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<ul><li>The Honda H’ness is a new model of its CB series and has been in the works for the last two years.</li><li>Honda India has priced the new bike around ₹1.9 lakh.</li><li>Here’s everything you need to know about Honda’s new H’ess CB 350 features, design, and price. </li></ul>Honda India unveiled its all-new cruiser Honda H’ness CB350, its biggest ‘made-in-India’ motorcycle to date. The company said it will be priced around ₹1.9 lakh. However, the actual figures will be revealed at a later stage of the launch. Honda’s new retro-style motorcycle will be sold through its BigWing dealership network in India. And, the H’ness CB 350 will compete against the Royal Enfield Classic 350 series. The Honda H’Ness is a new model of its CB series and has been in the works for the last two years, the company revealed. The bike will be available for an in-person look by October. Bookings for the H’ness CB350 start today at a minimum token amount of ₹5,000. The customers can book the bike on Honda’s<a href="https://www.honda2wheelersindia.com/"> official website</a> or at the brand's Big Wing outlets. Watch the complete launch video of H’ness CB 350 here: <div type="Youtube" id="g7_okuqY7Yw" title="Honda BigWing India Digital Launch | Your Highness has arrived!" thumbUrl="https://i.ytimg.com/vi/g7_okuqY7Yw/mqdefault.jpg"></div> Here’s everything you need to know about Honda’s new H’ess CB 350: Honda H’ness CB 350: Design The H’ness CB 350 comes with a retro design - the circular headlight, round instrument cluster, and chrome highlights add to its features. The bike will come in two different variants— Deluxe and Deluxe Pro. Among others, the bike has alloy wheels, tubeless tyres, and front &amp; rear disc brakes with a dual-channel Anti-lock braking system (ABS). Honda H’ness CB 350: Colour options The H’ness CB 350 Deluxe Pro version will be available in dual-tone paint options. Whereas, the H’Ness CB 350 Deluxe will be available in six colour options. <div type="image" title="image (10)" msid="78402469" hostid="261"></div> Honda H’ness CB 350: Features The Honda H’ness CB 350 comes equipped with smart tech features like — Honda smartphone voice control system and battery health meter, and selectable torque control. Honda H’ness CB350: Specification The Honda H’ness CB350 is equipped with a 348 cc single-cylinder, air-cooled, fuel-injected engine mated to a five-speed transmission system. The engine of Honda H’ness CB350 is good enough for producing respective power, and torque outputs up to 20.8 hp and 30 Nm. SEE ALSO: <a href="https://www.businessinsider.in/business/news/reliance-retail-seals-its-third-deal-this-month-general-atlantic-to-invest-3675-crore/articleshow/78397878.cms" data-type="tilCustomLink">Reliance Retail seals its third deal this month – General Atlantic to invest ₹3,675 crore</a> <a href="https://www.businessinsider.in/science/space/news/after-the-moon-mars-is-getting-laser-reflecting-mirror-to-help-future-landings-on-the-red-planet/articleshow/78385935.cms">After the Moon, Mars is getting laser-reflecting mirror to help future landings on the Red Planet</a>

Honda’s new cruiser bike H’ness CB 350 launched in India — to be priced around ₹1.9 lakh

A unit of <keyword id="6437412" type="General" weightage="20" keywordseo="Qatar-Investment-Authority" source="Orion">Qatar Investment Authority</keyword>, <keyword id="119583" type="General" weightage="20" keywordseo="SBI-Mutual-Fund" source="Orion">SBI Mutual Fund</keyword>, and foreign investment funds <keyword id="6354527" type="General" weightage="20" keywordseo="Nomura" source="Orion">Nomura</keyword> and <keyword id="44473" type="General" weightage="20" keywordseo="Citigroup" source="Orion">Citigroup</keyword> were the biggest buyers of shares in <keyword id="19955648" type="General" weightage="100" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="267" meta.entityid="Adani Group">Adani group</keyword>'s <keyword id="22661797" type="General" weightage="20" keywordseo="power-transmission-unit" source="Orion">power transmission unit</keyword>'s USD <keyword id="22661798" type="General" weightage="20" keywordseo="1-billion-QIP" source="Orion">1 billion QIP</keyword>, according to a stock exchange filing by the company. The Rs 8,373.10 crore (USD 1 billion) qualified institutional placement (QIP) of <keyword id="19964750" type="General" weightage="20" keywordseo="Adani-Energy-Solutions" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Energy Solutions" meta.hostid="267" meta.entityid="Adani Energy Solutions">Adani Energy Solutions</keyword> Ltd (AESL), which closed last week, saw over 120 investors seek shares in the firm that is into power transmission, distribution and smart metering business. Billionaire <keyword id="22623487" type="General" weightage="20" keywordseo="Stanley-Druckenmiller" source="keywords">Stanley Druckenmiller</keyword>'s family office-led investment firms were among the companies that sought shares of AESL in the QIP. AESL in the filing said its board has approved allocation of over 8.57 crore shares to eligible qualified institutional buyers at the issue price of Rs 976 per share, reflecting a discount of Rs 51.11 (4.98 per cent) to the floor price of Rs 1,027. Giving details of allottees who got more than 5 per cent of shares, it said INQ Holdings LLC, a wholly-owned subsidiary of QIA, cornered 15 per cent of the shares sold. Two Mauritius funds of Citigroup bought 8.88 per cent of the shares sold while four SBI funds - SBI Infrastructure Fund, SBI Large &amp; Midcap Fund, SBI Long term Advantage Fund Series IV and SBI Magnum Children's Benefit Fund - together took home 7.93 per cent of the shares. Nomura Singapore Ltd ODI cornered 7.5 per cent of the shares, the filing showed. INQ had in August last year acquired nearly 2.7 per cent in Adani Green Energy Ltd - the renewable energy firm of the conglomerate run by billionaire Gautam Adani. In 2020, it had acquired a stake in Adani Electricity Mumbai Ltd, a subsidiary of AESL. The AESL QIP last week was oversubscribed six times and fetched demand of over Rs 50,000 crore against an issue size of USD 1 billion. <keyword id="22636516" type="General" weightage="20" keywordseo="Duquesne-Family-Office" source="keywords" meta.keywordsubtype="org" meta.entityname="Duquesne Family Office" meta.hostid="267" meta.entityid="Duquesne Family Office">Duquesne Family Office</keyword> and two other US-based long-only funds - Driehaus Capital Management and Jennison Associates - bought shares but AESL did not disclose the exact number of shares they bought since these were less than 5 per cent of the issue size, sources said. The QIP issue marked the debut of highly prestigious long-only investors Duquesne Family Office, Driehaus Capital Management and Jennison Associates which are known for their strong performance. These investors are known for investing only in companies with high governance and are known for staying invested for decades. The QIP was the first public equity raise by the conglomerate since a damning Hindenburg report last year wiped away billions in shareholder value. The demand generated made the AESL QIP the largest in the energy space. Duquesne was founded by billionaire Stanley Druckenmiller, who along with George Soros in 1992 broke the Bank of England by shorting the British pound, leading to its crash and earnings over a billion dollars. Adani Group has a history of introducing several long-only investors in the market. In the past years, it has brought large investors including GQG Partners and International Holding Company (IHC) besides QIA. Other major global names that participated in the QIP include Blackrock, Jupiter Asset Management, and Eastspring. Domestic mutual funds that have participated included HDFC Mutual Fund, Axis Mutual Fund, Bandhan Mutual Fund, LIC, WhiteOak, 360One among others. Insurance companies including SBI Insurance, SBI Pension and ASK Asset Management have also participated, according to sources. QIP is an instrument used by listed companies to raise funds from large institutions. The fundraise is the first after Adani group's flagship firm scrapped a Rs 20,000 crore issue in February last year, following the Hindenburg report alleging accounting fraud and stock manipulation. Though the group vehemently and repeatedly denied all allegations, listed companies of the conglomerate at one point saw over USD 150 billion of their market value being wiped out. While the group has largely recovered, a successful QIP is being seen as a powerful vote of investor confidence in the tycoon. Separately, Adani Enterprises Ltd, the flagship firm of the group, is looking to revive its first-ever public sale of bonds. It plans to raise as much as Rs 600 crore. The company has hired Trust Investment Advisors, AK Capital Services and Nuvama Wealth Management as lead managers for the issuances. The group had tapped the dollar bond market in March this year - the first time since the Hindenburg report - when its solar energy unit Adani Green Energy Ltd and associated firms got bids of about USD 2.9 billion.

