8, Aug 2024
Aurelle Health, nutraceutical brand prioritizing women’s hormone health, launched in India

New Delhi, 08 August 2024: Aurelle Health, the country’s first D2C Nutraceutical brand aimed at revolutionizing Women’s Hormonal Health, has been launched in India. Aurelle Health’s debut marks a new landmark in the Indian nutraceutical space, with clean, authentic, natural and science-backed supplements based on thorough research and clinically-proven formulations. Taking its lineage from Balaxi Pharmaceuticals, the inception of the brand is based on the statistics that 1 out of every 5 Indian women suffer from hormonal issues like Polycystic Ovary Syndrome (PCOS). The brand has further declared its aim of educating and supporting women in understanding their Hormone Health comprehensively in a simple yet effective manner.

paridhi

“Hormonal imbalances are caused due to unhealthy eating, sedentary lifestyles and genetic factors and there is no real cure to PCOS or symptoms caused by hormonal imbalances -it just have to be through diet, lifestyle and supplements. The type and severity are varying and vast and there is no ‘one size fits all’ solution. Hence, Aurelle Health incorporates the goodness of natural ingredients, backed with scientific research, to ease everyday life of modern Indian women. We aim to touch the lives of women across the country through both our products and the community we are building,” said Aurelle Health Founder Paridhi Maheshwari, adding that the brand incorporates her personal journey through PCOS, along with her experience in the pharmaceutical industry.

As part of the launch phase, the company has introduced products across four categories – hair health, skin health, gut health and weight management. The novel products namely Clear Canvas, Mane and Maintain, Gut Health and Tone it Down, adhere to the highest production standards, are non-GMO, clinically proven, sugar free and vegan. With a dedicated R&D and production under expert observation, Aurelle Health assures the best quality and no side effects.

Dedicated to providing a simplified solution for PCOS. The products are slated to soon be made available across leading e-commerce websites and skin clinic chains across major cities. Aurelle believes that true wellness lies in the power of purposeful formulations. Women in India today are tired of juggling multiple bottles and pills as micronutrients for PCOS and Hormonal Health. Aurelle’s innovative supplement products intend to solve this problem by combining super ingredients in one convenient formula.

8, Aug 2024
Compliance Solutions Firm Aparajitha Appoints Sreenath RA as Chief People Officer

New Delhi, Aug 8: Aparajitha Corporate Services, India’s leading tech-driven financial, labour, and industrial compliance solutions provider, has appointed Sreenath RA as its Chief People Officer.

Sreenath CPO

In his new role, Sreenath will leverage his expertise in the full HR lifecycle, encompassing strategic planning, digital transformation, and talent development to further align Aparajitha’s HR strategies with its business objectives. He comes with over 20 years of experience in comprehensive HR management and has held key roles at global firms such as Sierra-Cedar Inc., TVSNET Technologies, Polaris, and Mineni Corporation.

“We are thrilled to welcome Sreenath as our Chief People Officer. His extensive experience and strategic expertise in HR management, combined with his adeptness in leveraging data-driven insights and innovative technologies, align perfectly with Aparajitha’s vision for driving organisational growth. His appointment is a key step in reinforcing our commitment to delivering cutting-edge compliance solutions while nurturing a dynamic, high-performance culture,” said Nagaraj Krishnan, Managing Director of Aparajitha.

“I am excited to join Aparajitha and contribute to its continued success and innovation in the compliance space. My vision is to foster a forward-thinking HR environment that supports our strategic goals through a blend of technology, data analytics, and employee-centric practices,” said Sreenath.

In addition to his professional accomplishments, Sreenath is passionate about outdoor sports and enjoys exploring different cultures and cuisines. He is also deeply committed to community engagement and social responsibility. He actively supports several NGOs focused on education and sustainable development, reflecting his dedication to making a positive impact in society.

Headquartered in Madurai, Tamil Nadu, Aparajitha offers services such as compliance risk audits, establishment and factory compliance, and industry licensing among others. In the last two years, the company acquired four compliance-based companies, including those offering tech-integrated compliance solutions, and consolidated them under the brand name ‘Aparajitha’.

8, Aug 2024
Speciality Chemicals Startup Scimplify Raises Dollar9.5M in Series A Funding Led by Omnivore and Bertelsmann

National, 08 August, 2024: Speciality chemical manufacturing startup Scimplify announced today that it has raised USD 9.5 million in Series A funding. The round was led by Omnivore, alongside Bertelsmann India Investments and existing investors 3one4 Capital and Beenext. Scimplify is a leading specialty chemicals company in India offering a science-first, end-to-end contract manufacturing platform for agrochemicals, pharmaceutical APIs, and flavors & fragrances.

scimplify

In 2023, the global speciality chemicals market was valued at over USD 800 billion, with agrochemicals and pharmaceuticals contributing to more than 60% of the market. Notably, India stands as the 2nd largest exporter of agrochemicals worldwide, and the overall Indian chemical industry is poised to reach double in output by 2027. Scimplify’s diversified services encompass contract research and commercial chemical manufacturing across various sectors, including agrochemicals, pharmaceutical APIs, and flavors & fragrances. With increasing demand for new formulations to support the green transition, shifts in global supply chains away from China and towards India, as well as manufacturing incentives from the Indian government, Scimplify is strategically positioned to cater to a substantial customer base in India and across the globe.

