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<ul><li>India's real GDP grew at around 8.2% in real terms in Fy24: Economic Survey </li><li>Retail inflation dipped to 5.4% in FY24, notes Economic Survey</li><li>Unemployment dipped to 3.2% in FY24</li></ul><keyword id="19912360" type="General" weightage="20" keywordseo="Finance-Minister-Nirmala-Sitharaman" source="keywords">Finance Minister Nirmala Sitharaman</keyword> is set to present the union budget on 23rd July, at 11 am. The budget session is scheduled to last between 22nd July and 12th August. This will be <keyword id="19956941" type="General" weightage="20" keywordseo="FM-Sitharaman" source="keywords">FM Sitharaman</keyword>'s seventh consecutive budget presentation under the third term of <keyword id="20205025" type="General" weightage="20" keywordseo="Bhartiya-Janata-Party" source="keywords" meta.keywordsubtype="org" meta.entityname="Bhartiya Janata Party" meta.hostid="261" meta.entityid="Bhartiya Janata Party">Bhartiya Janata Party</keyword> (BJP). All budget-related documents will be available at indiabudget.gov.in. You can watch the presentation live on Doordarshan, Sansad TV, and also on various official government YouTube channels. With this budget, Sitharaman will only precede former PM <keyword id="20342248" type="General" weightage="20" keywordseo="Morarji-Desai" source="keywords">Morarji Desai</keyword>, who has presented the highest number of budget (10) till date, followed by <keyword id="22330828" type="General" weightage="20" keywordseo="P-Chidambaram" source="keywords">P. Chidambaram</keyword> with 9 budgets, and Pranab Mukherjee, who has 8 budgets to his credit. In her recent address in parliament, Sitharaman noted that significant social and economic decisions will be a highlight of this budget. Notably, she concluded <keyword id="901788" type="General" weightage="20" keywordseo="pre-budget-consultations" source="Orion">pre-budget consultations</keyword>, which began on June 19th, on July 5th, where she met 20 invitees across 10 groups, including representatives from agriculture, skill development, finance and banking, energy, <keyword id="17408" type="General" weightage="20" keywordseo="Infrastructure" source="Orion">infrastructure</keyword> sector and more. <h2>Key expectations from Budget 2024</h2>Experts note that this budget will mainly focus on improving consumption, and boosting <keyword id="174143" type="General" weightage="20" keywordseo="infrastructure-development" source="Orion">infrastructure development</keyword>. Per reports, the government is also mulling raising the threshold of standard deduction under income tax regimes from the present Rs 50,000 to Rs 1 lakh. Additionally, to boost healthcare accessibility for the underserved in the country, the government is also contemplating to double the annual coverage offered under the <keyword id="20097876" type="General" weightage="20" keywordseo="Ayushman-Bharat-health-insurance-scheme" source="keywords">Ayushman Bharat health insurance scheme</keyword> from the present Rs 5 lakh to Rs 10 lakh over the next 3 years, along with also covering individuals aged over 70. Mr. Tashwinder Singh, CEO &amp; MD, Niyogin Fintech Limited, which offers credit to MSMEs, noted that upcoming regulatory changes should focus on simplifying compliance, taxation policies that encourage entrepreneurship, and incentivise innovations that drive R&amp;D investments. "We hope that the government takes measures to support the lending industry through access to capital and affordable interest rates, enabling entrepreneurs to realize their vision. Furthermore, we look forward to relaxed norms for NBFCs, allowing them to contribute more substantially to the economy. These measures will collectively propel India's economic growth, boost job creation, and position the Indian fintech industry as a strong contender in innovation and entrepreneurship", he continues. As for bolstering green infrastructure and clean energy production, Ms Aditi Balbir, Co-founder, EcoRatings notes that the 2024 union