A help desk has been set up by the railways at Ajmer station and helpline number 0145-2429642 has been issued.
Category: Economy
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Adani Group To Invest Rs 1.2 Lakh Crore In FY25 | Companies News
New Delhi: In a bid to set the stage for the next phase of exponential growth, the Adani Group is aiming to invest about $14 billion (nearly Rs 1.2 lakh crore) across its portfolio of companies in the next fiscal year (FY25).
According to sources, the Group will invest $14 billion in the portfolio, ranging from green energy, airports, cement, commodities, etc in the next financial year. Adani Group Founder and Chairman Gautam Adani has already said he will invest an estimated $100 billion into India’s green energy transition over the next 10 years, with plans to scale up to 10 GW of solar manufacturing capacity by 2027. (Also Read: Zomato Faces Rs 8.6 Crore GST Penalty Notice From Deputy Commissioner Of State Tax)
According to sources, the projected capex (capital expenditure) for the fiscal year 2024-25 is 40 per cent higher than what the Group companies are estimated to have incurred in the current fiscal year. (Also Read: Flipkart Valuation Declines By Over Rs 41,000 Crore In Two Years)
More than 70 per cent of the capex will go into its green portfolio like renewable power and the rest will be utilised for building key infrastructure like world-class airports. The Adani Portfolio of companies had reported a record quarterly profit growth of 63.6 per cent (year-on-year), as trailing 12-month EBITDA (as of December 2023) stood at Rs 78,823 crore ($9.5 billion), which is 2.5 times the EBITDA in FY21 and 37.8 per cent higher than FY23 EBITDA.
The company said that high liquidity is maintained with a healthy cash balance of Rs 44,572 crore ($5.4 billion) at the end of December 31, 2023. The core infrastructure platform generated Rs 66,208 crore ($8 billion) EBITDA over the last 12 months — up 35.4 per cent YoY, the company had said in a statement.
The record profit came as domestic and international rating agencies, including S&P Global and Moody’s, have upgraded or positively revised the outlook for all key Adani portfolio companies.
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Banks To Send Suspicious Transaction Report Daily Amid Elections | Economy News
New Delhi: During a press conference held on March 16, 2024, in New Delhi, the Chief Election Commissioner (CEC) of India Rajiv Kumar announced steps to ensure fair elections for the upcoming general elections of 2024. Addressing the media, Kumar highlighted the importance of curbing the influence of money power.
He also shed light on ensuring transparency throughout the electoral process. (Also Read: Upcoming IPOs Next Week: Check Price Band, Lot Size, Minimum Investment Amount, And More)
Monitoring Suspicious Transactions Report
Kumar emphasized that banks would be closely monitoring all suspicious transactions on a daily basis throughout the entire election phase. (Also Read: Latest SBI FD Rates 2024: Check Current Fixed Deposit Interest Rates, Return Calculator)
“Banks will share all the details of suspicious transactions daily. We will be looking at all wallet transactions,” said Kumar, outlining the measures to track any irregular financial activities.
Tailored Solutions
Going forward, Kumar acknowledged the varying challenges faced by different states and stressed the need for tailored solutions.
“We are aware of different vulnerabilities that exist across the nation. Thus, we come with solutions that are also differential,” he further said.
Empowered agencies such as the National Payments Corporation of India (NPCI), GST, and banks will play a crucial role in tracking suspicious transactions, he added.
Crackdown On Unfair Practices
To prevent unfair practices during elections, enforcement agencies will be vigilant in curbing the inflow and distribution of liquor, cash, freebies, and drugs.
Kumar emphasized the importance of targeting the masterminds behind such activities. “Efforts will be made to disrupt the illicit distribution of sensitive goods and freebies,” he stated.
Strict Regulations On Cash Movement
Stringent regulations will be enforced to control the movement of cash, including prohibiting the movement of cash in bank vehicles after sunset.
Surveillance and inspection of non-scheduled chartered flights will also be conducted to identify any illicit flow of cash, liquor, or drugs.
