3, Jul 2024
What to Expect from Union Budget 2024
Finance Minister Nirmala Sitharaman is likely to present the 2024-25 Budget on July 24, with the Economic Survey preceding it on July 23. The real estate sector anticipates reforms such as increased tax deductions for home loans, reduced GST on under-construction properties, and adjustments to raw material pricing. The civil aviation industry seeks tax rationalization and the inclusion of aviation turbine fuel under GST.
The government may raise the Section 80C limit in the old income tax regime but significant relief is unlikely, as the focus is on promoting the new tax regime. Sitharaman faces the challenge of balancing economic growth, inflation control, and fiscal consolidation while addressing the demands of key political allies.
Comments
Mr Udit Garg, CEO & Director, Kundan Green Energy.
“As India enters the next phase of its growth trajectory, its energy demand set to grow exponentially – about 335 GW by 2029-’30. The fact that demand for energy is outstripping supply can be gauged by the plant load factor of thermal plants. This measure of capacity utilization went up from 71% last year to 76% in January 2024. The coal fired energy addition has been set very high at 80 GWs (claimed by Government as under construction) because there is unsatisfactory renewable energy generation. While tenders have exceeded targets in green energy, we have a long way to go —- we must add about 40 GWs annually in green energy until 2030 while we are clocking a mere 10 GWs per year. We should see this in the sharp paradoxical juxtaposition of the fact that India is committed to nett zero by 2070, is accelerating thermal power generation, has slow and below target renewable energy addition and is increasing its energy demand rapidly. Clearly, the answer lies in disproportionately increasing green energy generation. The sector must see exponential increase in investments. I hope the forthcoming Union Budget would facilitate the ecosystem for this. With a robust investment inflow enabled by policy stimulus, the sector can add 50-60 GW annually from the present 10 GWs to 15 GWs. Higher loan capital is vital for this. With financial infrastructure, and a streamlining of land acquisition, I am confident of incremental market depth and scope which has a direct bearing on the sector. Besides this, an often overlooked area which we should consider is dedicated transmission corridors along the lies of the Green Energy Corridor (GEC) for renewable power evacuation. This will go a long way in addressing power evacuation issues faced by hydropower developers, especially in the northeast.
While there are several suggestions for the Government to consider, these are amongst the most topical.”
Tarun Chugh, MD & CEO, Bajaj Allianz Life Insurance.
“Over the past decade, India has achieved remarkable economic growth, with GDP consistently exceeding 6% and surpassing many global economies. As we approach this budget, we anticipate measures that will sustain and simultaneously accelerate this long-term growth, benefiting individuals and businesses alike, with a strong emphasis on job creation. Addressing inflation is crucial for securing a robust financial future for individuals, as it will enable them to have more money in hand, towards savings and investments for their long-term goals and financial security.
With increased earning power and disposable income, Indian citizens will be able to invest in versatile life insurance products for their peace of mind and financial goals. Given the under penetration of life insurance in the country, there is substantial room for sectoral growth.As an industry, some of our budget expectations from the finance ministry is to consider lower GST on life insurance products. Additionally, in the pension products category, with the objective of securing post-retirement financial needs of the individuals, we urge the government to align life insurance annuity or pension products with the National Pension Scheme (NPS) and allow the similar additional deduction of Rs. 50,000 or more for life insurance annuity or pension products under Income Tax.We also request the ministry to introduce Long Term Capital Gain taxability for all high value traditional life insurance plans (more than Rs.5 lakhs aggregate annual premium), in line with high value ULIPs. This will bring in uniformity and tax efficiency for insurance customers at par with other similar financial products in the market.”
Amit Lakhotia, Founder & CEO, Park+
“Indian cities are evolving at a rapid rate- mass migration, infrastructure upgrades, increase in vehicular ownership penetration and our pursuit to build 100 smart cities by 2024 has been a game changer. Having said that, for India to truly build smart cities, it is imperative that we also embed smart vehicular management systems within the current urban architecture. With over 45cr+ vehicles (4W, 3W ,2W) on Indian roads today, we need to ensure that real estate players, auto-tech startups, OEMs, local municipalities, and government bodies, work together to offer services to make Indian roads smart and safe. All stakeholders need to work together to provide safe/legal parking spots, unclog gridlocks, combat monsoon triggered flooding, create smart traffic management systems, build EV charging stations, ensure better driving behavior, and reduce road accidents. I look forward to seeing the government promoting polices & launching initiatives to build smart cities of the future, which are safer, smarter and livable.”
