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In a boost to Elon Musk's <keyword id="20034452" type="General" weightage="20" keywordseo="starlink" source="keywords">Starlink</keyword>, Communications Minister Scindia has said the spectrum for satellite broadband will be allocated and not auctioned as sought by Indian billionaires Mukesh Ambani and Sunil Mittal. The satellite broadband spectrum will however be not given free and sector regulator Trai will fix a price for the resource, he told PTI in a text and video interview. "Every country has to follow the <keyword id="20848482" type="General" weightage="20" keywordseo="international-telecommunications-union" source="keywords">International Telecommunications Union</keyword> (ITU), which is the organisation that lays out the policy for spectrum in space or satellites, and the ITU has been very clear in terms of the spectrum being given out on an assignment basis. In addition, if you look across the world today, I cannot think of a single country that auctions spectrum for satellite," Scindia said. India is a member of the International Telecommunication Union (ITU), a UN agency for digital technology. Musk's Starlink and global peers like Amazon's Project Kuiper back an administrative allocation. While Ambani's Reliance Jio has been vocal about the need to allocate such spectrum through an auction to provide a level playing field to legacy operators who buy airwaves and set up infrastructure like telecom towers, Mittal last month at an industry event where Prime Minister Narendra Modi was also present articulated the need to use bidding for such allocation. Jio and Mittal's Bharti Airtel - India's largest and second-largest operators, respectively - feel that giving away the satellite broadband airwaves at a pre-decided price by the government will create an uneven playing field since they had to compete in an auction to get spectrum for their terrestrial wireless phone networks. The two are vying for a piece of the satellite broadband segment as well. Musk-led Starlink is demanding administrative allotment of licences in line with the global trend as it looks to tap into the world's fastest-growing mobile telephony and internet market. Scindia said the Telecom Act of 2023 passed in December has put the matter in 'Schedule 1', which means that the Satcom spectrum will be allocated administratively. Such an allocation will be at a government-decided price, and allow foreign firms like Starlink to offer voice and data services. If the spectrum were to be auctioned, it would have made it costlier for Starlink to roll out services. Starlink has applied for a licence to start operations in the country. Scindia, however, offered no clues on the fate of his application. The minister said that the regulatory process is very clear and transparent. The new Telecom Act has been passed, and the Satellite spectrum is very clearly a part of that in schedule one, he pointed out. "...and therefore, we are open to looking at the application of any entity that wants to invest in India at this point in time. I think only one or two licenses have been given out. And whoever else wants to participate, India is surely going to welcome that," the minister said. Last month, Musk, in a post on X, termed the demand made by Jio for shunning sector regulator Trai's consultation paper on satellite broadband being allocated and not auctioned as "unprecedented", and when Mittal made the pitch in the presence of the Prime Minister, he asked if it was "too much trouble" to allow Starlink to provide internet services in India. This was perhaps the first time that Musk, whose networth of USD 241 billion is more than the combined wealth of Ambani, Mittal and Gautam Adani, had spoken directly against demands for a level playing field made by the Indian firms. Musk, the mind behind PayPal, founder of Tesla and SpaceX and owner of X (formerly Twitter), uses his social media platform on a daily basis to make his views known on a vast array of topics.

In a win for Elon Musk, Scindia says no to spectrum auction pitch from Ambani, Mittal

