Archive: February 1, 2022

Health

Pre Union Budget Recommendations – Healthcare

Feb 1, 2022 by Rekha Nair 0 Comments

Ms Suneeta Reddy, Managing Director, Apollo Hospitals Group

Increase in budgetary allocation for healthcare

India’s share of public and private healthcare spending was estimated to be 3.6 per cent of GDP including both the public healthcare spending and out-of-pocket expenses which is quite low as compared to various developed countries including the US, the UK, Japan, Germany, and Canada whose spending is nearly 10–18 per cent of their GDP on healthcare. While India’s population has grown nearly 15per cent over the last decade, this growth has not been complimented by an equitable growth in healthcare spending.

It is time that healthcare is provided the requisite focus in India to help build a stronger public health system, along with appropriate support to the existing private healthcare infrastructure to create a comprehensive healthcare ecosystem.

As per Union Budget 2021–22, the total public health sector allocation stood at 1.2 per cent of the GDP and it is expected to increase to 2.5 per cent of GDP by 2024–25. However, there is a need to increase the public health spending to 2.5–3.5 per cent at the earliest.

Further there is a need to incorporate alternative financing models to address the financial gaps in health sector and ensure mandatory health coverage for all to support the Universal Health Coverage (UHC) targets.

I. GST rationalisation for Hospitals

Correcting the prevailing inverted duty structure

Since GST is not payable on health care services, health care service providers are not eligible to avail credit on the input taxes paid by it, which ultimately becomes a cost for the service provider. Under current GST regime, the net impact of revised tax rates on inputs (goods and services) consumed by hospitals has increased.

With this background, we would like to represent before you two options which will help ease the costs of healthcare for the consumer, and align with the objective of ensuring affordable healthcare to all.

Option 1 – Zero rating and subsequently allowing output GST levy at 5% to the health care sector 

Zero rating of GST for Hospitals can bring maximum relief at a time like this. It is respectfully requested that the Government should consider zero rating of healthcare services for a period of 24 months during this pandemic period, which will not only ensure that the input tax credit chain is intact but also ensure that the input taxes are not loaded into the cost of healthcare services. Currently, GST paid on inputs, input services and capital goods used for healthcare services are not eligible for input tax credit since the output service is exempt. Zero-rating would not break the chain of duty / tax flows in the structure. This will also ensure immediate relief to the healthcare sector to navigate the current pandemic.

While we would respectfully request the Government to continue giving this benefit to the sector for a longer period of time, in the event that the Government believes that zero-rating benefit is not sustainable, it is respectfully requested that the Government may consider the option to treat the health care services as taxable supply of services at a lower rate of 5% after the period of 24 months. This would go a long way in keeping healthcare services costs affordable, without breaking the input tax credit chain.

Option 2 – Providing end-user-based exemption to major services consumed by the healthcare sector 

If the Government decides to persist with the GST exemption status provided for the healthcare services without Zero rating it, we respectfully table the following recommendations, for immediate implementation:

Grant end-user-based exemptions to input, input services and capital goods for healthcare sector. Such exemption could include (not limited to):

a) Leasing of medical infrastructure including leasing of building / premises to hospitals for providing health care services to be exempted.

b) Providing exemptions to suppliers of various auxiliary services in relation to health care such as
– Housekeeping services
– Food and beverages supplies and catering services
– Annual Maintenance contracts paid for Equipment maintenance and upkeep
– Transportation
– Outsourcing contracts for labour / staff etc

c) Rationalize the rates of tax for all medicines and consumables to a rate of 5% maximum so as to retain the tax chain for other suppliers/ industries.

Similar exemptions are already provided to other sectors like the educational sector :

GST Others

(a): GST Exemption for supplies between head office and branch office:

Under the GST Law, supplies between head office and branch office in two different states will be subjected to levy of GST even in the absence of any consideration. Since health care service is an exempted service, GST paid by the branches/ head office on such inter – unit transfer will also accumulate as ineligible credit.

Health care service providers will be benefitted if exemption is provided for any inter – office supply between head office and branch office for healthcare service providers. Therefore, it is humbly prayed for that inter – state supply of goods or services between distinct persons be exempted from levy of GST for the health care service providers.

(b): GST at rationalised rates for Medical capital goods:

Healthcare service in today’s world, requires highly sophisticated and advanced technology. Even the medical furniture has to be of a minimum standard to ensure provision of best service to the patient. Such medical equipments, machines and furniture are broadly covered under the 18% GST rate slab. Considering that such items extremely expensive, it is represented to reduce the rate of GST, to minimise the impact of GST cost to the industry.

II. Hospital Lease rentals to be GST exempt to foster creation of large REIT structures for Hospital Infrastructure

The honourable Prime minister and the current government has correctly recognised and acknowledged the fact that healthcare is going to be fundamental to India’s economy growth. A robust health ecosystem will play a key role in for the future and to be instrumental in building a $5 Trillion GDP economy.

