Tag: Indian economy

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Recognizing Excellence: Telugu Business Leaders Making Waves in the USA

Jun 20, 2024 by Mansi Praharaj 0 Comments #BUSINESS, #business excellence, #Business Excellence Awards 2024, #D C Manjunath, #Dallas, #entrepreneurs in Dallas, #Executive Board Member, #Government of Andhra Pradesh, #Hindu temples, #Indian economy, #Indian students in America, #Little Elm City, #Milpitas, #Mr ANIL SUNKARA, #Mr BALA Indurthi, #Mr Bapaiah Nuthi, #Mr Dayakar Puskoor, #Mr G Atma Charan Reddy, #Mr Gopal Ponangi, #Mr J. A Choudhary, #Mr Kiran Pasham, #Mr Krisha Korada (APLLAZ), #Mr Maheswara, #Mr Nagendra Badaru, #Mr Nagendra Bandaru, #Mr Prasad Thotakura, #Mr Raja Doddala, #Mr Ram Nandhyala, #Mr Ramesh Gadiraju, #Mr Satish Manduva, #Mr Seshu Kalra (Soft Keys Inc), #Mr Sridhar Bendapudi (IT Bluebird), #Mr Sridhar Korsapati, #Mr Srikanth Gaddam, #Mr Suresh Manduva & Mr Satish Bandaru (TANTEX), #Mr Tony Singh, #Mr Venkateswara Chinni (Pelican Valley), #Mr Vijay Borra, #Ms Neel Gonuguntla, #Plano Mayor John B. Munns, #San Francisco, #Sri D C Manjunath Consul General of India, #STPI (Software Technology Park of India) Hyderabad, #Subba Row, #successful Telugu entrepreneurs in Dallas, #Technology Leadership & Future of AI, #Telugu, #Telugu Business Personnel in the USA, #Telugu Community, #Telugu films, #Telugu People, #Telugu Times, #Telugu Times Editor, #Telugu Times Editor and CEO Chennuri Venkata Subba Row, #Telugu-speaking people, #the United States of America., #TX, #WIPRO & President of Enterprise Futuring

D C Manjunath Consul General of India gave away the awards

The Telugu People are a very strong community in the USA. 40% of Indians studying in the USA are Telugu. Telugu is the fastest-growing language in the USA. Telugu is the USA’s third most-spoken Indian language. Approximately 10 lakh Telugu People live in America.

Hyderabad, June 20, 2024……Telugu Times, a publication that has been catering to the Telugu diaspora in the USA for the past 21 years, presented the second edition of Business Excellence Awards 2024 to successful Telugu entrepreneurs in Dallas, in the United States of America.

Sri D C Manjunath Consul General of India, was the Chief Guest. He appreciated the Telugu community’s role in the US economy and the Indian economy with growing remittances to India year after year. He also appreciated Telugu Times for serving the Telugu Community.

Mr J. A Choudhary, Former Adviser – IT&C, Government of Andhra Pradesh, who was Guest of Honor recalled how several IT Professionals benefited from STPI (Software Technology Park of India) Hyderabad in his tenure and congratulated the Entrepreneurs for their success and excellence.

The Award Winners were Mr Srikanth Gaddam, CEO -of ERPA, Columbus Ohio- IT Services Category; Mr Dayakar Puskoor, CEO- Dallas Venture Capital – Venture Capital and Investment Category; Dr Yogi Chimata, Dallas Renal Group, Dallas – Hospitals and Healthcare category; Mr ANIL SUNKARA, Producer- AK Entertainments, Dallas, TX – Cinema and Entertainment; Mr BALA Indurthi – President- Sankar Netralaya, Atlanta, GA – Community Service; Ms Geetha Dammanna – CEO- Dammanna Law, Dallas, TX – Legal; Mr Ramesh Gadiraju, A2B Sweets & Restaurants, – Hospitality; Mr Kiran Pasham, President- Splash BI, Atlanta, GA – IT Products Development; Mr Vijay Borra- CEO- DFW Lands, Dallas, TX- Real Estate; Mr Maheswara KAS- CEO, KK Software Associates, Columbus OH- IT Staffing.

