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  • Indian corporates headed for better credit metrics in 2025-26: Fitch

    Indian corporates headed for better credit metrics in 2025-26: Fitch

    IANS

    The credit metrics of rated Indian corporates are expected to improve in the next financial year (April 2025-March 2026) driven by wider EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) margins, despite high capex intensity, according to the latest Fitch report.

    Fitch in its report ‘India Corporates Credit Trends: January 2025’ said improving leverage will help most corporates maintain adequate rating headroom.

    “We expect India’s steady GDP growth outlook, the banking sector’s improved financial health and likely interest-rate cuts in 2025 to support overall credit access for corporates in FY26,” the report states.

    There is a widespread expectation that the Reserve Bank of India would cut interest rates in 2025 after it eased liquidity by lowering the cash reserve ratio (CRR) by 50 basis points in its policy review meeting last month.

    Fitch also expects India’s GDP growth of 6.5 per cent and robust infrastructure spending “to underpin healthy demand for cement, electricity, petroleum products, steel, and engineering and construction (E&C) companies during FY26.

    Indian corporates headed for better credit metrics in 2025-26: Fitch

    IANS

    Sales will decline in low-single digits for the oil and gas production and oil marketing companies (OMCs) as lower prices counterbalance a low-to-mid single-digit volume growth, the report states.

    Fitch expects aggregate sales growth for Fitch-rated corporates to remain limited to 1-2 per cent in FY26 (FY25 forecast: 1.5 per cent), mainly reflecting the impact of lower prices on oil and gas upstream, and refining and marketing companies, while other sectors will see varying growth.

    It expects only mid-single-digit sales growth for IT service companies, as customers in key overseas markets limit discretionary spending in light of slow economic growth prospects.

    Auto suppliers’ sales growth will moderate to mid-single digits amid slower volume growth in the domestic market and lower exports.

    Demand recovery in the travel and tourism industry will continue, albeit at a moderate pace. Global oversupply will continue to weigh on prices for chemical companies.

    Revenue growth for telecom companies will be supported by tariff increases while that for the pharmaceutical sector will remain aided by its non-discretionary nature and favourable sector trends, Fitch added.

    However, downside risks could materialise if energy prices rise significantly given ongoing geopolitical risks, a sustained downward pressure on the Indian rupee or adverse trade protectionist measures dampening exports, the report added.

    (With inputs from IANS)

  • Pioneering Innovator Nikhil Ghadge Transforms User Data Protection for Millions

    Nikhil Ghadge

    Image Credit: Nikhil Ghadge

    “In data, the real challenge isn’t just managing identities; it’s ensuring each one is secure and treated with respect,” says Nikhil Ghadge, software architect team lead at Okta. His focus on securing each individual’s identity marks another step forward in data protection.

    Ghadge’s work at Okta structuring systems prioritizing user security is changing how organizations handle individual identities—ensuring a safer digital world.

    The Rising Need for Sophisticated Identity Management

    Today, data breaches and identity theft are rampant, and there is an urgent call for enhanced data protection mechanisms. Statistics in 2023 showed an alarming increase in security incidents. Ghadge has been proactive in addressing these challenges through his technical expertise.

    The greatest of Ghadge’s initiatives is Okta’s Universal Directory (UD), a sophisticated identity management solution for managing millions of identities across diverse sectors.

    For instance, a large healthcare provider uses UD to manage access for thousands of employees across multiple facilities, ensuring that sensitive patient data remains secure and accessible only to authorized personnel. Yet another testament to the recognition of Okta’s product is the recent decision by both the United States Air Force and United States Space Force to adopt Okta for enterprise-level usage. This means Okta will now serve as the identity solution for a wide range of individuals including airmen, guardians, civilians, contractors, spouses, dependents, beneficiaries, and beyond.

    Scalability and Cloud-Native Benefits

    “The goal was to build a system that not only scales seamlessly but also maintains its integrity under any load,” Ghadge explains, referring to the cloud-native nature of the UD, which displays excellent performance compared to traditional infrastructures which are some on-prem solutions, eg, Active Directory, Oracle Internet Directory (OID). A cloud-based approach facilitates operational agility and enhances data security, a concern for organizations of all sizes.

    The delegated administration feature within UD allows precise role-based access controls, which is crucial for managing the complex permissions required in large organizations. Moreover, Okta’s REST APIs enable further customization and integration, catering to specific business needs. This flexibility has allowed companies to integrate bespoke solutions that improve user experience and security.

