01 to 15 June 2023

RNI No. MPENG/2006/19648 Year : 18, No. 41 INDORE, 1 JUNE TO 15 JUNE 2023 Page : 8, Rs. 08 INSIDE Ahead of polls, MP government hikes nancial aid Dollar sags as under scheme for farmers to Rs 6,000 a year Fed bets ebb, debt bill pass- BHOPAL equal instalments) per year. He Nidhi). So, when I became chief women will be getting Rs 1,000 es; Aussie soars said like beneficiaries under minister for the fourth term (in per month (under ‘Ladli Behna’ The Madhya Pradesh govern- the ‘Ladli Behna’ scheme for March 2020), I also decided to scheme). Therefore, I am an- PAGE : 2 ment on Tuesday increased women, farmers in the state, too, give Rs 4,000 to farmers and nouncing today that farmers, too, the financial assistance provid- will now get Rs 1,000 per month the total amount increased to Rs will get 1,000 per month -- which Association ed to farmers under a welfare (after adding amounts paid un- 10,000,” he said, addressing a means from Prime Minister of Domestic scheme to Rs 6,000 per year der MP and central government ‘Kisan Kalyan Mahakumbh’ (a you will get Rs 6,000 and your Tour Operators from Rs 4,000 earlier and the schemes). mega gathering of farmers) in Ra- ‘mama’ (as Chouhan is popularly of India and new amount will in addition to jgarh district along with Defence known) will also give Rs 6,000, Sheraton Grand Rs 6,000 paid annually to cultiva- “Prime Minister (Narendra Minister Rajnath Singh. “But which comes to Rs 12,000 an- Palace Indore tors in the country under a central Modi) is paying Rs 6,000 to now the situation has changed as nually and Rs 1,000 monthly,” Hopes pisitivity programme, an announcement farmers (under Kisan Samman he said in his trademark rustic for the Tourism that came just months ahead of style using a cordless mike to ad- Industry the Assembly polls. dress farmers while walking on a ramp connected with the main PAGE : 3 Chief Minister Shivraj Singh dais. Chouhan said till June 12, a Chouhan made the announce- sum of Rs 1,000 each under his Slowdown ment to increase the income government’s flagship scheme, threatens In- support amount under ‘Mukhy- Ladli Behna, has been deposited dian economy amantri Kisan Kalyan Yojana’ to into the bank accounts of more even as its rich Rs, 6,000 annually from Rs 4,000 than 75 lakh eligible women and keep spending now, bringing it at par with Prime another 50 lakh beneficiaries will Minister Kisan Samman Nidhi, be covered soon. PAGE : 4 under which small and marginal farmers get Rs, 6,000 (in three World Bank ex- pects India to Indore gears up to hold 4th & nal G20 EWG Fire breaks out in remain fastest- MP government growing major meeting under India’s G20 Presidency building in Bhopal economy in FY24 INDORE preparations for the fourth and tor. The city of Indire had been BHOPAL final EWG meeting”. MEA Of- successful in hosting the first PAGE : 5 The city of Indore is set to ficials are also expected to pay agriculture deputies meeting Afire broke out on the third floor of hold the fourth and final a visit to the city in the coming (ADM) of Agriculture Work- Satpura Bhawan, a building hous- Investors and meeting of the Employment days. The officials will guide ing Group (AWG) from Febru- ing offices of various departments of the economists Working group (EWG) and the and instruct the administration ary 13-15 2023. About a 100 Madhya Pradesh government, in Bhopal bullish on labour and employment min- to make necessary arrange- delegates from G20 member on Monday, officials said. No casualties India’s growth isters meeting under the coun- ments including finalization of nations, invited nations, and have been reported. Bhopal Municipal even as World try’s Presidential tenure at G20. locations to be visited by the international organizations had Corporation’s Fire Officer Ramesh Neel Bank trims The event will be held in Indore guests during the three-day- attended the three-day event. said the blaze erupted at around 4 pm, fol- FY24 GDP out- between 19-21 July, prompting long event in the city. “We have Chief Minister Shivraj Singh lowing which fire tenders rushed to the look local administration to begin already marked some locations Chouhanhad inaugurated an spot. “Furniture and documents are prima making arrangements for host- to propose MEA for holding exhibition on the first day of facie destroyed in the fire,” he said. The PAGE : 6 ing the guests. Speaking about the meeting to take the final de- the meeting that featured mil- exact cause of the blaze cannot be known the arrangement and measures, cision and for the administra- lets and its value-added food immediately as the dousing operation is Yellen urges collector Ilayaraja T said, “A tion to make required security products along with stalls from underway, he said. The affected building new World team of MEA officials has al- and hospitality arrangements animal husbandry and fisheries is located in front of the state government Bank chief to ready visited Indore around for the guests,” said the collec- as its main attractions. secretariat building Vallabh Bhawan. ‘get the most’ a week ago to take stock of from balance sheet Bottom Story PAGE : 7 Priyanka comes playing Santa in MP, economic sense sacri ced at the altar of political expediency BHOPAL be seen in the context of the study and reach policy frame- 5-Gs (Five Guarantees), Gandhi amount of money it can be sold works towards human develop- on Monday announced an LPG Renowned economist and for, or the money it can save in ment or human well-being. But cylinder for Rs.500, a Direct philosopher Amartya Sen terms of a rickshaw or a bus that benchmark is for the econo- Benefit Scheme of Rs 1500 per approached the concept of wel- fare. But for a trader, he could mists. The Congress have its own month for women, free electric- fare and well-being of an indi- use it to enlarge his market. He benchmark – the votes. ity up to 100 units and half bill vidual in terms of the ‘capabili- could travel to more houses or for up to 200 units, resumption ties’ at his disposal. To use the villages and thus squeeze more No wonder Congress Gen- of farm waiver scheme and im- available opportunities and lead deals in the same amount of eral Secretary Priyanka Gandhi plementation of Old Pension the kind of life he can effectively time. As per Sen, the bicycle announced a slew of ‘welfare Scheme. While Congress may live. Sen argued that someone’s increases individual “capabili- measures’ for the people of reap electoral dividends as a re- possessions, degree or mental ties set”, a range of actions and Madhya Pradesh which is go- sult of these announcements, if faculty, gives only limited infor- outcomes that it is possible to ing to Assembly elections later seen from Sen’s welfare prism, mation about him and not neces- perform or achieve. this year. Perhaps, taking a les- none of these measures is likely sarily about his standing in life. son from its electoral script of to increase the ‘capabilities set’ Over time, this ‘capability ap- Karnataka where the party won of the individuals. And therein He stressed his point by giv- proach’ has become the bench- with a thumping majority riding lies the irony. ing an example of a bicycle. mark of welfare and is used to on the popularity wave of its Now a gift of a bicycle may only

