Category Archives: Business & Economy

GLOBAL RECORDS: PERSONALITY: Gautam Adani now World’s 3rd Richest Person, Overtakes France’s Louis Vuitton Chief. Simultaneous Record ‘First Time an Asian Person has Broken into the Top 3.

This is the first time an Asian person has broken into the top three of the Bloomberg Billionaires Index.

Business conglomerate Adani Group’s chairman Gautam Adani is now the world’s third-richest person after overtaking France’s Bernard Arnault according to Bloomberg Billionaires Index.

With a total net worth of USD 137.4 billion, 60-year-old Adani has surpassed the wealth of Louis Vuitton chairman Arnault and is now just behind business magnate Elon Musk and Jeff Bezos in the ranking.

In the latest Bloomberg Billionaires Index, Reliance chief Mukesh Ambani is at number 11 with a total USD 91.9 billion worth.

This is the first time an Asian person has broken into the top three of the Bloomberg Billionaires Index.

The index is a daily ranking of the world’s richest people. Details about the calculations are provided in the net worth analysis on each billionaire’s profile page. The figures are updated at the close of every trading day in New York.

The net worth of Elon Musk and Jeff Bezos are currently at USD 251 billion and USD 153 billion, respectively.

Adani is a first-generation entrepreneur and the Adani Group comprises of 7 publicly listed entities with businesses spanning energy, ports and logistics, mining and resources, gas, defence and aerospace and airports. In each of its business areas, the Group has established a leadership position in India.

The Adani Group is the third largest conglomerate (after Reliance Industries and the Tata Group) in India.

Listed Adani group companies are Adani Enterprises, Adani Green Energy, Adani Ports and Special Economic Zone, Adani Power, Adani Total Gas, and Adani Transmission.

Over the past 5 years, flagship company Adani Enterprises has invested heavily in new growth sectors that include airports, cement, copper refining, data centres, green hydrogen, petrochemical refining, roads and solar cell manufacturing.

Looking ahead, it plans to foray into the telecom space and has massive plans to grow its green hydrogen and airports businesses.

source/content: newindianexpress.com (headline edited)

INDIA ON RECORD: LEGAL: REAL ESTATE: Noida SupertechTwin Towers Demolition: India Joins List of Nations to Raze 100m High Buildings

The illegal twin towers in Noida’s Sector 93A were grounded by waterfall implosion technique in a matter of 12 seconds, South African firm Brinkman told reporters.

With the successful demolition of Supertech twin towers, India has joined the club of countries that have razed buildings taller than 100 metres, Joe Brinkman of South African firm Jet Demolitions has said.

The Apex (32 storeys) and Ceyane (29 storeys) towers of Supertech had a height of 103 metres each, according to officials.

Mumbai-based Edifice Engineering , which was tasked with the demolition, had selected Jet Demolitions as its expert partner for the job. The two had together previously demolished four residential complexes in Maradu municipal area of Kochi, Kerala, in a similar fashion.

“India and Edifice have now joined the 100-metre club of countries which have buildings over this height that have been demolished and that too with residential buildings standing so close to them, making the project extremely challenging,” Brinkman, 62, said, heaping praises on the Edifice-Jet team.

source/content: hindustantimes.com (headline edited)

INTERNATIONAL CO-OPERATION: DEFENCE: India, Tanzania to Set up Task Force to prepare Five-Year ‘Future Road Map’ on Defence Cooperation

Union Defence Minister Rajnath Singh met Tanzanian Minister of Defence and National Service Dr. Stergomena Lawrence Tax to discuss a range of issues in New Delhi.

India and Tanzania agreed on the formation of a task force to prepare a five-year ‘future road map’ for enhancing defence cooperation between both the countries and to hold the next Joint Defence Cooperation meeting in Tanzania at an early date. This was agreed at the bilateral meeting between Defence Minister Rajnath Singh and the Tanzanian Minister of Defence and National Service Dr. Stergomena Lawrence Tax on Friday.

“A wide range of issues concerning bilateral, regional and defence industrial cooperation were discussed during the meeting. The two Ministers reviewed the existing military-to-military activities and discussed ways to enhance cooperation in all domains with a focus on defence industry cooperation,” a Ministry statement said.

