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  • India electricity generation jumps by 15% for May amid scorching heat wave

    ELECTRICITY

    India’s electricity production went up by a robust 15.06 per cent to 167.55 billion units in May this year compared to 145.61 billion in the same month last year, as demand surged amid the scorching heat wave, according to the monthly report of Central Electricity Authority.

    Thermal power, generated mainly from coal-and gas-based plants, contributed 127.87 billion units which represented a 14.67 per cent increase over the same month last year.

    The demand for electricity peaked at a record high of 250GW on May 30 as an extended heat wave across North India kept electricity demand elevated in May and most of June. The peak power demand is projected to go up to 260GW in 2024-25.

    With the monsoon gathering pace to cover the entire country ahead of schedule and temperatures coming down in the northern states, the peak demand is currently at around 200GW.

    Hydropower generation is expected to increase with the reservoirs getting replenished during the monsoon. In May, electricity generation from large hydro projects rose 9.92 per cent to 11.62 billion units.

    electricity supply

    IANS

    Renewable energy projects, excluding hydro, generated 22.50 billion units, 18.34 per cent more than the year-ago period.

    The power ministry has directed domestic coal-based plants to blend 6 per cent imported coal till September in order to ensure that sufficient electricity is generated to meet demand.

    With India clocking an economic growth of 8.2 per cent, the highest among the major economies, the demand for power has also shot up due to the increased economic activity.

    The Government is also considering taking a relook at the power demand projections in order to plan for creating more generation capacity in the next five years.

    With inputs from IANS

     

  • Centre picks 7 homegrown startups to build next-gen tech for aerospace, defence sectors

    Technology

    Unsplash

    The government on Thursday awarded seven new projects to startups under the Technology Development Fund scheme for various requirements of the Armed Forces and aerospace and defence sectors.

    The move is aimed at nurturing micro, small and medium enterprises (MSMEs) and startups in the defence and aerospace sectors, said the Defence Research &Development Organisation (DRDO).

    “The indigenous development of these technologies will strengthen the military-industrial ecosystem,” it added.

    One such project aims to develop an indigenous toolkit for simulator training of pilots in realistic scenarios to help in full mission planning and large-force engagement. This project has been awarded to Noida-based startup Oxygen 2 Innovation.

    Another project is for an underwater Unmanned Aerial Vehicle (UAV). It relates to versatile marine battlefield accessories which can be deployed in multiple combat roles.

    Online interior design startup Modsy shuts down, lays off employees

    “The objective is Intelligence, Surveillance and Reconnaissance (ISR) and Maritime Domain Awareness Maritime Domain Awareness (MDA). The project has been awarded to Sagar Defence Engineering Pvt Ltd, Pune,” said the DRDO, which comes under the Ministry of Defence.

    Under the project titled ‘Long-range Remotely Operated Vehicles for Detection &  Neutralisation’, the task is to build dual-use systems that will enable the detection, classification, localisation and neutralisation of underwater objects while keeping the key assets away from the suspected operational area.

    This project has been awarded to IROV Technologies Pvt Ltd in Kochi.

    Another project, ‘Ice Detection Sensor for Aircraft’, aims to develop detecting icing condition inflight, caused by super-cooled water droplets that freeze after their impact against the aircraft’s external surfaces and are utilised by the aircraft for turning on the aircraft Anti-icing mechanism.

    “It has been awarded to Craftlogic Labs Pvt Ltd, Bengaluru,” the DRDO informed.

    The ‘Radar Signal Processor with Active Antenna Array Simulator’ will enable the deployment of multiple target systems for test and evaluation of multiple short-range aerial weapon systems.

    “It serves as the basic building block for larger radar systems. The project has been sanctioned to Data Pattern (India) Limited, Chennai,” according to the government.

    The ‘Indian Regional Navigation Satellite System-based Timing Acquisition & Dissemination System’ project has been sanctioned to Accord Software & Systems in Bengaluru.

