Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

Even though the Wadia group has approached the <keyword id="6354457" type="General" weightage="50" keywordseo="national-company-law-tribunal" source="Orion">National Company Law Tribunal</keyword> (<keyword id="6355809" type="General" weightage="80" keywordseo="nclt" source="Orion">NCLT</keyword>) voluntarily to protect their leased planes from being repossessed, there exists the risk of other interested groups bidding for <keyword id="120816" type="General" weightage="80" keywordseo="go-airlines" source="Orion">Go Airlines</keyword> (India) Ltd, said Supreme Court advocate. "The risk of some other interested group making a bid for Go Airlines that may be attractive for the creditors is always there. Go Airlines might have gone to NCLT voluntarily with an intention to retain its assets, but the risk of facing rival bids does hang over the promoters heads like the Damocles sword," D. Varadarajan, Supreme Court advocate specialising in corporate laws, told IANS. The purpose of NCLT is to resolve the issues fast, he added. Queried about the firewall that the promoters have built around Rs 7,100 crore-turnover Go Airlines against rival bids before landing in NCLT, <keyword id="663643" type="General" weightage="50" keywordseo="kaushik-khona" source="Orion">Kaushik Khona</keyword>, Chief Executive Officer told IANS in an interview: "The process of NCLT and the IBC (The Insolvency and Bankruptcy Code) will be followed once the application is admitted. The question (takeover bids) is hypothetical to be addressed." <keyword id="3722377" type="General" weightage="100" keywordseo="khona" source="Orion">Khona</keyword> said the airline promoters - the Wadia group - are interested to be in the business and the purpose of approaching the NCLT is to retain the aircraft as the lessors are taking action to repossess them. He also said the idea of promoters rebidding for the airlines was not thought of while approaching the NCLT. The insolvency petition is not a ruse to get loan write offs. "We have not asked the banks to take a haircut (write off a portion of their loan," Khona said. According to reports, the airline has a total liability - dues to banks, other creditors, vendors etc. - of about Rs 11,463 crore. The Indian government owned Central Bank of India said its outstanding exposure to Go Airlines as on March 31, 2023 is Rs 1,305 crore and an additional amount of Rs 682 crore sanctioned under the Emergency line of credit guaranteed by the Government of India. The airlines have defaulted on its payment dues to aircraft lessors and others but not to the banks and the account has not been classified as a non-performing asset (NPA) by the bankers. With nearly 50 per cent of its A320neo fleet grounded, India's third largest airline Go Airline has approached NCLT for resolution under Section 10 of the IBC. The airline said it has approached the NCLT, "...due to the ever-increasing number of failing engines supplied by Pratt &amp; Whitney's International Aero Engines, LLC, which has resulted in GO FIRST (airline brand) having to ground 25 aircraft (equivalent to approximately 50 per cent of its Airbus A320neo aircraft fleet) as of May 1, 2023." The petition is being heard by NCLT for admission. According to Khona, if the petition is admitted by the NCLT then there will be a moratorium and the appointment of an Interim Resolution Professional (IRP) will be automatic. In its petition, Go Airlines has suggested the name of a person to be appointed as the IRP and Khona said it is for the NCLT to decide on that. Khona also said the airline had got enquiries for leasing for more aircrafts. He said the aircrafts will be up in the air in 7/8 days once the petition is admitted. Citing FY23 revenue of about Rs 7,100 crore Khona said even with a reduced fleet size the airline was able log such a revenue. "We want more aircrafts on wet lease or dry lease," he said. In its petition, Go Airlines has suggested the name of a person to be appointed as the IRP and Khona said it is for the NCLT to decide on that. As to the funds to restart operations, Khona said the airline is yet to draw the balance of Rs 208 crore of the Rs 1,500 crore sanctioned under the Emergency Line Credit Guarantee Scheme (ELCGS). According to Khona, the airlines need about Rs 17-18 crore per day for its operations as the trade partners may provide the needed items - fuel and others - on cash and carry basis. On the availability of pilots to fly the aircraft as many have started attending interviews held by rivals Khona said: "I have the pilots to fly all the 54 aircrafts. We have a huge fleet of pilots." Khona said the majority of the pilots have not left the company even during the Covid-19 period and added that it takes about six months for a pilot to fly an aircraft after joining a rival. He did agree that the salaries for the ground staff have been paid while the April salary for the professional and others is pending. Khona does not want to think about the chance of NCLT not admitting the insolvency petition as IBC wants every business to be up and running and in the case of airlines up and flying. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/rise-in-premium-amount-for-life-insurance-biggest-concern-for-consumers-hansa-research/articleshow/100098587.cms">Rise in premium amount for life insurance biggest concern for consumers: Hansa Research</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/need-to-step-up-quickly-to-install-refining-capacity-anand-mahindra-on-lithium-reserves-discovery-in-rajasthan/articleshow/100099312.cms">Need to step up quickly to install refining capacity: Anand Mahindra on lithium reserves discovery in Rajasthan</a>

