Mint_Mumbai_06-09-2024.pdf

MUMBAI, NEW DELHI, BENGALURU, KOLKATA, CHENNAI, AHMEDABAD, HYDERABAD, CHANDIGARH*, PUNE*, LUCKNOW* VOL. 7 NO. 215 Friday, September 6, 2024 Think Ahead. Think Growth. mint primer...

MUMBAI, NEW DELHI, BENGALURU, KOLKATA, CHENNAI, AHMEDABAD, HYDERABAD, CHANDIGARH*, PUNE*, LUCKNOW* VOL. 7 NO. 215 Friday, September 6, 2024 Think Ahead. Think Growth. mint primer QUICK EDIT The chances of a Harris’s US recession and big pivot If the absence of a concrete plan its impact on India of economic action was render- ing the US Democratic Party’s presidential candidate Kamala BY N. MADHAVAN Harris vulnerable to political Stock markets and some economists fear the US economy, weighed criticism, she has now sought to down by high interest rates, is heading into a recession. Not all agree correct that. At a poll rally, Har- as some indicators suggest otherwise. Mint digs deeper to make sense ris announced new ideas that of the noise and fears around the world’s largest economy. include enhancing expenditure deductions for startups, provid- Going strong ing greater child tax credits, The US economy has recovered from the offering the middle class tax pandemic and continues to gain strength cuts and giving first-time US GDP growth (in %) homebuyers down-payment 6 assistance. Broadly, they seem aimed at pleasing the bulk of 4 2.9 3 American voters as well as 2 entrepreneurs, while fending off the sort of criticism levelled 0 by critics like Elon Musk, who 2015 2024* sent out a meme showing her in -2 a communist outfit. Having won -4 her party’s nomination, it’s time *Y-o-y growth for Jan-Jun 2024 for Harris’s campaign to “pivot Source: World Bank/US Commerce Department to the centre”, as the classic PRANAY BHARDWAJ/MINT political strategy in the US goes Who says the US is Why is the job market at this stage. Her Republican 1 looking at a recession? A cooling job market and the 2 softening? In June 2022, inflation in the US rival Donald Trump and his supporters have been trying Sahm Rule, which predicts the touched 9.1%—the highest level in hard to portray her as too leftist beginning of a recession based on four decades. To tackle this record for America. Earlier, she back- the unemployment rate, have surge in prices, the US Federal pedalled her climate-focused sparked the fear of an economic Reserve began hiking interest opposition to hydrocarbon decline in the US. In July, rates. Between 2021 and 2023, fracking. Now, she has moved unemployment in the US rose rates were increased 11 times, further to the centre. Who’ll faster than expected to 4.3%, taking the benchmark rate to 5.25- compared with 4.1% in June. This 5.5% levels—a 23-year high. While win is still up in the air, but next triggered the Sahm rule, which the higher interest rates eased week’s televised debate could stipulates that the US is in inflation, which has since fallen to significantly impact which way recession if the three-month 2.9% in July, it has also cooled the the race goes. average of the unemployment rate job market (as business and is 0.5% higher than the lowest consumer spending decline). three-month average over the Demand for labour fell and the previous 12 months. An inverted unemployment rate rose, yield curve, where short-term bond yields are higher than long triggering the Sahm Rule. Many blame the Fed for keeping interest MINT METRIC term, also fuelled the fear. rates high for too long. by Bibek Debroy REUTERS In Kolayat, two thieves were caught, 3 Other than jobs, how is the US economy doing? It’s doing quite well actually, growing at an Crowd justice probably their lot. annualized rate of 3% as of the second Scared of a severe thrashing, quarter of 2024. In 2023, it grew 2.5%. The To cops they went abegging, Federal Reserve has already indicated that it is against further tightening of the job Their resumes marked with a dark spot. market and will begin cutting interest rates soon, possibly from September. Markets are already factoring in a 50-100 basis point reduction. QUOTE OF THE DAY Within two years, the cost of Is the fear of recession How can recession in 4 overstated then? Some economists argue that not 5 the US impact India? It will depend on the extent of the diesel, petrol and electric vehicles will be same...at the all indicators point to a recession. downturn. Recession fears have starting time, cost of EVs were Previous recessions were preceded caused the stock markets in the US by certain symptoms that are not to tank. It fell again on Tuesday, by very high, so we needed to visible now, such as corporate 2.1%. India’s stock market, on the subsidise EV manufacturers. margin erosions. Corporate profits other hand, remains a star have continued to grow. There are performer on the back of a strong also no signs of slackening in economy. Earlier this week, the economic activity. Credit card World Bank raised India’s FY25 spending remains strong, and the GDP forecast from to 7% from NITIN GADKARI wider credit market is devoid of 6.6%. This will increase UNION ROAD TRANSPORT any stress. With the Fed signalling investment flows into India. AND HIGHWAYS MINISTER rate cuts, they say the US economy However, a severe and sustained has managed a soft landing ,which recession will hurt India’s exports, means inflation has been tamed which could impact its economic without triggering a recession. growth going forward. mint Data Bites WHICH STATES IN INDIA HAVE THE HIGHEST STARTUP COUNT? 