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<ul><li>Subhash Chandra, Chairman of <keyword id="131292" type="COMPANY" weightage="20" keywordseo="Essel-Group">Essel Group</keyword> announced today that he has settled over 91% debt to lenders.</li><li>In his first Open Letter issued on 25th January 2019, Dr. Chandra had apologized for the hardships faced by the lenders due to the liquidity crisis triggered by the IL&amp;FS case and committed to repay the monies to the best of his abilities.</li><li>He also shared his next steps in terms of setting up a venture in the video space in the digital ecosystem.</li></ul>Chairman of the Essel Group, <keyword id="1114989" type="PERSON" weightage="20" keywordseo="Dr-Subhash-Chandra">Dr Subhash Chandra</keyword> today issued a second Open Letter, in which he shared the details of the debt resolution process and the steps taken to pay off the lenders. Dr Chandra revealed that over 91% of the debt has been settled to 43 lenders, and the remaining dues are in the process of being paid. In his first Open Letter issued on 25th January 2019, Dr. Chandra had apologized for the hardships faced by the lenders due to the liquidity crisis triggered by the IL&amp;FS case and committed to repay the monies to the best of his abilities. Backed by the immense support and trust bestowed upon him by the lenders, Dr. Chandra has managed to fulfill his promise. The asset divestment process certainly took a setback during the pandemic, which slowed down the overall debt resolution process. Dr. Chandra aspired to release the mentioned second Open Letter after settling 100% of the debt to the lenders, however the unprecedented times led to a delay. Sharing the key points pertaining to the debt resolution, Dr. Chandra said, “I am happy to report that we have come out of the financial stress situation by settling 91.2% of our total debt to 43 lenders in 110 accounts. 88.3% amount has been paid, while the remaining 2.9% is in the process of being paid. We are making all the required efforts to settle the remaining 8.8% of our total debt. I have no regrets for parting with a substantial ownership in the business and specially in the ‘jewels of the crown’. This was done to keep the family’s honor.” Dr. Chandra further elaborated on his earnest desire to settle the remaining outstanding dues before the end of this fiscal year or before. He also emphasized on the fact that he does not regret the decision taken to part with a substantial portion of his ownership in his key businesses, attributing this decision taken to preserve the honour of his family. He reiterated the exit from the Infrastructure, Financial services &amp; Print Media businesses. As a pioneer by heart and an optimist by nature, Dr. Chandra shared his next steps in terms of setting up a venture in the video space in the digital ecosystem. With a vast experience of 53 years, Dr. Chandra is all set to once again shake up the digital video landscape by leveraging state of the art technology. Giving a glimpse into his new entrepreneurial venture, Dr. Chandra shared, “I have earned a fair experience in the video business; hence I am exploring new ways / business opportunities in the “video in digital space” as well as <keyword id="7161942" type="UNKNOWN" weightage="20" keywordseo="AI/ML">AI/ML</keyword> (Artificial Intelligence &amp; Machine Learning) in the video space, without getting into any conflicts with <keyword id="353090" type="PERSON" weightage="20" keywordseo="Zeel">ZEEL</keyword>, in any manner. I will provide the specifics very soon and you all will witness the initial phase of launch, of a yet another pioneering venture.”

Dr Subhash Chandra reveals his plans of venturing into video in digital space

<ul><li>Subash Chandra has an indelible place in the Indian history as the one who launched the country’ first satellite TV channel ‘Zee TV’ in the year 1992. </li><li>Reaching a top position among the top business tycoons of India was not an easy journey for this motivated entrepreneur. </li><li>Here are a few interesting facts about Subash Chandra that will inspire many. </li></ul>In 1992, Subash Chandra launched the first ever satellite TV in India called Zee TV. On November 25, 2019, the billionaire had to abide by SEBI regulations and relinquish his chairmanship of the company he founded - Zee Entertainment Enterprises after pledging his shares. Nevertheless, he continues to be associated with the company as a non-executive director. Here are a few interesting facts about Subash Chandra. Growing years Chandra was born in Adampur in Haryana and belonged to an Agarwal Bania family. As his family’s debt swelled to Rs 3.5 lakh, they could not support his education. He dropped out of school and took up the family business of trading and working with the Food Corporation of India. In 1992 he started Zee TV, the second private commercial TV channel and in 2003 he started Dish TV, the first ever satellite television provider in the country. His innovation in food grains supplies In 1983, Chandra had an innovative idea to store the food grains held in stock by the Food Corporation of India. Earlier the grains were stored in godowns. Chandra came up with the idea of keeping the grain in open yards and covering them with specially designated plastic sheets. He prepared the ground by convincing the FCI and procured machines from Switzerland to manufacture the special sheets. Since there were no trained engineers to coordinate with the production process, more than 98% of the production went to waste. Eventually he sent engineers to Switzerland and trained them to start the manufacturing process afresh and proved to be successful. Essel World is born Towards the end of 1980s, Chandra visited DisneyLand in the US. Inspired by his learning, he purchased hundreds of acres of land in North Mumbai and created Essel World, which was the first ever amusement park in India in 1989. Though Essel World did not give the expected success, it paved the way for the creation of Zee TV which came to challenge the domination by Doordarshan, the government-owned TV channel. An inspirer Subash Chandra launched a new show in order to motivate the youth and help them face and overcome the difficulties of life. The show was entitled “Dr Subash Chandra Show”. In 2004, Chandra was awarded the Global Indian Entertainment Personality of the Year Award. He won many notable awards like Entrepreneur of the Year Award by Ernst &amp; Young and Business Standard’s Businessman of the year in 1999; Indian News Broadcasting awards in 2010; and more. See Also: <a href="https://www.businessinsider.in/10-interesting-facts-about-ratan-tata-that-you-should-know/articleshow/69914798.cms">Interesting Facts about Ratan Tata</a> <a href="https://www.businessinsider.in/interesting-facts-about-oyo-founder-ritesh-agarwal/articleshow/70417612.cms">Interesting facts about Ritesh Agarwal</a>

