Business
With vision to serve India, Reliance contributes Rs 1,185 cr as CSR in FY22
Diversified conglomerate Reliance Industries has contributed Rs 1,184.93 crore towards supporting a number of need-based and impactful Corporate Social Responsibility initiatives during the fiscal FY22.
The CSR initiatives were spearheaded by Reliance Foundation, the philanthropic arm of Reliance Industries, led by Founder and Chairperson of the foundation Nita M. Ambani.
The works included in areas such as rural transformation, health, education, disaster response along with sports for development initiatives.
Most importantly, its Covid-19 response to support the nation and the people, was rolled out through five missions, continued pivoted and intensified through the year, based on the urgent and emerging needs including Mission Oxygen and Mission Vaccine Suraksha.
The other missions, including Mission Anna Seva, Mission Covid Infra and Mission Employee Care, were strengthened and sustained, based on the emerging pandemic situation.
Through its wide range of initiatives, the foundation managed to reach out to over 5.75 crore people and served as many as 50,600 villages.
During the once in a century pandemic, it produced 1,000 tonne medical oxygen every day exclusively for patients, over 8.5 crore meals distributed among needy ones, over 1.4 crore reusable masks distributed, over 2,000 Covid care beds set up across various locations, provided Covid related advisories to over 44 people, over 27 lakh litre fuels dispensed for emergency response vehicles, among many others.
Providing crucial support to the nation to meet a sudden shortage of medical oxygen for Covid-19 patients, especially during the second wave, Reliance repurposed its factory in Jamnagar in record time to produce liquid medical oxygen. The infrastructure was ramped up to meet the life-saving needs of 100,000 patients on a daily basis, delivered free of cost to various states.
The Jamnagar facility contributed to 11 per cent of India’s total production of medical grade liquid oxygen. Even though Reliance was not a manufacturer of medical-grade liquid oxygen, it became India’s largest producer of this life-saving resource from a single location in order to stand with the country in its hour of need.
Besides, it enhanced India’s covid testing capabilities by developing its own confirmatory tests with 15,000+ daily testing capacity.
In education space, it had set up a Jio Institute Campus at Ulwe, Navi Mumbai, Maharashtra in about 52 acres, which will commence its academic sessions in 2022 itself.
Further, it reached 2.15 crore youth and children through different sports initiatives since the inception of the foundation.
Reliance Foundation scholarship athletes put up outstanding performances at national and international events, winning 28 medals in all. Athletes have their sights set on multiple international events including the Commonwealth and Asian Games. AI enabled technologies deployed to identify footballing talent.
Started in 2016, Reliance Foundation Youth Sports (RFYS) aims to lay a strong foundation for India’s sporting future through the development of sports in schools and colleges.
Further, it supported various other small-and-medium sized entrepreneurs in rural areas by holding their hands in making their endeavour success.
During cyclone Tauktae in 2021, which hit the Arabian Sea in the second week of May and affected the livelihoods of many by damaging property and infrastructure, Reliance Foundation Information Services, through its mobile audio services reached out to more than 435,000 people across states hit by the cyclone with information on heavy rainfall, high wind, high wave, thunderstorm and lightning, pre and post-cyclone cautionary measures on the management of agriculture, livestock and fisheries.
Business
India Set To Lead The World In 6G, Says Telecom Minister Jyotiraditya Scindia
In a bold declaration at the inaugural address of the Indian Mobile Congress 2024 (IMC) on Tuesday, Union Telecom Minister Jyotiraditya M. Scindia has said that India will lead the world in the adoption of 6G.
In his address at the event, Scindia emphasized that India is now prepared to lead the world in the development of 6G technology.
India’s Technological Rise: From Following to Leading
“It is our belief and commitment that India, which followed the world in 4G and marched with it in 5G, will lead the world in 6G,” Scindia stated.
The minister highlighted India’s remarkable achievements in the telecommunications sector over the last ten years, the country has become a global leader in innovation and technology.
“It’s a fundamental change in approach towards technology development,” he said, attributing this transformation to Prime Minister Narendra Modi’s leadership.
Telecom Sector Growth Under PM Modi’s Leadership
“Prime Minister who has always put people at the heart of progress Sabka Sath, Sabka Vikas Sabka Vishvas aur Sabka Prayas combined with his second motto, One Earth, One Family and One Future. It is combination of these two mottos that leads India under PM Narendra Modi leadership one of the leading sectors in the committee of Nations,” Scindia said.
Scindia underscored government’s initiatives to bridge the digital divide, particularly through the BharatNet program, the world’s largest rural broadband connectivity initiative to connect every panchayat of the nation. Over the past three years, the government has invested more than USD 10 billion and laid 7 lakh kilometres of fiber across rural India.
Digital Payments and UPI: Pillars of India’s Digital Economy
He cited staggering growth in mobile and broadband connectivity, with mobile connections rising from 94 million to 1.16 billion, and broadband users growing from 60 million to 924 million in just a decade. India’s optical fibre cable (OFC) networks has expanded from 11 million kilometers to 41 million kilometres over the last ten years, he added.
