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London: Universities and student groups on Tuesday urgently lobbied British Prime Minister <keyword id="19906889" type="General" weightage="20" keywordseo="Rishi-Sunak" source="keywords">Rishi Sunak</keyword> to safeguard the country's <keyword id="21659184" type="General" weightage="100" keywordseo="post-study-visa" source="keywords">post-study visa</keyword> offer, which has been dominated by Indians to gain work experience for around two years at the end of their university degree. Amid reports that Sunak is considering either restricting or ending the <keyword id="20616105" type="General" weightage="20" keywordseo="Graduate-Route" source="keywords">Graduate Route</keyword> to curtail soaring migration statistics ahead of a general election, a group of nearly 30 university vice-chancellors and the <keyword id="21760521" type="General" weightage="20" keywordseo="national-indian-students-and-alumni-association" source="keywords">National Indian Students and Alumni Association</keyword> (NISAU) UK have issued detailed letters of appeal to 10 Downing Street. They list a series of factors in favour of keeping the Graduate visa scheme unchanged, including the benefits that international students bring to the UK economy in a competitive global higher education marketplace. "Modelling by consultancy London Economics shows that a single cohort has a net economic benefit of GBP 37 billion to the UK economy; as well as through the soft power that Britain's international graduates generate for the country over time, including through furthering ties of trade and diplomacy," reads the NISAU UK letter addressed to Sunak. "Indeed, 70 per cent of <keyword id="19971660" type="General" weightage="20" keywordseo="Indian-students" source="keywords">Indian students</keyword> have told us that the ability to gain meaningful work experience is a critical element in their decision to choose between competing international destinations, of which the UK is one... the Graduate Route allows the opportunity to gain this work experience for a temporary period. It is non-extendable and does not count towards permanent settlement. This means that neither students nor Graduate visa holders should be considered 'immigrants' in the context of the long-term picture of migration," it notes. Their appeal comes a week after the influential <keyword id="20609895" type="General" weightage="20" keywordseo="Migration-Advisory-Committee" source="keywords" meta.keywordsubtype="org" meta.entityname="Migration Advisory Committee" meta.hostid="83" meta.entityid="Migration Advisory Committee">Migration Advisory Committee</keyword> (MAC) advised the government to let the scheme continue as it found no abuse of this post-study work offer. It also confirmed that Indians topped its tally, accounting for 89,200 visas between 2021 and 2023, or 42 per cent of the overall grants, and were likely to be "most affected by any restriction on the Graduate Route". In their letter to Sunak, universities in the north of England — from Sunderland to Sheffield, Leeds to Lancaster, Liverpool to Teesside, Bradford to Huddersfield, and York to Newcastle — said they will all be harmed by the removal or reduction of this visa as it is an "intrinsic part of the educational offer that has made the UK so attractive to brilliant students from all around the world". "The Graduate Visa Route is regarded by students in key markets like India as an integral part of their educational experience. The MAC review made clear that the removal of this route would make the UK less attractive and thus would cause considerable financial detriment to universities around the country," reads their joint letter. "International student tuition fee income has long cross-subsidised underfunded research and has increasingly become critical to cross-subsidise the teaching of UK undergraduate students because of the frozen tuition fee. Universities cannot continue to absorb the costs of teaching UK undergraduates without some form of alternative funding source," they caution. On top of their visa fees, international students who find work and start businesses contribute billions of pounds in income tax, national insurance and VAT annually. The university chiefs point out that they are also usually net contributors to the National Health Service (NHS) through the NHS surcharge. The Russell Group of the UK's leading universities issued its appeal over the weekend, with CEO Tim Bradshaw warning that there has already been a 10 per cent decline in international applications for post-graduate courses starting this September in the wake of the clampdown on students being able to bring dependant family members. "A further restriction on international students would not only be unnecessary — as numbers are already falling — but also damaging, resulting in less spending in local communities, fewer opportunities for domestic students and less UK research," he noted in a letter to Sunak. Members of his own Cabinet are believed to be opposed to any changes to the Graduate scheme, but the British Prime Minister is having to balance pressures from the right of the governing Conservatives who are single-minded in their demands to curb all forms of legal as well as illegal migration levels ahead of an election later this year.

