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Using Gene Scissors To Target Certain Cell Types For Elimination

Startup & Tech

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April 4, 2022

Using Gene Scissors To Target Certain Cell Types For Elimination

Genetic information in a plant can be edited using the CRISPR/Cas molecular scissors to make it more resistant to pests, illnesses, or extreme climatic circumstances. Karlsruhe Institute of Technology (KIT) researchers have improved this method by removing the entire DNA of select cell types, preventing their synthesis during plant development. This will also aid scientists in better understanding plant development pathways.

Plants’ DNA — the transporter of genetic information — may be changed using molecular scissors. The CRISPR/Cas technology, which Professor Holger Puchta, a molecular biologist at KIT’s Botanical Institute, co-developed in plants, has already been used to specifically insert, swap, or combine genes. The goal is to improve the plant’s resilience to illnesses and the effects of the environment. CRISPR/Cas (Clustered Regularly Interspaced Short Palindromic Repeats) are molecular scissors that can recognize and cut DNA sequences with pinpoint accuracy. “For the past 30 years, we’ve been researching molecular scissors for plant application. Initially, we used them to change the expression of individual genes. We were the first in the world to rearrange whole chromosomes two years ago “Puchta explains. The European Research Council awarded the pioneer of genome editing two Advanced Grants for his work (ERC). “This method was possible to be improved. We’ve reached a whole new level of progress with CRISPR-Kill: we can now kill specific plant cell types and block the production of specific plant parts.”

Using CRISPR-Kill to Kill Secondary Roots and Petals
The scientists focused their research on the secondary roots and petals of the model plant tale cress (Arabidopsis thaliana). “These are classic biological examples. We now have a better understanding of the genetic programmed and cell types involved in the creation of these plant organs “explains the molecular biologist CRISPR-Kill plants did not produce any petals or additional roots when these cells were removed, but control plants grew normally.

CRISPR-Kill, unlike other approaches that use cytotoxins or laser radiation to kill cells, causes numerous cuts in the genome. A genome is made up of a set of chromosomes on which the individual genes are organized in a specific order. “Until now, CRISPR/Cas has only targeted one spot and cut once or twice to change a gene or chromosome,” Puchta explains. “Now our molecular scissors have been reprogrammed.” They no longer address the genomic DNA only once, but instead look for a sequence that occurs frequently in the genome and is required for the cell’s survival in the corresponding cell type. Many cuts are caused at the same time in this manner, much too many for the cell to mend. The prison cell will die.

Better Understanding Development Processes in Plants
The KIT researchers’ work falls under the category of fundamental research. “We can learn more about plant development by looking at what happens when a specific cell type is removed. What is the plant’s reaction? How adaptable is the plant as it grows? Can we, for example, eliminate sections of plants that aren’t needed in agriculture? “Puchta continues. In the long run, this approach may benefit food production and pharmaceutical applications by preventing the plant from producing cells that create poisons, for example. Furthermore, the method could be used to modify specific tissues in multicellular creatures.

CHINA: CIFI Holdings To Issue $250 Million Convertible Bonds

Ravindra Kirti Founder GGF

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April 4, 2022

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CHINA: CIFI Holdings To Issue $250 Million Convertible Bonds

CIFI Holdings (Group) Co. Ltd. (“CIFI” or the “Company,” and together with its subsidiaries, the “Group”), with headquarters in Shanghai and Hong Kong, is primarily engaged in the property development and investment business in the People’s Republic of China (“PRC” or “China”). We primarily concentrate on creating high-quality, end-user-driven properties in China’s first, second, and third tier cities. Our development projects include a wide range of property kinds, including residential, office, and commercial buildings. We are set to continue our quick expansion and develop into a prominent countrywide property developer by using our successful business strategy and excellent execution capabilities.

We now have a significant presence in China’s major first-, second-, and third-tier cities, as well as a statewide operating coverage. We had property developments in 71 cities in four regions as of December 31, 2019: the Yangtze River Delta, the Pan Bohai Rim, the Central Western Region, and the South China Region. We possessed a land bank with a total and attributable GFA of about 50.7 million sq.m. and 26.5 million sq.m., respectively, as of December 31, 2019. Looking ahead, CIFI aspires to become a leading and well-respected real estate firm in China, guided by our missions of “creating value for our clients” and “building for a better life.”

We have been supporting and practising the concept of responsible development for over two decades, with the United Nations’ “2030 Sustainable Development Goals (SDG)” as our guiding path. Along with commercial expansion, we pay close attention to meeting our environmental and social obligations, as well as meeting our commitments to stakeholders in a timely manner. We work consistently on design and technological innovation, preserve our corporate integrity and transparent culture, and engage in philanthropy, all in an effort to deliver on our company objective of “Building Better Lives” with ingenuity and dedication to product and service quality.

To thoroughly manage the Group’s ESG performance, the Group has included ESG governance into its corporate governance structure, employing a four-level working mechanism of “decision-making level, supervision and recommendation level, overall communication level, and executive level.” Furthermore, the Group has clarified its management objectives, responsibilities, and assessment mechanism, continuously improved ESG affairs and risk management, and ensured that ESG risk management, objectives, plans, implementation, and progress are communicated to the company’s directors and senior executives through regular reports. The goal of this project is to ensure the efficacy and continuity of ESG management.

The term “contracted sales” refers to sales made by the Group’s subsidiaries, joint ventures, and affiliated companies. Contracted sales data is not audited and is based on Group internal data. Contracted sales data is offered for investors’ reference only and may be subject to numerous uncertainties during the process of compiling such sales data. Fair value gains/losses, net exchange loss/gain, share option grant expenses, loss on early redemption of senior notes, and share of fair value gains/losses and net exchange loss/gain at joint ventures and affiliated firms, net of deferred taxes, are not included in “core net profit.”

Depending on whether documents are accessible, the site area information for a complete project is based on applicable land use rights certificates, land grant contracts, or tender documents. If more than one document is accessible, the information is based on the most recent available document. The GFA figures are based on figures supplied in or estimates based on relevant governmental documents, such as the property ownership certificate, construction work planning permit, pre-sale permit, construction land planning permit, or land use rights certificate.

The 6.95 percent bond due April 2025 has a conversion price of HK$5.53 per share, which is 20% higher than Thursday’s closing price. The shares represent 3.87 percent of the expanded capital if the bonds are fully converted. CIFI Holdings (Group) Co Ltd, a Chinese property developer, announced on Friday that it will issue three-year convertible bonds worth HK$1.96 billion ($250.22 million) to refinance a bond due to mature this month. The Shanghai-based firm is one of the few Chinese developers to be able to raise financing from the capital market, since liquidity for them was nearly depleted following the defaults of China Evergrande Group and others, which shook global markets. The 6.95 percent bond due April 2025 has a conversion price of HK$5.53 per share, which is 20% higher than Thursday’s closing price. The shares represent 3.87 percent of the expanded capital if the bonds are fully converted.

