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<ul class="summary-list"><li>23andMe said it appointed three new independent directors to its board on Monday.</li><li>All seven of 23andMe's previous directors resigned in September over its "strategic direction."</li></ul>23andMe has appointed three new independent directors to its board following the mass resignation of all seven of its previous members last month.The biotech company said in an SEC filing that Andre Fernandez, Mark Jensen, and Jim Frankola had joined the board on Monday. All three appointees will serve on the board's audit and compensation committees.Fernandez previously worked as WeWork's chief financial officer from 2022 to 2023. Jensen was a managing partner at consulting firm Deloitte for 10 years before his retirement in 2012. Frankola worked as chief financial officer at Cloudera, an American data cloud company, from 2012 to 2021 before becoming a strategic advisor from 2021 to 2023.The board's only other member is CEO and cofounder Anne Wojcicki.<div type="image" title="Anne Wojcicki 23andme" height="2368" width="3552" msid="114792211" hostid="261" sizebytes="414616"></div>"I am excited to welcome these three experienced directors to the 23andMe Board, and looking forward to working with them," Wojcicki said in a press release.Once valued at $6 billion, <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/timeline-the-rise-and-fall-of-23andme-2024-10">23andMe has </a><a target="_blank" href="https://www.businessinsider.com/timeline-the-rise-and-fall-of-23andme-2024-10">faced several obstacles</a> recently, including a large user data leak in 2023, declining stock values, and <a target="_blank" class="" href="https://www.businessinsider.com/how-to-delete-your-23andme-data-2024-10">consumer privacy concerns</a>.The seven previous board members resigned in September in a letter addressed to Wojcicki, citing the company's direction.Wojcicki shared a proposal to take 23andMe private in a July SEC filing, which was reviewed by a special committee formed by the board of directors. The special committee responded less than a week later, writing they were "disappointed" in the proposal."Our expectation after months of work was that you would submit a fully-financed, fully-diligenced, actionable proposal that is in the best interests of the non-affiliated shareholders," the letter read.The special committee said it would give Wojcikci time to submit a revised proposal. However, the committee said it had not received the revised proposal in the September resignation letter."While we continue to wholeheartedly support the Company's mission and believe deeply in the value of the personalized health and wellness offering that you have articulated, it is also clear that we differ on the strategic direction for the Company going forward," the letter read.In a statement after his appointment, Jensen said the new board was "ready to dig in" and "act with urgency" to turn things around at the company."23andMe has a great brand, and the Company remains firmly committed to its mission of helping people access, understand and benefit from the human genome," he said.Each new director will receive $1 million in cash compensation, according to the SEC filing.Representatives for 23andMe did not immediately respond to a request for comment from Business Insider.

23andMe appoints new board members as it works to stem the company's slide

New Delhi, <keyword id="21565143" type="General" weightage="20" keywordseo="net-household-savings" source="keywords">Net household savings</keyword> declined sharply by Rs 9 lakh crore to Rs 14.16 lakh crore in three years to 2022-23, according to the latest National Account Statistics 2024 of the Ministry of Statistics and Programme Implementation. The net <keyword id="20751315" type="General" weightage="20" keywordseo="Household-savings" source="keywords">household savings</keyword> peaked at Rs 23.29 lakh crore in 2020-21. These have been on the decline since then, the data showed. The net household savings declined to Rs 17.12 lakh crore in 2021-22 and dipped further to a five-year low of Rs 14.16 lakh crore in 2022-23. The previous low of net household savings was Rs 13.05 lakh crore in 2017-18 which increased to Rs 14.92 lakh crore in 2018-19 and Rs 15.49 lakh crore in 2019-20. The data showed that the <keyword id="19895437" type="General" weightage="20" keywordseo="investment" source="keywords">investment</keyword> in <keyword id="19929240" type="General" weightage="20" keywordseo="mutual-funds" source="keywords">mutual funds</keyword> almost trebled to Rs 1.79 lakh crore in 2022-23 in three years from Rs 64,084 crore in 2020-21. It was Rs 1.6 lakh crore in 2021-22. The household investment in <keyword id="19907577" type="General" weightage="20" keywordseo="shares" source="keywords">shares</keyword> and debentures almost doubled to Rs 2.06 lakh crore in 2022-23 from Rs 1.07 lakh crore in three years from 2020-21. It was Rs 2.14 lakh crore in 2021-22. Bank advances (loans) to households have also doubled in three years to Rs 11.88 lakh crore in 2022-23 from Rs 6.05 lakh crore in 2020-21. It was Rs 7.69 lakh crore in 2021-22. Loans to households by financial corporations and non-banking financial corporations increased also fourfold to Rs 3.33 lakh crore in 2022-23 from Rs 93,723 crore in 2020-21. It was 1.92 lakh crore in 2021-22. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-april-2024-tata-punch-continues-to-dominate/slidelist/109909744.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-april-2024-tata-punch-continues-to-dominate/slidelist/109909744.cms" target="_blank">Top-selling cars in India in April 2024 – Tata Punch continues to dominate</a><a href="https://www.businessinsider.in/tech/news/apple-let-loose-event-today-what-to-expect-where-to-watch-the-live-stream-and-everything-you-need-to-know/articleshow/109909583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/apple-let-loose-event-today-what-to-expect-where-to-watch-the-live-stream-and-everything-you-need-to-know/articleshow/109909583.cms" target="_blank">Apple Let Loose event today – What to expect, where to watch the live stream and everything you need to know</a><a href="https://www.businessinsider.in/stock-market/webstories/aadhar-housing-finance-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/109919298.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/aadhar-housing-finance-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/109919298.cms" target="_blank">Aadhar Housing Finance IPO – Price band to risk factors, all you need to know</a>