Qatar Investment Authority unit, SBI funds, Citigroup biggest buyers in Adani Energy's USD 1 billion QIP

Shares in <keyword id="24349" type="General" weightage="80" keywordseo="hong-kong" source="Orion">Hong Kong</keyword> on Thursday slumped to the lowest level since the global financial crisis. The benchmark <keyword id="48212" type="General" weightage="100" keywordseo="hang-seng" source="Orion">Hang Seng</keyword> index fell by more than 3 per cent to its lowest level since May 2009, before regaining some ground, reports the <keyword id="60684" type="General" weightage="80" keywordseo="bbc" source="Orion">BBC</keyword>. Investors are also concerned about the threat of a global economic slowdown as central banks around the world raise interest rates to tackle rising prices. One financial expert told the BBC that the "panic selling is ridiculous". In his first policy address on Wednesday, Hong Kong's new chief executive <keyword id="191753" type="General" weightage="80" keywordseo="john-lee" source="Orion">John Lee</keyword> announced measures to boost security and plans to attract more overseas talent to the territory. However, he did not elaborate on economic targets for the city, which has lost ground to rival Asian financial centres like Singapore. Hong Kong's economy is currently in a technical recession, after seeing two three-month periods in a row of contraction this year, the BBC reported. Until recently the city had some of the world's toughest Covid-19 rules as it followed China's zero Covid policies. "The Hang Seng has hit a 13-year low and nothing is really helping the fragile sentiment," the BBC quoted Dickie Wong, executive director of Kingston Securities, as saying. "There's also a sense that tax rebates are not enough to draw foreigners back to Hong Kong," he added. Traders were also concerned about the Hong Kong government's "unprecedented silence on key economic indicators", <keyword id="5588486" type="General" weightage="80" keywordseo="kelvin-tay" source="Orion">Kelvin Tay</keyword>, regional chief investment officer at UBS Global Wealth Management said. However, Tay added that investors were mostly concerned about "the economic outlook (of China) and a rise of Covid cases in the middle of the party congress in Beijing". SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-transmission-bags-project-from-best-to-install-over-1-million-smart-meters-in-mumbai/articleshow/94982223.cms">Adani Transmission bags project from BEST to install over 1 million smart meters in Mumbai</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/itc-hotels-signs-welcomhotel-jabalpur/articleshow/94982265.cms">ITC Hotels signs Welcomhotel Jabalpur</a>

Hong Kong's Hang Seng index hits a 13 year low

<ul><li>The partnership will allow Sachin fans to own his digital collectibles with multiple utilities. </li><li>NFTs are a class of digital assets that use blockchain to track asset ownership and transfer. </li><li>Aaron Finch, Faf Du Plessis, Quinton de Kock, Shakib Al Hasan, Rishabh Pant, <keyword id="7567" type="General" weightage="20" keywordseo="Virender-Sehwag" source="Orion">Virender Sehwag</keyword> are already on the platform. </li></ul>Indian cricketing legend <keyword id="6354267" type="General" weightage="20" keywordseo="Sachin-Tendulkar" source="Orion">Sachin Tendulkar</keyword> became the latest cricketer to join the non-fungible token (NFT) bandwagon by partnering with digital cricket collectibles platform <keyword id="11906986" type="General" weightage="20" keywordseo="RARIO" source="Orion">Rario</keyword> on Thursday. This partnership not only involves Sachin as a strategic investor but also allows fans from around the world to own his digital collectibles exclusively on Rario.com, the company said in a statement. NFTs are a class of digital assets that use blockchain to track asset ownership and transfer. The partnership allows fans from around the world to own his digital collectibles with multiple utilities exclusively on Rario. “Fans are an integral part of any sport. While the on-field action happens for a few hours, fans carry the memories forward and immortalise those moments forever. It is exciting to see NFT technology bringing fans closer to sports, giving them an opportunity to treasure their favourite moments”, Tendulkar said. Many cricketers are already on the Rario platform including Aaron Finch, Faf Du Plessis, Quinton de Kock, Shakib Al Hasan, Rishabh Pant, Virender Sehwag, Zaheer Khan, Smriti Mandhana, Arshdeep Singh and Axar Patel. Founded in 2021 by IIT alumni Ankit Wadhwa and Sunny Bhanot, Rario claims it is the world’s first officially licensed digital collectibles platform for cricket fans. Since the inception of NFTs, the craze has spread to include all forms of art, media, fashion, and sports and have grown to a market value of $40 billion, Rario said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/netflix-to-roll-out-password-sharing-crackdown-globally-next-year/articleshow/94985398.cms">Netflix to roll out password-sharing crackdown globally next year</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-transmission-bags-project-from-best-to-install-over-1-million-smart-meters-in-mumbai/articleshow/94982223.cms">Adani Transmission bags project from BEST to install over 1 million smart meters in Mumbai</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/how-india-and-pakistan-have-performed-in-all-their-t20-matches-against-each-other-check-out-here/slidelist/94981319.cms">Here’s how India has performed in their 11 T20 matches against Pakistan</a>