Mr. Singh also invited his Tanzanian counterpart to the ‘India-Africa Defence Dialogue’ and DefExpo which is scheduled to be held in Gandhinagar, Gujarat between October 18 to 22.

Earlier in the day, Ms. Tax visited the National War Memorial and paid homage to the fallen soldiers and later, she was accorded a ceremonial guard of honour.

Dr. Tax would be visiting the Wargaming Development Centre and Information Fusion Centre – Indian Ocean Region before departing for Hyderabad for interaction with Indian defence industries, the statement added.

source/content: thehindu.com (headline edited)

INTERNATIONAL: SPACE & SATELLITES: ‘Digantara’ a Youth-Led Start-Up to Send 40 Satellites to Compile Space Debris Data

The race to space has the downside of polluting it. A Bengaluru-based start-up plans to send out a constellation of 40 satellites that will gather data on space junk in the low-earth orbit (LEO).
The satellites that will be launched in early next year will gather information on millions of pieces of debris that litter LEO, which NASA describes as an “orbital space junk yard”.

Digantara, the start-up launched by three young engineers, has taken upon itself the mission to help clean up LEO. 

Space junk can reach speeds of up to 18,000 miles per hour, according to NASA. Many of them range from 1 cm to 10 cm in diameter. Most of this orbital debris comprises “human-generated” objects such as parts of spacecraft that have long disintegrated, rocket and satellite components, and very small flecks of paint from spacecraft and whole satellites.

“The ones which are 1 cm in diameter are estimated to be a million. Besides, international space agencies have determined that they are aware of only 4 per cent of objects in space. The data for 96 per cent is still missing,” said Digantara chief operating officer Rahul Rawat, who is only 23 years old.

Digantara, which is incubated at Bengaluru’s Indian Institute of Science, sent out a small satellite, a payload about the “size of a shoe box”, according to the start-up’s CEO Anirudh Sharma, on June 30 this year to gather information on space weather, including radiation, violent storms and other phenomena that can be potentially harsh for spacecraft and burn or fry them. 

While this lone satellite has been sending out data to ground sensors, Rawat pointed to Elon Musk’s SpaceX Starlink constellation of 40 of 49 satellites that were “lost in a single blow” when they encountered a gigantic “solar paroxysm” that burned the spacecraft and cost the company $100 million in February 2022.

It is precisely to avoid satellites getting caught up in such “solar outbursts” or other violent geomagnetic incidents that Digantara expects its own satellites – and the information it will send back to its ground sensors – to come to the rescue of space companies with ambitions of sending out satellites. 

“We are the only start-up of its kind in India though there are competitors in the US and Canada,” Rawat said, adding the gathered data can help firms that are into remote sensing and insurance where risk analysis reports will be important.

source/content: newindianexpress.com (headline edited)

INDIA OVERSEAS: Hindustan Aeronautics Ltd (HAL) Opens Office in Kuala Lumpur to Explore Business Operations both in Malaysian and all of Southeast Asia

HAL’s new office in Kuala Lumpur would take up the market promotion of the company’s range of products and services not only in Malaysia but also all of Southeast Asia.

Hindustan Aeronautics Limited will set up an office in Kuala Lumpur to tap business opportunities in Malaysia and the entire Southeast Asian region, the PSU said in a statement on Thursday.

The new office is expected to help the public sector firm to explore business around Fighter Lead-in Trainer (FLIT) LCA and other requirements of Royal Malaysian Air Force (RMAF) like Su-30 MKM and Hawk upgrades, as per HAL.

“It will reinforce the commitment of India in supporting the Malaysian Defence Forces and industry for sustainable aerospace and defence landscape in Malaysia,’‘ said a company communique.

According to HAL, the company had submitted a proposal to the Ministry of Defence (MINDEF), Malaysia in October 2021 for the supply of 18 FLIT LCAs against a global tender issued by RMAF.

