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New Delhi, India's IT services heavyweights delivered between 14-20 per cent on-year growth in topline for December quarter, as they raised guard on global uncertainties and choppy verticals, but remained hopeful that costs as well as business considerations will drive tech demand. The tech earnings season began with large IT companies -- Tata Consultancy Services (<keyword id="6357150" type="General" weightage="80" keywordseo="tcs" source="Orion">TCS</keyword>), <keyword id="6354512" type="General" weightage="80" keywordseo="infosys" source="Orion">Infosys</keyword>, <keyword id="10862" type="General" weightage="80" keywordseo="wipro" source="Orion">Wipro</keyword> and HCL Technologies -- declaring their Q3 report card this week, amid analysts' gloomy prognosis around slowdown in advanced economies and fear of geopolitical flare-ups. The industry leaders said they are keeping a close watch on the global economy and cues. Overall, the revenue growth band of the top-tier IT players was pegged at between 14-20 per cent for Q3FY23, compared to the year ago period. Seen sequentially, the topline growth for the large IT pack ranged between three per cent and eight per cent versus previous September quarter. Meanwhile, December-quarter net profit of the top IT deck rose between three per cent (Wipro) to 19 per cent (<keyword id="141968" type="General" weightage="80" keywordseo="hcl-tech" source="Orion">HCL Tech</keyword>) year-on-year; and about 4 per cent (TCS) to 17 per cent (HCL Tech) when computed on a sequential basis. TCS' overall revenue rose 19.1 per cent to Rs 58,229 crore for the reporting quarter. The chief executive and managing director of India's largest IT services company <keyword id="1422411" type="General" weightage="50" keywordseo="rajesh-gopinathan" source="Orion">Rajesh Gopinathan</keyword> said the firm is more confident about the North American and British operations, which account for two-thirds of its revenues, but there are short-term uncertainties, and it is Europe, which needs closer monitoring as geopolitical tensions restrict clients from making IT spends. TCS management talked of "slow" decision making in Europe, and said it is "fairly constructive" when it comes to markets like the US, although it is keeping a close watch on how things play out over next couple of quarters. The conversations with customers are much more balanced ones, "where they are equally positive as well as cautious" yielding opportunities of "a mix of both cost and transformation deals". Chief operating officer N <keyword id="1564843" type="General" weightage="50" keywordseo="ganapathy-subramaniam" source="Orion">Ganapathy Subramaniam</keyword> said the deal momentum and pipeline are looking good, and the overall situation on technology spending seems to be intact even in this environment. Infosys posted a 20.2 per cent year-on-year increase in consolidated revenue for December quarter at Rs 38,318 crore, and surprised many by hiking full year revenue guidance to 16-16.5 per cent. Infosys' consolidated net profit rose to Rs 6,586 crore during October-December 2022 as against Rs 5,809 crore a year back, translating into 13.4 per cent increase. Sequentially, the net profit was 9.4 per cent higher than September quarter. The company raised its annual sales forecast on a strong deal pipeline, but in the same breath, it warned of "constraints" in certain verticals amid slowing global economy. Infosys called out mortgage, investment banking, telecom and hi-tech, saying these segments were "more impacted, leading to delays in decision making and uncertainty in spending." The company was, however, quick to add that sectors like energy, utilities and manufacturing continue to see traction. Moreover, the concerns are more pronounced in Europe than the US, the Bengaluru-based IT bellwether said. "We see in the European markets, more concerns on what's going on with the economy... and the US market is also there, but relatively less so in the US with respect to Europe. We will see how this plays out," Infosys CEO <keyword id="328377" type="General" weightage="50" keywordseo="salil-parekh" source="Orion">Salil Parekh</keyword> said during the Q3 results conference. Smaller rival Wipro has talked of potential slowdown in retail sector in its earnings' roundup. The management's talking points also touched upon "bit of a lag for conversion of bookings" and "certain level of volatility from customers in particular sectors regarding discretionary spendings." Wipro Ltd on Friday reported a better-than-expected 2.8 per cent rise in consolidated net profit for the December 2022 quarter to Rs 3,053 crore and exuded optimism about "strong" bookings for the fourth quarter despite global headwinds. The company's Q4 guidance, however, came below analysts' expectations. Wipro said its IT services revenue is expected to grow in the range of -0.6 per cent to 1 per cent sequentially in constant currency in the quarter ending March 2023. Wipro expects revenue from the IT services business for the full year to be in the range of 11.5-12 per cent in constant currency terms. The revenues of Wipro stood at Rs 23,229 crore in Q3FY23, 14.3 per cent higher than the same period previous year. Noida-headquartered HCL Tech posted a 19 per cent increase in the consolidated net income to Rs 4,096 crore for just-ended third quarter. Its consolidated revenue grew by 19.56 per cent to Rs 26,700 crore during the reported quarter, from Rs 22,331 crore in the December 2021 quarter. HCL Tech narrowed current fiscal growth guidance in the range of 13.5-14 per cent for the overall revenue in constant currency terms and margin to 18-18.5 per cent. "Looking ahead, we believe there is a near term impact to a few industries, specifically technology industry clients, as they optimise while they will end up as great growth opportunities in medium term with the right propositions," C Vijayakumar, CEO of HCL Tech, said. He added: "Looking ahead we remain positive of our medium term growth, a confidence generated by our good booking and pipeline across every segment." SEE ALSO: <a href="https://www.businessinsider.in/business/news/paradyes-on-shark-tank-a-startup-so-good-that-sharks-had-to-pitch-their-expertise-to-founders/articleshow/96993620.cms">Colour them impressed: A startup so good that sharks had to pitch their expertise to founders</a> <a href="https://www.businessinsider.in/careers/news/meta-microsoft-vacating-offices-in-seattle-amid-remote-work-layoffs/articleshow/97002350.cms">Meta, Microsoft vacating offices in Seattle amid remote work, layoffs</a> <a href="https://www.businessinsider.in/india/news/pm-modi-flags-off-vande-bharat-train-connecting-secunderabad-with-visakhapatnam-ld/articleshow/97005023.cms">PM Modi flags off Vande Bharat train connecting Secunderabad with Visakhapatnam</a>