In a document, CIFI stated that the proceeds will be used for refinancing, including the imminent redemption of a 6.70 percent dim sum bond with an outstanding amount of 1.5 billion yuan ($236.29 million) due on April 23. Dim sum bonds are yuan-denominated bonds issued outside of mainland China. In early trading, CIFI’s Hong Kong-listed shares fell more than 13% to HK$3.98 in a market where the main Hang Seng Index fell 0.8 percent.

Bangalore’s best investment areas in 2022

Governance Policy

Ravindra Kirti Founder GGF

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April 4, 2022

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Bangalore’s best investment areas in 2022

Bangalore is India’s IT capital, with plenty of room for infrastructural development. Bangalore’s real estate industry has been steadily growing over the last few years. Furthermore, government initiatives such as the RERA Act, which aims to benefit both builders, investors, and home buyers, have led stakeholders in Bangalore to recognise the importance of real estate. These features, together with the expansion of IT and infrastructure, transit lines, high-quality building, and market stability, have resulted in a few of the finest places to invest in Bangalore in 2022. Take a look at a few of them. According to some estimates, migrants make about half of Bengaluru’s population, with 64 percent coming from other regions of Karnataka and the rest from other parts of India. While a lot of your expenses will be determined by your own circumstances and lifestyle choices, we’ll look at some of the most common areas where people wind up spending money: property purchases, rent, education, daycare, gasoline bills, food, travel, transportation, utilities, and so on.

Bangalore: How much are you willing to spend for a home in the city?
Bengaluru has both affordable and luxurious neighbourhoods, and a quick look at Housing.com reveals that the city has over 50,000 projects for sale. The prices of these Bengaluru properties for sale range from Rs 1 lakh for residential plots to Rs 40 crores for huge, independent mansions or land parcels. According to current listings, 1BHK units start at Rs 8 lakhs and go up to Rs 13.50 crores, while 2BHK units start at Rs 10 lakhs and go up to Rs 13.50 crores. Luxurious apartments could cost up to Rs 30 crores.

Bangalore’s cost of living: How much does it cost to rent a home in Bangalore?
While 2BHK and 3BHK units are popular in the rental market, smaller flats like 1RK, 1BHK, and even larger units like 4BHKs are plentiful. The cost of renting a home in Bengaluru varies from Rs 7,000 to Rs 1 lakh per month, depending on the specific location, layout, and size of the property, as well as the amenities provided.

In Bangalore, how much do co-living houses cost?
If you’re a student or working professional seeking for co-living or paying guest lodgings in Bengaluru, click here to get a list of available possibilities. These properties have rents ranging from Rs 1,000 per bed to Rs 36,000 per room per unit. Prices vary according to the services provided, such as food, laundry, maintenance, and housekeeping, as well as the property’s location and age.

Average salary of Bangaloreans
As of May 2020, the average pay in Bengaluru is Rs 6,48,000 per year, according to Payscale. India’s IT powerhouse is one of the country’s highest-paying cities. According to the Randstad Insights Salary Trends Report 2019, the city also has the highest CTC for junior employees, at Rs 5.27 lakhs, and the highest CTC for mid-level employees, at Rs 16.47 lakhs. Senior personnel earned an annual salary of Rs 35.45 lakhs. In Bangalore, a good wage range is between Rs 50,000 and Rs 1 lakh per month.

Best places to invest in Bangalore:

Yelahanka
Average property prices in Yelahanka: Rs 6,030 per sq ft
Average monthly rent in Yelahanka: Rs 15,880

After the establishment of the Kempegowda International Airport, this neighbourhood began to draw investors, and as a result, Yelahanka was named one of the finest areas to invest in Bangalore in 2018. This location was once solely a satellite town with numerous industrial units. After the airport opened, Yelhanka became a land of possibilities. Many IT companies have set up shop here, clearing the path for residential development. This market began to attract the interest of large developers due to its enormous expanses of land and strong connectivity via air, rail, and highways. With low land costs and a strong potential for price appreciation, the neighbourhood is continuously developing.

Whitefield
Average property prices in Whitefield: Rs 5,538 per sq ft
Average monthly rent in Whitefield: Rs 18,518

Whitefield is a well-established commercial district in Bangalore that is one of the best places to invest. Whitefield has become a hotbed for real estate investment thanks to the creation of huge IT parks. Several housing options are reasonably accessible to the middle class in Whitefield. This region will surely become a focus for real estate investment now that the purple line metro has been connected and train services have been introduced from Majestic to Whitefield.

Sarjapur Road
Average property prices in Sarjapur Road: Rs 6,147 per sq ft
Average monthly rent in Sarjapur Road: Rs 21,358

Through Sarjapur Road, the Outer Ring Road connects Electronics City and HSR Layout. As the Outer Ring Road grows overwhelmed with IT companies, Sarjapur has emerged as a new commercial and residential hub. Sarjapur Road has experienced substantial expansion and is now one of the best residential areas for nearby businesses. The Outer Ring Road is projected to reduce traffic congestion on Sarjapur Road, which will lead to an increase in home prices. As a result, a plethora of new projects are on the horizon, all of which will likely raise prices.

Kanakapura Road
Average property prices in Kanakapura Road: Rs 6,782 per sq ft
Average monthly rent in Kanakapura Road: Rs 18,255

Kanakapura Road has a special advantage because of its excellent access to the city’s key areas. The projected Peripheral Ring Road will connect it to important roadways such as Mysore Road, Tumkur Road, Hosur Road, and Old Madras Road. This has resulted in the development of new commercial and residential properties in the area. The presence of educational institutions, as well as the development of a metro rail line and road improvements, have elevated the area’s real estate prominence. Developments in this area could lead to a large price increase in the coming years.

Kengeri
Average property prices in Kengeri: Rs 5,451 per sq ft
Average monthly rent in Kengeri: Rs 13,998

Kengeri is a satellite township that has seen industrial expansion and is currently transforming into a thriving real estate investment hub. The abundance of infrastructure, amazing services, and excellent connections in this location are driving real estate expansion. It contains a diverse range of commercial and residential properties, all of which add to the area’s real estate profile. Pleasant Road, ORR, and Mysore Road are all within easy driving distance.

