organised by industry body CII. The government has launched the PLI scheme for the food processing industry, under which Rs 11,000 crore will be spent, he said. Another scheme 'Prime Minister formalization of Micro Food Processing Enterprises (PMFME) has been launched under the Atmanirbhar Bharat Abhiyan to enhance the competitiveness of existing individual micro-enterprises in the unorganised sector. The scheme focuses on supporting groups engaged in agri-food processing such as Farmer Producer Organi...
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FM Nirmala Sitharaman calls for re-thinking financing for resilient infra

Finance Minister Nirmala Sitharaman on Wednesday made a case for re-thinking financing and development priorities for inclusive, sustainable and resilient infrastructure aligned with Sustainable Development Goals (SDGs). Adopted in 2015, SDGs are the world's shared plan to end extreme poverty, reduce inequality, and protect the planet by 2030. Participating in Asia Infrastructure Forum co-organised by Enterprise Singapore, Ministry of Finance of Singapore and Monetary Authority of Singapore, Sitharaman spelt out various measures taken by the government to boost infrastructure spending by the government. "FM emphasised India's policy-led approach of open, rule-based and transparent economic environment; encouragement to private investment and foreign capital; enhanced public expenditure and robust institutional structure for funding infrastructure development for #ResilentRecovery," the Finance Ministry said in a series of tweets. The Finance Minister highlighted setti...
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Electric vehicle makers laud Gujarat policy, terming it progressive

Various companies like Tata Motors, Mahindra and Hero Electric on Tuesday lauded the Gujarat government for bringing a new electric vehicle policy in the state. Gujarat Chief Minister Vijay Rupani unveiled the 'Gujarat Electric Vehicle Policy 2021', which, according to him, has been designed to see at least two lakh electric vehicles on the state roads in the next four years. To encourage people to turn to e-vehicles, the state government will provide subsidies ranging from Rs 20,000 to Rs 1,50,000 on the purchase of vehicles under this policy, which will remain effective for four years. It is estimated that around 1.10 lakh electric two-wheel vehicles, 70,000 three-wheelers and 20,000 four-wheelers will be used in the state in the next four years following the implementation of this policy. The state government will provide a subsidy of up to Rs 20,000 on the purchase of an electric two-wheeler, Rs 50,000 for a three-wheeler and Rs 1,50,000 on the purchase of a four-wheeler. W...
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Tokyo Olympics to allow limit of 10,000 local fans in venues

The Tokyo Olympics will allow some local fans to attend when the games open in just over a month, organizing committee officials and the IOC said on Monday. Organizers set a limit of 50% of capacity up to a maximum of 10,000 fans for all Olympic venues. The decision was announced after so-called Five Party talks online with local organizers, the International Olympic Committee, the International Paralympic Committee, the Japanese government and the government of metropolitan Tokyo. The decision contradicts the country's top medical adviser, Dr. Shigeru Omi, who recommended last week that the safest way to hold the Olympics would be without fans. He had previously called it abnormal to hold the Olympics during the pandemic. The Tokyo Games are set to open on July 23. Fans from abroad were banned several months ago. Officials say local fans will be under strict rules. They will not be allowed to cheer, must wear masks, and are being told to go straight home afterward. Organizers sa ...
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Sebi issues framework for supervisory body for investment advisors

Markets regulator Sebi on Friday came out with a framework for investment adviser administration and supervisory body. Under the investment adviser rules, Sebi may recognise any body or body corporate for the purpose of regulating investment advisers (IA) and delegate administration and supervision of the IAs on terms and conditions specified by it. Accordingly, an entity granted recognition under the the IA rules will be designated as 'Investment Adviser Administration and Supervisory Body (IAASB)' and will be entrusted with the administration and supervision of IAs. In this regard, BSE Administration & Supervision Limited (BASL), a wholly owned subsidiary of BSE Limited, has been granted recognition as IAASB for a period of three years from June 1, 2021. With regard to responsibilities of IAASB, Sebi said the body is required to supervise IAs, including both onsite and offsite, redress grievance of clients and IAs, take administrative action including issuing warning and ...
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Invisible connections

While museums and academia marvel at the art, ritual and belief systems that the objects embody, it is time perhaps to retell the stories that inspired these creations. from Today's Paper https://ift.tt/3xxWOQw
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Govt ready to talk to farmers but not on repeal of laws, says Tomar