Global sovereign funds as well as other long term investors from across the world are keen to fund creation of infrastructure and while Indian companies could be operators these funds look at long term yields from such investments. The current GST regime on lease rentals is a dampener as the 18% GST is an additional cost to the Operators / Healthcare Providers, that cannot be set off. It will be a welcome measure if the Government can hence exempt say hospitals with over 100 beds / 100,000 sft from GST on lease rentals under an Operating Co. / Property Co, model, which will unlock infrastructure capital for the sector.

This will help the sector evaluate options like Hospital REITs to build much larger capacities across India without prohibitive capital exposure, and create incremental healthcare infrastructure, which are currently unviable due to the 18% GST leakage.

III. Introduction of Mandatory Health Insurance to ensure Universal Healthcare Access

An important pillar of healthcare service delivery is Access. World over, insurance models have been found to be very effective mechanisms for improving access to quality care. Currently, only around 4% of the population in India have health insurance coverage. This has led to a situation where out of pocket healthcare spending constitutes 86% of total healthcare spends in India. Further, a vast majority of the rural poor are unable to access quality healthcare. The major reason for the low penetration of health insurance is because it is currently optional.

It is requested that the Government could also explore making health insurance coverage mandatory for all citizens.

A stratified or phased approach could be considered as follows:

• Employees in the organised sector should be mandated to be covered by the employer (with the premium being recovered from salary, partly or fully) under an attractive group insurance scheme which can be a part of the employee benefits provided by the employer. This mandate should include cover for employees, who are currently covered under ESI.

o As ESI employees will be covered by insurance, the Government may consider subsuming the ESI hospitals across the country for deployment on the Ayushman Bharat scheme, which will substantially increase the infrastructure and beds available under the Scheme.

▪ Mandatory Health Insurance for self-employed professionals – Professionals such as Lawyers, Doctors, Chartered Accountants, Architects etc, should be mandated to obtain health insurance cover for themselves and their dependents, and disclose the same in their Income Tax Returns.

▪ Affordable Insurance Policy for Elders (aged 55 and above) to cover specific health risks arising from vulnerabilities of old age such as Parkinson’s, Falls, Alzheimer’s, Incontinence, Vertigo, Osteoporosis (among women) etc.

▪ Increase in quantum of deduction towards payment of medical insurance premium u/s 80D: In order to provide an incentive for health insurance, and encourage voluntary purchase, the present annual deduction limit of Rs. 25,000/ u/s 80D should be enhanced to Rs. 50,000/ for self and family, and the current annual limit of Rs. 30,000/ in respect of dependent parents enhanced to Rs. 50,000/. The Government may also consider expanding the ambit of dependents eligible for this deduction.

These steps will create the change in behaviour among healthcare consumers, and will create sufficient risk pooling for insurers which can help in eventually making Mandatory Health Insurance a reality.

IV. Incentivizing health-oriented consumer behaviour

Medical reimbursement exemption limit for salaried employees to be set at Rs 50,000/ p.a.

Till the time of the changes made in the 2019’s Union Budget, there was an annual Medical reimbursement limit set at a sum of Rs 15,000/ per annum under Section 17(2) of the Income Tax Act which was fixed in April 1999. This has been merged along with conveyance allowance into a composite standard deduction limit of Rs 40,000. Given the significant rise in cost inflation index in general (70% over the last 5 years) and medical inflation in particular, the medical reimbursement deduction needs to be re-introduced and the annual limit needs to be enhanced to not less than Rs 50,000/.

Introduction of a separate deduction in respect of preventive health checks 

Given the rising advent of lifestyle diseases in India and the need to prevent loss of productivity, it is imperative that employers get a separate annual deduction of upto Rs 10,000/- per employee, towards expenses incurred for sponsoring the health check expenses of their employees. This should be over and above the proposed limit of Rs 100,000 per annum in respect of medical reimbursement for salaried employees.

Also, individuals should be allowed a separate deduction of Rs 10,000 per person annually in respect of Preventive Health Checks undertaken by themselves, and their families. Currently, the deduction is limited to Rs 5000 for all persons, and is included in the overall deduction available u/s 80 D (medical insurance premium)

V. Healthcare to be declared National priority and infrastructure creation to be incentivised through a comprehensive set of tax and other capital benefits

Over the last 4 decades, the private sector has emerged as a pivotal supplier of healthcare services. It is estimated that over 80% of new bed additions in the last 10 years was contributed by the private sector. This sector is the fifth largest employer in the country and has the potential to generate millions of direct and indirect jobs. To truly position India as a global destination for healthcare, and to bring the best of healthcare to our own citizens, the private sector needs to be an active partner.