budget should prioritize investments in sustainable infrastructure projects and clean energy solutions, as 70% of greenhouse gas emissions stem from energy, industry, and buildings. "This will create a future-proof foundation for economic growth and help in achieving net-zero targets. Infrastructure is crucial in addressing climate change and meeting diverse societal needs. A transformative overhaul of our current and future infrastructure assets is essential. The budget should introduce financial incentives, such as lower interest rates on loans and dedicated grants, for companies committed to ESG compliance. This will create a clear link between sustainability efforts and economic benefits", she continued. <h2>Focus on Agri-credit, Real Estate in Budget 2024</h2>The government could also raise the target for agricultural loans disbursed during the year by up to 25%, setting the target at Rs 25 lakh crore. The government will also have to revamp the MSP (minimum support price) system in this space, focusing on challenges such as narrow coverage, dipping export competitiveness, discouraging private investment in this space and more. Another area that demands significant attention is real estate. Shubhi Jain, Principal Partner &amp; Head of CRM, Square Yards anticipates significant reforms in the upcoming budget under the new government. Securing industry status will unlock a plethora of legal and administrative benefits, along with much-needed tax incentives. "Also, while government’s focus on affordable housing under PMAY is commendable, recalibrating strategies in light of escalating construction costs is imperative for sustained inclusiveness and effectiveness. Moreover, enhanced tax reliefs and increased deductions on home loans, currently capped at INR 2 lakhs, are pivotal in stimulating demand and supporting prospective buyers", she says. <div type="Article" hostid="261" msid="111946291" title="Union Budget 2024-25 key highlights: Assistance for Nalanda's development as a tourist center" mstype="2" mssubtype="0"></div><h2>Short-term outlook positive, notes Economic Survey </h2>FM Sitharaman presented the Economic Survey 2023-24 in the parliament today, ahead of the budget. The survey noted that the Indian economy had managed to recover and expand in an orderly fashion post the pandemic, with the real GDP growing by 8.2% in FY24. Going ahead, prospects for continued strong growth in FY25 remain robust. India also managed to bring down its current account deficit (0.7% of GDP in FY24), while projecting a 7%+ growth rate in the medium term. On the employment front, the survey noted that AI might moderate India's services export growth by as much as 0.3 to 0.4 percentage points annually over the course of the next decade. As such, greater emphasis and focus is needed on areas like blockchain, artificial intelligence (AI), machine learning, Internet of Things, cybersecurity, cloud computing, big data analytics, augmented reality, virtual reality, 3D printing, and web and mobile development. The Indian labour market indicators have significantly improved over the past 6 years, with unemployment rates dipping to 3.2% in 2022-23. However, even as net payroll additions to EPFO have doubled over the last 5 years, signaling a healthy formal employment market, job creation and increasing women participation in workforce remain key areas of concern. For all updates and latest information related to the budget, don't forget to follow <a href="https://www.businessinsider.in/budget" data-type="tilCustomLink" target="_blank">Budget Insider</a>! SEE ALSO: <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" data-type="tilCustomLink" target="_blank">Union Budget 2024 Live Updates: FM Sitharaman announces internships for 10 million youth in 500 top companies</a> <a href="https://www.businessinsider.in/budget/news/loan-limit-under-mudra-scheme-to-be-doubled-to-20-lakh-sitharaman/articleshow/111950024.cms" data-type="tilCustomLink" target="_blank">Loan limit under MUDRA scheme to be doubled to ₹20 lakh: Sitharaman</a>