Household savings dip over Rs 9 lakh cr in 3 years to Rs 14.16 lakh cr in 2022-23

Last week, tech giant <keyword id="19906778" type="General" weightage="100" keywordseo="Infosys" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys" meta.hostid="153" meta.entityid="Infosys">Infosys</keyword> was making headlines for delaying onboarding of thousands of freshers for more than two years. It was reported that freshers had been awaiting onboarding since 2022 but nothing was happening on that front. The Nascent Information Technology Employees Senate (<keyword id="20033579" type="General" weightage="20" keywordseo="NITES" source="keywords" meta.keywordsubtype="org" meta.entityname="NITES" meta.hostid="153" meta.entityid="NITES">NITES</keyword>) even filed a formal complaint against the company. Now, <keyword id="21949326" type="General" weightage="20" keywordseo="Infosys-CEO" source="keywords">Infosys CEO</keyword> Salil Parekh has said that everyone with a job offer will be a part of the company even though there are “delays.” <h2>Infosys CEO reassures graduates</h2> Infosys has confirmed its commitment to honour all <keyword id="20345755" type="General" weightage="20" keywordseo="offers" source="keywords">offers</keyword> extended to fresh engineering graduates, despite ongoing delays in the onboarding process. CEO Salil Parekh recently addressed concerns that have been brewing among thousands of freshers, saying that while some joining dates have been adjusted, every candidate who received an offer will join the company. In a statement, Parekh told PTI, "Every offer that we have given, that offer will be honored, and those individuals will join Infosys. We have adjusted some dates, but beyond that, there is no change in our approach." According to a CNBC report, Parekh also said that the rising interest in Generative AI (GenAI) among clients is a positive sign for future growth. He added that while GenAI is driving significant change within the industry, it will not lead to layoffs at Infosys, a point of distinction compared to trends seen at other tech firms. <div type="Article" hostid="261" msid="112669758" title="Infosys delays onboarding of 2,000 graduates for more than 2 years, NITES files complaint" mstype="2" mssubtype="0"></div> Parekh’s reassurances come in response to growing unrest among freshers from the 2022 batch, many of whom have been waiting for nearly two years to start their careers at Infosys. <h2>What is happening with Infosys hiring?</h2> For the unversed, the Nascent Information Technology Employees Senate (NITES), a Pune-based IT employee union, recently filed a formal complaint with the Ministry of Labour and Employment, accusing Infosys of delaying the onboarding of over 2,000 engineering graduates. These graduates were selected for roles such as system engineers and digital specialist engineers during the company’s 2022-23 recruitment drive. According to NITES, the affected graduates received their offer letters as early as April 2022 but have since faced continuous delays, unpaid pre-training programs, and additional assessments that were not initially communicated. Despite fulfilling all the requirements, these professionals have been left in limbo, unable to begin their careers. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/work-life-balance-is-a-myth-photo-of-man-working-in-front-of-momo-stall-goes-viral-internet-reacts/articleshow/112516510.cms" data-type="tilCustomLink" target="_blank">'Work-life balance is a myth’: Photo of man working in front of momo stall goes viral, Internet reacts</a> <a href="https://www.businessinsider.in/tech/article/arrange-or-love-marriage-debate-is-passe-people-are-now-marrying-their-ai-partners/articleshow/112522764.cms" data-type="tilCustomLink" target="_blank">Arrange or love marriage debate is passe, people are now marrying their AI partners</a>