Bannerghatta Road
Average property prices in Bannerghatta Road: Rs 10,918 per sq ft
Average monthly rent in Bannerghatta Road: Rs 16,763

Bannerghatta Road emerges as one of the greatest places to invest in Bangalore real estate because of its proximity to BTM Layout and JP Nagar. It has good access to NICE Road and Mysore Road, as well as large accessible property lots. This neighbourhood is also one of the city’s oldest. As a result, well-established schools, colleges, hospitals, and other amenities may be found. It is a solid investment bet because of its interconnectedness, stable growth rate, and growing development.

Ajio to launch a technology-based Quality Check Return Product With Delhivery

Startup & Tech

Ravindra Kirti Founder GGF

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March 31, 2022

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Ajio to launch a technology-based Quality Check Return Product With Delhivery

According to the RedSeer Report, in Fiscal 2021, Delhivery will be India’s largest and fastest-growing fully-integrated player by revenue. Through a mix of world-class infrastructure, high-quality logistical operations, and cutting-edge engineering and technology capabilities, we hope to create the operating system for commerce.

Our staff has successfully fulfilled over 1 billion orders across India since its beginning. We’ve established a nationwide network that serves over 17000 pin codes and has a presence in every state. We can deliver 24 hours a day, 7 days a week, 365 days a year thanks to 21 automated sort centres, 86 gateways, 80+ fulfilment centres, and a team of over 66000 individuals. Delhivery is our name. Our objective is to help customers run cost-effective, flexible, reliable, and resilient supply chains. Across several verticals, such as FMCG, consumer durables, consumer electronics, lifestyle, retail, automotive, and manufacturing, we provided supply chain solutions to a diverse base of over 21000 active customers, including e-commerce marketplaces, direct-to-consumer e-tailers, enterprises, and SMEs.

This is accomplished through high-quality logistics infrastructure and network engineering, a large network of domestic and international partners, and significant automation investments, all of which are orchestrated by our self-developed logistics operating system, which drives network synergies within and across our services and enhances our value proposition to customers.

National Pension System: Govt Mulls Ways To Make NPS More Attractive

Ravindra Kirti Founder GGF

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March 31, 2022

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National Pension System: Govt Mulls Ways To Make NPS More Attractive

The National Pension System Trust (NPS Trust) is a specialised section of the Pension Fund Regulatory and Development Authority, which is overseen by India’s Ministry of Finance. In India, the National Pension Scheme (NPS) is a defined contribution pension system with a voluntary component. In India, the National Pension System, like the PPF and the EPF, is an EEE (Exempt-Exempt-Exempt) vehicle, meaning that the entire corpus is tax-free at maturity and the entire pension withdrawal amount is tax-free.

The NPS began with the Government of India’s decision to end defined benefit pensions for all employees hired after April 1, 2004. While the scheme was originally intended solely for government employees, it was expanded in 2009 to include all Indian citizens aged 18 to 65, as well as OCI card holders and PIOs. PFRDA raised the National Pension System (NPS) entry age from 65 to 70 years old on August 26, 2021. Any Indian citizen, resident or non-resident, and Overseas Citizen of India (OCI) between the ages of 65 and 70 can join NPS and continue or postpone their NPS account up to the age of 75, according to the new rules. The Pension Fund Regulatory and Development Authority (PFRDA) is in charge of its administration and regulation.

With some Opposition-controlled states announcing plans to reintroduce the old defined-benefit pension scheme (OPS) for their employees and abandon the reform-oriented contributory national pension system (NPS), the Union government may suggest annuitizing the entire government contribution to NPS as an alternative. To improve their pension payouts, the government is considering enabling employees to invest more than 40% of the NPS corpus in systematic withdrawal plans and inflation-indexed products. Under the NPS, a person can withdraw 60% of the accumulated corpus from contributions made during their working years when they retire. It is also tax-free to make such a withdrawal. The remaining 40% is invested in annuities, which might offer a pension equivalent to around 35% of last salary drawn, according to estimates. Government employees used to receive 50% of their last wage as a pension under the OPS.

If 60% of the contribution is annuitized, which generally matches to the contribution by the federal and state governments, the NPS pension can be close to 45 percent of the last drawn wage. The 5% deficit can be closed by the concerned government donating a bit more to the NPS. According to an authoritative source, this is considered as a far better option than reintroducing the unsustainable OPS model. Employees will also be able to withdraw the corpus altogether from their personal contributions at the time of their departure. In response to a question in Parliament, the finance ministry recently stated that a government employee could contribute her full salary to the NPS for annuitization, potentially increasing the pension income to more than 50% of the salary.

Since FY20, Central government employees have been eligible for a deduction of 24 percent of their income for NPS contributions (employees’ contribution of 10% and employers’ share of 14 percent), and as many as 15 state governments have increased employers’ portion to 14 percent. Rajasthan revealed a plan in its FY23 budget to restore the previous pension scheme for all state government employees beginning in the next fiscal year, and Chhattisgarh followed suit. This, if enacted, might add to their financial burden.

Following the Centre’s implementation of the NPS for all new workers on January 1, 2004, several major states made it mandatory for their employees in 2004 or 2005, with Rajasthan joining on January 1, 2004 and Chhattisgarh joining on November 1, 2004. During this time, both of these states were ruled by either the BJP or the Congress. The ruling DMK in Tamil Nadu stated that OPS would be restored ahead of state legislature elections in early 2021. However, the DMK government has yet to reveal the initiative, ostensibly due to fiscal restrictions. Other states’ pension funds are managed by fund managers nominated by the pension regulator, however Tamil Nadu manages its NPS corpus autonomously. About 5.5 million state government employees were enrolled in NPS as of February 28, 2022, with Rs 3.61 trillion in assets under management (AUM). The scheme covers around 2.27 million central government employees and has an AUM of Rs 2.15 trillion. NPS results are substantially superior to those of other superannuation funds. For example, in FY22, government-sector subscribers received a return of over 10% under NPS, compared to 8.1 percent under EPFO and over 8% from a few of superannuation funds sponsored by insurance companies, the schemes that compete with NPS.

“OPS forces future generations to foot the bill for pensions.” Because of its unsustainable nature, governments may default on payment responsibilities, whereas NPS has a genuine corpus that would provide for a certain pension,” said Gautam Bhardwaj, co-founder of pinBox, a global pension-tech company dedicated to digital micro-pension inclusion in Asia and Africa. The country’s implicit pension debt (IPD) — central (civil) employees, state government employees, and the financing gap of the Employees’ Pension Scheme, 1995 — was 64.51 percent of GDP in nominal terms in 2004, according to a report by the Old Age Social and Income Security Project. Of fact, the actual IPD, or net present value of these future commitments, would have been far larger if the defence pension liability had been taken into account.