For this, it is important that the Government puts in place forward-looking policy frameworks and incentives to help the sector not only remain viable, but to bring further investment into the sector (including FDI), expand reach and bed density, invest in technology, foster a culture of innovation and retain the best clinical talent in India. The regulatory framework under which the sector operates needs to incorporate this thinking and drive the narrative accordingly.

It is critical that the healthcare sector be declared as a National Priority and incentives announced for the creation of capacity and infrastructure with a comprehensive set of measures such as:

▪ Provision of land free of cost or at highly subsidized rates to set up facilities;
▪ Higher FSI for hospital buildings, as they are required to be located in central areas;
▪ Rates for power to be reduced to about 50% of applicable commercial rates;
▪ Formulate modalities for declaring “Special Healthcare Zones” in key geographies with attendant benefits such as earning exemptions for facilities located there, infrastructure support, manufacturing incentives, etc;
▪ Incentives for accelerated job creation and training of skilled workforce;
▪ Extended tax holidays to enable ploughing back of earnings into infrastructure investment.
• Provision of incentives for new health care projects

• New Projects:
▪ To spur investment in the sector, the Government could consider tax holiday period of 15 years for hospitals with a minimum of 100 beds. The length of period of exemption needs to be long, as new hospitals take at-least 5-7 years to start earning returns, after recovering interest and depreciation.
▪ Also capital subsidy at 25-30% of total project cost may be provided in all Non-metro locations to spur infrastructure creation outside of Tier I locations
▪ Interest Subsidy at ~5%, for atleast 5 years would help in making hospitals turn financially viable in an accelerated way.

• Consider import duty relief for lifesaving equipment, not manufactured in India – There is a need to revisit the classification to make the import duty on life saving equipment consistently low or even exempt to ensure lower cost of healthcare services delivery. Also, it needs to be ensured that GST input credit is allowed to be set off against such customs duty, to lower the landed cost.

VI . Ease of Doing business and enabling viable operations for hospitals

For private investment in infrastructure to grow, the ease of doing business within the sector needs to be optimal. To that end, there are a few measures that will go a long way to enhancing ease of doing business for the private sector:

Strict Credit Term of not more than 60 days for CGHS, ECHS, Ayushman Bharat and other Central Government Schemes, as well as credit treatments availed by Central PSUs:

Private healthcare providers have been trusted partners of the Government in providing healthcare of the highest quality to employees of the Central Government and Ex-Servicemen under the Central Government Health Scheme and Ex-Servicemen Contributory Health Scheme (ECHS), even though sometimes, the package / procedure rates offered under these scheme have not even covered the marginal cost of treatment. However, it has been a difficult experience that reimbursements for completed treatments under these schemes are not made on time, and in most cases, remain unpaid even for 2-3 years (in some cases even upto 6 years), causing severe stress on working capital and cash flows for private healthcare providers. The interest cost incurred on holding these receivables (running into hundreds of crores for the sector), is a significant sum, and puts pressure on the profitability and viability of several units. The digital backbone that is supporting paperless claims under the Ayushman Bharat Scheme and is facilitating majority of the payments under the scheme being made under 30 days, may also be adopted for patients treated under CGHS and ECHS.

Re-visit of Package Rates under CGHS, ECHS, Ayushman Bharat:

In a scenario of limited supply of skilled manpower (clinical and support), and limited physical infrastructure, it is not the case that a high increase in demand from a low-paying segment of the population will create opportunities for private healthcare which will exponentially increase profitability. In fact, the ramp-up in beds, equipment, doctors and other skilled manpower that such an increase in demand will entail, will require significant investments, which may not be recoverable through the package rates that are offered under the various central and state schemes. We believe that the rates of reimbursement under the CGHS, ECHS and Ayushman Bharat schemes, are not viable. We do not believe that the rates reflect the true cost of quality healthcare. We request for revision of rates, and introduction of tiered rates for different sizes, accreditations, and specialty-coverage of hospitals. Tertiary and Quaternary Care hospitals, performing complex work across specialities, with strong national and international accreditations, should be eligible for higher reimbursement rates.

VII. Incentivize Medical Value Travel for the healthcare sector to contribute to India’s foreign exchange reserves

Medical Tourism is expected to more than double in size to reach a size of USD 10.6 bn from USD 4 bn in 2015. To further aid the growth of this segment, we recommend the following measures:

(1) Policy support to encourage and facilitate medical value travel to India, and develop medical value travel as an organised sector.

(2) Launch a “Heal in India” campaign, on the lines of the very successful “Make in India” campaign.

