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<ul><li>The company said in a statement that it "had to take the tough decision to let go 150 of our team members".</li><li>The platform offered a severance package of two months to the laid-off employees, with two weeks per year served at the startup.</li><li>According to the company, it caters to more than 30 million users in over 300 cities with over 2,000 coaches.</li></ul>Leading AI health and fitness platform <keyword id="2698623" type="General" weightage="100" keywordseo="healthifyme" source="Orion">HealthifyMe</keyword> has sacked at least 150 employees as the company's growth did not "keep pace with expectations and hiring". The company has a physical presence in Bengaluru, Delhi, Mumbai, Chennai and Singapore. The company said in a statement that it "had to take the tough decision to let go 150 of our team members". "Like much of tech, growth hasn't kept pace with expectations and hiring," the company added. The platform offered a severance package of two months to the laid-off employees, with two weeks per year served at the startup. "As a part of our severance and support to those impacted, we will offer 2 months' salary severance with 2 weeks per year served at HealthifyMe, vested stocks till March 2023, and medical insurance continuance till June 2023, along with counseling and outplacement support," said the company. According to the company, it caters to more than 30 million users in over 300 cities with over 2,000 coaches. The <keyword id="2534058" type="General" weightage="20" keywordseo="healthtech" source="Orion">healthtech</keyword> platform in July this year raised $75 million (nearly Rs 560 crore) in a Series C round led by <keyword id="15700419" type="General" weightage="50" keywordseo="leapfrog-and-khosla-ventures" source="Orion">LeapFrog and Khosla Ventures</keyword>. The company aimed to use the funds to expand in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> and <keyword id="53564" type="General" weightage="50" keywordseo="southeast-asia" source="Orion">Southeast Asia</keyword>, make inroads into <keyword id="6378080" type="General" weightage="50" keywordseo="north-america" source="Orion">North America</keyword> as well as to acquire relevant companies in the digital health and fitness space. "We are already the market leaders in India and Southeast Asia and by combining AI and human empathy, we can deliver results in weight and lifestyle disease management at a fraction of the cost possible today," Tushar Vashisht, Co-founder and CEO, HealthifyMe, had said in a statement. While HealthifyMe's base has been India, it has been expanding internationally and now nearly 25 per cent of its revenues come from outside the country like Malaysia and Singapore, it had said in July. The company had also said to hire over 1,000 trainers and coaches this year. "We are also undergoing an evolution with our new vision around metabolic health (HealthifyMe 2.0) which requires different resources. In view of this and changing market dynamics, it made sense for us to steer toward profitability, despite a comfortable runway," the company spokesperson said in the latest statement. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/ayushmann-khurranas-doctor-g-set-for-ott-debut-on-netflix/articleshow/95995391.cms">Ayushmann Khurrana's 'Doctor G' set for OTT debut on Netflix</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/expect-nifty-to-end-the-december-series-on-a-positive-note-reach-a-target-of-18900-19000-says-r-venkataraman-of-iifl-securities/articleshow/95992944.cms">Expect Nifty to end the December series on a positive note, reach a target of 18,900-19,000, says R Venkataraman of IIFL Securities</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/dharmaj-crop-guard-ipo-how-you-can-check-the-allotment-status/articleshow/95992589.cms">Dharmaj Crop Guard IPO : Here’s how you can check the allotment status</a>

