E-commerce  firm  Flipkart is implementing performance-based job  cuts,  which will  reduce the  team size by  5-7%, The  Times of India  reported.  The cuts will be based on  an  annual  performance review  and will be completed by March-April.  

 A major player in the Indian e-commerce  space,  the Walmart-owned company is  preparing  to undergo a restructuring phase to optimize its resources and operations. The company, excluding  fashion portal Myntra, currently  employs  22,000  people. 

 This is not the first  time  Flipkart  has made  performance-based job cuts. The report added that similar exercises have been in practice over the last two years.  

 Additionally, as part of cost-control measures, Flipkart has refrained from fresh hiring in the past year. The company is finalizing a $1 billion financing round, including contributions from Walmart and other investors.  

 Sources told the paper that Flipkart is gearing up to enhance the utilisation of its resources across existing and new business ventures. Discussions and decisions regarding the restructuring plans and the 2024 roadmap are slated for a meeting involving senior executives in the coming month. 

 Future plans  

 Sources said that despite  the ongoing  restructuring process,  Flipkart  has maintained  its decision to  postpone the IPO  until  2024.  Previous  IPO  plans for  2022-2023  have been temporarily  stopped.  

 Flipkart’s strategic  projects,  including  the  recent acquisition of Cleartrip,  partly owned  by  Adani Group, have achieved a gross merchandise value (GMV) of approximately  $1.5 billion to $1.7  billion. The company is  considering  further  investment  in its hotel business, expanding Cleartrip’s services beyond airline  ticket booking.  

Sources close to the company  said  Flipkart has been  working  hard  on internal  coordination  for several months. The restructuring  is part of  the company’s  goal  to reassess its current and future business  trajectory.  They added that while securing $600 million in fresh capital from parent company Walmart as part of the ongoing $1 billion  funding  round, Flipkart’s senior management is actively  looking  to reduce  costs at all levels.  different  item.  

  Streamline the entire industry team  

  Many of India’s  major  internet companies,  boosted  by  strong  demand for technology services during the pandemic-induced  outbreak  in 2021, are now  streamlining  their teams. Industry experts  predict  similar  moves by  other  Indian-backed  organisations throughout 2024. 

  Insiders told the newspaper that  Flipkart’s restructuring phase  reflects the ups and downs of  the e-commerce  sector  in 2023,  leading to  necessary  adjustments.  The annual appraisal cycle at Flipkart drives these team restructuring efforts, aimed at optimising operations and resources. The industry-wide adjustments are a response to the changing dynamics in the e-commerce sector. 

  For more information visit at https://happenrecently.com/zepto/?amp=1

  2023  saw  a series of  incidents where  founders  clashed on  the  board  of  directors, putting  corporate governance standards  in the spotlight.  Byju Raveendran of  Byju’s,  Ashneer Grover  of Bharatpe  and Housing.com founder Rahul Yadav (in his new startup  avatar),  were all in the news  when it came  to issues  related  to their style of functioning.  TV Mohandas Pai, former  Infosys  board  member and co-founder of Aarin Capital Partners,  talks about the importance of having a high-quality  board  with capable independent directors  who have  can guide and  promote  a startup. Mohandas  Pai,  who is on  Byju’s  advisory  board,  declined to talk specifically about the edtech company.  Excerpt  from an interview: 

  Superstar founders everywhere  often  cause major  headaches for  boards  of  directors.  On the other hand, a  bloated board  can create  obstacles  for  stubborn  founders.  Recently,  many  businesses  are struggling to find  this  balance.  The board of directors  can  only  function  effectively  if  there is  a good chairman. The chairman is  the  person who manages the board and  interacts with  management to  ensure  things  run smoothly. It must  balance the interests of  investors and  the interests  of  managers.  The chairman  must be an advisor  to  management and  someone  who is  respected by  everyone. This is  the only way it will work in a  top  company. 

