This fiscal year, the Center is expected to raise the COVID-19 vaccine budget to $6 billion

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June 9, 2021

After the prime minister gave free doses to all adults, two government sources told Reuters that India might increase spending on COVID-19 shots by more than a quarter this fiscal year, to up to 450 billion rupees ($6.18 billion).

In a Monday speech to the country, Prime Minister Narendra Modi said that from June 21, the federal government would cover the expense of immunising all adults. His prior policy of requiring individual governments to pay for immunisations for anyone under 45 was widely disliked.

According to the sources, the government will spend up to 450 billion rupees on COVID-19 vaccines this fiscal year.

Three hundred fifty billion rupees was previously budgeted. According to one source, part of the raise could be attributable to higher-than-normal expenses for domestically manufactured shots.

The country is now employing the AstraZeneca NSE 0.05 per cent vaccine produced by the Serum Institute of India and a Bharat Biotech-developed vaccine. In the middle of this month, Russia’s Sputnik V will be commercially launched. Modi’s policy decision reflected a push to contain a COVID-19 pandemic, killed hundreds of thousands of people in India and resulted in the world’s second-highest infection rate.

It came after weeks of criticism following a failed vaccine rollout that only reached about 5% of India’s estimated adult population of 950 million people.

India Inc to offer a 9.5 per cent salary hike this year

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BRL Editor

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June 9, 2021

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Employees in India are likely to receive a 9.5 per cent wage increase this year, which is lower than the previous year. Still, top performers will receive hefty raises as employers focus on performance.

According to Aon Hewitt’s annual Salary Increase report, wage increases will decrease by 9.5 per cent on average across industries. In 2016, it was 10.2 per cent. The progressive deceleration of pay hikes in recent years (from 15.1 per cent in 2007 to 9.5 per cent in 2017) and a greater emphasis on performance indicated that India’s wage budgets were “greying.”

“While this is a slight reduction from 2016, it indicates India Inc’s maturity in the face of global and Indian economic and political circumstances. This includes, but is not limited to, Brexit, recent US government changes, and the much-discussed demonetisation “According to the poll, which looked at data from over 1000 organisations, performance and critical talent are becoming increasingly important to businesses.

Pay disparities between elite and ordinary performers have also widened, with necessary talent earning 1.8 times as much as an average performance. Furthermore, firms rely on various programmes for crucial personnel management, including career development, learning and development, international and functional mobility, and leadership access, among others.

India continues to lead the Asia-Pacific area despite a year-on-year decrease in pay increases.

“Business performance has been impacted by political changes and economic difficulties. However, this year’s pattern shows a progressive slowing of pay growth and a greater emphasis on productivity and Performance—basically a ‘greying’ of India’s compensation budgets “, Anandorup Ghose, partner at Aon Hewitt India, stated. “In the last five years, India has witnessed good numbers in terms of income rises, more than 11%,” Ghose continued.

However, during the following few years, and possibly in the future, we will not see such high numbers.” In 2017, industries like health sciences, professional services, chemicals, entertainment media, automotive, and consumer items were expected to see double-digit compensation increases.

They have, however, reduced their actual spending from 2016. Meanwhile, overall attrition is ‘under control,’ but essential talent attrition has increased significantly. India has one of the lowest total attrition rates in the emerging market segment, at 16.4%. Since 2015, the figure has been stable. At the same time, critical talent decline jumped from 7.3% in 2015 to 12.3% in 2016.

Bitcoin drops to $36,279 USD as China freezes crypto-related accounts

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BRL Editor

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June 8, 2021

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Bitcoin sank to $36,279.11 on Monday after China prohibited multiple accounts related to cryptocurrencies on Weibo, China’s Twitter-like social media network, with a notice stating that each account violates laws and norms. On Sunday midnight, June 6, Bitcoin was trading at $35.946.06.

‘Woman Dr. bitcoin mini’ was one of the crypto pundits or key opinion leaders (KOL) who got blocked. “It’s a Judgment Day for crypto KOL,” she wrote last on Weibo.

According to NYU Law School’s adjunct professor Winston Ma, China’s Supreme Court will likely issue a judicial interpretation linking illegal crypto operations to Chinese criminal law.

