Month: June 2023

LG Electronics India, one of the leading consumer durable brands of India, today announced the launch of its mega Blood Donation Drive as part of its Corporate Social Responsibility (CSR) initiative. Mr. Shakti Mohan Awasthi, Additional Deputy Commissioner of Police, Noida, graced the occasion as the esteemed chief guest and inaugurated the blood donation drive along with Mr. Hong Ju Jeon, MD, LG Electronics India. In a span of six to eight weeks, the drive will encompass 51 LG offices and aims to organize 100 camps throughout India in collaboration with various blood banks and various state & district hospitals.

Under the core theme of “LIFE'S GOOD WHEN LIFE'S SHARED,” LG Electronics India plans to commemorate its 26 years of successful operations in India by executing meaningful interventions. In 2019, LG Electronics India launched the Blood Donation Drive across India at 71 locations, which garnered a remarkable response with over 5700 blood donors. Building upon the achievements of the previous campaign, LG now aims to amplify its efforts this year by organizing 100 camps across the country. Through this mega Blood Donation Drive, LG Electronics India seeks to raise awareness about the significance of blood donation and inspire individuals to actively participate in this noble cause.

Commenting on the same, Mr. Hong Ju Jeon, MD, LG Electronics India said, “Organizing a mega Blood Donation Drive is not just an event for LG Electronics; it is a reflection of our unwavering commitment to the well-being of society. In 2019 alone, we witnessed the remarkable response from over 5700 blood donors across India. We firmly believe that by coming together to donate blood, we have the power to make a life-saving impact on countless lives. Every drop of blood counts, and through this initiative, we are determined to inspire individuals to join us in this noble cause. We will continue to drive this initiative in coming years by sensitising people. Together, we can create a powerful ripple effect of compassion, unity, and hope for a healthier future.”

Mr. Shakti Mohan Awasthi, Additional Deputy Commissioner of Police, Noida said, “We extend our heartfelt appreciation to LG Electronics for their remarkable blood donation camp initiative. LG's commitment to organizing this camp demonstrates their dedication to the welfare of our community. We fully support this noble cause and encourage everyone to participate in this life-saving endeavour. Let us unite in saving lives and making a positive impact on society.”

Get ready to immerse yourselves in the divine world of COLORS' new offering 'Shiv Shakti – Tap Tyag Tandav'. To spread the glory of the revered deities, Lord Shiva (played by actor Ram Yashvardhan) and Goddess Shakti (played by actor Subha Rajput) on Masik Shivratri, will visit the spiritual capital of India – Varanasi along with Producer Siddharth Kumar Tewary. Witness a divine dance enlivened by these actors at Dr. Rajendra Prasad Ghat at 5:00 pm today (16th June). Siddharth Kumar Tewary will also perform a Maha Aarti at the ghat to round off the evening on an auspicious note. Come and be a part of their spiritual journey.

'Shiv Shakti – Tap Tyag Tandav' premieres on the 19th of June and will air Monday to Friday at 8:00 pm only on COLORS.

– Dr Ratna Kumria, Senior Director- Agricultural Biotechnology, Alliance for Agri Innovation, a special interest group of Federation of Seed Industry of India

The global calamities triggered by climate change, the disruption in food supply due to pandemic and geo-political instability have led the people to embrace science and agri-biotechnology. The quick solutions offered by biotechnology to manage the pandemic have also reinforced consumer’s faith in technological solutions for a myriad of problems in food production and distribution. One such offering of biotechnology is GM crops that have been grown across the globe for more than 25 years with no proven negative impact, rather have contributed to increase in productivity, reduction in use of pesticides and fossil fuels. Many countries have newly adopted GM cultivation in the last 5 years to address food security for their population, these include China, Kenya, Malawi, Ghana and Nigeria.

China has allowed the commercial release of GM cotton and GM papaya so far. There are strong indications that a few more GM crops, especially GM maize and GM soybean would be allowed for commercial release soon. Some African regions have been experiencing severe problems of malnutrition, food deficit, inadequate food production, and crop loss. Modern biotechnology had been opposed in Africa over human health and the environmental concerns. However, GM crops are proving their mettle as they have contributed to solving farm problems and attaining sustainability across the continent. South Africa, Burkina Faso, Egypt, Kenya, Uganda, and Nigeria have received political and public support to adopt biotechnological solutions for improving agricultural productivity. Taking the example of on such nation, Malawi had approved its first GM crop which is BT-cotton in 2019 and since then farmers have been able to cut down crop losses due to pest infestation. The cotton yields in Malawi have increased from 400 kilograms per hectare to 800 kilograms per hectare. The country is looking into adopting the technology to find solutions for other crops like maize and traits like drought.   Scientists in many vulnerable nations are trying to come up with biotechnological innovations that would help boost crop output, offer strong resistance to pests and diseases, and enhance the nutritional value of different crops.

The government of India has been funding and supporting for many decades the use of modern science and its application in agriculture to enable the transformation of the farm sector. GM crops with enhanced traits and nutritional value have been developed both by public and private sector. The commercial release of GM mustard has paved a way for other GM crops with enhanced traits to be accepted and cultivated.