Based out of Bengaluru, Scimplify was founded in 2023 by Salil Srivastava and Sachin Santhosh. Salil previously led the chemicals vertical at Zetwerk and began his career with ITC Limited, while Sachin is an IIT-Madras alumnus who was earlier with Bizongo and began his career with OfBusiness. The founders launched Scimplify to enable comprehensive solutions for the global specialty chemical industry with an emphasis on green manufacturing, quality, and innovation. With this new round, the company plans to double down on their R&D capabilities and add more geographies where key customer segments lie.

Salil Srivastava, Co-Founder of Scimplify, stated, “The backbone of Indian specialty chemical manufacturing are mid-sized factories that have built in-depth, chemistry specific expertise over decades. However, there is significant available capacity to double the national output in the next 5 years with the given infrastructure. Scimplify brings together unique products to these factories using cutting edge R&D along with consistent demand from global customers to utilize these capacities and provide a tech-enabled, full-stack offering to the modern agile customer.”

Mark Kahn, Managing Partner of Omnivore, observed, “Scimplify’s science-driven platform delivers affordable, sustainable agrochemicals and green chemistry intermediaries. By streamlining R&D and manufacturing of sustainable formulations, they’re meeting global demands and positioning India as a leader in sustainable manufacturing of chemical intermediaries. Their approach satisfies regulatory requirements, consumer needs, and environmental concerns, elevating industry standards.”

Rohit Sood, Managing Partner of Bertelsmann India Investments, added “We are excited to partner with Salil & Sachin on their venture to create value in the specialty chemicals industry through a full stack approach. Their unique science, technology & supply-first approach is best suited to leverage the increasing diversification of global supply chains while providing a big boost to the nation’s ‘Made In India’ drive.”

8, Aug 2024
64% of Parents in Rajasthan Advocate for Early Coaching Enrolment, Reveals Koan Advisory Group Study

Jaipur, August 08th, 2024 – A survey conducted by Koan Advisory Group, a New Delhi-based public policy consulting firm, has revealed that a significant 64% of parents in Rajasthan believe their children would benefit from starting coaching classes earlier, with many advocating for enrolment as early as middle school.

Koan Advisory survey

 The study analysed the responses of 1,060 parents from five Tier-Y cities in Rajasthan: Jaipur, Jodhpur, Kota, Ajmer, and Bikaner, highlighting the growing reliance on coaching to supplement formal education. The respondent demographics were evenly distributed: 70% of the respondents were male and the rest female. Just over half, 52%, were aged between 32 and 45, while 48% were between 46 and 55 years of age.

These findings come amidst the recent Guidelines for the Regulation of Coaching Centres, introduced by the Department of Higher Education in January 2024 and the Rajasthan Coaching Center (Control and Regulation) Bill, 2024 released in July 2024, which set a minimum age limit of 16 years for enrolment. The survey indicates a strong preference for early coaching, with 64% of parents expressing a desire for their children to start coaching before Class IX. The data shows that 38.5% of children began coaching between Classes VI-VIII and nearly 30% started as early as Class I-III.

 Vivan Sharan, Partner at Koan Advisory Group, said, “This study highlights the importance of parental involvement in educational rule-making. Any changes to education regulations should be backed by thorough empirical evaluation and impact assessment to ensure they effectively address the issues without unintended consequences.”

 The study reveals a direct correlation between parents’ income and their inclination toward private tutoring. While 39% of parents opted for one-on-one tuition, 27% chose group tuition, and 34% preferred coaching institutions.

 The recent guidelines set by the Department of Higher Education and the new Bill by the Rajasthan government bar children under 16 from enrolling in coaching centers. This may contradict parental expectations and deny children the perceived benefits of early coaching.

8, Aug 2024
St. George’s University Graduates Stress Holistic Well-Being for National Wellness Month

August is National Wellness Month, a time to pause, reflect, and take proactive steps towards a more balanced, healthier life. Wellness is more than just physical health; it includes mental, emotional, and social well-being; these aspects of health are interconnected and achieving balance among them is essential for overall wellness.

This holistic approach to wellness is relevant in the context of medical education as well, where the pressure and demand can be extraordinarily high. Medical students face a unique set of challenges, marked by rigorous academic demands, long hours of study, and the constant challenge of mastering complex medical knowledge. Although this journey is immensely rewarding it can be incredibly stressful and taxing on the students’ well-being. At St. George’s University (SGU), School of Medicine in Grenada, West Indies, the well-being of students is of topmost priority. The university believes the core foundation of a successful medical career is built on academic excellence and the holistic health of its students.
SGU reached out to a few of its recent graduates to hear their experiences and gather their insights on maintaining mental health and well-being during their studies. Their stories and advice offer invaluable guidance for current and future medical students, reinforcing the university’s commitment to holistic health.

