India to 40-Year-Olds: Time to Swap the Briefcase for a Fishing Pole!

Thursday, June 22^nd 2023

Good Morning ☕

Retiring at 40-45 with an assured pension? Talk about giving the phrase "early bird catches the worm" a whole new meaning! It's like the Indian government is offering a golden ticket to a lifetime of leisure. Who needs mid-life crises when you can be sipping margaritas on the beach while your peers are still stuck in the 9-to-5 grind? Retirement goals just got a whole lot more exciting!

1. UK's Lloyds Banking Group to set up tech centre in Hyderabad

Lloyds Banking Group, one of the UK's largest financial services groups, announced on June 21 that it is setting up a technology centre in Hyderabad, India. The centre, named Lloyds Technology Centre, will initially hire 600 highly skilled technology, data, and cybersecurity specialists within the next two years. The centre will be based in Knowledge City, Hyderabad, and will focus on developing new technologies and digital banking solutions. The move is part of Lloyds' strategy to expand its digital capabilities and improve customer experience.

2. Govt mulling over assured pensions at 40-45% as some few states move back to OPS

The Indian government is considering providing assured pensions to employees who retire at the age of 40-45 years, according to a report by The Economic Times. The move comes as some states are moving back to the old pension scheme (OPS) due to the low returns from the National Pension System (NPS). The government is also considering increasing the minimum pension under the NPS to INR 10,000 per month from the current INR 1,000. The government is expected to announce the changes in the upcoming budget.

3. IIFCL to raise ₹17,000 crore through bonds in FY24

India Infrastructure Finance Company Limited (IIFCL) plans to raise Rs 17,000 crore ($2.3 billion) through bond issuances in FY24. The company will look at five to six more tranches of bond issuances in the remainder of the year to meet the target. The funds will be used for infrastructure projects in the country. IIFCL had earlier raised Rs 1,000 crore ($134 million) through its first issuance of green bonds in February 2023.

4. Govt’s rice procurement hits 55.8 mn tonne, wheat purchases at 26.2 mn tonne

The Indian government has procured 55.8 million tonnes of rice, benefiting 1.22 crore farmers in the 2022-23 marketing season. The MSP payment to the farmers this year for the procurement of wheat and paddy combined is Rs. 2,26,829 crore against last year's total payment. About 21.29 Lakh farmers have already benefited from the ongoing wheat procurement operations with MSP payments of about Rs 55,680 crores. The government has approved a Central Sector Scheme with a total budget outlay of Rs. 500.00 crores for 3 years (2020-21 to 2022-23) under the Ministry of Agriculture.

5. LIC reduces stake in NMDC by 2%

Life Insurance Corporation (LIC) has sold 2% of its equity stake in state-owned NMDC, taking its total shareholding in the public sector unit to 11.69% as of March 14. The sale of 2% stake or a little over 5.88 crore shares in open market has fetched over Rs 700 crore to LIC. NMDC is engaged in exploration and production of iron ore.

6. Coal ministry initiates star rating registration process for coal, lignite mines

The Ministry of Coal in India has initiated a star-rating registration process for coal and lignite mines. The process is expected to ensure compliance with safety and environmental regulations. The web portal for star rating of coal mines enables all operational coal mines across India to self-rate and subsequently validate their ratings. The Ministry of Coal has overall responsibility for determining policies and strategies in respect of exploration and development of coal and lignite reserves, sanctioning of important projects of high value, and for deciding all related issues.

7. InvAscent's India Life Sciences invests $16 mn in Pregna for minority stake

Invascent's India Life Sciences has invested $16 million in Pregna, a medical device company that specializes in women's healthcare products, for a minority stake. Pregna's products include contraceptive devices, pregnancy tests, and intrauterine devices. The investment will help Pregna expand its product portfolio and increase its market share in India and other emerging markets. Invascent's India Life Sciences is a healthcare-focused private equity firm that invests in companies in India and Southeast Asia.