There has been growing public awareness about the need for GM technology to combat climate change, feed fast-growing population and end malnutrition. One major benefit of using GM crops for the environment is a significant reduction in the use of fertilizers and pesticides. Studies have shown that insect-resistant and herbicide-tolerant GM crops have led to a reduction in pesticide spraying by over 8 percent in the two decades of their cultivation.  Water and nutrient use efficient GM crops reduce the use of water and other crucial resources respectively.

Besides, the obvious reduction in chemicals and inputs, some other subtle advantages of GM crops include improvement in air quality, quality of water in water bodies, improvement in soil health and local biodiversity. The reduction in pesticide inputs and lower fossil fuel usage in GM crop cultivation leads to lower carbon emissions on GM crop farms compared to conventional crops. The adoption of GM crops contributes to preventing a significant amount of greenhouse gas emissions e.g CO2 emission reduction associated with GM cultivation due to reduced fuel use and additional soil carbon sequestration in 2020 was found to be equal to the removal of 15.6 million cars off the road. This is important from the climate change perspective. People’s experience with GM foods and awareness about their benefits has led to an increase in acceptance of modern science applications.

To evert environmental disaster and ensure food security for over 10 billion people, we need to increase food productivity without bringing more land under farming, hence preserving forests and biodiversity. The abiotic and biotic stresses faced on the farm due to climate change also need to be mitigated while improving carbon capture and sequestration. The average yields of GM crops are 22 percent higher while they reduce the requirement of pesticides by 37 percent, reveals a global meta-analysis. Furthermore, genetic modification can help us achieve not only higher productivity with greater resistance to diseases and pests but also better taste, high nutritional content, longer shelf-life, and improved resilience to climate change.

GM technology can contribute to food and nutritional security of nations vulnerable due to their delicate ecosystem or high populations. It can be a boon for the economically poor and undernourished populations as well as small resource-poor farmers worldwide. As a bonus GM technology is also helping reduce the environmental footprint of agriculture.

The leading NBFC reported strong financial performance across all key metrics of revenue growth, profit margins and asset quality

Muthoottu Mini Financiers, one of India’s leading NBFCs, has announced its financial results for the FY 2022-23, wherein the company reported strong financial performance across all key metrics, including revenue growth, profit margins and asset quality. The company remains one of the few NBFCs in the country to report a strong double digit YoY growth at 30.58% for FY22-23. The company has reported a consistent incremental growth from FY 19-20, i.e. 135% growth in the last four years.

Muthoottu Mini Financiers achieved a total income of INR 544.44 Crores, with the company’s profit after tax (PAT) also increased by 52%, while the profit before tax (PBT) stood at INR 81.77 crore. The firm's consolidated Assets under Management (AUM) touched INR 3,262.78 crore in FY22-23 as compared to INR 2,498.60 crore reported in the previous fiscal. The company's asset quality remained robust with net NPA at 0.37% – which is among the best in the industry.

Commenting on the result, Mr. Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers, said, “We are glad to see Muthoottu Mini achieve a remarkable incremental growth of 135% over the past four years, in line with our unwavering vision and mission. During this period, Muthoottu Mini’s credit ratings has consistently upgraded every year, showcasing that the company’s growth is quantitative moreover qualitative. This growth has been possible mainly due to the strong foundation laid by the company. Muthoottu Mini's success in winning the trust of customers across the country is a testament to our team's dedication and focus on customer-centricity. As we look ahead, we are confident in our ability to capture new market opportunities, diversify our revenue streams, and continue providing outstanding financial services to our valued customers. During the months to come, we expect to witness exponential growth leveraging the strong base laid for the company.”

P E Mathai, Chief Executive Officer, Muthoottu Mini, added, “The growth numbers of this financial year augur well with our plans to record substantial growth going forward. During FY23-24, we are planning to open 130+ new branches across the country and reach the 1,000+ branch milestone. We are also targeting an average AUM of INR 5 crore per branch to reach our goal of attaining INR 5,000-crore in overall AUM. During the year, the company aggressively enhanced its digital offerings to its customers, including the launch of its

‘MyMuthoottu App,’ to provide a seamless experience in managing loans efficiently at the touch of a button.”

Over the course of the past year, Muthoottu Mini Financiers has expanded its reach by opening 53 new branches and by adding 2 lakhs new customers. As a result, the company's network now spans an extensive footprint with a total of 871 branches, enabling greater accessibility to its financial services for customers across various regions. 

~ Record-breaking participation by more than three and half thousand kids thrive at KORUM Mall's Spectacular Summer Boot Camp ~

~ Activities include wall-climbing, zip lining, sky cycling and workshops, among others ~

KORUM Mall in Thane has once again set the bar high with its latest summer event that captured the hearts of families across the city. There was a record-breaking participation by more than three and half thousand kids who partook in a variety of activities including wall-climbing, zip lining, sky cycling and edutainment workshops, among others leaving them buzzing with joy whilst discovering the thrill of real-life adventures. Transforming the conventional shopping experience into a nerve-racking adventure, the mall proudly unveiled the month long “Largest Air-Conditioned Indoor Summer Bootcamp” for kids at the start of May 2023.