    Regarding his emphasis on security, Ghadge says, “Every login is a potential vulnerability. Our job is to ensure it isn’t,” referring to the billions of authentications handled by his team.

    While many laud the advancements made by the Universal Directory, critics throughout cybersecurity stress the dangers of centralized repositories—stating that they become high-value targets for malicious actors. Ghadge is aware of these concerns, stressing Okta’s continuous efforts to develop resilient systems.

    Protection at the Macro Level

    With petabytes of user data at stake, Nikhil Ghadge reflects on the future of digital identity management. “Tech will advance, and so will the methods to exploit it. Our job is to stay ahead, ensuring we stay secure and efficient in equal amounts,” he states.

    Ghadge has enhanced Okta’s capabilities and set new standards for data protection in various industries. With tools like the Universal Directory, one thing is sure—the industry is geared toward security like never before.

  • Originscale Introduces Comprehensive Automation Solutions to Transform the CPG Industry

    Bhaskar Ahuja

    Originscale unveils a digital platform designed to automate and streamline operations, boosting efficiency and sustainability in the CPG industry.

    Originscale, a direct-to-anywhere digital technology platform, is set to transform business operations by automating key processes. Inspired by Tesla’s advancements in the automotive industry, Originscale aims to bring similar revolutionary changes to the business world, particularly within the Consumer Packaged Goods (CPG) market segment.

    The platform, founded by Bhaskar Ahuja, focuses on addressing critical challenges faced by CPG businesses. These challenges include disconnected manufacturing and sales, reliance on unsustainable supply chains, and a lack of transparency and traceability. Such issues hinder efficient operations, limit control and scalability, and damage consumer trust and brand reputation.

    Originscale’s comprehensive suite of solutions aims to integrate and automate business operations. The platform includes grower management software to manage farms and boost production, manufacturing planning software to automate manual labor and manage a digital workforce, distribution management software to control inventory and warehouse management, and a POS system to streamline retail management and operations. These tools work together to enhance operational efficiency, transparency, and sustainability.

    By automating business operations, Originscale helps businesses maintain their competitive edge in the market. The automation capabilities improve efficiency and transparency, allowing businesses to operate more sustainably and meet the demands of today’s dynamic market.

    The platform’s grower management software offers effective farm management, enhancing production capabilities and ensuring sustainable practices. Manufacturing planning software automates labor-intensive tasks, freeing up resources and allowing businesses to focus on growth and innovation. Distribution management software provides complete control over inventory and warehouse operations, ensuring efficient supply chain management. The POS system simplifies retail management, making it easier for businesses to manage sales and customer interactions.

    Originscale addresses the need for integrated solutions in the CPG market. By providing a platform that combines grower management, manufacturing planning, distribution management, and retail operations, Originscale offers a holistic approach to business automation. This integration enhances transparency across the supply chain, builds consumer trust, and strengthens brand reputation.

    Bhaskar Ahuja, the visionary behind Originscale, emphasizes the importance of automation in modern business operations. The platform’s mission is to revolutionize business operations by automating processes, much like Tesla has done with driving. By focusing on the specific needs of CPG businesses, Originscale aims to create a more efficient, transparent, and sustainable business environment.

    Originscale is pioneering the automation of business operations, providing the tools and technology needed to address the challenges faced by modern businesses. For more information, visit

  • Hyundai Motor union secures wage deal without strike for 6th consecutive year

    Seoul, July 13: Hyundai Motor’s labour and management have concluded their wage negotiations without a strike for the sixth year in a row, agreeing on the highest wage increase in the company’s history.

    The union said on Saturday its members have voted to accept a tentative wage deal reached earlier in the week.

    Under the agreement, Hyundai will increase workers’ basic monthly pay by 4.65 percent, or 111,200 won ($81), and give a one-off performance-based bonus equivalent to 500 percent of the basic monthly salary, plus 18 million won, to each worker.

    In addition, each employee will receive 25 shares in the company, reports Yonhap news agency.

    The company also agreed to extend the maximum period for retired skilled workers to be reemployed as contract-based workers from the current one year to two years.

    The agreed-upon wage increase is the highest in the company’s history.

    With the unionised workers voting in favour of the deal, the carmaker has concluded wage bargaining without a strike since 2019.

    The deal was reached just two days ahead of the union’s planned strike. It reportedly withdrew the strike plan after management agreed on the highest-ever wage raise and the two-year reemployment programme for skilled retired workers.

    “The union and the management will faithfully carry out their social roles as members of the global community and prepare together for a better future,” the automaker said in a statement.

