Daily Archive: December 13, 2018

How Much Ambanis Spent On Isha Ambani Wedding

There were several fat weddings this year in India-Deepika-Ranveer, Priyanka-Nick Jonas, Sonam Kapoor-Anand Ahuja. However, one of the most talked about and undoubtedly the one which takes the cake is that of Isha Ambani and Anand Piramal. She is the only daughter of business tycoon and India’s richest man Mukesh Ambani. Isha Ambani and Anand Piramal tied the knot in a lavish but traditional ceremony at the Ambani resident Antilia in Mumbai. The guest list including the likes of former US first-lady Hillary Clinton, Khans of Bollywood, Beyonce, Rajinkanth, cricketers and other stars who marked their presence at the wedding. Reports doing the rounds suggest that Bollywood biggies who shook a leg at the wedding will be paid a whopping amount. If reports are to be believed, each superstars who danced at the sangeet was paid a hefty price for making their presence felt at the celebrations.

Mukesh Ambani is the richest man not only in India but he’s among the Richie rich of the world too. Don’t take us wrong, if we said Isha Ambani wedding cost could be a lifetime earning for some of you. The big fat Indian wedding was loud and brought cheer to their family. Do you have any idea how much Ambani spent on the wedding? Well, It is being speculated that the Ambanis spent a whopping $100 crores on their daughter’s marriage. Well, the entire wedding cost is said to be around Rs 110 Crores which is still big amount for wedding. It seems like a fancy price for the general masses but let us tell you this is merely an estimate. The official expenditure could be much more.

Mukesh Ambani is all set to throw a grand reception on Friday at Jio Gardens, Mumbai. Bollywood celebrities, sports personalities, and industrialists are expected to mark their attendance.

RBI Governor Shaktikanta Das Meeting With PSBs Hits Sensex

Mumbai: The key Indian equity indices traded higher on Thursday with the Sensex gaining over 300 points and Nifty50 trading over the 10,800 points mark.

The market was supported by healthy buying in banking stocks. Sentiments were upbeat as the newly appointed Reserve Bank Governor Shaktikanta Das held a meeting with heads of Mumbai-based public sector banks.

The Nifty PSU Bank index gained 1.66 per cent. Banking stocks also rose as RBI is scheduled to purchase government securities and infuse liquidity worth Rs 10,000 crore on Thursday.

All the sectoral indices on BSE and NSE were in the green.

“With inflation cooling off, it will give way to interest rate cut. We expect an interest rate cut which will lead to higher lending,” said Astha Jain, Senior Analyst, Hem Securities.

At 1.48 p.m., the Sensex traded 298.76 points higher at 36,077.83 points, touching an intra-day high of 36,095.56 and a low of 35,892.51 so far. The Nifty50 traded 96.95 points higher at 10,834.55 points, from the previous close.

Auto stocks were most favoured on the BSE as Tata Motors(DVR), Tata Motors and Maruti Suzuki gained over 2 per cent. State Bank of India and IndusInd Bank were among the top gainers.

In contrast, of the 30 stocks on BSE, only 6 traded lower, led by Sun Pharma and TCS, both declining by over 1 per cent.

(IANS)

GeM to soon onboard start-ups

The Government e-Market (GeM) and Department of Industrial Policy and Promotion (DIPP) are in the process of developing a PoC (Proof of Concept) corner for start-ups and will soon be able to onboard start-ups on the GeM platform. This will be a launch pad for start-ups in the country to access government market and give them a chance to sell on the GeM platform. Government users will be able to try out the innovative products and services offered by start-ups on a trial basis and give feedback.

As start-up products and services are innovative, and cannot be compared with similar products and services, a buyer may use them for three months and thereafter they certify that the product is useful and the price is reasonable.Based on this user certification the product or service will be listed on GeM.

GeM is also working in a mission mode to onboard maximum number of Micro Small and Medium Enterprises (MSMEs). This is GeM’s initiative for the MSME support and outreach programme which is running for 100 days covering 100 districts. This programme was launched by Prime Minister, Narendra Modi, in November 2018 as a national mission to support MSMEs.