These rules are likely, according to Ma, who wrote the book “The Digital War,” since the Chinese government does not want a “Chinese Elon Musk” to exist in the Chinese crypto market. Due to the extreme ambiguity surrounding China’s digital currency rules, Bitcoin has been volatile.

“Uncertainty about China crypto rules remains a headwind,” said Jonathan Cheeseman, head of over-the-counter and institutional sales at crypto derivatives exchange FTX. “So far, it’s been quite piecemeal, focused on mining, new issuance, and retail influencers.” Cheeseman added.

Xinhua, a Chinese news outlet, has also increased its coverage of digital currency. Crypto being a loosely regulated asset, is frequently used for black market trading, money laundering, arms smuggling, gambling, and drug trafficking.

Since the beginning of the year, Bitcoin has been on a tear, skyrocketing to about $65,000 after receiving support from Tesla creator and CEO Elon Musk and a slew of other investors, including Paul Tudor Jones and Stan Druckenmiller. Since then, the digital currency has lost more than $25,000 and is now trading at $36 279.11.

Hitendra Dave appointed as the CEO of HSBC India

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BRL Editor

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June 8, 2021

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HSBC announced Hitendra Dave, a bank veteran, as its new chief executive for India on Monday.

According to an official release, Dave succeeded Surendra Rosha, who formerly led the most significant profit-generating division of global banking and markets.

Rosha will also be relocating to Hong Kong as the co-chief executive of HSBC Asia-Pacific, as per the announcement.

After Hong Kong and mainland China, India is the HSBC Group’s third-largest profit provider, with a pre-tax profit of USD 1.024 billion in 2020.

The bank employs 39,000 workers across 26 locations in 14 Indian cities, including those in back-office support for its global operations.

The statement suggested, Dave, who has worked for the bank since 2001 and has progressed through the ranks, will be appointed as the interim CEO of HSBC India once regulatory approval is received.

With USD 593 million in pre-tax earnings in 2020, up from USD 533 million in 2019, the global banking and market segment, which the bank characterises as an emerging markets-led, financing-focused business providing investment and financial solutions more than half of the pre-tax earnings.

Dave had previously served as the bank’s interim CEO before Rosha’s appointment.

Paytm suffered a loss of Rs 1,701 crore for the financial Year of 2021

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BRL Editor

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June 8, 2021

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Even though the amount was lower than the previous year, One97 Communications Ltd., Paytm’s parent firm, declared another loss for FY21. During the year, both revenue and costs decreased. In FY21, One97 reported a consolidated loss of Rs 1,701 crore, down from Rs 2,942 crore in FY20, according to its annual report given to investors.

In FY21, sales declined 10% to Rs 3,186 crore, with revenue from operations falling 15% to Rs 2,802 crore. Expenses were down 22% at Rs 4,782.95 crore. Marketing and promotional spending decreased to Rs 532.52 crore from Rs 1,397 crore a year ago, helping to reduce costs. Payment processing charges fell to Rs 1,916.78 crore from Rs 2,265.91 crore the previous year.

According to Bloomberg, Paytm is contemplating an initial public offering. There is no mention of these plans in the annual report.

Paytm Payments Bank had a revenue of Rs 1,987.45 crore in FY21 and a total comprehensive income of Rs 18.79 crore, according to the annual report, which also detailed the finances of some of its associates and joint ventures. Last year, the payments bank made a total profit of Rs 2.62 crore on sales of Rs 2,110 crore. Based on its shareholding, the group’s profit share was Rs 9.21 crore.

So yet, neither Paytm General Insurance nor Paytm Life Insurance has reported any revenue. A joint venture called Paytm First Games Pvt. recorded a revenue of Rs 149.33 crore and a loss of Rs 201.93 crore. The company’s share of the loss was Rs 78.16 crore.

According to the annual report, complete depletion of Paytm First Games’ net value occurred due to the net current liabilities. According to a second filing, Paytm Entertainment Ltd. had to offer Paytm First Games a short-term credit of Rs 80.92 crore due to a commercial necessity.

On June 30, the firm plans to conduct its next annual general meeting, during which it would propose voting on a sub-division of each of its existing Rs 10 shares into ten shares for Rs 1.

China overthrows Taiwan as Apple’s most prominent source of supplier

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BRL Editor

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June 7, 2021

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TAIPEI, June 7, 2021: China currently has more Apple suppliers than any other country, indicating that Washington’s efforts to untangle the United States and China’s supply chains have had little influence on the world’s most valuable tech business.

