Mukesh Ambani, Chairman, Reliance Industries Limited (RIL) has said that the partnership between Jio and Facebook is great for India, Indians and small Indian businesses.
Ambani was in conversation with Mark Zuckerberg, CEO, Facebook at the first ever Facebook Fuel event in India.
“I have no hesitation in going on record, that it is your investment that set the ball rolling. Not only for Jio, but for the Indian FDI which has been the largest-ever in its history. And our partnership between Jio and Facebook, will actually demonstrate that it is great for India, Indians, and small Indian businesses,” Ambani said.
“And let me point out a very unique feature about our partnership. Perhaps not many people have understood this. Because, before this partnership I believe that each one of us was mainly a communication platform. Together, we now have become a value creation platform for our customers and small businesses,” Ambani said at the event.
RIL Chairman said with all the digitization steps that India has taken will democratize wealth and value creation for individuals and small businesses. “And let me explain this very simply. WhatsApp has hundreds of millions of subscribers in India. Jio has hundreds of millions of subscribers in India. Jio Mart, which is our retail service, has the aspiration of serving tens of millions of small shopkeepers in India, who are the bedrock of employment.
So what does this mean? This means Jio brings digital connectivity, WhatsApp now with WhatsApp Pay brings digital interactivity, and the ability to move to close transactions and create value, and Jio Mart brings the unmatched online and offline retail opportunity, that gives our small shops which exist in villages and small towns in India, a chance to digitize and be at par with anybody else in the world,” Ambani added.
“To my mind, more wealth creation means more employment and more business. And together with our platforms and the tools that we will provide to small businesses and to individual consumers, I believe will drive India to a 5 trillion economy and will make a much more equal India, with more equal wealth growth at the bottom of the pyramid,” Ambani said in conversation with Zuckerberg.
He added that in the next two decades, India will grow to be among the top three economies in the world. But more importantly, it will become a premier digital society. It will be a modern society with young people driving it, with young businesses driving it.
“And our per capita income will go from eighteen hundred – two thousand dollars per capita, to five thousand dollars per capita. Our mid-income or the middle class in India which is about 50% of its total number of households, will grow to three to four percent per year. And I think that Facebook, Jio, and a lot of other companies and entrepreneurs in the world, have a golden opportunity to be in India, to be part of this economic and social transformation, that we are witnessing and that will accelerate in the coming decades,” Ambani said.
“I really see India accelerating as a premier digital society. I see us integrating both 5G…and just yesterday, our Prime Minister has said that, he wants every village and every gram panchayat…India has 680,000 villages, and we have a population of 1.3 billion people, and he wants everybody to be empowered on the information highway with high speed fix broadband, and which is happening,” Ambani added.
“I think that there is a great opportunity for really bringing education and health care. With the second-generation reforms that were done in the last six months, we have unique opportunities and as Jio we are connecting all the 1.9 million schools in India and the 58 000 colleges. At any point in time, we will have in the coming decades, about 200 million children or young adults, between the age of 3 and 18 in our education system. I think that in a span of 10 years, we can set for ourselves an objective really to reskill India and the talent that you talked about, can improve 10x,” Ambani added.
“The same thing we can do in health and all the emerging technology and integrations, where we can make sure that we deliver services, and we deliver good proactive health. We are working very closely with all the authorities to make sure that we provide the technology tools and backbone for even vaccination in the coming quarters using technology. So, I think health, education…we’ve already… and I think that what India has done is in a sense, we have democratized value creation with the drive of our Prime Minister,” Ambani added.
Cryptocurrency Hyper Fund under govt scanner
The government is keeping a close eye on cryptocurrency floating in the market based out of the country folowing alert that agencies responsible to check financial fraud are watching a company called Hyper Fund.
Sources said Hyper Fund, a DEFI by Hyper Tech Group has come under the radar recently. The Group claims to have launched the Hyper Fund to provide a decentralized financial infrastructure. Hyper Fund was announced in mid-2020.
As per the company website it is led by Ryan Xu, however, with the Multi-Level Marketing (MLM) model Hyper Fund has been luring investors with higher returns and such offerings, a common practice under Ponzi Schemes, that got the authorities alerted in the first place.
According to sources, complaints against such Funds have started pouring in several states. In India, the RBI, Union Finance Ministry and SEBI had warned people against cryptocurrency trading. The RBI is planning to launch India’s official digital currency- E Rupee soon.
The Finance Ministry has clarified that Virtual currencies are also not legal tender. Hence, VCs are not currencies. The RBI has also clarified that it has not given any licence/ authorization to any entity/ company to operate or deal with Bitcoin or any virtual currency.
In June 2018, Amit Bhardwaj was arrested at the Delhi Airport by Pune police along with his brother Vivek Bhardwaj in connection with an alleged Ponzi scheme. Bhardwaj, started his own bitcoin mining operations and allegedly cheated more than 8,000 people to the tune of Rs 2,000 crore from across the country.