Master blaster Sachin Tendulkar joins the NFT party with Rario partnership

<keyword id="166964" type="General" weightage="80" keywordseo="itc-hotels" source="Orion">ITC Hotels</keyword> announced the signing of a <keyword id="1869154" type="General" weightage="80" keywordseo="welcomhotel" source="Orion">Welcomhotel</keyword> in <keyword id="6357621" type="General" weightage="80" keywordseo="jabalpur" source="Orion">Jabalpur</keyword> under a management contract with A.R.V. <keyword id="6368036" type="General" weightage="100" keywordseo="hotels" source="Orion">Hotels</keyword> Private Limited. <keyword id="15307506" type="General" weightage="50" keywordseo="welcomhotel-jabalpur" source="Orion">Welcomhotel Jabalpur</keyword> will offer 124 rooms, more than 15,000 sq. ft. of banquet space along with two restaurants, a swimming pool, a spa and a fitness centre. Located at Sagra, the property is just 6 km away from the popular tourist spot Bhedaghat, while also being accessible to the IT Park (1.5 km), Jabalpur Junction Station (11 km) and Jabalpur Airport (24 km). Anil Chadha, Divisional Chief Executive, ITC Hotels said: "Welcomhotels are on a high growth trajectory, both in business and leisure destinations. We are excited to bring the Welcomhotel brand from the ITC Hotels group to Madhya Pradesh. Jabalpur offers a healthy mix of commercial, trading, government and leisure-oriented business opportunities and has become a key administrative and business centre for the state. The significant meeting and banquet space backed by ITC Hotels' renowned strength in food and beverage and hospitality service will impart Welcomhotel Jabalpur an edge in the market." Rajesh Kumar Jain, Managing Director, A.R.V. Hotels Private Limited, stated: "We are excited to be partnering with ITC Hotels to bring the Welcomhotel brand to Jabalpur. With ample tourism potential around the city, I believe that this hotel will give Jabalpur the necessary boost to attract more demand here." Navanshu Jain, Director, A.R.V. Hotels Private Limited, said: "I have been fond of ITC Hotels when I travel across India and have always felt a strong connection with the brand. I am sure the people of Jabalpur will feel the same warmth about our upcoming property." Designed for those who demand more to make the most out of their stay, Welcomhotel by ITC Hotels is the new age traveller's key to curated immersive experiences that enrich both business and leisure journeys. With an endeavour to provide enriching experiences, the Welcomhotel by ITC Hotels brand is reflective of the warmth of Indian culture while upholding the benchmark service standards that ITC Hotels are known for. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/uber-launches-its-advertising-division-to-showcase-ads-during-rides/articleshow/94980361.cms">Uber launches its advertising division to showcase ads during rides</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-transmission-bags-project-from-best-to-install-over-1-million-smart-meters-in-mumbai/articleshow/94982223.cms">Adani Transmission bags project from BEST to install over 1 million smart meters in Mumbai</a>

