More than a decade ago, Right to be forgotten (also known as RTBF) was first considered in a court in Argentina. In the case Da Cunha v. Yahoo de Argentina SRL and Others, it was an Argentinian pop artist who had won a trial court action against Google and Yahoo, ordering them to delete content that erroneously connected her to pornography. The Appeals Court reversed this decision in late 2014, and the Supreme Court decided in favour of the Search Engines. Parallel to this, Europe made headlines by recognising RTBF as a component of the then-under-development General Data Protection Regulation. The RTBF was characterized and recognized by the European Union’s Court of Justice. After a given amount of time, it was believed to be legislation that compelled the online publication of results that were no longer relevant to be halted.
Eventually, Google found itself in a lot of lawsuits as it is the largest data collector in the world. After the mention of RTBF in the General Data Protection Regulation (GDPR), Google received approximately 2.5 million requests from Europe to remove the information of which, according to google, 43% was removed. Since then Google and other search engines like Yahoo have found themselves in a lot of legal battles in various countries like the United Kingdom, France, Canada, etc. Moreover, Google and France have been a significant legal battle since 2014 over the scope of the right to be forgotten.
Eventually, after much litigation and deliberation, a more comprehensive definition of RBTF was formed. “It was the right to have publicly available personal information removed from the internet, search databases, websites or any other public platforms, once the personal information in question is no longer necessary or relevant.”
INDIA AND THE INTERPLAY OF ‘RIGHT TO BE FORGOTTEN’
Therefore with all of this happening in different judiciaries is around the world, India was not far away from recognizing the same. In the forthcoming section, I have analysed the same by dividing it into two perspectives, as, if right to be forgotten were to become a right in our country it has to have both legislative and judicial value.
Coming to India, not much has been done in regards to RTBF. However, it has been recognized under Section 20 of the Personal Data Protection Bill of 2019 but it is yet to be passed by the Parliament and still with the standing committee for due deliberations.
The PDP Bill’s Section 20 establishes three situations under which an individual’s data might be deleted from the internet.
1. It has fulfilled the objective for which it was collected, or it is no longer required for that reason.
2. Was created with the individual’s agreement, which has subsequently been revoked
3. Was created in violation of the PDP bill or any other legislation in effect. However, the clause limited the enforcement of this privilege to orders issued by the bill’s adjudicating officer.
Therefore, in determining whether any data should be deleted, the appointed Adjudicating Officer has to emphasize on –
• The level of sensitivity of personal data,
• The scope of disclosure and degree of accessibility sought to be restricted or prohibited,
• The role of data principle in public life,
• The public’s relevance of personal data and the nature of the data fiduciary’s disclosure of actions,
• Specifically, whether data fiduciary systematically allows access to personal data while avoiding activities that would be severely hampered if relevant disclosures were restricted or prohibited
Judiciary of our country has always been over-arching in recognising the rights of citizens and therefore in this case too various High Courts have resolutely recognised right to be forgotten as an important remedy for Indian citizens.
Dharmaraj Bhanushankar Dave V. State of Gujarat, tried before the Gujarat High Court, was the first case in India using the notion of the “Right to be Forgotten.” The High Court refused to acknowledge RTBF in its decision, claiming that no law on the matter had been enacted and hence no rights had been violated. The case began when the petitioner requested the removal of a published judgement in which he had been acquitted but which was interfering with his career and personal life.
Vasunathan v. Karnataka High Court, Karnataka High Court, In keeping with the trend in western countries, the registrar general of the High Court of Karnataka acknowledges the right to be forgotten “in delicate matters involving women in general and especially sensitive instances concerning right perfecting the modesty and reputation of the person concerned.” As a result, the court ordered the registrar to remove the petitioner’s name and other personal information from the cause title and body of the order.
In November 2020, the Orissa High Court investigated and upheld the right to be forgotten as a remedy for the victim in the case of Subhranshu Raut @ Gugul V. State of Odisha. Some sexually graphic videos/pictures of a female were posted on Facebook in this case. The High Court then discussed how, despite the fact that the Indian criminal justice system takes strong action against terrible crimes, there is no procedure for an individual to have any disagreeable material removed from the internet. As a result, the court concluded that the RTBF in India will serve a critical role in safeguarding women’s cyber interests.
Delhi High Court in the case of Jorawer Singh Mundy V. Union of India and ors. upheld the right to be forgotten and directed IndiaKannoon and Google to erase information pertaining to the petitioner. Hence we can see that how various High Courts in different parts of our country are acting in a uniform manner in relation to right to be forgotten, signaling that there is widespread acceptance regarding this in the judiciary of India.
Moreover, this right becomes more essential in India as every person knows the societal value of his/her reputation. Whenever a person applies for a job what is looking to get married a thorough profile review of that person is done. Therefore whenever a person gets involved in a court case it becomes somewhat damaging to his profile and therefore more and more people good Mont that information to be released from the internet so that it does not come his/her future endeavors.
