Tag: Indias

  • Abu Dhabi Investment Authority invests $500M in India’s Lenskart

    Abu Dhabi Investment Authority invests $500M in India’s Lenskart

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    New Delhi: Omnichannel eyewear unicorn Lenskart has signed a definitive agreement with Abu Dhabi Investment Authority (ADIA) to raise $500 million from the authority.

    The investment is an extension to last year’s funding round, helping Lenskart maintain its $4.5 billion valuation.

    The company said that the capital will be deployed to deepen its presence in Asia and the Middle East.

    ADIA’s investment includes some secondary purchase of shares from some early backers of Lenskart.

    The eyewear company has so far raised $1.5 billion in primary and secondary rounds, according to reports.

    Founded in 2010, Lenskart ships over 10 million pairs of eyewear every year and has over 20 million app downloads, 300 home eye test representatives as well as over 1,100 stores across India, Singapore, and Dubai, the company said last year.

    Lenskart is backed by Falcon Edge Capital, SoftBank, KKR, Temasek, Premji Invest and Kedaara Capital, among others.

    In June last year, the eyewear unicorn took a majority stake in Japanese eyewear brand Owndays in a deal that was reportedly around $400 million.

    This took the merged firm to reach 13 markets in Asia including India, Singapore, Thailand, Taiwan, Philippines, Indonesia, Malaysia and Japan.

    The company said it will continue its rapid expansion in India and South East Asia to serve the mass to mid-premium segments.

    (Except for the headline, the story has not been edited by Siasat staff and is published from a syndicated feed.)

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    #Abu #Dhabi #Investment #Authority #invests #500M #Indias #Lenskart

    ( With inputs from www.siasat.com )

  • India’s retail inflation above RBI’s target level for second month

    India’s retail inflation above RBI’s target level for second month

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    New Delhi: Retail inflation in India remained above RBI’s 6 per cent upper tolerance band for the second straight month in February 2023, with the Consumer Price Index pegged at 6.44 per cent, government data released on Monday showed.

    The retail inflation in rural and urban India was 6.72 per cent and 6.1 per cent, respectively. Among groups, cereals and products, and fruits, among others, contributed to the elevation in retail inflation in February.

    Further, Consumer Food Price Index in February was 5.95 per cent, data showed.

    Retail inflation on vegetables, however, declined 11.61 per cent.

    Notably, India’s retail inflation, based on Consumer Price Index, during the month of December was at 5.72 per cent, versus 5.88 per cent in November and 6.77 per cent during October.

    India’s retail inflation was above RBI’s 6 per cent target for three consecutive quarters and had managed to fall back to the RBI’s comfort zone only in November 2022.

    Under the flexible inflation targeting framework, the RBI is deemed to have failed in managing price rises if the CPI-based inflation is outside the 2-6 per cent range for three quarters in a row.

    Since May last year, the RBI has increased the short-term lending rate by 250 basis points, including the latest 25 bps hike, to tame inflation. Raising repo rate helps in cooling demand in the economy and thus helps in managing inflation.

    Raising interest rates is a monetary policy instrument that typically helps suppress demand in the economy, thereby helping the inflation rate decline.

    Meanwhile, average retail inflation in India is projected to be at 5.3 during the next financial year 2023-24, the Reserve Bank of India Governor Shaktikanta Das said last month while announcing monetary policy outcomes.

    The projection, he had said, was based on the assumption of a normal monsoon.

    The average inflation in Q1 2023-24 is expected at 5.0 per cent, Q2 at 5.4 per cent, Q3 at 5.4 per cent, and Q4 at 5.6 per cent, respectively.

    For the current financial year 2022-23 ending March, inflation was projected at 6.5 per cent, with an average of 5.7 per cent in the January-March 2023 quarter.

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    #Indias #retail #inflation #RBIs #target #level #month

    ( With inputs from www.siasat.com )

  • JNU lively reflection of India’s cultural unity: President Murmu

    JNU lively reflection of India’s cultural unity: President Murmu

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    New Delhi: Jawaharlal Nehru University (JNU) is a relatively young institution and presents a lively reflection of the cultural unity of India, President Droupadi Murmu said on Friday.

    Addressing the sixth convocation of the university, Murmu noted that the number of women research scholars has outnumbered men at the institute this time, terming it as an important indicator of social change.

    “JNU is a relatively young university. I look at it as a meaningful and historical significance that JNU began to function in the year of the centenary celebration of the birth of Mahatma Gandhi in 1969,” she said.