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Petrol, Diesel Prices Reduced By Rs 15.3 In Lakshadweep Islands | Economy News
New Delhi: Prices of both petrol and diesel have been reduced by Rs 15.3 per litre for Andrott and Kalpeni islands, and by Rs 5.2 per litre for Kavaratti and Minicoy islands in Lakshadweep, the Ministry of Petroleum and Natural Gas (MoPNG) said on Saturday.
In a post on social media platform X, the ministry said, “As informed by @IndianOilcl, price of both petrol & diesel has been reduced by Rs 15.3/litre for Andrott and Kalpeni islands and Rs 5.2/litre for Kavaratti and Minicoy in the Lakshadweep islands, effective today.”
According to the statement, Indian Oil Corporation Limited (IOCL) is the supplier of petrol and diesel to four islands in Lakshadweep: Kavaratti, Minicoy, Andrott, and Kalpeni.
While IOCL has depots at Kavaratti and Minicoy, the product at these depots is supplied from the IOCL depot in Kochi, Kerala.
Retail outlets at Kavaratti and Minicoy are supplied directly through pipelines from these depots. On the other hand, Andrott and Kalpeni islands are supplied from the Kavaratti depot through barrels. The reduction in fuel prices comes as a result of the removal of an element amounting to Rs 6.90 per litre, which had been included in the price buildup of petrol and diesel for the recovery of capital expenditure made in depots at Kavaratti and Minicoy.
This element had been included in prices for the last three years, and since the full recovery of capital expenditure has now been achieved, it has been removed from the prices of petrol and diesel.
Due to barreling costs, the markets of Andrott and Kalpeni were experiencing higher retail selling prices (RSP) by around Rs 10 per litre compared to Kavaratti and Minicoy.
To equate the price of fuel across all islands, the available margin of Rs 7.60 per litre has been distributed across the four islands based on their sales volume.
This reduction in fuel prices will have a significant impact on consumers, with the price of petrol and diesel now set at Rs 100.75 per litre and Rs 95.71 per litre, respectively, across all islands of Lakshadweep. The move has been lauded as a step towards providing relief to consumers and promoting tourism in the picturesque Lakshadweep Islands.
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Good News For 2.56 Lakhs Gramin Dak Sevaks; Centre Announces Pay Hike For Time Continuity | Economy News
New Delhi: Ahead of the Loksabha polls 2024, the Ministry of Communications announced a new financial upgrade scheme for Gramin Dak Sevaks. The plan is launched to improve their service conditions and address stagnation in their careers.
What Is Financial Upgradation Scheme For Gramin Dak Sevak?
Under this scheme, each Gramin Dak Sevak will receive financial upgrades upon completing 12, 24, and 36 years of service, totaling Rs 4,320, Rs 5,520, and Rs 7,200 per year, respectively. (Also Read: Big Bonanza For LIC Employees; Government Approves 17% Wage Hike)
This scheme is an addition to the remuneration already provided to GDSs in the form of Time Related Continuity Allowance (TRCA). (Also Read: Rare 4GB Original iPhone Goes Up For Auction: Here’s All You Need To Know)
Union Minister Ashwini Vaishnaw’s Statement
Speaking at the event, the union minister Ashwini Vaishnaw introduced the Grameen Dak Sevak Financial Upgradation Scheme, 2024, as part of ongoing welfare measures.
“Grameen Dak Sevaks play a vital role in the rural postal system. With over 2.5 lakh Grameen Dak Sevaks providing essential financial services, parcel delivery, and other government-to-citizen services in remote areas,” he said.
He further stated that this scheme aims to enhance the service conditions of GDSs, benefiting over 2.56 lakh individuals and addressing stagnation in their careers.
“To realize Prime Minister Narendra Modi’s vision of transforming the Postal Network into a Service Delivery Network, the government has digitized all post offices in the country,” Vaishnaw further said.
New Services
He added that new services such as Passport Seva, Aadhar Seva, and Dak Niryat Kendra have been launched to enhance service delivery.
Expansion Of Postal Services
During the event, the minister shared statistics about the significant role of post offices in citizens’ lives, with over 1.25 crore passports processed and more than 10 crore Aadhar services availed through post offices.