From the above discussion, one can analyze the importance of the right to be forgotten. From the matters in the Indian courts and the jurisprudence derived from them, it seems that their attitude towards the same is very optimistic. In the three cases cited above, two of them have adjudicated the matter in favor of the right to be forgotten whereas the one involving Gujarat High Court has stated that due to no law in force regarding the same no matter can be adjudicated in favor of the above-mentioned right. This right was also mentioned in the landmark judgment of KS Puttaswamy v the Union of India, wherein the court emphasized the importance of this right in the coming times. The Apex Court stated that ‘the right to be forgotten’ is a very essential part of the right to privacy and autonomy. The court highlighted its importance and stated that our legislature should review the GDPR and derive similar legislation. The Supreme Court in the said judgment also prescribed certain limitations on the above-mentioned right. It stated that this right could not be exercised if the information is about the public interest, scientific or historical research purposes, in the exercise of defense of legal claims et cetera.
Therefore now the onus is on our legislature to derive a legal framework granting this right to the Indian citizens. This right is very essential as in a lot of cases we have seen that even if people get acquitted the said case has a lasting and very negative impact on their future, affecting their professional and personal life. Hence no one would want to get affected by something which they have not done or is a matter of past. A person’s personal as well as professional information is publicly known to everyone through the internet and hence in this era if a person is not having a right to control that information, it would lead to a very disastrous impact on the person’s life and all the spheres attached to it.
Google has found itself in a lot of lawsuits as it is the largest data collector in the world. After the mention of RTBF in the General Data Protection Regulation (GDPR), Google received approximately 2.5 million requests from Europe to remove the information of which, according to Google, 43% was removed. Since then Google and other search engines like Yahoo have found themselves in a lot of legal battles in various countries like the United Kingdom, France, Canada, etc. Moreover, Google and France have been a significant legal battle since 2014 over the scope of the right to be forgotten.
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Clarion call for universal brotherhood and peace
Renowned spiritual gurus make strong pitch at Lokmat National Inter-Religious Conference in Nagpur.
Nature and god cherish diversity. That is why they gave mankind flowers of different fragrances and fruits of different tastes. Human beings should accept this diversity while following religion too. There is only religion and that is humanity. And the only difference is that of creed, sect and the way of worship. Therefore, only by respecting each other’s beliefs, holding hands and moving forward, will the future generations become free from the evil of religious violence. In these words, the world renowned spiritual gurus gave the clarion call for universal brotherhood and peace to the world from Nagpur on Sunday.
Speaking at the Lokmat National Inter-Religious Conference organised by the Lokmat Media on the topic ‘Global Challenges to Communal Harmony and Role of India’ to mark the golden jubilee year of Lokmat’s Nagpur edition at Kavivarya Suresh Bhat Auditorium in Nagpur on Sunday, the spiritual gurus expressed concern over the growing incidences of violence globally. They said India, which is the origin of four main religions and which has maintained harmony through diversity for thousands of years, is already a spiritual world leader on the path of tolerance and harmony.
While the Union surface transport and highways minister Nitin Gadkari was the chief guest at this conference, the mayor Dayashankar Tiwari was the guest of honour. The founder of the Art of Living Gurudev Sri Sri Ravi Shankar, founder of Patanjali Yogpeeth Swami Ramdev, BAPS Swaminarayan Sanstha’s Brahmaviharidas Swami, founder of Ahimsa Vishwa Bharti, New Delhi, Acharya Dr Lokeshmuni, Archbishop of Mumbai Cardinal Oswald Gracias, founder of Jeevanvidya Mission, Mumbai, Pralhad Wamanrao Pai, founder of Mahabodhi International Meditation Centre, Leh, Ladakh, Bhikkhu Sanghasena and Gaddi Nashin of Dargah Ajmer Sharif, Ajmer, Haji Syed Salman Chishty expressed their views during the conference. The chairman of editorial board of Lokmat Media and former member of Rajya Sabha Vijay Darda, editor-in-chief of Lokmat Media Rajendra Darda, managing director of Lokmat Media Devendra Darda, joint managing director of Lokmat Media Rishi Darda, director (operations) of Lokmat Media Ashok Jain and group editor Vijay Baviskar were also present on the occasion.
The rule of nature never changes and it cannot change. It does not have any religion and therefore, action guides the reaction. Keeping this in mind, social harmony can be established. There is a need to create mutual acceptance for other religions as well. Moreover, universal brotherhood can be achieved by establishing communal harmony and unity through mutual coexistence as well as non-violence and peace, the Dharmacharyas said in one voice.
Vijay Darda in his introductory remarks explained the objective behind organising this conference. The editor of Lokmat Samachar Vikas Mishra conducted the proceedings while Rajendra Darda proposed a vote of thanks. On this occasion, the dignitaries released the Lokmat Media’s Diwali special issues ‘Deepotsav’ and ‘Deepbhav’.
CONGREGATION OF DHARMACHARYAS FROM COUNTRY, ABROAD
The Dharmacharyas of all religions spared time from their busy schedule to attend this conference. Brahmaviharidas Swami specially came from the United States of America for this conference. Swami Ramdev came from Haridwar despite his tight schedule. Sri Sri Ravishankar arrived from Bengaluru on Sunday morning. Dr Lokeshmuni came from New Delhi, Bhikkhu Sanghasena from Ladakh while Haji Syed Salman Chishty came from Ajmer. Archbishop Cardinal Oswald Gracias and Pralhad Wamanrao Pai came from Mumbai. It may be noted here that for the first time after the coronavirus pandemic, so many Dharmacharyas came together and shared a platform at the conference organised by the Lokmat Media and the Nagpurians got an opportunity to witness the Congregation of Dharmacharyas.
