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Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, January 27, 2025. This is Nelson John, let's get started. US President Donald Trump's "Make in America" initiative aims to revitalize American manufacturing by encouraging companies to establish operations in the US or face higher tariffs on exports. Trump proposes incentives like a low 15% corporate tax rate for domestic manufacturing. This move challenges the existing global manufacturing hubs in Asia, like China and Vietnam, known for their lower costs and extensive supply chains. The impact of Trump's policy could be significant, as it encourages high-tech and sophisticated manufacturing to return to the US. For India, this is a wake-up call to enhance its manufacturing competitiveness. Key issues include outdated technology, high logistics costs, and regulatory complexities. Despite the government's efforts through policies like the productivity-linked incentive scheme, progress is slow. India's investment in R&D is also minimal compared to global standards, affecting innovation. Shelley Singh writes about how Trump's “Make in America” approach will impact India.  Indian-American businessman Digvijay Danny Gaekwad's bid to acquire a significant stake in Religare Enterprises for ₹5,000 crore might hit a regulatory snag. Anirudh Laskar reports that Gaekwad's offer, priced at ₹275 per share, is more competitive than the Burman family's offer of ₹235 per share but could violate SEBI's takeover norms due to its timing and the size of the stake sought. SEBI's rules also require a counteroffer to involve more shares than the initial bid. Moreover, there are concerns about the conditions attached to Gaekwad's offer and the clarity around his funding sources. The battle for control is really about Religare's profitable health insurance arm, Care Health Insurance. Religare's chair, Rashmi Saluja, has been resisting the Burmans' attempts to take over the company since the Dabur owners first showed interest in the financial services company in September 2023. Now, with Gaekwad's sudden move, things might get even more tangled.India plans to tighten enforcement on third-party vehicle insurance by linking it to everyday vehicle-related activities. The Union finance ministry is considering measures such as mandatory insurance checks when buying fuel, obtaining FASTags, or renewing driving licenses and pollution control certificates, Subhash Narayan reports. This push comes amid concerns that over half of the vehicles on Indian roads lack third-party insurance, despite the legal requirement under the Motor Vehicles Act, 1988, which mandates such coverage and prescribes severe penalties for non-compliance. The proposed changes, which are still being finalized, aim to ensure that more vehicles are insured by integrating insurance checks with regular vehicle-related transactions. Motilal Oswal Group is considering selling its housing finance arm, Motilal Oswal Home Finance, which began as Aspire Home Finance Corp in 2014. Currently, the group holds a 97.49% stake in the subsidiary, which has a loan book of Rs 4,098 crore. Shayan Ghosh reports that industry valuations suggest the unit could be worth between Rs 3,612 crore to Rs 5,031 crore, based on its March-end net worth of Rs 1,290 crore. Despite initial asset quality issues, with gross non-performing assets peaking at 9.2% in FY19, the situation has improved significantly, with a gross NPA ratio of 0.86% as of March 2024.  The Union budget for FY26 is likely to significantly boost funding for R&D of high-yield hybrid seeds for essential crops like pulses, edible oils, and cotton, to address shortages and reduce import dependency. This move aims to develop climate-resilient seed varieties to increase productivity and improve farmers' incomes. The planned increase in budget allocation reflects a broader effort to improve agricultural outputs amid challenges such as climate change. For instance, cotton imports are expected to rise by 42% this financial year due to falling exports and domestic production issues. Currently, funding for agricultural education is set to rise by 8% in FY25, emphasizing the government's focus on enhancing agricultural capabilities through education and research. Additionally, the government has initiated the release of 109 high-yield crop varieties, expected to reach farmers in three years.

Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wednesday, July 10, 2024. My name is Nelson John. Let's get started: India's stock market benchmarks- the Nifty 50 and the Sensex - hit fresh highs on Tuesday despite mixed global cues. Both indices saw a rise of just under half a percentage point from their previous day's close.  India's journey towards electric mobility has hit a bit of a speed bump. After a promising start, sales of electric vehicles, or EVs, are beginning to stagnate, largely because subsidies were slashed earlier this year. This has shifted a lot of expectations onto the upcoming third phase of the Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles—or FAME—scheme, which everyone is eyeing ahead of the budget announcement on July 23. The FAME scheme first rolled out in 2015 and has been a cornerstone of India's push to get more electric and hybrid vehicles on the road. It saw a significant boost in 2019 with FAME II, which pumped in ₹10,000 crore to support the adoption of EVs across various segments, from buses to two-wheelers. The impact of these initiatives? Pretty impressive initially. From selling just under 2,400 units in FY2015, EV sales soared, breaking the 100,000 mark in FY19 and reaching a whopping 1.68 million units by FY24. So, what's the buzz around FAME III? Mint's Sumant Banerji explains in today's Mint Primer. The industry is hoping it will not only bring back better subsidies for individual car buyers and two-wheelers but also expand support to include trucks.  India's recent net surplus in its current account, at $5.7 billion for the first quarter of 2024, is quite the headline. But it's not just about more money coming in than going out; it's a story that calls for a deeper look. Typically, India runs a current account deficit because our massive investment needs outpace the collective savings of our households, businesses, and the government. In fact, barring the first pandemic year, this year's deficit, projected at $23 billion, or 0.7% of GDP, is on track to be the second-lowest in two decades. Now, you might think this sounds like great news, but here's where it gets complex. The Reserve Bank of India pointed out an uptick in investments, particularly driven by higher government spending and a surge in the housing sector. With investments pegged at 33.7% of GDP, that's a big deal because it means we're saving at a rate of 33% to maintain a current account deficit of just 0.7%. When the savings rate climbs, it opens the door for more substantial investments without widening the current account deficit. Picture this: with a modest 2% deficit and a savings rate of 33%, we're looking at an investment rate of 35%. That translates to a whopping ₹6 trillion directed towards nation-building efforts. So, a deficit isn't necessarily a bad thing when it stems from strong savings and solid investment. Deepa Vasudevan from Mint's data team explores why having a current account deficit is good for the economy.  The national rural job guarantee scheme, a crucial lifeline for millions in rural India, isn't expected to receive increased funding in this year's Union budget, according to two officials. The Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) will likely see its budget allocations hold steady as per earlier estimates. The scheme provides a financial safety net to rural households. These funds could be adjusted later based on job demands and requirements in rural areas. The budget originally earmarked ₹60,000 crore for FY24 and projected ₹86,000 crore for FY25. However, actual spending for FY24 exceeded the estimates significantly, reaching more than one trillion rupees, underscoring a strong demand for rural employment. This increase reflects the ongoing challenges in rural consumption and stagnant growth in the FMCG sector, with many economists pointing out the disparities affecting rural markets compared to urban centres.For anyone who grew up in the 90s and mid 2000s, Aahat remains to be one of the most iconic shows from their childhood. The horror show, which used to air on Sony, was one of the pre-saas-bahu era gems of Indian TV. Sony - the home to to such popular shows is now facing a challenge. Sony runs a vast media empire in India, including 26 TV channels, the SonyLIV streaming platform, a movie distribution and production business, a music label, and a talent management vertical. Despite these extensive operations, Sony's revenue growth has been sluggish, increasing just 2% to ₹6,909.2 crore in the fiscal year 2022-23. In an effort to invigorate the brand, Sony has brought on Gaurav Banerjee as the new chief steward, hoping his fresh approach can turn things around. Will Banerjee's advent at Sony turn things around for the Indian operations of the Japanese media giant? Lata Jha takes a deep dive to find out, in today's Long Story.   Management consultant Sharan Hegde was just 25 in July 2021 when Mint first wrote about the rise of financial influencers, or ‘finfluencers' as they've come to be known. Hegde was a budding 'finfluencer' working at PwC and just starting to earn more from his Instagram promotions than his regular job. Fast forward to 2024, and he's a powerhouse in India's financial influencer landscape with six million followers and a staggering Rs 60 crore in annual revenue, predominantly from his 'One Percent Club' courses. But Hegde's journey didn't stop at social media. He ventured into the more regulated world of financial advising by starting an RIA (Registered Investment Advisory) business. This move, however, raises significant questions about the role of social media influencers in the regulated financial space. How should the Securities and Exchange Board of India (Sebi) handle advertising codes for RIAs when they are run by influencers like Hegde? Mint Money's Neil Borate and Shashind Ningthoukhongjam tackle the question.  We'd love to hear your feedback on this podcast. Let us know by writing to us at feedback@livemint.com. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance. That's all for today. Thank you for listening. We're eagerly looking forward to our next Top of the Morning episode, which will be packed with fresh business news. Until then, have a great day!  Show notes: Mint Primer: How the budget can push electric vehicle salesWhy a current account deficit is good for IndiaBudget 2024: MGNREGS unlikely to see higher allocation; lakhpati didi scheme toPicture imperfect: Why Gaurav Banerjee has an arduous job at SonyWhy Sharan Hegde's financial advisory business is a test for Sebi's ad rules

After a two-year gap, China has regained its position as India's largest trading partner, surpassing the United States. According to the latest GTRI report, from FY19 to FY24, while trade with the US grew, increasing India's trade surplus, India's exports to China slightly decreased, and Chinese exports to India surged by almost 45%.Does this mean the trade balance heavily favours China, with India facing a trade deficit of over $85 billion?This trade growth persists despite India's trade and investment restrictions on China since the 2020 Galwan clashes. Indian politicians often discuss reducing reliance on Chinese imports and boosting domestic manufacturing. So, why can't India stop trading with China?In this episode of Geeta's World, our host, Anna Priyadarshini, and the foreign affairs editor at India Today, TV Today Network, Geeta Mohan, discuss!Listen in!Produced by Anna PriyadarshiniSound Mix by Sachin Dwivedi

Introducing Guido Sironi, a key account manager for Cisco Switzerland and a sales superstar from CSAP class of FY19. He has thrived in the tech industry for over five years, with a passion that shines through. In this podcast, he reveals his professional journey, trade secrets, and must-reads on excelling in sales and communication. Discover how he mastered the art of customer connection and why he believes “Your customers don't care how much you know until they know how much you care.” Catch it all on this episode of “Tales from the CSAP floor”!

The Henrico County Board of Supervisors March 26 will hold a public hearing about the proposed Fiscal Year 2024-25 budget proposal. The hearing will begin at 5 p.m. in the Board of Supervisors Room at the Henrico County Government Center on East Parham Road. Prior to the hearing, the board will conduct a 3:30 p.m. work session to hear updates about the POSSE Land management system and First Tee golf courses. After the hearing, beginning at 6 p.m., the board will hold its regular public meeting, whose topics will include: amendments to the FY19-20 Action Plan, revised flood maps, and...Article LinkSupport the show

