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Domestic <keyword id="44023" type="General" weightage="100" keywordseo="airlines" source="Orion">airlines</keyword> industry is expected to fly back into profitability next fiscal, for the first time since the outbreak of <keyword id="8764262" type="General" weightage="20" keywordseo="covid" source="Orion">Covid</keyword>, amid easing cost pressures and reduction in leverage to support credit profiles, a report said on Wednesday. As per the report by <keyword id="15318654" type="TOPIC" weightage="60" keywordseo="Credit-Rating" source="TOPIC" sourcekeytype="mutual-fund,budget,investopedia" meta.keywordsubtype="null" meta.seopath="c/credit-rating" meta.entityname="Credit Rating" meta.hostid="153" meta.entityid="credit-rating">credit rating</keyword> agency <keyword id="6359483" type="DOMAIN" weightage="20" keywordseo="crisil" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="crisil" meta.entityname="Crisil Ltd." meta.entityid="11303" meta.seoname="crisil-ltd">Crisil</keyword>, the industry is also likely to pare its net loss by as much as 75-80 per cent year-on-year to Rs 3,500-4,500 crore this fiscal, compared with around Rs 17,500 crore last fiscal. Strong recovery in passenger traffic and easing cost pressures are supporting this turnaround in operating performance of airlines, Crisil said. The projections are based on <keyword id="183985" type="General" weightage="80" keywordseo="crisil-ratings" source="Orion">Crisil Ratings</keyword> <keyword id="15319469" type="TOPIC" weightage="60" keywordseo="Analysis" source="TOPIC" sourcekeytype="mathematics,investopedia" meta.keywordsubtype="null" meta.seopath="a/analysis" meta.entityname="Analysis" meta.hostid="153" meta.entityid="analysis">analysis</keyword> of three airlines that account for around 75 per cent of domestic air traffic. Domestic and international passenger traffic recovered to 90 per cent and 98 per cent, respectively, in the nine months through December this fiscal, compared with the corresponding period of fiscal 2020 (pre-pandemic). Business and leisure travel rebounded strongly even as international scheduled services resumed, it said and added that the festival season has accelerated recovery in the second half. This pace is likely to be maintained next fiscal, as the Indian economy remains resilient in the face of global headwinds, Crisil Ratings said. The removal of fare caps is also helping airlines pass on cost increases, it added. "Next fiscal, we expect passenger traffic to cross the pre-pandemic level and pricing to remain higher by 20-25 per cent over those levels. Consequently, airlines are expected to clock 25-30 per cent <keyword id="15308831" type="TOPIC" weightage="60" keywordseo="Revenue" source="TOPIC" sourcekeytype="business,investopedia" meta.keywordsubtype="null" meta.msid="92973114" meta.seopath="r/revenue" meta.entityname="Revenue" meta.hostid="153" meta.entityid="revenue">revenue</keyword> growth next fiscal vis-a-vis pre-pandemic," said <keyword id="2458345" type="General" weightage="50" keywordseo="gautam-shahi" source="Orion">Gautam Shahi</keyword>, Director, Crisil Ratings. That along with expected moderation in average aviation turbine fuel prices will drive a significant turnaround in operational performance of airlines, enabling them to become profitable next fiscal, <keyword id="214311" type="General" weightage="20" keywordseo="shahi" source="Orion">Shahi</keyword> noted. Profitability will also be aided by lower interest costs, driven by debt reduction owing to privatisation of a large airline in the last quarter of previous fiscal, it said. Moreover, better operating performance and expected equity infusions would keep airlines' <keyword id="10926" type="DOMAIN" weightage="20" keywordseo="reliance" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="reliance" meta.entityname="Reliance Industries Ltd." meta.entityid="13215" meta.seoname="reliance-industries-ltd">reliance</keyword> on debt (excluding lease liabilities) limited over the near-to-medium term. Kshitij <keyword id="6367260" type="General" weightage="50" keywordseo="jain" source="Orion">Jain</keyword>, Associate Director, Crisil Ratings, said: "The aviation sector is also likely to raise equity of Rs 8,000-10,000 crore over the next two fiscals, which will be utilised towards increasing fleet size and revamping the existing fleet." This will provide a much-needed boost to the capital structure, he said. Consequently, dependence on incremental debt (excluding lease liabilities) for airlines would remain limited over the near-to-medium term, as a major part of recent large fleet purchase orders by airlines is expected to be received from fiscal 2026 onwards, and thus support their credit profiles, according to Jain. The rating agency, however, noted that a timely infusion of equity, a debt contracted for capex towards fleet expansion and a resurgence of Covid-19 cases due to the spread of any new virus strains will remain key monitorable. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/mcdonalds-india-north-east-aims-to-hire-1500-employees-from-ngos-by-2025/articleshow/98334922.cms">McDonald's India - North &amp; East aims to hire 1500 employees from NGOs by 2025</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/indian-tech-sector-growth-slows-in-fy23-ceos-cautiously-optimistic-nasscom/articleshow/98335133.cms">Indian tech sector growth slows in FY23, CEOs cautiously optimistic: Nasscom</a>

Domestic airlines industry expected to fly back into profitability next fiscal: Crisil