    Both sides will hold a signing ceremony for this year’s wage deal on Monday.

  • MIRAI JMAC and Prathamus Ventures Unveils Global Real Estate Platform for Indian and International Investors Looking at India Consumption and UAE as Fulcrum and Japanese Investment

    MIRAI JMAC and Prathamus Ventures Unveils Global Real Estate Platform for Indian and International Investors Looking at India Consumption and UAE as Fulcrum and Japanese Investment

    Saturday, July 13,Delhi, India : MIRAI JMAC (MIRAI), a leading advisory and growth consulting firm, proudly announces a strategic partnership with Prathamus Ventures, a distinguished vertically integrated fund management company, to lead real estate investments in India. This collaboration establishes an Alternative Investment Fund (AIF) platform in India, focusing on Category 2 AIF to attract funds from Family Offices, HNIs, Super HNIs, and notably, NRI investors, contributing to India’s burgeoning real estate sector.

    MIRAI also recently announced the creation of MIRAI Capital Global (MCG) with an initial corpus of US $1.5 billion, followed by MCG’s appointment of distinguished industry leaders to its investment team and advisory board. MIRAI continues to add family office capital to its LP list from Japan Sea and Middle East. US tech leaders, Funds and European family businesses are also working with MIRAI to help scale their current business in UAE creating a fulcrum for the consumption story in India SEA and MENA region.

    As of the fiscal year 2021-22, the real estate sector alone contributed approximately 7.3% to the Indian GDP and is poised for significant growth in the coming decade. This partnership underscores MIRAI’s shared commitment to the real estate and infrastructure industry providing strategic partnership, growth management, human resource and investment avenues and fostering sustainable growth in the Indian real estate market.

    This collaboration marks a significant stride in scaling up MIRAI’s real estate investments in India while providing essential support to partner firms looking to expand their ventures into the growing India-UAE corridor. MIRAI takes deep interest in governance and qualitative value for NRIs who are investing both personally and bringing their businesses overseas. Prathamus will closely work with MIRAI for developing new leaders in India, SEA and Middle East markets for benefits of NRI investment. The Real Estate Investment Platform is tailored for mid to large real estate developers in India poised for growth, aiming to elevate them into global brands through joint ventures with The Private Office of His Highness Sheikh Ahmed Bin Faisal Al Qassimi (RFO) in the UAE. Emphasizing growth capital, the platform fosters investment and marketing partnerships between targeted real estate developers and RFO, with a sharp focus on the India-UAE growth corridor. Additionally, the partnership will enhance the NRI sales volume of Indian developments, aligning with the Indian government’s initiatives to leverage NRI contributions for the nation’s growth trajectory.

    RFO, with its rich legacy and strategic partnerships facilitated by MIRAI, is poised to explore the potential of introducing branded residences in key metropolitan areas such as Delhi NCR, Mumbai Metropolitan Region (MMR), Pune, and Bangalore. This initiative represents a significant step for RFO into the real estate sector, in line with its vision to provide innovative, high-quality living spaces that meet the demands of modern urban lifestyles. By integrating branded residences into these vibrant urban landscapes, RFO aims to set new benchmarks for luxury living while promoting sustainable development practices and fostering dynamic communities. This strategic move reflects RFO’s unwavering commitment to excellence and its ambition to shape the future of real estate in India’s most sought-after cities.

    Amb. Dunston Pereira, CEO of The Private Office of His Highness Sheikh Ahmed Bin Faisal Al Qassimi, Dubai, United Arab Emirates, shared his thoughts and stated, “The strategic partnership between MIRAI, Prathamus Ventures, and RFO marks an exciting development for the real estate investment landscape. This collaboration reaffirms our commitment to fostering sustainable growth and providing strategic investment opportunities, particularly within the India-UAE corridor. We are confident that this partnership will unlock new avenues for growth and development, contributing significantly to both the Indian and UAE economies.”

    Pranav Jyoti, Managing Partner of MIRAI JMAC and CIO of The Private Office of His Highness Sheikh Ahmed Bin Faisal Al Qassimi, Dubai, United Arab Emirates, expressed enthusiasm about the partnership, stating, “As we welcome Prathamus Ventures and Mr Ashok Kinha into our fold, we’re embarking on an exciting journey to fortify our position in the real estate and infrastructure investment arena. With the expertise of Prathamus Ventures’ specialized platform backed by a deeply networked team and strong real estate expertise, we are primed to explore untapped opportunities and diversify our investment portfolios. This collaboration speaks volumes about our dedication to innovation and delivering maximum returns for our stakeholders. Brace yourselves for the transformative prospects that lie ahead as we forge ahead with this dynamic alliance. In addition to the collaboration, the UAE JV setup would forge new avenues for our partners before, during, and post-deployment of the growth capital.”

