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: India has faced Covid crisis with resilience and fortitude: Sitharaman #FinanceIndia #StockMarketNEWS #Business Washington: India has not only faced the COVID-19 crisis with great resilience and fortitude
@stockMarketNEWS 11 Hours ago
India has faced Covid crisis with resilience and fortitude: Sitharaman #FinanceIndia #StockMarketNEWS #Business
Washington: India has not only faced the COVID-19 crisis with great resilience and fortitude but has also played a major role and “walked the talk? on the global fight against the pandemic, Finance Minister Nirmala Sitharaman has said, highlighting that the measures taken by the government have set a strong foundation of the country’s sustained economic growth.
Pointing out the fast recovery of India’s economy, Sitharaman in her address to the Development Committee of the World Bank said the Modi Government, besides taking economic relief measures, has also undertaken significant structural reforms to turn the crisis into an opportunity and emerge stronger.
“The measures undertaken by the government have set a strong foundation for India’s sustained economic growth,? she said.
“India has also played a major role and truly ‘walked the talk’ on the global COVID-19 effort. India’s massive Vaccine Maitri programme, under which more than 66.3 million doses of COVID-19 vaccines were exported to 95 countries worldwide bears special mention. India is all set to resume vaccine export in October 2021,? she said.
According to the International Monetary Fund’s World Economic Outlook, India is estimated to be the fastest-growing major economy in 2021, projected to grow at 9.5 per cent in 2021 and 8.5 per cent in 2022.
Observing that despite the pandemic, India received its highest ever FDI inflows of USD 82.0 billion in fiscal 2020-21, the finance minister said this trend in India’s FDI is an endorsement of its status as a preferred investment destination amongst global investors.
Addressing the Development Committee meeting, Sitharaman said India has faced the COVID-19 crisis with great resilience and fortitude.
The country’s pandemic response has focused on the twin goals of saving both the lives and livelihoods, she said.
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: Court order to affect working capital of companies filing GST appeals #FinanceIndia #StockMarketNEWS #Business New Delhi: In what may affect the working capital of taxpayers looking at filing appeals
@stockMarketNEWS 11 Hours ago
Court order to affect working capital of companies filing GST appeals #FinanceIndia #StockMarketNEWS #Business
New Delhi: In what may affect the working capital of taxpayers looking at filing appeals against GST claims, it had now been held that anyone seeking remedy against indirect tax decision would have to make pre-deposit amount in cash and not by debiting electronic credit ledger.
Recently, the Division Bench of the Orissa High Court held that pre-deposit at the time of filing an appeal under section 107(6) of the Central Goods and Services Tax Act, 2017 (CGST Act) cannot be made by debiting the Electronic Credit Ledger (ECRL). The payment of pre-deposit should be made by debiting the Electronic Cash Ledger (ECL) in accordance with section 49(3) of the CGST Act read with Rule 85(4) of the Central Goods and Services Tax Rules, 2017 (CGST Rules).
What this order in effect does is that it puts the burden on taxpayers to pay the pre-deposit (ie 10 per cent of disputed tax) amount in cash by transferring money from electronic cash ledger (ECL) for any tax dispute raised by them. This would mean more cash outflows leaving little for working capital needs.
In case that went to the Orissa High Court, the revenue raised demands of GST along with interest on the petitioners, who were engaged in execution of works contract. The petitioner filed an appeal and made payment towards pre-deposit (i. e. 10 per cent of disputed tax) for filing an appeal, by utilising the balance in the ECRL. The revenue dismissed the appeal and considered it to be defective, emphasising that the liability of pre-deposit can be discharged only by debiting ECL.
The petitioner’s contention was that any payment towards output tax can be made through ECRL. Since pre-deposit can be construed as a percentage of output tax, it can be paid by debiting ECRL.
Revenue department contended that the CGST Act specifically provides that ECRL can be utilised towards payment of output tax. However, pre-deposit required to be made cannot be equated with output tax payable. Input tax credit can be utilised only to discharge ‘self-assessed output tax as per the return’.
The High Court’s accepted this contention and observed that the pre-deposit cannot be equated with ‘output tax’ and that the restriction under proviso to section 41(2) of the CGST Act, limits the usage of the credit ledger for making pre-deposit.
The High Court declined the petitioner’s contention to treat the provision under section 107(6) of the CGST Act as a ‘machinery provision’.
Accordingly, the decision of the Appellate Authority that pre-deposit cannot be made by debiting ECRL was upheld.
The petitioner contended that they would make payment by debiting the ECL, but they should be permitted to reverse the debit of ECRL.
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: PM hails India’s economic revival post-Covid #FinanceIndia #StockMarketNEWS #Business Surat: Prime Minister Narendra Modi on Friday directed focus on India’s economic revival in the post-Covid
@stockMarketNEWS 11 Hours ago
PM hails India’s economic revival post-Covid #FinanceIndia #StockMarketNEWS #Business
Surat: Prime Minister Narendra Modi on Friday directed focus on India’s economic revival in the post-Covid pandemic era, as he participated in a ceremony to lay foundation stone for hostels in Gujarat’s Surat, city and drew attention to the national education policy.
He also lauded Gujarat Chief Minister Bhupendra Patel for his extensive experience and expressed happiness at the state’s progress.
The Prime Minister praised the spirit of people of Gujarat and said that it is a matter of pride for him that Gujarat has always taken a lead where social development is concerned.
Talking about India’s economic situation, the Prime Minister said the country’s economy was picking pace after the slowdown due to the pandemic.
Referring to the economic recovery in the wake of the pandemic, Modi said, “The whole world is full of hope for India due to the speed at which our economy made its comeback after the difficult times of Corona. A global organisation has said India will again become the fastest growing economy in the world.?
He also said that the new Education Policy has removed language barrier, and provided opportunity to those in villages to aspire and dream big.
“The National Education Policy, professional courses are available in the mother tongues. Even the poor students from villages can make their dreams come true, language is not a barrier anymore,? he said.
The Prime Minister also showered praises on the new Chief Minister of the poll-bound state, saying “This is the first time I am addressing people with Bhupendra Bhai. As a party worker I have known Bhupendra bhai for over 25 years.
