Conclave 2024: ‘What’s revdi for you isn’t for them, hypocrites’: Finance Minister on Opposition

Union Finance Minister Nirmala Sitharaman on Friday hit out at the Opposition for offering freebies or ‘revdi’ to score electoral victories while criticising the policies of the Centre.

Speaking at the 21st edition of the India Today Conclave 2024 in New Delhi, Sitharaman called the Opposition “hypocrites”. “What is revdi for you is not revdi for them,” the Finance Minister said.

She made the remarks while addressing the session, “A $7 Trillion Economy by 2030: The Promise and the Pitfalls” at the 21st edition of the India Today Conclave 2024 in New Delhi.

When asked by moderator, India Today’s News Director Rahul Kanwal on what would it take to unlock India’s full potential, the Union Minister replied that the”kind of reforms which we need to undertake now will have to have greater coordination between the Centre, the states and the urban local bodies”.

She said that a lot of work has to be done at all levels and “reforms have to have the effect of cascading down at all levels”.

 

What Nirmala Sitharaman said on top electoral bond donors, probe agency raids

Finance Minister Nirmala Sitharaman, speaking at India Today Conclave 2024, today said the links between probe agency raids and electoral bonds were mere assumptions.

As the data from the State Bank of India released by the Election Commission (EC) revealed at least 14 out of the top 30 companies which purchased electoral bonds faced action by central or state probe agencies, Finance Minister Nirmala Sitharaman on Friday questioned if the earlier systems were 100 per cent perfect.

She also termed the ‘talk’ of links between probe agency raids and election bonds ‘assumptions’.

“I think you’ve based yourself on huge assumptions, that the money was given after the Enforcement Directorate raid happened,” Sitharaman said, commenting on a question about the data released.

“For all you know, the money was given earlier, and despite that, we went knocking at their doors,” she said.

“What if the companies gave the money, and after that, we still went and knocked at their doors through the Enforcement Directorate? That’s an assumption that the ED went and knocked at their doors, they wanted to save themselves and therefore they came up with the funds,” the Finance Minister said.

“The second assumption in that itself is, are you sure they gave it to the BJP? They probably gave it to the regional parties.”

The case is still in court, the verdict has come and the State Bank of India will submit what it has to,” Sitharaman said.

“But, were the earlier systems 100 per cent perfect?” the Finance Minister asked.

“Let us just recall what my predecessor (former Finance Minister Arun Jaitley), when he brought these electoral bonds, said, ‘this is better than the previous systems as the money is going from accounts to party’s account’,” she said.

“It’s not a perfect system, but we have moved from a system where everyone did what they want to do,” the Finance Minister said, adding, “A system which was not perfect, from a system which was completely imperfect, was brought in.”

 

India Today Conclave 2024: Nirmala Sitharaman says crypto assets cannot be currencies

Speaking at the India Today Conclave 2024, Finance Minister Nirmala Sitharaman said crypto assets cannot be legal currencies.

Finance Minister Nirmala Sitharaman on Friday made it clear that cryptocurrency assets cannot be currencies, saying that the government’s position on such assets has always been clear. She was responding to a question during a session at the India Today Conclave 2024.

When asked whether the government will reassess its position on cryptocurrencies amid the recent surge, she said, “Its position has always been this, that assets created in the name of crypto can be assets for trading, assets for money making and assets for many other things.”

“Currencies are to be issued with a fiat of the government or the central bank of the day. And it is still unregulated in India. That is why we thought it fit to raise it in the G20 forum, because as it is so technology-driven, it will have a bearing on cross-border payments,” Nirmala Sitharaman added.

“If one country regulates it and others don’t, it will be an easy way of moving money, round-tripping, funding drugs or even terrorism,” she added, highlighting the ways unregulated cryptocurrencies can be misused.

She also spoke about several other aspects of the Indian economy, including consumer spending and household savings. When asked about shrinking consumer spending and lower household savings, Nirmala Sitharaman said the government is trying to boost small savings by offering better interest rates.

However, she also highlighted the fact that more Indians are investing in the stock markets and not just mutual funds, adding that money flowing into the stock market has substantially increased. “In fact, India stands out as one of those countries, where retail investors are directly going to stock market,” she added.

On shrinking consumption expenditure, she said the focus should be on the medium-term rather than analyzing it on a month-on-month basis.

 

About India Today Conclave:

The India Today Conclave is India’s first and only intelligence exchange that engages every stakeholder to build an agenda for positive change. It dissects every relevant fact, amplifies every sensible voice. It’s a leadership conference where the sharpest global minds come together to analyse, debate, inspire, entertain, and, of course, prescribe solutions. For nearly two decades, the India Today Conclave has been a global diagnostic, measuring the pulse of the world, making sense of random developments and predicting the next big thing.

 

Former Karnataka CM Sadananda Gowda inaugurates AU Small Finance Bank’s new branch in Sanjay Nagar

AU Small Finance Bank (AU SFB), India’s largest SFB, today inaugurates its new branch at Sanjay Nagar, Bengaluru, which is the Bank’s 12th branch in Karnataka. This launch signifies AU SFB’s targeted offerings for the Bengaluru city and its commitment to delivering accessible and technology-driven financial services across South India. The inauguration was done by former Chief Minister of Karnataka D. V. Sadananda Gowda and senior officials of AU SFB.

