The World Opinion

Category: Economy

  • SEBI Clears NSDL IPO; IDBI Bank, SBI To Sell Stakes In OFS | Economy News

    Mumbai: The Securities Exchange Board of India (SEBI) has cleared the initial public offering (IPO) of India’s largest depository, the National Securities Depository Ltd (NSDL). 

    The market watchdog issued an observation on Sept 30, for the company’s public offering. In SEBI’s parlance, obtaining the observation letter means its go-ahead to float the public issue.

    The issue of the Mumbai-based securities depository will consist only of an offer for sale component.

    According to a draft red herring prospectus (DRHP) filed by NSDL on July 7, 2023, the depository will sell up to 5.72 crore shares through the issue of equity shares with a face value of Rs 2.

    The IDBI Bank which holds a nearly 26 per cent stake in NDSL, will sell up to 2.22 crore shares, while the NSE which has a 24 per cent stake in the depository firm, will sell up to 1.8 crore shares in the IPO.

    The State Bank of India (SBI), the Union Bank of India (UBI), and the Canara Bank hold 5 per cent, 2.8 per cent and 2.3 per cent stakes in the company, respectively. The UBI will sell 56.2 lakh shares, and the SBI, and the Administrator of the Specified Undertaking of the Unit Trust of India (SUUTI) will sell 40 lakh and 34 lakh shares in the OFS, respectively.

    The HDFC Bank holds an 8.95 per cent stake in the NSDL and the private lender will sell a 2 per cent stake in the company.

    The National Securities Depository Ltd. is the largest depository in India, as of March 31, 2023, measured by the number of issuers, active instruments, market share in demat settlement volume, and the value of assets held under custody. In November 1996, NSDL became the pioneer of securities dematerialisation in India following the implementation of the Depositories Act.

  • Auto Retail Sales Drop 9%, PV Inventory Rockets To Record High | Auto News

    Auto Retail Sales Drop In September 2024: Automobile retail sales in India declined 9 per cent year-on-year in September amid a massive buildup of passenger vehicle inventory due to sluggish demand, dealer’s body FADA said on Monday, urging original equipment manufacturers to take corrective steps.

    The overall registrations declined to 17,23,330 units last month from 18,99,192 units in September 2023, as most of the categories including passenger vehicles and two-wheelers witnessed a year-on-year (Y-O-Y) drop.

    “Despite the onset of festivals such as Ganesh Chaturthi and Onam, dealers have reported that the performance has been largely stagnant,” Federation of Automobile Dealers Associations (FADA) President C S Vigneshwar said in a statement.

    Given the critical festive season around the corner, FADA urges OEMs (Original Equipment Manufacturers) to take immediate corrective measures to avoid a financial setback, he said.

    This suggests that overall market sentiment during these festive periods has been underwhelming, with a trend leaning towards flat or negative growth, he added.

    Passenger vehicle sales declined 19 per cent Y-O-Y to 2,75,681 units last month from 3,39,543 units in the year-ago period.

    “Seasonal factors such as Shraddh and Pitrapaksha, coupled with heavy rainfall and a sluggish economy, have exacerbated the situation, leaving dealers with historically high inventory levels of 80-85 days’ equivalent to 7.9 lakh vehicles worth Rs 79,000 crore,” Vigneshwar said.

    FADA also calls on the Reserve Bank of India to issue an advisory to banks, mandating stricter channel funding policies based only on dealer consent and on actual collateral, to prevent dealers from facing additional financial pressure due to unsold stock, he added.

    This is the final opportunity for PV OEMs to recalibrate and support market recovery before it’s too late, he said.

    Two-wheeler retail sales saw a dip of 8 per cent Y-O-Y to 12,04,259 units due to low consumer sentiment, poor inquiries, and reduced walk-ins, FADA said.

    Shraddh period and heavy rains further impacted demand, resulting in delayed purchases and a subdued market environment, it added.

    Commercial vehicle registrations declined 10 per cent year on year last month to 74,324 units.

    While there was positive sentiment and marginal growth in regions supported by infrastructure projects, overall demand remained weak due to low government spending, extended monsoon delays and seasonal challenges, the industry body said.

    Three-wheeler sales retail sales rose marginally to 1,06,524 units last month as compared with 1,05,827 units in September 2023.

    Tractor sales rose 15 per cent year on year to 74,324 units last month.

