Himalayan Express

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  • Piyush Goyal Affirms Government’s Commitment to Foster Industrial Growth Nationwide

    Piyush Goyal Affirms Government’s Commitment to Foster Industrial Growth Nationwide

    Hyderabad, Jun 30 : Union Commerce Minister Piyush Goyal emphasized on Sunday that the government is dedicated to fostering a favorable environment to support industrial growth nationwide.

    Addressing an Industry Leaders and Stakeholders Conference in Hyderabad, Goyal underscored the significance of Telangana as a pivotal state. He highlighted that his first outreach program since reassuming office as Commerce Minister is being conducted in Hyderabad.

    “I have taken note of all recommendations and suggestions regarding policies, business environment, and various industry requirements from stakeholders and officials. I will endeavor to address some of these issues. At a broader level, the government remains committed to creating a conducive environment across the entire country,” Goyal stated.

  • Private Banks Urged to Enhance Benefits for People Under Central Schemes: ADC Bilaspur

    Private Banks Urged to Enhance Benefits for People Under Central Schemes: ADC Bilaspur

    Bilaspur (HP), Jun 29 : Private Banks Urged to Increase Participation in Central Government Schemes, Says ADC Bilaspur

    During a meeting with the bankers’ committee on Friday, Additional Deputy Commissioner (ADC) Bilaspur Nidhi Patel emphasized that private sector banks in the district should enhance their support to people under various government schemes, particularly pension schemes.

    Patel expressed concern over the significantly lower number of accounts opened by private banks compared to government banks under the central government’s social security pension schemes. She questioned the disparity and urged private lenders, including ICICI Bank, Axis Bank, and HDFC Bank, to ramp up efforts in opening accounts under schemes like Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana, and Atal Pension Yojana before the next quarterly review.

    Highlighting the credit deposit (CD) ratio, which increased marginally from 25.49% to 26.92% in the last quarter, Patel noted that private banks still need to increase their lending to boost development in the district. She instructed officials to focus on increasing loans, particularly in the agricultural sector, and expressed concern over the low levels of lending by SBI in this area.

    Furthermore, Patel directed the industry department and all banks to conduct awareness camps across rural and urban areas to educate people about central and state government schemes. She also shared that during the Rabi season 2022-23, 13,444 farmers in Bilaspur benefitted from the Pradhan Mantri Fasal Bima Yojana, with 14,405 farmers receiving benefits during the Kharif season.

  • Rupee Gains 8 Paise to Reach 83.37 Against US Dollar in Early Trade

    Rupee Gains 8 Paise to Reach 83.37 Against US Dollar in Early Trade

    Mumbai, Jun 28 : The rupee strengthened by 8 paise to 83.37 against the US dollar in early trade on Friday, buoyed by positive movements in domestic equities and inflows from foreign funds.

    Forex analysts noted that while the American currency showed strength internationally and elevated crude oil prices posed challenges, the rupee managed to gain ground. Opening at 83.42 at the interbank foreign exchange market, it improved further to trade at 83.37 against the dollar in initial deals, marking an increase of 8 paise from its previous close.

    On Thursday, the rupee had appreciated by 12 paise to settle at 83.45 against the US dollar.

    Meanwhile, the dollar index, which measures the greenback’s performance against a basket of six major currencies, was up by 0.15 per cent at 106.06 ahead of crucial US inflation data due later in the day.

    Brent crude futures, the global benchmark for oil prices, traded 0.47 per cent higher at USD 86.80 per barrel amid concerns over supply disruptions from Russia and the Middle East despite slowing demand.

    Anil Kumar Bhansali, Head of Treasury and Executive Director at Finrex Treasury Advisors LLP, highlighted substantial inflows on Thursday that supported the rupee’s upward movement from the previous day’s close.

    “Inflows are expected to continue on Friday, especially with month-end and quarter-end dynamics, potentially pushing the rupee higher towards 83.35. Exporters may hold back on selling while importers could take advantage of any dips,” Bhansali commented.