    Managing Directors Ashok Kinha and Prashant of Prathamus Ventures Pvt. Ltd. also shared their excitement about the partnership, stating, “We are thrilled to partner with MIRAI JMAC to launch the AIF platform in India and offer investments through existing funds and follow-on AIFs. This initiative represents our shared vision to unlock the potential of the Indian market and deliver exceptional value to investors.”

    Vinoth Beemjee, Senior Partner of MIRAI JMAC and MIRAI Capital Global, underscored the game-changing potential of this collaboration, stating, “As custodians of our narrative, I am thrilled to steer the ship alongside this pivotal partnership. With Prathamus Ventures as our steadfast ally, we envision a horizon brimming with growth and innovation. Together, we’ll explore new frontiers in real estate investment, propelling our collective journey toward unparalleled success. This collaboration signals just the dawn of an exciting chapter, and I eagerly anticipate the transformative impact we’ll forge together. Our focus on identifying the hidden gems among India’s real estate developers and investing in them through our partnership with RFO is precisely what the market demands. Moreover, it will further integrate the vast NRI population of the UAE and GCC into investing in real estate projects in India.”

    The partnership between MIRAI JMAC and Prathamus Ventures represents a significant step towards enhancing investment opportunities and driving sustainable growth in the Indian real estate sector. This dynamic alliance sets the stage for innovative approaches and strategic investments that will reshape the landscape of real estate investments in India.


    Praveen

  • Sports in Swiss schools for foreign students

    sports in swiss school

    In Switzerland, sports play a significant role in school life, reflecting the country’s strong cultural emphasis on physical health and outdoor activities. Swiss schools, especially those with a substantial number of foreign students, typically offer a wide range of sports programs. Here’s what you need to know about sports in Swiss schools for foreign students:

    Variety of Sports Offered

    Swiss schools generally offer a diverse array of sports activities that cater to different interests and skills levels. Common sports include soccer, basketball, volleyball, tennis, badminton, and table tennis. Due to Switzerland’s geographical features, winter sports such as skiing, snowboarding, and ice skating are also highly popular and often part of the school’s physical education curriculum.

    Incorporation into Curriculum

    Physical education is a mandatory part of the curriculum in Swiss schools. Students are required to participate in regular PE classes where they learn various sports and develop their physical fitness. These classes aim to promote a healthy lifestyle and teach students the value of teamwork and sportsmanship.

    Extracurricular Sports Activities

    Beyond the regular PE lessons, many schools offer extracurricular sports clubs or teams that compete in local, regional, or international leagues. These clubs can be particularly appealing to foreign students as they provide opportunities to integrate with peers, improve language skills, and understand local culture more deeply.

    Sports Facilities

    Swiss schools are generally well-equipped with sports facilities. These can include gymnasiums, swimming pools, tennis courts, sports fields, and fitness centers. In areas close to mountains, schools might also have access to ski slopes and hiking trails, providing unique opportunities for engaging in outdoor sports.

    Focus on Outdoor Activities

    Given Switzerland’s abundant natural beauty and outdoor resources, schools often emphasize outdoor physical activities. Hiking, mountain biking, rock climbing, and water sports on Switzerland’s many lakes are common. These activities not only contribute to students’ physical well-being but also to their appreciation of nature and environmental awareness.

    Sports Events and Competitions

    Many Swiss schools participate in interschool competitions and sports days, which are great opportunities for foreign students to showcase their talents, compete in a friendly environment, and bond with their classmates. Such events are often highlights of the school year.

    Integration and Social Benefits

    For foreign students, participating in sports can be an excellent way to integrate into the school community. Sports provide a universal language that helps overcome cultural and language barriers, facilitating friendships and deeper social integration.

    Health and Well-being

    Swiss schools place a strong emphasis on the holistic development of students, which includes physical health. Regular participation in sports helps improve students’ overall health, reduces stress, and increases their focus and academic performance.

    Overall, sports in Swiss schools offer foreign students a well-rounded educational experience that enhances their physical abilities, teaches them about teamwork and discipline, and helps them assimilate into a new cultural environment while enjoying the spectacular natural surroundings of Switzerland.

