In a negative trend, Venture capital (VC) investments in Indian startups plunged over 38 percent in 2022 as economic uncertainty and market volatility affected fundraising and investment activities, GlobalData.
In a statement issued by GlobalData said an analysis of its financial deals database reveals that “a total of 1,726 VC funding deals worth $20.9 billion were announced in India in 2022 compared to 1,715 deals worth $33.8 billion in 2021.”
“The ongoing economic uncertainty and market volatility continue to affect the fundraising and investment activities in India and subsequently VC investment in the country startups suffered a massive year-on-year 38.2 percent decline in value terms during 2022,” the data and analytics company said.
Aurojyoti Bose, the lead analyst at GlobalData, said India is a key Asia-Pacific market and stands just next to China in terms of VC funding deals by volume and value. It is also among the top four global markets (the US, the UK, China and India.
India accounted for 5.1 percent and 6.3 percent share of global VC funding value and volume, respectively, in 2022. While the US, the UK and China registered a decline in VC funding deal volume in 2022 compared to the previous year, India stood out as a notable exception and registered 0.6 percent growth.
The National Company Law Appellate Tribunal on Wednesday directed Google to pay 10 per cent of the Rs 1,337.76-crore penalty imposed on the tech giant by fair trade regulator CCI.
A two-member bench, however, declined to grant any immediate stay the operations of Competition Commission of India (CCI) penalty and said it would pass any order after hearing out other parties.
The appellate tribunal has issued notices to CCI and directed to list the matter on February 13, for hearing over interim stay.
The NCLAT direction came over a petition filed by Google, challenging the CCI order on the tech giant abusing its dominant position in multiple markets in the Android mobile device ecosystem, saying the verdict is a setback for Indian users and will make such devices more expensive in the country.
On October 20 last year, CCI slapped a penalty of Rs 1,337.76 crore on Google for anti-competitive practices in relation to Android mobile devices. In the October ruling, CCI had also ordered the internet major to cease and desist from various unfair business practices.
The value of the currency in circulation (or public holding of cash) stood at Rs 32.42 lakh crore as on December 23, 2022, according to Reserve Bank data. Six years after the shock move to ban 86 percent of the currency in circulation, cash is still the king with official data showing close to doubling of cash with the public.
This compares to Rs 17.74 lakh crore worth of notes in circulation (NiC) on November 4, 2016, days before Prime Minister Narendra Modi announced outlawing of old 1,000 and 500 rupee notes to target black money and fight corruption. NiC fell to about Rs 9 lakh crore after demonetisation. Compared with January 6, 2017, the cash in circulation has seen a more than 3-fold or 260 per cent jump, while from November 4, 2016, it has seen about 83 percent rise.
The total value of notes returned by the public was Rs 15.3 lakh crore or 99.3 percent of the total of Rs 15.4 lakh crore of notes in circulation on November 8, 2016. This raised questions over the purpose of a shock move that triggered a sharp slowdown in the economy and put the public in hardship. The outlawed currency notes were replaced by new 500 and 2,000 rupee notes. However, the 1,000 rupee note was not reintroduced.
According to a written reply, Union Finance Minister Nirmala Sitharaman furnished in the Lok Sabha on December 19, 2022, the value of NiC fell over 20 percent at end of March 2017 to Rs 13.1 lakh crore but has been on the rise since. It rose by 37.67 percent to Rs 18.03 lakh crore on March 31, 2018. The value of NiC soared to Rs 21.10 lakh crore on March 31, 2019, Rs 24.20 lakh crore on March 31, 2020, Rs 28.26 lakh crore on March 31, 2021, and Rs 31.05 lakh crore on March 31, 2022.
The demonetisation was challenged in the Supreme Court, which on Monday upheld the legality by a majority 4:1 verdict to close the most controversial decision of the Narendra Modi government ever since he has taken over the governance.
Finally, the NDA Government has shared details of the top wilful defaulters with the nation. The top 50 wilful defaulters collectively owed ? 92,570 crore to Indian banks as of March 31, 2022. A wilful defaulter is a financial term used for borrowers who have the means to pay the loan back but don't. These borrowers are debarred from any facility of banks or other financial institutions.
In a written response, Bhagwat Karad, the minister of state for finance, told the Lok Sabha that Gitanjali Gems, owned by fugitive diamond merchant Mehul Choksi defaulted on loans worth ? 7,848 crore. The next on this list of biggest loan defaulters were Era Infra (Rs 5879 crore) and Reigo Agro (Rs 4803 crore). The minister was citing data from the Reserve Bank of India.
Companies like Concast Steel and Power (Rs 4,596 crore), ABG Shipyard (Rs 3,708 crore), Frost International ? 3,311 crore), Winsome Diamonds and Jewellery ? 2,931 crore), Rotomac Global (Rs 2,893 crore), Coastal Projects ? 2,311 crore) and Zoom Developers (Rs 2,147 crore) are mentioned in the list.
