Business

New Delhi, Nov 7 (IANS) The Finance Ministry has authorised the country's largest lender State Bank of India (SBI) to issue and encash electoral bonds through its 29 authorised branches between November 9 and November 15.

The bonds shall be valid for 15 calendar days from the date of issue and no payment shall be made to any payee political party if the electoral bond is deposited after expiry of the validity period.

The electoral bond deposited by an eligible political party in its account shall be credited on the same day, official sources said.

The Central government had notified the electoral bond scheme in 2018.

As per the scheme's provisions, electoral bonds may be purchased by a person, who is a citizen of India or incorporated or established in India.

--IANS
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By Sanjay Borkar
Panaji, Nov 6 (IANS) With the Central and state government fostering cage fishing in the sea, Goan fishermen have started to opt for the scheme to save the coastal state from fish famine.


Sheldon Fernandes, an MBA from Candolim in North Goa, has become the first entrepreneur in the state to start an open sea cage farm under Goa State Mariculture Policy.

Talking to IANS, Fernandes said that he ventured into this new format to get experience and grow into it. "This is the first time that I am doing fish farming. For this, I have studied and taken training on the whole process. This encouraged me to take up this task and achieve success," he said.

"At present, we have five cages. I got full support from the Central and state government by subsidies. This has helped us to venture into this business."

Fernandes said that his family was in traditional fishing and they are handling cage farming for the very first time. "We want to try this whole system, because unless, we try it, we won't get knowledge of it," he said.

The cage frames, made of galvanised iron, have a diameter of 6 metres and fishes are cultured inside a net with depth of 5 metre tied to the cage frame.

"These cages are floated into the sea and fully netted, so fish from outside do not come in and fish which are growing inside the cage will not go out," Fernandes said.

The Central Marine Fisheries Research Institute (CMFRI), Karwar has been integrated in the said project.

Seeing the huge potential in mariculture activity, Goa became the first state in India to notify a policy to augment fish production through fish culture in cages.

It is trying to encourage more youth to get into this business, which would help the state and people of Goa to get fresh fish.

Goa Fisheries Minister Nilkanth Halarnkar had urged the youths to enter it and become self-reliant.

He had earlier said the Central government has sanctioned Rs 400 crore for setting up cage fishing infrastructure to boost the coastal state's catch of fish.

Though 2,475 boats and 897 trawlers are registered with the Fisheries Department for fishing activities, fish in Goa is also brought from Kerala, Karnataka, Andhra Pradesh, and Maharashtra also. This is to meet demand from the people of the state and by the eight million plus tourists who visit Goa every year.

Fearing that a fish famine could pose a serious threat to the availability of the staple food of the coastal state, the Goa government, apart from notifying the "Goa State Mariculture Policy 2020" to carry out open sea cage fish culture, has also urged the National Institute of Oceanography (NIO) to suggest adoption of modern methods for production of fish.

Chief Minister Pramod Sawant has urged the scientists and students of the NIO to suggest ways to increase fish productivity by adopting modern methods.

The NIO has played a vital role in increasing the production of green mussels in Goa, by training stakeholders.

--IANS
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Aizawl, Nov 3 (IANS) President Droupadi Murmu on Thursday said that it should be ensured that the education of women translates into increased participation in the workforce, adding when women would progress, the entire country would also progress.

Addressing the 17th Convocation of Mizoram University here, the President said that the varsity, which started functioning in 2001, is today a prominent University in the northeastern region that is providing quality education.

She also noted that the University has made serious efforts in promoting academics that resulted in remarkable progress in the fields of Science, Arts, Commerce, Engineering and Medical Sciences.

Noting that the University has gained the status of 'Institution of Eminence' and taken some path breaking initiatives, Murmu said that the infrastructural development of Mizoram University within a very short span of time is commendable.

The President noted that the Mizoram University has three Incubators for providing innovative and practical training to the students.

The University has signed MoUs with various universities and organisations at national and international level for various academic and technological collaborations. There is no limit to their capabilities.