    What sports can foreign students participate in in Swiss schools? 

    Foreign students in Swiss schools have a wealth of opportunities to participate in a variety of sports, both during physical education classes and as extracurricular activities. The availability of certain sports can depend on the school’s location, facilities, and season, but generally, students can engage in a broad range of activities that leverage Switzerland’s unique terrain and robust sports culture.

    Winter Sports

    Given Switzerland’s famous alpine landscape, winter sports are a significant part of the sporting culture:

    • Skiing: Both cross-country and downhill skiing are popular and often part of a school’s physical education during the winter months.
    • Snowboarding: Similar to skiing, many schools offer trips and training in snowboarding.
    • Ice Skating and Ice Hockey: Many schools have access to ice rinks where students can learn and practice ice skating and ice hockey.

    Outdoor Sports

    Switzerland’s diverse landscapes make it an ideal location for a variety of outdoor sports:

    • Hiking and Mountaineering: With the Alps and numerous scenic trails, hiking is a common activity integrated into school programs, particularly in warmer months.
    • Rock Climbing: The mountainous terrain also provides ample opportunities for rock climbing and bouldering, both recreationally and competitively.
    • Cycling and Mountain Biking: Cycling is popular in urban areas, while mountain biking takes advantage of Switzerland’s extensive off-road trails.

    Water Sports

    The numerous lakes and rivers in Switzerland allow for various water-based sports:

    • Sailing and Rowing: Many schools near lakes offer sailing and rowing clubs.
    • Swimming: Swimming is a part of the curriculum in many schools, with lessons often conducted in local pools or nearby lakes in summer.

    Team Sports

    Team sports are essential for developing teamwork and leadership skills:

    • Soccer: As the most popular team sport globally, soccer is widely played in Swiss schools and includes inter-school competitions.
    • Basketball and Volleyball: These sports are commonly available in school gyms and played competitively.
    • Handball: Popular in European schools, handball is also commonly played in Swiss schools.

    Athletics

    Track and field activities are popular during the warmer months:

    • Running: Sprinting and long-distance running events are standard parts of school sports days.
    • Field Events: Javelin, shot put, and long jump are included in many school athletics programs.

    Indoor Sports

    For activities that don’t depend on weather, many schools offer:

    • Gymnastics: Schools typically have equipment for gymnastics as part of their PE curriculum.
    • Badminton and Table Tennis: Easily set up in a multipurpose hall, these sports are popular for students of all skill levels.

    Fitness and Wellness Activities

    Many schools also emphasize general fitness and wellness through:

    • Yoga and Pilates: These are increasingly popular for improving flexibility, strength, and mental well-being.
    • Fitness Training: Cardiovascular and strength training activities in school fitness centers.

    Integration Through Sports

    For foreign students, sports can be an excellent avenue for integration, providing a common ground to interact with peers and learn new skills in a supportive environment. Participation in these activities not only enhances physical fitness but also helps students acclimate to their new surroundings and build lasting friendships.

  • Get Ready For World Youth Skills Day 2024 Young Innovators Leading The Way To Empower Indian Youth

    INDIA: On World Youth Skills Day 2024, we celebrate the innovators driving youth empowerment in India. Through pioneering initiatives in education, financial inclusion, and skill development, organizations like mPokket, Hero Vired, SMSGHM, and BMU are equipping the next generation with the tools they need to succeed in an ever-evolving world.

    BMU’s Impactful Experiential Learning on World Youth Skill Day

    Founded by the Hero Group, BML Munjal University (BMU) stands as a beacon of innovation and skill development in higher education. On World Youth Skill Day, BMU reaffirms its commitment to nurturing future leaders through pioneering educational initiatives. Emphasizing hands-on learning and entrepreneurial spirit, BMU equips students with practical skills essential for global competitiveness. Initiatives like ACIC-BMU empower rural women entrepreneurs, while Sankalp engages MBA students in transformative community projects nationwide. With a focus on experiential learning and holistic development, BMU continues to redefine education by fostering a dynamic environment where knowledge meets real-world application, preparing youth to excel in a rapidly evolving world.

    Hero Vired – Equipping Young Learners with cutting-edge skills

    Hero Vired is passionate about empowering young learners and equipping them with cutting-edge skills to be globally relevant in the fields of emerging technologies. To cope with the fast-paced industry, they focus on industry partnerships to form strong alliances with leading organizations across the Gaming, Esports, and other innovative sectors. This ensures that their programs are aligned with real-world industry requirements and provide learners with up-to-date, relevant skills. Additionally, they have incorporated the latest technological advancements into their programs. They enhance their learning modules with AI and customize learning paths for each student. This personalized approach ensures that learners become proficient with cutting-edge tools and techniques. Their program offerings emphasize skill-based learning, focusing on developing technical and soft skills.’