HealthifyMe sacks about 150 employees, says growth didn't keep pace with hiring

<ul><li>Empirical evidence shows that <keyword id="6354813" type="General" weightage="100" keywordseo="nifty" source="Orion">Nifty</keyword> has an 80% probability of closing in the green.</li><li>IIFL Securities expects foreign institutional investors to continue to be net buyers in the coming months as India continues to be an attractive investment destination.</li><li>Expects the Federal Reserve to reduce the pace of hikes in future, after a lower inflation print for the month of October. </li></ul>The Santa Claus rally has taken many by surprise, but research done by IIFL Securities shows that December, on an average, has given monthly returns of 3.2%. After selling India heavily to recover some of the losses made in China and Russia, foreign institutional investors are back as the new year is expected to see many developed economies slip into recession. Even though the Nifty at a multiple of 19.5x offers little upside, R Venkataraman, chairman of IIFL Securities, tells Malini Bhupta that India’s relatively superior investability will keep multiple premiums intact. Edited Excerpts: <cmsannotation type="cmsannotation" annotationid="As markets continue to hit new highs, what is the outlook for the rest of 2022?" comment="subhead" text="As markets continue to hit new highs, what is the outlook for the rest of 2022?">As markets continue to hit new highs, what is the outlook for the rest of 2022?</cmsannotation> Nifty has seen a sharp rally of ~13% since the beginning of October. The return seasonality trend of the last 20 years for the month of December based on empirical evidence shows that Nifty has an 80% probability of closing in the green. In this study, we also found that December has also given the highest average monthly gains of ~3.2%. Thus, we expect Nifty to end the December series on a positive note and even reach a target of 18,900-19,000. <cmsannotation type="cmsannotation" annotationid="Are foreign institutions back in India?" comment="subhead" text="Are foreign institutions back in India?">Are foreign institutions back in India?</cmsannotation> As we have been mentioning earlier, going back as early as July, FIIs (foreign institutional investors) &amp; FPIs (foreign portfolio investors) had been selling in India only due to them suffering huge losses in countries like Russia and China. FIIs have, since August, made a comeback in India and have invested ₹26,000 crore in the cash market. Even their speculative long positions in the index futures are significantly higher compared to their historical average. As India continues to be the largest investable market with other countries like the US and the EU feared to be in recession in 2023, China is under lockdowns and Russia continues to be at war. Thus, we expect the FIIs to continue to be net buyers in the coming months. <cmsannotation type="cmsannotation" annotationid="Many global investment banks have said while India’s long-term fundamentals are intact, near-term valuations are elevated?" comment="subhead" text="Many global investment banks have said while India’s long-term fundamentals are intact, near-term valuations are elevated?">Many global investment banks have said while India’s long-term fundamentals are intact, near-term valuations are elevated?</cmsannotation> Corporate India’s PAT (profit after tax, aggregated over ~31,500 companies, of which 80% are unlisted) has bounced back smartly to levels of ~5% of GDP in FY22 after bottoming out at 1.2% in FY20, following a decade-long profitability erosion phase. Also, a series of reforms/cleanups and inherent growth momentum makes for a favourable Indian growth outlook. However, global growth risks are all too real, given monetary winter setting in, and geopolitics worsening (Ukraine, Taiwan, chip wars), and earnings will see cuts globally. Nifty at 19.5x apparently offers little upside, but India’s relatively superior investability will keep multiple premiums intact. We expect domestic growth stories to outperform. <cmsannotation type="cmsannotation" annotationid="What about the Federal Reserve’s rate hike momentum? Do you see it slowing down?" comment="subhead" text="What about the Federal Reserve’s rate hike momentum? Do you see it slowing down?">What about the Federal Reserve’s rate hike momentum? Do you see it slowing down?</cmsannotation> Globally, the interest rate cycle is reaching its peak with the Federal Reserve indicating less aggressive rate hikes going forward. The aggressive rate hike cycle may see moderation, aided by a high base effect leading to inflation print being lower in the next few months. We expect the Fed to reduce the pace of future rate hikes after a lower inflation print for the month of October. <cmsannotation type="cmsannotation" annotationid="Economic growth is estimated to slow down sharply in 2022-23. Will that affect markets?" comment="subhead" text="Economic growth is estimated to slow down sharply in 2022-23. Will that affect markets?">Economic growth is estimated to slow down sharply in 2022-23. Will that affect markets?</cmsannotation> The economic growth is likely to slow down in 2023, due to a higher base effect. This will definitely have an impact on the market, but a long-term investor should look at it as a breather before the next move in the market. Capex cycles are global and to a large extent synchronous with commodity cycles. Global factors such as green energy investing, de-globalisation, and supply chain redundancy requirements can keep commodities and capex strong in the medium term. A capex cycle coupled with the Centre and States’ strong fiscal due to higher tax collection is likely to bode well for an expansionary period in the coming months. <cmsannotation type="cmsannotation" annotationid="What is your forecast for Sensex and Nifty50 in 2023?" comment="subhead" text="What is your forecast for Sensex and Nifty50 in 2023?">What is your forecast for <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> and <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> in 2023?