“West Bengal has been on a decline ever since 1963, when Chief Minister of the state Bidhan Chandra Roy passed away. He reinforced the foundations of the state after partition of 1947, got the Durgapur & Alloy Steel Plant, Chittaranjan Locomotives, India’s 1st satellite town in Kalyani, Digha Beach Resort, expanded the engineering industries, set up engineering, technology, medical, management, and other institutes.

Calcutta and Jadavpur used to be the prime universities in India those days. West Bengal had the IIM, IIT, Indian Statistical Institute, the Operations Research School, Bengal Engineering College, besides, of course, Presidency College, SXC, Scottish Church and many other venerable institutes.

It was the HQ of Birla, JK, Bangur, and Thapar and Tata. The grand Tata Centre was built for that purpose. This was the vision of TATA’S. Most of their investment was in Jamshedpur. Most foreign companies had their India HQs in Calcutta. This was the reason Calcutta has best of the Clubs in the country. It had the highest number of International flights, Bombay used to serve mainly Aden, Muscat, and East Africa.

And then ‘Ashok Kumar Nite’ happened in February 1968. Women were dragged out and their naked dead raped bodies were found in and around the lake over the next two days. The CPM leaders (Jyoti Basu & Co) called it “the rise of the proletariat against the bourgeoisie” and justified it.

Calcutta started emptying. Soon after, Aditya Birla was dragged out of his car between GPO & RBI, opposite Writers Building, thrashed, clothes torn, stripped down to his undergarments and made to walk like that to his office at 15 India Exchange Place. With a crowd roaring in laughter and jeering, he went home and took a flight to Bombay, never to return. He took all his money and offices out of Bengal. Today they are one of the top industrial houses in the country.

So did JK, so did Thapar, within a month. So did most entrepreneurs, so did most MNCs. Latest example was ousting of Tata Nano. Those were ‘Mass Exodus’ of money and employment from the state. Today no Industrial house plans to start any project in the state. That, this being the dream that the Communists wanted, and there is no change by the present government too.

Communists in West Bengal started their political power capturing from ‘Ashok Kumar Nite’ in 1968 and went through ‘Sain Bari killings’ in 1970, ‘Marichjhapi massacre’ in 1979, ‘Bijon Setu massacre’ of 1982 to ‘Bantala gang rape’ of 1990, ‘Nanoor massacre’ of 2000 and ‘Nandigram massacre’ of 2007 by the Communists.

The Communists destroyed the work culture and closed down thousands of factories in West Bengal in the name of violent Trade Union and Co-ordination Committee of Govt and semi-govt employees. The state has been infected with culture of ‘Cut Money’, ‘Syndicate raaj’, Para-teachers, Civic Volunteers and migration of lakhs of labourers to other states, started during the LF regime and still continuing as the Work Culture cannot be changed overnight.

Those educated ones, who could not cope up with destruction of West Bengal migrated out to other parts of India; to other countries.

One finds so many teachers, scientists, researchers, doctors, economists, artists, from West Bengal in the US, UK, France, Germany, Benelux, Scandinavia, but none worth the name here in Bengal. It was a ‘Mass Exodus’ of brains.

The people of West Bengal have been strangely watching this downhill journey of the state for five decades and will do so unfortunately for another five decades.

PS: Number of beggars per hundred thousand population is highest (89) in West Bengal at present. This is the bottom line.

THE PRESENT GENERATION IS UNAWARE OF THE REASONS FOR THE FALL OF GOLDEN BENGAL.

This piece of History is kept away from them by the perpetrators to achieve their mean goal.

Horrifying to know how the once most forward and prosperous state of India has been destroyed and pushed back by the Leftists , Communists , and now TMC continuing their mission as most of the so called tulabaaji comrades shifted alliance from Left to TMC

আমরা কি আবার সেই সোনার বাংলা দেখতে পাবো আমাদের জীবনে …

The rupee closed at 83.4250 against the dollar, slightly higher than the record low of 83.43 earlier in the day.

In Short
Indian rupee hits all-time low against US dollar
Shortage of dollar inflow and Chinese yuan’s drop pressured rupee
Closed at 83.4250, marking biggest weekly drop in 7 months
The Indian rupee hit an all-time low against the US dollar on Friday due to a drop in offshore Chinese yuan and aggressive local dollar demand during the end of the session, reported Reuters quoting traders.