Yat Ching Fung, MD’ 24 graduate from Hong Kong says, ‘’Medical school is a marathon. Striking a balance between arduous work and my personal life is a combination of effective time management, self-discipline, and efficient study methods. I set goals for the day or week for where I want to be (catching up with lectures, preparing for small groups, exams, etc.) and then prioritized personal time when I felt like I was not in the headspace to focus. I would go out for a walk, hang out with friends, or treat myself to a nice dinner or a movie before returning to the materials. I usually spent a Friday night off every week to make sure my brain and soul were refreshed, and I had something to look forward to every week. This kept me extremely motivated and got burnt out far less easily.’’

Eric Teye Otumi, MD’ 24 graduate from Ghana says, ‘’My advice to students is to build a strong support network of peers, family, and friends. Surrounding yourself with people who understand and encourage you is crucial for maintaining mental well-being throughout this demanding journey.’’

Nanditha Guruvaiah, MD’ 23 graduate from India says ‘I’m a stickler for schedules and I try my best to complete my tasks for that day. On the other hand, I try to devote at least one hour a day to something other than studying that will make me happy like watching a TV show, going for a walk, or listening to an audiobook. This small but important habit goes a long way in avoiding burnout.’’

As we celebrate National Wellness Month, the insights shared by the SGU graduates underscore the importance of maintaining a holistic approach to health and well-being. Their experiences portray that while the journey through medical school is demanding, achieving a balance between academic responsibilities and personal wellness is essential. SGU’s commitment to supporting its students’ mental, emotional, and social well-being ensures that they are not only prepared to succeed academically but also excel as compassionate, resilient healthcare professionals. Let these graduates’ experiences serve as a reminder to aspiring medical students that prioritizing wellness is essential to a successful medical career.

8, Aug 2024
Developers appreciate RBI’s inflation curb intent behind repo rate maintenance

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The Reserve Bank of India’s (RBI) decision to keep the repo rate unchanged at 6.5% has sent a mixed signal to the real estate sector. On one hand, the move aims to curb retail inflation and maintain economic stability, but on the other hand, it may impact homebuyers’ affordability and slow down the momentum in the housing market. As the industry reacts to the news, we explore the implications of the RBI’s decision on the real estate sector and what it means for developers, investors, and homebuyers.

Neeraj K Mishra, Executive Director, Ganga Realty, stated, “While some experts have suggested a possible reduction in the repo rate, which would benefit the real estate and related industries, we appreciate the Reserve Bank of India’s (RBI) cautious approach to monetary policy. The decision to maintain the repo rate at 6.5% aims to address retail inflation. Despite this, the luxury housing market continues to thrive. However, prospective buyers in the affordable housing segment may delay their purchasing decisions, awaiting a potential reduction in repo rates to make homeownership more accessible.”

Saransh Trehan, Managing Director, Trehan Group, said, “The RBI’s decision to maintain the repo rate aligns with its goals of curbing retail inflation and achieving a 7.2% GDP growth rate for FY25. We commend the RBI’s balanced approach and hope it yields positive results. In the real estate sector, demand has surged in recent years, with luxury markets experiencing a significant upswing despite consistent repo rates. While high-end buyers continue to invest in real estate, mid-range and affordable homebuyers may pause their purchasing decisions due to high mortgage rates resulting from the unchanged repo rates.”

Dushyant Singh, Director, Orion One 32, stated, “The housing market is expected to experience broad-based growth across all segments. Although a reduction in repo rates would have been welcome, we understand the RBI’s decision to maintain rates to address retail inflation. By keeping interest rates stable, the central bank aims to promote stability, encourage competitive home loan offerings, and revitalize the housing market. This move is expected to boost the real estate sector, benefiting both developers and homebuyers. While the decision aims to stimulate demand, it also acknowledges the need for cautious progress amid inflationary pressures. This measured approach to borrowing rates prioritizes affordability and sustainability, supporting potential homebuyers and maintaining momentum in the market.”

Shiven Vikram Bhatia, Executive Director, Splendor Group, affirmed, “The RBI’s decision to hold the repo rate steady at 6.5% strikes a balance between managing inflation and supporting growth. While we had hoped for a rate cut to boost affordability, we recognize the central bank’s prudent approach. The stable interest rate environment will continue to drive demand in the housing market, particularly in the mid-to-luxury segments. We expect the market to remain resilient, with homebuyers taking advantage of competitive home loan offerings and stable prices. As a developer, we will focus on delivering quality projects that meet the evolving needs of homebuyers, capitalizing on the sustained demand and positive market sentiment.”

