Govt may ease rules to help companies boost overseas borrowings

News Network
January 21, 2020

Jan 21: Indian policymakers may make it easier for companies to tap foreign funding, as a prolonged cash squeeze makes it tough for firms to borrow at home.

Investors are speculating about potential steps Finance Minister Nirmala Sitharaman could unveil when she presents the nation’s budget on Feb. 1. These measures may include freeing up firms to borrow at higher rates and offering tax breaks to global funds.

“The government will need to relax local rules to make it easier for Indian companies to raise debt overseas and tide over the funding crunch in the onshore market,” said Raj Kothari, London-based head of trading at Jay Capital Ltd. “At the same time, they need to ensure that the borrowers tapping offshore markets abide with stricter corporate governance so as to avoid further defaults.”

A prolonged crisis in India’s shadow bank sector and a pile of bad loans at traditional lenders is making it expensive for Indian companies, other than the best-rated firms, to access funding. The government has tried a series of measures to spur domestic credit, including providing so-called credit enhancement and allowing tiny firms to restructure debt.

Here are some steps Sitharaman may consider to spur foreign borrowing:

• She could raise the cap of 450 basis points above Libor, which limits overall foreign debt costs for Indian companies

• This could help lower-rated firms sell bonds abroad. Indian companies rated BBB currently borrow at more than 10%, about 3.8 percentage points more than their top-rated peers;

• Sitharaman could waive the withholding tax foreign investors need to pay on holdings of rupee-denominated debt sold by Indian companies abroad

• The waiver was offered between September 2018 to March 2019, but wasn’t extended as the highest global interest rates since the financial crisis deterred Indian borrowers. Since then, the three-month Libor has dropped by about 1 percentage point

• She could permit Indian property developers and housing finance lenders to sell overseas bonds for reasons beyond affordable housing projects

• New funding lines to the real estate sector, arguably ground zero of India’s economic slowdown, could help kickstart consumption and investment as the industry is the nation’s biggest job-creator.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 4,2024

Mangaluru: Dakshina Kannada Deputy Commissioner (DC) Mullai Muhilan MP said that election for the South West Teachers and Graduates constituencies will be held on June 3.

The notification for the same will be issued on May 9. The last date for filing nominations is May 16. The nominations must be submitted to Regional Commissioner in Mysuru and the last date for withdrawal of nomination is May 17.

The counting of votes will be held on June 6.

As of December 30, 2023 there are 6753 voters in DK district in the South West Teachers Constituency out of which 4520 are women. On the other hand, there are 16,869 graduate voters in the district for the South West graduates constituency.

The voters can submit their application for enrollment in electoral list of the South West Teachers and graduates constituency till May 6. The applications can be submitted at Mangaluru City Corporation or all the taluk offices.

Bulk applications can be submitted by Bar Association, Doctors association, Chartered Accountants Association, registered engineers association for the graduates constituency.

Those who are graduates prior to November 11, 2020 can enroll for voters list in the graduates constituency  by submitting Form 18 along with photo copy of marks card, Aadhaar card, voters' identity card and residential address.

For getting oneself enrolled in the teachers constituency voters, an individual should be teaching for minimum three years prior to November 1, 2023 in high school or higher educational institutions.

For the teachers constituency, educational institutions can submit applications in bulk. If wrong details are furnished in these applications, then they will be punishable under Section 31 of Representation of People Act, warned the DC.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 17,2024

Forbes has released its ninth edition of the “30 Under 30 Asia” list, celebrating 300 young entrepreneurs, leaders, and trailblazers under 30 who are driving innovation and transforming industries across the Asia-Pacific region. 

Here's a list of Indians who made it to the Forbes list:

ENTERTAINMENT

Pavithra Chari
Pavithra Chari, a trained singer-composer, gained recognition as half of the duo Shadow and Light with Anindo Bose. Their collaboration with the Berklee Indian Ensemble earned a Grammy nomination in 2023. She is also part of the Anirudh Varma Collective, touring the US, and is skilled in Bharatnatyam dance. Ms Chari is also known for covering film hits.

Arpan Kumar Chandel (King)
Indian rapper Arpan Kumar Chandel, also known as King, became known worldwide when Nick Jonas remixed his hit song 'Maan Meri Jaan'. Mr King got famous on MTV Hustle in 2019 and has released many albums since. His latest, 'New Life', features artists like Nikhita Gandhi and Gucci Mane. He's also Sony Audio's ambassador and launched his fragrance, Blanko.