  • Abu Dhabi Investment Authority Begins Operations In GIFT City | Economy News

    New Delhi: Abu Dhabi Investment Authority (ADIA), the UAE’s largest sovereign wealth fund, on Monday commenced its India operations after obtaining the necessary regulatory approvals and opening its office in the GIFT City in Gujarat. 

    The office is expected to drive further intensification of ADIA’s investment activities in the country, it was announced during the 12th meeting of the India-UAE high-level joint task force on investments in Mumbai co-chaired by Union Commerce Minister Piyush Goyal and His Highness Sheikh Hamed bin Zayed Al Nahyan, Managing Director of Abu Dhabi Investment Authority.

    Subsequently, ADIA announced setting up an Alternative Investment Fund in GIFT City to hold all its India-related investments. Since its establishment, GIFT City in Ahmedabad is fast emerging as a leading global financial and technology hub, providing a thriving financial ecosystem to support and expand businesses.

    During the visit of Prime Minister Narendra Modi to Abu Dhabi in July this year, it was announced that ADIA would establish a presence in GIFT City. Meanwhile, the iconic India Pavilion at the Expo City in Dubai will host the first overseas campus of Indian Institute of Foreign Trade (IIFT). IIFT is likely to move into its premises by early 2025 with short and medium-term training programmes, research and eventually with launch of its flagship programme, MBA (International Business).

    The campus will be a boon for the 3.5 million-strong Indian community residing in the UAE. It will also open doorways for the overseas expansion and recognition of the IIFT brand. Commerce Minister said that IIFT’s new campus at Dubai would be a landmark decision in transforming it into a world-class institute in real sense.

    “Moreover, with IIFT’s expertise in the area of foreign trade, it would provide opportunity for students, professionals and government officials not only from the UAE but from other parts of the world too for training and research in the area of international trade,” Goyal added. The UAE continues to be the largest Arab investor in India, with investments amounting to around $3 billion in FY 2023-24.

  • This Person Worked 90 Hours/Week, Sometimes 20 Hours A Day To Save Money For His Restaurant; Now A Billionaire Worth $9.5 Billion | Economy News

    Todd Graves, the founder and CEO of the fried chicken fast food chain Raising Cane’s, has entered Forbes 400, a list of the 400 richest people in the US, and has become the 107th richest person. Currently worth $9.5 billion, the 52-year-old entrepreneur put in 90 hours a week and occasionally 20 hours a day to raise the money he needed to open his own restaurant. Todd also worked as a boilermaker in an oil refinery and in the dangerous trade of commercial salmon fishing. Graves opened his first restaurant Raising Cane’s because he believed that “if people tell you something can’t be done, it makes you strive so much more to do it.”

    Born in 1972 in Louisiana, United States, Graves graduated from The University of Georgia. It was during his time at the Louisiana State University that the idea of the restaurant first occurred to Graves. He had pitched the idea in a startup-pitching assignment but received the lowest grade. The professor said a restaurant serving only chicken fingers in South Louisiana would never work.

    “If people tell you something can’t be done, it makes you strive so much more to do it,” Graves had told students at Nicholls State University in 2009.

    To raise his own capital to start his restaurant business, Graves traveled to Los Angeles and worked as a boilermaker at an oil refinery, working 90-hour weeks. When he learned that there was potential for even greater financial gain, he went to Alaska and worked in the dangerous trade of commercial salmon fishing working 20-hour days in harsh conditions.

    The young entrepreneur used to present his business plan to bankers but each time, he received the same negative response. However, Graves stayed disciplined and focused on fulfilling his dream. In 1996 he launched his restaurant Raising Cane’s. He named his business after his yellow lab, Raising Cane. Todd spent between $40,000 and $50,000 of his own money, plus borrowed $100,000 from friends, and family and took a loan, to open his restaurant.

    Graves had no experience managing a business when he started the first restaurant. He worked seven days a week at the restaurant, from its opening till closing. But today, Raising Cane’s Chicken Fingers is a $3.7 billion, rapidly expanding company with 800 stores throughout more than 40 states serving chicken fingers.

    Graves is married to Gwen Graves and has two children. Graves has no plans to sell his stake to private investors or take it public. He wants his kids in the business and turn this into a worldwide business. “I want my kids in the business to be able to carry our values on after their mom and I are gone,” he said. “They can turn this into a worldwide business and continue to grow,” a company spokesperson told a media channel.

