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<ul class="summary-list"><li><keyword id="12047176" type="UNKNOWN" weightage="60" keywordseo="tesla-stock" source="Orion">Tesla stock</keyword> is volatile, but bullishness for the EV maker has paid off for one money manager, the Wall Street Journal reported. </li><li>The Volt RoboCar Disruption and Tech ETF's high allocation to <keyword id="11900744" type="UNKNOWN" weightage="60" keywordseo="tesla" source="Orion">Tesla</keyword> helped it beat most growth-focused ETFs in October. </li></ul>Many money managers stay away from <a href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla's</a> volatile, high-priced stock, but for the founder of investment firm Volt Equity, being bullish on the electric vehicle maker has translated into market-beating gains so far this year, <a href="https://www.wsj.com/articles/tesla-stock-punishes-wary-fund-managers-11636453734?mod=hp_lead_pos2">according to The Wall Street Journal</a>. The <a href="https://www.voltfunds.com/etfs/vcar-robocar-disruption-etf">Volt RoboCar Disruption and Tech exchange-traded fund</a> surged by 36% in October, making it one of the best-performing funds in the US, said the WSJ in a report published Tuesday.The ETF last month easily outperformed the Russell 1000 Growth Index, which gained 8.6% in October. It also did better than the vast majority of funds focused on growth stocks, as just 9% of those beat the Russell 1000 Growth Index last month, marking the lowest monthly hit rate since July 2002, according to the report. Billed as the first Tesla options ETF "for the robotaxi future," the fund's performance was heavily directed by the roughly 40% allocation to Tesla through its stock and long-dated call options. Tad Park, founder and CEO of Volt Equity, told the newspaper that the Volt RoboCar Disruption and Tech ETF has more exposure to Tesla than any other ETF on the market. The fund trades under the symbol VCAR. "We really focus on trying to pick winners and concentrate heavily on our conviction," Park told WSJ. "Not what the P/E ratio was."His bullishness on Tesla stock stems from the likelihood the company will be the first to market autonomous cars, he added.Park's outperformance last month coincided with a big run for Tesla stock. The company <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-options-bets-rally-1-trillion-market-capitalization-markets-10-2021">surpassed $1 trillion in valuation</a> as shares surged by more than 20% in the last week of October. The stock this year has gained about 47% but <a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-insider-selling-china-sales-michael-burry-tweet-2021-11">struggled on Tuesday, losing more than 10%</a>. Volt Equity made <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a>-related headlines in October when the US Securities and Exchange Commission approved the <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1508033/000150803321000024/r497c1021.htm">Volt Crypto Industry Revolution and Tech ETF</a>. <a href="https://markets.businessinsider.com/news/currencies/bitcoin-etf-exchange-traded-fund-sec-cryptocurrency-volt-sec-gensler-2021-10"></a><a href="https://markets.businessinsider.com/news/currencies/bitcoin-etf-exchange-traded-fund-sec-cryptocurrency-volt-sec-gensler-2021-10">P</a><a href="https://markets.businessinsider.com/news/currencies/bitcoin-etf-exchange-traded-fund-sec-cryptocurrency-volt-sec-gensler-2021-10">ark told Insider last month</a> the ETF was designed to track companies that hold a majority of their net assets in bitcoin or derive a majority of their profit or revenue from bitcoin-related activities like mining, lending, or manufacturing mining equipment.

A Tesla bull who runs an ETF loaded with the EV maker's stock is blowing away most fund managers

