Weekly News 21 - 25 August 2023
21 August 2023 – (Economic TImes) Sorin Investments’ maiden fund raises over Rs 1000 crore.[1]
Sorin Investments, a technology-focussed fund, co-founded by former KKR India head and private equity veteran Sanjay Nayar and Angad Banga, has raised a corpus of over Rs 1,000 crore for the second close of its maiden fund. It had raised around $100 million (approximately Rs 800 crore) in its first close last year.
The tech-focused investment firm’s fundraise comes at a time when the Indian tech startup ecosystem is facing a funding crunch that has seen several investors slash the valuations of several major Indian tech companies.
Investors in the fund include Henry Kravis, George Roberts and other partners of the American global investment firm KKR & Co as well as Hero Enterprise chairperson Sunil Kant Munjal and a few other global and Indian family offices.
The fund focuses on early-stage technology startups across various industries like fintech, edtech, software as a service (Saas), logistics, clean technologies and direct-to-consumer products and brands. It aims to invest between $2-10 million in target companies.
22 August 2023 – (Economic Times) India denies media reports, says it is not considering export tax on parboiled rice variety.[2]
India is not considering imposing any restrictions on the exports of non-basmati parboiled rice, Food Secretary Sanjeev Chopra said on Tuesday. News agency Bloomberg earlier reported that India was considering imposing an export tax on parboiled rice variety. Currently, there are no restrictions on the exports of parboiled rice, which constitutes nearly a third of India's total rice exports.
India’s inflation has surged to a 15-month high, building urgency for the government to take measures to contain spiralling food prices. Modi in a speech to the nation on Aug. 15 vowed to fight inflation as he prepares to return to office for a third term in national elections next year.
India's decision to ban overseas shipments of non-basmati white rice pushed prices to multi-year highs, as trade and industry officials believe shipments by the world's largest exporter of the grain could be halved.
Rice prices soared to the highest levels in almost 15 years in Asia on mounting concerns over global supplies as dry weather threatens production in Thailand and after top shipper India banned some exports, media reports said. Thai white rice 5 per cent broken, an Asian benchmark, jumped to $648 a tonne, the most expensive since October 2008, according to data from the Thai Rice Exporters Association, Bloomberg reported.
23 August 2023 – (Economic Times) India to become growth engine for the world: PM.[3]
Prime Minister Narendra Modi asserted at the BRICS Business Forum Leaders' Dialogue in Johannesburg that India is set to become a global growth engine in the near future, aiming to achieve a $5 trillion economy through mission-mode reforms. He emphasized improved ease of doing business and called for transparency in global supply chains.
A potential meeting between Modi and Chinese President Xi Jinping ahead of the G20 Summit in New Delhi is a key highlight. Amid ongoing discussions to address differences along the Line of Actual Control, this meeting could set the tone for Xi's visit to the G20 summit and contribute to diplomatic efforts between the two countries.
24 August 2023 – (NDTV) How Chandrayaan-3 Success Can Offer Huge Economic Benefits To India.[4]
Chandrayaan-3's successful Moon landing not only advances India's position in space exploration but also offers substantial economic prospects, aligning with the booming global space economy driven by satellite services, technology innovation, and investment opportunities.
India's participation in the expanding space sector, spurred by Chandrayaan-3's achievements, can drive economic growth through job creation, technological advancements, and a strong foothold in the evolving space race, enhancing the nation's contribution to lunar infrastructure projects and the broader space economy.
24 August 2023 - (Economic TImes) PM Narendra Modi proposes space body, tech-led skilling to drive on BRICS. [5]
Prime Minister Narendra Modi had five suggestions for boosting the group. He proposed setting up a Brics Space Exploration Consortium which will help Brics nations conduct space research and monitor the weather. Modi said Brics could help the world by making societies future-ready, for which member nations can work to prioritise education and skill development using technological tools. He cited the example of DIKSHA Portal and said such a tool can be developed for Brics nations too.
25 August 2023 – (Business Today) Annual reforms crucial for India's economic growth at 8%: WEF President.[6]
Borge Brende emphasised on the importance of a digitally connected and skilled workforce to fully capitalise on this demographic dividend
Brende also lauded India's remarkable recovery from the Covid-19 pandemic. And also cautioned that unchecked deployment of artificial intelligence in the wrong hands could lead to adverse effects on various systems
[1] https://economictimes.indiatimes.com/industry/banking/finance/sorin-investments-maiden-fund-raises-over-rs-1000-crore/articleshow/102881081.cms
[2] https://economictimes.indiatimes.com/news/economy/foreign-trade/india-considering-export-tax-on-parboiled-rice-variety-report/articleshow/102932792.cms
[3] https://economictimes.indiatimes.com/news/politics-and-nation/india-to-become-growth-engine-for-the-world-pm/articleshow/102956098.cms
[4] https://www.ndtv.com/india-news/how-chandrayaan-3-success-can-offer-huge-economic-benefits-to-india-4324727
[5] https://economictimes.indiatimes.com/news/india/pm-narendra-modi-proposes-space-body-tech-led-skilling-to-drive-on-brics/articleshow/102995877.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
[6] https://www.businesstoday.in/india-at-100/story/annual-reforms-crucial-for-indias-economic-growth-at-8-wef-president-395713-2023-08-26
