Maharashtra Investment News

Destination Uttar Pradesh: State leading a policy-driven growth
Times of India | 3 weeks ago
Times of India
3 weeks ago

By - Sameer GuptaIn 2017, 24 crore people of Uttar Pradesh turned to Yogi Adityanath to lead the state through an unstable law and order situation and a crumbling economy. His North Star was to make the economy work for the last person in the socioeconomic food chain. He took steps to create jobs, rescue farmers from debt, and rebuild the economy on a new foundation for growth and prosperity. Prior to 2017, industrialists and businessman were harassed by mafias and gangsters and organised crime flourished, which made it very difficult for investments to flow in. Due to zero-tolerance policy of the Yogi-led government towards crime, the law & order situation in UP has completely transformed. This has given confidence to not just local people but also to businessman all over. In many ways, the state’s real attraction is the way it is governed. A decisive chief minister and proactivity of the administration have ensured that the state remains a hotspot for investors. We at Jakson have been investing in UP for over five decades and the progress seen in past few years has been exemplary. UP is further leading a policy-driven growth through 20-plus sectoral policies which have been carefully formulated considering the competition in India. The state organised a firstof-its-kind Investors’ Summit in 2018 where a record MoUs worth Rs 4. 68 lakh crore were signed. Of these, 371 proposals worth close to Rs 3 lakh crore are already functional. Never before has an investors’ summit seen such a massive implementation rate in the country which affirms that the chief minister’s strategy of ‘Reform, Perform and Transform’ has changed the perception of the state both nationally and global- ly. Investments in UP in recent years have yielded some of the highest rates of return in comparison with investments in other states. The third groundbreaking ceremony which will see the Prime Minister inaugurating 1,406 projects worth more than Rs 80,000 crore in the presence of nearly 62 top industry leaders like Gautam Adani and Mukesh Ambani, among others, is keeping up the momentum of development and progress. The investment flow isn’t restricted to big cities like Noida and Lucknow but has trickled down to cities like Etah, Amroha and Mirzapur. UP’s rise can be judged the fact that the state has moved to the 2nd rank from the earlier 12th in terms of Ease of Doing Business. PM Narendra Modi has touted UP as a great example of the double engine government’s double benefit. MSME serves as the backbone of the state’s economy and is powering Yogi’s vi- sion of making UP a $1trillion economy. MSMEs play a quintessential role for any investments as they require support/ancillary industries to help them. Our policies for the MSME sector are very encouraging. For example, the department gives the NOC for a new setup within 72 hours. To back that, the state has further ensured ‘digitalisation’ and ‘digital transparency’ and has introduced one single window, Nivesh Mitra, for all investment-related queries, and MSME Saathi, where all the problems related to MSME are being addressed within 24 hours. Skill development has also been a crucial sector for the growing economy of the state followed by infrastructural development. With 75 universities, 4,000+ colleges and 1,25,000 ITI seats, the state offers the largest pool of skilled labour in the country. National and international connectivity is being improved through nine airports, including three international airports and expressways. Earlier, only the area around Noida was being focused on when it came to infrastructural development. Now, western UP will see a boom as Asia’s largest airport Noida International greenfield airport is coming up in Jewar which will become India’s largest logistics hub. Similarly, Purvanchal, where the land was always considered cheaper and was a non-industrialised region, is now being rejuvenated by the UP government with Purvanchal Expressway and Bundelkhand Expressway. Bundelkhand will further be bolstered by the defence corridor for which the state already has a sectoral policy and investments have already started pouring in. All investments will be supported by the MSME sector. Data from the ministry of statistics and programme implementation further makes it evident how the sustained and inclusive economic model of Yogi Adityanath catapulted UP’s GSDP to become the second highest in the country after Maharashtra. The state’s GSDP grew at a CAGR of 8. 4% between 2016-17 and 2020-21 from Rs 11 trillion to Rs 19 trillion. Investing in infrastructure not only makes our roads, bridges and airports safer and gives our businesses and workers the tools to compete successfully in the economy, but also creates thousands of jobs that cannot be outsourced. The latest data as per the Centre for Monitoring Indian Economy states that unemployment rate in the state stands at 2. 9%. Prior to 2017, the unemployment rate was above 18%. Every decision of Yogi Adityanath signifies a meaningful commitment and has heralded economic ascent of the state. (The writer is chairman, CII National Committee of Atmanirbhar Bharat, RE Manufacturing & Jakson Group)

Destination Uttar Pradesh: State leading a policy-driven growth
UPSC: Mumbai girl, AIR 13, among 5 from Woman I-banker tops from Maharashtra in top 100
Times of India | 4 weeks ago
Times of India
4 weeks ago

MUMBAI: From an investment banker to a strawberry farmer, Maharashtra candidates from varied backgrounds cracked the UPSC finals, the results of which were declared on Monday evening. The 2021 results have five candidates from Maharashtra in the top 100: Priyanvada Mhadalkar (13), Anjali Shrotriya (44), Shraddha Gome (60), Shubham Bhaisare (97), Ankit Hirde (98). They were followed closely by Aditya Kakade (129), Shubham Bhosale (149) and Vinay Kumar Gadge (151). A total of 1,823 candidates, who had cracked the civil services prelims and main exams, were called for personal interviews. Of them, 685 candidates - 508 men and 177 women - have been recommended for appointment to central services, said the UPSC. Of the total, a little more than 60 candidates are from Maharashtra. This year, Shruti Sharma topped the civil services exam, and Ankita Agarwal and Gamini Singla stood second and third, respectively. The top 25 rankers comprise 15 men and 10 women. Joining the women's league of toppers is AIR 13 Priyamvada Mhaddalkar (31) from Mumbai. Mhaddalkar's journey from engineering to an MBA to investment banking has taken her to several Ivy League institutes and top banks. But she gave up the well-paying job for her childhood dream: To be an IAS officer. "I had a role model in front of me. My dad. I have wanted to be just like him ever since I was a child," the electronics engineering, an alumna of VJTI told TOI. After graduation, Mhaddalkar pursued her MBA from IIM-Bangalore and then spent six years in various investment banks. "After taking up a job, I felt that I was forgetting my dream. In July 2020, I quit my job to start preparation for civil services. Civil services gives a wide scope to positively impact the society and contribute to the country," said Mhaddalkar, who recently shifted to Hyderabad with her husband. Strawberry farmer Omkar Pawar, who secured AIR 194, cracked the UPSC last year to join the IPS, but bettered his score this year. An engineer from deemed university, he claimed to be the first from Jaoli tehsil of Satara to join the IAS cadre. "I have founded a farmer producer company and my interests are farming and international relations," he said. He was quizzed about India's stand in the recent war and what he felt about it. Vile Parle resident Rohan Kadam (AIR 295), a master's student from Pune's Gokhale Institute of Politics and Economics, has been taking the UPSC since he was 21. Kadam, who got fifth time lucky, said he would like to concentrate on participative governance. A student of Marathi-medium Parle Tilak Vidyamandir and Ruia College, he was asked questions on cooking, which he had enlisted as his hobby, international relations, apprehensions of various NATO members and about debt-trap diplomacy. In 2020, 761 candidates had cracked UPSC Civil Services final exam.