“He is a CM who understands technology, and is also grounded. His experience of working in different sectors is going to be useful for Gujarat,? he said. Patel took charge on September 13, after the resignation of former chief minister Vijay Rupani.
The Prime Minister was addressing a Bhoomi Poojan ceremony of Hostel Phase-1 built by Saurashtra Patel Seva Samaj in Surat via video conferencing.
The post PM hails India’s economic revival post-Covid appeared first on The Navhind Times.
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: Tehran unhappy over Adani port’s decision to not handle cargo from Iran #FinanceIndia #StockMarketNEWS #Business New Delhi: Iran has conveyed to India its displeasure over a decision by the Adani
@stockMarketNEWS 11 Hours ago
Tehran unhappy over Adani port’s decision to not handle cargo from Iran #FinanceIndia #StockMarketNEWS #Business
New Delhi: Iran has conveyed to India its displeasure over a decision by the Adani Ports to not handle any cargo originating from it along with Pakistan and Afghanistan following the seizure of nearly 3,000 kg of heroin at its Mundra port last month.
Iran said it was praised even by the United Nations for its fight against drug trafficking and that it has again been “targeted unfairly? through denial of trade and banning its consignments while describing the restriction as an “unprofessional and imbalanced move?.
The Iranian embassy issued a statement on the matter but did not directly mention the Adani Ports.
The Adani Ports and SEZ Ltd (APSEZ), which operates Mundra Port in Gujarat, on Monday said it will not handle container cargo originating from Iran, Pakistan and Afghanistan at all its terminals from November 15.
The decision came nearly a month after the seizure of heroin at Mundra Port located in Kutch district of Gujarat.
Unhappy over the move, Iranian authorities is learnt to have taken up the matter with Indian narcotic drug control authorities on Wednesday.
The Iranian embassy said the discussion also focused on mutual cooperation in the fight against drug trafficking and that it resulted in some positive outcomes.
The embassy said the “occupation? of Afghanistan by foreign forces, infighting among various groups and severe poverty have contributed to the rise of the production of drugs in that country.
“It is for many decades that narcotic drugs production and organized drug trafficking from Afghanistan has posed a major threat to Iran, our region and to the world,? it said in a statement.
It said as an immediate neighbour of Afghanistan, Iran has also been significantly impacted by developments in that country.
“In particular occupation of Afghanistan by foreign forces, infighting between various groups and severe poverty have all contributed to the considerable rise of narcotic drugs production,? it said.
The post Tehran unhappy over Adani port’s decision to not handle cargo from Iran appeared first on The Navhind Times.
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: Goa top leisure destination, says travel portal #FinanceIndia #StockMarketNEWS #Business Panaji: Goa followed by Jaipur and hill stations of Manali, Ooty, Mysore are top ranked leisure destinations
@stockMarketNEWS 11 Hours ago
Goa top leisure destination, says travel portal #FinanceIndia #StockMarketNEWS #Business
Panaji: Goa followed by Jaipur and hill stations of Manali, Ooty, Mysore are top ranked leisure destinations for the upcoming holiday season, according to an online hotel booking portal. According to a study made by the portal, booking data shows a clear inclination towards hill stations, followed by heritage cities and beach destinations.
Indians love their long weekends with 37 per cent travellers have a preference for mountains, 33 per cent for beaches in India and the remaining 14 per cent preferring to visit motorable places, says the study. It says that, in India, vaccinated staff and sanitisation protocols at properties are the top two factors that consumers keep in mind before deciding their next travel destination and accommodation.
For Dussehra and Guru Nanak Jayanti, the data reveals that travellers are opting for holidays across India’s leisure destinations with Jaipur topping the list. Goa is the most popular travel hotspot in the west, whereas, the Himalayan hill station of Manali is a favorite in North India. Across South India, the royal city of Mysore tops charts as the most popular holiday destination. Nestled among the mountains, Darjeeling emerged as North East India’s favorite destination for leisure travellers, discloses the study.
It is also observed that approx. 57 per cent travellers prefer making bookings closer to the travel day. This is a striking shift from the pre-COVID era when travel was extensively planned and bookings were made weeks or even months in advance.
As the population across the world continues to get jabbed, travellers have begun boarding flights and checking into hotels among a lot more movement, said the study conducted by travel portal. The company released interesting insights on global consumer travel and booking trends in its Unlocking Travel Report 2021.
As several countries open up their borders to welcome travellers once again, the company’s analysis captures top global travel trends and the most sought-after leisure destinations around the world.
The post Goa top leisure destination, says travel portal appeared first on The Navhind Times.
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: Tatas plan to pilot synergy between airlines, post SPA #FinanceIndia #StockMarketNEWS #Business New Delhi: Conglomerate Tata Group plans to pilot synergy between all its airlines to compete in various
@stockMarketNEWS 11 Hours ago
Tatas plan to pilot synergy between airlines, post SPA #FinanceIndia #StockMarketNEWS #Business
New Delhi: Conglomerate Tata Group plans to pilot synergy between all its airlines to compete in various market segments.
Post the SPA transaction, Tatas will have two full-service carriers Vistara and Air India along with two low-cost airlines Air India Express and AirAsia India and a ground and cargo handling company, AISATS.
Accordingly, plans are afoot to run all these brands as independent entities under one vertical for sometime after the SPA.
Nonetheless, the group intends to drive-in major synergies between the airlines in terms of fleet management, route deployment, flight timings and airport slot planning.
In terms of USPs, Vistara is expected to retain the premium services tag, while Air India will predominantly focus on key international and metro routes.
The domestic feeder traffic is expected to be driven by AirAsia India which may get few aircraft from Air India’s fleet.
Furthermore, mergers will depend on profitability, performance and market situation apart from each airline’s unique culture and suitability of brand.
Regarding the plans, a query sent to the Tata Group went unanswered.