Everyone will join, there is no change: Infosys CEO after delaying joining of 2,000 freshers for over two years

New Delhi, The six national parties have declared a total income of nearly Rs 3077 crore in the 2022-23 fiscal, with the <keyword id="19894848" type="General" weightage="20" keywordseo="bjp" source="keywords">BJP</keyword> getting the maximum share totalling around Rs 2361 crore, the Association for Democratic Reforms (ADR) said on Wednesday. The ruling BJP's income forms 76.73 per cent of the total income of the six national parties during FY 2022-23, it said. The <keyword id="19895371" type="General" weightage="20" keywordseo="congress" source="keywords">Congress</keyword> declared the second highest income of Rs 452.375 crore, which forms 14.70 per cent of the total income of the six national parties. Besides the BJP and the Congress, <keyword id="19935865" type="General" weightage="20" keywordseo="bsp" source="keywords">BSP</keyword>, AAP, <keyword id="19984069" type="General" weightage="20" keywordseo="npp" source="keywords">NPP</keyword> and CPI-M have declared their income. Between FY 2021-22 and 2022-23, the income of the BJP increased by 23.15 per cent or Rs 443.724 crore from Rs 1917.12 crore during FY 2021-22 to Rs 2360.844 crore during FY 2022-23, the ADR said. The income of NPP increased by 1502.12 per cent or Rs 7.09 crore from Rs 47.20 lakh during FY 2021-22 to Rs 7.562 crore during FY 2022-23. Similarly, AAP's income increased by 91.23 per cent (Rs 40.631 crore) from Rs 44.539 crore during FY 2021-22 to Rs 85.17 crore during FY 2022-23. Between the 2021-22 fiscal and 2022-23 fiscal, the income of the Congress, CPI(M) and BSP decreased by 16.42 per cent (Rs 88.90 crore), 12.68 per cent (Rs 20.575 crore) and 33.14 per cent (Rs 14.508 crore) respectively, it noted, citing their records submitted to the <keyword id="19895782" type="General" weightage="20" keywordseo="election-commission" source="keywords">Election Commission</keyword>. It also said the BJP declared a total income of Rs 2360.844 crore during FY 2022-23, but spent only 57.68 per cent, which comes to Rs 1361.684 crore of the total income. The Congress' total income was Rs 452.375 crore while it spent Rs 467.135 crore, with its expenditure for that year exceeding its total income by 3.26 per cent. The CPI(M)'s total income was Rs 141.661 crore while it spent Rs 106.067 crore - 74.87 per cent of its income. Similarly, AAP's total income was Rs 85.17 crore while it spent Rs 102.051 crore - its expenditure for that year exceeded its total income by 19.82 per cent.