<ul><li>Media consulting firm <keyword id="809814" type="General" weightage="20" keywordseo="ormax-media" source="Orion">Ormax Media</keyword> has released its annual report.</li><li>As per the report, compared to gross box office of almost ₹ 11,000 Cr in 2019, the cumulative revenue across 2020 and 2021 put together stood at only ₹ 5,757 Cr (an annual average of less than ₹ 2,900 crore.</li></ul>Media consulting firm Ormax Media has released its annual report, titled The <keyword id="13120825" type="General" weightage="20" keywordseo="ormax-box-office-report" source="Orion">Ormax Box Office Report</keyword> 2020-21. The report, first launched in 2016, looks at the Indian box office across languages, highlighting key trends in the theatrical sector. Because of theatres being shut for several months during the pandemic, Ormax Media has released a combined edition for the two pandemic-impacted years (2020 and 2021). The report analyses the impact of the pandemic on the Indian box office. Compared to gross box office of almost ₹ 11,000 Cr in 2019, the cumulative revenue across 2020 and 2021 put together stood at only ₹ 5,757 Cr (an annual average of less than ₹ 2,900 crore. If 2019 is taken as the benchmark, the Indian film industry lost at least ₹ 15,000 Cr at the box office because of the pandemic. The footfalls also came down from 103.0 Cr in 2019 to 22.5 Cr and 42.7 Cr in 2020 and 2021 respectively. The pandemic years also saw significant changes in the share of different language industries within the Indian film industries. With 29% share of box office (2020 &amp; 2021 cumulative), the Telugu language industry took the top position, ahead of Hindi, whose share declined from 44% to 27%. Four Telugu films (Pushpa, Ala Vaikunthapurramuloo, Sarileru Neekevvaru &amp; Vakeel Saab) feature in the top 10 films across the two years, compared to only three Hindi films (Tanhaji, Sooryavanshi &amp; 83). Spider-Man: No Way Home (Hollywood), Master &amp; Darbar (both Tamil) complete the top 10 list. Speaking about the report, <keyword id="161338" type="General" weightage="20" keywordseo="shailesh-kapoor" source="Orion">Shailesh Kapoor</keyword>, Founder &amp; CEO - Ormax Media, said: “The pandemic has severely impacted the Indian box office, with five out of the eight quarters in 2020 and 2021 having zero or negligible business, because of theatres being shut in all or most parts of India. The good news is that the last quarter of 2021 (Oct-Dec) saw excellent recovery, registering gross box office of more than Rs. 2,000 Cr, which reaffirms that the theatrical business is very much here to say.” Speaking about the growing share of box office from the Southern languages, <keyword id="265335" type="General" weightage="20" keywordseo="gautam-jain" source="Orion">Gautam Jain</keyword>, Partner - Ormax Media, said: “The cumulative share of the four South languages went up from 36% in 2019 to 59% in 2020 &amp; 2021, highlighting how these industries managed to navigate through the pandemic with more relative success than Hindi films. While we can expect Hindi cinema to stage a recovery in 2022, the rise of South cinema is a story to watch out for.”

Indian box office lost more than ₹15,000 crore to the pandemic in 2020 and 2021: Report

Not every day when we come across people like <keyword id="2861593" type="UNKNOWN" weightage="20" keywordseo="Bhanwarlal-Raghunath-Doshi">Bhanwarlal Raghunath Doshi</keyword> who choose to give up their entire wealth to become a preacher. Yes, the owner of <keyword id="2878352" type="UNKNOWN" weightage="20" keywordseo="D-R-International">D.R. International</keyword>, an international trading house dealing in various kinds of plastic raw materials, has given up his Rs 600-crore line-up to embrace the monastic life. 
 
He made the move this Sunday in Ahmedabad in a high-end ceremony where around five lakh people were present. Doshi became the 108th desciple and turned into a monk under the discipleship of Jain Acharya. Along with him over 101 people from the audiences also made commitments to join the spiritual group in another five years by taking Diksha. 
 
Doshi is the 354th postulant to have become a monk under Surishwarji Maharaj’s discipleship. While not many know what prompted the ‘plastic king’ of Delhi to give up the worldly pleasures and lead an ascetic life, but it is being said that he was planning to take Jain Diksha since 1982. 
 <keyword id="6367820" type="COMPANY" weightage="20" keywordseo="Adani-Group">Adani Group</keyword> Chairman <keyword id="111343" type="PERSON" weightage="20" keywordseo="Gautam-Adani">Gautam Adani</keyword>, who had once honored <keyword id="2876888" type="UNKNOWN" weightage="20" keywordseo="Bhanwarlal-Doshi">Bhanwarlal Doshi</keyword> for his contribution in the field, also joined the event. At the high-end ceremony, around 1,500 waiters served food at the event, over 500 hotel rooms were booked to accommodate the guests. Not just this, but the <keyword id="2878353" type="UNKNOWN" weightage="20" keywordseo="Jain-Institution">Jain Institution</keyword> received donations worth Rs25 crore. Apart from 1,000 sadhus and sadhvis, the event was joined by 1.5 lakh samayiks (spectators). 
 
Image: indiatimes

Delhi Billionaire who gave up Rs 600 crore turns into a monk!