Universities, student groups lobby PM Sunak to keep UK's post-study visa scheme unchanged

Mumbai (Maharashtra) [India], September 27 (ANI): Power couple <keyword id="5357" type="General" weightage="20" keywordseo="Twinkle-kHanna" source="Orion">Twinkle Khanna</keyword> and <keyword id="2823" type="General" weightage="20" keywordseo="Akshay-Kumar" source="Orion">Akshay Kumar</keyword> met UK Prime Minister <keyword id="221875" type="General" weightage="20" keywordseo="Rishi-Sunak" source="Orion">Rishi Sunak</keyword> during their <keyword id="6354968" type="General" weightage="20" keywordseo="London" source="Orion">London</keyword> visit. Twinkle took to Instagram on Wednesday to post a video of their visit to London. She captioned the post, "As much as I dislike wearing heels and dressing up, this evening was worth all the damaged toes. @sudha_murthy_official remains my hero, but it was pretty cool meeting her son-in-law, the prime minister :) @rishisunakmp Also put the sound on and hear @andreabocelliofficial Congratulations @anusuya12 and @theowo.london." https://www.instagram.com/p/Cxr6CM0M6cC/ The video starts with a performance of Italian tenor Andrea Bocelli at an event. At the end of the video Twinkle and Akshay can be seen posing with UK <keyword id="15345068" type="General" weightage="20" keywordseo="PM-Rishi-Sunak" source="Orion">PM Rishi Sunak</keyword>. Akshay and UK PM Sunak chose a formal suit while, Twinkle wore a white dress with a leopard design jacket. Earlier this month, Rishi Sunak along with his wife Akshata Murty arrived in New Delhi to attend the G20 Summit hosted by India under its Presidency. He along with his wife also offered prayers at Akshardham Temple in New Delhi during the visit. Meanwhile, on the work front, Akshay will be seen in the drama film 'Mission Raniganj: The Great Bharat Rescue'. Apart from this, Akshay will also be seen in the Hindi remake of the Tamil drama 'Soorarai Pottru' which is all set to hit the theatres on February 16, 2024. He also has an action thriller film 'Bade Miyan Chote Miyan' alongside Tiger Shroff and a comedy film 'Housefull 5' in his kitty.

Twinkle, Akshay pose with UK PM Rishi Sunak in London

Tesla CEO <keyword id="6355315" type="General" weightage="50" keywordseo="elon-musk" source="Orion">Elon Musk</keyword> on Thursday held a discussion with UK Prime Minister <keyword id="221875" type="General" weightage="50" keywordseo="rishi-sunak" source="Orion">Rishi Sunak</keyword> at the inaugural AI Safety Summit, and declared artificial intelligence as "one of the most disruptive forces in history", CNN reported. "AI will be a force for good most likely," <keyword id="364027" type="General" weightage="100" keywordseo="musk" source="Orion">Musk</keyword> said. "But the probability of it going bad is not zero per cent." Sunak and Musk spoke in an interview-style chat from a stage at Lancaster House, a government venue in central London often used for diplomatic purposes, before the conversation was opened up to questions from journalists. The conversation was then posted for streaming on Musk's personal account on X, the social media site formerly known as Twitter that he owns. Musk was present throughout the two-day event, along with US Vice President <keyword id="180909" type="General" weightage="50" keywordseo="kamala-harris" source="Orion">Kamala Harris</keyword>, OpenAI CEO <keyword id="257641" type="General" weightage="50" keywordseo="sam-altman" source="Orion">Sam Altman</keyword>, and other notable politicians and global tech leaders. Chinese officials were also present at the event. "I'm glad to see at this point that people are taking AI seriously," Musk said to Sunak on Thursday. "Thanks for this summit. I think it will go down in history as quite important," CNN quoted him as saying. Musk also unpacked several predictions for AI, including a future where no jobs would be necessary and AI companionship would be one of the highest forms of friendship. Meanwhile, in the first day of his AI event, more than 25 countries and the European Union signed the Bletchley Declaration, agreeing to work together to create a united approach to oversight in efforts to deploy AI technology in a "human-centric, trustworthy and responsible" way, underscoring the "potential for serious, even catastrophic, harm" that many tech leaders have expressed concern over, CNN reported. Sunak and Musk discussed how digital super-intelligence could affect the public and require regulation in the same way industries such as aviation and cars require regulation. "I agree with the vast majority of regulations," Musk said. "A referee is a good thing". Musk also noted that if the AI powerhouses such as the US and the UK "are aligned on AI safety, that is a good thing." He also suggested other global powers such as China should also remain involved in discussions, according to CNN. Musk further reiterated his "fairly utopian" belief that AI could create an "age of abundance" with "no shortage of goods and services." He said that AI could lead to a future where "no job is needed" and people enjoy a universal high income. He mentioned a world of AI tutors and companionship for people like his son who has learning disabilities and difficulty making friends, CNN reported. The next AI safety summits are set to be hosted by Korea and France and are scheduled for 2024. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/cello-world-ipo-how-to-check-allotment-status-and-gmp-value/articleshow/104916153.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/cello-world-ipo-how-to-check-allotment-status-and-gmp-value/articleshow/104916153.cms" target="_blank">Cello World IPO allotment – how to check allotment, GMP, listing date and more</a> <a href="https://www.businessinsider.in/business/auto/news/indias-electric-two-wheelers-up-and-running-after-reduced-fame-subsidy-bump/articleshow/104912419.cms">India’s electric two-wheelers up and running after reduced FAME subsidy bump</a> <a href="https://www.businessinsider.in/tech/mobile/news/india-q3-smartphone-shipments-apple-gains-34-pc-market-share-in-india/articleshow/104907807.cms">Smartphone shipments: Apple gains 34% market share in India as Samsung, Xiaomi decline</a>

