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<ul><li>RIL’s annual general meetings have been labelled ‘carnivals’ by market experts due to huge attendance.</li><li>The company has been acquiring many companies across sectors, above and beyond the many interests it already holds.</li><li>Here are some of the questions that investors can ask the chairman at the <keyword id="45644" type="General" weightage="80" keywordseo="agm" source="Orion">AGM</keyword> about the future course of the conglomerate. </li></ul>It’s been decades since <keyword id="6418409" type="General" weightage="50" keywordseo="dhirubhai-ambani" source="Orion">Dhirubhai Ambani</keyword> famously said that a phone call should be cheaper than a postcard. No one writes postcards anymore. But <keyword id="10924" type="General" weightage="100" keywordseo="ambani" source="Orion">Ambani</keyword> generations are still experimenting with newer and newer ways to bring people ‘closer’. During the first pandemic year, Isha and Akash Ambani conversed in their 2D and 3D avatars via a holographic call at the company’s 41st annual general meeting; showcasing their futuristic product – <keyword id="9579590" type="General" weightage="50" keywordseo="jio-glass" source="Orion">Jio Glass</keyword>. The twins kept two important traditions alive – announcing the next-big thing of the group’s ever expanding interests; and of course the dazzle factor of AGMs. The celeb factor In 2019, <keyword id="3820" type="General" weightage="80" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword> connected to Alphabet CEO Satya Nadella after he announced a deal with Google. Two years later, he ‘welcomed’ Saudi Aramco’s chairman Yasir Al-Rumayyan onto the board. The $15 billion deal with the oil major was cancelled a few months later over valuation mismatch. Yet the optics around the ‘big announcements’ have worked so well that most of the time, RIL stock tends to appreciate ahead of an AGM. Especially since 2016, when telecom’s soft launch kicked off, it never did die down. Most of them also center around technologies of tomorrow – be it shopping via VR or retail going online. The range and depth of Relianceverse It’s not just metaverse or virtual reality that the group is banking on – the sheer number of acquisitions and interest that it has in startups has turned its interests into a mini Relianceverse. While they have acquired interests in over 20 companies since 2019. The ticket size of these acquisitions range from $2 million to $200 million from Sankhya Sutra Labs to Dunzo, respectively. The companies belong to niche specializations – from fluid dynamics software simulation software VR imaging to ERP and SaaS companies, e-commerce companies, creative home solutions to AI powered learning platforms. The latest acquisitions however pertain to lithium and sodium battery solutions as the group ventures into green hydrogen. According to a Bank of America research report, the historical M&amp;As show a pattern – they all were done to add value or fill gaps in RIL’s consumer offerings where management believed it was difficult to build in-house. “All investments fall under five categories– telecom, retail, education, healthcare, and agriculture. A new category of clean-energy was added in 2020-21 where further investments were made with an intention of getting access to clean-tech,” the report said. This BoFA rule however exceptions – the luxury hotel of Mandarin Oriental in New York for $98 million, UK based hotel StokePark for $79 million, SkyTran a clean tech podcar transport system based in the US, and also a smaller acquisition of IMG Reliance, an event management company for $7 million. This is the part that investors seek clarity from the management and the best way to do it is the annual general meeting that’s to be held on August 29, 2022. Questions to be asked Reliance AGMs are blessed with a large and wide attendance, making market watcher S P Tulsian once call it a ‘carnival’. While most people come to get a glimpse of India’s richest family members and some others entertain with shayaris, investors also need to do what AGMs are there for — to ask questions about the direction of the business and the value its creating. Currently, RIL is an oil to telecom to retail to new energy business that’s being driven in different directions. Here are some of the questions that can be answered at the AGM. <ol><li>Why are we acquiring so many companies across business and are we getting into hotels and lifestyle business, especially in international markets? </li><li><keyword id="8508699" type="General" weightage="50" keywordseo="jio-mart" source="Orion">Jio Mart</keyword> is nowhere close to Amazon, Flipkart or even startups like Swiggy Instamart. When can we expect a possible sync with Dunzo and become a serious e-commerce player?? </li><li>Reliance JioTV and JioFibre were launched with the promise of first show movies, but Voot and JioTV are nowhere close to Hotstar, Prime or Netflix. Will the $3 billion IPL media rights be a game changer? </li><li>We paid nearly $11 billion for 5G spectrum, when can we expect the payoff? And, when will we reach the 500 million subscriber target? </li><li>Reliance has plans for green hydrogen, biogas and solar PV manufacturing, which are capital intensive. When can we expect a demerger or fund raising? </li><li>The IPO market has become feeble due to international market conditions. Will that delay the demerger and listing of retail and telecom businesses? </li><li>Akash Ambani has been elevated as the head of telecom business. Is there a complete succession plan in place? </li></ol>SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/gautam-adanis-overly-ambitious-growth-plans-can-spiral-into-a-massive-debt-trap-fitch/articleshow/93725014.cms">Gautam Adani’s overly ambitious growth plans can spiral into a massive debt trap: Fitch</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/research/news/drdo-has-developed-a-facial-recognition-system-that-claims-to-see-through-masks-and-disguise/articleshow/93726351.cms">DRDO has developed a facial recognition system that claims to see through masks and disguise</a>

What should investors ask Mukesh Ambani at his company’s AGM?