ITC Hotels signs Welcomhotel Jabalpur

<ul><li>Microsoft CEO and chairman <keyword id="276564" type="General" weightage="20" keywordseo="satya-nadella" source="Orion">Satya Nadella</keyword> received the <keyword id="6367604" type="General" weightage="20" keywordseo="padma" source="Orion">Padma</keyword> Bhushan award from the Indian Consul General in San Francisco.</li><li><keyword id="2045946" type="General" weightage="100" keywordseo="nadella" source="Orion">Nadella</keyword> was born in a family of professionals and now heads one of the few trillion-dollar companies of the world. </li><li>Nadella has been with Microsoft for nearly two-thirds of the company’s existence.</li></ul>Satya Nadella has an unassuming demeanor for a CEO of one of the few <a href="https://www.businessinsider.in/business/corporates/news/heres-what-it-takes-to-make-a-trillion-dollar-company/articleshow/94940917.cms">trillion-dollar companies in the world</a>. Now, this Hyderabad-born IAS officer’s son has received the Padma Bhushan, India’s third highest civilian award from India’s Consul General in San Francisco, Dr T V Nagendra Prasad. Nadella is the only third CEO of Microsoft after the company’s founder Bill Gates, and Steve Ballmer. He is credited with revolutionizing Microsoft’s cloud business, from lagging behind Amazon to bagging multi-billion dollar US Defense Department’s contracts. Nadella was appointed Microsoft’s CEO – the third in the company’s 47-year-old history – in 2014. Earlier in 2021, he was also appointed as the company’s chairman, making him responsible for setting the tone for Microsoft’s future. Nadella was awarded the Padma Bhushan along with other IT veterans – Tata Sons’ CEO Natarajan Chandrasekaran, and Alphabet CEO Sundar Pichai. Nadella says he will visit India in January next year, according to a PTI report. <cmsannotation type="cmsannotation" annotationid="Born in a family of professionals" comment="subhead" text="Born in a family of professionals">Born in a family of professionals</cmsannotation> Born in Hyderabad in 1967, Satya Narayana Nadella came from a family of professionals. His father, Bukkapuram Nadella Yugandhar, was an IAS officer while his mother, Prabhavati, was a Sanskrit lecturer. Nadella started his journey in one of Hyderabad’s illustrious schools, the Hyderabad Public School. Like many students, Nadella opted for engineering – he got his electrical engineering degree from Mangalore University in 1988. He went on to do his master’s in computer science from the University of Wisconsin in 1990. Nadella married Anupama Nadella in 1992, and has three children. Nadella’s journey sounds like a typical South Indian’s – an engineering degree and work for a tech company. Soon after finishing his master’s in the US in 1990, Nadella worked for Sun Microsystems for two years before landing a job at Microsoft in 1992. <cmsannotation type="cmsannotation" annotationid="Nadella’s Microsoft journey – from a developer to the chairman" comment="subhead" text="Nadella’s Microsoft journey – from a developer to the chairman">Nadella’s Microsoft journey – from a developer to the chairman</cmsannotation> Nadella’s rise to the top echelons of Microsoft started with him being scooped up by the Windows-maker from Sun Microsystems in 1992. Nadella joined the company as a Windows NT developer and from thereon, he rose in the ranks of Microsoft's divisions catering to businesses. In 2007, Nadella was appointed as the vice president of Microsoft’s research and development department. He was elevated as the president of the company’s server business in 2011, which accounted for $19 billion of the company’s revenue. In 2014, after being appointed as the CEO, one of his first moves was to acquire Nokia’s phone business for $7.2 billion – a move that would eventually falter. Under Nadella’s watch, Microsoft’s market capitalisation has surged over 5x – from $310 billion in 2014 to $1.76 trillion now. Nadella has remained with the Windows-maker for three decades now – or nearly two-thirds of the company’s history. The networth of Nadella is at ₹6,200 crore, according to IIFL Hurun India Rich List 2022. <cmsannotation type="cmsannotation" annotationid="Beyond Microsoft" comment="subhead" text="Beyond Microsoft">Beyond Microsoft</cmsannotation> Nadella’s life beyond Microsoft includes being a board trustee of University of Chicago and Fred Hutchinson Cancer Research Center. He is also on the board of Starbucks. Before being awarded the Padma Bhushan, Nadella was named on the Time 100 list in 2018, and businessperson of the year by Financial Times and Fortune magazine in 2019. Nadella also authored Hit Refresh, a book on his life and his leadership learnings at Microsoft, with Greg Shaw and Jill Tracie Nichols. <cmsannotation type="cmsannotation" annotationid="Other business leaders who’ve been honoured with Padma awards" comment="subhead" text="Other business leaders who’ve been honoured with Padma awards">Other business leaders who’ve been honoured with Padma awards</cmsannotation> The Indian government has awarded several business leaders with Padma awards. The list includes big names like Dr Cyrus Poonawalla, M&amp;M’s Anand Mahindra, TVS’ Venu Srinivasan, and Krishna Ella and Suchitra Ella, among others. Another notable person on the list is Ryuko Hira, a Japanese businessman who is known for playing a crucial role in bringing Japanese investments to India. SEE ALSO: <a href="https://www.businessinsider.in/careers/news/indian-students-going-abroad-to-face-a-triple-whammy-of-inflation-forex-and-interest-rates/articleshow/94974003.cms">Indian students going abroad to face a triple whammy of inflation, forex and interest rates</a> <a href="https://www.businessinsider.in/business/corporates/news/adani-transmission-bags-project-from-best-to-install-over-1-million-smart-meters-in-mumbai/articleshow/94982223.cms">Adani Transmission bags project from BEST to install over 1 million smart meters in Mumbai</a> <a href="https://www.businessinsider.in/finance/news/rupee-hits-record-low-of-83-06-against-us-dollar/articleshow/94978753.cms">Rupee hits record low of 83.06 against US dollar</a>

Satya Nadella hits refresh – from Hyderabad to Microsoft CEO to Padma awardee

<ul><li><keyword id="44903" type="General" weightage="20" keywordseo="shiv-nadar" source="Orion">Shiv Nadar</keyword> made donations worth ₹1,161 crore during FY22, which comes up to ₹3 crore per day.</li><li>Wipro’s <keyword id="6419840" type="General" weightage="20" keywordseo="azim-premji" source="Orion">Azim Premji</keyword> slips to the second spot with an annual donation of ₹484 crore as his contribution towards philanthropy has fallen by 95% year-on-year.</li><li>Overall, contributions towards philanthropy have fallen in FY22 because of the pandemic impact.</li><li>The top 10 list cumulatively donated ₹3,378 crore in FY22, as against a combined donation of ₹12,785 crore last year.</li></ul>Shiv Nadar, the founder and chairman of HCL Technologies, is India’s most generous, with donations of ₹3 crore per day, even as contributions towards philanthropy continue to moderate after the pandemic. With an annual contribution of ₹1,161 crore in fiscal 2022, Shiv Nadar has displaced Wipro’s Azim Premji as the most generous Indian, according to the EdelGive <keyword id="3606268" type="General" weightage="20" keywordseo="hurun-india-philanthropy-list" source="Orion">Hurun India Philanthropy List</keyword> 2022. The top 10 list cumulatively donated ₹3,378 crore in FY22, as against a combined donation of ₹12,785 crore last year. The good news is that the list has seen 19 new additions, with total donations by these new entrants adding up to ₹832 crore. Also, six women have featured on the list this year. The youngest philanthropist on the list is 36-year-old Nikhil Kamath of Zerodha. Clearly, the young entrepreneurs are beginning their philanthropic journey early on unlike many others from corporate India. Nadar’s philanthropic efforts have mainly focussed on education. Overall, contributions towards philanthropy have fallen in FY22 because of the pandemic impact. Nadar’s donation too is down 8% in the fiscal year 2021-22, as per the list. Wipro’s Azim Premji slipped to the second spot with an annual donation of ₹484 crore as his contribution towards philanthropy has fallen by 95% year-on-year due to the exceptional share buy-back in 2021, says the report. Billionaire <keyword id="3820" type="General" weightage="20" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword>, the chairman of Reliance Industries, is third on the list with contributions totalling ₹411 crore. Ambani’s contribution fell 29% compared to last year. Kumar Mangalam Birla was fourth on the list with a contribution of ₹242 crore. Couples Susmita &amp; Subroto Bagchi and Radha &amp; NS Parthasarathy from Mindtree’s management debuted on the list with a combined donation of ₹426 crore to the Indian Institute of Science (IISc) and also entered the top 10 and were ranked fifth. Both Subroto and Parthasarathy are co-founders of Mindtree. With a donation of ₹190 crore, <keyword id="111343" type="General" weightage="20" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword> &amp; family ranks seventh on the EdelGive Hurun India Philanthropy List 2022. Next in line is Anil Agarwal &amp; family of Vedanta whose contribution increased by 27% from last year to ₹165 crore. Nandan Nilekani and his wife Rohini Nilekani are ranked ninth and eleventh, respectively, in the list and are active philanthropists. Larsen &amp; Toubro’s group executive chairman AM Naik is ranked tenth with a donation of ₹142 crore in FY22. While many billionaires of the past have turned generous later in life, some new-age tech entrepreneurs are giving away much earlier. <keyword id="1430802" type="General" weightage="20" keywordseo="nithin-kamath" source="Orion">Nithin Kamath</keyword> and Nikhil Kamath of Zerodha increased their donation by a whopping 300% to ₹100 crore during the year. At 36 years, Nikhil Kamath is the youngest philanthropist on the Hurun list. Another surprise entrant this year has been Rakesh Gangwal, the co-promoter of InterGlobe Aviation (company that owns Indigo Airlines). Gangwal debuted this year with a personal contribution of ₹100 crore to the School of Medical Sciences and Technology at IIT, Kanpur. “EdelGive Hurun India Philanthropy List aims at chronicling the Indian philanthropy landscape and so far the transformation is encouraging. For instance, over the last 5 years, (the) number of donors who have given more than ₹100 crore have grown from 2 to 15, and over ₹50 crore have grown from 5 to 20. Considering the wealth creation potential of India and assuming that the billionaires keep up with philanthropy, I expect these numbers to at least double over the next 5 years,” said Anas Rahman Junaid, MD and chief researcher at Hurun India. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Top 10 philanthropists </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Donation (in ₹ crore) </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Primary Cause </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Company </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Shiv Nadar &amp; family </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">1,161 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Education </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">HCL Technologies </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Azim Premji &amp; family </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">484 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Education </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mukesh Ambani &amp; family </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">411 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Education </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Reliance Industries </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Kumar Mangalam Birla &amp; family </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">242 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Healthcare </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Aditya Birla </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Susmita and Subroto Bagchi </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">213 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Healthcare </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mindtree </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Radha and NS Parthasarathy </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">213 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Healthcare </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mindtree </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Gautam Adani &amp; family </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">190 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Disaster Relief </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Adani </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Anil Agarwal &amp; family </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">165 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Disaster Relief </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Vedanta </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Nandan Nilekani </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">159 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Societal Thinking </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td></tr><tr><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">AM Naik </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">142 </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Healthcare </td><td style="border-left:solid #000000 0.75pt;border-right:solid #000000 0.75pt;border-bottom:solid #000000 0.75pt;border-top:solid #000000 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Larsen &amp; Toubro </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-transmission-bags-project-from-best-to-install-over-1-million-smart-meters-in-mumbai/articleshow/94982223.cms">Adani Transmission bags project from BEST to install over 1 million smart meters in Mumbai</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tracxn-technologies-lists-at-3-7-premium/articleshow/94978323.cms">Tracxn Technologies lists at 3.7% premium</a>