Possibility of rival bids for Go Airlines? It is a hypothetical question: says CEO Kaushik Khona

It’s been almost a year that Google set up its late-stage investment arm in India so that the local start-ups can be doubled down, and now, the tech giant is set to task <keyword id="3275181" type="PERSON" weightage="100" keywordseo="Kaushik-Anand">Kaushik Anand</keyword>, California-based company executive and former Sequoia Capital investment analyst, to drive Google Capital's India outpost. The news was shared with ET by two people directly aware of the matter, on the condition of anonymity. 
 
Anand is currently based out of Mountain View, California, but would move to India soon and push Google Capital's late-stage bets in the country. 
 "(Google Capital has) done four investments here. We've got a Google Capital team member here - we will announce that soon. He is going to be based here. You're going to see us do more and more investments here," <keyword id="249393" type="PERSON" weightage="100" keywordseo="Rajan-Anandan">Rajan Anandan</keyword>, MD for Google South East Asia and India, had said last week. 
 
Anandan had also said that Google Capital, which has an annual corpus of $300 million for investments had decided to bet on India because of the shortage of late-stage investors in the country. 
 
<a href="http://chennai36.iitm.ac.in/wp-content/uploads/2013/11/277299_4514872186405_556682676_o.jpg">Image source</a>

Kaushik Anand could be moving to India to head Google start-up investments

Billionaire Gautam <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword>'s group on Tuesday said it will prepay USD 130 million of debt as it looks to boost investor confidence post being targeted by a US short-seller. <keyword id="895682" type="General" weightage="20" keywordseo="Adani-Ports" source="Orion">Adani Ports</keyword> and <keyword id="6365230" type="General" weightage="50" keywordseo="special-economic-zone" source="Orion">Special Economic Zone</keyword>, the ports company of the <keyword id="6367820" type="General" weightage="80" keywordseo="adani-group" source="Orion">Adani Group</keyword>, had last month floated a tender to buy back as much as USD 130 million of its July 2024 bonds and similar amounts in each of the next four as it looked to regain investor confidence by showing that its liquidity position is comfortable. In a stock exchange filing, APSEZ said an aggregate principal amount of USD 412.7 million was validly tendered. "Since the principal amount of notes validly tendered and not validly withdrawn on or prior to the early tender date (of May 8) exceeded the maximum acceptance amount of USD 130 million in aggregate principal amount of the outstanding notes, the company will accept such notes for purchase subject to the proration factor of 34.2649 per cent," it said. Shares of Adani group companies pummelled after <keyword id="9916845" type="General" weightage="50" keywordseo="hindenburg-research" source="Orion">Hindenburg Research</keyword> in a January 24 report accused it of accounting fraud and improper use of offshore tax havens for stock manipulation. The group has denied all allegations. APSEZ said the buyback programme for its 3.375 per cent 2024 maturity dollar-denominated bonds closed on May 8. "The purpose of the tender offer is to partly prepay the company's near-term debt maturities and to convey the comfortable liquidity position," it had said in a statement last month. The company had engaged Barclays Bank, DBS Bank, Emirates NBD Bank PJSC, <keyword id="4370138" type="General" weightage="50" keywordseo="first-abu-dhabi-bank" source="Orion">First Abu Dhabi Bank</keyword>, PJSC, <keyword id="17366045" type="General" weightage="50" keywordseo="mufg-securities-asia-singapore-branch" source="Orion">MUFG Securities Asia Singapore Branch</keyword>, <keyword id="616606" type="General" weightage="50" keywordseo="smbc-nikko-securities" source="Orion">SMBC Nikko Securities</keyword> (Hong Kong) and <keyword id="127691" type="General" weightage="50" keywordseo="standard-chartered-bank" source="Orion">Standard Chartered Bank</keyword> to serve as dealer managers for the offer. In addition to the principal amount, the company will pay accrued interest, in respect of any notes purchased in the tender offer from, and including, the last interest payment date. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/possibility-of-rival-bids-for-go-airlines-it-is-a-hypothetical-question-says-ceo-kaushik-khona/articleshow/100100179.cms">Possibility of rival bids for Go Airlines? It is a hypothetical question: says CEO Kaushik Khona</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/need-to-step-up-quickly-to-install-refining-capacity-anand-mahindra-on-lithium-reserves-discovery-in-rajasthan/articleshow/100099312.cms">Need to step up quickly to install refining capacity: Anand Mahindra on lithium reserves discovery in Rajasthan</a>

