India Empire - June 2024

INDIAN DIPLOMATIC, BUSINESS, DIASPORA AND POLITICAL CONNECTIVITY

Rs 400 (India) (Overseas)

Editor’s Desk

I think that anyone who’s pushed to do the very best that they can is privileged. It’s a luxury.

—Twyla Tharp, American Dancer

Luxury in the elite housing space is set to get a new address in Gurugram—Sobha Aranya. Two expert groups are pushing their limits to deliver the best they can. In that sense, as dancer Twlyla Tharp would say, they are both privileged in doing what they are, it’s a luxury they can afford. Aranya is as much a meeting of a pair of creative minds, as it is an aesthetic collaboration of two partners who over decades have sharpened their skills at being both inventive and innovative at the same time.

Sobha, founded by the legendary P N C Menon, and Karma Lakelands, led by its dynamic Founder-CEO Ashwani Khurana, are bringing in best practices in real estate when it comes to Aranya, an eco-luxe project. Mr Menon built his construction empire in Oman, and to that extent has been a beacon for the Indian Diaspora—a special group that we have tracked relentlessly for over 19 years.

Sobha Aranya is nestled in landscaped greens and 270 acres of golf course inside the Karma Lakeland campus in Gurugram. They will bring in signature values of Sobha’s eye for immaculate quality and detail in luxury, and Karma Lakeland’s award-winning drive and penchant for environmental practices and green projects.

In a chat with our magazine, Ashwani says that what makes their coming together more special is his personal, long-standing friendship with Mr Menon, a builder extraordinaire whose genuineness and poise he’s come to admire. Read more about the project brought to you by our Business Editor Yogesh Sood.

There are many other stories of interest in the magazine that you can navigate through. Prime Minister Narendra Modi will lead the Government for a third successive term, an impressive outcome after a bitterly fought election in the world’s largest democracy. In alignment with his vision, in May, the National Archives of India (NAI) in collaboration with the Indian Embassy in Muscat, concluded its first-ever overseas digitization project for the historical documents of the Indian diaspora in Oman. This will help preserve a shared heritage and strengthen India’s diaspora connections. The project was supported by the National Records and Archives Authority of Oman.

Also in May, India reminded Maldives that it has remained a key provider of developmental assistance to this archipelagic state. Several projects funded by New Delhi have benefited the lives of thousands of people and contributed directly towards enhancing the quality of life in that country. These include infrastructure projects, social initiatives, medical evacuation, and health facilities. This was during a meeting between External Affairs Minister S. Jaishankar and Foreign Minister of Maldives Moosa Zameer in the Indian capital city.

On May 29, at a ceremony held at its National Stadium, Solomon Islands Prime Minister Jeremiah Manele handed over 20 Tata buses worth USD 1 million that were gifted to this south-western Pacific island nation by PM Modi. The buses were handed over to educational institutions, city council, and local police forces. The Solomon Islands National University thanked India for its generous contribution that will undoubtedly help increase mobility and accessibility of its staff and students across its three campuses.

Elsewhere, Nikesh Arora of Palo Alto Networks is now ranked the second-highest paid CEO in the US in 2023. Overall, there are 17 Indian descent CEOs who are now a part of the top 500 rankings. Happy reading.

Sayantan Chakravarty sayantanc@gmail.com www.indiaempire.com

Sayantan Chakravarty is in a select group of 12 writers alongside Nobel Laureate William Butler Yeats, RK Narayan (Padma Vibhushan and Sahitya Award winner), journalist and poet Walt Whitman, writer Saki (Hector Hugh Munro), poet Nissim Ezekiel (Sahitya Akademi Awardee), writer Jerome K Jerome (author of Three Men in a Boat), poet Edward Lear, Roald Dahl (16th on Time Magazine’s list of greatest British writers) and others chosen by Scholastic Education to promote advanced English literature for schools worldwide.

Sayantan Chakravarty’s stories featured in Best of Indian Express of 25 years and Best of India Today’s 25 years.

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AN ECO-LUXE PARADISE

SOBHA in partnership with Karma Lakelands launches an Eco-luxe Paradise in Gurugram

Yogesh Sood

Artists’ Impression

Delhi NCR, renowned for its cosmopolitan aura and ever-burgeoning economic appetite, has emerged as a focal point of expansion in the Indian real estate market in recent years. This region continues to draw in homebuyers and investors seeking a lifestyle that is both exclusive and desirable.

With the rise in the city’s air quality index, buyer preferences towards eco-conscious projects have witnessed a noticeable shift. Homebuyers are increasingly drawn to sustainable living options that integrate green spaces and a closer connection to nature, reflecting a broader trend towards environmentally responsible urban living.

The need of the hour for homebuyers has altered to green sanctuaries, air purification sanctums, and a healthy distance from pollution epicentres when selecting their homes of choice. In other words, the demand for sustainable projects that foster green lifestyles is as high as the temperature in NCR. However, the options that cater to the choices of these discerning few are only a handful.

SOBHA Limited a Pioneer of Backward Integration with a Global Legacy

A reputation that reaches ahead of the brand as a torchbearer of delivering luxury homes of unparalleled quality, innovation, and dominance has positioned SOBHA Limited as the one to leave an indelible mark on every land it has touched.

SOBHA’s visionary founder, PNC Menon, a luminary whose foresight to transcend mere brick and mortar, has shaped the present and future of the brand to acclaim international and national laurels.

SOBHA Limited, that has consistently set global benchmarks for quality in real estate, in association with Karma Lakelands, the pioneer of sustainable living in the National Capital Region, has recently launched SOBHA Aranya at Karma Lakelands, Gurugram. These 524 limited-edition ecoluxe residences come with curated amenities for all age groups, set in the 270-acre biodiverse community of Karma Lakelands that also houses an award-winning golf resort.

SOBHA Aranya offers a unique lifestyle to the discerning, eco-conscious homebuyers of Delhi NCR, who will experience the best of both worlds –unmatched luxury and nature-inspired, ecofriendly living. We believe this is the need of the hour, considering the effects of climate change all around us.

-Mr.SumeetChunkhare,ChiefMarketing& CommunicationsOfficer,SOBHALtd.

Over the years, SOBHA has unfurled 206 architectural marvels across the Indian landscape, weaving tales of ingenuity and craftsmanship over a staggering 7.16 million square meters in the residential domain alone. But SOBHA’s influence exceed just statistics, as evidenced by its contracts and commercial business boasting an expansive portfolio encompassing 340 projects, sprawling over 5.53 million square meters in 27 cities nationwide.

The principle of sustainable living is passionately inked at the core of SOBHA. From the design and the architecture of SOBHA projects, every level is immaculately prototyped for energy efficiency and the incorporation of renewable energy sources. Initiatives such as rainwater harvesting, green building materials, and efficient waste management systems are extensively practised by SOBHA to not only reduce its carbon footprint but also foster a healthier, more sustainable way of life for its residents.

Architecting Gurugram Since 2011

With a strong commitment to redefining the contours of luxury living, SOBHA Limited entered the bustling metropolis of Delhi NCR in 2011, with a monumental leap in the upward wave in demand for premium residential properties. This move marks a significant milestone in SOBHA’s illustrious journey and underscores its relentless pursuit of excellence on a national scale.

Homebuyers in Gurugram have recurrently prioritised an exquisite blend of comfort, sophistication, and environmental stewardship. With an ardent commitment to sustainability, SOBHA’s luxurious eco-conscious projects— International City and SOBHA City—have satisfied over 1800+ families with seamless innovation and green innovation.

SOBHA’s global recognition, particularly in Dubai and the Middle East, with its iconic towers and glorious villas, serves as a mirror for Gurugram’s future transformation.

Karma Lakelands – Where Sustainability Meets Luxury

Amidst the hustle and bustle of Gurugram lies a different world in Sector 80, a bio-diverse paradise consisting of 2 lakh varied plants and trees, migratory birds, and wildlife. Karma Lakelands is an eco-responsible golf resort established in 1989 known for its curation of nature-first experiences and culinary delights. Its pièce de résistance is the award-winning 9-hole golf course which is a favourite amongst the city’s top golfing enthusiasts.

Karma Lakelands has carved a name in the realm of sustainability - prohibiting honking while promoting water restoration, rainwater harvesting, solar-utilisation and biocomposting. Organic, agro, and bee farming is also practised here.

SOBHA Aranya – Unique Eco-luxe Abodes Amidst a 270-acre Resort

SOBHA Ltd. partnered with Karma Lakelands to mould a spectacular constructive collaboration of resort living and urban conveniences amidst Ficus forestscapes and bamboo trees in Sector 80 of Gurugram. The serene charm of nature is home to graceful peacocks and calm nilgais.

An award-winning 9-hole golf course within its embrace brims with idyllic water bodies and sandbanks. Apart

from its luxurious lifestyle and exclusivity, what differentiates Karma Lakelands from others is its relentless focus on sustainability. Amidst lavish amenities, SOBHA Aranya is replete with environmental consciousness, integrating energyefficient infrastructure with verdant spaces.

The commitment to sustainability at SOBHA Aranya reflects the recent eco-luxe trend in luxury living. This property is spread over 31 acres within Karma Lakelands’ 270-acre premises, offering residents both opulence and a sense of calm away from the urban frenzy. This significant collaboration between SOBHA and Karma Lakelands symbolises a new era where luxury harmonises with the great outdoors.

SOBHA Aranya at Karma Lakelands represents the pinnacle of modern living in Gurugram, marrying luxury with a dedication to preserving the environment. As the need for sustainable living accelerates, developments like this in the green allure of suburbia pave the way for a conscientious approach to high-end residential living.

These eco-luxe residences in Gurugram propose a more profound and closer connection with nature without sacrificing the convenience of downtown living. This property exclusively provides a lifestyle that transitions from urban NCR during the day to a green NCR by night.

Locational Advantage

This property is a homage to nature’s order, with agro-organic initiatives and actively bio-positive prohibitions. Carefully thought out and positioned in Sector 80 of Gurugram, off National Highway 48, SOBHA Aranya is a gateway to current and future developments in Delhi NCR. A signalfree drive connects to the IGI Airport while the Southern Peripheral Road (SPR) directly links to Golf Extension Road, and the Northern Peripheral Road (NPR) has a straight route that smoothly connects Gurugram to Dwarka. Moreover, the industrial hub of Manesar is within close proximity.

This green suburbia has a multitude of highly regarded schools, hospitals, commercial hubs, shopping avenues, and key city locales. The cityscape around SOBHA Aranya offers the best of both worlds – the serenity of nature and the apex of urban luxury.

What the Project Entails

The first phase of SOBHA Aranya features five towers, each with 46 floors, offering 524 units of 3 and 4 BHK residences in various sizes. Over 85% of the site is open space, with an auxiliary sizeable central space to house recreational amenities - a community gathering zone, and an eco-conscious clubhouse.

Forest Grove, a miracle of magic in the heart of SOBHA Aranya, is a restored forestscape that underscores the project’s eco-sustainability. This property is masterfully packaged with lifestyle and aesthetically pleasing amenities such

as a celebration lawn, swimming pool, theatre, jogging track, rainwater pond, and a clubhouse for all ages, raising the appeal of Gurugram into India’s top real estate destinations.

The 75,000 sq. ft. clubhouse is phenomenally generous and luxurious, with panoramic views. Several stunning and vibrant theme gardens are fashioned for leisure and social activities. There are multiple active spaces like a 6-lane Olympic-size Pool, Outdoor Fitness Deck, etc., specially curated for fitness and wellness enthusiasts. The community of SOBHA Aranya is poised for continued growth and prosperity.

Intricately Designed Interiors

The interiors of the abodes are a true ode to perfection. The expansive living rooms, with a grand foyer, a lounge area, and a bar space with a balcony, offer breathtaking golf and forest views.

The master bedroom is an oasis of bliss, meticulously designed with a walk-in wardrobe and a balcony offering views of the vivid forestscape. Sun-kissed or breezy, moments spent at the spacious, wood-finished balconies - that even host private gardens - will be cherished forever. Intimately mapped out is the well-lit bathroom and vanity area with dual basins, perfect for a couple.