6,000 Top 10 states by the number of DPIIT-recognized startups* in 2023 4,000 2,000 0 Maharashtra Gujarat Karnataka Telangana Rajasthan Uttar Pradesh Delhi Tamil Nadu Haryana Kerala *Department for Promotion of Industry and Internal Trade (DPIIT) defines a startup as: a private limited company under 10 years old, with turnover below ₹100 crore, and which focuses on innovation. Source: Department for Promotion of Industry and Data: Shuja Asrar, Design: Sarvesh Kumar Sharma Internal Trade, ministry of commerce and industry  PLAIN FACTS Data recap: India GDP, Adani’s buys, ₹250 SIP CURATED BY NANDITA VENKATESAN very Friday, Plain Facts publishes a compilation of data-based insights, complete with easy-to-read charts, to help you E delve deeper into the stories reported by Mint in the week gone by. The World Bank upgraded its FY25 GDP forecast for India and Adani group is looking to acquire multiple FMCG businesses. Meanwhile, GST on health and life insurance premia could be discussed at the GST council meeting on Monday. Gearing Up Shiny Outlook Gross merchandise value (GMV) of Indian e-commerce India GDP forecasts by various agencies for 2024* in festive months (in $ billion) Earlier Current 91 6.6 76 World Bank 7 61 52 6.8 Moody's Ratings 35 7.2 6.9 Nomura 6.7 2019 2020 2021 2022 2023 World Bank and Nomura forecasts are for FY25, while Moody's is for 2024 Source: Redseer Source: Mint research AS THE annual festival season beckons, India’s quick THE WORLD Bank is the latest to revise its 2024-25 commerce startups are posing a stiff challenge to GDP growth forecast for India, raising it to 7% from its established players such as Amazon and Flipkart. previous estimate of 6.6%. The forecast comes days after Blinkit, Zepto, and Swiggy Instamart are adding costlier India’s GDP growth for Q1FY25 came in at 6.7%, slowing items and expanding stores, Mint reported. Most such from 7.8% in Q4FY24. The slowdown came as quick commerce platforms already offer items such as government spending slipped during elections—but earphones, toasters and induction cooktops, but are private consumption growth surged. The World Bank is expected to expand stocks and add new categories for betting on the services sector, capex spending, and an the festive season. uptick in private consumption to sustain India’s growth. Shopping List $ billion 1 THAT IS the war chest the Adani group has built to expand its fast-moving consumer goods (FMCG) business, Mint reported. Adani Wilmar, the group’s FMCG arm, is in talks to buy at least three spices, ready-to-cook foods and packaged edibles brands in south and east India. The company, which had been lying low in 2023 after the Hindenburg report, has staged a comeback this year with aggressive capex plans across verticals. Health Cover Bugbear Small-ticket SIPs GST collections (₹ crore) from... SIP contribution, yearly (in ₹ trillion) Health insurance premium Health reinsurance premium 2 8,263 1.8 7,638 1.6 1.43 1.4 1.2 1 5,354 0.8 0.6 0.4 963 1,484 0.2 826 0 2016 2024 2021-22 2022-23 2023-24 2024 data till July Source: GSTN, Lok Sabha question dated 5 August, 2024 Source: Association of Mutual Funds in India ONE OF the issues likely on the agenda in the 54th AT AN industry event earlier this week, the Securities meeting of the Goods and Services Tax Council on and Exchange Board of India (Sebi) chairperson Monday is the 18% tax slab on premiums paid on health Madhabi Puri Buch said the regulator is “well on its and life insurance. The Centre has collected ₹24,500 way” to making a ₹250 systematic investment plan “a crore in GST revenue from these insurance premiums reality”. She said Sebi is working on the plan with the in the past three years, but public health considerations mutual fund industry. The smaller-range SIPs are seen are clashing with the government’s revenue generation as a way to improve financial inclusion. Currently, the efforts, particularly due to the surge in premiums. Will minimum investment stipulated via SIPs into mutual the council cut the rate? funds is ₹500 per month. Paralympic Glory 24 THAT’S THE number of medals, including five golds, that Indian athletes have won so far at the paralympic games in Paris. India has won medals across archery, athletics, and badminton. A Mint