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: ‘Carry out just necessary expenses as AI’s disinvestment likely to complete in 10 weeks’ #FinanceIndia #StockMarketNEWS #Business New Delhi: Air India’s disinvestment exercise is likely to
@stockMarketNEWS 11 Hours ago
‘Carry out just necessary expenses as AI’s disinvestment likely to complete in 10 weeks’ #FinanceIndia #StockMarketNEWS #Business
New Delhi: Air India’s disinvestment exercise is likely to complete within the next 10 weeks and only necessary revenue and capital expenses should be carried out till then, Civil Aviation Secretary Rajiv Bansal said on Thursday.
Bansal, who also holds the charge of Chairman and Managing Director of Air India, in an order said the airline’s disinvestment process is in its final stages and letter to intent has been already issued to the Tata group.
“It is important to note that all revenue or capital expenses be carried out only to the extent necessary for the continuity of business till the disinvestment exercise is complete, which is likely to happen within 10 weeks or so,? he said.
No fresh contract should be signed without the prior consent of Director Finance or the CMD, he stressed.
“As far as possible, the validity of the same may not be beyond March 31, 2022. If the validity is beyond March 31, 2022, it should have a termination clause,? Bansal said.
On October 8, the Centre announced that Talace Private Limited, a wholly-owned subsidiary of Tata Sons, has beaten a consortium led by SpiceJet promoter Ajay Singh by offering Rs 18,000 crore to win the bid to acquire debt-laden Air India.
The post ‘Carry out just necessary expenses as AI’s disinvestment likely to complete in 10 weeks’ appeared first on The Navhind Times.
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: Budget and safety top criteria for Chennai households during festive season #FinanceIndia #StockMarketNEWS #Business Chennai: Budget and safety seems to be the top criteria for households in Chennai
@stockMarketNEWS 11 Hours ago
Budget and safety top criteria for Chennai households during festive season #FinanceIndia #StockMarketNEWS #Business
Chennai: Budget and safety seems to be the top criteria for households in Chennai during the coming festive season, a study conducted by a leading community social media platform LocalCircles has revealed.
Sixty per cent of the households have opted for “budget and value? while shopping during the festive season while 40 per cent backed ‘safety’, the study said.
More than 24,000 responses were received from over 9,000 households across the city.
As many as 40 per cent of the residents have said that they would like to visit the stores physically to buy, while 30 per cent responded saying that they would like to have stores have their catalogue online to order for delivery.
According to the study, 60 per cent of Chennai households will shop this festive season and are likely to do so by ordering online and via local stores for home delivery.
Smartphones and consumer electronics emerged among the big ticket purchase, with 48 per cent of the households opting for the two categories, while 26 per cent preferred white goods and appliances.
Nearly 33 per cent of the respondents said they would buy groceries and fruits, while 22 per cent said they would buy dry fruits, traditional sweets, bakery items, the study said.
About 39 per cent of the people have said they would buy apparel or clothes, while 20 per cent preferred for cosmetics and fragrances. Nearly 19 per cent said they would spend on shoes, bags.
LocalCircles said it reaches out to household consumers two-three times a year. The survey during September-October was done ahead of the festive season and focused on capturing what percentage of consumers are likely to spend during the season.
The post Budget and safety top criteria for Chennai households during festive season appeared first on The Navhind Times.
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: Petrol, diesel prices rally to highest ever levels #FinanceIndia #StockMarketNEWS #Business New Delhi: Petrol and diesel prices on Friday rallied to their highest ever levels across the country, as
@stockMarketNEWS 11 Hours ago
Petrol, diesel prices rally to highest ever levels #FinanceIndia #StockMarketNEWS #Business
New Delhi: Petrol and diesel prices on Friday rallied to their highest ever levels across the country, as fuel rates were hiked again by 35 paise a litre.
The price of petrol in Delhi rose to its highest-ever level of Rs 105.14 a litre and Rs 111.09 per litre in Mumbai, according to a price notification of state-owned fuel retailers.
In Mumbai, diesel now comes for Rs 101.78 a litre; while in Delhi, it costs Rs 93.87. This is the second straight day of 35 paise per litre increase in petrol and diesel prices. There was no change in rates on October 12 and 13.
Since the ending of a three-week-long hiatus in rate revision in the last week of September, this is the 14th increase in petrol price and the 17th time that diesel rates have gone up.
While petrol price in most of the country is already above Rs 100-a-litre mark, diesel rates have crossed that level in a dozen states, including Madhya Pradesh, Rajasthan, Odisha, Andhra Pradesh, Telangana, Gujarat, Maharashtra, Chhattisgarh, Bihar, Kerala, Karnataka and Leh.
Prices differ from state to state depending on the incidence of local taxes. Shedding the modest price change policy, state-owned fuel retailers have since October 6 started passing on the larger incidence of cost to consumers.
This is because the international benchmark Brent crude is trading at USD 84.61 per barrel for the first time in seven years. A month back, Brent was trading at USD 73.51.
Being a net importer of oil, India prices petrol and diesel at rates equivalent to international prices.
The surge in international oil prices ended a three-week hiatus in rates on September 28 for petrol and September 24 for diesel. Since then, diesel rates have gone up by Rs 5.25 per litre and petrol price has increased by Rs 4.25.
Before that, the petrol price was increased by Rs 11.44 a litre between May 4 and July 17. Diesel rate had gone up by Rs 9.14 during this period.
The post Petrol, diesel prices rally to highest ever levels appeared first on The Navhind Times.
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: Kineco Group and Exel Composites sign joint venture #FinanceIndia #StockMarketNEWS #Business NT NETWORK Panaji Kineco Group on Thursday signed a joint venture agreement with Exel Composites
@stockMarketNEWS 11 Hours ago
Kineco Group and Exel Composites sign joint venture #FinanceIndia #StockMarketNEWS #Business
NT NETWORK
Panaji
Kineco Group on Thursday signed a joint venture agreement with Exel Composites Oyj, a Finland based company to grow its pultruded compositesdivision.
As per the terms of the agreement Kineco Group will sell the assets of its pultrusion business into a new company, Kineco Exel Composites India, in which Exel Composites will have 55 per cent stake and Kineco the remaining 45 per cent.
The new joint venture company, Kineco Exel Composites India is expected to target the growing pultrusion business in India. It will seek business growth in large industries such as wind power, transportation and telecommunications. The joint venture will continue to operate from the existing manufacturing facility located in Pilerne industrial estate. .