</cmsannotation> Nifty50 is currently trading at a 1-y forward PE multiple of 22.4x and is now approaching the 1 Standard deviation from its mean of 18.9. If we cap the multiple near the +1SD of ~24x, we can expect Nifty to hit 20,000. However, an extraordinary upside is likely to be difficult as we have seen during the 2017 to 2020 phase that when the index approached the +1SD levels, the Nifty traded in a broad range with moderate returns. We expect the Nifty to continue to trade with a positive bias, but extraordinary returns are likely to be difficult. <cmsannotation type="cmsannotation" annotationid="What sectors appear suited to cope with the slowdown?" comment="subhead" text="What sectors appear suited to cope with the slowdown?">What sectors appear suited to cope with the slowdown?</cmsannotation> Listed developers seem to be on track to report 15-20% YoY pre-sales growth for FY23, based on the strong momentum in 2Q and 1HFY23. Developers have been able to largely pass on the input cost inflation; collections and OCF (operating cash flow) margins were healthy in 2Q. Net debt was flat QoQ, while borrowing costs went up marginally. Developers have, so far, not witnessed any meaningful impact on demand due to rising mortgage rates, though it remains the single most prominent concern among investors. We prefer real estate developers with high finished unsold inventories, high margins, and low leverage. <cmsannotation type="cmsannotation" annotationid="Financials have emerged as stars of Q2, do you expect the rally in bank stocks to continue?" comment="subhead" text="Financials have emerged as stars of Q2, do you expect the rally in bank stocks to continue?">Financials have emerged as stars of Q2, do you expect the rally in bank stocks to continue?</cmsannotation> Financial companies’ (banking, asset financiers, securities, MFs, diversified – listed &amp; unlisted) PAT as % of GDP was stable through the cycle at 1.3%-1.5% from FY06-15. During this period, corporate debt/GDP rose from 25% in FY05 to 41% in FY13 and stayed there for 3 yrs, before a deleveraging cycle in the last 5 years brought it back to ~32% (FY21). For the listed financials, provision and write-offs as % of PPOP (pre-provision operating profit) increased from 44% in FY15 to 102% in 2018-19. It has fallen back to ~47% in 2021-22 and accordingly, the PAT/GDP has risen again to 1.2% currently, from being negligible in 2017-18 and 2018-19. With most of the banking clean-up behind us, prospects of re-leveraging by non-finance companies coupled with rising rates should increase banking sector profitability going forward. <cmsannotation type="cmsannotation" annotationid="What about slow deposit growth? Is that likely to impair credit off take?" comment="subhead" text="What about slow deposit growth? Is that likely to impair credit off take?">What about slow deposit growth? Is that likely to impair credit off take?</cmsannotation> Yes. Slow deposit growth has been a concern. Credit growth has been robust, growing at 18%, while deposit growth has been in single digits, amidst the tightening of liquidity. The primary reason for this is that the loans linked to repo rates have increased by 190 basis points on par with the current rate hike cycle, but the deposit rates haven’t gone up. Hence, although the deposit growth has improved Q-o-Q, on a Y-o-Y basis, (it) has remained moderate. We expect chase for deposits is likely to intensify in the coming quarters. <cmsannotation type="cmsannotation" annotationid="What are the next triggers for the market?" comment="subhead" text="What are the next triggers for the market?">What are the next triggers for the market?</cmsannotation> We feel optimistic that in the coming years, the PAT/GDP ratio will comfortably breach its previous peak in FY08 of 7.2%, given that 1) we have yet to see any operating leverage begin to play out since GDP (in real terms) has just about reached FY20 levels 2) services sector has emerged stronger with one-off hits like telecom AGR (adjusted gross revenue) behind, and e-commerce having taken flight 3) banks and NBFCs have seen a substantial cleaning up of NPAs (non-performing assets), are governed by a much stronger regulatory framework, and are substantially better capitalised than 3 years ago 4) corporate debt/GDP has fallen from 41% to 32% in the last 9 years thanks to chronic underinvestment 5) policy environment is supportive with the government having cut corporate taxes, introduced PLI (production-linked incentive) schemes and driven up tax collections, etc. and 6) other domestic clean-up/speed bumps like GST/RERA, Covid are behind us. These factors can drive a strong domestic growth cycle. <cmsannotation type="cmsannotation" annotationid="Should RBI go slow on rate hikes now?" comment="subhead" text="Should RBI go slow on rate hikes now?">Should RBI go slow on rate hikes now?</cmsannotation> Yes. RBI is likely to opt for a 35bps hike in the December policy meeting, after three consecutive 50bps hikes. Post the 35bps hike, we expect the benchmark to be raised by 25bps in Feb, which is likely to mark the end of the current rate hike cycle. The RBI wants to restrict the inflation figure within its tolerance limit. We saw the inflation cooling down in October and the Manufacturing PMI hitting a 3-month high as a result of lower inflation. Hence, we expect the RBI not to overdo the rate hike and wait for the impact of the hikes to be seen for a few months, thus avoiding a slowdown of the economy. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/jio-haptik-aims-to-turn-profitable-before-listing/articleshow/95975823.cms">With an eye on listing in the future, Jio Haptik trains guns on growth &amp; profitability</a> <a href="https://www.businessinsider.in/finance/banks/article/its-not-just-mercedes-even-bank-deposits-are-competing-with-equities/articleshow/95879457.cms">It’s not just Mercedes, even bank deposits are competing with equities</a>