article explained that the success of paralympians is in part due to the broader significant advancement in use of assistive technology in paralympic sport. This ensures the balance between fair competition and inclusivity. Different Tracks Chart of the Week: Realty Ranks Manufacturing PMI Services PMI 2024 Composite 2024 Composite rank score rank score 62 60.9 1 UK 1.24 6 The Netherlands 1.49 2 France 1.26 7 New Zealand 1.59 58 3 US 1.34 8 Ireland 1.72 57.5 54 Australia 9 Sweden 2 4 1.37 10 Germany 1.79 5 Canada 1.49 50 Aug 2023 Aug 2024 31 India* 2.44 A reading above 50 denotes expansion, while one Lower the score, higher the transparency level. *Tier-I cities. below 50 indicates contraction. Source: S&P Global Source: JLL Global Real Estate Transparency Index, 2024 IN AUGUST, India’s manufacturing purchasing INDIA’S REAL estate market has been categorized as managers’ index (PMI) slowed to a three-month low of “transparent” for the first time in the Global Real Estate 57.5, while services PMI rose to a five-month high of Transparency Index, compiled by property advisory 60.9. Both, however, were above the 50-mark, which JLL. The country’s ranking climbed to separates expansion from contraction. Manufacturing 31 from 36 in the previous edition of the activity was moderated by slower demand and softer report in 2022. increases in new business. The pace of expansion in the Follow our data stories on the “In services sector remained robust due to an increase in Charts” and “Plain Facts” pages on the new orders, particularly from domestic businesses. Mint website. PARAS JAIN/MINT TOP FIVE THRILLERS TOP FIVE TAMIL WEB SHOWS 1 IN THE LAND OF SAINTS 3 MAHARAJA 1 AYALI 3 CHUTNEY SAMBAR AND SINNERS Platform: Netflix Platform: Disney+ Hotstar Language: Tamil Cast: Yogi Babu, Vani Bhojan Platform: Lionsgate Play Language: 4 TATSAMA TADBHAVA 4 INSPECTOR RISHI English Platform: Amazon Prime Video Platform: ZEE5 Platform: Amazon Prime Video Language: Kannada Cast: Abi Nakshathra, Anumol Cast: Naveen Chandra, Sunaina 2 LAND OF BAD 5 THE KILLER 2 VILANGU 5 MODERN LOVE CHENNAI Platform: Amazon Prime Video Platform: Netflix Platform: ZEE5 Platform: Amazon Prime Video Language: English Language: English Cast: Vemal, Ineya Cast: Wamiqa Gabbi, Ashok Selvan  Mumbai, new delhi, bengaluru, kolkata, chennai, Ahmedabad, Hyderabad, chaNdiGarh*, pune*, lucknow* VOL. 7 NO. 215 Rs. 10.00 16 pages Friday, September 6, 2024 Diageo to invest $100 million Red flags that investors should livemint.com in India: CEO Debra Crew uP7 not ignore in SME IPOs uP11 SENSEX 82,201.19 151.45 NIFTY 25,145.1 53.60 DOLLAR ₹83.98 ₹0.01 EURO ₹93.18 ₹0.35 OIL $73.71 $0.28 POUND ₹110.52 ₹0.36 Swiggy packs an IPO Calamities drive up hydropower firms’ Pre-IPO cos guard equity, DON’T MISS chase private boost for Instamart insurance expenses credit instead Dipti Sharma & Sneha Shah Most IPO funds for quick commerce; dark stores to be doubled Puja Das, Manas Pimpalkhare & mumbai Rituraj Baruah CSR list set to be amended to aid P romoters and founders of Sowmya R & Ranjani Raghavan several companies are big business hire 10 mn interns mumbai fast forward new delhi increasingly seeking pri- The ministry of corporate affairs is set to C loudbursts, floods and vate credit as an alternative to amend the corporate social responsibility F ood delivery firm Swiggy Swiggy will use most of the fresh funds to double its network of dark landslides that crippled equity capital ahead of a poten- (CSR) norms to enable big businesses to will spend most of the stores to more than 1,000 over the next four years. some of India’s largest tial public listing, in a funding offer internships to a promised 10 million money from its upcoming FY24 financial comparison (in ₹ crore) Swiggy Zomato hydropower projects in the last trend that the Reserve Bank of youngsters over five years, two persons initial public offering (IPO) Revenue from Profit/loss after tax few years have jacked up insur- India says has grown fourfold in informed about the development said. >P2 to expand Instamart, a per- operations -2,350 ance claims and premium pay- the past 10 years. son aware of the plans said, at a time 12,114 ments, holding the potential to This is more the case with Govt starts selling onions at ₹35 11,247 351 when challengers BlinkIt, Zepto and Total expenses raise power tariffs over time. companies considering an ini- a kilo as prices continue to rise BigBasket are turning up the heat in Income from insurance Extreme weather episodes tial public offering (IPO), but The government started selling onions at quick commerce. claims for the country’s largest over hydropower projects need time to meet current chal- ₹35 per kilogram on Thursday to contain While Prosus Ventures, Norwest 13,947 12,670 hydropower company NHPC have been relentless. MINT lenges before going public. rising