“Pension obligations on account of the Centre’s and states’ OPS are still off-balance sheet liabilities, and they’ve been growing since 2004,” Bhardwaj added. The pension bill will continue to climb until all employees who joined the federal government before January 1, 2004, and most large state governments before April 1, 2005, retire. Following that, the pension burden will be significantly reduced because employees who joined after the deadline are financed through a contributory NPS and will not require budget support. “As life expectancy rises, so does the pension load, which will persist for another two decades until the OPS-eligible employees retire.” Returning to the OPS will put more strain on state finances in the long run, according to India Ratings’ chief economist, DK Pant said.

State governments have been able to consolidate their finances in the previous decade thanks to institutional initiatives such as Fiscal Responsibility and Budget Management Acts, Value Added Tax, and NPS. With the exception of a few rare years, such as FY21, when Covid-19 resulted in a sharp increase in revenue spending, states have managed to keep their fiscal deficits around 3% of GSDP throughout the last decade. Fixed overheads in the form of establishment expenditure (mostly in the form of salaries, wages, bonuses, and pensions) account for more than half of all state revenue expenditure. Despite labour union demands, the Centre recently notified Parliament that it will not restore OPS. “If a subscriber desires a bigger pension, he or she may choose a higher percentage of the corpus (up to 100 percent) to be used for annuity purchase, which would result in a higher pension amount,” the Union finance ministry stated.

Delhi Business Blasters: Education And Teaching Entrepreneurship To Next Generation

Startup & Tech

Ravindra Kirti Founder GGF

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March 30, 2022

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Delhi Business Blasters: Education And Teaching Entrepreneurship To Next Generation

Business Blasters is a student entrepreneurship programme supported by the Delhi government’s seed money of 60 crores. 3 lakh Delhi Government school students in grades 11 and 12 were each given 2,000 rupees. They organised 51,000 teams and pooled their funds so that each team could receive up to $20,000 in seed money. Using the seed money, each team came up with and implemented a company plan. Zone judges chose 1,000 feasible business concepts from the 51,000 submitted. Business coaches from the entrepreneur community were assigned to these 1,000 teams in order to help them take their firms to the next level. Panels of investors and entrepreneurs selected the top 100+ investment-worthy enterprises, which are well on their path to being lucrative, scalable, and sustainable.

The Delhi Government’s Entrepreneurship Mindset Curriculum (EMC) includes a practical component called Business Blasters. It gives pupils the ability to direct their own professional pathways. Field projects, interviews, classroom activities, and live engagement with entrepreneurs are all part of this multi-component solution focused on experiential learning. Students learn to think big, take risks, spot possibilities, overcome obstacles, bounce back from setbacks, evaluate and learn, and strive relentlessly. Foundational skills such as confident communication, critical thinking, decision-making, cooperation, and more are also included. The EMC is India’s largest-ever grassroots entrepreneurship initiative.

Colleges should also adopt the Business Blasters programme: Kejriwal

On Wednesday, Delhi Chief Minister Arvind Kejriwal said the Business Blasters programme should be adopted in universities and colleges so that students’ entrepreneurial ideas don’t get stifled once they graduate. Students in Class 11 and 12 are given Rs 2000 each to generate business concepts as part of the Business Blasters programme. “So far, 52,000 business concepts have been produced by government school students.” The Business Blasters programme, in my opinion, should be adopted in schools and colleges as well.

“By doing so, they will ensure that their ideas do not reach a snag when they start college or university.” This would ensure that students are prepared when they leave college,” he remarked at the Guru Gobind Singh Indraprastha University (GGSIPU14th )’s convocation. “The educational system only assures that pupils pass tests and receive diplomas.” Before students leave college, there is a need to work with them and map out their professional paths. It’s great if they wish to continue their schooling. They need, however, be worked on if they desire to work. “I believe a goal-oriented approach is required,” he stated.

Kejriwal also mentioned his government’s doorstep delivery of services. “Our governance systems have existed since the time of the British, and they were set up to cause us problems.” However, we altered the system. “Just like you may get pizza over the phone, government services will arrive at your home,” he explained. On this occasion, 53,692 degrees were conferred, including 205 PhDs.

The university is implementing the National Education Policy, 2020, according to vice-chancellor Dr Mahesh Verma. He complimented Deputy Chief Minister Manish Sisodia for granting Rs 20 crore to the institution in the Delhi Budget, which he was also present for. Next year, the university will mark its silver anniversary, he said.

Delhi Govt’s Business Blasters Programme In Private Schools Also From Next Year: Manish Sisodia

“In the coming months, the Delhi government will start the initiative in private Delhi schools as well,” Sisodia said, citing the program’s success. On March 7, he stated, a conference with private schools will be arranged to determine how to proceed. Manish Sisodia, Delhi’s Deputy Chief Minister, announced on Saturday that the city government’s Business Blasters programme, which encourages pupils to think like entrepreneurs, will be implemented at private schools beginning next year. He was addressing at the Thyagraj Stadium’s Business Blasters Investment Summit and Expo, where over 100 government school kids’ business ideas were presented to investors. He claimed that the program’s success was due to the children’s hard work in government schools.

On March 7, he stated, a conference with private schools will be arranged to determine how to proceed. With the mindset of job searchers, India will not be able to grow to a USD 5 trillion economy, according to the minister. “Only by cultivating an entrepreneurial mindset among students across the country can we push the country’s economy to new heights. The Business Blasters programme has boosted the confidence of thousands of pupils in Delhi’s public schools, making it the Kejriwal administration’s most significant achievement “he stated.

Sisodia spoke with each team at the event and discussed how they could improve their business concepts. The minister stated that the Delhi government is committed to providing better education to every child in the city, and that programmes like as Business Blasters are helping to realise B R Ambedkar’s ambitions. He said that the Business Blasters Investment Summit and Expo is the country’s and the world’s first-of-its-kind programme for children. He urged investors to support children’s start-ups by investing in them and providing assistance. “Any government can only conduct such trials to a certain extent. Entrepreneurs are in charge of moving things forward from here “he stated.

He predicted that the Tatas and Birlas of tomorrow will emerge from among today’s rising business stars, forming the world’s largest corporations in 20 years. “As a result, the industry should work together to help these business stars advance,” he added. Investors put crores of rupees into their start-ups, according to a government statement. Investors noted that schoolchildren’s business ideas are highly unusual, and that they are certain that, based on their hard work and self-confidence, these children will contribute significantly to the country’s economy.