UPSC: Mumbai girl, AIR 13, among 5 from Woman I-banker tops from Maharashtra in top 100
BJP behind Raj Thackeray's agitation in Maharashtra: MVA
Deccan Herald | 1 month ago
Deccan Herald
1 month ago

In a strong reaction, the Maha Vikas Aghadi dispensation asserted that BJP was behind MNS President Raj Thackeray’s agitation and it would take Maharashtra back by five to six years. Minister of State for Home and Information Technology Satej Patil said it may push Maharashtra back by 5 to 6 years. “Raj Thackeray should think if he wants to escalate the problems of inflation, and unemployment and prohibit the investment from coming to the State by announcing such agitations,” said Patil, a senior Congressman. “The State government and police department have been doing their work. The security of the people and ensuring that they do not face any hardship is our prime responsibility. By holding the Home department’s meeting, all steps have been taken to keep the law and order intact. We have deployed 87 units of SRPF, and 30,000 home guards to handle the situation in the wake of the call of protest given by Raj Thackeray.”Also Read | Raj Thackeray tweets old video of Sena founder Bal Thackeray amid loudspeaker row“It is BJP which used Raj Thackeray for the agitation,” Shiv Sena chief spokesperson and Rajya Sabha member Sanjay Raut said.“Maharashtra is a progressive state and it is the responsibility of the state government to protect the freedom of religion that has been given to us by the Constitution,” said Maharashtra Congress President Nana Patole. “Ever since the MVA government has come to power in the state, the BJP has been trying to destabilize the government. This is defaming Maharashtra and affecting investment and job creation. As a result, the future of the youth is at stake. Some people are trying to create unrest in Maharashtra. Attempts to bring swords and other weapons from outside the state have been exposed by the vigilance of the police."Some people are trying to create religious clashes but the administration is vigilant and both the government and the administration will thwart any attempt to spread unrest in the state," he added.Watch the latest DH Videos here:

BJP behind Raj Thackeray's agitation in Maharashtra: MVA
  • "Supari Politics": Sena's Sanjay Raut On Raj Thackeray's Loudspeaker Deadline
  • Ndtv

    Sanjay Raut said suitable action will follow if someone give inflammatory speeches. (FILE)Mumbai: In a terse message to MNS chief Raj Thackeray over his May 3 deadline for removal of loudspeakers from mosques, the ruling Shiv Sena on Tuesday asserted Maharashtra does not run on ultimatums and that the rule of law prevails in the state.Raj Thackeray faces possible police action for allegedly giving a provocative speech in Aurangabad on Sunday where he reiterated his demand for removal of loudspeakers from mosques.Talking to reporters, Shiv Sena MP and party's chief spokesperson Sanjay Raut said suitable action will follow if someone give inflammatory speeches.“The government does not run on an ultimatum. There is rule of law in the state. There is a buzz that anti-social elements will be brought to the state for instigating riots,” he said.Asked who are behind allegedly bringing anti-social elements in the state, Mr Raut said, “Those who don't have the strength, such people. This is 'supari' (contract) politics. The state police are capable of handling the situation. So is the home department. The chief minister is keeping an eye on the situation.” At a rally in Aurangabad in the Marathwada region of Maharashtra on May 1, Raj Thackeray said he was firm on the May 3 deadline for removal of loudspeakers, which he termed as a nuisance, from mosques, and added that if this was not done, then all Hindus should play the Hanuman Chalisa outside these religious places.Mr Raut claimed some anti-social elements will enter the state and disrupt the law and order.“Anyone who thinks they can make the government unstable, then they are making a big mistake and they will be exposed. Ultimatum politics will not work in the state,” he said.PromotedListen to the latest songs, only on JioSaavn.comThe Shiv Sena heads the Maha Vikas Aghadi government which also comprises the NCP and the Congress.(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

  • History of reforms in Maharashtra is inspiring, says Chhagan Bhujbal
  • Times of India

    Nashik: District guardian minister Chhagan Bhujbal on Sunday said history of reforms in Maharashtra is inspiring and it provides inspiration to every citizen to strive for the development of the state.On the occasion of the 62nd Foundation Anniversary of Maharashtra, Bhujbal, who is also the minister of state for food, civil supplies and consumer protection, hoisted the national flag at the Police Parade ground and addressed a gathering. “On May 1, 1960, Pandit Jahawarlal Nehru had laid the foundation of independent Maharashtra and handed over the leadership of the state to Yashwantrao Chavan. Since then, the state has always been actively involved in every constructive initiative of the country. The thoughts of Mahatma Phule, Savitribai Phule, Chhatrapati Shahu Maharaj, Dr. Babasaheb Ambedkar are inspiring for our progress even today,” Bhujbal said.The minister also lauded the efforts of all government agencies during Covid-19 infection for their efforts to ensure safety of one and all. Bhujbal also congratulated the administration for providing people-oriented services as Nashik division had received nine awards in Rajeev Gandhi Prashasakiya Gatimanta (Pragati) Abhiyan Award, while the Nashik divisional commissionerate bagged third prize across the state on the occasion of Civil Service Day. The minster also inaugurated state-level exhibition titled ‘Maha Vikas Aghadi’s two years of public service” highlighting all the works undertaken by the state government during the past two years. The exhibition put up at the Media Centre near BD Bhalekar Highschool and will be on till Thursday.

  • New language bogey for political survival: Bommai slams Ajit Pawar over border row
  • Deccan Herald

    Hitting back at Maharashtra Deputy CM's remark that the state would continue to support the fight of Marathi-speaking people residing in border areas of Karnataka to include those places in Maharashtra, Karnataka Chief Minister Basavaraj Bommai said that the 'language bogey' was just a tactic to drive the focus away from political crisis in the state."Whenever there's a political crisis in Maharashtra, and it's there now, their entire govt hits rock bottom. They have created this language bogey now, just to survive politically," Bommai said."The border issue is very clear, we stand firmly by our decisions and they also know it. I strongly urge the politicians of Maharashtra not to use this language bogey in their political acts," he said.The border issue is very clear, we stand firmly by our decisions & they also know it. I strongly urge the politicians of Maharashtra not to use this language bogey in their political acts: Karnataka CM Basavaraj Bommai pic.twitter.com/JrxR7on1PI— ANI (@ANI) May 2, 2022Addressing a gathering in Pune on the occasion of Maharashtra's foundation day on Sunday, Ajit Pawar had said, "While we are celebrating 62 years of formation of Maharashtra, we regret that the Marathi-speaking villages in Bidar, Bhalki, Belgaum, Karwar, Nippani and other places in Karnataka could not be merged with Maharashtra. The citizens of Maharashtra and its government are with their fight to be part of Maharashtra.""I assure that we would keep supporting their fight till these villages become part of Maharashtra," Pawar said.Check out the latest DH videos here:

  • Maharashtra Day 2022: All About The Day Maharashtra Was Formed
  • Ndtv

    Maharashtra Day 2022: The day commemorates the formation of the state in 1960.Maharashtra Day commemorates the formation of the state in 1960. On May 1, 1960, the Bombay Reorganisation Act came into effect, creating Maharashtra, following many protests and demonstrations in support of the new state.The Act, in fact, created two new states out of the erstwhile Bombay State -- Maharashtra, for the Marathi-speaking people, and Gujarat, for those whose mother tongue is Gujarati. Both states went on to become business hubs and prospered.Maharashtra Day, which falls on the same day as the International Labour Day, is now a regional public holiday.History and significanceAfter gaining freedom from colonial rule, the provinces and princely states were reorganised into the Union of India through the States Reorganisation Act, 1956. The Act proposed the reorganisation on the basis of the language spoken in a region.Initially, Bombay State was formed for people who spoke Marathi, Konkani, Gujarati, and Kutchi.Two significant groups emerged -- those speaking Marathi and Konkani, and those who spoke Gujarati and Kutchi. This triggered the demand to divide the Bombay State into two. To achieve this, the Bombay Reorganisation Act was passed in the Parliament in April 1960.Thus, Maharashtra Day celebrates not just statehood but the legacy and culture of the people of Maharashtra.CelebrationsMultiple events are held across Maharashtra to mark the occasion. A grand celebration is held at Shivaji Park in Mumbai which is attended by the Governor.PromotedListen to the latest songs, only on JioSaavn.comThe celebrations have remained muted over the past two years due to the COVID-19 pandemic. This year, events may be held but at a small scale as COVID-19 cases have seen a surge recently in parts of the country.

