8, Aug 2024
Government’s Revised LTCG Policy on Real Estate: Implications and Industry Response
8th August, 2024: The government’s recent revision of the long-term capital gains (LTCG) tax policy on real estate has sparked significant interest and debate within the industry. The updated policy aims to streamline taxation rules for property transactions, potentially impacting both investors and homeowners. This revision is seen as a move towards enhancing transparency and efficiency in the real estate sector while aligning with broader economic objectives. Stakeholders, including real estate developers, investors, and tax experts, are closely monitoring the implications of these changes on market dynamics and investment decisions. As the new rules take effect, their impact on property prices, transaction volumes, and overall market sentiment remains a topic of keen observation and analysis.
The government’s decision to give the option to taxpayers to choose between 12.5 per cent LTCG and 20 per cent LTCG with indexation benefit for properties purchased before July 23, 2024 is a positive development for the real estate sector,” commented Mr. Samir Jasuja, Founder and CEO of PropEquity. “It addresses the apprehensions among property owners that they will have to shell more taxes in the absence of indexation benefit. Real estate has always been an important asset class for investment and if we have to make real estate a trillion-dollar industry than lesser taxes should be introduced.”
“The decision provides flexibility to property owners, allowing them to carefully evaluate their financial situation and select the tax option whenever they plan to sell,” said Mr. Sanjoo Bhadana, Founder & MD, 4S Developers. “It has removed the apprehensions among property owners that the new LTCG would have led to higher tax outgo. Now, depending on individual circumstances, one option might offer significant tax savings compared to the other. The amendments in the Finance Bill certainly add a layer of positivity for the real estate market.”
“The amendment in LTCG has given home owners the option to make an informed choice by opting for a method that involves a lesser tax outgo,” noted Mr. Vijay Harsh Jha, founder and CEO of VS Realtors (I) Pvt Ltd, a Gurugram-based property brokerage firm. “The real estate sector is quite enthused with this change in policy and we hope that real estate transactions are not impacted.”
These quotes highlight the varied perspectives within the real estate industry regarding the revised LTCG policy and underscore the potential implications for property owners and investors alike. As the sector adjusts to these changes, stakeholders will continue to monitor how these reforms shape the future landscape of real estate transactions and investment decisions.
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- By Rabindra
8, Aug 2024
Government Revises Long-Term Capital Gains Tax Policy: Implications and Reactions
8th August, 2024: In a recent move, the government has announced significant changes regarding the long-term capital gains (LTCG) tax, aiming to redefine the taxation framework for investors. This decision comes amidst a backdrop of economic considerations and aims to balance revenue generation with investor sentiments.
The new policy includes revisions to the LTCG tax structure, which has garnered attention and mixed reactions from various sectors. It aims to provide clarity and predictability while addressing concerns about equity and fairness in the tax regime.
Key stakeholders, including investors, financial experts, and industry leaders, are closely monitoring the implications of this decision. They are evaluating how it could impact investment patterns, market dynamics, and overall economic growth.
Furthermore, the government’s rationale behind this decision emphasizes its commitment to fostering a conducive environment for sustainable economic development. This move is expected to play a crucial role in shaping the investment landscape in the coming months and beyond.
As discussions unfold and stakeholders adapt to the new tax regime, the broader implications of this decision will undoubtedly unfold, influencing economic policies and investor strategies in the foreseeable future.
Comments by Mr. Mohit Jain, Managing Director, Krisumi Corporation
The amendment moved by the Finance Minister offers flexibility in computing long-term capital gains (LTCG) tax, allowing taxpayers to choose between a lower rate of 12.5% without indexation or a higher 20% rate with indexation for properties acquired before July 23, 2024. This enables property owners to strategically plan their sales, paying the lower of the two tax rates. This change provides much-needed relief for property owners and, consequently, the real estate industry, a significant employment generator in the economy. It also allows for more stability in the real estate market.