    “It is situated in the beautiful Aravalli hills. Students from all over India study at the university and live on campus together which helps widens their perspective about the country and the world. The university presents a lively reflection on the cultural unity of India amid the diversity,” the President said.

    She said that JNU is known for its progressive practices and rich contributions in terms of social sensitivity, inclusion and women empowerment.

    “Students and faculty of JNU have made impressive contributions in various fields such as education and research, politics, civil service, diplomacy, social work, science and technology, media, literature, art and culture,” she noted.

    Murmu said that the vision, mission and objectives of JNU were articulated in its founding legislation.

    These basic ideals include national integration, social justice, secularism, a democratic way of life, international understanding and a scientific approach to the problems of society, she remarked.

    The President urged the university community to remain steadfast in its adherence to these foundational principles.

    Asserting that character-building is also one of the main objectives of education, she said, “Invaluable opportunities for character-building should never be lost by going with the flow of the moment. Young students have a natural tendency to curiosity, question and use logic. This tendency should always be encouraged.

    “Opposition to unscientific stereotypes by the younger generation should also be encouraged. Acceptance or rejection of ideas should be based on debate and dialogue,” she said.

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    #JNU #lively #reflection #Indias #cultural #unity #President #Murmu

    ( With inputs from www.siasat.com )

  • India’s handling of Covid example before world: VP Jagdeep Dhankhar

    India’s handling of Covid example before world: VP Jagdeep Dhankhar

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    New Delhi: India’s handling of COVID-19 was an example to the world of how the country utilised its digital resources to roll out vaccines for a large population and successfully controlled the disease at home while helping other nations, Vice President Jagdeep Dhankhar said on Friday.

    Dhankhar, who inaugurated the “International Symposium on Health Technology Assessment: ISHTA 2023” here, lauded Prime Minister Narendra Modi’s decision to call for a people’s curfew as well as people for following it. “… what was advised to contain Covid could be translated into action”.

    He further said the prime minister cheered and motivated the Covid warriors and the country was quick to come up with a legislation that accorded them protection.

    “India’s handling of Covid exemplifies the best practices beyond doubt now. In that perspective, when I have gone abroad on two visits, how satisfying it was for me to note that when India was facing Covid, it innovatively came out with vaccines.

    “India could vaccinate 220 crore people and put it on digital mapping. It was also giving assistance to other countries through ‘vaccine maitri’ that is something reflective of our age-old ethos,” Dhankhar said.

    Referring to the sessions at the event, he said “affordability of healthcare services” is a very critical aspect.

    Keeping this in view, the prime minister came up with the idea of Ayushman Bharat and the world’s largest and most transparent, accountable and impactful mechanism is benefitting 140 crore people of the country effectively, the vice-president said.

    He said because of the Ayushman Bharat Jan Arogya Yojana, there has been an increase in the number of diagnostic centres, medical, nursing colleges and clinics in the country and that has brought about a plateau kind of development, touching the lives of those who are physically vulnerable.

    “If they have to suffer on account of affordability, the growth of children is impeded and families’ economy goes haywire,” Dhankhar added.

    Speaking about another session on “availability of healthcare technologies”, the vice president said technology is a game changer and a turning point.

    Referring to the third aspect — “accessibility to healthcare technologies” — he said, “We have wellness centres not just in tier-2 cities, in semi-urban areas, but even in villages and that is a milestone achievement.”

    On the session on “health technology assessment”, he said, “That is the way forward stance. For any institution, the safest way to degenerate is to keep it away from accountability, keep it away from scrutiny and keep it away from assessment.”

    The symposium, based on the theme of “Affordability, Availability and Accessibility of Healthcare Technologies through evidence generated by HTA for Universal Health Coverage”, was organised by WHO India and Centre for Global Development, Europe.

    Dhankhar further narrated how the “Swachh Bharat Abhiyan” launched by the prime minister changed the country’s landscape.

    “Consequentially, what we never thought or imagined — every household has a toilet. We are on our way to getting fresh potable water at home and the side-effects are such that there has been industrial growth, startups and entrepreneurship have grown,” he said.

    He said 1.5 lakh health and wellness centres have come up in the country, generating huge opportunities for entrepreneurs.

    Mentioning that more than 33.8 crore Ayushman Bharat health accounts have been created and there are 50 crore beneficiaries of the Pradhan Mantri Jan Arogya Yojana, Dhankhar said, “These numbers to the world at large may be staggering but in our country, the development is proportionally manageable. It has been in a very structured manner, not in isolated instances or otherwise.”

    Affordability of medicines for the common man is of critical consequence, he said, adding that this has been done through the more than 9,000 jan aushadhi kendras set up across the country to enhance access to generic medicines.

