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<ul><li>Heterodox or unorthodox economic policies will be more effective for latecomers to development, noted <keyword id="8267719" type="UNKNOWN" weightage="20" keywordseo="economist-deepak-nayyar">economist Deepak Nayyar</keyword>. </li><li>In his book, 'Resurgent Asia: Diversity in Development', Nayyar says that Asia is the poorest continent in the world after being ravaged by colonialism. </li></ul> The Singaporean-South Korean model of carrot-and-stick to implement policies cannot be replicated elsewhere in Asia, and heterodox or unorthodox economic policies will be more effective for latecomers to development, noted economist Deepak Nayyar writes in a new book. In his book, 'Resurgent Asia: Diversity in Development', Nayyar writes that Asia, the poorest continent in the world barely a half-century after being ravaged by colonialism, is set to regain its dominant position in the global architecture, both financially and politically, and could account for more than one-half of world income and more than half of the people on Earth. His policy prescriptions include learning and unlearning from experience as policies are means not ends. "For latecomers to development, heterodox or unorthodox economic policies - in trade, industry, and macro-management - are more effective than orthodox policies," he writes. "Efficient markets and effective governments, together, adapting to each other as time and circumstances change, provide the way forward in development." He says economic openness, while necessary, is not sufficient, and is conducive to development only when combined with industrial policy. He also prescribed social opportunities for people, through the public provision of education and healthcare, which improve wellbeing and the economic development of countries reinforce each other in a virtuous circle. The developmental states in South Korea, Taiwan and Singapore coordinated policies across sectors over time in pursuit of national development objectives, using the carrot-and-stick to implement their agenda, and were able to become industrialised nations in just 50 years. China and Vietnam have followed the same path. "It is not possible to replicate these states elsewhere in Asia," Nayyar writes. "But other countries did manage to evolve some institutional arrangements, even if less effective, that were conducive to industrialization and development. In some of these countries, the institutionalized checks-and-balances of political democracies were crucial to making governments more development-oriented and people-friendly." In the book, Nayyar writes that despite wide diversity among Asian countries, there are common discernible patterns. Chief among them was the fact that economic growth drove development; rising investment and savings rates combined with the spread of education were the underlying factors, and growth was driven by rapid industrialisation, often export-led, associated with structural changes in the composition of output and employment. It was supported by coordinated economic policies, heterodox or unorthodox wherever and whenever necessary, across sectors, and over time. "The rise of Asia represents the beginnings of a shift in the balance of economic power in the world and some erosion in the political hegemony of the West. The future will be shaped partly by how Asia exploits the opportunities and meets the challenges and partly by how the difficult economic and political conjuncture in the world unfolds," the book says. "Yet, it is plausible to suggest that circa 2050, a century after the end of colonial rule, Asia will account for more than one-half of world income and will be home to more than one-half the people on Earth. It will thus have an economic and political significance in the world that would have been difficult to imagine fifty years ago, even if it was the reality in 1820," writes Nayyar. Nayyar is a former vice-chancellor of Delhi University and Emeritus Professor of economics at Jawaharlal Nehru University. He is also a former Distinguished University Professor of Economics, New School for Social Research, New York and is currently serving as an independent director on the Board of Directors of Press Trust of India. The deep pessimism about Asia's economic prospects, voiced by Nobel laureate Gunnar Myrdal in his book 'Asian Drama', was widespread in 1970 when its demographic and social indicators of development, among the worst anywhere, epitomised its underdevelopment. In the half-century since then, Asia has witnessed a profound transformation in terms of the economic progress of nations and living conditions of people. By 2016, it accounted for 30 per cent of world income, 40 per cent of world manufacturing, and over one-third of world trade, while its income per capita converged towards the world average. This transformation was unequal across countries and between people. Still, Asia's economic transformation in this short time-span is almost unprecedented in history. 'Resurgent Asia' considers differences in initial conditions, highlights turning points in economic performance, assesses how processes of change were managed or mismanaged, discusses the influence of development strategies and economic reforms, examines changes in engagement with the world economy, explores the role of governments and politics, and analyses the factors underlying successes, failures, or mixed-outcomes in development. It is essential to recognise the diversity of Asia. There are marked differences between countries in geographical size, embedded histories, colonial legacies, nationalist movements, initial conditions, natural resource endowments, population size, income levels and political systems. The reliance on markets and the degree of openness in economies varied greatly across countries and over time. The politics too ranged widely from authoritarian regimes or oligarchies to political democracies. So did ideologies, from communism to state capitalism and capitalism. Development outcomes differed across space and over time. There were different paths to development because there were no universal solutions, magic wands, or silver bullets. ANZ VIJ ANZ MR MR