INDORE, 1 JUNE TO 15 JUNE 2023 02 Briefs Association of Domestic Tour Operators of India and Sheraton Country set Grand Palace Indore Hopes pisitivity for the Tourism Industry to become $5 tn-plus economy, INDORE Miss. Usha Thakur, added sig- pation from various stakehold- promoting domestic travel. We says Rajya nificance to the occasion, as she ers of the tourism industry, such are thrilled to partner with the Sabha MP In an effort to foster positive shared the government’s vision as tour operators, agency owners, Ministry of Education to bolster energy among individuals for tourism and led to discus- and other business professionals. this crucial education infrastruc- MUMBAI associated with the tourism in- sions on how to further enhance Following the badminton match, ture and advance its accessibility dustry and encourage entrepre- the domestic tourism industry. a Special dinner was organized to millions of children across the India will be the third financial neurs of all scales, Sheraton The program at Sheraton Grand for all attendees, emphasizing country with our state-of-the- power of world with $5 trillion- Grand Palace Indore, in col- Palace Indore witnessed partici- the message of safe tourism and art cloud and CDN services.” plus economy, said Rajya Sabha laboration with the Association MP Naresh Bansal, who visited the of Domestic Tour Operators of BJP office here today. Addressing India, organized a program that mediapersons at the party office, showcased a series of engaging Kamalam, Dr Bansal, who is also in activities. The event included a charge of Chandigarh Cluster, said friendly table tennis and bad- in the nine years of the Modi gov- minton match held at the S Café ernment, India had reached the fifth Lounge, as well as special ses- position in the world with an econo- sions on corporate grooming for my of $3 trillion, and in the coming female participants and hotel time, the economy will be $5 tril- staff, along with a property show lion-plus, enabling India to reach the around for male participants. third place in the world. Mayor Anup The eesteemed presence of Gupta, state BJP general secretary Honorable Minister of Tourism, Chandrashekhar, Shakti Devshali and Sukhwinder Parmar were also PM GATI SHAKTI: a new MMLP to be set Dollar sags as Fed bets ebb, present at the press conference. Dr debt bill passes; Aussie soars Bansal said, “Under Prime Minister up at pithampur indore for rs 900cr Narendra Modi-led central govern- ment in nine years, unmatched ser- INDORE India, which is at par with TOKYO which measures the greenback vice, good governance and welfare the global standards. The against a basket of six rivals, of the poor have been witnessed.” MORTH Secretary Anu- upcoming MMLP will take The U.S. dollar wallowed near weakened 0.06% to 103.48 in rag Jain said in a meet- a one-week low versus major Asian trading, extending a 0.62% Logistic ing, that the government is cue from the principles of the peers on Friday, on course for its slide from Thursday, its worst movement increas- worst week since mid-January, day in almost a month. es 20% in Indore planning to develop a multi NMP Jain said that the MMLP amid strengthening views that the Federal Reserve will forgo an For the week, the index is on INDORE modal logistics park (MMLP) is to be built through a Special interest rate hike this month. The course to lose 0.73%. Philadel- U.S. Senate’s passage of a bill to phia Fed President Patrick Hark- The increase in loads from indus- near Pithampur, Indore in the Purpose Vehicle (SPV) which suspend the debt ceiling and avert er said on Thursday that “it’s time tries and agriculture goods has a disastrous default also removed to at least hit the stop button for lifted logistic movement from Indore Sagor village of the Char dis- will operate on a partnership a pillar of support for the dollar, one meeting and see how it goes,” by over 20 per cent and may further which had paradoxically been referring to the June 13-14 meet- go up, claimed industry players eye- trict. He revealed that the park between the National High- a key beneficiary because of its ing. A day earlier, Fed Governor ing a jump in commodities and indus- safe-haven status. Philip Jefferson had said that trial goods Indore is a major trading will be spread over 255 acres, ways Logistics Management “skipping a rate hike at a coming and business center with an estimated The Australian dollar surged meeting would allow the com- movement of around 4,000 commer- to be developed at a cost of Limited (NHMNL), the Mad- after an increase in the mini- mittee to see more data before cial vehicles every day, according to mum wage stoked bets for the making decisions about the ex- truckers. Vijay Kalra, Former Vice over INR 900 crore. Indore is hya Pradesh Industrial Devel- central bank to raise rates again tent of additional policy firming.” President, All India Motor Transport next week. The U.S. dollar index, Congress (West Zone) said, “Trans- known as the Commercial cap- opment Corporation (MPIDC) port loads from Industries, agriculture and traders have increased and seen ital of Madhya Pradesh due to and the Rail Vikas Nigam Ltd. going up because this is the peak sea- son. Almost 90 per cent vehicles are rich ecosystem, fertile soil and (RVNL). NHMNL has already on road getting business. The sec- ond round of jump in business will high-quality workforce deposited INR 177 to MPIDC be seen now during October January to June is the peak season for trans- The PM Gati Shakti Na- for acquiring the land for the porters where over 50 per cent of the annual load is transported. Industry tional Master Plan is working project, and RVNL will com- players said the drop in ocean freight and packaging materials have pushed towards creating an efficient, mission a 6 km long railway the logistic movement from Indore. Indore, a leading trading center of multi modal and sustainable line to provide rail connectiv- Madhya Pradesh, exports earth mov- ing equipment, packaging films, phar- supply chain ecosystem in ity to the MMLP. maceutical products, paper disposals, processed food among other items to Bottom Story different countries across the world Indore Truck Operators and Trans- Stocks surge in Asia as US averts default, Fed pause bets rise port Association President CL. Mu- kati sak!, Truck loads have increased SINGAPORE what would have been a first- on the central bank raising in- market tightness. “The market’s and may go up further looking into ever default. The Treasury De- terest rates again this month. focus is shifting to the eco- which we have advised our members Asian stocks jumped on Fri- partment had warned it would Markets are now pricing in a nomic front and Fed’s decision to avoid overloading of trucks to keep day on increasing expecta- be unable to pay all its bills on 20% chance of the central bank on rates now,” said Tina Teng, away from hefty penalties. tions that the Federal Reserve June 5 if Congress failed to act. hiking by 25 basis points (bps) markets analysts at CMC Mar- might stand still on rates and “I think it’s a bit of relief but compared to a 50% chance a kets. The spotlight will be on after the U.S. Senate passed leg- that’s about it,” said Shane Oli- week earlier, according to the the Labor Department’s closely islation lifting the government’s ver, head of investment strategy CME FedWatch tool. Data watched unemployment report $31.4 trillion debt ceiling, at AMP in Sydney. “I think it’s overnight showed the number for May, due later on Friday. avoiding a catastrophic default. now time for markets to move of Americans filing new claims The data will help determine on to other things.” Also lift- for unemployment benefits in- whether the Fed sticks with its MSCI’s broadest index of ing risk sentiment was chang- creased modestly last week and aggressive rate hikes. Asia-Pacific shares outside ing expectations of the Fed’s private employers hired more Japan surged 2% and was on monetary policy, with traders workers than expected in May, Dovish comments from Fed course for its biggest one-day steadily dialling back their bets pointing to continued labour officials through the week have percentage gain since early Janu- helped embolden Fed pause ary. The exuberant mood looked hopes, with Philadelphia Fed- set to continue in Europe, with eral Reserve President Patrick Eurostoxx 50 futures up 0.45%, Harker saying U.S. central bank- German DAX futures up 0.49% ers should not raise rates at their and FTSE futures 0.18% higher. next meeting. “It’s time to at E-mini futures for the S&P 500 least hit the stop button for one rose 0.20%. meeting and see how it goes,” Harker said. AMP’s Oliver said The Senate voted 63-36 to the prevailing sentiment now is approve the bill that was passed that there will be a pause in June on Wednesday by the House of and that’s helped markets. Representatives, as lawmakers raced against the clock to avert