National parties declare income of ₹3,077 cr in 2022-23; BJP has highest share

New Delhi: India's <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">Initial Public Offering</keyword> (IPO) market witnessed a resurgence in 2024, with a total of 272 companies going public compared to 164 during the previous fiscal year, highlights a report by <keyword id="19901201" type="General" weightage="100" keywordseo="SEBI" source="keywords" meta.keywordsubtype="org" meta.entityname="SEBI" meta.hostid="261" meta.entityid="SEBI">SEBI</keyword>. The market regulator SEBI stated that upbeat secondary markets, enthusiasm from retail investors, and strong institutional flows set the stage for a flurry of new listings. "After a relative moderation during 2022-23, the equity segment witnessed a resurgence in fundraising activity during the current fiscal. The <keyword id="19926041" type="General" weightage="20" keywordseo="IPO-market" source="keywords">IPO market</keyword> had been vibrant with a total of 272 companies going public as compared to 164 during the last fiscal year," said SEBI. The report also noted that India received the highest <keyword id="20018891" type="General" weightage="20" keywordseo="foreign-investment" source="keywords">foreign investment</keyword> in the year 2023-24, as the investment surged to a new high of Rs 3.4 lakh crore. It also added that the investment in the year 2023-24 is the highest since the year 1992-93. "Compared to net outflows of Rs 40,936 crore in 2022-23, FPIs invested Rs 3.4 lakh crore in India during 2023-24, which was the highest since 1992-93," said SEBI. SEBI highlighted that Foreign Portfolio Investment and foreign venture capital investment are crucial for emerging economies like India. FY 2023-24 was an exceptional year for India in terms of foreign portfolio investment flows. It added that India's continuing growth resilience, financial stability, reining in of inflation, fiscal consolidation coupled with the persistence of inflation in advanced economies, uncertain geopolitical scenarios, etc., attracted a record level of foreign flows to India. The report noted that in the midst of a subdued global economic scenario with recession risks and monetary tightening, India's economic prospects were bright among emerging markets, driven by a fillip in manufacturing and service sector activities, easing inflation, fiscal consolidation, financial stability, and buoyant <keyword id="20977711" type="General" weightage="20" keywordseo="market-performance" source="keywords">market performance</keyword>. According to the sector-wise breakup on FPI investment, the report stated that out of the consolidated Rs 64.2 lakh crore equity assets held by FPIs, Rs 18.6 lakh crore were invested in financial services, followed by oil, gas, and consumable fuels (Rs 6.0 lakh crore), information technology (Rs 5.9 lakh crore), and automobile and auto components with Rs 4.8 lakh crore invested.

In FY24, 272 companies went public as compared to 164 in FY23: SEBI

According to a new analysis, <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> contributed $1.28 billion in <keyword id="20000757" type="General" weightage="20" keywordseo="climate-finance" source="keywords">climate finance</keyword> through <keyword id="20401772" type="General" weightage="20" keywordseo="multilateral-development-banks" source="keywords">multilateral development banks</keyword> (MDBs) in 2022, surpassing the contributions of many developed countries. The study, conducted by the UK-based think tank ODI and the <keyword id="23038658" type="General" weightage="20" keywordseo="Zurich-Climate-Resilience-Alliance" source="Orion">Zurich Climate Resilience Alliance</keyword>, comes amid a renewed push by some developed countries to broaden the donor base for climate finance to include developing countries like China and <keyword id="50996" type="General" weightage="20" keywordseo="Saudi-Arabia" source="Orion">Saudi Arabia</keyword>. The report reveals that only 12 developed countries provided their fair share of international climate finance in 2022. These countries are -- Norway, France, Luxembourg, Germany, Sweden, Denmark, Switzerland, Japan, the Netherlands, Austria, Belgium and Finland. Researchers noted that the significant gap in climate finance is largely due to the United States failing to contribute its fair share. Australia, Spain, Canada and the United Kingdom also performed relatively poorly in this regard. The analysis has identified the top 30 non-Annex II countries that provided substantial climate finance to developing countries in 2022 through multilateral contributions to development banks and climate funds. This group includes former economies in transition like Poland and Russia, countries that have achieved high-income status since 1992, such as Chile, Kuwait, Saudi Arabia and South Korea, and middle-income countries with large populations, including Brazil, China, India, Indonesia, Mexico, Nigeria, the Philippines and Pakistan. India provided $1.287 billion in climate finance to other developing countries through MDBs in 2022, a sum larger than what was contributed by some developed countries like Greece ($0.23 billion), Portugal ($0.23 billion), Ireland ($0.3 billion) and New Zealand ($0.27 billion). China provided $ 2.52 billion in climate finance through MDBs in 2022, Brazil gave $ 1.135 billion, South Korea gave $1.13 billion and Argentina gave $1.01 billion. According to the United Nations Framework Convention on Climate Change (<keyword id="21931277" type="General" weightage="20" keywordseo="UNFCCC" source="keywords">UNFCCC</keyword>), adopted in 1992, high-income, industrialised countries (referred to as Annex-II countries) are responsible for providing finance and technology to help developing countries combat and adapt to climate change. These countries, including the US, Canada, Japan, Australia, New Zealand and European Union (EU) member states, such as Germany, France and the UK, have historically benefitted from industrialisation and contributed the most to greenhouse gas emissions. At COP15 in Copenhagen in 2009, these developed countries pledged to jointly provide $100 billion each year by 2020 to help developing countries mitigate and adapt to climate change. However, this target has not been fully met, leading to a significant finance gap. This shortfall has eroded trust and hindered climate action in developing countries. In May, the Organisation for Economic Cooperation and Development (<keyword id="19916574" type="General" weightage="20" keywordseo="OECD" source="keywords">OECD</keyword>) claimed that developed countries had met the long-standing $ 100 billion-a-year promise by providing nearly $ 116 billion in climate finance to developing countries in 2022, with nearly 70 % of the money given in the form of loans. The ODI researchers pointed out that many developed countries, despite performing well in terms of climate-finance contributions, would make "markedly less progress towards meeting their fair share if the finance provided was accounted for on grant-equivalence terms" -- in other words, if it reflected their real fiscal effort. The report calls for the inclusion of a "burden-sharing mechanism" in the New Collective Quantified Goal (NCQG) to provide clarity on each country's obligations and hold countries accountable. The NCQG refers to the new, larger amount that developed nations must mobilise annually, starting 2025, to support climate action in developing countries. Countries are expected to finalise the NCQG at this year's UN climate conference -- <keyword id="20082972" type="General" weightage="20" keywordseo="COP29" source="keywords">COP29</keyword> -- in Baku, Azerbaijan in November. The current $100 billion annual climate-finance goal is a collective commitment by developed countries. Its collective nature has meant that individual developed countries are not accountable for specific sums of money, potentially reducing the overall amount of climate finance provided due to the lack of individual scrutiny. The inclusion of a burden-sharing arrangement among developed countries could potentially strengthen the NCQG by fostering greater accountability and trust among parties, according to the ODI researchers. Many developing countries, including India, have recently advocated for such an arrangement to enhance accountability among developed countries.

