By – Ms. Ritu Prakash Singh, Senior Economist and Head – MSME Research, UGRO Capital India’s GDP growth for the quarter ending June 2024 registered at 6.7%, slightly below expectations and 1.5 percentage points lower than the same quarter last year. This slowdown is largely due to a high base effect, adverse weather conditions, and […]
The post India’s Q1 GDP Highlights first appeared on Business News Week.
New Delhi, 31st August 2024: ITC Hotels recently signed a management agreement with Bhopal based Lunera Castle Resort & Spa, for a landmark property under brand Welcomhotel in Mandu, Madhya Pradesh. Welcomhotel Mandu – the refreshed avatar of the heritage destination ‘Lunera ki Sarai’ pays tribute to the ancient fort city of Mandu celebrated for its architecture.
With this signing, ITC’s Hotel Group will have nearly 540 keys in Madhya Pradesh. This includes two operating WelcomHeritage properties in Pench, Pachmarhi and three Welcomhotels in pipeline at Jabalpur, Gwalior and Bhopal.
Welcomhotel Mandu will feature 94 rooms, an all-day dining restaurant, a specialty restaurant, meeting spaces, spa and swimming pool.
Mandu, also known as Mandav, is an ancient fort city in the central Indian state of Madhya Pradesh. Surrounded by stone walls dotted with darwazas (gateways), Mandu is known for its rich history, architectural marvels, and romantic legends, making it a popular destination for tourists, history buffs, art and design enthusiasts.
A short 2-hour drive from Indore, the erstwhile Lunera ki Sarai is set to emerge as a popular tourist destination.
Speaking on the occasion, Anil Chadha, Chief Executive, ITC Hotels said, “We are honoured to have been entrusted with the legacy of Lunera ki Sarai. Historical context dates this ‘sarai’ located along the trade routes in 16-17th century back to 400 years. It is indeed a very special project. Brand Welcomhotel looks forward to reviving the glory of Lunera ki Sarai by enabling memorable experiences at this heritage resort.
Pankaj Phulwani, Director, Lunera Castle Resort and Spa said, ITC Hotels expertise in hospitality is well established. We have no doubt that through their acclaimed service standards upheld by their competitive talent this resort will shine brighter and will elevate Mandu to one of Madhya Pradesh’s favourite tourist destination. Given the enriching experiences that Brand Welcomhotel is known for, we are sure that this fort-style resort against the Sarai’s heritage backdrop will be a big draw for travellers.”
Welcomhotel by ITC Hotels is a collection of upper upscale hotels. With an endeavour to provide immersive and enriching experiences from curated journeys that enhance leisure trips, to those that help maximize the efficiency of business stays, at Welcomhotel every effort is made to add value to the new-age traveller. Present in locations ranging from hills to beaches, and deserts to cities, the properties skilfully blend together local aesthetics and modern-day comforts along with ITC Hotels’ renowned culinary expertise. At the heart of everything at Welcomhotel, lies the thought of ‘enrichment’. It is this vision that helps enrich the lives of the guests, the community, and our hotel associates through integrated efforts and holistic initiatives.
Pune, August 31, 2024: With the upcoming Ganesh Chaturthi festival, Orchids The International School‘s Tathawade Campus in Pune brought together students from Grades 6 to 10 for a unique and creative experience – an Eco-friendly Shado Mati Ganesh Idol Making Workshop. This engaging session was designed to unlock the artistic potential of our young learners, while instilling valuable lessons in sustainability and environmental responsibility.
As the children immersed themselves in idol making with Shado Mati, a natural and biodegradable material, the students delighted in the process of creating charming and beautiful Ganeshas. With the guidance from skilled facilitators, they learned the art of eco-friendly clay modeling, shaping their own Ganesha idols symbolizing the message of hope, and harmony.