    Cancer is a deadly disease and what has been done in that area is amazing by providing medicines that are affordable, the vice president pointed out.

    “India is an example in the world where we have used technology for making available efficient services to people.

    “There was a time, when I was a student or even a member of Parliament, there used to be long queues for payment of bills. But in the health sector, revolutionary things have been done and over 80 million (eight crore) teleconsultations have been conducted through e-sanjeevani, the national telemedicine service of India,” he said.

    The vice president also complimented the Union health minister on doubling the number of MBBS seats and post-graduate medical seats in the country.

    Stating that “India is on the rise at the moment as never before and the rise of this country is unstoppable,” Dhankhar said this is based on two “great” concepts highlighted by the prime minister in the last year and a half.

    “One, he gave a message to the world that we are not in an era of expansion. Expansion by nature is invasive action. Expansion by nature is comprising someone else’s sovereignty. Historically, this country has never engaged in expansion.

    “Second, he indicated to the world at large, setting a global discourse which is catching up — war is no solution to any problem,” he said.

    Dhankhar urged all the stakeholders that “if we have to make this world healthy and happy, we have to subscribe to an ecosystem and in all modesty, I can say that this country has evolved this ecosystem over thousands of years and that is Vasudhaiva Kutumbakam (the world is one family)”.

    “Let us work to handhold each other to the best of our capacity to contribute to each other’s good health, happiness and satisfaction,” he said.

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    #Indias #handling #Covid #world #Jagdeep #Dhankhar

    ( With inputs from www.siasat.com )

  • Farmers’ protest foiled handover of India’s foodgrain logistics to Adani Group: Cong

    Farmers’ protest foiled handover of India’s foodgrain logistics to Adani Group: Cong

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    New Delhi; Congress on Thursday alleged that farm laws, which were withdrawn by the Centre in 2021, were brought in to give benefits to the Adani group.

    Jairam Ramesh, Congress General Secretary, who has started a series of questions, said “It’s related to the hard work the government has put into handing over India’s foodgrain logistics to the Adani Group, a conspiracy that it seems was only temporarily foiled by the farmer agitation of 2020-21 that forced you to withdraw the black farm laws.”

    He said, “one of the biggest beneficiaries of the farm laws would have been Adani Agri Logistics which has become the major beneficiary of the Food Corporation of India’s silo contracts, the most recent award being one to set up 3.5 lakh metric tonnes of storage in Uttar Pradesh and Bihar.”

    He alleged that Adani Farm-Pik was allowed to build a near-monopoly on apple procurement in Himachal Pradesh.

    “Is India’s public sector, painstakingly built over the past 70 years, now reduced to being a vehicle for the enrichment of your corporate friends,” he asked.

    He said the Supreme Court observed that the Ministry of Consumer Affairs, Food and Public Distribution had supported the Central warehousing corporation stand while the Ministry of Commerce and Industry had aided Adani’s bid to take control of two major CWC warehouses near Mundra port by not supporting the denotification of the warehouses as part of the Adani SEZ.

    “The entire country knows that the motivation behind your ill-conceived farm laws was to hand over India’s agricultural logistics to a few of your close corporate cronies,” Ramesh added.

    (Except for the headline, this story has not been edited by Siasat staff and is published from a syndicated feed.)



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    #Farmers #protest #foiled #handover #Indias #foodgrain #logistics #Adani #Group #Cong

    ( With inputs from www.siasat.com )

  • British rule ruined India’s education system: RSS chief Bhagwat

    British rule ruined India’s education system: RSS chief Bhagwat

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    Karnal: RSS chief Mohan Bhagwat has accused the British rulers of ruining India’s education system and said “70 percent” of the population was literate before they dominated the country.

    Bhagwat addressed a gathering here on Sunday after inaugurating a multi-specialty hospital at the Aatam Manohar Jain Aradhana Mandir complex.

    “…Before British rulers dominated this country, 70 percent of our population was literate, educated. And on the basis of that education, everyone used to find ways to earn their livelihood and unemployment was almost negligible,” he said.

    “At that time, as per the education system prevalent in England, their literacy rate then was around 17 percent. After the British came, they dumped our education model here but implemented it in their own country…,” the Rashtriya Swayamsevak Sangh (RSS) leader said.

    He said the education system which existed in India when the British started to rule the country not only made people self-reliant and employable, but was also a medium of knowledge. But the British rulers ruined that system, Bhagwat said.

    The RSS chief also stressed on the importance of health and education for all in society, underlining that these should reach everyone and be affordable.