Therefore, they should just realize their potential. They are the best judge of their own talent and potential, the President said and advised the students to explore the world and do new experiments.

She also urged them to take up the responsibility of educating the uneducated and spreading the light of knowledge.

Pointing to the fact that girls comprise more than 50 per cent of students who graduated in the academic session of 2021-22, the President said that the rising number of females in higher education is appreciable, but it should rise at a higher rate.

Murmu said that the inauguration of two tribal Girls hostels at Mizoram University and at Sairang is a step towards empowerment of girl students by providing access to quality education and other facilities.

She said that inauguration of the permanent campus of IIMC Aizawl would be a boost to the media and mass communication studies in the entire northeast region.

The President also virtually inaugurated various education related projects which includes ST Girls hostels at Mizoram University and at Sairang, Government Aizawl College at Maulpui, permanent campus of Indian Institute of Mass Communication at Aizawl and Post Graduate Academic Block at Pachhunga University College.

Earlier, the President arrived in Aizawl from Nagaland. She was greeted at the Lengpui airport by Governor Hari Babu Kambhampati and Chief Minister Zoramthanga.

--IANS
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San Francisco, Nov 3 (IANS) Global payment processing firm Stripe on Thursday announced to cut over 1,000 jobs, or 14 per cent of its staff.

The payment processor cited "stubborn inflation, energy shocks, higher interest rates, reduced investment budgets, and sparser startup funding" as reasons for its decision.

CEO Patrick Collison wrote an email to Stripe employees, saying the company is reducing the size of its team by around 14 per cent and saying goodbye to many talented Stripes in the process.

"If you are among those impacted, you will receive a notification email within the next 15 minutes. For those of you leaving: we're very sorry," he wrote.

Collison said that the company is facing stubborn inflation, energy shocks, higher interest rates, reduced investment budgets, and sparser startup funding.

"Around 14 per cent of people at Stripe will be leaving the company. We, the founders, made this decision. We overhired for the world we're in, and it pains us to be unable to deliver the experience that we hoped that those impacted would have at Stripe," said the CEO.

The company will pay 14 weeks of severance for all departing employees, and more for those with longer tenure.

"That is, those departing will be paid until at least February 21st 2023. We will pay our 2022 annual bonus for all departing employees, regardless of their departure date," said Collison.

The company said it will pay the cash equivalent of 6 months of existing healthcare premiums or healthcare continuation, along with offering career support.

"We know that this situation is particularly tough if you're a visa holder. We have extensive dedicated support lined up for those of you here on visas, and we'll be supporting transitions to non-employment visas wherever we can," said Stripe.

"For those not affected, there'll be some bumpiness over the next few days as we navigate a lot of change at once. We ask that you help us do right by Stripe's users and the departing Stripes," said the CEO in the letter.

--IANS
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New Delhi, Nov 3 (IANS) Having failed to keep inflation within its tolerance limit of up to 4 per cent for the past three quarters, the monetary policy committee (MPC) of the Reserve Bank of India (RBI) met on Thursday to draft its response to the government on its inability to do so.

According to a statement issued by the central bank, the MPC's meeting was held "to discuss and draft the report to be sent to the Government by the RBI under the provisions of Section 45ZN of the RBI Act, 1934 and Regulation 7 of RBI MPC and Monetary Policy Process Regulations, 2016".

The meeting was chaired by RBI Governor Shaktikanta Das and all MPC members, namely -- Michael Debabrata Patra, Rajiv Ranjan, Shashanka Bhide, Ashima Goyal and Jayanth R. Varma.

Section 45ZN of the RBI Act requires the MPC to send a letter to the government if the central bank fails to meet its inflation mandate.

It is basically an explanation why RBI failed to keep the retail inflation below the tolerance limit.

Retail inflation has been consistently more than 6 per cent since the past nine months.

--IANS
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Bengaluru, Nov 3 (IANS) Tech giant Wipro on Thursday announced the appointment of Amit Choudhary as its Chief Operating Officer and member of the Wipro Executive Board.