Expressing thoughts on the Eco-friendly Ganesh Idol making workshop, Ms. Usha Murthy, Principal at Tathawade campus, Orchids The International School said, “Through this interactive workshop, the aim was to foster teamwork, creativity, and building a deeper connection with nature. By motivating our students to think imaginatively and collaborate effectively, we aspire to inspire a new generation of eco-conscious leaders poised to make a positive impact on our world.”
The eco-friendly Shado Mati Ganesh Idol Making Workshop aimed to instill environmental responsibility and promote sustainable practices among the young Orchidians. This initiative by Orchids The International School demonstrated its commitment to fostering life skills and enhancing eco-awareness in its students.
By-Dr. Vikas V. Gupta, CEO & Chief Investment Strategist, OmniScience Capital
“India’s GDP growth for the quarter ending June 2024 registered at 6.7%, slightly below expectations. While this indicates a modest slowdown, the underlying data remains encouraging, with strong growth in private consumption and a notable rise in investment activity. The slowdown is primarily due to a high base effect, adverse weather conditions, and restrictions on activities during the general elections, likely leading to the lowest levels of government and private sector spending during this period.
Looking ahead, we anticipate GDP growth to closely align with our estimate of 7% or higher, underscoring the resilience and recovery of the Indian economy. This growth, driven by robust consumption, investment, and favorable government policies, is particularly encouraging amid global economic uncertainties and the lingering effects of the pandemic. The manufacturing and services sectors have shown strong momentum, reflecting the success of structural reforms and pent-up demand. However, it is crucial to focus on sustainable growth drivers such as infrastructure development, digital transformation, and green energy initiatives to sustain this upward trajectory. The current data strengthens our optimistic outlook for the Indian economy while highlighting the need for vigilance against potential global and domestic challenges. Overall, this is a positive signal for investors, indicating ongoing opportunities for long-term wealth creation in sectors like renewable energy, power, cleantech, data centers, fintech, and banking.”
Bangalore, India – [31 August, 2024] – Zoomcar, Zoomcar Holdings, Inc. (“Zoomcar” or the “Company”), the NASDAQ-listed leading marketplace for self-drive car sharing, is thrilled to announce the beta launch of our cutting-edge Generative AI (Gen AI) Assistant, now available to select Hosts. This AI assistant is designed to provide 24/7 support, guiding Hosts through every step of their journey, from seamless onboarding to understanding the platform and safety of their vehicles, and also maximizing their earnings.
Becoming a car-sharing Host is still a novel concept in India, and many potential Hosts have numerous questions before they attach their cars to the platform. Traditionally, this process has required significant one-on-one interaction, which, while effective, is logistically challenging. With the introduction of the Gen AI assistant, Zoomcar aims to bridge this gap by offering a scalable, always-on solution that assists Hosts with onboarding, answers their queries, and provides valuable insights.
Hiroshi Nishijima, CEO of Zoomcar said “Our business model is unique and involves a complex product and process, particularly for onboarding Hosts. We’re excited to introduce this first-of-its-kind GenAI assistant, which we have customized and trained to ease the process for both Hosts and Guests. This is a significant step forward in enhancing the overall experience on our platform.”
The AI assistant will continue to evolve, becoming smarter at each stage. In the coming months, it will transform into a personal assistant for Hosts, helping them grow their earnings. Zoomcar also plans to introduce a similar GenAI assistant for Guests, offering personalized, curated suggestions for selecting the most suitable vehicle for their trips based on their needs. This assistant will also provide comprehensive summaries of the last few bookings and the experience of previous guests.
“We are committed to investing the majority of our engineering resources into developing GenAI-based products this year. Our focus is on making onboarding easier for Hosts and speeding up decision-making for Guests. This is just the beginning of what we have in store,” added Vishal Ramrakhyani, Head of Engineering at Zoomcar.
Zoomcar is leading the way in leveraging AI technology to enhance the car-sharing experience for both Hosts and Guests, setting a new standard for the industry.