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Senior Living Continues To See A Rise With New Projects On Unveil | Real Estate News
The concept of senior living has continued to grab the attention of homebuyers as well as developers. Cities like Bengaluru and Chennai are increasingly witnessing the advent of senior living projects. With the rise in the number of nuclear families and with many elderly opting to spend quality time in their retirement life peacefully, the demand for senior living has witnessed a gradual growth over the years. The senior living sector has attracted the interest of non-resident Indians who plan to relocate to India post-retirement or seek to invest in a senior living initiative for their parents.
As per a report from ResearchAndMarkets.com, the worldwide retirement communities market reached $189.3 billion in 2020, projected to reach $285.1 billion by 2025, and further increase to $374.7 billion by 2030. In India, the retirement and second-home market is anticipated to experience an annual growth rate of 23.63 per cent over the next five years, according to a study by 360 Realtors. The report estimates the market size to reach $4.021 billion by 2026, a substantial increase from the current size of approximately $1.4 billion.
This is affirmed by the launch of new projects. Recently, Vedaanta Senior Living in partnership with MJ Infrastructure announced the launch of Vedaanta Anugraham, a luxury retirement community designed for Active Retro Living in Jigani of Bengaluru. Dr. P Anil Kumar, Chairman and Managing Director of MJ Infrastructure, said, “The project is being developed with an investment of over Rs 100 crores. Senior living has continued to grab the eyeballs of investors and buyers. The senior housing sector provides elderlies with an opportunity to go back to doing things that they enjoy, and live in a peaceful and serene environment, embraced by a community that understands the essence of living fully in the golden years. These projects have integrated community ensuring the emotional, spiritual & physical well being of all residents.”
Rahul Sabharwal, Co-Founder and Director of the firm said, “The senior living sector is witnessing new trends as well. People are opting for it to spend a peaceful retirement life as well because these projects provide all kinds of facilities, leisure experience and medical emergency backup 24×7.”
Current industry trends indicate an increasing inclination towards senior assisted living residences as a favoured choice for a second or retirement home among elderly individuals living independently. Estimates suggest that approximately 20 million seniors currently live alone, and this number is expected to rise in the next decade. Experts note that new retirees aspire to maintain an independent lifestyle, contributing to a higher acceptance of senior living environments.
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Opportunity To Invest In These SBI Higher Rates FD To Close On March 31: Check Interest Rates, Tenures & More | Personal Finance News
New Delhi: People want to invest in schemes that can give good returns and are risk-free. Bank FDs have become a popular choice for such investors. Fixed deposits are a lucrative opportunity because they give decent returns and have no risk. To cater to commoners’ investment needs, financial institutions launch different schemes.
Following suit, the State Bank of India (SBI) has rolled out two exclusive fixed deposit (FD) schemes tailored to cater to the needs of retail investors, offering attractive interest rates that surpass those of regular FDs. (Also Read: Advance Income Tax Deadline Today: Check What It Is, Who Needs To Pay, & How To Pay)
Let’s delve into the features of these schemes, compare their interest rates with FDs from other banks, and more. (Also Read: Rajasthan Govt Cuts VAT On Petrol, Diesel; Hikes DA Of Employees By 4%)
SBI Amrit Kalash Deposit Scheme
Amrit Kalash Deposit Scheme: Tenure
The Amrit Kalash deposit scheme presents investors with a unique opportunity, featuring a tenure of 400 days.
Amrit Kalash Deposit Scheme: Interest Rate For General Investor
As of March 13, 2024, this FD offers an impressive interest rate of 7.10 percent per annum.
Amrit Kalash Deposit Scheme; Interest Rate For Senior Citizens
Senior citizens are in for an even sweeter deal, as they are eligible for an extra 0.5 percent i.e. 7.60 percent per annum on their Amrit Kalash FDs.
Amrit Kalash Deposit Scheme: How To Make Investment?
The scheme accommodates both new deposits and renewals of existing ones, with applications accepted through SBI branches, internet banking, or the YONO App.
Amrit Kalash Deposit Scheme: Loan Facility
Moreover, depositors can avail themselves of loans against their FDs.