The rupee closed at 83.4250 against the dollar, slightly higher than the record low of 83.43 earlier in the day.

For the week, the rupee fell by about 0.7%, its biggest weekly drop in seven months.

Traders mentioned that there wasn’t enough dollar inflow into the market and the Chinese yuan’s drop, along with dollar strength, put pressure on the rupee.

Additionally, there was a shortage of dollars in the market, which led to the rupee losing value.

Although the Reserve Bank of India sold some dollars earlier in the day, it didn’t intervene towards the end.

The dollar index, which measures the dollar’s value against other currencies, rose by 0.4%. Asian currencies, including the Korean won and the offshore Chinese yuan, also declined.

Experts say that the coming days will be crucial for the rupee. If it continues to stay close to its record low, the outlook for the rupee could turn negative.

For information only

How to do business like Baniya:

Calling a guest for a lunch/dinner, an informal meet still is one of the best ways to talk business. Just call everyone up, it looks like great hospitality and get business done.

~38 million weddings happened in 2023 in a period of 25 days. The very fact that all the major news houses are posting this as the main news for the day should be taken with a pinch of salt.

Why all the noise around the Ambani wedding?

1. The presence of the global tycoons has surely put “Jamnagar” on trending but it can be called strategic.
2. Like Jio in 2016, Reliance is about to roll out “Hanooman” an AI model around March.
3. Jio Brain is an AI platform that uses machine learning and offers services like image, text and video generation across a network of about 450 million subscribers.

What better publicity than the wedding and the guest !?

To top it all, all these vvip whose 5minutes are more important than someone’s entire day, why are they attending!?

Business ki baat hai mota Bhai:

1: Bill Gates: Jio and Microsoft are partnering to launch a global cloud center.

2. Mark Zuckerberg: has less to do with weddings and more for the global foray in the business.
3. Sundar Pichai: If you remember, Google holds 7.73% in Jio platforms along with Meta
4. Bob Iger : Disney’s Star India is merging with Viacom.Reliance is investing $1.4 billion in the venture controlled by RIL and owned 16.34 per cent by RIL, 46.82 per cent by Viacom18, and 36.84 per cent by Disney Star
5. Saudi Aramco’s chairman Yasir Al Rumayyan: The $15 billion deal between Saudi Aramco and Reliance was called off in 2022 due to differences in valuation.But who said things cannot start again!?

• aramco is seeking refining and chemical deals in Asia to rapidly expand the business and secure long-term buyers for its crude and well Reliance has a strong foothold there.

2. Shantanu Narayan: Should not come as a surprise if Jio Brain partners with Adobe !
3. Ivanka Trump: US presidential elections are all set to happen in 2024.Ivanka being the daughter of Donald Trump only makes sense strategically!
4. Celebrities: Mind you, Reliance has a big presence in retail and nothing works better in India than Bollywood and cricket!

Ambani’s don’t do anything without a reason.

• Based on Information available in SM

The old liquor policy of Delhi.

750ML Wholesale Price ₹166.73
Excise Duty ₹223.88
VAT ₹106.00
Retailer commission ₹33.39
MRP ₹530.00

New liquor policy of Kejriwal implemented in March 2022.

750ML Wholesale Price ₹188.41
Excise Duty ₹1.88
VAT 1% ₹1.90
Retailer Margin ₹363.27
Additional excise ₹4.54
MRP ₹560.00

Thus, in the old liquor policy, the government’s earnings on a bottle was ₹329.89 while in the new liquor policy it is only ₹8.32. That is, a loss to the government of ₹321.57 per bottle from the new policy.

In the old policy, the retailer’s commission was ₹33.39 whereas in the new policy the retailer’s commission was ₹363.27 for a few months , i.e. profit to the retailer of ₹330.12 per bottle.

Thus, it is clear that the retailer benefits almost as much as the government suffers per bottle.

Now how did this benefit reach the manufacturer in the new policy? The manufacturers were allowed to open retail shops (which was illegal as per the rules).