    It aims to enable the indigenisation of timing acquisition and dissemination system, the use of Indian Constellation for acquiring time & development of a customised and flexible timing system as per range requirements.

    Coimbatore-based startup Alohatech has been awarded the project to develop conductive yarn and fabric-making processes using graphene nanomaterials and conductive inks.

    The outcome will be advanced E-textiles, utilising the inherent advantages for practical clothing applications, the DRDO said.

    With inputs from IANS

     

  • Flag-off ceremony of 140+ electric cars for ride hailing service

    Mumbai, Jul 11: As part of the EV4ECO scheme for electric mobility ecosystem, Small Industries Development Bank of India (SIDBI), the country’s apex financial institution for MSMEs, and BluSmart, India’s largest EV ridehailing service, flagged off 140+ electric cars in presence of representatives from the Indian government and multilaterals. The ABCD (Aaओ Bनाए Cलीन Diल्ली) tagline of SIDBI is for increasing the EVs on Delhi Roads. SIDBI brings expertise of channelising financial and developmental support in green areas and also supports other lenders by reducing their perceived risks (through risk sharing facility) so that more lending can happen for EVs. Delhi EV Policy has been most progressive EV policy in India. The ABCD initiative will compliment EV policy and it is a responsive step to reduce the air pollution from country’s capital and make Delhi clean capital.

    Prakash Kumar, DMD, SIDBI said “SIDBI, being development financial institution (DFI), has taken proactive steps to green the enterprise ecosystem with its developmental and financial engagements. It has always remained at the forefront when it comes to promoting new technologies among the MSMEs through its innovative approach. SIDBI is engaged in several activities and expanding its horizon in the space of Greening the Ecosystem at all fronts be it startup, MSMEs, rural /unserved/underserved segments/pockets/artisan clusters and so on. We have commenced our journey to become “Green Bank”. SIDBI has understood the key challenges in the electric vehicle financing and henceforth, created unique schemes for EV ecosystem to support the adoption and streamline the finance for EV startups as well. SIDBI is pleased to support the BluSmart in their journey of zero emission ridehailing service.”

    Dr RK Singh, CGM, SIDBI said “India has set ambitious climate change mitigation targets and has committed to low-carbon growth in the transport sector. To support India’s commitment to EV30@30, it was strategized to conduct country-wide consultations across the EV value chain. SIDBI has launched the EV4ECO & EV-RSF schemes to enable the affordable financing of electric vehicles. These initiatives will also contribute to the reduction in vehicular emissions and reduce the operating cost in the logistics sector.”

    SIDBI is committed to compliment EV30@30 and is supporting the MSMEs in adoption of green technology in their operations. We have formulated other initiatives to encourage other lenders to enable the financing thorough Risk Sharing Facility and is proactive to support the women entrepreneurs in rural areas by enabling affordable finance for transitioning to electric vehicles used by them.

    Anmol Jaggi, Co-founder, BluSmart said “At BluSmart, our mission is to ‘Decarbonize Mobility at scale’ and SIDBI with its unique ABCD initiative supporting EVs is fuelling our growth in Delhi NCR and helping in accelerating the adoption of EVs contributing to the reduction of carbon emissions from the transportation sector.”

  • Finance Ministry notified the GSTR-1A form on July 10, these would be the benefits

    New Delhi. There is an important news for traders across the country who file GST returns. The Finance Ministry has notified the GSTR-1A form, which will give taxpayers the option to amend the outward supply or sales return form.

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    The GST Council last month recommended providing a new optional facility through the GSTR-1A form to allow taxpayers to amend details and/or declare additional details in the GSTR-1 form for a tax period.

    However, GSTR-1A has to be filed before filing returns in GSTR-3B for this tax period. The Finance Ministry notified the GSTR-1A form on July 10. Rajat Mohan, Executive Director, business consultancy firm Moore Singhi, said that the Central Board of Indirect Taxes and Customs (CBIC) has significantly enhanced the GST compliance framework with the optional facility of GSTR-1A form.