INDORE, 1 JUNE TO 15 JUNE 2023 03 Briefs Tesla agrees to set up vendor base in India EaseMyTrip NEW DELHI and supply chain. Current- there. If the company starts a dia discourages 100% Chinese opens its first ly, more than half of Tesla’s manufacturing base in India, it investments. Analysts said that franchise store Elon Musk’s Tesla has in- global production happens would mean relocating these Tesla would drive a hard bar- in Jaipur principle agreed to the sug- in China (Shanghai) where it vendors to India. The vendors gain with India as China is gestion put forward by the Cen- has developed a large vendor would then need to form joint also currently courting Musk NEW DELHI tre that apart from assembling base. It has also recently built ventures with Indian firms as on retaining its investments in its electric vehicles in the coun- a megapack battery factory post-2020 border clashes, In- the country. Musk had recently EaseMyTrip.com, one of India’s try, it also set up a vendor base visited China and met the top largest online travel tech plat- here. However, the government leaders there. forms, launches its first offline re- has said that the company can tail store in Jaipur, Rajasthan. This first start with domestic assem- As earlier reported by FE, the is a strategic move aligned with the bly of cars and later follow it up government has asked Tesla to brand’s expansion plans. Through by setting up a vendor base. submit a roadmap on the time- the franchise model, the brand aims frame needed by it to set up an to reach out to offline customers and Indications are that Tesla indigenous supply chain. The offer them tailored meet and greet ex- may not delay the setting up company is expected to submit periences. The Jaipur office is located of the domestic vendor base the same in the next three to six in the prime location of Govind Marg. much as it does not believe months time. The interiors of the store are designed in decoupling manufacturing with a modern touch and are in sync with the brand colour palette,to ensure Google leads $36 million funding round Government in- customers connect better and have creases MSP of a strong brand recall. The store will for Bengaluru-based space startup Pixxel provide premium services, including kharif crops flight and hotel bookings, purchasing NEW DELHI the investment. Founder startups to deliver broad- bus, railway and group fare tickets, and Chief Executive Awais band services like Starlink MUMBAI along with luxurious vacations, cruise, Alphabet Inc’s Google Ahmed said Pixxel would be and to power applications and charter packages. EaseMyTrip’s is leading a $36 mil- “the most valued space tech like tracking supply chains. The government Wednesday decided to Jaipur store will also offer add-on ser- lion funding round for company in India after this The government announced increase the minimum support prices vices of visa applications and related Bengaluru-based Pixxel, a investment”. That had been its private-sector space (MSP) for all mandated kharif crops for formalities. Mr. RikantPittie, Co- satellite-image startup, in rocket and launch provider policy framework in April. marketing season 2023-24. A decision of Founder, EaseMyTrip, said, “Our cus- the first major investment in Skyroot Aerospace, valued The funding comes at a time this effect was taken in the meeting of the tomers are our priority, and we strive the Indian space sector since at an estimated $163 mil- when startups globally have Cabinet Committee on Economic Affairs to provide them with exceptional ser- the government launched its lion, according to Tracxn, struggled to raise funds. (CCEA), which met under the chairman- vices and cater to their evolving needs. privatisation policy in April. which tracks startups. “We Space startups, in particular, ship of Prime Minister Narendra Modi. Taking this vision ahead, we concep- Pixxel, founded in 2019, is work with satellite data and have come under pressure Briefing reporters on Cabinet decisions, tualised the franchise model. We are building a constellation of Google does a lot of work after the bankruptcy of Rich- Food Minister Piyush Goyal said that the confident this innovative strategy will satellites that have the abil- around that with agriculture ard Branson’s Virgin Orbit MSP for paddy (common) has been fixed transform the travel industry and help ity to identify mineral de- and environment,” Ahmed launch company. Ahmed at Rs 2,183 per quintal. This is 7 per cent us serve our customers better. The in- posits or the productivity of told Reuters. “They also said the funding would be higher than Rs 2,040 per quintal in the last auguration of our latest store in Jaipur crops by analysing the spec- have Google Earth … so a used to build out its satellite season. The MSP for paddy (A grade) has is another milestone in our expan- tral signature of an image. combination of that led to network. Pixxel is readying been fixed at Rs 2,203 per quintal, which sion journey as we are determined to them seeing a benefit.” Pixx- six satellites for launch next is higher than the last year’s figure of Rs achieve the goal of securing a pan-In- Miner Rio Tinto Ltd and el is among the many private year to add to the three it 2,060 per quintal. According to an official dia presence of our offline retail stores. Australian agritech com- companies looking for a fil- has now and looking to hire statement, the MSP for moong has been pany DataFarming are cli- lip since India opened the more engineers for its ana- fixed at Rs 8,558 per quintal, which is Rs HDFC Bank to ents, Pixxel said. The startup space sector, encouraging lytics. 803 higher than the Rs 7,755 per quin- Launch Mega ‘Two- has raised more $71 million tal last year. India’s internet economy to Wheeler Loan Mela’ from investors including Ac- grow 6-fold to $1 trillion by 2030: Report in Central India centure PLC. Pixxel did not The statement said that the government specify how much Google has increased the MSP of kharif crops for NEW DELHI had invested or the valua- marketing season 2023-24, “to ensure re- tion it reflected. Google in munerative prices to the growers for their HDFC Bank, India’s leading India did not immediately produce and to encourage crop diversifi- private sector bank, is set to respond to questions about cation.” launch a mega ‘Two-Wheeler Loan Mela’ drive in Central India on June Bottom Story 16, 2023. Over 250 branches across Rajasthan, Madhya Pradesh and Euro steadies near two-month low as in- Chhattisgarh will participate in the drive. While two-wheeler dealers ation drops in relief for ECB will be present at the branches to showcase their vehicles to custom- LONDON further with inflation showing the market is no longer certain tightening though the cycle is ers, the Bank would provide quick signs of subsiding. The ECB has whether there will be two 25 not quite over yet. loan sanctions to eligible customers. The euro steadied on Thurs- raised base rates by a combined bps rate steps. “That makes life HDFC Bank’s ‘Two-Wheeler Loan day near a two-month low 375 basis points to 3.25% over difficult for the euro at present,” DOLLAR KING : The Mela’ drive aims to provide easy ac- after data showed euro zone in- the past year to combat runa- said Antje Praefcke, FX Analyst dollar rose after a vote of ap- cessibility of two-wheeler finance to flation eased more than expected way prices. Money markets are at Commerzbank. ECB Vice- proval from the U.S. House of people. The participating branches last month, backing arguments pricing in an 85% chance of a President Luis de Guindos said Representatives to suspend the will showcase a select set of two- for only cautious further rate 25 bps hike by the ECB when on Thursday that the central debt ceiling, though the green- wheelers, along with enquiry desks. hikes by the European Central it meets on June 15. Commerz- bank has already gone through back drifted from a two-month Customers visiting the branches can Bank (ECB). Inflation in the 20 bank said with inflation easing, most of its monetary policy high as investors trimmed bets get a test ride of two-wheelers and nations sharing the euro eased the Federal Reserve will raise browse through loan options, and to 6.1% in May from 7.0% in interest rates this month. The even book a vehicle on the spot. As April, below expectations for divided U.S. house on Wednes- of 31st March 2023, HDFC Bank’s 6.3% in a Reuters poll of econ- day passed a bill to suspend the book size of two-wheeler loans omists. The euro flattened at $31.4 trillion debt ceiling, and stands at Rs 9,933 crore. $1.0690, towards a two-month the focus now turns to how it low of $1.0635 touched on will fare in the Democratic-led Wednesday, as the ECB could Senate just days before the fed- be under less pressure to extend eral government is expected to its monetary tightening much run out of money to pay its bills.