India Policy Watch #1: What Do Successive Defence Budgets Reveal?Insights on burning policy issues in India— Pranay Kotasthane(An edited version of this article was published in Hindustan Times on 13th Feb)Another defence budget zoomed past us on Feb 1. Since then, analyses have focused on how the defence spending for the coming year departs from the last year. Some have waved a red flag as defence spending has fallen below 2 per cent of GDP for the first time in many years. On the other hand, the defence ministry's post-budget press release emphasised a 44 per cent increase in operational spending, which is expected to “close critical gaps in the combat capabilities and equip the Forces in terms of ammunition, sustenance of weapons & assets, military reserves etc.” The ministry also highlighted that the capital outlay for modernisation and infrastructure development has risen by a seemingly handsome 57 per cent over the last five years. How, then, do we make sense of these conflicting narratives?Comparing allocations with those in the previous year gives us a confusing picture. Every interest group can pull up a number from the budget to suit their pre-formed narrative. Taking a step back from these narratives, this article will show that this was another run-of-the-mill defence budget, just like the previous one was. Nothing in it indicates any significant change in the defence posture. Unlike Japan, which has announced a doubling of its military spending in the next five years, India's approach is about gradually improving the operational efficiency of the armed forces.Looking under the hoodThis article looks at the defence expenditure over the last six budgets to make sense of the numbers. To put numbers into context, let's use an earlier year (FY16). FY16 is a useful reference point as it predates two major developments: China's visibly aggressive posture on the border and the budgetary commitments arising from the One Rank One Pension (OROP) scheme. Three observations follow from such an analysis.One, not only has defence spending fallen as a proportion of GDP, but it has also fallen as a percentage of government expenditure. In other words, defence has slipped in priority relative to non-defence functions (Figure 1). Two, the China challenge hasn't led to any spectacular change in the composition of defence expenditure. Defence spending can be divided into four major components: salaries, pensions, capital outlay, and others. As Figure 2 shows, capital outlay was being squeezed by rising pension expenditure over the last few years. For two consecutive years (FY19 and FY20), more money was spent on pensions than on capital acquisition and modernisation. The balance has now been marginally restored since FY21, after the Galwan crisis flared up.Crucially, the rises in pension and capital expenditures have come at the cost of operational and maintenance expenditures, including ammunition stores (under the Others category). It is hence not surprising that the latest budget is trying to arrest this decline in combat capabilities.Three, this period has been relatively better for the Indian Navy in terms of capital expenditure. Since the procurement of new platforms happens over multiple years, a temporal view is useful in analysing how capital outlay is split between the three armed forces. Figure 3 suggests that the big change in the last four years is in the capital outlay for the Indian Navy, with the FY24 figure having doubled in absolute terms since FY20.The Big PictureBy connecting these dots over the last five years, the picture that emerges is this: the government seems confident that China can be handled without a substantial rise in defence expenditure. The latest budget serves as a bellwether indicator for this claim. It was the first budget of the post-pandemic period, at a time when the economic prospects for India had improved considerably. The government achieved better-than-expected buoyancy in income taxes and GST in the current financial year, while the cooling of global fertilizer prices has led to a decline in the projected subsidy bill. Consequently, the government, for the first time in many years, had some fiscal room to play with. It has used that space to increase the overall capital outlay to Rs 10 lakh crore, almost three times the outlay in 2019-20. Despite this increase in the overall capital outlay, the defence budget resembles the middle overs of a one-day cricket match.From a financial savings perspective, there have been just two important changes over this period in the defence domain. The first was the announcement of the Agnipath scheme. It might reduce the pension burden, but these savings will reflect only after a decade-and-a-half. Other proposals, such as theatre commands, haven't come to fruition yet. The proposal to create a non-lapsable fund for modernisation — a proposal the union government gave an in-principle agreement way back in Feb 2021, still hasn't found a mention in the latest budget.Probably, the defence budget is the wrong place to infer India's strategic posture against China. Perhaps, the government considers other tools of statecraft—diplomatic, economic, or non-conventional—more suitable for the purpose. This point needs deeper reflection. The discussions over the roles of these tools of statecraft currently operate under mistaken assumptions. Attempts at getting India into an anti-China alliance are spurned at the altar of “strategic autonomy”. The opponents seem to assume that India only needs to equip its armed forces with greater firepower. For too long, many parliamentary standing committees and defence organisations have gone hoarse trying to convince the government that defence expenditure should be raised to 3 per cent of GDP. If anything, the change is in the opposite direction.The defence budget trends are a reminder that the government does not prefer using the military instrument to outflank China. At best, it wants to equip the armed forces such that China's incursions can be matched or repulsed. Given that there's no significant increase in allocations for the Navy and the Air Force, it also means that the government is not considering an increased presence in the South China Sea. So, the military is being equipped to plug a vulnerability and not to gain an asymmetric political advantage over China. This line of thinking probably makes sense. There's no point in matching China's defence spending dollar-for-dollar. After all, the Indian armed forces are more adept at fighting at high altitudes. But this line of thinking should also make it apparent that India must develop capabilities in domains other than those involving force to inflict pain on China. The government should build a political consensus that closer relations with China's adversaries are not a matter of choice but an imperative. That we need to double down on economic growth and technological upgrading if we are to constrain China's hand in other domains. It also means that we shouldn't be indiscriminately banning China's investments in India; a better approach would be to make their companies in non-strategic domains more dependent on the Indian market. We will then have more tools in our kit to deploy if the situation on the border worsens. Each of these posture changes needs an updating of our priors and payoffs. For that to happen, it is necessary that the government comes clean about China's incursions. Pretending that all's well might give us false comfort, but they will also dissuade the strategic establishment from confronting the tough trade-offs in non-military domains. Without this pivot, we would merely rely on hope as a strategy. India Policy Watch #2: Through The Looking GlassInsights on burning policy issues in India— RSJWe talk about the arbitrary powers of the state on these pages often. Now, we cannot grudge the state's sovereignty because we have voluntarily handed it that power. One argument that follows from this is that such power is often prone to be used arbitrarily. And that's a problem for the citizens. The typical solution we have offered on these pages over time is to restrict the domain of the state to a narrow set where it can make the maximum impact or to design its incentives in a way that makes the state act with accountability. Now, these are good design principles. We could use them to create structures and institutions that are strong and independent that could hold their own against any arbitrary use of power. But are these enough? A natural question that should follow is how do we know things are working in practice like they were meant to? How do we get authentic information about how the state is conducting itself? How do we confirm that it is not subverting the institutional design that is in place to control its powers? These questions lead us to the other pillar of a well-functioning democracy - transparency. It is a topic we haven't discussed enough on these pages. Transparency is a moral good, and it is vital for a healthy democracy. Darkness stunts democracy. It needs light to thrive. In the early part of the 20th century, the US Supreme Court judge Louis Brandeis famously remarked, “sunlight is the best disinfectant” while making a case for a transparency imperative. Or, if we were to go further back, Bentham, often credited to have done the most original thinking on transparency, summed it up with - the more strictly we are watched, the better we behave - a principle he put at the heart of his advocacy for an open government. So, what has triggered my early morning ruminations on transparency? Well, there are two reasons. Here's one. The Indian Express reports:“The Supreme Court said it did not want to accept in a “sealed cover” the Centre's suggestions on who could be the members of a committee the court had proposed to assess the market regulatory framework and recommend measures, if any, to strengthen it in the wake of the Adani-Hindenburg affair. It refused to accept any suggestions on names from the petitioners as well.Chief Justice of India DY Chandrachud, who headed a three-judge bench hearing a clutch of petitions on the Hindenburg Research report and its aftermath, told Solicitor General Tushar Mehta, the court wanted to maintain “full transparency”. The court would appoint a committee of its own that will promote a sense of confidence in the process, he said.”CJI Chandrachud said, “We would rather not accept the sealed cover suggestions from you for this reason; in constituting a committee which we want to do, we want to maintain full transparency. The moment we accept a set of suggestions from you in a sealed cover, it means the other side is not seeing them. Even if we don't accept your suggestions, they will not know which of your suggestions we have accepted and which we have not. Then there may be an impression that well, this is a government-appointed committee which the Supreme Court has accepted even if we have not accepted your suggestions. So, we want to maintain the fullest transparency in the interest of protecting the investors.”Bravo. The Chief Justice was almost channelling Bentham there, who famously wrote, “secrecy, being an instrument of conspiracy, ought never to be the system of a regular government.” I mean, what even is a sealed cover in a matter that concerns millions of ordinary investors? Why should there be secrecy in the name of experts and their recommendations? A sealed cover is a strange invention. It gives the sheen of a fair and independent process to what is essentially a subversion of a democratic principle. It ranks up there among one of the great Indian coinages. The top spot, of course, is forever occupied by ‘mild lathicharge'. And now, onto the other reason for all this talk on transparency. This was the headline-grabbing news of this week in India - “Weeks after its documentary taken off, BBC gets I-T knock”. Here's the Indian Express reporting on this with many quotes from “unnamed government sources”:“The Income-Tax Department surveys at the premises of the British Broadcasting Corporation (BBC) in Delhi and Mumbai on Tuesday (February 14) were conducted in view of the BBC's “deliberate non-compliance with the transfer pricing rules” and its “vast diversion of profits”, government sources said.The surveys were looking into “manipulation of prices for unauthorized benefits, including tax advantages”, sources said.The BBC has been “persistently and deliberately violative of transfer pricing rules, it has “deliberately diverted a significant amount of the profits”, and has not followed the “arm's length arrangement” in the allocation of profit, the sources said.”A very garrulous source there with a lot of information. I don't want to ascribe motives to the tax raids yet. There's enough in the timing of these ‘surveys' to raise suspicions. The I-T department has been used to settle political and other scores for decades. It speaks poorly of our institutional strength and independence. But that's not the issue we are discussing today. The question is about transparency. Does anyone know why the surveys were carried out? The sources have cleverly given some reasons, but what stops the department from giving an official reason for them? Is it because it is likely that if they give the official reason, there will be further questions on the arbitrary nature of the actions? So, it is best to share nothing officially, selectively leak information to the media to paint the BBC in poor light and get away with harassment that then sends a message across to other foreign media outlets. Because even based on the merits of what the sources have said, it is difficult to justify a two-day survey. To quote the same news report:“Transfer pricing issues are very common for foreign companies but survey/search actions against them are not common. Assessment is usually opted for but is not the only route through which such cases can be approached. If tax officers want to do a survey/search, then transfer pricing issues can get covered.However, it is an approval-driven process with prior approvals required within the tax department before carrying out survey action. They would be having some information against the company and there might be a history of non-compliance too,” a Delhi-based tax expert said.  A notice preferably is issued to a company in an assessment exercise by the tax authorities flouting transfer pricing rules before undertaking any such action, experts said."It shouldn't surprise anyone that political actors don't like transparency. It adds to their burden of accountability and increases the political costs of any missteps, deliberate or otherwise. So, how should the citizens keep up the demand for transparency in a democratic setup? After all, for the citizens to be involved in the governance process, they must have access to the government's information, plans and intentions. Also, there is a line beyond which too much transparency could be counterproductive. Too much information, too early in the process, could mean stalling the plan as interest groups jump in and skew the decision-making process. I have outlined three frames that one could use to think about transparency in a democracy.First, it is in the long-term interest of political parties to seek transparency in a democratic setup. For those in the opposition, it is about making the incumbent party in power more accountable. For the incumbent, too, there's always the uncertainty about the future when they might not be in power. In such a scenario, it is better for them to have stronger laws on transparency for their own access to government information, which they can use to hold others accountable. A lack of certainty about future electoral prospects for any party is a feature of a good democracy. It is in this environment most transparency laws are made. In India, too, the RTI came about because of grassroots activism and a broad consensus among the political class led by the party in power then. However, it is important to note that the Overton window was right during that time when getting re-elected was an exception. It meant the political actors were keen to have access to information in future. In that sense, any period when transparency is suppressed in a democracy is a good surrogate for the power of the party in power. In India, the RTI laws allow for access to a significant amount of government information. The problem is that there is a gradual erosion of its ambit as the dominant political class comes to view it as an irritant. The only way to counter this is for the citizenry to continue using the RTI tool to its fullest extent. The more people know the tool's power, the harder it will be to blunt it. Second, it is important to devolve transparency to state and local governments. This is where the political uncertainty is still high in India, which means there's an incentive for political actors to support transparency moves to guarantee their own access to information in future. This is also the space where petty corruption is still rampant. One of the challenges of RTI in India is that most of the activism here is focused on big-ticket issues. The opportunity to bring sunlight as a disinfectant and its payoffs are the highest at the local level of governance. Separately, there are also specific areas in the private sector that could do with improved transparency. This is tricky territory, and let me be very specific about this. There's a significant amount of information that's collected, often without explicit consent, from the citizens by the private sector, which is then monetised in various ways. The mechanism by which their information is used and the extent to which the private sector, especially the social media platforms,  benefits from it are not transparent to the citizens who are the customers. If your attention is being monetised through multiple trackers and personalised ads, it is only fair you must know the rules of the game and agree to play it. This is still a white space of policymaking in India.   Lastly, the oft-cited risk of policy waters being muddied because of transparency, where various interest groups will lobby for their positions and slow down the decision-making process, is a bit misplaced. Those in favour of transparency do not argue for the innards of policymaking being put out for display. That process requires stakeholder mapping and seeking inputs in a way that's been documented by various policy thinkers. We have written about the eight-step process of policymaking on these pages on multiple occasions. The issue of transparency is important in two areas. First, the implementation and measurement of a policy proposal. How did a policy fare compared to its promise? Were the public resources and efforts prudently used? Was there a clear understanding of why something failed? Access to this information is important for the public and experts outside the government to hold the government accountable and improve future decisions. Second, the size of the state in India often means it is the biggest, often the sole, customer in multiple sectors and its decision on setting the rules of games in these sectors, awarding contracts and its performance in managing its budget should be available for public scrutiny. Again, this doesn't mean the government should vet its decisions at each stage with prevailing public opinion. Rather it must be able to explain its process and the rationale for decisions openly and transparently. The practice of sealed covers or I-T surveys and raids without a clear reason isn't new to India. What's new is the somewhat strange support for these actions by the mainstream media that are being fed by the ever-bizarre theories cooked by the partisans on social media. BBC isn't doing a documentary on Gujarat because China is now funding it. Nor is there a leftist cabal that's busy bringing Adani down one week and using BBC the next to show the government in a bad light. This playbook is reminiscent of the Indira era of the mid-70s, where in the name of national interest, we buried transparency and accountability. It took us decades to get out of that mire. Learning from history is free, but most of us fail the eventual test.PolicyWTF: Casually Banning Films Committee, RepriseThis section looks at egregious public policies. Policies that make you go: WTF, Did that really happen?— Pranay Kotasthane Last week, I came across an excellent report by Aroon Deep in The Hindu that explains how the Central Board for Film Certification (CBFC) is going way beyond its usual stance of “demanding” cuts of scenes showing sexual content, violence, or abusive language. Instead, the CBFC now also has a perspective on dietary preferences (demanding that mention of “beef” be struck off), foreign policy (demanding that references to ex-KGB officers, China, and Pakistan be removed), and even corruption (how can a filmmaker dare depict a police officer accepting a bribe?). Seriously, what an omniscient body.Despite its activism, the Censor Board hasn't impressed the extremists. One Hindu group leader has called for creating a ‘Dharma Censor Board' “to review Bollywood films and keep a check on any anti-religious content or distortion of facts about Sanatan Dharma.” In his words:“Our experts will see a film when it is released and if we find it suitable for people belonging to Sanatan Dharma, we will issue a certificate. At present, films passed by the censor board set up by the government have been found carrying scenes that hurt the sentiments of people. We have repeatedly asked for a religious person to be included in the censor board but this demand has not been accepted. This is why we had to constitute our own board.”While it sounds absolutely absurd at face value, there is a liberal way out to assimilate this conservative critique. We covered it in edition #122, and I want to re-emphasise those points.In 2016, my former colleagues Madhav, Adhip, Shikha, Siddarth, Devika and Guru wrote an interesting paper in which they recommended that film certification should be privatised.Deploying the Banishing Bureaucracy framework, they wrote:The CBFC be renamed the Indian Movie Authority (IMA) and that the primary purpose of the IMA would be to license and regulate private organisations called Independent Certifying Authorities (ICAs) which will then certify films.So, the Hindu group can very well have its own ICA, which will rate the movie on its Sanatana Dharma compliance score. But…The certificate granted by ICA will only restrict what age groups the film is appropriate for. This is the only form of pre-censorship that is necessary in today's age as all other restrictions on film exhibition should be applied retrospectively. The choice of ICAs available for producers to approach will render the question of subjectivity moot as the producer can switch to another ICA if unsatisfied with the certificate. The IMA will set the guidelines for the ICAs to follow and will be the first point of appeal.In other words, this solution reimagines the CBFC as a body that grants licenses to independent and private certification organisations called ICAs. These ICAs must adhere to certain threshold criteria set by the CBFC. Beyond these criteria, some ICAs may specialise themselves as being the sanskaari ones trigger-happy to award an “A” certification, while others may adopt a more liberal approach. In the authors' words:This will allow the marketplace of ideas to draw the lines of what kind of content is fit for what kind of audience with the government still being capable of stepping in to curb prurient sensibilities.This solution has the added benefit of levelling the playing field between OTT content and films. Currently, the CBFC has no capacity to certify the content being churned out on tens of streaming services. By delegating this function to private ICAs, the government can ensure adherence to certification norms.In essence, just as governments can often plug market failures, markets too can sometimes plug government failures. Reforming our ‘Censor Board' requires giving markets a chance.There's much more detail in the paper about grievance redressal, certification guidelines, and appeals procedure. Read it here.HomeWorkReading and listening recommendations on public policy matters* [Podcast] Over at Puliyabaazi, we discuss technology geopolitics with Anirudh Suri, author of The Great Tech Game.* [Paper] Laxman Kumar Behera's take on the defence budget.* [Paper] This paper has a fantastic framework for understanding policy failures and successes. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit publicpolicy.substack.com

From the humble Maruti-800 to Wagon-R, most of the hits delivered by Maruti Suzuki in India catered to the middle-income group. Since its inception in India in 1983, the company had its ear to the ground. It knew what a common man wants -- an affordable car with good mileage coupled with low maintenance. It explains why Maruti gets 43% of its sales from non-metro cities. The company has been equally focussed on urban markets too, which too has mixed segments and a greater appetite for high-end cars.   As part of its strategy, the company had in 2015 launched Nexa dealership. Its premium models like Ciaz, Baleno and SUVs such as the new Ertiga and the XL-6, all sold through Nexa. Since its inception, over 1.6 million cars have been sold cumulatively across 400+ Nexa outlets as of FY22. The premium focus is also reflected in the average selling price now. According to a company official, the average selling price of Maruti's models has gone up to Rs 7.12 lakh from Rs 6 lakh three years back. Start of bumpy road for Maruti For decades, Maruti commanded premium market share in the passenger vehicle segment. But then, the road turned bumpy. Stiff competition squeezed its sales and its market share started to fall. From a peak of over 51 per cent in FY19, Maruti Suzuki's market share in the personal vehicle segment fell to 43 per cent in FY22. The management acknowledged this loud wake up call. Maruti Chairman RC Bhargava in a recent post earnings call said that small cars, which used to be the bread and butter for the company, lost the butter. So what went wrong with the company?   The fate of Maruti was clearly tied to small budget cars. And the rise of SUV pushed the sedans to margins. According to a CRISIL report, the share of small cars in the passenger vehicle segment declined from 65 per cent in FY12 to 45 per cent in the first nine months of FY22. Meanwhile, the share of SUVs has shot up to 40 per cent in FY22 from just 18% in FY16. Speaking to Business Standard, Puneet Gupta, Director, S&P Global Mobility says, Maruti is still struggling in segment priced between Rs 10-20 lakh. The company is trying to rework its SUV strategy. With competition heating up, the company is trying to capture Rs 15-20 lakh market.  Did Maruti miss the boat? Maruti has been a painfully late entrant to the SUVs, a segment which other carmakers capitalised. Maruti's share in the UV segment has shrunk from 28 per cent in FY19 to 19 per cent in FY22, mainly due to its fewer products in this space. Currently, this category is dominated by Hyundai, and the likes of Kia, Tata and Mahindra have also gained significant share on their SUV models. On top of this, Maruti has seen a 25% decline in the market for hatchbacks in the last four years. This category was most affected by rising costs. But RC Bhargava is not a man known for quitting easily. The 88-year-old chairman of Maruti said the company will not “walk away”, but fight to get back to its market share. While retaining its core base of appealing to smaller cities and rural areas, the company has launched or lined up multiple premium models in the SUV segment for urban India. In the non-SUV space of hatchbacks and sedans, the company is planning to bring new features and technology. In the non-SUV segment, Maruti still has a significant market share of 65 per cent. In the entry level SUV segment, its share is 20 per cent. The company has only recently ventured into the mid-SUV segment with the launch of Grand Vitara. Hyundai Creta and Kia Seltos currently lead the mid-SUV segment. Maruti is still a marginal player in the mid-size plus premium segment with just a market share of 4 per cent as of FY22. However, the demand for its new SUV offerings is encouraging. Maruti Suzuki India has an order book of 130,000 units of the Brezza and 43 per cent of the it is for top-end variant. For Vitara, it has received pre-bookings of 57,000. Demand for top variants i

Maruti Suzuki Chairman RC Bhargava believes that if a company wants to succeed, it must keep an ear to the ground and know what the consumer wants. 88-year-old Bhargava -- who at the helm of Maruti Suzuki helped make cars affordable for millions of middle class Indians -- has now appealed to the government to incentivise alternative technology for small cars. And, he is dead set against blindly replicating the western model. But, why focus on small cars? After all, the market share of cars priced below 5 lakh rupees has shrunk from 25.8 per cent in FY19 to just 10.3 per cent in FY22. While the market for cars under 7.5 lakh rupees has shrunk from 60 per cent to 43 per cent over the same period. On the other hand, sales of pricier SUVs have been in the fast lane for some time now. Undeterred, Bhargava says that sales of small cars priced below 7.5 lakh rupees will continue to grow for a long time to come. His rationale for the projection is that over 200 million two-wheeler customers are waiting to upgrade to cars. Also, Bhargava says that a substantial increase in the price of such small cars has forced thousands of would-be buyers to shelve their plans in recent times. But, if India wants to meet its ambitious clean-mobility goals and 2070 emissions targets, the first car these 200 million customers buy can't be powered by internal-combustion engines. Bhargava has the answer. There are two markets in India. There is what he calls the 'Bharat' market for affordable small cars and another one for bigger cars with 20-25 lakh rupees price tags. The challenge then is to meet the needs of the former because the current cost of electric cars would be double that of ICE cars.  An EV with a 12 lakh rupees tag would not be affordable for most middle-class buyers. Bhargava's solution is alternative technologies. At present, the price of a hybrid car is around 4 lakh rupees more than an ICE-only car. But, Bhargava says that a reduction in the Goods and Services Tax, as in the case of electric cars, would bring down their price to affordable levels.   While the cost of hybrids is higher than ICE cars, it is still lower compared to EVs. Also, Hybrids may be best suited for Indian conditions as they don't require charging infrastructure. But, EVs attract a GST of 5 per cent, while hybrids attract a much higher 43 per cent GST. India recorded sales of 115,032 hybrids in FY22, which is just 4.2 per cent of the 2.7 million passenger vehicles sold. Still, promoting hybrids might be the right solution for pushing EV adoption in India. Nomura Research Institute sees the share of hybrids in total PV sales doubling in FY25. In three or four years, they may become affordable, backed by Japanese carmakers. But, earlier attempts to popularise hybrids in India had failed in the absence of policy support and incentives. So, is GST rate parity between hybrids and EVs needed?   E[xpert byte] Maruti Suzuki is not the only carmaker pitching for hybrids. Honda Cars India also says that lowering taxes on hybrids can speed up EV adoption in India. So, is this more of a strategy for Maruti to catch up with its peers in EV technology? Maruti Suzuki and Toyota have put their weight behind hybrid technology and even received a favourable market response. Unlike in the case of Mahindra & Mahindra and Tata, fully electric cars from Maruti and Toyota will not hit the market before 2025.   [Expert byte] Hybrids appear to be a good stepping stone in India's transition from ICE cars to EVs, especially till external charging infrastructure catches up. The ball is now in the government's court.   

Maruti Suzuki Chairman RC Bhargava believes that if a company wants to succeed, it must keep an ear to the ground and know what the consumer wants. 88-year-old Bhargava -- who at the helm of Maruti Suzuki helped make cars affordable for millions of middle class Indians -- has now appealed to the government to incentivise alternative technology for small cars. And, he is dead set against blindly replicating the western model. But, why focus on small cars? After all, the market share of cars priced below 5 lakh rupees has shrunk from 25.8 per cent in FY19 to just 10.3 per cent in FY22. While the market for cars under 7.5 lakh rupees has shrunk from 60 per cent to 43 per cent over the same period. On the other hand, sales of pricier SUVs have been in the fast lane for some time now. Undeterred, Bhargava says that sales of small cars priced below 7.5 lakh rupees will continue to grow for a long time to come. His rationale for the projection is that over 200 million two-wheeler customers are waiting to upgrade to cars. Also, Bhargava says that a substantial increase in the price of such small cars has forced thousands of would-be buyers to shelve their plans in recent times. But, if India wants to meet its ambitious clean-mobility goals and 2070 emissions targets, the first car these 200 million customers buy can't be powered by internal-combustion engines. Bhargava has the answer. There are two markets in India. There is what he calls the 'Bharat' market for affordable small cars and another one for bigger cars with 20-25 lakh rupees price tags. The challenge then is to meet the needs of the former because the current cost of electric cars would be double that of ICE cars.  An EV with a 12 lakh rupees tag would not be affordable for most middle-class buyers. Bhargava's solution is alternative technologies. At present, the price of a hybrid car is around 4 lakh rupees more than an ICE-only car. But, Bhargava says that a reduction in the Goods and Services Tax, as in the case of electric cars, would bring down their price to affordable levels.   While the cost of hybrids is higher than ICE cars, it is still lower compared to EVs. Also, Hybrids may be best suited for Indian conditions as they don't require charging infrastructure. But, EVs attract a GST of 5 per cent, while hybrids attract a much higher 43 per cent GST. India recorded sales of 115,032 hybrids in FY22, which is just 4.2 per cent of the 2.7 million passenger vehicles sold. Still, promoting hybrids might be the right solution for pushing EV adoption in India. Nomura Research Institute sees the share of hybrids in total PV sales doubling in FY25. In three or four years, they may become affordable, backed by Japanese carmakers. But, earlier attempts to popularise hybrids in India had failed in the absence of policy support and incentives. So, is GST rate parity between hybrids and EVs needed?   E[xpert byte] Maruti Suzuki is not the only carmaker pitching for hybrids. Honda Cars India also says that lowering taxes on hybrids can speed up EV adoption in India. So, is this more of a strategy for Maruti to catch up with its peers in EV technology? Maruti Suzuki and Toyota have put their weight behind hybrid technology and even received a favourable market response. Unlike in the case of Mahindra & Mahindra and Tata, fully electric cars from Maruti and Toyota will not hit the market before 2025.   [Expert byte] Hybrids appear to be a good stepping stone in India's transition from ICE cars to EVs, especially till external charging infrastructure catches up. The ball is now in the government's court.   