In these divided times, everything is political, from the news we consume to the fast food we binge. But consciously or unconsciously, no consumer choice says "us vs. them" more than what car we choose to drive. To get a sense of how our rides reflect our political leanings, we compared <a target="_blank" class="" href="https://www.businessinsider.com/methodology-for-car-database-united-states-of-automobiles-2024-10">1.7 million vehicles</a> listed on CarGurus with the results from the 2020 presidential election. We included only counties that were strongly red or blue — those where either Donald Trump or Joe Biden won by at least 19 percentage points. Then we placed every car on a political spectrum from reddest to bluest.Explore the United States of Automobiles• <a target="_blank" class="" href="https://www.businessinsider.com/united-states-car-models-interactive-guide-politics-color-brand-location-2024-10">See where in America your vehicle is most popular</a>• <a target="_blank" class="" href="https://www.businessinsider.com/america-most-popular-car-models-state-city-county-geography-2024-10">Check out the cars your neighbors love most</a>• <a target="_blank" class="" href="https://www.businessinsider.com/why-car-colors-boring-black-white-gray-cost-cutting-2024-10">Cars used to be really colorful. What happened?</a>• <a target="_blank" class="" href="https://www.businessinsider.com/methodology-for-car-database-united-states-of-automobiles-2024-10">How we crunched the numbers</a>The results were illuminating. The most Republican vehicle in America? The Jeep Wrangler. The second most Republican vehicle? The Jeep Gladiator. And eight of the 10 reddest vehicles are American-made. If you like Trump, you probably like Chevys.<h2 id="eef577ae-00d6-446b-89e7-1387ed3ffdbb">Top 10 most Republican vehicles</h2>The reverse was true for blue counties. The most Democratic vehicle in America is the Toyota Prius. And eight of the 10 bluest vehicles are foreign-made. If you like Biden, you probably get your oil changed at a VW dealership.<h2 id="951e1f99-f84d-49be-9311-17ef080c9719">Top 10 most Democratic vehicles</h2>But most interesting of all are the vehicles that appeal to both sides of the political divide. Despite some of its models ranking high with Republicans, the purplest carmaker in America — the one that spans the widest range on the red-blue spectrum — is Jeep. The automaker, it turns out, has made a conscious effort to transcend tribalism and forge a bond with Americans of every political leaning: veterans who drove a Jeep in the Army, soccer moms concerned about space and safety, tree huggers eager to get off-road, MAGA lovers looking for an all-American ride. (Never mind that Jeep is owned by Stellantis, a multinational automotive conglomerate headquartered in Hoofddorp, Netherlands.)"To develop a culture around an entire brand — it's not luck of the draw," says Ivan Drury, the director of insights for Edmunds, a leading guide for car shoppers. "It takes direction and purpose. What Jeep pulls off is extremely difficult."It began with the Jeep Wrangler, the brand's most iconic model. First offered for sale in 1987, the Wrangler recalled the glory days of the Greatest Generation, while offering an off-road aesthetic that appealed to red and blue alike. From there, Jeep made sure that drivers could grow up — and grow old — with the brand. Dave Kelleher, a Jeep dealer in swing-state Pennsylvania, has watched customers graduate from Jeep to Jeep as their lifestyles changed. A young man in his 20s might start out in a Wrangler, and a wife and a few kids later he has cycled up through the Grand Cherokee, a larger family car that starts at $38,800, and the Grand Wagoneer, a three-row luxury SUV whose sticker price can soar into the six digits. "The halo of Wrangler brings people into the brand," Kelleher says, "and that DNA is still in every other Jeep they sit in."<h2 id="21b0fac9-f8c9-4bb6-8428-b4b60d236b81">How purple is your car brand?</h2>Jeep's appeal is so widespread, in fact, that its fans have launched a dizzying array of online clubs and forums, from "Jeep Girls" and "Outlaw Jeep," to "Deep and Dirty Jeep Club." Owners stage Jeep Jamborees all across the country, from the desert of Moab to the mountains of Appalachia. They line the streets of the Toledo Jeep Fest, an annual celebration of the brand in the city where the iconic Wrangler is assembled. And ever since the COVID pandemic, they've started leaving rubber duckies on each other's cars — an inside signal to other drivers that you're both a part of the club. In an age of political extremes, America may be, as Lincoln feared, a house divided. But with enough Jeeps parked in front of the house, perhaps there's still a hope we can remain united.Text by <a target="_blank" href="https://www.businessinsider.com/author/mark-healy">Mark Healy</a>, founder of Flipturn Creative Studios, and <a target="_blank" class="" href="https://www.businessinsider.com/author/nora-naughton">Nora Naughton</a>, BI's senior auto reporter. Data by <a target="_blank" href="https://www.businessinsider.com/author/andrew-thompson">Andrew Thompson</a>, creator of <a target="_blank" href="https://components.one/">Components</a>, a cultural research project.

Red car, blue car: see where your ride ranks on the political spectrum

<keyword id="20243474" type="General" weightage="100" keywordseo="telecom-companies" source="keywords">Telecom companies</keyword> will have to pay <keyword id="19951327" type="General" weightage="20" keywordseo="GST" source="keywords">GST</keyword> along with the instalments paid towards <keyword id="20434667" type="General" weightage="20" keywordseo="spectrum-charges" source="keywords">spectrum charges</keyword>, a senior official said. The <keyword id="62528" type="General" weightage="20" keywordseo="Department-of-Telecom" source="Orion">Department of Telecom</keyword> (DoT) will hold the next round of <keyword id="20509941" type="General" weightage="20" keywordseo="spectrum-auction" source="keywords">spectrum auction</keyword> on June 6 for eight spectrum bands meant for <keyword id="20501236" type="General" weightage="20" keywordseo="mobile-phone-services" source="keywords">mobile phone services</keyword>. The base price for the auction has been set at Rs 96,317 crore. The spectrum will be assigned for 20 years and successful bidders will be allowed to make payments in 20 equal annual instalments in the coming mega auction. The official said Goods and Services Tax (GST) will have to be paid at 18 per cent by telecom companies along with each instalment. "The <keyword id="19994390" type="General" weightage="20" keywordseo="GST-Council" source="keywords">GST Council</keyword> in its next meeting is likely to clarify the procedure for payment of GST by companies winning the bids during the spectrum auction," the official told PTI. The clarification will end confusion among field formations regarding the method for collection of GST in the auction process. All the available spectrum in the 800 MHz, 900 MHz, 1,800 MHz, 2,100 MHz, 2,300 MHz, 2,500 MHz, 3,300 MHz, and 26 GHz bands are part of the auction. The total frequencies being put under the hammer are valued at Rs 96,317 crore on base price. Moore Singhi Executive Director Rajat Mohan said under the GST law, spectrum payment is covered under licensing services for the right to use other natural resources on which tax is levied at 18 per cent. "Spectrum charges are payable in a phased manner over a period of time, and thereby tax payment shall also be staggered. The board should issue a clarification in this respect so as to avoid any litigation in this regard," Mohan said.