  The  board must engage with  management and  set  the rules of engagement.  The powers  and responsibilities of the  board of directors  and  management  must  be  clearly  defined. When you have a superstar and  a dynamic  CEO who believes  he is  changing the world,  there are  bound to be  problems.  There are very few such people in the world and you need them. But when  people  like that are  at the top, you need a  president  with great maturity and  skills. 

 Many of  India’s leading  IT services  companies, such as  Infosys and  Wipro, are role models  of high  standards of  corporate governance  in India. Of course,  along the  way there was an incident called  Satyam. However,  when it comes  to startups, it  seems  governance standards  still  have a long way to go.  For a listed company,  transparency  is  necessary as it involves third-party money. Therefore we must respect the standards.  In many listed companies  too, standards  are followed only in letter  and not in spirit. There are challenges there  too,  but  because  they have to report  there is a higher level  of transparency. 

  However,  in a private company, governance is a matter between investors and  management. That’s not  the  public’s business. Where is  the public  interest? The public did not invest any  money.  Therefore,  investors  must define principles on how  to  comply with  corporate governance  issues.  And  every time a  company (startup) plans  an IPO, it has  to accept greater transparency and  a higher level  of  accountability,  because  it is injecting  public money into the company.  Public  money can come from a large number of investors.  Therefore  their  behavior must  change. 

 In what way  do  you suggest  this  happens?  

At least two years before  the IPO,  they  need  to ensure they have independent directors and a  strong  chairman on the  board  and they  cannot  all  be investor nominees.  Candidates  will always listen to what the nominator wants. You  need  to find  the  people who will  do the  work and that  board needs  to work with  management to appoint bankers who will work with  the  accountants to ensure  financial accuracy.  

 When  submitting  the  prospectus,  make sure  to read  it  carefully, sign  it and  approve  the  resolution.  The red herring prospectus  should  reflect the  Board’s views.  The  Council must  take responsibility for  this.  Now, if a startup wants to  IPO in  six months  and  appoint  someone  as an independent  director,  what independent knowledge will  that person bring?  It  took a year and a half  to understand the  business.  New  entrants  3-4 months before the  IPO  cannot  help.  

  This is  a very valid point.  Often these  processes are not followed.  Some startups grant  significant  stock options one or two quarters after listing  (grants are limited).  When a large grant is  given  to  a  founder,  it  should have been discussed 6-9 months ago. My view is that investors  in  any company that  grants significant  options to  founders for a quarter  or two  should  have  this discussion  before the IPO. But  this is  not  stated  in the prospectus. Suddenly,  after a  quarter  or two,  they  make  stock  picks  and  it  becomes a surprise to  everyone. That’s  a big risk. You  cannot  suddenly change your mind. The market should have been informed about  this.  Giving them to  later  employees  is  a  normal  action,  but giving  them  to the founder is not  a  normal  action. 

  This  shows that the  Council has no  control.  This  shows  that  the  Council is  not up to date. They  are  not independent. Even  SEBI  regulations need to  be  amended  to  stipulate that  any company  seeking  an IPO  must  have  an independent  board of  directors  as  a listed company  for  at least  a  year before filing  its  prospectus. I think  this is an  urgently  needed reform.  If you appoint  an  independent director  2 to 3  months before the IPO,  that person will not  be  able to have  control.  

For more information visit at https://happenrecently.com/zepto/?amp=1

 The auto dealer body said it maintains a  “cautiously  optimistic  outlook” for two-wheelers,  passenger  vehicles  and  utility vehicles.  

  Automobile  sales  in India for December 2023 and  FY23  closed in the green across  all  product segments.  According to  data released by the Federation of Automobile Dealers  Associations (FADA),  a total of 19,90,915 vehicles were registered across  various  categories last month,  corresponding  to a growth of  21.14% over the same period. period last year.  

 Interestingly, the electric rickshaw and tractor segment  was  the only  segment  to  register  growth  compared to November 2023 festive sales. 

