The World Opinion

Category: Economy

  • 36 Indian Startups Secure Massive $628 Mn In Funding This Week, A 174% surge | Economy News

    New Delhi: The Indian startup ecosystem saw massive funding flow this week at more than $628.24 million raised by 36 startups — a whopping 174.5 per cent surge from last week. The funding momentum was led by edtech company Physics Wallah (PW) which secured $210 billion in its Series B funding round and took the company’s valuation to $2.8 billion.

    The round was led by Hornbill Capital, with significant participation from Lightspeed Venture Partners, and existing investors GSV and WestBridge. The week saw 14 growth-stage deals and 17 early-stage deals amid the positive investment environment in the country.

    As per an Entrackr report, SaaS-based digital adoption solution provider Whatfix raised $100 million. The company, however, is yet to make the funding public. While API infrastructure platform M2P Fintech secured $50 million, omnichannel diagnostics service provider Redcliffe raised $42 million and digital infrastructure company iBUS secured $34 million.

    Fleet management company Everest Fleet successfully raised $30 million as part of its ongoing $50 million Series C funding round, to enable it to scale operations and expand its fleet of clean-energy vehicles, including CNG and electric vehicles (EVs).

    Vahan.ai, an AI-powered recruitment platform, announced its Series B funding of $10 million led by Khosla Ventures. The funds raised will be used to develop AI recruitment technology to support eight major Indian languages. Bengaluru-based startups led with 12 deals this week, followed by Delhi-NCR, Mumbai, Chennai and Hyderabad.

    Last week, 24 domestic startups secured more than $229 million in funding, which included six growth-stage deals worth $182.65 million. The week saw 13 early-stage deals worth $46.14 million. The average funding in the last eight weeks stands at around $393 million, with 28 deals per week.

  • Indian Markets See Renewed Buying After Fed Rate Cut, Bullish Momentum To Continue | Economy News

    Mumbai: After a sideways start, the Indian benchmark indices gained momentum this week after a surprise 50 bps rate cut by the US Fed Reserve, as Sensex crossed 84,000 for the first time and Nifty hit a new all-time high.

    As per market watchers, the apprehension of a slowdown in growth was eased slightly after the lower-than-expected US jobless claim and data pointed to a soft landing of the US economy at the start of the rate cut cycle.

    The ongoing bullish momentum is like to take Nifty towards 25,900-26,000 levels. On the upside, 26,000 will act as an immediate hurdle for Nifty.
    “On the downside, 25,500 will serve as an immediate support for Nifty followed by 15-DEMA support, which is placed near 25,300 levels. 

    As long as Nifty stays above 25,600, a ‘Buy on Dips’ strategy is advisable for traders,” said Hrishikesh Yedve from Asit C Mehta Investment Interrmediates.

    Following the Fed’s rate cut, Indian markets have seen renewed buying interest, particularly in sectors that had previously experienced selling pressure.

    “The resilience of the Indian markets is providing additional strength to the rupee. Key support levels for the rupee are seen at 83.60-83.65, while resistance lies in the range of 83.40-83.30,” said Jateen Trivedi from LKP Securities.

    The rupee traded positively with gains of 0.10 at 83.53, supported by continued weakness in the dollar index, which is trading at 52-week lows.
    Analysts saw a sectorial rotation among investors to large caps, especially in consumption, staples, auto, finance, and reality.

    In the short term, investors are being cautious on export-oriented sectors like pharma and IT due to depreciation in the dollar, they added.
    Gold traded very positively, reaching an all-time high in Comex above $2,610, driven by strong liquidity inflows from the US Fed following a significant rate cut.

    Analysts said that the outlook for gold continues to favour upward momentum, with further rate cuts likely boosting prices.

  • Sebi Refuses To Disclose Instances When Madhabi Buch Recused On Conflict Of Interest, Says THIS In RTI Response | Economy News

    New Delhi: The cases where SEBI chairperson Madhabi Puri Buch recused herself due to potential conflict of interest is not “readily” available and collating them would “disproportionately divert” its resources, the securities market regulator said in an RTI response on Friday.

    What Did Sebi Say In RTI Response?