prices, replicating the step taken to cool Venture Partners and Goldman Ltd jumped twentyfold to Promoters of such compa- rising tomato prices earlier this year. The Sachs may sell some of their shares in ₹472.68 crore in FY24, while 2021, a glacier burst in Uttara- nies are heading towards pri- subsidized onions will be sold on platforms Swiggy’s $1.25 billion IPO, SoftBank, FY24 quick commerce comparison premium payments rose 42% khand paralyzed NTPC’s vate credit funds to conserve operated by Nafed and NCCF. >P2 which had booked profits in recent Swiggy Instamart Blinkit Gross order value (in ₹ crore) to ₹376.5 crore. SJVN Ltd’s under-construction 520 MW equity ahead of IPOs, even as IPOs of Ola Electric, Firstcry and Gross revenue income from claims was ₹51 Tapovan Vishnugad project private equity has slowed and HC grants relief to HUL in Unicommerce, is expected to stay (in ₹ crore) lakh in FY24, after gaining no site. In 2022, JSW Hydro valuations are down post- put, the person said on the condition money from claims in FY23, Energy’s 1,091 MW Karcham covid, industry experts said. copyright case against Abbott 8,100 12,469 of anonymity. The IPO, one of the 2,301 while premium payments rose Wangtoo plant in Himachal Significantly, private credit The Bombay High Court granted temporary 1,100 most anticipated this year, is 8.6% to ₹56.63 crore. Pradesh saw a massive slope is growing despite high global relief to Hindustan Unilever Ltd (HUL) in a expected to open in November. NTPC Ltd did not specify its failure. In 2023, Chungthang interest rates because it offers copyright case against Abbott Laboratories. Dark store count Cities HUL had sought an injunction against Abbott Norwest and Prosus are among 523 27 income from claims in its dam, part of the 1,200 MW flexible terms for pricing, dura- for allegedly infringing and denigrating its the early investors in Swiggy. Gold- 26 annual report, but stated that Teesta III hydro power project tion, and structure. This flexi- product, Horlicks Diabetes Plus. >P5 man Sachs came on board in 2021, 526 its insurance expenses touched operated by Sikkim Urja Ltd, bility helps companies manage Source: Swiggy's and Zomato's FY24 annual reports when Swiggy was valued at around ₹336.58 crore in FY24, up was damaged due to a glacial their costs and cash flow more $5 billion. SoftBank followed the PARAS JAIN/MINT 31.4% from ₹256.12 crore in lake outburst flood. Just last effectively in a challenging Law firms fight for talent with next year. potentially redeeming itself as a around $15 billion in the IPO, though FY22. Hydropower makes up month, the power station of interest rate environment. bigger hikes, bonuses Prosus declined to offer a com- technology investor in India. Prosus a final valuation will become clearer just 5% of the total generation NHPC’s Teesta V project in Sik- According to Nilesh Dhedhi, With their employers engulfed in a fierce ment, while queries emailed to CEO Fabricio Bloisi was CEO of as the road shows get under way. capacity of NTPC, which is pri- kim suffered damages after managing director and CEO of battle for talent, senior lawyers are raking it Swiggy and the other investors Latin American food tech company Swiggy will use most of the fresh marily a thermal power pro- river waters rose. Avendus Finance, which pro- in as they are wooed with retention and remained unanswered. iFood till last quarter. funds to double its network of dark ducer. “Insurance premium has an vides private credit solutions, discretionary bonuses, quicker options to Prosus is booking a profit from Apart from the share sale by exist- stores serving groceries and home Extreme weather episodes increasing trend, and we have there are some instances where become a partner, and better than usual Swiggy at a time when it has written ing investors, Swiggy also plans to over India’s hydropower pro- hikes. >P6 off over $500 million in Byju’s, raise primary capital at a valuation of TURN TO PAGE 6 jects have been relentless. In TURN TO PAGE 6 TURN TO PAGE 6 02 FRIDAY, 6 SEPTEMBER 2024 MUMBAI ECONOMY & POLICY LIVEMINT.COM CSR list set to be amended to Govt affirms covid jab side-effects in aid big cos hire 10 mn interns revised guidelines Priyanka Sharma [email protected] NEW DELHI Part of expenditure on internships to be incurred by the top 500 companies as CSR spending T he Union government India has a buffer of 470,000 has admitted that Covis- tonnes on onion. REUTERS Gireesh Chandra Prasad The list of items eligible as CSR hield vaccines have [email protected] spending has been amended from time caused Thrombotic Thrombo- Centre sells NEW DELHI to time to mobilize corporate financing of projects of national priority. cytopenia Syndrome (TTS) and Thrombocytopenia T he ministry of corporate For instance, contributions to the among other “serious” side onions at affairs is