(3) Facilitation by Indian Embassies abroad: Our Indian embassies and missions abroad can run dedicated Medical Value Travel desks, acting as a single stop for comprehensive information relating to partners, procedures, costs and visas. The embassies could also facilitate road shows and events in partnership with private healthcare players abroad and promote India as a major destination for Medical Value Travel.

(4) Welcome desks at all Indian Airports: Establishing a single-stop facilitation counter at all key Indian airports handling International Traffic will go a long way in supporting travellers at the first point of their arrival in India.

(5) Insurance recognition for Indian providers: Getting international insurance companies to recognise the clinical programs run by Indian healthcare providers, who have achieved the highest standards of quality and patient safety, will encourage international patients to visit India. The Government of India should facilitate such recognition by International Insurers, by placing this point as an agenda for discussion in Bilateral Discussions on Economy, Trade and Commerce with other countries.

(6) Income from the services provided by Healthcare service provider to foreign nationals in India who come for Medical Treatment (in India) should be treated as export of services and deduction should be given not only under Chapter VI A but also ensure that foreign currency income earned is fully exempt from taxes. The said move will boost Medical tourism in India thereby increasing foreign currency reserves for the country

VIII. Others

Increase in period available for claiming EPCG credit by three years

Under current rules, any importer under an EPCG license has to meet the export obligations equivalent to 6 times of the import duty saved under EPCG within 6 years.

However, during 2020 & 2021 (and possibly till March 2022), International travel has been severely affected by Covid-19 restrictions on travel. The healthcare industry was hugely affected as India was one of the largest healthcare services exporters at affordable prices.

Due to this huge loss of international revenue, export obligations could not be met in the last 2 years. All importers in the health care industry are bound to face huge liabilities on this account. Also, it is not possible to cover such a huge loss incurred in 2 years in any one 1 year or so.

It is earnestly requested that the window of 6 years provided for fulfilment of foreign exchange earnings obligations under the Export Promotion of Capital Goods scheme ( which stipulates that an importer of medical equipment should fulfil foreign exchange earning obligations which is equivalent to 6 times of the import duty component saved while importing medical equipment) should be relaxed for a further period of three years for the healthcare sector since restrictions on international travel imposed since the onset of the COVID-19 pandemic since March 2020 has severely impacted medical value travel flows to India and led to a significant decline in foreign exchange earnings.

Entertainment

Vijay Deverakonda Unveils The Trailer Of aha’s Thriller Comedy Bhamakalapam, A Web Original Movie Starring Priyamani

Feb 1, 2022 by Gouri Achary 0 Comments

National, 1st February 2022: Tighten your seat belts – 100% Telugu OTT platform aha, a household name for Telugu entertainment, promises to take you on a wacky, rollercoaster ride with Bhamakalapam, a delicious home-cooked thriller headlined by Priyamani (who makes her Telugu OTT debut). Written and directed by Abhimanyu Tadimeti, the web original will premiere on aha on February 11. Dear Comrade filmmaker Bharat Kamma is the showrunner. Liger star Vijay Deverakonda released the film’s gripping trailer in the presence of the team and media in Hyderabad today.

The trailer starts with a homemaker Anupama sensing something fishy about an incident in her apartment. She is confident about not going wrong with her prediction. Later, there’s talk of an egg, valued at over Rs 200 crore, being stolen from a museum in Kolkata. There’s an investigative cop who’s trying to dig deep into a case. Anupama also refers to an egg that her husband had bought recently. The mystery deepens when the security tightens around the apartment where Anupama stays. There’s confusion between Anupama and her husband over a person’s death. What’s the common link to these incidents?

Priyamani is cast as Anupama, an over-curious homemaker who runs a popular YouTube channel Anupama Ghumaghuma. John Vijay, Sharanya Pradeep, Pammi Sai and Shanti Rao essay crucial roles in the thriller comedy. Bhamakalapam is produced by Sudheer Edara and Bogavalli Bapineedu under SVCC Digital (also the makers of Ashoka Vanam Lo Arjuna Kalyanam). Several promos of the film, right from its first look poster to the first glimpse and the teaser (launched by Rashmika Mandanna) left audiences intrigued about this mysterious puzzle.

Talking at the launch, the extremely popular Telugu actor Vijay Deverakonda said, “” I’m thrilled to be a part of the Bhamakalapam trailer launch. The showrunner Bharat Kamma, producer Bapineedu and director Abhimanyu Tadimeti together make a brilliant team and I’m excited to see what they bring to the table. I’m thrilled to see Priyamani making her Telugu OTT debut with aha. I binge-watched both seasons of The Family Man and missed the characters when the show ended. Regardless of language, she brings rootedness and authenticity to every performance. I will watch Bhamakalapam on aha on February 11 and I hope audiences watch and encourage it. aha is bringing exclusive Telugu content, telling our stories and I wish nothing but the best for them and the team behind Bhamapkalapam.”