 In 2023, retail sales will reach 2,38,67,990 units, an increase of 11.05%  over the  same period last year.  Manish Raj Singhania,  Chairman, FADA, said:  “In the two-wheeler  segment, the  key  factors are the  abundance of  wedding  dates and the  allocation  of  crop  payments to farmers, which  has helped improve  purchasing power. Additionally, the availability of  multiple  models and variants, coupled with  favorable  weather conditions and  generally positive market sentiment, contributed to this  strong  growth.  Greater  product acceptance,  especially  among the youth, and lucrative  financing  options, coupled with  price increases  expected by  January 2024,  have boosted purchases.  

  The light commercial vehicle  segment  witnessed  positive growth as  growing  industrial activity and infrastructure development continued to  drive  demand for  commercial and commercial vehicles, he added. heavyweight.  

  Demand  for buses  especially  benefited  from  tourism and  transport, supported  by orders from various  public  transport  services.  Additionally,  strong  liquidity in rural areas and  a  financial boost from crop sales supported customer purchases, although retail  sales  remained  slightly  subdued despite some  advance purchases. Large quantities were made.  

 The passenger  car  segment  continues  to see  strong  demand for SUVs,  with extended waiting  times  for key models. This  increase is driven  by aggressive year-end promotions and the introduction of new  car  models. 

 For more  information,  visit at https://happenrecently.com/zepto/?amp=1

 The large-cap threshold has been increased to Rs 67,000 crore from Rs 49,700 crore in June  2023  and the  mid-cap threshold increased  to Rs 22,000 crore from Rs 17,400 crore. 

  Following  the  restructuring initiative  of  the Association of Mutual Funds  of  India (AMFI), Jio Financial  entered the large-cap segment, while  new entrants such as  Tata Tech, JSW  Infra  and IREDA  made their  debuts. Currently  in the  mid-cap segment.  

 The large-cap threshold has been increased to Rs 67,000 crore from Rs 49,700 crore in June  2023  and the  mid-cap threshold increased  to Rs 22,000 crore from Rs 17,400 crore. Effective from February and  in effect  until July this year, these changes will  apply  until the next  round of AMFI reforms.  

 In the transition from mid-cap to large-cap status, Jio Financial is a notable addition. Other stocks promoted include Power Finance Corporation, IRFC, Macrotech Developers, Polycab India, REC, Shriram Finance, Union  Bank  and IOB.  

 Stocks moving from  small  to mid-cap include Mazagon Dock, Suzlon Energy, Lloyds Metals, SJVN, Kalyan  Jewelers,  KEI Industries, Credit Access Grameen, Exide Industries, Nippon Life, Ajanta Pharma, Narayana  Hrudaya  and Glenmark Pharma. 

  While the  stocks moving from  large cap  to  mid cap  are Hero Motocorp Limited, Samvardhana Motherson International Limited, Tube Investments Of India Limited, Bosch Limited, Indian Railway Catering & Tourism Corporation Limited, PI Industries Limited, Adani Wilmar  Limited  and UPL Limited.  

 For more  information,  visit at https://happenrecently.com/zepto/?amp=1

 Donn Liles,  head of  the New York-based  Data Basics Corporation, was a  hot-tempered  and  sometimes particularly irritating customer of  Narayana  Murthy.  

 New Delhi: 

 When Narayana Murthy once  went to  the  United States to work  for  a  client  in  the  early  days of Infosys, a temperamental American businessman made him sleep on a large box in a windowless  warehouse  surrounded by  by boxes when  his own  house only  had four bedrooms.  

 Indian-American author Chitra Banerjee Divakaruni has  published  a biography  about  the early years of  the lives of  Sudha  Murty  and Narayana  Murthy, which contains a lot of interesting information  about  this  iconic couple.  

Published by Juggernaut Books,  ‘An  Uncommon Love: The Early Life of Sudha and Narayana  Murthy’  is the story of the Murthys’ early years – from their courtship to  the  founding years  of Infosys  and from their marriage  theirs until they become parents.  

 Donn Liles,  head of  the New York-based  Data Basics Corporation, was a  hot-tempered  and  sometimes particularly nasty customer  to  Murthy. 