Maruti Suzuki Chairman RC Bhargava believes that if a company wants to succeed, it must keep an ear to the ground and know what the consumer wants. 88-year-old Bhargava -- who at the helm of Maruti Suzuki helped make cars affordable for millions of middle class Indians -- has now appealed to the government to incentivise alternative technology for small cars. And, he is dead set against blindly replicating the western model. But, why focus on small cars? After all, the market share of cars priced below 5 lakh rupees has shrunk from 25.8 per cent in FY19 to just 10.3 per cent in FY22. While the market for cars under 7.5 lakh rupees has shrunk from 60 per cent to 43 per cent over the same period. On the other hand, sales of pricier SUVs have been in the fast lane for some time now. Undeterred, Bhargava says that sales of small cars priced below 7.5 lakh rupees will continue to grow for a long time to come. His rationale for the projection is that over 200 million two-wheeler customers are waiting to upgrade to cars. Also, Bhargava says that a substantial increase in the price of such small cars has forced thousands of would-be buyers to shelve their plans in recent times. But, if India wants to meet its ambitious clean-mobility goals and 2070 emissions targets, the first car these 200 million customers buy can't be powered by internal-combustion engines. Bhargava has the answer. There are two markets in India. There is what he calls the 'Bharat' market for affordable small cars and another one for bigger cars with 20-25 lakh rupees price tags. The challenge then is to meet the needs of the former because the current cost of electric cars would be double that of ICE cars.  An EV with a 12 lakh rupees tag would not be affordable for most middle-class buyers. Bhargava's solution is alternative technologies. At present, the price of a hybrid car is around 4 lakh rupees more than an ICE-only car. But, Bhargava says that a reduction in the Goods and Services Tax, as in the case of electric cars, would bring down their price to affordable levels.   While the cost of hybrids is higher than ICE cars, it is still lower compared to EVs. Also, Hybrids may be best suited for Indian conditions as they don't require charging infrastructure. But, EVs attract a GST of 5 per cent, while hybrids attract a much higher 43 per cent GST. India recorded sales of 115,032 hybrids in FY22, which is just 4.2 per cent of the 2.7 million passenger vehicles sold. Still, promoting hybrids might be the right solution for pushing EV adoption in India. Nomura Research Institute sees the share of hybrids in total PV sales doubling in FY25. In three or four years, they may become affordable, backed by Japanese carmakers. But, earlier attempts to popularise hybrids in India had failed in the absence of policy support and incentives. So, is GST rate parity between hybrids and EVs needed?   E[xpert byte] Maruti Suzuki is not the only carmaker pitching for hybrids. Honda Cars India also says that lowering taxes on hybrids can speed up EV adoption in India. So, is this more of a strategy for Maruti to catch up with its peers in EV technology? Maruti Suzuki and Toyota have put their weight behind hybrid technology and even received a favourable market response. Unlike in the case of Mahindra & Mahindra and Tata, fully electric cars from Maruti and Toyota will not hit the market before 2025.   [Expert byte] Hybrids appear to be a good stepping stone in India's transition from ICE cars to EVs, especially till external charging infrastructure catches up. The ball is now in the government's court.   

Speaking at Mahindra & Mahindra's Annual General Meeting recently, its Chairman Anand Mahindra said one of the key reasons for the long waiting period for delivery of vehicles is the supply chain disruption. In his words, the availability of semiconductors had slowed down to a trickle. Caused by pandemic supply chain disruption combined with stronger-than-expected demand recovery, the global chip shortage over the past two years is refusing to go away.  India's biggest carmaker Maruti Suzuki said it could not produce 51,000 units in the April-June quarter because of this.  According to the second-largest carmaker Hyundai India, which expects the semiconductor situation to improve only next year, the demand is outstripping the supply. In the April-June quarter, the domestic passenger vehicle sales stood at 9.1 lakh units, a 41% growth compared to 6.46 lakh units last year. PV sales are on track to touch a new record this fiscal beating their FY19 peak.  But the geopolitical fallout of a top US official's visit to Chinese-claimed Taiwan earlier this month is threatening to prolong the chip shortage.  US House Speaker and long-time China critic Nancy Pelosi's visit was the highest-level US visit to the self-governing island democracy in 25 years.  Her one-day trip worsened the tensions between China and Taiwan. An outraged China reacted by launching its biggest ever military drills in the seas around Taiwan, which is home to the world's biggest contract manufacturer of semiconductors, TSMC, and its peer UMC.   They are major suppliers to global tech giants, auto companies and producers of consumer electronics. TSMC alone makes 80% of microcontrollers used in cars. China's military exercises, which included firing live missiles and deploying fighter jets, bombers and warships around Taiwan, disrupted key trading routes for cargo and commodities sailing around the world.  For the first time, the Chinese army practised operations aimed at a blockade of the island. China suspended exports of natural sand to Taiwan and halted imports of fruit and fish products from the island. Quartz sand, a type of natural sand, is an important raw material for chip manufacturing.  On August 10th, China's military said exercises held around Taiwan in response to Pelosi's visit had concluded while pledging to continue regular patrols near the island. Saket Mehra, Partner and Auto Sector Leader, Grant Thornton Bharat says chip situation was easing from the start of 2022. China's drills will have a two-three quarter supply chain impact. OEMs will largely meet the festive season demand, he says.  The Indian Cellular and Electronics Association estimates that foundries in Taiwan account for more than 75% of the chips that mobile devices made in India need. The number is slightly lower at 60% if one considers all chips -- those of consumer electronics, PCs, laptops, automobiles, etc. With the festive season coming up, how are India's smartphone manufacturers placed amid the latest geopolitical tensions?  Navkendar Singh, Associate Vice-President, Devices Research, IDC India says, Taiwan is important for China too. Indian smartphone makers have enough chip supply. But currently, the problem is on the demand side not supply side. There will be price increases leading up to the festive season, he says. For the smartphone industry, a slowdown in demand is the bigger challenge. India's smartphone shipments fell 1% in the first half of 2022. World chip sales growth has also been declining for six straight months. Semiconductor sales rose 13.3% in June, down from 18% in May, according to the World Semiconductor Industry Association.  A chip shortage will however hobble the automotive industry for a few more quarters.  Having said that, experts believe a blockade on Taiwan's exports or widening of sanctions to cover semiconductors is unlikely as it's also not in the interest of

As our country celebrates its Platinum Independence anniversary, here's a throwback on the many events that brought financial markets to where they are today. Even before India got independence in 1947, it had at least one stock exchange up and running in BSE in 1857. The other prominent exchange, the NSE, was incorporated in 1992, and was recognised as a stock exchange by market regulator Sebi in 1993. BSE, meanwhile, remains one of the world's oldest stock exchanges and the 8th largest exchange in terms of market capitalisation. One of the first few steps taken by the government post-independence was enactment of The Capital Issues (Control) Act that set the ball rolling for the Indian capital markets. And as investors equated investing in stock markets with wealth creation, the pool of investors kept growing over time. At the end of fiscal year 2021-22, the total demat account holders in India stood at 89.7 million compared to 35.9 million at the end of FY19 – up almost 150% in three years. In all these years, veterans have innumerable stories of booms and busts spread across decades. Within a decade of independence, India saw its first market scandal, involving Life Insurance Corporation of India and Haridas Mundhra group. The scam led to the resignation of the then finance minister. After the markets stablised, Reliance Industries launched its initial public offer in 1977, which market mavens say, brought about the equity cult in India. In fact, Dhirubhai Ambani had booked an entire football stadium in 1985 to hold its annual general meeting - a gala event for its 12,000 shareholders back then. And then there was no looking back for the equity markets then. After the big-bang ‘reformist' Budget in 1991, FPIs and FIIs were allowed to invest in Indian equities in 1992. Today, they hold stocks worth around a fifth of India's total market capitalisation. The period, thereafter, saw more frequent troughs than peaks. The Harshad Mehta scam hit the markets in April 1992, when the Sensex tanked 13%. While Mehta died in 2001, the stories of his modus operandi live on through OTT series like Scam 1992. The crashes that followed, include the Dot-com collapse of 2000; the 2004 fall post NDA's defeat in the national elections; and 2008's market slump amid the Global Financial Crisis. The GFC led to a sharp crash with the Sensex plunging 63% in 2008 to under 7,700 levels. 2008 also saw India's financial capital under siege amid the 26/11 attacks, rattling investors. The last market crash came in 2020, when the world was hit by the Covid-19 pandemic. The Sensex and Nifty closed at their lowest level in four years, after nosediving 33% in just 13 trading sessions. In the commodity market, WTI crude oil futures dropped 306% on April 20, 2020, to settle at minus 37.63 dollars a barrel. The one-day plunge was the largest based on records going back to 1983. But, between these crashes, there were periods of massive gains. India's Sensex touched 1,000-mark for the first time in 1990, and marched to hit the 10,000-mark in 2006. The index, then, hit the milestone of 25,000 in 2014, and scaled mount-50K in 2021. The lifetime high for the markets was during the same year. Going ahead, as India looks forward to its Centenary year celebration 25 years down the line, equity investors in India are optimistic that the BSE Sensex 30 will have scaled the 100,000-mark by then.

In March 2020, when YES Bank went belly up and the pandemic hit the system, it accentuated the pain in banking space, especially for the mid-cap banks. Some of the private banks that were earlier market darlings till FY19 had their vulnerabilities exposed as asset quality issues came to light. What has happened in recent times? Have the companies recovered and are there investing opportunities? Listen in to find out. --- Send in a voice message: https://anchor.fm/business-line/message

Many who had their jobs, incomes, and savings ravaged by the pandemic are still trying to recover. Retail inflation, which was making their lives a tad more difficult, eased marginally in May after touching an eight-year high of 7.79% in April. But it is still above the RBI's tolerance band of 2-6 per cent for a fifth month in a row. Most companies too are feeling the heat of soaring input costs. Hindustan Unilever Chairman Nitin Paranjpe last week said that India is currently going through “probably the most difficult economic situation”. He also said that the company would continue to increase prices even as FMCG market growth rates moderate and volume growth rates become negative in the short term. A closer look at the sales of products across different price ranges throws a disturbing trend. HUL, Dabur India, Asian Paints, and Parle Products have all seen consumers buying cheaper and smaller packs. Meanwhile, according to Bloomberg, HUL saw its premium portfolio grow at twice the pace as the rest of its portfolio in 2021-22. Marico Ltd's premium personal care range also grew in high double digits in FY22.   HUL, Britannia, and Parle Products get 30 per cent, 55 per cent, and 70 per cent of their business, respectively, from one, five and 10 rupee packs. As a result, FMCG firms have opted for making products smaller while still maintaining the same price -- a phenomenon called 'shrinkflation'. A NielsenIQ report has also found that the FMCG industry saw a decline in volume in the January-March period. In fact, rural India witnessed a 5.3 per cent fall in volume, the highest consumption slowdown in the last three quarters. The report said that a decline in consumption was echoed across all zones and the town classes, but was more prominent in rural markets. Meanwhile, a national daily reported that 12 million passengers took domestic flights in May, almost six times the number for the same month last year that was hit by the second wave of Covid-19. ICRA said that domestic air travel in May was only 7% lower than pre-Covid levels. ICRA also said that international air traffic has surpassed pre-Covid levels by around 24 per cent, with fares seeing a spike. The number of domestic and international flights operated by Indian airlines is also back to pre-Covid levels. All of this has come against the backdrop of several rounds of airfare hikes due to all-time high jet fuel prices. Let us now gauge the trend in auto sector. The Federation of Automobile Dealers Associations has said that passenger vehicle retail sales in May 2022 were 11 per cent higher compared to the pre-Covid month of May 2019. But, two-wheeler sales in May 2022 were down 13.91 per cent compared to May 2019. However, according to FADA, the two-wheeler segment has seen a slight improvement in overall sales when compared with April this year. According to Maruti Suzuki India Executive Director Shashank Srivastava, the sale of SUVs and MPVs is expected to jump 63.93% in FY23 from FY19. The real estate segment also showed a divergent trend. According to ANAROCK Research, there has been a 230% jump in new launch supply in the luxury real estate segment, priced over 1.5 crore rupees, across India's top seven cities in Q1 2022 as against Q1 2020. Out of the overall housing sales in the top seven cities in Q1 2022, the luxury segment's share was nearly 12 percent compared to about seven per cent back in the pre-Covid period of 2019. ANAROCK Research added that before Covid, the affordable and mid segments were the most in-demand categories. However, given that the pandemic affected the affordable buyer-class the most, sales in the category went down from their earlier peak.   Clearly, the divergent performances in various sectors is betraying the K-shaped recovery in the Indian economy. The pandemic seems to have no effect on the affluent class, which continues to splurge. While those at the bottom of the pyramid don't have m

India's annual merchandise exports have hit $400 billion for the first time, achieving the target set by the government 9 days ahead of schedule. The milestone comes even as Commerce and Industry Minister Piyush Goyal warned that the Russia-Ukraine war could lead to some disruption in trade.  The government is confident of clocking $410 billion of exports by March 31, as India has been shipping out goods worth more than $1 billion a day. Prime minister Narendra Modi was quick to hail the exporters. He praised the farmers, weavers, MSMEs, manufacturers and others for the success. The $410 billion figure would be far higher than the previous record of $330 billion achieved in 2018-19 and 41% higher than the previous financial year, when India exported goods worth $291 billion.  Goyal said that to achieve the target, a detailed strategy was in place, including specific country-wise, product-wise and export promotion council-wise targets, monitoring and course correction. He said that higher engineering exports, apparel and garment export, indicate that the misconception of India being a major exporter of primary commodities is gradually changing. India is now exporting more and more value-added and high-end products, he added.  Engineering goods, petroleum products, gems and jewellery, chemicals and ready-made garments of all textiles were the top five commodities exported from India. Exports of engineering goods rose 32% in the first 11 months of this fiscal compared to the last financial year. It remained the biggest export item. Within this category, top exports were iron and steel, aluminium and aluminium products, electric machinery and motor vehicles.  Exports of petroleum showed the sharpest jump of 114%, driven by a rise in crude oil prices.  Meanwhile, agriculture exports hit a record, driven by commodities such as rice, marine products, wheat, spices and sugar, among others. Despite the record export figure, India's merchandise exports to GDP ratio has been on a declining trend. It stood at 10.94% in FY21, falling from 11.07% the previous year and 12.2% in FY19. While this ratio will show an improvement this year, it will still be nowhere near the record seen more than a decade ago. While the surging trend in exports is praiseworthy, the momentum is likely to sustain with proactive measures like the signing of Free Trade Agreements and expansion of the flagship export promotion scheme RoDTEP to sectors like iron and steel and pharma.  Watch video

Sahil (@sahil071) and Siddharth (@sidbetala) hang out and discuss various ideas on this episode of Business Munchies. We're now actively sharing interesting snippets on Twitter and reels on Instagram. Follow us there to stay updated!Click here to help TID part time with LinkedIn & TwitterJob Description for the Content Associate Job at Blume VenturesClick here to apply for the Content Associate Job at Blume VenturesTimeline(00:00) - Introduction with two Job Announcements(02:30) - Defence Indigenisation in India(24:00) - DAO to fund Scientific Research(36:00) - Teaching Taxation to FoundersBusiness IdeasDefence Indigenisation in IndiaHere's a link to our Notion Page with a bunch of research that we did about defence indigenisation.Defence manufacturing and anciallary services is a complete white ocean at the moment - there is huge growth potential for businesses that enter this market right now.The Indian government has done a great job over the past 20 years to shift procurement of defence from imports to domestic manufactuers and this trend is going to continue over the next decade as the government focuses even more on improving its domestic manufacturing.Part of this is exports, from FY17 to FY19, in just 2 years, India was able to increase its defence exports from just 1,500crores to 8,300crores. That is an insanely fast growth rate and the benchmark for FY24 is to reach 35,000crores of exports. India cannot reach these crazy numbers without some really good incentives by the government to first build a thriving domestic manufacturing base but also one that can stand against the international market. There are a bunch of schemes by the Indian government to promote defence manufacturing in India. MSME's also have a big part to play in this indigenisation. They can manufacture for the big PSU's like HAL, Bharat Forge and all the others. There is a lot of manufacturing capacity in India such as composites, precision manufacturing, sheet metal work, naval work and others that can be used by the armed forces.However, this is a complicated network to get into. You either need capital or contacts.DAO to fund Scientific ResearchDAO's are Decentralised Autonomous Organisations that are operated based on the votes of the members who own the tokens.A big problem in the scientific world is the funding of research by large companies that then biases the results that come out of that.DAO's could be a solution that help fund scientific research without any biases.Teaching Taxation to FoundersUnderstanding taxation is critical to a founder's success, especially in the complicated tax structures of India.However, there are few to no courses to help teach tax at a founder level - MBA's don't teach enough and founders can't become CA's - we need something in between.Social Media can be great to teach stuff like this - Miss Excel makes $100,000/day by teaching excel on TikTok.