INDORE, 1 JUNE TO 15 JUNE 2023 04 Briefs Slowdown threatens Indian economy even as its rich keep spending Varanasi to host Interna- MUMBAI demic recovery that outstrips to reduced spending by the ur- One implication of a slowdown tional Temple major peers. But Nomura Hold- ban middle class, which should is likely to be on interest rates. Convention India’s booming economy is ings Inc., HSBC Holdings Plc, come as a concern for the coun- All 40 economists surveyed by in July the envy of other major mar- Standard Chartered Plc, Gold- try’s growth, said Rupa Rege Bloomberg forecast the Reserve kets. But beyond the hype and man Sachs Group Inc. and oth- Nitsure, chief economist at Bank of India will keep the re- PUNE expectation, people who watch ers say growth will decelerate L&T Finance, the commercial purchase rate unchanged on the country closely are flagging this fiscal year, with Nomura and personal finance arm of In- Thursday, after it unexpectedly based organization Temple Con- warning signs. The nation is seeing it falling to 5.5%. The dia’s largest construction com- paused its tightening cycle in nect which is a leading plat- heading for a slowdown, ana- banks pointed to other factors, pany. “It’s not a broad-based April. But Nomura economist form and an initiative to connect the lysts who cover it say, as rising such as the impact of rising bor- recovery,” she said, adding this Sonal Varma expects the cen- Global Hindu Temples is organizing inequality squeezes consumer rowing costs on spending, and means it will be difficult to sus- tral bank to start cutting rates in International Temples Convention spending among the poor — slowing global growth affecting tain. Even spending by the 65% October and to lower them by a and Expo, (ITCX) in the holy town and the hundreds of millions exports. SocGen and others say of the population living in rural total of 75 basis points. of Varanasi from 22nd to 24th July in the middle class. The pes- consumer demand will decline areas, a bright spot in the recent 2023. This will be the first of its simism comes even after the as the nation’s rich get richer data after a strong harvest, is Another impact, at the mar- kind conglomeration of Temples latest growth figures blew past but others struggle with the cost expected to slow if an El Niño gins, may be on Modi’s pros- from across India and from globe to estimates last week, rounding of living. That’s creating what’s weather pattern brings drought pects in the 2024 polls. India share their best practices, learnings, off an expansion of more than known as a K-shaped recovery that disrupts the monsoon sea- needs growth of 8% to 8.5% and invaluable insights on Temple 7% for the fiscal year. in consumption, where luxury son, which plays a vital role in annually to employ the 90 Management. The inauguration on items sell well but basic goods the lives of hundreds of mil- million new nonfarm workers 22nd will be done by RSS Chief Dr. “Consumer fatigue appears go in the opposite direction, lions of people who depend on that will join the workforce Mohan Bhagwat. The convention to be setting in,” said Kunal Kundu said. Sarmishta Sarkar, agriculture. by 2030, a McKinsey report will also have presence of govern- Kundu, an economist with a 35-year-old manager at a mul- in 2020 said. Despite the pes- ment representatives from the centre Societe Generale SA in Ben- tinational food and beverage Two-wheeler vehicle sales, simism, there are many posi- and various states. The Ministry of galuru. The economy may slow company, is putting off buying a key gauge of rural demand, tives about India’s economy. Tourism Govt of India is the official “substantially,” he said. Any a compact car that she could remain below their pre-Covid The services sector is booming, partner of this convention. Girish cooling — especially one driv- drive to the office instead of levels. “When you look at vol- while a manufacturing purchas- Kulkarni, founder Temple Connect en by inequality — would pose braving Mumbai’s notoriously ume growth, it’s very apparent ing managers’ index reached a informed that the main aim of ITCX a challenge for Prime Minister crammed public transport. that there has been more stress” 31-month high in May. Tax col- is empowering temple ecosystems Narendra Modi as he seeks a “Saving is difficult when living in India’s hinterland compared lections hit a record in April, with new age ideas to deliver a better third term in general elections costs themselves are this high,” to urban areas, Sanjiv Mehta, inflation is easing and foreign- experience to visitors and devotees. next year. It would also increase she said. “I will wait until De- the outgoing managing direc- exchange reserves are among Around 350 temples across India the chances the central bank, cember.” Private consumption tor and chief executive officer the largest globally. Even with and abroad are participating out of which decides on monetary fell 3.2% in the three months of Unilever’s Indian arm, said the expected slowdown, India which 285 have already confirmed policy this week, will cut inter- ended March from the previ- in an interview in Mumbai. will still be the fastest-growing till date. The leading temples from est rates earlier than expected. ous quarter. This may be due “It’s very understandable when major economy in the world India like Kashi Vishwanath Dev- And it would temper hope — at you have this kind of inflation.” this year, according to Interna- asthan, Girnar Datta Mandir, Ma least in the short term — that tional Monetary Fund projec- Vaishnodevi Mandir, Kaal Bhairav India will do more to propel the tions. Germany is in recession, Mandir Ujjain, Mahakaleshwar Jy- global economy as powerhous- some observers expect the US otirling, Kankaal Kali Ma Mandir es such as China slow. to follow, and the IMF projects are a few of the Many temples invited China will grow 5.2% in 2023. and participating at the convention India grew by 6.1% in the HSBC raised its India growth There are confirmed 27 International three months ended March com- forecast for the current fiscal temple’s representations which are pared to a year earlier, well be- year to 5.8% this week, up from mainly from the UK, US, Sri Lanka, yond the 5% estimate of econo- 5.5%, saying GDP growth mo- Malaysia, Thailand, Australia, Ne- mists surveyed by Bloomberg, mentum has been “steady.” And pal, Dubai and Netherlands. driven mainly by increases in even if India slows in the short services exports and govern- term, analysts remain bullish on Amazon’s India, ment spending. It expanded its long-term prospects. South Asia cloud divi- 7.2% for the fiscal year through sion head Puneet Chan- March, continuing a post-pan- dok resigns Bottom Story NEW DELHI Diverted Indian jet lands in middle of Russia airspace row The India and South Asia head of Amazon.com Inc’s cloud divi- NEW DELHI airspace into the spotlight - just using its airspace, in retaliation trol body Eurocontrol. While sion, Puneet Chandok, has resigned a day after the head of a major for Western sanctions over the U.S., European and Japanese with effect from August 31, the The disagreements put a American carrier predicted an Ukraine war, has redrawn air carriers have stopped flying company said on Friday. Chandok spotlight on the strategic almost identical scenario. A routes and upset business mod- over Russia, Air India and some had taken the helm of Amazon Web and geographic importance of global industry meeting ended els for some airlines that now Gulf-based and Chinese air- Services in June 2019. Vaishali Kas- Russia in the global aviation on Tuesday with carriers at need to fly around the world’s lines continue to do so, making ture, currently head of enterprise for world as it offers the most di- odds over the use of Russia as largest country. The potential flying times shorter and giving mid-market and global businesses at rect flying path between the a pivotal crossing point in the impact is far-reaching because them a cost edge over competi- AWS India and South Asia, would West and the East - an impor- global air transport network, one flight between Europe and tors. “At Air India, we operate take on the role of interim leader of tant factor for carriers to keep with United Airlines citing Asia generates three throughout according to the ambit of what commercial business for the unit, the costs down. An influential trade trade concerns but India’s flag the network as passengers take is provided to us by the nation U.S. online retailer said. The news body with roots in the devel- carrier defending it. A Russian connecting flights, according to of India and not all nations came over two weeks after Amazon’s opment of civil aviation after ban on some foreign carriers Brussels-based air traffic con- agree,” CEO Campbell Wilson cloud computing unit revealed plans World War Two, IATA has been said at the International Air to invest 1.06 trillion rupees ($12.87 at the forefront of efforts to cre- Transport Association’s (IATA) billion) in India by 2030, doubling ate a seamless global architec- annual meeting this week. “So down on its past investments to cater ture for civil aviation. The di- there are going to be different to the growing demand for such ser- version of a U.S.-built Air India outcomes as a consequence,” vices in Asia’s No. 3 economy. jetliner to Russia with engine Wilson told the conference in problems has thrust industry Istanbul. tensions surrounding Russian