Economist Deepak Nayyar says carrot and stick model can't work in all of Asia

Mumbai, Equity benchmarks Sensex and Nifty pared early gains to close lower on Monday as investors offloaded telecom, power and utility stocks amid a bearish trend in global markets and profit booking. Besides, intense selling in <keyword id="6355199" type="General" weightage="80" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword>, <keyword id="6653" type="General" weightage="80" keywordseo="icici-bank" source="Orion">ICICI Bank</keyword> and Kotak Bank counters also hit investor sentiments, traders said. After hitting its lifetime high on Friday, the 30-share BSE index fell 216.28 points or 0.34 per cent to settle at 63,168.30. During the day, it declined 336.75 points or 0.53 per cent to 63,047.83. The NSE Nifty went lower by 70.55 points or 0.37 per cent to end at 18,755.45. The index registered its lifetime peak of 18,826 on Friday. There was accelerated selling, particularly in the afternoon trade, dragging the key indices from record highs. "Indian equities shied away from closing at all-time high levels amid profit-booking, primarily driven by private banks. Global markets also took a breather after a strong rally last week as investors looked forward to China's rate decision and the Fed chair's testimony," said Vinod Nair, Head of Research at Geojit Financial Services. Kotak Mahindra Bank was the biggest loser from the Sensex pack, skidding 1.83 per cent, followed by Axis Bank, NTPC, Hindustan Unilever, ICICI Bank, Bharti Airtel, Reliance Industries, HCL Technologies, IndusInd Bank and Nestle. In contrast, <keyword id="111876" type="General" weightage="80" keywordseo="bajaj-finance" source="Orion">Bajaj Finance</keyword>, <keyword id="85462" type="General" weightage="80" keywordseo="bajaj-finserv" source="Orion">Bajaj Finserv</keyword>, Tech Mahindra, Tata Consultancy Services, Titan, Infosys, <keyword id="45123" type="General" weightage="80" keywordseo="hdfc" source="Orion">HDFC</keyword> Bank, HDFC and ITC were the gainers. "Risk-off sentiment prevailed in local markets, as sell-off in global equity markets triggered profit-taking in banking, auto, telecom and FMCG stocks. "Although India's macroeconomic indicators seem to be on the right path, global headwinds would fuel bouts of selling at regular intervals," <keyword id="131488" type="General" weightage="80" keywordseo="shrikant-chouhan" source="Orion">Shrikant Chouhan</keyword>, Head of Research (Retail), Kotak Securities Ltd, said. Among the indices, telecommunication fell by 1.34 per cent, power dipped by 0.90 per cent, realty (0.85 per cent), utilities (0.89 per cent), bankex (0.84 per cent), commodities (0.56 per cent), FMCG (0.55 per cent) and auto (0.52 per cent). Bouts of buying were, however, seen in IT, teck, industrial, metal and healthcare sector stocks that capped the losses to some extent. In the broader market, the BSE midcap gauge dipped 0.08 per cent, while the smallcap index climbed 0.24 per cent. "Global shares drifted lower on Monday, as investors were left disappointed by a lack of policy announcements from China post a State Council meeting on Friday aimed at kickstarting the ailing economy. "Investors also awaited testimony from US Federal Reserve Chair Jerome Powell in markets that remain dominated by monetary policy bets," <keyword id="161383" type="General" weightage="80" keywordseo="deepak-jasani" source="Orion">Deepak Jasani</keyword>, Head of Retail Research, HDFC Securities, said. In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong ended lower. European equity markets were trading in negative territory. The US markets ended lower on Friday. Global oil benchmark Brent crude declined 0.38 per cent to USD 76.31 a barrel. Foreign Institutional Investors (FIIs) bought equities worth Rs 794.78 crore on Friday, according to exchange data. The BSE benchmark zoomed 466.95 points or 0.74 per cent to settle at a record closing high of 63,384.58 on Friday. The Nifty climbed 137.90 points or 0.74 per cent to end at its lifetime peak of 18,826.

Stock markets retreat from record highs; Sensex falls 216 pts

<ul><li>The loan has been priced at a margin of 90 bps over SOFR (Secured Overnight Financing Rate)</li><li><keyword id="45123" type="General" weightage="100" keywordseo="hdfc" source="Orion">HDFC</keyword> has financed 9.5 million housing units and has a gross loan book of ₹ 6.7 trillion since its inception. </li><li>Japan’s largest bank MUFG Bank is the lead social loan coordinator for this transaction. </li></ul> Mortgage lender HDFC on Friday announced the completion of a $1.1 billion syndicated social loan facility, to finance affordable housing in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>. The lender calls it the world’s largest social loan. Social loans are especially curated by conglomerates like HDFC to finance projects that work towards a social cause or inspire a positive change across a sector. The loan has been priced at a margin of 90 bps over SOFR (Secured Overnight Financing Rate), HDFC said in a statement. Proceeds from the social loan would go towards financing affordable housing loans. Since its inception in 1977, HDFC has financed 9.5 million housing units and has a gross loan book of ₹6.7 trillion, HDFC added. “Affordable housing links to nearly 300 industries. A boost to affordable housing will play a significant role towards the government’s ‘Housing for All’ objective. The aspiration to own a home is inherent in every household,,” <keyword id="6448020" type="General" weightage="50" keywordseo="deepak-parekh" source="Orion">Deepak Parekh</keyword>, Chairman, <keyword id="83209" type="General" weightage="50" keywordseo="hdfc-ltd" source="Orion">HDFC Ltd</keyword>, said in a statement. HDFC’s Social Financing Framework is designed for participants in the sustainability financing market to consistently certify and monitor the social impact of financing assets. The HDFC social loan claims to have many other firsts to its credit – it’s India’s largest social financing issuance, it’s the first social ECB loan out of India and the largest ECB loan deal from a housing finance company/ private NBFC in India. MUFG Bank is the lead social loan coordinator and a mandated lead arranger and borrowers (MLAB) for this deal. CTBC Bank Co. Ltd, <keyword id="1841542" type="General" weightage="50" keywordseo="mizuho-bank-ltd" source="Orion">Mizuho Bank Ltd</keyword>, <keyword id="6354731" type="General" weightage="50" keywordseo="state-bank-of-india" source="Orion">State Bank of India</keyword> and Sumitomo Mitsui Banking Corp. are the other MLABs and joint social loan coordinators. “In India, housing will play an important role as a catalyst for growth. Combined with India’s growth prospects, I have never been as optimistic about the affordable housing sector as I am today,” <keyword id="30629" type="General" weightage="50" keywordseo="parekh" source="Orion">Parekh</keyword> added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/shaktis-gati-on-interest-rate-hike-to-continue/articleshow/93366502.cms">Shakti’s Gati on interest rate hike to continue</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/globalized-inflation-is-threat-to-global-economy-itself-says-rbi-guv-das/articleshow/93366552.cms">Globalized inflation is a threat to global economy itself, says RBI guv Das</a>