Shiv Nadar tops philanthropy list, even as India’s most generous cut back after the pandemic

Mumbai, Jun 16 () Global automation solutions provider Siemens will continue to invest in research and development to be ready for the post-COVID scenario, a senior official said on Tuesday. In a virtual media roundtable conference held across the Asian countries, Siemens Smart Infrastructure CEO Cedrik Neike said COVID-19 pandemic has re-emphasised the need for adopting innovations for grid infrastructure as the demand for power in many countries had dropped due to the lockdown imposed to control the spread of coronavirus. "The pandemic has indeed impacted our businesses, but we have not reduced our spending in R&amp;D, even though it is a hit on our bottomline. On the contrary, we believe that we need to now invest in future technology. As COVID is going to away at some stage, we need to have the right technology ready," Neike, who is also Member of the Managing Board of Siemens AG, said. He said the company has been increasing its R&amp;D budget and is the largest in the world, spending more than 5.4 billion euros every year. As a part of the strategy, the company is investing in grid edge technologies, apart from other solutions, which includes decentralised generation, storage, smart meters and electric vehicles, among others. "The decline in demand for power, which has been almost 20 per cent in few countries due to the imposition of lockdown, there have been an economical impact on the distributors. "Also, since many countries are feeding more renewable energy, which is less stable, into the grid, as they are reducing the fossil fuel based generation, there is a need to balance the grid to ensure no blackout. For this, we need to have more intelligence in grid to maintain its stability," Neike added. India's peak power demand had dropped by nearly 26 per cent in April due to the nationwide lockdown, which had shut almost all economic activities in the country. Due to the fall in demand, few coal-fired units had shut operations, while renewable energy projects, which were declared as "must-run" were feeding the grid along with the operational conventional power plants. "We see a huge opportunity in the energy space as well as the e-mobility space in India. India will have to adopt e-mobility not only for reducing the carbon emissions but also to control air pollution. India will have to adopt e-mobility for three-wheelers, even if it is not higher for cars" Neike noted. PSK BAL BAL

Siemens to continue investment in R&D to be ready for post-COVID scenario

Mumbai, Feb 4 () JSW Energy on Tuesday reported over twofold rise in net profit to Rs 394 crore for the December 2019 quarter, boosted by Rs 454-crore one-time income. The company, which had clocked a Rs 146-crore net profit in the December 2018 quarter, had a tax write-back of Rs 277 crore and a contingent consideration write-back of Rs 177 crore. Its total income fell to Rs 2,106 crore from Rs 2,491 crore as demand was subdued, reflecting the broader economy that has been in the dumps since the beginning of the financial year. "It has been a challenging quarter as power demand declined almost 6.2 per cent, mainly due to poor economic activity. While October witnessed a 13 per cent decline in demand as against a 12 per cent increase last year, November and December were relatively better," JSW Energy joint MD and CEO Prashant Jain told reporters. He added that the company has already seen the bottom in the demand slowdown. "As the economy is expected to bottom out, we will see a revival in the demand." The firm's total expenses also dropped to Rs 1,864 crore as against Rs 2,271 crore in the October-December quarter of 2018-19, mainly on the back of decline in fuel cost, which was a result of moderation in the imported coal prices and lower generation. Explaining the write-back gain on contingent consideration, Jain said the company has written off Rs 570 crore of loan to Jai Prakash Venture Ltd (JPVL), which has been adjusted against reversal of the existing provision of Rs 454 crore and a write-back of Rs 177 crore of JPVL contingent consideration payables in the company's books, resulting in a net gain of Rs 61.46 crore in third quarter of the current financial year. "The debt restructuring agreement with JPVL now stands completed as we have acquired a five per cent equity stake in the firm, in addition to Rs 120 crore continuing as loan repayable from JPVL to the company," Jain added. He also said both JPVL and JSW have agreed to forego their respective rights and obligations in relation to the securities purchase agreement signed in 2015 for transfer of Karcham and Baspa hydro assets. On the acquisition of GMR Kamalanga Energy of 1,050 megawatts (MW), he said the discussions are progressing well between the company and GMR Energy for an expeditious closure and it hopes to sign the transaction in a couple of weeks. "For Ind-Barath Energy (Utkal) of 700 MW, the approval by the National Company Law Tribunal is under process for the resolution plan submitted by the company. Given the time taken for these resolutions, we expect it to be completed by June this year," he added. During the quarter, the company completed the transfer of JSW Energy (Kutehr) to JSW Hydro Energy, wholly-owned subsidiary. Short-term sales during the quarter were lower at 541 million units as compared to 1,112 million units in the third quarter of 2018-19 due to lower short-term sales at both Ratnagiri and Vijayanagar plants. Commenting on the announcements made by Finance Minister Nirmala Sitharaman in the Budget, Jain said the structural reforms and emphasis on smart metering will ensure improvement in recovery by distribution companies and cash flow to generators. ABI PSK BEN HRS