Mr. Kush, CEO of Essar Power.
“As India continues its journey towards a future of net-zero emissions, we commend the government’s forward-thinking approach to sustainability and applaud its ambitious green objectives. Furthermore, we appreciate the government’s strategy to reduce carbon emissions while ensuring a reliable base load through thermal power plants. Promoting technologies like Advanced Ultra Super Critical (AUSC) power plants underscores this commitment, offering reduced carbon footprints compared to traditional plants.
As we approach the Union Budget 2024, we anticipate strategic initiatives that will drive growth and sustainability. We hope to see significant allocations towards renewable energy projects, enhanced grid infrastructure, and innovative technologies. Additionally, policy reforms aimed at reducing regulatory bottlenecks and promoting private investment will be crucial. These measures will not only help in meeting the growing energy demands but also in achieving the nation’s ambitious targets for a greener and more resilient energy future.”
Mr. Pankaj Kalra, CEO of Essar Oil & Gas Exploration & Production Ltd (EOGEPL).
“With economic activities on the rise and considering the geo-political scenario, the demand for Oil & Gas is expected to remain stronger for longer. As the country has plans to raise share of gas in energy mix to 15%, we foresee that the upcoming Union Budget prioritize policy frameworks and measures for the Oil and Gas sector. Addressing the tax structure in this sector is imperative as natural gas, crude oil, and other petroleum products remain outside the GST ambit, leading to an increasing demand for their inclusion in the GST regime. The government’s policy reforms can significantly strengthen the energy sector and ensure stability amidst volatile global crude markets. We aim this upcoming budget will focus on growth, collaboration between industry stakeholders and policymakers will be crucial ones for incessant development.”
Mr. Anand Mimani, CEO of Greenline Mobility Solutions
“LNG has a key role to play in India’s energy mix as the country aims to walk the line between growth and sustainability. Its potential as a bridge fuel in India’s energy transition can only be realised with creation of virtual pipelines. Our expectations from the budget would be to create an ecosystem conducive to the setting up of such virtual pipelines. At the same time we call for greater focus on implementing the reforms enacted to promote natural gas use and call for natural gas to be given infrastructure status so that we can maintain our rapid pace of economic growth without compromising progress on our sustainability goals.”
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- By Rabindra
3, Jul 2024
Sortrefer Hosts Second Conveyancing Levelling Up Forum
Derby, United Kingdom, July 03, 2024 –The initiative, headed by Kevin Tunnicliffe, CEO of Sort Group, was launched in January 2024 with an inaugural event in Manchester. This brought key industry players together for an open discussion on how they can improve the experience for the law firm, intermediary and client alike.
Informal discussions have been taking place since then, resulting in a second forum at the Park Plaza hotel in Nottingham. Representatives from conveyancing firms and panel managers who attend the inaugural session in January were joined a number of new attendees.
Discussions covered topics ranging from industry collaboration and logjams and escalation points to the inconsistency of conveyancing quotations and the government’s levelling up initiative. The conversations were positive and facilitated honest conversations around the current challenges and potential industry-wide solutions.
The first action point emerging from the forum is a commitment to collaboration through the creation of an escalation point framework, which aims to foster better communication and co-operation among law firms.
Everyone in attendance has now agreed to share their escalation contact details to help law firms work better together in future. An update on this will be announced soon.
Speaking about the success of the second levelling up forum, Kevin Tunnicliffe, CEO of the Sort Group, said:
“Our second ‘Levelling Up’ forum was just as positive as the first one held in January. There are currently lots of different improvement schemes being implemented across the property industry, and this is our contribution towards having an impact on the elements of the process we can change for the better.