    In the response furnished to transparency activist Commodore Lokesh Batra (retd), the regulator also refused to provide copies of Buch’s declarations to the government and SEBI Board on the financial assets and equities held by her and her family members on the grounds of these being “personal information” and that their disclosure may “endanger” personal safety. (Also Read: Congress’ Fresh Salvo At Buch)

    It also denied to disclose the dates on which the disclosures were made. The SEBI Central Public Information Officer (CPIO) used the grounds of “personal information” and “safety” to deny copy of those declarations.

    “Since the information sought do not pertain to you and the same relates to personal information, the disclosure of which has no relationship to any public activity or interest and mat cause unwarranted invasion into the privacy of the individual and may also endanger the life or physical safety of the person(s). The same is, therefore exempt in terms of Section 8(1)(g) and 8(1)(j) of the RTI Act, 2005,” the RTI response said.

    “Further the information on cases where Madhabi Puri Buch recused herself due to potential conflicts of interest during her tenure is not readily available and collating the same will lead to disproportionately diverting the resources of the public authority in terms of Section 7(9) of the RTI Act,” it said.

    Section 8(1)(g) allows a public authority to withhold information the disclosure of which would endanger the life and physical safety of any person and section 8(1)(j) allows withholding information which relates to personal information the disclosure of which has no relationship to any public activity or interest.

    A CPIO may still disclose information if public interest in disclosure outweighs the harm to the protected interests.

    A press release from SEBI on August 11 had claimed that the chairperson has recused herself in matters involving potential conflict of interest.

    “It is noted that relevant disclosures required in terms of holdings of securities and their transfers have been made by the Chairperson from time to time,” it had said.

    The US-based short seller Hindenburg Research alleged that it suspects SEBI’s unwillingness to act against the Adani group may be because Buch had stakes in offshore funds linked to the conglomerate.

    The short seller had alleged that Buch and her husband Dhaval had invested in one of the funds which was allegedly being used by Vinod Adani. It also flagged Dhaval’s association with private equity major Blackstone, a promoter of multiple real estate investment trusts (REITs) and Sebi’s continued pitch for the new investment avenue.

    “The allegations made by Hindenburg Research, against the Adani Group, have been duly investigated by Sebi,” the capital markets regulator had said in the statement.

    The Supreme Court had itself noted in an order in January that 24 out of 26 investigations against Adani had been completed, it said, adding that one more was completed in March and the last is nearing completion now.

  • Mumbai Coastal Road To Open Daily, Heavy Vehicles Banned | Mobility News

    Mumbai Coastal Road: The Brihanmumbai Municipal Corporation (BMC) on Friday announced that the Mumbai Coastal Road will be open for traffic all days of the week starting September 21. Earlier, the road linking Marine Lines and Worli was operational from 7 am to midnight only on weekdays. The BMC, in a release, informed that 92 per cent of the work on the Dharmaveer Swarajyarakshak Chhatrapati Sambhaji Maharaj Mumbai Coastal Road has been completed.

    The road connects the Shamaldas Gandhi Marg (Princess Street) flyover to the Worli end of the Bandra-Worli Sea Link. The construction of the ambitious Rs 13,983 crore project began on October 13, 2018. In a separate notification, the traffic wing of the Mumbai police has banned heavy vehicles from plying on the coastal road.

    The police have also prohibited vehicles from stopping and people from alighting, taking pictures and shooting videos on this route, it said. Heavy vehicles, such as trailers, mixers, tractors, and goods vehicles (excluding BEST, state transport buses, and passenger-carrying vehicles) are prohibited, the notification stated.

    Besides this, two-wheelers, bicycles, two-wheelers with sidecars, three-wheelers, animal-driven carts, and pedestrians will also not be on this road, it said. According to the order, the speed limit is 80 km on a straight stretch, 60 km in the tunnel, 40 km at turnings, and 30 km at the merging point of the Coastal Road and sea link.