A sharp pull-back in index heavyweights Bajaj Finance, Reliance Industries and HDFC dismantled a firm set-up in the markets on Monday. After starting gap-up and reclaiming crucial psychological levels of 59,000 and 17,600 in intra-day deals, the BSE Sensex dropped OVER 500 points to end at 58,283 levels. The Nifty50, on the other hand, shut shop at 17,368, down 143 points. Individually, shares of Bajaj Finance cracked 3 per cent after global brokerage CLSA gave a ‘sell' rating to the consumer financier. Further, it believes the stock is likely to undershoot investors' expectations over the medium-term. Overall, it has a target price of Rs 6,000 on the stock which translates into 17 per cent downside from current levels. The rub-off effect hit shares of Bajaj Finserv as well, which dropped 2 per cent on the bourses yesterday. This, and the nervousness in the global markets ahead of key central banks' meetings this week, markets may keep indices volatile on Tuesday as well. Moreover, reaction to inflation data, initial public offers of MedPlus Health, Data Patterns and Metro Brands, listing of Anand Rathi Wealth, Analyst meet of ITC, and news flow around the severity of the Omicron coronavirus variant will keep investors on their toes today. As we come closer towards the new year, holiday season in the overseas market and subsequent thin trading may keep indices range-bound over the next few sessions. Further, volumes may pick-up with the on-set of 2022, where equities, as an asset class, will continue to remain investors' favourite. According to analysts, peaking US inflation and modest policy easing in China into the first quarter of 2022 should provide relief. Here's a lowdown of what some of the key global brokerages are expecting from the markets in 2022. According to analysts at Jefferies, Asia's performance in 2022 will be dominated by significant changes in China, and investors should keep a close eye on further cooling of the mainland economy. As regards India, the brokerage believes the country has entered a period of an economic super-cycle driven by a housing cycle turnaround. It estimates over 7% GDP growth and over 15% earnings growth for FY23. It says any correction due to inflation, valuation, and the US Fed rate hike should be used to add cyclicals. The brokerage remains overweight on financials, property and autos, and expects markets to hit a new high in 2022. “Global liquidity is on course for a peak around March 2022. We forecast the G-4 central banks' balance sheets to expand by another $750 billion by that time and then peak out. Markets are likely to reach a high around the same time and face downward bias as the earnings cycle in China surprises very negatively and the US dollar remains strong.” For analysts at Bank of America, global liquidity is on course for a peak around March 2022. They expect the balance sheets of G-4 central banks to expand by another $750 billion by that time and then peak out. Markets, too, will likely reach a high around the same time and may, then, see a downward bias as the earnings cycle in China surprises negatively and the US dollar remains strong. Credit Suisse also foresees attractive returns from global equities in 2022 with earnings remaining the key driver. Domestically, Nifty earnings per share is projected to grow 15% annually over FY19-24, with financials contributing nearly half the growth during the period. The brokerage prefers domestic cyclicals over global cyclicals, and is overweight on financials, industries and cement. Among individual stocks, SBI, HDFC and UltraTech Cement are its top picks. Morgan Stanley analysts have the most conservative estimates as they expect emerging market equities to struggle in 2022. While they are more constructive on Japan equities, and see 12% upside to their TOPIX target of 2250, they are cautious on India. With a 50% probability, they see the Sensex hitting 70,000-mark in their base case scenario

Let’s begin with a Patreon-fueled shout-out!Fall is here, and with it, more moderate temperatures. While your HVAC takes a break, now is the perfect time to prepare for the cooler months. Your local energy nonprofit, LEAP, wants you and yours to keep comfortable all year round! LEAP offers FREE home weatherization to income- and age-qualifying residents, so, if you’re age 60 or older, or have an annual household income of less than $74,950, you may qualify for a free energy assessment and home energy improvements such as insulation and air sealing. Sign up today to lower your energy bills, increase comfort, and reduce energy waste at home!On today’s program:A review of economic development efforts in Albemarle County Jaunt owes the state of Virginia nearly a million for false ridership numbersCharlottesville’s Home to Hope program gains national recognition A closed-door group of planners gets several interesting presentations related to climate adaptation Let’s begin with a quick look at COVID cases in Virginia coming out of the weekend. The seven-day average of new cases has dropped to 1,545 as of this morning, with 943 reported by the Virginia Department of Health. The percent positivity has fallen to 6.3 percent. That figure was 8.8 percent on October 1. The Blue Ridge Health District reports another 50 cases and the percent positivity is 5.7 percent. The district will hold a town hall meeting Wednesday on COVID vaccinations for children between the age of 5 and 11. Approvals are pending. (Facebook link)Employees at the University of Virginia will be required to be vaccinated by December 8. That’s according to a Cavalier Daily article. Provost Liz Magill and Chief Operating Officer J.J. Davis set an email to staff Thursday notifying the requirement is necessary to comply with federal regulations. The article states UVa’s vaccination rate was 95 percent as of Thursday. Home to Hope honoredAn international group that promotes excellence in local government has honored a new Charlottesville program created to help formerly incarcerated people return to society. The International City/County Management Association honored the Home to Hope Program, which was proposed by Mayor Nikuyah Walker in 2018 to provide support to a vulnerable demographic.Four full-time employees serve as peer navigators to help people find employment, housing, and reliable transportation. According to a write-up in the ICMA’s latest newsletter, the program has served 389 individuals.“Of the 389 enrollees, only seven have returned to custody, and only three of those were actively involved in the program,” reads the article on page 34 of the newsletter. “That represents a recidivism rate of 1.8 percent, well below the 38 percent across the region.” The honor is part of ICMA’s Program Excellence awards under the Community Sustainability section. (read more)LUEPC meetingA routine closed-door meeting of key planning officials in Albemarle, Charlottesville, and University of Virginia was held last week on October 15. The Land Use and Environmental Planning Committee (LUEPC) had four presentations on items related to climate adaptation.Paul Zmick, Director of Energy and Utilities at UVA, gave a presentation on the school’s efforts to develop a strategy for thermal energy use. That’s one way UVA hopes to become fossil-free by the year 2050. A recent study evaluated dozens of potential ways to reduce reliance on old technology. Some strategies are recommended to be dropped from further analysis such as solar thermal, biomass, and deep geothermal. (presentation)Lance Stewart, the county’s director of facilities and environmental services, gave a presentation on the recent publication of the 2018 Greenhouse Gas Inventory. That tool will be the primary way Albemarle measures its programs toward emissions reduction goals. The next milestone is to reach 45 percent of 2008 levels by 2030. (presentation)“Emissions estimated to have decreased by nearly 10% between 2008 and 2018,” reads one slide in the presentation. “To achieve the County’s 2030 target, we need to reduce emissions by 39 percent from 2018.”The presentation also states that the effectiveness of the Albemarle’s Climate Action Plan won’t be known until after the 2022 inventory is published in 2024. Bill Mawyer of the Rivanna Water & Sewer Authority briefed LUEPC on a program to recover methane gas that is a byproduct of the wastewater treatment process. The Moores Creek Wastewater Treatment Plant generates 32 million cubic feet of methane each year that is captured as biogas and used internally in plant operations to produce biosolids which are shipped to Waverly, Virginia for eventual use as fertilizers. (presentation)Albemarle County’s Bill Fritz gave a presentation on “Large Scale Solar opportunities being studied and deployed for Albemarle County.” That is the only of the fourth that was not posted to the LUEPC website.  Jaunt audit The transit agency Jaunt owes the Virginia Department of Rail and Public Transportation nearly a million dollars due to alleged misreporting of ridership figures by former CEO Brad Sheffield. Sheffield resigned last November after the Jaunt Board requested his departure. The Daily Progress first reported from an October 6 letter from DRPT officials regarding a review of Jaunt’s financial report for fiscal year 2020.“The findings of this review are troubling and indicate a pattern of misinformation and inaccurate reporting by JAUNT leadership that resulted in the over-allocation of state and federal resources to Jaunt from FY19 to FY22,” reads the letter from DRPT director Jennifer Mitchell.In 2019, DRPT moved to a system where funding was based on performance. The audit compared reported numbers to Jaunt’s scheduling software and found that overall ridership was overstated by 19 percent in FY19. The total amount overpaid to Jaunt was $968,640 and allocations for the current fiscal year will be reduced. The DRPT has also canceled the capital purchase of 23 vehicles. The DRPT will also require Jaunt to provide a new transit development plan. Read Allison Wrabel’s story in the Daily Progress for more context. *In today’s second subscriber supported Public Service Announcement, one person wants you to know about another community litter cleanup event in Albemarle, this time on October 30 in the southern part of the county. The latest Love Albemarle event will take place between 8:30 a.m. and 11:30 a.m. at sites in Esmont, Keene, Scottsville, and North Garden. Around fifty people showed up for a similar event in Esmont this past spring, and organizers want to double that amount. Organizer Ed Brooks is seeking to get children involved, so if you’re a parent or guardian and want to spend the morning cleaning up road-side litter, register today! *For the rest of the show today, we take a look back at highlights from the Albemarle Board of Supervisors from the last week. Let’s start with an update on Project Enable, the county’s strategic plan for economic development. The Albemarle Economic Development Authority administers grant and bond programs that seek to encourage businesses to expand in Albemarle or to locate their operations there. On October 19, 2021, the seven-member EDA Board of Directors formally authorized their role in a performance agreement for the firm Bonumose to open a demonstration facility in the former State Farm Building. That came at a joint meeting with the six elected members of the Albemarle Board of Supervisors. Doug Walker is the Deputy County Executive. “These two bodies work in collaboration with each other,” Walker said. “They are considering the same projects, the same agreements, and they do them in concert with each other.” Many of these discussions are held in closed session, as a provision in Virginia’s open meeting rules allows for the public to be excluded from conversations where “Discussion concerning a prospective business or industry or the expansion of an existing business or industry where no previous announcement has been made of the business' or industry's interest in locating or expanding its facilities in the community.” (Virginia code)These packages are often given code names and Walker said the following represent exceed $136 million in private investment which then enters the local economy. “Turtle. Daffodil. Macintosh. Proton. Patriot. Bronco. 49ers,” Walker said. “Those projects are actually Woolen Mills, WillowTree, Potter’s Craft Cider. Afton Scientific. Barnes’ Lumber. Castle Hill Gaming. Albemarle Business Campus.”Walker said those projects have resulted in nearly 600 new jobs in Albemarle. Another key performance agreement is one with Habitat for Humanity for the provision of affordable housing units at Southwood, as well as one with Pinnacle Construction for the Brookdale apartment complex off of Old Lynchburg Road. “And then there are other active pending projects that we can’t talk about by name but we can talk about by code,” Walker said. “Project Gadget, Project Puma, Project Baja, just illustrating that the work continues.” The EDA also works to help build infrastructure to help industrial sites more accessible and attractive. The University of Virginia Foundation’s North Fork Research Park is considered a Tier 4 site by the Virginia Economic Development Partnership. Recently the Foundation paid to extend Lewis and Clark Drive to Airport Road in order to provide an additional entrance. (go look!) “It’s the county’s only tier 4 site so the Foundation provided more than $6 million toward that infrastructure improvement,” said J.T. Newberry in the Economic Development Office. Newberry said the economic development office is working with the Foundation to elevate the North Fork park to a Tier 5 site. He also said the firm Kimley-Horn will provide a long-awaited study for the county as part of the Comprehensive Plan update. “A long desired piece of information for us is an inventory of our commercial and industrial properties,” Newberry said. Watch the rest of the video to see the whole presentation on the Board of Supervisors’ website. (watch)Supervisors also met on Wednesday, October 20, for a full meeting. At the very beginning, Chair Ned Gallaway said he recently attended a meeting earlier this month welcoming more than 250 families from Afghanistan to the area. The International Rescue Committee is seeking assistance from the community. “Things like if you’re a landlord or somebody that has housing or space available, to contact the IRC, the International Rescue Committee to help,” Gallaway said. “Employers in the area, helping these folks find employment. And then obviously just assisting with the transition, just navigating simple things like how to get around the community can be daunting coming out of a very stressful and traumatic experience for these folks.” Visit the Welcoming Greater Charlottesville page to learn more about how you can help.  Special announcement of a continuing promo with Ting! Are you interested in fast internet? Visit this site and enter your address to see if you can get service through Ting. If you decide to proceed to make the switch, you’ll get:Free installationSecond month of Ting service for freeA $75 gift card to the Downtown MallAdditionally, Ting will match your Substack subscription to support Town Crier Productions, the company that produces this newsletter and other community offerings. This is a public episode. Get access to private episodes at communityengagement.substack.com/subscribe

-Environment Protection Agency is reconsidering the USD33.9 million compensation claim levied on ORHD-Cabinet approved a draft law that simplifies licensing procedures for hotels and tourism companies-Cabinet also approved extending the exemption of foreign airlines from paying annual fees until 30 April 2022-Tourism investment companies are negotiating with the Tourism Development Authority to settle the issue of revoked land due to slow development of less than 10.0%-e-finance received FRA approval for EGX listing-Finance Minister confirmed 1 October the final deadline for the implementation of Advanced Cargo Information (ACI) system (e-finance)-Amending the Traffic Law to license motorbikes and lowering the license age to 16 years might benefit AUTO-AUTO achieved sales of 16,728 cars of the Hyundai brand in 8M 2021, with a jump in Chery brand sales-AUTO's Drive is expanding geographically and intends to open 4 branches in 1Q2022-ACGC FY20/21 net loss narrowed down to EGP23.0 million, compared to a net loss of EGP188 million in FY19/20-Orascom Pyramids, has signed an EGP170 million contract with ORAS for the Giza pyramids sound and light-UEFM proposed the distribution of FY20/21 DPS of EGP10.0, implying DY of 9.8%

September 20, 2021 Rockingham County Board Of Commissioners Meeting(Wentworth, NC) - Audio of the September 20, 2021 meeting of the Rockingham County Board of Commissioners. The meeting was held at the Rockingham County Governmental Center in Wentworth, NC.AGENDA1. MEETING CALLED TO ORDER BY CHAIRMAN HALL2. INVOCATION- PASTOR CHARLES HOWELL, SPEEDWELL PRESBYTERIAN CHURCH, REIDSVILLE3. PLEDGE OF ALLEGIANCE-ADDISON FARRIS, 4-H MEMBER4. PROCLAMATIONS:a. Proclamation to declare Rockingham County 4-H Week, October 3-9, 2021 in Rockingham County - Morgan Maness, Cooperative Extension 4-H Youth Developmentb. Rockingham County Fall Litter Sweep Proclamation - Lance Metzler, County Manager5. RECOGNITION:a. Presentation of the flag in memory of Representative Jerry Carter by House Representatives Kyle Hall and A. Reece Pyrtle, Jr.b. COVID Volunteer Leaders - Lance MetZler, County Managerc. Gem-Dandy Accessories on 100 years of service in Rockingham County Kerry Taylor-Pinnix, Deputy Director Economic Development6. APPROVAL OF SEPTEMBER 20, 2021 AGENDA7. CONSENT AGENDA (Consent items as follows will be adopted with a single motion, second and vote, unless a request for removal from the Consent Agenda is heard from a Commissioner)A) Jennifer Woods, Clerk to the BoardApproval of Minutes-August 16, 2021 Regular MeetingB) Pat Galloway, Director of Financial ServicesApproval- Appropriate $3,619 of available fund balance as a transfer to the E911 Special Revenue Fund to reimburse the fund for FY19-20 costs deemed ineligible by the State 911 Board's review in August 2021.C) Mark McClintock, Tax AdministratorApproval- Tax Collection & Reconciliation Reports for August 2021D) Lance Metzler, County ManagerRequest for Road Addition - Ravensbourne Trace (0.274 miles), Windrush Court (0.118 miles) and Ashbourne Terrace (0.186 miles) in Collybrooke Subdivision, New Bethel TownshipE) Trey Wright, Public Health Directora. Approval- Flu Vaccine (65+ Only) High Dose and the Flu Vaccine 18 years and older to increase both to $72 due to the increase amount allowable by 3rd party insuranceb. Approval - Addition of a new fee for COVID-19 Vaccine Home Administration in the amount of $45F) Ronnie Tate, Director of Engineering & Public Utilitiesa. Approval- Waive landfill tipping fee for disposal of 7 mobile homes as part of a $10,000 grant awarded by NC Department of Environmental Quality-Abandoned Mobile Home Cleanup Grant.b. Approval- Wastewater System Asset Inventory & Asset Inventory & Assessment Program Authorizing Resolution by Governing Body of Applicant.G) Lynn Cochran, Community Development ConsultantApproval- Resolution to Appoint Hiram J. Marziano as a Plat Review Officer for Rockingham County and remove Carrie Spencer as Plat Review Officer for Rockingham CountyH) Felissa Ferrell, DHHS DirectorApproval - Additional federal funding of $42,974 from the Consolidated Appropriations Act for DSS. This is a one-time increase to our LINKS allocation for the supplemental funding to be used for youth/young adults during their transition to adulthood.8. PUBLIC COMMENT9. PUBLIC HEARINGa. Rezoning Request #2021-16, Makson: a request to rezone a parcel of land from Residential Agricultural (RA) to Residential Protected (RP). Tax PIN: 7922-01-47-5474, Newnam Rd - New Bethel Township.b. Rezoning Request #2021-18, Collins: a request to rezone a parcel of land from Residential Protected (RP) to Residential Agricultural (RA). Tax PIN: 8943-00-02-3139, 3622 NC 150 - Williamsburg Township.c. Rezoning Request #2021-19, Wilson: a request to rezone a parcel of land from Residential Agricultural (RA) to Neighborhood Commercial Conditional District (NC-CD) for a Small Engine Repair Shop. Tax PIN: 7050-04-54-3328, 2937 Price Rd - Leaksville Township.d. Rezoning Request #2021-20, C Rakestraw: a request to rezone a parcel of land from Residential Agricultural (RA) to Residential Mixed (RM). Tax PIN: 7926-00-58-6841,685 River Rd - Mayo Township10. DR. KINLAW, PRESIDENT ROCKINGHAM COMMUNITY COLLEGEWORKFORCE DEVELOPMENT CENTER UPDATE11. MATT REECE, PTRC ASSISTANT DIRECTORPRESENTATION: 1/3 COMPENSATION AND CLASSIFICATION STUDY12. NEW BUSINESS13. COMMISSIONER COMMENTS14. CLOSED SESSIONPursuant to:N.C.G.S. 143-318.11 (a)(1) Approve Closed Session MinutesN.C.G.S. 143-318.11 (a)(5) Instruct Negotiating Agents15. ADJOURN# # #