Giving his opening remarks, Telugu Times Editor and CEO Chennuri Venkata Subba Row, Telugu Times embarked on this initiative last year to recognize and honour business excellence of the Telugu business community and showcase their talents to the world by honouring them with awards. Telugu in the USA is a very strong community. Nearly ten lahks Telugu people live in the USA. 40 percent of Indian students in America are Telugu. Telugu is the fastest-growing language in the USA. Telugu-speaking people are the largest ethnic group in the USA. Telugu people run several restaurants and theatres. Telugu films are released in the US one day before. More Hindu temples have come up in the USA. No Indian state has as robust a relationship as two Telugu states and the US have. The strength of our relationship is our people-to-people connections, strong democracy, and shared values, so he added that we felt the need for such an initiative.

Dayakar Puskoor CEO Dallass Venture Capital seen receiving Telugu Times Business Excellence Awards in VC & Investments Category

The rise in the Telugu population is attributed to the increasing representation of the Telugu diaspora in the technological field, especially after Y2K

“For the thousands of readers for whom Telugu Times has been an integral part of their Indian-American journey, ” Subba Row added.

The awards ceremony was first held in Milpitas, San Francisco in June 2023, and now for the second time it happened in Dallas, TX in June 2024.

Mr Nagendra Bandaru, Executive Board Member – WIPRO & President of Enterprise Futuring, delivered a Keynote address on Success in Technology Leadership & Future of AI, ably moderated by Mr Satish Manduva, CEO- Intelli Soft Technologies & Founder President- IT Serve Alliance.

Mr Raja Doddala, Head of Growth Equity & Investments- Churchill Asset Management spoke on VC Funding for Emerging Tech Firms & Growth Equity. The Fireside Chat was moderated by Mr Ram Nandhyala.

Plano Mayor John B. Munns, Mr Gopal Ponangi, Trustee, Frisco School District ISD, and Mr Tony Singh, Council Member – Little Elm City were present.

Mr Prasad Thotakura, Former President-TANA, Mr G Atma Charan Reddy, Former President- ATA, Mr Bapaiah Nuthi, Former President -NATS, Mr Sridhar Korsapati, Former President -NATA, Ms Neel Gonuguntla, US India Chamber of Commerce DFW and several other dignitaries of the Indian diaspora graced.

Mr Nagendra Badaru gave away Appreciation Mementos to Partners & Sponsors – Mr Suresh Manduva & Mr Satish Bandaru (TANTEX) Mr Sridhar Bendapudi (IT Bluebird), Mr Seshu Kalra (Soft Keys Inc), Mr Venkateswara Chinni (Pelican Valley), Mr Krisha Korada (APLLAZ) and others.

News

StoxBox: Views on India Gross Domestic Product (GDP) Quarterly YoY data

Jun 1, 2024 by Mansi Praharaj 0 Comments #GDP, #Indian economy, #StoxBox, #YoY data

BY: Manish Chowdhury, Head of Research, StoxBox

The Indian economy grew more-than-expected by 7.8% annually in the fourth quarter of FY24, much ahead of market expectations of a 6.7% growth. The growth momentum in the economy which grew 8.2% in FY24 can be attributed to the strong performance of the manufacturing and mining sectors due to the quality of capex spending in targeted areas and sustained domestic demand. With various high-frequency indicators indicating the sustenance of this growth in the current quarter as well, we believe that the initial groundwork is laid for beating market estimates and an upward revision to forecasts as we move ahead. We are of the view that the capex spending, which has moderated due to elections, would pick-up steam in future, thereby providing further fillip to the growth momentum.