UK: Elon Musk discusses AI risks with Rishi Sunak, calls its "one of most disruptive forces in history"

Congress leader P. <keyword id="6362104" type="General" weightage="90" keywordseo="chidambaram" source="Orion">Chidambaram</keyword> on Wednesday took a swipe at the government citing a debate in UK <keyword id="6354721" type="General" weightage="40" keywordseo="parliament" source="Orion">Parliament</keyword> between Prime Minister <keyword id="221875" type="General" weightage="70" keywordseo="rishi-sunak" source="Orion">Rishi Sunak</keyword> and opposition members after his return from India following G20 Summit, and said he wished such a debate took place in India's Parliament. Chidambaram in his post on X said, "Please read the reports of the debate in the House of Commons when MPs questioned Prime Minister Rishi Sunak on his talks with Prime Minister (Narendra) Modi. Hard questions by the Opposition, prompt answers by the Prime Minister." "It is not important who prevailed in the debate. What is important is that a debate took place in Parliament within hours of the Prime Minister's return to Britain. How I wish such a debate took place in India's Parliament. Such questions and answers were normal in Parliament when Jawaharlal Nehru was prime minister," the former Union minister said. His remarks came after Sunak returned to the UK after attending the G20 Summit in India and answered the questions of opposition leaders. The Congress has been critical of the Modi government over not allowing debates in Parliament over important issues. The Congress has on previous occasions accused the government of not allowing the opposition members to speak in Parliament on several pressing issues.

Wish such debates took place in India: Chidambaram after Sunak answers in UK Parliament

<keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> on Saturday proposed to launch a <keyword id="18717471" type="General" weightage="20" keywordseo="G20-satellite" source="Orion">G20 Satellite</keyword> Mission for Environment and Climate Observation, with an aim to help the countries of the global south. Prime Minister <keyword id="6354477" type="General" weightage="80" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> made the suggestion at the <keyword id="42981" type="General" weightage="20" keywordseo="G20" source="Orion">G20</keyword> Leaders' Summit at the Bharat Mandapam international convention centre here in the presence of world leaders including US President <keyword id="99719" type="General" weightage="80" keywordseo="joe-biden" source="Orion">Joe Biden</keyword>, UK Prime Minister <keyword id="221875" type="General" weightage="80" keywordseo="rishi-sunak" source="Orion">Rishi Sunak</keyword> and South Africa President Cyril Ramaphosa among others. Modi said the G20 satellite mission would be beneficial for all of humanity just as the data obtained from India's successful Chandrayaan moon mission. With the same spirit, India is proposing the launch of the 'G20 Satellite Mission for Environment and Climate Observation', he said. "The climate and weather data obtained from this will be shared with all the countries, especially the countries of the Global South. India invites all G-20 countries to join this initiative," Modi said during a session at the G20 Leaders Summit. SEE ALSO:<a href="https://www.businessinsider.in/politics/india/news/g20-leaders-summit-adopts-new-delhi-declaration/articleshow/103535369.cms" target="_blank"></a> <a href="https://www.businessinsider.in/politics/india/news/g20-leaders-summit-adopts-new-delhi-declaration/articleshow/103535369.cms" target="_blank">G20 Leaders Summit adopts New Delhi Declaration</a><a href="https://www.businessinsider.in/politics/india/news/g20-summit-pm-modi-announces-launch-of-global-biofuel-alliance/articleshow/103535675.cms" target="_blank"></a> <a href="https://www.businessinsider.in/politics/india/news/g20-summit-pm-modi-announces-launch-of-global-biofuel-alliance/articleshow/103535675.cms" target="_blank">G20 Summit: PM Modi announces launch of Global Biofuel Alliance</a><a href="https://www.businessinsider.in/entertainment/webstories/from-dream-girl-2-to-tootsie-epic-roles-which-saw-male-actors-crossdress/slidelist/103525812.cms" target="_blank"></a> <a href="https://www.businessinsider.in/entertainment/webstories/from-dream-girl-2-to-tootsie-epic-roles-which-saw-male-actors-crossdress/slidelist/103525812.cms" target="_blank">From Dream Girl 2 to Tootsie – Epic roles which saw male actors crossdress</a>

India proposes G20 satellite for climate observation

New Delhi, As the world's top leaders assembled here for the <keyword id="42982" type="General" weightage="20" keywordseo="g20-summit" source="Orion">G20 Summit</keyword>, they called for an urgent need to tackle various challenges before the globe including on the climate front. UK Prime Minister <keyword id="221875" type="General" weightage="80" keywordseo="rishi-sunak" source="Orion">Rishi Sunak</keyword> said the G20 leaders came together for the first time 15 years ago to restore global growth after the financial crisis. "We (now) meet at a time of enormous challenges -- the world is looking to the G20 once again to provide leadership. Together I believe we can address these challenges," he said. Brazilian President <keyword id="12083056" type="General" weightage="80" keywordseo="luiz-inacio" source="Orion">Luiz Inacio</keyword> Lula da Silva said during his country's G20 presidency, it will launch a Task Force for Global Mobilisation against Climate Change. "We want to reach COP 30, in 2025, with a climate agenda balanced between mitigation, adaptation, loss and damage and financing, ensuring the sustainability of the planet and the dignity of people," he said. He said Brazil hopes to count on everyone's engagement so that the beauty of the Earth is not just a "photograph seen from space". South African President <keyword id="238505" type="General" weightage="80" keywordseo="cyril-ramaphosa" source="Orion">Cyril Ramaphosa</keyword> said "we are delighted" that the G20 has accepted the African Union as a member of the grouping. "Global reconstruction in the wake of the COVID-19 pandemic presents a unique opportunity to accelerate the transition to low-carbon, climate resilient, sustainable societies," he said. Developing economies, he said, are bearing the brunt of climate change, despite carrying the least responsibility for this crisis. "As African and other developing economy countries, we face the task of meeting our climate commitments in the midst of significant developmental challenges like poverty, inequality and unemployment," he observed. Climate change, environmental degradation, unsustainable consumption and production and resource scarcity are challenges that can only be addressed collectively and with a great deal of solidarity, he felt. "South Africa calls for an enhanced and expanded global partnership for Sustainable Development," he said. "This must be supported by the concrete policies and actions outlined in the Addis Ababa Action Agenda on Financing for Development," he asserted. Indonesian President Joko Widodo said before joining the leaders of the G20 countries and heads of international organisations who had arrived, we took a group photo. The background of the photo is the wheel that is the icon of the Kornark Sun Temple, a part of the UNESCO world heritage site. Saturday's first session of the G20 India Summit raised a topic with the theme One Earth, he noted. European Union Commission President Ursula von der Leyen said climate change is man-made. "So it means we can address it. For this we need innovation, investments in green technologies, renewable energy capacity and energy efficiency. This requires more investments". "At the G20, I invited leaders to join the call for global carbon pricing. In a more fragmented world, the G20's role as a forum to address global challenges is vital. The Delhi Summit, under the strong stewardship of PM <keyword id="6354477" type="General" weightage="80" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword>, will therefore be instrumental," she said. The EU, she said, will do its utmost to make it a success.

