The World Opinion

Category: Economy

  • Eastern Railway Fines Ticketless Passengers; Recovered Over Rs 7.57 crore In May | Railways News

    Eastern Railway (ER), which runs an extensive suburban network, has urged commuters to desist from travelling without valid tickets after raids led to the recovery of over Rs 7.57 crore in fines in May alone.
    This amounts to nearly Rs 25 lakh per day. As many as 1,80,900 people were apprehended for travelling without valid tickets during this period. This may just be the tip of the iceberg, officials said, as many more might have managed to give the ticket-checking staff a slip.

    According to the figures released by the ER for its four divisions, the fine collection for May was Rs 7,57,30,000. The lion’s share came from the Howrah Division at Rs 2,43,90,000. Next was the Sealdah Division at Rs 1,77,00,000.

    “Rail travel continues to remain the cheapest and most convenient mode of travel. We have been trying to highlight to the commuters how they would have to pay at least 6-7 times more if they travel by road. Take the 20 km journey between Howrah and Srirampur for instance.
    “The suburban train fare is a mere Rs 5 and the travel time is barely 30 minutes. A bus journey would cost about Rs 40 and take more than an hour in this tremendous heat, that too if the roads are relatively clear of traffic jams,” said Kausik Mitra, CPRO, Eastern Railway.
    He also highlighted how people no longer have to queue up at the booking counters for tickets.
    “Those with smartphones can simply download the UTS App and book unreserved tickets online. They can also scan QR codes displayed at all the stations to book tickets. Hence, the excuse that a person was in a hurry no longer counts,” Mitra said.
    Automatic Ticket Vending Machines (ATVMs) have also been installed at all important suburban stations. At many locations, retired railway staff have been employed on a contractual basis to operate these machines for the assistance of those not familiar with their functioning, he added.

  • 8th Pay Commission: Expected Salary Hike, Fitment Factor, Implementation Date And All Other Details | Personal Finance News

    New Delhi: With the Modi government staking claims at the centre for the third time, a lot of speculations have also started yet again regarding the formation of the 8th Central Pay Commission that will impact the salary brackets of approximately 49 lakh government employees and 68 lakh pensioners.

    Govt In July 2023 Said No Proposal For Formation Of 8th Central Pay Commission

    Meanwhile, amidst a lot of ongoing speculations among the central government employees regarding the update on the 8th Central Pay Commission, Janata Dal Party’s Ram Nath Thakur raised pertinent questions during the Rajya Sabha session on July 25, 2023. The focus of the inquiries was on matters concerning the pay and pension for Central employees.

    Responding to the query, then Minister Of State For Finance Pankaj Chaudhary big update on the setting up of the 8th pay commission. The question was raised in the Rajya Sabha as the rate of DA/DR is projected to cross 50 percent or even more from January 2024, whether the Central Government proposed to set up Eighth Central Pay Commission or not. Chaudhary, responding to the question said that there is no such proposal is under consideration of the Government. 

    8th Central Pay Commission Formation Gaining Traction After 2024 LS Elections

    However, with the Lok Sabha Elections now over, the news around the formation of 8th Central Pay Commission is yet again gaining traction.

    8th Pay Commission Expected Implementation Date

    If the government decides to set up the 8th pay commission, it will require over a year or 18 months for its recommendations to be submitted. And once 8th Pay Commission recommendations are accepted by the government, it is most likely that it will be implemented by 2026, as per media reports.

    8th Pay Commission Expected Pay Hike

    Usually the recommendation of the pay commission over the salary hike of employees is based on fitment factor. Incase the 8th Pay Commission is set up for recommendations, it is most likely that the fitment factor will be set at 3.68 times. Now, considering  the minimum basic salary of government employees at Rs 18,000, they can expect a hike of Rs 8,000 to Rs 26,000 in their basic pay, if fitment factor of 3.68 times is placed upon.