Choudhary will be responsible for improving organisational operational efficiency, and helping drive sustainable growth. He will work closely with Wipro's leadership teams across the organisation on transformation initiatives with the aim of improving customer-centricity.

Choudhary will manage global business operations, delivery excellence, CIO, CISO, and the enterprise risk management functions, the company said in a statement.

"Amit (Choudhary) brings an incredible mix of strategic thinking and credible execution," said Thierry Delaporte, Chief Executive Officer and Managing Director, Wipro Limited.

"With his experience and unique understanding, Wipro will continue to build a business that delivers to the needs of our stakeholders. Amit will be responsible for expanding our transformation and driving operational excellence, doubling down on what is most important to our company, and where we can deliver the greatest impact for our clients," Delaporte added.

Delaporte joins Wipro from Capgemini, where he was the Chief Operating Officer for the financial services business unit, as well as a member of its executive committee.

Prior to Capgemini, Choudhary held various leadership positions at Boston Consulting Group and Cadence Design Systems, and consulted with boards and CXOs across industries, including financial services, healthcare, pharmaceuticals, and industrial goods.

"I am very excited to join Wipro, and look forward to working with the incredible team. I hope to bring new perspectives that will further strengthen the organisation's core business, while deepening the value we offer to our clients," said Choudhary.

Choudhary is an alumnus of the Indian Institute of Technology - Kanpur, and the Indian Institute of Management - Calcutta. He is based in New York.

--IANS
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New Delhi, Nov 3 (IANS) India's smartphone shipments declined 11 per cent (on-year) to reach over 45 million units in the third quarter this year, led by Xiaomi with a 21 per cent market share and closely followed by Samsung at 19 per cent share, a report showed on Thursday.

According to the latest research from Counterpoint's 'Market Monitor service,' the decline, which is the first ever for a Q3, can be attributed to the high base last year due to the pent-up demand during Q3 2021, as well as lower consumer demand in the entry-tier and budget segments in Q3 2022.

One in three smartphones shipped during the quarter was a 5G smartphone. Samsung led the 5G smartphone segment with a 20 per cent share, followed by OnePlus and vivo.

"The unfavourable macroeconomic conditions will continue to affect the Indian smartphone market in Q4 2022 as well, especially after Diwali. However, we may witness a demand uptick during the year-end sales," said senior research analyst Prachir Singh.

vivo captured the third position even as its shipments declined 15 per cent YoY. realme remained at the fourth spot in Q3 2022, capturing a 14 per cent share.

OPPO maintained its fifth position in India's smartphone market. OPPO is consistently increasing its shipments in the high-tier segments.

"After the 5G network rollout, consumers are quite keen on purchasing 5G smartphones, especially the upgrading users. In Q3 2022, 5G smartphones registered 31 per cent YoY growth and contributed to 32 per cent of the total shipments," said research analyst Shilpi Jain.

"The sub-Rs 10,000 price band continues to be under pressure due to lower consumer demand and contributed to 27 per cent of the total shipments, down from 31 per cent a year ago," she added.

--IANS
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New Delhi, Nov 3 (IANS) Petroleum Minister Hardeep Puri on Thursday said that as India is facing certain challenges, the Central government's attempt is to convert these challenges into opportunities.

"India today is clearly an India in transition," he said while addressing the India Chem 2022, organised by industry body FICCI and Ministry of Chemicals and Fertilisers.

Puri while speaking on the high global energy prices, stated that "we have been able to navigate global prices. Clearly when prices are high, the situation will be inflationary".

The minister further stated: "We are taking corrective measures including the new pipeline and other innovative steps like introduction of solar cooker, which in the coming months will make a major impact in lowering the demand for domestic kitchen energy because it will feed on the natural sunlight."

He highlighted that Indian economy is growing at a rate of 7 per cent, and energy is a critical driver of growth.

"Our refining capacity, which currently stands at about 252 million metric per annum and is likely to go up to about 400 million metric tonnes per annum in the coming years. We are also transiting from the fossil fuel based energy to a greener energy including solar, wind and compressed biogas," he added.