“Amazing concepts were given by government school kids at this expo. Some of the proposals are so realistic that they might be put into production right away. They have a lot of earning potential. We’ve narrowed down a few business concepts and will contact the team as soon as possible. Sujata and Taniya Biswas, founders of Suta, said, “We would love to provide guidance to the team on packaging and marketing front” (Mumbai). “What these kids have accomplished with little Rs 1000-2000 in starter money is remarkable. The finest thing is that their concepts were born out of community needs. I’ve already invested in three business ideas after being inspired by them,” stated Rajeev Saraf, CEO of Lepton Software (Gurugram).

“What these kids have accomplished with little Rs 1000-2000 in starter money is remarkable. The finest thing is that their concepts were born out of community needs. I’ve already invested in three business ideas after being inspired by them,” stated Rajeev Saraf, CEO of Lepton Software (Gurugram). ‘Let’s 3D,’ the creation of a team from Kalkaji’s School of Excellence, was one of the ideas showcased during the exhibition. “Customized printed 3D keychains, lights, and miniatures are available to consumers.” The team used their seed money to buy a 3D printer and has made a lot of money so far. According to the government statement, “the team has received over 100 orders through B-2-B.” Aditya Maurya, the team’s leader, stated that they are attempting to contact architectural firms in order to obtain 3D models of buildings. Team ‘Growth’ from Sarvodaya Bal Vidyalaya (SBV) in Netaji Nagar has created a bespoke e-cycle for children with impairments for just Rs 5,000. As it moves, a dynamo linked to the bike charges its battery.

Tushar, the team leader, stated that the goal of this cycle is to instil confidence in disadvantaged children that they, too, can ride a bicycle like other kids. He said, “We have secured a Rs 3 lakh investment from an investor to construct 50 such cycles.” SBV’s ‘Public Service’ team in Dwarka Sector-1 has created an alcohol detector that links to the steering wheel of autos and other vehicles. According to the statement, this gadget disables the vehicle’s engine if the driver is inebriated. Varun, the team’s leader, revealed that this device was created using computer programming and readily available hardware. He believes that this will aid in the prevention of drunk driving and, as a result, major traffic accidents.

After 54 years, Sri Lanka’s oldest airport reopens

Governance Policy

Ravindra Kirti Founder GGF

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March 30, 2022

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After 54 years, Sri Lanka’s oldest airport reopens

Ratmalana International Airport, Sri Lanka’s first and oldest international airport, reopened on Sunday after over five decades! A flight from the Maldives landed in Sri Lanka’s airport for the first time in 54 years, according to aviation officials. According to sources, the 50-seater Maldivian flight will fly three times a week to Colombo, with plans to increase to five times a week in the future.

Ratmalana International Airport is largely a domestic airport that serves Colombo, Sri Lanka’s capital. It was Sri Lanka’s first international airport and the country’s only international airport until Bandaranaike International Airport, Katunayake, opened in 1967. Several domestic routes are currently available, and the airport is home to a number of aviation training organisations. Following a recent loosening of laws, the airport is now open to international business jet operations and charter flights. The airport lies 15 kilometres south of the city of Colombo. The expanding Colombo Financial City, High End Tourism, and business travel needs of High Net Worth Individuals have all been acknowledged as strategic importance of Colombo airport, Ratmalana (HNWIs). RMA’s long-term strategy goal is to maximise the use of existing resources to bring the airport to full operational capacity. Corporate Jet Operations, Domestic Aviation Hub, Aviation Training Hub in the Region, FBO & MRO investments, and Regional Airports Operations are the five strategic sectors with particular plans established to attain this goal.

The State Council of Ceylon decided in 1934 to build an airport within easy reach of the capital city of Colombo, and Ratmalana was chosen as the ideal location. The first plane to land at the new airport was a De Havilland Puss Moth flown by Captain Tyndale-Biscoe, the Madras Flying Club’s main flying teacher, on November 27, 1935. It was utilised as a Royal Air Force airstrip during WWII, with No 30 Squadron flying Hawker Hurricanes against Japanese Navy planes from there. QEA flew civilianized Consolidated B-24 Liberator and Avro Lancastrian planes from Perth, Western Australia, on the world’s longest non-stop flying route at the time. After the conflict, the flight continued with an intermediate refuelling stop in the Cocos Islands.

Air Ceylon’s Douglas DC-3 Dakota and Lockheed Constellation planes used to fly out of Ratmalana airport, which was once the country’s primary air terminal. Douglas DC-4 Skymasters flew via the airfield on their way from the Netherlands to the Dutch East Indies in 1947. (Indonesia). BOAC operated Canadair Argonauts (DC4s with Rolls Royce Merlin engines) from Ratmalana to London in the 1950s. BOAC launched its Comet service between Colombo and London on August 11, 1952, three months after the first passenger jet flight. Air Ceylon later operated a Comet service on this route to London from March 1962 to March 1971. For a brief while in the 1950s, the airport was also a Trans World Airlines (TWA) destination. To replace Ratmalana, the government chose to establish the current Bandaranaike International Airport north of the city in 1964. Ratmalana handed over all international services to the new airport after it was built in 1967. Ratmalana was left with the country’s relatively modest domestic air travel market. After 55 years, the airport reopened for international traffic on March 27, 2022.

The airport’s background
The Ratmalana airport in Colombo, Sri Lanka, opened in 1938. There was a time when it was Sri Lanka’s primary international airport. However, the Bandaranaike International Airport in Katunayake was opened in the late 1960s, and Ratmalana was repurposed as a domestic airport. Bandaranaike International Airport soon became Sri Lanka’s primary airport, serving international aircraft. However, Ratmalana is still Sri Lanka’s oldest airport. Now, Sri Lanka’s Civil Aviation has announced that the night landing restrictions on domestic planes, which have been in effect since the civil war, will be lifted!

Ratmalana International Airport, Sri Lanka’s first and oldest international airport, reopened on Sunday after over five decades! A flight from the Maldives landed in Sri Lanka’s airport for the first time in 54 years, according to aviation officials. According to sources, the 50-seater Maldivian flight will fly three times a week to Colombo, with plans to increase to five times a week in the future. During a ceremony held at the airport on Sunday, Ratmalana welcomed its first group of overseas visitors. Previously, the Maldivian airline only flew to Colombo’s Bandaranaike airport, which is located on the fringes of the country.

