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We can make next 30 years the best in India’s history: Mukesh Ambani

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Mukesh-Ambani

“I am supremely hopeful and confident about the Rise of New India. I can see that the spirit of India is more resurgent than ever before”, Mukesh Ambani, Chairman, Reliance Industries Limited (RIL) wrote in Times of India.

Ambani said India and the world changed dramatically at the beginning of the 1990s. Communist Soviet Union collapsed. The cold war ended. And India embarked on a bold new path of economic reforms. “Thirty years later, the global order is changing fundamentally yet again. The speed, scale and substance of this change are unprecedented, even unpredictable. Yet, one thing is absolutely predictable: India’s time has come”, Ambani said.

“Destiny and Drive is making the 21st centur’s favourite nation ready for a great leap forward. India stands at the doorstep of prosperity that is both significant and inclusive, and of delivering all-round human development through the democratic route. With faith in our potential, confidence in our collective capabilities, and unity in action, we can exceed the world’s expectations”, Ambani wrote.

“My source of optimism is our recent past. In 1991, India showed foresight and courage in changing both the direction and determinants of its economy. These reforms liberated India’s entrepreneurial energy and inaugurate an era of fast-paced growth”, Ambani said.

Ambani said the results are for all to see. India’s GDP of $266 billion in 1991 has grown by over ten times. India’s economy has become the fifth largest in the world. Poverty rates have halved despite population rising from 880 million to 1.38 billion. Key infrastructure has improved beyond recognition. Our expressways, airports and ports are now world-class, and so are many of our industries and services. “No young Indian today would believe that people had to wait for years to get a telephone or a gas connection, or that businesses had to seek government’s permission to buy a computer”, Ambani said.

“India transformed from an economy of scarcity in 1991 into an economy of sufficiency in 2021. Now, India has to transform itself into an economy of sustainable abundance and equitable prosperity for all by 2051. In India, equity will be at the heart of our collective prosperity”, Ambani said.

“With our accomplishments over the past three decades, we have earned the right to dream big. What can be a greater dream than to be able to celebrate the centenary of our independence in 2047 by making India one of the world’s three wealthiest nations, on par with America and China? Is it too tall an ambition to pursue? No. My visionary father Dhirubhai Ambani, who was one of the earliest advocates of economic liberalisation in the 1980s, used to tell me – ‘To think small is unbecoming of an Indian”, Ambani said.

How can we realise this ambition? By following our own unique Indian and atmanirbhar model of wealth creation, while cooperating with, and learning all the right lessons from, the rest of the world. Ambani has presented five broad ideas.

First. So far economic reforms have benefited Indians unevenly. The disparity is neither acceptable nor sustainable. Therefore, the Indian model of development should focus on creating wealth for the people at the bottom of the economic pyramid. Our greatest advantage lies in India’s continent-sized domestic market, which is still largely untapped. Our economy will begin to witness miraculous growth when we create a middle class of one billion people with rising incomes. In demographic terms, this will amount to adding all of USA and Europe combined to the current size of the Indian market. When so many people are enabled to fulfil their aspirations for a better life, they will set in motion a virtuous cycle of consumption and production. This will cause an exponential rise in young entrepreneurs, including women entrepreneurs. Investors and businesses from around the world will want to participate in this humungous India Opportunity.

To achieve this might have seemed impossible in the past. Not so now.

Hence, my second idea. This is the age of technological disruption and acceleration. The world will witness more changes over the next 30 years than seen in the previous 300 years. After losing out in the first two Industrial Revolutions, and catching up on the third, India now has an opportunity to lead the Fourth Industrial Revolution. By speedily deploying its technologies, our entrepreneurs can achieve quantum increases in productivity and efficiency. This will transform not only our large industries and services, but also agriculture, MSMEs, construction, renewable energy, arts and crafts, etc. These are precisely the areas with the highest potential to create large-scale employment, which is India’s most pressing need. These technologies can help us achieve quality, affordability and equity in education, healthcare and housing at scale – a dire necessity since our population is expected to rise to 1.64 billion by 2050. They also have the power to reverse degradation of the environment and make it safe for all. In short, technology-led development is the surest way to create a better India and a more equal India for every Indian.

Third. To turn these exciting possibilities into realities, India should become a nation of innovators. Traditionally, India has been highly innovative in low-tech activities. Now we have to replicate this prowess using hi-tech tools so that they become facilitators of faster growth. Innovation will help our entrepreneurs provide high-quality, yet extremely affordable, services and solutions to meet India’s needs. The same can also be offered to export markets, where they will fetch higher value. Wealth will thus migrate from developed countries to India. Of course, a critical requirement to achieve this goal is rapid re-skilling of our workforce and reforms in our education system to make our children and youth future-ready. Specifically, we must expeditiously build world-class universities and research centres and also upgrade existing institutions to serve India’s 21st century needs.

Fourth. We need to change our understanding of wealth and the ways to pursue it and bring them in alignment with India’s ancient wisdom rooted in the primacy of empathy. For too long, we have been measuring wealth only in personal and financial terms. We have neglected the truth that India’s true wealth lies in achieving ‘Education for All’, ‘Health for All’, ‘Employment for All’, ‘Good Housing for All’, ‘Environmental Safety for All’, ‘Sports, Culture and Arts for All’ and ‘Opportunities for Self-Development for All’ – in short, ‘Happiness for All’. To attain these redefined parameters of prosperity, we have to bring care and empathy to the core of everything we do in business and society.