Write-backs boost JSW Energy net profit to Rs 394 cr in Dec quarter

Write-backs boost JSW Energy net profit to Rs 394 cr

<ul><li>New income tax slabs: 10% tax on income between ₹7.5 lakh without exemption compared to 20% right now.</li><li>15% tax on income between ₹7.5 lakh and ₹10 lakh without exemption compared to 20% right now.</li><li>20% tax on income between ₹10 lakh and ₹12.5 lakh without exemption compared to 30% right now.</li><li>25% tax on income between ₹12.5 lakh and ₹15 lakh without exemption compared to 30% right now.</li><li>Cost to the exchequer ₹40,000 crore; Removed 70 tax exemptions and deductions. These new rates are available to those who forego exemptions, deductions, and rebates.</li><li>Dividend distribution tax will be abolished, it will be taxable in the hands of the recipient. Cost to exchequer: ₹25,000 crore</li><li>SEE ALSO: <a href="https://www.businessinsider.in/budget/news/union-budget-2020-live-updates-news-and-highlights/liveblog/73824572.cms" data-type="tilCustomLink" target="_blank">Business Insider India live blog</a> on Budget 2020.</li></ul>Finance Nirmala Sitharaman presented her second annual budget speech. The top highlights from the budget 2020 proposals include the government's plan to sell stake in state-iowned insurance giant Life Insurance Corporation of India, sweeping changes in the income tax slabs, as well as the abolition of the dividend distribution tax at the end of the corporates. Aside from theses, startups with revenue up to ₹25 crore can avail 100% tax deduction in any three years over a period of 7 years, according to the latest Finance Bill presented by Sitharaman. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 <div type="image" title="Finance Minister Nirmala Sitharaman" msid="73828645" hostid="261" caption="&amp;lt;p&amp;gt;&amp;quot;As per tradition, Finance Minister Nirmala Sitharaman calls on President Kovind at Rashtrapati Bhavan before presenting the Union Budget,&amp;quot; the official handle of the President&amp;#39;s office tweeted today.&amp;lt;br&amp;gt;&amp;lt;/p&amp;gt;"></div>


