  • Opinion: This Maharashtra Day, We Stand At A Crossroads
  • Ndtv

    As we head into the 62nd year of Maharashtra's formation, I wish every Maharashtrian strength and perseverance. The story of our genesis and growth hold values which are becoming increasingly important in these times. Today, in 2022, not for the first time, our state stands at a political crossroads, and I believe we should be inspired to reflect on the true spirit of Maharashtra - a Purogami Maharashtra.In the past few months, I had the fortune to travel across the length and breadth of the State. From Aheri to Dahanu, from Akkalkuwa to Sawantwadi - more than 14,000 km covering 34 districts, 353 takulas and 250 assembly constituencies. I interacted with more than three lakh individuals, hearing stories of humanity, unity and inspiration to last me a lifetime.While I had taken on this immense journey as part of my political duties, these travels have given me a unique perspective, coupled with the history of political and social development of the state. My learnings from this journey have been immense, focusing on the ideals and foundation on which Maharashtra has been built.Our history has been that of social reformists, thinkers, intellectuals, and activists, tackling a vast number of issues over the years, and there lies the essence of our spirit. Maharashtra is more than just a territorial entity; it embodies a set of progressive ideas. What we understand today as "Maharashtra Dharma" is not based on the whims of an individual scholar, saint, or any single intellectual. Many have contributed, layer by layer, over centuries.The concept of a separate state for Marathi-speaking people had been established since Chhatrapati Shivaji Maharaj's conception of Swaraj in the 17th century, but it was not until after independence in 1956 that the Samyukta Maharashtra Samiti was formed in Pune under the aegis of Keshavrao Jedhe. Many notable activists, like Acharya Atre, Prabodhankar Thackeray, Senapati Bapat, and Shahir Amar Shaikh, have made significant contributions to the state we now call home. It was Yashwantrao Chavan who led us and our newly formed state into the bright future. Yashwantrao Chavan was an ingenious and intuitive leader who was more than a political leader; he was the voice of the people and a true statesman. With planning in agriculture, water resources, small-scale industry, and Panchayat Raj, he led our state to greatness. His beliefs and principles solidified modern Maharashtra's progressive thinking, which paved the way for everything that followed.While we excelled rapidly in industrialization and agriculture, Maharashtra's progressiveness has been distinctly seen through certain prisms. Maharashtra has been a hotbed for women's empowerment. A strong history of prolific women leaders and reformists like Punyashlok Ahilyabai Holkar, Krantijyoti Savitribai Phule, Herabai Tata, Ramabai Bhimrao Ambedkar and so many more have shown the way across generations. Post-independence, Maharashtra has been the pioneer in championing the cause of women's education and emancipation. Journals like 'Baija' and 'Stree' became the mouthpieces of women's liberation in the 1980s. Various women's and public-interest organisations were founded to further the cause. These groups addressed women's health, hygiene, livelihood, and protection needs, especially those who had been abandoned or divorced. New laws were passed to protect women from domestic abuse, female foeticide, and workplace sexual harassment. Maharashtra was the first state in India to enact 30% reservation for women in local bodies under the leadership of Padma Vibhushan Sharad Pawar, and with his untiring efforts over the years, it is now 50%.The awareness that women are an important element of the rural economy and social environment has been a driving force in Maharashtra's development, a fact assured to me in my travels. Constant efforts are being made to ensure their sustainable development and empowerment by providing them a strong social security net and long-term livelihood measures.The path of justice, freedom, equality and rights has been shown by many in Maharashtra. The years under Rajarshi Shahu Maharaj, Mahatma Jyotiba Phule and Babasaheb Ambedkar can be described as ones that saw the dawn of social revolution not only in Maharashtra but in the entire country. However, issues like the state of OBC reservation within our state are almost a disgrace to their contributions.OBCs are on the verge of losing their political reservation in local bodies. The blatant confusion and disregard from the Centre with respect to census data is what has led us to this situation. Maharashtra's MVA government is firm on providing political reservation for OBCs. We have suggested to the State Election Commission (SEC) that any election that omits OBC reservation should be on hold. It is very disheartening to see the waste of time, resources and public money involved in a task that was done 10 years ago but remains hanging just because of the Centre's ill-intentions. But if the history of Maharashtra has taught us anything, it is that any progressive path is paved with struggle and protests, but the end has always been victorious.One characteristic of Maharashtra stood out to me during my travels. In the nexus of politics and society, our values are joined with our will. Many places I visited are going through their own political adjustments since the MVA was formed. Local units of parties are working with each other after being on opposite sides for decades. But political will in Maharashtra has a place of its own; we have always held its syncretic political culture in high esteem. It is best exemplified by the relationship shared by Sharad Pawar and Balasaheb Thackeray. We recall their fierce political encounters but also fondly remember their mutual affection and the ability to keep political differences aside for the greater good of Maharashtra and the country. Over the last few years, I see attempts to do away with this culture grounded in mutual respect and tolerance in public life. The main opposition party of Maharashtra has resorted to means that would have widespread consequences on the social, political and institutional apparatus of the country. The communal disharmony caused by them is dramatically opposite to the culture we have inculcated. This regressive mentality is damaging progressive Maharashtra. Aspects of faith, religion, communities are being misinterpreted, misused and maligned.Maharashtra has been a place for all. People from the land and people who have come to the land - all have been included in the celebration of the Maharashtrian. And to me, that is the spirit of Maharashtra.In 1943 Bharat Ratna Babasaheb Ambedkar delivered an address on "Man and History" on the 101st birth anniversary of Justice Govind Ranade. In this address, he famously said how Henry Thomas Buckle and Karl Marx both articulated half-truths since they never gave man credit for changing his surroundings and affecting the path of history. Dr. Ambedkar claimed that man is the major factor in the shaping of history, and that environmental forces alone are not responsible for it.Today we stand at a juncture where our state and country are undergoing numerous shocks and the environment of positive and progressive discourse is eroding. It may seem to some that as communal and conservative elements gain, the edge in deciding the social agenda and the aggressive progressives appear soft in battle. Preserving the progressive history and politics we have inherited from our forefathers is a challenge. Attempts will be made to turn back the pages, to impose on us a way of life which is regressive, a way of politics which is reactionary. It is up to us to rise to the challenge. We have done it in the past and I am confident we will show the way again. This Maharashtra Day, I would like to assure everybody that this fight for our values and our progeny is ever going. The reflections from our past and the realities of our present are the fuel to drive progressive thoughts.Jai Maharashtra.Jayant Patil is NCP's Maharashtra state president and Cabinet Minister for Water Resources in the stateDisclaimer: These are the personal opinions of the author.PromotedListen to the latest songs, only on JioSaavn.com