Union Agriculture Minister Narendra Singh Tomar on Friday said the government was ready to talk to the agitating farmers "even if they come at midnight", but not about their demand to repeal the three new laws which are the bone of contention. Thousands of farmers are camping on Delhi's borders since last November, seeking withdrawal of the new agriculture laws. The government is always ready to talk to any farmers' union, I will welcome them even if they come at midnight," the Union minister told reporters here. The government is ready for talks anytime but not on the repeal of the laws," he said. To a question about vaccination against COVID-19, Tomar said vaccines would be available in enough quantity in August. On Congress leader Digvijaya Singh's reported statement that his party would reconsider the abrogation of provisions of Article 370 if it came to power, Tomar said the entire country is against the restoration of Article 370. "Digvijaya S...
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The search for news media

The pathetic state of India's news media - particularly news TV - leaves it at the mercy of international media and a few Indian brands that have the capacity to cover a story like the pandemic from Today's Paper https://ift.tt/2TJf0HX
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Sensex and Nifty fall from record highs, investors eye US Fed meet

Benchmark indices Sensex and Nifty retreated from record high levels on Wednesday following intense selling in Reliance and HDFC twins as investors turned cautious ahead of the outcome of the US Federal Reserve's policy meeting. The 30-share BSE index ended 271.07 points or 0.51 per cent lower at 52,501.98. It had closed at an all-time high of 52,773.05 on Tuesday. The broader NSE Nifty retreated from a record and declined 101.70 points or 0.64 per cent to 15,767.55. PowerGrid was the top laggard in the Sensex pack, shedding around 2 per cent, followed by IndusInd Bank, Reliance, L&T, UltraTech Cement and Bajaj Finance. On the other hand, Nestle, NTPC, ONGC, Bajaj Finserv Hindustan Unilever and Infosys were among the gainers. Investors kept an eye on the two-day US Federal Reserve meeting, which is set to conclude on Wednesday. Lack of fresh trigger from overseas markets also weighed on the local stocks as Asian markets closed mixed. Bourses in Shanghai, Hong Kong and Tokyo end...
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Working in wonderland

A govt employee is invulnerable. The chances of being dismissed for non-performance are the same as the chance of being caught for travelling without a ticket on the Bombay suburban trains from Today's Paper https://ift.tt/2RZdKQL
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Recruitment for Covaxin trial in 6-12 age group to start from June 15

The recruitment for the clinical trial of the country's first indigenously-developed COVID-19 vaccine, Covaxin, among children in the age group of 6-12 years will begin at the AIIMS here from Tuesday. This will be followed by the clinical trial of children in the age-group of 2-6 years. The enrolment of children volunteers aged 12-18 years at the All India Institute of Medical Sciences (AIIMS) has been completed and they have been given the first dose of Covaxin. "The recruitment process for the clinical trial of Covaxin among children in the age group of 6-12 years will begin from Tuesday," Dr Sanjay Rai, Professor at the Centre for Community Medicine at the AIIMS, told PTI. The Drugs Controller General of India (DCGI) had granted permission for conducting the phase 2/3 clinical trial of Bharat Biotech's Covaxin among children aged two to 18 years on May 12. The trial is to be conducted in three parts -- 175 volunteers each in the groups aged 12-18, 6-12 and 2-6 year...
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Application window for PLI scheme for white goods opens from Tuesday

The application window for the PLI scheme for white goods - ACs and LEDs - will be open for three months from Tuesday, the commerce ministry said on Monday. Commerce and Industry Minister Piyush Goyal on Monday held interaction with the industry on the Production Linked Incentive (PLI) scheme on white goods. "The interaction was held to take the feedback on the scheme, the application window for which will be open for three months from tomorrow," it said in a statement. Addressing the captains of the industry, Goyal said the scheme has been introduced to produce national manufacturing champions and it will bring cost-competitiveness, quality, efficiency and technology. The minister said that through PLI, India will leverage its competitive and comparative advantage to stake its claim in global supply chains. Goyal said that the selection of the companies eligible under the scheme will be done in a transparent and time-bound manner. PLI scheme for white goods was notified on A...
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Two private hospitals in Delhi to give Sputnik V jabs by end of this week

Apollo Hospitals and Madhukar Rainbow Children's Hospital in Delhi will start administering Russian COVID-19 vaccine Sputnik V to people by the end of this week, officials said on Sunday. The Centre has fixed the price of the vaccine at Rs 1,145 per dose. "Apollo Hospitals are going to roll out the vaccine for the general public in Delhi by the end of the week," an official told PTI. An official of Madhukar Rainbow Children's Hospital also said it will start administering Sputnik V jabs within this week. After Covishield and Covaxin, Sputnik V is the third vaccine to be approved by the government for use in India. The maximum price of Covishield for private COVID-19 Vaccination Centres (CVCs) has been fixed at Rs 780 per dose, while that of Covaxin is Rs 1,410 per dose. Dr Reddy's Laboratories, the marketing partner for the vaccine in the country, has been importing the shots from Russia. Over a period of time, the vaccine is also going to be manufactured in India...
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