Green Spaces and Outdoor Living

At SOBHA Aranya, residents are enveloped in a verdant oasis with meticulously landscaped gardens and scenic walking trails, all nestled within the residential complex. These lush green areas provide peaceful sanctuaries where residents can retreat from the fast pace of the city life.

Beyond providing a serene backdrop, it offers a plethora of outdoor recreational areas designed to cater to residents of all ages. From well-manicured parks and rustic forestscapes to inviting playgrounds and charming picnic spots dotted throughout the enclave, there is no shortage of opportunities to bask in the outdoors and engage in leisure activities.

The benefits of outdoor living at SOBHA Aranya extend beyond mere aesthetics, contributing to overall health. Being surrounded by nature has been proven to lower stress levels, enhance mood, and boost cognitive abilities, fostering overall balance and vitality. Thus, active lifestyle spaces encourage physical fitness, fostering wellness and promoting mental health.

The plentiful green spaces and outdoor amenities at SOBHA Aranya not only elevate the complex’s visual appeal but also cultivate a strong sense of community and vibrancy among residents.

By embracing SOBHA Aranya’s offerings, investors and homebuyers alike can not only invest in superior quality

but also contribute to a greener, more sustainable future for generations to come. With the real estate industry evolving to meet society’s changing needs, SOBHA stands at the forefront, pioneering a new era of luxury and sustainability in Delhi NCR and beyond.

A Setting of Sustainability Initiatives and Community Engagement

Karma Lakelands spearheads sustainability initiatives that instil environmental stewardship, which is the perfect foil for SOBHA Aranya. These initiatives include energy-efficient infrastructure, comprehensive waste management systems, and effective water conservation measures.

The community actively engages residents through various programs, such as eco-awareness campaigns and green living workshops, fostering a culture of environmental consciousness. A sense of belonging and commitment to sustainable living is achieved through collaborative efforts such as tree-planting drives, recycling programs, and organic gardening workshops.

Situated at the heart of this eco-first realm is SOBHA Aranya, where a community-wide sustainability ethos has been cultivated and a vibrant, eco-conscious living environment has been established.

Change Begins at Home

Residing in eco-luxe communities such as SOBHA Aranya offers a sophisticated lifestyle hinged on well-being and environmental responsibility. These residences feature lush green spaces and premium amenities that enhance physical and mental health. In an eco-friendly home, residents enjoy unparalleled comfort and elegance and contribute to a more sustainable planet.

The impact of eco-conscious living is profound. These communities transform daily life, allowing residents to thrive amidst nature’s beauty while minimising their ecological footprint. Sustainable practices, such as energyefficient systems, waste reduction, and renewable resources, are seamlessly integrated into the living experience. This commitment to the environment fosters a robust community spirit, where neighbours are united by shared values and a collective community effort to protect the planet.

Living in an eco-luxe abode like SOBHA Aranya means embracing a lifestyle that prioritises the health of both individuals and the environment. The constructive collaboration between luxurious living and sustainability creates a unique, enriching experience. Residents enjoy the benefits of green spaces that promote relaxation and recreation, while eco-friendly amenities support a healthier, more balanced way of life. Choosing an eco-luxe home is a step towards a brighter, greener future.

Artists’ Impression

Artists’ Impression

“My

friendship with Mr. PNC Menon is special”

A conversation between Founder-CEO at Karma Lakelands, Mr Ashwani Khurana and Business Editor Yogesh Sood

What was your thought process behind teaming up with Sobha Developers?

Sobha and Karma Lakelands, this is a merger of our values and our vision. In this project, we will draw from each other’s strengths and experience in our respective fields.

Karma Lakelands has a strong focus on environmental practices. Sobha is a company that fully embodies the concept of “passion at work.” and stands tall in the real estate industry, a company with a difference, a company that epitomizes passion, commitment, and standing strong on values.

What makes this coming together even more special is my personal, long standing friendship with Mr. PNC Menon, whose simplicity, genuineness, and poise I have come to admire. He needs no introduction as a builder extraordinaire, who revolutionised the way people perceive quality in the real estate sector.

Is this a first-of-a-kind project for you at Karma Lakelands…

Yes, it will meet our common objective of building luxury spaces in complete harmony with nature, a responsible community of the future. Within Karma Lakelands, there is so much more that we can and will do together as time goes by in our other aspect of the Tree Top development.

Please let us know about Karma Lakelands, its ethos and philosophical outreach to its customers…

Since inception, we have prioritized planting trees, creating bio-diversity, conscious living initiatives, placing them at the core of our mission. Embarking on the journey to become a zero-waste property and engaging in initiatives such as minimising single use products, waste segregation, bio-composting and tree-rescue. Karma exhibits an exceptional commitment to sustainable living.

By embodying ecological consciousness in our practices, we have not only reduced operational costs but also generated additional revenues by delivering superior products, services, and unique and Earth friendly experiences to customers. The resort serves as a testament to the idea that prioritizing sustainability can lead to a harmonious coexistence of ecological responsibility and economic viability.

We have covered you as a Green Champion before. Please talk us through the green element in the Aranya project…

Combining luxury with ecoresponsible living, the project will ensure that Karma’s legacy of nature first continues further. The project will have a heritage of exquisite detailing and tasteful architectural designs. It will be the first of its kind in the NCR where residents will not only be able to see the spectacular golf course from their apartments but also be able to touch, feel and smell its fragrance while walking or cycling along 625 meters long, five-meter wide path abutting the golf course.

The newest and most prestigious luxury estate, here every apartment has central air purification to always keep both the air quality index and indoor oxygen levels measurable and always in the green.

Sobha Aranya is nestled in 270 acres of golf course and landscaped greens of the Karma Lakelands campus with impeccable attention to detail from conceptualization to delivery. It is a once-in-a-lifetime opportunity to be a part of eco-responsible, conscious living with a low carbon footprint, targeting zero waste, pollution-free indoor air quality, and a carbon-neutral community, amidst two lakh plus trees and plants. The project will make ample use of rainwater harvesting, and solar energy, as well as promote the usage of new eco-conservation initiatives like plastic-free waterless urinal solutions and ‘making your fresh air’.

You’ve reinvented yourself as an entrepreneur/ businessman in the real estate sphere from your earlier work in the lottery domain. Please talk us through this transition…

My business life started at age 21 selling Sikkim State Lotteries on a pan India basis. By the time I was 28, I was selling 5 crore lotteries a day and was declared India’s highest Individual tax payer.

Then I met Nek Chand, the creator of the Rock Garden, who infused the passion of growing trees into me and this led to the acquisition of land which was the boondocks and today’s bustling sector 80 of Gurgaon.

I am today in the hospitality, golf, and thanks to the Sobha tie up, by default in the Real Estate Business.

PHOTO GALLERY

Pictures by Sipra Das

“IN OUR COMMON INTEREST”

New Delhi: India in May reminded Maldives that it has been a key provider of development assistance to the island nation and several projects funded by New Delhi have benefited the lives of thousands of people in the country. “India has been a key provider of development assistance to the Maldives. Our projects have benefited the lives of people of your country; contributed directly to the quality of life. They range from infrastructure projects and social initiatives to medical evacuation and health facilities,” External Affairs Minister S. Jaishankar said during his meeting with Moosa Zameer, Foreign Minister of Maldives, who came on his first official visit to India since assuming office.

In his opening remarks, Jaishankar mentioned India extending financial support to Maldives “on

favourable terms” in the past and also mentioned New Delhi being the “first responder” on numerous occasions. “Our cooperation has also enhanced the security and well-being of your country through shared activities, equipment provisioning, capacity building and training. It is in our common interest that we reach an understanding on how best we take our relationship forward,” said the EAM.

The meeting, Jaishankar stated, was an opportunity to discuss the mutual relationship and chart out future directions. “As close and proximate neighbours, the development of our ties is obviously based on mutual interests and reciprocal sensitivity. As far as India is concerned, these are articulated in terms of our ‘Neighbourhood First’ policy and ‘SAGAR’ vision,” he said.

In spite of the recent sour ties between the two neighbouring countries after President Mohamed Muizzu came to power in Maldives last year, India recently announced limited exports of essential goods including sugar, wheat, rice, onions and eggs as a goodwill gesture.

“A pleasure to meet with Dr. S. Jaishankar, Minister of External Affairs of India, in New Delhi. We reflected on our long history of bilateral partnership shared by mutual respect and understanding. We exchanged perspectives on increasing engagement and exchanges between Maldives and India, both bilaterally and in the international arena,” Zameer posted on X after the meeting with Jaishankar.

HALEY IN ISRAEL

Tel Aviv: US Republican leader and former envoy to the UN Nikki Haley has been photographed writing ‘Finish Them’ on an artillery shell of the Israeli Army. The pictures were shared by Israel Parliament Member Danny Danon, who accompanied Haley on her visit to the sites near the northern border with Lebanon.

In the pictures, Haley was seen kneeling and writing on a shell with a purple marker pen. Danon in his post said, “‘Finish Them’, this is what my friend former Ambassador Nikki Haley wrote.”

Nikki Haley, likely to be the running mate of Republican presidential candidate Donald Trump, has been touring Israel for the past two days. She has met the families of hostages in Kibbutz Be’eri and Kfar Aza region where the October 7 Hamas attack happened.

Earlier, Donald Trump’s close associates and foreign policy advisors, Robert O’Brien, former National Security Advisor John Rakolta, former Ambassador of the US to United Arab Emirates (UAE) Ed McMullen had recently been in Israel and met Prime Minister Benjamin Netanyahu and Defence Minister, Yoav Gallant.

MEA SIGNS MOU

New Delhi: The Centre in May announced to provide eMigrate services through Common Services Centres (CSCs) to assist blue-collar workers at the grassroot level. A memorandum of understanding (MoU) has been signed between the Ministry of External Affairs (MEA), Ministry of Electronics and Information Technology (MeitY) and CSC eGovernance Services, the IT Ministry said in a statement.

As part of the MoU, the eMigrate portal of MEA would be integrated with CSC’s portal to provide several services to citizens through CSCs. The services being provided are registration of applicants on eMigrate portal through CSCs; uploading and processing the required documents for the applicants on eMigrate portal; supporting booking for medical and other services required by migrant workers or applicants registered on eMigrate portal through CSC; and creating awareness about eMigrate services amongst citizens across the country.

Over the years, the number of Indians going abroad for employment has been increasing as well as the contribution of remittances sent by them has been significant, said the Ministry.

The eMigrate project was launched to address issues faced by the migrant workers by making the emigration process online seamless, and bring foreign employers and registered recruitment agents and insurance companies on one common platform for safe and legal migration.

Currently, more than 5.50 lakh CSCs are delivering more than 700 digital services to citizens in assisted mode with enhanced ease and convenience. “The MoU has been signed with an aim of expanding channels of safe & legal migration at grassroots level, with the particular aim of preventing exploitation from unscrupulous elements of Indian citizens when they seek employment overseas,” said the IT Ministry.

HIGHLY PAID CEOs

Washington: Nikesh Arora, the India-born CEO of Palo Alto Networks, has been ranked America’s second-highest paid CEO in 2023. A total of 17 Indiandescent CEOs are in the top 500 rankings, according to an analysis published by The Wall Street Journal in May.

Shantanu Narayen of Adobe is the secondhighest paid Indian-descent CEO, ranked 11 overall. Arora and Narayen earned $151.43 million and $44.93 million, respectively, more than Tesla’s Elon Musk, who did not receive any compensation in 2023, according to the report.

Meta’s Mark Zuckerberg earned $24.40 million, while Alphabet’s India-born head Sundar Pichai earned $8.80 million during the period under review. A product of Delhi’s Air Force Public School, Arora first drew international attention as the chief business officer at Google, which he left in 2014 to head SoftBank with a reported compensation that was said to be a record for Japan.