<keyword id="111343" type="General" weightage="80" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword>, Chairman, <keyword id="6367820" type="General" weightage="50" keywordseo="adani-group" source="Orion">Adani Group</keyword>, has said that the combined Group market capitalisation this year exceeded $200 billion. "We were able to raise billions of dollars from the international markets, a direct validation of confidence in the <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> and <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> growth story. Our growth and success have been recognised around the world. Several foreign governments are now approaching us to work in their geographies and help build their infrastructure. Therefore, in 2022, we also laid the foundation to seek a broader expansion beyond India's boundaries," he said at the annual general meeting (AGM) of Adani Enterprises Limited (<keyword id="236769" type="General" weightage="50" keywordseo="ael" source="Orion">AEL</keyword>). The success of the Adani Group is based on its alignment with the India growth story, and it is my strong conviction that there is no other nation that is as well positioned as India, said Gautam Adani. "The best evidence which showcased our confidence and belief in the future, is our investment of $70 billion in facilitating India's green transition. We are already one of the world's largest developers of solar power. Our strength in renewables will empower us enormously in the effort to make green hydrogen the fuel of the future. We are leading the race to turn India from a country over-reliant on import of oil and gas, to a country that might one day become a net exporter of clean energy. "While we now hold a major global renewable energies portfolio, we have made also remarkable progress in several other industries over the past 12 months. In one stroke, we have become the largest airport operator in India. "Around these airports that we operate today we are engaged in the adjacent businesses of developing aero-tro-polises and creating localised community based economic centres. We continue to grow as builders of India's infrastructure, winning some of the largest road contracts in the nation and growing our already substantial market share in business such as ports, logistics, transmission and distribution, city gas and piped natural gas. "Our successful IPO of Adani Wilmar makes us the largest FMCG company in the country. And following the acquisition of Holcim's assets in India that include two of the most recognised brand names across the country, <keyword id="6374289" type="General" weightage="50" keywordseo="acc" source="Orion">ACC</keyword> and <keyword id="105382" type="General" weightage="50" keywordseo="ambuja-cements" source="Orion">Ambuja Cements</keyword>, we are now the second largest cement manufacturer in India. This is a classic example of our adjacency based business model at work. In addition, we have also made entries in sectors ranging from data centres, digital super apps, and industrial clouds to defence and aerospace, metals, and materials, all aligned with the government's vision of an Atmanirbhar Bharat," he says. Gautam Adani said the group's rising market capitalisation has been supported by a robust and sustained growth in our cash flows. "Our focus on operational excellence across our portfolio and the accretive capacity addition delivered an EBITDA growth of 26 per cemt. Portfolio EBITDA stood at Rs 42,623 crore. This diversified growth was reflected across our range of businesses. Our utility portfolio grew by 26 per cent, our transport and logistics portfolio grew by 19 per cent, our FMCG portfolio grew by 34 per cent, and Adani Enterprises Limited, our incubator business, grew by 45 per cent. AEL's unique business model has no parallel and we intend to leverage this further." The high growth of AEL provides the Group with a reliable foundation for the continued development of new businesses for yet another big decade. "While we may look back and feel content, it is only now that we are gathering real momentum. What we have been able to achieve in two decades, is become India's largest integrated infrastructure business based on a rapid extension into adjacent businesses. This has resulted in our transformation into an integrated 'platform of platforms' that combines an energy platform with a logistics platform, both of which help us with unprecedented access to the Indian consumer. I today know of no company that has such an unique business model with potential access to an unlimited B2B and B2C market for the next several decades," Gautam Adani said.

Our group's combined market cap exceeds $200 billion, says Gautam Adani

Billionaire investor Geroge <keyword id="177967" type="General" weightage="80" keywordseo="soros" source="Orion">Soros</keyword> has weighed in on the ongoing Adani-Hindenburg row stating that Prime Minister <keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> is "silent" on the issue and will have to "answer questions from foreign investors and in parliament." BJP was quick to lash out a the US tycoon stating that "George Soros an international entrepreneur has declared his ill-intention to intervene in democratic processes of India." Soros in a speech on Thursday said that Gautam Adis "accused of stock manipulation and his stock collapsed like a house of cards." "<keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> Enterprises tried to raise funds in the stock market but failed," Soros said. <keyword id="6367820" type="General" weightage="80" keywordseo="adani-group" source="Orion">Adani Group</keyword> has been accused by US shortseller Hindenburg of engaging in "brazen stock manipulation and accounting fraud" over decades, a claim that Adani Group has stoutly denied. Terming Modi and Adani as "close allies," whose "fate is intertwined", the 92-year-old billionaire investor said, "This will significantly weaken Modi's stranglehold on India's federal government and open the door to push for much-needed institutional reforms." "I may be naive, but I expect a democratic revival in India," Soros said in his remarks delivered at the 2023 Munich Security Conference. US-based short seller, in its report on January 24, raised concerns about shares of Adani group companies having a possibility of declining from their current levels owing to high valuations, "brazen stock manipulation", and "accounting fraud", among others. After the report came out, share prices of companies in the Adani Group dropped significantly. The continued sell-offs in the group's stocks led its flagship firm, Adani Enterprises Limited, to cancel a fully subscribed Rs 20,000 crore follow-on public offer. In its response the Adani Group, on January 29, in a long 413-page report, said the report by Hindenburg Research was not an attack on any specific company but a "calculated attack" on India, its growth story, and ambitions. The Adani Group has attacked Hindenburg as "an unethical short seller" and stated that the report by the New York-based entity was "nothing but a lie". The Adani-Hindenburg row was also raised in Parliament with Opposition parties disrupting proceedings in the recent Budget Session wit their demands for a joint parliamentary committee probe into the matter Congress has written to Reserve Bank of India Governor and SEBI chairperson , in two separate letters, seeking an investigation on the allegations levelled against the Adani Group by Hindenburg Research. Earlier on Monday, the central government informed the Supreme Court that SEBI is competent to handle the situation and it has agreed to constitute a committee to protect investor interests, following Hindenburg's report on Adani Group. The Solicitor General Tushar Mehta informed a bench of Chief Justice DY Chandrachud that SEBI is completely equipped to deal with the situation and said that the government has no objection to appointing a committee to suggest ensuring investors are protected in the future. However, he said that the remit of the committee is important since it has an effect internationally. He also said that the government will provide names in a sealed cover. Last week, the Supreme Court sought a response from the Ministry of Finance and SEBI on how to ensure that Indian investors are protected in future against sudden volatility observing the recent crash due to the Hindenburg Research report. Meanwhile, in his Thursday speech, Soros termed India India an interesting case of democracy. "PM Modi maintains close relations with both open and closed societies. India is a member of the Quad (which also includes Australia, the US, and Japan), but it buys a lot of Russian oil at a steep discount and makes a lot of money on it," Soros said. The BJP attacked Soros as "a man who broke bank of England" and is "designated by nation an economic war criminal." "The pronouncements made by George Soros need to be understood. He makes such pronouncements to demolish Indian democracy so that his handpicked people run the government in the country," BJP leader and union minister <keyword id="6612" type="General" weightage="50" keywordseo="smriti-irani" source="Orion">Smriti Irani</keyword> said in a press conference today. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/govt-gives-in-principle-approval-to-nine-ethanol-blending-projects/articleshow/98005422.cms">Govt gives in-principle approval to nine ethanol blending projects</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-add-subscribers-as-vodafone-idea-continues-to-bleed-subscribers/articleshow/98006341.cms">Reliance Jio and Airtel add subscribers as Vodafone Idea continues to bleed subscribers</a>