set to amend the Corporate Social Responsi- “Swachh Bharat Kosh”, set up to mobi- lize resources for the “clean India” effects in covid patients in India. “Serious adverse events ₹35 a kilo bility (CSR) norms to enable big businesses to offer internships to a promised 10 million drive as well as to the PM Cares Fund set up to offer emergency relief during the covid pandemic were included as such as Thrombosis with Thrombocytopenia Syndrome (TTS) (formation of large Covishield is an adenovector- based vaccine. REUTERS to contain youngsters over five years, two persons informed about the development said. eligible CSR spending by amending the seventh schedule of the Act. blood clots in combination with low platelet counts) have of new vaccines under routine immunization as well as emer- The idea, proposed in the Union Critics question the feasibility of the been observed at a frequency gency use authorization, the price rise budget, is to allow part of the expendi- ture for internship programmes scheme. Amit Mitra, principal chief adviser to of less than 1 in 100,000 vacci- nated individuals following guidelines said. The health ministry guide- incurred by the top 500 companies as West Bengal chief minister Mamata adenovector—based covid-19 lines, drawn up by the National Dhirendra Kumar CSR spending. Banerjee, told journalists last month vaccines in India,” according AEFI Committee and others, [email protected] Since the funds earmarked for CSR that most of these 500 companies are to revised guidelines on vac- also said that studies are under NEW DELHI by large companies are only a fraction Since the funds earmarked for CSR by large companies are only a fraction of the net undergoing capital intensive and tech- cine-related adverse effects way to monitor the risk of cov- of the net profit, the spending on profit, the spending on internship will not affect computation of profits. nology induced changes and offering reviewed by Mint. id-19 vaccines and serious T he government started internship will not affect computation two million internships every year for Covishield, manufactured adverse events. selling onions at ₹35 per of profits. Only those businesses with a and setting up a portal dedicated to the ment on the scheme. Industry plays a five years was unrealistic. by the Serum Institute of “For covid-19 vaccines in kg on Thursday to con- net worth of ₹500 crore or more, sales internship programme is afoot. The pivotal role in preparing the talent Mitra described the internship India, is an adenovector-based India, studies are under way to tain rising prices, replicating of ₹1,000 crore or more, or a net profit scheme will be rolled out once all logis- pool, said Chandrajit Banerjee, director scheme as a “non-starter, knee-jerk and vaccine. monitor the risk of specific the step taken to cool rising of ₹5 crore or more are required to tics arrangements are tied up,” said one general of the Confederation of Indian absolutely unacceptable”, while argu- The National AEFI (adverse events identified for their tomato prices earlier this year. spend 2% of their average net of the two persons quoted Industry (CII). ing that taking steps to stimu- effects following immuniza- potential association with use “The subsidized onions will profit of the preceding three above. “The PM Internship late demand in the economy tion) guidelines of 2005 were of covid-19 vaccines. Some of be sold in Delhi NCR and years on charity. Prime Minister Naren- Scheme with a target of 10 first will prompt a response revised in 2010, 2015, and is the identified events are myo- Mumbai in the first phase,” Union minister of consumer The plan is to get the CSR regime to cover the 12 dra Modi is expected to million youth is a trans- launch the scheme, said formational initiative cr from the industry—lead- ing to investments and ₹63,000 again being revised in 2024. The latest revisions come carditis, pericarditis, encepha- litis, myelitis, seizures, idio- affairs and food distribution cost of training and part CSR spending both the persons quoted that will enable corpo- Budget outlay for jobs. against the backdrop of deaths pathic thrombocytopenia, Pralhad Joshi said while of the internship cost by areas in schedule 7 above. Queries emailed rates to leverage CSR the CSR internship The internship pro- from covid vaccines in the UK. Guillain-Barré Syndrome, launching the initiative. “In the making legislative of companies Act to the ministry of corpo- funds for skilling talent programme gramme, one of five The revised guidelines rec- thrombosis with thrombocy- second phase, they will be sold changes to Schedule seven rate affairs and to the Prime and create a meaningful schemes that were ommend the use of digital vac- topenia syndrome and throm- in the capital cities of different of the Companies Act, which Minister’s Office on Thursday