The sheer excitement surrounding this event was palpable, and it's no wonder why. Kids were encouraged to embark on a real-life escapade within the mall's air-conditioned confines while the parents conveniently focussed on shopping assured of utmost safety standards in the event. Some parents found the urge to shop irresistible considering the steal deals at variety of brands like Zudio, Max, Reliance Fashion Factory, Fab India, Giordano, John Players and Lee Cooper to name a few. KORUM is getting widely accepted as “The Food Destination of Thane” bearing in mind the assortment of delicacies at the food court and restaurants like Beer Café, Barbeque Nation, Urban Tadka, Pop Tates, Angrezi Patiala and Coffee Culture. The upcoming 5K Sq. Ft. wine and dine brand “KOA” has already started creating buzz in the city even before it’s unveiling.

KORUM Mall's commitment to spreading joy among children extends far beyond the Indoor Bootcamp. Over the years, the mall has implemented a range of initiatives like “Eco Ganesha”, “Golden Dandiya”, “Dazzling Diwali” and “Christmas Fiesta” all aimed at creating a family-oriented haven that caters to the diverse needs of its visitors. From exciting celebrity events to engaging workshops and heart-warming community programs, KORUM Mall has consistently gone above and beyond to provide unforgettable experiences with a notable track record of organizing extravagant events.

Mr. Deva Jyotula – V.P. Retail, remarked on the resounding success “At KORUM Mall, we believe in creating immersive experiences that go beyond traditional shopping and this belief has won us 58 national and international awards. The essence of our Indoor Bootcamp lies in providing children with an adrenaline-charged adventure, where they can leave their gadgets behind and embrace real-life excitement. Summer is the perfect time to engage kids in fun-filled activities while giving families the opportunity to combine leisure, shopping, and entertainment experiences to create lasting memories. The event embodies our commitment to providing a family-oriented environment where happiness and fun take centre stage. Looking ahead, KORUM Mall is preparing to launch a series of exciting initiatives in the coming months. The “Largest Air-Conditioned Indoor Bootcamp” is just one example of KORUM Mall's dedication to creating a remarkable experience for families.”

India is projected to witness a net outflow of 6,500 high-net-worth individuals (HNWIs) in 2023, according to the Henley Private Wealth Migration Report 2023 which tracks wealth and investment migration trends worldwide. This places India as the second-largest country in terms of HNWI outflow globally, following China (net loss of 13,500). The current projection indicates that the anticipated HNWI flight is slightly lower than the previous year's net outflow of 7,500 millionaires.

The report, released today by Henley & Partners, exclusively features the latest forecasts of net inflows and outflows of US dollar millionaires, as projected by global wealth intelligence firm New World Wealth, which has been tracking global wealth migration trends for over a decade. The report further ranks UK (3,200) and Russia (3000 ­vs 8,500 in 2022 following its invasion of Ukraine) in 3^rd and 4^th place respectively.

Given India's capacity to generate new millionaires, the outflows are not considered particularly concerning. New World Wealth projects general wealth projections for India as very strong.  According to them, the high-net-worth individual population is projected to experience a remarkable 80% increase by 2031, positioning India as one of the world's fastest-growing wealth markets during this period. This growth will mainly be fuelled by the thriving financial services, healthcare, and technology sectors within the country. Interestingly, the firm has observed a notable trend of affluent individuals returning to India, and as the standard of living continues to improve, it anticipates a significant influx of wealthy individuals moving back to India in greater numbers.

Dominic Volek, Group Head of Private Clients at Henley & Partners, reveals significant insights into millionaire migration trends in India. “Recent and persistent turmoil has caused a shift — more investors are considering relocating their families for a range of reasons, from safety and security, to education and healthcare, to climate change resilience and even crypto-friendliness. It is important to note that nine of the Top 10 countries for forecast net HNWI inflows in 2023 host formal residence by investment programs that encourage foreign direct investment in return for the right to reside, which can also lead to citizenship in some cases. Investors see the clear value of diversifying their domicile portfolios as the ultimate hedge against both regional and global volatility, now and in the future.”

Henley & Partners received the highest number of investment migration program enquiries on record in the first quarter of 2023 — an increase of 36% compared to the previous quarter, and a remarkable 47% higher than the same period in 2022, which was itself a record-breaking year. The top two nationalities currently driving demand are Indians and Americans, with Brits and South Africans remaining in the Top 10 as they have done for the last five years. 

Sunita Singh-Dalal, Partner, Private Wealth & Family Offices at Hourani says “Prohibitive tax legislation coupled with convoluted, complex rules relating to outbound remittances that are open to misinterpretation and abuse, are but a few issues that have triggered the trend of investment migration from India. Dubai and Singapore remain preferred destinations for wealthy Indian families. The former, also known as the “5^th City of India,” is particularly attractive for its government-administered global investor “Golden Visa” programme, favorable tax environment, robust business ecosystem and safe, peaceful environment.”