NEWSLETTER | CENTRE MIGHT HIKE STANDARD DEDUCTION LIMIT IN BUDGET 24; CROP INSURANCE & RAIN DAMAGE & MORE
From the Centre possibly hiking the standard deduction limit in Budget 2024 to a lowdown on crop insurance , here are the top 11 news stories across business, global events, tech, and more —
#LatestNews⚡
Oil prices near two-month high on Middle East, Hurricane concerns
Oil traded near a two-month high after breaking out of its recent trading range on an escalation in tensions in the Middle East and concerns over the rapid start to the Atlantic hurricane season. Brent crude traded near $87 a barrel after rising Monday, while West Texas Intermediate was above $83. Israel’s military said 18 soldiers were injured in a drone attack by Iran-backed Hezbollah, one of them seriously, threatening to move the conflict closer to a
full-scale war.
Meanwhile, Hurricane Beryl made landfall on Carriacou Island in the Caribbean as a category 4 storm, raising concern that such a severe system this early in the year may portend a serious hurricane season, which is still months away from its typical peak.
Women to the back please! Discomfort at CA Institute event as women told to vacate front rows
An uncomfortable situation developed at an International Conference for Chartered Accountant (CA) students organised by the Institute of Chartered Accountants Of India (ICAI) in Kolkata between June 22 & June 23. Attendees say women were asked to relocate to seats at the rear, apparently at the behest of the Chief Guest Swami Gyanvatsalya from BAPS Swaminarayan Mandir.
Attendees say the startling announcement requesting female participants, guests and volunteers to change seats was made just before Swami Gyanvatsalya entered the auditorium. Multiple attendees CNBC-TV18 spoke to said they were given to believe the announcement was made to accommodate the Chief Guest not being “comfortable” with women occupying the front rows.
How a Mumbai family scammed four insurance companies of over ₹1 crore
In a shocking revelation, news reports say that a woman, Kanchan Pai, in collusion with her husband Rohit, son Dhanraj, and a doctor, Ashutosh Yadav, managed to deceive four insurance companies, fleecing them of a sum exceeding ₹1 crore.
According to the police FIR, a woman living in Bhayander in suburban Mumbai bought insurance from four companies under two different names, Kanchan Pai and Pavitra. The total amount of this insurance was about ₹1.1 crore.
The family declared the woman dead after buying the policies and claimed insurance with a fake death certificate and cremation certificate.
#TechTalks📱
AI has ushered in a new era of drug discovery, says Nobel Laureate James Rothman
Renowned Nobel Laureate James Rothman said he is inspired by how artificial intelligence (AI) has transformed drug discovery. Citing the example of AlphaFold, an AI system developed by Google DeepMind that predicts a protein's 3D structure with "stunning" accuracy, Rothman — who was awarded the Nobel Prize for Physiology or Medicine in 2013 — said AI has opened the doors to unprecedented advancements in biology and medicine.
"AI technology, exemplified by AlphaFold, has ushered in a new era of discovery in basic science laboratories and industrial settings. The ability to predict protein structures with stunning accuracy has opened doors to unprecedented advancements in understanding biological mechanisms and accelerating drug development," Rothman said, speaking exclusively to CNBC-TV18 on the sidelines of a panel discussion held as part of the Young Turks' Voices from the Valley series.
OpenAI buys enterprise startup to help customers sift through data
OpenAI has bought Rockset, an enterprise search and analytics startup, marking the most significant acquisition to date for the high-profile artificial intelligence company.
The ChatGPT maker said Friday that it plans to integrate Rockset’s technology to help business customers and developers make better use of their data on OpenAI’s platform. Some members of Rockset’s team will also be joining OpenAI. Terms of the deal were not disclosed.
#PersonalFinance💰
Monsoon season: Is rain damage covered by crop insurance?
As the monsoon season is here, farmers across India brace themselves for the impact on their crops. Monsoon rains, while essential for agriculture, can also cause significant damage if they are excessively heavy or erratic.
This raises the question: can crop insurance provide coverage for damage caused by the monsoon?
What is covered under crop insurance?
Crop insurance is designed to protect farmers from financial losses due to crop damage or loss. According to Rakesh Jain, CEO of Reliance General Insurance, crop insurance policies cover a range of risks that farmers face during the crop-growing season.
Income tax relief: Budget 2024 may increase standard deduction limit to ₹1 lakh
The Finance Ministry is contemplating an increase in the standard deduction limit under the new tax regime, according to CNBC Awaaz report. The decision is expected to be part of Finance Minister Nirmala Sitharaman's first budget of her third term, following consultations and internal assessments within various government departments and the Prime Minister's Office.
Understanding standard deduction
Standard deduction is a fixed amount that taxpayers can deduct from their taxable income without the need for receipts or expense proofs. It reduces the taxable income, thereby lowering the overall tax liability.
#DailyData📈
Leading the AI Race
#ExpertEdge💡
Farm loan waivers | Political gain vs economic strain
Farm loan waivers have been a recurring theme in India’s agricultural policy, often seen as a relief measure for distressed farmers. Recent announcements by the Telangana and Jharkhand governments to waive loans up to ₹2 lakh per farmer underscore the continuing reliance on this tool.
While these waivers are politically appealing and provide immediate relief to farmers, they also raise questions about their long-term effectiveness, impact on credit culture, and financial sustainability.
The primary advantage of farm loan waivers is the immediate relief they provide to farmers. The Telangana government's decision to waive ₹31,000 crore in farm loans aims to benefit 47 lakh farmers, while the Jharkhand government's waiver is set to aid over 1.91 lakh farmers.
Full Budget 2024 | Why one can expect the most populist Union Budget this time
As the Modi 3.0 government unveils its budget, the air is thick with anticipation, and the political corridors are abuzz with speculation. This budget is not just a financial statement but a litmus test for the newly formed NDA coalition’s commitment to its diverse electorate.
The common man, the farmer, the young job seeker, and the entrepreneur are all looking towards the centre with hope for populistic announcements that will ease their burdens and pave the way for prosperity. In this crucible of expectations, the government is also expected to make strategic manoeuvres to strengthen its coalition ties, especially with States that have been pivotal in its formation.
#StartupsWorld🌍
Purplle raises ₹1,000 crore from ADIA subsidiary, claims to be operationally profitable
Omnichannel beauty marketplace Purplle has raised ₹1,000 crore in a fresh funding round led by a wholly-owned subsidiary of Abu Dhabi Investment Authority (ADIA) with participation from other investors.
Nearly 70% of the investment was in the form of secondaries where ADIA and other investors bought shares in the ecommerce company from early backers. In October 2023, JSW Ventures exited the Gurugram-based company through a sale to Manipal Education & Medical Group Family Office (MEMG). In June 2022, Purplle turned unicorn with a valuation of $1.1 billion, after raising $33 million in its Series E round from South Korea’s Paramark Ventures as well as existing backers Blume Ventures, Kedaara and billionaire Azim Premji’s Premji
Invest.
2024-07-02T07:20:33Z dg43tfdfdgfd