The RBI’s decision to hold the repo rate steady has brought a sense of caution to the real estate market. While the move may not have provided the immediate boost that the sector was hoping for, it has ensured stability and paved the way for sustained growth. As developers and homebuyers adapt to the new reality, the focus will shift to competitive home loan offerings, innovative marketing strategies, and quality project deliveries. With the market expected to remain resilient, the RBI’s decision may ultimately prove to be a blessing in disguise for the real estate sector, balancing growth with prudence and setting the stage for long-term success.

8, Aug 2024
The Call of the Mirror art exhibition curated by Rohit J Kapoor

 NITUSH AROOSH

Viraya Eko, a pioneering art initiative founded by artist and curator Rohit J Kapoor,showcases its latest exhibition, “The Call of the Mirror,” set to open at the historic Travancore Palace, 10A Kasturba Gandhi Marg, New Delhi. The exhibition will be previewed on August 10th,2024 only by invite and open to the public on August 11th, 2024.

The exhibition “The Call of the Mirror” showcases diverse artists, each bringing unique perspectives. Asha Thadani, through her lens, sparks conversations on caste, power hierarchies, child labor, abuse, and the resilience of the human spirit. Nominated for the Henri Cartier Bresson Award in 2015, her works have been exhibited at Christie’s Auction House and the Albert Kahn Museum, Paris. Suvajit Mondal, a New Delhi-based ceramic artist, explores the relationship between nature and human intervention. His works, awarded the 56th National Award at Lalit Kala Academy in 2015, have been exhibited in group shows across India and in notable exhibitions with the Raza Foundation and Gallery Art Heritage, New Delhi.

Maulik Oza, a self-taught ceramist, integrates ceramics within architectural and interior environments. His works, exhibited in several exhibitions, notably with 079 Stories in Ahmedabad and the Raza Foundation in New Delhi, showcase his innovative approach. Also, Nitush and Aroosh, self-taught designers and artists, create sculptural furniture and objects, transforming stainless steel into unique pieces inspired by Indian metal craftsmanship. Their portfolio includes over a thousand projects.

Oliver Sinclair began his career with Richard Avedon and later worked with Nick Knight. His current focus on portrait and street photography captures the essence of his subjects. Nirvair Rai Singh, a Mumbai-based photographer and filmmaker, uses his lens to explore socio-political issues in South Asia. His work, including projects like ‘Landless Kings’ and ‘Memory of Land,’ has been exhibited in New Delhi and the UK. He is currently working on a documentary for Netflix, India and has been awarded by the National Geography.

Sergey Vinogradov, a member of the Union of Photo Artists, Russia, focuses on portrait photography with surrealist elements. His works deconstruct traditional masculinity, revealing emotional complexities. His work has been featured in galleries across Europe and the U.S., and publications like Vogue and Iconic Artist. Nandini Jhabua, from the Royal family of Jhabua, has been a patron of Gond Art Projects for over a decade, promoting tribal art and culture globally. Kopal Seth, based in Khurai, M.P., with an MFA from the Rhode Island School of Design, has exhibited her work in India, China, and the U.S. Her portfolio addresses themes like overpopulation, environmental chaos, and human conflicts.

Rohit J Kapoor’s multidisciplinary art integrates emotional and analytical dialogues, often alternating between monastic austerity and baroque high camp. He has curated and exhibited several dialogue-based art projects and fundraisers since 2016. Khalid Amin, from Ajrakhpur, Gujarat, combines traditional block printing with innovative techniques like overprinting and painting on fabric. His work has been exhibited in several shows, and his piece ‘Haji Ali’ is part of the Victoria and Albert Museum’s permanent collection.

Rutvik’s art reflects his connection to nature and the Gir forests. His works, whether sculpture or drawing, often use rural landscapes and animals to critique modern life’s lack of introspection. He has exhibited in several shows since 2018. Shambu Dayal, a Gond artist from Madhya Pradesh, has developed a unique style over 35 years, blending traditional elements with folklore and mysticism. He has received the state-level award of Madhya Pradesh in 2000. Khulem Tennyson (Lulu Kayheich), a contemporary performance artist, has crafted nonverbal ballad dance films and experimental performances. He showcased his work at the Kochi Muziris Biennale and won the Karthika Nair Best Dancer Award at the VI Edition of PECDA in 2024.

Lastly, Narendra Jatav, an artist from Madhya Pradesh, creates captivating works using charcoal, blending sacred geometry and abstraction. His work has been featured in several national and international exhibitions.

“The Call of the Mirror” is beyond the boundaries of artistic vision and individual perceptions, exploring the intersection where they merge. This exhibition features a diverse array of artworks that encourage viewers to engage with art on a personal level, becoming co-creators in the process. The artists’ works urge viewers to seek out art in the world, drawing them into its spectrum of influence and facilitating self-understanding through the perceptions of others.