<ul><li>GCPL’s MD &amp; CEO Sudhir Sitapati said that the acquisition will turn EPS accretive soon. </li><li>Brokerages are concerned that the margins of <keyword id="14444009" type="General" weightage="20" keywordseo="raymond-consumer" source="Orion">Raymond Consumer</keyword>’s business are lower than that of GCPL’s. </li><li>GCPL’s distribution reach can help take RCCL’s products to Tier 2 cities, brokerages say. </li></ul><keyword id="99744" type="General" weightage="20" keywordseo="godrej-consumer" source="Orion">Godrej Consumer</keyword> Products (GCPL) – known for its portfolio of hair dyes, body washes and home care products like mosquito repellents and more – will enter the prized fast-moving consumer goods (FMCG) categories of men’s grooming once it concludes the acquisition of Raymond’s consumer business. GCPL managing director and chief executive officer Sudhir Sitapati is confident that the acquisition for which it paid ₹2,725 crore in an all-cash deal, will be EPS (earnings per share) accretive soon. An acquisition is termed EPS accretive if the acquiring firm’s EPS increases after the deal goes through. The acquisition is done at 4.5 times the expected sales of FY23. “This appears a tad expensive given Raymond Consumer Care (RCCL)’s smaller size and weaker EBITDA margins. RCCL’s business is being sold along with its trademarks of <keyword id="416499" type="General" weightage="20" keywordseo="park-avenue" source="Orion">Park Avenue</keyword>, KS and KamaSutra,” said a research report by Nuvama. The stock of GCPL fell 4.9% on Friday, a day after the announcement. The earnings before interest, taxes, depreciation and amortisation (EBITDA) margin of Raymond is at 6% in FY22, which is too thin according to brokerages. “Assuming the company is able to quickly scale up operating margin in the business to 17-18% (achievable, in our view), the business would need to double in size for it to be earnings-accretive for GCPL,” says JM Financial. Low margins but scope for volume growth While Sitapati did not put an actual date to achieving the EPS accretive target, JM Financial expects it would take three years to reach the target, and would be earnings dilutive for the next couple of years. “On first-impression basis, we are not able to fully appreciate the need for GCPL to acquire Raymond’s FMCG business. There are cost-synergies to be had for sure, but that is mainly because the overhead structure of the acquired business, as it stands today, is quite inefficient, in our view,” JM Financial said. Around 80% of RCCL’s business comes from deodorants, which is a heavily competitive business that puts it in direct competition with FMCG majors like Hindustan Unilever and ITC among others. Due to the pressure to promote these products, it will increase its ad spends. As much as 20% of the revenue comes from Kamasutra which is a sexual wellness brand. But there are synergies that will aid the volume growth in these newly-acquired businesses as well. Park Avenue and Kamasutra both have strong traction in the urban markets but lack distribution reach in Tier 2 cities. GCPL with its wide distribution network can ease this growth. Moreover, the size of these businesses are large. The size of the male deodorant category is around ₹4,000 crore, while the overall deodorant category is at ₹5,000-6,000 crore. The size of the commercial latex category is ₹1,200 crore, Sitapathi told Business Standard in an interview. Yet, a few analysts see some clashes in the portfolios of GCPL and RCCL. GCPL’s Cinthol is a legacy brand which has been targeting male grooming for decades now with shaving creams, soaps and deodorant products. “Why the need for Park Avenue brand when GCPL’s own Cinthol brand is rather underutilised at present. Cinthol itself has a pretty strong brand equity, we believe,” says JM Financial. Moreover, there are more unanswered questions from the deal. RCCL has presence in the shampoo category too under the brand Beer Shampoo, and minor presence in soaps category as well. It’s yet to be seen how these products will blend into Godrej’s portfolio.

Godrej Consumer has to double Raymond’s consumer business for it to be earnings accretive, say analysts