Mumbai: Gold priced Rs 50,000+ but festival, weddings could lift sales, say jewellers
Times of India | 1 month ago
Times of India
1 month ago

Mumbai: Each time gold prices attain a new high — as they have ahead of Tuesday’s festival of Akshaya Tritiya — people flock to make purchases, according to city jewellers. Rather than proving a deterrent, the risen cost restores faith in gold as a solid investment.On Monday, the rate of 24-carat gold used in coins and bars was around Rs 53,000/10 gm, while 22-carat gold that is used to manufacture jewellery is about Rs 50,000. Despite the steep rate, jewellers expect robust sales given that the festival is being celebrated after two years of lockdown. The wedding season is in full swing too.Nearly 70% of the purchasers at Borivli’s Maruti Gold showroom are veering towards ornaments, while 30% are interested in coins, said owner Yogesh Jain. “When rates are high, more people buy gold because they expect prices to rise further. Also, high rates are not a hurdle for clients who sell old jewellery and buy new items in exchange...There is a minimal difference of cost, necessitated by making charges,” he said.Kumar Jain, national spokesperson of IBJA (India Bullion and Jewellers Association) who owns a jewellery store at Zaveri Bazar, confirms that customers are back in numbers. “The trade body, CAIT, has estimated that an astounding 40 lakh weddings will be solemnised nationwide during this marriage season. Other guestimates say 10 lakh weddings are scheduled in Maharashtra alone,” he said.In Dadar, Ankita Kadam, an executive at Waman Hari Pethe Jewellers’ Kohinoor branch, said they kept the shop open on Monday despite this being their weekly holiday. “We received many walk-in customers,” she said. Jitendra Jain of Jugrajkantilal & Co. Jewellers in Zaveri Bazar said the rate of gold has, in fact, dropped by Rs 800/10 gm since Saturday. “It was Rs 51,670 and is now Rs 50,800. We are seeing mixed interest in bullion (coins) and jewellery. There are people who wish to buy gold as investment, and there are so many weddings that call for ornaments,” he said. — Bella Jaisinghani

Mumbai: Gold priced Rs 50,000+ but festival, weddings could lift sales, say jewellers
Vedanta in talks to raise up to $3bn debt in semicon push
Times of India | 1 month ago
Times of India
1 month ago

Bengaluru: India’s Vedanta is in talks with banks to raise debt of $2.5 billion-$3 billion to bolster its semiconductor and display manufacturing plans as it races to become the country’s first chipmaker, a senior company official told Reuters on Saturday. The oil-to-metals conglomerate decided in February to diversify into chip manufacturing and formed a joint venture with Taiwan’s Foxconn. It has a total planned investment outlay of $20 billion. Vedanta is seeking incentives from central federal government and is also in talks with several Indian states. After getting subsidies, and once its definitive agreements are in place, the company plans to raise bank debt of as much as $3 billion. “We have financial banking relationships across India. We are talking to them,” said Akarsh Hebbar, Vedanta’s Global managing director of Display and semiconductor Business. The company is also seeking a chief executive for its joint-venture with Foxconn, Hebbar said, adding that Foxconn employees will be deployed for its semiconductor plant, which is likely to start operations in 2025. Vedanta is seeking incentives such as 1,000 acres (405 hectares) of free land, and cheaper water and power from state governments as part of its foray into semiconductors and displays, Reuters exclusively reported on Thursday. The company is targeting mid-May for site selection from a state, and is in “advanced talks” with Gujarat and Maharashtra in west and Telangana in south India, Hebbar said on the sidelines of country’s first semiconductor conference, being held in the tech hub of Bengaluru. It has also approached states of Karnataka as well Odisha for its plants, and is awaiting government responses on possible incentives it can get, he added.The company is hopeful of a return on investment of 10-15% over 15-20 years and a “breakeven may happen somewhere in the middle,” he added. Hebbar said semiconductors were critical to establishing India as a electronics hub and will attract suppliers and device assemblers to setup base in India. reuters

Vedanta in talks to raise up to $3bn debt in semicon push
Minister Subhash Desai: Maharashtra cant decide refinery site, Vidarbha option to be put before company panel
Times of India | 2 months ago
Times of India
2 months ago

NAGPUR: Amid demands by local business organizations to set up the proposed petroleum refinery by Saudi Aramco in Vidarbha instead of Rajapur in Konkan, Maharashtra’s industries minister Subhash Desai said it is not in the hands of the state government to decide the site. The state will, however, put up all the suggestions before a technical committee of the company which would soon make a visit, he said. There have been protests by locals in Rajapur tehsil against setting up the refinery. A group of business associations led by Vidarbha Economic Development Council (VED) demanding the refinery in Vidarbha has been supported by Congress leader Ashish Deshmukh. Desai, who was addressing a press conference here on Saturday, also said that despite the pandemic, Vidarbha could ink memorandum of understanding (MoU) for investment to the tune of Rs10,000 crore for industrial units coming up on over 480 hectares. “The projects are coming up in both Nagpur and Amravati revenue divisions of the region,” Desai said. The minsiter also said that an investors’ summit on the lines of Magnetic Maharashtra or Advantage Vidarbha would be soon held in Nagpur. On the refinery, Desai said the state has no role in the decision at all. “It is only facilitating the project by offering the land. Aramco which is setting up the project has preferred to bring it along the coast,” the minister said and added that state government has also not taken up the issue of any alternate site with Aramco as yet. “The decision will only be taken by the company and Centre,” he said. A technical committee of Aramco and Centre will be soon coming down to evaluate the options for the land. “Union transport minister Nitin Gadkari had written a letter suggesting that the refinery can come up in Vidarbha. All such suggestions would be put up before the technical committee,” said Desai. Later, Deshmukh who joined the press conference said he would be soon writing to the Prime Minister that the refinery can come up in Vidarbha. Land has been identified for the proposed National Investment and Manufacturing Zone (NIMZ), which could not take off. “The refinery can come up there,” he said. Deshmukh said the Central government should set up a technical committee to examine the proposal of having the refinery in Vidarbha. “A report made by former Reliance official who headed the Hazira refinery may be put up before the state government,” he said and added, “If not Aramco then any of the oil marketing PSUs should set up a refinery in Vidarbha.” Earlier, the minister said he had visited the IIM Nagpur and Mihan project. “I was told that another 60 acres land may be taken for the IIM. I would be taking up the issue with the chief minister,” he said. On Mihan, he said there are several issues affecting the project. One of it relates to the power tariff. “This would be taken up with the government too,” the minister said. One of the major projects proposed in Vidarbha is by Australia’s Vitara for an energy plant in Yavatmal, he said. There are companies from Vidarbha like Baidyanath and Haldiram’s that have proposed investments too. Later, Desai told TOI that the MoUs are serious commitments and are expected to convert in to actual investment.

