'80% of start ups fail because they don't have a support system to help them in the very early phase.' 'It's not just an idea that takes an entrepreneur through the initial three years of journey.' 'What plays a definitive role in making a start-up successful is idea+team+capital+mentors+access to a larger ecosystem.'
Commissions paid to mutual fund distributors (MFDs) increased by over 20 per cent for most large fund houses in 2023-24 (FY24), driven by a sharp market rally and strong inflows. The largest fund house, SBI Mutual Fund (MF), which now manages nearly Rs 10 trillion in assets, paid Rs 2,025 crore to its major distributors - 21 per cent higher than the Rs 1,675 crore payout in 2022-23 (FY23).
Will allowing business correspondents to hawk insurance products help in reviving 5-lakh strong field agents as a viable channel?
The Mumbai police have named Anmol Bishnoi, the younger brother of jailed gangster Lawrence Bishnoi, as the main conspirator in the killing of NCP leader Baba Siddique. Eight accused in the case, including the alleged main shooter Shivkumar Gautam, have been remanded in police custody till December 7. The police invoked provisions of the stringent MCOCA against all 26 accused in the case. Anmol Bishnoi, who was recently detained in the US and lodged in a prison there, has been shown as a wanted accused in the case. He was providing financial support to other accused, and a probe is underway to ascertain the source and utilization of funds. The crime branch has so far arrested 26 persons in connection with the case.
The argument put forth is that withdrawals from a long-term investment avenue leave investors with a lower corpus on retirement.
Over 4.7 crore (47 million) employees are likely to get an interest of 8.5 per cent in 2010-11 on their provident fund deposits of about Rs 2.5 lakh crore (Rs 2.5 trillion), a return authorities have been giving for the past five years.
In view of allegations by trade unions that Employees Provident Fund Organisation was "fraught with corruption", the Labour Minstry has convened a Parliamentary Consultative Committee meeting on December 14 to discuss the functioning of the EPFO.
Gross enrolments of new subscribers with ESIC were 1.49 crore during the entire financial year 2018-19, the National Statistical Office (NSO) said in a report.
In the jobs created in 2022, the share of those in the age group 18-25 increased to at least a five-year high of 56 per cent. A Business Standard analysis of the monthly Employees' Provident Fund Organisation (EPFO) payroll data shows in 2018 the share of youths among the new EPFO subscribers was 50.9 per cent. The National Statistical Office is releasing the monthly EPFO payroll data since April 2018 as part of the government's effort to track formal-sector employment by using payrolls as an instrument.
Prime Minister Manmohan Singh says a higher interest rate on Employees Provident Fund would depend on whether the Employees Provident Fund Organisation could afford a higher payout.
The Employees' Provident Fund Organisation on Wednesday categorically ruled out differential rates for its 3 crore subscribers.
Sudha and Akshata Murthy's candid confessions about each other.
Since the imposition of lockdown on March 25 by the government to contain the COVID-19 spread, businesses have been facing liquidity or cash crunch, leading to difficulties in paying their mandatory provident fund dues.
The Employees Provident Fund Organisation had paid 9.5 per cent interest in 2010-11, before scaling it down to 8.25 per cent in 2011-12 fiscal.
EPFO manages a corpus of about Rs 257,000 crore with subscribers' base of over 4.5 crore.
In a bid to earn higher return for its 40 million subscribers, the country's biggest provident fund EPFO is exploring the possibility of investing a small portion of its assets in equities.
The government's initiative to migrate SEZ data from NSDL software to ICEGATE system for streamlined reporting of import data caused double counting of gold imports, resulting in inflated figures and the issue has now been largely rectified, government sources said. The downward revision has provided the actual picture of trade deficit (difference between imports and exports), which was earlier looking very high. The deficit for November will now be revised downwards from $37.84 billion to about $32.8 billion. Similarly, there will be a revision in overall import numbers as well.