Business

Indian Economy Gains Upto 20% If All Govt. Job Seekers Utilized Through Digital Platforms

Jun 15, 2022 by Agency 0 Comments #Digital Platform, #Govt. Job Seekers, #Indian economy

Analyst ‘5Jewels Research’ has said that Indian Economy can gain upto 20% if all Govt. job seekers gets utilized through Digital Platforms. Commenting on recent announcement of PM Modi where he instructed HR heads of government departments to recruit 10 lakh people in 1.5 years Chief Analyst of ‘5Jewels Research’ Mr Sumant Parimal said “This kind of large recruitment drive under Govt. of India is a right step towards stimulating economic growth of our country in post pandemic environment, however we need to go beyond the traditional recruitment mechanisms, rather we should tap all our human resources who are willing to contribute for growth of the country through Digital Platforms based value creation frameworks, which could enables all Govt. job seekers to create economic values for our country by utilizing whatever skills sets and talent potentials they have. Govt. recruitment drives may be transformed as value creation drives, so that every participating candidate creates some value for our country’s economy”.

“Since India has crores (millions) of Govt. job aspirants, hence Indian economy may gain upto 20%, if all Govt. job seekers gets utilized through some innovative value creating digital platforms, which provides consistent value driven engagements for all Govt. job seekers such that they remain generating economic value for themselves and for the country even if not selected for any Govt. job position. So, core objective of such value creating digital platform is to let even a common citizen of India to add value in Govt. departments works as per his / her willingness and potentials, hence building large value delivery capacities for Govt. departments and institutions for unlocking $5T beyond economic future of India” Sumant Parimal commented further.

“Let Govt. recruitment institutions like UPSC, gets transformed itself from millions aspirants to hundreds screeners based on some filtering tests for filling up limited Govt. vacancies, to millions aspirants to trillion dollar value creators for giving wings to $5 Trillion + economy aspiration of India by engaging all aspiring Indian job seekers on digital platforms for consistent economic value creations” Mr Sumant Parimal said further.

Business World

Contribution of solar energy sector in the revival of Indian economy during ongoing pandemic Covid-19

Nov 20, 2020 by Gouri Achary 0 Comments #Atmanirbhar Bharat Abhiyan, #COVID-19, #Indian economy, #International Renewable Energy Agency’s (IRENA), #solar energy, #solar plant, #Solar rooftop

Puneet GoyalCOVID-19 pandemic has caused direct or indirect effects on every industry. It has brought the world to a standstill and has impacted our lives deeply. The solar energy sector has been highly affected in these unprecedented times. With the prevailing uncertainties in the industry, the solar energy sector is trying to bounce back in business to achieve the renewable energy target of 100 GW by 2022 set by the Government.

Solar rooftop sector has been badly affected because of two reasons: one is its labour cost and another one is its dependence on the country’s commercial and industrial sectors. Today in India the present power demand has reduced by 25-30 per cent. This decline in demand with the reduced collection and slow recovery will adversely impact stressed distribution companies a cash gap of approx. Rs. 40,000 cr.

Impact of Covid -19 on Solar Energy Sector

Due to covid-19 and nationwide lockdown, ongoing Solar projects in the country have been completely shut, power companies are facing disruption and installations companies are concerned about the delays in their projects because of the production slowdown in China. In India, the solar industry is relying on China for around 80% of its requirement of solar supply. Due to lockdown, top Industry players have been facing delays in procurement of modules, solar cells, and other components.

About most of the labourers who are associated with the solar energy sector are migrants, many of which have returned to their villages due to job loss and nationwide lockdown so there is no workforce available in the market. Even though force majeure conditions will enable the extension for completion period; migrant labours will take quite some time to reach project sites due to fear of covid.

Revival strategy of the solar energy sector

The solar capacity addition in India in the first quarter of 2020 was the lowest since 2016. According to a recent report by the International Energy Agency (IEA), In 2021, the solar energy sector is expected to spring back up again as currently delayed projects start to come back online. In 2021, it expects to reach the same level of renewable capacity additions globally as in 2019. The solar energy sector is at the cusp of this opportunity as it delivers cheaper, cleaner electricity – with the right regulatory and policy framework. Moreover, the number of direct and indirect jobs that will be created as a result of the construction and maintenance of solar rooftop plants will be an added advantage post the lockdown will be lifted to revive the economy.