 Following are the key highlights of the budget speech: <ol><li>Only through higher growth, we can have our youth gainfully and meaningfully employed.</li><li>Fundamentals of the economy are strong, inflation has been contained, banks have been cleaning up the accumulated loans of the past decade. </li><li>An average household now saves about 4% of its monthly spends due to lower incidence of tax under the GST regime.</li><li>Welfare schemes with direct benefit transfer embedded in them, preventive healthcare via programmes like sanitation, healthcare via central schemes, housing scheme via Prime Minister Awas Yojana (PMAY) etc changed the established order of a few individuals cornering most of the benefits. </li><li>During 2014-19, Indian economy grew at an average of 7.4% with low inflation. India's foreign direct investment was $284 billion between 2014 an 2019 compared to $190 billion in the preceding five-year period.</li><li>India's government debt fell to 48.7% of GDP as of March 2019 compared to 52.3% as of March 2014.</li><li>Three themes of Budget 2020: 'Aspiring India', 'economic development', and 'to build a caring society'. </li><li>We shall aim for seamless delivery of services by leveraging technology. </li><li>6.11 crore farmers insured under Prime Minister Fasal Bima Yojana - a centrally-sponsored insurance scheme. Farm markets need to be liberalised.</li><li>16 action points: 1: Encourage state governments that will implement the following model laws that have already enacted by the centre. 2: Propose comprehensive measures for 100 water-stressed districts. 3: Expand outlay for solar pumps to 20 lakh farmers, another 15 lakh farmers to pumpsets to solar grid. Farmers if they have barren lands, they can set up solar power plants and sell it to the grid. 4: Balanced use of orgnaic and inorganic fertilisers. 5: Provide viability gap funding for setting up warehouses. Food Corporation of India can set up warehousing on their land too. 6: Push to reduce storage costs for farmers. 7: Promotion of women self-help groups. 8: To launch refrigerated trains to transport food items from the farm to other parts of the country. 9: Horticulture exceeds the production of foodgrains. 'One product for one district' to promote focussed development of horticulture. 10: Integrated farming system in rain-fed areas. Multiple crops, bee-keeping solar pumps in rain deficient area. 11: Financing on negotiable warehousing receipts will be linked to e-NAM. 12: The NABARD refinance scheme will expanded. The agriculture credit target for FY21 will be expanded to ₹15 lakh crore from ₹12 lakh crore. 13. To eliminate foot and mouth disease by 2025. To double milk production to 108 million metric tonnes by 2025. 14. Blue economy - development management of marine resources. Target ₹1 lakh crore in fish exports by 2025. 15. By FY23, propose raising fish production to 200 lakh tonnes, will also promote algae, seaweed.</li><li>16. Under Deendayal Antyodaya Yojana, self help groups will be expanded beyond the current 58 lakh.</li><li>Allocation for agriculture: ₹2.83 lakh crore, this includes ₹</li><li>Mission Indradhanush has been expanded to include 12 new diseases and 5 new vaccines. A very focussed water and sanitation programme to reduce the burden of diseases on the poor. There are 20,000 hospitals empanelled under the PMJAY, this has to rise. Propose to set up hospitals under the private-public partnership, the 112 districts identified as 'aspirational' will get priority in the setting up of new hospitals. </li><li>Proceeds from taxes on medical devices will be used to support the programme to build the infrastructure.</li><li>Reiterate India's commitment to eradicate tuberculosis by 2025. </li><li>Allocation for health: ₹69,000 crore including ₹6,400 crore for PMJAY.</li><li>By 2030, India is set to have the world's largest working-age population. They need education, skills, and employment opportunities. Our education system needs more money to attract better teachers and to set up better labs. Open the education sector to external commercial borrowing. </li><li>In order to provide quality education to the under privileged, a full-fledged online courses will be launched from the top 100 institutions in India.</li><li>Under 'Study In India' programme, a new INSAT exam to be launched for foreign students to enroll into Indian universities. </li><li>Every medical college will be linked to a nearby hospitals under the public-private partnership mode.</li><li>Total outlay for education sector: ₹99,300 crore and another ₹3,000 crore for skill development.</li><li>150 top education institutes to start offering apprenticeship programmes.</li><li>Propose to set up an investment clearance cell for end-to-end services including information on land bank and facilitating the approval process etc. </li><li>It is proposed to develop 5 new smart cities in collaboration with state governments in PPP mode. </li><li>Electronics manufacturing industry is cost competitive and India has shown its potential. To attract large investments in electronic manufacturing -- including electronic equipment, smartphones -- a new policy will be announced soon.</li><li>A National Textile Mission to work for next four fiscal years with an estimated outlay of ₹1,480 crore.</li><li>A new scheme Nirvik, for higher insurance cover, reduction in premium for small exporters, and simplified claim process, including digital refund process to help exporters.</li><li>Every district must become a hub for exports.</li><li>Unified procurement scheme: Propose ₹27,300 crore for development of industry and commerce in FY21.</li><li>National Infrastructure Pipeline will bring in generic and sectoral reforms in construction and maintenance of the infrastructure. Propose a project preparation facility that will employ economist, management graduates to execute projects.</li><li>A National Logistics Policy will soon be released to clarify the roles of Central government, state governments, and the regulators.</li><li>The Delhi-Mumbai Expressway and two other projects will be completed by FY23. The Chennai-Bengaluru expressway project will also started by then.</li><li>Government will monetise 12 NHAI highway projects.</li><li>Setting up a large solar power capacity alongside the rail tracks on the land owned by the railways, is a proposal under consideration.</li><li>150 trains under the PPP mode. More Tejas type trains will connect iconic tourist destinations. </li><li>Central government will give 20% of the funds needed for a suburaban rail transport system in Bengaluru.</li><li>100 more airports will be set up in the next five years.</li><li>₹1.7 lakh crore allocated for transport infrastructure.</li><li>Propose to replace traditional meters with digital meters in the next three years. This will allow consumers to port out of a service provider (selling power) just like they port out of mobile service provider.</li><li>Fibre to home connections through Bharat Net will connect 1 lakh villages this year itself. Propose to provide ₹6,000 crore for Bharat Net programme.</li><li>Quantum technology: An outlay of ₹8,000 crore over the next five years.</li><li>₹22,000 crore allocated for the power sector including renewble energy sector.</li><li>No manual cleaning of sewers will be allowed, new technology will be roped. Centre in conversation with civic bodies.</li><li>Provision of ₹85,000 crore for scheduled castes and other backward classes.</li><li>Provision of ₹53,700 crore for scheduled tribes in the country.</li><li>5 archaeological sites would be developed as iconic sites with on-site museum -- Rakhigarhi (Haryana), Hastinapur (UP), Dholavera (Gujarat), Shivsagar (Assam), and Aditya Nallur (Tamil Nadu).</li><li>Propose ₹35,500 crore for nutrition-related schemes.</li><li>Allocation for Ministry of Culture: ₹3,500 crore. </li><li>Propose ₹2,500 crore to promote tourism.</li><li>Propose ₹9,500 crore for senior citizens and specially abled.</li><li>Proposed total allocation for women-centric programmes ₹28,600 crore.</li><li>Propose ₹4,400 crore allocation for clean air. </li><li>Companies Act will be amended to abolish 'criminal liability' for 'civil offences'.</li><li>A National Recruitment Agency will be set up. It will conduct a common entrance test for non-gazetted positions in the government and public-sector enterprises. </li><li>Propose a new national policy on national statistics will push for use of AI to collect data real time.</li><li>India will host G20 Presidency in 2022; the government proposes to allocate ₹100 crore to start the preparations.</li><li>Governance reforms proposed for PSU banks: Robust mechanism is in place to monitor the health of all banks and the money of depositors are safe. Insurance of bank deposits raised to ₹5 lakh from ₹eposit insurance and credit guarantee scheme.</li><li>Government will sell its remaining stake in IDBI Bank to private investors. Stock jumps over 13%</li><li>MSME entrepreneurs can avail 'subordinate debt' from banks and the loan will be fully guaranteed by a Trust. This will be treated as quasi-equity stake.</li><li>Government has asked RBI to extend deadline for MSME debt restructuring by one more year. </li><li>FY20 fiscal deficit seen at 3.8% of GDP and at 3.5% in FY21.</li><li>Non-resident Indians will be allowed to invest in certain categories of government bonds.</li><li>Currently, foreign portfolio investors are allowed to buy a maximum of 9% of the outstanding corporate bonds. Finance Minister proposes to increase the threshold significantly to 15%.</li><li>An international bullion exchange will be set up in GIFT City in Gandhinagar, Gujarat.</li><li>Government to sell stake in LIC. </li><li>Receipts for FY21 estimated at ₹22.46 lakh crore, estimate expenditure: ₹</li><li>Borrowing plan for FY21: ₹5.36 lakh crore, capital expenditure will rise over 22%.</li><li>Dividend distribution tax will be abolished, it will be taxable in the hands of the recipient. Cost to exchequer: ₹25,000 crore</li><li>Dividend and capital gains made by foreign funds on investment in infrastructure space will tax free.</li><li>Startups with revenue up to ₹25 crore can avail 100% tax deduction in any three years over a period of 7 years.</li><li>Small retailers with revenue up to ₹5 crore need not get their books audited by accountants.</li><li>New scheme to end tax disputes: If someone agrees to pay the disputed tax amount by March 2020, there will be no interest and penalty. There are 4,83,000 tax disputes pending at various forums.</li><li>FY21 disinvestment target ₹2.1 lakh crore, doubled from the ₹1.05 lakh crore target in FY20.</li><li>Propose a cash incentive for customers demanding invoice, to boost compliance with GST</li><li>Imported footwear, furniture, and medical equipments will get more expensive as customs duty will be increased.</li></ol> SEE ALSO: <a href="https://www.businessinsider.in/personal-finance/news/new-income-tax-slab-tax-savings-for-salaried-people/articleshow/73835816.cms">You'll save ₹78,000 more under new income tax slabs if you earn less than ₹15 lakh</a> <a href="https://www.businessinsider.in/budget/news/indian-government-infuses-22000-crore-in-power-and-renewable-proposes-freedom-to-choose-supplier/articleshow/73835587.cms">Indian government infuses ₹22000 crore in power and renewable, proposes freedom to choose supplier</a> <a href="https://www.businessinsider.in/budget/income-tax/news/check-out-new-income-tax-slab-of-2021/articleshow/73830824.cms">New income tax slabs 2020</a> <a href="https://www.businessinsider.in/budget/news/there-will-be-no-manual-cleaning-of-sewers-anymore-announces-nirmala-sitharaman/articleshow/73835265.cms">“There will be no manual cleaning of sewers anymore,” announces Nirmala Sitharaman</a> <a href="https://www.businessinsider.in/budget/news/union-budget-2020-live-updates-news-and-highlights/liveblog/73824572.cms">Union Budget 2020 Live Updates</a> <a href="https://www.businessinsider.in/budget/news/indian-taxpayers-expectation-from-the-budget-2020/articleshow/73804969.cms" data-type="tilCustomLink" target="_blank"></a><a href="https://www.businessinsider.in/defense/news/indias-budget-allocation-for-defence-has-remained-fairly-static-for-the-past-five-years/articleshow/73153930.cms" data-type="tilCustomLink" target="_blank"></a>