Minister Subhash Desai: Maharashtra cant decide refinery site, Vidarbha option to be put before company panel
Aster DM Healthcare to invest 500cr in TN
Times of India | 3 months ago
Times of India
3 months ago

Kochi: Aster DM Healthcare that started its first hospital in India in Kochi has signed a Memorandum of Understanding (MoU) with the Tamil Nadu government to invest Rs 500 crore in the state. With this, Aster DM Healthcare is set to increase its pan India presence. In the MoU, they have proposed an investment in hospitals, pharmacies and laboratories in TN. This will help provide quality healthcare at affordable cost to the people of TN and generate employment for more than 3,500 people. “Aster is on a growth trajectory and we are working towards building a sustainable future for the organization that can serve patients globally. Our strategy is to focus on the asset right model with a mix of brown-field and green-field projects. In India, we will predominantly remain in the south and west and continue to strengthen capacity in the markets we are already present in. Tamil Nadu is the new market that we are now committed to explore with a projected investment of Rs 500 crore into developing hospitals, labs and pharmacies. We shall start with roll out of pharmacies and labs followed by hospitals over a period of a year,” said Dr Azad Moopen, founder chairman and MD, Aster DM Healthcare. At present Aster has 14 hospitals, nine clinics and 66 labs and patient experience centres in India, with an approximate investment of Rs 3,000 crore. They have five hospitals in Kerala, besides healthcare facilities spread across Karnataka, Maharashtra, Andhra Pradesh and Telangana.

Aster DM Healthcare to invest 500cr in TN
Maharashtra signed MoUs worth Rs 3 lakh crore with 98 firms amid pandemic: Minister
Deccan Herald | 3 months ago
Deccan Herald
3 months ago

Maharashtra signed Memorandums of Understanding (MoUs) worth Rs 3 lakh crore with 98 companies amid the Covid-19 pandemic, state industries minister Subhash Desai said on Saturday.Speaking to reporters after attending the 'Aura of AURIC' conference here, organised along with eight consulate generals, Desai said these MoUs will generate three lakh jobs in the state."The requisite land has been allotted to nearly 70 per cent of these companies. The investment is from nations like USA, United Kingdom, Germany, Italy, Russia and Japan. Maharashtra did not stop (in its path of progress) during the pandemic," he said.The minister also informed that AURIC has got a permit to distribute electricity in the industrial areas of Shendra and Bidkin, and the rates would be cheaper than those in neigbouring states, making the region highly competitive for firms to invest in.AURIC or Aurangabad Industrial City is a multi-billion dollar corridor being developed as part of the Delhi-Mumbai Industrial Corridor. Earlier, speaking at the event, NITI Aayog CEO Amitabh Kant said the area will attract investment due to the fast pace of infrastructure development, adding that AURIC will recycle 42 per cent of its consumed water and also have an e-land management system.Desai also inaugurated the office of the Marathwada Acceleration for Growth and Incubation Council (MAGIC), which will help units involved in innovation, here.Watch latest videos by DH here:

Maharashtra signed MoUs worth Rs 3 lakh crore with 98 firms amid pandemic: Minister
MIDC to acquire nearly half of 25,000-acre from Pune alone
Times of India | 3 months ago
Times of India
3 months ago

PUNE: The Pune region will account for almost half of the total 25,000 acres of land to be acquired by the Maharashtra Industrial Development Corporation (MIDC) in the coming financial year to cater to domestic and international investors, state industry department officials told TOI on Saturday. The officials pegged the Pune region land share at 12,000 acres, with the Chakan, Ranjangaon and Talegaon industrial belt, besides some parts of southeast Pune, being the favoured locations for the investment. The land acquisition could be carried out in the next 12-18 months, MIDC chief executive officer Dr P Anbalagan confirmed. He said of the 12,000 acres to be acquired in the Pune region, officials were in various stages of acquiring 6,000 acres currently. Officials said both Mumbai Metropolitan Region and Pune’s industrial clusters are the favoured belts for industrial investments in the state. With a steady lineup of proposals received, the MIDC already has nearly 40,000 acres from different parts of the state in various stages of land acquisition. In the Mumbai belt alone, 22,000 acres have to be acquired from Raigad district, while Thane and Palghar will also see land acquisition being carried out by the administration, Anbalagan said. With the Covid wave ebbing, the industries sector is focussing on speeding up the land acquisition process across the state. The land acquisition process will also be carried out in Satara (10,000 acres), Nashik (1,500 acres), Ahmednagar (1,000 acres), Nandurbar (1,600 acres), Aurangabad (10,000 acres), Nagpur and Amravati belt (8,000 acres), the officials said. From electronic to auto, IT, biotechnology and pharma, investments have come in from both domestic and international shores, industry officials said. Besides the land acquisition for the companies, the MIDC is also planning to develop 15,000 acres as a part of ready-to-allot plots. Maha awaits clarity on China investmentsMaharashtra is awaiting communication from the Centre over investment proposals worth over Rs 5,000 crore signed with Chinese firms via MoUs in 2020. Sources in the state industry department said the proposals were on hold.

MIDC to acquire nearly half of 25,000-acre from Pune alone
Mumbai Metropolitan Region and Pune top stops in Maharashtra for foreign investment
Times of India | 3 months ago
Times of India
3 months ago

MUMBAI: The Mumbai Metropolitan Region and Pune's industrial clusters continue to be the favoured destinations for foreign direct investment (FDI) inflows to Maharashtra, industry minister Subhash Desai told TOI during the ongoing session of the legislature. In the last two years of the Maha Vikas Aghadi government, of the 98 memoranda of understanding (MoUs) signed under Magnetic Maharashtra 2.0 (June 2020 to December 2021), eight have been set aside for various reasons. Four have been set aside at the behest of the Union government (those that were signed with Chinese companies at the time of the Chinese incursion into Ladakh in 2020). Desai said that around 50 companies have been allotted land so far and 15 have started construction. “The MMR and Pune continue to be favoured destinations for FDI (in the state) but investments are coming to Solapur, Nandurbar, Yavatmal, Nagpur and Dhule as well," he said. The Aurangabad Industrial City (Auric), part of the Delhi-Mumbai Industrial Corridor, he said, has even been appreciated by the Centre as being the best industrial city on the corridor. According to the Economic Survey of Maharashtra, between June 2020 and December 2021, the state attracted investment proposals of Rs 1.9 lakh crore with expected employment generation of 3.3 lakh under the Magnetic Maharashtra campaign. There were 10,785 startups in the state at the end of October 2021. However, FDI inflows into Maharashtra seem to have slowed down. According to the Economic Survey, in 2021-22 till September the state received only Rs 48,633 crore in inflows as against around Rs 1.2 lakh crore for the full year 2020-21. But this compares favourably with Gujarat that received only Rs 11,145 crore till September 2021, but unfavourably with Karnataka that received 1.02 lakh crore in the same period. Desai said that at the Dubai World Expo conference 2020, the state signed 25 MoUs worth Rs 15,260 crore in sectors such as automobile and components, logistics, electric vehicles, textiles, data centres, pharmaceuticals, bio-fuels and energy, and the estimated employment is over 11,000.

Mumbai Metropolitan Region and Pune top stops in Maharashtra for foreign investment
Investment fraud: Bizman who cheated many held trying to flee country
Times of India | 4 months ago
Times of India
4 months ago

MUMBAI: A 48-year-old man, who cheated several people in an investment fraud, was detained at Indira Gandhi airport in New Delhi on Tuesday when he was to take a flight for Sharjah. He was detained by the immigration authorities based on a look-out circular (LOC) notice issued by the Mumbai police. A team of JJ Marg police station went to New Delhi and took the accused Umar Aziz Bhavani alias Sohail Bhavani in custody. “The accused had lured the complainant and his sister to invest in his garments business. The complainant, who is into the sports equipment business, was promised high returns on investment. The accused lured other investors too, saying they would get upto 8% per month profit on their investments,” said a police officer. The complainant and his sister invested Rs 35 lakh in Bhavani’s garments business. The offence took place during December 2018 and March 2021. Bhavani initially paid a profit of Rs 4.35 lakh to the complainant and later stopped. After the maturity of the scheme, the complainant demanded his money back. This is when Bhavani did not return the money and allegedly abused the complainant, leading to an FIR in October last year. Since Bhavani was on the run, JJ Marg police issued an LOC against him at all the airports. “He was trying to go to Sharjah when he was detained,” said Subhash Borate, senior police inspector. “A victim has come to us stating he had invested Rs 3 crore in Bhavani’s business. Besides this, another investor called up saying he had invested Rs six crore,” said PSI Khalil Shaikh, investigating officer. The cops are now checking his bank accounts and collecting other details. Bhavani has been remanded in police custody till February 28..