<ul class="summary-list"><li>A Tesla fan tested the child-detection abilities of the carmaker's Full Self-Driving software with two kids.</li><li>He did it after another test showed the self-driving tech crashing into a child-sized mannequin. </li></ul>A Tesla fan tested out the carmaker's Full Self-Driving (FSD) software using a real child after a video went viral of the electric car crashing into a toddler-sized mannequin.The <a href="https://www.businessinsider.com/tesla-full-self-driving-crash-test-child-mannequin-ceo-ad-2022-8">marketing campaign</a> from Tesla critic Dan O'Dowd that showed Tesla FSD crashing into a child-sized mannequin quickly sparked outrage in the Tesla community — drawing the ire of one Tesla fan in particular, @WholeMarsBlog.Last week, Omar Qazi, the person running Tesla fan account @WholeMarsBlog, put a call out on Twitter for a San Francisco parent willing to use their child for a test of the software. Qazi said he was eager to disprove the results of O'Dowd's test and show that he was "lying about life-saving technology." The Twitter post quickly generated a response online and the transportation editor from The Verge even <a href="https://www.theverge.com/2022/8/12/23302850/tesla-full-self-driving-child-crash-open-letter">published an open letter</a> calling on the Tesla fan to cancel the test.On Sunday, Qazi, who has been known to interact with Elon Musk on Twitter and has over 130,000 followers, posted a YouTube video in which he tested FSD using real life children. The Tesla fan did not respond to a request for comment from Insider ahead of publication, but <a href="https://twitter.com/WholeMarsBlog/status/1557286378479570945">said</a> on Twitter the test would be safe as a human would take over if the Tesla failed to brake. Tad Park, CEO of Volte Equity, brought two of his kids along for the test with Qazi at a residential street."I'm confident that I can trust FSD with my kids and I'm also in control of the wheel so I can brake at any time," Park said in the video.In one test, Park's daughter stood in the middle of the road and Tesla FSD appeared to recognize the child from a stand-still about three car-lengths away. In the video, the car moved forward at a five miles per hour pace and stopped, refusing to go forward until the child was moved out of its trajectory.Park performed a similar test with his five-year-old son. The boy walked across the street as the Tesla came toward him from the same distance at less than 10 miles per hour. The Tesla appeared to slow down until after the child had crossed the street."It was a little nerve-wracking in the beginning, but I knew that it was going to detect and stop," Park said in the video. "I think it's very important for this to be out there. I think it will save a lot of kids' lives."The video features multiple tests that show the software recognizing a dummy as well as an adult male in the middle of the road. Though, the test is never performed at a speed greater than about 20 miles per hour. For comparison, the test Qazi criticizes was performed at a speed of 40 miles per hour from a distance of 120 yards.Qazi is not the first Tesla fan to try to replicate the test. After the video was released, several FSD drivers took to the streets to see whether the system could recognize a child-sized dummy <a href="https://www.businessinsider.com/tesla-drivers-test-fsd-stops-for-children-viral-video-2022-8">with varying results.</a>It's important to note that none of the tests have been conducted with the oversight of a US regulator, but rather independently — which means they were not subject to the same testing standards.Though FSD claims to be fully self-driving, in reality it operates as an optional add-on that enables Teslas to automatically change lanes, enter and exit highways, recognize stop signs and traffic lights, and park. Tesla has <a href="https://www.tesla.com/support/autopilot#:~:text=Before%20enabling%20Autopilot%2C%20the%20driver,your%20hands%20on%20the%20wheel.%22">told drivers</a> that the system does not replace a licensed driver and instructs them to keep their hands on the wheel and be prepared to take over when the system is running.

A Tesla fan tested out the Full Self-Driving software's child detection using a real kid after a video went viral of it running over a toddler-sized mannequin