Expect Nifty to end the December series on a positive note, reach a target of 18,900-19,000, says R Venkataraman of IIFL Securities

New Delhi, Indian-Canadian billionaire Prem Watsa-backed <keyword id="20847043" type="General" weightage="20" keywordseo="fairfax-india" source="keywords">Fairfax India</keyword> on Wednesday announced its commitment to provide up to USD 200 million (about Rs 1,650 crore) liquidity support to IIFL Finance after the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> barred the non-bank lender to disburse gold loans. The RBI's embargo has raised liquidity concerns among the company's investors and lenders, Fairfax India Holdings Corporation said in a statement. In response to these concerns, Fairfax India has agreed to extend up to USD 200 million of liquidity support on terms to be mutually agreed and subject to applicable laws, including regulatory approvals (if any), it added. "We have been long-term investors in the IIFL group of companies and have full trust and confidence in the company's strong management team led by Nirmal Jain and R Venkataraman. We are confident that Nirmal and Venkat will take corrective actions to meet and exceed RBI's compliance standards," said Fairfax India chairman <keyword id="20146567" type="General" weightage="20" keywordseo="prem-watsa" source="keywords">Prem Watsa</keyword>. Commenting on the development, IIFL Finance Managing Director Nirmal Jain said at this crucial juncture, Fairfax India's and Prem's generous offer to provide liquidity support is very timely and motivating. "We are committed to complying fully with RBI's directives and growing the business under the regulator's guidance on the strong foundation of compliance, risk management, and fair practices," Jain said. Earlier this week, the <keyword id="19922074" type="General" weightage="20" keywordseo="reserve-bank" source="keywords">Reserve Bank</keyword> barred <keyword id="20849308" type="General" weightage="20" keywordseo="iifl-finance-ltd" source="keywords">IIFL Finance Ltd</keyword> from disbursing gold loans, with immediate effect following multiple supervisory concerns, including serious deviations in assaying and certifying the purity of the yellow metal. IIFL Finance offers a range of loans and mortgages. The latest directions from the RBI pertain to only the gold loan business. The RBI in a statement had said certain material supervisory concerns were observed in the gold loan portfolio of the company. The concerns include serious deviations in assaying and certifying purity and net weight of the gold at the time of sanction of loans and at the time of auction upon default; breaches in loan-to-value ratio; significant disbursal and collection of the loan amount in cash far in excess of the statutory limit; non-adherence to the standard auction process; and lack of transparency in charges being levied to customer accounts.

Prem Watsa-backed Fairfax India commits up to $200 mn to IIFL Finance

New Delhi, <keyword id="252339" type="General" weightage="20" keywordseo="IIFL-Securities" source="Orion">IIFL Securities</keyword> on Wednesday reported a 94 per cent jump in profit after tax to Rs 107.4 crore during the three months ended September 30. In comparison, the company had posted a PAT (profit after tax) of Rs 55.3 crore in the same period of the preceding fiscal, <keyword id="82050" type="General" weightage="20" keywordseo="IIFL" source="Orion">IIFL</keyword> Securities said in a statement. Total income surged 65 per cent to Rs 534 crore in the quarter under review from Rs 323.4 crore in the second quarter ended September last year. R Venkataraman, Chairman and Managing Director, IIFL Securities, said the company reported a strong growth in the quarter with all business segments gaining momentum. "Our investment banking segment completed 17 transactions including one M&amp;A transaction. Deal pipeline is also strong," he added. IIFL Securities, which offers a wide range of products such as mutual funds, insurance, IPOs, bonds, and alternative investment fund (AIF) targeting retail clients, said its total brokerage revenue was at Rs 270.6 crore in the July-September quarter of the current fiscal, up 66 per cent year-on-year. For the half year ended on September 30, 2023, the company's PAT stood at Rs 181.4 crore, registering a jump of 86 per cent year-on-year, and total income was at Rs 945 crore, a growth of 53 per cent year-on-year. Shares of IIFL Securities soared 18 per cent to hit their 52-week high at Rs 111.08 on the BSE. At 2 PM the stock was trading 14.74 per cent higher at Rs 107.9 on the BSE.