Adani group to prepay USD 130 million debt to boost investor confidence

<keyword id="6354552" type="General" weightage="100" keywordseo="hyderabad" source="Orion">Hyderabad</keyword> police on Wednesday said that they had busted a Chinese investment fraud of Rs 903 crore and arrested 10 accused, including a Chinese national and a Taiwanese national. The cyber crime cell of the city police busted the fraud during the investigation into a complaint by a citizen he was cheated after he invested Rs 1.6 lakh in an investment app called LOXAM. On investigation, it was found that the money of the complainant was deposited in the bank account of IndusInd Bank in the name of <keyword id="15237026" type="General" weightage="80" keywordseo="xindai-technologies-pvt-ltd" source="Orion">Xindai Technologies Pvt Ltd</keyword>. Further investigations revealed the scam. Hyderabad Police Commissioner C. V. Anand announced the details of the breakthrough at a news conference here. He said that money changers licensed by the Reserve Bank of India (RBI) to deal in foreign exchange were involved in the scam. Though they were given a license to provide foreign exchange to those travelling abroad, they were found to be violating FEMA. Chinese national Lec alias Li Zhongjun and Taiwanese national Chu Chun-yu have been arrested along with eight others for running a hawala scam from Delhi and Mumbai. Sahil Bajaj, Sunny alias Pankaj, <keyword id="95385" type="General" weightage="80" keywordseo="virender-singh" source="Orion">Virender Singh</keyword>, Sanjay Yadav, Navneet Kaushik, Mohammad Parvez, Syed Sultan, and Mirza Nadeem Baig are the others arrested. According to the police, Kaushik, a resident of Delhi, had last year obtained RBI licenses for two money exchanges - Ranjan Money Corp Pvt Ltd and <keyword id="15237028" type="General" weightage="80" keywordseo="kds-forex" source="Orion">KDS Forex</keyword> Pvt Ltd. The police investigations revealed that the transactions in the account of Ranjan Money are to the tune of Rs 441 crore in a period of seven months. Transactions of another Rs 462 crore were done by KDS Forex. "It has come to light during the investigation that fraud has been committed through hawala to the extent of 903 crore rupees," Anand said. The Police Commissioner revealed that so far Rs 1.91 crore has been frozen in various bank accounts in this case. When Virender Singh of Pune was arrested as part of the investigation into the complaint from a victim and was interrogated, he revealed that he opened a bank account in the name of Xindai Technologies Pvt Ltd on the orders of Jack (Chinese) and gave the internet banking user name and password of the bank account to Jack. During the investigation, it came to light that the bank account of Betench Networks Pvt Ltd and Xindai Technologies Pvt Ltd share the same phone number. Sanjay Kumar of Delhi opened the account of Betench on the instructions of Lec alias <keyword id="15237027" type="General" weightage="80" keywordseo="li-zhounjau" source="Orion">Li Zhounjau</keyword> and gave it to Pei and Huan Zhuan in China. Similarly, he opened 15 other bank accounts and sent them to Chu Chun-yu of Taiwan who is temporarily residing in Mumbai and was arrested in Mumbai on Tuesday. He was sending account details, user ID, password and SIM cards to other countries. Sanjay Yadav and Virender Rathor received Rs 1.2 lakh commission per account which was arranged by Lec alias Li Zhounjau. Police found that the money was transferred from the account of Xindai Technologies Pvt Ltd to 38 other bank accounts. It also went to the bank accounts of Hyderabad-based Sultan and Baig. They opened bank current accounts for the sake of commission as per instructions of Parvez. Parvez in turn gave those bank accounts to Imran who resides in Dubai. Imran along with others used these two bank accounts for Investment fraud. A large amount of money from the 38 accounts of Xindai Technologies Pvt Ltd went to Ranjan Money Corp and KDS Forex Pvt Ltd. Kaushik, in turn, was sending the money received in the bank account to the forex exchanges run in the name of international tours and travels. He was converting the money received in rupees to US dollars in cash and giving it to Sahil and Sunny. Police said Sahil and Sunny had joined hands with other fraudsters and transferred the money abroad through hawala. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/govt-to-give-rs-22000-cr-grant-to-oil-psus-to-cover-lpg-losses/articleshow/94812275.cms">Govt to give Rs 22,000 cr grant to oil PSUs to cover LPG losses</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/delhi-hc-asks-railways-to-file-status-report-on-quality-of-water-supplied-to-passengers/articleshow/94810991.cms">Delhi HC asks Railways to file status report on quality of water supplied to passengers</a>