The final winner of the tender is expected to be declared soon by Malaysian authorities and LCA Tejas stands a fair chance of selection in the bid as it meets all the parameters sought by RMAF, as per the release.

source/content: thehindu.com (headline edited)

INTERNATIONAL RECORD: LEADERS & LEADERSHIP : Record 130-plus Indian-Americans at Key Positions in Biden Administration

U.S. President Biden shattered the record of his predecessor Donald Trump, who had appointed more than 80 Indian-Americans

U.S. President Joe Biden has appointed more than 130 Indian-Americans to key positions in his administration so far, the best representation from the community that makes up around one per cent of the American population.

In doing so he has not only fulfilled his promise to the community that he had made as a presidential candidate in 2020, but also shattered the record of his predecessor Donald Trump, who had appointed more than 80 Indian-Americans and his previous boss Barack Obama, who had appointed over 60 Indian-Americans to key positions during his eight years of presidency.

More than 40 Indian-Americans has been elected at various state and federal levels including four in the U.S. House of Representatives. Not to miss the more than 20 Indian-Americans leading top U.S. companies.

While the first-ever presidential appointment was done during the time of Ronald Regan, this time Mr. Biden has appointed Indian-Americans to almost all departments and agencies of his administration.

“Indian-Americans have been imbued with the sense of seva (service) and this is reflected in their enthusiasm to pursue positions in public service instead of the private sector,” Silicon Valley-based entrepreneur, philanthropist and venture capitalist M. R. Rangaswami told PTI.

“The Biden administration has now appointed or nominated the largest group to date and needless to say we are proud of our people and their accomplishments for the United States,” Mr. Rangaswami said. Mr. Rangaswami is founder and head of Indiaspora, a U.S.-based global organization for Indian-origin leaders. Indiaspora keeps a track of Indian-origin leaders.

Mr. Biden, who has maintained a close relationship with the community since his Senator days, often jokes around about his Indian relationship. He made history in 2020 by selecting Indian-origin Kamala Harris as his running mate.

The list of Indian-Americans in the White House as compiled by Indiaspora reflects that there would be only a few meetings inside the White House or in Mr. Biden’s Oval Office that would not have an Indian-American presence.

His speech writer is Vinay Reddy, while his main advisor on COVID-19 is Dr. Ashish Jha, his advisor on climate policy is Sonia Aggarwal, special assistant on criminal justice is Chiraag Bains, Kiran Ahuja heads the Office of Personnel Management, Neera Tanden is his senior advisor, and Rahul Gupta is his drug czar.

Last week when India’s Ambassador to the U.S., Taranjit Singh Sandhu, hosted a reception at India House on the occasion of Independence Day, Indian-Americans from his administration were representing almost all major branches of the U.S. government.

Young Vedant Patel is now the Deputy Spokesperson at the Department of State, while Garima Verma is the Digital Director in the Office of the First Lady. Mr. Biden has also nominated several Indian-Americans to key ambassadorial positions.

According to the list prepared by Indiaspora, more than 40 Indian-Americans have been elected to various offices across the country. Four are in the House of Representatives — Dr. Ami Bera, Ro Khanna, Raja Krishnamoorthi and Pramila Jayapal. This includes four Mayors.

Led by Indian-Americans Sunder Pichai of Google and Satya Nadella of Microsoft, there are over two dozen Indian-Americans heading U.S. companies. Among others include Shantanu Narayen of Adobe, Vivek Lall of General Atomics, Punit Renjen of Deloitte, Raj Subramaniam of FedEx.

source/content: thehindu.com (headline edited)

GLOBAL RECORDS: ENGINEERING, STEEL: India is the World’s #2nd-Largest Producer of Crude Steel. India to Become World’s Number #1- Producer of Steel: Scindia

He was of the view that India has moved from becoming the net importer of steel to the net exporter of steel.

 Union Minister Jyotiraditya M Scindia on Tuesday exuded confidence that India will become the number one producer of steel in the world in the days to come. India is the world’s second-largest producer of crude steel after China.

The minister was speaking during a conference on the Indian minerals and metals industry organised by NMDC and Ficci.

He was of the view that India has moved from becoming the net importer of steel to the net exporter of steel.

He said India’s per capita consumption of steel has increased from 57.8 kg in 2013-14 to 78 kg. The government intends to achieve 300 million tonnes (MT) of steel production target by 2030, Scindia said.

Steel across the world is the primary sector which results in economic, capital and infrastructure growth.