Now look at the sales figures. In the old policy where the sale of liquor was 132 lakh liters per month, in the new policy, the sale of liquor per month is 245 lakh liters. To achieve this, the drinking age has been reduced to 18 years and the liquor sale time has been increased till 3 AM. Dry days have been reduced from 31 to only 3 days so that alcohol consumption is maximised.

Now you must have understood how huge a scam this is and how much money the Susu-Keju Caucus has earned, due to which the Chief Secretary had to ask the LG for a CBI investigation.

This is the condition of the AAP party which came to power with a thumping majority, claiming to eradicate corruption from politics.

We can also arrange Invoice Discounting, Supply Chain Finance etc.

Revenue-based financing is a way that firms can raise capital by pledging a percentage of future revenues in exchange for money invested. A portion of revenues will be paid to investors at a pre-established percentage until a certain multiple of the original investment has been repaid. There is no Equity dilutions.

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Introduction:
A comment by Thailand’s ambassador to WTO Pimchanok Vonkorpon Pitfield accusing India of using subsidised rice procured for the public distribution system for capturing the export market has created a diplomatic storm with the government lodging a protest against the statement and Indian negotiators refusing to participate in discussions where Thai representatives are present

The Thai ambassador’s statement came during the meeting of the World Trade Organisation (WTO) in Abu Dhabi.

What is the genesis of the spat?

1. Back in 1994, the WTO set up an agreement to lower import taxes and subsidies that affect agriculture.
2. Subsidies can make farming and trade unfair because they might encourage overproduction or lower prices too much.
3. The rules allow developing countries to subsidise up to 10% of their agriculture’s value of production. For developed countries, the cap is 5%.
4. But rich countries have found ways to go much higher than their cap. For instance, a paper by the Centre for WTO Studies estimated that EU was providing 150% of its sugar’s value of production as subsidy, and the US 189% to coffee.
5. The rules favour wealthier nations, giving them more ways to support their farmers and dominate the global market. This makes it harder for poorer countries to compete.
6. For example, India has exceeded the 10% subsidy limit for rice, and others might too. The prices, set in the 1980s as a reference for what counts as a subsidy, are outdated, not accounting for inflation or current market prices.
7. Farms are small in India, which makes government support vital. There is also the need to keep food in stock for the poor during crises like the Covid pandemic or global conflicts.
8. Calculations by Centre for WTO Studies show that per farmer support in India is around $300, whereas in US it is around $80,000. So, an American farmer, with average land holding of 180 hectare, gets 267 times what a tiller gets in India, where average land holding is just above one hectare.
9. To move forward with trade discussions, developed countries agreed to a ‘peace clause’ that prevents disputes over subsidy limits. Since then, India and others have been pushing to find a permanent solution.
10. Rich countries think public stockholding programmes distort trade. They’ve accused developing countries like India of exporting subsidised grains. This is where Thai ambassador’s Wednesday allegation comes in.

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1. Better-than-expected GDP print
   Indian economy grew 8.4 percent in the October-December quarter, the fastest pace in six quarters and above estimates, supported by robust manufacturing and construction activity.
   “The main factor influencing the market today is likely the better-than-expected Q3 GDP growth number which has come at an impressive 8.4 percent. The impressive GDP numbers provide the fundamental support to the bull market,” said said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
   Follow our market blog to catch all the live action
2. Elevated valuations supported
   The GDP data might be supportive of valuations, according to Deepak Jasani, Head of Retail Research, HDFC Securities, told Moneycontrol. “Valuations-wise, we have been at a high level for a few months now,” he said. Nifty is trading at a P/E of 23.45. At these levels, the markets have likely already baked in the current economic growth.
   “Already, fairly high growth is being factored in the current valuations and the better-than-expected GDP numbers is endorsing the growth. This makes the case for valuations to remain in the current buoyant zone,” said Pawan Bharadia, managing director at Equitree PMS.
3. Upbeat global markets
   Positive global cues also helped indices move higher. Wall Street stock closed in the green overnight, with S&P 500 and Nasdaq Composite settling at record highs after in-line U.S. inflation reading kept intact the likelihood of a June interest rate cut.
   Meanwhile in Asia, Japan’s Nikkei hit a fresh record high, buoyed by the bounce on Wall Street. China’s CSI 300 rose 0.2 percent after factory data and Hong Kong’s Hang Seng index also edged higher.
4. Encouraging US inflation data
   The in-line U.S. inflation reading also aided market sentiment as it kept intact the likelihood of a rate cut in June by the Federal Reserve. Rate cuts mean more liquidity in the market and a possibility of the Fed reducing rates soon as boosted positivity among participants.
5. FIIs in buying mode
   Foreign investors net bought shares worth Rs 3,568 crore in the previous session, while domestic institutional investors sold shares worth Rs 230 crore. In the month gone by, they bought Indian equities worth Rs 5,107 crore, after pulling over Rs 25,000 crore out of the domestic market. In the past decade, FIIs have turned out to be buyers of domestic stocks in March on eight occasions.