Cinematographed by Deepak Yeragera, the film is edited by Viplav Nyshadam. Two composers Justin Prabhakaran (known for Radhe Shyam, Dear Comrade) and Mark K Robin are associated with the project.

aha’s recent releases include Arjuna Phalguna, Hey Jude, The American Dream, Lakshya, Senapathi, 3 Roses, Laabham, Manchi Rojuloachaie, Romantic, Most Eligible Bachelor, Anubhavinchu Raja, Sarkaar, Chef Mantra, Alludu Garu, and Christmas Thatha, to name a few. Telugu Indian Idol, the first-ever Indian Idol in South India, hosted by Sreerama Chandra, will be streaming on the platform soon. aha’s talk show, Unstoppable, hosted by Nandamuri Balakrishna, has been rated the no. 1 talk show on IMDB.

News

Hyderabad FC put five past NorthEast, again

Feb 1, 2022 by Gouri Achary 0 Comments

Goa: Hyderabad FC were once again in fine form in the Indian Super League and put on a relentless performance to score five past NorthEast United to register a memorable 5-0 win at Fatorda. Bartholomew Ogbeche (3’, 60’), Akash Mishra (45’), Nikhil Poojary (84’) and Edu Garcia (88’) were all on the scoresheet as Laxmikant Kattimani held on to his third clean sheet of the 2021-22 campaign.

The win takes Manolo Marquez’s side to 26 points from 14 games and gives them a four-point lead over Jamshedpur FC in the ISL table.

Bartholomew Ogbeche took just three minutes to give HFC the lead as he blasted it into the net from close range with an acrobatic effort. Ogbeche was waiting after Joel Chianese’s cross was headed onto the post by Joao Victor and the No 20 made no mistake from three yards out.

Hyderabad doubled the lead when Akash Mishra headed in from Joel Chianese’s corner, scoring his second goal in as many games. Manolo’s men went into the break relatively untroubled at the back and with a two-goal lead and were intent on adding to it after the break.

Ogbeche scored again, at the hour mark, managing to just get the ball across the line. It was Chianese again, with a cushioned header as Hyderabad were right on top with half-an-hour to play.

VP Suhair did find the back of the net with a smart finish at the other end but the goal was disallowed for offside even as Hyderabad were in no mood to slow it down.

Nikhil Poojary, who was unplayable on the wing all night, found the far corner with a superb low-strike from 20-yards-out to mark his 50th appearance in the ISL with his first goal in Hyderabad colours. Edu Garcia added a fifth, sliding it through Subashish’s legs after Javi Siverio was calm and composed to play him through right at the end.

The likes of Chianese, Yasir and Aniket also had chances as Hyderabad had a comfortable night in the end, keeping the hosts to just two shots on target all game.

Ogbeche was named the ‘Hero of the Match’ but the likes of Juanan, Souvik Chakrabarti, Nim Dojee Tamang and Joao Victor were also crucial in helping the side to a deserved clean sheet.

Hyderabad has now won their last three league games, scoring 12 goals and conceding just three. They end a tricky month of January with three wins, two draws and just a loss.

HFC are back in action when they welcome ATK Mohun Bagan to Bambolim on Tuesday, February 8.

Business

Budget Expectations: 2022-33

Feb 1, 2022 by Rekha Nair 0 Comments

Mr. Akshit Bansal, Co-Founder of Statiq says, “As an industry and an EV charging service provider, we would first welcome some clarity regarding the GST issue on electric vehicle charging as a service. Products in the EV eco-system are being taxed at the 5% GST slab, while EV charging is generally classified as a service and taxed as one at the 18% GST slab. We would like to be allowed to accrue the same benefits as the larger industry and be classified under the lower slab in order to boost overall EV usage and be able to pass on the cost advantage to consumers. 

If the central government can consider providing a direct tax subsidy for purchase of EVs and for players in the process of establishing the EV charging infrastructure, that would be another boost to the segment. Also, since only a direction has been provided to the central and state nodal agencies, but not the respective budgets, a budget for the same would be a welcome move. Currently, a large share of the components for both EVs and EV-related services are imported and the same are taxed at premium rates. If the government were to provide a limited window period of relaxation on these taxes, it will result in the direct boost of local assembly, manufacturing and consumption. By the “Make-in-India” route, we can look at manufacturing these components locally, in the long run.”

Education

Debates on Ethics and Aesthetics Commence at MAHE Winter School

Feb 1, 2022 by Gouri Achary 0 Comments

Debates on Ethics and Aesthetics Commence at MAHE Winter School

Bengaluru, Feb 1st, 2022: “Indian arts and literature are the experiences of very different philosophical positions influenced by different religious traditions”, said Prof H S Shivaprakash, eminent scholar and Sahitya Akademi award winner, in his keynote address to the week-long Winter School on ‘Ethics and Aesthetics’ organised by Manipal Centre for European Studies (MCES) – Jean Monnet Centre of Excellence and the Department of Philosophy (DoP), Manipal Academy of Higher Education (MAHE).