“Kineco is happy to be the partner of choice for a leading global company such as Exel, who has decided to invest in India. Exel’s technological expertise and composites know-how particularly, in pultrusion, will enable bringing our own, more recent pultrusion business to the next level. Our previous strategic long-term partnerships with international partners have been extremely successful and we look forward to extending this success story to Exel JV,? said Shekhar Sardessai, founder and managing director, Kineco Group and managing director, Kineco Exel Composites India.
“This strategic investment provides Exel with direct presence in the fast-growing Indian composites market. Kineco Group’s long and established position in the Indian composites industry allows us to expand into India with a ‘flying start’. The investment fits Exel’s strategy and growth initiatives well, and clearly strengthens our competitive position towards current and new customers. We are looking forward to joining forces with the committed local team and boosting our future presence in India?, said Riku Kytömäki, president and CEO, Exel Composites.
Commenting on the JV Aditya Reddy, chairman, Kineco and joint managing director, Indo-National Ltd (a majority shareholder in Kineco) added, “I congratulate the management teams of both the companies on this partnership. Indo-National invested in Kineco in 2015 and since then, we are fully aligned with Kineco’s vision to be a technologically differentiated player in the composites business and our joint venture with Exel reinforces this vision. We look forward to a mutually rewarding relationship with them in times to come.
The post Kineco Group and Exel Composites sign joint venture appeared first on The Navhind Times.
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: MSMEs support Govt plan of setting up semiconductors manufacturing unit #FinanceIndia #StockMarketNEWS MSMEs support Govt plan of setting up semiconductors manufacturing unit New Delhi, 18 Oct (KNN)
@stockMarketNEWS 11 Hours ago
MSMEs support Govt plan of setting up semiconductors manufacturing unit #FinanceIndia #StockMarketNEWS
MSMEs support Govt plan of setting up semiconductors manufacturing unit New Delhi, 18 Oct (KNN) Lately the shortage of semiconductors has created widespread impact across various industries, and has drastically interrupted the supply chain affecting sales during the festive season.
According to a media report, Ashiwini Vaishnaw, Minister, Communications and Information Technology has signalled a proposal for the manufacture of semiconductors in India, beginning the first unit work by mid-2022.
He said that, the government is working on the roadmap for a semiconductor ecosystem for designing, manufacturing and packaging of semiconductor chip.
This announcement manifests a sense of hope for the automobile and electronic industries in the face of an ongoing crisis.
In a conversation with KNN, Vinod Sharma, Managing Director, DEKI Electronics said, “It’s a strategic move for India, and Government needs to push this step with full support. This will be a turning point for our country, and by maintaining the alignment between the Government and Industries, India will have its fair share in the market.”
Sharma also stated that setting up of manufacturing units calls for huge investments which is a good prospect on our aim for self-reliance.
Further he added, “The primary reason for semiconductor shortage is due to the demand of new phones, gadgets with no expansion in supply, which is a normal phenomenon as sometimes semiconductors remain underutilized.”
However it’s important to analyse the role of world politics shaping global trade, in view of the technological triggers caused by friction in US-China ties, which has been a key reason for the crunch in supply.
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: MSME Ludhiana offers assistance to MSMEs for trade fair participation #FinanceIndia #StockMarketNEWS MSME Ludhiana offers assistance to MSMEs for trade fair participation New Delhi, 16 Oct (KNN) Ministry
@stockMarketNEWS 11 Hours ago
MSME Ludhiana offers assistance to MSMEs for trade fair participation #FinanceIndia #StockMarketNEWS
MSME Ludhiana offers assistance to MSMEs for trade fair participation New Delhi, 16 Oct (KNN) Ministry of Micro, Small & Medium Enterprises, Govt. of India through MSME - Development Institute, Ludhiana is providing Financial Assistance in the form of reimbursement to MSEs units for their participation in below mentioned Domestic Trade Fairs / Exhibitions through Procurement and Marketing Support (PMS) Scheme.
The participating Micro and Small Enterprises (Manufacturing or Services) units, if eligible, may avail the financial benefits under Component 5(A) of the revised Procurement and Marketing Support (PMS) scheme.
Interested Micro & Small Enterprises (Manufacturing or Services) units can submit their On-Line application at the following link for submission of their online application in any one or more of the above mentioned Domestic Trade fairs / Exhibitions: my.msme.gov.in/MyMsme/Reg/COM_MatuDomAppForm.aspx
Requirements:
a. Micro & Small Enterprises (Manufacturing or Services) is required to have a valid Udyam Registration (https://udyamregistration.gov.in).
b. Registration of the applicant unit on MSME Data Bank (https://msmedatabank.in/) is mandatory for submission of their online application on my.msme.gov.in portal.
The revised guidelines of Procurement and Marketing Support (PMS) scheme of M/o MSME (http://dcmsme.gov.in/Guidelines_PMS.pdf) may please be followed, in this regard.
The list of the upcoming Domestic Trade Fairs / Exhibitions. Click Here
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: Govt pushes for formalization of Micro Food Processing units through PMFME scheme #FinanceIndia #StockMarketNEWS Govt pushes for formalization of Micro Food Processing units through PMFME scheme New
@stockMarketNEWS 11 Hours ago
Govt pushes for formalization of Micro Food Processing units through PMFME scheme #FinanceIndia #StockMarketNEWS
Govt pushes for formalization of Micro Food Processing units through PMFME scheme New Delhi, 16 Oct (KNN) The Ministry of Food Processing Industries, under the Pradhan Mantri Formalisation of Micro food processing Enterprises (PMFME) Scheme, organised the Food Tech Summit today to commemorate World Food Day.
The Food Tech Summit 2021 aimed at setting the stage for all food-tech stakeholders to impart, discuss and acquaint micro enterprises on the new emerging trends in food processing and technological innovation.
Minhaj Alam, Joint Secretary, Ministry of Food Processing Industries addressed the Food Tech Summit and highlighted the importance of the micro food processing sector as the growth driver of the Indian economy and through the PMFME Scheme the government’s efforts to encourage food processing in India.