    In the equity markets, the 30-share BSE Sensex rose 347.48 points or 0.44 per cent to 79,590.66 points, while the broader NSE Nifty climbed 114.55 points or 0.47 per cent to 24,159.05 points.

    Foreign Institutional Investors (FIIs) remained net buyers in the capital markets on Thursday, purchasing shares worth Rs 7,658.77 crore, according to exchange data.

  • FMC India Launches Innovative Plant Disease Solutions for Fruits and Vegetables

    FMC India Launches Innovative Plant Disease Solutions for Fruits and Vegetables

    MUMBAI, India, June 27, 2024 – FMC India, a leading agricultural sciences company, has introduced two innovative fungicides, VELZO® and COSUIT®, designed to protect fruit and vegetable crops from destructive fungal diseases from the beginning of the crop cycle.

    VELZO® and COSUIT® fungicides represent a significant step forward in FMC India’s mission to provide farmers with advanced solutions that enhance productivity and resilience. These products are specifically tailored to help Indian fruit and vegetable farmers manage crop diseases, prevent yield losses, and maintain high quality.

    VELZO® fungicide is registered for use in grapes, tomatoes, and potatoes. It offers early protection against Oomycete fungi that cause blight and downy mildew, promoting healthier and more productive plants. With dual-mode, multisite action against fungal pathogens, VELZO® fungicide is a powerful tool for managing disease resistance. It promises long-lasting control and consistent results, helping farmers achieve higher yields and better prices for their high-quality produce.

    COSUIT® fungicide is designed for commercial crops such as grapes, paddy, tomatoes, chili, and tea. This advanced formulation releases higher bio-available copper, providing strong contact action for broad-spectrum and rapid disease control. COSUIT® fungicide delivers extended protection against fungal diseases and plays a crucial role in disease resistance management.

    Ravi Annavarapu, President of FMC India, stated, “At FMC India, we are dedicated to revolutionizing agriculture by addressing growers’ challenges with advanced solutions. Our new VELZO® and COSUIT® fungicides exemplify this commitment, offering superior formulations for broad-spectrum disease control. We are confident these products will redefine crop solutions in India’s agricultural landscape.”

    The launch of VELZO® and COSUIT® fungicides underscores FMC India’s efforts to advance agricultural sciences and address the evolving challenges faced by farmers. The company remains committed to promoting innovative, safe, and sustainable solutions alongside its world-class synthetic offerings.

    About FMC

    FMC Corporation is a global agricultural sciences company dedicated to helping growers produce food, feed, fiber, and fuel for an expanding world population while adapting to a changing environment. FMC’s innovative crop protection solutions—including biologicals, crop nutrition, and digital and precision agriculture—enable growers, crop advisers, and turf and pest management professionals to address their toughest challenges economically while protecting the environment. With approximately 6,200 employees across more than one hundred sites worldwide, FMC is committed to discovering new herbicide, insecticide, and fungicide active ingredients, product formulations, and pioneering technologies that are consistently better for the planet. Visit fmc.com and ag.fmc.com/in/en to learn more and follow FMC India on Facebook® and YouTube.

  • Army Commander Reviews Security Situation in Reasi

    Jammu, Jun 26 – Northern Army Commander Lieutenant General M V Suchindra Kumar visited Jammu and Kashmir’s Reasi district to review the region’s security situation.

    Accompanied by General Officer Commanding (GOC) of 16 Corps Lieutenant General Navin Sachdeva and GOC Romeo Force, his visit holds significance in the wake of the recent terror attack on a bus carrying pilgrims on June 9.

    In the attack, nine people, including seven pilgrims from Rajasthan, Uttar Pradesh, and Delhi, were killed, and 41 others were injured when terrorists opened fire on the bus as it returned from the Shiv Khori shrine near Teryath village in the Pouni area.

    During his visit, the Army Commander, along with the GOC of White Knight Corps and Romeo Force, reviewed the security measures in place. He received a briefing on the prevailing security situation and the actions taken by the security forces, as stated by the Northern Command on X.