    These will be the benefits

    He said, “By providing the facility of timely correction, Form GSTR-1A ensures that the correct tax liability is auto-populated in Form GSTR-3B, thereby reducing errors and leading to a streamlined compliance process.”

    Abhishek Jain, Head of Indirect Tax and Partner, KPMG, said that the provision to allow correction in GSTR-1 is a welcome move. This will help businesses to prevent unwanted disputes (especially inadvertent errors) arising on regular matching between GSTR-1 and GSTR-3B.

    Taxpayers with annual turnover up to Rs 5 crore can file GSTR-1 within the 13th day of the end of the quarter, while GSTR-3B is filed between the 22nd and 24th day of the next month. Let us tell you that the GST Council makes changes from time to time regarding the Goods and Services Tax in its meetings. In this, the interests of the customers as well as the traders are also kept in mind.

     

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  • 19 per cent decline in Indian-American support for Biden in US presidential race: Survey

    US President Joe Biden at the NATO summit on July 10, 2024. Photo courtesy: X/@POTUS

    There is a 19 per cent decline in Indian Americans supporting incumbent President Joe Biden between the last election of 2020 and the 2024 election cycle, according to a bi-annual Asian American Voter Survey (AAVS), the longest-running survey of Asian-American voters, released yesterday.

    Conducted by Asian and Pacific Islander American Vote (APIAVote); AAPI Data; Asian Americans Advancing Justice (AAJC); and AARP, the survey reveals that 46 per cent of Indian Americans intend to vote for Biden this year, as against 65 per cent in 2020.

    The drop of 19 per cent is the largest among all the Asian-American ethnic communities. According to the survey — it was conducted before the June 27 presidential debate between Biden and his Republican challenger Donald Trump — 46 per cent Asian Americans are likely to vote for Biden, down 8 percentage points since 2020, while 31 per cent are likely to vote for Trump, gaining 1 point since 2020.

    However, Trump has gained just 2 per cent in favourability rating (28 per cent in 2020 to 30 per cent in 2024), despite the 19 per cent drop in Biden’s support from Indian Americans.

    Donald Trump at an event in New Jersey
    Donald Trump at a July event in New Jersey. Photo courtesy: Instagram/realdonaldtrump

    Asian Americans have been a rapidly-growing group of eligible voters in the United States over the past two decades, growing by 15 per cent in the past four years alone, and turning out in record numbers in every federal election since 2016.

    In 2020, a surge in the number of Asian-American voters, especially those voting for the very first time, in battleground states was crucial to Biden’s victory.

    The sharp decline in Indian-American voters’ support for Biden might be crucial, given that the community has a sizeable presence in many battleground states.

    According to the survey, Biden has 55 per cent favourability rating among Indian Americans, while Trump has a favourability rating of 35 per cent. Interestingly, both Biden and Trump have the same 42 per cent unfavourability rating among Indian Americans.

    Kamala Harris, who is the first Indian American and the first woman to be elected as the vice-president, has a favourability rating of 54 per cent and an unfavourability rating of 38 per cent.

    Former South Carolina governor and US ambassador to the United Nations, Nikki Haley, has a favourability rating of just 33 per cent and an unfavourability rating of 46 per cent. Interestingly, 11 per cent said they had not heard of Haley.

    “Asian Americans are rapidly diversifying the American electorate and it is critical for us to update our understanding of what motivates them and informs their voting choices,” said Karthick Ramakrishnan, Executive Director of AAPI Data.

    “We see ongoing evidence of dynamism within the Asian-American electorate, including on matters pertaining to presidential vote choice and party preferences on key issues ranging from inflation to healthcare and immigration,” Ramakrishnan said in a statement.

  • Union Budget: Infra push, structural reforms for sustainable growth key industry wish-list

    Union Budget

    IANS

    With the government set to present the Union Budget 2024-25 on July 23, industry leaders and experts have reiterated the importance of structural reforms to drive sustainable and inclusive economic growth, especially the critical role of infrastructure development towards India becoming the third largest economy.