Furthermore, our concept of prosperity of the people has to be extended to prosperity of our planet. After all, India is called upon to play a leading role in realising the daunting 2050 Climate Action goals. Therefore, at Reliance our newest and most ambitious business initiative is aimed at offering ‘Affordable Green Energy’ solutions to India and the global market.

Fifth, the Indian model of wealth creation requires reconceptualization of entrepreneurship itself. Tomorrow’s successful businesses will be partnerships and platforms, which promote both healthy competition and fruitful collaboration. Moreover, running enterprises of the future cannot be a solo play. Ambani said at Reliance, we see it is orchestration of professionals and employees with an ‘ownership mindset’, joined by partners, and investors, all working for the common goal of what Mahatma Gandhi called ‘Antyodaya’ (welfare and wellbeing of the last man).

“Having begun my own business career when India was still in the pre-reforms era, I am supremely hopeful and confident about the Rise of New India. I can see that the spirit of India is more resurgent than ever before”, Ambani said.

“Let us accelerate our nation’s forward march with positivity, purpose and passion. True, the road ahead is not easy. But let us not be deterred by unexpected and temporary problems, such as the pandemic, or distracted by unimportant issues that dissipate our energies. We have the opportunity, also a responsibility towards our children and youth, to make the next thirty years the best ever in independent India’s history”, Ambani added.

Business

Bull-run: Sensex crosses 60k-mark; realty stocks rally

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Bombay-Stock-Exchange

 India’s benchmark equity index S&P BSE Sensex crossed the 60,000-mark milestone on Friday. It took 246 days to accumulate the last 10,000 points.

The 30-scrip sensitive index crossed the milestone just after the pre-open session on the back of a rally driven by large caps with many index heavyweights touching their respective highs.

The Sensex opened at 60,158.76 points from its previous close of 59,885.36 points. It took only 42 days to gain the last 5,000 points.

At 12.10 p.m. the Sensex traded at 60,127.50 points, higher by 242.14 points or 0.40 per cent from its previous close.

The NSE Nifty50 traded above the 17,900 points-mark during the pre-noon session. It opened at 17,897.45 points from its previous close of 17,822.95. The Nifty touched a record intraday high of 17,927.20 points.

Sector-wise, Realty, IT, Media and Telecom indices were the best performers since May 18, 2021.

Auto, pharma and metal indices have risen the least.

Amongst BSE 200 stocks, JSW Energy, Mindtree, IRCTC and Mphasis have risen more than 100 per cent over this period.

Furthermore, LTI, LTTS, Godrej Properties and Zee Ent are other large gainers.

The market cap of all listed companies clubbed together crossed Rs 250 lakh crore.

By noon, NSE Nifty50 edged higher. It rose to 17,883.70 points, higher by 60.75 points or 0.34 per cent from its previous close.

“The rally in domestic market is driven by positive global cues, strong inflows by FIIs or DIIs, good corporate earnings, falling Covid-19 cases, upbeat corporate commentaries and low cost of capital. Amid the buoyant sentiment and increased activity, Nifty valuations has reached elevated levels and demand consistent delivery on earnings expectations,”said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.

“Given rich valuations, one cannot ignore intermittent volatility — however, we expect the positive momentum to continue on the back of improving economic activity and recovery in corporate earnings.”

According to Ashish Biswas, Head of Technical Research, CapitalVia Global Research: “The market is growing due to excess liquidity and a low-interest rate regime. Investors also felt relieved by the Federal Reserve’s stance on withdrawing stimulus and raising interest rates.”

“FIIs and DIIs continue to pour in more investment in the market which has led to further highs. The fear of the third wave has also decreased and investors are not worried about the adverse impacts on the economy as more and more people get vaccinated.”

In addition, Dhiraj Relli, MD & CEO, HDFC Securities said: “This shows the impact of return of FPIs and local investors continuing to invest despite headwinds that cropped up time and again.”

“The absence of a 10 per cent correction in the indices over the last 18 months shows the maturity of the local investors, but also throws up the possibility of that happening over the next few weeks or months.”

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Business

Diesel price increased, petrol rate remains steady

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Petrol

 Auto fuel prices in the country have maintained stability amid volatility in global oil prices, but the oil marketing companies on Friday increased the price of diesel marginally while maintaining stability and petrol prices.

Accordingly, diesel prices increased by 20 paise per litre in the national capital to Rs 88.82 per litre on Friday while petrol price remained unchanged for the 19 consecutive days.

OMCs have preferred to maintain their watch prices on the global oil situation before making any revision in prices.

The wait and watch plan of OMCs has come to the relief of consumers as no revision has been done during a period when crude prices were on the rise over a shortfall in US production and demand pick up. This would have necessitated about Rs 1 increase in prices of petrol and diesel.

In Mumbai, the petrol price was stable at Rs 107.26 per litre while diesel rate increased to about Rs 96.40 a litre.

Across the country as well petrol price remained static on Friday while diesel price increased marginally.

Fuel prices have been hovering at record levels on account of 41 increases in its retail rates since April this year. It fell on a few occasions but largely remained stable.

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Cryptocurrency Hyper Fund under govt scanner

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Bitcoin

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’

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