  • ISA Announces Inaugural International Solar Festival 2024

    ISA Announces Inaugural International Solar Festival 2024

    New Delhi, June 26, 2024 — The International Solar Alliance (ISA) is set to host its first-ever International Solar Festival on September 5-6, 2024, in New Delhi. The event aims to bring together businesses, academia, youth, community leaders, and other stakeholders to share knowledge, foster innovation, and build international cooperation towards a solar-powered future.

    Dr. Ajay Mathur, Director General of ISA, announced the event at a distinguished gathering attended by Shri Bhupinder Singh Bhalla, Secretary of the Ministry of New and Renewable Energy (MNRE); Ms. Saina Nehwal, Former World Number 1 Badminton Player, Olympian, and Padma Bhushan Awardee; and Ms. Arushi Sana, Official Youth Ambassador for COP28 UAE. Representatives from the Ministry of New and Renewable Energy and the diplomatic missions of several ISA member countries, including Argentina, Israel, and Denmark, among others, were also present.

    Vision and Goals

    The International Solar Festival 2024 will serve as a platform to accelerate the global transition to solar energy, creating conducive conditions for impactful global partnerships. It aims to enhance the solar-led energy transition by engaging diverse stakeholders to drive significant investments and innovations.

    Keynote Addresses

    Shri Bhupinder Singh Bhalla highlighted India’s role as a global climate leader and the importance of the ISA in solarizing underserved communities worldwide. He emphasized the festival’s role in accelerating the transition to clean energy, ensuring an inclusive path to a sustainable future for all nations.

    Dr. Ajay Mathur underscored the transformative power of solar energy in creating new jobs, stimulating local economies, fostering innovation, and reducing emissions. He emphasized the festival’s focus on universal energy access and advancing the Sustainable Development Goals (SDGs) through partnerships involving businesses, academia, youth, women, and communities.

    Event Highlights

    The festival will feature:

    • Participation of ISA member countries and their leaders.
    • Keynote sessions with global climate leaders.
    • Plenary and technical sessions led by industry and global leaders.
    • A CEO Caucus Roundtable to explore innovative financial and technological solutions for accelerating solar adoption.
    • An Innovation Showcase featuring pioneering solutions and entrepreneurs transforming the energy sector.
    • Exhibition booths and pavilions hosting organizations from the solar and allied sectors.
    • Interaction and engagement with community groups, youth organizations, and policymakers.
    • A cultural Activity Zone with performances by renowned artists.

    Community and Youth Engagement

    Ms. Saina Nehwal spoke on the importance of gender inclusivity and community building in the solar energy transition, emphasizing the need to engage and empower women. Ms. Arushi Sana highlighted the festival’s vision of collaboration and partnership between youth-led initiatives, academia, industry, community, and policy to co-create a sustainable future.

    About the International Solar Alliance

    The International Solar Alliance (ISA) is a global intergovernmental organization dedicated to advancing solar power adoption for a carbon-neutral future. ISA’s mission is to unlock investments in solar energy while reducing technology and financing costs. It serves as a platform for international cooperation, assisting member countries in solar deployment through policy enactment, standardization, and investment mobilization. ISA promotes affordable solar solutions and provides training, data, and insights for solar engineers and energy policymakers.

    By hosting the International Solar Festival, ISA aims to strengthen support for innovative financing, technology deployment, capacity building, and technical assistance, fostering a sustainable, solar-powered future globally.

  • Adani Plans Rs 1.3 Trillion Investment in FY25 Across Portfolio Companies

    Adani Plans Rs 1.3 Trillion Investment in FY25 Across Portfolio Companies

    Ahmedabad, June 25 – Adani Group intends to invest approximately Rs 1.3 lakh crore across its portfolio companies in the current fiscal year as part of its commitment to expand businesses and achieve its USD 100 billion investment goal over the next 7-10 years, stated group CFO Jugeshinder ‘Robbie’ Singh on Tuesday.