G20 leaders call for sustainable growth, addressing climate challenge

New Delhi [India], September 9 (ANI): Noting that India's <keyword id="4709730" type="General" weightage="20" keywordseo="g20-presidency" source="Orion">G20 Presidency</keyword> has become a symbol of inclusion both inside and outside the country, Prime Minister <keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> said on Saturday that it has become "People's G20" in India and crores of citizens are connected with it. In his opening statement at <keyword id="42982" type="General" weightage="20" keywordseo="g20-summit" source="Orion">G20 Summit</keyword> being hosted under India's presidency, PM Modi spoke of global challenges and said 'Sabka Saath, Sabka Vikas, Sabka Vishwas, Sabka Prayas' can be the torch bearer to address these. The plaque in front of PM Modi at the G20 Summit said "Bharat". "India's G20 presidency has become a symbol of inclusion, of 'sabka saath' both inside and outside the country. This has become People's G20 in India. Crores of Indians are connected to this. In more than 60 cities of the country, more than 200 meetings have taken place. With the sense of 'Sabka Saath', India had proposed that the <keyword id="148491" type="General" weightage="20" keywordseo="african-union" source="Orion">African Union</keyword> be granted permanent membership of G20. I believe that all of us agree to this proposal," he said. PM Modi also invited the head of the African Union to take his seat as a member of the G20. The first session of the summit under the theme 'One Earth' started at Bharat Mandapam, the venue of the conference. External Affairs Minister S Jaishankar accompanied the President of the Union of Comoros and Chairperson of the African Union (AU), Azali Assoumas he took his seat among world leaders. "With everyone's approval, I request the African Union Chairperson to take his seat as a permanent G20 member," PM Modi said. African Union's inclusion in G20 was among India's key priorities in the G20 summit under its presidency. African Union's inclusion in G20 grouping was proposed by PM Modi in June this year. At the beginning of his speech, PM Modi expressed his condolences over the loss of lives due to an earthquake in Morocco. "Before we start the proceedings of G20, I want to express my condolences over the loss of lives due to an earthquake in Morocco. We pray that all injured recover at the earliest. India is ready to offer all possible assistance to Morocco in this difficult time." PM Modi noted that the world has faced a new challenge of trust deficit after the COVID-19. He referred to conflict between Ukraine and Russia and said the war had deepened the trust deficit further. "If we can defeat a pandemic like COVID, we can also win over the challenge of this trust deficit. Today, as the President of the G20, India calls upon the entire world to transform this global trust deficit into trust and confidence. This is the time for all of us to move together," he said. "In this time, the mantra of 'Sabka Saath, Sabka Vikas, Sabka Vishwas, Sabka Prayas' can be the torch bearer for us. Be it the divide between North and South, the distance between East and West, management of food and fuel, terrorism, cyber security, health, energy or water security, we will have to move towards a solid solution to this for future generations." Ahead of G20 Summit, PM Modi welcomed world leaders, including US President <keyword id="99719" type="General" weightage="50" keywordseo="joe-biden" source="Orion">Joe Biden</keyword>, Canadian Prime Minister Justin Trudeau, UK PM <keyword id="221875" type="General" weightage="50" keywordseo="rishi-sunak" source="Orion">Rishi Sunak</keyword>, and German Chancellor Olaf Scholz. As the leaders arrived, they were greeted by PM Modi in the backdrop of replica of <keyword id="14091937" type="General" weightage="50" keywordseo="konark-wheel" source="Orion">Konark Wheel</keyword> from Odisha. The Konark Wheel was built during the 13th century under the reign of King Narasimhadeva-I. The wheel with 24 spokes has been adapted in India's national flag embodying India's ancient wisdom, advanced civilisation, and architectural excellence. The rotating motion of the Konark Wheel, symbolizes time, Kalachakra as well as progress and continuous change. It serves as a powerful symbol of the wheel of democracy that reflects the resilience of democratic ideals, and commitment to progress in society. The theme of this year's G20 Summit, which is taking place under India's presidency is "Vasudhaiva Kutumbakam" or "One Earth, One Family, One Future." PM Modi had on Friday expressed confidence that the New Delhi G20 Summit will chart a new path in the human-centric and inclusive development "India is delighted to host the 18th G20 Summit on 09-10 September 2023 at New Delhi's iconic Bharat Mandapam. This is the first ever G20 Summit being hosted by India. I look forward to productive discussions with world leaders over the next two days. It is my firm belief that the the New Delhi G20 Summit will chart a new path in the human-centric and inclusive development," he said in a post on 'X'. India assumed the G20 presidency on December 1 last year. This is the first time that a G20 Summit is taking place under India's presidency. (ANI)