Union Budget 2024: When will it be presented, what time, where to watch and what are various sectors expecting?

Up until 12.15 pm on July 23, the Indian benchmark index BSE Sensex was trading flat, as investors soaked in the the Union Budget 2024 announcements and altered positions on various sectors carefully. However, things changed fast post-noon, and within 15 minutes, the index nosedived sharply by almost 1000 points. So, what spooked investors and how will these proposed changes impact your portfolio returns? Read on! <h2>Increased <keyword id="173153" type="General" weightage="20" keywordseo="capital-gains-tax" source="Orion">capital gains tax</keyword></h2>The major reason behind the sharp fall was the finance minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword>'s proposed several changes in the <keyword id="20619608" type="General" weightage="100" keywordseo="capital-gains" source="keywords">capital gains</keyword> taxation regime. The FM announced an increase in short-term capital gains (STCG) rates on certain assets to 20% from 15%. Additionally, long-term capital gains (LTCG) on certain specified assets will now be taxed at 12.5% from 10%. To soften the blow, she announced a hike in the LTCG exemption limit to Rs 1.25 lakh per year. Unlisted bonds and debt mutual funds will continue to be taxed at the applicable rate. “While the increase in capital gains exemption from ₹1 lakhs to ₹1.25 lakhs will encourage the middle class to invest more in equities, mutual funds, and other linked products, an increase in long-term capital gains tax to 12.5% will have a significant impact on HNIs' decision process of investing in alternative asset classes where money is typically tied in for 4-5 years,” says Ms Pearl Agarwal, Founder and Managing Partner, Eximius Ventures. For the unversed, stocks held for less than a year are classified as short-term, and shares held for more than 12 months are termed long-term. Similarly, different asset classes carried different holding periods to be classified as either. Now, according to the Memorandum of the Finance Bill 2024, the finance minister intends to rationalise and simplify the capital gains taxation with a three-pronged approach. The Memorandum proposed that there will only be two holding periods for differentiating between long- and short-term: For all listed securities, the holding period is proposed to be 12 months, and for all other assets, it shall be 24 months. Thus units of listed business trust will now be at par with listed equity shares at 12 months instead of earlier 36 months. The holding period for bonds, debentures, gold, unlisted shares and immovable property will reduce from 36 months to 24 months. This reclassification is also expected to benefit investors as more and more assets with much shorter holding periods will be classified as long-term. <h2>Increased tax on <keyword id="47029" type="General" weightage="20" keywordseo="futures" source="Orion">Futures</keyword> and Options (<keyword id="44618" type="General" weightage="20" keywordseo="FO" source="Orion">F&amp;O</keyword>) transactions</h2>The government came down hard on the equity derivatives segment or the Futures and Options (F&amp;O) as it increased the Securities Transaction Tax (STT). According to the FM speech, "It is proposed to increase the rates of STT on sale of an option in securities from 0.0625 per cent to 0.1 per cent of the option premium, and on sale of a futures in securities from 0.0125 per cent to 0.02 per cent of the price at which such futures are traded." The move was largely in the expected lines, amid the unprecedented spike in futures and options (F&amp;O) trading across India. The government has often tried to curtail speculative trading with higher taxes to discourage retail investors from losing money similar to previous instances of higher taxes on income from lottery or cryptocurrencies. India's monthly F&amp;O turnover has risen dramatically to a record Rs 8,740 lakh crore (or $1.1 trillion) in March 2024 compared to a mere Rs 217 lakh crore (approximately $ 27 billion) in March 2019, accounting for over 80% of such trades in the world. However, market experts do not expect a major change in the net impact due to the recent drop in exchange turnover charges. "While STT has been increased on both Futures and Options from 1st October 2024, this is the same date when exchange turnover charges will be reduced. In my view the net impact of this will be largely net neutral for the customer. Example, STT on Options will increase by ₹3.75 per ₹10,000 round trip premium turnover while exchange turnover charges should reduce by approx ₹3.50 to ₹4," says Ashish Nanda, President and Head - Digital Business, Kotak Securities. To summarize, the proposed changes aim to streamline and simplify the capital gains taxation system by reducing the holding periods and adjusting the tax rates. The amendments will affect various financial instruments differently, with long-term capital gains on listed equity shares, equity-oriented funds, and business trusts seeing new exemption limits, while unlisted bonds and debt instruments will be subject to the regular applicable tax rates without indexation benefits. (With inputs from agencies)

Budget 2024: Tax alterations affecting stock markets — capital gains tax, STT on F&O, and more