GST to be paid by telecom companies, along with instalments towards spectrum charges: Official

<keyword id="20509941" type="General" weightage="20" keywordseo="spectrum-auction" source="keywords">Spectrum auction</keyword> for <keyword id="22185968" type="General" weightage="20" keywordseo="mobile-radiowaves-services" source="keywords">mobile radiowaves services</keyword> worth Rs 96,000 crore ended with <keyword id="20055672" type="General" weightage="20" keywordseo="bids" source="keywords">bids</keyword> worth about Rs 11,000 crore, according to sources. The <keyword id="19900449" type="General" weightage="20" keywordseo="government" source="keywords">government</keyword> has put over 10,500 Mhz spectrum in eight <keyword id="21197262" type="General" weightage="20" keywordseo="frequency-bands" source="keywords">frequency bands</keyword> -- 800 MHz, 900 MHz, 1,800 MHz, 2,100 MHz, 2,300 MHz, 2,500 MHz, 3,300 MHz and 26 GHz, valued at Rs 96,238 crore at base price, for auction. "There were no fresh bids in the morning session. The auction has ended with bids worth about Rs 11,000 crore," the source said, adding that <keyword id="19951944" type="General" weightage="20" keywordseo="Bharti-Airtel" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharti Airtel" meta.hostid="261" meta.entityid="Bharti Airtel">Bharti Airtel</keyword> has emerged as the biggest bidder in the auction. During the last auction in 2022, which turned out to be a seven-day affair, a record over Rs 1.5 lakh crore worth of 5G telecom spectrum was sold, with billionaire <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword>'s <keyword id="19906886" type="General" weightage="20" keywordseo="Jio" source="keywords" meta.keywordsubtype="org" meta.entityname="Jio" meta.hostid="261" meta.entityid="Jio">Jio</keyword> emerging as the top bidder, cornering nearly half of all the airwaves (worth Rs 88,078 crore). At that time, telecom tycoon Sunil Mittal's Bharti Airtel made a successful bid of Rs 43,084 crore, while Vodafone Idea bought Spectrum for Rs 18,799 crore. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/stanley-lifestyles-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/111261779.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/stanley-lifestyles-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/111261779.cms" target="_blank">Stanley Lifestyles IPO allotment – How to check allotment, IPO GMP, listing date and more</a><a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-nord-ce-4-lite-vs-poco-x6-which-phone-should-you-buy-under-25000/slidelist/111257892.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-nord-ce-4-lite-vs-poco-x6-which-phone-should-you-buy-under-25000/slidelist/111257892.cms" target="_blank">OnePlus Nord CE 4 Lite vs Poco X6 – which phone should you buy under ₹25,000?</a><a href="https://www.businessinsider.in/stock-market/news/ipos-this-week-allied-blenders-and-vraj-iron-and-steel-look-to-raise-1671-crore/articleshow/111233159.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/ipos-this-week-allied-blenders-and-vraj-iron-and-steel-look-to-raise-1671-crore/articleshow/111233159.cms" target="_blank">IPOs this week – Allied Blenders and Vraj Iron and Steel look to raise ₹1,671 crore</a>

Spectrum auction ends with bids worth ₹11,000 crore, Bharti Airtel emerges as the biggest bidder