The gross non-performing assets (NPAs) of state-owned banks had dropped by over ? 3 lakh crore after peaking at ? 8.9 lakh crore. Following RBI's Asset Quality Review, the gross NPAs have come down ? 5.41 lakh crore.
India's largest public sector bank State Bank of India, topped this list with ? 2 lakh crore of write-offs, followed by Punjab National Bank (PNB) with ? 67,214 crore. Among private lenders, ICICI Bank wrote off the highest ? 50,514 crore of loans, followed by HDFC at ? 34,782 crore.
In his reply to the lower house of the Parliament, Karad reiterated the government's commitment to action against the defaulters. He stated that measures were being taken to recover the loan amount.
The central government has slashed the windfall profit tax levied on domestically-produced crude oil as well as on the export of diesel and ATF following a drop in global oil prices, according to an official order.
The said levy on crude oil produced by companies such as Oil and Natural Gas Corporation has been cut steeply to Rs 1,700 per tonne from Rs 4,900, the order dated December 15 said.
Crude oil pumped out of the ground is refined and converted into fuel like petrol, diesel and aviation turbine fuel (ATF). The government has also cut the tax on the export of diesel to Rs 5 per litre from Rs 8 and the same on overseas shipments of ATF to Rs 1.5 a liter from Rs 5.
The new tax rates are effective from December 16. The reduction in tax rate follows a 14 percent slump in global crude oil prices since November.
Richest Indian Gautam Adani's plan to raise at least $5 billion in equity aims to shut down two of the most frequent criticisms leveled against the Indian tycoon's swelling empire: high debt ratios and a limited investor base. After four years of eyebrow-raising gains -- some Adani Group shares surged more than 2,000% -- Asia's richest person is embarking on a fundraising campaign that will likely include a local share sale as well as buy-in from large investment funds in the Middle East and Canada.
An equity injection of this size is expected to help the conglomerate deleverage and Bloomberg Intelligence sees a successful equity raise across the group supporting the companies' dollar bonds.
Afani group is seeking legitimacy in the face of questions about his group's breakneck expansion from a traditional port operator to a sprawling empire with assets including media, cement and green energy, which critics say has boosted leverage and financial complexity.
Tata Group is considering a plan to integrate its four airline brands under Air India Ltd., people with knowledge of the matter said, as the sprawling company prepares to rebuild its faltering aviation empire.
India's largest conglomerate is also considering scrapping the Vistara brand, which is Singapore Airlines Ltd.'s local affiliate in the South Asian nation, the people said, declining to be identified because the discussions are private.
One of the people said that Singapore Airlines is evaluating the size of stake it should take in the combined entity.
Big bank SBI has become the country’s most profitable corporate with Rs 14,752 crore of consolidated net income in the second quarter of FY23, beating Reliance Industries having net earnings of Rs 13,656 crore.
On a standalone basis too, with Rs 13,256 crore of net profit, the nation’s largest lender has beaten the Mukesh Ambani firm which remained the most profitable corporate for decades, by a wider margin as Reliance took a hit of Rs 4,039 crore in windfall tax on its exports during the quarter.
The net income of Reliance includes Rs 4,729 crore from Jio Platforms and Rs 4,404 crore from the retail business, both pre-tax earnings, which was marginally down from Rs 13,680 crore in the year-ago period.
On the other hand, SBI’s standalone net soared 74 percent to Rs 13,256 crore in the July-September quarter, making this the best-ever quarterly numbers for the bank and beating all other usually more profitable companies by a wider margin.
SBI chairman Dinesh Kumar Khara said that had the bank booked treasury profits in the quarter, net income would have been much higher. He did not quantify by how much, though.
Unlike all other banks, the chairman said the bank has had notional gains on its treasury investments, which has a Rs 2.85-lakh-crore of additional exposure than the mandated 19 percent in SLR or statutory liquidity ratio. The Reserve Bank mandates all banks to invest 19 percent of their total deposits in central government securities. SBI consolidated net soared 66 percent during the period under review, which was only Rs 8,890 crore in the year-ago period. The total income of the SBI group also rose to Rs 1,14,782 crore in the quarter from Rs 1,01,143.26 crore in the year-ago period.
On a first-half basis, however, Reliance continues to be the most profitable firm with Rs 31,611 crore in net as against SBI’s Rs 22,077 crore. Similarly, on an income basis too, Reliance leads with total revenue of Rs 253,497 crore (traditionally Indian Oil and ONGC are the largest in terms of top-line), as against SBI’s Rs 1,14,782 crore for the period under review.