IT biggies post 14-20% topline growth in Q3 as caution, optimism marks mixed earnings' commentary

Meet Raj Subramaniam, the new chief executive officer of FedEx

<ul class="summary-list"><li><keyword id="12153591" type="UNKNOWN" weightage="60" keywordseo="fedex" source="Orion">FedEx</keyword>'s CEO and founder, the legendary <a href="https://www.businessinsider.com/future-fedex-new-class-leaders-fred-smith-step-back-2021-7">Fred Smith</a>, is stepping aside as CEO.</li><li>He will be replaced by company veteran Raj Subramaniam.</li></ul>FedEx CEO <a href="https://www.businessinsider.com/future-fedex-new-class-leaders-fred-smith-step-back-2021-7">Fred Smith</a>, who founded the company more than 50 years ago, is stepping aside. Smith will be replaced as chief executive on June 1 by President and Chief Operating Officer Raj Subramaniam, according to a company press <a href="https://newsroom.fedex.com/newsroom/raj-subramaniam-to-become-president-and-ceo-of-fedex-corporation-frederick-w-smith-to-serve-as-executive-chairman/">release</a> on Monday. Subramaniam has been at FedEx in various capacities since 1991. Smith will transition to the role of executive chairman."[Smith] founded one of the world's greatest and most admired companies, and it is my honor and privilege to step into this role and build upon what he has created. As we continue to transform as a company and reimagine what's next, we will keep our people-service-profit philosophy at our core," Subramaniam said in the release.Subramaniam was not a surprise pick. In December 2019, the 77-year-old Smith <a href="https://www.bloomberg.com/news/articles/2019-12-23/fedex-s-smith-says-he-has-one-big-job-before-mulling-retirement">told Bloomberg</a> he had recommended Subramaniam to the board as his successor if he retired or was incapcitated. Smith also told Bloomberg at the time that he wanted to get the company in a good place before stepping down as CEO. "As we look toward what's next, I have a great sense of satisfaction that a leader of the caliber of Raj Subramaniam will take FedEx into a very successful future," Smith said in the release.In June 2021, Smith also <a href="https://www.businessinsider.com/future-fedex-new-class-leaders-fred-smith-step-back-2021-7">announced he would take a step back from quarterly earnings calls</a>, passing the burden of updating investors and analysts to top leaders at the company, including Subramaniam. Smith is a high-profile American entrepreneur. He was briefed, along with other business leaders, about the Russian-Ukrainian war at the White House last week, <a href="https://www.kdlg.org/as-heard-on-npr/2022-03-21/here-are-the-ceos-who-were-briefed-by-the-white-house-on-the-war-in-ukraine">per NPR</a>, was friends with former President George W. Bush, wrote <a href="https://www.wsj.com/articles/fedex-delivers-billions-to-the-taxman-11574294109">op-eds</a> for the Wall Street Journal, and served as chairman of the US-China Business Council. He founded FedEx in the 1970s. Back in 2019, when Subramaniam was named as Smith's preferred successor, <a href="https://www.businessinsider.com/future-fedex-new-class-leaders-fred-smith-step-back-2021-7">times were rough for the company</a>, Insider reported tariffs hurt international movement of packages, the company was dealing with its Amazon breakup, and margins were down. But the pandemic's <keyword id="11894549" type="UNKNOWN" weightage="60" keywordseo="e-commerce" source="Orion">e-commerce</keyword> boom boosted FedEx's fortunes.