Chandigarh, August 31, 2024: On the occasion of National Sports Day, Bank of Baroda (Bank), one of India’s leading public sector banks, is undertaking various sports, fitness and environmental activities such as walkathons, group sports competitions and tree plantation drives across the country to promote a healthier, more active, and environmentally conscious community. Bank today also launched the “Sab Mein Hai Khiladi” campaign to recognise and celebrate the athletic and sportsmanship spirit that resides within every employee of the Bank. India celebrates National Sports Day on August 29 every year, commemorating the birth anniversary of hockey legend Major Dhyan Chand.
The Sab Mein Hai Khiladi campaign features three of India’s well-known athletes and Bank of Baroda’s endorsers: badminton legend PV Sindhu, cricket star Shafali Verma and rising tennis player Sumit Nagal. These three sporting stars took centre stage together with Bank of Baroda’s own athletes. The Bank currently has 50 employees who are sportspersons and who are an integral part of the campaign. As a part of the campaign, the Bank organised several sporting activities for employees such as table tennis, basketball, cycling, arm wrestling etc with employees earning points. The campaign also included a fitness challenge and a sports-themed trivia contest with the top winners getting an exclusive meet-and-greet session with their sporting idols as well as some exciting prizes.
Shri Sanjay Vinayak Mudaliar, Executive Director, Bank of Baroda said, “On National Sports Day, we wish to share the message that the spirit of a ‘khiladi’ resides in all of us. In addition to helping us stay both physically and mentally fit and active, sports teaches us many lessons – it teaches us the importance of hard work, perseverance, integrity, teamwork and sportsmanship. Values that are important both on and off the field. This National Sports Day, Bank of Baroda is rekindling the champion within us all.”
Chandigarh, August 31, 2024: Shree. Surender Rana DMD (ASF), SBI inaugurated State Bank of India’s first co-lending CPC at Nariman Point, Mumbai. The CPC is a dedicated unit for co-lending business of NBFCs.
The inauguration ceremony witnessed the presence of SBI dignitaries, Shree. Shantanu Pendsey CGM (ABU & GSS) and Smt. Salila Pande CGM MMR. Other dignitaries from the corporate centre and NBFC teams of NIDO Home Finance and Ugro Capital Ltd. were present as well.
The inauguration of co-lending CPC is a step towards demonstrating SBI’s commitment to growing its co-lending book with a focus on safety and sustainability.
This commitment is in line with SBI’s ongoing efforts to support MSMEs and the under-served population where the bank has made significant strides in FY24. To strengthen support to MSMEs having little or no access to formal credit, SBI has entered into a co-lending agreement with 9 NBFCs. Further, to dedicatedly continue reaching out to the unserved and under-served populace, the bank has signed MoUs with 23 NBFCs/HFCs under co-lending model.
The inauguration of the co-lending CPC reflects SBI’s determination to grow the co-lending book in a safe way and reiterates the bank’s dedication towards welfare of MSMEs and under-served population.
Chennai, 31st August 2024: The National Cyber Security Conference, organized in collaboration with the Department of Criminology and Criminal Justice Administration, was held at Tamil Nadu Open University, Chennai. This significant event was an initiative of the National Cyber Security Research Council (NCSRC) in association with AICTE and Tamil Nadu Open University.
The conference began with a warm welcome address by Ms. Srinidhi from the National Cyber Security Research Council. This was followed by the inaugural address delivered by Prof. S. Arumugam, Vice-Chancellor of Tamil Nadu Open University, who set the tone for a day dedicated to the critical issue of cyber security.
Hon’ble Dr. Kalanidhi Veerasamy, Member of Parliament for Chennai North Constituency, graced the event as the Chief Guest. In his address, Dr. Veerasamy shared his personal experiences with cybercrime, emphasizing how it can affect anyone—regardless of their education or background. He stressed the need for every department to have dedicated cyber security members and urged the public to advocate for the establishment and regulation of cyber security departments across all sectors in the country.