According to a Nikkei Asia analysis of the Apple Supplier List issued last week, 51 of Apple’s top 200 suppliers in 2020 were situated in China, including Hong Kong, up from 42 in 2018 and pushing Taiwan out of the top rank for the first time. Apple does not provide data for the year 2019. As part of Apple’s goal to diversify its supply chain, Chinese vendors have also assisted the business in expanding production capacity in other Asian countries.

The Apple Supplier List covers 98 percent of the company’s previous fiscal year’s materials, production, and assembly costs.

The report serves as a barometer of Apple’s reliance on suppliers from all around the world, even if it does not publish purchase values for each company.

Apple’s recognition is for its stringent quality controls, and the emergence of Chinese suppliers reflects the country’s expanding manufacturing and technology skills, as well as its low prices.

One Apple supply chain manager told Nikkei Asia, “Most Chinese vendors have very similar techniques.” According to the manager, Chinese suppliers gain business by providing Apple meager costs that non-China suppliers find challenging to conceive. “They’re ready to take on low-margin projects that other suppliers are hesitant to engage on. This manner, they may progressively improve their skills by working with Apple, and then bid for bigger business when the time comes.”

According to the manager, getting into Apple’s supply chain is a “golden ticket” for suppliers to become the greatest in the world.

NITI Aayog suggests privatization of the Central Bank of India and Indian Overseas Bank in the current budgetary

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BRL Editor

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June 7, 2021

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The Government-run NITI Aayog has shortlisted the names of two Nationalised banks for privatization. It could lead to the privatization of NSE 11.03 % of Central Bank of India and Indian Overseas Bank (IOB NSE 5.45 %), as suggested by a report in Times of India.

The report further added that Bank of India could be a potential candidate for privatization too.

NITI Aayog had submitted the names of the two state-run banks and one general insurer to secretaries on disinvestment.

According to the government research tank, two state-run banks and one general insurer privatization in the current financial year.

The Union Budget for 2021-22 made the declaration about the privatization of these banks. DIPAM and the financial services department are vetting the proposal.

The Centre has budgeted a target of Rs 1.75 lakh crore from stake sale in the current fiscal.

The Centre also aims to conclude the privatization of Air India, BPCL, and Shipping Corporation, which has already started in the current fiscal.

UAE’s investment climate continues to attract investors despite pandemic: CEO of RAQ Contracting

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Allwyn Mathew

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May 28, 2021

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DUBAI, 27th May, 2021 — Rami Al Qaisi, CEO of RAQ Contracting, stated that the UAE’s investment and legislative environments are highly attractive to investors, who continue to make investments due to the many facilities that the UAE provides to investors, contractors and employers, as well as its advanced infrastructure.
The UAE’s flexible laws, which guarantee justice for all, encouraged me to choose to do business in the UAE rather than any other country, Al Qaisi told Emirates News Agency in an exclusive interview.
He highlighted Dubai’s success in hosting and organising major events and exhibitions, most notably Expo 2020 Dubai, which will start in October 2021, adding that the success seen across the UAE’s investment environment has encouraged investors to work, invest, and even live in the country.
“As investors, we are aware of all the changes taking place in the region and the world that may affect our businesses. The UAE is known for its strong and resilient economy, which was able to navigate the COVID-19 fallout, encouraging foreign investors and companies to open new branches in the UAE,” he added.
He also pointed out that the increased business activity of foreign investors and companies is directly linked to the continued and strong activity seen in UAE markets, and the UAE’s launch of many initiatives and incentives in various sectors, further encouraging foreign investors.
Al Qaisi expressed his optimism about the future of investment in the UAE. “We remain optimistic about the UAE’s future as there are several positive prospects in terms of living and doing business in the UAE. There are still good investment opportunities in 2021, which has been an extraordinary year with the UAE celebrating its golden jubilee and launching Expo 2020 Dubai.”
Al Qaisi noted that his UAE Golden Residency entitles him to many benefits, and expressed his gratitude to the UAE’s leadership for the endless support and assurances provided to investors.