FedEx founder and CEO Fred Smith plans to step down in June, as the company names COO Raj Subramaniam to the top job

<ul><li>The recently-released biopic based on the life of Captain Vikram Batra (PVC) is also the most popular Hindi film on IMDb with a rating of 8.9.</li><li>The film continues to make waves nationally and internationally with subscribers from 4100 Indian towns and cities as well as 210 countries and territories having streamed the title.</li></ul><keyword id="11989295" type="General" weightage="20" keywordseo="amazon-original-movie-shershaah" source="Orion">Amazon Original Movie Shershaah</keyword> has been lauded by customers and critics alike since its release and continues to win hearts all over India and across the world. The war drama, based on the life of Captain Vikram Batra (PVC), has in its opening fortnight scaled the very pinnacle of success, emerging as the most watched movie on <keyword id="2976376" type="General" weightage="20" keywordseo="amazon-prime-video" source="Orion">Amazon Prime Video</keyword> in India. Furthermore, in its first two weeks, the <keyword id="7589975" type="General" weightage="20" keywordseo="Shershaah" source="Orion">Shershaah</keyword> has been streamed by audiences in over 4100 Indian towns and cities, as well as in 210 countries and territories around the world. No other Indian movie on Amazon Prime Video has been watched in more towns and cities across India and countries and territories worldwide within this time frame. Finally, with a user rating of 8.9 voted by more than 88,000 IMDb users, Shershaah also set a new benchmark as the most popular Hindi film of all times on IMDb. “We have always believed in content being paramount and seeing Shershaah’s resounding success further strengthens what we, as a service, have set out to do,” Vijay Subramaniam, Director and Head, Content, Amazon Prime Video, India said. “It was important for us to bring the inspiring story of brave heart Captain Vikram Batra and the Indian army during the Kargil war to audiences far and wide. The movie is a tribute to these sons and daughters of the soil for whom nothing matters more than the love for the country. Shershaah is a very special film and we are absolutely delighted to see it receive such an unprecedented amount of love and success from all corners.” Producer Karan Johar said, “Shershaah has always been a film close to our hearts, and seeing the love and appreciation the film has received makes me feel incredibly proud about the movie and each and every one associated with it. PVC awardee Captain Vikram Batra’s story is one that no Indian shall ever forget, that said, what we intended to do was to tell the story of what made him the brave heart he was, to look deeper into his life, his passion and his love for the country and Dimple. It fills me with pride to see the love Sidharth and Kiara’s performances and Vishnu’s directorial vision has received. I’m glad that we found the right partners for this movie in Amazon Prime Video, who have left no stone unturned and given this movie the reach it deserves.” Speaking of the film’s success, Apoorva Mehta, CEO, <keyword id="62161" type="General" weightage="20" keywordseo="dharma-productions" source="Orion">Dharma Productions</keyword> said, “From the beginning, we believed that Shershaah as a story had the potential to resonate with audiences from across the world, and the overwhelming response to the movie is testament to the power of good content. It is an incredibly heart touching and inspiring story based on the lives of one of India’s bravest sons, and we are honoured to have had the opportunity to tell his story to the world. It takes a dedicated team to make such a sincere film and I’d like to thank Vishu Vardhan, Sidharth Malhotra, Kiara Advani and the entire cast and crew. We are thrilled to have partnered with Amazon Prime Video for the film’s global premiere as it enabled us to reach out to such a diverse audience and shared our vision and faith in the film and its story.” Directed by Vishnu Varadhan, Shershaah is inspired by the life of Captain Vikram Batra (PVC) and stars Sidharth Malhotra and Kiara Advani in the lead. Alongside Sidharth Malhotra and Kiara Advani in the lead, the film also features Shiv Panditt, Raj Arjun, Pranay Pachauri, Himanshu Ashok Malhotra, Nikitin Dheer, Anil Charanjeett, Sahil Vaid, Shataf Figar and Pawan Chopra in pivotal roles. Jointly produced by Dharma Productions and Kaash Entertainment, Shershaah is streaming exclusively on Amazon Prime Video.