New Delhi, Finance Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> on Thursday said the <keyword id="6358021" type="General" weightage="100" keywordseo="budget" source="Orion">budget</keyword> to be presented on February 1, 2024 would not have any "spectacular announcement" as it would be a vote on account in run up to the general elections. "It is a matter of truth that February 1, 2024 budget that will be announced will just be a vote on account because we will be in an election mode. So the budget that the government presents will just be to meet the expenditure of the government till a new government comes to play," she said. Speaking at the CII Global Economic Policy Forum, <keyword id="679937" type="General" weightage="80" keywordseo="sitharaman" source="Orion">Sitharaman</keyword> said the country would be preparing for the <keyword id="6355187" type="General" weightage="50" keywordseo="lok-sabha" source="Orion">Lok Sabha</keyword> elections which are due in the summer of 2024. Hence the February 1 budget, following the British tradition, is called vote on account. "No spectacular announcements come in that time (in vote on account). So you will have to wait till after new government comes in and presents next full Budget in July 2024," Sitharaman said. On February 1, 2024, Sitharaman will present an interim budget for 2024-25 fiscal, beginning April 1, 2024, in the Lok Sabha. The interim budget which is also known an a vote on account will allow the incumbent government to undertake expenditures till a new government is formed after general elections.

No 'spectacular announcement' likely in February 1 budget, says finance minister

<ul><li>A <keyword id="899866" type="General" weightage="20" keywordseo="Digital-university" source="Orion">digital university</keyword> will be set up open for all the Indian citizens to skill, upskill themselves.</li><li>The university will be established in collaboration with various Indian universities.</li><li>Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> also announced implementation of ‘<keyword id="9243540" type="General" weightage="20" keywordseo="e-vidya" source="Orion">e-vidya</keyword>’, a TV channel for supplementary education for students.</li></ul>India’s Finance Minister, Nirmala Sitharaman, on Tuesday, announced that a Digital University, named ‘DESH-Stack portal’, for online learning will be set up, which will be built on a hub and spoke model. The university will be set up in collaboration with various universities in India. This will be made available in different Indian languages and information and communications technology (ICT) formats. High-quality e-content in all spoken languages will be developed for delivery via internet, mobile phones, TV and radio through “digital teachers”. The goal behind this initiative, which is open for the citizens of the country, is to skill, upskill or reskill. It will also provide API-based trusted skill credentials, payment and discovery layers to find relevant jobs and entrepreneurial opportunities. A National Skill Qualification Framework (NSQF) will also be aligned with the industry dynamic to promote continuous skilling avenues, sustainability, and employability. She further added that a TV channel named ‘e-Vidya’, will also be implemented to provide supplementary education to children from class 1 to 12, especially for children in rural areas, to make up for the loss of the learning during the COVID-19 pandemic. Sitharaman said, “We recognise the need to impart supplementary teaching and to build a resilient mechanism for education delivery. For this purpose, ‘one class-one TV channel’ programme of PM eVIDYA will be expanded from 12 to 200 TV channels. This will enable all states to provide supplementary education in regional languages for classes 1-12.” Additionally, 750 virtual labs in science and mathematics, and 75 skilling e-labs for simulated learning environments, will be set-up in 2022-23 to promote crucial critical thinking skills, to give space for creativity. She also mentioned that relevant skilling courses for ‘Drone-as-a-service’ will also be rolled out in Indian Institutes of Technology (IITs) to promote ‘Drone Shakti’ among startups. “The <keyword id="10547300" type="General" weightage="20" keywordseo="Budget-2022" source="Orion">budget 2022</keyword> for the education sector rightly focuses on upskilling and digital learning. The budget has addressed structural issues in the education landscape and has ensured that all children get access to education. The budget has also well-coincided with the opening of schools as it is important to reverse the learning loss among students. The government must act to meet the needs of an aspiring generation which is looking to the future with great hope. Overall, it has given a boost to the education sector that will result in the nation’s progress,” said Ms. Shweta Sastri, Managing Director of the Canadian International School, Bengaluru. Last year, the education sector was allocated ₹93,224 crore, which was 2.67 percent of the central government’s estimated budget for 2021-22. For making the students ready for jobs, the government has also extended the <keyword id="12329765" type="General" weightage="20" keywordseo="national-apprenticeship-training-scheme" source="Orion">National Apprenticeship Training Scheme</keyword> (NATS) for the next five years, with an outlay of ₹3054 crore which will make, through apprenticeship, around 9 lakh students employable, according to the Economic Survey 2022. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/from-cryptocurrencies-to-nfts-india-to-tax-all-virtual-digital-assets-at-30/articleshow/89268587.cms">From cryptocurrencies to NFTs, India to tax all ‘virtual digital’ assets at 30%</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/digital-rupee-to-be-introduced-by-the-rbi-confirms-fm-nirmala-sitharaman-speech/articleshow/89268343.cms">Blockchain-based e-Rupee will be a reality before March 2023 confirms Finance Minister Nirmala Sitharaman</a>