8, Aug 2024
Social Beat Achieves Numerous Esteemed Industry Awards
Chennai, 08, August 2024: Social Beat, a leading digital marketing agency, capped a successful six months winning multiple awards across several prestigious platforms. These accolades highlight Social Beat’s excellence in creativity for digital campaigns, performance marketing and influencer collaborations.
At the Maddys Awards, Social Beat secured three silver awards in the Digital Campaigns category:
- Brand Campaign for Samsonite
- Social Media Campaign for Royal Sundaram
- Influencer Marketing Campaign for Samsonite
In the Social Samosa Awards, Social Beat earned:
- Gold for Best Use of Performance Marketing for Sundaram Mutual Fund
- Silver for Best Use of Creators/Influencers for Indian Terrain’s #WearThePants campaign
Social Beat also triumphed at the Front Benchers Awards with three gold awards:
- Gold in the Video category for Samsonite
- Gold in the Rural Marketing category for Fortune (Adani Wilmar)
- Gold in Social Media Best Use of Creator Collaboration
Mr. Vikas Chawla, Co-Founder of Social Beat, said, “These wins are a testament to the strategic thinking and creative ability of our teams across products, services and markets. We are really thrilled to be recognized across multiple categories and platforms reflecting our width and depth of capability. This also motivates us to continue delivering innovative and impactful campaigns that drive business growth for our clients.”
About Social Beat:
Founded in 2012, Social Beat is a digital growth partner, enabling brands to rise to the impossible. They drive business outcomes with a 300+ strong team of digital experts across Bengaluru, Mumbai, NCR, and Chennai. They are India’s fastest-growing independent digital marketing solutions company and manage 4% of digital media investment in India. Social Beat is a Google Premier Partner, and Meta Business Partner and works closely with ecosystem partners like Amazon, Hotstar, Salesforce & LinkedIn. D2Scale is their center of excellence for commerce & omni channels brands to drive growth via D2C & Marketplaces. Influencer.in is their creator economy product driving discovery and real-time reporting of impactful influencer marketing campaigns. They work as extended growth teams with leading brands like Bharat Matrimony, Adani Wilmar, Jaquar, Indian Terrain, Samsonite, Mankind Pharma, Kalpataru Group, Go Colors, Mahindra Finance, JK Cement, Sundaram Mutual, Khazana Jewellery and with hyperscaling startups including boAt, Niyo, Gamezy, A23 Games, EaseMyTrip, Kapiva, Drools and Sukoon Health on driving business outcomes through a combination of creativity and performance.
8, Aug 2024
TeamLease EdTech and Kerala Government Partner to Boost Employabilit
Mumbai: 8th August 2024: TeamLease EdTech is proud to announce a new collaborative partnership with the Kerala Government to address the skill requirements, skill gap, and employability challenges in Kerala. This strategic alliance is set to design and implement impactful skill development through the Work Linked Degree Programs along with Credit Linked Diploma and Certificate, tailored to meet the specific needs of Kerala’s economy.
By combining their respective expertise, resources, and networks, TeamLease EdTech and the Government of Kerala are poised to equip Kerala’s workforce with industry-relevant skills through Work-Linked Degree Programs, internships, and apprenticeships. This initiative fosters increased demand from the state and facilitates a mutual exchange of knowledge, best practices, and industry insights between the two parties. The focus on continuous learning and practical experience aims to enhance the employability of individuals across Kerala, ultimately contributing to the state’s socio-economic development.
Shantanu Rooj, Founder, and CEO of TeamLease EdTech, stated, “This partnership represents a significant step towards bridging the skill gap and enhancing employability in Kerala. By integrating work-experience with academic learning, we aim to create a robust talent supply chain that meets the evolving demands of today’s job market. Our collaborative efforts with K-DISC will empower students with the necessary skills and knowledge to thrive in their careers and contribute effectively to the state’s economic growth.”
Dr P V Unnikrishnan, Member Secretary of KDISC, remarked, “The collaboration with TeamLease EdTech is a landmark initiative in our efforts to boost the employability and skill levels of our youth. By providing industry-oriented education and training, we are ensuring that our educated youth are well-equipped to meet the challenges and opportunities of the future. This MoU will significantly enhance the employment prospects of our students, thereby fostering sustainable economic development in Kerala.”