IT’S IDEOLOGICAL KUMBH MELA, NOT CONFERENCE
The concept of ‘Vasudhaiva Kutumbakam’ is our ancient culture and communal harmony can be established through the feeling of Sarvadharma Samabhav. The world will get a message of love, peace and brotherhood due to this, said the Dharmacharyas at this conference. Organised at the heart of the country, this conference is actually the ideological Kumbh Mela, and the message and appeal of communal harmony conveyed through it should reach every part of the world, opined all Dharmacharyas.
GREETINGS OF SARSANGHCHALAK
The sarsanghchalak of Rashtriya Swayamsevak Sangh Dr Mohan Bhagwat expressed his feelings through a video message. Dr Bhagwat said, “Religion is the connector. But if the human feeling is negative, people work to divide the society by abusing religion. This is because there is no interaction with each other. Therefore, we need to remind the community that we are one.”
DIVERSITY IS UNIQUENESS OF INDIA
The religion keeps people together. But some people plot to create hatred in the name of religion. But we should keep in mind that diversity has essence and god too is essence. Intellectuals become happy due to diversity and fools fight with each other. Diversity has to be accepted in human life. Sarvadharma Samabhav and diversity are unique qualities of India. It is the duty of the religion to solve various disputes and enmity.
– Sri Sri Ravi Shankar
WORLD HAS DANGER FROM RELIGIOUS, FINANCIAL AND POLITICAL TERRORISM
The world is facing biggest threat from religious, economic and political terrorism. The name should be Sarva Panth and not Sarva Dharma. Instead of saying that all will be Hindus, Muslims or Christians, we should say that all should be made human beings. The country works as per the Constitution while the society is based on spirituality. There is a need to take a stand that we all are united.
– Swami Ramdev
UNIFIED EFFORTS REQUIRED
Once upon a time, landing on the Moon or space travel were like dreams. But now they are reality now. Many feel that prevailing social harmony in the world is a dream. But it is my belief that this dream will be fulfilled. If the entire society makes collective efforts for spreading love, following rules and developing good life, the global social harmony can be established. Instead of expecting social harmony from the world, people have to start with themselves.
– Brahmaviharidas Swami
WORLD SHOULD BECOME NON-SECTARIAN, NOT SECULAR
Existence of others should be acknowledged as much as our own. Religion is humanity and we all are extensions of opinions. This country is not secular but non-sectarian. Today a positive feeling is required. This world is beautiful except for negativity. The chariot of messengers of peace here should go forward. The discussion on thoughts in this congregation of religious leaders should reach every part of the world. The lifestyle based on Ayurved, yoga-pranayam and restraint should be accepted once again.
– Acharya Dr Lokeshmuni
FOCUS ON SIMILARITIES, NOT CONTRADICTIONS, IN RELIGION
As the hatred is being spread in the name of religion, the world needs to create an attitude of acceptance of the existence of other religions along with mutual dialogue. The concept of god and some thoughts are different in every religion. But there are many similarities too. If we think with an open mind and brain, it will appear that we all have more of the same links than contradictions. Therefore, instead of paying attention towards contradictions, we should focus on the similarities.
– Cardinal Oswald Gracias
HUMANITY IS SOUL OF ALL RELIGIONS
Efforts to make each other happy and respect for each other’s feelings are worship to god. These are the values of human culture and these should be inculcated from childhood. Equality, civility, harmony, tolerance, gratitude and moral values are all values of life. These values will have to be inculcated and social harmony will be established. Humanity is very important in life and it is the soul of all religions.
– Pralhad Wamanrao Pai
VALUABLE ROLE OF INDIA FOR NON VIOLENCE, PEACE
Whatever is going on in the world is very disturbing and worrisome. Religious violence, war, aggression, hatred and prejudice have ravaged the world. In such a situation, the role of India is very important to make the world understand the importance of non-violence, peace and compassion. The time has come for us to be unified and find solutions to the problems of the world.
– Bhikkhu Sanghasena
‘DESTINY’ IS BASIC FOUNDATION OF ALL RELIGIONS
What feeling you are worshipping your god with is important. If any person offers namaz and commits any act which is a blot on humanity, his namaz is of no use. ‘Destiny’ is the basic foundation of all religions. Damage to the faith of any religion is the greatest crime.
– Haji Syed Salman Chishty
EVERYONE’S ‘RASHTRADHARMA’ IS SAME
Our clothes are different in colour. Similarly, the worship methods are different. The sects can be different. But, everyone has the same meaning. The ‘rashtradharma’ of all of us is one. This is the real strength of Indian culture. Our culture is not connected to any particular religion. Sarvadharma Samabhav is our philosophy. Respect for all is the way of life. Unity in diversity is the unique feature of our country.