India provided more climate finance in 2022 than many rich nations, noted recent report

The <keyword id="6354335" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (RBI) has imposed <keyword id="512003" type="General" weightage="20" keywordseo="penalties" source="Orion">penalties</keyword> to the tune of Rs 40.39 crore on banks, non-banking financial companies (NBFCs) and other entities for breach of norms during 2022-23, Minister of State for Finance Bhagwat Karad said in a written reply to the Lok Sabha on Monday. As many as 176 of these cases involving fines of Rs 14.04 crore pertained to <keyword id="6554737" type="General" weightage="20" keywordseo="cooperative-banks" source="Orion">cooperative banks</keyword>. <keyword id="141219" type="General" weightage="20" keywordseo="private-sector-banks" source="Orion">Private sector banks</keyword> were fined Rs 12.17 crore while public sector banks (PSBs) were levied penalties of Rs 3.65 crore, foreign banks Rs 4.65 crore, and NBFCs ended paying up Rs 4.39 crore. "RBI has informed that it is mandated to take enforcement action as per Enforcement Policy and Framework approved by the Board for Financial Supervision of RBI, in the form of imposition of monetary penalty on regulated entities for contraventions of different statutes and directions," the Minister stated. The RBI issued guidelines on fair practices code to be adopted by banks, NBFCs, and HFCs and these covered various aspects of lending, he added.

RBI penalties on banks, NBFCs add up to Rs 40.39 crore for 2022-23

<keyword id="19916336" type="General" weightage="100" keywordseo="Shashi-Tharoor" source="keywords">Shashi Tharoor</keyword>, who is eyeing a fourth consecutive win from the Thiruvananthapuram Lok Sabha seat, has declared assets of over Rs 55 crore in his nomination papers. The sitting Congress MP from Thiruvananthapuram also declared a total income of over Rs 4.32 crore in the financial year 2022-2023. Giving details of his assets and liabilities in the affidavit filed along with his nomination papers, <keyword id="20304436" type="General" weightage="20" keywordseo="tharoor" source="keywords">Tharoor</keyword> said he has immovable assets of over Rs 49 crore that includes deposits of varying amounts in 19 bank accounts and investments in various bonds, debentures, mutual funds, among others, he has said in his affidavit. His movable assets also include 534 grams of gold worth Rs 32 lakh and Rs 36,000 as cash in hand, according to his affidavit. His immovable assets are worth over Rs 6.75 crore which includes an inherited one-fourth share, now worth Rs 1.56 lakh, in a 2.51 acre agricultural land in Palakkad, a self acquired 10.47 acre land in Thiruvananthapuram that is presently worth over Rs 6.20 crore and his residence in the state capital that is valued now at around Rs 52 lakh. The Congress MP owns two cars, a Maruti Ciaz and a Maruti XL6, the affidavit said. Tharoor, who has a PhD in Law and Diplomacy from Fletcher School of Law and Diplomacy (Tufts University, USA) and a Doctor of Letters in International Affairs (Honorary) from University of Puget Sound, USA, is named as an accused in nine cases across the country. Most of the FIRs against him are for allegedly promoting enmity between different groups and one case in Kerala is for unlawful assembly and rioting. He is also facing four court cases of which two are for defamation -- one each in Kerala and Delhi -- and one is in Kolkata for allegedly promoting enmity between different groups, the affidavit said. In 2014, Tharoor had declared assets of over Rs 23 crore and in 2019, over Rs 35 crore.