This Memorandum of Understanding (MoU) between TeamLease EdTech and KDISC underscores a shared commitment to socio-economic development. The initiative will provide gainful employment opportunities through industry-oriented Work Linked Degree Programs, Credit Linked Diplomas, and Certificates, making high-quality education and practical training accessible to all.
8, Aug 2024
Indian Full Moon Ghee has many takers globally: An Expert
Hyderabad, August 08, 2024……A Seminar on Food Processing & Packaging and Global Trends with increasing demand for Indian F & B products was held at FTCCI in Red Hills on Wednesday. It was organised by the Trade Promotion Council of India (TPCI), New Delhi and India Exposition Mart Limited (IEML), Greater Noida. And was supported by the Telangana Food Processing Society (TGFPS); the Federation of Telangana Chambers of Commerce and Industry (FTCCI) and the Dalit Indian Chamber of Commerce and Industry (DICCI)
Mr. Akhil Gawar, Director Telangana Food Processing Society (TGFPS) was the chief guest. Speaking on the occasion he said the focus area of the Government of Telangana was Food Processing, everyone knows how to produce, but, they find it difficult to scale it up. So, our focus is on helping companies to scale up their operations. We will help them in building technology, building a business model, Branding, Marketing, Distribution, Cold Chain Development and many other areas
We also focus on helping farmers to improve their incomes and women’s empowerment. MSME is another focus area. Food Processing is the biggest sub-segment of the MSME. Consumer health, and safety are our other areas of focus, he added.
Mr. Suresh Kumar Singhal who graced as a special guest said the Indian food processing industry stands at a pivotal juncture. The government’s recent budget announcements have underscored its commitment to supporting the growth and development of this vital sector.
Mr Devansh Trivedi, Director Shanti Boilers & Pressure Vessels Pvt. Ltd spoke on Sustainability in Food Processing & Packaging. Mr Trivedi discussed the critical role of sustainability in food production, shared best practices, and highlighted innovative approaches to ensure long-term food security
The Keynote Address was delivered by Mr Rupesh Patel, Co-founder- Healthy Honest Foods Pvt. Ltd. He spoke on Global Demand Trends and increasing Demand for Indian F&B Products
Mr. Patel provided insights into the growing global demand for Indian food products, explored market trends, and identified opportunities for Indian businesses in the international arena.
Frozen Samosas, Frozen Vegetarian Biryani, and Frozen Indian curries are a few food products hugely popular in other countries where India’s diaspora lives. A lot of Indian companies that are exporting ready-to-eat food are exporting in frozen form. This trend is witnessing a huge demand in sales abroad, he added. Not just Indians, but many foreigners are looking forward to this kind of food and has huge demand, he shared.
Indian Samosa has been turned into a billion-dollar global snack, he added. Indian curries in the frozen form are also in huge demand wherever Indians and students are living. After the pandemic Indian food is more accessible globally, he said.
Full moon ghee is also gaining a lot of demand abroad. Making ghee during the Full Moon is considered auspicious due to this powerful forward-moving energy of the Moon added Tamal Chatterjee, Chief Growth Officer SID’s Farm. The practice of making bilona ghee under the Purnima moon dates to Vedic times. Full moon ghee is prized as a potent ojas-building and healing elixir. It is used as a medicinal ghee to promote balance in the body and soul, he added.
The Seminar was organised as part of the roadshow in the backdrop of the “Indus Food Manufacturing” exhibition to be held from 09 to 11 January 2025 in Yashobhoomi, IICC New Delhi. This event is poised to showcase cutting-edge innovations, technologies, and trends in the food and beverage industry.
Core Objectives of the road show, seminar and Indus Food Manufacturing expo were to promote Sustainable Food Production and Raise awareness about the importance of sustainability in food production. And showcase best practices and innovative solutions for sustainable food production.