    According to industry chambers, by prioritising structural reforms, strategic infrastructure development, targeted sectoral initiatives and a rationalised tax system, India can navigate current challenges and emerge as a stronger, more competitive economy in the long run.

    Assocham has recommended accelerating investments through public-private partnerships (PPPs) with a focus on key sectors like transportation, energy, water supply, and digital infrastructure. This will enhance connectivity, improve productivity, and bolster India’s overall competitiveness.

    In order to address the growing concern for environmental sustainability, the leading chamber of commerce urged the government to introduce policies and incentives that promote clean technologies, renewable energy sources, and sustainable practices across industries like agriculture, manufacturing, and transportation.

    Market

    IANS

    The government can further streamline regulations, expedite approvals and permits, and leverage digitalisation to attract investments and enhance operational efficiency, according to industry watchers.

    According to ICRA, the government’s revenue receipts are likely to witness an upward revision of Rs 1.2 trillion in the ‘FY2025 Revised Budget’ over the ‘Interim Budget Estimate’ (IBE), while pegging a relatively shallower increase in the revenue expenditure (revex) target, largely focused on the rural economy.

    The rating agency expects the revenue receipts of the government to increase on the back of a higher RBI dividend and a rise in tax collections.

    “The government is likely to set a fiscal deficit target at 4.9-5.0 per cent for FY2025, vis-a-vis the IBE of 5.1 per cent of GDP, without compromising the capital expenditure target of Rs. 11.1 trillion,” according to ICRA.

    The Budget Session of Parliament will start on July 22 and extend till August 12.

    Finance Minister Nirmala Sitharaman will present the budget at a time when the Indian economy has clocked a robust 8.2 per cent growth in 2023-24, which is the fastest among the world’s major economies, and inflation coming down to below 5 per cent.

    The RBI has stated that the economy is headed to an over 8 per cent growth trajectory.

    Prime Minister Narendra Modi has already declared that “the next five years will be a decisive fight against poverty”.

    Meanwhile, apex business chamber CII has requested the rationalisation of stamp duty on land and phasing out the cross-subsidy on power rates to “reduce the cost of doing business”.

    CII has also suggested that captive power plants (CPPS) should be brought on par with the power sector for coal pricing, allocation, and transportation.

    It points out that as highlighted in the National Logistics policy, the government should continue digitisation aiming towards paperless logistics to save significant time and cost.

    The business chamber has also urged the government to maintain corporate tax rates at current levels to provide tax certainty for businesses.

    It has also sought the rationalisation of the capital gains tax rate structure.

    (With inputs from IANS)

     

     

  • Bank Employees 5 Days Working: Banks will work for 5 days from this month, there will be changes in rules

    Bank Employees 5 Days Working : Bank employees have been demanding 5 days working for a long time. It is expected that the government can fulfill their demand in the budget. An agreement has been signed between the Indian Banks Association (IBA) and employee unions regarding 2 days leave in a week for bank employees.

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    Now the government’s approval is awaited on this agreement. It is believed that the government can announce 5 days working in the budget. If the government gives a green signal to this, then by the end of the year, employees can work for 5 days. If this happens, banks will open only five days a week. Till now banks are closed on all Sundays, second and fourth Saturdays.

    Approval can be obtained from the government in the budget

    On the rule of 5 days working, the Bank Employees Forum has expressed confidence that this will not affect the customer service. After this, a Memorandum of Understanding has been signed between the Indian Banks Association (IBA) in December 2023. It includes both government, private banks and bank unions. This agreement included a proposal for 5 days working, which was subject to the approval of the government. After this, on 8 March 2024, the 9th joint note of IBA and bank unions was signed. The joint note signed by IBA and All India Bank Officers Confederation outlines 5 days working with Saturday and Sunday off. Now the government will give its decision on this, it is believed that it can be discussed in the budget.