– Nitin Gadkari
LOKMAT UPHELD IMPORTANCE OF SECULARISM
The Lokmat upheld the importance of secularism right from day one. It’s stand has been Sarvadharma Samabhav. No religion is bigger than humanity and we upheld these values. The Lokmat respected all religions and creeds. People have been living together since ages and ‘Vasudhaiva Kutumbakam’ is the culture of the country. The guidance of Dharmacharyas on social harmony is important in the backdrop of the fundamentals in the current situation that were created in the name of religion.
– Vijay Darda
PATH OF PEACE, GOODWILL CAN PROTECT WORLD
At a time when people are being murdered in the name of religion globally, the world is looking to India for a solution to this problem. India’s responsibility at the global level has increased as it has been following the ideas of non-violence preached by Lord Mahavir, Tathagat Buddha, Guru Gobind Singh and Mahatma Gandhi. Only the path of peace and harmony can save the world.
– Rajendra Darda
Union surface transport and highways minister Nitin Gadkari, mayor of Nagpur Dayashankar Tiwari, founder of the Art of Living Gurudev Sri Sri Ravi Shankar, founder of Patanjali Yogpeeth Swami Ramdev, founder of Ahimsa Vishwa Bharti Acharya Dr Lokeshmuni, Gaddi Nashin of Dargah Ajmer Sharif, Ajmer, Haji Syed Salman Chishty, founder of Jeevanvidya Mission, Mumbai, Pralhad Wamanrao Pai, Archbishop of Mumbai Cardinal Oswald Gracias, founder of Mahabodhi International Meditation Centre, Leh, Ladakh, Bhikkhu Sanghasena, BAPS Swaminarayan Sanstha’s Brahmaviharidas Swami, chairman of editorial board of Lokmat Media and former member of Rajya Sabha Vijay Darda, editor-in-chief of Lokmat Media Rajendra Darda, managing director of Lokmat Media Devendra Darda, joint managing director and editorial director of Lokmat Media Rishi Darda and group editor Vijay Baviskar holding their hands up together during the Lokmat National Inter-Religious Conference organised on the topic ‘Global Challenges to Communal Harmony and Role of India’ by the Lokmat Media at Kavivarya Suresh Bhat Auditorium in Nagpur on Sunday.
Making it happen: Digital transformation in TNPFC
Technology can transform governance and make life easy for the common man. The question is not about the availability of technology, it is about attitude of those that have to first appreciate its relevance and then to have the “courage” to use it. Chandra Kant Kamble, a young IAS officer did that in an organization that was archaic and conservative.
The Tamil Nadu Power Finance and Infrastructure Development Corporation Ltd., (TNPFC) was incorporated in 1991 as a wholly owned State Public Sector undertaking and registered as a Non-Banking Finance Company (Deposit). TNPFC started with capital of Rs 99 lakhs. The deposits grew to Rs 33,000 crores by 2019. The company mobilizes funds primarily through public deposits and has been funding Infrastructure projects undertaken by Tamil Nadu Generation and Distribution Corporation Limited (TANGEDCO). As on 31.03.2021, the company’s paid-up capital is Rs. 3767 Cr. TNPFC has been a profit-making company since its inception.
The total financial assistance provided to TANGEDCO for power generation and related projects by way of long-term and short-term loans is Rs. 1.56 lakh Crores. The net loan outstanding from TANGEDCO stood at Rs. 39,984.79 Cr on 31.3.21.
Fixed Deposit service offerings
Fixed deposits are mobilized from the public, Institutions, Government Departments and the State Government Schemes such as cash incentive scheme, Bread-winning scheme, Chief Minister’s Girl Child Protection Scheme, Oru Kala Pooja Scheme and Covid 19 Scheme. The average interest rate offered by the company is 150 basis points more than the rates provided by public sector banks. Steady growth of deposits was possible even during the pandemic, due to focused policies and an attractive interest rate on term deposits.
Legacy Challenges in TNPFC
When Chandra Kant took over as Managing Director of TNPFC in 2018 it had archaic database issues like data integrity, redundancy, partial data and data multiplicity. The company operated with less than 50 staff members and none of the branch operations had a digital channel such as a web portal or mobile application. TNPFC did not have the ability to collect payments online for the creation of new fixed deposits. Further, the company was unable to renew or close existing fixed deposits online. public depositors needed to visit the Chennai branch to receive the proceeds from closure of fixed deposits through a cheque instrument.
The regulatory directions on IT compliance and covid pandemic accelerated the pace of digital transformation at TNPFC, covering entire customer requirements fresh deposits, renewal, closure, nomination and other change request services
SOLUTION FRAMEWORK: INNOVATION, PROCESS CHANGE, TECHNOLOGY ADOPTION & CAPACITY BUILDING
Online Web portal and mobile application based full fidelity deposit account creation for existing and new depositors, thereby offering deposit creation services 24 x 7 x 365 – a first for Government controlled NBFC.
Integration with Core Banking System to automate Cheque and Bank Statement reconciliation for both online and offline fixed deposit confirmation receipt generation.
Disbursement of Deposit Maturity proceeds directly via digital payment service integration across NEFT, RTGS, IMPS and UPI – providing real time business-hour payment services without cheque issuance and clearing delays.