“Levelling Up forums are now a regular fixture on the industry calendar with events taking place three times a year at a different geographical location. This geographical rotation will allow us to engage a wider range of professionals and incorporate diverse perspectives from across the country.”
SortRefer continues to set industry benchmarks, providing clients with transparent fee structures and delivering quick and cost-effective services, establishing themselves as a trusted choice for clients seeking conveyancing and legal solutions.
3, Jul 2024
Shraddhanjali 2024: A Tribute to Suramani Bauri Bandhu Sethi
Bhubaneswar, July 3, 2024 – Swaranjali Delhi, in association with Rama Devi Women’s University and supported by SSEPD and the Odisha government, is proud to announce “Shraddhanjali” 2024, an evening of classical vocal and instrumental music. Scheduled for July 8 and 9, 2024, at Rama Devi Women’s University in Bhubaneswar, this event is part of the ongoing “Azadi Ka Amrit Mahotsav” celebrations.
This musical extravaganza pays homage to the late Suramani Bauri Bandhu Sethi, an eminent Odisha sitar maestro, scholar, and guru. His legacy will be honoured through performances by his students and distinguished North Indian classical artists from Odisha, Delhi, Kolkata, and Mumbai.
Program Highlights:
Day 1 – July 8, 2024:
Beenkar Instrumental Group: Headed by Saundrya Ranjan Roy & Jiban Prakash Das
Rosy Dutta: Vocal
Subhasis Bose: Hansaveena
Day 2 – July 9, 2024:
Pragnya Mishra: Vocal
Soumi Majumdar: Vocal
Subrata De: Sitar
Co-Artists:
Susamoy Mishra, Amit Chatterjee, Sayan Chatterjee, Amitava Sen
Honorary guests including Prof. Aparajita Chowdhury, Smt. Shyamali Mohapatra, Manoranjan Nayak, and Dr K C Jena will grace the occasion, adding prestige to this cultural celebration.
This two-day event aims to enrich Indian classical music and showcase the talents of upcoming musicians, fulfilling Swaranjali’s mission to uplift Odisha’s art scene. Swaranjali is grateful to the administration of Utkal University for providing accommodation to our artists.
Event Details:
Dates: July 8 and 9, 2024
Time: 5:00 PM onwards
Venue: Rama Devi Women’s University, Temple City, Bhubaneswar
Entry: Free for all
3, Jul 2024
CST Advanced Systems and IIT Jammu Collaborate to Revolutionize Future Warfare
July 3, 2024, New Delhi, Delhi, India : CST Advanced Systems, a global leader in defence technologies, continues to spearhead innovation in military and commercial application solutions. Known for its Indigenous design, development, and manufacturing of state-of-the-art security products, CST Advanced Systems is at the forefront of transforming the defence landscape. The company’s strategic partnerships and collaborations with leading Indian and international entities and academic institutions significantly drive the Indian government’s “Make in India” initiative. This concerted effort enhances domestic capabilities and delivers advanced technology solutions globally for both military and commercial sectors.
In the first of its kind for IIT Jammu, CST Advanced Systems and IIT Jammu inked an MoU for developing defence technologies. Since then, CST Advanced Systems and IIT Jammu have been actively involved in designing, simulations, testing and product development of advanced communication and surveillance systems. Based on the successful collaboration in the recent past CST Advanced Systems and IIT Jammu are presently working on two path-breaking projects having equal utilization for the military and commercial sector.
CST Advanced System’s expertise in cybersecurity, defence and security systems integration and IIT Jammu’s renowned research capabilities will drive these projects forward, ensuring the development of advanced, reliable, and secure technologies. These projects will be of immense benefit not only in improving the operations of the armed forces but also in the continuous push towards providing secure/reliable communication and navigation in difficult terrains.
The collaborative projects between CST Advanced Systems and IIT Jammu are designed to address critical challenges faced by the armed forces, particularly regarding secure and reliable communication and navigation in difficult terrains. These innovations will significantly enhance operational efficiency and effectiveness, providing the armed forces with the technological edge needed to operate successfully in challenging environments. Furthermore, the commercial applications of these technologies promise to revolutionise industries that require robust communication and navigation systems, thereby broadening the impact of this collaboration.