    Sri Madhusudan Sai Global Humanitarian Mission

    Sri Madhusudan Sai Global Humanitarian Mission (SMSGHM) exemplifies a pioneering approach to education, embodying the motto ‘One World One Family.’ Spearheaded by visionary humanitarian Sri Madhusudan Sai, the mission has established a completely free system of values-based education to nurture dedicated servants of society. This initiative includes the Sri Sathya Sai Loka Seva Gurukulam Group of Institutions, the Sri Sathya Sai University for Human Excellence, and the Sri Madhusudan Sai Institute of Medical Sciences and Research, India’s first free residential private rural medical college. Through 28 educational campuses in India and one in Nigeria, SMSGHM provides free education from grade 6 to doctorate studies, emphasizing the holistic development of over 3,600 boys and girls.

    Leading digital lender mPokket pioneers youth empowerment

    mPokket stands out as one of India’s fastest-growing digital lending platforms, dedicated to uplifting the youth through financial empowerment and skill development. Founded by Gaurav Jalan in 2026 with a vision to bridge the credit gap among young adults, mPokket offers accessible loans via its mobile app, supporting everyday needs from educational expenses to personal finances. Beyond lending, the platform is also focusing on career advancement products reflecting mPokket’s commitment to fostering financial inclusion among India’s burgeoning youth population. Additionally, through impactful CSR initiatives, such as partnerships with Swapnopuron Welfare Society and Adhigam Bhoomi, mPokket extends its commitment to providing quality education and holistic development opportunities to underserved and underprivileged children.

  • Tax Collection: Good news before the budget, government’s income from direct tax increased by 24%

    Direct Tax Collection: Finance Minister Nirmala Sitharaman is going to present the budget on July 23. Before that, the tax collection figures have filled the government treasury…

    The central government has received great good news before the full budget for the financial year 2024-25. Actually, the government is earning a lot from direct tax and so far this year, it has seen a growth of more than 24 percent. This has been revealed by the latest data.

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    The figure reached close to Rs 5.75 lakh crore

    According to the latest data released by the Central Board of Direct Taxes (CBDT) on Friday, the net direct tax collection has increased by 24.07 percent so far this year to Rs 5.74 lakh crore. This figure is till July 11, 2024. In the same period a year ago, the government had earned Rs 4.80 lakh crore from direct tax.

    According to CBDT data, corporate tax has contributed Rs 2.1 lakh crore to this figure of net collection of direct tax. On the other hand, personal income tax has contributed Rs 3.46 lakh crore to the total collection. The personal income tax collection figure also includes the income from securities transaction tax i.e. STT.

    Also Read: Vande Bharat: Vande Bharat’s first sleeper will run on this route! Know details instantly

    This much was earned in the month of June

    The government earned more than Rs 4.50 lakh crore from tax collection in the month of June alone. CBDT figures show that in the month of June, the government got a total of Rs 4.62 lakh crore from the collection of direct taxes. This figure is 20.99 percent more than the income from direct taxes in June 2023. The collections made during the month of June include corporate tax of Rs 1.8 lakh crore and personal income tax of Rs 2.81 lakh crore.

    The figure had increased so much last year

    Direct tax collection had given great relief to the government during the last financial year as well. During the entire financial year 2023-24, the government’s direct tax collection grew by 17.7 percent on an annual basis and the total figure stood at Rs 19.58 lakh crore. During the last financial year, the contribution of personal income tax was significant in this increase. The contribution of personal income tax in the total collection increased to 53.3 percent, while the contribution of corporate tax decreased to 46.5 percent.

    The budget is going to come after a week and a half

    This tax collection figure has come at a time when the government is going to present a new budget after about a week and a half from now. The new session of Parliament is starting from July 22 and on the second day of the session i.e. on July 23, Finance Minister Nirmala Sitharaman is going to present the full budget for the financial year 2024-25.