CAPACITY BUILDING AND OPERATIONAL EFFICIENCY
Established Customer Support Team for managing average daily queries of 300 emails, 200 IVR calls and 100 postal requests.
Journey from 7154 backlog emails, to responding on same day basis. Between April and July, TNPFC responded to 12,411 emails compared to pre-covid period of less than 20 emails per day.
Automated online BoT based verification process for PAN Card and Aadhaar verification process for KYC norms. Video Conferencing for Video KYC towards Customer Identity Confirmation process as per RBI Regulatory Compliance.
Digital Transformation of web portal and mobile application led to the mobilization of retail deposits of over Rs. 1080 Crores through online channels alone, during the period from April 2020 till May, 2021
Cloud Computing operations automation enabled TNPFC mobile deposits online 24×7 with integrated payment gateway services and instant deposit confirmation receipt generation.
Provided digital banking experience through Digital Channels (Web & Mobile) for depositor interactions and service requests processing, thereby eliminating the need for physical presence.
Timely disbursement of deposit funds for beneficiaries approved by Social Welfare and School Education departments / State Government. Fund disbursement of Rs. 1626 Cr in real-time to 8 lakh beneficiaries across 32 districts, through the launch of online payment services integration by Hon’ble Chief Minister of Tamil Nadu.
Improved Treasury and Fund Flow management through the adoption of purpose- built Executive Workflow Management Application, thereby drastically transforming Fund Management towards transparent Cashflow pipeline visibility and approval process workflows for Government Securities Investments. Cloud deployment of GoI MEITY empaneled Cloud Service Data archival and retention towards regulatory compliance adherence. Adoption of Business Continuity Plan towards robust operational management of TNPFC ICT preparedness and operational support during the pandemic led workplace and workforce restrictions.
IMPACT ON DIGITAL INTERACTIONS
In the middle of Covid-19 pandemic, the TNPFC management focused on improving depositor user experience through digital adoption across NBFC operations using automation and integration to re-organize diverse systems. The emphasis was on advanced analytics driven customer support for digital channels (email, IVR, WhatsApp) and a 24×7 Online web portal & mobile App for common citizens to carry out deposit service requests from the comfort of their homes.
With digitalization of every function, TNPFC has shifted from generic demography of retired service personnel to a more “smart experience”, that provides a digital banking experience for all types of depositors, which is a refreshing change for a government run NFBC.
The CRAR (Capital adequacy) improved from 3.4% to 13.48%. For the first time, TNPFC started treasury operations, invested @1800 Cr in Gsec and T bills (earned @ 40 Cr) and used call options for Rs1000 cr bond repayment saving interest payment @ Rs 45 Cr. Profits that stood at Rs 83.20 Cr during 2018-19 rose to Rs 505.03 Cr during 2019-20 and further to Rs 723 Cr (unaudited) in 2020-21
Chandra Kant Kamble made it happen in an organization that had not looked at technology as a tool for improving its performance. He could make-it-happen on account of his foresight and his ability to convince the stakeholders about the whole idea and his team to deliver that idea.
Anil Swarup has served as the head of the Project Monitoring Group, which is currently under the Prime Minister’s Offic. He has also served as Secretary, Ministry of Coal and Secretary, Ministry of School Education.
INDIAN REAL ESTATE SECTOR ATTRACTS $1.8 BN PE FUNDS IN H1 FY22, Y-O-Y RISE OF 27%
TOP 10 DEALS IN H1 FY 2022
Displaying continued confidence on the Indian real estate sector, private equity funds pumped about USD 1,790 Mn into the sector in the first half of the FY2022, finds ANAROCK Capital’s latest Flux Market Monitor for Capital Flows in Indian Real Estate. This is a 27% growth over the corresponding period in FY 2021 when inflows were approx. USD 1,410 Mn.
“The average ticket size for the PE deals in the current period declined by 32% – from USD 114 Mn in H1 FY21 to USD 78 Mn in H1 FY22,” says Shobhit Agarwal, MD & CEO – ANAROCK Capital. “Notably, investors this time preferred single city deals in contrast to multi-city deals. As seen, the share of multi-city deals reduced from 77% to 42% in H1 FY 2022. Further, the top 10 deals in H1 FY22 contributed a approx. 81% of the total PE investments in the country.”
In comparison with H1 FY21, structured debt and equity witnessed considerable growth in H1 FY22, at 25% and 28% respectively. Structured debt went primarily towards project-level assets.
Of the total private equity inflows of USD 1,790 Mn in the period:
• The commercial office sector once again attracted the bulk of investments – nearly 33% or approx. USD 591 Mn.
• The Industrial & Logistics sector saw significant investments of approx. USD 537 Mn in H1 FY22, comprising a 30% overall share.
• Residential sector saw investments to the tune of USD 394 Mn i.e., approx. 22% of the total PE funds.
• Data Centres, Land and Mixed-use developments attracted the remaining 15% of the overall PE inflows comprising 5% each
Data further revealed that while overall PE inflows in Indian real estate increased in H1 FY2022, the share of foreign funds reduced by 19% as compared to H1 FY21. Investments by domestic funds jumped from less than USD 10 Mn in H1 FY21 to USD 650 Mn in H1 FY22, a reflection of the improving situation in the country resulting in higher confidence by domestic funds.