After lockdown, we expect all incremental power capacity addition to be from renewable energy, especially solar energy. Thus, investment in, and capacity roll-out of the solar sector is a precursor to the health of the economy. This pandemic is also a lesson for most of the Companies to not rely solely on one country for their technical equipment and move towards being more diversified and domestic production of commodities. The construction phase of solar, however, is very employment-intensive and, to some extent, operation and maintenance of solar generate significant employment in our communities. Thus, Job security and job creation in the solar sector will probably be the most important factors to revive the economy of the country post-COVID-19.

Government’s boost to the solar energy sector

The Government of India has also taken measures to help the solar energy companies such as cut in repo rate to 4.4 per cent, three months moratorium on principal and interest repayment for term loan and working capital facilities to revive the solar energy sector. The solar industry is seeking some respite from the government so that they can work towards meeting the long-term renewable energy targets of the country. More targeted policy introductions need to be done to support decentralized projects such as Rooftop Solar and provide an incentive to domestic production of Solar cells, modules, and other equipment.

Recently, the International Renewable Energy Agency’s (IRENA) Coalition for Action comprising over 100 companies in the renewable energy industry from across the world wrote to their governments putting forth recommendations on how governments can ensure a speedy recovery of the economy of the solar rooftop sector. Recently, Prime Minister Narendra Modi highlighted the importance of building local manufacturing capacity while launching a 750-MW solar plant in Madhya Pradesh.

His statement of a liquidity injection package of Rs 90,000 crore to power distribution companies as part of the Centre’s ‘Atmanirbhar Bharat Abhiyan’ economic stimulus. Once the lockdown will be completely lifted, more financial aid is required to boost local manufacturing. The government should grant more financial aid to the solar energy sector and decentralised model of solar energy development that does not endanger grasslands and desert ecosystems.

Puneet Goyal

Co-Founder of SunAlpha Energy

Business World

India will be the Fastest Growing Economy among Top Ten Major Economies from FY 2021-22, GDP to touch US$ 5 Trillion by FY 2026-27: PHD Chamber

Nov 8, 2020 by Gouri Achary 0 Comments #GDP growth of Indian economy, #Indian economy, #International Monetary Fund (IMF), #PHD Chamber of Commerce and Industry, #Shri Sanjay Aggarwal

While appreciating the dynamic reforms undertaken by the Government during the last 7 months to mitigate the daunting impact of pandemic COVID-19 on trade and industry, Shri Sanjay Aggarwal, President, PHD Chamber of Commerce and Industry, said in a press statement issued here today that the economy is going to attain its fastest growth trajectory from the next financial year 2021-22 onwards.

According to the recent growth estimates by the International Monetary Fund (IMF), India is projected to become the fastest growing economy among the top 10 major economies in the world economic system from 2021 to 2025.

The average GDP growth of Indian economy in next five years from 2021 to 2025 will be at 7.8%, highest as compared with top 10 economies including 6.2% of China, 3% of France, 2.9% of United Kingdom, 2.9% of Canada, 2.4% of United States, 2.3% of Germany, 2.3% of Italy, 2.3% of Brazil and 1.4% of Japan, said Shri Sanjay Aggarwal.

The size of the economy will increase from Rs 203 trillion in FY 2019-20 to Rs 331 trillion in FY 2025-26 at current prices, which becomes at around US$ 4.42 trillion considering the exchange rate at 74.9 (average of the current fiscal year 2020-21; April-October), said Shri Sanjay Aggarwal.