    During the Ganpati festival earlier this month, the civic body kept the road open 24/7 from September 7 to September 17. As per the BMC’s release, the southbound arm of the Coastal Road from Bindumadhav Thackeray Chowk, Rajni Patel Chowk (Lotus Junction), and Ambedkar Udyan to Marine Drive, and the northbound route to the Sea Link will remain open for vehicular movement.

    The BMC also urged commuters to follow traffic rules, and speed limits, and exercise caution while driving to avoid accidents.

  • Govt Mulling Hiking EPFO Salary Cap To From Rs 15,000 To Rs 21,000 — Calculate How You Can Retire With Rs 1 Crore Corpus | Personal Finance News

    New Delhi: Union Labor Minister Mansukh Mandaviya has said the government is considering increasing the monthly contribution cap for subscribers to the Employees’ Provident Fund Organization (EPFO) and the Employees’ Pension Scheme (EPS). 

    The government intends to increase the salary cap of Rs 15,000 for employee contributions, according to the Union minister. The Minister said, “We are trying to increase this limit of Rs 15,000.” Mandaviya said discussions about raising the minimum pension under the EPS were ongoing inside the Ministry. The minister said this during the first 100 days of the Modi 3.0 government.

    Currently, the pension contribution is set at 8.33% of the maximum wage ceiling, and contributions are payable on the Rs 15,000 maximum wage ceiling. 

    Under the Employees’ Provident Funds and Miscellaneous Provisions Act of 1952, companies with 20 or more employees must make provident-fund savings. A minimum of 12% of an employee’s pay is automatically deducted to fund provident funds, with an additional 12% contributed by the employer.

    Employees who earn more than Rs 15,000 can choose the percentage of their salary to set aside for pensions and retirement benefits, Mandaviya said in an earlier press briefing.

    What will be the impact on EPS and EPF once the EPFO wage ceiling is revised?

    The government is considering increasing the EPFO salary cap from Rs 15,000 to Rs 21,000. Contributions made by employees to their EPS and EPF will be affected once the EPFO wage ceiling is revised.

    In the case of employees making Rs 15,000 or less per month, the employer and employee each contribute 12% of their monthly earnings to the EPF account under the EPFO. Currently, the maximum wage ceiling of Rs 15,000 applies to both employer and employee contributions.

    EPFO rules dictate that employee contributions are based on basic salary with the employee’s whole contribution going into the provident fund account. The employer’s contribution is divided into EPS (8.33%) and provident fund account (3.67%).

    The current EPF contribution for an employee with a basic salary of Rs 15,000 is Rs 1,800, but if the wage ceiling is revised to Rs 21,000, the contribution will increase to Rs 2,520.

    When the employer matches the employee’s 12% contribution, it gets bifurcated to 3.67% EPF. The current monthly payment by the employer which is Rs 550.50 will increase to Rs 770.70 post the proposed EPFO wage ceiling revision.

    How will wage ceiling revision increase the retirement corpus from EPFO?

    Assume that a worker, at the age of 23, enrolls in the EPFO plan, with a basic pay of Rs. 15,000, and continues to contribute for the next 35 years, until he retires at age 58. Throughout his employment, the employee amasses a total corpus of Rs 71.55 lakh, generating an interest sum of Rs 60.84 lakh on his own contribution of Rs 10.71 lakh at an annual interest rate of 8.25%.

    Increased wages to Rs 21,000 would result in a corpus of Rs 1 crore over 35 years, with interest of Rs 85 lakh on the Rs 15 lakh personal investment.

    As a result, the employee will receive Rs. 28.45 lakh in extra EPF corpus upon retirement, besides getting a higher pension under EPS.

    Revision of wage cap to increase the amount of pension


    A larger pension amount will be received by EPF subscribers upon retirement since the EPS contribution is adjusted in tandem with increases to the pay ceiling under the EPFO. The following formula is used to determine the EPS pension according to the Employees’ Pension (Amendment) Scheme, 2014:
     
    (Number of years of pensionable service X Average monthly salary for 60 months)/70.

    The time frame within which an employee made active contributions to their EPF and EPS accounts is known as their pensionable service period.

    EPFO hikes withdrawal limit to Rs 1 lakh from Rs 50,000

    Additionally, the Employees’ Provident Fund Organisation has raised the withdrawal cap from the existing Rs 50,000 to Rs 1 lakh.