George Soros wades into Adani-Hindengburg row, says PM Modi "silent"; BJP hits back

<ul class="summary-list"><li>Gautam Adani says China will feel "increasingly isolated," and sees a harder economic bounce back.</li><li>Companies and countries are turning away from globalization in favour of nationalism.</li></ul>India's Gautam Adani, the richest person in Asia, says China has an increasingly isolated outlook on the world stage."I anticipate that China – that was seen as the foremost champion of globalization – will feel increasingly isolated," Adani said in his keynote speech at the Forbes Global CEO Conference in Singapore on Tuesday. "Increasing nationalism, supply chain risk mitigation, and technology restrictions will have an impact."The founder of the Adani Group conglomerate has a net worth of $139.8 billion as of September 27, and is the world's third-wealthiest person after Elon Musk and LVMH CEO Bernard Arnault, according to <a href="https://www.forbes.com/real-time-billionaires/#6b2ed3c73d78">Forbes.</a>Following the COVID-19 pandemic and amid the war in Ukraine, companies and countries around the world are looking to protect their supply chains and reduce their dependence on others. As the factory for the world, China has benefited from globalization, but its tide may be turning — and its bounce back will be challenging, Adani said.China is facing backlash for <a href="https://www.businessinsider.com/belt-and-road-spending-and-growing-debt-cause-for-concern-in-china-2018-7">lending more money to emerging countries than they can afford</a> — making them beholden to Beijing, as well as concerns over its <a href="https://www.businessinsider.com/china-mortgage-protests-why-people-refusing-to-pay-loans-2022-7">real-estate debt crisis</a> spiralling into a broader <a href="https://www.businessinsider.com/china-economy-xi-jinping-evergrande-debt-american-world-fallout-2021-10">global financial crisis.</a>"China's Belt and Road initiative was expected to be a demonstration of its global ambitions, but the resistance now makes it challenging. And its housing and credit risks are drawing comparisons with what happened to the Japanese economy during the <a href="https://www.businessinsider.com/what-japans-lost-decade-meant-for-youth-employment-2012-10">'lost decade'</a> of the 1990s," said Adani.Meanwhile, global turbulence has "accelerated opportunities" for India, Adani said.India has a burgeoning middle class and a young population that will drive its GDP to $30 trillion by 2050, up from $3 trillion currently, making it "bright spot" in the political and market perspective, Adani said. His projection echoes that of <a href="https://www.ey.com/en_in/tax/economy-watch/indian-economy-by-twenty-fifty-in-pursuit-to-achieve-the-thirty-trillion-dollar-mark">DK Srivastava,</a> chief policy advisor at Ernst &amp; Young India.It would be in Adani's benefit to present India as a country of opportunity and potential: the <a href="https://www.adani.com/businesses">Adani Group</a> is a huge enterprise, with interests from energy to transportation and real estate. It's worth almost $234 billion as of September 29 — and that's just from seven publicly traded companies in the conglomerate."What I see ahead are the new principles of global engagement based on greater self-reliance, lowered supply chain risks, and stronger nationalism," Adani said.

Asia's richest man, Gautam Adani, feels China will be 'increasingly isolated' in current global turbulence — and says the country's bounce back will be harder than ever