Hyderabad police busts Rs 903 crore Chinese investment fraud

<ul><li><keyword id="6391475" type="General" weightage="80" keywordseo="coca-cola" source="Orion">Coca-Cola</keyword> has unveiled a new campaign, as an extension to ‘Khud Ko Jagaa, Ek <keyword id="2290748" type="General" weightage="100" keywordseo="thanda" source="Orion">Thanda</keyword> Lagaa’ featuring actors <keyword id="3273962" type="General" weightage="20" keywordseo="janhvi-kapoor" source="Orion">Janhvi Kapoor</keyword> and Ishaan Khatter.</li><li>With this new campaign, Coca-Cola aims to encourage people, especially the youngsters in the country, to pause their hectic schedules, and take a break – with a Coke! </li><li>The film has been conceptualized by <keyword id="624395" type="General" weightage="20" keywordseo="mccann-world-group" source="Orion">McCann World Group</keyword>.</li></ul>Coca-Cola has unveiled a new campaign ‘Coca-Cola - Khud Ko Jagaa, Ek Thanda Lagaa’ featuring Indian actors Janhvi Kapoor and Ishaan Khatter. <div type="Youtube" id="ihYlbi7zG1s" title="Khud ko jagaa, ek #ThandaLagaa" thumbUrl="https://i.ytimg.com/vi/ihYlbi7zG1s/mqdefault.jpg"></div> With this new campaign, Coca-Cola aims to encourage people, especially the youngsters in the country, to pause their hectic schedules, and take a break – with a Coke! The brand empathizes with the youth and understands that ‘taking breaks’ is now more important than ever, especially during these unprecedented times. As the younger population grapples with everyday hurdles in their personal and professional lives, the lively campaign film urges them to take short breaks regularly and enjoy a Coca-Cola alongside, to rejuvenate them in body and mind, and spirit. Commenting on the TVC, Kaushik Prasad, Director – Coca-Cola Category for India &amp; South West Asia, said, “The last two years have been unprecedented for everyone, and people across age-groups have found themselves grappling with multiple uncertainties and challenges. The pandemic has particularly impacted youngsters who have juggled between multiple responsibilities, to cope with the new normal and often find themselves needing breaks to recharge. We at Coca-Cola understand this and with our new campaign, urge our audiences especially the youth to take these much-needed breaks during their hectic days, esp when their energy is down to uplift, energize &amp; recharge themselves with a delicious “Thanda” (cold Coke).” He further added, “The youth icons, Janhvi Kapoor and <keyword id="4457293" type="General" weightage="20" keywordseo="ishan-khatter" source="Orion">Ishan Khatter</keyword> have brought their own liveliness and energy to the campaign film which is indeed very refreshing.” Speaking on their association with Coca-Cola, Ishaan Khatter said “I am bubbling with enthusiasm on being the face of Coca-Cola, the beverage that is an indelible part of our lives! Excited to share this campaign for the OG ‘Thanda’ with everybody.” Janhvi Kapoor added, “Coke is an iconic brand. It’s my go-to drink for every reason and season. I am delighted to be part of the Coca-Cola family. I look forward to energizing teens with a dose of ‘Thanda’ this summer.” The quirky campaign by Coca-Cola India builds upon their concept of ‘Khud Ko Jagaa, Ek Thanda Lagaa’, and aims to position the beverage as the ‘perfect partner for when the slump gets to you and you need a break’. The film has been conceptualized by McCann World Group. <keyword id="3099261" type="General" weightage="20" keywordseo="sambit-mohanty" source="Orion">Sambit Mohanty</keyword>, McCann Creative Head (South) says about the campaign “It’s peak summer, you’re fatigued and in a state of slump. What better than a chilled bottle of Coke to leave you feeling refreshed and uplifted! Our new ‘Khud ko Jagaa, Ek Thanda Lagaa’ campaign, is a manifestation of what happens in these circumstances. The films starring Ishaan &amp; Janhvi play on the natural chemistry between them with Coke as a catalyst.” Campaign Credits: Client: Coca-Cola India Pvt. Ltd. Coca-Cola team: Arnab Roy, Kaushik Prasad, Aditi Anand, Upasna Sanyal, Divya Jyothi Ginuga Creative agency: McCann Worldgroup CCO: Prasoon Joshi COO: Jitender Dabbas Head of creative: Ashish Chakravarty Creative head (South): Sambit Mohanty Creative Team: Sambit Mohanty, Rathish P Subramaniam, Karthik.R, Binesh Sharma, Suresh PV Planning Head (Delhi): Anirban Rao Planning Team: Tushar Handa Branch Head (Delhi): Amitesh Rao Account Management: Rajat Gulati, Vinshul Upadhyay Production House: Breathless Films Director: Vinil Mathew Producer: Swadha Kukarni