    7th Central Pay Commission Notified In 2016

    Bringing huge relief for lakhs of Central Government employees, the implementation notification of the 7th Pay Commission was issued in July 2016, thereby paving the way for the employees to get the revised pay from their August salaries.

    The Government after consideration decided to accept the recommendations of the Commission in respect of the categories of employees covered in its terms of reference of the Commission’s recommendations on Minimum Pay, Fitment Factor, Index of Rationalisation, Pay Matrices and general recommendations on pay without any material alteration with the following exceptions in Defence Pay Matrix in order to maintain parity in pay with Central Armed Police Forces.

  • Ixigo IPO Opens Today: Check Price Band, Lot Size And Other Details | Markets News

    New Delhi: Le Travenues Technology Ltd, which owns online travel aggregator Ixigo, is set to make its public debut on Monday. The company has set a price band of Rs 88-93 per share of its initial public offering (IPO). 

    The last day to apply for an IPO will be June 12.

    The lot size of the IPO is 161 shares. To bid in the IPO, retail investors will have to invest Rs 14,973.

    Ahead of its IPO, it raised over Rs 333 crore from 23 anchor investors at Rs 93 per equity share.

    The issue size of Ixigo IPO is Rs 740 crore. The fresh issue is worth Rs 120 crore, while the offer for sale (OFS) is worth Rs 620 crore.

    The company has reserved 75 per cent of the IPO for qualified institutional buyers (QIBs), 15 per cent for non-institutional buyers, and 10 per cent for retail investors.

    The allotment of the IPO will take place on June 13. Refunds and shares will be credited to the demat account on June 14. The shares will be listed on NSE and BSE on June 18.

    Ixigo is an online travel agency focused on travellers from tier II and tier III cities. Along with the company’s website, it also operates an app. In FY 2023-24, the company’s revenue in the first 9 months (till December 31) was Rs 491 crore. During this period, the company had made a profit of Rs 66 crore.

  • Success Story: He Cracked AIIMS Exam At 16, Cleard UPSC To Become IAS Then Quit Job For Startup; Current Networth Is… | Companies News

    UPSC Success Story: In a tale of remarkable transformation and innovation, Dr. Roman Saini, a former IAS officer, has been instrumental in turning Unacademy from a humble educational platform into a Rs 26,000 crore enterprise. What began as a YouTube channel by engineer-turned-entrepreneur Gaurav Munjal has evolved into one of India’s leading edtech companies, thanks in large part to Saini’s vision and leadership.

    Early Life and Academic Excellence

    Dr. Roman Saini’s journey to success is marked by early academic brilliance. At the age of 16, he cleared the highly competitive AIIMS entrance exam, embarking on a path in medicine where he practiced for nearly six months. However, his aspirations extended beyond the medical field. Driven by a desire to serve the public, he prepared for and cleared the UPSC exam, becoming one of the youngest IAS officers in the country at the age of 22. He served with distinction as a district collector in Madhya Pradesh.

    A Bold Career Shift

    Despite a promising career in civil service, Saini’s entrepreneurial spirit led him to resign from his prestigious position in 2015. He co-founded Unacademy with Gaurav Munjal and Hemesh Singh, under the parent company Sorting Hat Technologies. This move was driven by a shared vision to democratize education and provide quality learning resources to millions of students across India.

    The Rise of Unacademy

    Unacademy’s growth over the past 5-6 years has been nothing short of phenomenal. Initially leveraging YouTube to reach students, the platform has since expanded its offerings to include a comprehensive range of educational content and live classes. This innovative approach has empowered thousands of IAS aspirants and other students to access top-tier coaching without the prohibitive costs traditionally associated with such education.

    Financial Success and Recognition

    The success of Unacademy is also reflected in the financial rewards garnered by its founders. In 2022, Gaurav Munjal, as the CEO, earned Rs 1.58 crore, while Hemesh Singh received Rs 1.19 crore, and Dr. Roman Saini earned Rs 88 lakh. These figures highlight the significant value and impact of their contributions to the edtech sector.