social impact. CII is closely announced by finance minis- cination recording software to bosis. Based on the evidence states and in the third phase, currently specifies 12 areas seeking comments for the story working with the ministry of cor- ter Nirmala Sitharaman in her increase reporting of all side available on the safety and effi- which will be rolled out in the including eradicating hunger, promot- remained unanswered at the time of porate affairs and facilitating the indus- FY25 budget in the area of employ- effects, including minor ones. cacy of the covid-19 vaccines, third week of September, ing education, gender equality and sus- publishing. try to plan and participate under this ment, skilling and other opportunities The adverse effects surveil- these vaccines have been onions at discounted rates will tainability as eligible CSR spending. Industry representatives said busi- scheme and thus create a future-ready for youth, has a government outlay of lance system should be found to have a favourable be sold across the country.” “Work on amending the CSR norms nesses are working with the govern- workforce for India,” said Banerjee. ₹63,000 crore. strengthened for introduction benefit to risk ratio,” it said. The subsidized onions will be sold on platforms including stores and vans operated by the National Agricultural Coopera- tive Marketing Federation of India (Nafed) and the National India to show World Bank it’s biz ready Modi in Singapore: flags India Cooperative Consumers’ Fed- eration of India Ltd (NCCF). The second phase will begin Rhik Kundu [email protected] as best for creating supply chain the B-Ready report will assess the efficiency with which regu- the next week and cover key NEW DELHI latory framework and public state capital cities, including services are combined in prac- HT Correspondent He assured the CEOs that I Kolkata, Guwahati, Hyderabad, ndia is gearing up for the tice. It said the World Bank will [email protected] India will “increase the pace Chennai, and Raipur. World Bank’s new Business focus on 10 topics covering the NEW DELHI and scale of infrastructure “There is no cap on the quan- Ready, or B-Ready report, lifecycle of a firm in the course development” and pointed to P tity and there is no need to hoping to improve its middling of starting, operating, closing rime Minister Narendra new opportunities in railways, show any identity card to get ranking after the multilateral or reorganizing its activities. Modi on Thursday roads, ports, civil aviation, the subsidized onions,” the lender discontinued the previ- These topics are: business pitched India to Singa- industrial parks and digital minister added. ous version amid charges of entry, location, utility services, pore’s business leaders as the connectivity. He also called on In the national capital bias towards China. labour, financial services, inter- “best alternative” for creating them to look at opportunities region, the onions will be sold The finance ministry’s national trade, taxation, dis- resilient supply chains, and in skill development. through mobile vans at 38 loca- department of financial servi- pute resolution, market com- urged them to consider oppor- The elevation of ties to a tions, including Krishi Bhawan, ces (DFS) and the commerce petition, and business insol- tunities in roads, railways, comprehensive strategic part- National Cooperative Union of ministry’s department for pro- vency. ports and civil aviation as his nership will give thrust to eco- India complex, Rajiv Chowk motion of industry and internal DPIIT has roped in KPMG as consultant to benchmark business Experts said India has had government ramps up infra- nomic relations, Modi said. Metro Station, Patel Chowk trade (DPIIT) will be coordinat- environment and investment climate in most economies. REUTERS mixed experiences with inter- structure development. India will continue to make Metro Station, and parts of ing and supervising the Indian national rating agencies and Modi interacted with lead- Prime Minister Narendra Modi. “transformative progress” Noida, said Nidhi Khare, con- surveys for the Washington- tive assessment of the business “The survey will primarily be rankings, across both eco- ing CEOs from investment PTI because of its political stabil- sumer affairs secretary. In headquartered bank. environment for private sector conducted by the World Bank nomic and developmental indi- funds, infrastructure, manu- ity, policy predictability, ease Mumbai, they will be sold at The process of gathering the development. for the new index and will be cators. “However, any country facturing, energy, sustainabil- military standoff on the Line of of doing business and reform- Parel and Lower Malad. Indian data is slated to begin by The World Bank discontin- coordinated through DPIIT. or government needs to assess ity and logistics