GeM is part of this mission in 77 districts of the country and at half way of the 100-day mission, 26% of vendors on GeM are from the MSME sector and 781 registrations of MSMEs have been completed on the GeM platform.

Of the 1 lakh crore CPSE procurement being done by the 170 CPSEs that are procuring their requirements through GeM 25% is from MSMEs.

In order to encourage and support MSMEs to onboard onGeM in larger numbers, credit facility is being made available to MSMEs on GeM through TReDs, a bill discounting service supported by SIDBI for pre and post shipment of products. As small enterprises find it difficult to deal with payment delays,GeM is ensuring that this issue will be solved for MSMEs who can now avail theTReDs facility. Further, certain products are reserved for MSMEs on GeM. GeM also offers customized training modules in 13 languages to hand hold them to register on the platform.

GeM is now focusing on the services sector which was announced as a champion sector by the Union Cabinet this year. Services like transportation, inspection, webcasting and analytic services may be availed throughGeM by government departments.

Products leasing is also available for users on the GeM platform.Thirty-three services like cloud, cab service, HR hiring, sanitation and security are available for leasing through the GeM platform.

In order to improve quality of products and services, GeM is also offering QCBS based procurement for government departments.

In the recently concluded National Mission on GeM medical devices that are required by the health sector have been on boarded on the platform.An MoU has been signed with Kalam Institute of Health Technology, Visakhapatnam,which comes under the Department of Biotechnology, Government of India. It will be a knowledge partner and help in creating the technical parameters and catalogue for medical equipment and devices.

GeM platform is also being used to place orders for World Bank projects up to USD 50,000.

The National Mission on GeM (NMG) was launched on 5th September 2018 by Union Commerce and Industry Minister, Suresh Prabhu, to accelerate the adoption and use of GeM by major Central Ministries, States and UTs and their agencies including CPSUs and PSUs.

The objectives for creating this platform was:

To promote inclusiveness, create transparency and efficiency in public procurement, achieve cashless, contactless and paperless transaction, increase overall efficiency leading to significant cost saving on government expenditure in procurement and maximize ease in availability of all types of products and services bought by Government buyers.

***

National Mission on Government e-Market (GeM) portal

The National Mission on GeM (NMG) was launched on 5th September 2018 till 17th October 2018. The objective of the Mission was to accelerate the adoption and use of Procurement by Major Central Ministries, States and UTs and their agencies (including CPSUs/PSUs, Local Bodies) on the GeM platform. The objectives of the NMG were to:

  • Promote inclusiveness by catapulting various categories of sellers and service providers
  • Highlight and communicate ‘value add’ by way of transparency and efficiency in public procurement, including corruption free governance.
  • Achieve cashless, contactless and paperless transaction, in line with Digital India objectives.
  • Increase overall efficiency leading to significant cost saving on government expenditure in Procurement.
  • Maximizing ease in availability of all types of products and services bought by Government buyers.

 

During the mission, 315 events and training programs conducted across 31 states in which there were 22,838 participants. For central Ministries and CPSUs 106 events were conducted in which there were 5,990 participants. In addition to this, there were 18 theme based events organized at National Level covering critical areas of intervention like GeM design and architecture, localization, quality assurance, legal frameworks GeM payments, credit facility, OEMS, education, health and power in which there were 2,222 participants.

The portal was launched on 9th August 2016 as a pilot and gradually scaled up. During the last 2 years and 4 months (till 2nd December 2018),

  • Number of orders placed-1,015,519
  • Value of orders placed – Rs. 14,959 Crore

GeM has brought transparency, efficiency, and inclusiveness in public procurement. It has reduced the time of procurements, reduced the process and enabled ease of doing business for both buyers and vendors. There is huge savings in the cost of procurement, ranging from a minimum of 10% to 45% in different categories. The average saving based on the MRP/Listed price is about 28%.

This information was given by the Minister of State of Commerce and Industry, C. R. Chaudhary, in a written reply in the Rajya Sabha yesterday.