<ul><li>Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> made five announcements in the personal income tax front including changing the income tax rebate limit. </li><li>The allocation to PM Awas Yojana was also enhanced by 66% to ₹79,000 crore. </li><li>PAN will be common identification for all digital systems which will increase ease of doing business. It will be facilitated via a legal mandate. </li></ul>Finance Minister Nirmala Sitharaman said on Wednesday that those earning below ₹7 lakh income per annum need not pay any income tax in the new tax regime. This limit has been increased from ₹5 lakh earlier. “This is for our hard working middle class,” she said in her Budget speech insisting that this is the announcement ‘everyone’ is waiting for. The government also said it will increase its capital outlay by 33% to ₹10 lakh crore in FY24 – that’s 3.3% of GDP. The allocation to PM Awas Yojana was also enhanced by 66% to ₹79,000 crore. She also allocated ₹15,000 crore over three years to the Schedule Tribe Mission. The FM also allocated ₹35,000 crore as energy transition investment. She also said that FY23 fiscal deficit at 6.4%, adheres to budget estimates. She fixed FY24 fiscal deficit target at 5.9%. India is heading towards a bright future despite challenges, as she delivered her fifth budget in the parliament. She identified seven priorities for the budget — inclusive growth, reaching the last mile (digital public infra for agriculture), infrastructure and investment, unleashing potential, green growth, youth power, and financial sector. “Three things will be in focus – ample opportunities for citizens to youth to fulfill growth, strong impetus to growth and job creation and strengthening macro economic stability,” Sitharaman said. It is the last budget that the government will deliver before India goes into a general election next year. Here are the Budget speech highlights: 5 Personal Tax Announcements <ul><li>The FM today changed the income tax rebate limit from ₹5 lakh per annum to ₹7 lakh per annum in the new tax regime. Those with an annual income of ₹7 lakh and below need not pay income tax. </li><li> In the second announcement, FM said that she is changing the tax structure and reducing the number of slabs and increasing the tax exemption limit, under the new tax regime. The new tax rates are </li></ul><table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Slab </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tax rate </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹0-3 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nil </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3-6 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 6-9 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 9-12 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹12-15 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹15 lakh and above </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30% </td></tr></tbody></table> <ul><li>The third proposal is for the salaried class and the pensioners including family pensioners. She extended the benefit of standard deduction to the new tax regime. Each salaried person with an income of ₹15.5 lakh or more will thus stand to benefit by ₹52,500. </li><li>The FM reduced the highest surcharge rate in personal income tax from 37% to 25% in the new tax regime. This would result in reduction of the maximum tax rate to 39%. </li><li>The limit of ₹3 lakh for tax exemption on leave encashment on retirement of non-government salaried employees is increased to ₹25 lakh. </li></ul>She also said that the new income tax regime will be the default tax regime. However, citizens can continue to avail the benefit of the old tax regime. Other speech highlights <ul><li>It’s the first budget in Amritkaal. It hopes to build on the foundation laid in previous Budgets and the blueprint drawn for India@100. </li><li>Current year eco growth is estimated to be at 7% – highest among all major economies in spite of the massive slowdown globally caused by war and Covid-19. </li><li>Despite challenges, India is heading to a bright future. </li><li>The government will provide 5 kg grains to 81 crore people free of cost. This will result in a food subsidy bill of ₹2 lakh crore for the next one year. </li><li>Three things will be in focus – ample opportunities for citizens to youth to fulfill growth, strong impetus to growth and job creation and strengthening macro economic stability. </li><li>Seven priorities – inclusive growth, reaching the last mile (digital public infra for agriculture), infrastructure and investment, unleashing potential, green growth, youth power, financial sector. </li><li>Agricultural credit target raised to ₹20 lakh crore. An agricultural accelerator fund to be set up. </li><li>157 new nursing colleges to be started. </li><li>Age appropriate reading material to be provided to children and adolescents with non-curricular titles via National Book Trust and more to make up for the loss of learning during the pandemic. </li><li>Allocation to PM Awas Yojana enhanced by 66% to ₹79,000 crore. </li><li>₹15,000 crore allocated over three years to the Scheduled Tribe Mission. </li><li>Computerisation of 63,000 primary agricultural credit societies with an investment outlay of ₹2,516 crore. </li><li>More than 39,000 compliances have been reduced and over 3,400 legal proceedings have been decriminalised to enhance Ease of Doing Business. </li><li>PAN will be common identification for all digital systems which will increase ease of doing business. It will be facilitated via a legal mandate. </li><li>₹35,000 crore allocated for energy transition investment. </li><li>₹7,000 crore for the third phase of e-courts. </li><li>Will facilitate 1 crore farmers to adopt natural farming methods. For this, 10,000 bio-input resource centers will set-up. </li><li>A unified skill India digital platform will be set-up linking with employers, facilitating entrepreneurship schemes and stipends to students. </li></ul>Customs Duty The number of basic customs duty rates on goods reduced, other than textiles and agriculture, from 21 to 13. There are minor changes in the basic custom duties, cesses and surcharges on some items including toys, bicycles, automobiles and naphtha, FM said in her speech. Savings &amp; Deposits Mahila Samman Bachat Patra – a one-time small savings scheme called Mahila Samman Savings Certificate will be made available for a 2-year period upto March 2025. This will offer ₹2 lakh for women and girls for 2 years at a FD rate of 7.5% with partial withdrawal option. The maximum deposit for senior savings increased from ₹15 lakh to ₹30 lakh. Fiscal Deficit <ul><li>FY23 fiscal deficit retained at 6.4%, adheres to budget estimates. </li><li>FY24 fiscal deficit target is at 5.9%. To bring fiscal deficit below 4.5% by FY25-26 </li></ul>Calamity related duty on cigarettes hiked by 16%. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/mukesh-ambani-overtakes-gautam-adani-as-the-richest-indian/articleshow/97519749.cms">Mukesh Ambani overtakes Gautam Adani as the richest Indian on the Forbes Real-Time Billionaires List</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/startups-incorporated-till-march-2024-to-get-income-tax-benefits-fm/articleshow/97519570.cms">Startups incorporated till March 2024 to get income tax benefits: FM</a>

Budget 2023-24 highlights: Those with income below ₹7 lakh a year need not pay income tax

From Ambanis and <keyword id="261423" type="COMPANY" weightage="100" keywordseo="Adanis">Adanis</keyword> to <keyword id="3686670" type="UNKNOWN" weightage="20" keywordseo="premjis">Premjis</keyword> and <keyword id="242899" type="ORGANIZATION" weightage="20" keywordseo="Khorakiwalas">Khorakiwalas</keyword>, several generation-next leaders of India's leading family-run businesses have joined crorepati club when it comes to their salaries and other perks. 
 
With a number of corporate houses promoting sons and daughters of their promoters to leadership positions, many of these companies have begun giving hefty remuneration packages to them for their "increased responsibilities" and "active involvement" in exploring new business opportunities, as per a news report by an agency. 
 Still, the annual pay of these next-generation leaders remains relatively low, as against the overall average payout of over Rs 20 crore for CEOs of India's top-listed companies forming part of <keyword id="6484188" type="CITY" weightage="20" keywordseo="Sensex">Sensex</keyword> and only a fraction of the same in the US at close to $20 million (about Rs 130 crore). 
 <keyword id="6369979" type="COMPANY" weightage="20" keywordseo="Gujarati">Gujarati</keyword> industrialist <keyword id="111343" type="PERSON" weightage="20" keywordseo="Gautam-Adani">Gautam Adani</keyword>'s son <keyword id="443" type="ENTERTAINMENT" weightage="20" keywordseo="Karan">Karan</keyword>, who was appointed CEO of <keyword id="1016113" type="UNKNOWN" weightage="20" keywordseo="Adani-Ports-and-Special-Economic-Zone-Ltd">Adani Ports and Special Economic Zone Ltd</keyword>, did not draw any remuneration from the company for fiscal 2015-16, but the board has approved an annual remuneration for him of up to Rs 1.5 crore, including salary, perks and other benefits, with effect from September 1, 2016. 
 
As Chairman and Managing Director of the company, Gautam Adani got total remuneration of Rs 2.8 crore in 2015-16, while Whole Time Director Malay Mahadevia got Rs 10.7 crore. 
 In case of <keyword id="9171" type="PERSON" weightage="20" keywordseo="Anil-Ambani">Anil Ambani</keyword>'s son <keyword id="141180" type="PERSON" weightage="20" keywordseo="Anmol">Anmol</keyword>, who was recently appointed as Director on the board of the group's financial services arm <keyword id="6360090" type="CITY" weightage="20" keywordseo="Reliance-Capital">Reliance Capital</keyword>, the company has proposed a salary of Rs 10 lakh per month. 
 Reliance <keyword id="36749" type="ORGANIZATION" weightage="20" keywordseo="capital">Capital</keyword> will seek shareholders' approval on the upcoming AGM on September 27 for various proposals, including <keyword id="3591294" type="PERSON" weightage="20" keywordseo="Anmol-Ambani">Anmol Ambani</keyword>'s appointment as Executive Director for a period of five years as well as for the remuneration to be paid. 
 