<ul class="summary-list"><li>A steep shortage of homes has created a serious housing crisis across the country.</li><li>Record numbers of Americans are spending more than they can afford on their mortgage or rent.</li></ul>The US is facing a housing crisis. A severe shortage of homes, high interest rates, and elevated building costs mean record numbers of Americans are spending <a target="_blank" href="https://www.cnbc.com/2024/06/25/housing-affordability-price-mortgage-rates.html">more than they can afford</a> on housing and <a target="_blank" href="https://www.cbsnews.com/news/rent-homelessness-harvard-report-center-for-housing-studies/">are homeless</a>.The economy will likely be a central focus of this week's <a target="_blank" href="https://www.businessinsider.com/how-watch-presidential-debate-trump-biden-what-time-2024-6">first presidential debate</a>. Former President Donald Trump has promised to attack President Joe Biden specifically <a target="_blank" href="https://www.cnbc.com/2024/06/23/trump-debate-preview-biden-economy-faith-freedom-convention.html">on inflation</a>. And Trump has repeatedly accused his successor of not doing enough to keep housing costs in check.Since taking office, Biden has pursued a grab bag of policies to incentivize affordable home construction and preservation, loosen regulations that restrict home construction, and subsidize homeownership and the cost of renting. As president, Trump proposed massive cuts to federal housing assistance for the neediest households and rolled back some fair housing policies, while urging states and cities to <a target="_blank" href="https://www.bloomberg.com/news/articles/2019-06-26/trump-s-housing-order-could-worsen-affordability">pursue some zoning reform</a> — a goal that progressives also tend to support.There have been some <a target="_blank" href="https://www.young.senate.gov/newsroom/press-releases/young-colleagues-reintroduce-bill-to-cut-burdensome-regulations-increase-housing-opportunities-for-americans/">bipartisan efforts</a> at the federal level to address the housing crisis. Generally, Republicans tend to be content with states and local governments controlling housing policy, while Democrats are traditionally more supportive of federal subsidies and intervention.But lawmakers across the ideological spectrum are quick to concede the country is facing a crisis. Home prices have risen 47% since the pandemic, mortgage interest rates are hovering around 7%, and over half of renters spend more than 30% of their income on housing, making them cost-burdened, according to <a target="_blank" href="https://www.jchs.harvard.edu/sites/default/files/reports/files/Harvard_JCHS_The_State_of_the_Nations_Housing_2024.pdf">a new Harvard report</a> on the state of US housing. Even as the Federal Reserve has raised interest rates, demand and prices have stayed high, <a target="_blank" href="https://www.nytimes.com/2024/02/26/business/economy/housing-inflation-fed.html">keeping housing inflation stubbornly elevated</a>.Americans are increasingly concerned about it. US adults listed housing costs as their second-most pressing financial issue in <a target="_blank" href="https://news.gallup.com/poll/644690/americans-continue-name-inflation-top-financial-problem.aspx">a recent Gallup poll</a>. The concern is bipartisan, although more pronounced among Democrats. <a target="_blank" href="https://bipartisanpolicy.org/press-release/nearly-3-in-4-adults-feel-lack-of-affordable-homes-a-significant-u-s-problem/">Three in four US adults</a> — 83% of Democrats and 68% of Republicans — say the lack of affordable homes is a "significant" problem.<div type="image" title="Rows of identical homes with uniform driveways and streets stretch towards the desert" height="2348" width="3504" msid="111312854" hostid="261"></div><h2 id="7e11e4c7-5a71-4d94-a70d-2c0575d1b35f">Where Biden stands</h2>As president, Biden has pushed a series of pro-housing policies and generally come out in favor of <a target="_blank" href="https://www.nytimes.com/2024/03/21/us/politics/biden-housing-costs.html#:~:text=Biden%20has%20seized%20on%20the,going%20to%20wait%2C%E2%80%9D%20Mr.">more federal participation</a> in housing policy.Among those policy pushes was the <a target="_blank" href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/05/16/president-biden-announces-new-actions-to-ease-the-burden-of-housing-costs/">"Housing Supply Action" plan</a>, which leverages federal grants and loans to incentivize states and cities to loosen land use regulations and facilitate new construction. The administration has also pushed a slew of initiatives to boost the supply of affordable housing, including encouraging <a target="_blank" href="https://www.businessinsider.com/biden-wants-people-move-into-empty-offices-housing-crisis-property-2023-10">the conversion of office buildings</a> into homes with billions of dollars in federal grants and loans and boosting support for manufactured housing.Biden's fiscal year 2025 budget proposal, which represents a sort of wish list of the administration's priorities but would require action from an often-gridlocked Congress to become law, includes $258 billion for housing initiatives, including <a target="_blank" href="https://www.cbsnews.com/news/biden-state-of-the-union-home-buyer-tax-credit-10000-heres-who-qualifies/">tax credits</a> for first-time homebuyers, homeowners who sell their starter homes, and those who build or renovate starter homes, and an expansion of