The minister further said that this growth is accompanied by the success of India’s digital payment systems, the 4G stack, and the Unified Payments Interface (UPI), which serve as pillars of India’s digital economy are expected to contribute significantly to the global digital infrastructure.
Scindia further noted that the government’s efforts to ensure that policy frameworks keep pace with the rapidly evolving digital landscape. “The recent changes to the Telecommunications act 2023 is a case in point. It has been drawing light upon hither to undressed areas such as a high potential sector of satellite communications, addressing the challenges of the digital leader. The most important being cyber security. The telecom sector much like other growth critical sectors in India is aggressive, is ambitioushe said.
“The telecom sector much like other growth critical sectors in India is aggressive, is ambitious and its outlook in our Journey from Amritkal to Shatabdikal is to lead the world,” Scindia said. By mid-next year, India will have achieved 100 per cent saturation of 4G across the entire country, covering even the most remote villages, the minister said.
He emphasised PM Modi’s vision of India as a first mover in 6G technology, underscoring the nation’s resolve to lead the world in future telecom innovations.
“The attitude put forward by the prime minister of not just embracing, but raising ourselves to becoming the first mover in the 6G technology,” he added.
Business
Indian Markets Gave Better Returns Than China In Last 5 Years, Says Sebi Member
Sebi Whole-time Member Ananth Narayan G on Monday reminded investors that Indian equities have consistently delivered 15 per cent returns over the last 5 years whereas the same has been zero or even negative in China.
Terming the Indian markets “sone pe suhaga” for delivering higher returns for lower risks, Narayan also flagged a few areas of caution for investors and asked them to be conscious of the risks.
“There’s a lot of talk about China markets over the last few days. But over the last five years, while Indian markets have given around 15 per cent compound annual growth rate consistently, Chinese markets are nowhere close to that. It’s almost zero. In fact, in some cases, like in Hong Kong, it’s actually negative,” Narayan said.
Speaking at an event marking the start of the Investor Awareness Week at NSE, Narayan said FY24 was a “remarkable” year for India, with the benchmark indices returning 28 per cent and the volatility just 10 per cent.
“That’s like ‘sone pe suhaga’. It’s like the best of all worlds: low risk and very high return,” Narayan said, underlining that there are side effects of this as well.
Making it clear that it will not be the same going forward and investors should not assume it to be a one-way street, Narayan said such handsome returns can lead to complacency and pointed to a lot of youngsters opening up demat accounts to join the bandwagon.
Educating people about risks is very important, Narayan said, giving the analogy of driving a car. “There has to be a light push on the accelerator to get more investors to provide risk capital for the economic growth, we also need to be aware of risks and use the brakes if need be.” He said that 40 per cent of the small and midcap scrips have shot up by 5 times in the last five years, because of an imbalance between inflow of investor money and supply of new paper.
On its part, the capital markets regulator is trying hard to ensure that fund-raising clearances are done early so that there is a steady stream of quality paper supply in the market.
From a broader, longer-term perspective, Indian markets will only go north from here given the economic growth prospects in the country, Narayan said, issuing specific advice to investors.
Investors need to have the right intermediaries to capitalise on this opportunity presented by India, and not fall for the unregistered and fly-by-night ‘finfluencers’ who might be driven by vested interests, he said.
Using the oft-repeated idiom of “all roads lead to Rome”, Narayan remarked that Rome is not a traveller-friendly place and one may get scammed there as well. Therefore, it is important to seek advice from the right people for the investors, he said.
He also said that it is in investors’ interests to trade less and stay invested for longer for higher returns, and added that studies prove the same.
Sebi, which has flagged certain areas like derivatives recently, is not against speculation or participants taking short-term trades, but it would want investors to understand the risks, Narayan said.
Business
Ratan Tata Rubbishes Rumors Of ‘Critical Health’; Says No Cause For Concern
Tata Group’s Ratan Tata has denied rumours of his critical health that have been reported and have surfaced in the recent hours.
Ratan Tata’s associates took to his official Instagram account to debunk the news of him being ‘Critical’.
In the post, Ratan Tata said, “I am aware of recent rumors circulating regarding my health and want to assure everyone that these claims are unfounded. I am currently undergoing medical check-ups due to my age and related medical conditions.
There is no cause for concern. I remain in good spirits and request that the public and media respect refrain from spreading misinformation.
For more than fifty years, Ratan Tata has led the Indian business community’s entrance hall. The 86-year-old has been suffering from illnesses associated with ageing. Tata has participated in social life to the best of his limited ability despite his health issues.
Recently, on the occasion of Gandhi Jayanti, on October 2, Ratan Tata, expressed his congratulations to the Prime Minister on this occasion. “I congratulate the honourable Prime Minister on the 10-year commemoration of programmes that have benefitted millions in rural India.”
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