“The clarion call of Atmanirbhar in defence by our Hon’ble Prime Minister can only be realized by enhancing synergy between the academia and private industry. The collaboration between IIT Jammu and CST Advanced Systems is the perfect blend to nurture future technologies and find solutions to the problems faced by our soldiers in the challenging operational environment of Northern Command” said Lt Gen Sanjay Verma (Veteran) PVSM, AVSM, VSM and Bar, Director Strategy at CST Advanced Systems.
This partnership also serves as a model for future collaborations between industry and academia. By combining their respective strengths, CST Advanced Systems and IIT Jammu demonstrate how such alliances can foster innovative breakthroughs and address contemporary technological needs. In a world where technology is rapidly evolving, the synergy between industrial expertise and academic research is crucial for driving progress and meeting global challenges.
The collaboration between CST Advanced Systems and IIT Jammu exemplifies the potential of industry-academia partnerships in pioneering advanced technologies. By working together, these institutions are setting new benchmarks in defence innovation, enhancing national security, and contributing to the broader technological advancement of society. As CST Advanced Systems and IIT Jammu continue to develop and implement cutting-edge solutions, their partnership will undoubtedly serve as a beacon of progress and a testament to the power of collaborative innovation.
3, Jul 2024
Birthmom Buddies Launches Petition to Raise Awareness and Support for Birth Moms
Los Angeles, CA, July 03, 2024 — Birthmom Buddies is proud to announce the launch of the Hope and Support Campaign and Petition, addressing a critical gap in support for birth mothers. This pioneering initiative is dedicated to offering comprehensive assistance, including emotional, financial, and advocacy services. Through this petition, Birthmom Buddies aims to drive systemic change. Megan Pater, founder of Birthmom Buddies, asserts, “We question why birth mothers are often left in the same challenging circumstances they sought to escape for their child’s sake by choosing adoption.”
The decision to seek adoption services is one that comes with considerable responsibility and emotional weight. Birth mothers often carry significant emotional burdens such as shame, stigma, and grief. These feelings are compounded by societal attitudes and the long-term nature of their loss. Recognizing this, Birthmom Buddies offers hope and support. “Our vision is clear,” states the founder of Birthmom Buddies, Megan Pater, “a world where every birth mother, regardless of her background, is enveloped with the care and support she deserves. A world where her sacrifice is not just acknowledged, but honored through real, tangible measures. We are not just creating a support system; we are building a movement to redefine how birth mothers are treated post-adoption. As the founder of Birthmom Buddies, I am committed to this cause. It’s not just a mission; it’s a reflection of my own journey and a path to help others in similar situations. We stand for empowerment, for recognition, and for the right of every birth mother to have a fair change in life post-adoption. It’s a testament to the strength, love and resilience of every birth mother who has walked this path.” Understanding relinquishment trauma is essential for adoptees, birth parents, adoptive families, and mental health professionals. Acknowledging and addressing this trauma can help their journey and improve adoption practices to reduce the risk of trauma.
Compelling evidence:
1. Research in The Journal of Family Issues (2009) indicates that birth mothers who engage in post-adoption counseling report greater satisfaction with their decision, as opposed to those who lack such support.
2. The American Psychological Association (APA) underscores the significance of mental health care for birth mothers, highlighting its role in aiding them to navigate grief, cope with loss, and rebuild a healthy identity post-adoption.
3. Marie Dolfi, a clinical social worker, has written an article about the impact of relinquishment trauma: Relinquishment Trauma: The Forgotten Trauma
The petition features topics such as:
Mental Health Services and Support
Post-Birth Medical Care
Social Support Services
Education and Awareness
Additionally, Birthmom Buddies offers a community where women can share their experiences, offer support, and learn from one another. This interactive component provides a unique opportunity for users to connect with others who are navigating similar paths. Megan understands that every mother’s situation is unique. That’s why she created the Hope and Support Campaign and petition, www.change.org/birthmom_support, to be able to create the resources that are both comprehensive and adaptable to individual needs. “By endorsing this petition, you champion the rights and welfare of birth mothers nationwide. Together, we can guarantee that all women making the altruistic decision for adoption gain access to the necessary mental health and financial support, independent of their economic status. Join us in backing these valiant women who have chosen a brighter future for their children.”