<ul class="summary-list"><li>YouTube removed a video testing whether Tesla's Full Self-Driving software stops for real children.</li><li>The platform said the video violated its guidelines against content that endangers minors.</li></ul>YouTube removed a video that showed Tesla fans <a href="https://www.businessinsider.com/tesla-fan-test-full-self-driving-software-real-child-2022-8">testing out</a> with real children whether the carmaker's Full Self-Driving (FSD) software would stop for kids.The video was posted by Whole Mars Blog's on YouTube last week after Omar Qazi, the person who runs the Tesla fan account, posted a <a href="https://twitter.com/WholeMarsBlog/status/1557112809132945408?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1557112809132945408%7Ctwgr%5E7d258a2b48b0ba0d4d56abc7dff5b0402c484ff5%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.businessinsider.com%2Ftesla-fan-test-full-self-driving-software-real-child-2022-8">call-out</a> seeking a San Francisco parent willing to use their child for a test of the software. Tesla investor and CEO of Volt Equity, Tad Park, agreed to run a test with Qazi using his daughter and five-year-old son. CNBC was the <a href="https://www.cnbc.com/2022/08/19/youtube-removes-video-by-tesla-investors-using-kids-in-fsd-beta-test.html">first to report</a> the video had been removed from YouTube. A YouTube spokesperson told Insider the video violated the site's guidelines related to content that endangers minors."YouTube doesn't allow content showing a minor participating in dangerous activities or encouraging minors to do dangerous activities," the spokesperson said. "Upon review, we determined that the videos raised to us by CNBC violate our harmful and dangerous policies, and as a result we removed the content."Qazi did not respond to a request for comment ahead of publication, but <a href="https://twitter.com/wholemarsblog/status/1560819745644892160?s=12&amp;t=rIc2LVosZ0aKrdeYWVdqJA">posted</a> an alternate link to the video on Friday via Twitter.Park, who participated in the test with his son and daughter, told Insider he feels YouTube was pressured by CNBC to remove the video, which he called "benign.""This wasn't a test, as we were not pushing the system in any way," he told Insider "It was simply a demonstration of the capabilities of the system and that it could recognize pedestrians."Park told CNBC that the car never went over eight miles per hour in the tests involving his children and that he was prepared to stop the car if FSD didn't halt the vehicle. The video was posted after a <a href="https://www.businessinsider.com/tesla-full-self-driving-crash-test-child-mannequin-ceo-ad-2022-8">marketing campaign</a> from Tesla critic Dan O'Dowd showed a Tesla seemingly using FSD and crashing into a child-sized mannequin. The video sparked outrage in the Tesla community, with many Tesla fans seeking to defend the software, and O'Dowd's ad led to multiple copycat tests <a href="https://www.businessinsider.com/tesla-drivers-test-fsd-stops-for-children-viral-video-2022-8">with varying results.</a>Park and Qazi were also not the only Tesla fans to test the software using real children. Earlier this month, a North Carolina man <a href="https://www.businessinsider.com/father-tests-tesla-full-self-driving-son-refute-viral-videos-2022-8">tested out the software</a> using his 11-year-old son and posted the video on YouTube. In two videos, the driver, Carmine Cupani, goes as fast as 35 miles per hour while his son stands in the middle of the street. Both times the vehicle either comes to a stop or slows and moves around his son.Cupani told Insider he took "all safety steps necessary to keep everyone uninjured and alive" and the test was "performed by a professional driving instructor and future technology expert."The video has not been removed by YouTube.Last week, the National Highway Traffic Safety Administration (NHTSA) <a href="https://www.bloomberg.com/news/articles/2022-08-17/don-t-use-your-kids-to-test-tesla-s-safety-features-nhtsa-warns?sref=LspfQlRv">issued a statement</a> to Bloomberg warning drivers that testing out the beta software on kids could have dire consequences."No one should risk their life, or the life of anyone else, to test the performance of vehicle technology," NHTSA said in a statement to Bloomberg. "Consumers should never attempt to create their own test scenarios or use real people, and especially children, to test the performance of vehicle technology."The NHTSA told the publication it has been testing Tesla's software for several months. The agency launched a <a href="https://www.nhtsa.gov/technology-innovation/automated-vehicles-safety#:~:text=In%202021%2C%20NHTSA%20issued%20a,and%20Engagement%20for%20Safe%20Testing.">program for automated testing</a> in 2020.Though FSD claims to be fully self-driving, in reality it operates as an optional add-on that enables Teslas to automatically change lanes, enter and exit highways, recognize stop signs and traffic lights, and park. Tesla has <a href="https://www.tesla.com/support/autopilot#:~:text=Before%20enabling%20Autopilot%2C%20the%20driver,your%20hands%20on%20the%20wheel.%22">told drivers</a> that the system does not replace a licensed driver and instructs them to keep their hands on the wheel and be prepared to take over when the system is running.

YouTube removes video of Tesla fans using kids to test whether the carmaker's Full Self-Driving software stops for children

