Category Archives: Business & Economy

INDIA: INFRA-STRUCTURE : INDIA’s LONGEST: Atal Setu: Mumbai gets India’s Longest Sea Bridge, operations begin today

PM inaugurates the Mumbai Trans Harbour Link project.

The Mumbai Trans Harbour Link (MTHL), perhaps the most anticipated infrastructure project in the city, is set to open for regular traffic this Saturday, after Prime Minister Narendra Modi inaugurated India’s longest sea bridge on Friday. 

Named the Atal Bihari Vajpayee Sewri-Nhava Sheva Atal Setu, the 21.8 km-long, six-lane engineering marvel, of which 16.5 km is in the sea, has been built at a cost of Rs 17,840 crore, and will cut the distance between the Mumbai island city and its satellite city Navi Mumbai shorter. 

“The inauguration of Atal Setu exemplifies India’s infrastructural prowess and underscores the country’s trajectory toward a ‘Viksit Bharat’,” Modi after inaugurating the bridge. He arrived at the programme in Navi Mumbai in the evening, after his convoy drove across the sea bridge – the foundation stone of which the PM had laid around seven years ago.  

The prime minister also laid foundation stones for other development projects in the state worth more than Rs 12,700 crore. “…a budget of Rs 44 trillion for infrastructure has been presented in the 10 years of the present government. In Maharashtra alone, the central government has either completed infrastructure projects worth about Rs 8 trillion or work on them is in progress,” he said. 

The MTHL project is one of the four main infrastructure projects in the city that are likely to become operational this year — an election year for both country and Maharashtra.  

The other three, along with MTHL, are estimated to cost upwards of Rs 84,000 crore.

The MTHL project — 80 per cent of which has been funded through a debt from Japan International Cooperation Agency, where the MMRDA is the borrower – is expected to spur further economic development in Mumbai and Navi Mumbai. The MMRDA, or Mumbai Metropolitan Region Development Authority, is the nodal agency for the project.

Sanjay Mukherjee, the Metropolitan Commissioner of MMRDA, anticipates “a consistent uprising in business opportunities and economic growth in the surrounding regions” as one of the many positive outcomes of the project.

“The Atal Setu will be a huge contributor to the steady escalation of the MMR’s humongous share in our nation’s GDP in the forthcoming years,” he said.

Sanjay Sethi, chairperson for Jawaharlal Nehru Port Agency (JNPA), located in Navi Mumbai, said: “The increased connectivity, especially in the JNPA vicinity, will open up new trade opportunities, attracting investments in warehousing and logistics infrastructure, further boosting JNPA SEZ’s economy.”

The MTHL project — first conceived in the 1970s and finally awarded in 2017 – was to be completed in the early part of 2022. However, its execution saw delays, partly because of pandemic-related supply chain woes.


source/content: business-standard.com (headline edited)

NATIONAL: EQUINES: Bhimthadi Horses get stamp of Independent Breed

The pride of the cavalry of the Maratha Army in the 17th and 18th centuries, Bhimthadi horses to get the status of an independent breed.

Ranjeet Pawar, founder, All India Bhimthadi Horse Association, in a joint announcement with Sharad Mehta, head, regional station, National Research Centre of Equines, Bikaner, Rajasthan at Deccan Gymkhana on Tuesday, said that authorities will soon issue a gazette notification officially recognising the indigenous breed.

According to Pawar, Bhimthadi breed of horses originated on the banks of Bhima River in Maharashtra and “thadi” means a riverbank. The breed is found on the plateau of Deccan, including some parts of Pune, Satara, Solapur, Ahmednagar, Sangli and Kolhapur districts.

The breed was part of the cavalry of the Maratha Army in its fight against the Mughals

“As this indigenous breed was not officially recognised in India, with the support of the Agricultural Development Trust (ADT) at Baramati, a team was formed in association with the National Research Centre for Equines, Bikaner to fulfil the administrative and scientific requirements for its inclusion in the national list. A delegation of scientists led by Dr Sharad Mehta visited Baramati and surrounding areas where they interacted with farmers and horse keepers to understand the hardiness and utility of the breed,” Pawar said.

