New Delhi, July 27 (IANS) Hailing the Union Budget 2024-2025, serial investor and entrepreneur Ronnie Screwvala said on Saturday that allocating Rs 2 lakh crore for education and employment is a game changer for the overall growth of the country.

Furthermore, the Budget has allocated Rs 1.48 lakh crore specifically for education, employment, and skilling, underscoring the government’s commitment to these vital areas.

Screwvala lauded the focus on employment and skilling and making the micro, small and medium enterprises (MSMEs) sector thrive for economic growth and creating 100 million jobs over the next decade.

According to the government, the new Budget initiatives are poised to stimulate the MSME sector, enhance the employability of the workforce, and provide much-needed support to the middle class, ultimately driving inclusive growth and sustainable development for the nation.

“With skilling comes innovation that will lead us to be a creator economy vs a replicator or outsourcing economy. Intellectual Property creation is the wealth of any nation and economy,” he said.

“Budget spends are on the right priorities with Defence, rural, education and agriculture in the top five. This is the right way to unlock India’s demographic dividend,” added Screwvala, co-founder and Chairman of edtech platform upGrad.

Internships and empowering women take the budget to the core of what will make India shine.

On long-term capital gains (LTCG) tax, the entrepreneur said India is one of the lowest capital gains tax countries.

Under the new tax rules, stock investing will attract a 12.5 per cent LTCG (previously 10 per cent) and 20 per cent Short-Term Capital Gains tax (previously 15 per cent).

India’s capital gains tax remains one of the lowest globally, excluding tax havens such as Hong Kong, Singapore and the UAE.

–IANS

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New Delhi, July 27 (IANS) In a bid to boost cyber security for the critical power infrastructure, Indian Institute of Technology, Kanpur (IIT-K) and National Power Training Institute (NPTI), on Saturday, announced a collaboration towards enhancing the research and training capabilities.

The partnership aims to prepare a detailed project report (DPR) for establishing an OT (operations technology) and SCADA (supervisory control and data acquisition system) cyber security lab at NPTI.

These systems are differentiated from the IT systems of power systems operations organisations, such as power distribution utilities or power generation and transmission companies, and the cyber security of these systems is the key.

“With our extensive expertise in cyber security research, this collaboration strengthens our mission to contribute to the nation’s technological advancements to prevent any further cyber-attacks on critical infrastructure,” said Professor Manindra Agrawal, Director, IIT Kanpur.

The cyber security lab will be state-of-the-art and have the most common components used in OT systems at various Indian utilities.

“The lab will be more extensive than what is already present at the C3iHub. It will be a great asset for the power system operators in India to train their workforce in OT and SCADA security,” said Professor Sandeep Shukla, Project Director, C3iHub, IIT Kanpur.

The partnership marks a pivotal milestone towards fortifying the cyber security infrastructure of India’s power grid.

“NPTI is committed to equipping our workforce with the latest technological know-how. The DPR will lay the groundwork for a facility that will provide hands-on training and support the integration of modern technologies in the power sector,” said Dr Tripta Thakur, Director General, NPTI.

–IANS

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New Delhi, July 27 (IANS) The foreign portfolio investor (FPI) community, which is set to play a major role in positioning India as the third largest economy in the world, has pumped in nearly 52,910 crore in equity and debt this month (till July 26).

FPIs were consistent buyers as the Union Budget 2024-2025 focused on fostering a stable and mature equity investment environment.

Market experts, citing the data by National Securities Depository Limited (NSDL), said that FPIs have invested Rs 33,688 crore in equity and Rs 19,222 crore in debt so far this month (July 26).

For the full year-to-date, FPI investment in equity stands at Rs 36,888 crore and Rs 87,846 crore in debt in the country.

Analysts said this massive flow of money into the domestic mutual funds and the newfound clout of the retail investors have “strengthened the domestic investors over their foreign counterparts”.

According to them, the reason for a quick rebound in the capital markets can be attributed to positive sentiments and a stable government’s assurance of continuity of reforms.

Meanwhile, the Budget emphasises capital allocation and policy measures to boost the majority of sectors which will help to continue the long-term growth of the economy.

