Finance and Corporate Affairs Nirmala Sitharaman today administered the oath of integrity and secrecy to retired Justice Sanjaya Kumar Mishra as the President of the GST Appellate Tribunal (GSTAT), in New Delhi. Justice Mishra’s appointment marks the beginning of the operationalisation of the GSTAT, a crucial body for resolving GST-related disputes.
The GSTAT is the Appellate Authority to hear various appeals under the Central Goods and Services Tax Act. It consists of a Principal Bench and various State Benches. As per the approval of the GST Council, the Government has notified the Principal Bench, to be located in New Delhi, and 31 State Benches at various locations across the country.
Global investment firm KKR announced acquiring Bengaluru-based medical devices company Healthium Medtech from an affiliate of funds advised by private equity firm Apax Partners. The transaction needs regulatory approvals and is expected to close in the third quarter of calendar year 2024. The investment will be made through KKR’s Asian Fund IV.
Apax had acquired Healthium in 2018, strengthening its existing portfolio of wound-treatment devices and consumables, and investing in new franchises such as arthroscopy and advanced wound care through its own research and development.
Healthium is the fourth-largest surgical suture manufacturer in the world with a market share of about 18 per cent in India.
ICICI Prudential Life Insurance launched ICICI Pru Platinum, a Unit Linked Investment Plan (ULIP) that ties the distributor’s commission to their customers’ Assets Under Management (AUM). According to the product specifications, customers have unlimited free switches between asset classes without any cost or tax implications.
Growth in India’s dominant services sector slowed marginally in April, but remained robust due to strong demand, a private business survey released said.
The headline Purchasing Managers’ Index (PMI) figure, released by HSBC, slid to 60.8 in April from 61.2 recorded in March.
The April figure marks 33 months of the index remaining above the 50-mark since July 2021. A figure above 50 in the index denotes expansion and below that signifies contraction in the sector.
According to the survey, business activity increased across the four sub-categories monitored by the survey, led by steep growth in Finance & Insurance.
Galytix, a London-headquartered GenAI-focused fintech, has launched Generative AI-based Credit Agent solution, CreditX, for the Indian banking sector that would help banks here to deliver credit better, faster and cheaper. Generative AI is a recently developed type of artificial intelligence—a general-purpose technology— capable of producing new and original content.
Raj Abrol, Co-founder and CEO- Galytix
India Ratings and Research revised upward the country's GDP growth estimate for FY25 to 7.1 per cent from 6.5% earlier.
The projection is marginally higher than the Reserve Bank's estimate of 7%. The agency said it expects the growth in private final consumption expenditure to jump to 7% in FY25, up from 3% in FY24, and added that this will be 3 year high.
On the capex front, it said private sector activity has remained down for several years but added that a new cycle is in the offing as seen from the increase in the project loans sanctioned by lenders.
The headline inflation will moderate in FY25, but the Reserve Bank will remain vigilant, the agency said.
World Asthma Day is an annual event that aims to raise awareness about asthma, globally. Every year this day is observed on the first Tuesday of May. Asthma is a chronic respiratory condition characterised by inflammation and narrowing of the airways, leading to symptoms such as wheezing, coughing, chest tightness, and shortness of breath.
The theme for 2024 is 'Asthma Education Empowers.'
Mumbai City FC beat Mohun Bagan Super Giant 3-1 at the Salt Lake Stadium to emerge as the Indian Super League (ISL) 2023-24 Cup Winners at the final in Kolkata. The Islanders came from behind after Jason Cummings handed the Mariners a lead late in the first half.
Indian Super League was founded on 21 October 2013. ISL is administered by the All India Football Federation and its commercial partner Football Sports Development Limited. Teams in ISL 2024:
Bengaluru FC
Chennaiyin FC
East Bengal FC
FC Goa
Hyderabad FC
Jamshedpur FC
Kerala Blasters FC
Mohun Bagan Super Giant
Mumbai City FC
NorthEast United FC
Odisha FC
Punjab FC
UNICEF India announced Bollywood star Kareena Kapoor Khan as its new National Ambassador. Kareena had earlier served as a Celebrity Advocate for UNICEF India. Besides Kareena, UNICEF India has also appointed its first-ever Youth Advocates, who are peer leaders and champions on issues like climate action, mental health, innovations and Girls in STEM.
The four advocates are Gauranshi Sharma from Madhya Pradesh on right to play and disability inclusion; Kartik Verma from Uttar Pradesh on climate action and child rights advocacy; singer Nahid Afrin from Assam on mental health and early childhood development; and Vinisha Umashankar from Tamil Nadu is a budding innovator and STEM pioneer.
In a significant stride towards preserving India's rich textile heritage, the Office of the Controller General of Patents, Designs, and Trademarks (CGPDTM) has bestowed the Geographical Indication (GI) certificate upon the traditional artisans of 'Kutch Ajrakh,' hailing from the vibrant region of Kutch in Gujarat.
Hand block painting or Ajrakh is an age-old tradition practiced in Ajrakhpur, a village in the Kutch district of Gujarat. The 100-odd families of the village take part in a laborious process that takes up to three weeks to complete. Textiles are treated with vegetable and mineral colours and the fabric goes through a washing cycle about eight times.
A recent discovery in Mexico has discovered a deepest blue hole ever recorded: Taam Ja’. Blue holes are large marine caverns or sinkholes, typically formed in limestone or other carbonate rock beds. They stand out dramatically as dark blue water-filled pits, contrasting sharply with the lighter blue of surrounding shallow waters.
Situated in Chetumal Bay off the southeastern coast of the Yucatán Peninsula in Mexico, Taam Ja’, which translates to “deep water” in the Mayan language, has recently claimed the title of the world’s deepest blue hole, surpassing the Dragon Hole located in China. The Dragon Hole in China was once believed to be the world’s deepest blue hole, reaching a depth of 987 feet.
Flying Wedge Defence and Aerospace Technologies, an Indian defence and aerospace company marked a milestone in Bengaluru by unveiling the FWD-200B, pegged to be the country’s first indigenous bomber unmanned aerial vehicle (UAV). The FWD-200B is a medium-altitude, long-endurance (MALE) unmanned combat aerial vehicle designed and manufactured entirely in India.
With a payload capacity of 100 kgs, it can carry optical surveillance payloads as well as precision air-strike weapons. With a 12-20 hour endurance, 200 kts/370 kmph max speed, and 200 km ground control station range, the FWD-200B is envisioned as the “nation’s eagle eye” and an aerial shield against threats.