RAK ICC, RAK SME sign MoU to boost investment opportunities

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Allwyn Mathew

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April 14, 2021

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RAK International Corporate Centre (RAK ICC), a world-class corporate registry and Saud bin Saqr Establishment for Small and Medium Enterprises (RAK SME) signed a memorandum of understanding (MoU) to provide opportunities for entrepreneurs and SMEs to create a solid and viable corporate structure for their businesses.

The MOU aims to promote RAK ICC and its services to SMEs by providing them with guidance on the advantages of structuring investments through RAK ICC companies and offering a fast, easy and a cost-effective registration process with minimal requirements.

Sheikh Ahmed bin Saqr Al Qasimi, Chairman of RAK ICC said: “Our collaboration with RAK SME is another example to showcase the strong bonds between governmental entities in Ras Al Khaimah. We share a common goal which is increasing business opportunities for investors and businesses in the Emirate and we will continue to widen our circle for the sake of promoting the ease of doing business in the Emirate.”

“We are very pleased with this collaboration as we have seen a rising demand for legal vehicles allowing entrepreneurs, both Emiratis and expats to structure their investments through RAK ICC entities,’’ said Dr Sameer Al Ansari, Chief Executive Officer of RAK ICC.

He also added, “RAK ICC offers many solutions for both international business and private wealth and can provide various structures for SMEs that allow them to obtain financing, raising capital and securitization options in a cost-effective way.’’ Yousef Mohammed Ismail, President of the High Commission of RAK SME, stated: “This MOU helps us achieve the vision and strategy of our leadership by supporting UAE youth’s projects to contribute to the development of the national economy and aiming to develop a corporate platform for the SMEs, benefiting from the various corporate and legal features available at RAK ICC.”

A world-class global registry, along with an automated and simplified registry services benefiting from common law regulation with independent judicial system, RAK ICC’s collaboration with RAK SME will raise the level of competitiveness of the Emirate and provide the ideal corporate solution for investors.

8 Out of 10 Women Revealed that PCOS had Affected their Self-esteem and Body Image

By

Allwyn Mathew

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January 1, 1970

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A staggering 60% of women lack awareness of the critical health risks linked to PCOS

66% of women have experienced mental and emotional struggles due to PCOS

September is recognized as PCOS Awareness Month, dedicated to increasing awareness and educating women about Polycystic Ovary Syndrome (PCOS). It is a condition that often goes undiagnosed, making it one of the most overlooked diseases globally. Pristyn Data Labs recently conducted an extensive study involving 2,000 women from diverse backgrounds across the country, uncovering crucial findings that emphasize the need for more awareness and support for those dealing with PCOS.

Pristyn Data Labs conducted an extensive study involving 2,000 women from diverse backgrounds

According to the study, 8 out of 10 respondents shared that PCOS had, in one way or another, impacted their self-esteem and body image. This impact primarily resulted from factors like excess hair growth, acne, weight gain, and irregular periods. The data from the study also revealed a profound emotional and mental health impact of PCOS on women, with 66% of respondents diagnosed with PCOS reporting emotional distress, including stress, anxiety, and depression.

Regarding medical advice and PCOS management, 74% of women who participated in the survey were diagnosed with PCOS and took the proactive step of seeking essential medical advice to address their condition. Furthermore, more than 50% of these women have also embraced positive lifestyle changes to effectively manage PCOS symptoms, including dietary adjustments, regular exercise, and weight management.

Commenting on the findings, Dr. Garima Sawhney, Senior Gynecologist, and Co-founder of Pristyn Care said, “This study has highlighted the critical need for increased awareness, early detection, and comprehensive support for individuals dealing with PCOS. PCOS isnt merely a medical issue; it poses a pervasive challenge that significantly affects the well-being of numerous women. Furthermore, our findings indicate that two out of every five women hesitate to discuss PCOS with their family and friends, emphasizing the vital significance of nurturing open communication and strong support networks. To effectively address these concerns, it is crucial to prioritize awareness and holistic care, empowering these individuals on their path to improved health and greater happiness.“

The survey also revealed that 6 out of 10 women lack basic awareness of the critical health risks linked to PCOS, highlighting the need for education. On a positive note, when it comes to family planning, 52% mentioned that PCOS had no impact on their plans, while 37% encountered challenges conceiving due to PCOS. 12% of respondents successfully conceived despite their condition. This data underscores the essential need for customized support and guidance when managing family planning amidst the complexities of PCOS.

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