    There will be a change in the rules

    Discussions will also be held with the Reserve Bank of India (RBI) as it regulates banking hours and internal functioning of banks. Some bank employees said the government may issue a notification by the end of the year or early 2025. Once approved, Saturdays will be recognised as official holidays under Section 25 of the Negotiable Instruments Act.

    This will be the new time for opening of bank branches

    According to a report, if the government approves a five-day week, the daily working hours can be increased by 40 minutes. This will make the banks work from 9:45 am to 5:30 pm. The working hours of banks will be revised. Currently, bank branches remain closed on the second and fourth Saturdays. Bank unions have been demanding holidays on all Saturdays and Sundays since 2015. Under the 10th bilateral agreement signed in 2015, RBI and the government had agreed with the IBA and declared the second and fourth Saturdays as holidays.

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  • Rishi Shah, Shradha sentenced for defrauding Goldman Sachs, Alphabet in billion-dollar scheme

    NRI PULSE STAFF REPORT

    Chicago, IL, July 3, 2024: Rishi Shah, the Indian American co-founder of Outcome Health, has been sentenced to 7.5 years in prison for orchestrating a massive fraud scheme that defrauded investors and clients of nearly $1 billion. His co-founders, Shradha Agarwal and Brad Purdy, were also sentenced for their roles in the scheme. Agarwal received three years in a halfway house, and Purdy received two years and three months in prison.

    Outcome Health, founded in 2006 and known as Context Media prior to 2017, installed television screens and tablets in doctors’ offices across the U.S. to display pharmaceutical advertisements. Shah, Agarwal, and Purdy inflated the company’s financial performance and advertising reach by selling more advertising inventory than they had and under-delivering on advertising campaigns. They invoiced clients as if they had delivered in full and falsified data to secure loans and investments.

    Major investors defrauded by the scheme included Goldman Sachs, Google’s parent company Alphabet (through its investment arm CapitalG), and the Pritzker Group. These investors were part of a $500 million funding round in 2017, valuing Outcome Health at $5.5 billion at the time.

    The fraud resulted in a significant overstatement of Outcome’s revenue for 2015 and 2016, enabling Shah and his team to raise $110 million in debt financing in April 2016, $375 million in December 2016, and $487.5 million in equity financing in early 2017. The $110 million debt financing resulted in a $30.2 million dividend to Shah and a $7.5 million dividend to Agarwal, while the $487.5 million equity financing yielded a $225 million dividend benefiting both Shah and Agarwal.

    Shah was convicted of multiple counts, including mail fraud, wire fraud, bank fraud, and money laundering. Agarwal and Purdy were also convicted on multiple counts of fraud. The scheme resulted in at least $45 million in overbilled advertising services.

    “This was an elaborate, billion-dollar fraud scheme by three people who were supposed to be leaders of the company,” said FBI Executive Assistant Director Timothy Langan. The FBI and FDIC-OIG, along with the U.S. Securities and Exchange Commission, investigated the case.

    Shah plans to appeal the verdict.

  • Five automakers to recall over 1,56,000 cars for faulty parts

    Seoul, July 11: Kia, Nissan Korea and three other carmakers will voluntarily recall more than 1,56,000 vehicles due to faulty components, the transport ministry here said on Thursday.

    The five companies, also including Hyundai Motor Co., Porsche Korea and Toyota Motor Korea Co., will recall 1,56,740 units of 32 different models, the Ministry of Land, Infrastructure and Transport said in a statement.

    The problems that prompted the recall include poor durability of the electronic control hydraulic unit of 1,39,478 units of the Sorento SUV model, reports Yonhap news agency.

    Also, 8,802 vehicles across eight Nissan models, including the Q50 model, were found to have defective manufacturing of the propeller shaft.

    Hyundai’s luxury brand Genesis will recall 2,782 GV70 units due to defective engine ignition connection bolts. Porsche Korea will recall 2,054 vehicles across 17 models, including the 911 Carrera 4 GTS Cabriolet, due to a safety issue involving the lane-keeping function.