Shershaah is the most watched movie on Amazon Prime Video in India till date

<ul><li>Last week, we saw three pieces of <keyword id="987108" type="PERSON" weightage="20" keywordseo="content-marketing">content marketing</keyword> from CRED, <keyword id="6376241" type="ORGANIZATION" weightage="20" keywordseo="kfc">KFC</keyword> and Netflix that we think are good examples of how to use influencers right. </li><li>While other brands usually fit their product into a sketch, these pieces of content are refreshing to see as they prioritise the storyline and product placement fits into the narrative seamlessly. </li></ul>‘Content is king.’ We have heard this buzz phrase in almost every conference and award functions over the years. However, there are very few good instances of branded content that have stood out in the clutter and stayed with us for a long time. TVF’s Tripling was far ahead of its time. It was launched in 2016, when content marketing had just started getting some recognition in India, and is still referred to as a great case study in the industry for keeping the brand, Tiago, at the center of its narrative. The car had a character of its own. It moved forward with the series, surviving various ups and downs like others. We spotted three good examples last week that had all the ingredients it takes to create perfect content. From a few good examples in a year, to three good examples in a week, India’s content game is finally picking up. It reflects how far we have come. These pieces inform, entertain, stand-out and aren’t in-your-face. They are innovative and creative, that will stay with you for a long time for sure. <ol><li>CRED and Rahul Subramaniam</li></ol>Rahul Subramaniam cleverly integrated CRED, credit card payment app, into his famous ‘Building Uncles’ series, where he converses with his building uncles about one lockdown problem. Subramaniam caught up with his neighbor Kunal Shah, Founder of CRED, to discuss what the app is all about and mocked him for caring too much about their consumers by offering 100 CRED points for a Rs 100 credit card bill. Interestingly, Subramaniam only posted this video on LinkedIn and Shah also responded on this post, saying ‘I need to move out of my building.’ <div type="javascript" title="Custom" contenttype="Video"><cdata><![CDATA[]]></cdata></div> 2. KFC and <keyword id="2088138" type="COMPANY" weightage="20" keywordseo="ScoopWhoop">ScoopWhoop</keyword>’s Akshay Nayar Akshay Nayar, a budding <keyword id="2255176" type="PERSON" weightage="20" keywordseo="content-creator">content creator</keyword> at ScoopWhoop, is known for his witty, trendy, relatable three-liner songs. He tries to spot a consumer insight and turns it into songs that make you smile or miss good-old-days. Last week, in a paid partnership with ScoopWhoop, Akshay Nayar created a song called ‘Chicken Leg Piece’ for KFC. He sang about different consumer pain points like not being able to eat good food amid the lockdown, not being able to concentrate while meditating, attending annoying office video calls or exercising while dreaming of food. He ends the video by reminding consumers subtly that KFC is available to order. <div type="javascript" title="Facebook" contenttype="Video"><cdata><![CDATA[]]></cdata></div> 3. Netflix and <keyword id="1725853" type="PERSON" weightage="20" keywordseo="Danish-Sait">Danish Sait</keyword> While Netflix’s Money Heist needs no promotion, Danish Sait, Comedian and Content Creator, brought a new, desi twist to this Spanish series. He showed us how Indians would react to Professor, the protagonist from Monest Heist, calling in a very candid conversation. While he was at it, Sait managed to plug-in another Netflix Original ‘Jamatra’ seamlessly into the narrative. <div type="javascript" title="Instagram" contenttype="Video"><cdata><![CDATA[ ]]></cdata></div>

CRED, KFC and Netflix’s content marketing pieces are perfect examples of good influencer collaborations