Viraya Eko aims to promote the artistic visions of emerging artists, artisans, and creatives who integrate cultural legacy into their creative processes. This initiative includes issues surrounding contemporary times and explores impactful creative narratives that are both catalytic and thought-provoking.

8, Aug 2024
CII Karnataka Annual Energy Transition Conference 2024

Bengaluru, 08 August 2024: CII Karnataka organized annual Energy Transition Conference “Driving Sustainability: Renewables, Green Hydrogen and Electric Mobility” today at Bengaluru. Addressing the inaugural session Mr Gaurav Gupta, IAS, Additional Chief Secretary, Energy Department, Water Resources Department & Managing Director, KPCL, Government of Karnataka, remarked, “Karnataka is leading the way in renewable energy, with 65% of electric energy capacity coming from renewable sources. As a hub for renewable energy, transmission, and investment, we are also pioneering in green hydrogen production with a target of 3 MMTPA and advancing electric mobility to create 1.5 lakh jobs. Our goal is to reduce the cost of green hydrogen production from $5 per kg to $1 per kg, demonstrating our commitment to sustainable and innovative energy solutions.”

INAUGURAL SESSION - Energy Transition Session

Mr Lalit Bohra, Joint Secretary, Ministry of New & Renewable Energy, Government of India, stated, “Providing electricity at a low rate is essential as power demand grows at 8-10%. India stands 4th globally in renewable energy installations, having surpassed 85GW from solar and 46GW from wind. The government has waived inter-state transmission charges, and for the first time, Karnataka has introduced Distributed Renewable Purchase Obligations (RPO). Achieving the 200GW milestone from renewables without fossil fuels and aiming for 500GW by 2030, along with 55GW solar manufacturing capacity, highlights our commitment to a sustainable and energy-secure future.”

“Energy plays a critical role in our lives, offering the opportunity to reduce our carbon footprint, create jobs, and enhance capacity said Ms Gunjan Krishna, IAS Commissioner for Industrial Development and Director, Department of Industries & Commerce, Government of Karnataka. Ms Krishna emphasized on “The transition of energy has two crucial aspects i.e. moving towards renewable sources and decarbonization aiming for 50% installed capacity of renewable energy and to attain net zero by 2070. Achieving our targets hinges on robust policies that support energy transition, increase renewable energy production, promote EV transportation, reduce industrial heating emissions through green hydrogen, and foster green buildings and manufacturing processes. Innovation and technology in the renewable energy sector are vital. We need smarter and greener grids, micro distribution systems, and just transitions. Karnataka’s industrial policy will emphasize green processes in manufacturing to align with these objectives.”

At CII Karnataka, we constantly endeavor to contribute to sustainable economic development. However, to achieve this target, we need to address one of our time’s most pressing topics: climate change and energy security. To create a sustainable energy future, we must develop a strong ecosystem with an efficient and judicious utilization of renewables, green hydrogen, electric mobility and well supported by a robust grid network are prerequisites for a seamless transition. The same is only possible through strategic collaboration and discussion among industry leaders and visionaries. An in-depth dialogue on energy transition will go a long way in making Karnataka a key player in the country’s net zero journey said Mr N Venu, Chairman, CII Karnataka State Council 2024-25 & MD & CEO – India & South Asia, Hitachi Energy.

CII Karnataka whitepaper on Energy Transition in MSMEs was released emphasizing the shift from fossil fuels to renewable energy sources for sustainable economic growth. MSMEs, vital to Karnataka’s economy, face both opportunities and challenges in this transition. Key drivers include supportive policies, economic incentives, technological advancements, and environmental considerations. Opportunities lie in adopting renewable technologies, improving energy efficiency, and accessing green finance, while challenges include high initial costs, limited financing, and technical expertise gaps. Addressing these through enhanced policy support, innovation partnerships, and financial products will be crucial for MSMEs to contribute to Karnataka’s sustainability goals and improve competitiveness.

Energy transition is an inevitable progression towards our target of Net Zero and the government of India is keen to push this by giving right policy support and impetus for the renewable energy industry. However we also need to focus on the infrastructure supporting the clean energy, including transmission and evacuation network ahead in time, which currently lags behind the generation said Mr Shivanand Nimbargi, Co-Convenor, CII Karnataka Energy Transition Panel 2024-25 & Managing Director, Ayana Power

“Globally, India ranks as the 4th largest in renewable energy (RE) installed capacity with over 200 GW installed,” said Mr KP Rudrappiah Managing Director, Karnataka Renewable Energy Development Ltd (KREDL), Government of Karnataka. “Karnataka is among the top 5 states in RE installation, holding the 3rd position in both solar and wind energy. The state has made significant strides in RE capacities, supported by a favorable policy environment. The Energy Conservation (EC) and Energy Efficiency (EE) policy aims to conserve 744 million kWh of electricity, avoiding the addition of 454 MW of fossil fuel-based generation capacity and reducing CO2 emissions by 610,080 tonnes. In the 2024-25 budget, the Government of Karnataka announced the implementation of 40,000 off-grid solar pumps, increasing the state subsidy share from 30% to 50% to encourage renewable energy and boost farmer income.