    The investment will encompass a wide spectrum of sectors including ports, energy, airports, commodities, cement, and media. Singh mentioned that 70 per cent of this investment will be financed through internal cash generation, with the remaining 30 per cent through debt. Additionally, the group plans to refinance USD 3-4 billion of maturing debt and raise USD 1 billion in project financing. An annual equity infusion of USD 2-2.5 billion by attracting new investors is also anticipated.

    “This year will primarily focus on completing existing assets,” Singh emphasized. Adani Green is set to complete 6-7 GW of renewable energy projects, alongside scaling up its solar wafer manufacturing unit. Furthermore, the construction of the new Mumbai airport will also be finalized.

    The projected capital expenditure for the fiscal year 2024-25 represents a 40 per cent increase compared to the previous fiscal year. The group had previously outlined a USD 100 billion capex plan over the next decade, with a significant portion directed towards renewable energy, green hydrogen, airports, and infrastructure.

    Over 70 per cent of the planned capex will be allocated to green initiatives such as renewable power, green hydrogen, and green evacuation transmission lines. The remainder will largely support the expansion of airports and ports businesses.

    Singh highlighted that Adani Group’s companies achieved a remarkable 45 per cent increase in pre-tax profit (EBITDA) to Rs 82,917 crore (approximately USD 10 billion) in FY24. Despite challenges including a critical report from a US short seller, the group focused on debt containment, reducing founder share pledges, and consolidating its core businesses, achieving a five-year CAGR of 54 per cent in profit growth.

    Gautam Adani, the group chairman who started his journey as a commodities trader, has expanded the conglomerate into a global powerhouse spanning ports, power generation, airports, mining, renewables, gas, data centers, media, and cement. Adani Group is now the world’s second-largest solar power company, largest airport operator by passenger traffic, and a dominant player in ports, logistics, integrated energy, and cement sectors in India.

    With a strong commitment to green energy, Adani Group is earmarking a substantial portion of its USD 100 billion investment for green initiatives, including the development of the world’s largest renewable park in Khavda, Gujarat, covering an area five times the size of Paris.

    The conglomerate aims to bolster its airports business, which includes eight airports currently and the upcoming Navi Mumbai airport, as well as expand its presence in the ports sector with 14 domestic ports nationwide.

  • Rising Travel Costs Expected to Drive Up Travel Insurance Premiums

    Rising Travel Costs Expected to Drive Up Travel Insurance Premiums

    NEW DELHI, June 22: A tribunal established under the Unlawful Activities (Prevention) Act (UAPA) confirmed the Centre’s decision to impose a five-year ban on the Muslim League Jammu Kashmir (Masarat Alam faction) and Tehreek-e-Hurriyat, Jammu and Kashmir, on Saturday. The one-member tribunal, consisting of Delhi High Court judge Sachin Datta, was formed in January to evaluate whether there was “sufficient cause” for the imposition of the ban.

    The Muslim League Jammu Kashmir (Masarat Alam faction) was declared an outlawed organization for five years by the government under the UAPA on December 27, 2023, due to its involvement in anti-national and secessionist activities in the Union Territory. Similarly, Tehreek-e-Hurriyat, founded by the late separatist leader Syed Ali Shah Geelani, was banned for five years on December 31, 2023, for fomenting terrorism and spreading anti-India propaganda in Jammu and Kashmir.

    Additional Solicitor General Aishwarya Bhati and advocate Rajat Nair represented the government before the tribunal.

  • Arivihan AI Tutor Platform Helps Two Students Top MP Board Exams, Says Founder Ritesh Singh

    Arivihan AI Tutor Platform Helps Two Students Top MP Board Exams, Says Founder Ritesh Singh

    New Delhi, Jun 21 : India’s first AI-driven automated learning platform, Arivihan, is on a mission to “democratise learning” by making high-quality education accessible to every learner in India, regardless of their financial situation, according to founder Ritesh Singh. The platform has already seen significant successes, with five Arivihan students scoring above 99 percent in JEE Mains 2024 and notable achievements in the recent MP Board Class 12 exams.