the Low Income Housing Tax Credit and housing choice vouchers for renters.Biden has discussed housing in <a target="_blank" href="https://www.washingtonpost.com/business/2024/03/07/biden-housing-sotu/">the State of the Union</a> and on the campaign trail, <a target="_blank" href="https://www.politico.com/news/2024/03/19/biden-campaign-affordable-housing-nevada-00147691">including in Nevada</a>, which is facing a particularly severe affordability crisis. "If inflation keeps coming down — and it's predicted to do that — mortgage rates are going to come down as well, but I'm not going to wait," he said during a speech in Las Vegas in March.In another indication that the White House is centering housing policy as the election nears, Vice President Kamala Harris and Treasury Secretary Janet Yellen this week <a target="_blank" href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/06/26/fact-sheet-vice-president-harris-announces-first-of-its-kind-funding-to-lower-housing-costs-by-reducing-barriers-to-building-more-homes/">announced</a> $85 million in funding for 21 cities to subsidize affordable housing development and the construction of supportive infrastructure, including power lines and water mains.Some of Biden's farthest-reaching policies were <a target="_blank" href="https://bipartisanpolicy.org/blog/inflation-reduction-act-mean-for-housing/">cut from the Inflation Reduction Act</a>, and still others are unlikely to make it through Congress, where Republicans have opposed the vast majority of Democrats' housing proposals.While some housing policy experts have praised the Biden administration's policies, many of the same <a target="_blank" href="https://www.theatlantic.com/ideas/archive/2023/12/housing-crisis-hud-authority/676368/">experts</a> say its actions <a target="_blank" href="https://www.strongtowns.org/journal/2024/4/16/why-bidens-plan-to-build-build-build-wont-end-the-housing-crisis">haven't gone far enough</a> to address the crisis.<h2 id="3bfd3adc-c50b-4046-81ce-b33b08fe2d1c">Where Trump stands</h2>As president, Trump didn't pursue as many policies directly intended to make housing more affordable. While in office, Trump's <a target="_blank" href="https://www.housingfinance.com/policy-legislation/trump-plan-slashes-hud-budget-by-6-2-billion_o">proposed budgets</a> included significant cuts to agencies that provide federal housing subsidies, including the Department of Housing and Urban Development. His proposed 2021 budget would have cut housing assistance and community development aid — including shrinking the housing voucher program and slashing funds for public housing — by about 15%, not factoring in inflation, <a target="_blank" href="https://www.cbpp.org/blog/budget-exposes-trump-administrations-empty-rhetoric-on-homelessness-fair-housing">according to</a> the Center on Budget and Policy Priorities.Trump <a target="_blank" href="https://www.nytimes.com/2020/07/23/us/politics/trump-housing-discrimination-suburbs.html">rolled back</a> certain fair housing protections, including imposing a higher bar for proving housing discrimination and eliminating an Obama-era rule designed to reduce racial segregation. Trump claimed Biden wanted to "abolish" the suburbs and <a target="_blank" href="https://x.com/realDonaldTrump/status/1288509568578777088?s=20">assured suburbanites</a> they would "no longer be bothered or financially hurt by having low income housing built in your neighborhood" after he dismantled the Obama rule, which Biden <a target="_blank" href="https://www.washingtonpost.com/us-policy/2021/06/09/hud-biden-fair-housing-rule/">later restored</a>. The Trump administration also created "Opportunity Zones," designed to incentivize businesses to invest in low-income neighborhoods. But the program has <a target="_blank" href="https://www.politico.com/news/magazine/2020/09/29/cleveland-opportunity-zones-422728">done little</a> to boost affordable housing.Trump hasn't talked much about housing policy on the campaign trail, despite arguing that Biden hasn't done enough to control housing costs. Last year, he unveiled <a target="_blank" href="https://www.businessinsider.com/trump-freedom-cities-build-housing-conservatives-scoff-at-leftist-plan-2023-3">a vague proposal</a> in <a target="_blank" href="https://truthsocial.com/@realDonaldTrump/posts/109960680734613154">a video</a> posted to Truth Social to build up to 10 new American cities on federal land as a way to give American families "a new shot at homeownership."<a target="_blank" href="https://rumble.com/v2isx4l-agenda47-ending-the-nightmare-of-the-homeless-drug-addicts-and-dangerously-.html?utm_medium=email&amp;utm_source=ncl_amplify&amp;utm_campaign=230417-agenda47_ending_the_nightmare_of_the_homeless_drug_addicts_and_dangerously_deranged_on_american_streets">In another video</a> titled "Ending the Nightmare of the Homeless, Drug Addicts, and Dangerously Deranged," Trump said he would "ban urban camping" in an effort to criminalize unsheltered homelessness. Trump has also promised to crack down on immigration, which his campaign argues would relieve pressure on the housing market. Campaign press secretary Karoline Leavitt said in <a target="_blank" href="https://www.npr.org/2024/06/24/nx-s1-5015224/price-cost-election-housing-rent-voters-biden-trump">a statement to NPR</a> that Trump would "stop the unstainable invasion of illegal aliens which is driving up housing costs, cut taxes for American families, [and] eliminate costly regulations."