INDORE, 1 JUNE TO 15 JUNE 2023 05 Briefs World Bank expects India to remain fast- Oil set for sec- est-growing major economy in FY24 ond weekly de- cline on demand NEW DELHI back toward the midpoint of rebounded into 2023 after con- returned to within the central the tolerance range and reforms tracting in the second half of bank’s 2-6 percent tolerance MUMBAI India will remain the fastest- payoff, it says. The World Bank 2022, and investment growth band,” it adds. growing economy in terms of expects India’s GDP to grow remained buoyant as the gov- Brent crude futures fell 49 cents, both aggregate and per capita at 6.4% in FY25 and 6.5% in ernment ramped up capital Growth in South Asia is ex- or 0.7%, to $75.47 a barrel by GDP of the largest emerging FY26. In India, which accounts expenditure. Private invest- pected to slow marginally in 1:30 p.m. EDT (1730 GMT), while market and developing econo- for three-quarters of output in ment was also likely boosted 2023, to 5.9%, and more signif- U.S. West Texas Intermediate crude mies, according to the World the South Asia region, growth by increasing corporate profits. icantly in 2024, to 5.1%, says was down 53 cents, or 0.7%, at Bank. The global financial insti- in early 2023 remained below Unemployment declined to 6.8 the World Bank. Unexpected $70.76 a barrel. Both benchmarks tution retained its April forecast what it achieved in the decade percent in the first quarter of resilience in private consump- lost more than $3 on Thursday after for India’s GDP growth at 6.3% before the pandemic as higher 2023, the lowest since the on- tion and investment, and robust a media report that a U.S.-Iran nu- for the financial year 2023-24, a prices and rising borrowing set of the COVID-19 pandemic, growth in the services sector in clear deal was imminent and would 0.3 percentage point downward costs weighed on private con- and labor force participation India, underlie an upward revi- result in more supply. Prices pared revision from January. sumption, the report says. increased. India’s headline sion to growth in 2023, it says. losses after both countries denied consumer price inflation has The lagged impact of tighten- the report, ending about a dollar “This slowdown is attributed “However, manufacturing ing domestic policy and global a barrel lower. “Thursday’s price to private consumption being financial conditions, and the moves show how fragile oil is,” said constrained by high inflation aftermath of crises and natural UBS analyst Giovanni Staunovo. and rising borrowing costs, disasters in several economies, “The Saudi cut lifted prices slightly, while government consumption are expected to temper growth and then the chatter of the potential is impacted by fiscal consolida- in 2024, cautions the World return of Iranian barrels saw a large tion,” the World Bank says in its Bank. Global growth is project- drop. Long investors are likely on flagship Global Economic Pros- ed to slow significantly in the the sidelines until larger oil inven- pects report. Growth is project- second half of this year, with tory declines become visible,” he ed to pick up slightly through weakness continuing in 2024. said. Oil prices had risen early in FY25-26 as inflation moves the week, buoyed by Saudi Ara- bia’s pledge over the weekend to Yellen urges new World Coinbase execs defend platform, cut more output on top of the cuts agreed earlier with the Organization Bank chief to ‘get the most’ call for clear crypto rules of the Petroleum Exporting Coun- tries and its allies. from balance sheet NEW DELHI to-specific regulations since last year and in April asked the U.S. CPPIB to sell WASHINGTON be made on a “rolling basis” The Securities and Exchange Court of Appeals for the Third 1.66% stake in in coming months. Yellen Commission (SEC) on Tues- Circuit to compel the regulator India’s Kotak Ma- Treasury Secretary Janet said continuing to implement day alleged Coinbase traded at to respond. That court on Tues- hindra Bank Yellen on Thursday told these reforms would “get the least 13 crypto assets that are day ordered the SEC to provide incoming World Bank Group most out of the Bank’s bal- securities that should have been a response within a week. Coin- NEW DELHI President Ajay Banga to “get ance sheet,” and mobilize more registered, including tokens such base also sought to distance itself the most out of the bank’s bal- private capital “for our shared as Solana, Cardano and Polygon. from rival exchange Binance, The Canadian pension fund ance sheet” and mobilize more development objectives and The agency also said Coinbase which was also served with an held a 4.34% stake in the pri- private capital for climate fi- to refine the operating model was operating as an unregistered SEC lawsuit on Monday. The vate lender as of March 31, as per nance and global development to increase the responsive- exchange, broker and clearing- SEC alleged Binance, the world’s Kotak’s shareholding pattern. The objectives, the Treasury said ness and agility of the bank,” house. “It’s not appropriate for largest cryptocurrency exchange offer price is a discount of up to the Treasury said. “Secretary the regulator to come back and do and its founder Changpeng Zhao, 5% compared with Kotak’s stock’s Under Banga’s predeces- Yellen stressed the need to sup- an enforcement action if we don’t also sold cryptocurrency prod- closing price of 1,886.50 rupees sor, David Malpass, the bank’s port the poorest of the banks’ have a clear rulebook and clear ucts without registering them as on Thursday, the report said. The shareholders in April approved member countries as they con- guidance,” CEO Brian Armstrong securities. In addition, it accused report did not say when the stake an initial round of balance tinue to face multiple crises, said in an interview on CNBC. Binance and Zhao of artificially sale will happen. Kotak and CPPIB sheet changes to boost lending including continuing global “They’re saying everything other inflating trading volumes, divert- did not immediately respond to ’ by $50 billion over 10 years macroeconomic headwinds than bitcoin is a security. Well, ing customer funds and failing to request for comment. Kotak shares, while maintaining its top-tier exacerbated by Russia’s war in that’s not our interpretation of the restrict U.S. customers from its which ended down 2.7% on Thurs- AAA credit rating. But Yellen Ukraine,” the Treasury added. law.” Coinbase has been pushing platform. day, are up 3.2% so far this year. has insisted that further lend- the SEC to formulate new cryp- Indian rates at three-month high ing reforms and other changes on low supplies, paddy price hike India’s 5% broken parboiled vari- Bottom Story ety was quoted at $388-$395 per tonne, up from last week’s $375- Rural India throws NBFCs a lifeline in season of lost momentum $380. India on Wednesday raised the price at which it will buy new- NEW DELHI according to data from the Fi- 87,102 crore of home loans in crore, a decline of 1% from season common rice paddy from nance Industry Development Q4FY23, which was 1% lower Rs 2,79,945 crore in Q4FY22. farmers by 7% to 2,183 rupees per Both semi-urban and urban Council and credit bureau CRIF. than Rs 88,225 crore sanctioned Semi-urban areas also shrank 100 kg. “Paddy prices have gone up sectors reported lower A de-growth in home loans and in the corresponding quarter 5% to Rs 50,427 crore, ToI’s in the local market in the last one growth in the fourth quarter of unsecured personal loans Mayur Shetty reported. For the month anticipating a hike in sup- 2023. It was the loans in the pulled down top NB- last year. Gold loan sanc- full year, total sanctions in FY23 port prices. It is ultimately pushing rural areas that practically kept FCs’ aggregate tions, however, jumped stood at Rs 16,93,286 crore, up rice export prices,” said Himan- NBFCs afloat, according to numbers in the 24% to Rs 50,958 23.9% higher than Rs 12,87,484 shu Agarwal, executive director data from the Finance Indus- fourth quarter. crore compared to crore in FY22. at Satyam Balajee, an exporter. try Development Council and The fall was in Rs 41,156 crore. Neighbouring Bangladesh import- credit bureau CRIF. Rural India spite of a strong Property loans, In absolute terms, sanctions ed 634,000 tonnes of rice to ensure throws NBFCs a lifeline in sea- growth in loans too, were up 29% were higher by Rs 4,05,802 food security in the first 11 months son of lost momentumiStock against prop- at Rs 45,284 crore crore than the previous year. It of the current financial year ending erty and gold loans. compared to Rs may be noted that NBFCs raise in June, data from its food ministry Overall loan growth by non- NBFCs sanctioned Rs 29,016 crore last year. most of their funds for lending showed. banking finance companies 4,46,132 crore worth of loans in from banks. RBI’s data on sec- crawled in Q4, growing just Q4FY23, the data showed. This Of the total loans, loans toral deployment of bank credit 2% annually during the quarter. compares to Rs 4,38,344 crore to rural areas amounted to Rs shows that outstanding bank Both semi-urban and urban sec- in the corresponding quarter of 1,19,549 crore, which was 10% loans to NBFCs grew 28% to tors reported lower growth in the the previous financial year. The higher than Rs 1,08,248 crore in Rs 13.1 lakh crore, an increase fourth quarter of 2023. It was non-bank lenders approved Rs the fourth quarter in fY22. As of Rs 3.8 lakh crore over the the loans in the rural areas that against this, sanctions in the ur- previous year. practically kept NBFCs afloat, ban areas stood at Rs 2,78,050