According to Mehta, blood samples of over 1,000 Bhimthadi horses were tested at the National Research Centre on Equines, Bikaner while DNA testing of over 500 samples was done to ensure that the animal does not share its DNA with any of the established breeds in India.

“The process took about three years. Of the 66 applications received for getting the recognition, eight have been approved by the committee and Bhimthadi horse is one of them. The gazette notification is expected in a month’s time,” Mehta said.

“As per the government records, the current population of Bhimthadi horses in India is 5,134,” he said.

Pawar plans to introduce Bhimthadi horses in sports like endurance and polo after getting the official stamp. Breed shows and educational workshops would also be conducted through the state to retain the breed characteristics and to improve the breeding practices of the animal.

source/content: hindustantimes.com (headline edited)

Ayodhya to get world’s largest ‘solar powered street lights line’ , set Guinness record

Uttar Pradesh Chief Minister Yogi Adityanath’s vision to transform Ayodhya into a solar city is about to get a boost through establishment of the world’s largest ‘solar powered street lights line’, with the installation of 470 solar street lights over an area of 10.2 km city between Guptar Ghat and Nirmali Kund.

The unique feat will also see Ayodhya find entry into the the Guinness Book of World Records once again, with the earlier one taking place during Deepotsav with the lighting of the highest number of earthen lamps.

Under the guidance of CM Adityanath, the Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA) has already completed approximately 70 per cent of the installation work, while the remaining 160 solar street lights will be installed before January 22.

Ayodhya UPNEDA project officer Praveen Nath Pandey said here on Tuesday that by January 22, a world record will be set in the temple city with the installation of 470 solar street lights in a 10.2 km stretch from Lakshman Ghat to Guptar Ghat, extending up to Nirmali Kund.

He added that under the project, 310 solar lights have been installed from Lakshman Ghat to Guptar Ghat, while work is ongoing to install 160 solar-powered street lights in the stretch between Guptar Ghat and Nirmali Kund, covering a distance of 1.85 km. All these solar-powered street lights are LED-based, operating at 4.4 watts, and equipped with smart technology. Through their installation, the 10.2 km stretch from Lakshman Ghat to Nirmali Kund will be illuminated with a radiant glow.

The world record that the state government aims to break through a solar energy-powered project is currently registered in the name of Malham of Saudi Arabia, where 468 solar-powered lights were installed over a stretch of 9.7 km in 2021. Now, the Yogi government is gearing up to surpass this record in Ayodhya by installing 470 solar-powered lights in an area spanning 10.2 km.

Earlier, Ayodhya got listed in the Guinness Book of World Records during Diwali in 2023, when 25,000 volunteers from Avadh University lit 22.23 lakh lamps together at the ghats of river Sarayu.

Discussions are underway between the local administration, officials of UPNEDA, and representatives of the Guinness Book of World Records in this context.

source/content: thestatesman.com (headline edited)

NATIONAL: HORTICULTURE: ROSES : 40th All India Rose Convention and Rose Show at KIIT, Odisha

The 40th All India Rose Convention and Rose Show got off to a colourful start at the KIIT campus with the unveiling of four new varieties of rose on Friday.

The four new rose varieties, Lord Jagannath, Lord Lingaraj, Sephali and Radha, were unveiled by KIIT & KISS founder Dr Achyuta Samanta.

Dr Samanta highlighted the significance of the rose, tracing its origins 3.3 million years back and acknowledging its revered position as the king of flowers.

The three-day convention is a collaborative effort of the KIIT Rose Society in association with the Odisha University of Agriculture and Technology, Orissa Horticulture Society, and Directorate of Horticulture, Department of Agriculture, Government of Odisha.

The rose exhibition is open for the public from 9 am to 6 pm on January 6 and 7.

source/content: dailypioneer.com (headline edited)

IIT Kanpur’s landmark research offers new hope in cancer, brain disorder treatment

The Indian Institute of Technology Kanpur has achieved a breakthrough in biomedical research with their study of G protein-coupled receptors and chemokine receptor D6 shedding new light on the potential treatment of cancer and brain disorders such as Alzheimer’s, Parkinson’s and schizophrenia.

he Indian Institute of Technology Kanpur has achieved a breakthrough in biomedical research with their study of G protein-coupled receptors and chemokine receptor D6 shedding new light on the potential treatment of cancer and brain disorders such as Alzheimer’s, Parkinson’s and schizophrenia.