Budget 2022: Digital university to be set up for online learning

New Delhi, Former India skipper <keyword id="6354832" type="UNKNOWN" weightage="20" keywordseo="ms-dhoni">MS Dhoni</keyword> has been declared as '<keyword id="10099237" type="UNKNOWN" weightage="20" keywordseo="T20-ka-king">T20 ka king</keyword>' in a recent online survey conducted by Sports Flashes, country's first online sports radio channel. Twelve lakh people participated in the survey on the various social media platforms of Sports Flashes, as per an official release of the channel. A total of 128 cricketers were selected from all over the world from different teams and started an interesting and enthralling battle of 127 matches, comprising different stages. The cricketers were selected based on their past performances and the current <keyword id="6354831" type="UNKNOWN" weightage="20" keywordseo="indian-premier-league">Indian Premier League</keyword> (IPL) values by an expert panel and commentators of Sports Flashes. The voting for all these 127 matches was contested on social media handles of Sports Flashes. The survey was undertaken in stages similar to the cricket leagues which were live for the last 32 days. In semifinals, Dhoni and Yuvraj Singh were up against each other in the first semi-final, while the current Indian captain Virat Kohli was locking horns with his deputy Rohit Sharma. Final was between Dhoni and Virat Kohli. The audience selected MS Dhoni as the winner of the 'T20 ka King' title. On the survey, Raman Raheja, founder, Sports Flashes said, "This result shows that even after announcing his retirement from international cricket, fans still considers MS Dhoni as the king of cricket and value all that he has done for his country in the past; he is a true legend of the game." "The survey was undertaken to understand the engagement level of cricket lovers with their icons. 40 lakh views were achieved in 32 days. This shows cricket cannot be displaced from its position as the favourite sport in India," he added. Dhoni, who made his international debut in 2004, announced his retirement from international cricket on August 15 this year after representing India in 350 ODIs, 90 Tests and 98 T20Is. Currently, he is leading Chennai Super Kings in the 13th IPL edition being played in the United Arab Emirates (UAE). SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/gst-council-and-states-fail-to-reach-consensus-on-compensation-cess-no-dispute-we-may-have-differences-says-sitharaman/articleshow/78624857.cms">GST council and states fail to reach consensus on compensation cess — 'No dispute, we may have differences,' says Sitharaman</a> <a href="https://www.businessinsider.in/stock-market/news/banking-stocks-like-sbi-hdfc-axis-icici-and-other-share-price-in-the-stock-market-ahead-of-the-moratorium-verdict/articleshow/78633357.cms">SBI, HDFC Bank, Axis Bank and other bank stocks tread caution as they wait with bated breath for Supreme Court verdict on moratorium</a>