Subhash Chandra: interesting facts of chairman of the essel group

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<ul><li>As much as 7.8% of all employable youth in urban areas are jobless while the same number is at 5.3% in rural areas. </li><li>The Gross Domestic Product (GDP) for the final quarter of 2018-19, grew at a snail’s pace of 5.8% </li><li>The growth rate of core sector plummeted to 2.6% in April which is worrisome as it had recorded a growth of 4.9%, just a month back</li></ul> It is the best of times for PM <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword>, as he trounced his opponents this election. The worst of times are yet to come, or they have come but have not been perceived as seriously amid the jubilation. Weeks before the Union Budget, the newly-elected Finance Minister Nirmala Sitharaman might have tojump many hoops to strike a balance between sky-high promises of the manifesto with the actual state of the economy. Not faulty numbers First of all, India is facing an unemployment crisis. The latest set of employment data from Ministry of Statistics and Program Implementation confirms earlier reports that unemployment is at 6.1%, at a 45 <a href="https://www.indiatoday.in/business/story/india-unemployment-rate-6-1-per-cent-45-year-high-nsso-report-1539580-2019-05-31">year old high</a>. As per the report, 7.8% of all employable youth in urban areas are jobless while the same number is at 5.3% in rural areas. In a country that boasts of having one of the world’s youngest population, unemployment can turn dangerous. However, this number is also controversial as similar data from National Sample Survey Office (NSSO) for 2017-18 was termed ‘faulty’ by the government, earlier this year. A stimulus package? Few had believed that the NSSO unemployment data was wrong since many sectors have been showing muted performance. The growth rate of core sectors plummeted to 2.6% in April. That is worrisome as it had recorded a growth of 4.9% just a month ago. “Clearly the economy is slowing down and these numbers would be a cause of worry for the new central government,” said Dr. Sunil Kumar Sinha, Principal Economist at India Ratings &amp; Research (Fitch Group). The Gross Domestic Product (GDP) for the final quarter of 2018-19 grew at a snail’s pace of 5.8%, which is lowest in 20 quarters, since June 2014, right after Modi came into power for the first time. “The growth during the year has been dragged down by the muted performance by agriculture, mining and quarrying, electricity and gas, trade and hotels and public administration while the growth was supported by uptick in the manufacturing activities,” said a report by CARE Ratings. Light at the tunnel’s end The manufacturing sector however is showing an uptick. The latest set of numbers from Nikkei India Manufacturing Purchasing Managers’ Index went up to 52.7 in May from 51.8 in April. This is one of the rare good news that the economy has seen, in the last few months. In April however eight core industries, with nearly 40% weightage in the index of industrial production (IIP), moderated to a 2-month low. “The moderation has been on account of subdued growth in cement, coal and steel segment, sustained contraction for 17 successive months in crude oil production and contraction recorded in fertilizers segment,” said a report by CARE Ratings. No legroom Though the Finance Secretary Subhash Chandra Garg sees this as a turnaround in demand and sure signs of economic growth, experts believe that a lot more has to be done. 
	
	
	<div type="twitter" handle="SecretaryDEA" handlename="Subhash Chandra Garg" image="http://pbs.twimg.com/profile_images/893364676943241217/sYceriFF_normal.jpg" favoritecount="83" retweetcount="32" status="Turn around in demand and financing conditions beginning very well. PMI manufacturing is at 52.7. Crude is moving t… https://t.co/JTIbhPgFHG" createdat="1559552118000" id="1135469999231868928"></div>







 To be able to overcome the many large challenges, and go through with the expansion of MNREGA (Mahatma Gandhi National Rural Employment Guarantee Act) programme as promised in the manifesto, the government will have to spend money -- which too sounds like a long shot. The fiscal deficit--which is the difference between how much the government spends and earns -- came in at 3.39% of the GDP. The government could reach its target by lowering its spending. Their fiscal position has been bad due to lower tax collections. The government tax receipts are 5% lower than what they were last year. “With new union government in place India Ratings believes much of the future performance of these core infrastructure industries would depend on what is there in store for them in the full budget which is expected to be presented in the month of July 2019,” said Sinha.

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Dr Subhash Chandra reveals his plans of venturing into video in digital space

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