Arora has been heading Palo Alto Networks, a cybersecurity company, since 2018. His compensation at Palo Alto Networks consists mostly of equity awards that include shares granted over three years. Narayen,

who was born and raised in Hyderabad, has been the CEO of Adobe since 2007 after joining the company in 1998.

Hock Tan of Broadcom topped the list with an earning of $162 million. Ranked third, fourth, and fifth among Indian Americans were Sanjay Malhotra of Micron Technology (63rd, $25.28 million), Ajei Gopal of Ansys (66th, $24.63 million), and Reshma Kewalramani of Vertex Pharmaceuticals (118th, $20.59 million).

Others included Arvind Krishna of IBM (123rd, $20.40 million), Badrinarayn Kothandaraman of Enphase Energy (135th, $19.53 million), Sanjiv Lamba of Linde (143rd, $19.20 million), Surendralal Karsanbhai of Emerson electric (158th, $18.32 million), Anirudh Devgun of Cadence Design Systems (172nd, $17.34 million), Shankha Mitra of Welltower (174th, $17.20 million), Sumit Roy of Realty Income (268th, $13.13 million), Satish Dhanasekaran of Keysight Technologies (319th, $10.75 million), Prahlad Singh of Rewity (357th, $9.13 million), Sundar Pichai of Alphabet (364th, $8.80 million), Udit Batra of Waters (367th, $8.74 million), and Sundarrajan Nagarajan of Nordson (389th, $6.98 million).

New Delhi: Fintech leaders in May hailed Prime Minister Narendra Modi on India leading in unified payments interface (UPI), saying that the country’s fintech landscape is now a hotbed for innovation, reflecting the nation’s fearless spirit.

Reacting to PM Modi’s exclusive interaction with IANS, Razorpay COO Rahul Kothari, said, “Today, UPI has become the common and preferred mode of payment for customers”.

PM HAILED INDIAN DIASPORA IN OMAN

New Delhi: In alignment with Prime Minister Narendra Modi’s vision to strengthen diaspora connections and preserve shared heritage, the National Archives of India (NAI) said in May that it has, in collaboration with the Indian Embassy in Muscat, concluded its first-ever overseas digitisation project for the historical documents of the Indian diaspora in Oman.

Conducted from May 19-27, ‘The Oman Collection - Archival Heritage of the Indian Community in Oman’ saw participation from 32 prominent Gujarati families, reflecting their 250-year presence in Oman. The pioneering project digitized over 7,000 documents in English, Arabic, Gujarati, and Hindi, dating back to 1838 with the collection including diaries, account books, telegrams, trade invoices, passports, letters, and photographs, highlighting the Indian community’s cultural practices, social activities, trade, and integration into Omani society.

These documents will be available on NAI’s digital portal, ‘Abhilekh Patal,’ for public and researcher access. “This project is a historic milestone in preserving the heritage of the Indian diaspora,” noted Arun Singhal, Director General of NAI.

Supported by the National Records and Archives Authority (NRAA) of Oman, the initiative

“The state of the new normal not only showcases the promising trajectory for India’s digital economy but also talks about the immense trust our citizens have put in digital payments,” Kothari added.

The Prime Minister said that driven by digital public infrastructure (DPI) models like UPI, the country is now leading the global fintech ecosystem and several countries are ready to embrace the ‘India Stack’ solutions to empower the masses.

The UPI platform processed 13,115 crore transactions in FY24, aggregating to nearly Rs 200 lakh crore in value, compared with 8,376 crore transactions worth Rs 139 lakh crore in FY23.

Lokanath Panda, COO of BLS eServices, told IANS that even in the remotest villages, small traders are investing in digital payments for their convenience and efficiency. “The use of technology is enhancing transparency and fostering inclusivity. India’s UPI is now performing a new responsibility that is uniting global partners with India,” he said.

India is home to more than 10,000 fintech companies working in diverse sectors and segments. As per reports, the third largest globally, India’s fintech ecosystem is poised to reach nearly $70 billion in annual revenue by FY30.

aims to deepen engagement with the Indian diaspora and promote appreciation of the longstanding IndiaOman friendship, facilitating future research on the diaspora’s contributions.

India’s Ambassador Amit Narang emphasised that both countries share a rich tapestry of historical and cultural connections that go back 5,000 years. Oman is home to nearly 7,00,000 Indians and several merchant families mainly from Mandvi, Surat and other parts of Gujarat have been resident in Sur, Muttrah and Muscat since the late 18th century being an integral part of the Omani society.

“THANK YOU INDIA”

Honiara (Solomon Islands): The Solomon Islands National University (SINU) in late May thanked India for its “generous contribution” of donating Tata buses to the southwestern Pacific Ocean nation, saying it will significantly enhance the mobility and accessibility for its staff and students across three campuses.

Last year, the government led by Prime Minister Narendra Modi gifted 20 Tata buses worth $1 million for use by the National Hosting Authority during the Pacific Games for transporting sporting contingents from camps to games venues.

On May 29, the country’s Prime Minister Jeremiah Manele handed over the buses to various organisations - including educational institutions, city council, and local police forcein a ceremony held at the National Stadium.

Solomon Islands National University received three Tata buses, which can carry 31 passengers and have handles for additional

passengers. “This generous contribution from the Government of India, facilitated by the Solomon Islands Government and the National Hosting Authority, exemplifies the lasting positive impact of the Pacific Games. These buses will not only improve our daily operations but also foster a greater sense of unity and convenience within our University community,” said SINU Vice Chancellor Transform Aqorau.

India’s warm gesture has been appreciated by the Manele government which considers it as yet another symbol of friendship between the two nations and their shared commitment to address common goals.

“Felicitations to SINU for making best use of the made-in-India Tata Motors buses. This is a testament to the warm bilateral ties between India and Solomon Islands and our development partnership in education, capacity-building,” the High Commission of India in Papua New Guinea posted on X.

SNAP UK ELECTIONS

London: In a surprise development, UK Prime Minister Rishi Sunak in May called an early general election in July. Addressing reporters outside his 10, Downing Street residence, amid rain, he said that, earlier in the day, he had asked King Charles to dissolve Parliament on May 30 and this was granted, and thus the election will take place on July 4, the BBC reported. Elections were slated for later this year.

Noting that the last five years have seen the country fight through the most challenging times since World War Two, Sunak, who chaired a Cabinet meeting before his announcement, said that the country has fought through those challenges and it made him proud to be British.

He stressed that the UK economy is still growing, inflation has returned to normal, interest rates have come down and the government’s plan is working, However, he acknowledged that he recognizes things are not easy for many people currently.

Among a resurgent Labour Party seeking to return to power after 14 years in the wake of his Conservatives dismal performance in the recent Council elections, the Indian-descent Sunak told the people that the question now is “who do you trust”. It is the moment to decide Britain’s future, he said, to decide whether you want to “build on the future you’ve made or risk going back to square one”. Sunak also admitted that he cannot and will not claim they got everything right while in power, but he is proud of what they achieved and what can be done in the future, listing his achievements as giving “record funding” to the NHS, improving children’s reading, putting energy security over “environmental dogma” and increasing defence spending.

Responding to the announcement, Labour party chief, Sir Keir Starmer called this a moment the country needs and has been waiting for. This is the time to change communities and the country, he said, terming the election campaign an opportunity to secure a better future.

Starmer said the Labour party has changed over the last few years and asks for a chance to do the same for the country, promising it will “return Britain to the service of working people”. It will reverse things like sewage being pumped into rivers, people waiting for treatment in A&E, and reverse the trend of rising mortgages and food prices, he promised. A vote for Labour is a vote for stability, Starmer said, and a vote for “a politics that treads more lightly... and stops the chaos”.

“It is time for change,” he said. Liberal Democrats leader, Sir Ed Davey said the general election will be a “chance to kick Rishi Sunak’s appalling Conservative government out of office and deliver the change the public is crying out for”.

“The NHS has been brought to its knees, people’s mortgages and rents have soared by hundreds of pounds a month and water companies have got away with pumping filthy sewage into our rivers and beaches.”

VIKSIT BHARAT @2047

New Delhi: External Affairs S. Jaishankar said in May that in the country’s journey to Viksit Bharat @2047, no citizen of India will be left behind. “While understanding that everybody cannot move at the same pace, we all have to firm up to move forward. It is also important to create a social welfare system,” the Minister said while speaking at an interactive session on Viksit Bharat @2047 organised by the PHD Chamber of Commerce in the national capital.

Appreciating PM Narendra Modi for his policy choices, Jaishankar said his strong leadership and good judgment have steered India through many crises besides transforming the economy in the last 10 years.

He also pointed out that the government’s response in handling the Covid pandemic, the China crisis, and India’s stance on Russia and Ukraine were in the best interest of India and its citizens. “As a nation, we must grow for today and leapfrog for tomorrow to realise our goals and aspirations,” he said.

“It is a combination of making it easier to do business, reducing the cost of living, creating worldclass infrastructure, improving our human resources,

giving support to small businesses, and building upon the evolving startup ecosystem,” Jaishankar added.

He also pointed out that so far, 25 crore people have come out of poverty; 35 crore people have been provided healthcare; Mudra loans have been given to 50 crore people; while 10 crore people have benefited under the Ujjwala scheme. But there is a need to completely eradicate poverty, he added. The Minister said that preparing for the global workforce is also important given the advantage of the demographic dividend that India enjoys today.

Speaking at the event, PHDCCI President Sanjeev Agrawal said the government’s proactive initiatives and policies have been instrumental in driving India’s growth, which has catalyzed significant progress across different sectors, paving the way for economic resilience and achieving the vision of Viksit Bharat @2047.

The comprehensive support of the government has also empowered industries, enhanced infrastructure, and improved the quality of life, paving the way for a brighter future, he added. Over 400 industry stakeholders participated in the event.

Two Unicorns in nine years

Minister Rajeev Chandrasekhar on X in May, B2B commerce firm OfBusiness Co-founder and CBO Nitin Jain said that with a conducive ecosystem and effective policies of the government led by Prime Minister Narendra Modi, “we could create two Unicorns in just nine years”.

Speaking at the ‘Vishesh Sampark Abhiyan’, Jain said, “We returned to India from the UK in 2014 because PM Modi was coming to power and it was a compelling chance to build something in India.” He added that what this government has set up is a large space to play and perform.

“Every SME, every contractor, and every small business is benefiting from the Digital India programme,” he said. Responding to Jain, PM Modi

said in a post on X: “Your decision to return to India

The Prime Minister also mentioned that due to the reforms of the last decade, a lot of people have been encouraged to innovate here. “I have always invited the world to invest in India,” PM Modi said. Meanwhile, Chandrasekhar said that after a robust decade of innovation and digital growth, the next 10 years will see India on the global map for emerging technologies, be it artificial intelligence (AI) or highperformance computing.

The areas of focus for PM Modi’s government for the next decade are electronics and microelectronics manufacturing, AI, telecom, high-performance computing, semiconductors, cybersecurity, automotive, and EVs.

ADANI MEETS JAPANESE ENVOY

Ahmedabad: Gautam Adani, Chairman of the Adani Group, said on May 29 that he met Hiroshi Suzuki, Ambassador of Japan to India, adding that the envoy’s appreciation for India’s culture and his tremendous support for the country are “truly inspiring”.

In a post on X, Gautam Adani said he is grateful for Suzuki’s visit to the company’s Mundra Port and Khavda (in Gujarat) where Adani Green Energy Ltd (AGEL) is developing the world’s largest renewable energy project of 30,000 MW (30 GW) on barren land.

“Had a very engaging discussion with Amb Hiroshi Suzuki of Japan. We are grateful for his visit to our Mundra Port and to Khavda where we are building the world’s largest Hybrid Renewable Energy Park of 30 GW capacity,” said the Chairman of the Adani Group.

“The ambassador’s appreciation for India’s culture, the value he places on our partnership and his tremendous support for India are truly inspiring,” Gautam Adani added. The world’s largest renewable energy project at Khavda in Kutch is built across 538 sq km and is five times the size of Paris and almost as large as Mumbai city.