MS Dhoni declared as 'T20 ka king' in a viewer-based survey

Further widening the definition of micro, small and medium enterprises (<keyword id="6358354" type="COMPANY" weightage="20" keywordseo="MSME">MSME</keyword>), <keyword id="3466084" type="COMPANY" weightage="20" keywordseo="the-union-cabinet">the Union Cabinet</keyword> on Monday announced that entities with turnover up to Rs 250 crore or investment up to Rs 50 crore will qualify as medium enterprises. Addressing the media here, post the cabinet meeting, <keyword id="3565164" type="COMPANY" weightage="20" keywordseo="union-information-broadcasting">Union Information &amp; Broadcasting</keyword> Minister <keyword id="119642" type="PERSON" weightage="20" keywordseo="Prakash-Javadekar">Prakash Javadekar</keyword> said that the decision was taken post suggestions coming in after the government announced the broadening of the scope of MSMEs to support and more businesses. Also, the turnover criteria for MSME will not include revenue from exports further providing flexibility to the sector to expand their operations and push overseas sales, he said. On May 13, <keyword id="7706673" type="UNKNOWN" weightage="20" keywordseo="finance-minister-nirmala-sitharaman">Finance Minister Nirmala Sitharaman</keyword> announced to increase of investment limits for MSMEs. Further, she had also said that an additional criteria of turnover has also been introduced for recognition of an MSME. During that announcement, Sitharaman had raised medium enterprises definition to one with investment and machinery to the tune of Rs 20 crore and turnover of Rs 100 crore. This stands further enhanced now after the cabinet decision. As per the new changes, businesses with investment of less than Rs 1 crore and turnover of Rs 5 crore would be classified as micro enterprises. Under the existing criteria, a company with investment of less than Rs 25 lakh in the manufacturing sector and less than Rs 10 lakh in the services sector were considered micro enterprises. The Cabinet had changed this distinction as well and a unified criteria will be applied for micro enterprises. The investment limit of small enterprises has been increased to Rs 10 crore, and the companies would have to have turnover of less than Rs 50 crore. Further, the investment limit for medium enterprises has been increased to Rs 20 crore and the turnover limit has been kept at Rs 100 crore, which has now been extended to companies with investment of Rs 50 crore and turnover of up to Rs 250 crore. Under the Aatmanirbhar Bharat package, the government has also done away with the distinction of services and manufacturing MSME. Briefing media persons about the cabinet decision, MSME Minister <keyword id="26680" type="PERSON" weightage="20" keywordseo="Nitin-gadkari">Nitin Gadkari</keyword> said that the changes would benefit 6 crore MSMEs that together employ 11 crore people. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/ms-dhoni-backed-khatabook-adds-to-its-line-up-of-star-investors-sequoia-and-tencent-get-more-stake-in-indias-largest-small-business-app/articleshow/75842295.cms" data-type="tilCustomLink">MS Dhoni-backed Khatabook adds to its line-up of star investors ⁠— Sequoia and Tencent get more stake in India's largest small business app</a> <a href="https://www.businessinsider.in/policy/economy/news/finance-minister-nirmala-sitharaman-final-stimulus-plan-to-boost-gdp-of-india/articleshow/75784571.cms" data-type="tilCustomLink">India's Finance Minister reveals the final lot of Modi's economic stimulus programme</a>

Entities with up to ₹250 crore turnover, excluding exports, to be medium enterprises

<ul><li>Indian <keyword id="2461546" type="PERSON" weightage="20" keywordseo="FinTech">fintech</keyword> startup <keyword id="7598194" type="UNKNOWN" weightage="20" keywordseo="khatabook">Khatabook</keyword> has raised $60 million in a series B round of funding led by global equity firm B Capital Group.</li><li>Khatabook’s latest round of funding also saw participation from new and existing investors including Sequoia India, Partners of DST Global, Tencent, GGV and others.</li><li>Earlier in March 2020, former Indian cricket team captain Mahendra Singh Dhoni had invested an undisclosed amount in the startup and is also the brand ambassador for the company. </li></ul>Indian fintech startup Khatabook has raised $60 million in a series B round of funding led by global equity firm B Capital Group. Khatabook, just like its literal meaning in Hindi, is an account book for small and medium businesses. The business app helps business owners keep a check on their accounts, digitally. With the boost for the <keyword id="6358354" type="UNKNOWN" weightage="20" keywordseo="MSME">MSME</keyword> sector from Finance Minister Nirmala Sitharaman, Khatabook is preparing for an active role for the sector. With its latest funding, Khatabook aims to increase their products and services offerings for India's merchants. "Khatabook is the biggest player in the micro, small and medium business segment in the country, with over 8 Million active merchants on the app. Khatabook is playing an important role in the digitization of MSMEs helping to increase their incomes and making them more efficient and competitive. We are looking to work closely with the government and financial institutions to strengthen Indian MSMEs", said Ravish Naresh, co-founder and CEO of Khatabook. Khatabook’s latest round of funding also saw participation from new and existing investors including Sequoia India, Partners of DST Global, Tencent, GGV, RTP Global, Hummingbird Ventures, Falcon Edge Capital, Rocketship.vc and Unilever Ventures. Other angel investors like Kevin Weil, Alexander Will, Kunal Shah, Kunal Bahl and Rohit Bansal too participated in the round. Earlier in March 2020, former Indian cricket team captain Mahendra Singh Dhoni had invested an undisclosed amount in the startup and is also the brand ambassador for the company. The startup claims to have 8 million merchants on its platform and said that “1 Million merchants are uploading data and engaging with the Khatabook app daily while adding $200 Million worth of transactions every day. High engagement and utilization of the platform has resulted in more than 25% of the total active merchants joining the platform through word-of-mouth and referrals.” See Also: <a href="https://www.businessinsider.in/business/startups/news/ritesh-agarwal-imagines-robots-at-oyo-hotels-while-wondering-when-india-will-travel-again/articleshow/75839313.cms">Ritesh Agarwal imagines robots at OYO hotels while wondering when India will travel again</a> <a href="https://www.businessinsider.in/ms-dhoni-investments-in-indian-startups/articleshow/70685320.cms">MS Dhoni seems to be the favourite celeb for Indian startups</a>

