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155 Indian companies Invest $22 billion, creates 125K jobs in US in 2020

17Jun By AnkitaNo Comments

USA

155 Indian companies Invest $22 billion, creates 125K jobs in US in 2020

Washington, Jun 15, 2020: As many as 155 Indian companies have invested USD 22 billion in the US, thus creating nearly 125,000 jobs in the country, according to a report issued by the Confederation of Indian Industries (CII) on Monday. The report, “Indian Roots, American Soil 2020,” is a state-by-state breakdown of tangible investments made and jobs created by 155 surveyed Indian companies doing business in all 50 states, as well as Washington, DC, and Puerto Rico. Texas, California, New Jersey, New York and Florida are home to the greatest number of workers in the US directly employed by the reporting Indian companies, the report said. “Indian-Americans have made so many important cultural, economic, and scientific contributions to our country and Texas values your hard work and...

One97 invests $8.95 Mn in Paytm Entertainment

26Jun By Lavina TolaniNo Comments

BUSINESS

One97 invests $8.95 Mn in Paytm Entertainment

One97 Communications, the parent company of Paytm has invested $8.95 Mn (approx Rs 61 Cr) into its wholly subsidiary Paytm Entertainment, as per by more than 50% as per company's filings with Ministry of Corporate Affairs. Paytm Entertainment, the entertainment arm of Paytm deals in ticket booking for movies and other channels has increased its online penetration in India by more than 50%, as claimed by the company. It is interesting to note that Paytm Entertainment has collaboration with SPI Cinemas which is the owner of landmark companies such as Sathyam Cinemas, Le Rêve, The Cinema, in Chennai, Hyderabad, and Mumbai. The digital arm of Paytm had entred ticketing segment back in March 2016 in partnership with PVR and today it has its business operations running across 660 cities...

27Oct By Press Trust of IndiaNo Comments

INDIA

Indian Industry Body CII is Not Happy With World Bank’s Doing Biz Ranking of India

Expressing "surprise and disappointment" over India's ranking in the World Bank's ease of doing business index, industry body CII said it has not captured key reforms undertaken by the government. "We are a little surprised by the ranking," CII Director General Chandrajit Banerjee told reporters here. India's ranking of 130th is not in tandem with the effort's being made by the government to improve business environment in the country, he said. CII Past President Sunil Kant Munjal said: "This result was surprising and disappointing because one can see the kind of work happening in the government". In the World Bank's latest 'Doing Business' 2017 report, India's place remained unchanged from last year's original ranking of 130 among the 190 economies that were assessed on various p...

LIC, Pension Funds Must Step in To Fund Startups: DIPP Secretary

7Oct By Press Trust of IndiaNo Comments

News

LIC, Pension Funds Must Step in To Fund Startups: DIPP Secretary

Life Insurance Corporation of India and other pension funds "must step in" to fund startups, Secretary in the Department of Industrial Policy and Promotion (DIPP) Ramesh Abhishek said on Friday. "LIC and other pension funds must step in... definitely that money needs to be leveraged," Abhishek said here at the India Economic Summit, jointly organised by CII and WEF. Speaking at a session on startups, founder of Pinstorm and Seedfund Mahesh Murthy stated that big companies like LIC and cigarette firms are found wanting as far as funding of start-ups is concerned. "I am taking note (of this suggestion)," Abhishek said, adding that the government is engaging with start-ups to resolve issues to give a push to budding entrepreneurs. On the Rs 10,000-crore Fund of Funds, the secretary s...

Paytm Plans to Open Multi-Format Physical Touch Points Soon

17Sep By Press Trust of IndiaNo Comments

News

Paytm Plans to Open Multi-Format Physical Touch Points Soon

Mobile payment firm Paytm, which has remained restricted to the digital format this far, will soon have physical branches and touch points, a top company official said today. "We will have physical touch points in various formats. We have submitted a 12 months business plan," Paytm Payment Bank VP Ruchita Taneja Aggarwal said on the sidelines of a CII organised banking event here. She said that these physical touch points have become necessary after Paytm forayed into payment bank business and received the regulators nod. "We are waiting for the final license from RBI, but we expect to start payment bank operations by Diwali," Aggarwal said. With payment bank license, Paytm would be able to give interest on wallet balance to those who upgrade their accounts to savings bank, but Agg...