When Prime Minister Narendra Modi announced the JAM trinity in 2014, the idea was to integrate mobile phones with Aadhaar and bank accounts. The introduction of UPI and wallets furthered the government's cause of digital penetration. Since then, the government has launched BharatQR and e-Rupee. While a lot of Indians are yet to adopt digital banking, young Indians are certainly taking a liking to it. Digital brokerages have more assets and customers than traditional companies. First-time borrowers are driving the personal loan market. Watch this special report. The Covid-19 pandemic has proved to be a tipping point for digitisation and broader penetration of finance. Young or first-time investors with a do-it-yourself mindset flooded the digital world for active trading and financial planning. The idea was to look for additional sources of income beyond traditional instruments. And the reason to go online was quite simple. They signed up in droves because of the simplicity of online trading platforms, flat-fee structures, and a quicker account opening process. The surprising element here is that the increase in the number of active traders has largely come from Tier-2 and -3 cities, with a vast majority being first-time investors. In fact, the top-five digital-only brokers – Zerodha, Upstox, Angel One, 5paisa and Groww – have cornered more than half of the industry's active client base, signifying a seismic shift in the pecking order among domestic brokerages. Zerodha, Upstox, Angel One, 5paisa, and Groww had cornered a market share of over 53 per cent until the end of July this year, with a cumulative tally of 12.6 million active clients. This figure stood at 17 per cent at the end of FY19. And these digital brokers have actually put a stamp of their authority in the segment, with the share of top-five traditional brokers sliding to 22 per cent, from 33 per cent during the same period of FY19. It seems the golden age of digital payments has finally dawned in India. Although digital payments were alive and kicking in the pre Covid-19 era too, it was the pandemic which gave them the much needed push, as more and more people chose to shop from the relative safety of their homes. Let's talk about some facts and numbers. Do you know that more than 300 million Indian smartphone users now use digital payments? Quite a number, isn't it? Leading Indian fintech platform PhonePe recently released a study on the evolution of digital payments in India over the past five years and the results were surprising. By now, you must have realised the level of the emergence of the digital world in India. Now, here are some fun facts that will give you the extent of digital penetration. Fun Facts in the PhonePe report Amount of money that travels digitally in India is more than the GDP of 21 countries 13,456 digital payments at Victory Bazaar in Kakinada during lockdown, or 200 transactions a day! 14,142 payments at a dairy shop in Delhi NCR during lockdown, or 211 transactions a day! Almost all the trends suggest that the younger generation is entering the financial sector through the digital mode. But it's not just for investment and trading. They are, in fact, also driving the personal loan market. Credit bureau CRIF High Mark has come out with a study titled 'How India Lends'. The interesting assessment here is that youngsters below 25 years of age are driving the personal loan market, availing of short-term low value credit. And they are taking these loans for purchasing bikes or consumer durables. But there is always a flip side. Many firms are aggressively tapping social media influencers to add to their customer base and get involved in malpractices to achieve the target. So, there comes the role of the government to maintain a dignified digital balance and provide a level playing field for all players. Watch this video

#10 Wakefit: Founded by Chaitanya Ramalingegowda and Ankit Garg in 2015, Wakefit started selling mattresses online and were already making a profit within six months of operations. Today, this D2C mattress startup is selling 1,500 mattresses to their 500,000 customers every day – raking in a revenue of $26.5 million and making a profit of $1.3 million in FY20. #9 Lenskart: Founded by Peyush Bansal in 2010, Lenskart offers an omnichannel platform for selling eyewear and lenses through their online platform and offline stores. The company has been investing heavily in setting up new physical stores – taking the number of offline stores to over 750. This is why the startup took a decade to reach profitability. In FY20, Lenskart made a revenue of $130 million with a profit of $2.4 million. #8 Cashfree: Cashfree is a digital payments gateway platform that offers more than 100 payment methods to over 50,000 businesses around the world with a team of just 130 employees. Their ability to stay lean has not only enabled them to scale but also remain profitable from the get-go. Their profit increased 14X from just $190,000 in FY18 to $2.6 million in FY20. #7 BrowserStack: India's most valuable SaaS startup BrowserStack enables developers to test their apps remotely using their cross-browser testing platform that has more than 2,000 devices and is being used by over 50,000 businesses across the world. The company has been profitable since day one. In FY20, BrowserStack raked in a profit of $3.8 million. #6 Aye Finance: SME lending startup Aye Finance has been profitable for the last three consecutive years and has disbursed loans worth more than $538 million to more than 200,000 small businesses. Aye Finance's profits have increased to $5.3 million in FY20. #5 Lendingkart: Founded in 2014, Lendingkart has disbursed loans worth $741 million to more than 100,000 small businesses. This fintech startup first achieved profitability in FY19 and their profits stand at $5.6 million in FY20. #4 OfBusiness: B2B e-commerce and lending startup OfBusiness uses purchase financing – providing businesses with a loan that they can use to purchase raw materials from their e-commerce platform. Once their profits from the interest started coming in, OfBusiness started making money and they are now on their way to becoming a unicorn. Their profits jumped 73X from just $150,000 in FY18 to a healthy $80 million in FY20. #3 CarTrade: Founded in 2009, CarTrade is the only profitable online used car marketplace. This decade-old startup has already filed for an IPO and is expected to hit the stock markets soon. The company significantly decreased its losses from $20 million in FY16 to just $2 million in FY17. They first turned profitable in FY18 and they did this through internal restructuring, key acquisitions and cost-cutting measures. Today (FY20), they are making a healthy profit of $11.5 million. #2 Boat Lifestyle: Indian consumer technology startup Boat started in 2016 by selling charging cables and were able to hit profitability within the first year. Next, they launched more products like earphones, headphones and smartwatches with quality and affordability in mind to target value-minded Indian consumers. This strategy only accelerated their growth. Boat's profit's increased by 30X from just $225,000 to $6.6 million in FY20. #1 Zerodha: India's largest stockbroking platform Zerodha has managed to change the entire stock trading industry single-handedly and they did it without even raising any external funding or marketing their product. Today, Zerodha charges just Rs 20 (or 0.03% as commission – whichever is lower) from their customer for every intraday trade. Thanks to that, Zerodha earned a solid $135 million in profits in FY21.

#10 Urban Company: Urban Company is India's largest homes services marketplace. The company has a network of more than 35,000 home service professionals. They have also expanded beyond India to countries UAE, Australia, Singapore and Saudi Arabia. This rapid global expansion has caused their losses to almost doubled from $10 million in FY19 to $18 million in FY20. #9 CRED: CRED is a fintech startup that rewards its users for paying their credit card bills on time. The company is trying to fundamentally change the behaviour of its consumers in order to build a community of high trust individuals. This is why CRED had to spend a lot to get customers on their platform through expensive ads – leading to a minuscule operating revenue of $71,200, while expense stood at $51.8 million. #8 Delhivery: Logistics startup Delhivery is planning to go public in the coming months – which is why they have managed to cut down their losses significantly but it still remains considerably higher. Their losses rose to a high of $256 million in FY19 before coming down to just $38 million in FY20. #7 Udaan: Udaan is a B2B marketplace for retailers to buy products directly from the manufacturers. Focusing on rapid growth and building their all-India logistics – Udaan ended up raking up some pretty huge losses. Their losses rose by 3X from $112 million in FY19 to $333 million in FY20. #6 Ola Cabs: Ola Cabs has not only established its ride-hailing business in India but has also expanded internationally to countries like Australia, New Zealand and the UK. The company has been continuously improving its unit economics while also cutting down on losses in hopes of going public. They managed to cut down their loss from $436 million to $373 million between FY18 to FY19. #5 Swiggy: Indian food delivery unicorn Swiggy has long been engaged in a battle with its rival Zomato by offering huge discounts and cashbacks to acquire new customers. That combined with poor unit economics has caused their losses to grow. They ended the FY20 with a revenue of $368 million but a loss of $499 million. #4 Zomato: Zomato recently filed for an IPO is yet to achieve profitability either. The company claims to have achieved positive unit economics – which is a step towards profitability but according to their IPO filing, the company is expected to continue to be making losses for a while. In the first three-quarters of FY21, Zomato has already lost $93 million. #3 Dream11: Dream11 is India's only gaming startup to turn unicorn and it is also a leader in the country's fantasy gaming segment. They've had to spend a lot on the advertisement to make fantasy gaming popular among the masses – at a time when it was being looked at as gambling. As a result of which, Dream11's losses for FY19 stood at $19 million. #2 OYO: Oyo Rooms is India's hospitality unicorn that had expanded rapidly to international destinations before shrinking operations due to the pandemic. Their unpreceded rate of expansion demanded investment before they could make any money. This is why Oyo Rooms' losses grew 6X from just $50 million in FY18 to $336 million in FY19. #1 Paytm: India's most valuable fintech startup Paytm has been in the headlines for its heavy losses but they are now gearing up to file for an IPO – in fact, it could be India's largest IPO ever. While Paytm has managed to cut down its losses significantly by 42% from $389 million in FY20 to just $232 million, they are still a long way from profitability.

In reviewing the newly released Volcker Alliance report, Truth and Integrity in State Budgeting: Preparing for the Storm, panelists discuss fiscal reforms that many states put in place before the 2020 recession as well as the role of trillions of dollars in federal aid in restarting the economy and stabilizing state budgets. This special briefing features a panel of experts, including Erica MacKellar, program principal, National Conference of State Legislatures; Gabriel Petek, legislative analyst, State of California; Juliette Tennert, chief economist, Kem C. Gardner Policy Institute; and Lisa Washburn, managing director, Municipal Market Analytics. Notable Quotes: “Those states that upheld and strengthened their fiscal stability practices were better equipped to manage the acute fiscal stress, especially in those initial stages of the pandemic, when it really seemed like the economy was in free-fall,” Juliette Tennert. “Over forty states reported that they expect to meet or exceed their revenue projections for the current fiscal year,” said Erica MacKellar on FY2021. “Even since the Governor has released his budget proposal in January, revenues have remained very strong, exceeding even the Governor's estimates from January, and so through February the state tax collections are already $14.3B higher than what the January forecast estimated,” Gabriel Petek. “State reserve, rainy day funds plus general fund balances, grew to an all-time high of about $122B by the end of FY19,” Lisa Washurn. Be sure to subscribe to Special Briefing to stay up to date on the world of public finance. Learn more about the Volcker Alliance at: volckeralliance.org Learn more about Penn IUR at: penniur.upenn.edu Connect with us @VolckerAlliance and @PennIUR on Twitter, Facebook and LinkedIn Special Briefing is published by the Volcker Alliance, as part of its Public Finance initiatives, and Penn IUR. The views expressed on this podcast are those of the panelists and do not necessarily reflect the position of the Volcker Alliance or Penn IUR.

According to a study by KPMG, the gross revenue of Indian fantasy sports operators stood at US$ 340.5 million for FY20 compared to US$ 131.64 million in FY19, a 2.6X increase. The industry is expected to be worth a whopping US$ 3.7 billion by 2024. Factors like the pandemic, lockdowns, and work from home have only further accelerated the growth of this industry. MyTeam11 is one of the most sought-after e-sport platforms in India with over 15 million users. Touted as the fastest-growing fantasy sports app, MyTeam11 offers 150+ exciting contests in games like cricket, football, kabaddi, rugby, volleyball, hockey, baseball, and basketball. Launched in 2016, the app offers an engaging gaming experience by allowing the participants to pick real-match players, build their fantasy team, and win unbelievable rewards. We caught up with Nitish Bugalia, Head of Product and Strategy at MyTeam11 to understand how the sports landscape of India has been transformed by fantasy sports and virtual gaming. Nitish shared exciting insights on: How the fantasy sports industry has triggered a massive interest in different sports in a cricket-crazy country like India The role fantasy sports has played in improving the viewership in the women's game in India How the industry is paving the way towards taking sports to the doorsteps of smaller towns across the country Target personas for fantasy sports brands and how they are widening the audience How the rising popularity in fantasy sports is having a knock-on effect in viewership and content consumption across various platforms The massive role the Indian Premier League plays in the Indian fantasy sports industry and how brands are kept on their toes for these two months every year Tune in to learn how fantasy sports gaming platforms are seeing a massive surge in user acquisition and how this is redefining the Indian sports industry.