3, Jul 2024
Marsh Creek Social Works Earns B Corp Certification in Recognition of Social, Environmental Impact
Gettysburg, PA, July 03, 2024 –Marsh Creek Social Works, a philanthropy consulting firm, announced today that they are now certified as a B CorporationTM (B CorpTM). The certification from B LabTM makes Marsh Creek Social Works part of a global community of over 8,700 businesses that meet high standards of social and environmental impact, transparency, and accountability.
Marsh Creek Social Works is the first Certified B Corporation in Adams County, PA, and the 27th Veteran-Owned company to achieve these standards.
“We are honored to join the B Corp movement alongside other social enterprises with the goal of using business for good. Our mission has always been to support the mission of companies that prioritize the well-being of people, communities, and our environment as well as sustainable business practices.” – Eric Miller, CEO and Founder, Marsh Creek Social Works
B Corp certification is a thorough and robust process administered by the nonprofit B Lab. The process sees a company’s operations and business model evaluated for its impact on its workers, community, environment, and customers.
“Undergoing the rigorous B Corp certification process deepened our commitment to high standards of social and environmental performance in our business practices and our ability to support our clients with maximizing their impact.” -Eric Campbell, Advising Director, Marsh Creek Social Works
Marsh Creek Social Works’ efforts to support its philanthropic and nonprofit clients in growing their impact played a central role in its B Corp certification. These efforts have included helping build a new corporate foundation, improving the operational efficiency of a program providing free access to medicine for low-income individuals, designing a grant program focused on financial education for underserved communities, conducting a regional nonprofit needs assessment, and much more. Marsh Creek Social Work is a member of both the Gettysburg and Adams County Chamber of Commerce and the Carlisle Area Chamber of Commerce.
2, Jul 2024
Elisabeth Bernhardt Chosen as a VIP by P.O.W.E.R.
San Diego, CA, July 02, 2024 — Elisabeth Bernhardt of San Diego, California has been chosen as a VIP by P.O.W.E.R. (Professional Organization of Women of Excellence Recognized) for her outstanding contributions and achievements in the field of graphic design/printing/marketing.
About Elisabeth Bernhardt
Elisabeth Bernhardt is the business owner of Imagine Design & Graphics. Located in San Diego, California, the company serves clients nationwide. It is a full-service printing and graphic design studio specializing in all print marketing collateral such as business cards, menus, invitations, magnets, and other promotional materials to direct mail marketing (+ eddm®), and high-quality headshot prints for models & actors.
With over 15 years’ experience, Bernhardt is a creative designer/operations professional who has helped countless independently owned franchises, businesses and individuals with logos, business cards, forms, postcards, large format, and other branded supporting collateral.
Bernhardt earned a B.A.in graphic design from San Diego University and received a Digital Design Diploma from The Art Institutes. She is skilled in Adobe Illustrator, Photoshop, and InDesign
2, Jul 2024
Roderick Charles Murray Honored as a VIP for 2024 by Strathmore’s Who’s Who Worldwide
Sarasota, FL, July 02, 2024 — Roderick Charles Murray of Sarasota, Florida has been recognized as a VIP for 2024 by Strathmore’s Who’s Who Worldwide Edition for his outstanding contributions and achievements in the field of machinery and consumables.
About Roderick Charles Murray
Roderick Charles Murray is the CEO and founder of PROFILE® Packaging Inc (PPi Technologies Group), a company he established 26 years ago alongside his son Stuart. Originally from South Africa, he has built a successful business that has filled a variety of needs for businesses and consumers around the world. PPi Technologies Group sells machinery and consumables, and is an industry leader in stand-up pouch packaging.
Today, the company has expanded into 21 market segments covering food (including fresh and microwave), beverage, pet foods, healthcare, and chemical segments amongst others, and also provides contract packing services.