<ul class="summary-list"><li>The US <keyword id="11898795" type="UNKNOWN" weightage="60" keywordseo="sec" source="Orion">SEC</keyword> has approved an ETF that tracks stocks with significant exposure to <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword>.</li><li>These firms hold a majority of their net assets in bitcoin or derive a majority of their profit or revenue from bitcoin-related activities.</li><li>The actively-managed fund, Volt <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">Crypto</keyword> Industry Revolution and Tech ETF, was approved on October 5.</li></ul>A new exchange-traded fund may be as close as investors can get to having a US <keyword id="11964437" type="UNKNOWN" weightage="60" keywordseo="bitcoin-etf" source="Orion">bitcoin ETF</keyword> - at least for now. The US Securities and Exchange Commission has approved Volt Equity's ETF, which aims to track companies that hold a majority of their net assets in bitcoin or derive a majority of their profit or revenue from bitcoin-related activities like mining, lending, or manufacturing mining equipment, Tad Pak, CEO of the fund, told Insider.He calls these "bitcoin revolution companies," and is eyeing <a href="https://markets.businessinsider.com/stocks/mstr-stock">MicroStrategy</a>, <a href="https://markets.businessinsider.com/stocks/mara-stock">Marathon Digital Holdings</a>, and <a href="https://markets.businessinsider.com/stocks/bitf-stock">Bitfarms</a>, among others, for the actively managed fund.<a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1508033/000150803321000024/r497c1021.htm">Volt Crypto Industry Revolution and Tech ETF</a> was approved on October 5 and will trade under the ticker BTCR. The news was first reported by <a href="https://www.nytimes.com/section/business/dealbook">New York Times DealBook</a>. Pak told Insider he hopes to go public in the New York Stock Exchange in the next three weeks."I'm a strong believer in bitcoin and was excited about launching an ETF that could take advantage of the coming bitcoin revolution," he told Insider. "We can get exposure to bitcoin without necessarily holding the coin, especially with options positions."This roundabout investing strategy is necessary because the SEC under Chair <keyword id="11896276" type="UNKNOWN" weightage="60" keywordseo="gary-gensler" source="Orion">Gary Gensler</keyword> has been <a href="https://markets.businessinsider.com/news/currencies/sec-bitcoin-etf-decision-delay-gensler-cryptocurrencies-deadline-markets-2021-10">putting off</a> approving <a href="https://markets.businessinsider.com/currencies/btc-usd?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">bitcoin</a> ETFs - with nearly two dozens stuck in limbo - amid fears of <a href="https://markets.businessinsider.com/news/currencies/bitcoin-ethereum-etf-sec-gary-gensler-regulation-crypto-2021-07?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">potential for market manipulation</a>. The US thus far has not approved a single one yet, though Gensler did recently note that he is more open to a <a href="https://markets.businessinsider.com/news/currencies/gary-gensler-sec-review-of-bitcoin-futures-etf-applications-2021-9">bitcoin futures ETF</a>. In Canada, however, <keyword id="12224760" type="UNKNOWN" weightage="60" keywordseo="bitcoin-etfs" source="Orion">bitcoin ETFs</keyword> are available now.As a result, the Volt ETF will not directly invest in bitcoin. Instead, it looks to put at least 80% of its net assets in "bitcoin revolution companies," options, and ETFs with exposure to those companies. The rest is expected to gain broad equity market exposure to offset the risk of the portfolio. The ETF will also look at indicators such as the Stock-to-Flow model, which evaluates the current stock of bitcoin against the flow of new bitcoin mined that year.Pak said this is the first ETF that is bitcoin-focused, compared to others that invest in a broader range of digital assets."It seems like it's not a big deal, but no one's ever done that before," he told Insider. The fund is the fifth ETF that the San Francisco-based investment adviser has launched. But Pak said it was by far the hardest, noting repeated back and forth with the SEC.While the reason for the numerous delays is unclear, Pak speculated it had something to do with the fund's initial name, which was <a href="https://www.sec.gov/Archives/edgar/data/1508033/000150803321000003/n1a0621.htm" target="_blank" rel="noopener noreferrer">Volt Bitcoin Revolution ETF</a>. "It was very difficult to get this through, but we're really glad that they finally approved it," he said.