 “He would often delay payments when  possible,  and Murthy would then  become  the target of his  anger  because he  stood  his ground, refusing to budge on  paying  for  services on time.  Or Donn  won’t pay  Murthy and  him in time.”

Infosys colleagues  booked a hotel  when they  visited  him in Manhattan. 

  “Once,  when Murthy  went to America to work  for  a client,  Donn made him sleep on a large box in the  pantry,  surrounded by  cardboard boxes, even  though his  house  had four bedrooms.  In addition,  Murthy had to manage Donn’s  last  many  bedroom-minute  demands  on  resources,” the book says.  He  tolerated  Donn’s  behavior  for the  benefit  of his fledgling company, but the  incident  at the club really  shocked Murthy.  “My  mother used to say that a guest  is  like God, and  how  you  treat  your guests  will reveal who  you really  are,”  he told  his  wife Sudha. 

  “When  my father invited someone over without  notice, she often served  food to  the  guests herself  and  fell asleep  without dinner. And here  is  Donn enjoying a good night’s sleep in his luxurious bed after  putting  me  up in  a big box  for the night. The storage room has no windows,”  he said,  making  Sudha  angry.  

 The book also mentions how Murthy  objected  to his wife joining  Infosys, even though she was  a  brilliant  engineer who knew she could  make a much  more  solid contribution  to the company than  just  helping with  the  odd tasks  her husband  entrusted  to her.  

 When she proposed the idea  one evening at the dinner table, Murthy  flatly  refused:  “I’m  sorry. You  cannot work at Infosys. » His reason was: “We  can’t work  together  in the same  company. »  He  doesn’t  want Infosys to have  similar  horror stories  about family  businesses and  be seen  as dynastic or nepotistic. 

 Murthy told his wife that she  was  extremely  qualified and  that  no one  had  her  determination,  but if she  joined  “Infosys  would  become  more of  a husband-and-wife  company  than a professional company”. 

  Divakaruni writes that  although  Sudha and Murthy  have much  in common  due to  their shared Kannada background and  love  of  reading, their very different childhoods shaped them in unique ways. 

  Murthy was a staunch socialist who  was  influenced as a teenager by his father’s ideas as well as Jawaharlal Nehru’s open admiration of the  Soviet Union.  

 He once told Sudha:  “Russian  is the language of the future. That’s why I’ve been studying Russian and collecting Russian books for  two  years. »  Sudha shook her head  resolutely. “I firmly believe  that English  will  remain the language of the world. That’s why I  try  to read as many English books as  possible,  even though I  studied in  a  Kannada medium  school and  prefer to read in Kannada. ”  

“Murthy stubbornly  clung  to his Russian books even after  changing  his  philosophy  of life.  to compassionate capitalism. After their marriage, it  took  Sudha  years of  coaxing  before  she was allowed  to  escape them,”  the book says. 

Divakaruni says  describing  in words the lives of two extraordinary people from ordinary backgrounds, who  changed the face of entrepreneurship and  philanthropy,  was  a challenge.  “At its heart, this is a  rare  love  story.  It  is  not  just about  Sudha and Murthy’s love for each  other  but also  about  their love for their values  ​​and  their country – and  determination  Their  use  of  the former to transform the latter.  

 It shows us that human love – no matter what  romantic movies  claim  –  has  failures as well as successes, sadness as well as  joy,”  she  said.  

 For more  information,  visit at https://happenrecently.com/zepto/?amp=1

This  is the  10th largest  jackpot won in US lottery history and the  second largest  lottery jackpot ever won in Michigan. 

 In the United States, a mysterious  person  won a whopping $842.4 million Powerball jackpot on the first day of 2024. According to NBC News, lottery officials announced that  only one  ticket matched all  all  six numbers  were  drawn on January 1, winning  $842.4 million,  the  top prize. fifth largest  Powerball jackpot of all time. However,  this  person has  not  yet  contacted  the lottery to claim the prize. 