Shashi Tharoor declares assets worth Rs 55 crore in his nomination papers, income of over Rs 4.32 crore in FY 2022-23

The provisional figures of Direct <keyword id="45031" type="General" weightage="20" keywordseo="tax" source="Orion">Tax</keyword> collections up to February 10, continue to register steady growth. Direct Tax collections up to February 10 showed that gross collections are at ₹15.67 lakh crore which is 24.09 per cent higher than the gross collections for the corresponding period of last year. According to the <keyword id="156153" type="General" weightage="20" keywordseo="Ministry-of-Finance" source="Orion">Ministry of Finance</keyword>, <keyword id="72785" type="General" weightage="20" keywordseo="direct-tax-collection" source="Orion">Direct Tax collection</keyword>, net of refunds, stands at ₹12.98 lakh crore which is 18.40 per cent higher than the net collections for the corresponding period of last year. This collection is 91.39 per cent of the total Budget Estimates of Direct Taxes for F.Y. 2022-23 and 78.65 per cent of the Revised Estimates of Direct Taxes for FY 2022-23. So far, as the growth rate for Corporate Income Tax (CIT) and Personal Income Tax (PIT) in terms of gross revenue collections is concerned, the growth rate for CIT is 19.33 per cent, while that for PIT (including STT) is 29.63 per cent. After adjustment of refunds, the net growth in CIT collections is 15.84 per cent and that in PIT collections is 21.93 per cent (PIT only)/ 21.23 per cent (PIT including STT). Refunds amounting to ₹2.69 lakh crore have been issued during April 1, 2022 to February 10, 2023, which are 61.58 per cent higher than refunds issued during the same period in the preceding year, said the Ministry. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/kotak-mahindra-bank-acquires-microfinance-institution-sonata-finance-for-537-crore/articleshow/97804274.cms">Kotak Mahindra Bank acquires microfinance institution Sonata Finance for ₹537 crore</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/demand-supply-mismatch-pushes-home-rents-across-india-by-13-5-in-2022-magicbricks/articleshow/97804664.cms">Demand-supply mismatch pushes home rents across India by 13.5% in 2022: Magicbricks</a>

Direct Tax Collections (FY 2022-23) records growth at ₹15.67 lakh cr

The fiscal deficit for 2022-23 worked out to be 6.4 per cent of the gross domestic product (GDP), as it was projected by the <keyword id="25455" type="General" weightage="80" keywordseo="finance" source="Orion">finance</keyword> ministry in the revised budget estimates, according to government data released on Wednesday. Unveiling the revenue-expenditure data of the Union government for 2022-23, the Controller General of Accounts (<keyword id="237356" type="General" weightage="100" keywordseo="cga" source="Orion">CGA</keyword>) said that the fiscal deficit in absolute term was Rs 17,33,131 crore (provisional). The government borrows from the market to finance its fiscal deficit. CGA further said the revenue deficit worked out to be 3.9 per cent of GDP, while the effective revenue deficit was 2.8 per cent of GDP. In the <keyword id="6360189" type="General" weightage="50" keywordseo="union-budget" source="Orion">Union Budget</keyword> presented by Finance Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> in the <keyword id="6355187" type="General" weightage="80" keywordseo="lok-sabha" source="Orion">Lok Sabha</keyword> on February 1, the fiscal deficit target for 2023-24 was pegged at 5.9 per cent of the GDP. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/delhi-metro-launches-whatsapp-based-ticketing-service-on-airport-line/articleshow/100646250.cms">Delhi Metro launches WhatsApp-based ticketing service on Airport Line</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/vedanta-resources-pays-400-million-debt-borrowings-down-to-6-4-billion/articleshow/100649176.cms">Vedanta Resources pays $400 million debt, borrowings down to $6.4 billion</a>