In the shareholders' notice, the company said his salary would be Rs 10 lakh per month. 
 In addition to the salary, perquisites and allowances, he will also be entitled to receive commission based on next profit of the company. Anmol,24, has been working in various financial services businesses within Reliance Capital since 2014 and has a degree from <keyword id="174907" type="ORGANIZATION" weightage="20" keywordseo="Warwick-Business-School">Warwick Business School</keyword> in the UK. 
 Salaries of <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>'s children -- <keyword id="8372" type="PERSON" weightage="20" keywordseo="Akash">Akash</keyword> and <keyword id="2464" type="PERSON" weightage="20" keywordseo="Isha">Isha</keyword> -- could not be ascertained, though they are said to be playing key roles in <keyword id="6355199" type="CITY" weightage="20" keywordseo="Reliance-Industries">Reliance Industries</keyword> group's telecom and retail ventures. 
 <keyword id="267060" type="PERSON" weightage="20" keywordseo="Sudarshan-Venu">Sudarshan Venu</keyword>, son of TVS Motor's <keyword id="130465" type="PERSON" weightage="20" keywordseo="Venu-Srinivasan">Venu Srinivasan</keyword>, got annual remuneration of Rs 9.59 crore for 2015-16, while the company last month sought shareholders' approval for revising his remuneration as Joint Managing Director. 
 
Explaining the proposal, the company said in its AGM notice, "The board reviewed the remuneration payable to him after taking into consideration his active involvement in all spheres of management for exploring business opportunities both in India and abroad and felt that, JMD can be compensated by way of enhanced commission. 
 
"The board was of the opinion that the existing remuneration was considerably inadequate, when compared with the industry norms and similarly placed senior management personnel of the company."

The new generation of Ambanis
and Adanis joins the crorepati club

New Delhi, The <keyword id="40807" type="General" weightage="20" keywordseo="election-commission" source="Orion">Election Commission</keyword> (EC) issued a show-cause notice to Congress leader Rahul Gandhi on Thursday for his "panauti", "pickpocket" and "loan waiver for the super rich" jibes at Prime Minister Narendra Modi, and asked him to respond by Saturday. The ruling Bharatiya Janata Party (BJP) had approached the poll panel against the <keyword id="6316776" type="General" weightage="20" keywordseo="former-congress-president" source="Orion">former Congress president</keyword>, saying it was "unbecoming" of a "very senior leader" to use such language. The EC reminded Gandhi that the Model Code of Conduct prohibits leaders from making unverified allegations against political rivals. The Congress leader used those words targeting the prime minister at recent rallies in poll-bound Rajasthan. In its representation to the EC, the BJP had asserted that the allegation of grant of waivers to industrialists of Rs 14,00,000 crore over the last nine years was "not borne out on facts". The EC notice said the expression "panauti" ex-facie falls in the equity of the prohibition of section 123 of the Representation of the People Act, dealing with corrupt practices. Clause 2, sub section (ii) of section 123 states that any person who induces or attempts to induce a candidate or an elector to believe that he, or any person in whom he is interested, will become or will be rendered an object of divine displeasure or spiritual censure, shall be deemed to interfere with the free exercise of the electoral right of such a candidate or elector, the notice reminded Gandhi. The Congress leader had used the "panauti" barb against Modi in a poll speech in Rajasthan as the prime minister had attended the World Cup cricket final that India lost to Australia after 10 consecutive wins in the tournament. A Hindi slang, "panauti" loosely refers to someone who brings bad luck. The former Congress president took the "pickpocket" dig at Modi during a poll speech on Wednesday, alleging that the prime minister diverts people's attention while industrialist Gautam Adani picks their pockets. This is how pickpockets operate, he had alleged. The notice also recalled a general advisory issued by the EC, in which the poll panel had expressed concerns at the "plummeting level of political discourse" during electioneering. The commission also told Gandhi about a Supreme Court observation that if freedom of speech and expression is protected by Article 19(1)(a) of the Constitution, the right to reputation is also considered to be an inextricable part of the right to life protected by Article 21 and "balancing these two rights is a constitutional necessity". "Accordingly, you are requested to provide your explanation on the allegation made and to show causes as to why action as deemed fit for alleged violation of Model Code of Conduct and relevant penal provisions is not initiated by the commission. "Your reply, if any, be reached by 6.00 pm of November 25. If no reply is received by then, action deemed fit will be taken by the commission," the notice said.

EC issues notice to Rahul Gandhi for 'panauti', pickpocket remarks targeting PM Narendra Modi