IIFL Securities Q2 2023-24 profit jumps 94% to Rs 107 crore

<keyword id="6354418" type="General" weightage="20" keywordseo="oil-prices" source="Orion">Oil prices</keyword> rose on Monday following an agreement by the G7 group of nations and its allies to cap the price of <keyword id="81856" type="General" weightage="20" keywordseo="russian-oil" source="Orion">Russian oil</keyword> at $60 a barrel, BBC reported. Brent crude added around 1 per cent to above $86 in Asia trading. The move - which could come into force on Monday - raises Western pressure on Russia over the invasion of Ukraine. It comes after oil producers' group Opec+ agreed to stick to its policy to reduce production, amid slower global growth and higher interest rates, BBC reported. "This decision by Opec+ to keep the quota where it is... is by itself an implicit sort of support to the oil market," Kang Wu of S&amp;P Global Commodity Insights told the BBC. Opec+ is a group of 23 oil-exporting countries, including Russia, which meets regularly to decide how much crude oil to sell on the world market. Traders are also reacting to strong US jobs data and the easing of Covid restrictions in some Chinese cities. More cities in China, including Urumqi in the north west, have said they will loosen curbs after mass protests against the country's zero-Covid policy. "Belief that China may accelerate reopening plans has triggered some early morning optimism," said Stephen Innes, managing partner at SPI Asset Management. But he cautioned against "chasing oil higher with China's reopening as there will be a massive surge in Omicron cases, that could keep mobility on the downswing at least through the first quarter of next year". In a joint statement last week, the G7 and Australia said the $60 cap on Russian oil would come into force on Monday or "very soon thereafter", BBC reported. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/expect-nifty-to-end-the-december-series-on-a-positive-note-reach-a-target-of-18900-19000-says-r-venkataraman-of-iifl-securities/articleshow/95992944.cms">Expect Nifty to end the December series on a positive note, reach a target of 18,900-19,000, says R Venkataraman of IIFL Securities</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/maruti-suzuki-announces-price-hike-from-january-2023/articleshow/95941950.cms">Maruti Suzuki cars will get costlier from January 2023</a>

Oil prices rise after G7 nations cap the price of Russian crude at $60/barrel

<keyword id="7735987" type="General" weightage="20" keywordseo="External-affairs-minister-S-Jaishankar" source="Orion">External affairs minister S Jaishankar</keyword> signed an agreement on the comprehensive migration and mobility partnership with <keyword id="804815" type="General" weightage="20" keywordseo="German-Foreign-Minister" source="Orion">German Foreign Minister</keyword> <keyword id="11124569" type="General" weightage="20" keywordseo="Annalena-Baerbock" source="Orion">Annalena Baerbock</keyword> in New Delhi on Monday. Jaishankar welcomed visiting German Foreign Minister who began her two-day India visit today. The German foreign minister landed in Delhi earlier today. During her visit, she will be discussing cooperation on the transition to renewable energy and India's relationship with Russia and China. "A warm welcome to German Foreign Minister @ABaerbock as she arrives in New Delhi on her first official visit. An opportunity to exchange views on regional and global developments and review the progress achieved in the India-Germany Strategic Partnership," Ministry of External Affairs Spokesperson Arindam Bagchi said in a tweet. During the two-day inaugural visit, cooperation in the energy transition away from oil, coal and gas will also play a role. Earlier today, Baerbock visited Rajghat in the national capital and paid her respects to Mahatma Gandhi. On Friday, the German Federal Foreign Office said Baerbock will visit projects for renewable energies and sustainability in the rural surroundings of the capital New Delhi. In Baerbock's talks with her counterpart Jaishankar, India's relationship with China is likely to be in focus in addition to discussions on Russia-Ukraine war and its consequences. Lauding the constructive role played by India at the recently concluded G20 summit in Bali, Baerbock earlier credited New Delhi for the clearer positioning of the Group of Twenty (G20) on the ongoing war in Ukraine. She made these remarks ahead of her trip to New Delhi against the backdrop of the global consequences of the Russia-Ukraine conflict. "At the G20 summit in Bali (Indonesia), India showed that it is ready to play its role globally," the German foreign minister said in her departure statement. "The clearer positioning of the G20 against the Russian war of aggression in Ukraine is ultimately also thanks to India. "As an emerging economic power and a solid democracy, India is both a role model and a bridge for many countries in the world, despite all the internal social challenges. And a natural partner of Germany," she added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/expect-nifty-to-end-the-december-series-on-a-positive-note-reach-a-target-of-18900-19000-says-r-venkataraman-of-iifl-securities/articleshow/95992944.cms">Expect Nifty to end the December series on a positive note, reach a target of 18,900-19,000, says R Venkataraman of IIFL Securities</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/this-mumbai-startup-is-making-tearable-laundry-sheets-bamboo-based-facial-tissues-and-more-to-replace-plastic/articleshow/95946533.cms">This Mumbai startup is making tearable laundry sheets, bamboo-based facial tissues and more to replace plastic</a>