Centre's fiscal deficit for 2022-23 at 6.4% of GDP: CGA data

New Delhi, State-owned <keyword id="159757" type="General" weightage="20" keywordseo="NBCC" source="Orion">NBCC</keyword> (India) Ltd has reported a 16 per cent decline in its consolidated net profit to Rs 81.90 crore for the second quarter of this fiscal due to provisioning for expected loss in a Gurugram housing project. Its net profit stood at Rs 97.72 crore in the year-ago period. The total income, however, rose to Rs 2,129.09 crore during the July-September period of 2023-24 from Rs 2073.89 crore in the corresponding period of the previous year, a regulatory filing said on Thursday. The company's consolidated net profit increased to Rs 159.31 crore in the September 2023 quarter against Rs 92.87 crore in the year-ago period. Its total income rose to Rs 4,094.90 crore in the first six months of this fiscal from Rs 3,927.13 crore in the corresponding period of the previous year. A preferred partner of the government for infrastructure projects, NBCC's 93.22 per cent of business revenue comes from the PMC (project management consultancy) segment and redevelopment works on a consolidated basis. The company is also into real estate development. NBCC's profit declined during the September quarter despite a rise in the total income due to an exception item of provisioning of losses of Rs 65.39 crore. In notes of account, NBCC said that "the group has made an additional provision for expected loss of Rs 6,539.19 lakh against sale of flats/units/interest/cost of stamp duty and registration charges for execution of title deed of flats/units in the favour of group at the quarter and six months ended on September 30, 2023". The matter is related to its residential real estate project 'NBCC Green View', Sector - 37 D, Gurugram. NBCC had sold 392 units (255 flats, 126 EWS and 11 shops) out of 942 units and had received a total amount of Rs 210.12 crore, out of which Rs 159.57 crore was recognised as revenue in the previous year and Rs 40.48 crore were booked as advance from allottees till March 31, 2022. "Subsequently, the buildings in the project exhibited structural cracks. The group received many complaints and representation from some of the homebuyers. Group appointed IIT Delhi to look into the matters," the filing said. IIT Delhi, in its report dated October 6, 2021, advised that the buildings must be vacated within two months in view of the safety of the occupants and further advised to get the feasibility of repairs re-examined. Thereafter, a committee of experts from IIT Roorkee and CBRI Roorkee (Central Buildings Research Institute) was constituted for structural assessment of this project in furtherance to the report of IIT Delhi. "This expert committee opined that no repair/restoration method seems economically viable and safe in the long term. It is recommended to demolish the structure," NBCC said. Further, a review panel of two retired SDGs of CPWD was constituted, which also concurred with the recommendation given by the expert committee. "In view of the advice from the experts and considering the safety of the residents, the buildings were evacuated completely with the help of the District Administration under Disaster Management Act," NBCC said. The company, in its board meeting held on June 21, 2022, accorded the approval to settle with all the homebuyers/allottees by way of buyback of their flats/units by paying the total amount received from the allottees against the sale of flats/units amounting to Rs 210.12 crore and the cost of stamp duty and registration charges paid by them amounting to Rs 9.73 crore. Accordingly, the offer letter for the buyback of their flats/EWS units/shops was communicated to all homebuyers/allottees through posts and mails. "In view of the uninspiring response from the buyers against the first and second buyback offer of the group, the Board in its 529th meeting held on August 18, 2023, decided to reconsider the same in order to arrive at an amicable settlement," NBCC said. Accordingly, the Board of Directors has accorded in-principal approval to settle with all the homebuyers/allottees by way of buyback of their flats/units by paying the total amount received from the remaining allottees against the sale of flats/units amounting to Rs 195.39 crore and the cost of stamp duty &amp; registration charges paid by them amounting to Rs 9.11 crore and simple interest of 6 per cent per annum on the total receipts (excluding stamp duty and registration charges) amounting to Rs 105.79 crore reckoned from the date of receipt of each payment made till the approval date, August 18, 2023. In addition, Rs 12.24 crore (approximately) is estimated to be incurred towards the cost of stamp duty and registration charges for execution of title deed of flats/units in the favour of the group. "Accordingly, the group, in its submission to the National Consumer Disputes Redressal Commission (NCRDC) on October 6, 2023, submitted its willingness to refund the entire amount received from complainants with simple interest at 6 per cent per annum from the date of respective deposits," NBCC said.

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