along with Actual Control. Modi has held oriented economic agenda. The government has a buffer September-end, two people ued the previous rankings in For the financial sector, DFS itself, and find the gaps, what is Singapore’s deputy prime up Singapore as an “important Modi also highlighted initi- stock of 470,000 tonnes of aware of the matter said. 2021 following a will coordinate needed to be achieved, and to minister Gan Kim Yong and anchor” for India’s decade-old atives to enhance India’s par- onions procured by the NCCF The DPIIT, which is the probe into alleged The new report and supervise the what extent the achievements home minister K. Shanmu- Act East policy. ticipation in global value and Nafed directly from farm- nodal agency for India, has data irregularities will provide a survey,” the first are being made, etc. These gam. While urging Singapore’s chains through the production ers in Maharashtra and Madhya appointed KPMG as consultant and ethical con- quantitative person men- kinds of assessments are Singapore was the largest business leaders to look at linked incentive scheme, India Pradesh at an average price of to handle the project, which cerns. assessment of the tioned above said. important and will help the source of foreign direct invest- investment opportunities and Semiconductor Mission and ₹28 per kilogram. will benchmark the business At the time, “The World government understand the ment into India last year, and to increase their presence in establishment of 12 new indus- environment and investment India ranked 63 biz environment The market intervention is Bank will conduct changes,” said N. R. Bhanu- cumulative investments since India, Modi held up the coun- trial smart cities. aimed at improving local sup- climate in most economies, the out of 190 econo- for private sector the survey start- murthy, director at the Madras 2000 are worth $160 billion. try as the “best alternative” for Modi also met Singapore plies and curbing rising prices people mentioned above said mies (in the 2020 development ing late Septem- School of Economics. India has intensified efforts businesses looking for resil- president Tharman Shanmu- of the kitchen staple, which is seeking anonymity. Doing Business ber 2024 while “I certainly think we have to forge supply and value ient supply chains, the exter- garatnam and discussed bilat- being sold at over ₹70 a kilo in This is the first time a con- Report). Although the India business seen improvement across vari- chains with trusted partners in nal affairs ministry said in a eral and global issues. They New Delhi and ₹80/kg in parts sultancy has been hired for the not a particularly impressive environment report will be ous indicators in the past three Asia and Europe, largely as statement. An Invest India noted long-standing coopera- of the country. job. ranking, it marked a significant published in 2025-2026,” the to four years.” part of efforts to move away office will be set up in Singa- tion between the two sides is For an extended version of The new Business Ready improvement over its 2014 person added. Press Trust of For an extended version of from reliance on China against pore to facilitate collaboration, based on trust, mutual respect this story, go to livemint.com. Report will provide a quantita- ranking of 142. India had in May reported that this story, go to livemint.com. the backdrop of a dragging he announced. and complementarity. PV sales fall 5% in Aug, Fada m MINT SHORTS to ensure availability of pulses and to reduce import dependence, the government has launched a pilot to cul- tivate pulses in tribal areas through assured buyback ‘Avg monthly spending on food sees big dip’ raises alarm over inventory MINT CORRECTIONS AND CLARIFICATIONS farming. The National Cooperative Consumers Federa- HT New Delhi: Passenger vehi- A 2 September, Page 14 story, Piyush Goyal moots border tion (NCCF) has enlisted 209 farmers in Jharkhand and cle retail sales in India wit- ‘The three Hs that help bring 15 in Tamil Nadu for the farming, Anice Joseph Chandra, nessed a 5% on-year decline growth and joy’, incorrectly adjustment tax managing director of NCCF has said.DHIRENDRA KUMAR in August on account of identified Singer India’s Rakesh Khanna. The error is regretted. New Delhi: Commerce and industry minister Piyush delayed customer purchases, Goyal on Thursday mooted the idea of a border adjust- poor consumer sentiment Mint welcomes comments, HT ment tax and suggested dis- Swiss federal council works to and persistent heavy rains, suggestions or complaints cussions on this with steel industry body Fada said on industry. He said this tax is in ratify India-EFTA trade pact Thursday. The overall passenger vehicle (PV) registra- about errors. Readers can alert the compliance with the World New Delhi: Switzerland’s federal cabinet has adopted tions