  • ‘Comedian Ban Na Sake…’: Ola Founder Bhavish Aggarwal & Comedian Kunal Kamra Clash Over Service Quality Concerns | Economy News

    A heated exchange unfolded on social media between Ola founder Bhavish Agarwal and comedian Kunal Kamra over the service quality of Ola’s electric scooters. The conflict ignited when Agarwal shared a photo of Ola’s giga factory on X, prompting Kamra to reply with an image of multiple Ola Electric scooters lined up, apparently waiting for servicing.

    “Do Indian consumers have a voice? Do they deserve this? Two wheelers are many daily wage workers lifeline …,” Kamra wrote along with the photo.

    Do indian consumers have a voice?
    Do they deserve this?
    Two wheelers are many daily wage workers lifeline…@nitin_gadkari is this how Indians will get to using EV’s? @jagograhakjago any word?
    Anyone who has an issue with OLA electric leave your story below tagging all… https://t.co/G2zdIs15wh pic.twitter.com/EhJmAzhCmt
    — Kunal Kamra (@kunalkamra88) October 6, 2024

    He tagged Union Road Transport and Highways minister Nitin Gadkari, asking: “Is this how Indians will get to using EV’s?” The comedian also tagged the official handle of Department of Consumer Affairs, Government of India @jagograhakjago, seeking an answer saying “any word?” Kamra further wrote, “Anyone who has an issue with OLA electric leave your story below tagging all…”.

    To this Agarwal responded, “Since you care so much @kunalkamra88, come and help us out! I’ll even pay more than you earned for this paid tweet or from your failed comedy career. Or else sit quiet and let us focus on fixing the issues for the real customers.”He further said, “We’re expanding service network fast and backlogs will be cleared soon.” To the “failed comedy career” remark by Agarwal, Kamra responded by posting a video clip of one of his shows with audience clapping and cheering and called the Ola Electric founder and CMD “arrogant and substandard”.

    Since you care so much @kunalkamra88, come and help us out! I’ll even pay more than you earned for this paid tweet or from your failed comedy career.

    Or else sit quiet and let us focus on fixing the issues for the real customers. We’re expanding service network fast and backlogs… https://t.co/ZQ4nmqjx5q
    — Bhavish Aggarwal (@bhash) October 6, 2024

    In response, Agarwal said,”Chot lagi? Dard hua? Aaja service center. Bahut kaam Hai. (Did it hurt. It’s very less. Come to service center). I will pay better than your flop shows pay you.” Kamra then challenged Agarwal to “give a total refund to anyone who wants to return their OLA EV & who’s purchased it in the last four months”, saying he doesn’t need his money but “people not being able to get to their workplace need your accountability”.

    “Show your customers that you truly care,” Kamra asserted

    Instead can you give a total refund to anyone who wants to return their OLA EV & who’s purchased it in the last 4 months?

    I don’t need your money people not being able to get to their workplace need your accountability.

    Show your customers that you truly care? https://t.co/tI2dwZT2n2
    — Kunal Kamra (@kunalkamra88) October 6, 2024

    Agarwal hit back saying, “We have enough programs for our customers if they face service delays. If you were a genuine one, you would have known. Again, don’t try and back out of this. Come and do some real work rather than armchair criticism.”

    We have enough programs for our customers if they face service delays. If you were a genuine one, you would have known.

    Again, don’t try and back out of this. Come and do some real work rather than armchair criticism. https://t.co/HFFKgsl7d9
    — Bhavish Aggarwal (@bhash) October 6, 2024

    Ola founder Bhavish Agarwal escalated the online exchange with comedian Kunal Kamra, responding sharply with, “Comedian ban na sake, chaudhary banne chale.” He further challenged Kamra, advising him to “do better research” and extended an open offer to visit Ola’s service center, adding, “Take up the challenge. Maybe you’ll learn some real skills for a change.” (With PTI Inputs)

    Comedian ban na sake, chaudhary banne chale.

    Do your research better next time. And the offer to come and help us out in our service center remains open. Take up the challenge. Maybe you’ll learn some real skills for a change. https://t.co/4KekvB5Qbu
    — Bhavish Aggarwal (@bhash) October 6, 2024

  • India To Become Next Chip Manufacturing Hub: Ashwini Vaishnaw | Economy News

    New Delhi: Union Minister for Electronics and IT Ashwini Vaishnaw has said that India is moving towards becoming the next semiconductor hub for the world as big investment is happening in this sector in the country.   