    “In the recent MP Board Class 12 exams, two of our learners achieved remarkable results in the Science and Maths streams, scoring 98.6 percent and 97.4 percent, respectively. A significant number of our students scored over 90 percent,” Singh told PTI.

    Founded with the aim of addressing educational disparities in India, Arivihan offers personalized tutoring at an affordable Rs 300 per month. Singh explained that conventional educational approaches struggle with demand and supply challenges, given the significant gap between the number of students and faculty members in the education system.

    “Our aim is to replicate each feature of one-on-one classroom learning on our automated platform without human involvement,” Singh said.

    Headquartered in Indore and operational since 2021, Arivihan aspires to collaborate with schools, educational institutions, and government agencies to amplify its impact and bring about lasting changes in the realm of education.

    Excerpts from the interview:

    Q: Could you share the inspiration behind the creation of Arivihan? What motivated the team to take on this journey?

    A: Arivihan was founded to tackle educational disparities in India. Moved by personal experiences, our team saw an urgent need for accessible and affordable quality education. Our research shows that with 271 million school students and only 11.2 million faculty members, traditional educational approaches have long faced a demand and supply challenge. Recognizing that conventional methods are often expensive and insufficient, we set out to democratize learning. This led us to create Arivihan, a generative AI-based, fully automated learning platform offering personalized tutoring to each student. Our aim is to make high-quality education accessible to every learner in India, regardless of their financial situation.

    Q: How do you envision Arivihan making a difference in the lives of students, particularly those from underprivileged backgrounds?

    A: Our mission is to make a tangible difference in the lives of students, especially those facing financial barriers to quality education. Through Arivihan’s AI Tutor platform, we’ve observed significant improvements in students’ academic performance. Notably, in the recent MP Board Class 12 exams, two of our learners achieved remarkable results in the Science and Maths streams, scoring 98.6 percent and 97.4 percent, respectively. In the JEE Mains 2024, five of our students surpassed the 99 percent mark. Beyond the top achievers, a substantial 81 percent of students witnessed a remarkable increase of more than 25 percent in their marks within just 30 days, underscoring the effectiveness of AI-based educational solutions.

    Q: Can you elaborate on the technological aspects of Arivihan and how it utilizes AI to personalize learning experiences for each student?

    A: Arivihan stands as a pioneering AI-based, 100 percent automated learning platform, delivering personalized tutoring directly to every school student’s pocket at an affordable fee of Rs 300 per month. Our technological innovation revolves around harnessing generative AI to create tailored learning experiences for each student. Through algorithms, the platform analyzes individual learning behavior and preferences; it offers one-of-its-kind interactive lectures, where after teaching concepts, students are asked to speak their answers, and with speech recognition, it verifies the response and changes the lecture content accordingly. We have built our own AI tutor bot to provide unlimited and instant responses to students’ queries using open-sourced text-generation models. Our aim is to replicate each feature of one-on-one classroom learning on our automated platform without human involvement. This seamless integration of technology not only enhances the learning journey but also makes quality education accessible to Tier 2 and 3 cities.

    Q: How does Arivihan ensure that its subscription cost remains affordable while maintaining the quality of education?

    A: Arivihan provides each unique school student with a personal AI tutor for their exam prep at 15 times lesser cost. We have strategically designed the subscription model to ensure that the cost remains low while maintaining the highest standards of education. While building our tech, we primarily focus on building our own services and using open-sourced technologies which allows us to cut the cost and make an affordable system.

    Q: What are the future plans for Arivihan? How do you see the platform evolving to meet the changing needs of students and educators in India?

    A: We are dedicated to advancing our platform through the integration of innovative features and enriched content to address the requirements of students and educators in India. We aspire to collaborate with schools, educational institutions, and government agencies, with an aim to amplify our impact and bring about lasting changes in the realm of education. Moreover, we recognize the significance of engaging with students through social media channels, nurturing relationships, and scaling our initiatives to make a meaningful difference in the educational landscape.

    Q: Arivihan was part of Accel’s Atoms 3.0 cohort. How have you benefited from that experience?