AGEL has surpassed 10,000 megawatts (MW) of operational portfolio, delivering reliable, affordable, and

clean power to the national grid that will power more than 5.8 million homes and help avoid about 21 million tonnes of CO2 emissions annually.

Meanwhile, with cargo volumes of 180 MMT (more than 16 per cent YoY growth) in FY24, the flagship Mundra port is well placed to cross the 200 MMT mark in FY25. Mundra Port, the flagship of Adani Ports and Special Economic Zone Ltd (APSEZ), has just created yet another record by welcoming the largest container ship ever to call at an Indian port.

IDEAL FOR BUSINESS

New Delhi: From zero presence in the global supply chain 10 years back, India now has a significant role to play in the supply chain ecosystem across industries, creating huge investment and job opportunities, Union Minister Rajeev Chandrasekhar has said.

The minister reacted to a commentary piece in Forbes which mentioned that for supply chain leaders, India is a promising new region with lower tariffs, lower landed costs, and special incentives for many industries, under the visionary leadership of Prime Minister Narendra Modi. “From being absent in global supply chains in 2014 to today rising to a major presence in global supply chains, creating investments and jobs is yet another Prime Minister Narendra Modi’s

transformation of India’s economy,” Chandrasekhar posted on X social media platform.

Today, India is a solid option to diversify the global supply chain. “When I talk to supply chain leaders, it’s clear that success looks like operating with agility -- often across borders -- in a changing global economy. India is a great place to start,” wrote Dave Evans, CEO and Co-Founder of Fictiv, the operating system for custom manufacturing, in the article.

According to the International Monetary Fund (IMF) estimates, India will be the world’s third-largest economy by 2027, with a GDP of $5 trillion. “This combination of an increasingly well-educated workforce and its strategic location near the Middle East, Europe, and West Africa, to SE Asia and E Asia, bolstered by well-established sea routes, make India an ideal place to do business,” the Forbes commentary noted.

Companies like Apple, FedEx and Foxconn -- along with several established electronics, aerospace, and medical device companies -- are scaling up India operations. “From aerospace and defence to medical devices, automobiles, electronics, and space technology, India’s manufacturing ecosystem is as diverse as it is dynamic,” read the article.

In 2014, PM Modi started the ‘Make in India’ programme to strengthen the case for India globally. “The resulting job creation and increase in foreign investment directly impact 25 identified sectors, including railways, defence, insurance, and medical devices,” according to the article.

“BECOME AN ENTREPRENEUR”

New Delhi: Hailing Prime Minister Narendra Modi’s efforts in promoting the startup sector in India, G20 Sherpa and former NITI Aayog CEO Amitabh Kant has said if such an atmosphere had existed during his time, “I would never have sat for the IAS exam and would have become a startup entrepreneur instead”.

Speaking to IANS at the ‘Vishesh Sampark Abhiyan’ event in the national capital, Kant said the biggest thing the PM Modi government did in the last decade is that it relaxed rules and regulations for startups so they could grow.

“Startup India was launched by PM Modi on January 16, 2016. Since then, India has seen an entrepreneurial boom with over 1,30,000 startups, more than 115 unicorns, and a $350 billion valuation,” he said. The G20 Sherpa further mentioned that the change that has occurred in the last decade could have taken about 50 years to achieve, but “due to the efforts of the present government, it has become possible in the last 10 years”.

In a post on X, Kant wrote that it’s” inspiring to see young minds at #ViksitBharat speak of an India filled with opportunity”.

“Under PM @narendramodi’s leadership, India’s last decade has been one of tremendous tech innovation, incubation, and transformation,” he added. Meanwhile, Union Minister Rajeev Chandrasekhar has said that after a robust decade of innovation and digital growth, the next 10 years will see India on the global map for emerging technologies, be it artificial intelligence (AI) or high-performance computing.

New Delhi: As the Indian e-commerce space heats up with a spurt in the digital economy, Google has invested nearly $350 million in Walmart-owned Flipkart, taking the homegrown company’s valuation at nearly $36 billion. In a

GOOGLE FUNDS FLIPKART MAKE IN INDIA BOOST

statement, Flipkart said it has added Google as a “minority investor” in the e-commerce platform as part of the latest funding round led by Walmart.

The company, however, did not disclose the financial details. The move, coming at a time when the Indian digital economy is growing at a much faster pace, is subject to receipt of regulatory and other customary approvals by both parties, the homegrown e-commerce firm said in a statement.

“Google’s proposed investment and its Cloud collaboration will help Flipkart expand its business and advance the modernisation of its digital infrastructure to serve customers across the country,” it said.

Established in 2007, Flipkart has enabled millions of sellers, merchants, and small businesses to participate in India’s digital commerce revolution. Currently, it has a registered user base of more than 500 million and the marketplace offers over 150 million products across more than 80 categories.

According to the company, there are over 1.4 million sellers on the platform, including Shopsy sellers. In May, the e-commerce platform said it has clocked 1.6 times growth (year-on-year) in its grocery business. The company has launched 16 grocery fulfilment centres across key locations in the country.

Mumbai: In a fillip to the government’s “Make in India” initiative, Tata Motors-owned Jaguar Land Rover (JLR) on Friday said it plans to start assembling the flagship Range Rover model, along with Range Rover Sport, in India for the first time, significantly bringing down the prices.

The company’s Pune plant currently assembles the Range Rover Velar, Range Rover Evoque, Jaguar F-PACE, and Discovery Sport models. The Indiaassembled Range Rovers will be available for delivery by the end of this month while Range Rover Sport will arrive in the market by August.

N. Chandrasekaran, Chairman of Tata Sons, said the local assembly of the flagship models “marks an inflection point for the India subsidiary and shows the confidence the company has in the market”. According to the company, the first delivery of the locally manufactured Range Rover will begin May 24.

The move, according to the company, is likely to reduce prices by 18 to 22 per cent. Certain reports mentioned that the prices may come down by up to Rs 56 lakh. Geraldine Ingham, Managing Director of Range Rover, said they are seeing the “highest levels of client demand” for Range Rover in their 53-year history and “India is a very important part of this success story.”

JLR clocked Rs 4,000 crore in revenue in India in FY24, with total sales at 4,500 units.

KRISHNA ELLA RECEIVES AWARD

Hyderabad: Co-founder and Executive Chairman of Bharat Biotech, Dr. Krishna Ella, has been awarded the prestigious Dean’s Medal by the Johns Hopkins Bloomberg School of Public Health. The award was presented to Dr. Ella by Dean Ellen J. MacKenzie during Bloomberg School’s Convocation Ceremony at Baltimore, Maryland, for his exceptional leadership, enduring vision and contribution to improving public health.

John Hopkins Bloomberg School of Public Health acknowledges Dr. Ella’s pioneering work, remarkable influence, and determination to develop an indigenous, innovative, and safe vaccine focused on global public health, according to a statement by Hyderabad-based Bharat Biotech in May. This is the school’s highest honour, reserved for outstanding public health researchers and practitioners who demonstrate exceptional leadership in safeguarding and improving public health.

“I acknowledge this medal as a global recognition of India’s scientific excellence, and dedicate this medal to Bharat, which has shown remarkable success by advancing science and R&D, to our exemplary team of scientists, and the results of our strong commitment to the public,” said Krishna Ella on receiving the Dean’s Medal.

His contributions to shaping India’s policies on science, research and innovation made possible the development of vaccines and monoclonal antibodies, including Covaxin, India’s own Covid-19 vaccine. Under his guidance, Bharat Biotech manufactured the first indigenous rotavirus vaccine (Rotavac), the first WHO-prequalified Typhoid conjugate vaccine (Tybar TCV) and Japanese Encephalitis Vaccine, JENVAC.

During the Covid-19 pandemic, Bharat Biotech developed COVAXIN in a record time, conducting the largest-ever human clinical trials and peer-reviewed by world-leading medical journals.

GLOBAL OUTSOURCING HONOR

Bengaluru: Chocko Valliappa, Founder and MD of New York and Bengaluru co-headquartered tech and IT services firm Vee Technologies, has been inducted into the ‘IAOP Leadership Hall of Fame,’ joining the ranks of Indian IT industry veterans N. R. Narayana Murthy, Nandan Nilekani, Dewang Mehta, Raman Roy and Tiger Thyagrajan.

The induction by IAOP, the global organisation dedicated to shaping the future of business, recognises Valliappa’s contribution in shaping the future of the outsourcing industry and setting the highest standard of quality, Debi Hamill, CEO of IAOP, said in a statement.

“The ‘IOAP Leadership Hall of Fame’ has humbled me as its puts me in the league of some stalwarts in the Outsourcing industry and reflects the hard work and dedication of 15,000 strong and committed professionals at the Sona Group, Vee Technologies and Vee HealthTek,” Valliappa said in May.

The award was presented by Mark Voytek, Chief Advisor at IAOP, following a global nomination and selection process by the induction review committee. Valliappa also serves as Vice Chairman of Sona College of Technology in Tamil Nadu, whose research teams supply stepper motors for ISRO’s space missions.

“This honour spurs me to inspire the next generation of leaders, academics and young learners engaged with the Sona Group to innovate and solve mega challenges by providing equal opportunities at work, classrooms, research labs and in the community,” Valliappa noted.

GOOGLE’S INDIA MANUFACTURING

New Delhi: Google, which just launched its new device Pixel 8a with industry-leading features, is apparently looking at India to manufacture its smartphones via investing billions of dollars. The company is reportedly looking to manufacture new Pixel devices in Tamil Nadu, in partnership with Taiwanese manufacturing giant Foxconn.

The government’s production-linked incentive (PLI) scheme has played an instrumental role in attracting global manufacturers and Google will soon join the league. Google Pixel phones are full of top-notch artificial intelligence (AI) features, including Gemini and Circle to Search.

Powered by Google AI, the ‘Best Take’ tool will make every group photo a “true” group photo. You can choose the image where everyone looks their best and the feature uses a series of photos taken close together to one fantastic picture.

Google AI also reduces distracting sounds in videos so you can hear the ones you want. Sounds from cars, wind, or construction can be disruptive in video. Audio Magic Eraser uses Google AI to reduce distracting sounds with a few taps, so “you can hear the ones you want”.

According to the company, ‘Magic Editor’ is a new and powerful generative AI-powered photo editor with more intuitive tools and suggestions that let you reimagine the way you edit. Gemini is the redefined digital Generative AI assistant that amplifies productivity and creativity because it’s personalised and brings together the best of Google’s AI capabilities, in the palm of their hand.

You can talk, text or share images to get help with all of your tasks, so you can focus on what matters most to you. With the ‘Circle to Search’ feature, you can search from anywhere on your phone, whichever app or screen you’re on, and search in a way that is natural to you.

Pixel 8a is made with at least 24 per cent recycled materials based on product weight, the most recycled content in any A-series yet. The device is also the first A-Series phone to get seven years of OS, security updates and feature drops, to optimise for what people care about most: keeping their phone secure and up-to-date.

The Family Link app, which hosts parental controls, lets parents decide on the family’s digital experience.

“TECH INNOVATIONS SPURRED”

New Delhi: Robust government policies have greatly enhanced the entrepreneurial spirit and spurred technological innovations under Prime Minister Narendra Modi’s leadership, Lakshmi Murdeshwar Puri, former Assistant Secretary General of the United Nations, said in May.

Lakshmi Puri said that “it is imperative that the government be voted back for continued progress needed to get us to our developed country destiny”. In a post on X, she said she was honoured to co-host the leaders of Technological Innovations Driving Entrepreneurship (TIDE) at the ‘Vishesh Sampark Abhiyan’ event in May. “As the atmosphere buzzed with vibrant energy and enthusiasm, signalling a collective eagerness to maintain the dynamic momentum of transformation, top IT professionals, innovators, startup leaders, and intellectuals converged, all committed to the shared goal of ‘Viksit Bharat’ by 2047,” said Lakshmi Puri, the wife of Union Minister Hardeep Singh Puri.