India, Germany ink deal on comprehensive migration and mobility partnership

<ul><li>We expect continued thrust on <keyword id="112324" type="General" weightage="20" keywordseo="Capital-Expenditure" source="Orion">capital expenditure</keyword> focused on infrastructure build out as construction pulls labour in from rural areas and this can prevent a recurrence of rural distress in the lead up to the elections. </li><li>Disinvestment targets need to be pruned after successive years of disappointments. </li><li>There is a risk of customs duties being raised on selective items as this government has been inclined to be protectionist in its pursuit of domestic manufacturing. </li><li>Simplified capital-gains tax structure, and increase in 80C deduction limit and general tax exemption limit are some key expectations from <keyword id="12743893" type="General" weightage="100" keywordseo="Budget-2023" source="Orion">Budget 2023</keyword>. </li></ul>This year’s <keyword id="6358021" type="General" weightage="20" keywordseo="budget" source="Orion">budget</keyword> is of high importance for the government, heading into the <keyword id="6355187" type="General" weightage="50" keywordseo="lok-sabha" source="Orion">Lok Sabha</keyword> election year of 2024. We expect Budget 2023 to reduce the burden on the middle and lower middle class without compromising on the growth aspect. We think that the government will continue to be fiscally conservative. It will attempt some populist measures, but the food subsidy being cut gives it the room to do this up to ₹1 lakh crore. There is a risk of customs duties being raised on selective items as this government has been inclined to be protectionist in its pursuit of domestic manufacturing. We expect continued thrust on capital expenditure focused on infrastructure build out as construction pulls labour in from rural areas and this can prevent a recurrence of rural distress in the lead up to the elections. India’s current account deficit will likely expand over 3.5% of gross domestic product (GDP), courtesy of high commodity prices. But, if Brent crude stays near current levels of $85/barrel (our base case), current account deficit can dip below 3%, and the Indian Rupee stays stable. Disinvestment targets need to be pruned after successive years of disappointments. Further, tax collections have been strong, so there may not be a pressing need for the central government to project a large amount here. We expect budgeted amounts for food, fuel and fertiliser subsidies to come off year-on-year by ₹2 lakh crore, which should mean 5.7-5.8% fiscal deficit projection is possible and the medium-term fiscal consolidation programme stays on track. Strength in tax collections means that investment spending will rise, but we think on a strict apples-to-apples basis, by around 12-15%. Considering this is the last full-term budget, expectations have increased significantly from all quarters. Here are the five key expectations based on our house view. Agriculture: Fertiliser subsidy disbursements have picked up steam from September 2022 onwards – the government has disbursed ~₹40,000- ₹50,000 crore of subsidy in the last couple of months. This augurs well for fertiliser players, considering the relief on working capital pressures. Owing to the correction in input prices, the subsidy is likely to be lower as compared to ~₹2.2-₹2.5 lakh crore in FY23. We look forward to farmer-friendly policies, given that it is a pre-election year. Increase in 80C deduction limit: The deduction limit on 80C exemption has been stagnant for nearly a decade and hence we expect an increase in limit from ₹1.5lakh to ₹2.5lakh this year. Basic exemption: The basic exemption limit for tax is currently at ₹5 lakh and has not been changed for close to a decade. We expect the basic exemption limits to be increased and the tax slabs to be changed in order to reduce the tax liability on the taxpayers. Simplified capital-gains tax structure: Capital-gains tax is very complicated in India with different holding periods for the different asset classes. Different tax rates are applied to these gains. A simplified capital- gains tax structure would reduce disputes and litigations. Increase in exemption for housing loan interest: In order to boost real estate and affordable housing schemes, we expect an increase in housing loan interest waiver from the existing ₹2 lakh. (R Venkataraman is Chairman, IIFL Securities)