The second objective was to highlight the Global Demand for Indian F&B Products discuss the increasing global demand for Indian food products and Identify opportunities for Indian F&B businesses in the international market. Another objective was Networking and Collaboration among industry professionals and technology providers and encourage collaboration and partnerships to drive innovation and growth.
The delegation also showcased the upcoming shows “Indusfood 2025” and “Indusfood Manufacturing 2025”:
The Hyderabad roadshow on “Sustainable Food Production and Global Demand for Indian F&B Products” brought together industry leaders, technology providers, and sustainability advocates, the event aims to foster discussions, promote best practices, and identify new opportunities for growth and collaboration.
7, Aug 2024
Karma Primary Healthcare Secures Series A Funding from UBS Optimus Foundation
New Delhi, 07th August 2024: Digital healthcare startup Karma Primary Healthcare has secured funding from UBS Optimus Foundation as part of its Series A funding round. This investment brings the total Series A funding to ₹11 crore (about $1.3 million). The round also saw participation from 1Crowd and other investors.
The capital will be strategically deployed to enhance Karma’s technological capabilities; extend value-added services; and expand the team as it builds-out a patient-centric care model for rural patients in India. Karma aims to reach 100 locations serving over 150,000 patients annually by 2027.
Dhun Davar, Head of Social Finance, UBS Optimus Foundation and Head of Social Impact & Philanthropy, India and Middle East, UBS, said: ”UBS Optimus Foundation aims to scale quality primary healthcare for vulnerable communities around the world and make it more accessible. Our partner Karma Primary Healthcare has assisted hundreds of thousands of patients in rural India since our partnership began and our continued funding will help them expand their network of medical facilities and further strengthen their digital platform.”
The funding will enable Karma to transition from a transaction-based care model to a value-based care model, including the development of value-added services and referral networks. It will also support the enhancement of predictive analytics capabilities, allowing for improved patient data management and personalized healthcare solutions.
“We are delighted by the profound impact Karma has created by revolutionizing the primary healthcare space in India. Their unwavering commitment to bridging the healthcare gap by providing medical care solutions including phygital[1] consultations, advanced diagnostics, quality medicines, and health education in underserved geographies has truly been inspiring. Having supported Karma since their early days, we’re proud of the progress Jagdeep and his team are making in setting new standards in healthcare delivery. We remain committed to Karma’s transformative journey towards providing a continuum of care to people across the country.“ said, Natasha Kothari, Co-Founder, 1Crowd.
Jagdeep Gambhir, CEO & Founder, Karma Primary Healthcare stated, “UBS Optimus Foundation’s support aligns perfectly with our mission to revolutionize quality healthcare access for low-middle-income communities in rural India. This long-term commitment from UBS-OF supports our vision for sustainable growth.”
Founded in 2014, Karma enables access to quality primary healthcare across 8 states in India through its assisted telemedicine model. The company has witnessed a threefold increase in its patient base over the last three years impacting more than 350,000 lives with validated positive health outcomes, with 55% of them being women. Karma has been able to achieve this growth on the back of a robust technology platform that addresses both awareness gaps and service delivery gaps which has enabled it to accumulate a comprehensive dataset of patients in rural India.
7, Aug 2024
International SOS Foundation Recognises Organisations for Their Exceptional Duty of Care Initiatives
India, Aug 7, 2024 – The International SOS Foundation has revealed its 2024 Duty of Care Awards shortlist today. Entries from 29 different countries were received amongst others from leading technology firms and financial institutions to top-tier education and aerospace organisations.
Honouring organisations worldwide for their dedication to protecting their global workforce’s health, safety, security and wellbeing, the Awards are now in its seventh edition. The Awards’ theme, Leading Change for a Re-Imagined Future, is befitting in this continuously changing risk landscape.
This year’s Head of Judges, Deborah de Cerff, Founder of The Employee Mobility Institute (TEMI), said, “On behalf of our esteemed panel of judges, I extend our sincerest congratulations to this year’s exceptional finalists. The calibre of entries was truly inspiring, demonstrating an unwavering commitment to safeguarding employee health, safety, security, and wellbeing. These organisations and individuals have set a remarkable standard for Duty of Care. Their achievements serve as a beacon for others, illuminating a path towards a safer and more secure future for workforces globally.”