    He claimed that earlier, people used to take to these two sectors as a sense of duty but in the present time, these have become businesses.

    Bhagwat also lauded the work done by Aatam Manohar Muni Ashram.

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    #British #rule #ruined #Indias #education #system #RSS #chief #Bhagwat

    ( With inputs from www.siasat.com )

  • Mandaviya unveils ‘India’s Vaccine Growth Story’ at World Book Fair

    Mandaviya unveils ‘India’s Vaccine Growth Story’ at World Book Fair

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    New Delhi: Union Health Minister Mansukh Mandaviya on Saturday released a book titled “India’s Vaccine Growth Story – From Cowpox to Vaccine Maitri” at the World Book Fair here at Pragati Maidan.

    The book authored by Sajjan Singh Yadav, Additional Secretary, Union Finance Ministry, elaborates on India’s achievement in developing, producing and distributing Covid-19 vaccines.

    Speaking on the occasion, Mandaviya said that India administered 2.2 billion doses as a part of the world’s largest Covid vaccination drive without any shortages across the nation, which resulted in saving 3.4 million lives.

    The minister also highlighted that when other countries were struggling with vaccine hesitancy, India set an exemplary pro-vaccination Covid management model.

    “It gives me immense pleasure to see research, manufacturing and vaccine drive has been portrayed in comprehensive fashion that recounts not just the pandemic crisis but also delves into vaccine history, that can be traced 2500 years back,” Mandaviya added.

    He urged writers to come to fore, stating that “research-based documentation is a medium that can bring to light India’s heritage, illustrating to the world possibilities and solutions, as India’s Covid-19 trajectory has done, leaning on our traditional roots and heritage”.

    “Our heritage reflects our knowledge and science that have stood the test of time, and proven exemplary in times of crisis,” he added.

    In the book, the author has also delved upon future challenges that may emerge for vaccinology and new vistas for the growth of Indian vaccine industry in a candid manner.

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    #Mandaviya #unveils #Indias #Vaccine #Growth #Story #World #Book #Fair

    ( With inputs from www.siasat.com )

  • India’s mobile download speeds up by 115% since 5G launch

    India’s mobile download speeds up by 115% since 5G launch

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    New Delhi: As 5G roll-out picks up speed, the median download speeds across India increased by a massive 115 per cent since the launch of 5G on October 1 last year, a report showed on Wednesday.

    The median download speed increased from 13.87 Mbps in September to 29.85 Mbps in January 2023, according to Ookla, the global leader in network intelligence and connectivity insights.

    As a result, India’s position on the Speedtest Global Index improved by 49 places from 118th in September 2022 to 69th in January.

    The data shows improvement in LTE speeds for both Jio and Airtel since the launch of 5G services, as all their investments into network modernisation are paying off.

    “When 5G was first launched in October 2022, there was a wide disparity in the early 5G network performance users were experiencing on 5G-capable devices,” the report noted.

    The median 5G download speeds then oscillated between 512.57 Mbps (Gujarat) and 19.23 Mbps (Uttar Pradesh West) as the 5G networks build out started.

    In fact, in nine telecom circles: Andhra Pradesh, Kolkata, North East, Haryana, Rajasthan, Bihar, Punjab, Kerala and Uttar Pradesh West, the median 5G download speed was below 100 Mbps because networks were very much at the testing stage.

    “Four months on, in January 2023, 5G median download speeds had greatly increased across all of the telecom circles a” exceeding 200 Mbps everywhere except Jammu and Kashmir, with Kolkata clocking speeds over 500 Mbps,” the report noted.

    Moreover, 5G investments made by the operators has also propelled an increase in 4G LTE speeds thanks to the modernization of the underlying infrastructure.

    For instance, median 5G download speed is 25 times that of 4G LTE (338.12 Mbps vs. 13.30 Mbps), and median 5G upload speed is 4.5 times 4G LTE (19.65 Mbps vs 3.55 Mbps).

    “This must be caveated by the fact that these are still early days for 5G in India, and 5G performance will most likely decrease once those networks are commercially available,” said the report.

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    ( With inputs from www.siasat.com )

  • Moody’s raises India’s economic growth projections

    Moody’s raises India’s economic growth projections

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    Chennai: Global credit rating agency Moody’s Investors Service on Wednesday raised India’s economic growth projections as well as several economies like the US, Russia, Euro area, China and others.

    In all cases, strong data in the second half of 2022 created large carry-over effects for 2023, Moody’s said.

    It has projected India’s growth at 5.5 percent in 2023 and 6.5 percent for 2024.

    In the case of inflation rate, Moody’s has predicted 6.1 percent for 2023 and 5.5 percent for 2024 for India.