 Michigan Lottery spokesman Jake Harris said  this is  not unusual.  “In  most cases,  people  wait a  bit to  find out  what  just happened to  them  and then  they call  us  when  they’re  ready  so we can  walk them through the claim  process,”  he said.  indemnify”. The winner has one  year to claim  his  winnings. 

  According to  ABC News, the lucky winner bought the ticket at the Food Castle in Grand Blanc, Michigan, located just outside  of  Flint, the  lottery  said. 

 According to Forbes, the winner will have to choose between receiving a  payment of  $842.4 million  in  30 annual installments or  receiving  a  one-time  cash  payment  of $425.2 million. If the cash prize is  selected,  the winnings will  be reduced  to $323.15 million after  the  mandatory  24%  federal tax  withholding. “What  an incredible  start  to the  new year  for  Powerball!

 In addition to our  grand  jackpot winner,  hundreds of  worthy  causes supported by  the US Lottery  will receive  additional  funding  through  this  jackpot.  Thank you to our players for making this possible! Happy New  Year,” said  Powerball  Products  Group  President  and  CEO of the  Pennsylvania Lottery  in a  press  release.  The New Year’s  jackpot  is  the  fifth largest jackpot  ever won in  a government-run, multi-jurisdictional  lottery, which  began  in 1992. It is also the  10th largest  jackpot won in  history. American  lottery history and  is  the  second largest  lottery jackpot ever won in Michigan.  The  chances  of winning the Powerball jackpot  are  1 in 292.2 million.  

 Speaking of big lottery wins, a woman from  North  Carolina, USA broke down  on live  TV  after it was announced that she  had become  the first  person to win the 2024  Powerball Millionaire  prize, reports  New York Post reported. 

 Pamela Bradshaw won $1 million on  Dick  Clark’s New Year’s  Eve and  host Ryan Seacrest announced the life-changing  news by declaring: “Pamela!  You’re a  millionaire! So excited, Mrs.  Bradshaw fell to the  ground and then stood up with  her  daughter’s help. 

For more information visit at https://happenrecently.com/zepto/?amp=1

Prime Minister Narendra Modi created a buzz on the internet with his recent trip to Lakshadweep, where he engaged in snorkelling to discover the underwater realm.

The pictures he shared captured his adventurous escapade, which he deemed as ‘exhilarating.’ Expressing gratitude to the residents of Lakshadweep for their warm hospitality on his social media platform, he also posted numerous images to motivate others to set travel aspirations for the year.

PM Modi added, “I am still in awe of the stunning beauty of its islands and the incredible warmth of its people. I had the opportunity to interact with people in Agatti, Bangaram and Kavaratti. I thank the people of the islands for their hospitality.”

“With such a beautiful place in Bharat, why go elsewhere!,” wrote Union Railway minister Ashwini Vaishnaw adding a hashtag, ‘Dekho Apna Desh’, ‘Lakshadweep’.

Here are 5 things you should do while paying a visit to Lakshadweep.

1. Snorkeling

Snorkelling at Agatti Island, one of the islands in Lakshadweep, offers an enchanting experience for water enthusiasts. The crystal-clear turquoise waters surrounding Agatti unveil a vibrant underwater world teeming with colourful coral reefs and diverse marine life.

PM Modi in a post on X wrote, “For those who wish to embrace the adventurer in them, Lakshadweep has to be on your list. During my stay, I also tried snorkelling – what an exhilarating experience it was!”

Snorkelers can explore the rich biodiversity of the coral gardens, encountering an array of tropical fish species and other fascinating aquatic creatures.

2. Scuba Diving

Lakshadweep is a haven for scuba enthusiasts seeking to explore the mesmerizing marine life. The archipelago boasts a diverse array of coral formations, including colourful coral gardens and intricate reefs that serve as habitats for an abundance of marine species.

As divers descend into the azure depths, they may encounter schools of tropical fish, and other sea creatures against the backdrop of the coral landscape.

3. Marine Museum at Kavaratti Island

According to the U.T. Administration of Lakshadweep, “Marine life enthusiasts can visit the marine aquarium, which has an excellent collection of aquatic specimens.”