The SEC just approved the closest thing to a US bitcoin ETF you can buy, for now

<ul><li>The Finance Minister reduced the maximum tax rate, and that will push HNIs and UHNIs to invest more. </li><li>Home-grown and global AIFs with domicile in GIFT City are also expected to benefit from the tax incentives given in the budget, Crisil said. </li><li>Luxury imported cars and international travel will become expensive and deduction on capital gains on luxury home sales is capped too. </li></ul>The Union Budget 2023-24 is being hailed as the common man’s budget, but at the same time many diverse announcements might make things a tad difficult for high-networth and ultra- high-networth individuals (HNIs and UHNIs) in the coming year. First on the positives: finance minister Nirmala Sitharaman did recognise that the highest tax rate in the country is also the highest in the world at 42.74%. This is for those with an annual income of above ₹5 crore. She reduced the maximum tax rate to 39% by lowering the surcharge. This move, Crisil says, will push HNIs and UHNIs – who have an investible surplus of over ₹5 crore and ₹25 crore respectively, to invest more. “The reduction of surcharge at the highest tax bracket and its impact on the reduced incidence of taxation for individuals in the bracket is expected to improve their appetite for investing in alternative investment funds (AIFs), portfolio management services, and other alternate investment products,” said a report by ratings agency Crisil on the Budget impact. AIFs and family offices are also expected to benefit from measures announced in the Budget for startups – to extend the period of incorporation and carry forward losses. It enables the entire ecosystem of startups and the investor community. “Home-grown and global AIFs with domicile in GIFT City are also expected to benefit from the tax incentives given in the budget,” Crisil said. Last year,<a href="https://www.businessinsider.in/finance/news/9-in-10-super-rich-indians-get-richer-in-2022-knight-frank/articleshow/97033671.cms"> nine out of ten UHNIs from India</a> were able to grow their wealth in spite of the Russia-Ukraine conflict, rising interest rates and inflation. In fact, 35% of them were able to grow their wealth by more than 10%, said a report by Knight Frank, and were confident of it growing more in 2023. At 34%, equities constituted the largest chunk of the UHNI portfolio in 2022, as per the report. Importing cars &amp; travelling abroad gets costlier And now to the not-so-good news for the HNIs and UHNIs. Taking money abroad has been complicated as all remittances abroad – with the exception of education via loan and for medical reasons – will be subjected to a 20% tax collected at source (TCS). This will impact investments abroad, which will be taxed at 20%, without any threshold limit. International travel will also become costlier. “One budget proposal that will negatively impact the industry is the move to increase the TCS mandate from 5% to 20% on overseas tour packages. This will not only increase the upfront cash outflow for customers but will also give an unfair advantage to foreign-based online travel booking platforms over India-based travel agents and tour operators,” said Rajesh Magow, co-founder and group CEO of MakeMyTrip. Luxury cars, yet another favourite asset class that India’s rich and super-rich are keen on will also get expensive. The Budget 2023-24 increased customs duty on these cars that are imported – affecting those who love Lamborghinis, Mustangs, Ferraris and more. The FM raised the customs duty from 60% to 70%. "The policies chalked out for the automobile industry incurring increased duty rate is very unlikely to have any impact on the entry-level luxury vehicle segment,” said Sumit Garg, co-founder and MD, Luxury Ride. But those keen on buying high-end models of Mercedes, Land Rover, Porsche and Aston Martin with engine capacities over 3,000cc will have to shell out more. REITs &amp; luxury homes The FM has also proposed to limit deductions from capital gains on investments into residential houses under Sections 54 and 54F to ₹10 crore. “This essentially means that if one sells a house, and gains are more than ₹10 crore, then maximum benefit they can avail is up to ₹10 crore when invested into another property. Capital gains of over ₹10 crore will now be taxed. This is a negative on this segment as previously there was no such cap,” said Anuj Puri, chairman of Anarock group, an investment consultancy. According to the Knight Frank report, UHNIs, in particular, love purchasing residential properties, and the Indian super-rich own 5.1 residences on an average – higher than that of their global counterparts. Moreover, in 2022, about 14% of UHNIs purchased a home, and about 10% are expected to make a new home purchase in 2023. If they indeed do, in the new financial year, they would have to add in the tax element into its resale value. However, the report says that India’s super-rich investments in real estate go beyond residential properties. A significant portion of UHNI wealth – as much as 25% – was allotted to commercial properties in 2022, either directly through ownership or indirectly through funds. This includes directly in the form of assets, and indirectly via funds and REITs or real estate investment trusts. It might look like some of these investments need to be recalibrated as per the Budget proposals – income distributed through redemption of units by business trusts such as REITs and InvITs or infrastructure investment trusts, is to be taxed in the hands of unit holders. “REITs/InvITs, which have emerged as an attractive tool for investment, may see some short-term volatility but are expected to remain an efficient option for investors looking to park funds in India’s promising real estate and infrastructure markets,” said Crisil. In addition, the Budget has also taxed the maturity and surrender amount of non-ULIP insurance policies, if the premium paid by an individual is over ₹5 lakh a year. This could also be bad news for policyholders who purchase high-ticket non-ULIPs in the affluent segment. All in all, the government is leaving more in the hands of India’s rich along with the common man – but for the former, it is redrawing the landscape for saving, investing and spending. SEE ALSO <a href="https://www.businessinsider.in/budget/news/budget-2023-24-nirmala-sitharaman-speech-highlights-and-updates/articleshow/97512649.cms">Budget 2023-24 highlights: Those with income below ₹7 lakh a year need not pay income tax</a> <a href="https://www.businessinsider.in/finance/news/brides-buy-half-of-all-gold-jewellery-sold-in-india-says-world-gold-council-report/articleshow/97168432.cms">Brides buy half of all gold jewellery sold in India says World Gold Council report</a>