The summit witnessed the presence of eminent industry speakers sharing insightful pieces for micro enterprises and to pave a way in the food processing sector at the domestic and global level.
Among the distinguished speakers were, Dr. Prasun Kumar Das, Secretary General, Asia-Pacific Rural and Agricultural Credit Association (APRACA), who spoke about the “Role of small food enterprises in achieving food security – India vs. Global Perspective”. Dr. Prabodh Halde Head- Regulatory and Government Affairs Marico India, conducted a session on “Indigenous Food - Scale, Market and its Processing in Micro Industries”.
The session on “New Generation Food and Technology / Recent Trends (RTE/Convenient Foods)” was taken by Anand Chordia, Director – Technology & Innovation from Pravin Masale, (ONESuhana). Bidyut Baruah, Assistant General Manager, Agricultural and Processed Food Products Export Development Authority (APEDA), took a session on “Export Potential Food Products and its Scope in Micro Food Industries”.
The session on “Infrastructure and logistic Interventions for Micro Food Processing Industries” was taken by Vivek Jha, Associate Director - Government and Public Services, KPMG Advisory Service Private Limited.
Akhilesh Gupta, Assistant Director - Regulatory Compliance Division, Food Safety and Standards Authority of India (FSSAI), took the session on “Regulatory Compliances, Challenges & Solutions for Micro Industries”.
Tonisha Dixit, National Institute of Food Technology Entrepreneurship and Management, Thanjavur (NIFTEM) took the session on “Introduction on PMFME Scheme and Process for Applying (Online Form for Interested Enterprises/Groups)".
The Food Tech Summit is one-of-a-kind initiatives by the Ministry of Food Processing Industries along with the support of distinguished industry experts to educate and guide the stakeholders to make informed decisions in order to scale up their food business in the present scenario.
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: IT Minister Chandrasekhar consults industry for electronics & semiconductor strategy #FinanceIndia #StockMarketNEWS IT Minister Chandrasekhar consults industry for electronics & semiconductor strategy
@stockMarketNEWS 11 Hours ago
IT Minister Chandrasekhar consults industry for electronics & semiconductor strategy #FinanceIndia #StockMarketNEWS
IT Minister Chandrasekhar consults industry for electronics & semiconductor strategy Bangalore, 18 Oct (KNN) Union Minister of State in the Ministry of Electronics & IT, Ministry of Skill Development and Entrepreneurship, Rajeev Chandrasekhar visited the CDAC Centre at Bangalore to Launch INDUS (Innovation Development Upskilling) IoT Kit - a single board IoT development platform.
He carried active consultations with all stakeholders regarding a suitable electronics and semiconductor design and fabrication strategy.
“India has to build its own speed of innovation and not get intimidated by others. We have to work hard and build our capabilities. The Narendra Modi Govt. will be a strong facilitator,” said Union Minister Chandrasekhar while networking with semiconductor Cos, leaders and startups from the sector. He invited their inputs on possible strategies that can be included in the policy framework.
The CDAC developed kit, of the size of a credit card, is fitted with 6 sensors, actuators, connectivity and debugger interfaces.
The compact and easily portable IoT Kit shall facilitate development of local and smart solutions in a range of applications including Drones.
It is modestly priced at INR 2,500 per unit and shall soon be available over GeM portal. CDAC is also willing to Transfer this Technology to startups for commercial production.
Chandrasekhar also inspected other innovative technologies developed at CDAC Bangalore like – Smart watering meter, Smart Post Kiosk, Smart water distribution system, CDAC’s High performance computing (HPC) offerings covering HPC system software solutions & services, upcoming PARAM utkarsh Supercomputing facility, followed by an overview of Quantum computing related activities.
While appreciating these initiatives, he recommended extending IoT for drones, targeted industry use-cases of HPC, and engagement with end users early in the design cycle.
The much awaited session at CDAC was an interaction of Top executives from leading MNCs & Start-ups with the MoS, who is a technocrat himself and known as one of the best technology minds in India.
Union Minister Chandrasekhar has worked in Silicon Valley as a chip designer for 80486 micro-processor as well as for Pentium. Being a domain expert, he brings his knowledge, expertise and valuable experience to the two important portfolios entrusted to him by the Prime Minister Narendra Modi.
Addressing the gathering, IT Minister Chandrasekhar shared the vision of PM Modi and affirmed that “The Government is serious in its ambition in making India an Electronics and Tech leader. Ministry of Electronics and IT will play the role of a facilitator/partner and work to provide support to catalyse growth and innovation including access to market and capital.
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: Kushinagar International Airport is to open up opportunities for horticulture exports #FinanceIndia #StockMarketNEWS Kushinagar International Airport is to open up opportunities for horticulture exports
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Kushinagar International Airport is to open up opportunities for horticulture exports #FinanceIndia #StockMarketNEWS
Kushinagar International Airport is to open up opportunities for horticulture exports New Delhi, 18 Oct (KNN) Prime Minister Narendra Modi will inaugurate Kushinagar International Airport on 20th October 2021.
The airport will serve a population of more than two crore, since the airport has a hinterland of around10-15 Districts and will be a great support for large migrant population of Eastern Uttar Pradesh and Western / Northern Part of Bihar.
It will also boost the opportunities for export of horticultural products like Banana, Strawberries and Mushroom.
According to the reports by Agricultural & Processed Food Products Export Development Authority (APEDA) Indias share in the global market is still nearly 1% only, there is increasing acceptance of horticulture produce from the country.
This has occurred due to concurrent developments in the areas of state-of-the-art cold chain infrastructure and quality assurance measures. Apart from large investment pumped in by the private sector, public sector has also taken initiatives and with APEDAs assistance several Centers for Perishable Cargoes and integrated post-harvest handling facilities have been set up in the country. Capacity building initiatives at the farmers, processors and exporters levels has also contributed towards this effort.
The inauguration will be done in the presence of Anandiben Patel, Governor, Uttar Pradesh; Yogi Adityanath, Chief Minister, UP; and Jyotiraditya Scindia, Union Minister for Civil Aviation among others.
A tourism promotional event will also be organized at Kushinagar in which key tour operators handling Buddhist Circuit will participate.