8. Reliance expands its FMCG brand ‘Independence’ to North India

Reliance Consumer Products Limited (RCPL), a subsidiary of Reliance Retail Ventures Ltd, has expanded its indigenous consumer packaged goods brand, 'Independence,' to North India. The brand offers a wide range of products, including edible oils, grains, pulses, packaged foods, and other items for daily needs. The products are aimed at fulfilling the needs of local consumers and providing genuine Indian solutions that effectively tackle the unique challenges faced in India. The brand was initially launched in Gujarat and is now available across Punjab, Haryana, Delhi NCR, Uttar Pradesh, Uttarakhand, and Bihar.

9. Reddit Hackers Demand $4.5 Mn Ransom, Change In API Pricing

Hackers who claim to have stolen 80GB of data from Reddit are demanding $4.5 million in exchange for the data and also demanding Reddit roll back its planned API pricing changes that spurred user and moderator protests last week. The group had previously asked Reddit in April for $4.5 million to delete the data. The hackers are threatening to publicly release the data if their demands are not met. The group is believed to be BlackCat, a ransomware group, which claimed responsibility for the February phishing attack on Reddit. The company has not commented on the hack.

10. Tata AIA declares highest-ever bonus of ₹1,183 crore for FY23

Tata AIA Life Insurance has declared a bonus of INR 861 crore ($115 million) for FY2022 to all eligible participating policyholders, which is the fifth consecutive year of bonus payment and exceeds the bonus paid in FY2021 by 20%. All participating policies in-force as of March 31, 2022, are eligible to receive this annual bonus, which will be added to the policyholders' benefits. The company's long-term fund management philosophy and prudent investment and risk management policies have enabled it to declare a robust bonus to its consumers. The total premium income of Tata AIA Life increased to INR 14,445 crore ($1.93 billion) for the financial year 2021-22, a growth of 30% .

11. Airtel Payments Bank to offer customers health Insurance up to ₹5 lakh

Airtel Payments Bank has partnered with Care Health Insurance to offer health insurance to its customers. The insurance policy will provide coverage of up to INR 5 lakh and will be available to all Airtel Payments Bank customers. This partnership is part of Airtel's ongoing efforts to expand its financial services offerings, which include personal loans, prepaid bundles with built-in insurance cover, and partnerships with other insurance providers. The move comes as healthcare costs continue to rise in India, making it increasingly important for individuals to have access to affordable health insurance.

12. 40% Indians see decline in disposable income due to inflation: Survey

According to a YouGov survey, high inflation has affected disposable income in India, but the decline is among the lowest when compared globally. The Ipsos Global Inflation Monitor for July 2022 shows that India is among the few countries where disposable income is expected to rise. However, a new International Labour Organization (ILO) report shows that rising inflation has a greater cost-of-living impact on lower-income earners, as they spend most of their disposable income on essential goods and services. The report also highlights that the crisis is reducing the purchasing power of the middle classes and hitting low-income households particularly hard.

World News 🌎

• US Announces $1.3 Billion Fresh Economic Aid To Ukraine

• Ukraine war: Push to rebuild economy starts with UK's $3bn

• Twitter Employees Sue Company For Not Paying Promised Bonuses

• UK inflation steady at 8.7% against predictions for modest fall

• Amazon accused of tricking Prime customers

• Modi in US: Elon Musk says Tesla to come to India 'as soon as possible'

• Bernie Sanders announces Amazon safety investigation

• DBS, others fined 3.8 mn Singaporean dollars for money laundering

• U.S. Tracked Huawei, ZTE Workers at Suspected Chinese Spy Sites in Cuba

• Google’s in-car tech sales risks a ban by German antitrust watchdog

• Google Cloud Launches Anti-Money-Laundering Tool for Banks

• Grab cuts around 1,000 jobs in the biggest round of layoffs since the pandemic