The felicitation address was delivered by Prof. G. R. SenthilKumar, Registrar of Tamil Nadu Open University, followed by insightful speeches from esteemed guests. Hon’ble Justice K. N. Basha, former Judge of the Madras High Court, Hon’ble Dr. Justice S. Vimala, former Judge of the Madras High Court, and Thiru Kumar Jayant, IAS, Additional Chief Secretary of the IT and Digital Services Department, highlighted the importance of raising awareness about cyber security and discussed the government’s latest initiatives aimed at safeguarding the public.
A special address was given by Dr. E. Khalieraj, Director of NCSRC, who is recognized as the driving force behind this event. Dr. Khalieraj emphasized the urgent need to protect the nation from cyber threats and the importance of individual vigilance in defending against various forms of cyber-attacks. He urged attendees to report cyber issues promptly rather than ignoring them. Dr. Khalieraj also called for a unified global cyber law to streamline processes and advocated for increasing and officially recognizing cyber volunteers in India, noting that the current number is insufficient to support effective cyber investigations.
Dr. Khalieraj’s efforts were strongly supported by G. Anirudh Balaji, Executive Director, Corporate and Public Sector, NCSRC, who played a key role in ensuring the event’s success. The conference proved to be an eye-opener for the hundreds of students who attended, providing them with valuable insights into the world of cyber security.
Special thanks are also due to Dr. Anantharamakrishnan Senthivel, Ph.D., Coordinator at Tamil Nadu Open University, for his crucial support in providing the venue and assisting the NCSRC with the event.
The event concluded with a vote of thanks delivered by Ms. J. Jeevitha, marking the end of a highly informative and impactful conference.
Treasury of Trousseau, DLF Luxury Malls’ biggest marquee event yet, takes place at India’s first and finest luxury shopping destination DLF Emporio, New Delhi, from the 4th to 7th September from 11 am to 11 pm.
Treasury of Trousseau is a grand 4-day celebration of Indian couture, craftsmanship bridalwear and global luxury, where the country’s leading couturiers, stylists, décor gurus, and culture mavens come together to showcase the best of luxury – perfect for the most celebratory milestone ‘The Big Fat Indian Wedding’ as well as one’s key celebratory moments. This flagship event is an unparalleled curated experience that brings to life an interactive one-stop destination to fulfil all luxury shopping needs and give wings to the weddings and celebrations of one’s dreams.
“At DLF Emporio, luxury is a legacy we continually redefine. Treasury of Trousseau embodies this spirit, bringing together a myriad of Indian couture, global brands, style, and cultural artistry. By curating the essence of ‘The Great Indian Wedding,’ we continue to celebrate the momentous occasions in our guests’ lives and remain the ultimate luxury destination for all their needs.” says Pushpa Bector, Senior Executive Director & Business Head, DLF Retail.
“Treasury of Trousseau is more than just an event; it is an iconic, immersive celebration of the grandeur of Indian weddings. We have brought together the crème de la crème of Indian fashion, international luxury, design, and craftsmanship under one roof, crafting an exemplary one-stop destination where our guests can fulfill all their desires during this cherished time. Our commitment is to continually create unparalleled experiences that elevate and enrich the lives of our esteemed guests.” says Saurabh Bharara, Vice President and Head at DLF Luxury Malls.