The presence of airport is expected to increase tourist inflow by 20% (as per UP government estimates). It will also lead to creation of more employment opportunities for the locals.
The International Airport will get operational this week to ease cumbersome travel of earlier times and facilitate the air travel requirements of International Buddhist pilgrims in India. The inaugural flight will land at the airport from Colombo, Sri Lanka carrying 125 dignitaries & Buddhist Monks, highlighting the convenience to Buddhists across the world to visit the Mahaparinirvana Sthal of Lord Buddha.
The Airports Authority of India, in its continuous endeavor to upgrade airport infrastructure in the country, has developed the Kushinagar Airport with new terminal building spread across 3600sqm,at an estimated cost of INR 260 crore in association with Govt. of Uttar Pradesh considering the demand of the domestic & international visitors and pilgrimage.
The new terminal is equipped to handle 300 passengers during peak hours.
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: Drone manufacturing to attract Rs. 5000 Cr investment over three years: Civil Aviation Ministry #FinanceIndia #StockMarketNEWS Drone manufacturing to attract Rs. 5000 Cr investment over three years:
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Drone manufacturing to attract Rs. 5000 Cr investment over three years: Civil Aviation Ministry #FinanceIndia #StockMarketNEWS
Drone manufacturing to attract Rs. 5000 Cr investment over three years: Civil Aviation Ministry Hyderabad, 18 Oct (KNN) Ministry of Civil Aviation foresees an investment of over INR 5000 crore in the drone manufacturing industry over three years leading to annual sales turnover reaching over INR 900 crore in FY 2023-24.
Following this, Tata AIG General Insurance Co. Limited. announced the launch of Remotely Piloted Aircraft System (RPAS) Insurance and distribution ties up with TropoGo, a deep tech startup.
Tata AIG’s RPAS Insurance is a comprehensive product covering both Hull and Third-Party Liability risks faced by them. Tata AIG’s RPAS insurance also provides optional coverage for BVLOS operations, night flying, data loss liability etc.
With the influx of new and exciting drone technologies and the recent policy changes in India, the already highly active community of drone manufacturers, tech start-ups, and enthusiasts are excited to make India a drone hub by 2030.
“Driven by our core value of Customer First, we have co-created a market fit product with due consideration given to invaluable inputs from the Drone Federation of India (DFI). Our product fulfils the market requirement and is in line with the recommendations of the working Group formed by IRDAI of India on RPAS Insurance. We are confident that our RPAS Insurance product shall exceed the expectations of all stakeholders in the drone ecosystem.” said Sushant Sarin, President - Commercial Business, TATA AIG General Insurance Limited.
“The recent liberalisation of rules for owning and operating drones coupled with announcement of Production Linked Incentive (PLI) Scheme is an important milestone that will spur high growth of this segment. We are excited to have TropoGo as our distribution partner to fulfil the insurance requirements of drone owners and operators” added Sarin.
On the occasion, Sandipan Sen, founder and product owner of TropoGo, said, "We are extremely happy and excited with our association with Tata AIG General Insurance Co Ltd. Our alliance with Tata AIG further strengthens our capability to offer a comprehensive insurance cover for Drones. We strongly believe in fuelling the booming drone ecosystem by collaborating with industry leaders and a growing community of RPA Pilots to bring innovative product and tech solutions to them.”
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: MoS Commerce Anupriya Patel proposes Working Group for Startups in Traditional Medicine #FinanceIndia #StockMarketNEWS MoS Commerce Anupriya Patel proposes Working Group for Startups in Traditional
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MoS Commerce Anupriya Patel proposes Working Group for Startups in Traditional Medicine #FinanceIndia #StockMarketNEWS
MoS Commerce Anupriya Patel proposes Working Group for Startups in Traditional Medicine New Delhi, 16 Oct (KNN) The 20th Meeting of Shanghai Cooperation Organisation (SCO) Ministers responsible for Foreign Economy and Foreign Trade was hosted by the Republic of Kazakhstan.
The Minister of State (MoS) for Commerce and Industry, Anupriya Patel, in her intervention, proposed for creation of a new Special Working Group on Startups and Innovation and for setting up a new Expert Working Group on Cooperation in Traditional Medicine.
She stressed on the need for effective cooperation between SCO Member States for a balanced and equitable growth in trade and commerce.
She also stated that cooperation in the field of start-ups & innovation can be a focal point in reviving our economies from the consequences of the pandemic. With this in mind, she invited all SCO Member States to take part in the 2nd Start-up Forum on 27-28 October 2021, to be hosted by India.
MoS highlighted that there is a significant gap in digital technologies between developed ang developing countries which needs to be narrowed down by building digital capacities.
On the environment issues she welcomed the need for environment protection and mitigation of adverse effects of climate change, she also stressed that the climate agenda should not introduce measures which becomes unnecessary barriers to trade.
In her concluding remarks, Anupriya Patel emphasized that SCO members must prepare, act and stand in solidarity with each other and pursue an agenda that is equitable and inclusive and development oriented.
The virtual meeting was attended by the Secretary General of SCO and Heads of Delegations of China, Kyrgyzstan, Kazakhstan, Pakistan, Russia, Tajikistan and Uzbekistan.
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: Valneva shares jump 30% after saying vaccine candidate outperformed AstraZeneca's #FinanceUSA #StockMarketNEWS Valneva shares jumped 30% in Paris trading after saying its coronavirus vaccine candidate
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Valneva shares jump 30% after saying vaccine candidate outperformed AstraZeneca's #FinanceUSA #StockMarketNEWS
Valneva shares jumped 30% in Paris trading after saying its coronavirus vaccine candidate outperformed AstraZeneca's in a Phase 3 study, which met both its co-primary endpoints. Valneva said its vaccine had a neutralizing antibody seroconversion rate above 95% and that it had a better tolerability profile.