“Energy transition requires a holistic approach, encompassing generation, transmission, storage, and consumption. This transformation demands collaborative innovation in technology and digitalization to ensure efficiency and effectiveness,” said Mr Akilur Rahman, Convenor of CII Karnataka Energy Transition Panel 2024-25 and Chief Technology Officer at Hitachi Energy.

The conference discussed critical topics including Renewable Energy Generation, the Energy Transition Grid for efficient Energy Evacuation and Transmission, Integration of Renewables to achieve Net Zero Emissions, and the role of Electrification and Digitalization in advancing these goals. Leading industries and institutions including Hitachi Energy; Ayana Power; Greaves Electric Mobility; Elgi Equipments Ltd; O2 Power; Dexler Energy shared and showcased their insights which was attended by over 100 industry CXO’s and stakeholders across sectors.

8, Aug 2024
CII MP Hosts Interaction with Madhya Pradesh MPs in New Delhi

New Delhi, 8th August 2024: CII Madhya Pradesh organized an interaction with the Hon’ble Members of Parliament from Madhya Pradesh in New Delhi. The interaction sought to provide a platform to discuss the avenues of collaboration between industries and Government.

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The meeting was attended by the following members of Parliament

1. Mr Ganesh Singh, Satna,
2. Mr Shankar Lalwani, Indore,
3. Mr Ashish Dubey, Jabalpur
4. Mr Sudhir Gupta, Mandsaur
5. Mr Bharat Singh Kushwaha, Gwalior
6. Smt Sandhya Rai, Bhind
7. Dr Rajesh Mishra, Sidhi
8. Smt Bharti Pardhi, Balaghat
9. Mr Shivmangal Singh Tomar, Morena
10. Mr Vivek Bunty Sahu, Chhindwara
11. Smt Maya Narolia, Rajysa Sabha
12. Smt Lata Wankhede, Sagar

The meeting entailed a detailed discussion on the present scenario of Madhya Pradesh and provided an opportunity to discuss the interventions required at central and state level to ensure the all-around development of the State. Members from CII Madhya Pradesh and members of Parliament discussed the key initiatives that can help in facilitating skill development of youth, generating employment opportunities, improving healthcare facilities & delivery, harnessing the sectoral strength of Madhya Pradesh. The meeting was moderated by Mr Ashish Vaishya, Chairman, CII Madhya Pradesh State Council.

Key Takeaways of the Meeting:

The meeting involved a detailed and in-depth discussion on the current situation of Madhya Pradesh, providing a crucial opportunity to identify the necessary interventions at the central and state levels to ensure the overall development of the state. The main topics discussed included the following aspects:
1. Youth Skill Development:
The discussion focused on initiating new and advanced training programs in collaboration with industries. Emphasis was also placed on establishing and facilitating the operation of skill development centers in both rural and urban areas.
2. Employment Opportunities:
The meeting identified new employment opportunities in various sectors. Additionally, plans to create jobs in partnership with local industries were considered. Special employment programs for women and the differently-abled were also key focus areas.
3. Healthcare Facilities and Delivery:
Improving the availability and quality of healthcare services in rural and remote areas was a major point of discussion. Expanding the reach of healthcare services through telemedicine and mobile clinics was highlighted. The use of digital technologies in healthcare was also emphasized.

4. Leveraging the Regional Strengths of Madhya Pradesh:
The discussion highlighted leveraging the state’s unique strengths in agriculture, tourism, and industries. Special plans for promoting organic farming and tourism were considered. Efforts to gain national and international recognition for local crafts and arts were also discussed.

5. Enhancing the Agri, Food Processing & Dairy Sectors of MP:
The discussions focused on harnessing the potential of the agriculture sector of Madhya Pradesh and build upon the same to boost the processing of agri & dairy produce.

6. Empowering FPOs & Self-Help Groups:
The empowerment of Self-Help Groups (SHGs) and Farmer Producer Organizations (FPOs) will catalyze the growth of the cottage industry, ensuring sustainable development and economic resilience. And hence the discussions revolved around necessary interventions.

Quotes:
The meeting with members of the Parliament will help us plan and execute the tangible action plans to foster a sustained and continuous growth of Madhya Pradesh. – Mr Ashish Vaishya, Chairman, CII MP

The interaction provided us with fresh perspective and has opened new avenues of collaboration to make Madhya Pradesh a “Shreshtha” Pradesh. – Mr Siddharth Sethi, Vice Chairman, CII MP

The discussions held today will pave a way for more focused and strategic partnerships to ensure inclusive and sustainable growth of Madhya Pradesh – Mr Akshat Chordia, Chairman, CII Malwa zone

8, Aug 2024
RBI MPC Holds Rates Steady Amid Economic Uncertainties

In its latest meeting, the Reserve Bank of India’s Monetary Policy Committee (MPC) opted to maintain the status quo on key policy rates. The repo rate, at which the RBI lends to commercial banks, remains unchanged, as does the reverse repo rate, which stands as the rate at which banks park excess funds with the central bank. This decision comes amid a backdrop of carefully balanced considerations around inflationary pressures, global economic conditions, and domestic growth dynamics. The MPC acknowledged the complex interplay of factors affecting inflation, including elevated global commodity prices and domestic supply-side constraints.