India's G20 presidency has become symbol of inclusion inside, outside country: PM Modi

<ul><li> Production at the new gigafactory is due to start in 2026.</li><li><keyword id="6354362" type="General" weightage="50" keywordseo="jaguar-land-rover" source="Orion">Jaguar Land Rover</keyword> will be the anchor customer of the new gigafactory.</li><li>The new gigafactory with an initial output of 40GWh will be one of the largest in Europe.</li></ul> The UK government on Wednesday announced that the <keyword id="6355725" type="General" weightage="80" keywordseo="tata-group" source="Orion">Tata Group</keyword> is to invest over 4 billion pounds in setting up a new electric vehicle (EV) battery plant, or gigafactory, in Britain which will create thousands of jobs across the supply chain. British Prime Minister <keyword id="221875" type="General" weightage="70" keywordseo="rishi-sunak" source="Orion">Rishi Sunak</keyword> hailed it as an "incredibly proud" moment for the country's automotive industry and described it as a testament to the strength of the UK car manufacturing industry and its skilled workers. <keyword id="42747" type="General" weightage="60" keywordseo="tata-motors" source="Orion">Tata Motors</keyword> owns UK-based luxury carmaker Jaguar Land Rover (JLR), which will be the anchor customer of the new gigafactory with an initial output of 40GWh - making it one of the largest in Europe. Production at the new gigafactory is due to start in 2026 and is pitched as a key driver behind Sunak's priority to grow the UK economy. "Tata Group's multi-billion-pound investment in a new battery factory in the UK is a testament to the strength of our car manufacturing industry and its skilled workers," said Sunak. "With the global transition to zero-emission vehicles well underway, this will help grow our economy by driving forward our lead in battery technology whilst creating as many as 4,000 jobs, and thousands more in the supply chain," he said. "We can be incredibly proud that Britain has been chosen as home to Tata Group's first gigafactory outside India, securing our place as one of the most attractive places to build electric vehicles," the British prime minister said. As one of the largest-ever investments in the UK auto industry, the new factory will create up to 4,000 highly skilled jobs as well as thousands of further jobs in the wider supply chain for battery materials and critical raw minerals. The gigafactory will secure UK-produced batteries for JLR as well as other manufacturers in the UK and Europe. The location of the new gigafactory is expected to be in Somerset, south west England. "Our multi-billion-pound investment will bring state-of-the-art technology to the country, helping to power the automotive sector's transition to electric mobility, anchored by our own business, JLR," said N Chandrasekaran, Chairman of parent company Tata Sons. "With this strategic investment, the Tata Group further strengthens its commitment to the UK, alongside our many companies operating here across technology, consumer, hospitality, steel, chemicals, and automotive," Chandrasekaran said. The Department for Business and Trade (DBT) said details of the government's incentives and support provided to the Tata Group as part of the agreement will be published in due course as part of regular transparency data. However, reports in the lead-up to the announcement had indicated subsidies in the form of grants, energy subsidies and other training and research funding would be part of the agreed package. "Today's multibillion-pound investment demonstrates that this government has got the right plan when it comes to the automotive sector," noted UK Business and Trade Secretary Kemi Badenoch. "We are backing the UK car industry to help grow our economy as we transition to electric vehicles, and this latest investment will secure thousands of highly-skilled jobs across the country," Badenoch said. The investment of over 4 billion pounds is seen as a historic moment for the UK's growing electric vehicles (EV) industry, with JLR's suite of <keyword id="91410" type="General" weightage="50" keywordseo="range-rover" source="Orion">Range Rover</keyword>, Defender, Discovery and Jaguar brands as the key customers. The Tata investment is described as crucial to boosting the UK's battery manufacturing capacity needed to support the electric vehicle industry in the long term and the new plant will cover almost half of the battery production that the Faraday Institution estimates the country will need by 2030. "This is a huge vote of confidence in the UK and one that will drive growth in our economy, creating thousands of jobs and powering our transition to electric cars," said UK Chancellor Jeremy Hunt. "Tata Group's gigafactory builds on the strength of our manufacturing industry and shows we're on the right track, backing the sectors that will underpin our future prosperity for decades to come," he said. DBT said the government is committed to making the UK one of the best places in the world for automotive investment, as evidenced by the Automotive Transformation Fund (ATF), the British Industry Supercharger supporting industry energy needs, and the strong programme of support for research and development. "This new gigafactory puts us firmly in the fast lane to becoming the capital of Europe's electric car market, and makes crystal clear how they see the UK as the place to be for their future growth," added UK Energy Security Secretary Grant Shapps. "With thousands of jobs on-site and in the supply chain, this new factory will be the cornerstone of our automotive industry, backing manufacturers to develop and expand, and customers to make the switch from petrol and diesel," he said.