--IANS
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Chennai, Nov 3 (IANS) Home finance company Housing Development Finance Corporation Ltd (HDFC) closed the Q2FY23 with a higher net profit of Rs 4,454.24 crore.

In a regulatory filing, HDFC said it had logged an operational revenue of Rs 15,027.21 crore (Rs 12,215.95 crore Q2FY22) and a net profit of Rs 4,454.24 crore (Rs 3,780.50 crore) for the period ended September 30.

For the first half of FY23 HDFC registered an operational revenue of Rs 28,27.52 crore (Rs 23,873.42 crore) and a net profit of Rs 8,123.06 crore (Rs 6,781.17 crore).

The company said during the first six months individual approvals and disbursements grew by 35 per cent and 36 per cent respectively compared to the corresponding period in the previous year.

The demand for home loans continues to remain strong. Growth in home loans was seen in both the mid-income segment as well as high end properties.

During the six months, the average size of individual loans stood at Rs 35.7 lakh compared to Rs 33.1 lakh in FY22.

As at September 30, the assets under management stood at Rs 6,90,284 crore as against Rs 5,97,339 crore in the previous year, HDFC said.

According to the company, during the second quarter loans amounting to Rs 9,145 crore (Rs 7,132 crore) were assigned to HDFC Bank.

Loans sold in the preceding 12 months amounted to Rs 34,513 crore (Rs 27,199 crore).

As on September 30, the outstanding amount in respect of individual loans sold was Rs 93,566 crore. HDFC continues to service these loans.

The gross non-performing loans NPLs as at September 30 stood at Rs 9,355 crore. This is equivalent to 1.59 per cent of the portfolio.

As at September 30, HDFC has carried a total provision of Rs 13,146 crore. HDFC's Expected Credit Loss (ECL) charged to the Statement of Profit and Loss for the half-year ended September 30 was lower at Rs 987 crore (Rs 1,138 crore).

--IANS
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New Delhi, Nov 3 (IANS) ITC Limited, one of Indias leading multi-business conglomerates, has forged as many as 50 Public-Private Partnerships (PPPs) with the government and other institutions as part of its integrated and holistic initiatives to achieve water security and rural empowerment across India.

ITC's 360-degree water stewardship programme is in alignment with the government's key water initiatives including 'Jal Shakti Abhiiyan'. 'Atal Bhujal Yojana' and 'More Crop Per Drop'.

Driven by the Sustainability 2.0 goals articulated by ITC Chairman Sanjiv Puri is scaling up its interventions in replenishing water resources and water usage efficiency. It has also embarked on a programme to achieve water positive status at river basin level with focus on 4 basins across the country. The Ghod river basin has already turned water positive last year.

The company has also partnered the Government in creating large-scale awareness on the need for equitable water management by participating in the ongoing India Water Week 2022. In recognition of its efforts in ensuring water security for all stakeholders, ITC also received the 1st prize in the 'Best Industry for CSR Activities' category at the third National Water Awards by Ministry of Jal Shakti, Government of India in 2021-22.

Over 54 per cent of India is water stressed. Agriculture which forms the lifeline of the Indian economy is vulnerable to the threat of climate change. Recognising the critical need to address this challenge, ITC has taken a three-fold approach to drive water security for its stakeholders and contribute to achieving the national goal of securing a sustainable water future for India.

The three-pronged approach that cognises the varied climatic zones and rain patterns in the country involves 1) a large-scale community based integrated watershed development initiative covering catchment treatment, water harvesting structures development, and groundwater recharge spread over 13 lakh acres in 16 states with over 25,000 water harvesting structures built and another 1.33 lakh acres acres under biodiversity conservation; 2) a unique demand side water management programme that focuses on improving water use efficiency of agriculture with the demonstrated achievement of water savings in the range of 20-45% across select crops and a total savings potential of 496 million cubic metres during 2021-22; 3) maximizing water efficiency across all its operations.