The innovators and founders affirmed that “enlightened policies had greatly enhanced the entrepreneurial spirit and spurred technological innovations under PM Modi.” At the event anchored by Union Ministers Hardeep Singh Puri and Rajeev Chandrashekhar, innovators and technocrats said initiatives such as Atal Innovation Mission, Start-up India, Stand-Up India and Digital India have resulted in the transformation of the Indian economy.

“GRATEFUL TO PM MODI”

New Delhi: Homegrown geospatial software provider MapmyIndia CEO and Executive Director Rohan Verma on Wednesday said that he is grateful to Prime Minister Narendra Modi for mentioning and encouraging the company and unlocking the geospatial sector and its benefits for the country.

“I am really grateful to PM Modi for his leadership in opening up the geospatial sector and unlocking the benefits of this sector for the country,” Verma told IANS. Agreeing with Verma’s view on the government unlocking the tremendous opportunity in space and geospatial over the last 4 years, PM Modi, earlier in the day, posted on X that the entire world has appreciated India’s recent strides in the space sector.

“Our government has and will continue to make every possible effort to transform the crucial space and geospatial sectors,” PM Modi wrote. Speaking at the ‘Vishesh Sampark Abhiyan’, the CEO said that earlier, it was very difficult to work and all technology in the geospatial sector was very restricted.

“But when we reached out to NITI Aayog, they got the policies amended, enabling us to serve the country and make us Atmanirbhar,” he mentioned. Meanwhile, MapmyIndia has reported operating revenue of Rs 379.4 crore in FY24, up 35 per cent (year-on-year).

It clocked 47 per cent growth in operating revenue for the January-March period (Q4) to Rs 106.9 crore.

“KUDOS TO PM MODI”

Zomato Founder and CEO Deepinder Goyal in May praised Prime Minister Narendra Modi for providing ample opportunities to small-town entrepreneurs like him, as the online food delivery platform, coupled with quick commerce delivery platform Blinkit, scaled new highs in the last couple of years.

In a post on X, Goyal thanked PM Modi for his kind words. “This does certainly motivate us to work harder and do better,” the Zomato CEO posted. The Prime Minister said that Goyal’s journey is truly inspiring which motivates “countless youngsters to pursue their entrepreneurial dreams”.

“Ideal Place”

New Delhi: From zero presence in the global supply chain 10 years back, India now has a significant role to play in the supply chain ecosystem across industries, creating huge investment and job opportunities, Union Minister Rajeev Chandrasekhar has said.

The minister reacted to a commentary piece in Forbes which mentioned that for supply chain leaders, India is a promising new region with lower tariffs, lower landed costs, and special incentives for many industries, under the visionary leadership of Prime Minister Narendra Modi.

Goyal attended ‘Vishesh Sampark Abhiyan’ event in the national capital in presence of Union Ministers Hardeep Singh Puri and Rajeev Chandrashekhar, along with fellow startup founders.

A small-town boy from Punjab, Goyal also faced questions about his ability to succeed in the startup ecosystem. “When I told my father about starting Zomato, he said, ‘Janta hai tera baap kaun hai?’ which basically meant ‘You can’t do a startup’,” Goyal had recalled.

Today, Zomato has a market capitalization of about $20 billion, with Blinkit contributing $13 billion to Zomato’s value. In the JanuaryMarch quarter of FY24, Zomato registered a profit of Rs 175 crore -- from a loss of Rs 188 crore in the same period last year. Zomato aims to reach 1,000 Blinkit stores by the end of FY25.

“From being absent in global supply chains in 2014 to today rising to a major presence in global supply chains, creating investments and jobs is yet another Prime Minister Narendra Modi’s transformation of India’s economy,” Chandrasekhar posted on X social media platform.

Today, India is a solid option to diversify the global supply chain. “When I talk to supply chain leaders, it’s clear that success looks like operating with agility -- often across borders -- in a changing global economy. India is a great place to start,” wrote Dave Evans, CEO and Co-Founder of Fictiv, the operating system for custom manufacturing, in the article.

According to the International Monetary Fund (IMF) estimates, India will be the world’s third-largest economy by 2027, with a GDP of $5 trillion. “This combination of an increasingly well-educated workforce and its strategic location near the Middle East, Europe, and West Africa, to SE Asia and E Asia, bolstered by well-established sea routes, make India an ideal place to do business,” the Forbes commentary noted.

Companies like Apple, FedEx and Foxconn -- along with several established electronics, aerospace, and medical device companies -- are scaling up India operations. “From aerospace and defence to medical devices, automobiles, electronics, and space technology, India’s manufacturing ecosystem is as diverse as it is dynamic,” read the article.

In 2014, PM Modi started the ‘Make in India’ programme to strengthen the case for India globally. “The resulting job creation and increase in foreign investment directly impact 25 identified sectors, including railways, defence, insurance, and medical devices,” according to the article.

“CRITICAL PARTNER INDIA”

the US which is “doubling down” on it for trade and working on further boosting economic ties, according to a senior US trade official. Assistant Commerce Secretary Arun Venkataraman said, “I genuinely believe that this is very much a heyday of this bilateral economic relationship” between India and the US.

“We are doubling down on India and finding more ways to collaborate and grow that economic integration,” he told reporters in May ahead of the World Trade Week in New York.

India “has become an even more critical partner for the US,” he said. “We are amazed by the incredible deepening of the collaboration that’s happened in the last few years with India.”

According to the US International Trade Administration, total trade in goods and services between India and the US topped $191 billion in 2022, almost doubling from 2014. Foreign direct investment (FDI) from the US reached $103 billion during the 2022-23 fiscal year, while Indian FDI flows to the US reached $14.4 billion in 2021 providing for more than 72,000 US jobs.

Asked by a reporter if the US would consider a free trade agreement with India, Venkataraman did not directly address the possibility, instead pointing to India’s participation with the US and 12 other countries in the Indo-Pacific Economic Framework for Prosperity (IPEF) launched in 2022. “Free trade agreements are a fantastic tool and can be very effective, but I think we should also remember that free trade agreements are only one tool in the toolkit,” he said. Right now, he said that the IPEF “is addressing key elements that you don’t find in free trade agreements, addressing the urgencies of the day”.

“We’re focused on getting that (IPEF) implemented” and making sure “that we avoid some of the vulnerabilities

that we all learned during the pandemic,” he added. While most of the attention to keeping the Indo-Pacific region free and open has been focused on strategic issues, Venkataraman emphasized the critical role of the IPEF.

“We are proud of the fact that in short order we have managed collectively, with Japan’s help and all of our Indo-Pacific partners, to be in a position to move aggressively towards implementing the Indo-Pacific Economic Framework,” he said. The IPEF has made headway in one key aspect, making the supply chain resilient, he added.

The IPEF Supply Chain Resilience Agreement came into force in February and “we will soon be setting up the institutions to operationalise” it, he said. It “is really going to be critical to mitigating supply chain disruptions going forward and helping make our economies collectively more resilient to the threats that could occur from supply chain disruptions,” Venkataraman added.

He said that substantial progress has been made in negotiations on two other elements of the IPEF, ensuring a clean and fair economy. These are aimed at “ensuring a transparent environment free of corruption” and efficient tax administration, he added.

At the first IPEF ministerial meeting in Singapore in June, there will also be a “clean investor forum” bringing together entrepreneurs, venture capitalists, government agencies, and others to strategize on increasing investment in sustainable infrastructure, he said.

The Tamil Nadu-born Venkataraman holds the Global Markets portfolio in the Commerce Department in addition to being the Director-General of the US and Foreign Commercial Service.

USD 7.2 BILLION MONETIZATION

New Delhi, May 23 (IANS) NHAI has a monetization potential of Rs 53,000 to 60,000 crore from the sale of 33 road assets through the toll-operate-transfer and Infrastructure Investment Trust mode that it has lined up for the financial year 202425, according to an ICRA report released in May.

ICRA also expects that the Ministry of Road Transport and Highways (MoRTH) could achieve up to 71 percent of its monetization target of Rs. 1.6 lakh crore under the National Monetisation Pipeline by the end of FY2025.

In April 2024, the National Highways Authority of India (NHAI) released an indicative list of 33 road assets that it plans to monetize in FY2025 through a mix of toll-operate-transfer (ToT) and Infrastructure Investment Trust.

These assets are spread across 12 states, cumulatively spanning nearly 2,750 km and with annual toll collections of Rs. 4,931 crore. ICRA Vice President Ashish Modani said: “Over the last six years, NHAI has monetized 29 assets across 10 TOT bundles with valuation multiples ranging between 0.44 times to 0.93 times, realizing Rs 42,334 crore so far. Considering a 20-year concession period and annual toll collections,

the identified 33 assets may garner between Rs 53,000 – Rs 60,000 crore, as per ICRA’s assessment. Going by the debt-to-equity funding ratio seen in the past transactions, this could translate into a Rs 38,000-43,000 crore lending opportunity for banks/ capital markets.”

The NHAI intends to club the 33 identified assets into large (more than Rs 6,000 crore), medium (about 3,000- 4,000 crore) and smaller bundles (Rs 1,000-3,000 crore), for different types of investors.

“The composition of the bundles will remain a determining factor for the valuation multiple as the presence of road stretches built under the annuity mode/ hybrid annuity mode (HAM4), will reduce the requirement for operation and maintenance expenses (for the new concessionaire) and hence, will carry a relatively higher multiple,” Modani added.

Under the National Monetisation Pipeline, the road sector monetization was expected to account for Rs 1.6 lakh crore, i.e. 27 per cent of total monetization during FY 2022-FY 2025. By the end of FY 2024, the NHAI (together with MoRTH) had realized around Rs 0.53 lakh crore (33 per cent) across the two modes for monetizing its assets.

NEEDS TO BE SECURED

New Delhi: The nation can still recall how Punjab was caught in the grip of terrorism in the latter 1980s that could be countered only through sustained use of armed police, socio-political efforts at restoring peace and the diplomatic initiatives taken for mobilising world opinion against the call of ‘Khalistan’.

The environment of hurt feelings amongst Sikhs created by Op Blue Star at the Golden Temple, the rise of Sant Jarnail Singh Bhindranwale as the fulcrum of the ‘Khalistan movement’ in the state, and the full exploitation of the situation by Pakistan which pumped in arms, explosives and trained militants into Punjab had all combined at that time to push the level of terrorist violence all over the state to an unprecedented high with things coming to a pass where people in Chandigarh and Mohali stopped leaving their houses after sunset.

The comprehensive countermeasures of the state did succeed by the turn of the decade -- the execution of Operation Black Thunder in 1988, which was based on two fundamental precepts that no policeman would enter the premises of the Golden Temple and no bullet would be fired from outside towards the Temple, played a major part in turning the things around for the eventual return of peace to Punjab.

What really marked the end of the chapter of terrorist violence in the border state was the restoration of Hindu-

Sikh unity against the machinations of the external enemy to permanently damage their brotherly relations by instigating targeted killings on communal lines. This ground reality of peace rooted in Hindu-Sikh unity has held on for decades -- it found validation in the political alliance between the BJP and Akali Dal in recent times. Punjab happily is once more acknowledged as the prime contributor to the nation’s defence as well as the country’s food economy. The border state however is again being targeted by forces inimical to India.

The situation in Punjab, with its strategic location, is becoming vulnerable in the face of the evil designs of the adversaries to revive the call of Khalistan outside India in the hope that this would produce an induction effect within the state.

The people of Punjab are averse to any disruptive ideas and remain united in faith -- being totally devoted to the teachings of Guru Nanak and the recitation of ‘Shabad’ at Gurudwaras. There is complete socio-cultural harmony between Hindus and Sikhs in Punjab as also in the rest of the country. India’s enemies are therefore trying to operate externally to work out ways of injecting trouble in the state from outside.

The Khalistan movement is being revived in the US, Canada, Australia and the UK by enemy agents trying to work in the Sikh diaspora, particularly among the younger generations

who had remained somewhat cut off from Punjab, the land of their origin, possibly losing some emotional attachment with India as well. They could fall for the separatist rhetoric more easily particularly when this was backed by the narrative of ‘majoritarianism’ and ‘anti-minorityism’ built against the regime by anti-India lobbies abroad often working with some of the civil society groups at home.