In his address When the World is ‘Out of Joint’ Program Director Prof H S Shivaprakash, discussed the conflict between theoretically opposing ethical systems due to constant societal transitions. He also emphasized how works of art have reflected this antagonism throughout times. Such is the conflict between a value system based on kinship and one based on varnashrama dharma discussed in Bhagavad Gita or the conflict between ancestral values and progressively Western values reflected in the literature of the colonial period. The current disrupted state of affairs caused by the pandemic is not dissimilar in the way different values are once again posed against each other.

Speaking on the occasion Lt Gen Dr M D Venkatesh, Vice Chancellor of MAHE, stressed the significance of collaboration and a contemporary outlook in research. He said, “as the new National Education Policy envisages, the rich legacies of Indian literature and philosophy to the world heritage must not only be nurtured and preserved but also researched, enhanced and put to new uses through our education system. Therefore, it is time for all Indian universities to collaboratively engage in research in these fields with a focus on contemporary relevance”.

In her address, Prof Neeta Inamdar, Head of Manipal Centre for European Studies highlighted the importance of a multidisciplinary approach which is at the heart of all the activities organised by MCES. She noted, “When MCES was established in 2009 the foresight was to take it beyond the traditional idea of area studies and build it as a multidisciplinary centre and create a space for dialogue between the East and the West”. The Centre has stayed true to this vision.

Highlighting the importance of organising a Winter School on ‘Ethics and Aesthetics’, Dr Srinivasa K N Acharya, Assistant Professor and Coordinator at Department of Philosophy (DoP), remarked: “There is not a single discipline that does not concern either ethics or aesthetics in its theory or application. Such is the position of these two critical thoughts that are very fundamental to humanity and our thinking. Though ethics and aesthetics are considered to be philosophical branches along with epistemology and ontology, they play a foundational role in language and literary studies as well.”

The Winter School, convened by Richa Gupta, Project Manager for the Jean Monet Centre of Excellence at MCES, MAHE and Tanima Nigam, Lecturer at DoP, MAHE, is the third in a series of educational events jointly organised by the two departments. Scholars, authors and students from across disciplines will meet in interactive online sessions from January 31 to February 4, 2022, to explore ideas of Indian ethics and aesthetics drawing upon a range of subjects including art and morality, classical and indigenous traditions, comparative frameworks of critique, aesthetics of visual culture and premodern and postmodern literature.

Business

Quote by Amit Kapur, Joint Managing Partner, J Sagar Associates (JSA) on the Economic Survey for 2021-22

Feb 1, 2022 by Rekha Nair 0 Comments

“The economic survey credits the supply side reforms and the “agile” approach to governance with constant feedback loop for a good year. It sets the tone of cautious optimism with projected GDP growth of 8 to 8.5% in 2022-23 supported by widespread vaccine coverage, gains from supply side reforms, ease of regulations, robust export growth and availability of fiscal space to ramp up CAPEX. This is in line with WB, IMF and ADB projections. India is expected to be the fastest growing large economy during 2021-24 with real term growth of 9.2% in 2021-22. The successful AirIndia divestment boosts the confidence in disinvestments planned. With over Rs.89K crores raised through 75 IPOs between April-Nov 2021 and an estimated 15% growth in investments during 2021-22 providing the much needed impetus. Infrastructure Development with NIP’s projected Rs.111 lakh crores investment till 2025 and NMP of Rs. 6 lakh crores remains the key growth driver. Some fundamentals that give confidence are the unprecedented FOREX reserves of US$634 bn providing 13 months of import cover; CPI at 5.6%; fiscal deficit at 46.2% of budgeted levels and significantly reduced Gross NPAs. Some underlying assumptions for this growth projection are too ambitious like that no further pandemic related economic-disruption, normal monsoons, orderly global liquidity, oil prices between US$70-75/bbl Et al. The ES does not and perhaps cannot factor in the election focussed populism and it’s distortions including in the gross fixed capital formation. We need to tread cautiously as we build back.”- Amit Kapur, Joint Managing Partner, J Sagar Associates (JSA).

Business

Yasho Industries Limited 9MFY22 highlights – Robust performance continues, led by good demand in domestic & export markets

Feb 1, 2022 by Gouri Achary 0 Comments

Mumbai, Feb 1st, 2022: Yasho Industries Limited (BSE: 541167 | ISIN: INE616Z01012) a leading Indian manufacturer & supplier of speciality and fine chemicals, has announced its unaudited financial results for the Quarter and Nine Month ended on December 31st, 2021.