Kai Boschmann, Executive Director of the International SOS Foundation, said: “The escalating intersection of global threats requires innovative risk management strategies to protect people. We will honour the pioneering solutions at the forefront of Duty of Care, for a more resilient future.”
The International SOS Foundation is proud to present Chubb, the world’s largest publicly traded property and casualty insurance company, as the Platinum sponsor of the 2024 Duty of Care Awards & Summit. The Awards & Summit will also have supporting sponsorship from Workplace Options (WPO), Munich Re and Koa Health.
The winners across our six categories will be announced live at our Duty of Care Awards & Summit, which will take place on 31 October 2024 at the Fullerton Hotel in Sydney, Australia.
7, Aug 2024
Pacific D21 Mall Dwarka Celebrates Teej Mahotsav 2024
New Delhi, 7th August 2024: Pacific D21 Mall, Dwarka organised Dwarka Teej Mahotsav 2024 celebrating the vibrant and rich culture. The festival is dedicated to the celebration of love, devotion, and marital bliss holding immense significance in Indian culture. The event witnessed a remarkable turnout creating a lively atmosphere that showcased the traditional essence of Teej in all its glory.
The event saw a variety of engaging activities for the attendees throughout the day enjoying intricate mehendi designs, lively games, and enthralling dance performances by 25 talented artists. The competitions included a vibrant fashion show and a spirited game of musical chairs, with winners receiving beautiful gifts from the gifting partner, Senco Gold that made the event even more memorable.
Mr. Abhishek Bansal, Executive Director of Pacific Group, expressed his delight over the event’s success. He remarked, “The Dwarka Teej Mahotsav 2024 at Pacific D21 Mall has truly been a celebration of culture, tradition, and community spirit. We are thrilled to see such a wonderful turnout and the joy it has brought to everyone involved. Our heartfelt thanks to all the artists and participants who made this event memorable.”
The Dwarka Teej Mahotsav 2024 showcased the rich cultural heritage and strong community spirit, leaving everyone with cherished memories.
7, Aug 2024
Study by Zell Education: Rising Interest in Finance & Accounting Among Female Non-Metro Students
A recent study conducted by Zell Education, India’s leading finance and accounts Ed-tech platform, has uncovered a significant increase in the number of students expressing interest in pursuing careers in finance after completing their 12th grade. The study, which compared data from 2023 and 2024, reveals a 15% year-over-year increase in finance career aspirations among high school graduates.
The study revealed several noteworthy trends in finance career aspirations among Indian students. A significant shift in career preferences was observed, with the percentage of surveyed students aspiring for finance careers after 12th grade increasing from 35% in 2023 to 50% in 2024.
This change was reflected in enrollment patterns, with overall enrollments in finance-related courses rising by 5% compared to the previous year. Notably, the Chartered Financial Analyst (CFA) course experienced the most substantial surge, likely due to recent changes in eligibility criteria.
The research also highlighted a demographic shift, with a consistent increase in the percentage of female students aged 18-21 from non-metropolitan cities in India enrolling in finance courses. Additionally, the study identified emerging areas of interest among students, particularly in Environmental, Social, and Governance (ESG) reporting, indicating an awareness of evolving industry trends.
Anant Bengani, Co-Founder & Director of Zell Education, commented on the findings: “The finance industry has always been a coveted career destination, but we are delighted to see an unprecedented level of interest from students fresh out of high school. This trend highlights the evolving mindset of our youth, who are eager to embark on rewarding and challenging careers in finance from an early stage.”
The Zell Education study highlights a significant shift in career aspirations among Indian high school graduates, with an increasing number recognizing the diverse opportunities in the finance sector. This trend, coupled with the diversification of the student population pursuing finance education, suggests a bright future for the industry in India.