The museum provides an educational experience, offering insights into the marine biodiversity that thrives in the pristine waters surrounding Lakshadweep. The Marine Museum at Kavaratti Island serves as a destination that combines education and appreciation for the marine wonders of the archipelago.

4. Canoieing at Minicoy Island

According to the U.T. Administration of Lakshadweep, canoeing at Minicoy Island offers a unique experience on the second-largest and southernmost island in Lakshadweep.

This crescent-shaped island boasts one of the largest lagoons in the region, with Viringli, a small islet, visible to the south. 

The island features a historic lighthouse, constructed in 1885, which adds to its charm. Visitors can explore the villages, and tuna canning factory, and take a scenic drive through dense coconut groves and meandering village roads.

The beaches provide bathing huts and change rooms, inviting you to enjoy activities such as swimming, beach walks, pedal boating, kayaking, and sailing. Minicoy Island promises a blend of cultural exploration and outdoor adventures against the backdrop of its beautiful landscape

5. Kalpeni Island, a cultural oasis

Kalpeni Islands offer a plethora of thrilling water sports activities. This island destination, blessed with natural beauty, seamlessly combines traditional culture with modern amenities.

It showcases diverse ecosystems, featuring a wide array of flora and fauna, including rare and unique plant species, animals, and marine life. The golden sandy beaches, clear waters of the Arabian Sea, and vibrant coral reefs captivate tourists with their enchanting natural allure.

Adding to the cultural charm, the women of Kalpeni Islands elegantly don traditional wrap-around skirts, locally known as Sarongs. The island’s rich cultural heritage is further highlighted through colourful and captivating folk dances such as Kolkali and Parichakkali, showcasing the artistic talents of the indigenous population. Kalpeni Islands promise a memorable experience by seamlessly blending adventure, nature, and traditional charm.

How to reach Lakshadweep?

The Cochin International Airport stands as the closest mainland airport to Lakshadweep.

However, if you are planning a sea route, then, approximately seven passenger ships departing from Kochi facilitate travel to Lakshadweep, with the journey having a maximum duration of 20 hours.

For more information visit at https://happenrecently.com/zepto/?amp=1

 While former US President Donald Trump was in power in the United States alongside PM Narendra Modi in India, Trump’s businesses received payments totalling at least $7.8 million, as per a recent report released by Democrat members of the US House Oversight Committee on January 4. India was the fifth among 20 other countries that made these payments. 

  The report titled, ‘White House for Sale: How Princes, Prime Ministers, and Premiers Paid Off President Trump’ suggests that from 2017 to 2020, India spent a total of $282,764 at Trump World Tower in New York and Trump International Hotel in Washington DC. It further suggests that these payments are a small portion of the foreign payments directed to Trump and his family throughout his tenure from 2017 to 2021.  

 It was found that from 2017 to 2020, the Permanent Mission of India to the UN allocated $264,184 for payments to the Trump World Tower. The Trump World Tower is located opposite the UN headquarters. India purchased a unit in the Trump Tower in 2004 which has since served as the official residence of India’s Permanent Ambassador, Reported The Wire. 

 Trump’s accounting firm, Mazars mentioned that in 2018, India had spent $66,046 on combined common charges for two units at Trump World Tower on Turtle Bay. The report further provides a projection of this figure over the four years of Trump’s administration giving a total of $264,184. The report further stated that this figure did not include additional charges like electricity and special assessments that were paid in 2018. 

  The Indian embassy in Washington DC spent the remaining $18,500 on three separate stays that were occupied by Indian diplomats during February and March 2017, as per the information obtained under the Right to Information Act. 

 Moreover, it was found that in the South Asian region, India was home to the largest number of Trump-owned business projects outside the United States. The report by the Democrats on the Oversight Committee stated, “Former President Trump’s numerous foreign business entanglements in India and his direction of US foreign policy during his presidency repeatedly intersected, creating conspicuous conflicts of interest,” reported The Wire. 