Investment fraud: Bizman who cheated many held trying to flee country
  • Swabhimani Shetkari Sanghatana : आज सायंकाळी 6 ते रात्री 11 या वेळेत स्वाभिमानीची सोशल मीडियावर '#विजेचा_बळी_राजा' मोहिम
  • Times of India

    MUMBAI: One fraudulent call, lure of great discounts or gifts, and lakhs looted within minutes. It may seem like a familiar pattern of e-crimes, but many continue to fall prey to it, the latest victim being an Andheri-based distributor of health and nutritional products who lost over Rs 10 lakh in 21 fraudulent transactions from his credit card in 38 minutes. Worse still, the fraudster had blocked his mobile SIM for the duration of the crime and the private bank too did not block any of the suspicious transactions. The complainant, Sameer Shetty (44), alleged he got a call from a bank tele-executive on February 2, offering him a lifetime free credit card that can be used to avail good discounts on dining and travel bookings. The scamster identified himself as Sandeep Gupta from the credit card department of a private bank in BKC and sought Shetty’s Aadhaar and Pan Card details for the purpose of issuing him the credit card. “The scamster later told me that an e-verification was needed to be done. When I informed him that it is not possible on my iPhone, he asked me to remove my SIM and use it on an Android mobile. He said he could also send an executive to my home to complete the process. But I found my old Android phone and called him back to inform that I could now complete the verification process,” Shetty said in his complaint filed with the bank and the cyber police. Seconds after sharing his confidential card details, Shetty removed the SIM from the Android phone and installed it back in his iPhone. He immediately got a transaction alert for Rs 49,500 carried out from his credit card. “Before Shetty could call the credit card customer care as his SIM was blocked between 8.45pm and 9.30pm. He then called the bank customer care using his wife’s mobile only to find that 21 transactions of Rs 49,500 each were carried out every 1.8 minutes. The bank did not block a single suspicious transfer,” said the cyber police. The cyber police at the Bandra Kurla Complex registered an FIR on February 18 based on Shetty’s complaint and learnt that the fraudster had used the money to make online purchases in Gurgaon. “We have sought details of the fund trails to track the accused. Also, the accused’s internet protocol (IP) address is put on surveillance,” said a cyber police officer. Shetty confirmed to TOI about the fraud. In 2021, Mumbai police registered a total of 1,075 card frauds, of which only 48 cases were cracked. In January 2022 alone, a total of 101 cases of fraudulent card transactions were registered across 94 police stations; cops are yet to solve a single case. Cyber lawyer Dr Prashant Mali said the number of actual credit card frauds may be close to 10,000 in 2021. This is because there are five cyber police stations in Mumbai that record cases only when the fraud amount exceeds Rs 10 lakh. So, the cases registered will not reflect the actual number of frauds taking place. “It’s because of such poor detection rate that actual masterminds of such crimes are still at large,” said Dr Mali.

Swabhimani Shetkari Sanghatana : आज सायंकाळी 6 ते रात्री 11 या वेळेत स्वाभिमानीची सोशल मीडियावर '#विजेचा_बळी_राजा' मोहिम
Deccan Herald | 5 months ago
Deccan Herald
5 months ago

Even as the Narendra Modi government is persuading Tesla to 'Make in India' instead of exporting its futuristic cars, several states have begun clamoring for Elon Musk's attention and thereby a heavy investment.West Bengal, Maharashtra, Punjab and Tamil Nadu took the lead in the race but first among the lot is Telangana, with its industries and commerce minister K T Rama Rao even offering to “to partner with Tesla in working through the challenges to set up shop in India/Telangana.”Reacting to one tweet asking when Tesla would enter the Indian market, Tesla founder Musk had on 13 January tweeted - “Still working through a lot of challenges with the government."While the Texas-based company has been intending to sell its “eco-friendly” cars in India for some time now, the high import duties India levies on fully assembled cars is stated as a deterrent.The duty on completely built EVs costing $40,000 or less is 60 per cent while it would shoot up to 100 per cent for anything costlier. Tesla understandably thinks the premium price could dissuade the cost-conscious Indian consumer.And given the fledgling state the electric vehicle environment is in the country, Tesla, analysts believe, would opt to test the market first with exported cars coming with an attractive rate tag.Tesla's top executives reportedly approached the PMO a few months back, seeking a meeting of Musk with Modi to resolve the matter.In the case of agreeing to lowering taxes, the government could seek a commitment from Tesla to manufacture its EVs locally later.The race to woo Tesla began in this context.In his tweet on 14 January inviting Musk to Telangana, KTR, as the minister is popularly known, further said, “our state is a champion in sustainability initiatives & a top notch business destination in India.”As KTR was stealing the show on social media, West Bengal's minority affairs minister Md Ghulam Rabbani joined the race a day later, with a tweet asking Tesla to “drop here, we in West Bengal have the best infrastructure & our leader Mamata Banerjee has got the vision. Bengal means business.”On 16 January, Maharashtra's water resources minister Jayant Patil made the same pitch, inviting Tesla to open a manufacturing plant in the state while promising to “provide all the necessary help to get established in India.”Later the same day, Punjab Congress chief Navjot Singh Sidhu also tweeted in response to the then three day old Musk tweet, stating that Ludhiana will be made an EV & battery industry hub, “with time bound single window clearance for investment ...”Tamil Nadu's industries minister Thangam Thenarasu tweeted on Monday evening introducing himself to Musk like KTR. “Tamil Nadu accounts for 34 % share in total planned investments for Electric Vehicles. Welcome to India's EV capital ...”While some state governments have been courting Tesla behind the curtains, the rivalry is now out in the open.While all the fresh appeals are from non-BJP ruled states, Bengal, Maharashtra and Punjab politicians seem so enamored by Tesla that they did not wait for their industries ministers to do the sales pitch.Setting up a car manufacturing plant requires a vast expanse of land, the domain of the states.Watch latest videos by DH here:

Swabhimani Shetkari Sanghatana : आज सायंकाळी 6 ते रात्री 11 या वेळेत स्वाभिमानीची सोशल मीडियावर '#विजेचा_बळी_राजा' मोहिम
Swabhimani Shetkari Sanghatana : आज सायंकाळी 6 ते रात्री 11 या वेळेत स्वाभिमानीची सोशल मीडियावर '#विजेचा_बळी_राजा' मोहिम
Times of India | 6 months ago
Times of India
6 months ago