<ul><li>While there is gloom and pain, this is also a time to reflect on the learning from this catastrophic pandemic to help us to emerge stronger, writes Bharat Subramaniam, Managing Director, <keyword id="8304947" type="UNKNOWN" weightage="20" keywordseo="big-trunk-communications">Big Trunk Communications</keyword></li><li>He further shares a few ways in which <keyword id="8763838" type="UNKNOWN" weightage="20" keywordseo="covid-19">COVID-19</keyword> is teaching us to be better humans. </li></ul> <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">Coronavirus</keyword> (COVID-19) is creating worldwide panic and fear with its alarming spread. This unprecedented situation requires us to adhere to '<keyword id="8897280" type="UNKNOWN" weightage="20" keywordseo="social-distancing">social distancing</keyword>' which currently seems to be the only viable solution. Staying confined in our homes is the best we can do for our country and community. While there is gloom and pain, this is also a time to reflect on the learning from this catastrophic pandemic to help us to emerge stronger. Cleaner and Greener Planet: With social distancing and a corresponding reduction in movements of vehicles and industrial activity, the pollution levels have come down. Nature has forced us to restore ecological balance. We might have collectively given a respite to melting glaciers and rising sea-levels. We might have saved millions of animals from dying this year. A cleaner and greener planet will emerge. We should continue to undertake such initiatives to keep the ecological balance even after we navigate the Coronavirus scare. Leveraging power of Digital and Technology: Using technology is not an option anymore. It has become a necessity today. This situation will teach us to efficiently “work from home” and co-ordinate with each other using technology. Apart from equipping everyone with the required digital infrastructure and connectivity, there is much more that needs to be done in terms of resource allocation, having a short-term and long-term plan in place, relooking at marketing strategies, operations management, communication challenges etc. However, its benefits can be accrued in the long run as we will seamlessly collaborate “virtually”. This will enable each of us to become more agile and will also make organizations nimbler. It will also enhance engagement with the clients as the process of developing creative concepts, delivering tech projects and building applications etc. will become a lot more collaborative. Digital Channels will gain more prominence: The Coronavirus (COVID-19) scare and the subsequent lockdown has impacted traditional media and marketing significantly. Due to the social distancing mandates, newspapers have halted publishing for the time being and brands would not be interested in showcasing themselves on billboards or hoardings due to lack of eyeballs. The only channel that can cut through these barriers is “digital”. Hence, it will become much more prominent in marketing plans and strategies. Post the Coronavirus phase, companies and brands would be required to accelerate business and race against time. The demand for better segmentation and targeting, faster and wider outreach and quicker conversions across the marketing funnel would be unprecedented. Digital Marketing will be the torchbearer of this impending paradigm shift in positioning products and services to customers. On a macro level, the focus on personal hygiene bought about by this pandemic is a very positive change. There has never been a more effective campaign to make people aware of the health benefits of washing hands so often. This simple practice, if continued, will be ingrained in our habits and make the world a much healthier place. While we can’t wash our hands off the Coronavirus menace as it has been our doing as human beings, we can reflect on the adjustments made by us in our respective professional and personal lives in the past few days and inculcate it in our routines to enhance productivity, health and happiness. The post Coronavirus era will be a game-changer for digital marketing as it will become the avenue of choice to accelerate business growth, build brand recall and spread general awareness. I am confident that the world will soon navigate this torrid and testing phase. While we are in it, I pray that everyone stays safe and healthy. I also wish that each one of us extends all possible help to those who need it desperately and immediately. - By Bharat Subramaniam, Managing Director, Big Trunk Communications

Coronavirus may be the best teacher we have ever come across

<ul><li>Ability to enforce contracts and resolve disputes indicated as single biggest constraint in achieving higher ease of doing business ranking. </li><li>Indian courts’ working days hamper economy with Apex court working 190 days a year. 232 days for high courts and 244 days for subordinate courts. </li><li>India has over 3.5 crore pending cases with 87.54% cases pending in high courts and lower courts. </li><li>Better management, increase in working days, and use of high end technology sighted as possible measures for improvement. </li></ul>India’s Supreme Court works 190 days in all every year, while the number is 232 for High Courts and 244 for lower courts-- thanks to the British-era practice of taking long vacations and an inordinate number of holidays. In 2019, when the country has over 3.5 crore pending cases, it is time to overhaul judicial practices. That’s a common view now echoed by the latest economic survey authored by the Chief Economic Advisor K Subramanian, which was presented in the Parliament today. Making matters worse is the 2,279 vacant positions for judges in lower courts. The report indicated that India’s biggest constraint in moving up the rankings in ease of doing business is the inability of businesses to enforce contracts and slow resolution of pending disputes at the courts. Uttar Pradesh, Bihar, Odisha, and West Bengal are the worst in terms of pendency while Punjab and Delhi have the best case clearance rates among Indian states. A separate judicial service In this regard, the report proposed the creation of a specialized service for the Indian judiciary, named the <keyword id="7829780" type="UNKNOWN" weightage="20" keywordseo="indian-courts-and-tribunal-services">Indian Courts and Tribunal Services</keyword> (ICTS) that would specially be assigned the administration aspects of the legal system in the country. The recommendation is much in the lines of the Her Majesty’s Court and Tribunals Services in the UK, the Administrative Office of the US Courts, and the Court Administration Service in Canada. “Major problem lies with the quality of the administration of the courts system,” Subramanian’s survey said, which also recommended use of technology to improve courts’ efficiency.