Owing to its 360-degree water stewardship initiatives, ITC has earned the distinction of being the only global company of comparable dimensions to be water positive for over two decades.

ITCs Paperboards & Specialty Papers unit at Kovai is only the second facility in the world and the first in India to be awarded the Alliance for Water Stewardship (AWS)'s Platinum level certification -- the highest recognition for water stewardship in the world.

Going forward, the company aspires to create rainwater harvesting potential equivalent to over five times the net water consumption by 2030 as a part of its S 2.0 targets. ITC is in the process of implementing the AWS Standards at its units in high water stress areas and will progressively obtain AWS certification for these sites in by 2035.

Providing equal focus on achieving water efficiency within the fence, all ITC units are mandated to implement action plans to work towards reducing net water consumption, maximising rainwater harvesting and achieving zero effluent discharge through technology upgradation, advanced processes, stringent audits and international benchmarking.

Commenting on the Company's integrated water stewardship programmes, S. Sivakumar, Group Head, Sustainability, Agri and IT Business, ITC Ltd, said: "Inspired by our credo of "Nation First, Sab Saath Badhein", ITC is committed to partnering with the Government in its journey to secure a sustainable and equitable water future for all. Having implemented a 360-degree water stewardship initiative with the help of community participation for over two decades, we have now embarked on a bolder water mission under our Sustainability 2.0 agenda that envisages scaling up our interventions manifold and setting ambitious targets both inside and outside the fence, whilst supporting large-scale sustainable livelihoods. I would also like to take this opportunity to congratulate the Government for organising the India Water Week 2022, which will go a long way in creating larger awareness and engendering action on the critical need for water sustainability."

ITC's Watershed Development Interventions has resulted in upto 40 per cent improvement in Groundwater Table project areas. ITC supports small and marginal farmers to form Water User Groups (WUGs) in which women also participate actively, thereby ensuring community-based participatory ownership and management of local water resources. Leveraging schemes like MNREGA, over 25,000 water harvesting structures has been built including 3,000 well recharge units, thus creating over 45.2 MCUM water storage capacity.

ITC has synergised traditional knowledge and methods of water conservation with modern techniques. Specific interventions in select project areas have focused on reviving local traditional water harvesting systems like Ahar-Pyne and Community Tanks. Farmer friendly technologies are piloted and promoted to intensify our efforts. One such technology is Talya tray, an Israeli Technology to capture rainfall efficiently, which has also shown upto to 48% higher yields.

As part of its water stewardship program, the company is also focusing on creating water positive status in river basin areas through sustained and holistic interventions and has achieved water positive status in the Ghod River Basin in a span of 5 years. Work is now underway in three other basins -- Upper Bhawani River (sub-basin), Mureru River and Kolans River.

ITC has made strides in the demand-side of water management with a coverage of 728,000 acres across 11 states. The initiative has led to large water savings across crops in the range of 20-45 per cent with a total savings potential of 496 million cubic metres during 2021-22. To achieve large-scale outcomes, ITC promoted crop-specific precision agronomic practices and micro-irrigation leading to reduction in water consumption.

The programme involved slew of multi-dimensional initiatives that includes establishing Demonstration Plots, Farmer Field Schools and technical partnerships with reputed institutes including TNAU, Vasantdada Sugar Institute, IWMI, WWF, among others. The Company's Climate Smart Agriculture programme, which has water management as a key element, today covers over 15 lakh acres, benefitting over 4.5 lakh farmers.

ITC has been a pioneer in water management in its own operations. ITC's Paperboards and Specialty Papers unit in Kovai was the 2nd facility in the world and first in India to be awarded the Alliance for Water Stewardship (AWS) Platinum level certification in FY 2019-20 -- the highest recognition for water stewardship in the world. The company has now set a goal to achieve 40 per cent reduction in specific water consumption by 2030 as compared to the FY 2018-19 baseline. Another goal is to certify of all sites in high water stressed areas as per the international water stewardship standard by AWS by 2035.

--IANS
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