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Chinese investments in Indian start-ups grow 12 times to $4.6 bn in 2019: GlobalData
There has been a 12 times growth of Chinese investments in Indian start-ups over the past four years to $4.6 billion in 2019 from $381 million in 2016 with a majority of unicorns in India being backed by corporates and pure-play investment firms from China, according to data and analytics firm GlobalData.
An analysis of the deals database of GlobalData's Disruptor Intelligence Centre showed 12 times growth of Chinese investments in Indian start-ups over the past four years from $381 million in 2016 to $4.6 billion in 2019.
The majority of the unicorns in India (17 out of 24) are currently backed by both corporates and pure-play investment firms from China, predominantly Alibaba and Tencent, GlobalData said.
Alibaba and its affiliate Ant Financial along with others invested over $2.6 billion in four Indian unicorns (Paytm, Snapdeal, BigBasket and Zomato), while Tencent alongside others invested more than $2.4 billion in five unicorns (Ola, Swiggy, Hike, Dream11 and BYJU's), it added.
Stabbing incident reported in Glasgow, situation contained: Police
Puducherry govt to disburse Rs 12 cr to fishermen under relief scheme
Puducherry Lt Governor Kiran Bedi has approved of the scheme to disburse relief to fishermen who have been rendered jobless during the month-long ban ending June 15 on fishing operations.
A release issued by Secretary to Fisheries Department Purva Garg on Thursday evening said the Lt Governor had approved of the amendment to the scheme for Welfare and Relief for fishermen to be paid during the lean season and natural calamities.
The release stated that benefit under this scheme shall not be denied only on the ground that the head of the family or family member is a recipient of old age pension.
This amendment would help fishermen whose livelihood and income were affected during the ban period and the relief would be paid through the direct benefit transfer scheme to their bank accounts.
Southwest Monsoon has covered the entire country 12 days prior to normal date: IMD
NGT directs CPCB to devise action plan to reduce harmful effects of pesticides
The National Green Tribunal Friday directed the Central Pollution Control Board (CPCB) to devise an action plan to minimise harmful effects of pesticides on human health and soil.
A bench headed by NGT Chairperson Justice Adarsh Kumar Goel asked the apex pollution monitoring body to complete the exercise in coordination with the state pollution control boards.
An appropriate protocol may be evolved for the purpose and circulated it to the concerned agencies within four months, the NGT told CPCB.
The order came after Ministry of Agriculture told the tribunal that non-judicious and indiscriminate use of pesticides may adversely affect human health and environment.
UCO Bank shares zoom nearly 16% on Q4 net profit
Shares of UCO Bank on Friday jumped nearly 16 per cent after the company reported a net profit of Rs 16.78 crore for the fourth quarter ended March 31.
The stock zoomed 15.53 per cent to close at Rs 16.14 on the BSE. During the day, it jumped 19.97 per cent to Rs 16.76.
On the NSE, it increased 15.77 per cent to close at Rs 16.15.
In terms of volume, 84.40 lakh shares were traded on the BSE, while 5.19 crore shares changed hands on the NSE during the day.
The public sector lender on Friday reported a net profit of Rs 16.78 crore for the fourth quarter ended March 31, mainly due to fall in NPA and lower provisioning.
Three terrorists neutralised today, no civilian injured: Army
ED raids suspended AAP leader Tahir Hussain's house in Delhi
Three days after the Enforcement Directorate (ED) carried out searches at over half a dozen premises linked to suspended AAP leader Tahir Hussain, the financial probe agency on Friday once again raided his home here in connection with its money laundering probe.
According to ED sources, the agency sleuths carried out searches at Hussain's residence in northeast Delhi's Chand Bagh area. The agency sleuths carried out searches at his premises to look for the documents pertaining to his companies and the financial transactions.
On June 23, the financial probe agency team carried out searches at four locations in northeast Delhi and two locations in Uttar Pradesh's Noida. The sources had said that the raids were carried out at Hussain's Khajuri Khas residence and at companies allegedly controlled by his wife and children.
Punjab chief secretary shunted, Vini Mahajan becomes first woman to hold top job in state
Weeks after a showdown with two Punjab ministers, Chief Secretary Karan Avtar Singh was on Friday replaced by Vini Mahajan, who becomes the first woman to head the bureaucracy in the state.