INDORE, 1 JUNE TO 15 JUNE 2023 06 Briefs Investors and economists bullish Instant view: In- on India’s growth even as World dia’s Jan-March quarter GDP Bank trims FY24 GDP outlook growth at 6.1% y/y NEW DELHI came in at a better-than-expect- casts for the Indian economy’s amid broadly balanced risks,” MUMBAI ed 6.1%, global brokerages like growth in FY24 on the back of said analysts at SBI Research. In its latest Global Econom- JP Morgan, Goldman Sachs and robust economic activity and a Despite the upward revision in India’s economy grew 6.1% in the ics Prospects report, the Citi Research have upgraded resilient investment environ- India’s FY24 GDP forecast by January-March quarter from a year World Bank has cut India’s their projections for India’s ment. Global brokerage JP most brokerages, economists earlier, accelerating from 4.4% in the GDP growth forecast to 6.3% gross domestic product (GDP) Morgan said that there could remain cautious about the ad- previous quarter, helped by a pickup in FY24, from 6.6% earlier. De- growth in FY24. even be an upside to its forecast verse impact of a potential El in manufacturing activity, govern- spite this, it expects India to re- if the government manages to Niño this year. ment data showed on Wednesday. The main the fastest-growing major India to still be the fastest- execute its 10 lakh crore capex reading was above the 5% expansion economy in the world in 2023 growing major economy: De- outlay for FY24. “We are now Foreign investors accelerat- forecast in a analysts poll. For the as well as 2024. Overall, inves- spite the World Bank trimming factoring in a pickup in growth ed their bets on Indian equities, 2022/23 fiscal year, economic growth tors and economists are bullish its growth forecast for India, momentum in FY24. Continu- with foreign portfolio investors was revised upwards to 7.2% from an on India’s growth prospects, it’s still higher than an average ing on the path of strong ac- (FPIs) pumping 43,839 crore earlier estimate of 7%. “The sharp with the Nifty50 index seen of 10 major brokerages, which tivity in FY23, we project real in May. On the other hand, upside to the GDP growth suggest the scaling new highs this month. stands at 6%. GDP growth for FY24 at 6.7% foreign institutional investors’ resilience of the Indian economy de- with Q1 at 7.8%, Q2 at 6.5%, (FIIs) buying hit a 27-month spite the global slowdown. However, Advertisement: Even as Advertisement: Earlier Q3 at 6.3% and Q4 at 6.2%, high during this period at we remain watchful on the sustaina- investors and economists are this month, global brokerages 27,856 crore, the highest bility of the strength especially when sounding a bullish note on the upgraded their respective fore- since February 2021. Analysts much of the non-agricultural growth growth prospects of the Indian say that the Nifty50 is headed has been led by public investment economy and equity markets for lifetime highs this month while consumption remain tepid.” – especially after the ‘pleasant and recommend investors Forward guidance could become trap surprise’ of the Q4 GDP growth capitalise on dips. “We expect for central banks-economist Central numbers – the World Bank has broader markets to accelerate banks risk being late in arresting in- trimmed its outlook citing a upward momentum fuelled flation if they rely too much on for- slowdown in private consump- by 18 month’s consolidation ward guidance – a tool used to com- tion and elevated inflation lev- breakout in the Nifty Midcap municate the future path of monetary els. In its latest Global Econom- index. Hence, dips should be policy, a widely respected economist ics Prospects report, the World capitalised on to build a port- told policymakers at a Bank of Japan- Bank has cut India’s gross do- folio from a medium-term hosted event on Wednesday. mestic product (GDP) growth perspective,” analysts at ICICI forecast to 6.3% in FY24, down Direct said. The Nifty50 index India clocks ro- from its previous forecast of is up over 10% since the lows bust SUV sales 6.6% growth. “This slowdown of March, and it is a little over in May, two- is attributed to private con- 200 points away from its all- wheeler vol- sumption being constrained by time high. Analysts say that umes rise high inflation and rising bor- the financial services sector is rowing costs, while government yet to contribute to the rally, BENGALURU consumption is impacted by fis- and when it does kick in with cal consolidation,” the World gains, the markets will get the Indian automakers reported ro- Bank report said. boost they need to cross their bust sales of sport utility vehicles all-time highs this month. (SUVs) in May on steady demand After India’s economic and saw an uptick in two-wheeler growth for the March quarter sales on the back of the wedding season and replacement of old bikes Bottom Story and scooters. Mahindra and Mahin- dra, the country’s top SUV maker by India Inc revenue grows 11% in March market share, reported a 23.5% jump in SUV sales, while sales of the larg- quarter, pro t margins contract: Report er and pricier vehicles at Maruti Su- zuki, the top carmaker by volumes, MUMBAI the last year’s number but was Diageo CEO Ivan Menezes take on Mahindra TharHinden- grew around 65%. Sales of SUVs quick to add that the same ex- passes awayPune-born Dia- burg-inflicted losses still weigh propelled India’s passenger vehicle India Inc’s revenues grew by panded by 0.58 per cent to 16.1 geo CEO Ivan Menezes passes on Adani stocksHindenburg- (PV) sales to a record high in fiscal 11.4 per cent in the March per cent on a sequential basis on awayByju’s skips $40M loan inflicted losses still weigh on 2023 and are expected to grow in quarter, but the operating profit disinflation and price hikes. payment in dispute with lend- Adani stocks “While margin double digits this financial year, de- margins contracted by over ersByju’s skips $40M loan pay- pressures are likely to ease spite a slower growth for the overall 1 per cent, a report said on “The sequential margin ex- ment in dispute with lenders- further in the coming quarters, industry. However, SUV sales have Tuesday. Almost all the sec- pansion was most visible in Maruti Suzuki drives in Jimny given the recent further sof- been limited to a certain extent due tors reported revenue growth, select sectors such as iron & to take on Mahindra TharMaru- tening of commodity prices, to supply issues for parts, particu- with aviation, hotels, ports, and steel, cement, oil & gas, and ti Suzuki drives in Jimny to uncertainties remain due to larly chips. SUV sales volume “were gems and jewellery leading the consumer durables. Pune-born the evolving geo-political situ- restricted by a short-term disruption pack, the report by a domes- ations,” Shah added. Despite in engine-related parts at the sup- tic rating agency said. On the some softening and stabilisa- plier end,” Veejay Nakra, president profitability front, the operating tion of commodity prices over of the automotive division at Mahi- profit margins of the 579 listed the recent months, India Inc.’s ndra, said, adding that the company companies, excluding financial ability to improve earnings will continued to face a shortage of chips sector entities, contracted by be dependent on headwinds for airbags. The company in a post- 1.26 per cent despite easing in- such as evolving recessionary earnings press conference last week flation, Icra said. Icra co-group trends in the developed markets said that chip shortages were still head for corporate ratings, and the impact of fluctuations limiting its efforts to ramp up SUV Kinjal Shah, said unfavourable in foreign exchange on both im- production. forex rates were among the fac- port as well as export-oriented tors which impacted the profit sectors, Shah said. margins when compared to