<ul><li>Social activist and the Convener of Delhi’s ruling <keyword id="6354944" type="DEFINITION" weightage="20" keywordseo="aam-aadmi-party">Aam Aadmi Party</keyword> (AAP) — Gopal Rai — won from Babarpur constituency, again.</li><li> It is the same constituency where he won over rival Bharatiya Janata Party (BJP) candidate with a margin of over 36,000 votes in 2015 polls. </li><li>He is contesting against BJP’s Naresh Gaur and <keyword id="8760124" type="PERSON" weightage="20" keywordseo="anveeksha-jain">Anveeksha Jain</keyword> from Congress.</li></ul>Social activist and the Convener of Delhi’s ruling Aam Aadmi Party (AAP) — Gopal Rai — won the <keyword id="1414375" type="PERSON" weightage="20" keywordseo="Delhi-assembly-election">Delhi assembly election</keyword> 2020 from Babarpur constituency with a wide margin of 33,062 votes. He was contesting against BJP’s Naresh Gaur and Anveeksha Jain from Congress. It is the same constituency where he won over rival Bharatiya Janata Party (BJP) candidate with a margin of over 36,000 votes in 2015 polls. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup></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;">Party </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;">Candidate Name </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;">Status </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;">AAP </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;"> Gopal Rai</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;">84,776</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;">BJP </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;"> Naresh Gaur</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;">51,714</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;">Congress </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;"> Anveeksha Jain</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;">5,131</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;"></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;"></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;"> </td></tr></tbody></table> As a part of the Delhi government, Rai took steps towards the safety of women and children. He initiated the installation of<a href="https://www.tribuneindia.com/news/archive/cctvs-to-help-check-crime-says-gopal-rai-793774"> CCTV cameras in his constituency</a> in Delhi. He said that the move will help the government crack down on suspicious activities in the area. Babarpur was known for daylong congestion and broken roads with potholes — which is now on the path to improvement. “This was a key promise of the government to the people and is being fulfilled today,” he had said while inaugurating the project in his Babarpur constituency. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></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;">Party </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;">2020 Elections </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;">2015 Elections </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;">AAP </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;">53.6% </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;">53.39% </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;">BJP </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;">38.5% </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;">35.94% </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;">INC </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;">4.26% </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;">7.80% </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;">Others </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;">3.64% </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;">0.87% </td></tr></tbody></table> Rai, who is a postgraduate in sociology and the Minister of Employment, Development, Labour, General Administration and Irrigation, has been associated with <a href="https://www.businessinsider.in/thelife/personalities/news/delhi-chief-minister-arvind-kejriwal-achievements-ahead-of-delhi-elections-2020/articleshow/73145839.cms">AAP</a> from the time of Anna Hazare’s anti-corruption protests. He is now a key member of AAP’s Political Affairs Committee (PAC). <a href="https://www.businessinsider.in/politics/elections/news/arvind-kejriwals-in-has-lessons-for-mamata-banerjee-mk-stalin-and-lalu-prasad-yadav/articleshow/74082357.cms">https://www.businessinsider.in/politics/elections/news/arvind-kejriwals-in-has-lessons-for-mamata-banerjee-mk-stalin-and-lalu-prasad-yadav/articleshow/74082357.cms</a> Pollution crisis, cracking down on unauthorised residential colonies and a full statehood of Delhi are the key issues to be brought up during the assembly polls and campaigns. Kejriwal also <a href="https://www.ndtv.com/india-news/delhi-poll-dates-to-be-announced-by-election-commission-at-3-30-pm-2159423">told</a> NDTV that clean water supply, ensuring the safety of women and improving public transport are the top priorities of the party. This is the first time that the national capital is going to polls after the Lok Sabha elections. In the 2019 Lok Sabha elections, BJP bagged all the seats in Delhi. See also: <a href="https://www.businessinsider.in/politics/elections/news/delhi-election-2020-atishi-an-oxford-graduate-and-rhodes-scholar-is-drawing-up-aaps-agenda-in-the-national-capital/articleshow/73186471.cms">Delhi Election 2020: Atishi, an Oxford graduate and Rhodes scholar is drawing up AAP’s agenda in the national capital</a> <a href="https://www.businessinsider.in/thelife/personalities/news/delhi-chief-minister-arvind-kejriwal-achievements-ahead-of-delhi-elections-2020/articleshow/73145839.cms">Delhi Chief Minister Arvind Kejriwal⁠— the man with a knack for Carpe Diem</a> <a href="https://www.businessinsider.in/politics/elections/news/gautam-gambhir-mp-cricketer-and-commentator-will-have-a-lot-of-say-during-delhis-upcoming-assembly-election/articleshow/73180033.cms">Delhi Election 2020: Gautam Gambhir, MP, cricketer and commentator, will have a lot of say during Delhi’s upcoming assembly elections</a>

Delhi election 2020: AAP’s Gopal Rai wins a second term in Babarpur with 84,776 votes