“Our target policy and focus also have been to turn India from just another player in the steel sector to becoming a force to reckon with,” he added.

source/content: newindianexpress.com (headline edited)

INTERNATIONAL: MANUFACTURING, ENGINEERING, SHIP-BUILDING: India’s Kolkata-based ‘Garden Reach Shipbuilders & Engineers (GRSE) Making Seven Vessels for Foreign Countries’: Defence PSU official

Defence PSU Garden Reach Shipbuilders and Engineers Ltd is making seven vessels for foreign countries, out of the 23 ships that are in the different stages of construction, its chairman and managing director Commodore (retd) P R Hari said.

GRSE, which had bagged the prestigious Rs 19,294-crore order for the construction of three advanced stealth frigates under Project 17A for the Indian Navy, has already launched two of these ships and the construction of the third one is in full swing.

“Of the 23 ships being developed by GRSE, seven are for foreign countries,” Hari told PTI.

The Kolkata-based warship maker is constructing six patrol boats for Bangladesh and an ocean-going passenger and cargo ferry vessel for Cooperative Republic of Guyana, he said.

After having launched P17A advanced frigate INS Himgiri and large survey vessel INS Sandhayak, GRSE is doing outfitting work on these ships at its FOJ (fitting out jetty) unit before handing these over to the Indian Navy, Hari said.

The second stealth frigate Dunagiri made by the shipyard was launched on July 15 by Defence Minister Rajnath Singh.

Among the ships under construction at its sprawling facilities on the bank of the Hooghly river are four large survey vessels, of which Sandhayak is undergoing outfitting.

source/content: newindianexpress.com (headline edited)

NATIONAL: FOOD, GI Tag : Govt Awards GI Tag to ‘Mithila Makhana’ for ‘farmer’s profit’

The government has awarded Geographical Indication (GI) tag to Mithila Makhana, a move which is expected to help growers get the maximum price for their premium produce.

“Mithila Makhana registered with GI Tag, farmers will get profit and it will be easier to earn.

Due to Geographical Indication Tag to Mithila Makhana in the festive season, people outside Bihar will be able to use this auspicious material with reverence,” Commerce and Industry Minister Piyush Goyal said in a tweet.

Once a product gets this tag, any person or company cannot sell a similar item under that name. This tag is valid for a period of 10 years following which it can be renewed.

The other benefits of GI registration include legal protection to that item, prevention against unauthorised use by others, and promoting exports.

source/content: indianexpress.com (headline edited)

INTERNATIONAL PATENT: HEALTH & MEDICAL SCIENCES: ‘Collision Impact Reducer’ Developed by Woman Dentist Dr. Dhanya R.S. in Kerala, gets U.K. patent

Device cuts severity of impact during accidents

Collision Impact Reducer, a device developed by a Thrissur-based woman dentist and intended for reducing the impact of collisions involving automobiles, has received patent granted in the United Kingdom.

The invention by Dhanya R.S. has already been granted patent in India. The device has been developed with an objective of saving lives, reducing injuries and lessening other damage during accidents.

In addition to vehicles, the device can be used on crash guards, pillars of bridges, railway lines, culverts of bridges, road medians, hand rails, ships, harbours, boats, boat jetties, seaports and on most areas with increased probability for collisions.

Dr. Dhanya says everyday reports about accidents and casualties prompted her to develop such a device. “It can be installed on the front, rear and sides of light, medium and heavy vehicles. It effectively reduces the severity of impact by absorbing the intense energy generated during collisions. The system also has technology to prevent the ‘recoil effect’ that occurs when the absorbed energy attempts to get released. Technically, it is a mechanical system, so it is more reliable and relatively inexpensive,” she says.

The dentist had applied for patent in the United States and the United Kingdom after receiving a favourable International Search Report on the application submitted to the World Intellectual Property Organisation.

Dr. Dhanya has also secured a U.S. patent grant for a technology named ‘digitalised high value paper currency’ meant for preventing counterfeiting of currency.

Hailing from Chavakkad in Thrissur, Dr. Dhanya holds an MDS in Public Health Dentistry and is a teaching faculty of Public Health Dentistry at PSM Dental College, Akkikavu, Thrissur.

source/contents: thehindu.com (headline edited)