Treasury of Trousseau will have curated showcases by the biggest names in Indian fashion, such as Amit Aggarwal, Arjan Dugal, Falguni & Shane Peacock, Rahul Mishra, Shivan & Narresh, and Suneet Varma, and exquisitely designed pop-ups of luxury wedding picks by celebrity stylist Rhea Kapoor. The interactive event will offer private appointments with celebrity stylist Anaita Shroff Adajania for bridal styling, Dr. Kiran Sethi MD and dermatology partner Isya for advanced skin treatments and solutions, celebrity makeup artist Meera Sakhrani for bridal makeup consultations, and international brow expert Brows By Suman for brow transformations. The event will enthral audiences with panels on fashion styling by Rhea Kapoor, beauty and wellness for brides by Mira Kapoor, and wedding décor by renowned creative director and wedding planner Punit Jasuja. The event also features invite-only lunches hosted by designers Surekha Jain, Dabiri Couture and Ridhi Mehra, a whisky tasting and pairing experience and watches showcase by Sandeep Arora, Kapoor Watch Co. and Läderach, a showcase for watches hosted by Ethos Watches, as well as celebrations hosted by Jumeirah.
In a distinguished highlight, Bulgari will present its new Mangalstura 2.0 collection in an exclusive preview over cocktails, offering guests an opportunity to explore their latest luxury wedding jewellery and accessories creation.
Adding to the grandeur, luxury chocolatier Läderach will delight attendees with their selection of exquisite chocolates, providing a heavenly touch to the event’s celebratory atmosphere and gifting experiences.
This pioneering event is made more momentous by celebration partner Glenfiddich, hydration partner BODH Waters, hospitality partner Jumeirah, automobile partner Mercedes Benz Silver Arrows, horology partner Ethos Watches and art partner Masha Art.
Brides and grooms-to-be looking forward to attending this unmissable 4-day event can register via the dedicated Treasury of Trousseau event website to receive their invite. Guests can also book private appointments with Anaita Shroff Adajania, Meera Sakhrani, Dr. Kiran Sethi MD, and Brows By Suman via this website.
Bengaluru August 31, 2024: Managed co-working firm Urban Vault has leased 100,000 square feet of prime office space at Brigade Summit, one of the iconic mixed-use projects by Brigade Group, in Whitefield, Bengaluru. This move aims to expand its business and meet the rising demand for managed workspaces.
With this leasing transaction, Urban Vault—a self-funded, bottom-line-driven company that provides managed workspace solutions to corporates—has entered the Whitefield area. Whitefield is a key residential and commercial hub with modern infrastructure, hosting many tech companies, shopping malls, and entertainment options, making it a popular choice for both corporates and professionals.
At present, Urban Vault has over 20 lakh square feet of office spaces and more than 30,000 desks in its portfolio. The company has a big presence in Bengaluru and it is all set to enter Pune, Gurugram and Hyderabad market by end of FY25.
“We have taken 1,00,000 square feet office space from Brigade Group to open a new centre in Whitefield,” Urban Vault, Co-founder and CEO, Amal Mishra said.
The new facility, comprising of more than 2000 desks. Per seat cost would be around Rs 9,000 and above per month.
“Post-COVID, the demand for prime office space has revived significantly. Large and medium sized corporates are preferring hassle-free managed office space from operators like us,” Mishra said.
Among 7-8 major cities of India, he said Bengaluru has always been a preferred location for global and domestic companies because of availability of English-speaking tech professionals coupled with strong supply of prime office spaces at an affordable rent.
“Moreover, MNCs are setting up Global Capability Centres (GCCs) in Bengaluru and other major cities in a big way, creating a huge demand for Grade A office space,” Mishra said.
To cater to this robust demand for managed office space, Urban Vault is planning to enter Pune, Delhi-NCR, and Mumbai market besides further strengthening of its presence in Bengaluru.
The company is looking for spaces in these new cities to expand its portfolio, which in turn will help it in growing the company’s turnover.
“We are in preliminary discussions with many commercial real estate developers and individuals landlords for taking office space on lease in these 4 key markets,” Mishra said.
The company hopes to expand its geographical reach by end of this fiscal.
During 2023-24 fiscal year, Urban Vault clocked a turnover of more than Rs 100 crore, with an impressive 18% profit after tax (PAT) and consistent year-over-year growth. Its occupancy level in the operational centres stands at 91 per cent.