 The report mentions that Trump laid the foundation for his “uniquely warm relationship with the Indian Prime Minister Narendra Modi through his business ventures.” According to the report, PM Modi said that Donald Trump had been “full of very warm remarks and observations for me” when PM Modi visited the White House during Trump’s presidency. 

 India was the 5th among 20 countries to make payments to Trump’s Businesses totalling at least $7.8 million during Trump’s presidency, as per a report by the US House Oversight Committee. 

 PM Modi said that Donald Trump had been “full of very warm remarks and observations for me” when PM Modi visited the White House during Trump’s presidency, according to the report. PM Modi said that Donald Trump had been “full of very warm remarks and observations for me” when PM Modi visited the White House during Trump’s presidency, according to the report. While former US President Donald Trump was in power in the United States alongside PM Narendra Modi in India, Trump’s businesses received payments totalling at least $7.8 million, as per a recent report released by Democrat members of the US House Oversight Committee on January 4. India was the fifth among 20 other countries that made these payments. 

 The report titled, ‘White House for Sale: How Princes, Prime Ministers, and Premiers Paid Off President Trump’ suggests that from 2017 to 2020, India spent a total of $282,764 at Trump World Tower in New York and Trump International Hotel in Washington DC. It further suggests that these payments are a small portion of the foreign payments directed to Trump and his family throughout his tenure from 2017 to 2021. 

 It was found that from 2017 to 2020, the Permanent Mission of India to the UN allocated $264,184 for payments to the Trump World Tower. The Trump World Tower is located opposite the UN headquarters. India purchased a unit in the Trump Tower in 2004 which has since served as the official residence of India’s Permanent Ambassador, Reported The Wire. 

 Trump’s accounting firm, Mazars mentioned that in 2018, India had spent $66,046 on combined common charges for two units at Trump World Tower on Turtle Bay. The report further provides a projection of this figure over the four years of Trump’s administration giving a total of $264,184. The report further stated that this figure did not include additional charges like electricity and special assessments that were paid in 2018.  

 The Indian embassy in Washington DC spent the remaining $18,500 on three separate stays that were occupied by Indian diplomats during February and March 2017, as per the information obtained under the Right to Information Act. 

 Moreover, it was found that in the South Asian region, India was home to the largest number of Trump-owned business projects outside the United States. The report by the Democrats on the Oversight Committee stated, “Former President Trump’s numerous foreign business entanglements in India and his direction of US foreign policy during his presidency repeatedly intersected, creating conspicuous conflicts of interest,” reported The Wire. 

 The report mentions that Trump laid the foundation for his “uniquely warm relationship with the Indian Prime Minister Narendra Modi through his business ventures.” According to the report, PM Modi said that Donald Trump had been “full of very warm remarks and observations for me” when PM Modi visited the White House during Trump’s presidency. 

  In August 2014, Trump visited India to promote a project, soon after PM Modi was elected as prime minister. BJP leader and currently a Maharashtra cabinet minister, Mangal Prabhat Lodha was a partner in Trump’s project. 

The report  noted  that in 2013,  “several  of Mr.  Lodha’s  companies  were  under investigation by Indian  authorities  for  corruption  and tax  evasion practices,  and  Mumbai’s growth  was not a sure thing,” when  Trump’s  Mumbai Tower deal  announced. 

 For more  information,  visit at https://happenrecently.com/zepto/?amp=1

 Economists say  that with  initial estimates of 7.3%  for this  financial year,  the second half  of the year  will see  slightly  slower  numbers.  

 Economists  welcomed India’s  real GDP growth in  2023-24,  estimated at  7.3%, up from 7.2%  a year ago,  according to  the first  preliminary estimate  of national income released by the National  Statistics  Office (NSO),  means  the Indian  economy is  set  to  show  strong growth. However,  it  said  with the first  advance  estimate  of 7.3%  for this  financial year,  the second half  of the year  will see  slightly  slower  numbers.  For FY25, Rajani Sinha, Chief Economist, CareEdge Ratings, said, “We expect real GDP growth  to be between 6.5% and 7%.  The  main controllable factor will  be a  broader recovery  in  consumer  demand, which  will depend  on  a  further  recovery  in the informal sector and rural demand. The other  important  aspect  will  be a  significant recovery  in private investment in the coming quarters.” 