Income tax cuts, stake sale in LIC and other highlights from Finance Minister Nirmala Sitharaman's budget speech

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Courtesy Chototel</div></div></div>For people who can't afford rent, let alone buy their own apartment, what's the best recourse? Get placed in a housing project? Sign up for a housing lottery? How about a hotel?Rhea Silva is the 24-year-old founder of <a href="http://www.chototel.co.uk/">Chototel</a>, a chain of super-budget hotels where the price per night can range from $2 at the cheapest to a surge price of $5 at its most expensive.Her company is piloting four hotel buildings in Nagothane, a small Indian town about 72 miles outside of Mumbai. The first is opening next month, while the other three are coming in the following four months. Each building holds 60 flats each.Each of the flats, as seen in the renderings below, is outfitted with a loft bed, closet space, sink, and a TV.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Courtesy Chototel</div></div></div>There's also a bare bones kitchen setup with a hot plate, dish rack, and counterspace.<div class="KonaFilter image-container display-table"><div><div class="image on-image">Courtesy Chototel</div></div></div>Silva says Chototel's flexible model is enticing because our attitudes toward homeownership have changed."We recognize that people no longer want to buy a house - they want to be able to stay in a place that's close to [their] work," she told Business Insider. "They want to be able to stay in a place that's not a three-bedroom mansion, but rather just their own little studio apartment where they have privacy."You can already see traces of this downsized domesticity <a href="http://www.businessinsider.com/boxouse-bay-area-tiny-homes-2016-6/">in the tiny home trend</a>, which are shifting more and more to uniform and quickly buildable designs while still making efficient use of space.The big difference is that the audience Chototel is appealing to isn't well-heeled tenants looking to downsize - it's people who won't necessarily be able to afford rent on a monthly basis, but can likely pay it little by little."People like to stay in places where they're not spending 50% to 60% of their income on housing," she said. "<a href="http://blogs.wsj.com/economics/2015/07/28/u-s-homeownership-rate-hits-48-year-low/">Homeownership has dropped to its lowest rate since 1965</a>. And that's because people, aren't possessive about the idea of owning a house anymore. They're more into the idea of convenience." Of course, nightly rent isn't the only way the hotel will make returns. There are also utilities, which are all metered and charged by usage. So, theoretically, you could stay a night without turning on a light or using water or heat and pay around $2 for the benefit of having a clean room with a bed and free Wi-Fi. But if you need those utilities, there are tools that can help you save on usage and costs. Silva says that the rooms are outfitted with microbots, which take in several data points to report back to the hotel and the tenant. That way, there's a transparent two-way exchange of information about the tenant's consumption and habits.The tenants can also monitor their consumption through a smartphone app, which, like with a smart home system, also allows them to turn off a utility remotely.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Courtesy ChototelThe first of the Nagothane hotels will open next month, and the rest will follow in three to four months.</div></div></div>And what if you don't have a phone? Is there any way to track your usage then? While you might think the sort of person who can't afford rent can't afford a smartphone, Silva thinks differently."Smartphones today are very, very cheap and very affordable and a lot of people use their smartphone as a means for communication," she said.Indeed, India is the world's <a href="http://qz.com/608005/india-has-overtaken-the-us-to-become-the-worlds-second-largest-smartphone-market/">second-largest market for smartphones</a>, and <a href="http://www.businessinsider.com/smartphone-prices-drop-as-accessories-rise-2016-2">they're still getting cheaper</a>. So it's likely many of Chototel's tenants will at least have a device that's able to run the app. The amount of fine tuning and flexible scheduling Chototel allows for puts it squarely between a budget hotel and affordable housing. Silva avoids the latter term because she says she wants people to feel the privilege and comfort of saying they're staying in a hotel rather than call it a project.And while the first few pilot hotels are being funded through the company's own equity, Chototel is planning on raising finances in the public market in the next month to fund the next few expansions.The pilot will kick off with these four hotels, but Silva says that if they prove sustainable, her company will raise funds to scale up, massively. She says that her next location in Mumbai, if Nagothane proves useful, could house up to 10,000 occupants.And that flexible model, which isn't as easily replicable in public housing, is winning some public support from local municipalities, too - enough that the company is planning on several expansions within the next few years. The company is looking to <a href="http://www.chototel.co.uk/About-Us.php">Dubai, Lagos, Mumbai, and Bristol</a> for their next locations. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/glamping-nyc-w-hotels-luxury-travel-2016-8">What it's like to go 'glamping' for $2,500 a night on top of a luxury hotel in NYC</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="lpb28zNTE6vaIFJnCXj23lpy-jTj54ee" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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