SBI We-care Deposit Scheme
The We-care deposit scheme is exclusively designed for senior citizens, aiming to safeguard their income by offering additional interest on term deposits.
SBI We-care Deposit Scheme: Tenure
The scheme comes with a minimum tenure of 5 years and a maximum of 10 years.
SBI We-care Deposit Scheme: Interest Rate
This FD provides senior citizens with a competitive interest rate of 7.5 percent per annum. In contrast, depositors below the age of 60 receive a lower interest rate of 6.5 percent per annum for FDs of similar tenures.
SBI We-care Deposit Scheme: Benefits For Senior Citizens
Senior citizens stand to benefit from an extra interest rate of 1 percent or 100 basis points through the We-care FD.
SBI We-care Deposit Scheme: How To Make Investment?
Similar to the Amrit Kalash scheme, the We-care FD allows for new deposits and renewals, with application avenues including SBI branches, internet banking, or the YONO App.
SBI We-care Deposit Scheme: Loan Facility
Additionally, depositors have the option to secure loans against their FDs.
Deadline Of Both Scheme
Both the Amrit Kalash and We-care deposit schemes are open for investment until March 31, 2024.
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Rajasthan Government Announces 4% DA Hike For Govt Employees
The Rajasthan Government on Wednesday increaded the Dearness Allowance for its state employees by 4%.
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Gautam Adani Shares 5 Key Success Mantras For Young Entrepreneurs | Companies News
Mumbai: As more and more young Indians aim to become entrepreneurs, Adani Group Founder and Chairman, Gautam Adani, has laid out five mantras for them to succeed in life, hoping that “these will mean something for all of you”.
Speaking at a YPO (Young Presidents’ Organisation) Bombay chapter event this week, Gautam Adani said that all the success will come with its challenges and challengers.
“The greater your success, the bigger will you be as a target, and the true measure of your success will not be in your achievements, but in your ability to rise through the adversities that will come your way along with your achievements,” the Adani Group Founder told the gathering.
Gautam Adani then elaborated with the recent example of the shorting that the Adani Group had to go through.
“As most of you will be aware, last year on January 24, we were subjected to a massive attack by a US short-seller. The objective was not just to destabilise us, but also to politically defame India’s governance practices. But despite the efforts to shake our foundations, we stood firm, not just safeguarding our reputation, but also ensuring that we remained focused on our operations,” emphasised Gautam Adani.
“While there were several learnings, this episode also gave us confidence in our resilience. Our recovery highlights the essence of bouncing back stronger, symbolising the spirit of rising after every fall,” he added.
The second mantra is that “we live in a complex world and it’s easy to be sold on the theory of simplicity”.
“While simplicity may be the goal, it is the ability to manage complexity that will differentiate you and make you the ones that can navigate the deep waters as against those that remain on the shallow shores,” said the Adani Group Founder.
“Every business that I have built has been far more difficult than I had anticipated, and over the years, I have become wiser in my belief that only if I can embrace complexity better than others will I be able to differentiate.”
The third principle is that “the dynamic model of a fast-growing nation like ours requires a flexible approach that is rooted in local models as against models that often emphasise specialisation and core competencies”.
“The crux of strategic differentiation often lies in recognising the limitations of bookish knowledge and Western-centric models. While it is important to source ideas from books and literature, keep in mind that these are after all opinions of brilliant storytellers with a great ability to influence,” Gautam Adani noted.
He further said that resilience often requires the ability to withstand criticism.
“The higher you rise, the more you will need to prepare yourself to handle criticism. But instead of allowing it to deter progress, you must be willing to be misunderstood, and yet stay resilient. Therefore, it is about cultivating an inner strength that allows you to remain strong in your convictions, even in the face of severe opposition,” Gautam Adani elaborated.
Number five and the most difficult of all — stay humble.
“Your success will push back on your humility. But humility is the biggest differentiator you can build. Humility is not thinking less of yourself – it is thinking of yourself a little less. True leadership lies in acknowledging your achievements without letting them overshadow the value of self-awareness,” Gautam Adani told the audience.