The strong economy of Karnataka makes it a significant market offering high potential of deposits and credit. Bangalore alone contributes to around Rs 9 lakh crores of deposits of the state and remains a key city in AU SFB’s expansion plan in South India. Sanjay Nagar is an appealing strategic locality with well-planned infrastructure, luxury residential projects, high-class educational institutes, and healthcare facilities.

Speaking on the occasion, former Chief Minster of Karnataka, D. V. Sadananda Gowda said, “Bengaluru is an industrial hub that is contributing a great deal to the economy of our state as well as the nation. Over the years, AU Small Finance Bank has gained reputation of bringing customer centric banking solutions bundled with tech advancements. With this branch, I am sure the residents of Sanjay Nagar stand to benefit from that. As more and more industrial leaders as well as common man gain access to better banking, it will help add up to the prosperity of our state.”

Mr. Uttam Tibrewal, Executive Director, AU Small Finance Bank, said, “As a customer-centric bank, we strive to serve customers in Bengaluru with our unique proposition while fostering long-term relationships. To date, the positive response and trust from our tech-savvy clientele in Bengaluru have instilled confidence in us to extend our presence. At Sanjay Nagar branch, we aim for the customers to enjoy the advantages of our flagship features, such as monthly interest payout on savings accounts, extended banking hours, 24×7 video banking, vehicle loans, business banking, FDs/Green FDs, credit cards, construction funding to real estate developers, along with meticulously crafted wealth management products.”

As of December 2023, the Southern region has surpassed Rs 3,000 crore in the deposit book of AU SFB, instilling confidence of AU SFB to scale up its operations in South India. The bank aims to reach approximately 37 branches in South India by March 2024.

Swaraj Tractors launches ‘Josh Ka Swaran Utsav’, a nationwide campaign honouring Indian farmers

Swaraj Tractors, a part of the Mahindra Group, proudly commenced a nationwide van campaign ‘Josh Ka Swaran Utsav’ coinciding with brands Golden Jubilee. Through the campaign Swaraj Tractors aims to pay tribute to Indian farmers instrumental in the brands success, while introducing Swaraj’s new range of tractors – ‘Naya Swaraj’ to forge stronger connections with farmers across the country.

 

To symbolize 50 years of excellence, Swaraj has launched ‘Josh ka Swaran Utsav’ campaign, embarking on an extensive journey across the country, starting from North India. This initiative will serve as a dynamic platform for direct engagement with farmers and spread awareness about Naya Swaraj.

 

The campaign promises a series of exciting events, including tractor rallies and customer meets, bringing together the Swaraj sales team, local farmers, channel partners and influencers. The initiative is expected to attract enthusiastic participation, enabling Swaraj to connect with over 50,000 customers directly.

 

Flagging off the ‘Josh ka Swaran Utsav’ campaign from one of Swaraj’s Tractors oldest manufacturing plants in Mohali, Mr. Hemant Sikka, President – Farm Equipment Sector, Mahindra & Mahindra Ltd., emphasized the significance of the celebration, stating that, “As we embark on this momentous journey, we honour the invaluable role of farmers in Swaraj’s success story. This Golden Jubilee celebration is a testament to our commitment to serving and empowering farmers across India.

 

Mr. Harish Chavan, CEO – Swaraj Division, Mahindra & Mahindra Ltd., highlighted the trust between Swaraj and its customers, stating, “At Swaraj we have the privilege to experience the unwavering trust and loyalty of our customers and the ‘Josh ka Swaran Utsav’ campaign is a gesture to acknowledge and thank farmers and the farming communities for their contribution in our success. By introducing Naya Swaraj, we aspire to continue our endeavour of empowering farmers and deepen our bond with them.”

 

During the campaign, Swaraj will showcase its latest range of tractors and farm equipment, while also seizing the opportunity to raise awareness about sustainable agriculture practices.

 

Roadzen CEO Rohan Malhotra Awarded ‘Innovative Entrepreneur of the Year’ at the Economic Times Summit

Rohan Malhotra, CEO of Roadzen Inc. (NASDAQ: RDZN), was honored with the ‘Innovative Entrepreneur of the Year’ award at the prestigious 2024 Economic Times Entrepreneurs Summit and Awards. The ceremony, held recently in New Delhi, showcased Malhotra’s leadership and Roadzen’s achievements in AI, highlighting the company’s success in bringing its innovations to global markets.

In his acceptance remarks, Rohan Malhotra said, “I am honored receiving this recognition from The Economic Times, which is the vanguard of business journalism in India. I accept this award on behalf of our team, whose remarkable and inspiring efforts continue to drive our success.”

The ET Entrepreneur Awards celebrates entrepreneurial excellence that drives forward-thinking and innovation across industries. It plays a crucial role in promoting innovation, recognizing leadership accomplishments, and inspiring the wider entrepreneurial community.