MS Dhoni-backed Khatabook adds to its line-up of star investors ⁠— Sequoia and Tencent get more stake in India's largest small business app

<keyword id="1042120" type="PERSON" weightage="20" keywordseo="Uber">Uber</keyword> on Thursday launched its pan-India startup challenge, “UberPITCH 2016”. MoS of Commerce and Industry Smt <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> kicked off this year’s challenge. 
 
In this event Entrepreneurs will get to pitch their business ideas to investors and venture capitalists, during a specially organized Uber ride. 
 The <keyword id="2996021" type="UNKNOWN" weightage="20" keywordseo="UberPitch">UberPITCH</keyword> challenge enables entrepreneurs to pitch their ideas to investors while they take a cab ride with them. Selected entrepreneurs will get seven minutes to pitch their ideas and another seven minutes for feedback. 
 Speaking at the event Ms <keyword id="2535200" type="PERSON" weightage="20" keywordseo="Rachel-Whetstone">Rachel Whetstone</keyword>, Senior Vice President, Communications and Policy, Uber said, "I had an inspiring morning chatting with Indian women entrepreneurs who are coming up with great ideas and trying to solve hard problems. It was an honor to be able to share some of my experience with so many women who are clearly committed to making a difference. I’m pleased the <keyword id="3196548" type="UNKNOWN" weightage="20" keywordseo="uberEXCHANGE">UberEXCHANGE</keyword> program is helping them unlock their potential.” 
 
Ms Whetstone and Ms. Sitharaman discussed how the landscape for women entrepreneurship is evolving in India and the importance of government-private partnership in facilitating the growth of startups. 
 
“We are highly supportive of initiatives like UberEXCHANGE &amp; UberPITCH that strengthen the current start-up space through mentor led knowledge-sharing and enable entrepreneurs to realise their potential. I’m excited to see how public-private partnerships are helping catalyse conversations and investment opportunities for Indian start-ups, in pursuit of our vision around Start-Up India,” said Nirmala Sitharaman 
 
Also, 3 UberPITCH finalists will feature among the top 10 startups that will be given a free ticket to Silicon Valley to meet the leadership team at Uber as well as exchange notes with big-ticket investors.