Indian courts with their vacancies and long vacations are a big hurdle to ease of doing business, says India’s economic survey 2019

In an unexpected announcement, Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> scrapped Rs 500 and Rs 1000 to keep a check on black money transaction. 
 
If you think it is the Prime Minister who came up with this idea, you are wrong. 
 Nearly a decade ago, Pune-based organization <keyword id="2006027" type="UNKNOWN" weightage="20" keywordseo="ArthaKranti">Arthakranti</keyword>, which has roots in Pune and Nagpur, was briefing Narendra Modi, then the chief minister of <keyword id="6354766" type="COMPANY" weightage="20" keywordseo="Gujarat">Gujarat</keyword>, on a new economic model. <keyword id="6360828" type="PERSON" weightage="20" keywordseo="Deshmukh">Deshmukh</keyword> said <keyword id="3830046" type="UNKNOWN" weightage="20" keywordseo="Arthkranti">Arthkranti</keyword> had worked shoulder to shoulder with the Prime Minister's Office in implementing the idea. 
 "Direct meetings with the <keyword id="6365387" type="ORGANIZATION" weightage="20" keywordseo="PMO">PMO</keyword> lasted throughout 2015, the final session being in November last. After that, the government continued to take inputs from us on a regular basis. The last time when a query came to us was a month ago. We had prepared an extensive data on black money and the disadvantages of a cash economy," Deshmukh said in reports. 
 Arthakranti's campaign peaked around the 2014 general elections. It had the support of the <keyword id="14666" type="ORGANIZATION" weightage="20" keywordseo="BJP">BJP</keyword> which eventually came to power. 
 Arthakranti is run by a group of 17 trustees, including <keyword id="2777856" type="UNKNOWN" weightage="20" keywordseo="Atul-Deshmukh">Atul Deshmukh</keyword>, a chartered accountant residing in Nagpur. 
 Arthakranti says that it has no political links and had met leaders of all parties including <keyword id="689" type="PERSON" weightage="20" keywordseo="Sonia-Gandhi">Sonia Gandhi</keyword> of the <keyword id="1575" type="ORGANIZATION" weightage="20" keywordseo="Congress">Congress</keyword>. "There was great support from <keyword id="26680" type="PERSON" weightage="20" keywordseo="Nitin-gadkari">Nitin Gadkari</keyword>, Subramaniam Swamy, and <keyword id="37102" type="COMPANY" weightage="20" keywordseo="Andhra-Pradesh">Andhra Pradesh</keyword> chief minister <keyword id="6354350" type="PERSON" weightage="20" keywordseo="Chandrababu-Naidu">Chandrababu Naidu</keyword>," said Deshmukh. 
 "We had placed our idea before the <keyword id="6355364" type="ORGANIZATION" weightage="20" keywordseo="UPA">UPA</keyword> leaders when the Congress was in power too," he added. The Confederation of All India Traders (CAIT), which is led by city-based chartered accountant BC <keyword id="266781" type="PERSON" weightage="20" keywordseo="Bhartia">Bhartia</keyword>, too claimed to have strongly lobbied for a cashless economy with the government. " 
 Recently a meeting was held with the minister of commerce <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> for having a digital system of payment. We also had discussions with Niti Ayog CEO <keyword id="6358887" type="PERSON" weightage="20" keywordseo="Amitabh-Kant">Amitabh Kant</keyword> and also the finance ministry," said Bhartia.