<ul><li>FM increased customs duty on precious metals, articles of gold, silver and platinum and imitation jewellery in the Budget 2023-24.</li><li>Increase in import duty will raise prices of silver and <keyword id="571733" type="General" weightage="20" keywordseo="silver-jewellery" source="Orion">silver jewellery</keyword>, which will impact demand and will also be detrimental to refineries, said CRISIL.</li><li>Import duty on articles made of precious metals increased to 25% from 22%.</li><li>Higher tax increases the cost for consumers as the country imports most of the bullion it consumes.</li></ul>Jewellery is set to get a lot more expensive, as customs duty on precious metals, articles of gold, silver and platinum and costume jewellery has been increased in the Union Budget presented by Finance Minister Nirmala Sitharaman on Wednesday. To make matters worse, basic customs duty has been hiked on articles made from gold bars. Apart from these, customs duty on electric kitchen chimneys, bicycles, toys, electric vehicles and cigarettes also increased. “I also propose to increase the import duty on silver dore, bars and articles to align them with that on gold and platinum,” said FM in a budget speech in Parliament. The centre did not raise import duty on gold as India had raised its import duty on gold in July 2022 to 12.5% from 7.5%. India meets most of its gold demand by importing the precious metal. The basic customs duty on silver was raised to 10% from 7.5%; and agriculture infrastructure and development cess (AIDC) on imports to 5% from 2.5%. “Increase in import duty will raise prices of silver and silver jewellery, which will impact demand and will also be detrimental to refineries,” said CRISIL in a report. The import duty on articles made of precious metals was increased to 25% from 22%. Higher tax increases the cost for consumers as the country imports most of the bullion it consumes. “Rise in import duty on imitation jewellery will raise product prices, impacting demand,” said CRISIL in a report post budget. Share prices of most jewellery stocks were trading lower on Thursday <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jewellery stocks </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PC Jeweller </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5.01% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Uday Jewellery Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.64% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kalyan Jeweller </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.07% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tribhovandas Bhimji Zaveri </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.96% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Titan </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.23% </td></tr></tbody></table> Industry body Gem &amp; jewellery export promotion council (GJEPC) said that the industry had recommended reduction in import duty on gold/silver and platinum, which has not been considered in the Budget. “Council will continue to pursue the same with the government for the overall welfare of the industry,” said GJEPC. The council said that the rise in import duty will increase prices of silver products in domestic markets. “The Union Finance Minister has also rationalised the import duty on silver by proposing to increase the import duty on silver dore, bars and articles to align them with that on gold and platinum. However, that will have a net effect of an increase of around 5% duty at import level for silver resulting in increase of price for silver products domestically,” added GJEPC. Lab grown diamonds to boost gold demand, say experts Meanwhile, the FM has reduced basic customs duty on seeds used in manufacturing of lab grown diamonds from 5% to Nil. The government sees lab grown diamonds as a technology and innovation driven emerging sector with high employment potential. These environmentally friendly diamonds have optically and chemically the same properties as natural diamonds. To encourage indigenous production of seeds and machines and to reduce import dependency in the long run, a research and development grant will be provided to one of the IITs for five years as announced in the budget. “The government’s innovation-led and technology-driven approach reflects in its investment towards research on lab-grown diamonds, which will generate new employment opportunities, while resonating with the export as well as urban Indian market,” said Ramesh Kalyanaraman, executive director at Kalyan Jewellers. The increase in import duty of silver is unlikely to impact significantly to Kalyan Jewellers. “The increase in the import duty of silver will not have a significant impact for us (Kalyan Jewellers), as our primary focus is on gold, diamond and other precious stone studded jewellery,” said Kalyanaraman. Further, lab grown diamond research funding is likely to benefit Vaibhav Global, manufacturer of fashion jewelry, says analysts at Goldman Sachs. Experts say that as lab grown diamonds become more popular and cheap it will eventually reduce demand for natural diamonds and improve demand for gold. “The government also gave a thrust to the lab-grown diamonds industry by reducing the basic customs duty on seeds used in their manufacturing. If lab-grown diamonds become more mainstream in the time to come, it could be positive for gold demand as demand for natural diamonds and thus their prices and appeal as an investment asset declines,” said Ghazal Jain, fund manager- alternative investments at Quantum AMC. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/gautam-adani-says-it-would-not-have-been-morally-correct-to-continue-with-adani-enterprises-fpo/articleshow/97542675.cms">Gautam Adani says it would not have been ‘morally correct’ to continue with Adani Enterprises FPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/gautam-adani-calls-off-adani-enterprises-fpo-after-28-crash-in-stock-price/articleshow/97534098.cms">Gautam Adani takes the high road and calls off Adani Enterprises FPO after a 28% crash in stock price</a>

Gold and silver jewellery to get a lot more expensive

The <keyword id="6354756" type="General" weightage="90" keywordseo="BCCI" source="Orion">BCCI</keyword> could lose around Rs 955 crore (USD 116 million) if the central government sticks to its decision to levy a 21.84 per cent <keyword id="45031" type="General" weightage="20" keywordseo="tax" source="Orion">tax</keyword> surcharge on <keyword id="6355164" type="General" weightage="20" keywordseo="ICC" source="Orion">ICC</keyword>'s broadcast revenue from the 2023 ODI <keyword id="22177" type="General" weightage="20" keywordseo="World-Cup" source="Orion">World Cup</keyword>, according to a Board report. India is to host next year's 50-over showpiece in October-November. Tax surcharge refers to "an additional charge, fee, or tax that is added to the cost of a good or service beyond the initially quoted price". A surcharge is often added to an existing tax and is not included in the stated price of the good or service. As per ICC norms, the host nation is required to get <keyword id="6373715" type="General" weightage="20" keywordseo="tax-exemption" source="Orion">tax exemption</keyword> from the government for hosting tournaments organised by the global body. Since India's tax rules don't allow such exemptions, the BCCI has already lost close to Rs 193 crore (USD 23.5 million) as the government didn't exempt tax surcharge for hosting the 2016 ICC T20 World Cup. The BCCI is still fighting that case in the ICC tribunal. "The next ICC major men's event, which is the ICC Cricket World Cup 2023, is scheduled to be held in India in the month of October &amp; November in 2023. The BCCI was obligated to deliver a tax exemption or a tax solution to the ICC for this event, latest by April 2022," stated the report circulated among state units ahead of the Board's October 18 AGM in Mumbai. "This timeline was further extended by the ICC Board till 31st May 2022. At the start of this financial year, the BCCI had advised the ICC that in line with the tax order for the 2016 event, it was expected that a 10% (excluding surcharges) tax order could be obtained as an interim measure for the 2023 event within the required time frame. "The ICC has now received a 20% (excluding surcharges) tax order for its broadcast revenue for the 2023 event from the tax authorities in India." According to the BCCI document shared with the state bodies, the adverse impact on the Board's revenue from the ICC, if a 21.84 per cent tax is paid, would be USD 116.47 million. It is understood that the BCCI is still trying to negotiate and bring down the tax surcharge percentage to 10.92 per cent from the existing demand of 21.84. If the BCCI can reduce the tax surcharge to 10.92 per cent, then the revenue loss would be around Rs 430 crore (USD 52.23 million). "The BCCI is currently working with the Ministry of Finance, Government of India and have represented against this 20% (excluding surcharges) tax order at the very highest level and are hopeful that a 10% (excluding surcharges) tax order would be forthcoming shortly. "It is to be noted that any tax cost incurred by the ICC for the 2023 event in India will be adjusted with the BCCI's share of the revenue from the ICC," the report further stated. The BCCI's share from the ICC's central revenue pool for the tenure 2016 to 2023 is USD 405 million (Rs 3336 crore approximately). The ICC is expecting USD 533.29 million (Rs 4400 crores approx) from the broadcasting revenue of the 2023 event in India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/gautam-adani-puts-in-place-plan-to-take-group-valuation-to-1-trillion/articleshow/94857619.cms">Gautam Adani puts in place plan to take Group valuation to $1 trillion</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/reliance-jio-starts-removing-disney-hotstar-bundled-plans-ahead-of-ipl-season-next-year/articleshow/94857744.cms">Reliance Jio starts removing Disney+ Hotstar bundled plans ahead of IPL season next year</a>