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: Informatica sets terms for it IPO, to raise up to 8 million #FinanceUSA #StockMarketNEWS Informatica Inc. has set IPO terms for its initial public offering, as the California-based data management
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Informatica sets terms for it IPO, to raise up to 8 million #FinanceUSA #StockMarketNEWS
Informatica Inc. has set IPO terms for its initial public offering, as the California-based data management software company looks to raise up to 8.0 million. The company is offering 29.0 million shares in the IPO, which is expected to price between and a share. With 229.6 million Class A shares and 44.1 million Class B-1 shares expected to be outstanding after the IPO, the pricing could value the company at up to .76 billion. The stock is expected to list on the NYSE under the ticker symbol "INFA." Goldman Sachs and J.P. Morgan are the lead underwriters. The company recorded a net loss of .3 million on revenue of 5.5 million during the six months ended June 30, after a loss of 2.8 million on revenue of 9.3 million in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF has rallied 10.4% over the past three months while the S&P 500 has gained 3.3%.
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: CDW to pay .5 billion in cash to buy Sirius Computer Solutions from CD&R #FinanceUSA #StockMarketNEWS CDW Corp. announced Monday an agreement to buy Sirius Computer Solutions Inc. for .5 billion
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CDW to pay .5 billion in cash to buy Sirius Computer Solutions from CD&R #FinanceUSA #StockMarketNEWS
CDW Corp. announced Monday an agreement to buy Sirius Computer Solutions Inc. for .5 billion in cash from Clayton, Dubilier & Rice. Sirius Computer is an information technology solution integrator, which recorded 2020 sales of .04 billion. CDW's stock is will inactive in premarket trading. "As customers require increasingly complex and critical digital transformation initiatives, Sirius' broad portfolio of world-class technology-based solutions and services-led approach will immediately add to our capabilities to meet this demand," said CDW Chief Executive Christine Leahy. The deal is expected to close in December 2021. CDW's stock has rallied 34.9% year to date, while the S&P 500 has gained 19.0%.
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: Zillow to stop purchasing U.S. homes after building big backlog and facing staff shortages: Bloomberg #FinanceUSA #StockMarketNEWS Zillow Group Inc. is pausing the purchase of U.S. homes as it works
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Zillow to stop purchasing U.S. homes after building big backlog and facing staff shortages: Bloomberg #FinanceUSA #StockMarketNEWS
Zillow Group Inc. is pausing the purchase of U.S. homes as it works through a backlog of properties, Bloomberg News reported Sunday. The real-estate platform acquired more than 3,800 homes in the second quarter, after expanding into the home-flipping business in 2018 through its Zillow Offers unit. That company invites homeowners to request an offer on their house and uses its algorithms to come up with a price. If an owner accepts, it purchases the property, makes some repairs and puts it back on the market.
"We are beyond operational capacity in our Zillow Offers business and are not taking on additional contracts to purchase homes at this time," a spokesperson for Zillow told Bloomberg in an email. "We continue to process the purchase of homes from sellers who are already under contract, as quickly as possible." The iBuying process, while powered by algorithms and pools of capital, also requires humans, including inspectors, contractors and decorators. But finding those workers has become challenging during the pandemic, which has see labor shortages across the economy. Zillow shares were down 6% premarket and have fallen 26% in the year to date, while the S&P 500 has gained 19%.
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: Pfizer and AstraZeneca vaccines were as effective as prior infection, U.K. study finds #FinanceUSA #StockMarketNEWS Two doses of either the vaccine made by Pfizer and BioNTech or Oxford-AstraZeneca
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Pfizer and AstraZeneca vaccines were as effective as prior infection, U.K. study finds #FinanceUSA #StockMarketNEWS
Two doses of either the vaccine made by Pfizer and BioNTech or Oxford-AstraZeneca vaccines provided a similar level of protection to prior natural infection when the Delta variant was dominant, the U.K. Office of National Statistics said Monday. Vaccination significantly reduced the risk of people testing positive during both the Alpha-dominant period and the Delta-dominant period, but effectiveness was reduced in the Delta-dominant period compared with the Alpha-dominant period. The ONS added that two doses of either vaccine provided significantly greater protection than one dose across all analyses.
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: Coronavirus tally: Global cases of COVID-19 top 240 million and U.S. edges toward 725,000 fatalities #FinanceUSA #StockMarketNEWS The global tally for the coronavirus-borne illness climbed above 240
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Coronavirus tally: Global cases of COVID-19 top 240 million and U.S. edges toward 725,000 fatalities #FinanceUSA #StockMarketNEWS
The global tally for the coronavirus-borne illness climbed above 240 million on Monday, while the death toll edged above 4.9 million, according to data aggregated by Johns Hopkins University. The U.S. continues to lead the world with a total of 44.9 million cases and 724,318 deaths. The U.S. is averaging more than 1,500 deaths a day according to a New York Times tracker, , although new cases and hospitalizations are declining. But some northern states are seeing cases rise again as the cold months send people indoors again, the New York Times reported. Alaska is still leading by new cases on a per capita basis. In medical news, Two doses of either the vaccine made by Pfizer and BioNTech or Oxford-AstraZeneca vaccines provided a similar level of protection to prior natural infection when the Delta variant was dominant, the U.K. Office of National Statistics said Monday. French biotech Valneva said its coronavirus vaccine candidate outperformed AstraZeneca’s in a trial.
India is second by cases after the U.S. at 34 million and has suffered 452,290 deaths. Brazil has second highest death toll at 603,282 and 21.6 million cases. In Europe, Russia has most fatalities at 220,323, followed by the U.K. at 138,997.
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: Toyota to invest .4 billion for EV battery production in the U.S., will create 1,750 jobs #FinanceUSA #StockMarketNEWS Toyota Motor Corp. announced Monday a big get on the electric vehicle market
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Toyota to invest .4 billion for EV battery production in the U.S., will create 1,750 jobs #FinanceUSA #StockMarketNEWS
Toyota Motor Corp. announced Monday a big get on the electric vehicle market in the U.S., saying it will make a .4 billion investment in EV batteries through 2030. The investment is for developing and localizing EV battery production, and is part of the Japan-based automaker's pledge to invest .5 billion in battery development and production globally. As part of the investment, Toyota North America said it will create 1,750 jobs as it establishes a new company and build an automotive batter plant, with an aim to start battery production in 2025. The project includes an investment of .29 billion until 2031. Toyota's U.S.-listed shares, which were still inactive in premarket trading, has gained 14.0% year to date while the S&P 500 has advanced 19.0%.