    Minister Viashnaw referred to a recent roundtable in New York between Prime Minister Narendra Modi and top tech CEOs and said that in the discussion three top executives had said they had not seen this kind of enthusiasm for any country in the last 35 to 40 years.

    The Central government has cleared five semiconductor manufacturing proposals, with a total combined investment nearing Rs 1.52 lakh crore. The Union Minister further said Micron Technology will roll out the first made-in-India chips by early 2025. The construction work of the CG power semiconductor facility is going on. And in Tata’s ATMP facility in Assam, construction work is going on very well, he said.

    Earlier, the Minister said the growth of the semiconductor industry in India will further boost PM Modi’s vision. Semiconductor is a foundational industry. Chips manufactured in the industry are used in medical instruments, mobile phones, laptops, cars, trucks, trains, televisions and practically every device.

    All the initiatives taken so far, whether it is the Digital India Mission or the telecom mission, have brought technology into the hands of common citizens. According to the reports, India’s semiconductor-related market will reach 64 billion dollars in 2026, nearly triple the size in 2019.

    Towards achieving this goal, the ‘Semicon India’ initiative allows financial support for front-end fabrication units, sensors, display manufacturing, display fabs, semiconductor packaging and compound semiconductors.

    As per the experts, “by expanding production capabilities, the country is poised to become a major player in the semiconductor sector. National initiatives, such as the Semicon India Programme and the India Semiconductor Mission (ISM), are focused on capturing a significant share of the global market, driving innovation, and stimulating economic growth through job creation and technological advancement.”

  • Amul To Enter European Market After Major Success In US: MD Mehta | Economy News

    New Delhi: Managing Director of AMUL and Gujarat Co-operative Milk Marketing Federation Ltd (GCMMF) Jayen Mehta said AMUL’s recently launched milk in US has been “highly successful” and they are now ready to enter the European market, which would mark a historic moment for the brand.

    Delivering the 11th Dr Verghese Kurien Memorial Oration on “AMUL Model: Transforming Lives of Million” organised by a private business management institute here on Saturday, Mehta said “India is now the largest milk producer in the world and is set to produce one-third of the world’s total milk in the coming years”, XLRI in a statement said.

    “Dairy isn’t just a business—it’s a lifeline for rural India,” he said. Talking about Amul’s recent launch of milk in the US, Mehta said it has been “highly successful”, and they are now ready to enter the European market for the first time.

    To stay relevant, Amul focuses on offering protein-rich, organic, and chemical-free products that customers trust, while continuously expanding their capacity and infrastructure, he said while praising the ecosystem developed by Dr Kurien, founder of AMUL.

    Mehta said “If India could offer a gift to the world, it would be the cooperative working system—a gift Dr Kurien gave us. His belief in cooperation has sparked a new revolution in India.” Amul collects over 310 lakh litres of milk daily, with 107 dairy plants across India and over 50 products, Mehta said, adding that 22 billion packs are sold annually.

    Amul has a turnover of Rs 80,000 crore and is now ranked as the strongest dairy and food brand globally, owned by 36 lakh farmers, he claimed.

    Addressing the gathering, Nirmala Kurien – daughter of Dr Verghese Kurien, said more than half a century ago her father dared to dream that a milk-deficient country could one day become self-sufficient. Today, India stands as the world’s largest producer of milk, she added. Director of XLRI Jamshedpur Fr S George said Dr Verghese Kurien’s life was characterized by a commitment to making a difference. 

  • Business Idea For Women: Get Up To Rs 5 Crore Funding From Government- Details | Economy News

    India is growing through the innovation and startup revolution. The country has so far more than 100 unicorns. Not only men, women are also leading from the front and making their space in modern society as successful entrepreneurs. If you are a woman and have a business plan, then you can also get things running and funding won’t be an issue. The government of India has already launched several schemes to help startups.

    Arti Bhatnagar, Additional Secretary and Financial Advisor, Ministry of Commerce & Industry, recently shared that startups can get up to Rs 5 crore to get their business up and running. “Under the government’s Startup India Seed Fund Scheme, Rs 5 crore can be allocated to each incubator to support startups across the country including women-led startups. This is not just about funding; it’s about equipping women entrepreneurs with the necessary tools, resources, and mentorship to grow their ventures and create a lasting social and economic impact in both rural and urban areas,” she said during  UnPollute – a Sustainability Conclave, organized by STEP in partnership with Miranda House, Delhi University.