    According to the credit rating agency, the primary drivers of economic growth in 2023 and 2024 will be the Central banks’ decisions regarding how much to raise interest rates, for how long, and when to begin to lower them.

    Moody’s said the Central banks, having embarked on the most aggressive monetary policy tightening in decades, are now at a precarious juncture, faced with the question: Is the magnitude of rate hikes undertaken thus far adequate to quell inflation?

    While there is a sense that the end to tightening is near, it is unclear how many more rate increases would be appropriate and for how long interest rates will remain restrictive. Central banks’ decisions will evolve according to wage and inflation dynamics.

    The focus on inflation by the emerging markets, even as countries were still recovering from COVID-19, prevented second-round inflationary dynamics from taking hold, Moody’s said.

    Most of the central banks in the emerging markets are close to moving to an extended pause in rate hikes, with the focus gradually shifting to supporting growth with inflationary pressures appearing to dissipate.

    “Rate cuts could follow soon after the end of the Fed’s (US Federal Reserve) tightening cycle, although we expect emerging market central banks to stay vigilant about inflation resurgence risks, which could shift policy direction in the US,” Moody’s said.

    The Reserve Bank of India’s (RBI) monetary policy committee voted in February to lift the repo rate at a slower pace, by 25 bps to 6.5 percent, maintaining its policy stance as “focused on withdrawal of liquidity.”

    Moody’s expects the global growth to continue to slow in 2023, with increasing drag from cumulative monetary policy tightening on economic activity and employment in most major economies.

    “We forecast G-20 global economic growth will downshift to 2.0 percent in 2023 from 2.7 percent in 2022, and then to improve to 2.4 percent in 2024,” Moody’s said.

    According to the credit rating agency, possible surge in oil prices with increased demand from China and if Russia were to follow through with a five percent cut to its supply in March, as it has indicated, oil markets could stay tight and hinder disinflation.

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    ( With inputs from www.siasat.com )

  • India’s growth slips to 4.4 percent in December quarter

    India’s growth slips to 4.4 percent in December quarter

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    New Delhi/Chennai: India’s economic growth fell, for the second consecutive quarter, to 4.4 per cent in October-December period of the current financial year, owing to weak demand and high inflation, as per data released by the Statistics and Programme Implementation Ministry on Tuesday.

    Reacting to the numbers, CARE Ratings Chief Economist Rajani Sinha told IANS: “The GDP (gross domestic product) growth of 4.4 per cent is marginally lower than our expectations. While moderation in GDP growth in Q3 FY23 was expected, the continued contraction in the manufacturing sector comes as a negative surprise.”

    On the expenditure side, while the consumption momentum has continued, the fall in investment to GDP ratio to around 32 level from 34 in the previous quarter is concerning. While exports have continued to weaken, with imports also slowing down, the net exports have been less of a drag in Q3 compared to the previous quarter, she added.

    According to her, with external demand conditions remaining weak, it is critical that domestic demand should accelerate.

    Improving rural demand and rising rural wages are the positive developments for aggregate demand.

    “However, there is expected to be some fizzling out of the pent up demand seen in the last few quarters. Government focus on capex and improving intent of the private sector to invest should be supportive of investment demand. We expect GDP growth to moderate to 6.1 per cent in FY24,” Sinha added.

    According to Acuite Ratings & Research’s Chief Analytical Officer Suman Chowdhury, while there is a lack of momentum in rural demand and weakness in exports, it is partly offset by the steady demand for goods and services in the urban economy.

    With some support from the base factor, this will help the economy to notch up a print close to 7 per cent in FY23.

    “Going ahead into the next fiscal however, the factors that will play an important role are the impact of higher interest rates on urban demand, the stability of the monsoon, and the absence of the base factor; we have kept our GDP growth forecast for FY24 at 6 per cent for now without factoring in any additional risks from monsoon and external factors,” Chowdhury said.

    The GDP growth was 6.3 per cent in the September-quarter of 2022-23. The second quarter growth itself was almost half of 13.2 per cent growth seen in the April-June quarter of the current fiscal.

    The Reserve Bank of India (RBI) had suggested a growth rate of 4.4 per cent for the last quarter of 2022-23, however that projection was based on the annual GDP projection of 6.8 per cent by the central bank.

    The first advance estimate of the GDP, released last month, had suggested a 7 per cent growth for 2022-23.

    According to the second advance estimate released on Tuesday, the 7 per cent growth for the current fiscal has been retained.

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    #Indias #growth #slips #percent #December #quarter

    ( With inputs from www.siasat.com )