Real GDP growth projections of top 10 world economies (YoY%)

S. No. Country India projected as the fastest growing economy Average %

(2021-25)
2021 2022 2023 2024 2025
1 United States 3.1 2.9 2.3 1.9 1.8 2.4
2 China 8.2 5.8 5.7 5.6 5.5 6.2
3 Japan 2.3 1.7 1.2 1.0 0.6 1.4
4 Germany 4.2 3.1 1.8 1.3 1.2 2.3
5 India 8.8 8.0 7.6 7.4 7.2 7.8
6 United Kingdom 5.9 3.2 1.9 1.7 1.6 2.9
7 France 6.0 2.9 2.3 1.9 1.7 3.0
8 Italy 5.2 2.6 1.7 0.9 0.9 2.3
9 Brazil 2.8 2.3 2.2 2.2 2.2 2.3
10 Canada 5.2 3.4 2.4 1.8 1.7 2.9

Source: PHD Research Bureau, based on International Monetary Fund projections

Percolation of more and more economic reforms at the ground level with effective implementation would be crucial to attaining the potential trajectory of US$ 5 trillion in the next 6 financial years by FY 2026-27 (GDP at current prices; considering the exchange rate between 74-75), said Shri Sanjay Aggarwal.

On the back of various reforms undertaken by the Government, economic recovery has become visible in the high frequency economic and business indicators of the recent months. Recently, PHD Chamber on the basis of PHDCCI Economic and Business Momentum (EBM) Index, estimated that the GDP growth will be at around (-) 7.9% for the current financial year 2020-21 as compared with the median forecasts of (-) 9.3% by various national and international forecasting organizations, said Sh. Sanjay Aggarwal

At this juncture, demand creation measures are needed to attain a positive growth trajectory sooner rather than later, said Shri Sanjay Aggarwal.

Demand creation along with increased spending on infrastructure will have multiplier effects on the economic growth trajectory by boosting private investments, creating new employment opportunities in the country, generating demand for commodities such as steel, cement and power, said Shri Sanjay Aggarwal.

The planned Rs 111 lakh crore investment in the National Infrastructure Pipeline (NIP) has a great potential to boost the GDP growth of the country as the correlation between the investment in infrastructure and economic growth is quite high, said Shri Aggarwal.

For this purpose, the Government can consider raising investment funding through borrowings from overseas markets by the issuance of overseas bonds through an SPV that could act as a mega Development Financial Institution- DFI, said, Shri Aggarwal.

Overseas borrowing at this juncture is a feasible option given the fact that India has a significantly better external debt to GDP ratio at 20.6% as compared with 95.2% in the USA, 83.5% in Japan, 301.8% in the UK, 230% in France and 119.6% in Canada, said Shri Aggarwal.

Overseas borrowing will bring in diversification in the Government borrowings and will significantly reduce the dependency on the domestic market. This will allow leaving more room for the private sector to raise capital for investments, said Shri Aggarwal.

In the past, Governments of various countries have often used DFIs to fund industrial and infrastructure investments. DFIs help in efficient and timely infrastructural development in a country through effective financial as well as technical support said Shri Aggarwal.

The DFI could initially finance public sector infrastructure investments, and, as the economy picks up steam, could also finance the private sector infrastructure project, said Shri Aggarwal.

We have a large chunk of foreign exchange reserves of USD 555 billion as of October 2020, part monetisation of which could become another way to promote greater infrastructure development in India at a faster pace after due diligence and proper safeguards, said Shri Aggarwal.

Focus is required on further reducing the cost of doing business in the country including the costs of capital, costs of compliances, costs of logistics, costs of land along with the availability of land and flexibility in hiring the workforce vis-à-vis flexible labour laws, said Shri Aggarwal.

This will help in enhancing the cost competitiveness and creating a level playing field for domestic businesses enterprises, attracting a large chunk of foreign and domestic investments, boosting industrial activities and creating tremendous employment opportunities for the growing young work force in the country, said Shri Aggarwal.

Going ahead, need is to sustain the reform momentum set by the Government, ensure effective implementation of the reforms at the grassroots level and enhance the synchronization of policies between Central and State Governments, said Shri Aggarwal.