According to the Civil Aviation Authority of Sri Lanka (CAASL), three weekly flights will operate between the Velana International Airport in the Maldives and the Ratmalana Airport in Sri Lanka (on Sundays, Tuesdays, and Thursdays). According to Maldivian Airlines officials, almost 9000 Maldivians live near the Ratmalana airport, which will now make travel more convenient for them.

Bharatmala Phase-1: Highway project cost overrun by 100%

Governance Policy

Ravindra Kirti Founder GGF

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March 28, 2022

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Bharatmala Phase-1: Highway project cost overrun by 100%

India’s 54,82,000 km (3,406,000 mi) road network is the world’s second largest, with only 2% (110,000 km) of national highways (NHs) handling 40% of all traffic. [4] Bharatmala phase-I will increase NH connectivity to 80 percent, or 550 districts, out of a total of 718 districts[5], up from 42 percent, or 300 districts, now connected (dec 2017). Shortest Route Mapping for 12,000 routes carrying 90% of India’s freight, commodity-wise freight flow study across 600 districts, automated traffic surveys across 1,500+ sites across the country, and satellite mapping of corridors to identify Bharatmala upgradation requirements.

The Bharatmala Pariyojana (lit. ‘India garland project’) is a Government of India-sponsored and-funded Road and Highways project. The overall budget for the 83,677 km (51,994 mi) of pledged new roadways is anticipated to be 5.35 lakh crore (US$70 billion), making it the single largest government road construction scheme (as of December 2017). The project will build highways from Maharashtra, Gujarat, Rajasthan, Punjab, and Haryana to the Indo-Myanmar border in Manipur and Mizoram, and then cover the entire string of Himalayan territories – Jammu and Kashmir, Himachal Pradesh, Uttarakhand – and then portions of the Uttar Pradesh and Bihar borders alongside Terai, and then move to West Bengal, Sikkim, Assam, and Arunachal Pradesh.

Connectivity to far-flung border and rural communities, especially tribal and backward areas, would receive special attention. By interconnecting 24 logistics parks, 66 inter-corridors (IC) totaling 8,000 km (5,000 mi), 116 feeder routes (FR) totaling 7,500 km (4,700 mi), and 7 north east Multi-Modal waterway ports, the Bharatmala Project will connect 550 District Headquarters (from current 300) through a minimum 4-lane highway, increasing the number of corridors to 50 (from current 6) and moving 80 percent freight traffic (currently 40 percent) to National Highways. The enormous umbrella initiative would encompass all existing highway projects, including the flagship National Highways Development Project (NHDP), which was initiated in 1998 by the Atal Bihari Vajpayee government. Other important Government of India projects, such as Sagarmala, Dedicated Freight Corridors, Industrial Corridors, UDAN-RCS, BharatNet, Digital India, Parvatmala, and Make in India, are both enablers and beneficiaries.

Bharatmala’s roadway infrastructure will be greatly improved:
1. Increase the number of NC corridors from six to fifty (6 NC and 44 EC)
2. Increase the freight rate on national highways from 40% to 80%.
3. Increase the number of districts from 300 to 550, with at least four-lane highways connecting them.

According to a parliamentary committee, the first phase of the mammoth highway project – Bharatmala pariyojna (BMP) – is projected to be near 100 percent over budget. The phase can now be completed by FY27, rather than the original goal of FY22, because just a fifth of the construction target has been met thus far. According to the parliamenary committee on highways’ report delivered to the Rajya Sabha on March 14, the cost of BMP Phase-I might be Rs 10.63 trillion, up from the previous estimate of Rs 5.35 trillion.

In October 2017, the government approved the first phase of the highway construction programme, which will cover 34,800 km (including 10,000 km of residual lengths under the National Highways Development Project) and cost Rs 5.35 trillion. It was projected that the whole length of the route be completed by 2021-22. The project’s completion date has been pushed back to 2026-2027 because only 20,632 kilometres (59.28 percent) have been granted and only 7,375 kilometres (21.19 percent) have been built as of December 2021.

The committee, led by TG Venkatesh, also stated that meeting the revised objective would be a “huge task for the ministry.” “Cost escalations have stemmed from the exponential growth in land acquisition costs combined with the rapid rise in commodity prices,” said Icra’s Rajeshwar Burla. The Bharatmala programme aims to close critical infrastructure gaps by implementing effective interventions such as economic corridor development, inter-corridor and feeder route development, national corridor efficiency improvement, border roads and international connectivity roads, coastal and port connectivity roads, and greenfield expressways. This programme also includes multi-modal integration.

Backward and tribal communities, sites of economic activity, places of religious and tourist attraction, border areas, coastal areas, and trading routes with neighbouring countries have all received special attention. While there has been significant progress on highway contracts and construction in recent years, including a record 37 km per day in the past fiscal year, analysts say the covid-19 epidemic, land acquisition issues, and the sheer scale of the programme have pushed the project completion deadline.

Bharatmala Phase-II DPRs have begun

The Road Transport and Highway Ministry has unveiled Bharatmala-II, the successor to its 2017 cousin. The government of India has announced the commencement of the second phase of its Bharatmala scheme. Under the auspices of this initiative, 5,000 km of projects will be built, with Detailed Project Reports (DPRs) being generated prior to project approval to speed up the implementation process. The Bharatmala initiative’s first phase, which has yet to be finished, seeks to build 34,800 km of roadways, including National Highways and other projects. “We will go for approvals for the second phase before Phase – I is completed,” a source familiar with the project told the media. We’ve learned from the first phase’s execution, when we encountered delays due to land acquisition and approvals that took a long time to arrive.” Union Minister Nitin Gadkari announced in December 2019 that Phase-I of the project, with a total cost of US$ 36 billion, will be finished by 2021-22. 2,000 kilometres of Border and International Connectivity Roads, 10,699 kilometres of road projects, 2,000 kilometres of Coastal and Port Connectivity Roads, and 6,000 kilometres of Inter-corridor and feeder roads are among the projects.

India’s infrastructure sector has a lot of potential, with the country having the world’s second-largest roadway network. While the industry is experiencing delays due to difficulties in the land acquisition process, there are other issues that need to be addressed in order to ensure that projects are implemented smoothly. Weather-related, traffic-related, or geography-related concerns frequently result in increased expenditures as a result of irregularities in the preparation of DPR reports. There is also more opportunity to address the disparity in state funding for infrastructure projects in order to pique private sector interest. In addition, procedures for expediting the required series of approvals and resolving any conflicts between the parties involved will need to be established. Ambitious projects to upgrade the nation’s roads infrastructure should hope to see greater fruition with the smoothing of imperfections that limit the sector’s growth.