INDORE, 1 JUNE TO 15 JUNE 2023 07 Briefs Yellen urges new World Bank chief to ‘get the most’ from balance sheet Thyssenkrupp, India’s Mazagon WASHINGTON report on capital adequacy, which tives and to refine the operating tender for the job. The U.S., the Dock Shipbuild- argued that changes to multilat- model to increase the responsive- World Bank’s largest shareholder, ers sign subma- U.S. Treasury Secretary Ja- eral development banks could ness and agility of the bank,” the has traditionally chosen an Amer- rine MoU net Yellen on Thursday told unlock hundreds of billions of Treasury said. She also said the ican to run the World Bank, while incoming World Bank Group dollars in new lending. Under World Bank needed to work more Europe has chosen the head of NEW DELHI President Ajay Banga to “get the Banga’s predecessor, David Mal- closely with its sister develop- the International Monetary Fund. most out of the bank’s balance pass, the bank’s shareholders in ment banks. “Secretary Yellen Banga, a U.S. citizen since 2007, As part of the planned co- sheet” and mobilize more pri- April approved an initial round stressed the need to support the starts his new role on Friday. operation, Thyssenkrupp vate capital for climate finance of balance sheet changes to boost poorest of the banks’ member would take care of engineer- and global development objec- lending by $50 billion over 10 countries as they continue to face In a parting LinkedIn post, ing and design, while Mazagon tives, the Treasury said. During years while maintaining its top- multiple crises, including con- Malpass highlighted the growth would be in charge of construc- a meeting with Banga a day be- tier AAA credit rating. But Yellen tinuing global macroeconomic in the bank’s climate finance for tion and the delivery of sub- fore the former Mastercard CEO has insisted that further lending headwinds exacerbated by Rus- developing countries during his marines the Indian Navy has takes office at the World Bank, reforms and other changes be sia’s war in Ukraine,” the Treas- tenure, more than doubling it to tendered, Thyssenkrupp said. Se- Yellen “conveyed her strong made on a “rolling basis” in com- ury added. Banga, 63, was elected a record $32 billion last year, as quoia to split off China, India/SE desire for Treasury to continue ing months. Yellen said continu- to a five-year term as World Bank well as $440 billion mobilized by Asia businesses amid geopoliti- close collaboration” with him ing to implement these reforms president by the lender’s board of the World Bank for overlapping cal tension The split, which will on the lender’s evolution to ad- would “get the most out of the governors on May 3. Nominated crises starting with COVID-19, see the two new firms adopt their dress climate change and other Bank’s balance sheet,” and mo- by U.S. President Joe Biden, the the war in Ukraine, food and en- own brands, will occur by March global challenges. That includes bilize more private capital “for Indian-born finance and devel- ergy price shocks, supply chain 31, 2024, Sequoia said in a state- continuing to implement recom- our shared development objec- opment expert was the sole con- disruptions, and unsustainable ment signed by managing part- mendations from last year’s G20 debt. ner Roelof Botha, China head Neil Shen, and India and South- Indian-origin US politician Nikki Ha- Oil prices rise after U.S. debt deal, east Asia head Shailendra Singh. ley calls India ‘one of the biggest pol- all eyes on OPEC meeting The firm’s U.S. and European venture business will remain MUMBAI However, Haley’s current home LONDON a sovereign default that would known as Sequoia Capital. The has historically been responsible have rocked global financial mar- decision comes amid economic “If we want to be serious about for more carbon emissions than Oil prices rose on Friday af- kets. Earlier signals of a potential challenges and geopolitical ten- saving the environment, we any other country, according to ter a U.S. debt ceiling deal pause in rate hikes by the Federal sions that have made fundrais- need to confront India and Chi- a report from Our World in Data. averted a default in the world’s Reserve also provided support to ing and investment difficult, and na. They are some of the big- biggest oil consumer, while at- oil prices, not least by weighing eaten into global venture funds’ gest polluters,” the former South “The United States has emit- tention turned to a meeting of on the U.S. dollar, making oil returns. “It has become increas- Carolina Governor tweeted on ted more CO2 than any other OPEC ministers and their al- cheaper for holders of other cur- ingly complex to run a decentral- Monday. Republican Presiden- country to date: at around 400 lies at the weekend. Brent crude rencies. Investor attention is now ized global investment business,” tial candidate and Indian-origin billion tonnes since 1751, it is futures rose 77 cents, or 1% to fixed on the June 4 meeting of the Sequoia said in the statement. politician Nikki Haley came un- responsible for 25% of histori- $75.05 a barrel by 0806 GMT, Organization of the Petroleum “This has made using centralized der fire earlier this week after she cal emissions; this is twice more while U.S. West Texas Intermedi- Exporting Countries and allies back-office functions more of a called India and China the ‘big- than China – the world’s second ate crude (WTI) was up 69 cents, including Russia, collectively hindrance than an advantage.” gest polluters’ in the world. “If largest national contributor,” the or 1%, at $70.79. Both contracts called OPEC+. OPEC+ in April we want to be serious about sav- report says. Back in 2020, Ha- were headed for their first week- announced a surprise cut of 1.16 India’s RBI ing the environment, we need to ley’s party colleague and then ly loss in three weeks. Markets million barrels per day in April, likely to set confront India and China. They President Donald Trump alleged were reassured by a bipartisan but the gains from that move have cutoff yield are some of the biggest pollut- that India, China and Russia do deal to suspend the limit on the since been retraced and prices are on 10-yr state ers,” the former South Carolina not take care of their air, while U.S. government’s $31.4 billion below pre-cut levels. bonds in 7.32%- Governor tweeted on Monday. America does, noting that he debt ceiling, which staved off 7.35% band Bottom Story MUMBAI TheTeacherApp by Bharti Foundation presents Teachers’ Summer Fest Indian states will aim to raise an aggregate of 173 billion NEW DELHI Bharat on 5thJuly 2021 under the valuable contributions to society. TheTeacherApp exclusively for Indian rupees ($2.09 billion) aegis of the centrally sponsored Ms Mamta Saikia, CEO, Teachers’ Summer Fest followed on Tuesday through the sale of Bharti Foundation, the phil- scheme of SamagraShiksha. The a calendar/journey of upcoming bonds maturing in five years to anthropic arm of Bharti Enter- vision of NIPUN Bharat Mission Bharti Foundation, expressed events: Webinars, Quizzes, Polls, 30 years. The Reserve Bank of prises, today announced the is to create an enabling environ- her excitement towards the competitions etc. India will likely set cutoff yields launch of a virtual Teachers’ ment to ensure the universal ac- initiative and said, “Bharti for the 10-year bonds in the Summer Fest to be conducted quisition of foundational literacy Foundation has been relent- The webinars will be held 7.32%-7.35% band, according on TheTeacherApp, a new tech- and numeracy (FNL), so that lessly working towards mak- by experts who will share their to a poll of 13 traders. Apple initiative by the Foundation. every child achieves the desired ing quality education avail- knowledge and insights on vari- shares notch all-time high ahead It’s a 10-day long Fest starting learning competencies in read- able to the underprivileged ous topics related to the theme- of developer conference -Ap- from 21st June, 2023 across In- ing, writing, and numeracy by children, especially girls. Theatre and Storytelling. The ple Inc shares hit a record high dia. A range of topics related to the end of Grade 3, by 2026-27. With many flagship programs, webinars will follow an inter- for the first time in 17 months the theme of the Summer Fest Bharti Foundation encourages TheTeacherApp’s Summer active format, with participants on Monday, ahead of an annual – ‘Theatre and Storytelling in teachers nationwide to seize Fest is another initiative to- having the opportunity to involve software developer conference, Education’, will be covered by this opportunity for personal wards our goal of ensuring and engage in discussions, polls although the company’s market experts, Dr. JaishreeSethi, a sto- and professional growth. By quality education by empow- and quizzes. The webinars will value remained short of an all- ryteller and teacher trainer based participating in Teachers’ Sum- ering school learners, teachers be recorded and made available time peak of $3 trillion. in Delh and Ms. Choiti Ghosh, mer Fest, educators can engage and educationists. We aim to on TAPP. Quizzes and Happy well-known actor through we- in stimulating discussions, gain target 10,000+ teachers across Polls are to be launch on TAPP Mumbai Correspondent binars (conducted in Hinglish), fresh insights, and contribute to a India.” for teachers in alignment with theatre games and panel discus- nationwide movement for trans- the theme of the fest. Rewards Suman Gupta sion. Govt. of India launched formative education. Let’s come The Teachers’ Summer Fest and Recognitions in form of cer- 9930406223 NIPUN (National Initiative for together to celebrate and em- will be conducted virtually on tificates and exciting prizes. Proficiency in Reading with power our teachers for their in- TheTeacherApp, making it ac- Suman.businessbazigar@gmail. Understanding and Numeracy) cessible to a wider audience. com A new tab will be created on