Budget 2023 likely to be populist without compromising on growth

<keyword id="6360722" type="PERSON" weightage="80" keywordseo="ratan-tata">Ratan Tata</keyword>’s investment in fashion portal for women's wear- Kaaryah- has highlighted how business tycoons are showing keen interest in start-ups and backing ideas and designs. 
 Nidhi Agarwal, founder of <keyword id="2741894" type="UNKNOWN" weightage="80" keywordseo="KAARYAH">Kaaryah</keyword>, said she had sought Tata’s investment after her father advised on it. 
 
It was only after her father pointed to a newspaper report about Tata funding eCommerce start-ups that Agarwal e-mailed on Tata's address. 
Three months on, her online fashion retail got the good news. 
 
So what does investment by Tata mean for her? "To begin with, your newspaper is calling me," the former Bain &amp; Company consultant told Economic Times, referring to media attention. 
 
She is one of the 10 entrepreneurs in India's fast growing start-up ecosystem who have received backing from Tata. 
 
Tata first invested in March 2014 in Altaeros Energies, a wind energy start-up founded by graduates of the Massachusetts Institute of Technology. 
 
“While instant fame is one of the advantages of having the 77-year-old former chairman as an investor, the aura of the Tata name can rub off on startups that need to stand out from the crowd,” Rajiv Srivatsa, cofounder of online furniture retailer Urban Ladder, told ET. 
 
Srivatsa’s company received an investment last November and since then Tata has discussed everything from furniture design to supply chains and customer experience in three half-day sessions. 
 
R Venkataramanan, a close associate of Tata who advises him with startup investments, did not reply to Economic Times for this story. 
 
Venture capital investor as Prashanth Prakash, a partner with Accel, told the financial daily that Tata's willingness to back entrepreneurs boldly stands out, and he is also able to fill the existing gaps in the industry. "It's really not about the money - he is willing to be upfront about associating with startups he picks, risking his own brand," Prakash who is a co-investor with Tata in online jewellery retailer Bluestone, told ET. 
 
So, what does it feel like to be making a pitch to Tata? ET reported that proposals are vetted by Venkataraman before they reach Tata, who usually has two questions to ask start-ups seeking an investment, the risk, and the opportunity. Founders usually have 30 minutes to make a pitch and a successful one will be valued as per the last funding round. 
 
(Image: Indiatimes)

If you want Ratan Tata to invest in your start-up, just ask him! Your wish might just get answered!

President Pranab Mukherjee who returned home after an unconventional visit to Finland has brought a Diwali bonanza. During his visit to the most picturesque nation, President Pranab Mukherjee signed a number of pacts, memorandum of understanding and agreements with the Finnish government. Major highlight of the trip would be the nuclear cooperation agreement the Indian President signed with government of Finland. 
 On the lighter side, Pranab Mukherjee was the first <keyword id="3658" type="COUNTRY" weightage="60" keywordseo="India">India</keyword>n President to visit the long bearded man who wears red and brings cheer during Christmas, to children and elders alike. Pranab Mukherjee met the reindeer-riding ‘ho! Ho! Ho!’ man in person when he went to Santa Claus’ workplace in Finland. This made him the first-ever President of India to cross the Arctic Ocean. However, this ‘fun’ part unraveled at the second leg of his tour. 
 
The first part of the trip was about agreements and pacts along with high-level meetings. The pacts and agreements were about boosting mutual participation to encourage trade, education, energy sector, fishing and allied areas – with the key aspect being agreement on nuclear cooperation. 
 
The first visit to Finland by any Indian President happened over 26 years ago when Mr R Venkataraman visited the country in 1988. 
This visit for Mr Mukherjee is his second one, owing to the fact that he had represented India as a commerce minister in 1993. This is his maiden visit as the President of India. 
 