FE Pharma Summit: How To Jumpstart An Innovation Revolution

Events & Conferences

Ravindra Kirti Founder GGF

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March 28, 2022

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FE Pharma Summit: How To Jumpstart An Innovation Revolution

According to a GlobalData poll, 35% of pharmaceutical industry specialists feel the COVID-19 epidemic has accelerated digital transformation by more than five years in the pharmaceutical business. Apart from virtual connections, industry insiders feel that technology has aided Indian Pharma in training and linking doctors with worldwide specialists for information transfer, and that this trend would continue in the future. However, the pharmaceutical business is currently under new pressures. Apart from a clogged supply chain, the rise in raw material and API (active pharmaceutical ingredients or medicinal ingredients) prices are substantially to blame. According to IDMA, industry has been experiencing significant cost increases as a result of imported raw materials and excipients, with some of these increases being quite substantial. While this is a challenge that Indian pharma is now facing, the industry’s main goal is to transition from being the world’s pharmacy to becoming an innovation hub. The FE Pharma Summit will bring together key stakeholders to explore what the sector needs to do to go forward on this path, as well as what role the government may play as an enabler. The role that technology can play in this is also being considered. How can they look at developments in drug discovery, nanotechnology, and other areas and encourage think leaders to debate how to build the industry in a way that is both successful and sustainable? Some say that one approach to deal with Chinese competition is to use sustainable or green manufacturing. Finally, there’s the issue of the constantly shifting regulatory landscape. What some of the more recent provisions may imply for the sector and the future.

On Thursday, March 24th, the first session of the two-day FE Pharma Summit 2022 began with the topic of transforming India from being the world’s pharmacy to emerging as an innovation hub. Leading figures from the Indian pharmaceutical industry, including Dilip Shanghvi, founder and managing director of Sun Pharmaceutical Industries; Pankaj R. Patel, chairman of Zydus Cadila; Glenn Saldanha, chairman and managing director of Glenmark Pharmaceuticals; and Kiran Mazumdar-Shaw, executive chairperson of Biocon Ltd and Biocon Biologics Ltd, took part in the panel discussion. Making India a centre for clinical trials, as well as taking efforts to develop a market in India for novel pharmaceuticals, as is the case in China, were some of the topics discussed in depth by industry professionals, who presented clear and practical plans to create an Indian market for unique drugs and enabling environment.

Pankaj Patel, for example, advised that a Rs 50,000 crore fund of funds for medicines be established to stimulate research, support research institutes, industry, and generate markets. “That’s how I’d like to go with the voyage.” If that happens, India might have at least five new chemical entities in the globe,” he said. “As a short-term measure,” Kiran Mazumdar-Shaw said, “it would help to ensure academic and corporate partnerships in research if we could delve into the 50, 000 crore National Research Foundation (NRF) that has been created and at least allocate half of that to industrial research, of which the pharma industry deserves a big chunk.”

Kiran Mazumdar-Shaw, executive chairperson of Biocon Ltd and Biocon Biologics Ltd, also thought there was a case for tweaking the Indian accounting system to make R&D a capital investment rather than an expense, so investors could be convinced of the importance of high-risk, high-return investments in innovation to reap the benefits of non-linear growth. “We need regulatory reforms,” she continued, “which the Central Drugs Standard Control Organisation (CDSCO) is proposing on the basis of the need to develop in terms of giving strategic boost to research and innovation in the country.” There is a need to build regulatory science and faster regulatory pathways that are not only constrained by strictures, but also ensure that deemed approval processes are completed in a timely manner. She pointed out that the upcoming new regulations will get us closer to awarding considered approvals, which, if implemented, might speed up the innovation process even more.

She went on to say that the government should provide risk capital grants and incentives for drug innovation, such as the reinstatement of the weighted tax deduction. She also proposed a patent box system. Kiran Mazumdar-Shaw believes that using India’s assets and making India a significant worldwide destination for clinical trials is necessary to accelerate innovation. She claimed that India had good medical centres, CROs, physicians, and other factors that might be used to make the country a popular destination for clinical trials.

Glenn Saldanha, chairman and managing director of Glenmark Pharmaceuticals, agreed that creating an ecosystem would be difficult without government support. Dilip Shanghvi, who agreed with everything his co-panelists and industry friends said, was optimistic that Indian pharma businesses will be able to duplicate their success in the innovation sector, as well as the kind of influence they had in generic medication manufacture. Glenn Saldanha went on to say that the government should promote industry through funding, tax incentives, and regulatory reforms. He cited China as an example of how the country was able to exploit its vast domestic market to attract foreign investors while simultaneously investing in innovation and growing indigenous competence. He also believes that alternate funding mechanisms, such as partnerships, are the only way for many Indian pharmaceutical businesses to fund innovation in the country because they cannot afford to do it all on their own.

“In order to enhance innovation in India, there is a need to streamline regulatory environment, incentivize research and development in such a way that India companies are encouraged to participate in high risk research,” Dilip Shanghvi stated in his closing remarks, agreeing with the other panellists. He also believed that India needs to entice international corporations to do research in the country by developing an environment that would allow them to exploit their research through tax benefits, easy access, and the ability to price their products differently in India.

As India approaches an inflection moment in its global growth journey in the pharmaceutical sector, it is hoped that some of the constructive and realistic ideas and policy measures offered by industry leaders will be mirrored in government policy measures. It is now commonly referred to as the ‘global pharmacy.’ This is due to the fact that it is the country with the most drug manufacturing facilities for tablets and pills outside of the United States, and as a result, global consumption of Indian-made medicines is high. In the case of the United States, which is a lucrative worldwide market for pharmaceuticals, one out of every three tablets used in the country is manufactured in India. India is also a big vaccine producer. However, the epidemic has resulted in numerous unanticipated reversals, with the only good impact being a swift ascent of healthcare into policymakers’ minds, as well as an awareness of the necessity of innovation. Taking use of India’s existing capabilities and embracing some of the industry titans’ recommendations could go a long way toward creating the much-needed enabling environment for innovation.

Cryptocurrency is Virtual, Risks are Real – The Indian Dilemma

Ravindra Kirti Founder GGF

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March 28, 2022

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Cryptocurrency is Virtual, Risks are Real – The Indian Dilemma

A cryptocurrency is a digital currency represented by an encrypted data string. A peer-to-peer network known as a blockchain oversees and organises it, as well as serving as a secure database of transactions such as buying, selling, and transferring. Cryptocurrencies, unlike actual money, are decentralised, meaning they are not issued by governments or financial organisations. Cryptocurrencies are created (and secured) by cryptographic methods that are maintained and confirmed in a process known as mining, in which transactions are processed and validated by a network of computers or specialised hardware such as application-specific integrated circuits (ASICs). The miners that run the network are rewarded with cryptocurrency as a result of this operation.