HDFC seals world’s largest social loan worth $1.1 billion for affordable housing

<ul><li>Apart from startup founder, the Forbes India's list has a generous dash of youngsters from social media, television and the world of sports. </li><li>BB Ki Vines’ <keyword id="2517934" type="PERSON" weightage="20" keywordseo="Bhuvan-Bam">Bhuvan Bam</keyword> and Technical Guruji Gaurav Chaudhary also made their debut under the digital content creators category. </li><li>Five women across industries made it to the list against 26 men. </li></ul>Startup founders dominated the list of Forbes’ 30 under 30 which recognizes the best of India’s vast young population. The 29-year old Varun Khona, the co-founder of Headout, Aravind Sanka, Pavan Gutunpalli, SR Rishikesh, the cofounders of bike rental platform Rapido - were some of the prominent names in the list. But the list also has a generous dash of youngsters from social media, television and the world of sports. The youngest person to feature is 17 year old Saurabh Chaudhary, an Indian shooter who won two gold medals at the Asian Games and headed to 2020 Tokyo Olympics. Deepak Punia, 21, the first Indian to win a Junior World Championship also made it to the list. Young Indians who work for startups like the 29 year old Vikash Bakrewala, the youngest sales leader at B9 Beverages, the makers of Bira and Boom beers; were also showcased. All the three founders of Triton Foodworks which is making breakthroughs in organic farming were recognized too. <keyword id="8722570" type="PERSON" weightage="20" keywordseo="deepak-kukreja">Deepak Kukreja</keyword>, Ullas Samrat and Dhruv Khanna of Triton Foodworks are growing plants without using soil, thereby surpassing the limitations of land, fertility, and even water. The method uses 60-80% less water,” <a href="http://www.forbesindia.com/article/30-under-30-2020/forbes-india-30-under-30-india039s-young-guns-more-inspiring-than-ever/57513/1">Forbes. </a> A 27-year-old Gourish Singla of a healthcare startup like Shivom that uses blockchain technology to customize medication - was also a part of the list. “Our Forbes India 30 Under 30 members are showing the way forward on another road and to another group—to traditional and legacy businesses and professionals, across different categories like technology, health care, finance, science, media, design, fashion, sports, entertainment, and so on—with their innovations, fresh business models and a set of fresh eyes,” wrote Forbes.<a href="http://www.forbesindia.com/article/30-under-30-2020/forbes-india-30-under-30-india039s-young-guns-more-inspiring-than-ever/57513/1"> </a> BB Ki Vines’ Bhuvan Bam and Technical Guruji Gaurav Chaudhary also made their debut under the digital content creators category. Five women across industries made it to the list against 26 men. Here is the complete list of all the 30 under 30 stars: Krishnakant Mishra Brand Content Lead, Ogilvy Age: 28 The authJandia, is a 28-year-old artist who developed a practice that deals with history and historical images that chronicle events of conflict and violence. The painter then tells the story of the events that shape society's perception of them.or of the non- fiction book ‘The Exclamator’, Krishnakant Mishra is no stranger to young achievers lists. He was nominated for Impact Magazine &amp; Social Samosa’s ‘Top 30 advertisers in India under 30 in 2019. Vikash Bakrewala Division Director, Sales &amp; Marketing (South India), B9 Beverages Age: 29 Bakrewala is the youngest sales leader at the beer company B9 Beverages. He helped Bira and Boom expand to five geographical clusters within a year. Ullas Samrat Dhruv Khanna Co-Founder, Triton Foodworks Age: 29 Ullas and Dhruv, the young childhood friends who <a href="http://www.forbesindia.com/article/sustainability-special/water-of-plenty-meet-the-trio-practising-soilless-farming-in-delhi/50313/1">drifted apart </a>when Khanna’s family moved out to Singapore, came together again. And when they did, they started a self-funded startup to aid internet-enabled smart farms that use technologies like hydroponics. Sai Gole, Siddhart Dialani Co-Founders, Bharat Agri Age: 26 Siddharth Dialani and Sai Gole are the co-founders of Bharat Agri. Its algorithm helps farmers with the right time to cultivate grow in manner that maximises production and boosts income. Sanket Jadia Artist Age: 28 Jandia, is a 28-year-old artist who developed a practice that deals with history and historical images that chronicle events of conflict and violence. The painter then tells the story of the events that shape society's perception of them. Aravind Sanka, Pavan Guntupalli, SR Rishikesh 
 
 

 Co-Founder, Rapido Age: 28, 28, 27 Sanka, Guntupalli and Rishikesh are the co-founders of India's largest bike taxi booking application. The services which started in 2015 are now available in 100 cities across the country. Rishab Karwan, Nitin Rana 
 
 




 Co-Founders, GoMechanic Age: 26, 29 Karwan and Rana are the co-founders of the Delhi based startup Go Mechanic. The startup helps streamline the disorganised automobile service centres in India. Akanksha Deo Sharma 
 
 




 Designer, Ikea Age: 28 IKEA opened its first store in Hyderabad in 2018 since then Akasha is the only Indian designer at the Sweedish major. He uses Indian textile history, handicrafts and construction techniques to make minimalistic and playful products. Bhuvan Bam 
 
 




 Youtuber Age: 25 Bhuvan Bam, the famous youtuber in India is just 25, and was recently invited to the World Economic Forum in Davos to rub shoulders with CEO’s. Bam is also the first Indian to hit two million subscribers on Youtube. Gaurav Chaudhary 
 
 




 Youtuber Age: 28 Chaudhary who is popularly known as Technical Guruji on Youtube. In his channel, he breaks down all things tech for common people and explains how tech works. His channel has 15 million subscribers. Varun Khona 
 
 




 Co-Founder and CEO, Handout Age: 29 Varun Khona is the CEO and cofounder of Handout. It is an AI-powered platform to design curated tourist experiences for last-minute travellers, launched globally. Ajai Thandi, Ashwajeet Singh, <keyword id="8722571" type="PERSON" weightage="20" keywordseo="arman-sood">Arman Sood</keyword> 
 
 




 Co-Founder, Sleepy Owl Coffee Ages: 29,28,28 The Sleepy Owl Coffee launched from a two-bedroom apartment in Delhi by the co-founders Thandi, Singh and Sood. Now, the coffee brand is sold across 1,000 retail outlets in New Delhi and Mumbai with 60,000 customers. Akshay Chaturvedi 
 
 




 CEO, Leverage Edu Age: 29 Chaturvedi is the CEO of Leverage Edu, the platform focuses on career counselling and university admission. It caters to about 10,000 students and is on course to clock ₹10 crore in revenue for the current financial year. Sai Pallavi 
 
 