    Inspirational Legacy

    Dr. Roman Saini’s story is a powerful testament to the impact of vision, determination, and innovation. From an accomplished doctor and IAS officer to a pioneering entrepreneur, his journey inspires countless individuals to pursue their dreams and make a difference in the world. Unacademy’s success underlines the transformative power of education and technology, setting a benchmark for future educational initiatives.

    As Unacademy continues to grow, Dr. Roman Saini’s legacy serves as a beacon of inspiration, proving that with dedication and the courage to take risks, extraordinary achievements are possible.

  • TVS iQube Recalled In India; Check Details | Auto News

    TVS Motor Company has initiated a voluntary recall of its iQube electric scooter, targeting units manufactured between July 10, 2023, and September 09, 2023. The recall comes in response to potential issues identified in a specific batch of scooters.

    Although the exact number of affected units has not been disclosed, sales data from the period suggest approximately 45,000 units were sold between August and October 2023. The recall aims to address any potential defects to ensure the safety and reliability of the scooters.

    Inspection Process

    TVS Motor will contact the affected customers directly or through its dealer network. The company is committed to minimizing inconvenience, with inspections and necessary repairs to be conducted swiftly. Appointments will be organized in a phased manner, and TVS will collaborate with customers to schedule service appointments, ensuring quick turnaround times.
    The primary issue appears to be a faulty component, and while most scooters will require only a part replacement, TVS is prepared to replace the entire chassis if necessary. All rectifications will be carried out at no cost to the customer, demonstrating TVS’s commitment to customer safety and satisfaction.

  • BSE Denies Technical Glitch On June 4 Causing Mutual Fund To Lose Money On Election Day | Markets News

    New Delhi: The Nifty 50 index on June 4, experienced a sharp decline of nearly 6 per cent leading to investors losing around Rs 31 lakh crore in stock market. This significant drop marked the biggest fall in four years. Broking platforms suggested that a glitch in the Bombay Stock Exchange (BSE) mutual fund system might have caused orders to be processed the next day, missing the chance to benefit from the market recovery.

    However, the BSE denied any fault on their part. “There was no technical glitch at the exchange end on 4th June. However, there was some lag in receiving payments from UPI channel for a few customers,” said a BSE spokesperson (Also Read: Sensex Touches All-Time High, Nifty Up 2%)

    Many users have posted on social media site “X” formerly known as Twitter that they purchased a mutual fund through online Apps on June 4 but NAV showed for June 5. Several investors of apps like Zerodha, Groww, Upstox, and Angel One vented their anger on social media platforms about their inability to square off their positions in equities or F&O. (Also Read: India’s Forex Reserves At Historic High Of $651.5 Bn, CAD To Dip: RBI)

    On June 4, benchmark Nifty 50 index fell nearly 6 percent, wherein investors lost around Rs 31 lakh crore in the stock markets. The combined market-cap of BSE-listed firms also retreated to Rs 394 lakh crore on the day, from Rs 425 lakh crore.

    With heavy fall in equity, NAVs of Mutual fund also dropped, leading many investors to place purchase orders to take advantage of the low prices. However, many of these orders were processed the next day, when the market had bounced back by 3 percent.

    When asked about the issue, RBI denied to comment on it during monetary policy press conference. But the central banks said, they are making efforts to reduce downtime for UPI transactions. Daily UPI transactions are between 40 to 45 crore so there is a lot of pressure. RBI said, there is no delay from NPCI end, but there may be some delay at the banking end which the central banks is trying to resolve in coordination with specific banks.

    Reports suggesst this delay caused many investors losing money in many cases by up to 3 percent on their mutual fund purchases on June 4. Meanwhile, those who invested in exchange-traded funds (ETFs) also faced issues, as ETFs were trading at a much higher price than their actual value. (With ANI Inputs)

  • Byju’s, Once Valued At $22 Billion, Is Now Worth “Zero” | Companies News

    New Delhi: In what could be a shocker to many, edtech firm Byju’s, which was once valued at $22 billion, is now worth zero, according to a research note by financial firm HSBC. “We assign zero value to Byju’s stake amid multiple legal cases and funding crunch,” HSBC said in a note on May 21. “Previously, we valued around 10% stake in Byju’s by applying (an) 80% discount to the latest publicly disclosed valuation.”