Arthakranti behind the idea of scrapping Rs 500,1000

Expressing "serious concern" over <keyword id="19902052" type="General" weightage="20" keywordseo="pendency" source="keywords">pendency</keyword> of a large number of <keyword id="22472776" type="General" weightage="100" keywordseo="cheque-bounce-cases" source="keywords">cheque bounce cases</keyword>, the <keyword id="19895345" type="General" weightage="20" keywordseo="Supreme-Court" source="keywords" meta.keywordsubtype="org" meta.entityname="Supreme Court" meta.hostid="261" meta.entityid="Supreme Court">Supreme Court</keyword> has said courts should encourage <keyword id="20151747" type="General" weightage="20" keywordseo="compounding" source="keywords">compounding</keyword> of offences under the <keyword id="20905075" type="General" weightage="20" keywordseo="Negotiable-Instruments-Act" source="keywords">Negotiable Instruments Act</keyword> if parties are willing to reach a compromise. A bench of Justices Sudhanshu Dhulia and Ahsanuddin Amanullah set aside the conviction of a man named P Kumarasamy in a cheque bounce case, after noting that the parties have entered into a <keyword id="21163406" type="General" weightage="20" keywordseo="settlement-agreement" source="keywords">settlement agreement</keyword> and Rs 5.25 lakh has been paid to the complainant. "A large number of cases involving dishonour of cheques are pending before courts which is a serious concern for our judicial system. Keeping in mind that the 'compensatory aspect' of remedy shall have priority over the 'punitive aspect', courts should encourage compounding of offences under the NI Act if parties are willing to do so," the bench said in its July 11 order. The Negotiable Instruments Act governs all negotiable instruments like promissory notes, bills of exchange, and cheques. Compoundable offences are those where a compromise can be reached by the rival parties. The bench said it has to be remembered that dishonour of cheques is a <keyword id="22472777" type="General" weightage="20" keywordseo="regulatory-offence" source="keywords">regulatory offence</keyword> which was made an offence only in view of public interest so that the reliability of these instruments can be ensured. "Considering the totality of the circumstances and compromise between the parties, we allow this appeal and acquit the appellants by setting aside the impugned order dated April 1, 2019 as well the trial court's order dated October 16, 2012. Appellant no.2 (P Kumarasamy), who was exempted from surrendering by this Court, need not surrender and his sureties are hereby discharged," the bench ordered. The bench noted that in 2006, P Kumarasamy alias Ganesh had borrowed Rs 5,25,000 from respondent A Subramaniam but did not repay the loan. To discharge the debt, the bench said, Kumarasamy gave a cheque for Rs 5.25 lakh in the name of his partnership firm M/s New Win Export. "Since the cheque was dishonoured due to insufficient funds, respondent filed a complaint under Section 138 NI Act against the appellants where the trial court vide order dated October 16, 2012 convicted the appellants and imposed a sentence of one year of simple imprisonment each," it said. It noted Kumarasamy challenged the conviction before the appellate court, which reversed the findings of the trial court and acquitted him and the firm. "Finally, when the matter was taken to the high court at the instance of the respondent/complainant, the high court in its order dated April 1, 2019 set aside the order of the appellate court and restored the order of the trial court, convicting the appellants," the bench noted. It noted the firm and Kumarsamy challenged the high court order before the apex court. The bench added that Section 147 of the Negotiable Instruments Act, 1881 makes all offences under it compoundable. "In our opinion, this settlement agreement can be treated to be compounding of the offence. All the same, Section 320 (5) of CrPC provides that if compounding has to be done after conviction, then it can only be done with the leave of the court where appeal against such conviction is pending," it said. The bench said in cases where the accused relies upon some document for compounding the offence at the appellate stage, courts shall try to check the veracity of such documents. "For the same, in the present matter, this court vide order dated March 18, 2024 had asked the respondent-complainant to file an affidavit to bring on record whether or not any compromise has been reached between the parties," it said. The bench said an affidavit was filed by the complainant in compliance with the order where it was said that the accused have paid the amount to the satisfaction of the complainant, and that he has no objection if conviction of the appellants is set aside. "Now, when the accused and complainant have reached a settlement permissible by law and this court has also satisfied itself regarding the genuineness of the settlement, we think that the conviction of the appellants would not serve any purpose and thus, it is required to be set aside," it said.