This newsletter is really a public policy thought-letter. While excellent newsletters on specific themes within public policy already exist, this thought-letter is about frameworks, mental models, and key ideas that will hopefully help you think about any public policy problem in imaginative ways. It seeks to answer just one question: how do I think about a particular public policy problem/solution?PS: If you enjoy listening instead of reading, we have this edition available as an audio narration on all podcasting platforms courtesy the good folks at Ad-Auris.Not(PolicyWTF): Acknowledging State FailuresThis section looks at egregious public policies. Policies that make you go: WTF, Did that really happen?- RSJWe rarely miss an opportunity when the political or the administrative class make an announcement or draft a policy that goes against our ideology of common sense. So, it is only fair we write about the rare occasion when someone gets things right. Even if it is only in a speech. Something New This was that week. Here’s our PM speaking in the Rajya Sabha about the state spreading itself too thin and the unfortunate demonisation of the private sector in our polity. The Print reports:While doffing his hat to the private sector Wednesday for its contribution to the growth and development of the country, Modi questioned the “power centre we have created in the country by handing over everything to babus”. “Sab kuch babu hi karenge. IAS ban gaye matlab woh fertiliser ka kaarkhana bhi chalayega, chemical ka kaarkhana bhi chalayega, IAS ho gaya toh woh hawai jahaz bhi chalayega. Yeh kaunsi badi taakat bana kar rakh di hai humne? Babuon ke haath mein desh de karke hum kya karne waale hain? Humare babu bhi toh desh ke hain, toh desh ka naujawan bhi toh desh ka hai,” Modi said.(Babus will do everything. By dint of becoming IAS officers, they’ll operate fertiliser warehouses and also chemical warehouses, even fly aeroplanes. What is this big power we have created? What are we going to achieve by handing the reins of the nation to babus. Our babus are also citizens, and so are the youth of India.)  I don’t know when words of this nature were last spoken in the Parliament. Maybe Minoo Masani made a few speeches of this kind during the heyday of the Swatantra Party. But to have a hugely popular PM, one with the rare ability to make the public do his bidding, speak these words suggests a shift in direction that was long-awaited. Anyway, that speech came on the back of weeks of protests against farm laws that had morphed into Ambani-Adani bashing. The names don’t matter. A few decades back it was Tata-Birla. We have also had the usual reports about how the pandemic has exacerbated inequality purely on the basis of notional wealth created by a rising stock market. And there have been bizarre articles devoid of any economic logic as well. These are familiar grounds. We have framed it as growth or redistribution trade-off in a few of our past editions. Like many others, we have argued India needs growth before worrying about redistribution. We have also done our best to dispel a notion deep within our psyche. That we are in some kind of a giant zero-sum game and someone winning must mean someone is losing. Is that it? Or is there more that can be brought into this debate?The state must aim to foster conditions in a society that advance the well being and prosperity of its members. No one argues with this goal. The fundamental question of public policy then is what are the means it must adopt to create this environment? Should the state aim for equality among its member through redistribution of its resources? That there can be no harmony or stability in a society unless there’s fairness and equality among its members.Or, should the state guarantee the fundamental rights of the citizens, provide for law and order that safeguards them against anarchy and then get out of their way. People don’t want the state to legislate for some notion of equality that’s in its mind. They want freedom and security. That would do. Thank you very much. The old Rawls versus Nozick debate Rawls’ seminal A Theory of Justice argued for justice as fairness (the title of a later book of his) with two key principles. First, the greatest equal liberty principle which proposed people’s equal basic liberties should be maximised. Rawls conceived of an artificial construct called the original position - a state where each one of us has to decide on the principles of justice behind a veil of ignorance. That is we are blind to any fact about ourselves; we are ignorant of our social position, wealth, class or any natural attribute. Behind this veil, Rawls asked how would we choose the principles of justice for the society? For Rawls, the logical choice for all of us would be what he called the maximin strategy that would maximise the conditions of those with the minimum. This gave him his second principle - the social and economic inequalities should be arranged only to provide the greatest benefits to the least advantaged. Nozick agreed on the liberty principle with Rawls. But he had a strong disagreement on the idea of maximin. For him, any distribution of wealth (or holdings as he termed it) is fair if it comes about by a just and legitimate distribution. He defined three legitimate means. First, where the acquisition of a property that is unowned is achieved through the enterprise of a person and this act doesn’t disadvantage anyone else. Second, a voluntary transfer of ownership between two consenting entities. And third, a redressal of a past injustice in acquiring or transferring the holdings. Anyone who has acquired wealth or holdings through these means is morally entitled to them. Any attempt by the state to redistribute it would be a serious intrusion on the liberty and, therefore, unjust. So the goal to reach a patterned distribution of wealth had a problem at its core. Once you achieve such a delicate balance, how do you maintain it? Every random economic act from there on will disturb the balance. And such random acts will be too many for the state to control. The state will then have to constantly meddle in the lives of its citizens to redress the balance. This meddling will spiral out of control soon till the state takes over the lives of its citizens completely in a totalitarian future. For Nozick state can act to redistribute only with the consent of its citizens. If people voluntarily redistribute their wealth (means #2) to others and want to design a society on that principle, they are free to do so. But the state cannot impose it against their will. To me, the first point of agreement between Rawls and Nozick is critical from an Indian context - the liberty principle or the basic freedoms that must be guaranteed to every citizen. These cannot be violated or the absence of such freedoms should not be tolerated even if doing so in some ways increase the aggregate prosperity of the society or help the poor. Before we argue about redistribution, we must ask if we have created a society that satisfies the greatest equal liberty principle. That must be our first goal. Postscript:I don’t remember when I lost my faith in the ability of the state to improve the lives of its people. Perhaps there wasn’t an exact moment. Growing up the state was all around me. I spent most of my childhood in what used to be called a ‘colony’. One of the many that dotted the semi-urban Indian landscape in the 80s. A small industrial township whose heart beat to the rhythm of the government-owned factory at the centre of it. My school, my playground, the hospital and even the temple were all run by the state. The state then subsidised a world-class higher education programme for me. At the turn of the millennium, I entered the workforce. If you had cut me then I would have bled state. Over the next two decades, I lost my faith. Gradually. Two factors led to it. One, I understood the privilege that allowed me to take advantage of the generosity of the state. The accident of my birth - a savarna Hindu male born in the mid-70s to educated parents - seemed to play a disproportionate role in my relative success. I noticed the state could barely enable others to do well who weren’t born to privilege like me. They didn’t have the freedom that I took for granted. The state was absent to those who needed it the most. Two, the state had tremendous confidence in its capabilities that, unfortunately, was inversely related to its actual performance. This led the state to have its finger in every pie with poor outcomes. The state cast its long shadow in everything I did. It was present everywhere.The Indian state was simultaneously ‘omnipresent’ and ‘omniabsent’ depending on who you were. One thing was common though. The consequences of both were terrible.Once I saw through the nature of the state, I couldn’t ‘unsee’ it. The sorry spectacle of the flailing state, as Pritchett called it, was all around me. I wondered how others couldn’t see it. Why despite the overwhelming evidence do we look for the state to solve problems where there was no apparent market failure? Why did the state not narrow its focus on things that really mattered and build capacity in them instead of spreading itself too thin? Whenever I read about the argument for state to get into further redistribution, I cannot help but ask how does the end result of this patterned distribution look like. Is there really any end to it? Why should we let it meddle even further into our lives trying to get the redistribution right? Why can’t the state focus on ensuring the privilege I was born with is made available to all its citizens? That would fulfil the first principle agreed upon by both Rawls and Nozick. The rest is just criminal overreach. PolicyWTF: Compulsory PhilanthropyThis section looks at egregious public policies. Policies that make you go: WTF, Did that really happen?— Pranay KotasthaneWe in India love our oxymorons. Back in college days, we had “compulsory elective” courses. Similarly, many government interventions are what my senior colleague Narayan Ramachandran calls “voluntary mandatory” — voluntary according to the law but mandatory in practice. The most common example is the requirement to submit the “voluntary mandatory” Aadhaar for accessing any government service. To this venerable tradition, add one more - “compulsory philanthropy”. Philanthropy implies choice. It is an act of generosity, of empathy. But that’s not how the State sees it. Under the name of Corporate Social Responsibility (CSR), philanthropy was made mandatory starting in 2014. That move didn’t go as well as the State desired (surprise surprise!). One, there wasn’t just enough CSR expenditure forthcoming. The highest total CSR expenditure, clocked in FY19, was just about ₹18,000 crores. For reference, the union government earned ₹20,000 crores in FY20 through the Education & Health Cess alone. Two, new frauds emerged, with some companies funding dubious CSR projects that clawed money back to their promoters (duh!). And three, and this is the most important one. Fearing the wrath of the State, many companies spent their CSR funds on the “safe” subjects such as primary education and health, precisely the areas where the State’s role is supremely important. In other words, this had the effect of allowing the State to outsource its core functions.Given these problems, the union government notified changes to the CSR rules last month (you can read the gazette notification here). These changes are all too familiar — increase disclosure requirements, mandate impact assessments, and of course, generate more accounting work. To balance it out, there are some positives too — a regimented list of subjects that qualify for acceptance of CSR has been replaced with a negative list, while the CSR provision has been decriminalised (phew, small mercies!).I will evaluate the impact of these new rules at a later point in time. For now, I want to return to the purpose of CSR and debunk three common arguments made in favour of mandating philanthropy.The first argument is that CSR is just corporate tax by another name, so why bother. I agree that once you make philanthropy mandatory and statutory — India is the only country in the world to do so — CSR becomes tax-like. And yet, it is only worse. Anyone doing business in India will attest that it’s impossible to do so without breaking one of the thousands of rules and laws that demand compliance. Now with new rules and additional compliance requirements, CSR becomes another tool in the hand of the State to corner businesses and worse still, create new corruption opportunities. There are three costs associated with any tax-like mechanism: the cost of collection, the cost of compliance, and the cost of market distortion. Mandating CSR is a tax in which the cost of compliance is way too high for it to make any economic sense. If the objective is to mobilise resources for social welfare, there’s a much better tax-like mechanism — it goes by the name ‘tax’. The second argument is that look, many great things have happened because of CSR — lakes are being maintained, schools have started functioning, and drinking water is being provided. So why not get companies to do even more?I call this argument the cost-blind fallacy. Any expenditure worth ₹18,000 crores is, of course, going to do some good things. In a complex system, even the worst of public policies always have some positive benefits. That doesn’t imply that anything goes. Since every policy also has a cost attached to it, it’s benefits need to be compared with the costs incurred. So, has anyone asked what were the explicit and implicit costs of mandating CSR? Does it make the State more complacent having outsourced its work? What are the compliance costs for companies? Does it make companies already involved in philanthropy of their choice scale back their efforts to satisfy government paperwork? Without an answer to these questions, recounting a few successful examples of CSR is poor reasoning.The third argument is that companies spending money on social welfare will be more efficient at achieving the required outcomes than our already stretched-out State. A quote from this Business Standard report gives a good idea about this line of thinking:“India has huge inequalities in society and there is much to do about our environment. It is not possible or fair for the government to tackle it alone. It would also take many, many years to see the results. The reason CSR law was brought in was to make industry an equal and responsible stakeholder in the development process.” This argument falls flat on two counts. One, development successes are not achieved by “equal” stakeholders trying to fix each other’s failures but by each stakeholder doing well at what it is supposed to do in the first place. It’s not about ‘everyone doing everything’ but about ‘everyone doing at least one thing well’.Previously, I have argued how hyper multi-objective optimisation lead to poor institutions and policies. Let the objective of the market be to bring prosperity and create livelihoods. Burdening it with social welfare conditions will lead to a situation where it achieves neither of the outcomes.Two, to think that companies can easily plug government failures is deluding ourselves. All of CSR expenditure in FY19 less than one-third of union government expenditure on MNREGS alone. It’s only the state that has the resources and stamina to provide public goods. It must be held accountable for that. No amount of philanthropy can be allowed to wash the State its hands of the results. In sum, compulsory philanthropy is akin to the Indian State reprimanding Markets and Society by saying: I won't do what I'm supposed to but why the hell aren't you two doing what I'm supposed to do?India Policy Watch: Resources for Budget AnalysisInsights on burning policy issues in India— Pranay KotasthaneThe budget season is upon us. After the union government budget, states — which account for nearly sixty per cent of all government spending in India — are in the process of planning their next financial year. I strongly believe that financial statements of governments require closer scrutiny. Without better analysis of incomes and spending, we cannot expect government accountability. Add to that, this is one activity that public policy enthusiasts can do from the comfort of their homes. So in this edition, I want to share some publicly available resources that can help you understand government finances better. Apart from state and union budget documents, there are many other data sources scattered on websites of different government bodies in true Yes Minister fashion.Hopefully, this non-exhaustive list will be of some help.PrimersIf you want to understand the basics of a government budget, start with PRS Legislative Research’s Overseeing Public Funds - How to scrutinise budgets document. The portal OpenBudgetsIndia also has a good primer here. If you want to analyse the budgets of your state, we have a three-part YouTube tutorial here: 1, 2, and 3.Public Finance DatabasesIf you want to know the stated outputs and outcomes of union government schemes, read the output outcome framework document released with the other budget outlay documents. If you want detailed information on union government spending arranged by minor heads, the Controller General of Accounts releases finance accounts data every year. The Department of Economic Affairs releases an Economic and Functional classification of the union government budget. If you’re on the lookout for the combined expenditure of union and state governments on areas such as research, health, or education, look at the Indian Public Finance Statistics.If you are looking for information on disinvestment of union government-owned public sector units, the Bombay Stock Exchange maintains a database here. The RBI maintains a database of all state government finances in one place, that too in spreadsheet form(!), here. All supplementary grants made by the union government ministries can be found here. If you know of more such documents that lie hidden in plain sight, send them to me. Let’s create an exhaustive public finance database index.Quiz: An Election Manifesto Worth Reading— Pranay KotasthaneElection manifestos are boring laundry lists of promises and a litany of woes rolled into one. So let me present to you an exception. Given below are excerpts from an election manifesto of a political party, written by a well-known Indian political leader. You need to name them. Send us your answers as comments to this post. If not, just enjoy this manifesto for its clarity and farsightedness. I’ve substituted XYZ for the name of the party in these excerpts. On principles of the party“The attitude of the Party in public affairs will be governed by the following principles: It will treat all Indians not only as being equal before the law but as being entitled to equality and will accordingly foster equality where it does not exist and uphold it where it is denied. It will regard every Indian as an end in himself with a right to his own development in his own way and the State as only a means to that end. It will sustain the right of every Indian to freedom- religious, economic and political– subject to such limitations as may arise out of the need for the protection of the interests of other Indians or the State. It will uphold the right of every Indian to equality of opportunity subject to the provision that those who have had none in the past shall have priority over those who had. It will keep the State ever aware of its obligation to make every Indian free from want and free from fear. It will insist on the maintenance of liberty, equality and fraternity and will strive for redemption from oppression and exploitation of man by man, of class by class and of nation by nation. It will stand for the Parliamentary System of Government as being the best form of Government both in the interest of public and in the interest of the individual. ….There may not be anything new in the Principles of the XYZ. They will be found in the manifestoes of most political parties. But there are two considerations which distinguish the Z from other Political Parties. The first consideration is that the principles of the Z are not adopted by the Z merely to look politically respectable or merely to delude the voters. They are natural to the Z. They are borne out of the social condition of the XY. The XYZ cannot exist without adopting these principles and without holding up to those principles and living up to them. The principles of the XYZ are the life book of the XYZ. They are not the external marks of a political faith. They are the outward register of the inward feeling. They are not cloak worne for the purpose of winning the election. Many parties may adopt these principles. But no party can be so true to the principles as the XYZ.”On what the party’s policy would be like“The policy of the Party will be to try to give effect to the principles set out above. The policy of the Party is not tied to any particular dogma or ideology such as Communism, or Socialism, Gandhism, or any other ism. The Party will be ready to adopt any plan of social and economic betterment of the people irrespective of its origin and provided it is consistent with its principles. Its outlook on life will be purely rational and modern, emperistic and not academic.”The Party’s approach to increasing productivity“For the purpose of increasing production, the XYZ will not be bound by any dogma or any pattern. The Pattern of industrial enterprise will be a matter regulated by the needs of the time and circumstances. Where national undertaking of an industry is possible and essential, the XYZ will support national undertaking. Where private enterprise is possible and national undertaking not essential, private enterprise will be allowed. Looking at the intense poverty of the people of this country no other consideration except that of greater production and still greater production can be the primary and paramount condition. A pre-conceived pattern of industry cannot be the primary or paramount consideration. The remedy against poverty is more production and not the pattern of production.”On Kashmir“On the Kashmir issue, the policy adopted by the Congress Government is not acceptable to the XYZ. This policy if continued will lead to a perpetual enmity betwen India and Pakistan, and the possibility of war between the two countries. The XYZ believes that it is essential for the good of both countries that they should be good and friendly neighbours. For this purpose the proper policy to adopt towards Pakistan should be based upon two considerations. (1) There should be no talk about the annulment of the partition of India. Partition should be accepted as a settled fact not to be reopened and that the two countries to continue as two separate sovereign States. (2) That, Kashmir to be partitioned– the Muslim area to go to Pakistan (subject to the wishes of the Kashmiries living in the Valley) and the non-Muslim area consisting of Jammu and Ladhak to come to India.” On Foreign Policy“The other centre of our foreign policy which has made other nations our enemies is China. India is made to fight her battle for entry in the United Nations Organisation as a permanent member thereof. This is an extraordinary thing. Why should India fight the battle of China when China is quite capable of fighting her own battle? This championing of the cause of Communist China by India has been responsible for the prevailing antagonism between India and America with the result that it has become impossible for India to obtain financial and technical aid from America.…. India’s first duty should be to herself. Instead of fighting to make Communist China a permanent member of the U. N. O. India should fight for getting herself recognised as the permanent member of the U. N. O. Instead of doing this, India is spending herself in fighting the battle of Mao as against Chaingkai Shek. This quixotic policy of saving the world is going to bring about the ruination of India and the sooner this suicidal foreign policy is reversed the better for India. Before championing the cause of Asiatic countries, India must strive every nerve, must seek every aid to make herself strong. Then only will her voice be effective. This will be the line of Foreign Policy that the XYZ will pursue.”Finally, cheers to a strong rejection of prohibition.“From the point of equity, there is no justification for prohibition. The cost of prohibition is borne by the general public. Why should the general public be made to pay the cost of reforming a lakh or two of habitual drunkards who could never be reformed ? Why should the general public be made to pay the cost of prohibition when the other wants of the public such as eduction, housing and health are crying for remedy? Why not use the money for development plans? Who has greater priority, the Drunkard or the Hungry? There are pertinent questions to which there is no answer except arrogance and obstinacy. Whatever happens, the policy of prohibition must be reversed and this colossal waste of public money should be put a stop to and the resources utilised for advancing general welfare.”HomeWorkReading and listening recommendations on public policy mattersThe Economist (Schools brief) on the three post-war liberals who strove to establish the meaning of freedom.[Article] Prof Govinda Rao has the authoritative take on the 15th Finance Commission recommendations.[Podcast] Pranay and Saurabh discuss GameStop, Rihanna, and the politics of radically networked societies on Puliyabaazi.[Article] Bharat Karnad has another contrarian take on Tejas and India’s search for fighter aircraft. Get on the email list at publicpolicy.substack.com

The ASX200 is eyeing a fall of 0.5% at the open.The Head of the Reserve Bank in the US assured Americans that interest rates will stay low until employment rates return to normal levels.Companies reporting results:Telstra (ASX:TLS) reported net profit after tax (NPAT) of $1.1 billion, which exceeded the expectation of $849 million.AMP (ASX:AMP) reported full year statutory NPAT of $177 million, reversing the $2.5 billion loss in FY19.Yesterday's most traded stocks:Large caps: Fortescue Metals (ASX:FMG), InvoCare (ASX:IVC) and Suncorp (ASX:SUN).Small caps: BlackEarth Minerals (ASX:BEM).Local trading ideas:Praemium (ASX:PPS) was reiterated as a buy by Bell Potter with new $1.01 target.Australian Strategic Materials (ASX:ASM), Resimac Group (ASX:RMC) and Charter Hall Group (ASX:CHC) are giving off bullish charting signals according to Trading Central.

It’s my mother’s birthday, and I wish her a fantastic day and am sad I will not be able to visit her today. So this January 20, 2021 installment of Charlottesville Community Engagement is dedicated as a grateful appreciation for all she’s done for me over the years. None of this would be possible without her love and support over the years, and I am truly grateful. Happy birthday, mom! On today’s show:Charlottesville City Council gets a budget updateCharlottesville Council hears from the Tree Commission about the unmet planting needs The Commonwealth Transportation Board hears about COVID-related traffic trends Today's Patreon-fueled shout-out is for the Plant Northern Piedmont Natives Campaign, an initiative that wants you to grow native plants in yards, farms, public spaces and gardens in the northern Piedmont. Native plants provide habitat, food sources for wildlife, ecosystem resiliency in the face of climate change, and clean water.  Start at the Plant Northern Piedmont Natives Facebook page and tell them Lonnie Murray sent you! The fallout from the economic shutdown related to the COVID-19 pandemic means that Charlottesville is facing a tougher financial future than would have been expected. Last night, the City Council got an update on the city’s financial picture. Ryan Davidson is a senior budget analyst with the city. (read the report)“There’s been a marked decline in many of our revenues and our new revenue projections are approximately $5 million than what we had previously presented to City Council,” Davidson said. Specifically, meals tax collections are $2 million lower than had been forecast in September, and transient lodging tax collections are $1.86 million lower. But not all sources of revenue are in the red. “Licenses and permits,” Davidson said. “This is one bit of good news! We are seeing continued strong performance in our building and plumbing and our other permits. We’re expecting almost a half million increase.” Davidson said in the worst case scenario with revenues that continue to decline, the city could end up with a $13.2 million shortfall by the end of the year. To manage that shortfall, budget staff are using the cash reserve that Council agreed to put aside when it approved the budget for the current fiscal year. That money would have gone to various items in the capital improvement program. Davidson said the city may also need to use surpluses from both FY19 and FY20. “That can be up to $4.1 million that we could bring in as the potential revenue source to help fill that gap,” Davidson said. He added that the city is trying to avoid laying off any employees, but it will take a full effort by Council and staff to continue to get through the year. Davidson reminded the Council there are still just over five months left in the fiscal year, and projections can change over time as conditions fluctuate.  “Let’s try to manage to the worst case scenario, then if things are better than that, then we will be prepared for that,” Davidson said. “And if they’re better than that, we have leverage and we will have resources that we have not yet had to use.”Source: City of CharlottesvilleCouncil also got a briefing from the Charlottesville Tree Commission on their annual report. Brian Menard is the group’s chair. (read the report)“This past December marked ten years since Council established the commission with the charge to ‘protect and improve the urban forest in pursuit of a better quality of life for city residents and environmental and aesthetic benefits,” Menard said. Menard said both planting more trees and preserving ones that exist are critical to maintain an urban forest, and that the benefits of doing so are many. “These include public health, energy conservation, environmental sustainability, water and air quality, stormwater management, and environmental and social justice,” Menard said. Menard said the percentage of Charlottesville’s 10.4 square miles covered by trees is dropping, and an aerial study will be conducted later this year to confirm initial analysis that the city has lost 460 acres of tree canopy since 2004 due to development and to the city not meeting its goals.“The goal of planting two hundred trees a year has not been met in each of the last four years,” Menard said. “Planting has not kept pace with removals. They average about 129 trees a year, which is 65 percent of the planting goal.”Menard said many new developments are not planting what they should, which leads to more urban heat and less shade. “To be clear, the Commission understands and supports the need for more housing especially the critical need for affordable housing, but it believes that there must be a balance that recognizes another critical need which is to preserve and expand our green infrastructure,” Menard said. Menard noted that neighborhoods with lower tree canopies are the ones with lower-incomes. “Simply put, less shade equals higher levels of heat, negative health outcomes, and higher energy costs,” Menard said. “Neighborhoods with tree canopy below 40 percent are effectively unhealthy neighborhoods.”Menard said members of the Tree Commission want to make sure the update of the zoning code and Comprehensive Plan reflects the need for more trees. They also would like funding restored for tree planting. That line item was eliminated in the current fiscal year and put in a reserve to deal with potential revenue shortfalls that turned out to have materialized. Take a look at the report to learn more. I’ll have more from the City Council meeting in a future newsletter. (FY20 annual report)(FY20 annual report)*Today the Virginia Department of Health reports another 4,515 new cases of COVID-19 and the seven-day average is currently 6,149 a day. The percent positivity declined another tenth of a percentage point today to 13.5 percent. There are another 63 deaths reported today in Virginia, but none are in the Blue Ridge Health District, where a new death has not been reported since January 11. The district reports 94 new cases today, including 14 in Louisa County, which has seen nearly half of its total caseload of 1,313 reported in 2021. The Louisa Board of Supervisors had been intended to get a briefing from the Blue Ridge Health District, but an appearance by director Denise Bonds was postponed. BRHD officials are slated to give an update to the Albemarle Board of Supervisors at their meeting tonight. There are 33 new cases reported in Albemarle today for a total of 2,808 cases during the pandemic. The VDH’s dashboard on vaccines now shows a seven-day rolling average of 18,740 doses being administered a day. A disclaimer on the site states that it make take up to 72 hours for administered doses to be recorded into the system. Source: Virginia Department of Health* The various government-mandated closures to slow the spread of COVID during the pandemic initially lead to lower traffic volumes on Virginia’s highways. Yesterday the Commonwealth Transportation Board got an update on traffic volume when measured by trucks-only and all-vehicles. Mena Lockwood is with VDOT’s Traffic Engineering Division. “Both are trending below normal, decreasing from about 90 percent typical down to about 84 percent of typical at the end of the month,” Lockwood said. In mid-April, traffic volumes were down as much as 60 percent of the normal. VDOT measures traffic volume at 512 locations throughout the Commonwealth. To watch the presentation, click this link. (Lockwood’s presentation) Source: Virginia Department of Transportation*Today in meetings, the Albemarle Board of Supervisors has a long meeting beginning at 1 p.m. In the evening session, there is a public hearing to officially move forward with already approved capital projects that were paused at the beginning of the pandemic. “In a typical year, this happens in June when the Board appropriates funds for the new budget year,” said Albemarle County spokeswoman Emily Kilroy. “This did not occur in June 2020 as Finance & Budget staff waited to understand the impact of the pandemic on local revenues.”Projects include $260,000 for the county’s Greenways/Blueways program, $330,000 to address drainage infrastructure in older county neighborhoods, and $20.4 million for an addition to Crozet Elementary School as well as other improvements. (staff report)To learn more about what’s happening at the Board of Supervisors, take a look at this week’s Week Ahead newsletter. This is a public episode. Get access to private episodes at communityengagement.substack.com/subscribe