“The path-breaking research opens the doors to a new era in targeted medicine that can deliver solutions for cancer and neurological conditions for millions across the world. These diseases, which cause immense suffering and economic burden, could see a new era of effective treatment developed based on these findings! The success of this research project is also a testament to our successful collaboration with scientists across the world,” Prof S Ganesh, Director, IIT Kanpur said here on Friday.

“This project saw the team from IIT Kanpur working with researchers from Japan, the Republic of Korea, Spain, and Switzerland. Hearty Congratulations to Prof Arun Shukla and team, who have been doing outstanding research in GPCRs (G protein-coupled receptors) biology,” he said.

GPCRs are like tiny antennas on the surface of brain cells which help them to communicate and play a key role in many brain functions. When these receptors do not work properly, there are issues with communication between the brain cells leading to diseases like Alzheimer’s and Parkinson’s. This leads to symptoms and progression seen in these diseases.

Similarly, the chemokine receptor D6 functions in the immune system and is involved in the response to inflammation. In cancer, the receptor can influence the tumour environment, affecting how the cancer cells grow and spread.

The findings of the new research from IIT Kanpur will help in a greater understanding of the working of these receptors and lead to the development of new therapeutic approaches and targeted treatments for conditions such as Alzheimer’s, which affects over 50 million people worldwide, and cancer, responsible for over 10 million deaths annually.

The researchers used a high-tech method called cryogenic-electron microscopy (cryo-EM) to create detailed three-dimensional images of the receptors. This allowed them to study the 3D images of the receptors at the molecular level in great detail, helping to identify and design new drug-like molecules to correct problems with these receptors that cause disease conditions.

The research team from the Laboratory of GPCR Biology, IIT Kanpur included Prof Arun K Shukla, Department of Biological Sciences and Bioengineering and Principal Investigator GPCR Lab; Ramanuj Banerjee, Post-Doctoral Fellow; Manish Yadav, Post-Doctoral Fellow; Ashutosh Ranjan, Post-doctoral fellow, currently Faculty at Lucknow University; Jagannath Maharana, PhD scholar now heading to the Max Planck Institute of Molecular Physiology as a post-doctoral fellow; Madhu Chaturvedi, PhD scholar now heading to UCSF as a post-doctoral fellow; Parishmita Sarma, PhD student; Vinay Singh, Project JRF, now headed to IMPRS on Cellular Biophysics, Frankfurt as a PhD student; Sayanatan Saha, Project Research Fellow; and, Gargi Mahajan, Project Research Fellow.

source/content: thestatesman.com (headline edited)

INTERNATIONAL: FOOD & CUISINE: Three Indian Restaurants among the World’s Top 10 Legendary ones. They are…

hree Indian restaurants have made it to the list of top 10 legendary eateries in the world.

Taste Atlas, an experiential travel online guide, unveiled the list of restaurants that are “not just places to grab a meal, but destinations in their own right, comparable to the world’s most famous museums, galleries and monuments.”

Paragon in Kozhikode, Kerala, immensely popular for its biryani, occupied the 5th rank on the list. Lucknow’s famous Tunday Kababi, known for mouth-melting galouti kebabs, grabbed 6th spot.

“Paragon in Kozhikode, Kerala, is an emblem of the region’s rich gastronomic history, celebrated for its mastery of traditional Malabar cuisine,” Taste Atlas noted.

The travel guide called Tunday Kababi “a jewel in the crown of Lucknow’s culinary scene in India” that has “gained widespread acclaim for its Mughlai cuisine”. The star offering, the galouti kebab, is a culinary masterpiece featuring finely minced meat tenderised with raw papaya and an assortment of spices.

Another proud entry in the top legendary restaurants is Peter Cat, Kolkata, occupying the 10th spot. Found in 1975, the iconic eatery is best known for chelow kebabs.

Apart from these three Indian entries in the top 10, several other restaurants made it to the elaborate list of 100 legendary restaurants in the world. Murthal’s Amrik Sukhdev Dhaba grabbed the 16th spot while Mavalli Tiffin Rooms, Bengaluru, occupied 32nd rank. Also on the list is Karim’s, Delhi, occupying the 84th spot.