In Punjab, sporadic attempts to use Gurudwaras to revive the Amritdhari cult have come to notice. Isolated incidents of assault on a Granthi or desecration of Guru Granth Sahib have to be guarded against as they could prove to be the flag points for instigated trouble. It is also clearly evident that there is an organised attempt by the adversary to step up the induction of narcotics into Punjab from across the border to increase drug addiction among the youth there making them vulnerable to outside influence and the manoeuvring of enemy agents.

Slowly but steadily the Pak-supported Khalistan movement is raising its head in Sikh diaspora abroad, particularly since 2022. Vandalism against India’s diplomatic missions, defacing of temples and glorifying past incidents pertaining to Khalistan terror in India have been resorted to in a planned manner. These subversive activities abroad have been accompanied by some violent actions on Indian soil as well. There was infiltration of Khalistan elements in the farmer’s agitation of 2020 and on January 26, 2021, some Sikh protestors entered Red Fort and hoisted Nishan Sahib’s flag there.

Meanwhile, Amritpal Singh, a known Khalistan protagonist who had links with the US-based Sikhs For Justice (SFJ), along with thousands of supporters carrying a copy of Guru Granth Sahib and also some firearms, raided Ajnala Police Station near Amritsar on February 23, 2023, and forcibly secured the release of Loveprit Singh Toofan, an aid of Amritpal, arrested earlier in a case of violence.

Amritpal Singh, the leader of self-styled Waris Punjab De, is known to have been trained by Pak ISI and housed in Dubai which is an important hub of ISI. He visited Rode village in Moga district, the birthplace of Sant Bhindranwale in an attempt to emulate the latter. He was finally arrested in April 2023 and shifted to Dibrugarh jail in Assam considering his potential for whipping up violence in Punjab.

Apart from spreading the Khalistan movement, Amritpal Singh was actively involved in smuggling drugs into Punjab and promoting addiction amongst the youth of Punjab. All of this proved Pak ISI’s hand behind the revival of Khalistan call in Punjab and the pumping of drugs into the state with the intention of raising a body of addicted youth who would do its bidding in subverting the border state through the separatist Khalistan movement.

The Sino-Pak axis remains hostile to India and has become much more active after the abrogation of Article 370 by the Indian Parliament.

The China-Pakistan Economic Corridor (CPEC) passes through the northern part of PoK and it was vehemently opposed by India. Operational collusion between China and Pakistan against India has lately been reflected in the use of Chinese drones by Pak ISI for dropping arms and narcotic consignments in Kashmir and Punjab.

There are reports of Pak-based Islamic militant outfits being used for building contacts with Sikh extremist elements in Punjab. Pak ISI is likely to repeat its modus operandi in Punjab and do a few things that had helped it in the 1980s to build terrorism in the state. Gurudwaras were used for indoctrinating and even sheltering militants, training in techniques of making IEDs was imparted -- cycle bombs made by packing RDx into the cylinders of a cycle and fitting it with a timer became a trademark of terror at that time -- and Hindu-Sikh enmity and distrust was whipped up by directing targeted killings of Hindus. Any beginnings of this kind of violence should be promptly noticed.

Pak ISI knows it is not easy to build the Khalistan movement at present but buoyed by the Sino-Pak axis, it is determined to press for it by first promoting the idea outside and using pro-Khalistan groups to inject the same into Punjab. Pak ISI is prompted to concentrate on Punjab in line with its old K2 plan as the Centre had successfully controlled the situation in Kashmir after abrogating Art 370 of the Constitution. It would be prudent to set off coordinated measures in Punjab to mitigate any chances of the revival of the Khalistan idea in the state.

Punjab needs to be put in charge of a Governor with a national security background who had knowledge of how the terrorist problem in the state was handled in the past. An important function of the Head of the state would be to guide and educate the state government about the operational measures needed to be put in place, particularly in a border state and the socio-political environment that had to be created to mitigate the threat of separatism in the name of Khalistan. Security of the border state has to be kept above party politics.

Since the adversary this time is using the pro-Khalistan elements abroad to inject violence in Punjab, intelligence coverage of Khalistan groups outside India already identified had to be stepped up further.

India has designated some leaders of Indian origin actively engaged in promoting the call of Khalistan in countries like the US and Canada and all efforts have to be made to get them extradited to India to face legal action.

India has launched a diplomatic effort to counter the anti-India activity abroad and called the ruling elites in the concerned countries to check the same.

Watch on social media used for the spread of Khalistan separatism and indoctrination of youth has to be intensified and effective action taken particularly against insiders colluding with such activity -- under the new Penal codes passed by the Parliament in December last year.

Democratic forces at home have to be encouraged to speak up against the subversive call of Khalistan and uphold the unity of India. We have to be ahead of the troublemakers within the country or outside in countering any threats to national security, integrity and sovereignty.

-The writer is a former Director of the Intelligence Bureau.

$444 MILLION FUNDING

About 24 Indian startups have raised around $444 million in funding during this week, which include five growth-stage deals and 14 early-stage deals. Two earlystage startups did not disclose the amount raised, Entrackr reported in May when about 26 early and growth-stage startups collectively secured around $240 million in funding.

Among the growth-stage deals, seven startups secured around $394.21 million in funding this week. E-commerce major Flipkart secured the highest funding of $350 million from Google. This was followed by financial services platform Navi, which raised $18 million in debt.

Other startups such as managed accommodation provider Stanza Living, rural financial services firm Save Solution, and NBFC operating in remote rural parts, Dvara KGFS, also raised funding during the week. In addition, 14

ELECTRIC CAR CHARGING

New Delhi: Indian-origin researcher Ankur Gupta and his team have discovered a new technology that could charge a dead laptop or phone in a minute or an electric car in 10 minutes. In the study published in the journal Proceedings of the National Academy of Sciences, the researchers discovered how tiny charged particles, called ions, move within a complex network of minuscule pores.

According to Gupta, an assistant professor of chemical and biological engineering at the US-based

early-stage startups secured funding worth $49.6 million during the week.

SaaS (Software-as-a-service) startup UnifyApps topped the list followed by solar energy platform Soleos Solar Energy, NBFC Varthana, and producer of high-quality SingleWalled Carbon Nanotubes (SWCNTs) NoPo Nanotechnologies.

The list of early-stage startups also includes-Collective Artists Network, 8 chili, Agrilectric, Fix My Curls, and Infinx -- which kept the funding amount undisclosed. City-wise, Bengaluru-based startups led with 14 deals followed by Delhi-NCR, Mumbai, Hyderabad, Ahmedabad, Ludhiana, and Chennai.

University of Colorado Boulder, this breakthrough could lead to the development of more efficient energy storage devices, such as ‘supercapacitors’. The discovery is important not only for storing energy in vehicles and electronic devices but also for power grids, where fluctuating energy demand needs efficient storage to avoid waste during periods of low demand and to ensure speedy delivery during high demand, Gupta said.

Supercapacitors, energy storage devices that depend on ion collection in their pores, have fast charging times and longer life spans compared to batteries, he added. As per researchers, the primary appeal of supercapacitors lies in their speed. Before this study, ion movements were only defined in the literature in one straight pore.

This discovery allows for the simulation and prediction of ion flow in a complicated network of thousands of interconnected pores in minutes, the researchers mentioned.

“PASSING THROUGH HISTORIC ERA”

New Delhi: Calling it the “most consequential relationship” that is passing through a “historic era”, US Ambassador to India, Eric Garcetti, asserted in May that the ongoing investigation into an alleged plot to assassinate Sikh radical Gurpatwant Singh Pannun will not affect ties between Washington and New Delhi.

“How we manage those moments defines the strength of a relationship... I would say our work every single day at the embassy, every single day at the Ministry of External Affairs, the Indian Embassy in Washington, has not slowed down one bit,” Garcetti told NDTV in an exclusive interview.

In November 2023, the US prosecutors had alleged a foiled plot to assassinate Pannun, a US citizen and head of the pro-Khalistan outfit Sikhs for Justice (SFJ), on behalf of an Indian government employee. Likening the India-US relationship to a marriage, which has its share of inevitable fights and disagreements, Garcetti added: “It continues to accelerate because we want this relationship, we need this relationship, and we have this relationship.”

Criticising certain reports in the US media, India has maintained that “unwarranted and unsubstantiated imputations” on a serious matter should be avoided. “There is an ongoing investigation of the High-Level Committee set up by the Government of India to look into the security concerns shared by the US government on networks of organized criminals, terrorists, and others. Speculative and irresponsible comments on it are not helpful,” Randhir Jaiswal, spokesperson for the Ministry of External Affairs, said in April 2023.

“INDIA RESHAPING GLOBAL ECONOMY”

London: UK Prime Minister Rishi Sunak in May cited India’s rise as an ‘economic superpower’ as he pledged to create a dynamic, innovative economy fuelled by technological progress. Insisting that “more will change in the next five years than in the last 30”, Sunak, during his speech on security at the Policy Exchange think-tank, spoke on a “clear plan and bold ideas” to deliver a secure future for the Britons.

He also maintained that “new and fast-growing economic superpowers” like India, Indonesia, and Nigeria are significantly reshaping the global economy. “We must be prepared strategically and economically, with robust plans and greater national resilience, to meet this time of instability with strength,” said the UK PM while elaborating on the current geopolitical situation.

The UK, which has had five Conservative Prime Ministers since 2010, will go to the polls shortly. Sunak was only spotlighting the resilience demonstrated by the Indian economy as it successfully mitigated the risks of global economic downturn over the recent years, including the Covid-19 aftermath.

“I see India as Asia’s Silicon Valley and the UK as Europe’s Silicon Valley, so there’s a lot we can work on together,” Jeremy Hunt, UK’s Chancellor of the Exchequer, had said following talks with Finance Minister Nirmala Sitharaman in Delhi in September 2024.

NEW P&G HYGIENE CFO

New Delhi: Procter & Gamble (P&G) Hygiene and Health Care in May announced the appointment of Mrinalini Srinivasan as the company’s Chief Financial Officer from June 29. She will be taking over the role from Prashant Bhatnagar, who will leave the company after about 28 years of service.

NEW LAVA GROUP CFO

“This role gives me an opportunity to work with various stakeholders to bring our integrated growth strategy to life and delight our consumers with superior propositions. I look forward to contributing to the growth of P&G in India,” Srinivasan said in a statement.

In her 16-year career, Mrinalini has held a variety of finance roles. She joined P&G in 2008 and worked across three geographies -- Singapore, India, and Dubai, leading transformational projects and delivering outstanding results for several important P&G businesses, the company said.

An alumnus of FMS Delhi, Mrinalini currently leads Corporate Finance and is also the Executive Sponsor of Gender Equality for P&G India group. Before this role, she was serving as the Senior Director, Sales Finance for P&G India. She has also served as the Regional Business Planning Director for the Asia, Middle East and Africa businesses, and Finance Director for the Feminine Care business in India, the Middle East and Africa business based out of Dubai.

New Delhi: Homegrown electronics manufacturer Lava International in May announced the appointment of Rajesh Sethi as the new Group Chief Financial Officer. In this new role, Sethi will be responsible for leading Lava’s financial operations, enhancing financial systems and processes, and steering the company’s fiscal strategies to support its growth plans.

“The mobile and electronics industry is on a high growth trajectory, and Lava has a great potential to tap into the opportunities with superior quality Made in India products,” Sethi said in a statement. “My strategy will be to strengthen financial resilience, and corporate governance and generate capital for the ambitious growth plans of the company,” he added.

Lava said that Sethi’s appointment is in line with the company’s vision to strengthen its leadership team for building a global Indian technology enterprise. “His expertise and wealth of experience in driving financial success will be instrumental in accelerating Lava’s future growth. We look forward to his contributions and leadership in our endeavour to build a global Indian enterprise,” said Sunil Raina, Executive Director of Lava International.