Particulars (Rs in Crores) Q3 FY22 Q3 FY21 Y-o-Y Q2 FY22 Q-o-Q 9M FY22 9M FY21 Y-o-Y
Total Revenue* 166.35 97.5 71% 137.2 21.2% 437.66 259.37 68.7%
EBITDA 28.22 15.48 82% 25.2 12% 75.74 39.94 89.6%
EBITDA Margin (%) 17% 15.9%   18.4%   17.3% 15.4%  
PAT 14.56 6.36 129% 13.7 6% 39.2 12.37 217%
PAT Margin (%) 8.8% 6.5%   10.0%   9.0% 4.8%  

* Including other income

Mr Parag Jhaveri, Managing Director & CEO, Yasho Industries Limited said, “We are delighted to report our quarterly and nine-month performance in terms of volumes, sales, and profitability, which has been driven by a mix of improved product mix and price realization. Total revenue for 9MFY22 was Rs 437.6 crores, an increase of 68.7% per cent year on year. On a year-over-year basis, our sales volume increased by 49.5% and our EBITDA increased by 12.4% in 9MFY22.

We offer a comprehensive range of products to customers in India and around the world. Demand for all principal chemicals in our portfolio has been strong, led by the value-added products.

The relentless efforts of our R&D team are the key contributor to our company’s growth and success. Over the years, we have increased our R&D spending to provide quality products to our clients. Furthermore, our technological capabilities have assisted us in identifying process bottlenecks and implementing specific initiatives to increase efficiencies and reduce costs. Our project of capacity expansion at our Unit 1 & Unit 2 has been completed and the company will benefit from this over the next few quarters.”

Education

A few to inspire the many… – An Alumnus tribute to teachers

Feb 1, 2022 by Gouri Achary 0 Comments

An Alumnus tribute to teachers

“We have taken the initiative to document the recipes that were standardized and taught to us by our teachers and wish to share it with all, in the form of this coffee table recipe book. A humble tribute to our beloved teachers”.

A batch of 1989-1992, J.D. Birla Institute

An Alumnus tribute to teachers

An inclination towards home-cooked nutritious meals has seen unprecedented growth during the lockdown phase, in the surge of social media and YouTube videos flooding the internet. Perhaps, this has been the best time to launch a book comprising of a treasure trove of tested and standardized-to-perfection recipes. The alumni association of JDBI is an active body comprising of over 3000 members, who launched a coffee table book recently. The book titled ‘JDBI Flavours’ was inaugurated by Mrs. SumangalaBirla and finally published on the contribution of 41 patrons from batches 1978to 2014 who generously donated towards the cause. It has been a consummated affair to be able to curate the best recipes of two veteran teachers of the institution, Mrs. Lilu Mancha and Mrs. Mehbooba Mohanty. The recipes are all tried and standardized in the college laboratory. They are not only nutritious and healthy cuisine but also delectable and tasty. They are healthy alternatives to our everyday meals, with easily available ingredients sourced from local markets. The book promises a new lifestyle modification and has been finally conceptualized due to the sustained initiatives and enthusiasm of the alumni as a tribute to their teachers.

Business

Hospitality Industry Sees Post-Covid Shift to a More Global Outlook

Feb 1, 2022 by Rekha Nair 0 Comments

Canadian vegan cookies in London’s Harrods, LA burgers in Dubai, Singaporean confectionary in Saudi, American plant-based restaurant in Selfridges, and the world’s first African food hall slated to open in Harlem and then London; a post-Covid hospitality industry is seeing a shift to a more global outlook.

“The radical changes the hospitality industry has seen due to pandemic has created the necessity to widen our arms, looking beyond a national and international scope and embracing a global view” says Simon Wright, founder of award-winning hospitality agency TGP International, which has just announced the addition of nine renowned chefs spanning five continents to their existing portfolio. 

The strategic move was said to be diffuse international talent to a post-Covid global market, which in turn will provide strength and vigour to an industry that continues to suffer social and financial consequences of the pandemic, regardless of nation.

“Consumers of the world will see their local hospitality industry enriched by the injection of global culinary talent.” says Wright. “For our part 2022, the year of our 20th anniversary, will see TGP positioning their portfolio of brands and chefs into new territories offering new opportunities around the world.” he adds

Significant 2022 opening announcements made by TGP that reflect this shift to a more global outlook include:

  • Multiple new openings at Expo 2020 Dubai
  • Indian chef Rohit Ghai’s taking his restaurant Kutir to Dubai
  • David Thompson’s Long Chim to open in London
  • Armenian-American Chef Geoffrey Zakarian opened in Dubai, and opening in Doha
  • Cuban Chef Luis Pous opening El Takoy in London and Riyadh
  • Greek Chef Tommy opening Baron from Beirut in Dubai and Riyadh
  • Canadian Kimberly Lin bringing Floozie cookies to Harrods
  • American celebrity chef Matthew Kenney opening his doors in Selfridges and Dubai
  • LA-based David Myers opening his Adrift burger concept in Dubai
  • Chef Alexander Smalls will open the world’s first African food hall in London and New York.
Business