BCCI stands to lose Rs 955 crore if ICC doesn't get tax exemption from govt

Los Angeles, April 1 (IANS) Leaders of the <keyword id="6382289" type="General" weightage="80" keywordseo="academy" source="Orion">Academy</keyword> of Motion Picture Arts &amp; Sciences met with Hollywood star <keyword id="4793" type="General" weightage="50" keywordseo="will-smith" source="Orion">Will Smith</keyword> to discuss his attack on comedian Chris Rock. According to 'Variety', Academy President David Rubin and CEO Dawn Hudson on Tuesday talked to the actor on Zoom about the fallout from the assault during Sunday's Oscars telecast. The talk lasted for roughly 30 minutes, according to a source. Another source familiar with the meeting said only that the conversation was "brief". <keyword id="11668" type="General" weightage="100" keywordseo="smith" source="Orion">Smith</keyword> apologised again to Rubin and Hudson for his action, expressed his awareness that there would be consequences and tried to explain why he snapped when Rock made a joke about his wife Jada Pinkett Smith's hair. Pinkett Smith has said she suffers from hair loss due to alopecia. Attendees at an emergency meeting of the Academy's Board of Governors on Wednesday did not recall Rubin or Hudson mentioning their talk with Smith on the previous day. Following that meeting, the Academy announced that Smith had violated the group's code of conduct and faced "suspension, expulsion, or other sanctions." The Academy also said it asked Smith to leave the ceremony following the incident, but he refused. Others disputed the characterisation of events, with sources saying the Academy's request was not explicitly made and that producer <keyword id="4416093" type="General" weightage="50" keywordseo="will-packer" source="Orion">Will Packer</keyword> urged the actor to remain, 'Variety' previously reported. Smith went on to win best actor for his performance in 'King Richard'. He gave a five-minute speech in which he seemed to liken his behaviour to his character Richard Williams' defence of his daughters, tennis greats Venus and <keyword id="45035" type="General" weightage="50" keywordseo="serena-williams" source="Orion">Serena Williams</keyword>. "Love will make you do crazy things," he said. "To do what we do, you got to be able to take abuse. You got to be able to have people talk crazy about you. In this business you got to be able to have people disrespecting you. And you got to smile, you got to pretend like that's okay." Smith did not apologise to Rock on Sunday but did offer an apology in a statement on Monday. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/vedantu-launches-live-platform-to-transform-online-classes/articleshow/90568838.cms">Vedantu launches live platform to transform online classes</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/mukesh-ambani-and-gautam-adanis-net-worth-is-now-more-than-100-billion/articleshow/90564692.cms">Mukesh Ambani and Gautam Adani are now worth more than $100 billion</a>

Academy leaders discussed the Oscars slap with Will Smith before the emergency meeting