    A: The mentorship and guidance received through the Atoms program have been instrumental in helping us make informed decisions, enabling us to stay focused and progress in the right direction. This invaluable experience has proven to be incredibly beneficial for our growth and development. Our daily active users (DAU) surged from 850 in November 2023 to 2,450 in March 2024. The accuracy of our AI increased from 82 percent to 91 percent.

  • Indian Deposits in Swiss Banks Plummet 70% to Four-Year Low of Rs 9,771 Crore

    Indian Deposits in Swiss Banks Plummet 70% to Four-Year Low of Rs 9,771 Crore

    New Delhi/Zurich, Jun 20 – Funds held by Indian individuals and firms in Swiss banks have plummeted by 70% in 2023 to a four-year low of 1.04 billion Swiss Francs (Rs 9,771 crore), according to the latest annual data from Switzerland’s central bank.

    This marks the second consecutive year of decline after funds peaked at a 14-year high of CHF 3.83 billion in 2021. The sharp decrease was primarily driven by a significant drop in funds held through bonds, securities, and other financial instruments. Additionally, there was a notable reduction in customer deposit accounts and funds held through other bank branches in India.

    These figures, reported by banks to the Swiss National Bank (SNB), do not reflect the quantum of alleged black money held by Indians in Switzerland. They also exclude funds held by Indians, NRIs, or others in the names of third-country entities.

    The total amount of CHF 1,039.8 million, described by the SNB as ‘total liabilities’ or ‘amounts due to’ Indian clients at the end of 2023, comprised CHF 310 million in customer deposits (down from CHF 394 million in 2022), CHF 427 million held via other banks (down from CHF 1,110 million), CHF 10 million through fiduciaries or trusts (down from CHF 24 million), and CHF 302 million in bonds, securities, and other financial instruments (down from CHF 1,896 million).

    Historically, the total amount reached a record high of nearly CHF 6.5 billion in 2006 but has mostly trended downwards since, except for a few years including 2011, 2013, 2017, 2020, and 2021.

    The SNB data includes all types of funds of Indian customers at Swiss banks, encompassing deposits from individuals, banks, and enterprises. It also covers data from Swiss bank branches in India and non-deposit liabilities.

    Separately, the Bank for International Settlements (BIS) locational banking statistics, deemed more reliable for measuring deposits by Indian individuals in Swiss banks, showed a near 25% decline in such funds during 2023 to USD 70.6 million (Rs 663 crore). This decline follows an 18% drop in 2022 and an over 8% decrease in 2021, after a nearly 39% rise in 2020. The BIS data, which includes deposits and loans of Indian non-bank clients at Swiss-domiciled banks, peaked at over USD 2.3 billion at the end of 2007.

    Swiss authorities have consistently maintained that assets held by Indian residents in Switzerland cannot be considered ‘black money’ and have supported India in its fight against tax fraud and evasion. Since 2018, an automatic exchange of information framework has been in place, providing detailed financial information on Indian residents with accounts in Swiss financial institutions to Indian tax authorities.

    In addition, Switzerland has shared details on accounts of Indians suspected of financial wrongdoings following the submission of prima facie evidence. This exchange of information has occurred in hundreds of cases.

    Overall, foreign clients’ funds in Swiss banks declined to CHF 983 billion in 2023 from CHF 1.15 trillion in 2022. Indian clients accounted for CHF 1.46 million in assets, a 63% decline from the previous year and the lowest level in over two decades. This included dues from Indian customers worth about CHF 188 million, up from CHF 164 million at the end of 2022.

    The UK led foreign clients’ funds in Swiss banks with CHF 254 billion, followed by the US (CHF 71 billion) and France (CHF 64 billion). India was ranked 67th, down from 46th in 2022. Pakistan’s funds dipped to CHF 286 million from CHF 388 million, while Bangladesh saw a sharp decline from CHF 55 million to CHF 18 million.

    The issue of alleged black money in Swiss banks remains a contentious political topic in India and its neighboring countries.