<ul><li>The counting began at 8 am. </li><li>As many as 24 female candidates of BJP, AAP and Congress are awaiting people’s verdict. </li></ul>The female candidates fielded for the election will face an acid test as the voting commences today. This year, the percentage of women in the total voter turnout is 62.55% . In all, the final voting percentage came in at 62.59% <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Candidate Name </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Constituency </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Party </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Status </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Atishi </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Kalkaji </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">AAP </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Leading</td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Shikha Rai </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Greater Kailash </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">BJP </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Trailing</td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Akanksha Ola </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Model Town </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Congress </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Trailing</td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Bandana Kumari </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Shalimar Bagh </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">AAP </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Leading</td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Bhawna Gaur </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Palam </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">AAP </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Leading</td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Parmila Tokas </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">RK Puram </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">AAP </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Leading</td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Rajkumari Bhatia </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Adarsh Nagar </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">BJP </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Trailing</td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Alka Lamba </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Chandni Chowk </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Congress </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Trailing</td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Lata Sodhi </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Ballimaran </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">BJP </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Trailing</td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Rekha Gupta </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Shalimar Bagh </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">BJP </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Trailing</td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Rajkumari Dhillon </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Hari Nagar </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">AAP </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Leading</td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Sarita Singh </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Rohtas Nagar </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">AAP </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Trailing</td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Rakhi Bidlan </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Mangol Puri </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">AAP </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Leading </td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Anveeksha Tripathi Jain </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Babarpur </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Congress </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Trailing</td></tr><tr><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Kiran Vaid </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Trilokpuri </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">BJP </td><td style="border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); vertical-align: top; padding: 5pt; overflow: hidden; overflow-wrap: break-word;">Trailing</td></tr></tbody></table>As of 2.42pm, Feb 11, according to EC The number of women candidates contesting the upcoming Delhi Assembly Election <a href="https://www.indiatoday.in/india/story/24-in-2020-19-in-2015-more-women-contesting-delhi-assembly-election-year-1639642-2020-01-24">increased by</a> 5 candidates this year. That is a significant change as the total women representation is now at 34%, as compared to 27% earlier. All the three major parties — Bharatiya Janata Party, Aam Aadmi Party, and Congress — together fielded 24 female candidates, <a href="https://www.indiatoday.in/india/story/24-in-2020-19-in-2015-more-women-contesting-delhi-assembly-election-year-1639642-2020-01-24">according to India Today.</a> Congress has the highest share of women candidates at 10, followed by AAP which fielded nine candidates and BJP too gave tickets to five. But the parties have just about breached the reservation as recommended in the Women’s reservation Bill 2008. Though the bill hasn’t passed, several parties tried to keep up with its recommendations of reserving 33% of the candidature to women. A bill which sought one-third reservation for women in the lower house of Parliament and all state assemblies — was passed by Rajya Sabha in 2010. This was stalled after it failed to get votes in the Lok Sabha. It has remained in the pending pile ever since. In Lok Sabha Election 2019, Biju Janata Dal (BJD) and Trinamool Congress (TMC) also promised that they would allocate at least a third of tickets to women. Whereas, BJP and Congress failed to reserve seats for women in both Lok Sabha and state assembly though it was a part of their manifestos. The BJP fielded 12% women whereas Congress fielded 13.1% in the Lok Sabha election held last May. See also: <a href="https://www.businessinsider.in/politics/elections/news/badminton-player-saina-nehwal-joins-bjp/articleshow/73725776.cms">After Gautam Gambhir and Babita Phogat, BJP ropes in Saina Nehwal too</a>

Delhi election result 2020: BJP Lata Sodhi from Ballimaran and AAP's Rakhi Bidlan from Mangol Puri are leading

The Bharatiya Janata Party (BJP) on Wednesday released a list of 40 star campaigners for the <keyword id="7682147" type="UNKNOWN" weightage="20" keywordseo="delhi-election-2020">Delhi election 2020</keyword>. The top five star campaigners are Narendra Modi, Amit Shah, Jagat Prakash Nadda, Rajnath Singh, and Nitin Gadkari. The list also includes Prakash Javadekar , Smriti Irani, Yogi Aditya Nath, Manoj Tiwari, <keyword id="13839" type="PERSON" weightage="20" keywordseo="Gautam-Gambhir">Gautam Gambhir</keyword> and <keyword id="2733" type="PERSON" weightage="20" keywordseo="Hema-Malini">Hema Malini</keyword>. Here’s the full list of <keyword id="1916577" type="PERSON" weightage="20" keywordseo="BJP-star-campaigners">BJP star campaigners</keyword>: <ol><li>Narendra Modi </li><li>Amit Shah </li><li>Jagat Prakash Nadda </li><li>Rajnath Singh </li><li>Nitin Gadkari </li><li>B.L Santhosh </li><li>Thawarchand Gehlot </li><li>Prakash Javadekar </li><li>Nityanand Rai </li><li>Hardeep Puri </li><li>Smriti Irani </li><li>Yogi Adityanath </li><li>Manoharlal Khattar </li><li>Trivendra Singh Rawat </li><li>Ramesh Pokhriyal Nishank </li><li>Jairam Thakur </li><li>Shivraj Singh Chouhan </li><li>Som Prakash </li><li>Gajendra Singh Shekhawat </li><li>Dharmendra Pradhan </li><li>Arjun Munda </li><li>Mukhtar Abbas Naqvi </li><li>Anurag Thakur </li><li>Shyam Jaju </li><li>Tarun Chugh </li><li>Manoj Tiwari </li><li>Harsh Vardhan </li><li>Vijay Goel </li><li>Ramesh Bidhuri </li><li>Parvesh Sahib Singh </li><li>Meenakshi Lekhi </li><li>Hema Malini </li><li>Hansraj Hans </li><li>Gautam Gambhir </li><li>Anil Jain </li><li>Dushyant Kumar Gautam </li><li>Siddharthan </li><li>Sunny Deol </li><li>Ravindra Shyamnarayan Shukla Urf Ravi Kishan </li><li>Dinesh Lal Yadav “Nirahua” </li></ol>The BJP earlier this week, released the second list of candidates for the upcoming Assembly (Vidhan Sabha) Elections in Delhi. It named 10 new candidates this time. Earlier, it has named only 57 candidates. Kapil Mishra, ex-AAP MLA who was ousted from the party earlier, has been fielded from Model Town. Further, BJP has fielded Ramvir Singh Bidhuri from Badarpur and Ravi Negi is fielded against Deputy CM Manish Sisodia. <a href="https://www.businessinsider.in/politics/elections/news/bjp-candidate-list-for-delhi-election-2020/articleshow/73328155.cms">Check the full BJP candidate list here</a> BJP has not yet declared the name of the candidate who will be fighting against Arvind Kejriwal from New Delhi. AAP has also announced their candidates. It fielded all the 70 candidates. The Kejriwal led party fielded Deputy CM Manish Sisodia from Patparganj while Atishi will contest the assembly elections from Kalkaji seat. Raghav Chadha has also been given the ticket from Rajinder Nagar. Congress also released its first list of candidates where sitting AAP MLA Adarsh Shastri is fielded from Dwarka. <a href="https://www.businessinsider.in/politics/elections/news/congress-rjd-candidate-list-delhi-2020/articleshow/73354792.cms">Congress candidate list for Delhi Election 2020</a> As the 70 member assembly term approaches its end on February 22, the Election Commission of India announced the schedule for Delhi elections. The assembly polls will commence on February 8, 2020.