On this trip, Mr Mukherjee was accompanied by a delegate of high-level dilopmatic experts and officials led by Union Minister P Radhakrishnan, senior officials and senior representatives of educational and academic institutions from across the country. 
 
The two-day visit that started on October 14 had Mr Mukherjee landing back in India on October 17. The visit was completely packed with President’s participation in Finland parliament and meeting business delegations. 
 
As for the nuclear cooperation agreement is concerned, the atomic energy regulatory board of India and the Radiation and Nuclear Safety Authority of Finland will ensure cooperation in the field of nuclear energy between the two countries will stay rooted on several mutually beneficial factors. While cooperation in this field regarding radiation and safety regulation pertaining to exchange of information personnel and peaceful use of nuclear energy was the key objective, technology sharing and responsible use of nuclear energy has been the focus area of both countries. 
 
Finland for its part has been very supportive of India in IAEA on issues relating to the Nuclear Suppliers Group, on a host of things on UN Security Council reforms, and has been the most crucial voice on India’s entry into the Arctic Council. 
 
Another key aspect of his visit though was to attract investment in infrastructure and other areas in India. 
 
Earlier (just before his arrival in Finland) during his visit to Oslo, Norway, a host of pacts were signed about stepping up cooperation in science, technology and defence sectors between the two countries. 
 
Image: Indiatimes

President Home For Diwali; Gifts Nuclear Co-op Agreement With Finland

NEW DELHI: <keyword id="2540" type="POSITION" weightage="80" keywordseo="President">President</keyword> Pranab Mukherjee may not invite the single largest pre-poll combination to form the government unless it provides letters of support from more parties to prove that it has the required numbers. 
 
After extensive consultations on how to ascertain who is best suited to provide a stable government in a hung House scenario, Mukherjee seems to have concluded that the contenders for power ought to back up their claims of majority support by producing letters of support from their post-poll allies. 
 
“He wants to make sure that those who stake claim to form government actually enjoy majority support in the House,” said a source familiar with the details of the deliberations Mukherjee has been holding in order to ensure that the next regime turns out to be a stable one. 
 
He has been advised that this could be done only by seeking letters of support from post-poll alliance partners, as was done on an earlier occasion. 
 After Rajiv Gandhi refused to form government despite <keyword id="1575" type="ORGANIZATION" weightage="60" keywordseo="Congress">Congress</keyword> emerging as the single largest party in 1989, the then president R Venkataraman invited V P Singh to form government as the leader of Janata Dal, which managed to cobble together a post-poll alliance. 
 
The precedent was followed by Shankar Dayal Sharma in 1996 to invite Atal Bihari Vajpayee-led BJP to form the government even though it had only 161 members and absolutely no chance of reaching the magic figure of 272. BJP was surprised by the invite, though it grabbed the opportunity to form the first-ever saffron regime at the Centre. With the “secular” parties combining against him, Vajpayee’s government quit after 13 days. 
 
Sharma’s successor KR Narayanan chose to play safe when Vajpayee staked his second claim two years later, and insisted on seeing letters of support even when the BJP-led NDA pre-poll alliance had won the majority. 
 The use of the same yardstick by Narayanan a year later resulted in huge embarrassment for Congress president Sonia Gandhi. The Congress president had claimed she had the support of 272 but with SP chief <keyword id="25541" type="PERSON" weightage="40" keywordseo="Mulayam-singh">Mulayam Singh</keyword> Yadav backing out at the last minute, came short when the President asked for letters of support. 
 
 
 
 
 
When contacted by TOI, noted constitutional expert and former attorney general Soli J Sorabjee suggested that producing letters of support may not be necessary if the President is satisfied that the single largest party or pre-poll coalition holds the prospect of providing a viable government after an election which fails to throw up an outright winner. 
 
“If the President is satisfied on that count, then there is no need to seek letters of support from post-poll alliance partners. After inviting the largest coalition or party to form government, he could given them reasonable time, say a week or two, to prove its majority on the floor of the House,” Sorabjee said. 
 “The President need not test the strength of the party or coalition in the <keyword id="6355187" type="ORGANIZATION" weightage="40" keywordseo="Lok-Sabha">Lok Sabha</keyword> before inviting it to form government. The test of strength is in the House and not in Rashtrapati Bhavan. Though, there is nothing in the Constitution which bars the President from seeking letters of support from post-poll alliance partners, it sounds a little unethical,” he added.

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