He has lodged a complaint with the Delhi Police special cell, alleging that he received an extortion call and was asked to pay protection money on September 6, 2021. He had setup multi-level marketing (MLM) scam by luring investors to give him Bitcoins in return for promised higher returns, police had alleged.
Regulators in UK have issued warning against such fund and the Financial Conduct Authority (FCA) have warnings issued for both Hyper Fund and Fund Advisor.
On its website, which was first published on in March 23 ,2021 and later updated on August 31, the FCA said, “We believe this firm may be providing financial services or products in the UK without our authorisation. Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorised or registered by us. This firm is not authorised by us and is targeting people in the UK.”
Warning investors about such fund, it further said: “You will not have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS), so you are unlikely to get your money back if things go wrong.”
The Website used by these companies as per FCA ar http://thehyperfund.online, https://thehyperfund.com/
Decentralised Finance (DEFI) offering through blockchain technology by HyperTech Group, which is said to be based out from Hong Kong, as sources said Indian Regulators and Authorities have started monitoring the situation.
Following the measures taken by financial regulators such as the US Security and Exchange Commission and the UK’s Financial Conduct Authority, Indian regulators and enforcement authorities have started monitoring investment in Hyper Fund — a Decentralised Finance offering through blockchain technology by HyperTech Group.
Globally, Financial regulators acknowledge the fact that Ponzi scheme organizers often use the latest innovation, technology, product or growth industry to entice investors and give their scheme the promise of high returns. Potential investors are often less skeptical of an investment opportunity when assessing something novel, new or “cutting-edge.” On its website, Hyper Fund claims to be �The Strongest Rocket in Blockchain Finance’
Greed & Fear: Profit booking, global volatility to impact stock moves
Sky-high valuations along with global tapering fears will impact stock market movements during the upcoming week.
Accordingly, market observers, pointed out high possibility of profit booking led slide on the back premium valuations and likely absence of positive domestic triggers.
Nonetheless, key indices — S&P BSE Sensex and NSE Nifty50 — are expected to reach new intra-day record highs of 60,000 points and 18,000-mark, respectively.
Last Friday, the Sensex closed at 59,015.89 points after making an intra-day record high of 59,700, while Nifty ended the day’s trade at 17,585.15 points.
It had breached the 17,790 level intra-day on last Friday.
“Broad market correction amidst high volumes gives the first hint of distribution,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
“An adverse US Fed meet outcome next week could accelerate the correction that is typical in September, especially in the US markets.”
According to Motilal Oswal Financial Services’ Retail Research Head Siddhartha Khemka: “Valuations are not comfortable and hence could lead to bouts of profit booking. The weak global cues on account of worry over slower economic growth and rising Delta variant cases globally would keep market oscillating between greed and fear.”
“Nervousness would be seen in the market next week ahead of Federal Reserve and ECB meeting, which could provide some indications on when the central banks will start withdrawing their monetary stimulus and start raising interest rates eventually.”
Any timelines for tapering measures in the US can potentially drive FPIs (Foreign Portfolio Investors) away from emerging markets such as India.
Significantly, the recent sizeable inflow of FPI funds has been credited to have lifted the domestic markets to record high levels.
In addition, Geojit Financial Services’ Research Head Vinod Nair said: “In the coming week, the global focus will be on the policy meetings of a few central banks including the Fed.”
“With weak US job data and inflation increasing at a slower pace, Fed is not expected to hint on taper plans in the upcoming meeting.”
Covid might shift India’s growth model
The Covid-19 pandemic could act as an inflection point to shift India’s growth model from being consumption driven to investments-led.
In its Ecoscope report, Motilal Oswal Financial Services, said: “With Covid-19 hurting India’s ‘Household’ (HH) and ‘Government’ sectors adversely, the continuity of strong consumption growth is in question.”
“On the contrary, with listed companies’ financial positions improving and an uptick in household investments in the Real Estate sector (called physical savings), the narrative of investment-led recovery is gaining momentum.”
The report prescribed that various economic participants – households, governments, listed companies, and unlisted corporates — to increase their fixed asset investments in the immediate future based on their financial position.
At present, the listed and unlisted corporate sector accounts for only about half of total investments in India.
The ‘HH’ sector including unincorporated enterprises accounts for 35-40 per cent in India’s investments, while the remaining 12-13 per cent is contributed by centre and states governments.
Besides, the report cited that demand environment is expected to remain subdued due to weak financial position of ‘HH’ and government sector.
“Despite household investments picking up strongly in 2HFY21, given that Indian households bore the maximum brunt of Covid-led losses in CY20 (and CY21), we believe household spending would remain subdued over the next few years.”
It further pointed out that unless ‘HH’, ‘Unlisted Corporate’, and government sectors can improve their financial positions — leading to a demand uptick — a strong revival in investments seems challenging.
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