Delhi Election 2020: BJP releases list of 40 star campaigners including Hema Malini, Nirahua and Gautam Gambhir

<ul><li>In the Delhi <keyword id="6372146" type="UNKNOWN" weightage="20" keywordseo="assembly-elections">Assembly Elections</keyword>, <keyword id="1575" type="ORGANIZATION" weightage="20" keywordseo="Congress">Congress</keyword> is reportedly set to send its local familiar heavyweights to war, one of them being <keyword id="93013" type="PERSON" weightage="20" keywordseo="Arvinder-Singh-Lovely">Arvinder Singh Lovely</keyword>.</li><li>The 52-year old Congress politician, Singh had become Delhi’s youngest MLA in 1998, when he was 30. </li><li>Singh, who also had a ministerial position in the Sheila Dikshit government, held on to his seat from the Gandhi Nagar constituency of Delhi winning three more Assembly elections. </li></ul>The ruling AAP as well as BJP are fighting tooth and nail for Delhi assembly election. But the Indian National Congress is not too far from the fray either. Local heavyweights like Arvinder Singh Lovely are preparing for war. According to <a href="https://indianexpress.com/article/cities/delhi/delhi-assembly-elections-sonia-meets-cong-leaders-6215026/">reports</a>, Congress President <keyword id="689" type="PERSON" weightage="20" keywordseo="Sonia-Gandhi">Sonia Gandhi</keyword> is pushing the party’s popular leaders including Singh to contest this election. Singh is the election management committee head. The 52-year old Congress politician, Singh was Delhi’s youngest MLA in 1998, when he was 30. Since then, Singh held on to his seat from the Gandhi Nagar constituency of Delhi and won three more Assembly elections. As a young face in Congress, Singh also held a ministerial position under late Sheila Dikshit, the former Delhi CM. He held portfolios like education, urban development and revenue, transport, languages, tourism, gurudwara election, local bodies and gurudwara administration. He was also the president of the Delhi Pradesh Congress Committee. But his relationship with Congress had many twists and turns. In 2017, Singh left the party to join the BJP. “I had given 31 years to the party but what did I get in the end? Nothing. I was not even included in the core committee set up for the municipal elections,” he had then <a href="https://www.hindustantimes.com/delhi/former-state-congress-chief-arvinder-singh-joins-bjp-ahead-of-mcd-elections/story-eli7yIYrDrIU2BhKXaPT6M.html">told reporters</a>. Soon after, Singh found his way back to the Congress, citing ideological differences with the BJP. In the 2019 Lok Sabha elections, he fought from the East Delhi constituency and lost to BJP’s celebrity candidate Gautam Gambhir. See Also: <a href="https://www.businessinsider.in/politics/elections/news/delhi-election-2020-aaps-satyendra-jain-who-is-contesting-from-shakur-basti-has-450-mohalla-clinics-to-his-credit-as-he-prepares-for-a-second-term/articleshow/73286655.cms?src=hp_elect">Delhi Election 2020: AAP’s Satyendra Jain who is contesting from Shakur Basti has 450 ‘mohalla clinics’ to his credit as he prepares for a second term</a>

Delhi Election 2020: Arvinder Singh Lovely who lost to Gautam Gambhir will look to make a comeback as an MLA

With the <keyword id="6355040" type="ORGANIZATION" weightage="20" keywordseo="gst-council">GST Council</keyword> recently setting up a new advisory group, the Goods and Services Tax could be in for a revamp that is more comprehensive than the tweaks made thus far. The new panel will have former revenue service officer <keyword id="5163468" type="PERSON" weightage="20" keywordseo="gautam-ray">Gautam Ray</keyword> as co-convener and will include representatives of small businesses and retail. The group will specifically look at the central, state and integrated <keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword> laws and problems faced by stakeholders due to their provisions. According to experts, among the key points that may be addressed in a revamp are rules that deal with input tax credit, how to arrive at the value of goods and services for taxation purposes, invoices and determining from where a service is provided. The panel will give its report to the law committee of the council by November 30. This will be reviewed by the committee and forwarded to the GST Council for speedy action. This, however, is in addition to the changes proposed to the composition scheme to bring relief to small businesses and traders that could be taken up by the GST Council at its upcoming meeting on November 10. The council could also reduce the rate of tax on some goods from 28% to 18% at this meeting. Traders and small businesses have been complaining about provisions in GST, which was rolled out on July 1 to replace multiple state and central taxes and cess. They have sought the simplification of various rules in multiple representations to the government. Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="narendra-modi">Narendra Modi</keyword> had even indicated on Saturday that the government could take up more measures to ease problems faced by small businesses. Earlier, the GST Council had raised the turnover threshold for the composition scheme to Rs 1 crore from Rs 75 lakh. It had also set up a group of ministers under Assam finance minister Himanta Biswa Sarma to look at other issues related to taxation under the composition scheme and GST for restaurants. The council is expected to lower the flat tax rate for traders availing of the composition scheme to 0.5% from 1% if they include both taxable and tax-exempt goods in their turnover. “Till now, the changes have been carried out by way of notifications and instructions,” Pratik Jain, indirect tax leader, PwC told in an interview to ET recently. “There is a need to do a comprehensive review of changes required in the legislation as well, based on issues that have already been highlighted by industry,” he said. (Photo courtesy: The Hindu)