MUMBAI: The Reserve Bank of India on Monday superseded the board of directors of Reliance Capital and announced plans for insolvency proceedings citing payment defaults and serious governance concerns, which the board has not been able to address. The central bank has also appointed Nageswar Rao Y, former executive director of Bank of Maharashtra as the administrator. “RBI will also apply to the National Company Law Tribunal for appointing the administrator as the insolvency resolution professional,” the regulator said in a statement. Reliance Capital said in a statement, “The company will cooperate fully with the administrator appointed by the RBI for the expeditious resolution of its debt in the best interests of all stakeholders.” Anil Ambani’s telecom firms are under insolvency proceedings and he had earlier told a London court that he did not have any notable assets to repay Chinese banks. The Anil Ambani-owned RCL is the third financial services firm to face insolvency proceedings after the law was amended to include NBFCs. DHFL—the first to be admitted—was resolved this year, resulting in its sale to the Piramal Group. Earlier this month, RBI initiated insolvency proceedings against the Kolkata-based SREI group. However, RCL resolution would be different as most of the value lies in its investment in operating group companies including financial services and insurance. Ambani had told shareholders in the company’s annual general meeting in September that the consolidated debt was Rs 40,000 crore. The RBI action comes more than two years after Reliance Capital was declared a defaulter by Care Ratings for failing to meet its payment obligations. The default resulted in the Vistra ITCL—the debenture trustee—inviting bids for Reliance Capital’s investments in several of its holding companies. RCL in its statement attributed the delay in resolution to the complexity of litigation initiated by secured and unsecured lenders, resulting in the pendency of over 10 cases in various courts. The immediate impact of the insolvency proceedings would be revisiting the entire asset sale process. It is also likely to scuttle an impending sale of Reliance Commercial Finance and Reliance Home Finance by the creditors to Authum Investment and Infrastructure, which was announced by Ambani in the September AGM. RCL’s group companies, which included Reliance General Insurance, Reliance Nippon Life Insurance, Reliance Securities, Reliance Asset Reconstruction Company and Reliance Health Insurance, received over 60 bids in all. However, the resolution process did not progress over concerns of litigation and claims from other creditors who said they have a security interest in some companies.

Swabhimani Shetkari Sanghatana : आज सायंकाळी 6 ते रात्री 11 या वेळेत स्वाभिमानीची सोशल मीडियावर '#विजेचा_बळी_राजा' मोहिम
Swabhimani Shetkari Sanghatana : आज सायंकाळी 6 ते रात्री 11 या वेळेत स्वाभिमानीची सोशल मीडियावर '#विजेचा_बळी_राजा' मोहिम
Times of India | 7 months ago
Times of India
7 months ago

NEW DELHI: The proposal by a company looking to set up a vehicle scrappage facility in Gujarat, which promises all clearances in 60 days, may be a test case for the National Single Window System that currently combines 500 approvals from 18 central agencies and 2,500 from 10 states that are currently on board. There are at least two other companies looking to follow the lone applicant. The new window, which saw a soft launch a few weeks ago, has so far seen 27 entities register on the portal, which is supposed to be a one-stop shop for any entity looking to set up shop in the country. “The government’s plan is to let anyone sitting in any part of the world find out all the approvals that may be required, both at the central and the state level, and then help them navigate through the process,” said Aditya Sharma, CTO at Invest India, which has put together the platform based on its own experience in hand-holding overseas companies that have invested in the country in the past. But it took over a year for the government’s investment promotion agency to put in place the online mechanism. Sometime in April 2020, it put its own experience in dealing with government departments and the states to list out all the approvals that are required. This was then validated by the agencies. The next challenge was to get the departments and the states to the platform. While several do not have online approval systems, there are others which are in the process of upgrading, while a third set such as the ministries of environment and corporate affairs has highly advanced platforms. As a result, Invest India is now in talks with several states and agencies such as the Drug Controller to put in place their platforms, some from scratch. “Technology has been deployed in the past too. What we have sought to build is a dynamic platform where everyone can come on board and whatever changes are required in the forms or processes can be done fairly quickly,” said Sharma. Just when the commerce & industry ministry, which is the agency driving Invest India, thought it was ready to launch the platform the second wave of Covid struck. And, then the glitches in the income tax portal, put together by Infosys, surfaced, prompting the ministry to seek more testing. Even now, the platform is far from complete. To begin with the universe of states that are ready to join is only 14 at the moment, with 10 currently on board. Similarly, several central ministries are yet to come on board, although 14 are expected to join soon. Some of the states missing currently —Maharashtra, Delhi, Haryana and Tamil Nadu — are among the biggest investment destinations in the country. What has made it more complicated is that it is not just Nagaland that does not have a single window platform but even Delhi doesn’t have one. Others such as Haryana allow online filing, but the processing is offline. So, all that investors can do is get the details online but go back to paper filing. The problem is more complicated for those looking to operate in multiple states. The National Single Window System allows investors to, say, fill a form for electricity connection in one state and the data is then used, along with the required documents, to file in other states too. Even if other agencies come on board, the challenge will be to get officers to clear applications filed through this portal to be treated at par with those filed offline or directly with the department or the state. But with the status of applications tracked online, chances are officers may not be ready to take chances.

Swabhimani Shetkari Sanghatana : आज सायंकाळी 6 ते रात्री 11 या वेळेत स्वाभिमानीची सोशल मीडियावर '#विजेचा_बळी_राजा' मोहिम
Swabhimani Shetkari Sanghatana : आज सायंकाळी 6 ते रात्री 11 या वेळेत स्वाभिमानीची सोशल मीडियावर '#विजेचा_बळी_राजा' मोहिम
The Indian Express | 7 months ago
The Indian Express
7 months ago

The Haryana government notified a law last week providing 75 per cent reservation for locals in private sector jobs offering a monthly salary of less than Rs 30,000, with effect from January 15 next year. While the intent behind the law is to provide gainful employment to the youth of the state, this is the wrong way to go about it. Such laws run counter to the right to equality and free movement, and to practise any occupation, and could end up eroding the state’s attractiveness as an investment destination, hurting its economic interests in the long run. Companies need to be able to hire the best resources available to them from across the country. Such restrictions, hardly in keeping with the stated policy of improving the ease of doing business in India, will only lead them to reconsider their investments in the state, forcing them to look at other alternatives. The policy thrust should be towards easing restrictive labour laws, not creating further hurdles for business.Disquietingly, political parties in Haryana are not the only ones to have voiced their preference for such domicile-based policies. Similar proposals have been framed in other states as well — Karnataka and Maharashtra are toying with ideas along similar lines. At their core, these proposals also signal an acknowledgement in the political class that not enough remunerative jobs are being created in the economy for the unskilled and semi-skilled labour force — thus the need to pacify the electorate through such interventions. In the absence of a labour-intensive manufacturing sector, with the public sector shrinking in size, such demands are only likely to gain traction. But if each state responds in similar fashion, it threatens to negate the benefits stemming from the free and unrestricted movement of the labour force. Migration, after all, not only provides a steady pool for labour, and leads to higher value addition, but also helps in the economic development of the less developed regions through remittances.Considering that a long-standing complaint of industry has been the paucity of an appropriately skilled labour force, the focus should be, instead, on facilitating investment, especially in labour-intensive sectors, and upskilling the labour force. Governments need to be more mindful of the signals they send to investors, especially as they seek to emerge from the economic slump induced by the pandemic.