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The Securities and Exchange Board of India (SEBI) has put forward two proposed exemptions to the additional disclosure framework for foreign portfolio investors (FPIs).

• This move aims to ease regulatory compliance burden on FPIs and encourage foreign investments in the Indian capital markets.

The proposed exemptions include

• allowing FPIs to avoid disclosing the total number of voting rights held in listed Indian companies on a quarterly basis,
• as well as exempting them from providing a consolidated statement of their offshore funds that invest in India.

Currently, FPIs are required to make these disclosures as part of SEBI’s regulations pertaining to FPIs. However, SEBI believes these requirements may be burdensome and increase compliance costs for FPIs without significant benefits in terms of risk assessment or monitoring.

The proposed exemptions are part of SEBI’s ongoing efforts to streamline regulations and make them more investor-friendly.

SEBI believes that reducing the disclosure burden will attract more foreign investments, enhance market liquidity, and facilitate ease of doing business in India.

These proposals are open for public comments until a specified date, following which SEBI will evaluate the feedback and finalize the amendments to the regulations.

In summary, SEBI has proposed two exemptions to the additional disclosure framework for foreign portfolio investors, aiming to reduce compliance burdens and attract more foreign investments in the Indian capital markets.

RBI allows banks to issue pre-paid payment instruments for commuters to pay for public transport : The Reserve Bank of India (RBI) on Friday amended the Master Direction on Prepaid Payment Instruments (PPI), where it has allowed authorised bank and non-bank PPI issuers to issue PPIs for making payments across various public transport systems. The apex bank noted that, across India, public transport systems cater to a multitude of commuters on a daily basis. “To provide convenience, speed, affordability, and safety of digital modes of payment to commuters for transit services, it has been decided to permit authorised bank and non-bank PPI issuers to issue PPIs for making payments across various public transport systems,” the RBI said in a notification. – economic times.

RBI takes more actions on Paytm Payments Bank; Check details if you have @Paytm UPI handle : Given the Paytm Payments Bank will not be able to accept further credits into customer accounts and wallets after March 15, 2024, the Reserve Bank of India on Friday took more steps to ensure seamless digital payments by UPI customers using @paytm handle. RBI has asked NPCI to examine the request to become a Third-Party Application Provider (TPAP) for UPI channel for continued UPI operation of the Paytm app. These measures will be applicable only to customers and merchants that currently have an @paytm UPI handle. If you have an UPI address that is other than @paytm, no action needs to be taken. – economic times.

RBI is pushing UPI-like credit platform for farmers, MSMEs : The Reserve Bank of India is pushing for the wider adoption of an open-source credit disbursal platform similar to the Unified Payments Interface for digital payments, to make it easier for farmers and owners of small businesses to access credit. While disbursal of consumer loans through a digital interface has become common, farmers and people who run small businesses still need to queue up at their local bank branches and the land records department for days to access agriculture loans and take Kisan credit cards. – economic times.

RBI announces more steps on Paytm, asks NPCI to examine request to become Third-Party ApplicationThe Reserve Bank of India (RBI) on February 23 said it has advised National Payments Corporation of India (NPCI) to examine the request of One97 Communication Ltd (OCL) to become a Third-Party Application Provider (TPAP) for UPI channel for continued UPI operation of the Paytm app. The central bank further advised that in the event of NPCI granting TPAP status to OCL, it may be stipulated that ‘@paytm’ handles are to be migrated in a seamless manner from Paytm Payments Bank to a set of newly identified banks to avoid any disruption. “No new users are to be added by the said TPAP until all the existing users are migrated satisfactorily to a new handle,” RBI said. – moneycontrol.