GST could soon be in for the biggest revamp since its launch this year

<ul class="summary-list"><li>Rajiv Jain made a big bet on Gautam Adani's business empire last month.</li><li>He told Bloomberg Monday that he believes his $1.9 billion investment could deliver 100% returns over the next five years.</li></ul>Investing in Gautam Adani's companies could generate massive returns over the next five years, according to an emerging markets specialist who made a big bet on the Indian tycoon's troubled business empire last month.Rajiv Jain poured $1.9 billion into four of the Adani Group's ten listed companies last month – and said Monday that he thinks the value of his investment could double over the next half-decade."These could be multibaggers," the GQG Partners CIO told <a href="https://www.bnnbloomberg.ca/gqg-sees-2-billion-adani-bet-delivering-returns-over-100-1.1904556" target="_blank" rel="noopener">Bloomberg</a>, referring to stocks that deliver returns of 100% or more.Adani has lost as much as $153 billion worth of market capitalization since short-seller Hindenburg Research <a href="https://markets.businessinsider.com/news/stocks/adani-group-hindenburg-research-short-report-4th-richest-person-world-2023-1?utm_medium=ingest&amp;utm_source=markets">released a scathing report</a> in January that alleged the conglomerate had engaged in stock manipulation and accounting fraud to perpetrate what it called "<a href="https://hindenburgresearch.com/adani/" target="_blank" rel="noopener">the largest con in corporate history</a>", according to data from Bloomberg.The Indian conglomerate has repeatedly dismissed Hindenburg's report, saying it includes "<a href="https://www.adanienterprises.com/newsroom/media-releases/Media-Statement-on-Hindenburg-Research-Report">misinformation and stale, baseless and discredited allegations</a>".Jain agreed with those denials and is betting that Adani's coal-mining assets, data centers, and majority stake in Mumbai's international airport will deliver returns for GQG."If you peel the onion a little bit further, we didn't find any signs of fraud or anything like that," Jain told <a href="https://www.bloomberg.com/news/videos/2023-04-04/why-gqg-s-rajiv-jain-is-betting-on-adani-s-empire-video">Bloomberg TV</a> in an interview that aired Monday."If you look at the longer-term opportunities that these companies have, it's tremendous," he added. "These are very well run assets, unique assets, monopolistic assets.""And obviously, there was a little bit of crisis and we believe that that creates a massive, longer-term headroom for these businesses and opportunity for us."Read more: <a href="https://markets.businessinsider.com/news/stocks/gautam-adani-hindenburg-research-explained-stock-market-outlook-investing-analysis-2023-1">Everything you need to know about Gautam Adani and Hindenburg after the short seller's fraud allegations burnt a $72 billion hole in the richest Asian's empire</a>

Adani could deliver 'multibagger' returns, an investor who bet $2 billion on the troubled business empire says