CONSUMER TECHNOLOGY

Kush Jain 
Kush Jain discovered the challenges faced by the visually impaired during a volunteering stint at a Bangalore school in 2018. Motivated to help, he co-founded ORama AI. Their innovative solution, a smart glove, helps the blind and those with reduced vision to learn Braille. The glove features an embedded camera and speaker, tracking finger movements and audibly identifying touched Braille dots.

Arth Chowdhary, Deyvant Bhardwaj and Oshi Kumari 
Arth Chowdhary, Deyvant Bhardwaj and Oshi Kumari co-founded InsideFPV, an Indian drone startup, in 2020. Their main product is an easy-to-use "plug-and-fly" drone, unlike others that require a complex setup. Based in Surat, the company also sells drones and parts online. 

Pranav Manpuria (Flux Auto)
Autonomous driving startup Flux Auto was co-founded by Pranav Manpuria in 2017. The company is working on creating self-driving software for forklifts and warehouse robots. They claim their technology can easily fit into existing systems of infrastructure.

Arun Sreyas and Gautham Maheswaran (RACE Energy)
In 2018, university friends Arun Sreyas and Gautham Maheswaran created RACE Energy. Headquartered in Hyderabad, the startup specialises in creating swappable battery packs tailored for the popular three-wheeled auto-rickshaws in India.

Harshit Jain and Abhik Saha 
Harshit Jain and Abhik Saha co-founded OnePlay, a cloud gaming startup in Mumbai in 2019. OnePlay allows users to play popular games like Baldur's Gate 3 and Palworld across multiple platforms without needing expensive hardware. 

ENTERPRISE TECHNOLOGY

Kunal Aggarwal
Kunal Aggarwal launched Credflow in 2019, offering cashflow management software for small and medium-sized enterprises. The platform analyses business data, sends automated payment reminders, and extends credit lines to eligible users. 

Gaurav Piyush, Mayank Varshney and Yash Sharma
Gaurav Piyush, Mayank Varshney and Yash Sharma came together to establish Blitz, a logistics startup, in 2020. Based in Gurugram, the company, formerly known as Grow Simplee, specialises in offering same- or next-day delivery services by using a network of warehouses and fulfilment centres.

Aditya Dadia
Aditya Dadia founded AIwrite in 2022, providing new digital software for India's insurance sector. Based in Mumbai, the startup uses machine learning to help insurance companies analyze risks and develop products faster. 

FINANCE AND VENTURE CAPITAL

Aalesh Avlani (CWC)
Aalesh Avlani, a Boston University graduate, co-founded Credit Wise Capital (CWC), a finance company specialising in providing loans for motorcycles. Founded in 2019, CWC received $6 million in startup funding the following year. They use technology like a WhatsApp bot to quickly assess creditworthiness, making it easier for people with no credit history to apply for loans.  

Srinivas Sarkar and Kushagra Manglik (Coupl)
Srinivas Sarkar and Kushagra Manglik co-founded Coupl, India's bank designed for couples of all types. Launched in early 2022, the startup helps couples, irrespective of marital status or sexual orientation, effectively manage their finances with joint accounts and linked ATM cards.

Aniket Damle
Aniket Damle works with Blackstone's private equity investment team in Asia, focusing on investments in India's healthcare, consumer, and industrial sectors. At just 23 years old, he made his first deal when Blackstone collaborated with Sona BLW to establish Sona Comstar, a technology platform company focused on electric vehicles, in 2018.

Yashvardhan Kanoi (Alter Global)
Yashvardhan Kanoi heads investments at Alter Global, a venture capital firm linking Silicon Valley with startups in emerging markets. Since 2019, he led investments in companies across Southeast Asia, South Asia, and Latin America like Ula, BukuKas, and CoLearn.

Manish Maryada (Fello)
Manish Maryada co-founded Fello, a fintech startup based in India. Fello offers rewards to users to make investing enjoyable. When users invest a certain amount through the app, they receive a ticket to play in-house games and win rewards and prizes. Founded in 2021, Fello has been downloaded over a million times and has raised over $5 million in funding.