India’s rich to shell out more for luxury cars, global travel but may have more to invest

New Delhi, Jun 24 () Reliance Jio would play a key role in the development of the 5G ecosystem in India based on the market dynamics, Reliance Industries said in its latest annual report. On the issue of floor price for mobile services, the company noted that market dynamics have improved in the recent past as reflected by December tariff hikes by operators. The government has also expressed its intentions of conducting the next round of spectrum auctions during the fiscal year 2020-21, it said. "Jio with its 5G-ready network and extensive fiber assets, would play a key role in the development of the 5G ecosystem in India, based on market dynamics," the annual report stated. In his letter to shareholders, Reliance Industries Chairman Mukesh Ambani said that there are still millions of 2G phone users, who cannot use internet, highlighting urgent need for India to transition fully from 2G to the 4G era and beyond, and underlining the opportunity Jio has in such transformation. "Over the past two years, JioPhone has successfully transitioned approximately 100 million erstwhile feature phone (2G) users to the 4G network," he said. Ambani noted that Jio's success in building technology specifically for India and its ability to proliferate across the country has attracted global technology leaders – Facebook and Microsoft - to forge partnerships with it. Reliance Jio continues to add subscribers at a rate unprecedented in the telecom world with 387.5 million mobile data subscribers (as of March 31, 2020), Ambani said. Describing Jio as a key catalyst in creating the broadband data market in India, he said it is now the number one mobile telecom operator in the country by both adjusted gross revenue (AGR) and subscribers. Reliance Jio is rolling out its state-of-the-art wireline services across homes and enterprises, he said adding all this will help place a strong foundation for offering platform-based digital services. According to the report, Jio connected about one million homes with JioFiber services until March 2020. Ambani further said that rollout of the digital commerce initiative will open up further growth opportunities for the organised retail business, leveraging the strength of consumer and digital platforms. "Reliance Retail and WhatsApp have entered into a commercial partnership agreement to further accelerate Reliance Retail's Digital Commerce business on the JioMart platform using WhatsApp and to support small businesses on WhatsApp," he said. Further, Jio said that market dynamics have improved in the recent past, as reflected by tariff hikes in December 2019, where all the operators revised their tariff plans upwards by up to 40 per cent. "During the year, Telecom Regulatory Authority of India (TRAI) has also initiated consultation process on feasibility of establishing a floor price for mobility services in the country," it said, adding that Jio would continue to actively engage with the regulator and industry stakeholders to drive growth for all. On the issue of call connect charges, where interconnect usage charge (IUC) would be reduced to zero with effect from January 1, 2021, Jio said it accordingly introduced a charge of 6 paise/minute on all off-net outgoing voice minutes to pass through the impact of change in regulatory stance on IUC in October 2019. "This has led to a significant improvement in voice traffic mix as misusers of free voice services have left the network and Jio is now a net receiver of IUC. Jio continues to believe that transition to the BAK (Bill and Keep) regime will hasten the adoption of more efficient technologies like VoLTE, which have negligible cost for carrying and servicing essential voice services," RIL said. In the recent months, Reliance Industries has secured over Rs 1.15 lakh crore from global tech investors including Facebook by selling a tad less than a quarter of its digital business and raised Rs 53,124 crore by selling shares to existing investors in the past days. Sale of stake in Jio Platforms raised Rs 1,15,693.95 crore from marquee names including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR, Mubadala, ADIA, TPG, L Catterton and PIF since April 22, 2020. MBI ANS ANS

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