See the full list here:

How many of these Indian restaurants have you visited so far?

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source/content: indiatoday.in (headline edited)

NATIONAL: PATENT: Madhya Pradesh’s Science & Innovation: SGSITS’s Professor Satish Jain Created ‘Radiator Miniaturization’ To Be Used By ISRO, DRDO

Government of India recognized and granted the patent for the invention of ‘Noble and Optimized-Effective Ground Structural for Radiator Miniaturization’ created by Shri Govindram Seksaria Institute of Technology and Science (SGSITS) professor Satish Jain. He registered a patent for the same.

“I have reduced the size of the antenna to be installed on the nano satellite,” Jain said. He added that due to this, the quality of the satellite will improve.

“This has become possible after my hard work of the last 7 years,” Jain said. The invention is expected to be useful for the sky related satellite activities of the Government of India (Indian Space Satellite Research Center ISRO, DRDO)!

“Due to the smaller size of the antenna, the possibility of expanding the service by installing more modules in the satellite increases,” Jain said.

Director of the institute Rakesh Saxena said, “Nano satellite is a small satellite platform with very high density technology, which must use reliable design.” The invention can help in reliable and efficient nano satellites, he added.

source/content: freepressjournal.in (headline edited)

NATION: The Great Indian Startup Shift : 2023’s Lessons and 2024’s Promise

With over $20 billion of dry powder awaiting deployment, the stage is set for a revival of India’s startup ecosystem, with sectors such as AI, fintech and EV poised to lead the resurgence.

India’s startup ecosystem has undergone a transformative journey this year. This shift, while tremendously challenging, ushered in a period of strategic reassessment and realignment for both startups and investors. 

Amid an extended funding winter, desperate pivots, governance lapses, and layoffs, investors have lined up about $20 billion in dry powder–capital waiting to be deployed in startups. 

That brings us to a pivotal question: How will this capital and emerging tech trends reshape the startup ecosystem in the coming year? To attempt an answer to that, we need to have a quick glance into the rearview mirror.

A year of reassessment and realignment

The story of 2023 began with a sobering wake-up call. Venture capital, the lifeblood of startups, receded dramatically from its zenith of $35 billion in 2021 to $8 billion in 2023. This wasn’t merely a financial fluctuation; it was a seismic shift in investor sentiment, mirroring a global trend of cautious retrenchment.

This set the stage for entrepreneurs to pivot, seeking resilience and innovation in the face of adversity. Despite the funding chill, a few startups, including Zepto and Perfios, demonstrated agility and vision, securing significant investments and propelling to unicorn status.

The investor’s calculated manoeuvre

For investors, 2023 was a tale of recalibration. With late-stage funding plummeting by over 73% to $4.2 billion, their focus shifted to a more measured approach and early-stage players, valuing sustainable business models over rapid growth. The perseverance of certain sectors, particularly fintech, which garnered $2.1 billion in funding, highlighted areas of continued investor interest.

Venture debt: A rising star

Amid this capital conundrum, venture debt emerged as a strategic partner for entrepreneurs. While VC investments retracted, venture debt in India witnessed a modest yet meaningful uptick. 

The average deal size, which had once soared to ₹45-50 crore, now mostly hovered at around ₹25 crore. This recalibration wasn’t merely numerical but strategic–a pivot towards robust business models, away from the regulatory quagmires. 

Venture debt, traditionally a side actor, took centrestage, offering critical support to startups, especially in sectors ripe with innovation such as electric vehicles and companies heavy on research and development.

The ecosystem’s resilient response

The year 2023 was one of reckoning for sectors such as edtech and healthtech. The overestimation of the target addressable market for digital education and teleconsultation services, plus governance lapses, amplified by market dynamics were vital learnings and tests of resilience for the ecosystem. 

The Indian startup ecosystem, globally the third-largest, navigated these challenges by pivoting towards high-quality revenue. Bengaluru, New Delhi, and Mumbai, as the epicentres, continued to foster innovation despite the slowdown in unicorn creation. 