 Actor Age: 27 The girl who did her first film to miss math class in Grade 6 made it to Forbes list, and is the only actor in the list. Today, she is known for remarkable characters in Tamil, Malayalam and Telugu films -is also known for her dancing skills. Palak Shah CEO, Ekaya Age: 28 Shah is the CEO of Ekaya the brand focused on propagating the versatility and global appeal of Indian heritage weaves. The brand supports more than 8,000 weavers in India. Akshat Bansal Founder, Bioni Age: 29 Akshat Bansal brings sustainability and fashion together. In one of the Lakme Fashion Week 2018 collections, he used econyl fabric that was carved out of plastic waste. Ajeesh Achuthan Co-Founder and CTO, Open Age: 27 Ajeesh Achuthan co founded Open Financial Technologies — one of the world’s fastest growing neo-banking platforms. It provides financial services to MSMEs. Nikhil Kumar Co-Founder, Setu Age: 29 Nikhil Kumar led the team that built the BHIM app, that is owned by the government. The app was developed by the government to push India towards a cashless economy. Abhay Rangan CEO, Goodmylk Age: 22 Abhay Rangan, who started out as an active animal rights activist, is the CEO of Goodmylk. The startup provides plant based affordable milk in India. Krishna Gupta Founder, 1441 Pizzeria Age: 27 Krishna Gupta owns 1441 Pizzeria which serves fresh pizza made from woodfire ovens. The company which has five outlets now has ambitions to expand to 100. Priya Prakash Founder And CEO, HealthSetGo Age: 28 Prakash, who is a graduate from Lady Shri Ram College for Women, founded HealthSetGo to encourage healthy food habits amongst people. Gourish Singla Founder, Shivom Age: 26 Gourish Singla manages a blockchain startup named Shivom that provides genetic information to doctors. His startup was named in the top 50 innovative companies around the world at Smart Health Conference in Dubai in 2018. Jubin Varghese, Ameya Gadiwan Co-Founders, Gegadyne Energy Age: 24,25 Jubin Varghese, Ameya Gadiwan founded Gegadyne Energy in 2015 with an aim to provide a better alternative to lithium-ion batteries. It also won an award as the Startup of the year in 2019. Eshan Sadasivan CEO, PROSOC Innovators Age: 29 Eshan is an IIT Kanpur alumni who designed a foldable table that would help students in rural India. It aims to change the infrastructure deficit in India’s rural schools where students squat on the floor. <keyword id="178450" type="PERSON" weightage="20" keywordseo="Abhishek-Gupta">Abhishek Gupta</keyword>, Rishabh Verma CEO And COO, NavGurukul Age: 27, 24 Abhishek Gupta and Rishabh Verma are the CEO and COO of a NavGurukul which facilitates a one year residential programme to teach coding skills to low-income millennials. <keyword id="6287871" type="PERSON" weightage="20" keywordseo="suthirth-vaidya">Suthirth Vaidya</keyword>, Abhijith Chunduru, Adarsh Raj CEO, CTO, Chief Architect And Co-Founders, Predible Health Age: 27, 26, 27 Suthirth Vaidya, Abhijith Chunduru, Adarsh Raj together run Predible Health, a startup that uses AI to help doctors identify diseases. Saurabh Chaudhary Sportsman Age: 17 Chaudhary is the youngest person to feature on the list. The teen shooter who won a gold medal at the Asian games. Deepak Punia Wrestler Age: 21 Punia is an Indian wrestler who won a silver medal at the World Wrestling Championship. He is now looking forward to participating in the upcoming 2020 Summer Olympics. Akhil Aryan Co-Founder, ION Energy Age: 28 Akhil Aryan built Haptik — the world’s largest conversational AI platform. He is the co-founder of ION Energy, a battery management and intelligence platform that provides batteries. Amiya Adwitiya, Sisir Koppaka CEO and CTO, Squadcast Age: 29, 29 Amiya Adwitiya and Sisir Koppaka work with Squadcast as CEO and CTO respectively. Squadcast is a SaaS company that fixes the IT problems of their clients. See also: <a href="https://www.businessinsider.in/india/news/youtuber-bhuvan-bam-of-bb-ki-vines-makes-to-forbes-30-under-30-list/articleshow/73952923.cms">YouTuber Bhuvan Bam of BB Ki Vines makes to Forbes’ 30 under 30 list</a>

Social media influencers, start-up founders and sportsmen dominate Forbes India's 30 under 30 list