OTHER NOTABLE TRENDS
With total PE investments seeing a close to 27% yearly jump in H1 FY2022, investor confidence in Indian real estate is seen to be increasing.
• Foreign investors continued to remain major contributors with a approx. 63% share of the total inflows of USD 1790 Mn. However, in the same period of FY2021, they contributed a 99% share. This indicates the growing confidence of domestic funds amid the growing economy despite the second COVID-19 wave.
• Investors have maintained their confidence in listed REITs. Post the dip in market capitalisation earlier this year, REITs have bounced back well.
• Demand for flexi offices is gaining momentum; they are expected to attract more PE investments over the next 1-2 years.
• Operators are aggressively looking at expansion of data centres across major locations in the country.
• Like seen in FY2021 trends, last-mile funding continues to gain momentum. SWAMIH Fund & various foreign funds are actively evaluating and executing various options.
• The residential sector is witnessing accelerated consumer demand amid growing preference for homeownership coupled with historically low home loan rates. Investors will seek various investment themes within this asset-class.
• Private equity investments were approx. USD 1.41 bn in corresponding period of FY21
• Commercial sector attracted highest investments (of 33%), followed by Industrial & Logistics (30%) & Residential (22%)
• Investors this time preferred single city deals in contrast to multi-city deals earlier; top 10 deals in H1 FY22 contributed nearly 81% of the total PE investments in the country
• Avg. ticket size for PE deals declined 32% – from USD 114 Mn in H1 FY21 to USD 78 Mn in H1 FY22
• While overall PE inflows in Indian RE increased, share of foreign funds reduced 19% in H1 FY22 compared to H1 FY21; investments by domestic funds jumped from less than USD 10 Mn in H1 FY21 to USD 650 Mn in H1 FY22, reflecting their confidence
KARNATAKA HC DIRECTS STATE TO COMPLY WITH SC DIRECTIONS BARRING INSTALLATION OF STATUES ON PUBLIC ROADS, PAVEMENTS
In a welcome, wonderful and wise judgment titled Akhila Bharata Kshatriya Mahasabha v. State of Karnataka in WP No. 49960/2017 delivered on September 7, 2021, the Karnataka High Court has directed the State Government to ensure compliance with the landmark, learned and laudable directions of the Supreme Court barring installation of statues or construction of any structure in public roads, pavements, sideways and other public utility places. This was the crying need of the hour also. Now the State Government in Karnataka is duty bound to comply with it.
To start with, this brief, brilliant and balanced judgment authored by the then Acting Chief Justice Of Karnataka High Court – Hon’ble Mr Satish Chandra Sharma for himself and Hon’ble Mr Justice Sachin Shankar Magadum sets the ball rolling first and foremost in para 2 wherein it is put forth that, “The facts of the case reveal that the 1st petitioner is an All India Trust and 2nd petitioner is the State level Trust, as stated in the petition, involved in the work of social economical upliftment of the people belonging to backward and downtrodden community. Their grievance is that inspite of the order passed by the Hon’ble Supreme Court on 18.01.2013 in SLP.No.8519/2006 the bust of Sri.Shivarathri Rajendra Swamiji at the southern entrance of Mysore palce near Gun house is being installed and the State Government has granted permission for the same. The order of the State Government dated 3.3.2017 is on record and a prayer has been made for quashment of the order of the State Government (Annexure-E) as well as the order dated 28.8.2017 (Annexure-F) meaning thereby that the prayer has been made for quashment of the resolution passed by the Mysuru Mahanagara Palike as well as the State Government for installing the statue of Sri. Shivaratri Rajendra Mahaswamy at Gun house circle, which is on the main road. It has also been stated by the petitioners that a request was also made initially for installing the statue of Sri. Srikantadatta Narasimharaja Wodeyar to the District Urban Development Cell and the same was rejected citing the judgment of the Apex Court and inspite of the judgment of the Apex Court, permission has been granted to install the statue of Sri. Shivarathri Rajendra Swamiji.”
To put things in perspective, the Bench then points out in para 3 that, “The State Government has filed the statement of objections and the stand of the State Government is that the present petition has been filed with the vested interest, as the request of the petitioners was turned down for installing the statue of Sri. Srikantadatta Narasimharaja Wodeyar and it is only after their request was turned down, they are raising hue and cry as the State Government has granted permission to install the statue of Sri. Shivarathri Rajendra Mahaswamy at Gun House circle. It has been stated that the Supreme Court in the case of Union of India .vs. State of Gujarath and others has directed not to grant any permission for installation of any statue or construction of any structure in public roads, pavements, sideways and other public utility places. However, the Gun House Circle is in existence since from the Maharaja’s period and there are several such circles in Mysuru City and several such statues are already in existence and therefore, Mysuru Mahanagara Palike has taken a decision to instal the statue of Sri. Shivaratri Rajendra Mahaswamy in the Gun House Circle as the circle is in existence since long time and it is not part of the public road nor does it fall within the definition of pavement, sideways and other public places.”