Happy hump day, readers. I'm senior reporter Phil Rosen. If the collapse of FTX has been the <a href="https://markets.businessinsider.com/news/currencies/ftx-timeline-sam-bankman-fried-bankruptcy-trial-alameda-sec-doj-2023-1">headline story</a> over the last several months, it certainly feels like ChatGPT has taken the mantle for the near future. The bot's parent company took in $10 billion from Microsoft a couple of weeks ago, and the language tool has proven it can do <a href="https://markets.businessinsider.com/news/stocks/chatgpt-markets-write-stocks-economy-meme-ai-microsoft-insider-anlayst-2023-1">just about everything</a> except your dishes and laundry. Oh — and it also can't quite balance a portfolio. Remember Watson? That was the last bot that seemed to alter the fabric of society — it even <a href="https://www.businessinsider.com/jeopardy-watson-computer--video-2011-2">won Jeopardy</a>! As it turns out, Watson has more than just game shows in his (its?) wheelhouse. While ChatGPT wows us with its text capabilities, the IBM supercomputer has quietly powered an ETF that's <a href="https://markets.businessinsider.com/news/etf/chatgpt-openai-ai-powered-equity-etf-aieq-ibm-watson-supercomputer-2023-1">doubled the returns</a> of the broader market. <a href="https://markets.businessinsider.com/news/etf/chatgpt-openai-ai-powered-equity-etf-aieq-ibm-watson-supercomputer-2023-1">I'm serious</a>.But enough about bots. We can't stop them.Let's break down what to know ahead of the Federal Reserve's widely expected interest rate hike today. If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-opening-bell">sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here.</a><a href="https://markets.businessinsider.com/news/stocks/fed-stock-market-outlook-recession-jpmorgan-jpm-strategist-inflation-bonds-2023-1"></a>1. Today's rate hike decision probably won't surprise anyone, as markets have long priced in a 25-basis-point move for the February and March meetings. If all goes as planned, this will mark the <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-january-dow-nasdaq-economy-sp500-imf-economy-2023-1">eighth consecutive rate hike</a> since March last year, which falls in line with what the Fed warned in December: "The Committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is <a href="https://www.businessinsider.com/are-we-in-a-recession-now-2022-12">sufficiently restrictive</a> to return inflation to 2 percent over time." That means more rate hikes are on the way. But markets have yet to act as if that were the case — stocks have enjoyed their best January since 2019.All eyes will be on Jerome Powell as he steps up to the podium today. To Michael Reinking, the New York Stock Exchange's senior market strategist, the chairman will likely try to <a href="https://www.businessinsider.com/are-we-in-a-recession-now-2022-12">temper market enthusiasm</a> with another hawkish message. "[Powell's] message will likely continue to focus on the duration of time rates will stay at a restrictive stance," Reinking said. "How he couches where we are in achieving that <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-january-dow-nasdaq-economy-sp500-imf-economy-2023-1">restrictive stance</a> will be closely watched."Just like before December's meeting, stocks have rallied leading up to the decision. Reinking pointed out that markets are just about desensitized to hawkish commentary.Gene Goldman, the chief investment officer for Cetera Investment Management, told me on a call yesterday that rate hikes can take 12 to 15 months to <a href="https://www.businessinsider.com/are-we-in-a-recession-now-2022-12">have an impact on the economy</a>, which means repercussions from last year's first tightening efforts are only now beginning to emerge. Goldman said he'll be watching for three things in Powell's speech: <ul><li>Powell will talk tough: "He's going to push back on financial markets. The dot plot says rates will be between 5% to 5.25% by the end of this year, but markets are pricing in 4.5%."</li><li>More rate hikes are coming: "Powell might acknowledge that the economy is slowing down and inflation is easing, but he's also going to signal the Fed's job is not over."</li><li>This time could be different: "It's possible Powell signals that we won't need to push the economy into a recession. The labor market and housing market are different than they were in 2008, so maybe there's a different path forward here."</li></ul>In any case, according to Reinking, unless Powell musters up some serious aggression, any messaging will ultimately <a href="https://www.businessinsider.com/are-we-in-a-recession-now-2022-12">fall upon deaf ears</a>. "[That] could add to the squeeze that has been ongoing since the start of the year," he explained. "If this happens, the real test will be holding above the December highs."What will your investment strategy look like following another interest rate hike from the Fed? Tweet me (<a href="https://twitter.com/philrosenn" target="_blank" rel="noopener">@philrosenn</a>) or email me (<a href="mailto:prosen@insider.com" target="_blank" rel="noopener">prosen@insider.com</a>) to let me know. In other news:<a href="https://markets.businessinsider.com/news/stocks/tesla-ford-ev-price-cuts-elon-musk-bofa-automaker-car-2023-1"></a><div type="image" title="NYSE traders" height="631" width="1263" msid="97526843" hostid="261" sizebytes="116504"></div>2. US stock futures fall early Wednesday, as markets brace for the Fed's much-anticipated policy decision. Meanwhile, Snap shares sank over 14% in premarket trading after the social-media company missed on revenue in its fourth-quarter earnings. <a href="https://markets.businessinsider.com/premarket">Here are the latest market moves</a>. 3. Earnings on deck: Meta, Alibaba, T-Mobile, all <a href="https://markets.businessinsider.com/earnings-calendar">reporting</a>.4. US home prices could crash 20% this year, according to KPMG. The housing market has come under pressure in recent months, but the current downtrend may only be the beginning of what's to come. <a href="https://www.businessinsider.com/housing-market-crash-home-prices-mortgage-rates-case-shiller-kpmg-2023-1">These are the cities and regions that could see the largest declines.</a>5. The biggest risk to the market isn't a recession in 2023. In JPMorgan's view, the biggest risk is actually the possibility that there's no recession at all — <a href="https://markets.businessinsider.com/news/stocks/fed-stock-market-outlook-recession-jpmorgan-jpm-strategist-inflation-bonds-2023-1">this is why</a>.6. Bank of America said Tesla and Ford's EV price cuts make no sense. Currently, electric-vehicle demand is greater than supply, which makes for odd timing for such dramatic reductions. <a href="https://markets.businessinsider.com/news/stocks/tesla-ford-ev-price-cuts-elon-musk-bofa-automaker-car-2023-1">But in the near-term, Elon Musk's company has the edge over its rivals because of its size and scale.</a>7. Gautam Adani pulled through with a $2.5 billion share sale on Tuesday. The Indian billionaire has endured a stock-market storm thanks to Hindenburg's fraud allegations. <a href="https://markets.businessinsider.com/news/stocks/adani-completes-share-sale-market-rout-hindenburg-fraud-allegations-2023-1">Here are the latest updates.</a>8. Jeff Erdmann has been the best wealth advisor in the US for 7 years running. The Merrill Lynch pro explained how he's keeping clients' money safe — <a href="https://www.businessinsider.com/investing-strategy-stock-market-tips-advice-best-wealth-manager-erdmann-2023-1">and how he's gearing up for a recession. </a>9. Goldman Sachs recommended these 17 stocks right now. Strategists said this batch of names have strong international exposure and are poised to profit from the economic recoveries of China and Europe. <a href="https://www.businessinsider.com/stocks-to-buy-how-to-invest-china-europe-goldman-sachs-2023-1">Get the list.</a><a href="https://markets.businessinsider.com/news/stocks/c3ai-stock-price-chatgpt-investor-frenzy-openai-success-artificial-intelligence-2023-1"></a><div type="image" title="C3ai stock price on Feb.1, 2023" height="1228" width="1338" msid="97526845" hostid="261" sizebytes="37736"></div>10. Shares of C3.ai have soared 85% over the past month. Investors are flocking to stocks that have exposure to artificial intelligence, thanks to the growing popularity of ChatGPT. <a href="https://markets.businessinsider.com/news/stocks/c3ai-stock-price-chatgpt-investor-frenzy-openai-success-artificial-intelligence-2023-1">C3.ai announced Tuesday it would integrate the viral bot into its product suite</a>.Curated by Phil Rosen in Los Angeles. Feedback or tips? Tweet <a href="https://twitter.com/philrosenn" target="_blank" rel="noopener">@philrosenn</a> or email <a href="mailto:prosen@insider.com" target="_blank" rel="noopener">prosen@insider.com</a>Edited by Max Adams (<a href="https://twitter.com/maxradams?lang=en" target="_blank" rel="noopener">@maxradams</a>) in New York and Hallam Bullock (<a href="https://twitter.com/hallam_bullock" target="_blank" rel="noopener">@hallam_bullock</a>) in London.

You Searched For "gautam adani agm speech" and got 11 results

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There's a massive disconnect between markets and the Fed - and Jerome Powell's messaging could fall upon deaf ears

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