After Axis Bank, HDFC and Yes Bank submit TPAP application for Paytm UPI business : One97 Communications, which runs the Paytm brand, and private sector lenders HDFC Bank and Yes Bank have jointly applied to be a third-party application provider (TPAP) with the National Payments Corporation of India (NPCI) on February 22 for running the mobile payments platform Unified Payments Interface (UPI). Early this week, Moneycontrol reported that Axis Bank and Paytm had submitted a joint application with NPCI to be a TPAP. All three banks have been in discussions with NPCI, the entity overseeing and regulating UPI, over the past few days. NPCI is expected to expedite the process to ensure that customers do not encounter any difficulties using the Paytm app for UPI payments. – moneycontrol.

IDBI Bank looks to sell Rs 280-crore MSME loans : IDBI Bank has come out with a portfolio of micro, small and medium enterprises (MSME) loans for sale. It has put Rs 280-crore of MSME loans up for sale and received interest from seven asset reconstruction companies, including JC Flowers ARC, ARCIL, Omkara and ACRE. Other banks like Indian Overseas Bank (IOB) and RBL Bank have sold their MSME loans in the last quarter. MSME loans given during the Covid-19 had turned into non-performing assets (NPAs) and are now up for sale. – economic times.

India’s forex reserves dip by $1.13 bn to $616.1 bn as of Feb 16 : India’s foreign exchange reserves dipped by of $1.13 billion to $616.1 billion for the week ending on February 16, latest data by Reserve Bank of India (RBI) showed on Friday. According to the Weekly Statistical Supplement released by the RBI, Foreign currency assets (FCAs) dropped by $740 million to $545.78 billion. Expressed in dollar terms, the FCAs include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves fell by $362 million to $47.38 billion, whereas SDRs decreased by $28 million to $18.11 billion. – economic times

Unsecured retail loans building up stress in financial system : Indian banks in general may have reported strong earnings growth and a drop in gross bad loans, but the numbers hide the building stress in the unsecured credit portfolio of banks such as IndusInd Bank, Bandhan Bank and Yes Bank, among others. The rise in bad loans that will come as a consequence of the rise in unsecured loans will be seen in the coming quarters. Lenders such as IndusInd Bank, Bandhan Bank and Yes Bank have reported a higher-than-expected rise in bad loans due to stress from the rising unsecured retail segment. – economic times.

Zurich Insurance to buy 70% Kotak General stake via single deal of ₹5,560 crore : Zurich Insurance will acquire 70 per cent stake in Kotak Mahindra General Insurance for ₹5,560 crore, by way of a single deal including primary and secondary trades. “The parties to the aforesaid transaction, viz., the Bank, Zurich and Kotak General have mutually agreed that Zurich will acquire 70% stake in Kotak General by way of a combination of primary and secondary acquisitions in a single tranche,” Kotak Mahindra Bank notified the exchanges. – Business Line.

Companies should also disclose technical defaults, says Krishnamurthy V Subramanian, Executive Director-India, IMF : Companies should not only disclose payment defaults to the bourses but also technical defaults such as those relating to breach of non-financial conditions in loan agreements so that investors and lenders are protected, said Krishnamurthy V Subramanian, Executive Director-India, IMF. Global practise on disclosure of default by companies actually goes beyond missing payment obligations to also cover technical default, Krishnamurthy said in his address at ASSOCHAM’s national summit on stressed assets. He emphasised that such disclosure needs to be made fully to the bourses and the regulator, irrespective of whether a company has raised resources from investors via equity or debt. – Business Line.

Secondary Loan Market Association’s trading platform logs loan transactions aggregating about ₹6,000 crore : The Secondary Loan Market Association’s loan trading platform has seen inter-bank bilateral transactions of loan accounts aggregating about ₹6,000 crore since inception in August 2021. Sunil Mehta, Chief Executive, Indian Banks’ Association, observed that inter-bank bilateral transactions of loans helps banks that have hit sectoral exposure limits create headroom through sale of loans. Once headroom is created, banks can take fresh exposure in sectors where they had earlier reached exposure limits. It helps banks in rebalancing their sectoral exposure. – Business Line.