Quite rightly, the Bench then enunciates in para 8 that, “The undisputed facts of the case makes it very clear that the place where the statue in question is likely to be installed is certainly one of the most busy square near Mysuru palace near Gus House. The map has been filed by the State Government and the same reveals, as many as six roads are joining at the square and the circle is certainly the part of the road. It is really strange that the respondent-State Government has stated before this Court that it is not part of the road. Colour photographs have also been filed in the matter. The maps and all other documents clearly establish that the spot is in the center of the road and therefore, the issue is whether the statue can be installed at the center of the road on the circle which is in existence?”
Quite significantly, the Bench then hastens to recall in para 9 that, “The order passed by the Hon’ble Supreme Court in Special Leave to Appeal(Civil) No.8519/2006 dated 18.01.2013 on I.A.No.10/2012 reads as under:
1. We have heard Mr. Basavaprabhu S. Patil, learned senior counsel for the applicant and Mr. M.T. George, learned counsel for the State of Kerala.
2. Mr. M.T. George, leaned counsel for the State of Kerala placed before us a copy of the order dated September 7, 2011 passed by the Government of Kerala granting permission for installation of statue of late Shri. N. Sundaran Nadar, Ex-Deputy Speaker of Kerala Legislative Assembly near to Neyyattinkara-Poovar Road in the curve turning to the KSRTC Bus Stand Neyyattinkara in the Kanyakumari National Highway near bus stand.
3. We have our doubt whether such permission could have been granted by the State Government for installation of statue on the national highway.
4. Until further orders, we direct that the status-quo, as obtaining today, shall be maintained in all respects by all concerned with regard to the Triangle Island where statue of late Shri. N. Sundaran Nadar has been permitted to be sanctioned. We further direct that henceforth, State Government shall not grant any permission for installation of any statue or construction of any structure in public roads, pavements, sideways and other public street lights or construction relating to electrification, traffic, toll or for development and beautification of the streets, highways, roads etc. and relating to public utility and facilities.
5. The above order shall also apply to all other states and union territories. The concerned Chief Secretary/Administrator shall ensure compliance of the above order.””
Most significantly, the Bench then makes it clear in para 10 that, “The Hon’ble Supreme Court has categorically directed the State Governments not to grant any permission for installation of any statue or construction of any structure in public roads, pavements, sideways and other public utility places and therefore, on account of the order passed by the Hon’ble Supreme Court, the question of permitting the State Government and the Mysure Mahanagara Palike to install the statue does not arise.”
Furthermore, what is equally significant is that the Bench then also makes it pretty clear in para 11 that, “In the considered opinion of this Court, neither the petitioners nor any one can install the statue on the island which is on the road (circle which is on the road) keeping in view the judgment delivered by the Hon’ble Supreme Court.”
Finally and as a corollary, the Bench then holds in para 12 that, “Resultantly, the writ petition is allowed. The impugned orders passed by the State Government dated 3.3.2017 and the order dated 28.8.2017 of the 2nd respondent-Mysuru Mahanagara Palike are hereby quashed. The State Government is also directed to ensure compliance of the directions of the Hon’ble Supreme Court in the entire State of Karnataka.”
In conclusion, it may well be said that the Karnataka High Court Bench comprising of the then Acting Chief Justice Hon’ble Mr Satish Chandra Sharma and Hon’ble Mr Justice Sachin Shankar Magadum have by this cogent, commendable, composed and convincing judgment left not even an iota of doubt of any kind that the State Government of Karnataka has just no option but to comply with the Supreme Court directions baring installations of statues on public roads and pavements. This is specifically elaborated upon most elegantly in para 9 and 10 which the State Government of Karnataka has to adhere to in totality. This will certainly well serve the public interest also which should always be paramount under all circumstances also!
Sanjeev Sirohi, Advocate
Textiles sector poised for a $100 bn export: Vikram Jardosh, MoS for Textiles
Industry should take full advantage full advantage of the global market shifts: Secretary, Ministry of Textiles.
The Government has set a strong aspirational goal of achieving $100 billion from textiles exports in thenext 5 years and we will remain committed to ensure implementation of all development schemes and bring in many more schemes in pursuit of this aspiration, said Darshana Vikram Jardosh, Minister of State for Textiles, Ministry of Textiles, Government of India.
Government has already announced MITRA scheme to attract new investments and build mega textile parks in the country. Other significant programs including the launch of PLI scheme for achieving manufacturing excellence and RoDTEP for enhancing export competitiveness will help India to position it as a global leader in the sector.
The Minister was speaking at the inauguration of TEXCON: The 13th edition of the International Conference on Textiles & Apparel organized by the Confederation of Indian Industry today. A specialCII-Kearney report was also released on “Creating a competitive advantage for India in the global textiles and apparel industry”. The report covers the entire textile value chain and highlights the imperatives for both government and industry to bring global positioning for the sector.
Speaking on the occasion, Upendra Prasad Singh, Secretary, Ministry of Textiles said that the Government is making all efforts to proactively address the challenges and facilitate the creation of an enabling environment for the growth and development of the Textiles and Apparel sector. “We are capable to meet the domestic as well as the global market demands. I would like to urge the industry to take full advantage of the present global market shifts in establishing the excellence and prominence of India globally.”