Coca-Cola launches its new ‘Thanda’ campaign with actors Janhvi Kapoor and Ishaan Khatter

New Delhi, Jan 16 () Aye Finance on Thursday said one of its early investors, Accion has sold its stake in the Indian fintech company to A91 Partners.
 However, the company did not provide any financial details.
 Accion Venture Lab had exited its investment in Aye Finance in 2018, and the latest announcement marks Accion's final exit through its Accion Global Investment (which invests in financial instutions and financial service providers), a statement said.
 Founded in 2014, Aye Finance addresses the credit challenges of the unbanked micro-enterprises in the country.
 Accion first participated in Aye's seed equity round in early 2015 along with SAIF Partners and provided additional capital in two subsequent equity rounds as well.
 In the early years Accion also partnered with Aye on various advisory projects across risk and analytical verticals, the statement said.
 "Accion has been a supportive partner in our transition from a startup to a mid-size organisation. We are grateful for their initial capital and advisory support in the last 5 years," Sanjay Sharma, founder and managing director of Aye Finance, said.
 He added that the latest deal was led by Kaushik Anand of A91, who was earlier on the company's board as nominee director of CapitalG.
 "This investment from A91 is a clear reaffirmation of the confidence of our investors in our team and our business model," Sharma added. SR SHW
SHW

Accion sells stake in Aye Finance to A91 Partners

checkout Haryana winner, leading candidate list for state election 2019

Indian National Congress (INC) candidate list for Haryana Vidhan Sabha elections 2019