Goldman Sachs downgrades SBI, ICICI Bank, YES Bank; cites multiple challenges to earnings : Global research firm Goldman Sachs on Friday downgraded its rating on State Bank of India, ICICI Bank and YES Bank citing the end of the “Goldilocks period” for financial sector entities. It downgraded SBI and ICICI Bank from ‘buy’ to ‘neutral’ basis a 4 per cent downside and 3 per cent upside, respectively. Further, it downgraded YES Bank from ‘neutral’ to ‘sell’ attributing the call to a 37 per cent downside on the stock, but reiterated the ‘buy’ rating on HDFC Bank. “We believe the proverbial Goldilocks period (strong growth and strong/visible profitability) is over for the financial sector in the near-term as headwinds are increasing,” it said in a report. – Business Line.

Pension funds ride high on equity bull run, 1-year returns surge to 28.66% : Roaring bull markets in equities have helped Pension Funds continue registering a sizzling performance with an average annual return of nearly 30 per cent from their equity investments, the latest PFRDA data showed. This average annual return of 28.66 per cent in equities — as of February 16, 2024 —is more than triple the return of about 8.17 per cent seen in Corporate Bonds. It is also much higher than the 9.91 per cent in the government securities and about 11.60 per cent in Central and 11.56 per cent in State government schemes, data showed. – Business Line.

Central Economic Intelligence Bureau launches “automated search portal” for public sector banks : The Central Economic Intelligence Bureau (CEIB) has launched an “Automated Search Portal” to help public sector banks (PSBs) with antecedent verification of prospective borrowers and non-performing assets (NPAs). The portal, which has been developed by the Bureau in collaboration with the State Bank of India (SBI), will help PSBs obtain mandatory intelligence clearance from CEIB in a prompt manner, which in turn will facilitate timely disbursement of funds, per Indian Banks’ Association’s statement. “This is a welcome move by C.E.I.B which is aimed at equipping banks with quick access to information for taking timely decisions,” the Association said. – Business Line.

IT and select banking stocks drag Sensex and Nifty down : Sensex, Nifty updates on 23 February 2024: During Friday’s trading session, India’s benchmark stock indices, Sensex and Nifty, went through a volatile phase and ended lower due to selling pressure in IT and select banking stocks. The BSE Sensex closed at 73,142.80, slipping 15.44 points, with 17 components in the red and 13 in the green. Although it opened higher, profit-taking activities led to losses later in the day, with the index fluctuating between 73,413.93 and 73,022. The broader Nifty of NSE also closed lower at 22,212.70, down 4.75 points. While FMCG, pharma, and financial shares gained, losses in IT and private bank shares offset these gains. On the global front, markets were mostly higher, following impressive quarterly results by Nvidia that led to strong gains in US markets. – Business Line.

Rupee turns flat against US dollar in early trade : The rupee traded on a flat note at 82.85 against the US dollar in early trade on Friday amid outflow of foreign funds and volatile crude oil prices in the overseas market. Positive equity market sentiment and a weak American currency, however, provided support to the domestic unit, forex traders said. At the interbank foreign exchange, the domestic currency opened at 82.87 and inched up further to trade at Thursday’s closing level of 82.85 against the greenback. – Business Line..
.

1. The Central Board of Direct Taxes ( CBDT ) Chairman, Nitin Gupta, has announced that, the income tax department will autonomously clear pending petty tax demands for approximately 80 lakh taxpayers.
2. This initiative follows the government’s proposal, as outlined in the interim Budget, to withdraw direct tax demands up to Rs 25,000 for the fiscal year 2009-10 and up to Rs 10,000 for the financial years 2010-11 to 2014-15.
3. CBDT Chairman assured that the income tax department would erase these demands, relieving taxpayers of any action. The process is designed to be non-adverse to the assessee, and taxpayers won’t be contacted regarding this matter. However, details of the demands will be available on the individual taxpayers’ e-filing portal for review. If any issues arise, the department will address them promptly.
4. He highlighted that the CBDT would issue a “speaking order” to explain the process comprehensively. If taxpayers encounter problems related to demand cases, the department will address rectifications, pending appeals, or refund issues.
5. Approximately 80 lakh taxpayers are expected to benefit from this measure, involving an amount of about Rs 3,500 crore. The base figure of the demand, irrespective of the interest accumulated over the years, would be considered in determining eligibility for this initiative.