Biden and Trump have wildly different approaches to bringing home prices and rents down

The Indian mutual fund industry continued to register strong growth in fund inflows during May 2024, as monthly data released by the Association of Mutual Funds in India (AMFI) today showed. This was a record month for equity mutual funds, with the category’s inflows jumping up by a whopping 83% since April. The mutual fund industry’s AUM (net assets under management) stood at Rs 58.91 lakh crore, rising marginally from Rs 57.25 lakh crore in April 2024. With total inflows worth Rs 42,294.99 crore, debt mutual funds continued to receive more investor attention than their equity counterparts during the month, which saw inflows of around Rs 34,697 crore. Notably, this is the 39th consecutive month where <keyword id="19925781" type="General" weightage="100" keywordseo="equities" source="keywords">equities</keyword> have seen positive inflows. Hybrid funds also ended their month in green, garnering Rs 17,990 crore in May. <cmsannotation type="cmsannotation" annotationid="Expectations around election results behind the surge, say experts" comment="subhead" text="Expectations around election results behind the surge, say experts">Expectations around election results behind the surge, say experts</cmsannotation> Expectations around the continuation of a stable regime led by the ruling party BJP during the election month of May could have been the major driver behind the record inflows into the MFs. Venkat Chalasani, Chief Executive, AMFI, said "Political stability creates an environment conducive to sustainable economic growth, attracting investments and fostering long-term investments. Global growth is sustaining its momentum in 2024 and is likely to remain resilient, supported by a rebound in global trade. The overall outlook for Indian capital markets remains positive, supported by strong fundamentals, and favourable demographics. However, it remains to be seen how the lesser-than-expected seats for the Narendra Modi-led BJP have impacted the MF sector in the month of June. However, a continuation of the NDA regime is likely to have contributed to the improved market sentiments as evident with surging markets post the counting day, and could reflect into the MF activity as well. "Although coalition governments face challenges in consensus-building and decision-making, infrastructure and nation-first initiatives introduced earlier are likely to receive support from allies across the political spectrum. The forthcoming 100-day action plan and a comprehensive Union Budget will provide a clearer picture of the government's priorities for the Indian economy," says Gopal Kavalireddi, Vice President of Research at FYERS. <cmsannotation type="cmsannotation" annotationid="Equity inflows mark a record high" comment="subhead" text="Equity inflows mark a record high"><keyword id="421833" type="General" weightage="20" keywordseo="Equity-inflows" source="Orion">Equity inflows</keyword> mark a record high</cmsannotation> Equity inflows remained positive for the 39th consecutive month, starting from March 2021. Growth Equity fund inflows for the month of May was ₹ 34,697, pushing the total inflows into mutual funds to Rs.1.1 lakh crore for the month. A total of 9 schemes were launched last month in the category of open-ended schemes, raising a total of ₹ 10,140 crores, said AMFI. Kavalireddi says, “Despite potential high volatility from FII selling, general elections, GDP data, and other minor events in May, investors remained steadfast in their pursuit of returns on the back of the Indian growth narrative." In a clear indication of investors looking to diversify their investments, multi-cap funds garnered Rs 2,644.88 crore. Large-cap funds amassed Rs 663 crore, while mid-cap funds made Rs 2,605.70 crore. On the other hand, small-cap funds have seemingly begun gaining their lost sheen, managing to take in Rs 2,724.67 crores during the month. Flexi-cap funds led the troupe, with inflows worth Rs 3,155 crore. "Equity flows have been largely driven by expectations of the election outcome, coupled with some NFO (new fund offer) launches, which perhaps led to a much higher than expected quantum in the equity category. On the equity side, investors possibly wanted to position their portfolios in advance to avoid any kind of gap risk as election exit polls were coming out over the weekend, which could have led to a spike in equity allocations towards the end of the month," Anand Vardarajan, Head Business Head – Banking, Institutional Clients, Alternate Products and Product Strategy, Tata Asset Management. Amidst hybrid funds, the majority came from arbitrage funds, which saw inflows worth Rs 12,758.12 crores in May. Notably, index funds and other ETFs collectively raked in Rs. 15,180 crore. <cmsannotation type="cmsannotation" annotationid="SIPs going strong" comment="subhead" text="SIPs going strong"><keyword id="159805" type="General" weightage="20" keywordseo="SIPs" source="Orion">SIPs</keyword> going strong</cmsannotation> Systematic investment plan (SIP) contributions continued to breach their record highs on a month-on-month basis. SIP contributions rose marginally to an all-time high of Rs 20.90 crore last month, as opposed to Rs 20.37 crore in April. SIP accounts also jumped to their highest figure in May, standing at 8,75,89,485. During the month, around 49,74,400 new SIPs were registered. As per <keyword id="1029773" type="General" weightage="20" keywordseo="AMFI-data" source="Orion">AMFI data</keyword>, SIP plans accounted for 19% of the net flows during the month. In the debt category, liquid funds saw the most influx, worth Rs 25,873.38 crore. Sectoral or thematic funds amassed Rs 19,213.43 crore during the month, trumping inflows by small-cap funds, which stood at Rs 2,724.67 crore, by a significant margin. Inflows into thematic funds were largely bolstered by the NFO of HDFC Manufacturing Fund, which drew Rs. 9,563 crores. Although Himanshu Srivastava, Associate Director, Manager Research, Morningstar Investment Research India, has a word of caution for all those flocking to sectoral funds, “investors must be cautious while investing in such funds. They are cyclical, and hence investors should have the necessary skills or the right set of advice in place to track sector dynamics and time their entry and exit from these funds. These are high-risk return propositions, and hence investors must take a judicious call while investing in them.” <cmsannotation type="cmsannotation" annotationid="Gold continues to shine" comment="subhead" text="Gold continues to shine">Gold continues to shine</cmsannotation> The quantum of net flows in <keyword id="20050894" type="General" weightage="20" keywordseo="gold-ETFs" source="keywords">gold ETFs</keyword> saw a sharp uptick to Rs 827 crore in May 2024, from a net outflow of Rs 396 crore in April. Srivastava further notes that the enduring <keyword id="19950651" type="General" weightage="20" keywordseo="global-inflation" source="keywords">global inflation</keyword>, which remains above central banks' comfort levels, and the persistent uncertainty surrounding <keyword id="19962135" type="General" weightage="20" keywordseo="interest-rate-cuts" source="keywords">interest rate cuts</keyword> have bolstered gold's appeal as a haven and as a hedge against inflation, thereby attracting more investors. “Also, over the years, gold has gained prominence as an effective diversifier, prompting many investors to include gold ETFs in their portfolios. <keyword id="19910265" type="General" weightage="20" keywordseo="gold-prices" source="keywords">Gold prices</keyword> also saw some corrections in May, which spurred buying from investors. In INR terms, gold has done fairly well over the last year but dwarfs in comparison to how equities have fared. Given this backdrop, flows in the gold ETF category have been somewhat patchy relative to the equity asset class," he continued. Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. We recommend readers consult certified, qualified and registered advisors for professional and personalised financial advice.