The Present Situation

Is it unlawful in India to use cryptocurrencies and virtual digital assets (VDAs)? While every investor wishes to see what lies beneath the fine lines, the short and sweet answer is that VDAs – of which cryptocurrencies are a subset – are not prohibited in India as of March 2022. VDAs, as well as cryptocurrencies, can be traded online through cryptocurrency exchanges. However, in terms of governmental regulations, the sword of Damocles hangs over the future of cryptocurrencies in India. It’s worth noting that the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, is still pending in Indian parliament in a terrifying form (hopefully by May 2022). The bill intends to outlaw all private cryptocurrencies in India, but with several exclusions to promote blockchain technology. It also establishes a framework for the Reserve Bank of India to issue central bank digital currency (CBDC).

The silver lining in the cloud is India’s recent union budget, in which the finance minister defined Virtual Digital Assets (VDAs) and proposed a 30% flat income tax on capital gains from VDAs (including cryptocurrency), which many analysts have interpreted as a positive step toward a shift in Indian lawmakers’ stance. However, just a few people may be aware of what is available in the store.

The Pie’s Size

On the business front, according to coinmarketcap, the global market capitalization of cryptocurrencies as of March 09, 2022 is close to USD 2 trillion, with over 10,000 cryptocurrencies in circulation. According to a survey provided by chainanalysis, India is ranked second in the world for Crypto Adoption Index (2021). In one of their interviews, co-chairs of the Internet and Mobile Association of India (IAMAIBlockchain )’s and Crypto Assets Council (BACC) stated that approximately 15-20 million cryptocurrency users in India hold around USD 0.9 billion (INR 6.6 billion) in crypto assets, making India a potential market for cryptocurrencies and other VDAs. According to a monograph released in India, there are roughly 350 crypto start-ups and two crypto unicorns by the Observer Research Foundation.

Government Policy

The Reserve Bank of India (RBI) has taken a strong stance against private cryptocurrencies, but it is a strong supporter of Central Bank Digital Currency (CBDC). Cryptocurrencies, according to RBI Deputy Governor TR Sankar, are a danger to the country’s financial and macroeconomic stability. He also issued a warning to investors. The RBI’s circular dated April 06, 2018 expressly prohibited all regulated banks, including cooperative banks, from dealing in virtual currencies (VCs) or providing services to assist any person or entity in dealing with or settling VCs. It also prohibited banks from maintaining accounts, registering, trading, settling, clearing, lending against virtual tokens, accepting them as collateral, opening accounts with exchanges dealing with them, and transferring / receiving money in VCs.

It further said that any current relationships with such clients should be terminated within three months of the circular’s date. IAMAI challenged the circular in the Supreme Court of India, and on March 4, 2020, the court ordered the RBI circular to be set aside. The RBI issued a circular on May 31, 2021, asking banks not to use its 2018 order as a grounds to refuse banking services to customers who trade cryptocurrencies. Although numerous important developments have occurred since then, including a high-level discussion on VDAs convened by Prime Minister Modi on November 21, there has never been a genuine ban on any part of crypto currency.

The volatile nature of cryptocurrencies’ fluctuating values, the lack of a centralised authority, no explicit grievance redress mechanism, lack of transparency, and a sense of overpromise – the dangling chimaera of big profit, especially to young customers – all worry financial regulators and legislators. Financial authorities, particularly the RBI and SEBI, prioritise end-client safety. The use of renowned influencers to portray over-promise and beautiful ads hides the true extent of the hazards involved with digital assets and cryptocurrencies. With this in mind, India’s Advertising Standards Council of India (ASCI) – the industry self-regulatory organisation (SRO) – has issued advertisement guidelines for the promotion of VDAs, which will take effect on April 1, 2022, and require all VDA products and services to include the following disclaimer: “Crypto products and Non Fungible Tokens (NFTs) are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.” This is yet another step toward raising public understanding about the risks involved with cryptocurrency.

The Road Ahead

Finally, the main question is what will happen to cryptocurrencies in India once the law is filed in parliament, taking into account business, technology, and regulatory considerations. Will the government follow RBI’s advice, despite lobbying efforts, and choose a different path? The deputy governor of the Reserve Bank of India has previously hinted at that. In a recent speech on February 14,2022, he stated unequivocally that four out of five cryptocurrency investors have ticket sizes of less than INR 10,000, with an average ticket size per account of around INR 1566, which is not a large investment at the moment, but could be large in the future if allowed. If cryptocurrencies are outlawed in India, these young investors will still be able to use them outside of the country. Raguram Rajan, the former Governor of the Reserve Bank of India and a brilliant economist, shares similar views on cryptocurrencies.

The dilemma that India’s public policy faces is whether the country’s goal, timing, and degree of maturity of end consumers are ripe for cryptocurrencies. They will go deep into the veins and arteries of this country if they are allowed openly, and given that 65 percent of our population is under the age of 35, and practically every young woman and man is connected to a digital highway through her smartphone, the repercussions could be unforeseen. Policymakers and multilateral agencies such as the IMF and the World Bank are still seeking for evidence and lessons learned from nations such as El Salvador, where Bitcoin became legal cash in September.

In India, IAMAI and BAAC may be able to persuade policymakers to enable a self-regulatory system and take an incrementalist policy approach to VDAs through persistent policy engagement. Rather than flashy ads, crypto currency service providers should engage on awareness and stakeholder education infrastructure. They must participate in, advocate for, and benefit from techniques such as the RBI’s regulatory sandbox framework. Advocacy activities must take a hybrid strategy, which necessitates co-habiting with legislators and regulatory bodies to assuage their concerns about end users’ interests, not just in big cities, but also in rural villages.

On a philosophical level, the birth of cryptocurrency is similar to an antithesis to the current financial system. The reality, on the other hand, is rather different. To live and thrive, the concept and technique may need to adapt to current realities, allowing for breakthroughs such as Decentralized Finance (DeFI), Decentralized Internet, Decentralized Autonomous Organizations (DAOs), Smart Contracts, and Enterprise use cases. In the Indian ecosystem, cryptocurrency as a medium of exchange may still have a long way to go. Crypto exchanges, experts, and lobbying organisations must remember an old adage: Slow and steady wins the race; they must not kill the golden goose in the zeal of dynamic technology.

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