Small Business Saturday is a day dedicated to supporting small businesses and communities. There are 3 very important reasons why small businesses should thrive more 1) Every touch of theirs is personalized. They love to have a one to one connect with their buyers to know their likes and preferences. 2) Small businesses adapt very easily to changes. 3) Small businesses need you and your support more than ever. Small businesses get overlooked by many customers who get enticed by larger companies, and this can adversely affect the local economy in more negative ways than might appear on the surface level. This trend is on the rise almost everywhere in the world creating new challenges for local businesses, economy, and livelihoods. According to the MSME Ministry's FY19 annual report, the Indian MSME sector is dominated by micro-enterprises. India has 6.33 crore MSMEs out of which 6.30 crore -- 99.4 percent are micro-enterprises. This Small Business Saturday let's pledge our local businesses more of our support, especially during these hard Covid times. (Please do subscribe, like, comment, and share if you liked this episode/channel) --- Send in a voice message: https://anchor.fm/kaj-studio/message

EMEA Recruitment were delighted to welcome Dr. Phil McDonald, Consultant Anaesthetist and Medical Director at Operation Smile UK, to our podcast.  “Without you guys raising funds and supporting us, we just wouldn’t be able to do the work.” We are incredibly proud to be supporting Operation Smile UK as our podcast partner, through which we hope to raise vital funds and awareness for the life-changing work that they do.  EMEA Recruitment has a personal connection to the charity, as our Founder, Paul Toms, explains at the beginning of this episode. We are delighted to be working alongside Operation Smile to transform lives around the world.  Phil, who is a Co-Founder of Operation Smile UK, was kind enough to speak with Paul about his incredible experiences working on medical missions across the globe, to improve the lives of children and adults alike.  It’s a wonderful story of how Phil accidentally found himself on an Operation Smile medical mission, took the opportunity to set up the charity in the UK, and now provides more than 19,000* surgeries to children and adults every year, and trains medical professionals abroad to carry out this vital surgery.  He also has some heart-warming stories from children and adults in developing countries, which he claims never stop having an impact. Listen to the full episode to learn more about Phil’s long-term goals for the charity and how he helps children (and their parents) feel at ease before surgery…   Some useful timestamps can be found below: 02:09 How Dr. Phil got involved with Operation Smile and helped set up the charity  07:13 How working as consultant anaesthetist aids his work in Operation Smile  10:00 The importance of empathy when dealing with anxiety during surgery 12:00 Operation Smile’s mission  22:00 What Dr. Phil has learnt from working with Operation Smile 23:45 How Operation Smile helps local health care professionals to become self-sustaining and self-sufficient 30:30 The challenges of operating during the pandemic and how organisations can help 35:20 How vital funding is to Operation Smile 38:25 How to connect with Dr. Phil   Through our partnership, Operation Smile UK will feature on our podcasts moving forward. Find out more about how we’re supporting the work that they do here: https://www.emearecruitment.eu/operation-smile    We hope you enjoy this podcast episode. Please share with your network to listen to Phil’s story.   The EMEA Recruitment podcast is hosted by the Founder of EMEA, Paul Toms, and Executive Recruiter and Senior Consultant, Jenny Callum. To find out more about EMEA Recruitment, visit: https://emearecruitment.eu Follow us on LinkedIn here: https://www.linkedin.com/company/emea-recruitment-limited/ Connect with Paul on LinkedIn at: https://www.linkedin.com/in/paultomsemea Or Jenny: https://www.linkedin.com/in/jennycallumemea   If there are any questions or topics you would like covered in future EMEA Recruitment podcasts, please send us a message on LinkedIn and we will look to help.    *Operation Smile provided more than 19,000 surgeries to children and adults in FY19.  #emearecruitmentpodcast #emearecruitment #podcast #drphilmcdonald #operationsmileuk

With the coronavirus-induced nationwide lockdown having deeply impacted the economy, India’s GDP contracted 23.9 per cent in the April-June quarter of 2020-21 compared to the same quarter last financial year, showed official data released by the National Statistics Office (NSO) on Monday. Well, the pandemic has weakened the already declining consumer demand and private investment. These figures reveal the pain the economy had to undergo as Covid-19 brought all activity to a standstill during the quarter.   Why is the GDP number important?   GDP is a key indicator of overall economic activity. A sharp fall in growth means slowing business activity, rising unemployment and, consequently, greater stress on the banking sector. The GDP figures are keenly watched every quarter for cues on broader economic performance.   This is the first instance of an economic contraction for the country in at least four decades, and also the first GDP decline since India began publishing quarterly numbers in 1996. In the January-March quarter of this year, the economy had grown by 3.1 per cent year-on-year — the lowest rate in over 17 years — and by 5.2 per cent in the June quarter of 2019-20. The rate of India's GDP growth had declined from 6.1 per cent in FY19 to 4.2 per cent in FY20, the slowest in 11 years.   Meanwhile, After an initial burst on Monday morning that took the S&P BSE Sensex to the day’s high of 40,010.17, the markets lost ground as trade progressed. The S&P BSE Sensex lost over 1,614 points from the day's high and hit a low of 38,395.89 levels. It, however, recouped some of the loss and closed 839 points, or 2.1 per cent, lower at 38,628 levels. Listen to the podcast for more  

Port of Tauranga has posted group net profit of $90 million and increased container volumes, despite the pandemic storm that lashed global shipping and trade in the final months of its financial year.New Zealand's largest port said net profit after tax was $10.6m down on the previous year while revenue also fell to $302m from $313m as log exports slumped by nearly 22 per cent and imports and exports were buffeted by the global Covid virus.The company will pay a final dividend of 6.4c a share but has suspended the special dividend scheme to reserve funds to accelerate capital expenditure for growth.The full year dividend is 12.4c a share, 90 per cent of underlying net profit after tax. The average annual compounding total shareholder return has been 23.34 per cent over the past 10 years, the company said.Container volumes increased 1.5 per cent to total 1,251,741 for the year ended June 30.Also up, by 18.5 per cent, were earnings from subsidiary and associate companies at $14.1m. Group ebitda fell 8.1 per cent to $166.5m.Total trade of 24.8m tonnes was slightly down on FY19's 26.9m tonnes.Exports decreased 8 per cent to 15.8m tonnes and imports fell 7.8 per cent to 9m tonnes as NZ Inc. struggled to keep business flowing in local and international Covid shutdowns.Log export volumes were squeezed in the first half of the financial year by lower international prices and demand. By March positive signs were emerging from New Zealand's main log market China as business there returned to normal after Covid shutdown disruption, but then forestry was deemed a non-essential industry during New Zealand's level 4 response. Logs already on the Tauranga wharves could be shipped but it was May before trucks could start bringing in fresh supply.Overall log volumes fell 21.5 per cent to 5.5m tonnes.Dairy exports increased 1.7 per cent to nearly 2.4m tonnes and meat exports surged by 15.4 per cent.Kiwifruit exports held steady with a continuing trend to containerisation.Transhipped containers remained nearly a third of total containers handled. Transhipment is when containers are transferred from one ship to another.Highlights included a 15.3 per cent reduction in the port's overall carbon emissions and the company's land and buildings portfolio value swelling by $43.5m.The port remains Australasia's most productive container terminal with the average net crane rate increasing 8.8 per cent to 35.8 moves per hour.Chairman David Pilkington said the pandemic impacts included shipping cancellations, reduced cargo volumes, operational challenges and increased costs, with a resulting economic recession in New Zealand and overseas."We are better positioned than most, due to our track record of strong capital discipline, our conservative balance sheet and capacity headroom," he said."Our diversity of cargo gives us some resilience in terms of revenue, while the strength of our people and processes has really shone through in keeping New Zealand's most efficient port operating."Chief executive Mark Cairns said the port was now planning for the next stage of cargo growth in response to customer demand. It would add another container vessel berth to the south of the Sulphur Point wharves. A ninth container crane had been introduced during the year.The port team had put in an "outstanding performance" to keep essential imports and exports flowing through the Covid lockdown.Cairns said the short and medium term impacts of the pandemic were still uncertain."We expect cargo volumes to slowly recover over the next three years, with dairy product and kiwifruit exports likely to be the strongest performers in terms of growth."We are still confident of growth over the long term and given the lead time required for any investment, we continue to pursue capacity expansion."Our track record means we have a strong credit rating and we believe we are well-placed to weather the Covid 19 storm."The company will provide an update on firs...

FMG’s full year result was broadly in-line with the average of analysts’ expectations. FMG delivered record revenue and underlying EBITDA which paved the way to a record NPAT of US$4.735 billion, together with earnings per share of 154 US cents – an increase of 49%. Revenue was US$12.8 billion, 29% higher than the prior year, while underlying EBITDA of US$8.37 billion was 38% higher than FY19. FMG generated strong cashflows during the year, with net cash from operating activities increasing by 47% to US$6.4 billion.  FMG will pay a final dividend of A$1.00 per share, fully franked. The ex-dividend date is 31 August 2020, and the dividend will be paid to shareholders on 2 October 2020. This report is approved and distributed in Australia by Commonwealth Securities Limited ABN 60 067 254 399, AFSL 238814 (CommSec) a wholly owned but non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124, AFSL 234945 (the Bank). The Bank and its subsidiaries have effected or may effect transactions for their own account in any investments or related investments referred to in this report. This report is not a recommendation to buy, sell or hold any securities or financial products, and has been prepared without taking account of the objectives, financial or taxation situation or needs of any particular individual. For this reason, any individual should, before acting on the information in this report, consider the appropriateness of the information, having regard to the individual's objectives, financial or taxation situation and needs and, if necessary, seek appropriate professional advice. This report is produced by Commonwealth Research based on information available at the time of publishing. We believe that the information in this correspondence is correct and any opinions, conclusions or recommendations are reasonably held or made as at the time of its compilation, but no warranty is made as to accuracy, reliability or completeness. To the extent permitted by law, neither the Bank nor any of its subsidiaries accept liability to any person for loss or damage arising from the use of this report.

The June quarter results by Reliance Industries will be a major focus in the markets today. Besides, investors will also react to global cues, Covid-19 trends and other corporate results. Reliance Industries reported about 31 per cent rise in Q1 net profit at Rs 13,233 crore, beating Street estimates. Its profit was aided by an exceptional gain of Rs 4,966 crore arising out of the sale of partial stake in the fuel retail business to BP Global Investments, as well as rise in other income. Net sales in the June quarter fell 44 per cent YoY to Rs 88,253 crore -- the lowest level since the June 2017 quarter as the pandemic and the ensuing lockdowns hit the energy and retail businesses in Q1. Reliance Jio's pre-tax profit surged almost 147 per cent on a YoY basis to Rs 3,375 crore in the June quarter. Revenue rose 33.7 per cent driven by a tariff hike undertaken last December. Limited customer churn and customer recharges during the lockdown also played a part. Today, a total of 576 companies including State Bank of India, Tata Motors, Sun Pharmaceutical Industries, Indian Oil Corporation are scheduled to announce their quarterly results. For SBI, stake sale gain from SBI Life during the June quarter may be the only saving grace as analysts see the bank's business growth to be modest in Q1 amid declining interest income and lower net profit sequentially. On the Covid front, India recorded 52,249 new cases in the past 24 hours, taking its total number of Covid-19-positive cases to 16.4 lakh, according to Worldometer. The country's death toll stood at 35,786. Now, a quick look at some other top news. India's FMCG market excluding e-commerce sales will see a flat growth for the current calendar year because of the nearly 18 per cent decline seen in the April-June period, market research agency Nielsen said on Thursday. This was the quarter that saw the full impact of the nationwide lockdown that kicked in from March 25. State-owned insurance behemoth LIC clocked 12.42 per cent growth in FY20 in total premium income at Rs 3.79 trillion, compared to Rs 3.37 trillion in FY19. The insurer’s new business premium was up 25.17 per cent in FY20 to Rs 1.77 trillion. In the end, let's look at the global cues for the day. The SGX Nifty is indicating a green start for the Indian markets today. Globally, US equities dipped overnight after US economy recorded a worst quarterly plunge ever of 33 per cent annualized rate in the June quarter, which is when the viral outbreak shut down businesses. However, the quarterly earnings report by the big tech quartet of Apple, Amazon, Facebook, and Alphabet, helped soften the blow. Overall, the Dow Jones fell 0.85 per cent, the S&P 500 lost 0.38 per cent, and the Nasdaq added 0.43 per cent. Asian equities slid in Friday's early deals. Hong Kong's Hang Seng index rose 0.3 per cent. Australian ASX 200 index lost 1.4 per cent, while Japan's Nikkei also slipped 1.4 per cent. In commodity markets, Brent crude was trading at $43.34 a barrel. Read by Kanishka Gupta

In his virtual address to the shareholders, RIL chairman, Mukesh Ambani thanked them for their faith in the company and highlighted the recent capital raising efforts of the company that include a rights issue and stake sales in Jio Platforms.   Ambani also welcomed Google as a strategic investor in Jio Platforms. Google will invest Rs 33,737 crore for a 7.7 per cent stake in Jio Platforms. "Investment in RIL will be our biggest investment under the recently announced $10 billion digitisation fund," said Sundar Pichai. "With Google's invetment, the fund raised by Reliance in less than three months stands at Rs 2,12,809 crore," Ambani added. This includes investments by Facebook and other investors in Jio Platforms, the Rs 53,124 crore rights issue, and investment by BP in RIL's fuel retailing venture. With the fund raising now achieved, Reliance Industries has become a debt-free company.   "It is in excess of our net debt of Rs 1,61,035 crore at the end of FY19-20," he said. "Reliance is now truly a zero net debt company, well ahead of my goal of March 2021. It has an extremely strong Balance Sheet that will support growth plans for its three Hyper-Growth Engines Jio, Retail and O2C," said Ambani.   Listen to the podcast to know more

This week's episode covers FY19 NDAA, FAR Council, and NIST news and is hosted by partners Peter Eyre and Lorraine Campos. Crowell & Moring's "Fastest 5 Minutes" is a biweekly podcast that provides a brief summary of significant government contracts legal and regulatory developments that no government contracts lawyer or executive should be without.