<ul><li><keyword id="19896382" type="General" weightage="100" keywordseo="Sensex" source="keywords">Sensex</keyword> scaled the 85,000 level and <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> breached the 26,000 mark for the first time.</li><li>The markets closed flat on Tuesday after a volatile session.</li><li>While Sensex reached an all-time intra-day peak of 85,163.23, <keyword id="19895774" type="General" weightage="20" keywordseo="BSE" source="keywords">BSE</keyword> declined by 0.02%.</li></ul>Sensex scaled the 85,000 level and Nifty breached the 26,000 mark for the first time before paring gains to close flat in a volatile session on Tuesday, dragged by losses in <keyword id="19931572" type="General" weightage="20" keywordseo="FMCG" source="keywords">FMCG</keyword> and select <keyword id="20560617" type="General" weightage="20" keywordseo="banking-shares" source="keywords">banking shares</keyword>. The 30-share BSE benchmark declined by 14.57 points or 0.02% to settle at 84,914.04, snapping its three-day record-breaking run. China announcing stimulus measures to bolster its economy fuelled metal shares. In the morning trade, the 30-share BSE Sensex scaled the 85,000 level, jumping 234.62 points or 0.27% to scale a new all-time intra-day peak of 85,163.23. The index, however, hit a low of 84,716.07 in the afternoon session due to profit-taking at record levels. Selling in <keyword id="20002610" type="General" weightage="20" keywordseo="Hindustan-Unilever" source="keywords">Hindustan Unilever</keyword>, Kotak Mahindra Bank and <keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords">ICICI Bank</keyword> dragged the key index from the day's highs. The Nifty eked out gains of 1.35 points or 0.01% to close at a fresh high of 25,940.40. During the day, it climbed 72.5 points or 0.27% to hit a new record intra-day high of 26,011.55. Vinod Nair, Head of Research, Geojit Financial Services said, "Domestic benchmarks are attempting to sustain new highs, driven by the US Fed's aggressive rate cut. Meanwhile, the Chinese central bank's rate cut, and additional stimulus measures have positively influenced global investor sentiment, resulting in gains for domestic metal stocks." Conversely, FMCG and banking stocks exhibited declines due to profit-booking at higher levels, he said, adding that in the near term, strong inflows from FIIs, driven by the US Fed's dovish outlook and expectations of a rate cut by the RBI in October, are expected to maintain momentum. From the 30 Sensex firms, Hindustan Unilever, UltraTech Cement, Kotak Mahindra Bank, IndusInd Bank, Titan, Nestle, Bajaj Finance and Asian Paints were among the biggest laggards. Tata Steel, Power Grid, Tech Mahindra, HCL Tech, Mahindra &amp; Mahindra and JSW Steel were among the gainers. The BSE midcap gauge climbed 0.21% while the smallcap index dipped 0.04%. Among the indices, FMCG declined by 0.75%, telecommunication (0.57%), services (0.45%), financial services (0.40%), consumer durables (0.31%) and bankex (0.30%). “Technically, the index is oscillating within a rising channel and is trading near the upper trend line resistance of the channel pattern, which is around the range of 25,900-26,000 levels, making them a strong hurdle in the short term. Therefore, on the upside, 26,000 will act as an immediate hurdle for Nifty. If the index sustains above 26,000 it could test the levels of 26,200. On the downside, 25,600 will serve as strong support for the index,” said Hrishikesh Yedve, AVP Technical and Derivatives Research, Asit C. Mehta Investment Interrmediates. Metal surged 2.78%, power jumped 1.38%, utilities (1.18%), commodities (0.95%) and industrials (0.47%). "Although markets ended on a lacklustre note after a volatile session, key benchmark indices hit new milestones signifying that liquidity flows has remained strong as investors are confident of India's long term growth story," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd. "Nifty ended on a flat note in a volatile session on Tuesday after crossing 26,000 for the first time. Asian stocks rose on Tuesday to their highest in more than two and half years, heartened by broad stimulus measures from China while expectations for more US rate cuts kept risk sentiment up," Deepak Jasani, Head of Retail Research, HDFC Securities, said. In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled in the positive territory. Shanghai and Hong Kong markets ended significantly higher. European markets were trading in the green. The US markets ended higher on Monday. Foreign Institutional Investors (FIIs) bought equities worth ₹404.42 crore on Monday, according to exchange data. S&amp;P Global Ratings on Tuesday retained India's growth forecast at 6.8% for the current fiscal and said it expects the RBI to start cutting interest rates in its October monetary policy review. Global oil benchmark Brent crude jumped 2.35% to $75.64 a barrel. Rallying for the third day running on Monday, the BSE benchmark jumped 384.30 points or 0.45% to settle at an all-time high of 84,928.61. The NSE Nifty climbed 148.10 points or 0.57% to close at a record peak of 25,939.05. With inputs from PTI. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/tata-nexon-ev-with-a-bigger-battery-launched-starting-at-13-99-lakh/articleshow/113631992.cms">Tata Nexon EV with a bigger battery launched starting at ₹13.99 lakh</a> <a href="https://www.businessinsider.in/stock-market/news/sebi-report-reveals-the-ugly-truth-of-fo-trading-in-india-93-of-retail-traders-incurred-losses/articleshow/113620397.cms">SEBI report reveals the ugly truth of F&amp;O trading in India – 93% of retail traders incurred losses</a> <a href="https://www.businessinsider.in/stock-market/webstories/manba-finance-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113585986.cms">Manba Finance IPO – Price band to risk factors, all you need to know</a>

Sensex hits 85,000 level but closes flat as FMCG, banking shares drag

Mumbai, Apr 1 () Over 300 economists, academics, social scientists and past civil servants have urged the prime minister and chief ministers to take urgent steps to ameliorate the impact on the Covid-19 lockdowns on the vulnerable sections by increasing their monthly sustenance support to at least Rs 6,000 per family. Those who made the collective appeal to the prime minister and the chief ministers under the aegis of the Delhi-based Indian Society of Labour Economics include Abhijit Sen, Jean Dreze, Prabhat Patnaik, Deepak Nayyar, Ajit Ghose, Jayati Ghose, SK Thorat, Rakesh Mohan, Ashok Gulati, Bina Agarwal, NC Saxena, Sujata Rao and Meghnad Desai, among others. These economists, social scientists, leaders of labour organisations and former civil servants have appealed for "increasing the minimum central and state contribution to at least Rs 6,000 per month to each woman member of the family in the next three months and the Centre bearing the major portion". They also said all the states should ensure that at least 10 kg free rations per person per month, along with other necessary items, is available for all eligible households, which means three-four-fold increase of the current short-term relief package for impacted informal workers. Welcoming the Centre's Rs 1.7 trillion package and various measures taken by the states, the signatories to this letter, a copy of the same with the , they have proposed urgent additional measures that are required to address the critical gaps that exist in the short-term relief measures announced so far by increasing the package by three-four times. The letter says "cash transfer of Rs 6,000 per month to each household that doesn't have a person in formal employment or is not a tax-payer. The estimated burden of about Rs 3,60,000 crore for three months to be borne principally by the Centre but shared between the Centre and states". On the food and subsistence requirements, they point out that 10 kg cereals and other essential items per person per month free of cost through the PDS and food for the homeless and most distressed, to meet the basic food requirement of the poor in the informal economy who have lost jobs and incomes. They also called for ensuring the contract employees are retained by public sector units and also pay them full wages. There also has to be a scheme to compensate the unorganised and MSME sector workers by paying them wages during the lockdown. They have called for providing ex-gratia payments and to ensure that no needy person/household remains outside the social protection net being created to cope with the current calamitous conditions. On those fleeing the cities and got stranded midway- there are 40-50 million seasonal/circular migrants in construction, manufacturing, transport/travel industries and are currently without employment and want to head back to their villages, with their accompanying family members and warned that the numbers will increase as the lockdown extends. They also called for measures to ensure safe harvesting and post-harvesting activities in villages by procurement at MSP and enhanced storage by the FCI and state agencies to prevent a famine-like condition from evolving. Finally, they also appealed for ensuring the safety, security and welfare of the front-line workers, including those engaged in essential services on behalf of governments. BEN MKJ