last month stood at 309,053 units, compared with newsroom to any errors in the paper by emailing us, Trade Organisation. The idea the ambitious trade pact between India and the Euro- 323,720 units in August 2023. PTI with your full name and assumes significance as the pean Free Trade Association (EFTA) and placed it before address to industry is seeking protection Parliament as part of the ratification process. The trade New Delhi: India’s average household spending [email protected]. from imports at predatory REUTERS pact, signed in March on food has fallen to less than half of the total Railways achieves 653 mt It is our policy to promptly prices. between India and the Euro- monthly expenses for the first time since 1947, respond to all complaints. RITURAJ BARUAH pean bloc comprising Nor- according to a recent working paper by the Eco- freight loading by Aug FY25 Readers dissatisfied with the response or concerned about way, Switzerland, Iceland and nomic Advisory Council to the Prime Minister New Delhi: Freight loading figures for August 2024 Mint’s journalistic integrity may NCCF pilots contract farming Liechtenstein, aims at (EAC-PM). The paper further said significant highlighted the remarkable performance of the railways write directly to the editor by expanding trade across a changes are unfolding in India’s food consump- as a total of 126.97 mt of freight was loaded in August for pulses in tribal areas range of areas, including tion pattern. PTI alone, contributing to a cumulative total of 653.22 mt for sending an email to [email protected] New Delhi: As part of its crop diversification initiative pharmaceuticals. PTI FY25 up to August, the Railway Board has stated. PTI FOR ANY QUERIES/DELIVERY ISSUES CALL: 60004242, Monday-Saturday, 10am-6pm (Delhi, Mumbai, Bengaluru, Kolkata, Chennai, Hyderabad, Ahmedabad, Chandigarh, Pune and Lucknow) MAIL: [email protected] TO SUBSCRIBE: Give a missed call on 7039035039 or visit www.mintreaders.com or write to us at [email protected] First published in February 2007 to serve as an unbiased and clear-minded chronicler of the Indian Dream. RAVI KRISHNAN (EDITOR) - Responsible for selection of news under PRP Act, @ All rights reserved. Reproduction in whole or in part without written permission of Publisher is prohibited; PUBLISHED/PRINTED BY MANHAR KAPOOR ON BEHALF OF HT MEDIA LTD, 9th Floor, Tower 3, Indiabulls Finance Centre, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400013 Printed at HT Media Ltd. Press at Plot No. 6, TTC Industrial Area, Thane - Belapur Road, Navi Mumbai - 400 708. RNI Registration MAHENG/2018/76720; Mint welcomes readers’ responses to all articles and editorials. Please include your full name, address and telephone number. Send in your views to the editor at [email protected]. ©2024 HT Media Ltd All Rights Reserved LIVEMINT.COM DEALS, TECH & STARTUPS FRIDAY, 6 SEPTEMBER 2024 MUMBAI 03 Blockchain startups perk up as Centre unveils framework Called ‘Vishvasya’, it seeks to establish trust and transparency in public records and databases Shouvik Das decentralizing the source of the docu- [email protected] ment,” he said. NEW DELHI Compared to the standard procedure where data generated by and belonging S tartups and entrepreneurs to public bodies is stored at one central working on blockchain appli- place, blockchain involves decentraliz- cations appear to have perked ing the data—where multiple copies of up, after more than two years the same data are stored at different pla- of subdued enthusiasm for ces. It also enables a document to be web-3 technologies. This much-needed traced from source to its present form. booster for India’s blockchain upstarts For instance, a college degree stored on has come in the form of the National blockchain will show when and where it Blockchain Framework, unveiled on was issued, any party that has modified Wednesday by information technology it at any point, and its current status. secretary S. Krishnan. Anurag Dua, partner at EY India, said Called ‘Vishvasya’ (trust in Sanskrit), the move can enthuse the blockchain the framework seeks to establish what industry. “Any move is a good move for the Centre called “trust and transpar- startups, especially if you think about ency” in public records and databases. A the public sector applications that the note by the ministry of electronics and Centre’s push can help create,” he said. information technology (Meity) on the Dilip Chenoy, chairman of industry Framework said that the Centre’s block- Information technology secretary S. Krishnan unveiled the National Blockchain body Bharat Web3 Association (BWA), chain will use three data centres across Framework on Wednesday. said the adoption of blockchain by the India to store data, and offer companies Centre is a positive move towards web-3 infrastructure and application develop- Pareen Lathia, found