    Bhatnagar further said that women entrepreneurs are not only innovators but the driving force of change in India’s sustainability journey. Reinu Shah, Founder of STEP said that women entrepreneurs are shaping a new narrative of sustainable development. “They are not only beneficiaries of sustainability efforts, but also key drivers of solutions that address the climate crisis,” she said. 

    Department for Promotion of Industry and Internal Trade has created the Startup India Seed Fund Scheme (SISFS) with an outlay of Rs 945 Crore to provide financial assistance to startups for Proof of Concept, prototype development, product trials, market entry, and commercialization. It will support an estimated 3,600 entrepreneurs through 300 incubators. The scheme was launched in 2021. Those willing to get the fund can visit the government website seedfund.startupindia.gov.in and apply through the website.

  • FM Sitharaman Meets Bhutanese Counterpart, Reaffirms Development Support And FinTech Ties | Economy News

    New Delhi: Union Minister for Finance and Corporate Affairs Nirmala Sitharaman held a meeting with Lyonpo Lekey Dorji, Finance Minister of Bhutan, in New Delhi on Saturday.

    Ministry of Finance posted on X, “Union Minister for Finance and Corporate Affairs Smt. @nsitharaman met H.E. Mr. Lyonpo Lekey Dorji, Finance Minister of Bhutan, in New Delhi, today. FM Smt. @nsitharaman conveyed warm greetings to His Majesty, the King of Bhutan, the members of the Royal Family and to the people of Bhutan. Acknowledging the gracious invitation to him for attending the #KautilyaEconomicConclave and for extending warm hospitality to the Bhutanese delegation, H.E. Mr. Mr. Lyonpo Lekey Dorji thanked FM Smt. @nsitharaman for Government of India’s #developmentsupport for Bhutan’s #13thFiveYearPlan period and assistance in terms of Currency Swap and Standby Credit Facility….”

    Union Minister for Finance and Corporate Affairs Smt. @nsitharaman met H.E. Mr. Lyonpo Lekey Dorji, Finance Minister of Bhutan, in New Delhi, today.

    FM Smt. @nsitharaman conveyed warm greetings to His Majesty, the King of Bhutan, the members of the Royal Family and to the people… pic.twitter.com/VUmprimOQY
    — Ministry of Finance (@FinMinIndia) October 5, 2024

    During the meeting, Sitharaman conveyed warm greetings to His Majesty, the King of Bhutan, members of the Royal Family, and the people of Bhutan. The discussion highlighted the strengthening ties between India and Bhutan, with Lyonpo Lekey Dorji expressing gratitude for India’s continued development support during Bhutan’s 13th Five Year Plan.

    The Bhutanese Finance Minister thanked India for extending assistance through the Currency Swap and Standby Credit Facility. The meeting also underscored the growing FinTech connectivity between the two nations. Sitharaman noted the successful acceptance of India’s BHIM UPI and RuPay cards in Bhutan, reaffirming India’s commitment to enhancing digital financial infrastructure across borders.

    The discussions took place on the sidelines of the Kautilya Economic Conclave, where the Bhutanese delegation was acknowledged for their participation, further cementing the enduring partnership between the two neighboring countries.

  • ‘Not A Regular Billionaire’: Users React As Zomato CEO Deepinder Goyal And Wife Turn Delivery Partners In Gurgaon–Watch Video | Economy News

    New Delhi: Deepinder Goyal, co-founder and CEO of Zomato recently took to the streets of Gurgaon, stepping into the role of a food delivery executive. Goyal was dressed in the signature company uniform along with his wife Grecia Munoz. They hopped onto a bike to personally deliver orders. By experiencing the daily challenges of his delivery partners firsthand, Goyal joins a growing list of CEOs who believe in understanding their businesses from the ground up.


    Deepinder Goyal shared his recent experience on Instagram, saying, “Went out to deliver orders a couple of days ago, teaming up with,” tagging his wife. The CEO posted a series of photos showcasing their journey. One image shows them riding a bike, while another captures them checking a mobile phone, likely searching for a delivery address. Rest of the pictures feature the couple interacting with customers during their food delivery stint.

    Take a look at the post


    Here’s How Users Responded:

    One user commented, “Not a regular billionaire.”

    Another praised, “Winning at life & business.”

    “Different way of doing marketing,” wrote a third user.

    A fourth user added, “@deepigoyal You are an inspiration.”