Anuj Srivastava and Priyesh Srivastava (OnFinance AI)
Anuj Srivastava and Priyesh Srivastava (not related) co-founded OnFinance AI, a Bengaluru-based startup. They developed NeoGPT, a ChatGPT-like service tailored for the finance industry, which helps analyse data, generate forecasts, and conduct financial market research.

HEALTHCARE AND SCIENCE

Karan Ahuja
Google research scientist Karan Ahuja will become an assistant professor of computer science at Northwestern University starting in September 2024. With a PhD in human-computer interaction from Carnegie Mellon University, Mr Ahuja has focused on projects like body-movement sensing for smartwatches and gaze-tracking for smartphone control. His work has earned nearly 1,000 citations over the past five years. 

Aryan Chauhan
Aryan Chauhan, along with his mother Monika Chauhan, co-founded Zivov in 2021 with the aim of helping with diabetes treatment. Their solution involves a self-developed sensor that attaches to the skin to monitor blood sugar levels. Users can access the results through Zivov's smartphone app.

INDUSTRY, MANUFACTURING AND ENERGY

Akshit Bansal and Raghav Arora (Statiq)
Akshit Bansal, CEO of Statiq, got the idea for greener transportation while biking through Bengaluru's polluted streets. After a failed car-sharing venture with his friend Raghav Arora, they shifted their focus to electric vehicles. Their Gurgaon-based company, Statiq, now operates a nationwide network of charging stations for electric cars, buses, trucks, and three-wheelers. The company has raised $27.5 million from investors and expects to post its first operating profit in the next financial year.

Ankit Jain and Narayan Lal Gurjar (EF Polymer)
Ankit Jain and Narayan Lal Gurjar co-founded the agriculture startup EF Polymer in 2018. Their company has created a powder-like water-retention product made from biodegradable materials like bananas and orange peels. This product helps retain moisture in the soil and enhance crop yields by absorbing excess water and gradually releasing it.

Chirag Jain and Rama Krishna Mendu (EndureAir Systems)
Chirag Jain and Rama Krishna Mendu founded EndureAir Systems, a drone startup, in 2018. The Noida-based company has created three drone models for mapping, monitoring, and logistics. One of them is battery-powered and can carry up to 15 kg while travelling 15 km.  

Rahil Gupta (Hop Electric Mobility)
Rahil Gupta co-founded Hop Electric Mobility, an electric motorbike startup, in 2020. The company offers three products priced between ₹66,790 and ₹1,33,580. Their premium Oxo bike, for instance, can reach speeds of up to 95 km per hour and cover 150 km on a single charge

MEDIA, MARKETING AND ADVERTISING

Kavan Antani

Kavan Antani is one of the co-founders of IndieFolio, a Mumbai-based on-demand talent marketplace catering to creative professionals. Launched in 2014, the platform serves as a connection hub for designers, animators, content creators, and video producers with clients seeking talent. IndieFolio boasts a talent pool of over 70,000 individuals and counts major clients like Paytm, Ogilvy, and Domino's Pizza.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 11,2024

1devarajG.jpg

Karnataka: BJP leader and advocate G Devaraje Gowda was arrested in connection with a sex abuse video allegedly belonging to Hassan JD(S) MP Prajwal Revanna.

According to police, Devaraje Gowda was arrested at Gulihal tollgate by the Hiriyur police in this district on Friday night for leaking the video in a pen drive.

He was arrested on a tip-off received by the Hassan police, which wanted his presence for the case.

Several explicit videos involving Prajwal started making the rounds ahead of the first phase of Lok Sabha elections in Karnataka, which took place on April 26.

The MP, a grandson of former prime minister H D Deve Gowda, is absconding and a 'blue corner' notice has been issued against him by Interpol.

Three FIRs, including charges of rape, molestation, intimidation, blackmailing and threatening, have been registered against Prajwal.

Devaraje Gowda is accused of leaking these videos, which he has categorically rejected.

He contested in the 2023 Assembly elections against JD(S) MLA from Holenarasipura H D Revanna.

H D Revanna, father of Prajwal, is at present in jail on charges of kidnapping a woman, a mother of three.

Ahead of polls, Devaraje Gowda had warned BJP’s central leadership against backing Prajwal Revanna and brought his sex scandal to light.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.