Over 300 economists, social scientists seek 4-fold hike in payout to vulnerable

<ul><li>All startups will now have to disclose the source of capital of the creditor they are borrowing from.</li><li>This means a startup would have to prove the genuineness and creditworthiness of the said creditor.</li><li>The Income Tax department is empowered to impose tax on this loan or borrowing if it is unable to offer a satisfactory explanation.</li><li>You can see Business Insider’s budget coverage <a href="https://www.businessinsider.in/budget">here</a>.</li></ul>While the government of India has set forth the agenda of “trust-based governance”, it has also issued a counter-argument by making startups responsible for the source of income of their creditors. According to the latest amendment of Section 68 of the Income Tax Act, all startups will have to disclose the source of capital of the creditor they are borrowing from. The amendment was highlighted in the latest finance bill issued by the government on February 1, the day India’s Union Budget for 2022-23, was announced. This means a startup would have to prove the genuineness and creditworthiness of the said creditor. This is an issue as several startups do borrow money from high networth individuals and family offices. Rahul Charkha, Partner at Economic Laws Practice, told Business Insider, the tax authorities are well within their right to treat the loans and borrowings as unexplained cash credits if one is unable to prove the source of income. It can then “tax the same at 60% (plus surcharge and cess) without providing any benefit of basic exemption limit and slabs and would also attract penal consequences,” he added. Even though Finance Minister Nirmala Sitharaman has <a href="https://www.businessinsider.in/budget/news/budget-for-startups-2022-finance-ministry-proposes-to-extend-tax-holiday-by-another-year/articleshow/89269955.cms">mentioned</a> that “startups have emerged as a driver of growth for our economy”, the latest amendment is being seen as a set back to the same ecosystem. Tax experts like Deepak Shenoy, founder and chief executive of Capitalmind, have highlighted that the onus of this sort of verification should be with the income tax authorities and not on the startup. The regulation is basically urging the startups to ask for the investor’s income tax returns when the government can simply track it with a pan card number, he explained. In the current form, the Income Tax Act only mentions that investment from Securities and Exchange Board of India (SEBI)-registered venture capital funds or companies would not need such disclosure. “So technically, if a bank gives you a loan, you have the right to go to the bank and ask them their source of income,” Shenoy told Business Insider. Earlier the government was concerned<a href="https://www.businessinsider.in/business/startups/news/tax-rates-and-rules-change-expected-from-budget-2022/amp_articleshow/88899801.cms"> over Angel Tax </a>by trying to determine a startup’s valuation and that had issues of its own, he said. If one of my entrepreneur friends wants to borrow capital from me to pay salaries of their company's employees and I do give that capital for a short span of 15 days, the government would still require the startup founder to disclose the source of my income, Shenoy explained. I say I inherited that money from my father, then I show my father’s income proof?, he added. “What is the ease of doing business here?,” he added. But it seems like the government’s simple logic here is to avoid tax evasion. “The simple mechanism to avoid tax is that if I pay you, you have to charge me 18% GST [goods and services tax]. If you don’t want to pay that GST, instead of giving you the money, I say I invest in you or I buy your shares. Let’s say you give me 0.0001%, saying that the shares are sold at ₹75,000 a share and avoid taxes on it. You don’t have to pay income tax and GST, and you can use the money however you like,” Shenoy explained why the government had started scrutinising startup valuation in the first place. He also emphasised that the government needs to take notice that not all startups engage in such activities like tax evasion. According to Paras Nath, Partner of Tax and regulatory Services at TR Chadha and CO LLP, it was not always possible for the revenue department to scrutinise the books of creditor with reference to such credit transactions due to multiple challenges — including difference of jurisdiction, inability to scrutinise due to different assessment years involved and more. The government has added a compliance layer on startup's end to further strengthen Section 68 of the Income Tax Act and avoid tax evasion. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/zomato-founder-deepinder-goyal-sells-all-his-shares-in-blinkit-to-tiger-global/articleshow/89314970.cms" data-type="tilCustomLink">Zomato founder Deepinder Goyal sells all his shares in Blinkit to Tiger Global</a> <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/hdfc-itc-titan-zee-entertainment-and-other-hot-stocks-on-february-3/slidelist/89311999.cms">HDFC, ITC, Titan, Zee Entertainment and other hot stocks on February 3</a> <a href="https://www.businessinsider.in/tech/news/whatsapp-india-banned-over-2-million-accounts-in-december-2021/articleshow/89290341.cms">WhatsApp India banned over 2 million accounts in December 2021</a>

A tax guru explains all that is wrong with Indian government’s latest requirement for startups to disclose creditors’ source of income

Mumbai, Jun 11 () Equity benchmarks finished with heavy losses on Thursday, in tandem with global markets, as the Fed's sombre assessment of the US economy prompted investors to prune their exposure to risky assets. The 30-share BSE Sensex tumbled 708.68 points, or 2.07 per cent, to close at 33,538.37. Similarly, the broader NSE Nifty tanked 214.15 points, or 2.12 per cent, to 9,902. Global markets crashed after the Federal Reserve said the US faces a "long road" to recovery, even as concerns mounted about a second wave of coronavirus cases. The central bank projected the US economy would shrink 6.5 per cent this year and signalled holding rates at near zero through 2022. The Fed also said it will keep buying bonds to maintain low borrowing rates. A depreciating rupee and profit booking in banking and finance counters further weighed on domestic markets, traders said. SBI was the top laggard in the Sensex pack, dropping 5.64 per cent, followed by Sun Pharma, Maruti, Bajaj Finance, ICICI Bank, Tata Steel and Axis Bank. Only five index constituents closed in the green -- IndusInd Bank, Hero MotoCorp, PowerGrid, M&amp;M and Nestle India, spurting up to 4.49 per cent. "Indian equity markets posted their biggest single-day drop in three weeks. Weak global cues, adverse comments by Supreme Court in AGR case and widespread profit taking on weekly F&amp;O expiry day pulled indices lower," said Deepak Jasani, Head Retail Research, HDFC Securities. The Supreme Court on Thursday termed as 'totally impermissible' the demand by Department of Telecom for dues of Rs 4 lakh crore in Adjusted Gross Revenue (AGR) from PSUs. It also asked private telecom operators to file affidavits giving details as to how they will pay the AGR dues. All sectoral indices ended in the red, with BSE telecom index sinking 4.04 per cent, followed by metal, bankex, finance and teck. Broader BSE mid-cap and small-cap indices too plunged up to 1.41 per cent. In rest of Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul skidded up to 3 per cent. Stock exchanges in Europe too opened with significant losses. International oil benchmark Brent crude futures fell 2.85 per cent to USD 40.54 per barrel. On the currency front, the rupee depreciated 20 paise to provisionally close at 75.79 against the US dollar. ANS ABM ABM