BJP winner candidate list for Lok Sabha Elections 2019

<ul><li>Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> on Saturday announced <keyword id="8192304" type="UNKNOWN" weightage="20" keywordseo="union-budget-2020">Union Budget 2020</keyword> which gave an impetus to the country’s digital ecosystem.</li><li>The budget came up with an optional new tax regime which could lead to lower taxes for taxpayers.</li><li>She also acknowledged the role entrepreneurs have played in creating more jobs and capital for the country.</li></ul>As Finance Minister Nirmala Sitharaman presented the Union Budget on Saturday, the industry came together to applaud the government’s digital push with the announcement of the setting aside of Rs 6,000 crore for BharatNet, to ensure low cost internet reaches every household in the country. The government also announced an optional new tax slab which has lower tax rates, although the people opting for the new tax regime will not get any exemptions. The FM also spoke about the role that entrepreneurs have played in creating jobs and bringing in more capital to the country. However, there were a few industry experts who felt that the expectations from ‘the budget were much higher and it feels like a missed opportunity.’ Here are the views of some experts: Ashish Bhasin, CEO, APAC and Chairman, India - Dentsu Aegis Network: I think this is a good budget in some ways because it has attempted to put money in the hands of the middle class through rationalisation of tax rates as well as has concentrated on looking after the agricultural sector, including introduction of best practises like storage for producers and other measures. However, I do feel that the expectations from the budget were much more and it does feel like a bit of a missed opportunity. While it is good to see that the dividend distribution tax has been abolished, I expected more on the rationalisation of direct taxes, particularly the cess introduced over and above the tax rates. It is good to see efforts being made to encourage new-age skill development as well as helping the start-ups and what's particularly interesting is the proposal to set up data centre farms all over the country. This will prepare India for the economy of tomorrow. It is also good to see attempts at simplification of taxation through digitisation but the proof of the pudding will lie in seeing its implementation on ground. It would be fair to say that at best it is a mixed budget and while there are some encouraging decisions, enough does not seem to have been done for the situation the economy is in. RS Sodhi, Managing Director of the Gujarat Cooperative Milk Marketing Federation: <keyword id="7836802" type="UNKNOWN" weightage="20" keywordseo="Budget-2020">Budget 2020</keyword>, an excellent move, will bring more investments in the dairy sector which will increase the farmers’ bargaining power to get better prices for their produce, if done properly it will create 80 lakh jobs in Rural India and 16 lakh jobs in Urban India. Anand Bhadkamkar, CEO, Dentsu Aegis Network (DAN) India: The budget has provided relief to the middle class with lower tax rates which is a welcome move, as it will provide more liquidity. On direct taxes, the abolition of DDT and introduction of a tax dispute resolution scheme is a welcome step alongside tax reliefs for startups. The budget is focusing on easing and simplification of compliance, with changes in corporate laws as well as in GST and direct taxes. However, I was expecting further simplification of cess and surcharges beyond tax rates across slabs. The proposals for development of road infrastructure, setting up data centre parks and skill development initiatives are welcome steps in addition to allocations for social welfare schemes. However, the expectations from the budget were high on the background of current economic slowdown, and as such seems to be short on matching those expectations, with no specific industry sector focused sops to provide stimulus. While the budget shows focus on long term growth and social development, overall in the current scenario it looks like a mixed budget, falling a bit short of market expectations of more corrective measures. Mukesh Kalra, Founder &amp; CEO - ETMONEY: The Finance Minister's proposal to introduce a new tax regime is a great step towards giving equal chance to every Indian in the lower income segment to maximize their post tax incomes. In the old regime, an individual supporting a larger family &amp; negligible savings was forced to pay higher tax compared to an individual supporting a smaller family or one with no dependents. This created disparity when it came to effective taxation for the former group. In the new regime, the disparity ends &amp; also frees up income in the hands of individuals to give a boost to consumption. Nishant Pitti, Co-Founder &amp; CEO, EaseMyTrip: In tune with the present government vision to encourage Indian travellers to travel more and contribute towards the nation's growth, this budget takes it a step ahead. The budget has focused on promoting tourism &amp; travel with an overall budget of Rs. 2500 crores in year 2020-21. Government aims to develop 100 more domestic airports under the UDAN scheme. To promote travel via railways, the government