Following the footsteps of the Central Board of Direct Taxes, the Employees Provident Fund Organisation has entrusted the UTI Investor Services with the job of creating the required infrastructure for issuing its much-bragged social security number.
The National Social Security Number will be issued to the 4 crore (40 million) members covered by the scheme on the lines of the Permanent Account Number (PAN) given by the income tax department.
The successful launch of Aditya-L1 - the country's maiden mission to study the Sun - is expected to garner increased investor interest in the Indian space sector and trigger more funding for private players. Several private sector players, including Larsen & Toubro (L&T), MTAR Technologies, and Ananth Technologies, have played a pivotal role in the Indian Space Research Organisation's (Isro's) solar observatory mission. Aditya-L1 on Saturday set off on a 125-day journey on a PSLV-C57 rocket, in its attempt to study various elements relating to the nearest star from the halo orbit around Lagrange point 1 (L1) of the Sun-Earth system, which is about 1.5 million km from Earth.
While reasonable safeguards should be built in, there can't be restrictions on the individual's right to leave her/his money to whoever s/he wants, notes Harsh Roongta.
Despite the labour ministry's claims that it is vigourosly chasing the employees provident fund defaulters, the money that employers owed to the fund mounted to Rs 1,758 crore till July, but EPFO might be able to realise only Rs 571 crore.
The Indian Space Research Organisation (ISRO) has rescheduled the launch of PSLV-C59 to Thursday due to an "anomaly" detected in the PROBA-3 spacecraft. The launch was originally scheduled for Wednesday at 4.08 pm from the spaceport in Sriharikota. The anomaly was identified by scientists at the European Space Agency (ESA), who requested the rescheduling of the launch. The PROBA-3 mission, a joint project between ESA and ISRO, aims to study the Sun's corona using two spacecraft that will fly in formation. The launch will provide valuable insights for ISRO's future solar missions, including the Aditya-L1 mission which was launched in September 2023.
Last month, the Employees' Provident Fund Organisation had brought down the rate of interest to 8.25 per cent for 2011-12 from 9.5 per cent provided in 2010-11, evoking sharp criticism within and outside Parliament.
The ordinance will be tabled in the next session of the legislature, it said, adding that 27 posts were approved for the commission.
Amidst reports of a cut in interest rate on Employees Provident Fund, Labour Minister Sis Ram Ola on Thursday said he will meet Finance Minister P Chidambaram to decide on the returns for the over 32 million subscribers for this year.
PFRDA will invite bids to appoint pension fund managers.
The move comes after United States President Donald Trump accused Islamabad of giving nothing to the US but "lies and deceit" and providing "safe haven" to terrorists.
"It is felt there should be an arm's-length distance between the fund manager and the custodian of securities. There should be separation between fund manager, banker and the custodian," a senior labour ministry official said.
The Union Labour Minister Sahib Singh Verma said on Friday that he would soon make public the names and other details of the major provident fund defaulters.
India's premier defence research organisation DRDO has awarded seven new projects to private entities to develop key military assets including underwater launched unmanned aerial vehicle and long-range remotely operated systems.
Over 10 lakh workers who quit or lost jobs so far this fiscal got a major relief on Monday with the government taking a decision to pay 8.5 per cent interest on employees provident fund.
In the months immediately following the 2024 tragedy, reporting on the landslide per se had been a straightforward affair. On one side was death and destruction. On the other side, survivors and the business of survival. It was black and white. What direction to take was clear. Rehabilitation in comparison, felt like a complex situation. One that is fraught with shades of grey. As grey as human life, explains Shyam G Menon.
With temperatures soaring in Paris Olympics, Indian athletes battling the soaring temperatures and lack of cooling in their rooms in the Paris Olympic Games Village have been provided with 40 portable air conditioners
Observing that it does not propose to run the administration in Manipur, the apex court said necessary verifications shall be carried out before issuing the Aadhaar cards expeditiously.
Employees Provident Fund Organisation is likely to issue permanent account numbers to employees.