PDS Limited Reported 9M FY22 Revenue of INR 6,053cr (with 36% growth) and PAT of INR 207cr (growth of 162%)

Feb 1, 2022 by Gouri Achary 0 Comments

New_Mr. Sanjay Jain, CEO, PDS Multinational Fashions Limited

Mumbai, 1st Feb 2022: PDS Limited (erstwhile PDS Multinational Fashions Limited), a leading global plug and play design-led platform offering product development, sourcing, virtual manufacturing & supply chain platforms catering to leading brands and retailers globally, has announced its financial results for the quarter and nine months ended December 31, 2021.

Key performance highlights (Q3 FY22 vs Q3 FY21) (Consolidated):

  • Income from operations stood at ₹2,232cr as compared to ₹1,626cr in Q3 FY21; y-o-y growth of 37%
  • Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) was ₹101cr vs ₹76cr in Q3 FY21
  • Reported Earnings Before Interest and Tax (EBIT) of ₹89cr against ₹67cr in Q3 FY21 (growth of 33%)
  • Profit After Tax (PAT) of ₹81cr vs ₹59cr in Q3 FY21 (38% growth), with a margin of 3.6%
  • The Company clocked ROCE’s of 38% and ROE’s of 33% in Q3 FY221

Key performance highlights (9M FY22 vs 9M FY21) (Consolidated):

  •  Revenues from operations stood at ₹6,053cr as compared to ₹4,448cr in 9M FY21; y-o-y growth of 36%
  •  EBITDA was ₹220cr vs ₹133cr in 9M FY21 and margin stood at 3.6% vs 3.0% in 9M FY21
  •  Reported EBIT of ₹234cr against ₹113cr in 9M FY21 (growth of 107%)
  •  PAT stood at ₹207cr vs ₹79cr in 9M FY21. The Company’s PAT margin expanded to 3.4% vs 1.8% in 9M FY21
  •  Basic EPS during 9M FY22 stood at ₹65.76 (vs full year FY21 EPS of ₹32.37)

Mr. Pallak Seth, Vice Chairman, PDS Limited commented “We are seeing good traction with leading brands and retailers who are exploring options to outsource the sourcing function. In order to tap into this opportunity, we are offering “Sourcing as a Service” to large brands and retailers and operate as a sole and exclusive partner for pre-agreed territories. We recently concluded two strategic agreements, the first being Techno Design, our Germany-based group company, which has become the exclusive sourcing partner of s.Oliver for India and Sri Lanka region. Secondly, we have become the sole & exclusive vendor to Hanes Brands in Bangladesh. We are thrilled to partner with leading brands and retailers for their sourcing & manufacturing requirements.”

Commenting on the results, Mr. Sanjay Jain, Group CEO, PDS Limited said, “We are pleased to share that in the last 9 months, we have nearly achieved our full-year numbers of last fiscal. Our plans of expanding our footprint in the North American market continue to gain further momentum. We had ended last financial year with the contribution from North America at 8% of our topline which has now increased to 19% in the third quarter this year. The recent arrangement with Hanes Brands will further bolster our North American operations. We are excited about the opportunities that are unfolding in this geography.”

The sourcing segment which accounts for ~96% of the Company’s topline has clocked 34% growth in nine months ended December 2021, with a topline of ₹5,807cr. This segment reported an EBIT of ₹213cr with a ROCE of 51%.

The manufacturing segment has doubled its topline to ₹382cr in nine months ended FY22 because of near full capacity utilization of the facilities. A strong focus on execution and higher efficiencies has enabled the Company to significantly reduce losses by 74% compared to last year. This segment is at the cusp of achieving profitability, with a Loss Before Tax of less than c.₹5cr in Q3 FY22. The Company is targeting this segment to be in the green in the next quarter.

Further, the Company has successfully achieved negative working capital of 2 days vs 10 days in the previous quarter. This along with the Company’s strong operating performance has resulted in net debt reduction by ₹206cr in Q3 FY22 to ₹26cr. The combination of all the above has resulted in the Company achieving strong leverage ratios; with Net Debt/Equity of 0.03x, Net Debt/EBITDA of 0.08x. This further translated into robust return ratios with a ROCE of 38% and ROE of 33%.

Given the strong performance in the last nine months and with the visibility of the next quarter, PDS is currently on track to achieve $1bn in topline.

The Company has received requisite approvals and has changed its name from PDS Multinational Fashions Limited to PDS Limited.