    “If you are an EPFO contributor and if there is some family emergency and if you want to withdraw the PF, the one time withdrawal limit has now been raised,” Mandaviya said at a press briefing earlier this month.

    Provident funds provide retirement income to over 10 million organized sector employees in India, often serving as a key lifetime savings corpus. The Employees’ Provident Fund Organisation (EPFO), a statutory body under the Ministry of Labour and Employment, manages these schemes.

  • Lebanon Blast: Qatar Airways Bans Passengers From Carrying Pagers, Walkie-Talkies On Lebanon Flights | Mobility News

    Lebanon Pager & Walkie-Talkie Explosion: Qatar Airways has prohibited all passengers flying from Beirut Rafic Harirl International Airport (BEY) from carrying pagers and walkie-talkies on board flights. The airlines said that the restriction applies to checked and carry-on luggage, as well as cargo, and will be enforced until further notice.

    In a post on X, Qatar Airways stated, “Effective immediately: Following the directive received from the Directorate General of Civil Aviation of the Republic of Lebanon, all passengers flying from Beirut Rafic Harirl International Airport (BEY) are prohibited from carrying pagers and walkie-talkies on board flights. The ban applies to both checked and carry-on luggage, as well as cargo, and will be enforced until further notice.”

    The action follows walkie-talkies and pager explosions in Lebanon that resulted in devastating consequences. In the latest attacks on Wednesday, at least 20 people lost their lives and over 450 were injured in Lebanon, authorities said, according to a report by Al Jazeera.

    The latest attack came just a day after 12 people were killed and more than 2800 others were wounded in a coordinated explosion of pagers in Lebanon.

    Meanwhile, the Israel Defence Forces (IDF) on Thursday announced that it had launched targeted strikes against Hezbollah terrorist capabilities and infrastructure in Lebanon, aiming to bring security to northern Israel to enable the return of residents to their homes and achieve war goals.

    In a post on X, the IDF stated, “The IDF is currently striking Hezbollah targets in Lebanon to degrade Hezbollah’s terrorist capabilities and infrastructure. For decades, Hezbollah has weaponized civilian homes, dug tunnels beneath them and used civilians as human shields–having turned southern Lebanon into a war zone. The IDF is operating to bring security to northern Israel in order to enable the return of residents to their homes and achieve war goals.”

    Meanwhile, Israel’s Defence Minister Yoav Gallant declared the start of a “new phase” in the war and asserted that the focus is now on the northern arena.

    Sharing a post on X, Gallant said, “We are at the start of a new phase in the war – we are allocating resources and forces to the northern arena and our mission is clear: ensuring the safe return of Israel’s northern communities to their homes. To do so, the security situation must be changed.”

    Earlier on Wednesday, dozens of ambulance crews from the Lebanese Red Cross worked to rescue and evacuate those who were wounded after walkie-talkie explosions in Lebanon, according to the CNN report.

  • Netizens Slam Ola’s Bhavish Over Poor E-scooter Quality As He Shows Battery Cell To Union Minister Vaishnaw | Economy News

    New Delhi: As Bhavish Aggarwal met Union Railways and Electronics and IT Minister, Ashwini Vaishnaw, on Thursday to show an indigenously-made lithium battery cell, netizens slammed Ola Electric scooters’ quality, saying these EV cells “need to be tested according to international standards”. Ola Electric has announced the integration of its battery cells in its own vehicles, starting Q1 FY26.

    An X user posted that “our business needs to be quality-wise accurate globally”. “Working on different businesses at once without looking at quality concerns will affect Ola’s footprint in the domestic market. Specifically talking about Ola two-wheelers. He (Bhavish) should take it seriously,” he posted.

    Another EV user posted on X: “I am using an e-vehicle scooter and its battery is deteriorating in a year’s use.” “Indian products should establish a benchmark so that people around the world find made in India products trustworthy,” he said.

    The Ola Electric cell is currently under trial production at its Gigafactory. The company recently showcased the indigenously developed Bharat 4680 cell and battery pack. The cell claims to have a wider operating window (10-700C), a longer life with more than 1,000 charge cycles, and better fast-charging capabilities.