Murray’s approach of always looking around the corner has been key to the company’s success. With over 100 patents to his name, he is a prolific inventor and entrepreneur. He has a passion for innovation and consumer needs, always with an eye to the future. This approach has paid dividends for the company, including during the coronavirus crisis. Murray shrewdly anticipated demand and was able to adapt the business to meet new needs, such as producing hand sanitizer and seeing increased interest in single-serve pouches and wellness products.
Beyond his work at PPi Technologies Group, Murray is an active member of his community. He enjoys golf and tennis in his free time. He is married and has two children and a grandson.
1, Jul 2024
Sleeping Bear Productions Announces Special Guest Basile the Comedian on Upcoming Episode of Baklava and Banter Podcast
Morristown, NJ, July 01, 2024 –Sleeping Bear Productions is thrilled to announce that the next episode of the popular “Baklava and Banter” podcast will feature the renowned comedian Basile as a special guest.
Hosted by the dynamic brother duo Peter and Sotiri “Terry” Barbounis, “Baklava and Banter” delves into a variety of topics, blending humor, culture, and personal stories. With their unique perspective as first-generation Greek Americans, the Barbounis brothers have created a space for engaging conversations that resonate with a diverse audience.
Basile, known for his sharp wit and hilarious takes on everyday life, will join Peter and Terry for a lively and entertaining discussion. With a career spanning nearly four decades, Basile has captivated audiences worldwide with his stand-up performances and comedic talent. His appearance on “Baklava and Banter” promises to be a memorable episode filled with laughter and insightful banter.
“We are incredibly excited to have Basile join us on the podcast,” said Peter Barbounis. “His comedic style and background align perfectly with the spirit of our show, and we can’t wait to share this episode with our listeners.”
Terry Barbounis added, “Basile brings a wealth of experience and humor to the table. This episode is going to be a real treat for our fans.”
The episode featuring Basile will be available on July 3, 2024, on YouTube and all podcast platforms, including Apple Podcasts, Spotify, and Google Podcasts. Fans are encouraged to subscribe to “Baklava and Banter” to stay updated on new episodes and special guest appearances.
1, Jul 2024
Dastur Energy recognized with the Decarbonization Excellence Partner Award
01st July 2024: Dastur Energy, a leading clean energy technology company, has been named winner of the “Decarbonization Excellence Partner” award by the Governing Council of The Global Refining & Petrochemicals Congress (GRPC 2024) & Organizers of the Downstream India Excellence Awards 2024.
The Award recognizes Dastur Energy’s significant contributions towards enabling industrial-scale clean energy transformation by offering deep expertise across the industrial decarbonization value chain including – renewable energy, clean fuels like hydrogen, production process changes, and carbon capture, utilization & sequestration. Dastur Energy’s team of industrial decarbonization, technoeconomic, regulatory, and project risk experts deliver – a cost-effective strategic approach that is designed to deliver significant business impact while enabling clean energy transition and carbon management.
The Award, held in association with the Global Refining & Petrochemicals Congress (GRPC 2024), recognizes industry leaders and organizations that have demonstrated excellence in thought leadership, management, research, technology, innovation, and overall operations in the Indian downstream Oil & Gas industry.
Atanu Mukherjee, CEO Dastur Energy, expressed his gratitude for the award, stating, “We are honoured to receive this prestigious award which recognizes our commitment to developing innovative solutions that enable the transition to a sustainable future.”
The award was announced and conferred during the ceremony and networking reception held on June 27, 2024, at Hotel Le Meridien, New Delhi, as part of the 5th edition of the Global Refining & Petrochemicals Congress (GRPC 2024).
Dastur Energy, a subsidiary of M. N. Dastur & Co. (P) Ltd., has been successfully delivering industrial-scale clean energy transition and carbon management solutions for companies in the ‘hard to abate’ sectors in North America, the Middle East, and India. In addition, the company has been closely associated as a partner and thought leader enabling pioneering projects funded by governmental entities like – NITI-Aayog, the United States Department of Energy, United States Trade and Development Agency.