    The embattled edtech firm is struggling to pay employee salaries amid mounting legal battles. “Byju’s is facing multiple headwinds. We and other shareholders are working everyday to improve the situation. We are in close discussions with the company every day,” a senior Prosus executive was quoted as saying in reports late last year. (Also Read: BSE Denies Technical Glitch On June 4 Causing Mutual Fund To Lose Money On Election Day)

    In fact, Byju’s was preparing to go public in early 2022 through an SPAC deal that would have valued the company at up to $40 billion. In January this year, US-based investment firm BlackRock (NYSE:BLK) cut the value of its holding in Byju’s to a mere $1 billion from $22 billion in early 2022. BlackRock owns less than 1 per cent of Byju’s. (Also Read: RBI Sticks To 6.5% Key Lending Rate For 8th Consecutive Time, Fighting Inflation Remains Focus)

    Earlier this week, a group of lenders petitioned against the new entities tied to Byju’s US subsidiary into bankruptcy in a US court, alleging that these entities are not paying their debts.

  • Stock Markets Gain 3 Per Cent As Political Stability Returns | Markets News

    New Delhi: In a week full of political surprises, the Indian Indices saw high volatility but ended up gaining more than 3 per cent, buoyed by Prime Minister Narendra Modi’s return for the record third term and RBI’s monetary policy announcements. The BSE Sensex hit a fresh all-time high of 76,795.31 while the Nifty reached a record high of 23,338.70.

    On Friday, the Sensex surged 2,732 points or 3.69 per cent to close at 76,693.36. On the other hand, Nifty went up 759 points or 3.37 per cent to end at 23,290. The investors’ losses prior to the new government’s formation moves were almost recovered in just three trading sessions, at more than Rs 28 lakh crore. (Also Read: Sensex Touches All-Time High, Nifty Up 2% On Announcement Of PM Modi Taking Oath)

    The BSE Small-cap index surged 3 per cent and Mid-cap Index also went up 3 per cent during the week. The large-cap Index saw 3 per cent rise. The foreign institutional investors (FIIs) sold equities worth Rs 13,718.42 crore. On the other hand, domestic institutional investors (DIIs) bought equities worth Rs 5,578.71 crore. (Also Read: BSE Denies Technical Glitch On June 4 Causing Mutual Fund To Lose Money On Election Day)

    According to market experts, the Nifty moved up significantly after a flat closing in the previous trading session. Going forward, the market remains a buy on dips as long as 23,000 is not broken. “On the higher end, the index might move towards 23500-23600. On the lower end, profit booking might occur only below 23000,” said Rupak De, senior technical analyst, LKP Securities.

    Bank Nifty has also shown bullish momentum, taking support near its 10-day moving average and forming a bullish engulfing candle on the daily chart. It closed near its resistance level, indicating strong buying interest. The key resistance level for Bank Nifty is 50,500, while 49,200 will act as crucial support, said experts. The rupee also traded strong, appreciating by Rs 0.11 to close at 83.40 against the dollar.

    This strength is attributed to ongoing capital market gains and a continued buying spree following the general election, with the market showing confidence in the NDA 3.0 government maintaining economic stability, the experts noted.

  • Commercial Vehicle Volumes Expected To Dip 4-7% This Fiscal Year: Icra | Mobility News

    Commercial Vehicle Industry: The domestic commercial vehicle industry is expected to see a 4-7% dip in wholesale volumes for the current fiscal year (FY25) compared to FY24, due to last year’s high base and current demand weakness, rating agency Icra said on Friday.

    Medium and heavy commercial vehicle (truck) volumes are anticipated to shrink by 4-7% year-on-year given the high base effect and the impact of the Lok Sabha polls on infrastructure activities in the first few months of FY25.