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: Oil futures finish higher, with U.S. prices up nearly 4% for the week #FinanceUSA #StockMarketNEWS Oil futures rose on Friday, with U.S. benchmark crude prices posting a weekly gain of almost 4%. "Another
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Oil futures finish higher, with U.S. prices up nearly 4% for the week #FinanceUSA #StockMarketNEWS
Oil futures rose on Friday, with U.S. benchmark crude prices posting a weekly gain of almost 4%. "Another round of strong earnings and economic data suggest the economy can still handle the current surge in energy prices," said Edward Moya, senior market analyst at Oanda. "The oil market deficit will only get wider as global stockpiles remain at low levels, unexpected demand comes from colder weather, and on surging jet fuel demand as the U.S. opens up international travel." West Texas Intermediate crude for November delivery rose 97 cents, or 1.2%, to settle at .28 a barrel on the New York Mercantile Exchange, with front-month prices up about 3.6% for the week, FactSet data show.
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: Milan Laser hair removal company files to go public #FinanceUSA #StockMarketNEWS Milan Laser Inc., the profitable Nebraska-based laser hair removal company, has filed to go public. The company has
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Milan Laser hair removal company files to go public #FinanceUSA #StockMarketNEWS
Milan Laser Inc., the profitable Nebraska-based laser hair removal company, has filed to go public. The company has not yet determined how many shares it will offering in its initial public offering, the expected pricing of the IPO or the number of shares expected to be outstanding after the IPO. The company did said it have three classes of common stock. The Class A shares to offered in the IPO will have one per share, while Class B and Class C shares will initially have 10 votes. The company expects its shares to list on the NYSE under the ticker symbol "MLAN." Goldman Sachs and Jefferies are the underwriters. The company recorded net income of .0 million on revenue of .8 million during the six months ended June 30, after a loss of .7 million on revenue of .4 million in the same period a year ago. The filing comes about two months after European Wax Center Inc. went public, and currently has a market capitalization of about .76 billion. Milan Laser said in its S-1 filing: "We believe that laser hair removal is a better alternative to other hair removal techniques such as shaving, waxing or sugaring as it uses FDA-cleared lasers, and it is safe, fast (appointments as short as 10 minutes), effective, affordable, and, most importantly, a permanent solution for the reduction of unwanted hair." The company filed to go public at a time that the Renaissance IPO ETF has run up 10.1% over the past three months while the S&P 500 has gained 2.4%.
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: S&P 500 sees biggest weekly rise since July as stocks rally on earnings #FinanceUSA #StockMarketNEWS Stocks ended higher Friday, booking solid weekly gains for major indexes as investors cheered a
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S&P 500 sees biggest weekly rise since July as stocks rally on earnings #FinanceUSA #StockMarketNEWS
Stocks ended higher Friday, booking solid weekly gains for major indexes as investors cheered a strong start to earnings season and data showing stronger-than-expected September retail sales. The Dow Jones Industrial Average advanced around 383 points, or 1.1%, to close near 35,295, ending above the 35,000 threshold for the first time since Sept. 8, according to Dow Jones Market Data. The Dow rose 1.6% for the week. The S&P 500 gained around 33 points, or 0.7%, to finish near 4,472, leaving the large-cap benchmark with a 1.8% weekly rise --- its largest since July 23, according to FactSet. The tech-heavy Nasdaq Composite ended near 14,897, up around 74 points, or 0.5%. The Nasdaq rallied 2.2% for the week, its biggest such rise since August. Goldman Sachs Group Inc. shares rose 3.8% Friday, leading Dow gainers after earnings that topped estimates.
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: Gold futures end lower, but post a modest gain for the week #FinanceUSA #StockMarketNEWS Gold futures settled lower on Friday, pressured by strength in Treasury yields and U.S. benchmark stock indexes,
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Gold futures end lower, but post a modest gain for the week #FinanceUSA #StockMarketNEWS
Gold futures settled lower on Friday, pressured by strength in Treasury yields and U.S. benchmark stock indexes, but prices still saw a modest gain for the week, the strongest advance in six weeks. Gold gave back most of its gain for the week on Friday, "with investors choosing the racier equity markets over the haven asset," said Fawad Razaqzada, market analyst at ThinkMarkets. The metal "remains stuck inside its existing ranges as investors wonder whether bond yields and the dollar will resume higher," with the Federal Reserve seen tapering its bond purchases program in mid-November or mid-December," he said. "Other investors will be happy to buy the dips as the metal is considered to be a good hedge against inflation." December gold declined by .60, or nearly 1.7%, to settle at ,768.30 an ounce. Prices based on the most-active contract rose 0.6% for the week, the biggest weekly rise since the week ended Sept. 3, FactSet data show.
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: Enapter shares rise after winning an Earthshot award #FinanceUSA #StockMarketNEWS Enapter , a German-listed maker of hydrogen generators, rose 4% in early Frankfurt tradingas one of the five winners
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Enapter shares rise after winning an Earthshot award #FinanceUSA #StockMarketNEWS
Enapter , a German-listed maker of hydrogen generators, rose 4% in early Frankfurt tradingas one of the five winners of Prince William's Earthshot prize. The company received £1 million in the "fix our climate" category. The company says its AEM Electrolysers are compact modules that can be combined to produce green hydrogen at any scale and aims to account for 10% of the world's hydrogen power generation by 2050. The company lost nearly €4 million on revenue of €2 million in the first half of the year.
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: : Colin Powell dies from COVID-19 complications, family says #FinanceUSA #StockMarketNEWS yuri gripas/Agence France-Presse/Getty ImagesGen. Colin Powell, the former secretary of state and chairman
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: Colin Powell dies from COVID-19 complications, family says #FinanceUSA #StockMarketNEWS
yuri gripas/Agence France-Presse/Getty ImagesGen. Colin Powell, the former secretary of state and chairman of the joint chiefs of staff, died age 84 from COVID-19 complications, his family said Monday in a Facebook post.Powell was fully vaccinated and had been treated at Walter Reed National Medical Center.
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