     

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  • Get Ready For The Groundbreaking Technology Showcase At BTS 2024


    BTS 2024

    A 3-day event celebrating Innovation and Global Collaboration

    Event to be held from 19-21 November 2024

    Chief Minister Hosts Interactive Breakfast Meet with 200+ CEOs and Leaders from Prominent Tech Sectors

    BENGALURU: Shri Priyank Kharge, Hon’ble Minister for Information Technology & Biotechnology and RDPR, Government of Karnataka, announced the 27th edition of Asia’s largest Technology Show, Bengaluru Tech Summit (BTS) 2024, at a Press Conference held in Bengaluru today. Scheduled from November 19-21 2024 at the iconic Bangalore Palace, BTS 2024 will once again position Bengaluru at the forefront of global tech innovation & collaboration.

    Ahead of this press conference, a Breakfast meeting was held where Shri Siddaramaiah, Hon’ble Chief Minister of Karnataka, engaged in an interactive session with over 200 CEOs from India’s leading IT, Semiconductor & Electronics, AVGC, Biotech and Startup organizations. This 2-hour interactive meeting also saw the presence of Shri D.K. Shivakumar, Hon’ble Deputy Chief Minister of Karnataka; Shri Priyank Kharge, Hon’ble Minister for Information Technology & Biotechnology and RDPR, Government of Karnataka, Shri Prashanth Prakash, Chairman, Vision Group on Startups, Govt. of Karnataka and Dr. Ekroop Caur, IAS, Secretary to Government, Dept. of E, IT, Bt and S&T, Govt. of Karnataka. The goal of this meeting was to foster an open dialogue between government officials and tech leadership, centered on Karnataka’s vibrant tech ecosystem and prospects. The discussions were facilitated by prominent industry associations including NASSCOM, IESA, TiE Bangalore, and ABLE.  The Department of Electronics, Information Technology & Biotechnology Govt. of Karnataka, also presented an ‘Action Taken Report’ addressing the industry representatives’ feedback from the 2023 Breakfast Meeting.

    An overview of the upcoming BTS 2024 was presented, with the continued event theme “Breaking Boundaries,” highlighting how technology transcends traditional sector, country, culture, and industry boundaries. Karnataka, with Bengaluru at its heart, is a global technology hub known for its vibrant ecosystem fostering innovation and entrepreneurship. BTS 2024 takes forward this vision, creating unbound opportunities for idea exchange, business growth, and international collaborations. The unique feature of BTS is that all the leading industry associations like NASSCOM, IESA, ABLE, TiE Bangalore, and ABAI as well as USIBC and AMCHAM partner with the event.

    The multi-stage Conference at BTS 2024 will serve as a vibrant hub for the exchange of new ideas. Spanning six focused tracks over 3 days, the Conference will cover IT & Deep Tech, Biotech & Health, Startup Ecosystem, Global Innovation Alliance, India-USA Tech Conclave, and the newly added Electro-Semicon track. The Conference will host over 85 sessions featuring 460+ speakers. Each of these tracks is curated by a committee of experts from the industry, research, and academia. Special programs like the CEO Conclave, Startup Conclave, and Fireside Chats with renowned personalities will also be featured.

    The newly introduced Electro-Semicon track will spotlight cutting-edge advancements in sectors such as Telecom, Mobility, Manufacturing, Consumer Electronics, and Semiconductors. This track will emphasize breakthroughs in electronic components, semiconductor technologies, and integrated circuits, showcasing innovations that are driving the future of these pivotal industries.

    This year, there will be an increased focus on B2B meetings, allowing delegates and companies to engage in more structured and productive sessions. Attendees can schedule meetings with the prospects well in advance and connect with participants seamlessly during the event. The exciting lineup for BTS will be conveniently accessible through a dedicated Event App. The app will also provide real-time updates and personalized recommendations to enhance the overall event experience.

    In addition, BTS2024 will also feature a Hackathon where problem statements from various government departments will be presented. Industry partners will provide the necessary infrastructure, support, and mentorship to startups pitching solutions. The selected startups will have the opportunity to present their innovative solutions at BTS2024.

    Strategic Roundtables with GCCs, investors, startup ecosystem, Beyond Bengaluru and more will be held to create a roadmap for Karnataka’s continued leadership

    The International Exhibition with over 700 Exhibitors at BTS2024 will be a major highlight with focused pavilions on Corporate & Industry, Global Innovation Alliance, Startup Zone, STPI National Showcase, MSME Pavilion, R&D Pavilion (Lab to Market), Leading States of India, Karnataka Showcase and Technology Parks. This year there is a special emphasis on the sectorial pavilions such as Biotech & Healthtech, Electro & Semicon, Telecom, Spacetech, Mobility, Greentech, Edutech, BFSI & Fintech, and Animation & Gaming.