    Toyota Korea will recall 737 vehicles across three models, including the Prius 2WD, due to a defect in the rear door external handle, the ministry said.

  • The Hottest New Openings In Saudi: Prepare For An Unforgettable Stay


    The Hottest New Openings In Saudi

    SAUDI ARABIA: A dynamic destination with plenty on offer, Saudi has something for everyone. Whether you’re the type of traveler who seeks a quiet hotel on a private island, a remote desert getaway, a bespoke wellness retreat, or a lavish spot in a bustling city – we’ve got you covered!

    Gearing up to take Saudi’s spirit of hospitality to a whole new level, the country is slated to welcome a series of new properties set against some of the most spectacular backdrops. Blending nature, tradition, and modernity, here’s a look at the hottest new openings that will forever change your definition of a ‘hotel’.

    Six Senses Southern Dunes

    Set against the mesmerizing backdrop of desert plains and the Hijaz Mountains, stands the Six Senses Southern Dunes, The Red Sea resort that honors the Nabataean architectural heritage and majestic desert surroundings. With Oasis being the heart of the resort, the canopy of the hotel, inspired by a desert flower is a self-shading structure that will host vibrant activities and functions under one roof. The villas are structured parallelly for the guests to enjoy the views of the surrounding dunes. This spot also has two signature restaurants, an outdoor pool, a fitness center, and a world-class Six Senses Spa for guests to enjoy.

    Lastly, a fun fact about this hotel- it made it to the ‘2024 Hot List’ published by Condé Nast Traveller for best hotels in the world.

    Desert Rock Resort

    Set in a hidden valley and nestled between the mountains is the Desert Rock Resort which will be welcoming guests across the globe this year. Part of Red Sea Global, the hotel will allow its guests to immerse themselves in nature on a whole new level while offering unparalleled luxury.

    The hotel is an architectural masterpiece and sits fully integrated in the mountainside, preserving its striking natural silhouette. Offering a truly one-of-a-kind experience guests can even stay in rooms carved out of the rock itself. All rooms provide undisrupted views out to the horizon, allowing guests to admire the vast desert vistas that stretch out ahead.

    Nujuma, A Ritz Carlton Reserve The Red Sea

    Blending intuitive and heartfelt service with stunning natural beauty and indigenous design, Nujuma is the first property from the brand in the Middle East and joins an exclusive collection of only five Ritz-Carlton Reserves worldwide. The hotel is situated on a pristine set of private islands, which are part of the Red Sea’s Blue Hole cluster of islands. Surrounded by unspoiled natural beauty and designed to blend seamlessly with the environment, the resort features 63 one-to-four-bedroom water and beach villas.

    When not soaking up the tranquil surroundings from the comfort of their own villa, guests will be able to indulge in a lavish spa, swimming pools, a range of restaurants, and a retail area, or learn more about the prized natural setting at a Conservation Centre.

    Bab Samhan, Diriyah

    Bab Samhan is set to open its doors this year, making it the first-ever hotel to open within the UNESCO World Heritage site Diriyah. Promising to blend contemporary luxury with the signature Najdi architectural style, the hotel will boast 106 rooms each offering a distinct ambiance that will immerse guests in the culture and history of the area. With the property located in North Diriyah and close to both scenic Wadi Hanifah and At-Turaif, guests get a chance to enjoy the hotel’s amenities as well as nearby attractions.

    Dar Tantora, AlUla

    Dar Tantora is an upscale eco-lodge from The House Hotel, which has recently opened its door to the world. Located in the historic AlUla Old Town, the property is a fusion of heritage and contemporary design which is set to transport guests back to the 12th century while offering them the utmost comfort of modern-day hospitality. The hotel includes 30 guest rooms created from restored and repurposed historical mud-brick buildings using modern engineering in tandem with traditional materials and techniques for a truly authentic Old AlUla experience.