***

Depression over southeast Bay of Bengal : Pre-cyclone watch issued for Andhra Pradesh Coast

Latest satellite imageries and surface observations indicate that a depression has formed over southeast Bay of Bengal and lay centred at 0530 hrs IST of today, the 13th December, 2018 near latitude 6.5°N and longitude 88.7°E, about 850 km east-southeast of Trincomalee (Sri Lanka), 1170 km southeast of Chennai (Tamil Nadu) and 1350 km south-southeast of Machilipatnam (Andhra Pradesh). It is very likely to intensify further into a deep depression during next 12 hours and into a Cyclonic Storm during the subsequent 24 hours. It is very likely to move northwestwards towards Andhra Pradesh & adjoining north Tamil Nadu coast during next 72 hours.

Forecast track and intensity are given in the following table:

 

Date/Time(IST) Position (Lat. 0N/ long. 0E) Maximum sustained surface wind speed (Kmph) Category of cyclonic disturbance
13.12.18/0530 6.5/88.7 40-50 gusting to 65 Depression
13.12.18/1130 7.0/88.4 45-55 gusting to 65 Depression
13.12.18/1730 7.5/88.0 50-60 gusting to 70 Deep Depression
13.12.18/2330 8.0/87.5 55-65 gusting to 75 Deep Depression
14.12.18/0530 8.5/87.0 60-70 gusting to 80 Cyclonic Storm
14.12.18/1730 9.5/85.7 70-80 gusting to 90 Cyclonic Storm
15.12.18/0530 10.8/84.4 80-90 gusting to 100 Cyclonic Storm
15.12.18/1730 12.2/83.2 90-100 gusting to 110 Severe Cyclonic Storm
16.12.18/0530 13.6/82.2 100-110 gusting to 120 Severe Cyclonic Storm

Warnings:

  1. Heavy rainfall warning
  • Rainfall at most places with heavy to very heavy falls at isolated places likely to commence over coastal Andhra Pradesh and north coastal Tamil Nadu on 15th December.
  • Rainfall at most places with heavy to very heavy falls at a few places and extremely heavy falls (≥ 20 cm) at isolated places likely over coastal Andhra Pradesh on 16th December and isolated heavy falls on 17th.
  1. Wind warning
  • 13th December: Squally wind speed reaching 45-55 kmph gusting to 65 kmph is very likely to prevail over central parts of south Bay of Bengal and adjoining Equatorial Indian Ocean.
  • 14th December: Gale wind speed reaching 65-75 kmph gusting to 85 kmph is very likely over southwest & adjoining southeast Bay of Bengal.
  • 15th December:
  • Squally wind speed reaching 45-55 kmph gusting to 65 kmph is likely to commence along & off Coastal Andhra Pradesh and north Tamilnadu & Puducherry coasts from morning.
  • Gale wind speed reaching 90-100 kmph gusting to 110 kmph is likely to prevail over southwest & adjoining westcentral Bay of Bengal.
  • 16th December:
  • Gale wind speed reaching 60-70 kmph gusting to 80 kmph is likely to prevail along & off coastal Andhra Pradesh from morning and will increase gradually thereafter. Squally wind speed reaching 45-55 kmph gusting to 65 kmph over north Tamil Nadu & Puducherry coast.
  • Gale wind speed reaching 100-110 kmph gusting to 120 kmph is likely to prevail over westcentral & adjoining southwest Bay of Bengal.
  1. Sea condition

The sea condition is very likely to be rough to very rough over central parts of south Bay of Bengal and adjoining Equatorial Indian Ocean on 13th and high over southwest & adjoining southeast Bay of Bengal on 14th. The sea condition is very likely to be high to very high over southwest & adjoining westcentral Bay of Bengal on 15th and over westcentral & adjoining southwest Bay of Bengal on 16th.

  1.  Fishermen Warning
  • The fishermen are advised not to venture into central parts of south Bay of Bengal & adjoining Equatorial Indian Ocean on 13th, into southwest & adjoining southeast Bay of Bengal on 14th, into southwest & adjoining westcentral Bay of Bengal on 15th and westcentral & adjoining southwest Bay of Bengal on 16th December.

· Those, who are out in deep sea areas are advised return to the coast.

 

***