India has emerged as “a bright spot” when the world is facing imminent prospects of a recession, the chief economist of the International Monetary Fund (IMF) said, however, India needs key structural reforms in order to achieve the ambitious target of being a USD 10 trillion economy.
Pierre-Olivier Gourinchas, chief economist of the IMF said: “Well, India is, I want to say, sort of bright light. The Indian economy has been doing reasonably well.” In its World Economic Outlook on Tuesday, the IMF projected a growth rate of 6.8 percent in 2022 as compared to 8.7 percent in 2021 for India. The projection for 2023 slides down further to 6.1 percent, he noted.
When asked about the ambitious goal of India becoming a USD 10 trillion economy, Gourinchas said that he certainly believes this is achievable. “I mean, we've seen a number of countries grow at very fast rates in the past and really develop very rapidly. So, I think it's certainly, now it's not necessarily an easy task, but I think, yes, there is certainly an enormous potential for an economy like India,” he told PTI in an interview.
To do so, India needs to carry out a number of structural reforms, he observed. “Well, there are certainly a number of structural reforms that are or improvements are needed in the economy like India. There have been a number of reforms already,” he said. For instance, India is very much at the forefront of digitalisation, he said.
"The way these digital tools can be deployed to improve financial inclusion or to facilitate access to administrative services, and things like that. And that is a testimony to the sort of innovation in that sector that is happening in India," he observed.
“But beyond that, there are needs for reforms that will actually boost potential growth. It's not just about stabilising the economy around the potential growth that it has right now. In order to unleash India's potential, a lot of reforms have to be implemented that will boost productivity growth,” Gourinchas told PTI in response to a question.
“Here, of course, we can think about improvements on the health side, we can think about improvements on the education side, social spending, digital literacy and access, we can think about infrastructure,” he suggested.
“There is a range of areas where, you know, public infrastructure broadly defined, not just in terms of buildings and roads, but also investing in human, investing in people and human capital, health, education, etc. Is going to help the economy really, really grow very fast on a continuous basis,” said the IMF chief economist.
In response to a question, the chief economist said the Indian economy had rebounded from the pandemic downturn. The slowdown between 22-23 is going to be reflecting basically, the fact that the global economy is also slowing down and that the external factors are going to reflect on today's economy, high energy prices, the slowdown in external demand and the weakening of global confidence in general, he stressed.
In a first of its kind, Global foreign-currency reserves are falling at the fastest pace on record, as central banks from India to the Czech Republic intervene to support their currencies. Reserves have declined by about $1 trillion, or 7.8 percent, this year to $12 trillion, the biggest drop since Bloomberg started to compile the data in 2003.
A large part of the slump is simply due to valuation changes. As the dollar jumped to two-decade highs against other reserve currencies, like the euro and yen, it reduced the dollar value of the holdings of these currencies.
But the dwindling reserves also reflect the stress in the currency market that is forcing a growing number of central banks to dip into their war chests to fend off the depreciation.
Trolley bags serve the same functionality as a laptop bag, but have they also have additional features that are available. The major difference is that the space inside a laptop roller bag.
It can be carried using the handles similar to an ordinary briefcase. It can also make use of the trolley's telescoping handle to move the bag with ease. A lot of them are constructed with a cushioned shoulder straps , creating trolley bags that offer the greatest flexibility.
With laptop computers growing in popularity in the workplace and everyday life today, this is the perfect laptop computer case to the luggage trolley crossbreed designed for executive travelers or any other person in any way.
The laptop roll-on bag fits into the specifications of all airlines as carry-on luggage and fits perfectly in the overhead compartment for easy travel. It is a breeze to keep a clean workspace wherever you travel and conveniently available when you need it.
Bags for laptops are the ideal choice for transporting light weight; they offer the convenience, efficiency and also ease. They can be used probably for the use of working at a desk These types of flexible bags are elegant and functional.
A trolley bag is multi-purpose and be used to carry a bag for weekend trips as well.
The laptop trolley's organization capabilities are a part of the bags
The laptop trolley bag will help keep you well-organized by having pockets and compartments for storage as well as pockets that can be detachable that allow you to manage and securing all your gadgets within a reachable place. There is the perfect place to hold everything including keys, pencils and pen holders and business card holders, mobile phone, and additional storage device, as well as MP3 players and PDA.
Some of the more common features include a cushioned section to ensure your laptop safe. They are usually designed with a stronger backing that is devoted to managing your documents so that they appear clean and sharp.
Many laptop bags with wheels have an extra inside compartment that provides just enough room for all of your travel necessities, along with an additional set of clothing for overnight requirements. The extra space is beneficial for those who are with a plan for the unexpected.
The purpose that this laptop bag is used on is of great significance to anyone who has to manage their business while on the move. It is now possible to take your work environment everywhere you go.