 Looking forward, the MPC reaffirmed its commitment to supporting economic recovery while ensuring price stability. The monetary policy stance remains accommodative, signaling a willingness to sustain adequate liquidity and conducive financial conditions. The committee’s assessment underscored the importance of maintaining financial stability amidst ongoing uncertainties, emphasizing vigilance and proactive measures to mitigate risks. As India navigates through evolving economic challenges, the decisions taken by the MPC aim to foster resilience and facilitate a sustainable path to recovery.

 Comments By Industry Experts:

 Mr. Samir Jasuja, Founder & CEO of data analytics firm PropEquity

 “The Reserve Bank’s decision should be seen in the context of inflation-growth dynamics and the ongoing geopolitical crisis.
Any rate hike would have halted the real estate sales momentum which in the past few years have been on an upwards trajectory.
Going forward, a reduction in the benchmark interest rate will go a long way in providing a further boost to the real estate sector, a major segment of the economy“.

 Mr. Aman Sarin, Director & Chief Executive Officer, Anant Raj Limited

We welcome the Reserve Bank of India’s (RBI) decision to keep the policy rate unchanged to maintain economic growth and keep inflation under control. This decision fosters a stable economic environment, which is crucial for sustained development.

 We believe that stable interest rates are particularly beneficial for the real estate sector. When interest rates remain steady, home buyers can plan their purchases without the uncertainty of potential rate hikes. The cost of borrowings too remains stable, thus, the cost of construction.

 In the forthcoming RBI Monetary Policy, we hope the positive trend continues and expect favorable news for homebuyers specially in the Affordable and middle class housing.

 Mr. Mohit Jain, Managing Director, Krisumi Corporation

 “While a rate cut would have been an ideal scenario to propel economic growth across industries including real estate, maintaining the status quo will help prevent borrowing cost from rising, enable affordability, propel the residential demand and boost the overall economy. The RBI’s endeavour to maintain a stable policy environment will benefit not just homebuyers but also real estate developers who have the opportunity to innovate and cash in on the buoyancy.”

 Siddharth Karnawat, Co-Founder, Blue Sky Capital

 RBI keeps rate unchanged at 6.5% for 9 consecutive policies and that was expected on the sidelines of global uncertainty we are into. With FY25 GDP growth rate estimated at 7.2% and CPI inflation estimate at 4.5% maintained for FY25 but to be noted that concern over stubborn food inflation still exists which seems clearly the focus of RBI. Already big banks results showing deposits side pressure and concern over retail loans and RBI was yet again upfront on clearly highlighting that. RBI too indicated money going into markets due to attractive returns and hence banks are facing funding issues.It would be needless to say that currently RBI feels financial market is robust but is proactive to call out as these issues should not become a concern in future. As the focus of RBI always Digital lending RBI proposes to create a public depository of digital lending apps. What is also a good move on ease of doing business is Cheque clearance now will be in hours rather than a couple of days.

 To sum up broadly in line with the street’s expectations but with a clear focus on food inflation and not in hurry to change rates.

 Siddharth Maurya, Founder & Managing Director, Vibhavangal Anukulakara private limited

The retention of the status quo in the repo rate at 6.5% by the RBI for the ninth consecutive time sends an unequivocal signal about India’s resilient economy and a central bank committed to sustainable growth. That continuity automatically impacts personal financial planning. If one has variable rate loans, this stable interest rate environment provides the opportunity for accelerated repayment strategies. Consider this—an additional payment of even 5% of the EMI towards the principal of a ₹50 lakh home loan at 8.5% interest can cut the tenure by almost 2 years, saving more than ₹5 lakhs in interest.

On the investment front, even though interest rates for FDs might remain flat, this is the time to consider a systematic investment plan in equity mutual funds. With Sensex and Nifty touching all-time highs and the RBI forecasting robust GDP growth, disciplined investments in equities may deliver significant returns in the long run.

So, as depicted in the past records data of SIPs, the return on diversified equity funds on average resulting from SIP investments is approximately ranging within 12-15 % in a 10-year period. Another positive aspect realized by a stable interest rate is that this is a good time to seek an insurance review especially on term life insurance where rates are expected to remain fairly priced for the future.

 Manoj Goyal, Director, Forteasia realty pvt ltd.