    Meanwhile, another X user posted that our nomenclature of almost everything seems too self-obsessed or hyper-nationalist. “Ever heard about China cell or Tesla’s America cell? It frankly shows that one considers to have over-achieved something, and it’s not a usual part of a country’s technological prowess,” the user commented.

    Recently, after the shocking Ola Electric showroom fire incident in Karnataka, the company’s social media platforms were flooded with complaints about its EV scooters, as several customers raised serious concerns about product quality and service. Ola Electric users had complaints ranging from faulty software, bad service quality and poor response from the company when raised.

    As per the latest reports, Ola Electric receives around 80,000 complaints monthly, overwhelming its service centres. On peak days, complaints rise to 6,000-7,000, resulting in long wait times, overburdened staff and growing customer dissatisfaction.

  • ‘We Don’t Believe Work Pressure Caused Her Death’: EY India Responds After 26-Year-Old Pune Employee’s Passing Due To ‘Work Stress’ | Economy News

    New Delhi: Ernst and Young (EY) is facing intense scrutiny on social media following the tragic passing of Anna Sebastian Perayil, Chartered Accountant employed at S R Batliboi, an EY Global member firm. She passed away on July 20 while receiving treatment at a Pune hospital after she had been admitted due to exhaustion and discomfort.

    Her mother in response to this tragedy wrote a letter to the EY India Chairman and urged for improvements in the working conditions for employees. She also mentioned that her daughter had been working tirelessly at the company and the workload, new environment and long hours had a significant impact on her physically, emotionally, and mentally.

    “Deeply saddened by the tragic loss of Anna Sebastian Perayil. A thorough investigation into the allegations of an unsafe and exploitative work environment is underway. We are committed to ensuring justice & @LabourMinistry has officially taken up the complaint. @mansukhmandviya,” Shobha Karandlaje, the Union Minister of State for Labour & Employment, shared on the microblogging platform X.

    The company, however, has denied that “work pressure” was a factor in Anna’s death. EMeanwhile, Rajiv Memani told The Indian Express, “We have around one lakh employees. There is no doubt each one has to work hard. Anna worked with us only for four months. She was allotted work like any other employee. We don’t believe that work pressure could have claimed her life,”

    The company shared that the loss of their young employee is an “irreparable loss for all.” They stated, “Anna was a part of the Audit team at S R Batliboi, a member firm of EY Global, in Pune for a brief period of four months, joining the firm on 18 March 2024. That her promising career was cut short in this tragic manner is an irreparable loss for all of us.”

    He mentioned that he has responded to the letter from Anna Sebastian Perayil’s mother, assuring her of his complete support. Along with offering immediate assistance, he is also dedicated to introducing further measures to improve the current systems.

  • India Will Ensure Sufficient Charging Infrastructure To Support EV Adoption: HD Kumaraswamy | Auto News

    Electric Vehicle Charging Infrastructure In India: Union Minister for Ministry of Heavy Industries, HD Kumaraswamy said that India will ensure sufficient charging infrastructure to support the massive adoption of electric vehicles across the country. He further stated that the Ministry of Heavy Industries will soon introduce e-vouchers for electric vehicle (EV) buyers to avail of demand incentives under the newly approved PM E-DRIVE (PM Electric Drive Revolution in Innovative Vehicle Enhancement) scheme.

    Speaking at the FICCI and Ministry of Heavy Industries’ Seminar on ‘FAME’s Success in Transforming India’s EV Landscape’, Kumaraswamy outlined the government’s commitment to expanding the nation’s EV charging network. “We are ramping up charging infrastructure fast,” he stated, revealing plans to install 10,763 public charging stations across the country under the FAME-II scheme.

    The introduction of e-vouchers represents a significant development in the government’s approach to promoting EV adoption. “This is a unique new feature of this new scheme,” Kumaraswamy explained. The modalities of this are in an advanced stage and will be shared with you soon.”

    The PM E-DRIVE scheme, unveiled by the Union Cabinet last week, aims to accelerate EV adoption through substantial upfront incentives and the development of crucial charging infrastructure.