<ul class="summary-list"><li>The Indian economy has grown strongly under Narendra Modi, whose party is set to win another term.</li><li>India's success has caught the eye of figures including Elon Musk, Jamie Dimon, and Tim Cook.</li></ul>India's powerful economic growth and blossoming middle class under Narendra Modi have caught the eye of corporate titans like Elon Musk, Jamie Dimon, and Tim Cook.Modi is pretty much a shoo-in for a third term as prime minister after the national election now underway ends on June 1. But the work starts there, as he'll have to navigate thorny issues such as youth unemployment, income inequality, and reliance on sanctioned Russian oil.<h2>Fueling growth and shaking hands</h2>India's economy has more than doubled in size during Modi's decade in charge to more than $3.7 trillion last year.The International Monetary Fund (IMF) <a target="_blank" href="https://www.imf.org/en/Blogs/Articles/2024/04/29/asias-growth-and-inflation-outlook-improves-but-risks-remain">recently upgraded</a> its growth forecast for real Gross Domestic Product (GDP) to a robust 7.8% this year, 6.8% in 2025, and 6.5% in 2026.India has already overtaken Britain to become the world's fifth-largest economy. It's on track to leapfrog Japan and Germany into third spot behind the US and China by 2027.The country's flagship stock index has also tripled in value since Modi took office in May 2014, thanks to wealth gains and growing investment appetites.Moreover, <a target="_blank" href="https://sbi.co.in/documents/13958/36530824/270224-HCES_Feb24.pdf">one estimate</a> puts the percentage of the Indian population living on less than $2.15 a day at below 5%, down from 12% in 2011. However, the <a target="_blank" href="https://pip.worldbank.org/country-profiles/IND">World Bank</a> pegged that figure at nearly 13% in 2021.India's middle class has also ballooned with 60 million people now earning the rupee equivalent of more $10,000 a year — about $37,200 once adjusted for <a target="_blank" href="https://www.imf.org/external/datamapper/profile/IND">purchasing power</a>. Goldman Sachs <a target="_blank" href="https://www.goldmansachs.com/intelligence/pages/indias-affluent-population-is-likely-to-hit-100-million-by-2027.html">expects</a> the ranks of the relatively affluent to swell to 100 million by 2027."Modi has done an unbelievable job in India," JPMorgan's Dimon <a target="_blank" href="https://www.businessinsider.com/jpmorgan-jamie-dimon-economy-inflation-recession-stagflation-geopolitics-crypto-bitcoin-2024-4">told</a> the Economic Club of New York last month. "I know the liberal press here, they beat the hell out of him. He's taken 400 million people out of poverty."Musk has <a target="_blank" href="https://twitter.com/elonmusk/status/1781541775183610310">posted</a> on X that he's looking forward to visiting India and meeting Modi this year. He delayed his trip last month, blaming "very heavy Tesla obligations." The pair are expected to discuss Tesla building a multibillion-dollar factory in the country.As for Apple's Cook, he hailed India on a November earnings call as an "incredibly exciting market" and a "<a target="_blank" href="https://www.businessinsider.com/apple-tim-cook-obsessed-india-consumers-iphone-2023-7">major focus of ours</a>" given the explosive growth in potential customers as locals get richer.<div type="image" title="Sundar Pichai, Tim Cook, Narendra Modi, Joe Biden" height="3907" width="5861" msid="109838230" hostid="261" sizebytes="846512"></div>Modi has also met with Nvidia CEO Jensen Huang, Microsoft boss Satya Nadella, and Alphabet's Sundar Pichai. He's likely to be seeking to attract foreign direct investment (FDI) in India — and to capitalize on bosses' <a target="_blank" href="https://www.businessinsider.com/us-china-relations-reshoring-manufacturing-jobs-made-in-america-2023-10">desire to hedge their bets on China</a> given its strained relationship with the US, economic woes, and how disruptive its strict pandemic lockdowns were to global supply chains."India's population and economic growth numbers are causing a lot of global executives to revisit their India presence and consider scaling up," Richard Rossow, a senior advisor and chair in US-India Policy Studies at the Center for Strategic &amp; International Studies, told Business Insider."Paired with increased concerns about supply chain resilience and security concerns about China, it's a very good time for a hard push to win investments."The United Nations said that India and China both had a population of 1.426 billion in April last year, meaning India is probably now the most populous given its rising birth rate.<h2>Change for the better — mostly</h2>Modi has instigated a raft of major economic reforms since taking office, intended to make India more business-friendly, and boost government revenues by taxing more of the country's vast informal economy.He rolled out a tax on goods and services, simplified bankruptcy laws, lifted FDI restrictions, cut corporate income tax, and ended retrospective taxation.However, not all of Modi's moves spurred growth."Demonetisation was a key economic policy which had negative effects on the economy," Kunal Sen, a director of the United Nations University World Institute for Development Economics, told BI.Sen is the author of several books about India's economy and a professor of development economics at the University of Manchester.He was referring to Modi's sudden declaration in November 2016 that all 500 and 1,000-rupee bills — 86% of Indian currency in circulation — would <a target="_blank" href="https://www.businessinsider.com/india-ending-500-and-1000-rupee-bills-to-fight-corruption-2016-11">no longer be accepted as legal tender</a>.The government's goals were to capture undeclared income, get rid of counterfeit currency, broaden the tax base, and bring more activities into the formal economy."The other key economic policy was JAM — the trinity of bank accounts for the poor, mobile numbers and a biometric card. This last economic policy has been revolutionary," Sen said.He was hailing a broader digitization drive under Modi that has <a target="_blank" href="https://www.businessinsider.in/business/news/how-indias-digital-payments-ecosystem-has-evolved-in-the-last-one-year/slidelist/90595832.cms">transformed</a> how Indians bank, invest, pay their taxes, and conduct business.<h2>Prosperity for all</h2>Modi's efforts have helped to usher in a more prosperous era for some Indians, but many have been left behind.Young people are India's beating heart, with about half its population under 25 and almost two-thirds under 35. Matching those hundreds of millions of people with jobs has proven a challenge, with youth unemployment almost tripling from below 6% in 2000 to about 18% in 2019. It still stands at a hefty 10% in 2023, per the <a target="_blank" href="https://webapps.ilo.org/wcmsp5/groups/public/---asia/---ro-bangkok/---sro-new_delhi/documents/publication/wcms_921154.pdf">International Labor Organization</a>.The report found that nearly 30% of India's graduates were unemployed in 2022, and only about 10% of the working-age population was formally employed.