INDORE, 1 JUNE TO 15 JUNE 2023 08 Briefs Celebrate International Yoga Day with Almonds: En- hance Your Well-Being and Nourish Your Body Major setback for PM Modi’s chip- NEW DELHI These healthy nuts are known fits both the body and the mind. said, “Yoga is a powerful prac- making ambitions as to support immunity, help in Along with practicing yoga, I tice that nurtures the mind, firms struggle to find International Yoga Day is cel- weight and diabetes manage- maintain a well-balanced diet body, and spirit. As we cel- tech partners ebrated worldwide on June ment, promote heart and skin and make sure to eat a hand- ebrate International Yoga Day, 21st and serves as a global plat- health amongst other benefits. ful of almonds every day. Al- let’s remember the significance NEW DELHI form to raise awareness about Almonds are a natural source monds are regarded as Sattvic of fueling our bodies with nour- the transformative impact of of fiber, protein, healthy fats, foods and include 15 essential ishing foods. Almonds, with Big companies including a Fox- yoga on our lives. Yoga, with vitamin E, zinc, copper, mag- nutrients, like protein, vitamin their abundant nutrients and conn joint venture that bid for its profound ability to har- nesium and many other nutri- E, magnesium, and others. wholesome goodness, make for India’s $10 billion semiconductor monize the body, mind, and ents that are required for good Additionally, almonds are a an ideal snack choice to sup- incentives are struggling due to the spirit, guides us towards opti- health. Here are some of the key healthy source of energy and port our yoga journey. They lack of a technology partner, a major mal health and wellness. And reasons why you should include as per Ayurveda, daily almond provide natural energy, protein, setback for Prime Minister Naren- what better way to enhance this a handful of almonds in your consumption helps support and some of the essential vita- dra Modi’s chipmaking ambitions. transformative experience than daily diet. our nervous system, enhances mins and minerals, fueling our A planned $3 billion semiconductor by embracing a healthy and bal- strength as well as muscle workouts and aiding in post- facility in India by chip consortium anced diet and incorporating Speaking about the im- mass. Hence, almonds are a workout recovery. Incorporat- ISMC that counted Israeli chipmak- nutritious foods like almonds portance of leading a healthy staple in my and my family’s ing almonds into our diet can er Tower as a tech partner has been every day With its 15 essential lifestyle, Leading Bollywood diet.” enhance the benefits of yoga stalled due to the company’s ongo- nutrients, almonds offer a myr- actress Soha Ali Khan, said, and promote overall fitness and ing takeover by Intel, three people iad of health benefits that com- “Yoga is one of my favorite Fitness and Celebrity In- well-being.” with direct knowledge of the strate- plement the practice of yoga. types of exercise since it bene- structor, Yasmin Karachiwala, gy said. A second mega $19.5 billion plan to build chips locally by a joint Prepare yourself to be swept away by the RBI deputy governor M venture between India’s Vedanta and Rajeshwar Rao urges banks Taiwan’s Foxconn is also proceed- captivating melodies and heartfelt lyrics of to address shortcomings in ing slowly as their talks to rope in European chipmaker STMicroelec- NEW DELHI for our previous song “Khwab,”, Aditya governance framework tronics as a partner are deadlocked, a and I wanted to produce another mes- fourth source with direct knowledge After the massive success of “Khwab’’, merizing version of Khwab, so we began MUMBAI said Modi has made chipmaking a Aditya A and Iqlipse Nova, along working on Khwab reprise with Akank- top priority for India’s economic with Akanksha Bhandari, are back with sha, and the result was incredible. I feel The boards of Indian banks should ad- strategy as he wants to “usher in a another captivating track, “Khwab Re- dress gaps in governance frameworks, new era in electronics manufactur- prise,” in association with this is an ideal track to ded- including ensuring appropriate risk man- ing” by luring global companies. Sony Music. “Khwab Re- icate to your loved one who agement practices and adhering to ac- prise’’ is a dreamy ballad is always there for you.” ceptable customer and market conduct, Aditya Birla Group that beautifully describes a deputy governor of the Reserve Bank to foray into brand- how being in love is in- Aditya A added, “Khwab of India (RBI) said in a speech in May. ed jewellery with deed like a dream. Com- has been a big success, and I Boards should set clear expectations for over $600 million posed and sung by the ex- am extremely elated to pre- management and should require reports on investment ceptionally talented duo sent another track that will risk management on a regular basis, said M Aditya A and Iqlipse Nova, the song has tug at your heartstrings. It Rajeshwar Rao, at a conference of directors BENGALURU been glorified with Akanksha Bhandari’s was fun to work with both iqlipse Nova and of state-run and private banks in May. The melodious vocals and heart-felt lyrics that Akanksha, they both are immensely talent- speech was uploaded to the central bank’s India’s Aditya Birla Group said will surely put a smile on your face. While ed vocalists. I hope that the music lovers website on Monday. RBI Governor Shakti- on Tuesday it was foraying into maintaining their unique styles, this col- will enjoy the track.” “I am thrilled to be kanta Das and deputy Governor M.K. Jain the branded jewellery retail busi- laboration between Akanksha Bhandari, a part of ‘Khwab Reprise’ and collaborate also urged banks, in the same conference, ness with an investment of 50 bil- Iqlipse Nova, and Aditya A brings a fresh with the talented duo, Iqlipse Nova and to ensure compliance and effective govern- lion rupees ($605.2 million), as it perspective to the song. Commenting on Aditya A. This enchanting rendition takes ance. The RBI has been increasingly en- looked to attract affluent custom- the upcoming release, Iqlipse Nova said, listeners on a captivating love journey, and couraging banks to strengthen governance ers in a crowded market. A new After receiving an overwhelming response I believe it will also touch their hearts for standards to avoid financial instability, fol- venture, named Novel Jewels Ltd, sure” added Akanksha Bhandari. lowing a series of bank failures in the US. will house the jewellery busi- ness that will build large retail Bottom Story stores across India with in-house brands, the group said in a state- Toyota Kirloskar Motor partners Bajaj Finance Lim- ment. The telecom-to-metals con- ited to enhance retail nancing options glomerate’s entry comes at a time when the market is dominated by MUMBAI ogy drivenNBFC, offering a on the tie-up, Mr. Siddhartha ence. Over the years, TKM has thousands of small and large lo- comprehensive suite of finan- Bhatt, Chief Business Officer, strived to improve customer cal independent jewellery stores, Aimed at further elevat- cial solutions and focused on Auto Finance, Bajaj Finance experience throughout the as well as branded outlets like Ti- ing customer experi- enhancing customer experi- Limited, said”Our partnership purchase & ownership cycle tan Company-owned Tanishq and ence, Toyota Kirloskar Motor ence digitally. The partnership with Toyota Kirloskar Motor by implementing timely and CaratLane, and Kalyan Jewellers. (TKM) today announced the with Bajaj Finance will pro- opens up exciting opportuni- relevant schemes such as easy India’s gems and jewellery mar- signing of a Memorandum of vide customers with convenient ties to provide enhanced retail financing options.In addition to ket accounts for about 7% of the Understanding (MOU) with and attractive financing options finance solutions to custom- the latest tie-up and a plethora GDP, with the market projected to Bajaj Finance Limited (BFL), ultimately enhancing the over- ers looking for their favourite of in-house financing solutions grow to $90 billion by 2025, ac- Ltd., part of Bajaj Finserv Ltd., all ownership experience. BFL Toyota models. Our digital- through Toyota Financial Ser- cording to the Aditya Birla Group. one of India’s leading and di- has also announced that it will first approach, customized vices (TFS), Toyota over the The jewellery market has also at- versified financial services commence its new4-Wheeler solutions and straight through years has also launched several tracted foreign investors. report- groups, to provide enhanced Finance business from June 1, processeswill help us enrich other tailor-made services with ed last month that Singapore’s Te- retail finance options that are 2023, across 89 key locations customer experience. Together serval other financing institutes masek Holdings was considering specially designed to make the in India as part of Phase 1. with Toyota Kirloskar Motor, to offer customers choices and investing $100 million in Indian process of purchasing a Toyota These locations cover approxi- we look forward to serving convenience of financial so- jeweller BlueStone for a stake of vehicle more convenient and mately 70% of the overall auto customers across the country lutions to meet their diverse about 20%. accessible to customers. industry sales. Elaborating and delivering superior experi- needs. Bajaj Finance is a technol- Owner, Printer and Publisher Shishir Somani, Printed Publication Pankaj Printers and Pachking. LUN-22 Sector-F Industrial Area. Sanwar Road. Indore Publication 209 Swadesh Bhavan Press Complex, A.B. Road Indore (MP), Editor Shishir Somani. (Jurisdiction area Indore only)