    “Our goal is to reduce our environmental footprint, improve air quality and build a competitive and resilient electric vehicle manufacturing industry,” said Kumaraswamy. 

    The new PM E-DRIVE scheme introduces several novel elements, including a dedicated fund of Rs 500 crore to deploy e-ambulances, an allocation of Rs 500 crore to incentivise the adoption of electric trucks, and Rs 2,000 crore for installing 22,000 fast chargers for electric four-wheelers, 1,800 for e-buses, and 48,400 for e-two and three-wheelers.

    Reflecting on the success of FAME-II, Kumaraswamy reported that around 93 per cent of the targeted vehicles have been incentivised, with 92 per cent of the allocated Rs 11,500 crore utilised. The scheme has also made significant strides in public transportation, with 4,853 e-buses supplied out of the 6,862 sanctioned for intra-city operations as of July 31, 2024.

    During the event, Kamran Rizvi, Secretary, Union Ministry of Heavy Industries, said, “With the PM E-DRIVE coming, the Phased Manufacturing Programme, the domestic value addition targets will be tweaked and amended so as to take advantage of our increased capability, and so that we become a truly a world leader in electric mobility technology.”

    Dr Hanif Qureshi, Additional Secretary, Ministry of Heavy Industries, stated that more than 92 per cent of the target under the FAME-II scheme has already been achieved.

  • Soon, No More Train Accidents In India? Railway Board CEO Suggest THIS To All Zones | Mobility News

    Indian Railways – Train Accidents: In an important step to avoid train collisions, Railway Board Chairman Satish Kumar has written to the general managers of all 17 zones asking them to monitor technical reports generated by a device called data logger on a daily basis.

    Data logger is fitted at stations and it records real time data of all aspects of train operations as well as the signal system. It generates an exception report in case a station master fails to take steps to ensure that a train does not come on the same track already occupied by another train.

    “During the safety review meeting held on 06.09.2024, I had instructed to all Zonal Railways that the data logger exception report should be monitored by DRMs (Divisional Railway Managers) every day and the position for previous day from two/three Divisions will be randomly reviewed at Board level,” Kumar said in a letter dated September 13 addressed to the general managers of all zones.

    “On 10.09.2024, six Divisions were asked by ED/E&R (Executive Director, Efficiency & Research) to share the position. Position was received from three Divisions; position was not received from two Divisions and position of the previous week was received from one Division,” he added.

    Expressing concern over the lack of compliance of a crucial safety instruction, Kumar said, “As this is an important measure for ensuring safety, all GMs have to ensure that the data logger report is monitored on a daily basis by all divisions in their zones.”

    Kumar added that the Railway Board may ask two to three divisions randomly to share the original printout of data logger report even if there is no exception report along with analysis and remarks in each case.

    The issue pertains to a General Rule np. 3.38(2) related to operational safety which ensures that two trains do not come on the same track one after the other.

    “A single rail line branches into several loop lines and a main line at any station. Now, if one branch line, let’s say a loop line number 1, is occupied by a train, the signal aspect for another train for that particular loop line will be red so that the another train doesn’t come on that line,” K P Arya, who retired as Chief Signal and Telecom Engineer/Information Technology, Northern Railway, said.

    “But if by mistake the loco pilot jumps the red light, he or she can hit the stationed train resulting in an accident. To avoid such a situation, a norm has been made that after receiving the train on a loop line, the station master will change the interlocking point to another line which is free so that in case the loco pilot errs, it doesn’t result in a collision,” he added.

    According to Arya, if the station master fails to change the interlocking point towards a free line, the data logger records it and generates an exception report.

    In two recent cases of train collisions, one in Andhra Pradesh in October 2023 and another one in West Bengal in June 2024, the Commissioner of Railway Safety reports in both cases observed that data loggers report showed that violations of safety norms happened multiple times before the accidents but the concerned senior railway officials of the division failed to take note of it.

    Railways experts say that it is a good move by the Railway Board chairman to ensure monitoring of data logger reports which will help rectify the mistakes before they would result into accidents.