  NSO’s  outlook  is in line  with the Reserve Bank of  India’s  (RBI)  growth  forecast revision, raising  it to  7%  from the  previous  estimate of  6.5%. According to  economists,  growth was driven  by the manufacturing  and construction  sectors,  while  growth  in the services sector  was somewhat moderate.  “While agriculture growth slowed  significantly  to  1.8%  from  4.0%  last fiscal,  non-farm drivers  more than offset its impact.  In this context,  industry, especially  construction,  has  become  an important driver, while services have seen  regulation. On  the demand side, investments have  created a wall.  Private consumption growth  was  at 4.4 per  cent, lower than  overall GDP  growth,  said Dharmakirti Joshi,  chief economist at  CRISIL Ltd. 

 Aditi Nayar, Chief Economist, Head  of  Research and Outreach, ICRA Ltd 

 The  preliminary estimate  released by  NSO  pegs  GDP growth in  FY24  at  7.3%,  much higher than our estimate of  6.5%.  Implicitly,  NSO expects  GDP growth to moderate  at 7.0%  in  the second half of FY24,  from  7.7%  in  the  first half of FY24. Surprising is the  GVA growth  Estimated at 6.9%  for FY2024 implies that growth in  the index is expected to be 6.2%  in  the second half of the year,  significantly lower than the  estimated  GDP  figure  for  the period.

 In our view, the  expected  growth  in H2FY24  is quite  strong,  given the  gloomy agriculture sector  outlook  amid low  kharif output and  continued delay  in rabi  sowing ,  as well as  concerns about a  temporary slowdown in  investment in  the  near future.  Elections. In fact,  Indian government investment fell 8.8% year-on-year in October-November 2023, after growing 43.1% in  the  first half of FY24.  

  As a result,  we believe that  agriculture  and construction GVA growth  in the second half of FY24  is likely to  be  lower than  the  ONS estimate. Furthermore,  we also believe that the  estimated  growth  of  the services sector  in  the  second half of FY24 will be higher.  

  NSO  pegs  nominal GDP growth at  8.9% for FY24, significantly  lower than the  16.1%  seen in  FY23,  with the deceleration largely  due to  WPI  reversal towards deflation compared  to  inflation in the previous year. Based on  nominal GDP for  FY24  estimated by  NSO, the  absolute  fiscal deficit  in the Government  of  India’s budget is  Rs 17.9 trillion  or 6.0%  of GDP,  slightly  higher than  BE  for FY24 is 5.9%  of GDP.  Rajani Sinha, Chief Economist, CareEdge Ratings 

  India’s  GDP growth  in  FY24  according to  FAE at  7.3% was  a positive surprise.  Outstanding  growth  was driven  by the manufacturing  and construction  sectors,  while  growth  in the services sector  was moderate.  The sharp deceleration in the  commercial, hospitality, transport  and  communication segments  is not  too worrying  as  it  is  explained by last year’s  high base  and  decline  in discretionary demand.  Growth was weaker in  the agriculture  sector,  at  1.8%, in line with expectations due to a  poor monsoon. 

  The  worrying  aspect  of  the GDP data is  weak consumption  growth,  at  4.4%.  This would be the slowest consumption growth in the  last  two  decades, if  the pandemic year  21 were not included.  Investment  increased  by  10.3% thanks to significant investments from the Center  and  state governments. However,  to maintain  investment  growth,  it is  important  that  consumption growth  is maintained. While  global growth  remains  weak,  India’s  export growth  is  weak at  1.4%  in FY24.  Estimated  nominal GDP growth of  8.9%  raises some  concerns about  its potential impact on  fiscal deficit target  in  FY24.  

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