Report: Review of agency contingency plans during FY19 partial shutdown James (Jay) McTigue, Director of Strategic Issues at the Government Accountability Office, presents what GAO found in its review of agencies’ contingency plans for government shutdowns USCIS furloughs 13,400 employees in light of budget shortfall Jim Williams, Partner at Schambach & Williams Consulting, discusses the impact of the fee-based U.S. Citizenship and Immigration Services’ furlough of employees due to the coronavirus Priority action items to implement federal hiring exec. order Kristine Simmons, Vice President of Government Affairs at the Partnership for Public Service, discusses how President Trump’s executive order will affect hiring at agencies and what they have to do to meet the 120-day deadline

In this episode, I interview Darren Lange, the founder and managing director of the Tasmanian Cask Co., one of the leading suppliers of casks to the Australian whisky industry. His entrepreneurial journey started in 2010 after 20 years in the wine industry and aged 41. He decided to go out on his own and form a company called Master Cask, which was on-selling casks coopered overseas solely to the wine industry in Australia. A cooperage manufactures the wooden casks or barrels that wines or spirits are aged in. A 3000+ year craft, it is still a very manual process to date.  Starting out with one full-time employee, his mum soon joined him to help with the business administration and now his three businesses have a team of around 30, with just over 20 of those being expert coopers. In 2014, he formed the Tasmania Cask Company and a few years later acquired a customary competitor in South Australia now named Australian Coopers. He got money to fund his business from the 3Fs (Friends, Family, and Fools) until an investor bought into the business in 2015. That investment helped propel sales from 80 casks in 2012 to more than 20,000 in 2019, with 90% of those sold in the spirits industry.  Darren admits that excellent communication, a kick-ass team, and an investment in R&D and innovation are at the heart of managing the three businesses’ success. He believes the hardest thing in growing a small business is cashing in on people, and the advice he would give himself on day one is, “Not to be hard on yourself. Take the time to celebrate the wins and celebrate them with the people around you. Remember when starting out, the bigger opportunity, the harder it will be.”   This Cast Covers: The first whisky in the Southern hemisphere to win the Best Single Malt whisky in the world and the impact that had. From representing coopers from around the world to owning his own cooperage producing barrels for various distillers of wine, whisky, and more. The age factor in starting his own business and his business ownership backstory. The cyclic nature of the wine industry, the challenge it presented for cash flow, and how he overcame that. Their current cask output: Growing from 80 barrels a year to over 20,000 barrels just for spirits. Investing and committing to continuous innovation in order to add a huge amount of value to the industry. Funding the business through support from family, friends, trade credit, and investors. Working with distillers to provide just the right application of oak in the maturation process to produce a great and effective product. The challenge of investing in oak in terms of holding up capital for long periods of time. Building the cooperage skill set in modern Australia and how the spirits industry helped in that. The importance of communicating with the staff on how the business is doing and making sure they share in the dream. Cash flow: The one thing that Darren enjoys the least about managing fast growth. Understanding the numbers and not being too hard on yourself. Darren’s hiring tips and advice on how to build a kick-ass culture. Music from https://filmmusic.io "Cold Funk" by Kevin MacLeod (https://incompetech.com). License: CC BY (http://creativecommons.org/licenses/by/4.0/

The Indian economy was already bearing the brunt of a global slowdown and the Narendra Modi-led central government's finances were under stress since at least the first quarter of FY19. Now, the coronavirus crisis has forced the government to impose a nationwide lockdown and economic activity in the country has nearly come to a halt. The government also had to offer a relief package to help individuals and the economy. How has the government's response to the crisis been so far? And what will be the impact on its finances? Let's take a Deep Dive With AKB to understand.

The newsflow regarding the novel coronavirus will continue to be the number one trigger for the markets this week as investors await further stimulus measures by global central banks and governments. The number of novel coronavirus cases rose to 110 in India, with 12 fresh cases reported in Maharashtra on Sunday. The virus has infected more than 150,000 people worldwide and killed over 5,600. In order to cushion the effect of the rapidly escalating global pandemic, the US Federal Reserve cut interest rates to near-zero on Sunday in another emergency move to help shore up the US economy. The central bank said it was cutting rates to a target range of 0 per cent to 0.25 per cent. The US Fed also said it would expand its balance sheet by at least $700 billion in the coming weeks.  However, the US Fed's latest action did little to allay investor fears as the US stock futures hit their down limit before daybreak in Singapore. Japan's Nikkei was down 0.3 per cent in early trade and Hong Kong slipped over 2 per cent while Austrlia's ASX tumbled over 6 per cent. Even the SGX Nifty was down over 300 points, indicating a subdued start for Sensex and Nifty today. Last week, the S&P BSE Sensex lost 3,473 points to close at 34,103, while the Nifty50 index plunged 1,034 points to 9,955. Analysts said that equity markets are likely to see more volatility this week while the overall trend remains negative. According to a Business Standard report, the Securities and Exchange Board of India is working on a plan to arrest the deep market sell-off and reduce volatility. A ban on short selling, mandatory delivery-based trading, and invoking the so-called additional surveillance mechanism for highly volatile stocks are among the proposals being considered, the report said. Another key event today would be the highly awaited listing of the SBI Cards and Payment Services on the bourses, although experts say that the deep sell-off in the markets in the last few days might dampen the expectations of a blockbuster listing. On the macroeconomic front, investors will track the WPI inflation data which is scheduled to be announced later in the day. YES Bank is likely to remain in focus today after it reported its December quarter results during the weekend after weeks of delay. The private lender reported a net loss of Rs 18,564.24 crore for the Q3FY20, as against a net profit of Rs 1,000.57 crore in the corresponding period of FY19. This apart, investors will also track foreign fund flow, oil price movement, and the Rupee's trajectory. FIIs have already sold Rs 30,334 crore in March so far, contributing heavily to the sell-off. Meanwhile, oil prices extended losses on Monday, slumping by more than $1 a barrel. Brent crude fell $1.83 to $32.02 a barrel.

Budget-lodging startup Oyo reported a loss of $335 million on $951 million revenue globally for the financial year ending March 31, 2019, and pledged to cut down on its spending as the India-headquartered startup grows more cautious about its aggressive expansion.

In its first earnings announcement since Sundar Pichai took over as CEO, Alphabet broke out both Google Cloud revenue (which includes GCP as well as G Suite revenue) and revenue from YouTube advertising for the first time. Though this is more transparency than we've seen in the past from them, they still refrained from disclosing the revenue tied specifically to GCP and G Suite. They also did not provide more granular details such as their total number of commercial users of G Suite. In this podcast, Adam Mansfield shares his thoughts on Alphabet's Q4 and full-year FY19 earnings and discusses what you can expect from Google in 2020 as they strive to show accelerated Google Cloud growth and close more large enterprise deals as they compete aggressively with Amazon (AWS) and Microsoft.

ServiceNow reported outstanding Q4 FY19 numbers and growth, beating analyst estimates. New CEO, Bill McDermott's, confidence in ServiceNow was evident as he clearly laid out their key priorities and go-to-market strategy for scaling ServiceNow and ultimately achieving their lofty 2020 goals. Enterprises should prepare to be approached by an aggressive and highly motivated sales force with precise value propositions. UpperEdge's ServiceNow Practice Leader, Adam Mansfield, uncovers the implications of this positive earnings call and highlights the most important numbers that enterprises need to be aware of.

Indian equities began the last week ahead of the presentation of the Union Budget for the financial year 2020-21 on shaky ground with most counters collapsing like a pack of cards on Monday.  The benchmark S&P BSE Sensex plunged 458 points, or 1.10 per cent, to settle at 41,155.12 level. In the intra-day trade, the index tanked 490 points to hit a low of 41,122. On the NSE, the broader Nifty50 ended the day at 12,119-mark, down 129 points or 1.06 per cent. In the intra-day trade, the index erased 141 points to hit a low of 12,107. Benchmark indices logged their second-biggest loss in the month of January. Metal stocks were under heavy selling pressure today as investors grew increasingly anxious about the economic impact of spreading of China's Coronavirus outbreak. Tata Steel was the top loser on the S&P BSE Sensex at close, down nearly 4 per cent. Among individual stocks, JSW Steel slipped 5 per cent, and Tata Steel and Jindal Steel and Power (JSPL) dipped more than 3 per cent on the National Stock Exchange (NSE) in the intra-day trade. India VIX -- the volatility index -- jumped nearly 11 per cent in the intra-day trade.   Sectorally, all the key indices closed in the red barring Nifty Pharma index, which was up 1.4 per cent. The Nifty Metal index was the top loser, down 3 per cent, on the NSE, followed by Nifty PSU Bank (down 2 per cent), and Nifty Bank index (down 1 per cent).  In the broader markets, mid and small-caps performed relatively better than the benchmarks on Monday. The S&P BSE mid-cap index slipped 0.4 per cent to settle at 15,759.01 level. The S&P BSE small-cap index, on the contrary, settled unchanged at 14,846.51.  Important December quarter results released today:  >> Housing finance firm HDFC Monday reported 296 per cent year-on-year rise in the standalone net profit at Rs 8,372.5 crore during the December quarter of FY20, compared to Rs 2,113.8 crore reported in Q3FY19. The NBFC extended loans totalling Rs 20,475.59 crore during the period under review. The stock was down by 2.25 per cent at close on the BSE. >> Besides, InterGlobe Aviation – the parent company of IndiGo airline – reported a consolidated net profit of Rs 496 crore during the December quarter of FY20. The figure was 168 per cent higher from a profit of Rs 185.2 crore logged in the December quarter of FY19. At close, the stock slipped 0.54 per cent. Actively traded stocks today: >> Shares of UltraTech Cement climbed 2 per cent to Rs 4,753 on the BSE on Monday, in an otherwise weak market, as most of the analysts maintained ‘buy’ rating on the stock, citing improving demand scenario which would lead to sustained volume growth for the company. At close, the stock was 1 per cent higher on the index. >> On the downside, shares of metal companies were under pressure today with the Nifty Metal index falling more than 3 per cent as investors grew increasingly anxious about the economic impact of China's spreading virus outbreak. Among individual stocks, JSW Steel slipped 5 per cent, and Tata Steel and Jindal Steel and Power (JSPL) dipped more than 3 per cent on the National Stock Exchange. Vedanta, Hindalco Industries, Steel Authority of India (SAIL), Moil and NMDC were down in the range of 2 per cent to 3 per cent. Here is how the global markets traded today: Stocks tumbled on Monday as investors grew increasingly anxious about the economic impact of China’s spreading virus outbreak, with demand spiking for safe-haven assets such as the Japanese yen and Treasury notes. Japan's Nikkei average suffered a steep 1.8 per cent loss, on track for the biggest one-day fall in three weeks.  MSCI’s broadest index of Asia-Pacific shares outside Japan was off 0.2 per cent, although trade in the region has already slowed for the Lunar New Year and other holidays, with financial markets in China, Hong Kong and Australia closed on Monday. In the commodities market, Brent Crude Futures were h

Investors will focus on corporate earnings and any newsflow regarding the Union Budget for market direction today. A total of 18 companies, including Reliance Industries, Tata Consultancy Services (TCS), and HCL Technologies, are scheduled to release their December quarter numbers later in the day. According to analysts, Reliance Industries is likely to see a flat Q3 performance amid weakness in the petrochemicals (petchem) unit’s performance even though retail and telecom segments are likely to gain further. Similarly, IT bellwether TCS is also expected to put up a muted show in the third quarter. The company witnessed higher furloughs during the quarter than in the corresponding quarter of FY19, especially in the Banking and Financial Services vertical. Telecom stocks will be in focus today after the Supreme Court rejected the review petitions moved by Bharti Airtel, Vodafone Idea and Tata Teleservices against its order on payment of dues linked to adjusted gross revenue. Telcos will have to together pay an estimated Rs 1.47 trillion in AGR dues by January 23.  Besides, stock-specific action, oil price movement, and the Rupee's trajectory will also influence investor sentiment. Upbeat earnings and robust manufacturing data lifted Wall Street to record highs on Thursday. The S&P 500 rallied through the 3,300-mark for the first time, the Dow Jones rose 0.9 per cent, and the Nasdaq Composite added 1.06 per cent. Asian shares inched higher on Friday. In early trade. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.19 per cent. Australian shares were up 0.5 per cent, and Japan's Nikkei added 0.55 per cent. The SGX Nifty, though, was trading with minor cuts suggesting a flat start for domestic indices. On Thursday, the BSE Sensex closed 60 points up at 41,933, while the Nifty50 settled 12 points up at 12,355. Broader markets continued to outperform. The BSE Midcap gained 0.77 per cent while the Smallcap index closed 0.78 per cent higher. Going forward, analysts say that the probability of the Nifty taking of the crucial hurdle of 12,400 is quite high. Hence, one can buy the Nifty for the target of 12,450 with stop-loss at 12,295. And, in the end, here's a stock idea by Anand Rathi Shares and Stock Brokers which recommends buying Rico Auto for the target of Rs 58 with stop-loss at Rs 46.

Sabby Gill leads Sage in its home market of the UK and in Ireland. He brings to Sage more than 30 years’ experience in the technology sector, across sales, operations and customer services. He has spent his career supporting businesses of all sizes with technology that unlocks their potential – both at home and across international markets. Sabby joined Sage from Epicor where he was Executive Vice President of International. Past roles have also included Senior Vice President of International Sales for IGT, a gaming technology company and executive management roles at HP, CA Technologies, Oracle, PeopleSoft (acquired by Oracle), and DEC. ***SPECIAL NOTE: This interview took place Dec 2019 and directly after Sage's FY19 results*** Shownotes: The journey from a youth training scheme to managing director of Sage UK, via the world of gaming and slot machines The two things that underpin success at Sage - customers and colleagues Why the accounting profession globally is at a cross roads due to the impact of digital transformation Digital adoption increases productivity but there are few incentives and little support to help people adopt technology 90% of data is less than two years old, and this is only going to reduce or get worse from here 5G is coming and it connects everything - data from almost every source Accountants who still deal with paper are at an enormous disadvantage in a digital age because software is now the norm Businesses change providers and suppliers but the one constant throughout its life-cycle is probably going to be the accountant SME are still burdened by paper based admin, and the average company spends 120 days a year on admin 50% of businesses are looking to improve productivity and increase the use of technology, and accountants have a huge role to play in this Accountants must harness client and practice data to provide strategic consultancy and add value - it goes beyond traditional bookkeeping Accounting and bookkeeping services are becoming more of a commodity because it is more transactional and process-based Automation takes away much of what accountants have been paid for, so what now are they being asked to do by clients? The accountants at the leading or bleeding edge are creating real competitive advantage with technology and automation The biggest challenge accountants have in adopting technology to serve clients is finding the time The role of accountants has changed - they now have to be business advisors, technical experts and technologically savvy to serve their clients How legislation such as MTD has changed the accounting profession How Sage is set up favourably against the competition with £1bn of subscription revenue in their portfolio and a market cap of $10bn Sage looks after 600,000 UK customers with 3000 employees in the UK and Ireland, and are in a powerful position to face any competition How Sage employees are more than software experts but trusted advisors to their accounting customers Technology or software alone is not the answer - there must be an ability to gain data insights Historical views are not as critical as future insights, and this is where accountants can add huge value to their clients The power and buzz for a leader of walking the floors and seeing the engagem,ent and passion that your people have talking to customers The value of talking regularly to your customers and clients to ask them what you should stop, start or continue The danger of putting clients or customers first if you don't have really engaged staff to look after them Tips for onboarding your new employees (when on average most people between 90 and 120 days) and many look externally for career promotions (https://bdacademy.pro/wp-content/uploads/2020/01/sabby_gill.png) Sabby is father of two and husband of one, a life-long Reading FC supporter and cricket...

Political developments in the US are likely to affect investor sentiment today. The US House of Representatives impeached Donald Trump for abuse of power and obstruction of Congress on Wednesday, marking only the third time in US history that lawmakers invoked the ultimate constitutional sanction of a president. Back home, shares of Tata Group are likely to remain in focus as National Company Law Appellate Tribunal (NCLAT) on Wednesday reinstated Cyrus Mistry as the executive chairman of the Tata group. The two-judge Bench declared the October 2016 resolution passed by the Tata Sons board to remove Mistry, a scion of Shapoorji Pallonji family, from his post and all consequential actions taken by Tata Group companies to remove him as director “illegal’’. Additionally, Bank of Baroda shares may also trade actively after RBI assessment found that the lender underreported bad loans by Rs 5,250 crore in FY19. In a first, the Goods and Services Tax (GST) Council on Wednesday resorted to voting to decide an issue. The controversial issue of the GST rate for lotteries was decided on the basis of voting, with the Council fixing a uniform tax rate of 28 per cent on both state and private lotteries with effect from March 1, 2020. Yesterday, the S&P BSE Sensex on Wednesday ended 206 points or 0.50 per cent higher at 41,559 while NSE's Nifty50 index settled at 12,222, up 57 points or 0.47 per cent. In the global markets, Asian shares edged higher on Thursday amid growing confidence in the global outlook following improving economic indicators and a preliminary trade deal between the United States and China. In the overnight trade, the Dow Jones Industrial Average rose 30.17 points, or 0.11 per cent, to 28,297.33, the S&P 500 gained 3.36 points, or 0.11 per cent, to 3,195.88 and the Nasdaq Composite added 22.44 points, or 0.25 per cent, to 8,845.79.

We were in the studio for Municipal Monday with Warren County Administrator, Doug Stanley to get an update on projects happening in and around Warren County. Doug told us about the FY19-20 budget process, the recently passed real estate tax increase and the impact it will have on salaries for Warren County teachers in particular. We discussed road projects, progress on the Rivermont Fire Station, discussions from the Development Review Committee and we talked about the recent recognition given to John Vance by the Northern Shenandoah Valley Regional Commission.

We were in the studio for Municipal Monday with Warren County Administrator, Doug Stanley to get an update on all the projects happening in and around Warren County. We discussed the recent grand jury that was empaneled to investigate the EDA as well as other governmental agencies; the FY19-20 budget cycle; the possible change in zoning for Crooked Run North; as well as topics covered at the Development Review Committee meeting; and status updates on several other projects.

Please Check Out Our Sponsor: Sean O'Neill at RBC Wealth Management Give us about ten minutes a day and we will give you all the local news, local sports, local weather, and local events you can handle.  Today...A freak accident kills a motorcyclist in Davidsonville. Annapolis and Anne Arundel police are dealing with multiple armed robberies. County Executive Schuh presented his FY19 budget yesterday. Former AACPS Supe Kevin Maxwell stepping down from PG County Schools. And there's a new hotel in town!  All that  and your very spring-like weather forecast from George Young at DMV Weather! The Daily News Brief is sponsored by Sean O'Neill at RBC Wealth Management. Website: Sean O'Neill | RBC Wealth Management Facebook: Sean O'Neill | RBC Wealth Management Flash Briefing for Alexa. Yep, I finally brought the Daily News Brief to Alexa. Search for "Eye On Annapolis Daily News Brief" in your Alexa app and enable it--and be sure to drop us a rating! More info here.  The Eye On Annapolis Daily News Brief is produced every Monday through Friday and available on Apple Podcasts, Spotify,  Google Music, Stitcher Radio, tunein, IHeartRADIO, Amazon Echo,  YouTube, Facebook, Twitter, and of course at Eye On Annapolis. Our weather partner is DMV Weather based in Annapolis. Please download their APP so you can keep on top of the local weather scene! Please be sure to check out our weekly sister podcast, The Maryland Crabs!