<div type="image" title="A farmer uses oxen to plow fields for lentils in Nimaj, Rajasthan, northern India." height="3464" width="5196" msid="109838232" hostid="261" sizebytes="690700"></div>"Unemployment is a big issue," Rossow said, emphasizing this isn't just a problem with recent graduates but a "much, much larger bubble: the underemployed farm laborers."Rising agricultural productivity is likely to help farm workers make a faster transition to city life in the years ahead, but they'll struggle to secure modern jobs in the services industry "without significant reskilling and education," Rossow said.As a result, lower-skilled manufacturing and assembly jobs and lower-end services jobs will be needed, he added.Another major challenge will be tackling a widening wealth divide. The richest 10% of the population hold more than 72% of the nation's wealth, per an Oxfam report <a target="_blank" href="https://d1ns4ht6ytuzzo.cloudfront.net/oxfamdata/oxfamdatapublic/2023-01/India%20Supplement%202023_digital.pdf?">published</a> last year.Business tycoons Mukesh Ambani and Gautam Adani both rank among the world's 15 richest people, per the <a target="_blank" href="https://www.bloomberg.com/billionaires/">Bloomberg Billionaires Index</a>. Luxury-goods sales are booming with <a target="_blank" href="https://www.carwale.com/news/mercedesbenz-lineups-waiting-period-reduced-in-india/">long waitlists</a> for flashy purchases like the Mercedes "G Wagon."<div type="image" title="The Ambani family onstage with Rihanna." height="854" width="1280" msid="109838233" hostid="261" sizebytes="99148"></div>The <a target="_blank" href="https://www.businessinsider.com/anant-ambani-pre-wedding-festivities-lack-empathy-india-radhika-merchant-2024-3">lavish pre-wedding party</a> thrown by the Ambani family earlier this year was singled out by some as an affront to the huge number of Indians living in poverty.Almost 1.3 billion people live on less than $3,500 a year by one estimate, and India ranks 111th on the <a target="_blank" href="https://www.globalhungerindex.org/ranking.html">Global Hunger Index</a>, below even North Korea.Rising equality is partly explained by a "capital-intensive mode of economic growth along with increasing power of business conglomerates," Sen told BI, referring to how huge companies like the Adani Group secure huge government contracts to build ports, bridges, highways, and other infrastructure.A third challenge is regional inequality, as some states like Bihar and Uttar Pradesh haven't experienced the same growth and modernization of their economies as others, Rossow said.<h2>The Russia riddle</h2>One striking aspect of Modi's economic boom has been its reliance on Russia since it invaded Ukraine in early 2022.India went from getting 2% of its crude oil from Russia before the war, to 35% last year. During that period, the US and Europe slapped sanctions on Russian oil to defund Putin's military machine and punish Moscow for attacking a sovereign nation.Despite that, India purchased an estimated $37 billion of Moscow's oil in 2023 — 13 times the amount it bought annually prior to the conflict. Its buying helped Russia rake in a <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-sales-india-ukraine-war-moscow-western-sanctions-2024-2">record $320 billion</a> of federal revenue last year.Indian demand for Russian oil has <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-oil-trade-crude-india-discount-barrel-sanctions-price-cap-2024-2">cooled</a> in recent months as new sanctions have made it <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-energy-exports-india-imports-revenue-sanctions-discount-2024-3">more expensive</a>, but the buying remains controversial.Officials in India have <a target="_blank" href="https://markets.businessinsider.com/news/commodities/crude-oil-prices-india-russia-trade-geopolitics-opec-supply-puri-2024-2">defended</a> the purchases, saying that if they'd bought Middle Eastern oil instead, global crude prices would have shot up.India is also one of the world's largest oil refiners and has helped Western nations to maintain access to refined petroleum products even as they're refraining from buying Russian crude directly.Yet the country imports 85% of its oil, so its overriding interest is securing the cheapest oil possible to support its development, said Neelima Jain, a senior fellow and chair in US India Policy Studies at CSIS."India will continue to buy Russian oil if the price remains favorable and allows for firm volume guarantees, as the country prioritizes energy affordability and accessibility during its rapid rural-to-urban transition, which has led to a 6% year-on-year growth in energy demand," she told BI."In an inflationary environment, economics [rather] than geopolitics will drive India's energy choices."<div type="image" title="Narendra Modi and Vladimir Putin" height="3196" width="4714" msid="109838234" hostid="261" sizebytes="426292"></div><h2>India the IT hub</h2>Under Modi, India has made big strides in modernizing its economy, combating bureaucracy, and appealing to foreign investors.Big Tech stalwarts like Microsoft have a <a target="_blank" href="https://www.businessinsider.com/microsoft-has-so-many-patents-its-outsourced-the-job-to-india-2013-5">long history</a> of outsourcing to India, but recent efforts to cut red tape and slash corporate taxes appear to have fueled fresh interest.Sweeping layoffs at Alphabet, Amazon, Meta, Salesforce and other US tech titans in the past few years could presage a large exodus of jobs to India.Sanjay Shetty of Randstad India <a target="_blank" href="https://economictimes.indiatimes.com/tech/technology/outsourcing-hubs-like-india-to-bag-40-of-jobs-lost-to-layoffs/articleshow/101088673.cms?">told The Economic Times</a> last summer that he expected 30% to 40% of the tech jobs eliminated globally to move to India by 2025."India is going to be the biggest gainer in the medium to long term, as almost every company that we speak to is looking at expanding its India base," Shetty said.Even if that pans out, it won't be a panacea for a country facing not just unemployment and underemployment, but also stark income inequality, regional disparities, and the risk of alienating Western allies by continuing to buy Russian oil.Yet overall, India appears to be headed in the right direction."The growth is real, if focused on a few key states," Rossow said. "India's dynamic technology services sector is to IT services what China is to manufacturing. So there is much to cheer, even as the reform agenda seems to never end."

Tech titans love Modi's economic powerhouse India — despite mass unemployment and abject poverty 

<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>

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