Election fever? Equities and SIP inflows mark record highs in May, per AMFI data

NEW DELHI: Amid the industry's concerns over less-than-expected price cuts, Trai chairman PD Vaghela on Tuesday asserted that the regulator's recommendations of a 39 per cent drop in <keyword id="804714" type="General" weightage="20" keywordseo="spectrum-prices" source="Orion">spectrum prices</keyword> are rational, attractive and backed by "scientific calculations". Vaghela told PTI that in view of the huge market potential of 5G, he is confident that the telecom industry will actively take part in the auction. The chairman expressed hope that the recommended reserve prices will attract bidders in the forthcoming auction. He also said that the ease of doing business, extensive stakeholder inputs, and facilitating the proliferation of 5G in the country have been the most important drivers for Trai's latest stance. Setting the stage for the rollout of 5G services, telecom regulator Trai on Monday recommended a mega auction plan valued at over Rs 7.5 lakh crore at the base price across multiple bands for radiowaves allocated over 30 years. Overall, the <keyword id="12394776" type="General" weightage="80" keywordseo="telecom-regulatory-authority-of" source="Orion">Telecom Regulatory Authority of</keyword> <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> (Trai) recommended about a 39 per cent reduction in the reserve or floor price for the sale of spectrum for mobile services, including the latest 5G offering, as it looked to match revenue expectations with the industry's paying capacity. Industry body COAI, however, has expressed deep disappointment over Trai's 5G recommendations, and termed the spectrum pricing suggested by the regulator as "too high". Given the recent reforms for the telecom sector announced by the government, these recommendations are "one step backwards than forward" towards building a digitally connected India, COAI claimed. COAI argued that the industry had recommended 90 per cent lower prices, and to see only about 35-40 per cent reduction recommended in prices "is deeply disappointing". Asked about the industry's views on less than expected price cuts, Vaghela in an interview said the regulator's recommendations of a 39 per cent drop in spectrum prices are backed by "scientific calculations". "Trai takes the business of calculation of valuation seriously, and on that basis, we have arrived at rational reserve prices. The prices we have given have been set at 70 per cent of valuation," he said. Taking off from the telecom department's reference seeking auction-related recommendations, Trai considered various aspects like ease of doing business, stakeholder inputs and most importantly, the proliferation of 5G and use cases in the country to ensure that economic benefits of technology are derived by all sections of society, he said. "If you see our recommendations on surrender fee, easy and flexible payment options, and leasing of spectrum for private networks, these are all aimed at ease of doing business and attracting investment into the telecom sector," Vaghela said. While auctions and network rollout are important considerations, "as a country, we need to facilitate penetration of 5G based technologies and use cases", Vaghela said. "A complete ecosystem needs to be created towards this objective," he said. "So, we have recommended action plans for vertical sectors, i.e., industry sectors and social sectors ...that they should be actively preparing plans for adopting 5G applications. Stakeholders like farmers, fishermen, students, MSMEs etc need to be further empowered to be part of the digital economy," Vaghela added. 5G technology once implemented should create demand for telecom products, thereby improving revenue streams for telecom service providers, and should also help consumers and the public at large to become a part of the mainstream digital economy, he noted. "India should reap the benefits of technologies and applications, which are based on 5G," the Trai chief said. On whether the industry has the paying capacity, given that over one lakh <keyword id="13265908" type="General" weightage="80" keywordseo="megahertz" source="Orion">megahertz</keyword> of spectrum worth over Rs 5 lakh crore at reserve price will be on the block (for 20-year allocation), Vaghela said, "With the attractive reserve prices recommended, flexible payment options offered, easy spectrum surrender conditions, recommendations on leasing etc., the forthcoming auction will surely be attractive for the investors". The Indian economy is growing, technology adoption is being ramped up by different vertical sectors and the market for telecom products is expanding at a rapid pace, he noted. "In view of the huge market potential of 5G, I am sure that the telecom industry will actively take part in the auction," he said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/xiaomis-manu-kumar-jain-has-been-reportedly-summoned-by-the-enforcement-directorate/articleshow/90803402.cms">Xiaomi’s Manu Kumar Jain has been reportedly summoned by the Enforcement Directorate</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/travel-tourism-and-hospitality-sector-is-witnessing-a-surge-in-manpower-demand-by-20-percent/slidelist/90799907.cms">Travel, tourism and hospitality sector is witnessing a surge in manpower demand by 20 percent</a>