The Indian Administrative Services officer was shunted out just ahead of his retirement next month, the move following protests by two Punjab ministers over his behaviour at a meeting.
While Vini Mahajan, a 1987-batch IAS officer, is now the top bureaucrat in Punjab, her husband Dinkar Gupta heads the state police force as Director General of Police.
Mahajan's last posting was as Additional Chief Secretary, Investment Promotion, Industries & Commerce, IT and Governance Reforms and Public Grievances, said a government statement.
India's economy in deep trouble, growth may contract 5% in FY21: S&P
S&P Global Ratings said on Friday that Indian economy is in deep trouble with growth expected to contract by 5 per cent in the current financial year 2020-21.
"India's economy is in deep trouble. Difficulties in containing the virus, an anemic policy response and underlying vulnerabilities -- especially across the financial sector -- are leading us to expect growth to fall by 5 per cent this fiscal year before rebounding in 2021," it said.
The pandemic remains the key driver of the country's prospects. "Even though lockdowns have eased in less populated areas, urban growth engines are still held back by rising infections, severe mitigation policies and consumer risk aversion."
Women should enhance skills to become 'atmanirbhar': Nitin Gadkari
Union Minister Nitin Gadkari on Friday said women should enhance their skills, equip themselves with technology to become 'atmanirbhar' and asked the BJP Mahila Morcha to reach out with MSME schemes.
During a video-conferencing session with workers of the party's women's wing in Nagpur, Gadkari emphasised on the need to create jobs and opportunities for sustainable living for women in villages and slums.
He urged the Mahila Morcha to conduct workshops for women where officials from MSMEs and Khadi Gram Udyog can guide them about entrepreneurial opportunities.
Women entrepreneurs have been given 3 per cent reservation in the Public Procurement Policy and they should take advantage of this by registering themselves with the MSME authorities, he said.
PM's 'no intrusion' remark made him popular in China: Congress leader Chavan
Senior Congress leader Prithviraj Chavan on Friday took a dig at Prime Minister Narendra Modi, saying that his remark that 'nobody intruded into the Indian territory' has made him popular in China.
Addressing a press conference, the former Maharashtra chief minister alleged that Modi's 'no intrusion' remark, however, demoralised India's armed forces.
Twenty Indian soldiers died after a fierce clash with the Chinese army personnel at Galwan valley in eastern Ladakh earlier this month.
During an all-party meeting held last week, the PM had said that neither is anyone inside our territory nor has any Indian post been captured.
Children as young as 14 are recruited by armed groups against govt in J-K: US report
A US State Department report on human trafficking in India has said that non-state armed groups continue to recruit and use children as young as 14 years in direct hostilities against the government in Jammu and Kashmir.
The Congressional-mandated 2020 Trafficking in Persons report of the State Department, released by Secretary of State Mike Pompeo on Thursday, noted that Maoist groups, particularly in Chhattisgarh and Jharkhand, forcibly recruited children as young as 12 to handle weapons and Improvised Explosive Devices (IEDs), and in some cases be human shields.
According to the report, India made significant efforts towards the elimination of human trafficking in 2019, but did not fully meet the minimum standards.
New partnership launched to boost trade, investment between West Midlands, India
A new initiative aimed at boosting tourism, trade and investment between the West Midlands region of England and India was launched on Friday in the UK.
The West Midlands India Partnership (WMIP), launched virtually due to the coronavirus lockdown restrictions, will focus on supporting long-term economic growth plans for the region in the heart of England by developing stronger links and opportunities for collaboration as part of a five-year programme of activity with the Indian market.
Led by the West Midlands Growth Company and supported by partners such as Tata Jaguar Land Rover (JLR), State Bank of India (SBI) and Birmingham City University, the new initiative has been developed in partnership with Invest India, the Confederation of Indian Industry (CII) and the Consulate General of India in Birmingham.
Through the partnership's long-term strategy, we aim to identify opportunities for both Indian and local businesses to trade, innovate and grow, said WMIP Chair Jason Wouhra.
Reconsider decision allowing 100% FDI in coal sector: Mamata Banerjee
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First Published: Jun 26 2020 | 7:45 AM IST