He has held leadership roles at prominent organizations, including Bharti Airtel, Telenor Group, Essar Group and STER Group, during his career. Also, in May, Lava International announced its new Board members to drive the company’s next phase of growth and innovation. The company’s Executive Director Sunil Raina and Chief Manufacturing Officer Sanjeev Agarwal had joined as Directors.

Former Managing Director of BSNL Anupam Shrivastava and former Lieutenant Governor of Andaman & Nicobar Islands and Puducherry Ajay Kumar Singh joined as Independent Directors, the company said.

NOTHING’S INDIA PRESIDENT RS 13,763 CRORE Q4 PROFIT FOR LIC

New Delhi: London-based consumer tech brand Nothing in May announced the appointment of Vishal Bhola as President for India business. Bhola, in his new role, will play a key role in accelerating the company’s growth trajectory in India, leveraging his expertise in consumer tech and strategic business management.

“The company’s iconic products and inspiring vision to make tech fun again resonate with me. I am eager to contribute to Nothing’s next phase of growth and innovation,” Bhola said in a statement. The company said that Bhola’s appointment underscores Nothing’s commitment to expanding its presence and offerings within the Indian market.

“Vishal’s vast experience and leadership in the global consumer goods industry make him a valuable addition to our team. We are excited to welcome him aboard and look forward to his contributions as we continue to innovate and redefine the tech landscape,” said Carl Pei, CEO and Co-founder at Nothing.

Bhola’s journey includes over two decades at Unilever, where he held various key positions starting in India and expanding across Southeast Asia, the US, Africa, China, and the global headquarters in London. After his tenure at Unilever, he joined Whirlpool as Managing Director, responsible for driving profitability and growth across the Indian subcontinent for Whirlpool Corporation.

New Delhi: Life Insurance Corporation of India (LIC) in May reported a 2.5 per cent increase in net profit at Rs 13,763 crore for the January-March quarter of the financial year 2023-24 compared to the corresponding figure of Rs 13,421 crore in the same period last year.

The country’s largest announced an interim dividend of Rs 6 per share. The insurance behemoth also reported an improvement in its asset quality as gross non-performing assets (GNPA) fell to 2.01 per cent from 2.56 per cent in the year-ago period. The value of new business of the company rose by 4.66 per cent to Rs 9,583 crore with the margin increasing by 0.6 per cent to 16.8 per cent.

The insurance giant sold a total of 2.03 crore policies in the individual segments compared to 2.04 crore policies sold in FY23. In the fourth quarter, LIC witnessed an uptick in its Annual Premium Equivalent (APE), recording a 10.7 per cent increase to Rs 21,180 crore compared to Rs 19,137 crore in the previous year.

The company’s Assets Under Management (AUM) increased to Rs 51.21 lakh crore in March 2024 as compared to Rs 43.97 lakh crore on March 31st, 2023 registering an increase of 16.48 percent year on year. The solvency ratio of the insurer was at 1.98 per cent up from 1.87 per cent last year.

“WILL VOTE FOR TRUMP”

Washington: After running a spirited primary challenge to former US President Donald Trump, Nikki Haley, the former Ambassador to the UN, said in late May that she will vote for him.

“I will be voting for Trump,” the Indian-descent politician said in a speech at Hudson Institute, a think-tank where she will hold a chair.

“She went on to explain her reasons. As a voter, I put my priorities on a President who’s going to have the backs of our allies and hold our enemies to account. One who would secure the border, no more excuses. A President who would support capitalism and freedom, a President who understands we need less debt, not more debt.”

“Trump has not been perfect on these policies. I have made that clear many, many times. But Biden has been a catastrophe.” Haley’s endorsement triggered talk of joining the Trump ticket as running mate. Trump, who has stoked speculation about his running mate naming those in consideration, has ruled out Haley.

But if Haley can change her mind about Trump, so can Trump about her. Running against him for the party’s nomination to run for the White House, she had called him “unhinged” and chaos followed him wherever he went. She had even suggested a mental acuity test for candidates running for President citing some of his many fumbles, which included mistaking Haley for Nancy Pelosi, a former Democratic Speaker of the House of Representatives.

A key reason Trump could change his mind on Haley is her supporters in the Republican Party, who remain so deeply hostile to him that they have continued to vote for her in the ongoing primaries even though she is no longer in the race. And these are not a handful of voters. She won 21 per cent of the votes in the Indiana primary earlier this month even though she has been out of the contest for weeks now.

Haley reminded Trump about her supporters. “Trump would be smart to reach out to the millions of people who voted for me and continue to support me and not assume that they’re just going to be with him. And I genuinely hope he does.”

Even President Joe Biden’s campaign has been eyeing Haley’s supporters and has been wooing them as a sizable voting block. Trump has a tight grip on the core of the Republican Party, which ensured his victory in the

primaries and grants him an extortionist’s hold on the lawmakers of his party who fear the support of his base if they upset him. But Trump will need to carry his party to come within striking range of the White House and he needs Haley’s supporters.

None of the other Vice-President aspirants who Trump paraded at a recent fundraiser at his Mar-aLago resort, have anything similar to offer to the former President. She has secured 14 per cent in the Republican primaries even after exiting the race.

NEW DUTCH PM

Amsterdam: Dick Schoof, the former head of the Dutch intelligence service, is set to become the new Prime Minister of the Netherlands, the incoming right-wing government announced in May.

Schoof, 67, is the top civil servant at the Justice Ministry and has no current party affiliation. He is regarded as

PRESIDENT NAUSEDA WINS

Vilnius: Incumbent

President Gitanas Nauseda has won Lithuania’s presidential election, beating his rival Ingrida Simonyte in the run-off in late May, data from the country’s Central Electoral Commission (VRK) showed.

an expert on security and migration -- two burning issues for the four coalition partners.

Schoof was head of the intelligence and security service AIVD, coordinator in the fight against terrorism, and also director of Immigration Services. The Netherlands has been in political limbo since November’s general election, which sent shockwaves across Europe.

Geert Wilders’ nationalist and right-wing Party for Freedom (PVV) scored a dramatic victory, but not enough to govern outright. It took months for the “anti-Islam, antiimmigration and anti-EU” firebrand to persuade other parties to join him in a coalition.

Wilders has promised “the strictest asylum policy ever” and drastic curbs on immigration. His programme also includes relaxing environmental regulations for farmers and cancelling subsidies for sustainable energy.

In a concession to make the coalition possible, Wilders said he would not seek to be Prime Minister and renounced some of his most controversial demands, such as the ban on mosques. Wilders finally announced two weeks ago that his PVV had agreed a four-way coalition with the liberal People’s Party for Freedom and Democracy (VVD) of outgoing Prime Minister Mark Rutte, the conservative New Social Contract (NSC) party and the populist Farmer-Citizen Movement (BBB).

Wilders said Schoof, who was once a member of the centre-left Labour Party, “stands above the parties and has our trust”. It is expected to take several weeks before a Cabinet lineup will be finalised and King Willem-Alexander swears them into office. Rutte, who has been Prime Minister since 2010, is on track to become NATO’s next Secretary General toward the end of the year.

The latest data announced by VRK show that in the total of 1,895 stations, Nauseda gathered 74.43 per cent of voters’ support, while Simonyte ranked second with 24.06 per cent, Xinhua news agency reported.

Nauseda declared his victory as he secured his second five-year term. “They (Lithuanian people) have given me a great mandate of trust and I am well aware that I will have to cherish this credit of trust,” he told Baltic News Service (BNS) in Vilnius.

Simonyte, the incumbent Prime Minister, has conceded her defeat and congratulated Nauseda on his victory, BNS reported. The run-off poll on May 27 was held after neither candidate secured more than half of the votes in the first round on May 12.

STORII IN JAISALMER

New Delhi: ITC Hotels recently signed a management agreement with Jaipur-based Dangayach Group, for a property under brand Storii, in Jaisalmer, Rajasthan. Storii by ITC Hotels, Jaisalmer is set to be a 119-key resort located towards the east of the city on Jodhpur-Jaisalmer Road.

Jaisalmer is one of the largest tourism districts in Rajasthan and is featured as a “must-visit” destination in most Rajasthan desert circuits. The city offers a perfect blend of art, architecture, hospitality, scenic beauty, and cuisine. Jaisalmer is renowned for its unconventional desert safari with camel rides, cultural performances, and adventure activities. The city’s yellow sandstone is known to glow during sunset, making it a high point in every tourist’s itinerary. The resort’s yellow-stone fort architecture is inspired by the region’s landscape.

Anil Chadha, Chief Executive, ITC Hotels, said: “This project is a tremendous leap permitting a quick entry into a high-visibility and popular leisure market with our cherished brand Storii. We are already present with over 800 keys across our various brands in Rajasthan. These include hotels in Jaipur, Jodhpur, Khimsar, Jaisalmer and Udaipur. Storii Jaisalmer will enable us to offer yet another unique destination experience in the Rajasthan desert circuit.”

Harimohan Dangayach, Chairman & Founder, and Atul Dangayach, Managing Director of Dangayach Group, expressed happiness at the signing ceremony and said: “We are delighted to sign Storii for our latest resort project in Jaisalmer. The resort’s positioning in a strong leisure market aligns well with the unique positioning of the brand Storii supplemented with the operational strength of ITC Hotels. We embark on this new relationship with ITC Hotels with much hope for growth in the future.”

“WELCOM UPS”

New Delhi: Union Minister Rajeev Chandrasekhar in May welcomed American major United Parcel Service (UPS) for its plans to manufacture tags used in tracking packages in the country. UPS is a multinational shipping and supply chain management company founded in 1907.

n a post on X social media platform, Chandrasekhar said the country looks forward to

welcoming UPS to start local production. “@UPS all the best. We look forward to partnering with you to make your India semiconductor manufacturing plans a success and expand,” Chandrasekhar posted.

Reports said the world’s largest parcel delivery company is apparently in touch with some state governments for its local production plans, leveraging a friendly chip investment environment in the country.

The country is on the path to becoming a key player in the global semiconductor supply chain with $10 billion of incentives provided to encourage local chip manufacturing. From a negligible presence in the global supply chain a decade back, the country now has a significant role to play in the supply chain ecosystem, creating investment and job opportunities.

The IMF estimates say that India will be the world’s third-largest economy by 2027, with a GDP of $5 trillion. Global giants like Apple, FedEx and Foxconn -- along with US-based semiconductor giant Micron -are scaling up manufacturing in India.

Prime Minister Narendra Modi recently laid the foundation stone for chip plants worth over Rs 1.25 lakh crore.

VISA RULES EASED

Bangkok: Thailand in May announced longer visa stay periods for tourists, postgraduate students, remote workers, and retirees as part of the government’s policy to rev up the tourism sector amid a slowing economy. The measure is aimed at promoting the tourism sector which is a key growth driver of Thailand’s economy and a major source of employment.

Beginning in June, travellers from as many as 93 countries will be eligible travellers to stay in Thailand for up to 60 days, an increase from the current list of 57 nations, according to government spokesperson Chai Wacharonke. The government’s strategy includes extending stay limits for on-arrival visas from 30 days to 60 days.

More visitors will qualify for visas on arrival, further facilitating entry into the country. Foreign postgraduate students will benefit from an additional year of stay upon graduation, and insurance requirements for foreigners seeking retirement in Thailand will be relaxed. These changes are designed to attract a broader range of visitors and residents, contributing to the nation’s economic revival.

LU signs MoU

Lucknow: Lucknow University students will now get an opportunity and exposure to work with expert faculty and researchers of the Department of Veterinary and Animal Sciences, Faculty of Health and Medical Sciences of the University of Copenhagen, Denmark.

The two institutes have joined hands for academic collaboration to foster cooperation in education, research, and skill development. LU spokesperson Durgesh Srivastava said, “The University of Copenhagen, founded in 1479, is one of the world’s top universities, best known for producing 10 Nobel laureates, 37 Prime Ministers, and 34 Olympic medallists for Denmark. Study tours and joint research with such a prestigious institution will be an enriching experience for our students.”