UberPITCH 2016: Pitch your million dollar idea to VCs during a cab ride

<keyword id="6354512" type="General" weightage="100" keywordseo="infosys" source="Orion">Infosys</keyword> on Thursday announced the retirement of <keyword id="1440" type="General" weightage="80" keywordseo="kiran" source="Orion">Kiran</keyword> Mazumdar-Shaw as <keyword id="6390711" type="General" weightage="80" keywordseo="independent" source="Orion">Independent</keyword> Director from its Board, effective March 22, 2023, upon completion of her tenure. Accordingly, the Board has appointed D <keyword id="120337" type="General" weightage="80" keywordseo="sundaram" source="Orion">Sundaram</keyword> as the Lead Independent Director of the Company, effective Thursday based on the recommendation of the 'Nomination and Remuneration Committee'. Sundaram has been on the Board of Infosys since 2017. Sundaram serves on the Audit Committee, Risk Management Committee, <keyword id="16919243" type="General" weightage="50" keywordseo="stakeholders-relationship-committee" source="Orion">Stakeholders Relationship Committee</keyword>, Nomination and Remuneration Committee, and Cybersecurity Risk Sub-Committee. "We profusely thank Kiran for having been such an integral member of the Infosys family, providing valuable guidance and leadership to the Board over the years. I am personally very grateful to her as she has been a tremendous ally and amazing colleague on the Board, ever since I re-joined Infosys in August 2017," chairman of Infosys Nandan Nilekani, said. "We also congratulate Sundaram on being appointed as Lead Independent Director and look forward to his continued insight and steadfast support as Infosys continues its growth and transformation journey," Nilekadded. Kiran Mazumdar-Shaw was appointed to the Infosys' Board as an Independent Director in 2014, and as Lead Independent Director in 2018. She also served as the Chairperson of the 'Nomination &amp; Remuneration Committee' and 'CSR Committee', and as a member of the 'Risk Management and ESG Committees' of the Board. "The Board places on record its appreciation for Ms Shaw's invaluable contribution, guidance, and strategic vision, which has helped the Company build and execute a resilient growth strategy," Infosys said in a release. Kiran Mazumdar-Shaw is the Chairperson and Managing Director of Biocon Limited, a biotechnology company based in Bangalore, India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/former-idbi-gm-conspired-with-vijay-mallya-over-short-term-loan-to-kingfisher-airlines-cbi/articleshow/98936880.cms">Former IDBI GM conspired with Vijay Mallya over short term loan to Kingfisher Airlines: CBI</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/fm-nirmala-sitharaman-likely-to-meet-psu-banks-heads-on-saturday/articleshow/98936889.cms">FM Nirmala Sitharaman likely to meet PSU banks heads on Saturday</a>

Kiran Mazumdar-Shaw to retire from Infosys board

New Delhi, March 2 () Maritime bodies MASSA and NUSI on Monday sought intervention of Finance Minister Nirmala Sitharaman to amend a Budget proposal, which will now bring Indian seafarers under the Income tax net.Maritime unions are protesting against the proposed change in the Income Tax Act after Budget 2020 proposed to tax Non Resident Indians (NRI) in India, who are not paying tax anywhere in the world.Also, with the period of stay in India being reduced from 181 to 120 days, people have to spend more time abroad - more than 245 days compared to 183 days earlier, will get the NRI status as proposed in Budget 2020."Today on March 2, 2020; when Indian Parliament's session gets resumed to approve the Union Budget 2020, leading maritime bodies of India like Maritime Association of Shipowners Shipmanagers and Agent (MASSA) and National Union of Seafarers of India (NUSI) have intensified their ongoing protest against a Budget proposal to bring Indian seafarers under the income tax net," the maritime bodies said in a joint statement.Both these bodies have demanded to amend the Union Budget proposal to levy income tax on Non Resident Indians (NRIs) who are not paying tax anywhere in the world.Shiv Halbe, MASSA Chairman said by virtue of their profession, Indian seafarers attain an NRI status by working aboard cargo vessels that sail across the globe on international waters for a substantial period in a financial year.These Indians, who thus attain an NRI status, cannot hence pay income tax anywhere in the world as they do not reside and work on foreign soil, Halbe said."I therefore urge Finance Minister Ms Nirmala Sitharaman to amend the Union Budget 2020 proposal suitably in the interest Indian seafaring population. Otherwise, Indian seafarers will be subjected to income tax as high as 30 per cent, and global share of Indian seafarers might drop substantially over a period of time."Countries like Philippines and Ukraine compete with India for global share of seafarers, but they do not levy high income taxes on their seafaring citizens," he added. NUSI General Secretary Abdulgani Serang said, "Unlike land-based jobs, seafarers are a floating population as they don't have any country of residence. Logically, they cannot pay tax and they are not supposed to pay because they are floating population. It's a retrograde and negative step".Both MASSA and NUSI have sought a legal opinion from taxation and law firms of immense repute to protect the legitimate rights of Indian seafarers. NAM BAL

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