Swabhimani Shetkari Sanghatana : आज सायंकाळी 6 ते रात्री 11 या वेळेत स्वाभिमानीची सोशल मीडियावर '#विजेचा_बळी_राजा' मोहिम
Swabhimani Shetkari Sanghatana : आज सायंकाळी 6 ते रात्री 11 या वेळेत स्वाभिमानीची सोशल मीडियावर '#विजेचा_बळी_राजा' मोहिम
The Indian Express | 7 months ago
The Indian Express
7 months ago

The Haryana government notified a law last week providing 75 per cent reservation for locals in private sector jobs offering a monthly salary of less than Rs 30,000, with effect from January 15 next year. While the intent behind the law is to provide gainful employment to the youth of the state, this is the wrong way to go about it. Such laws run counter to the right to equality and free movement, and to practise any occupation, and could end up eroding the state’s attractiveness as an investment destination, hurting its economic interests in the long run. Companies need to be able to hire the best resources available to them from across the country. Such restrictions, hardly in keeping with the stated policy of improving the ease of doing business in India, will only lead them to reconsider their investments in the state, forcing them to look at other alternatives. The policy thrust should be towards easing restrictive labour laws, not creating further hurdles for business.Disquietingly, political parties in Haryana are not the only ones to have voiced their preference for such domicile-based policies. Similar proposals have been framed in other states as well — Karnataka and Maharashtra are toying with ideas along similar lines. At their core, these proposals also signal an acknowledgement in the political class that not enough remunerative jobs are being created in the economy for the unskilled and semi-skilled labour force — thus the need to pacify the electorate through such interventions. In the absence of a labour-intensive manufacturing sector, with the public sector shrinking in size, such demands are only likely to gain traction. But if each state responds in similar fashion, it threatens to negate the benefits stemming from the free and unrestricted movement of the labour force. Migration, after all, not only provides a steady pool for labour, and leads to higher value addition, but also helps in the economic development of the less developed regions through remittances.Considering that a long-standing complaint of industry has been the paucity of an appropriately skilled labour force, the focus should be, instead, on facilitating investment, especially in labour-intensive sectors, and upskilling the labour force. Governments need to be more mindful of the signals they send to investors, especially as they seek to emerge from the economic slump induced by the pandemic.This column first appeared in the print edition on November 11, 2021 under the title ‘Raising barriers’.

Swabhimani Shetkari Sanghatana : आज सायंकाळी 6 ते रात्री 11 या वेळेत स्वाभिमानीची सोशल मीडियावर '#विजेचा_बळी_राजा' मोहिम
Swabhimani Shetkari Sanghatana : आज सायंकाळी 6 ते रात्री 11 या वेळेत स्वाभिमानीची सोशल मीडियावर '#विजेचा_बळी_राजा' मोहिम
Times of India | 7 months ago
Times of India
7 months ago

MUMBAI: The Enforcement Directorate (ED) on Wednesday submitted a chargesheet against 25 accused in the money-laundering case involving Uttar Pradesh Power Corporation Ltd (UPPCL) and Dewan Housing Finance Corporation Ltd (DHFL) before a special court in Mumbai. The accused include DHFL promoters Kapil and Dheeraj Wadhawan, then UPPCL director (finance) Sudhanshu Dwivedi and former secretary of UP Power Sector Employees’ Trust Pravin Kumar Gupta. Among the total accused, 12 are people; the rest are companies associated with them or had been used for allegedly laundering money. State-owned UPPCL had allegedly invested Rs 4,123 crore from its employees’ provident fund corpus into DHFL financial institution as fixed deposits without taking required approval from the government authority. Of the total UPPCL money, the DHFL has yet to pay Rs 2,268 crore principal amount. The ED alleged that DHFL promoters laundered this money through fictitious transactions and the money was used to purchase assets in the UK. Two months ago, the ED had provisionally attached assets worth Rs 578 crore (57 million) of a company of Wadhawan Global Capital (UK) Ltd. The investigation found that the Wadhawan brothers had allegedly siphoned off over Rs 1,000 crore UPPCL money to the UK after layering it through more than 30 Indian-based companies controlled by them. The ED followed the money trail to Wadhawan Global Capital (UK) Ltd. It is stated that the DHFL had a separate common account where they would get UPPCL investments. In the same account, the Wadhwans were also getting money from various other sources, including as loan and investments. The ED found that around Rs 450 crore came in this common account and during the same period the money was layered through different companies and diverted into the account of Wadhawan Global Capital (India) Ltd. From there the money was further diverted abroad into account of Wadhawan Global Capital (UK) Ltd as an investment. The ED alleged that the DHFL was engaged in the disbursement of high-value loans to other companies related to its promoters during the period when it received the UPPCL investment. The DHFL sanctioned unsecured loans to those companies on the direction of Kapil Wadhawan and most loans turned into non-performing assets. The Wadhawans are presently in judicial custody in two other money-laundering cases connected to Yes Bank and DHFL.

Swabhimani Shetkari Sanghatana : आज सायंकाळी 6 ते रात्री 11 या वेळेत स्वाभिमानीची सोशल मीडियावर '#विजेचा_बळी_राजा' मोहिम
Swabhimani Shetkari Sanghatana : आज सायंकाळी 6 ते रात्री 11 या वेळेत स्वाभिमानीची सोशल मीडियावर '#विजेचा_बळी_राजा' मोहिम
Times of India | 7 months ago
Times of India
7 months ago

MUMBAI: Tuesday’s festival of Dhanteras saw the city’s gold and jewellery markets buzz with a return to normalcy. Industry federation CAIT expected gold sales to cross a record Rs 7,500 crore nationwide. Tuesday’s rate for 22-carat gold was Rs 46,740 per 10 gm and 24 carat Rs 47,740. In Mumbai, mahurat customers flocked to buy small items of jewellery while wedding buyers chose high value ornaments. After a series of idle festive seasons, jewellers were so busy they declined to speak until close of business hours. As the day wore on, the sale of gold coins outstripped jewellery in parts of the city, which is unusual given the surfeit of upcoming weddings. Typically, ornaments fare better than bullion during the marriage season. The trend towards coins indicates that Mumbaikars are once again relying on pure gold as an investment. Festive shopping continued up to 10.30pm given customer preference for the evening mahurat. Nitin Khandelwal, past president of the All India Gem and Jewellery Council (GJC), said, “Traders nationwide are very pleased. We had kept our expectations low since the pandemic is still not fully behind us, but the robust demand has surprised us. In fact our store ran out of gold coins in the evening and we quickly sourced more stock.” Khandelwal said the auspicious mahurat of Guru Pushya yog, which fell last Thursday, also saw brisk buying sentiment. “It took 25% of the load off Dhanteras,” he said. Ashok Gajera, director of Laxmi Diamonds, wholesale diamantaire at Bharat Diamond Bourse, said Diwali had seen a good start. “Jewellery has been a solid stable investment. Our sales are 40% higher this season.” Zaveri Bazar goldsmith Kanaya Kakad said, “People were buying coins ranging from 2-10 gm. There were large queues in Zaveri Bazar.” Exuberance brimmed over in the tone of goldsmith Sanjay Kothari of Palak Jewellers, Borivli. He said, “After such a prolonged period, trade is finally looking up.” Similar feelings were echoed by Mehul Suru, manager of Om Alankar Jewellers nearby, who said “the ratio of coins to ornaments was 70:30”. In Andheri Lokhandwala, KAJ Jewellers also reported that coins fared better in the same proportion.

Swabhimani Shetkari Sanghatana : आज सायंकाळी 6 ते रात्री 11 या वेळेत स्वाभिमानीची सोशल मीडियावर '#विजेचा_बळी_राजा' मोहिम