Experts said the government has also made a comprehensive review of the indirect Tax rate structure for ease of trade, removal of duty inversion and reduction of disputes.

The budget proposes an increase in short-term capital gains (STCG) tax from 15 per cent to 20 per cent and long-term capital gains (LTCG) tax from 10 per cent to 12.5 per cent.

It may affect sentimentally for the short term but the way the long-term outlook of the equity market remains positive, it will not change Inflow to the equity market, according to Pantomath Capital Advisors.

The Indian growth story remains intact and manufacturing sentiments in the country have shown an improvement in the April-June quarter. The demand conditions continue to be strong and may get a further boost with the progress of the monsoons.

The budget allocation for infrastructure, the rural sector and the thrust on employment generation schemes are seen as big moves which will boost economic activity and boost consumption.

A survey indicated this month that the business activity accelerated to a three-month high in July as the services sector surged and manufacturing picked up momentum leading to companies hiring at the fastest pace in 18 years.

India has emerged as the fastest-growing major economy in the world, clocking a growth rate of more than 8 per cent in 2023-24.

–IANS

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New Delhi, July 27 (IANS) NASA on Saturday shared stunning images of Paris from space as the 2024 Paris Olympics got off to a blistering start amid thunderclouds and heavy rains.

The International Space Station (ISS) posted some images from its X social media account.

“The City of Light. Paris, where the 2024 Olympics just kicked off, dazzles in these night-time photos taken from the International Space Station,” posted the orbiting laboratory.

Tesla and SpaceX CEO Elon Musk liked the images, and posted that “the Olympics laser show was amazing”.

“Amazing view! What an amazing planet!,” posted an X user.

For the first time in the history of the Olympics, the opening ceremony didn’t take place in a stadium but was held in the heart of the city along its main artery: the Seine River.

“Paris goes to sleep but the Olympic rings still shine. Tomorrow the sports begin,” posted the official Paris Olympics X account.

The event started with representatives from Greece leading the athletes from nearly 200 countries in the Parade of the Nations on boats on the river.

India has sent a contingent of 117 sportspersons to Paris for the 2024 Olympics. Indian athletes will compete in 16 out of the 32 sports featured in this edition of the Olympic Games.

The country is set to open its campaign in shooting, badminton, tennis, rowing, archery and hockey on the first day of competitions on Saturday.

–IANS

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New Delhi, July 26 (IANS) Researchers have re-examined the legendary astronomer Johannes Kepler’s sunspot drawings using modern techniques, revealing previously hidden information about solar cycles before the grand solar minimum, showing he still has not lost any of his relevance.

By recreating the conditions of Kepler’s observations and applying Sporer’s law with modern statistics, an international group led by Nagoya University in Japan has placed Kepler’s sunspot group at the tail-end of the solar cycle preceding the one observed by early telescopic astronomers like Thomas Harriot and Galileo Galilei.

Their findings, published in Astrophysical Journal Letters, offer key insights into the duration of solar cycles at the beginning of the 17th century, associated with the transition to the Maunder Minimum (1645-1715), a period of abnormally low sunspot activity.

Kepler’s observations, made with a camera obscura, recorded a sunspot group in May 1607, initially mistaken for a transit of Mercury.

Nagoya University’s Hisashi Hayakawa emphasised the significance of Kepler’s sketch, noting it as the oldest sunspot record made with instrumental observation.

By analysing Kepler’s records and comparing them with contemporaneous data, the researchers identified the sunspot group as being at the end of solar cycle -13, contrasting with later observations showing sunspots at higher latitudes. This analysis supports the regular duration of solar cycle -13, challenging other reconstructions suggesting an extremely long cycle.

The study highlights Kepler’s legacy in astronomy, showing his sunspot records predate existing telescopic records by several years, providing valuable context for understanding changes in solar behaviour during a pivotal period.

Sabrina Bechet from the Royal Observatory of Belgium noted the continued relevance of historical figures’ records in modern scientific research, underscoring Kepler’s lasting impact on the field.

–IANS

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