    Similarly, light commercial vehicle (truck) wholesale volumes are expected to fall by 5-8% in FY2025. This is due to factors such as the high base effect, a prolonged slowdown in e-commerce, and competition from electric three-wheelers, Icra said.

    The rating agency expects the domestic CV industry’s uptrend to be arrested in FY2025, with a decline of 4-7 percent in wholesale volumes, it stated. This follows a muted year-on-year growth of 1 percent and 3 percent for wholesale and retail sales, respectively, in FY2024, it added.

    Highlighting the insights, Kinjal Shah, Senior Vice President & Co-Group Head, Icra Ratings, said, “FY2022 and FY2023 had witnessed a very sharp growth in volume as well as tonnage terms, enlarging the base. The domestic CV volume growth momentum slowed down in FY2024 and is expected to dip in FY2025 amid the transient moderation in economic activity in some sectors in the backdrop of the General Elections.”

    “The replacement demand would nevertheless remain healthy (primarily due to the ageing fleet) and is expected to support CV volumes in the near-to-medium term,” she added. “The long-term growth drivers for the domestic CV industry remain intact, like the sustained push in infrastructure development, a steady increase in mining activities, and the improvement in roads/highway connectivity,” Shah said.

    (Inputs- PTI)

  • Sensex Touches All-Time High, Nifty Up 2% On Announcement Of PM Modi Taking Oath | Markets News

    New Delhi: Indian markets continued their upward trend and Sensex touched all-time high after the Reserve Bank of India (RBI) announced on Friday that it would keep policy rates unchanged at 6.5 percent and it became clear that Narendra Modi will again take oath as Prime Minister of India.

    The BSE Sensex touched an all-time high, while the Nifty 50 index closed positively at 23,267.75, marking a gain of 446.35 points or 1.96 percent, and hitting a high of 23,320.20. The Sensex followed suit, closing at 76,693.36, up by 1,618.85 points or 2.16 percent. (Also Read: India’s Forex Reserves At Historic High Of $651.5 Bn, CAD To Dip: RBI)

    “At the RBI MPC meeting earlier today, the benchmark interest rate was left unchanged, as expected, with a continued focus on inflation. U.S. jobless claims data came in at 229,000, slightly above the expected 220,000. Later today, investors will focus on the U.S. Non-Farm Payrolls and Unemployment Rate data for further insights into Federal Reserve actions” said Shrikant Chouhan, Head equity Research, Kotak Securities (Also Read: RBI Announces UPI Lite Integration With E-Mandate Framework; Now You Can Autofill Your UPI Lite Balance)

    Top performers in the Nifty 50 included M&M, Wipro, Tech Mahindra, Bharti Airtel, and Infosys, whereas SBI Life Insurance and Tata Consumer Products experienced losses. Across sectors, all indices showed gains, with the IT sector leading with a 3.37% increase, followed by the Auto, Oil & Gas, Metal, and Realty sectors, each up by more than 2 percent.

    During the Monetary Policy announcement, the RBI also revised upwards its FY25 gross domestic product (GDP) forecast to 7.2 percent from the previous 7 percent, boosting investor confidence in Indian markets.

    “The anticipation of stability within the coalition government at the center, coupled with the RBI’s upward revision of its growth forecast for FY25 to 7.2%, fuelled a broad-based rally in the domestic market. The Indian market surpassed its previous record high set on exit-poll day and reached a fresh peak. Though the last mile towards the inflation target remains sticky, investors are expecting the MPC to be one step closer to the easing cycle” said Vinod Nair, Head of Research, Geojit Financial Services.

    In the broader market, the BSE SmallCap rose by 2.16 per cent, while the BSE MidCap climbed by 1.20 per cent. European shares, on the other hand, opened slightly lower, with the Stoxx 600 index down by 0.1 per cent. Despite this, technology stocks saw gains, while real estate and insurance stocks faced losses due to the European Central Bank’s cautious approach towards rate cuts.