Recommended spectrum prices are backed by scientific calculations, says Trai chief Vaghela

Bharti Airtel on Friday announced the closure of its agreement with Reliance Jio Infocomm to transfer the 'Right to Use' of Airtel's 800 MHz spectrum in three circles to the Mukesh Ambani-led firm. Airtel said in a statement it has received Rs 1,004.8 crore (net of tax) from Jio for the proposed transfer. Besides this, Jio will assume future liabilities of Rs 469.3 crore relating to the spectrum, the statement added. In a late evening statement, Jio said: "With this trading of right to use spectrum, RJIL will have 800 MHz band spectrum footprint of 2 x 15MHz in Mumbai circle and 2 x 10 MHz each in Andhra Pradesh and Delhi circles, thereby further enhancing network experience of its customers." Reliance Jio Infocomm Ltd (RJIL) said it has paid total consideration of Rs 1,183.3 crore (inclusive of taxes) to Bharti Airtel and has assumed deferred payment liability with net present value of Rs 469.3 crore. Jio's pact with Airtel to buy the spectrum in 800 MHz band was announced in April this year and marked the first such deal between the two telecom giants. Airwaves come in different bands which support different propagation characteristics for the transmission of voice and data. For instance, lower bands like 800 MHz and 900 MHz support good indoor coverage while higher bands like 2300 MHz have a good carrying capacity. The airwaves are also sold in quantities measured as MHz. Spectrum auctions, held earlier this year, had raked in winning bids of over Rs 77,800 crore for 855.6 MHz of spectrum. Billionaire <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>'s Reliance Jio spent the most in the auction, picking up 488.35 MHz spectrum in bands such as 800 MHz, 1800 MHz and 2300 MHz for over Rs 57,100 crore. In the auction, Bharti Airtel won the right to use spectrum, the total value of which is about Rs 18,700 crore. For <keyword id="1553175" type="COMPANY" weightage="20" keywordseo="Vodafone-Idea">Vodafone Idea</keyword>, the value of spectrum bought in auctions was pegged at Rs 1,993.4 crore. There were no takers for spectrum in 700 MHz and 2500 MHz bands in the last auctions. As per latest data available from telecom regulator Trai, the Indian telecom market had presented a picture of sharp contrast in May with Bharti Airtel losing a staggering 46.13 lakh wireless subscribers even as rival Reliance Jio added 35.54 lakh mobile users. Overall, the Indian mobile market shed 62.7 lakh users in May. In fact, both Airtel and Vodafone Idea had suffered massive subscriber losses in the month. Airtel lost 46.13 lakh mobile users and ended the month with a subscriber base of 34.8 crore. Vodafone Idea -- which is currently in the grip of an existential crisis -- had seen its mobile subscriber base shrink by 42.8 lakh users in May, to 27.7 crore users. Billionaire <keyword id="6354955" type="UNKNOWN" weightage="20" keywordseo="Kumar-Mangalam-Birla">Kumar Mangalam Birla</keyword> recently stepped down as chairman of Vodafone Idea Ltd, within two months of offering to hand over the Aditya Birla Group's stake in the debt-laden telco to the government, in a bid to avert a crisis for the telecom company. Vodafone Idea (VIL) had an AGR liability of Rs 58,254 crore, of which the company has paid Rs 7,854.3 crore while Rs 50,399.6 crore is outstanding. SEE ALSO <a href="https://www.businessinsider.in/business/news/paytm-ipo-former-one-97-communication-director-urges-sebi-to-stall-the-public-issue/articleshow/85293132.cms">Paytm IPO: Former One 97 Communication director urges SEBI to stall the public issue</a> <a href="https://www.businessinsider.in/tech/news/windows-11-microsoft-rolling-out-updated-snipping-tool-calculator-and-mail-apps/articleshow/85292943.cms">Windows 11 Microsoft rolling out updated snipping tool, calculator and mail apps</a> <a href="https://www.businessinsider.in/business/corporates/news/infibeam-avenues-is-looking-to-acquire-a-point-of-sale-company/articleshow/85292156.cms">INTERVIEW: Infibeam Avenues is looking to acquire a point-of-sale company</a>

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