will focus on more Tejas type trains that will connect tourist destinations in India. The Finance Minister has also laid stress on the development of archaeological sites into iconic sites with on-site museums. Five such sites are- Rakhigarhi, Hastinapur, Shivsagar, Dholavira and Adichanallur. Government has also announced the renovation of 4 key museums. Rs,150 crore have been allocated for the ministry of culture in 2020-21. We are hopeful that this budget will open new avenues for the travel industry. Sabyasachi Mitter, Founder and Managing Director of Fulcro: The key takeaway for me has been the simplification of tax regimes as well as giving a boost to consumer and investor sentiments. The removal of DDT is a significant move and long overdue as it effectively leads to double taxation. Simplification of personal Income Tax rates by giving the option to tax payers to avail the reduced tax rates by not availing deductions is a welcome step towards a future free from the historical legacy of compliance issues. The focus on encouraging start-ups is also welcome, both in terms of giving relief to the ESOP taxation which has been increased to 5 years. The turnover of availing 100% income Tax benefit has also seen two key changes; increasing the turnover threshold to 100 crores as well as increasing the block of years from which to avail three years of exemption to 10 years from the 7 years presently. All of these will increase the cash in hand of corporates, individuals as well MSMEs leading to a spur in demand. Specifically to the digital ecosystem the aggressive plans to increase the coverage of Fiber to Home being extended to 1 lakh gram panchayats will give a significant boost to the digital ecosystem. The recognition of the need for data and therefore the policy announcement on data centre parks is also a welcome move. Anish Sarkar, CEO, Sodexo BRS India: Sodexo always believes in giving our consumers the freedom of choice; the tax proposals in the budget are also on a similar philosophy. We believe that consumers should have a higher purchasing power – while this announcement will give them the power to choose their tax structure, our consumer base will continue to benefit from the current regime. Sodexo’s solution suite goes much beyond tax-saving products; driving the digitization of corporate cafeterias &amp; factories along with digitizing expense management to achieve workplace efficiency. We are very focussed on enhancing the employee experience of our clients by creating an ecosystem of value-added benefits much beyond tax savings. Devendra Shah, Chairman, Parag Milk Foods Ltd: We happily welcome the government's big push to the India's dairy industry. We are excited to be a part of the government's plan to double India’s milk processing capacity. Strategic measures like increasing the coverage of artificial insemination and eliminating Foot and Mouth Disease (FMD) and Brucellosis in cattle will result in higher yields. While such measures are welcomed, the dairy sector also needs to ensure the yearlong availability of green fodder. We can currently import the green fodder from Australia, Canada and USA. All these collectively help in Increasing milk consumption amongst urban and rural consumers thus attracting new investments and jobs. Navin Khemka, CEO, Mediacom South Asia: What is required is more purchasing power to the Indian middle class. This will help boost demand in the sluggish economy. I hope the investment in infrastructure and kisan express helps in achieving this objective in the long run. Short term, however, I think this budget is status quo. Demand growth could be sluggish and this could continue to impact media investments by corporates. Indroneel Dutt, CFO, Cleartrip: The government has backed its vision to turn India into one of the world’s top tourism hubs by allocating INR 2,500 crore for promoting tourism in general and setting aside a sum of INR 3100 crore for the Culture Ministry to boost regional tourism. What would be wonderful is to have an empowered nodal body comprising of the Govt / OTA / airline, hotel and other industry representatives with the objective of promoting discoverability, ease of booking and fulfilment of our cultural, natural and heritage sites. Introduction of more Tejas Express type trains and the inauguration of several culturally-significant archaeological sites are other much-needed moves. We also welcome the Hon’ble FM’s proposal to develop 100 more airports as well as the doubling of the airline fleet by 2024. This calls for skilled manpower development in parallel. The aim to double the fleet to 1200 in the next 3 years will certainly accelerate the passenger growth rate. Ramesh Kaushik, VP Brand Experience at Blackberrys: The government remains committed to accelerate consumption in budget 2020. Government measures of reducing corporate tax and initiatives to boost MSME sector will definitely help accelerate industrial and corporate growth in the country. Measures like simplifying GST and income tax relief are sure to give requisite push to consumer consumption and demand thereby accelerating growth across industries. Additionally allocation of funds for infrastructural development is a welcome move clearing path for expansion. We expect more