The ecosystem’s response was not just reactive but proactive, with the government investing in infrastructure and pushing growth-oriented policies, maintaining India’s stature as a significant technology hub. Startups must continue to navigate this constrained funding environment, focusing on corporate governance and robust margin improvements.

Mega deals resurface

The valuation landscape of 2023 was akin to navigating through a foggy sea. Startups, in the absence of clear valuation benchmarks, turned to convertible notes and flat rounds (raising funds at the same valuations as earlier), buying time in the hope of fairer weather.

As 2023 nears its end, a flicker of optimism has sparked in the form of mega deals. High-profile investments in companies like Perfios and PhonePe have rekindled hopes. The artificial intelligence and EV sectors, along with vertical software-as-a-service, emerged as the new darlings of investors, signalling a market ripe for a rebound. 

We witnessed e-commerce continuing its steady sail, undeterred by the market disruption. This resurgence wasn’t confined to equity alone; the financial services sector witnessed a remarkable surge in debt funding, heralding a more mature and diverse ecosystem preparing for a spate of IPOs in FY2024-25.

The road ahead: 2024 and beyond

Looking to 2024, the startup ecosystem stands on the cusp of transformation. With over $20 billion of dry powder awaiting deployment, the stage is set for a potential revival. Sectors such as AI, fintech and EVs, buoyed by investor interest and government support, are poised to lead this resurgence. 

For entrepreneurs, the path forward involves balancing innovation with financial prudence, while investors are expected to continue their judicious allocation, focusing on startups with long-term viability. 

Meanwhile, venture debt is anticipated to play an increasingly significant role, offering a lifeline to startups navigating the intricate balance of growth and sustainability.

Charting new waters 

As the Indian startup journey continues into 2024, it will likely be a narrative of adaptability, strategic foresight, and collaborative growth. Entrepreneurs, investors, and the broader ecosystem are jointly scripting a story of overcoming challenges and seizing opportunities. 

The ecosystem is not just poised for gradual recovery but for a period of strategic growth, potentially leading to an increase in the number and quality of successful ventures and a more robust, diversified startup economy by the end of 2024.

Ishpreet Singh Gandhi is the founder and managing partner at Stride Ventures

source/content: livemint.com / opinion (headline edited)

NATIONAL: BUSINESS & ECONOMY: From US to India: Chandigarh Man Sidharth S Oberoi’s Razor-sharp Journey to Crores

From a small inventory room in Ambala where initially Sidharth S Oberoi got only 30 to 40 orders a month to over 20,000 orders a month, he is going places.

Chandigarh boy Sidharth S Oberoi was working as a project engineer in the US when one day he just resigned from his job to start a new company- LetsShave. The 31-year-old returned to India and began working on high quality razor blades with diamond coating. From a small inventory room in Ambala where initially Oberoi got only 30 to 40 orders a month to over 20,000 orders a month, he is going places. Today, LetsShave is spread over 100 countries and the firm has raised $6 million in four years with firms such as Wipro and Korean giants too having stakes in it.

How did this idea strike you and when?

The idea struck me in my university dorm room in America. The frustration of limited shaving options in a market flooded with choices for other grooming products sparked the concept of revolutionizing the shaving industry. But then I was focussing on my studies and I went on to pursue my job as project engineer.

But this idea was still there on my mind. And somehow I kept working on it if I could sign an exclusive partnership with Korean giant Dorco as I was only 22 years old. It took me 2 years to negotiate and convince that I could do it.

Two years went by and I had even begun my job as a project engineer in US then. One day I got to know that the Korean firm had agreed to partner with me on this concept of mine. It was then I resigned from my job and returned to India in 2015 to start LetsShave. And basically the realization that there was a gap in the market for quality razors, combined with my passion for grooming and the desire to bring something extraordinary to consumers, led to the birth of LetsShave.

How did you translate this idea into Let’s Shave finally?

So, it all started from a small inventory room in Ambala and we used to get only 30 to 40 orders a month. The initial months were disappointing as we would hardly make a lakh a month. Today we are making around Rs 3 crore a month with over 20,000 orders. Translating the idea of LetsShave from concept to reality began with a vision to fill the void in the shaving market. Collaborating with the world’s finest razor blade manufacturer, I focused on creating a product that prioritized excellence, precision, and innovation.