    BTS 2024 will honor achievement and excellence at a prestigious Awards Ceremony, featuring accolades such as the STPI IT Export Awards, Smart Bio Awards, Startup & Investor Awards, and more.

    This edition marks a milestone for one of its key show elements- the TCS Rural IT Quiz– as it celebrates its silver jubilee. The Finale of the BioQuiz will also be held during the event. These national-level quiz competitions are aimed at creating a talent pool in IT and Biotech Sectors. Another initiative, the Bio Posters- Walkway of Discovery, provides a platform for research students and graduates to showcase their innovative concepts and ideas, fostering recognition of young talent.

    Shri Priyank Kharge, Hon’ble Minister for Information Technology & Biotechnology and RDPR, Government of Karnataka said, “Karnataka serves as the headquarters for major tech giants, GCCs, and leading unicorns. This success stems not only from the State’s industry-friendly policies and programs but also from our active engagement and collaboration with the complete tech ecosystem. We also deeply value our close association with Global Innovation Alliance Partners and with them, BTS attracts the world’s foremost leaders, innovators, and disruptors, drawing over 50,000 tech enthusiasts from India and more than 40 nations.”

    BTS 2024 anticipates hosting several international delegates from Global Innovation Alliance Partner Nations. The Global Collaborations Track in the Conference will feature sessions curated by these GIA Partner Countries. Tech nations worldwide will showcase their technological prowess in the International pavilion of the Exhibition.

    BTS 2024 is expected to have participation from 40+ Countries, with 460+ Speakers in over 85 Sessions, 5000+ Delegates, 500+ start-ups, and 700+ Exhibitors,  with an overall expo footfall of 50,000+.

    The Press Conference was also addressed by Dr. Ekroop Caur, IAS, Secretary to Government, Department of E, IT, Bt and S&T, Govt. of Karnataka; Shri B.V. Naidu, Chairman, Karnataka Digital Economy Mission; Shri Shailendra Tyagi, Director, Software Technology Parks of India- Bengaluru, Shri Darshan H.V, IAS, Director, Dept. of E, IT, Bt and Managing Director, KITS, Govt. of Karnataka and Ms. Ruchi Bindal, IAS, Deputy Secretary, Dept. of E, IT, Bt, and S&T, Govt. of Karnataka.

  • India’s Push For Homegrown Credit Rating Agencies Highlighted At CareEdge Ratings Conference 2024″


    CareEdge Ratings event

    PUNE: In a thought-provoking event hosted by CareEdge Ratings, key industry leaders and experts gathered to discuss the importance of promoting homegrown credit rating agencies in India. The conference, titled “Conversations 2024”, saw Shri Amitabh Kant, G20 Sherpa and Former CEO of Niti Aayog, Government of India, emphasize the critical role of appropriate sovereign credit ratings in driving economic growth in emerging economies.

    Mr. Kant highlighted the need for global credit rating agencies to address biases and lack of transparency in assessing countries like India. He called for a more objective approach to evaluating economic fundamentals, stressing that developing countries should not be unfairly labeled as risky investments based on subjective assessments.

    The event also featured insightful discussions on global capital flow and risk in changing world order, with experts emphasizing the importance of transparent and professional credit rating agencies in today’s complex financial landscape. Mr. Mehul Pandya, MD & Group CEO of CareEdge Ratings, underscored the need for a transparent assessment methodology to support the growth potential of emerging economies.

    Mehul Pandya, MD & Group CEO of CareEdge Ratings said “The panel discussion addresses the context of global capital flow, growth drivers, and challenges with the perspective of the impact of sovereign rating. The debt levels of advanced economies and emerging economies are indeed different. The growth potential of emerging economies and the investment it necessitates need to be looked at in the sovereign ratings methodology. These aspects need to be addressed transparently. We believe, that both the assessor need to be transparent so that the entity being assessed knows about the methodology and how it’s being done.”

    Shri Babasaheb Neelkanth Kalyani, Chairman of Kalyani Group, echoed Mr. Kant’s sentiments on India’s growth potential, emphasizing the importance of focusing on manufacturing to drive economic expansion. Shri Gulshan Malik, Deputy Managing Director of State Bank of India, highlighted the banking sector’s readiness to support India’s next phase of growth.

    Overall, the CareEdge Ratings conference shed light on the crucial role of credit rating agencies in shaping India’s economic future and the need for international cooperation to ensure fair and transparent assessments. As India strives to become a developed country by 2047, the push for homegrown credit rating agencies is more important than ever.