Sensex slumps 709 pts as Fed punctures equity euphoria

Thompson ReutersMcKinsey.McKinsey, Bain, the Boston Consulting Group - these are the Ivy League of professional services firms. Not coincidentally, they recruit heavily from the academic Ivy League. Our ace reporter Robin Madell spoke with headhunters who have placed people at these mega-consultancies, and her resulting article provides a roadmap for getting into these firms, with or without the Ivy League pedigree. <a href="https://www.businessinsider.com/how-to-get-management-consulting-job-mckinsey-bcg-bain-accenture">Discover more here.</a><h2>Welcome to Success Insider, the Business Insider newsletter where we talk about getting things done</h2>Like getting more travel out of your life, broadening the workforce, or changing the economy. <h1>Myam YusufMyam Yusuf in Nusa Penida, Indonesia.</h1><h1><a href="https://www.businessinsider.com/ways-to-travel-world-without-quitting-job-freelancer-entrepreneur-employee">7 successful freelancers, entrepreneurs, and employees share how they managed to travel the world without quitting their jobs</a></h1>Ever wanted to incorporate more travel into your life and career? These people did it without sacrificing a steady paycheck and while still propelling their careers forward. One awesome idea: Build a sabbatical into your yearly schedule, like the Seattle-based hairdresser Myam Yusuf does every January.<a href="https://www.businessinsider.com/ways-to-travel-world-without-quitting-job-freelancer-entrepreneur-employee">Make departures here.</a>W. W. Norton &amp; Company, Simon &amp; Schuster, W. W. Norton &amp; Company Fiery books for a fiery time. <h1><a href="https://www.businessinsider.com/best-books-of-year-on-improving-capitalism-and-economy">The best books of 2019 on how we can rethink today's capitalism and improve the economy</a></h1>Politicians, corporate leaders, and academics have been pushing for a rethinking of American capitalism - whether to address inequality, economic growth, sustainability, or a combination of all the above.Correspondent Richard Feloni, who leads the coverage of our Better Capitalism series, selected the most powerful titles that came out this year.We might add they'd make a great stocking stuffer for the impatient optimist in your life.<a href="https://www.businessinsider.com/best-books-of-year-on-improving-capitalism-and-economy">Check out the books here.</a><h1>Reuters/Brendan McDermidAutistic British artist Stephen Wiltshire works on his panoramic drawing of the New York skyline with his sister Annette.</h1><h1><a href="https://www.businessinsider.com/charity-initiative-developmental-disiability-neurodiversity-job-interview-2019-12">Here's how recruiting neurodiverse talent can help business owners fill crucial roles in a tight labor market</a></h1>Finding talent for your business is never easy - and record low unemployment isn't making it any easier - but we talked with three leading developmental disability nonprofits who have a joint initiative that could help businesses meet staffing challenges.Autism Speaks, Best Buddies, and Special Olympics have teamed up to expand the business world's definition of diversity to include cognitive differences and connect one million neurodiverse people with good jobs.<a href="https://www.businessinsider.com/charity-initiative-developmental-disiability-neurodiversity-job-interview-2019-12">Join the movement here.</a>And more next week! <h3>NOW WATCH: <a href="https://www.businessinsider.com/deepak-chopra-how-to-unleash-your-happiness-creativity-productivity-2019-11">Deepak Chopra explains how to unlock your natural happiness, creativity and productivity</a></h3>

SUCCESS INSIDER: How to land a job at McKinsey - or make travel part of your life without losing a salary

<ul><li>Recruitment experts believe that there will be 15-20% increase in hiring at the CXO level in 2019 in India. </li><li>From Indigo’s Aditya Ghosh now leading Oyo’s operations to <keyword id="7345771" type="UNKNOWN" weightage="20" keywordseo="Ajit-Mohan-Heading-facebook">Ajit Mohan heading Facebook</keyword>, 2018 already saw a shuffle in the top management of many of India’s leading businesses. </li><li>The adaptation to technology is one of the reasons behind increased CXO hiring.</li></ul>While the many sectors of the Indian economy cope with expected job losses, it appears that hiring in the top rung is set to see a sharp jump this year. Recruitment experts <a href="https://economictimes.indiatimes.com/jobs/cxo-hiring-on-full-steam-as-poll-impact-limited/articleshow/67596357.cms">believe</a> that there will be 15-20% increase in hiring at the CXO level in 2019. In India, <keyword id="7345773" type="UNKNOWN" weightage="20" keywordseo="Hiring-at-the-c-suite-or-CXO-level">hiring at the c-suite or CXO level</keyword> has seen an upward tick with multiple new hires across companies during the past year, with management reshuffles and executives jumping ship between companies and startups. From former Indigo president Aditya Ghosh joining Indian unicorn <keyword id="2550719" type="COMPANY" weightage="20" keywordseo="OYO-Rooms">Oyo Rooms</keyword> to Ajit Mohan of Hotstar going on to head Facebook India, there have been multiple <a href="https://www.businessinsider.in/Some-of-Indias-marquee-industry-execs-have-changed-jobs-heres-a-roundup/Abhijit-Bose-Securing-WhatsApp/slideshow/67550453.cms">rejigs </a>in the Indian business world in recent months. In 2019, the sectors that will contribute to the rise in CXOs are BFS, Consumer/FMCG, Retail, e-commerce and Fintech, according to executives of head-hunting firms. “The general elections may change this trend slightly depending on the results, but domestic demand is expected to remain bullish and hence, we will see a similar trend in the latter half of the year as well,” said Agamjeet Dang, Managing Partner, Executive Access. Another executive search expert K Sudarshan managing partner for India, EMA Partners International had told <a href="https://economictimes.indiatimes.com/jobs/cxo-hiring-on-full-steam-as-poll-impact-limited/articleshow/67596357.cms">ET</a> that with banks having cleaned up their books and the credit cycle turning positive, companies plan to augment capacity with considerable fresh capital expenditure. Tech expertise One of the reasons behind the growing demand for CXO-level hiring has been the turnaround of Indian companies to embrace technology and adapt to digital at a fast pace. Many of them lack in-house expertise, prompting demand for strong leadership with technology experience. “This will also result in shifting of job skills, with more low-end jobs moving out, and getting replaced with above skills at mid to senior levels. Even at CXO levels, this skills will continue to remain in demand and drive growth,” said Dang. And It’s not just companies that are hiring tech-driven top management, but also startups are keen on <a href="https://m.economictimes.com/small-biz/startups/newsbuzz/cto-hiring-precedes-funding-in-a-3rd-of-fintech-companies/articleshow/66874937.cms">bringing</a> on board experienced chief technology officers. India still remains an important outsourcing hub for many global companies, requiring experienced top professionals. India’s cost competitiveness, part reason that Dang cites for the increasing number of CXOs in India is the country’s cost competitiveness in providing IT Services, which is approximately three to four times cheaper than the US. “With global economies continuing to struggle with growth rates, attractiveness of India as a outsourcing hub should continue to remain bullish,” he said. Even roles requiring global leadership exposure is also drawing executives from India. In the last year, many Indians took over CXO level positions in companies across the world. Nikkon appointed Sajjan Kumar while Sony put Sunil Nayyar in charge of their local operations both positions which were earlier held by Japanese professionals, reported <a href="https://economictimes.indiatimes.com/jobs/indians-are-top-picks-for-cxo-jobs-at-asian-firms/articleshow/64913965.cms">ET.</a>