Dilip Gaur, Chairman, CII National Committee on Textiles and Apparel & Managing Director, Grasim Industries Limited, Aditya Birla Group said, achieving breakthrough growth in Indian textiles will imply doubling down on multiple areas. The key ones include increasing share in MMF fiber and yarn, become regional leaders in apparel and fabrics and further augmenting India’s position as global home textiles leader. “Government of India has already shown strong commitment to this sector by launching multiple mega schemes in recent times which set a very positive tone for the future and to energize all industry stakeholders to take necessary steps forward in achieving the goals”, he added.
Kulin Lalbhai, Co-Chairman, CII National Committee on Textiles and Apparel & Executive Director, Arvind Ltd said, “The growing sentiment around “China plus one” sourcing is a golden opportunity for Indian textiles to stage a turnaround and gain back its leadership position as a lead exporting economy.” India is much better placed to maximize this opportunity as compared to competitors like Vietnam and Bangladesh because of India’s strategic depth.
Dilip Gaur, Chairman, CII National Committee on Textiles and Apparel & Managing Director, Grasim Industries Limited, Aditya Birla Group said, achieving breakthrough growth in Indian textiles will imply doubling down on multiple areas. The key ones include increasing share in MMF fiber and yarn, become regional leaders in apparel and fabrics.
Piyush Goyal calls for free trade within rules-based multilateral trading system
We must work to resolve issues posed by Non-Tariff Barriers in international trade: Piyush Goyal.
The Minister of Commerce and Industries, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyaltoday called for free trade within a rules-based multilateral trading system with honesty and transparency as core values. He added that wherever India faces an unfair or unjust treatment, it will take reciprocal action. Shri Goyal also emphasized upon the need for resolution of issues posed by Non- Tariff Barriers in international trade. He was addressing the 54th Convocation of Indian Institute of Foreign Trade in New Delhi today.
Referring to India’s recent achievement of 100 crore vaccines, he said that the milestone was the result a collective effort of 130 crore Indians and a proof of India’s ‘Atmanirbhartha’ and its resolve to leverage its capacities to the best possible extent and to serve the needs of the entire world.
Piyush Goyal said that a convocation is an important ceremony that marks the next step in the journey of the graduates when they grow from ‘acquisition of knowledge’ to ‘application of knowledge’.
He commended IIFT for contributing immensely to India’s external trade since its establishment in 1963. He said that IIFT has been widely recognized for its strong knowledge &resource base and has been consistently ranked amongst theleading business schools in the Asia-Pacific Region.
Underscoring the need for a committed and vibrant leadership in the field of academics in India, Shri Piyush Goyal called for enhancing exposure of our students to the best of technology, foreign law, economics, and international trade. Calling for tie-ups of Indian Universities with institutions of eminence across the world, he asked Indian universities to enter into sustained collaborations with such institutions.
Encouraging academic institutions to engage on a much larger scale with the industry, Shri Goyal asked students to take up internships with both the public sector and private players. Speaking of the opportunities offered by online education, Shri Goyal called for more exploration into online and hybrid modes of education.
Piyush Goyal told the students that they were graduating amidst one of the most disruptive events in the collective memory of our times. He emphasized that in the post-COVID ‘New Normal’, we can no longer play by the old rules. He called for using the disruptive interventions brought about by COVID to reorient our conventional, traditional thinking processes. Offering two cents from his versatile experience in foreign trade, Shri Goyal urged the students to ‘Learn, Unlearn, Relearn and Repeat’.
Piyush Goyal said that despite challenges, India under PM Modi has aimed to convert a crisis into an opportunity for transformation. He said that India is being looked upon as a trusted partner & we are engaging with like-minded nations e.g. EU, UK, Canada, Australia & UAE for early conclusion of FTAs.
Referring to India’s ambitious programmes like the PM GatiShakti National Master Plan for infrastructure and multimodal connectivity, Shri Goyal said that there was a need for planned, focussed efforts to create infrastructure in the country by breaking silos and bringing in synergy. “There is a need to bring in quality and productivity in all we do. A ‘Made in India’ product must be a guarantee to the world”, he added.
Applauding the Prime Minister, Narendra Modi’s visionary leadership, Goyal said that India’s decisive leadership, strong industry, vibrant media and its resolve to uphold the rule of law, had made India a trusted partner to world nations.
Lamenting that India had suffered from several missed opportunities in the past, Shri Goyal expressed the hope that we would now be able to seize every opportunity available to us to grow. “The past is a stepping stone, not a milestone”, he added.
Observing that contemporary India was confident & yet dissatisfied, he said that dissatisfied, confident people are the ones who would change the world. He urged fellow Indians to never settle for less and to work together to make India a global leader.
On the occasion, Shri Goyal presented several awards for excellence to graduating students.
Encouraging academic institutions to engage on a much larger scale with the industry, Shri Goyal asked students to take up internships with both the public sector and private players. Speaking of the opportunities offered by online education, Shri Goyal called for more exploration into online and hybrid modes of education.
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