7, Aug 2024
Shri Abhijeet Sinha: Sustainable Cities and Circular Economy Key as India Aims for dollar35 Trillion Economy
New Delhi, 7th August: The PHD Chamber of Commerce and Industry (PHDCCI) hosted the “PHDCCI Sustainable Cities Summit” under the theme “Viksit Bharat@2047 – Building Resilient Cities of Tomorrow” at PHD House, New Delhi. The summit witnessed insightful discussions and the launch of a significant knowledge report on the financing of sustainable cities.
In his address, Guest of Honour, Mr. Abhijeet Sinha, National Program Director, Ease of Doing Business; Project Director – National Highways for EVs; President – CPOs of India; and former CAG Member, shared India’s journey from a jittery economy in 2013 to becoming the world’s 5th largest economy in 2023. He underscored the importance of sustainability and resilience in this transformation. Mr. Sinha highlighted the global recognition of Mission LiFE, adopted by G20 countries in the Delhi declaration. He drew a cultural parallel, contrasting India’s Vedic tradition of respecting nature with the resource-centric views of Abrahamic cultures. He also stressed on building a future where economic progress harmonizes with environmental stewardship.
Dr. Ranjeet Mehta, CEO & Secretary General, PHDCCI in his welcome remarks emphasized the economy’s transition towards green initiatives. He highlighted the importance of human-centric sustainable cities, urging a collective effort beyond governmental dependency. Dr. Mehta introduced the government’s Mission LiFE (LiFEStyle for Environment), aimed at promoting sustainable living practices initiated by the Central Pollution Control Board (CPCB). He stressed the need for individual commitment to sustainability, starting from daily life practices such as conserving water and electricity. Dr. Mehta particularly urged the younger audience to lead by example in adopting sustainable habits.
Mr. Ashish Agarwal, Director, Resurgent India, in his theme remarks announced the launch of the knowledge report titled “Financing of Sustainable Cities” at the summit. He expressed gratitude to PHDCCI for highlighting this crucial topic. Mr. Agarwal discussed the active role of the Smart Cities Mission in India, noting the increasing urban population and the resulting need for sustainable solutions. He explained the concept of smart cities and the challenges in securing funding, revealing that private sector investment in sustainable city funding is currently at a mere 5%. Highlighting innovative funding mechanisms, he spoke about Green Bonds, Municipal Bonds, and Land Value Capture (LVC), citing examples from cities like Toronto, Cape Town, San Francisco, and Hyderabad.
Mr. Uddhav Poddar, Managing Director, Bhumika Group, addressed the impact of rapid urbanization on limited resources, advocating for the urgent adoption of sustainable practices. He pointed out India’s unique position due to its climate, population, and resources, which present a significant opportunity for leading the sustainable cities initiative. Mr. Poddar also mentioned various government projects operating under the Public-Private Partnership (PPP) model.
Dr. Jatinder Singh, Assistant Secretary General, PHDCCI, concluded the summit with a vote of thanks, acknowledging the contributions of all speakers and participants.
The Summit deliberated on the crucial aspects of sustainability in the technical panels themed,
( 1) Sustainable Urban Planning, Architecture, Real Estate & Infrastructure; (2) Sustainable Mobility and Transportation; (3) Navigating Sustainable Future through Green Energy; and (4) Sustainable Health Management
The summit was supported by Anant Raj Ltd. and Bhumika Group, with Resurgent India serving as the Knowledge Partner; and was also supported by PHDCCI annual sponsors, DLF Ltd; Jindal Steel & Power; KLJ Group; Multani Pharmaceuticals Ltd; Marble City; MMG Group; Radico Khaitan Ltd; Uflex Ltd; Vestige; Eazy ERP Technologies; JK Tyre & Industries Ltd; Sagar Group of Industries; Superior Industries Limited; Samsung India Electronics; Oswal Greentech; Apeejay Stya Group; Blossom Kochhar Beauty Products Pvt Ltd; DCM Shriram; R E Rogers; Trident Group; Ajit Industries Pvt Ltd; Bhagwati Plastic and Pipes Industries; Central Coalfields Ltd; DD Pharmaceutical Ltd.; Hindware Sanitary; Jindal Steel; Modern Automobiles; P S BEDI & Co.