 The move by the RBI to retain the repo rate at 6.5% for the ninth time in a row brings stability to the milieu of real estate financing, helping homebuyers in a manner that keeps interest rates on home loans steady at an average of 8.5%-9.5% for most banks at the moment. For a regular house loan of ₹50 lakhs for 20 years, this will come to an EMI of about ₹44,000 to ₹47,000, depending on the precise interest rate. With the unchanged repo rate and a GDP growth estimate at 7.2%, things have augured well for FY25 in terms of real estate investment, according to the RBI. History suggests that any period where interest rates are stable would normally comprise constant growth in property values. For instance, during the last protracted period of rate stability from 2015 to 2018, the House Price Index showed an average annual growth of 5.8%. This opens up prospects for prospective homebuyers to take balanced decisions without worrying about fluctuating EMIs.

 LC Mittal, Director, Motia Group

 The hold of the repo rate at 6.5% for the ninth time in a row bodes well with huge implications for the affordable housing sector. With home loan rates steady, the affordability index remains positive for first-time homebuyers. The share of the average home loan payment to income has improved from a high of 61% in FY14 to 43% in FY23, largely due to interest rate stability and rising incomes. This obviously would continue with the present rate stability. While the government’s affordable housing push and a supportive stance by the RBI would have given a fillip surely to this segment, it is quite probably because of price hikes that volumes have not grown so much. Affordable housing—units priced below ₹40 lakhs—accounted for 30% of new launches in the top seven cities in 2023. A status-quo repo rate, along with various government incentives like PMAY, will infuse continuous growth into the affordable housing sector and drive expansion in the overall real estate sector in step with the RBI’s projected 7.2% GDP growth for FY25.

 Anurag Goel, Director at Goel Ganga Developments

 The nuanced impact of the decision by the Reserve Bank of India to retain the repo rate at 6.5% for the ninth consecutive time is this: while residential real estate benefits directly from stable home loan rates, commercial real estate benefits on account of the overall economic stability that this decision signals. With the RBI retaining its GDP growth estimate at 7.2% for FY25, we can look forward to sustained demand for office spaces, especially in IT hubs and emerging business districts. Office space leasing in the top 8 cities increased by 15% YoY in 2023 to 38.2 mn sq ft. A stable rate environment is likely to trigger more long-term leases and property acquisitions by businesses. What is more, catalysed by the pandemic, for e-commerce the boom goes uninterrupted; hence, demand continues to surge for warehousing and logistics spaces, having grown by 47 percent YoY in 2023 to 51.1 mn sq ft. This trend will be accelerated further as both financing costs and attitude of optimism toward the economy continue unabated.

 Aman Gupta, Director of RPS Group

 The RBI has retained the repo rate at 6.5 percent for the ninth consecutive time, which impinges in a huge way on real estate developers and investors. On the upside, stability in interest rates, along with the RBI’s now forecasted 4.5 percent inflation, gives an ideal platform for the planning and execution of long-term projects. It now enables developers to plan new projects confidently as financing costs are more predictable. Supply of new housing in Top 7 cities surged by 23 percent year-on-year in 2023, touching 3.65 lakh units. Subsequent supply would maintain this upward trajectory with stable interest rates and positive economic projections. In times of continuity concerning repo rates revised and sustained at the level taken, an unchanged status of interest rate will retain the lucrativeness of rental yield, already averaging 3-4 percent in major Indian cities on residential properties, and 7-9 percent with regard to commercial properties. With an RBI GDP growth projection of 7.2 percent for FY25, we may further witness sustained appreciation in property values—especially in fast-growth urban centers and their emerging satellite towns.

 Gurmit Singh Arora, National President, Indian Plumbing Association

 The RBI’s decision has a cascading effect on the whole realty ecosystem and allied industries, as it/storage kept the repo rate unchanged at 6.5% for the ninth time in a row. Construction contributes to about 6-8% of India’s GDP, he said; this stability gives predictability to funding costs for projects. On track to reach $1.4 trillion by 2025 in India, stable interest rates take an important seat in this race to growth for the construction sector. Also, the home improvement and interior design sectors get positively impacted with an unchanged repo rate. Stable EMIs will prompt more people to invest in renovations and upgrades. Furniture and Home decor market in India was valued at $32 billion in 2023 and is further likely to bloom under such stable economic conditions. In all, the proptech sector saw over $3.4 billion investments from 2009 through 2022 alone. More innovation in property technology and digital real estate services shall follow under the proptech umbrella due to predictable real estate market conditions.

 Mr. Pradeep Aggarwal, Founder & Chairman, Signature Global (India) Ltd.

 “The RBI’s decision to keep rates unchanged is on expected lines with an intention to keep inflation under check. While the RBI is focused on reining in inflation within its target limit, the expectation of good monsoon may prompt the apex bank to lower interest rates in the subsequent months thereby further propelling real estate sales momentum and also providing an opportunity to perspective homebuyers to enter in the market. While portraying a robust forecast for economic growth, the RBI’s all-round efforts will positively impact homebuyers sentiments and industry as well”