He said the memorandum of understanding (MoU) formalised between these institutions delineates a multifaceted approach aimed at enhancing

education, research, and skill development endeavours. The collaboration includes the exchange of both undergraduate and postgraduate students between the two universities and promises to enrich the academic experience by exposing students to diverse learning environments and methodologies.

There will also be an exchange of faculty and staff enabling the crosspollination of ideas and expertise and fostering a culture of innovation and knowledge dissemination. Moreover, the commitment to joint research projects represents a cornerstone of this partnership, as it encourages interdisciplinary collaboration and the pursuit of cutting-edge scientific inquiry. Additionally, mutual assistance in establishing new educational programmes stresses a shared dedication to academic excellence and the nurturing of future talent in veterinary and animal sciences, he added.

COLD CHAIN GROWING

New Delhi: The turnover of India’s cold chain sector is expected to scale the Rs 5 lakh crore mark by 2030 or 2032, a senior official of the Commerce and Industry Ministry said in May. Speaking at FICCI’s Cold Chain and Logistics Summit, Surendra Ahirwar, Joint Secretary, Ministry of Commerce and Industry, said that the cold chain sector currently has a turnover of about Rs 2 lakh crore and is growing at a rapid rate of over 10 per cent.

Ahirwar highlighted the government’s efforts to create an enabling environment for innovation and efficiency in the cold chain sector. He mentioned the PM GatiShakti National Master Plan initiative, which catalyses accelerated infrastructure development for the logistics sector, including temperature-controlled warehouses. Besides, he alluded to the National Logistics Policy launched in 2022, which comprehensively addresses various aspects of the logistics sector, including the cold chain.

He emphasised the importance of the industry’s various initiatives, including innovations, infrastructure creation, and partnerships between industry and academia. He cited examples such as temperature-controlled warehousing, ice battery technology, and efficient packaging solutions as positive developments in the sector.

Speaking on occasion, Asheesh Fotedar, Chief Operating Officer, National Centre for Cold-Chain Development (NCCD), Ministry of Agriculture, highlighted NCCD’s initiatives aimed at bolstering the country’s cold

chain infrastructure, with a focus on sustainability, efficiency, and innovation.

He said that NCCD is revising technical standards and minimum guidelines to implement cold-chain components in the sector. The revised guidelines will serve as a roadmap for all central and state government bodies setting up cold chain facilities nationwide. Besides, NCCD is engaging with stakeholders to identify the problems faced by the reefer truck owners and simultaneously working out the policy part to provide proper recommendations to the ministry. Fotedar also said that NCCD is developing a mobile application to digitalise data related to cold chain components.

This is expected to increase capacity utilisation, reduce fuel costs, and minimise the carbon footprint. The application will also capture relevant logistics data for policymaking and analytics. Amit Kumar, Committee - CoChairman, FICCI Committee on Logistics stressed the importance of developing sustainable infrastructure and adopting smart technologies to optimize energy usage and reduce environmental impact.

On the occasion, the FICCI-Grant Thornton Bharat Report on “Cold Chain Dynamics: Mapping India’s Logistics Transformation” was also released. The knowledge report highlights India’s dynamic food processing industry, emphasizing the crucial role of the cold chain sector in light of challenges such as infrastructure gaps and high costs.

RS 900 CRORE Q4 PROFIT FOR ASHOK LEYLAND

New Delhi: Commercial vehicle maker Ashok Leyland Ltd in May reported a 19.8 per cent increase in net profit at Rs 900 crore for the January-March quarter of 2023-24 compared to Rs 751 crore in the same quarter last year. The board of directors of the company declared a dividend of Rs 4.95 per equity share of Re 1.

The flagship company of the Hinduja Group’s consolidated revenue from operations in the quarter under review stood at Rs 13,577.58 crore as compared to Rs 13,202.55 crore in the year-ago period. Its total expenses in the fourth quarter were marginally lower at Rs 12,037.16 crore as compared to Rs 12,085.5 crore in the corresponding period of the previous year. For the financial year ended March 31, 2024, the company’s net profit almost doubled to Rs 2,628 crore as compared to Rs 1,380 crore in the previous fiscal.

Its revenue from operations in FY 24 was at Rs 38,367 crore which represents a 6% increase from the corresponding figure of 36,144 crore crore in FY23. The company claimed that the results were backed by an “all-round performance” with contributions from all business verticals. Its LCV volumes in the 2-3.5 tonne category were maintained despite the industry witnessing a reduction in volumes. Export volumes for the year grew 5 per cent despite challenging conditions in target markets.

Ashok Leyland CMD Dheeraj Hinduja said: “We continue to be optimistic about our industry prospects in the short to medium terms backed by anticipated robust growth in the Indian economy. We are confident that we will continue to maintain sustainable and profitable growth ahead.”

Shenu Agarwal, CEO of Ashok Leyland Limited stated that FY24 has been a “strong year” as the company has achieved all-time high numbers in terms of revenues, EBITDA margins or profits.

“This gives us even more strength to move towards our mediumterm goal of mid-teen EBITDA. Our product portfolio is very robust, and our future pipeline is strong,” he added.

RS 538 CRORE Q4 PROFIT FOR DIVI’S LABS

Mumbai: Pharma major Divi’s Laboratories Ltd in May reported a 67.6 per cent jump in its consolidated net profit to Rs 538 crore for the Jan-March quarter of 2023-24 compared to the corresponding figure of Rs 321 crore in the same period last year.

Revenue for the quarter grew 18 per cent to Rs 2,303 crore from Rs 1,951 crore in the same period a year ago. The company’s board has recommended a final dividend of Rs 30 per equity share of face value of Rs 2 each for the financial year ended on March 31, 2024 subject to the approval of members at the firm’s annual general meeting.

EBITDA (earnings before interest, tax, depreciation and amortisation) increased to Rs 731 crore from Rs 473 crore in the same period a year ago. Divi’s Laboratories is a pharmaceutical and biotechnology company engaged in the business of generic API, custom synthesis and nutraceuticals.

The company is named after its promoter Dr Murli K. Divi. It markets therapeutic drugs for segments like cardiovascular, anti-inflammatory, anti-cancer and central nervous system ailments.

MUNDRA’S UNMATCHED CAPABILITIES

New Delhi: The docking of the largest container ship ever at an Indian port highlights Mundra’s unmatched capabilities and a testimony to the company’s nation-building efforts, Karan Adani, Managing Director, Adani Ports and Special Economic Zone (APSEZ), said in May.

The company earlier announced that the docked vessel, MSC Anna, has a length of 399.98 metres and is among the largest container ships.

“Our crown jewel Mundra Port welcomed MSC Anna, the largest container ship ever to dock at an Indian port,” Karan Adani posted on X. “At 399.98m and a capacity of 19,200 TEUs, it highlights Mundra’s unmatched capabilities and a testimony to our nationbuilding efforts,” he added.

MSC Anna’s arrival draft is 16.3 metres, which can be accommodated only at Adani Ports, Mundra, as no other port in India is capable of berthing a deepdraft vessel. In July 2023, Adani Ports, Mundra created a record by berthing MV MSC Hamburg, one of the longest container ships in the world, with an overall length of 399 metres and a capacity of 16,652 TEUs.

THE GIFT OF THE OCEAN

Shankh or conch is considered a gift of the ocean and was one of the 14 ratnas produced during the Samudra Manthan – the legendary churning of the ocean. From here we got everything.

Even if one does not blow the shankh, and puts it to his/her ear, a definite vibration or sound can be heard. This is the sound of Om, the underlying sound of manifested creation. The shankh is believed to be one of the first sound producing agencies, through which the sound of Om emanates. Blowing of the shankh also produces the sound of Om. It is called Shankhnad.

A symbol of Lord Vishnu, the shankh, when blown, its sound is known to dispel negative energy. It also declares the victory of good over evil and hence was used as a war trumpet in earlier times. Interestingly, the sound of every shankh is different and in olden days warriors were recognized by the sound of their shankh.

Lord Krishna is believed to have blown the Panchjanya Shankh before the commencement of the Mahabharata War, declaring in the beginning itself that the opponents would lose.

Arjun’s shankh was called Devdutt. Negativity is repelled by the dhwani (sound) of the conch. It is held firmly between the palms and depending on the level of sadhna of the blower, energy or prana is emitted.

During the course of the experiment, a group of German scientists found that diseases like cholera, plague and thyroid cannot survive in an environment where the shankh is blown

regularly. Moreover, the sound actually helps in alleviating these diseases.

The specific geometry of a shankh is considered to generate remarkable energyeffects. The spiral circles create vibrations, which are known to effect changes in body and environment. More extraordinary is the fact that these are formed naturally. Different kinds of shankhs are therefore used as yantras for different purposes in the mantra and tantra based sadhnas.

The Daksinvarta shankh, which has spirals turning in the counter-clockwise direction, is considered to be the most valuable and is believed to be the abode of Goddess Laxmi –the consort of Lord Vishnu. This variety is only found in the Indian Ocean and that too very rarely. The Brahma Vaivarta Purana declares that bathing in the waters led through a Daksinvarta shankh is equivalent to bathing with all holy waters at once.

Shankhs also hold great importance in Ayurveda. Drinking water stored in certain types of conches is believed to cure various types of diseases as the water absorbs the medicinal and healing properties of the conch. Conch shell ash or shankh bhasm is also used as a medicinal remedy.

The science in the Vedas needs to be explored more, most of the modern man’s maladies would find cures here.

Article from Ashwini Guruji of Dhyan Ashram

ISRO HAILED

New Delhi: The United States’ Ambassador to India, Eric Garcetti visited the Indian Space Research Organisation (ISRO) headquarters in Bengaluru in May as both countries continue to enhance cooperation in the field of space.

During his meeting with ISRO Chairman S. Somanath, the US Ambassador expressed his admiration for the organisation’s accomplishments and its role in global space exploration. “The discussions highlighted both countries’ mutual interests and shared goals in advancing space science, technology, and the space economy. Ongoing associations through various Joint Working Groups, Artemis Accord, NISAR, and the use of the Laser Reflectometer Array on Chandrayaan-3 were also discussed,” ISRO said in a statement after the meeting.

Under iCET, the two countries have unveiled a roadmap for increased collaboration in high-technology fields. The initiative focuses on addressing regulatory barriers, aligning export controls, and encouraging deeper cooperation in crucial and emerging fields.

Future programmes, including the exchange visits of both sides’ professionals, continuation of balloon experiments, and identifying milestone events, were also discussed as ISRO emphasised the need to address access to critical components and items to expedite collaborative missions.

“Ambassador Garcetti inquired about the role played by the Department of Space in fostering commercial space activities.

Chairman Somanath elaborated on this, mentioning that for the first time, payload technology and space-bound hardware are

being built in Indian facilities that are outside ISRO labs. ISRO plans to source payloads and satellites for its programmes from Indian companies and enable them to enter the global market,” added the ISRO statement. The organisation detailed that other significant discussions between both sides focused on NASA’s participation in India’s proposal for a G-20 satellite for environment and climate change, an advanced imaging spectrometer satellite as a follow-up mission for NISAR, and encouragement of cooperation between commercial companies from both countries for quicker and more effective outcomes, Gaganyaan cargo module as an option for transfer of cargo to International Space Station.

“The US Ambassador has also proposed a QUAD satellite. Chairman, ISRO pointed out the opportunity to develop advanced detectors and packaging technologies with US-India academic institutions. He emphasised building and standardising docking interfaces across human space programmes to enable the utilisation of space platforms by other countries and joining hands to build a navigation system on the moon, either in orbit or on the surface,” said ISRO.

Garcetti’s visit concluded with a commitment to further strengthen the partnership between India and the United States in the field of space.

“Honoured to meet ISRO Chairman Dr S Somanath and team! From advancing the NISAR satellite to fostering human spaceflight and promoting commercial space endeavours, the US-India Space commitment stands strong and is advancing our shared goals within the US-India Initiative on Critical and Emerging Technology (iCET),” the US Ambassador posted on X.