measures/announcements specific to the retail industry from the government in the coming future that will give the right impetus to the industry. Sameer Makani, Co-Founder and Managing Director, Makani Creatives: Budget 2020 aims at the betterment of all sections of the society. The key highlight is certainly the tax regime where the government has proposed alternative tax policies and new rates to benefit the taxpayers. The vision to improve the start-up scenario in the country will help in creating more job opportunities and further ensuring the economic growth. The Skill development programme will enable overall personality development In comparison to budget 2019, MSMEs will experience a 71% rise over and above the budgetary allocation. Sudhanshu Agarwal, Founder &amp; Director, Citykart: The announcements made by the government in Union Budget 2020 are a promising move to boost the income and purchasing power of people. So far, the rollout of GST has resulted in gains of about Rs.1 lakh crores to consumers, which is likely to increase further with revised GST laws being implemented from April 2020. Simplification of GST norms will be significant in inspiring consumer demand &amp; consumptions and spur industrial growth. Additionally, allocation of Rs.100 lakh crores for infrastructure development also opens growth prospects for the brands in non-metro cities. However, we feel specific measures pertaining to the retail sector have still not been fully addressed in the budget. Kunal Lakhara, VP of Finance and Operations, Pocket Aces: Budget 2020's revised fiscal deficit target of 3.8% of the GDP seems more realistic and focus on spends/benefits was required to boost the economy. The thrust on entrepreneurship and tax regulations for both startups and taxpayers is a move in the right direction. India is the third largest startup hub globally and the announcement of an investment clearance cell to provide end-to-end support to startup founders will encourage more youth to be job creators. Further, the ability to defer taxes on ESOPs will democratise wealth creation for startup employees, ensuring the right talent is benefitted. Finally, the decision to grant 100% tax exemptions to sovereign wealth funds on their investment in priority sectors will provide the much needed funding boost to the sector and create value in the longer run. Sahil Vaidya, Co- Founder &amp; Director, The Minimalist: Following the announcement of the Union Budget 2020, one thing is certain, is that the Government is heavily focused on becoming an entrepreneurial superpower. By investing in the MSME sector, the Government’s support towards new companies will go a long way in producing high growth business. Furthermore, the tax waiver on ESOPs will enable more talent to place their bets on early stage disruptive start-ups, which have the potential to become the corporates of tomorrow. Among other sectors, the Budget 2020’s focus on start-ups and technology will be a boost to companies that are doing some cutting edge design thinking to enable the best of digital products for a booming digital economy. Sanil Jain, Co-founder, CupShup: The start-up ecosystem in India is not more than a decade old and has come a long way to become the third largest in the world after USA and China. 2019 was not what we can call a good economic growth year but this budget has definitely brought some relief to start-ups. The implementation of the Investment Advisory Cell will aid new start-ups. Deferring the Taxation on ESOPs is definitely a big win as it will go a long way in acquiring and retaining quality talent. While on the other hand, decreasing direct tax to a historic low of 22% will boost export opportunities and drive growth across various industries. Nikhil Mathur, Managing Director – India, GfK: The proposal to boost rural economy, infrastructure and enhance purchasing power of middle class, if implemented well would certainly be fruitful. It could further improve the consumption of consumer durable and electronics. As per GfK data, CE-MDA category registered a volume growth of ~9% in 2019/2018. I think the market is expected to grow in the back of technology companies and given the state of economy we can be hopeful of a better future. Besides, encouraging local manufacturing of mobile phones and semiconductors may fuel the ‘Make in India’ vision.

You Searched For "Kaushik Anand" and got 10 results

Possibility of rival bids for Go Airlines? It is a hypothetical question: says CEO Kaushik Khona

IANS

Kaushik Anand could be moving to India to head Google start-up investments

BI India Bureau

Adani group to prepay USD 130 million debt to boost investor confidence

PTI

Hyderabad police busts Rs 903 crore Chinese investment fraud

IANS

Coca-Cola launches its new ‘Thanda’ campaign with actors Janhvi Kapoor and Ishaan Khatter

BI India Partner

Accion sells stake in Aye Finance to A91 Partners

PTI

checkout Haryana winner, leading candidate list for state election 2019

BI India Bureau

Indian National Congress (INC) candidate list for Haryana Vidhan Sabha elections 2019

BI India Bureau

BJP winner candidate list for Lok Sabha Elections 2019

BI India Bureau

Industry experts share their optimism about Budget 2020

BI India Partner

Popular Keywords

Buying Guides