How far have you taken this idea?

Today, we have expanded to more than 100 countries. Our business plans abroad are rooted in the belief that grooming should know no borders. Not just this, now even big giants like Wipro and Korean giant Dorco that produce second largest razor blades have stakes in my firm. But major stake which is 70 percent still belongs to me.

Do you think marks matter?

I did my class 11 and 12 from Vivek High school in Sector 38 Chandigarh before pursuing engineering from USA. I have studied at prestigious institutions such as Purdue University, Sapienza University of Rome, and eventually, the Harvard Business School. The diverse educational experiences provided a holistic perspective, blending theoretical knowledge with practical insights.

However, I believe that while academic performance is significant, it is not the sole determinant of success in the entrepreneurial world. Real-world challenges often demand a blend of practical skills, innovative thinking, and resilience, aspects that go beyond conventional academic metrics.

What can Chandigarh do to retain talent?

A dynamic entrepreneurial ecosystem through initiatives like co-working spaces and mentorship programmes is needed. Colla-boration between local educational institutions and industries should be strengthened. Better transportation and healthcare facilities will also help.

What help should the government give startups?

Financial assistance through grants or low-interest loans and simplifying the regulatory framework can enable startups to focus on business development. Good R&D, innovation-friendly infrastructure, and regular policy advocacy also help startups thrive.

One thing you like and one thing you want to change about Chandigarh.

I admire Chandigarh’s dynamism and the wealth of talent. The city’s cosmopolitan character and the diverse skill sets of its residents. But I would also advocate for a more robust infrastructure specifically tailored to support startups.

source/content: indianexpress.com (headline edited)

GLOBAL: AIRPORTS / DESIGN: UNESCO Honors Bengaluru’s KIA Terminal 2: Named among ‘World’s Most Beautiful Airports’

Kempegowda International Airport Bengaluru’s Terminal 2 clinches UNESCO’s ‘World’s Most Beautiful Airports’ and the ‘World Special Prize for an Interior 2023’ at the prestigious Prix Versailles. This recognition positions BLR Airport uniquely, celebrating its innovative design, sustainable ethos, and reflection of local heritage. T2, acclaimed for its blend of technology and artistry, aims to offer an unforgettable journey, accommodating 25M passengers annually, highlighting environmental responsibility and passenger-centric experiences.

The Kempegowda International Airport Bengaluru (BLR Airport) has been honoured with prestigious accolades at UNESCO’s 2023 Prix Versailles.

The airport’s Terminal 2 (T2) has secured recognition as one of the ‘World’s Most Beautiful Airports’ and has been awarded the coveted ‘World Special Prize for an Interior 2023.’

Terminal 2 has been honoured by the Prix Versailles, an internationally acclaimed design and architecture award acknowledged by UNESCO. The Prix Versailles, established in 2015, focuses on “intelligent sustainability” as a cultural driver, acknowledging innovation, creativity, a reflection of local heritage, ecological efficiency, and values of social interaction. 

With all this beautiful architecture, the Bengaluru Airport has become the only Indian Airport to win this esteemed recognition, T2, also known as the “Terminal in a Garden,” was inaugurated on November 11, 2022. Encompassing 255,661 square meters, the terminal is built upon four foundational pillars: technological leadership, a terminal in a garden, environmental and ecological stewardship.

Hari Marar, MD & CEO of Bangalore International Airport Ltd, said, “The nomination of Terminal 2 for the 2023 Prix Versailles Award is a moment of immense pride, and we are pleased to see the terminal receiving the recognition it deserves.

The sustainable design of T2, the world’s largest terminal pre-certified with a Platinum LEED rating by the US Green Building Council before operational commencement, reflects the airport’s commitment to environmental responsibility. This remarkable achievement positions BLR Airport amongst the top airports globally.

Embraced in engineered bamboo, the terminal’s interiors offer a contemporary yet classic ambience. The terminal also features a spacious indoor garden with rammed-earth walls and waterfalls, as well as hanging planted bells, adding to the terminal’s unique aesthetic.

source/content: newsable.asianetnews.com (headline edited)