Rishi Sunak hails Tata Group's multi-billion EV investment in UK

Mumbai, <keyword id="3526030" type="General" weightage="20" keywordseo="fino-payments-bank" source="Orion">Fino Payments Bank</keyword> is keen to become a <keyword id="6382595" type="General" weightage="20" keywordseo="small-finance-bank" source="Orion">small finance bank</keyword> after having completed five years of operations, Managing Director <keyword id="1336488" type="General" weightage="50" keywordseo="rishi-gupta" source="Orion">Rishi Gupta</keyword> said. The Navi Mumbai-based company is a subsidiary of Fino Paytech, which is backed by marquee investors such as Bharat Petroleum, ICICI Group, Blackstone, IFC, Intel and LIC, among others. The company started operations in July 2017 with 410 branches to become the fourth payments bank after <keyword id="6385180" type="General" weightage="20" keywordseo="airtel-payments-bank" source="Orion">Airtel Payments Bank</keyword>, <keyword id="3388668" type="General" weightage="20" keywordseo="india-post-payments-bank" source="Orion">India Post Payments Bank</keyword> and <keyword id="3236791" type="General" weightage="20" keywordseo="paytm-payments-bank" source="Orion">Paytm Payments Bank</keyword>. Fino, which was a remittance service provider, has converted most of its Fino Money Mart outlets into bank branches after getting licence from the Reserve Bank. Also, Fino is the only lender in this space being traded on the exchanges. "From regulatory and compliance perspectives we are eligible for an upgrade to a small finance bank, having completed the mandatory five years of operations. Our board also favours such a conversion and soon we'll be moving an application with the RBI in this regard," Gupta told PTI. On why to stop at small finance bank, and not a full service bank, Gupta said, the company is too small to directly convert to a full service commercial bank from capital and capabilities perspectives. He said, till the upgrade happens, the bank will grow the business with a focus on tie-ups with fintechs under the Fino 2.0 initiative on building digital assets and strengthen the digital offerings. Already, it has tied up with the Sequoia Capital-backed Hubble to offer a spending account, offering customers better value on their lifestyle spends. People can park their funds, spend and save up to 10 per cent on all purchases made from the account. "We're looking at more such tie-ups in the fintech space," Gupta said, adding the company is also tying up with NBFCs from retail lending as payments partner and such loan remains on the book of the NBFC. "We've already tied up with two such shadow banks-Kredbee and Myshublaon," he said. In Q4FY23, its revenue rose 13 per cent to Rs 323 crore and net income jumped 25 per cent to Rs 22 crore with net margin rising to 6.8 per cent from 6.2 per cent. Its deposits grew 66 per cent to Rs 1,200 crore in FY23 from Rs 724 crore in FY22 of which 20 per cent are the low-cost Casa deposits. Gupta said the bank has been adding 2.5 lakh customers monthly on an average in FY24, taking the overall customer base to 71 lakh now. Another new service they began is offering recurring deposits, he said, adding the bank is also working on launching a virtual debit card. Also, under the pipeline is gold loans, mutual funds and medical insurance, Gupta said.

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