Pendency of large number of cheque bounce cases a serious concern: SC

<ul class="summary-list"><li>India is trying to modernize its military of 1.5 million people with lessons from Ukraine.</li><li>Until recent years, Russia supplied India with many weapons such as tanks and jets.</li></ul>As India boosts defense spending amid tensions with China and Pakistan, it is closely studying the Ukraine conflict for clues to the future of warfare and how to thwart its neighbors.Some lessons that Indian experts have already drawn: India needs lots of artillery, drones and cyberwarfare capabilities.Comparing Ukraine to India is tricky. Ukraine faces one major enemy — Russia — while India must contend with its old enemy Pakistan to the west, and an increasingly powerful China on its northwest frontier. The Russo-Ukraine war is mostly being fought over an Eastern European landscape of plains and forest, with a moderately good road network suitable for mechanized warfare. India must prepare for combat in a variety of terrain and climate conditions, including desert, jungle and some of the tallest mountains on Earth.India is also trying to modernize and standardize equipment for its armed forces, which comprise about 1.5 million personnel armed with a potpourri of equipment from several nations, as well as indigenous Indian gear. Until recent years, Russia supplied many weapons such as tanks and jets, but India is increasingly acquiring arms from Western nations, including American howitzers, French jet fighters, and Israeli drones.The Indian Army's artillery, for example, includes more than 3,000 weapons and multiple rocket launchers, including Russian, American, Swedish and South Korean designs. Indian observers believe Ukraine shows the importance of having plentiful and modern artillery. Artillery has arguably become the decisive combat arm in that war, with Russian firing <a target="_blank" href="https://www.politico.eu/article/ukrainian-army-suffers-from-artillery-shell-hunger/">10,000 shells per day</a> and advancing, while a munitions shortage has limited Ukraine to around 2,000 shells per day. This deluge of firepower has forced both armies to dig in, and turned the conflict into trench warfare."Looking at the demonstration of artillery fire in the ongoing Russia-Ukraine war, two lessons are available to the Indian Army," wrote Amrita Jash, an assistant professor at the Manipal Academy of Higher Education, in a <a target="_blank" href="https://www.orfonline.org/public/uploads/upload/20240118114645.pdf">report</a> for the Observer Research Foundation, an Indian think tank. "First, that firepower can be a 'battle-winning factor,' and second, that the time between acquiring the target to shooting has drastically reduced: where it once took five to 10 minutes, it now takes only a minute or two."Indeed, India already planning to <a target="_blank" href="https://www.thehindu.com/news/national/army-draws-lessons-from-ukraine-war-revises-its-artillery-requirements/article67315823.ece">modernize</a> its artillery arsenal, including switching to 155-mm howitzers — the standard NATO caliber — and developing longer-range shells and rockets.<div type="image" title="Ukrainian servicemen fire an artillery in the direction of Siversk, Donetsk Oblast, Ukraine on April 01, 2024." height="3000" width="4500" msid="109704222" hostid="261" sizebytes="757078"></div>The air war over Ukraine has proven to be a surprise, especially given Russian superiority in numbers of aircraft and technology. Anti-aircraft missiles have deterred the air forces of both sides from venturing into enemy airspace, with Russian aircraft limited to firing stand-off missiles at Ukrainian cities rather than providing air support for its ground troops. <a target="_blank">Drones</a> have become the stars and workhorses of the air war, with both sides deploying — and losing — drones in the hundreds of thousands.There are lessons here for Indian airpower, according to Arjun Subramaniam, a retired Indian Air Force air vice marshal who helped write the ORF report. India must prepare for "gaining control of the air in limited time and space conditions in a short, high-intensity limited conflict as well as in a longer, protracted conflict." The Air Force must also ensure that its plans are synchronized with ground and naval forces. India should also continue to focus on suppressing enemy air defenses, "particularly against an adversary that is more interested in denying rather than controlling the airspace."Not surprisingly, Subramaniam wants the Indian military to increase drone development and production. But he is also concerned about the possibility of a mass drone attack on India. "Of greater importance is the need to rapidly develop counter-drone capabilities that would be essential in responding to large-scale surprise attacks and retain effective second-strike capabilities," he wrote.<a target="_blank" href="https://www.economist.com/europe/2024/03/20/the-cyberwar-in-ukraine-is-as-crucial-as-the-battle-in-the-trenches">Cyberwarfare</a> has also emerged in Ukraine as a crucial tool in everything from hacking into military computers and critical infrastructure to purveying propaganda and deepfakes in global media. ORF researcher Shimona Mohan noted "the increasing role of largely civilian organizations like big tech in conflict situations and the deepening interplay of civil-military partnerships around dual-use technologies like AI."Mohan recommends that India invest in cyberwarfare, as other nations are doing. "However, if this is not feasible for socio-political or economic reasons, it should be a priority for countries to ensure that their strategic geopolitical allies are formidable tech powers—for instance in this war, Ukraine received much support from its more tech-savvy partners like the US and private tech companies."Michael Peck is a defense writer whose work has appeared in Forbes, Defense News, Foreign Policy magazine, and other publications. He holds an MA in political science from Rutgers Univ. Follow him on <a target="_blank" href="https://www.twitter.com/@mipeck1">Twitter</a> and <a target="_blank" href="https://www.linkedin.com/in/mipeck/">LinkedIn</a>.

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