Amid job crisis, India’s C-suite hiring set to grow significantly this year, say recruitment experts

From Adani Group to Tata Motors and banks ⁠— these 17 stocks have already lost over 10% in last one month

New Delhi, Mar 25 () The nationwide lockdown for next 21 days amid spread of coronavirus will severely impact residential real estate as housing sales have almost come to a standstill, which could affect builders' cash flow and lead to default in repayment of bank loans, according to property developers and consultants. Market experts also fear that existing customers might delay payments of their instalments to developers, who in turn could default in repayment of principal and interest on bank loans. Developers may hold on to apartment rates, but prices in the secondary or resale market could fall, they said. To mitigate the impact, developers and brokers are adopting digital marketing tools to reach out to prospective home buyers. When contacted, realtors' apex body CREDAI President Satish Magar said the lockdown will greatly impact the sales transactions and new launches will be deferred. "There are chances of many customers defaulting on their instalments because of tough economic conditions. These will have a cascading effect on developers-who will be battling with servicing their debts as cash inflows will be strained," he added. NAREDCO President Niranjan Hiranandani said overall sales numbers have dropped. The lockdown has opened up opportunities for digital platforms for sales and marketing activities, as also payments, he said. Bengaluru-based Puravankara MD Ashish R. Puravankara said: "At this point, no property registrations are taking place and all new project launches are postponed". As all construction sites are under lockdown, there will be a delay in completion leading to an increase in the interest cost, he added. "Additionally the lockdown could hamper the cash flow cycle of the developers' balance sheets and could result in bank defaults", said Ashish. Anarock Chairman Anuj Puri said the lockdown will have a negative impact on housing sales and new launches during the auspicious festivals of Gudi Padwa, Akshaya Tritiya, Navratri and Ugadi. "This is a time when AV technology to enable virtual site visits and walk-throughs will gain increased relevance and use," he said. Anshuman Magazine, Chairman &amp; CEO (India, South East Asia, Middle East &amp; Africa), CBRE said: "It is too early to comment on the impact of Covid 19 given that the situation is still evolving ... We are confident that once the situation normalises, sales will resume". Dhruv Agarwala, Group CEO, Housing.com and PropTiger.com, said the lockdown will have an adverse impact on real estate. "We too have begun to see a dip in traffic on all our platforms," he said, adding that the company has come out with innovative schemes for builders and brokers to advertise on its websites. Siva Krishnan, MD (Residential Services and Developer Solutions), JLL India said the lockdown will definitely have an impact on housing sales, but briefly. Shalin Raina, MD- Residential Services, Cushman and Wakefield, said the complete lockdown means lesser sales since most of the transaction closures happen only after site visits. Housing prices have corrected by 15-20 per cent in the last few years and further decline is unlikely, Raina said. Savills India CEO Anurag Mathur said: "Housing sales may see a sharp dip for at least the next one quarter... Even if the situation settles down quickly, it may take time for homebuyers to come back to the market." "Price elasticity is not a concern under the circumstances since the transaction activity is at a standstill anyway. Depending upon the duration and depth of the current crisis, prices may or may not see a downward movement," he said. Omaxe CEO Mohit Goel said the recovery in the housing segment has been halted. "As for real estate prices, there will be no change as transactions are not taking place. The prices will resume at the level it has halted," he said. Gaurs' MD Manoj Gaur said, "The sales are impacted, but it is temporary." Supertech Chairman R K Arora said, "housing sales have completely gone". There are no buyers in the market. Pune-based Gera Developments MD Rohit Gera said, "Real estate sales are at a standstill. So far there has not been any reduction or crash in prices of homes." "In the absence of some relief from the government, more real estate developers with debt obligations will default on account of the stop in cash flows thereby impacting the economy and jobs," he added. M3M Director Pankaj Bansal said housing sales would get impacted during this period of crisis, but it would also create a pent up demand once things get back to normal. Experion Developers Senior ED Ananta Singh Raghuvanshi said, "Sales closures are temporarily getting pushed ahead. Prices won't change." Raheja Developers ED Nayan Raheja said the sales and construction are badly impacted and at standstill. ABA Corp Director Amit Modi said the sales velocity has definitely been slow. Gulshan Homz Director Deepak Kapoor said, "People are deferring property buying decisions." PropEquity MD Samir Jasuja said: "For the real estate sector, this is a tough situation as it was just finding green shoots of recovery. We believe for the next few weeks, we will not see any new transactions for housing sales". Ambience President (Sales &amp; Marketing) Ankush Kaul said: "Housing sales will be impacted for the next few weeks." Ekta World Chairman Ashok Mohanani said the lockdown has affected the business cycle deeply. Wadhwa group, Head - Sales, Marketing Bhasker Jain said the lockdown has impacted sales and the company is offering cashback on online bookings. Brokerage firm 360 Realtors Ankit Kansal said the activities have come to a standstill after lockdown. Sales were down by 30-40 per cent during the first three weeks of March. Investors Clinic Founder Honeyy Katiyal said sales would be impacted but not the price. Wealth Clinic CMD Amit Raheja said, "It will hamper sales to a large extent, but we expect a good turnaround once the situation returns to normalcy." MJH MRMR

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