About Roadzen

Roadzen (NASDAQ: RDZN) is a leading insurance technology company on a mission to transform global auto insurance powered by AI. Thousands of clients – from some of the world’s leading insurers, fleets and carmakers to small fleets, brokers and insurance agents – use Roadzen’s technology to build new products, sell insurance, process claims and improve road safety. Roadzen’s pioneering work in telematics and computer vision has earned recognition as a top AI innovator by publications such as Forbes, Fortune and Financial Express. Roadzen has 400 employees across its global offices in the US, India, UK and France. To learn more, please visit www.roadzen.ai.

MM Group Founder Udit Pathak Unveils ‘Pure Reality With Udit’ Podcast Series To Inspire Next-Gen Entrepreneurs

Udit Pathak, Founder Director , Media Mantra Group – India’s leading independent PR and integrated communications conglomerate, announces the launch of his much-anticipated podcast series, ‘Pure Reality With Udit’. With an unwavering commitment to authenticity, the video podcast series delves into the untold narratives of entrepreneurship, spotlighting the trials, tribulations, and triumphs of industry leaders in their pursuit of success.

 

Officially launched on YouTube, Instagram, ‘Pure Reality With Udit’ aims to provide listeners with an intimate glimpse into the behind-the-scenes struggles encountered by entrepreneurs across various industries. By sharing these powerful narratives, the podcast promises to offer invaluable insights and inspiration to aspiring business leaders navigating their own entrepreneurial journeys. The episodes are also available on Spotify, Amazon Music, and Apple Music.

 

Reflecting on his own journey and success, Mr. Udit Pathak, Founder Director of Media Mantra Group, said, “Success is often portrayed as a glamorous destination, but the road to get there is rarely discussed. Having started working at the tender age of 16, I understand first-hand the challenges and obstacles that entrepreneurs encounter along the way. While everyone knows me as a successful entrepreneur, few are aware of the hardships and sacrifices that paved the way for my achievements. With this podcast, I want to give back to the community by shedding light on the realities of entrepreneurship and empowering others to persevere in the face of adversity.”

The podcast will feature candid conversations with accomplished entrepreneurs from various industries who will share their personal accounts of overcoming adversity, making tough decisions, and persevering through setbacks. By offering a raw and authentic perspective, ‘Pure Reality With Udit’ aims to demystify the entrepreneurial experience and provide valuable insights for those embarking on their own business ventures.

Excited about her association with the series, the show’s Co-Host,  Ms. Mamtaa. Dhingra, Founder, Lateral Sutraa and Award Winning Podcaster of Unbound with Mamtaa, added,” This is a golden-era of content creation and India with its 57.6 million monthly listeners is already the third-largest podcast listening market in the world. This is my third podcast series in less than two-years and I am thrilled at the sheer promise of the series ‘Pure Reality With Udit’. Udit with his sharp business acumen and an inherent curious nature brings to the show a refreshing  approach as he digs insights from the realstories and lessons of those who have navigated familiar territories and negated challenges. This series is a much-needed initiative to sheds light on the authentic stories of entrepreneurial grit and perseverance. For me personally this is a true extension and growth of my podcasting journey. “

With its compelling storytelling and emphasis on authenticity, ‘Pure Reality With Udit’ is poised to become a must-listen for aspiring entrepreneurs, business students, and anyone seeking inspiration from the trials and triumphs of those who have walked the path before them.

SpiceJet to Enhance Haj Operations with Two Wide-body A340 Aircraft Induction

SpiceJet has finalised a significant lease agreement to introduce two wide-body A340 aircraft into its fleet for the upcoming Haj operations. This strategic move underscores the airline’s commitment to delivering exceptional travel experiences while maximizing revenue streams.

 

The airline will deploy the wide-body aircraft from both Srinagar and Guwahati.

 

Last year, SpiceJet’s Haj operations generated substantial revenue of INR 337 Crore. The airline aims to replicate this success in the current year’s operations.

 

Chandan Sand, Head of Leasing and Legal, SpiceJet said, “We are happy to announce the finalisation of the lease agreement for the induction of two wide-body A340 aircraft into our fleet, further enhancing our capacity to serve the needs of our passengers, especially during the upcoming Haj operations. These A340s will not only elevate our service standards but also play a vital role in enhancing our revenue streams.”

 

“Furthermore, we are actively pursuing opportunities to expand our fleet through long-term lease agreements, which will not only bolster our existing fleet but also facilitate the expansion of our network, enabling us to better serve our passengers and strengthen our position in the aviation industry.”

 

The wide-body aircraft, each with a seating capacity of 324, will play a crucial role in SpiceJet’s Haj operations, which are scheduled to commence their first phase to Medina on May 9, 2024. With flights scheduled to operate from seven Indian cities, including Srinagar, Gaya, Guwahati, Bhopal, Indore, Aurangabad, and Vijayawada, SpiceJet is set to facilitate seamless travel experiences for pilgrims embarking on the sacred journey to Medina.

 

SpiceJet operated over 200 special Haj flights last year, carrying over 21,000 pilgrims.