GSF Founder Warns Students Of Job Crunch Abroad: ‘Parents Should Think Twice'
Rajesh Sawhney, Founder and CEO of GSF Accelerator, has cautioned students and their families about the growing challenges in these countries. According to his LinkedIn profile, he is also an alumnus of the Advanced Management Program at Harvard Business School and holds a fellowship from the London School of Economics. Despite his own background in international education, he feels the situation today is quite different from what it was a few years ago.
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Business Standard
6 minutes ago
- Business Standard
Court takes cognisance against ABG Shipyard in ₹22,000 cr bank fraud case
A Rouse Avenue court has taken cognizance of a ₹22,000 crore alleged bank fraud and funds siphoning case against Surat, Gujarat-based ABG Shipyard Ltd, its former Director, Auditor, public servants, and subsidiary companies. It is alleged that ABG Shipyard Ltd transferred huge amounts of money to its related parties, and thereafter, adjustment entries were made. The Central Bureau of Investigation (CBI) had filed a charge sheet, supplementary charge against 6 individuals and 17 companies and firms. The Chief Judicial Magistrate (CJM) Deepak Kumar, after taking cognizance, issued summons to the accused persons to appear before the court on the next date on August 22. CJM Deepak Kumar said, "I have perused the chargesheet and supplementary charge sheet alongwith the documents annexed with it, including the statements of the witnesses recorded under Section 161 CrPC and have considered the submissions made by the public prosecutor for the CBI and the Investigation Officer." The court said that there are clear and categorical findings in the final report and supplementary final report against the accused persons regarding the commission of offences for which they have been chargesheeted for the offences punishable under Section 120B/420/477A IPC and substantive offences thereof. "Accordingly, in view of the foregoing discussion and material available on record, I take cognizance," CJM Kumar ordered on August 11. The CBI had registered a case on August 25, 2020, on the complaint filed by the consortium of banks, including SBI. The case was registered against M/s ABG Shipyard Ltd, its former managing director Rishi Kamlesh Agarwal, Santhanam Muthuswamy), Ashwini Kumar, Sushil Kumar Aggarwal, Ravi Vimal Newatia, M/s ABG International Pvt Ltd, unknown public servants and unknown private persons alleging the commission of offences of cheating, criminal breach of trust, criminal conspiracy and abuse of official position thereby causing wrongful loss to the tune of Rs. 22,842 crore to the consortium of lending banks comprising of State Bank of India (SBI), erstwhile State Bank of Patiala (presently SBI), erstwhile State Bank of Travancore (presently SBI) etc, led by ICICI Bank. During the investigation, other accused were interrogated and arrayed in the supplementary charge sheet. It is stated that the Investigation has also revealed that the accounts were falsified and misrepresented by the accused persons in criminal conspiracy with each other and thereby defrauded the lender banks by presenting false figures before the lenders and shareholders. Investigation has pointed out that ABG Shipyard, in criminal conspiracy with its promoters, directors, and other key managerial persons, had availed credit facilities from the banks fraudulently. Thereafter, it dishonestly diverted a huge amount of bank funds with ulterior motives to its group concerns. Investigation has further alleged that ABG Shipyard had siphoned off funds for acquiring 14 residential flats in Mumbai for a consideration amount of Rs. 33.50 crores. These flats were purchased by an accused company which was under the control of Rishi Kamlesh Agarwal, Former MD of ABG Shipyard.
Time of India
22 minutes ago
- Time of India
Auto parts makers gear up for profit squeeze
CHENNAI: What do the new tariffs by the US mean for India's auto component exporters? The math is complicated but the pinch is very real. According to auto analysts and industry experts, 15-20% of India's US-bound auto-component exports could be lost in the short term. The US is India's biggest exporting destination with 27% of auto parts exported there. Which means, says Jitin Makkar, group head & senior VP (corporate ratings) at ICRA, "around 8% of the Indian auto-component production will be impacted by the increase in tariffs". According to ACMA auto component exports to the US stood at nearly $7 billion in 2024. Of this, $3.6 billion - which covers parts and components for cars and small trucks - will attract 25% duty. But the real squeal will be in the balance $3-billion worth of exports that are part of a reciprocal tariff of 50%. This would include commercial vehicle parts, construction equipment components, off highway, tractor and farm equipment parts. While large OEMs are already looking at alternative markets, it is the sector mainstay MSME exporters that will hurt most. Take Noble Cast Comp, an aluminium casting manufacturer in Bhosari, that exports 60% of its products to the US. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Are you ready to conquer a planet? Undo The company's CMD Nitin Bhagwat said US customers were already demanding that they share the tariff burden, which would affect profit margins. Others like R K Industries in Pimpri Chinchwad exports computer numerical control machined components to global auto firms, with 20% going to the US. "Effects are expected to be felt from next month, with US customers likely seeking price reductions due to increased landing costs and clients may also explore alternative suppliers from countries with lower costs," said R K Industries's operations head Nilesh Khaire. While the effective duty can range anywhere from 25-28% to 45-50% depending on the different slabs, the pinch will differ on the basis of how sticky the product exported is. Ravindra Patki, managing partner at Vector Consulting Group said, "30-40% of India's auto component exports to the US comes from programmes in which India is one of multiple approved suppliers with a defined share of business." As for the larger exportable parts, Indian auto-component exporters will be at a disadvantage compared to other Asian countries like Japan, Vietnam and Indonesia which face a lower tariff of 15-19%. Component exporters however say a lot will depend upon their individual relationship with US-based buyers. Sipra Engineering MD M Umadi said, "US customers, accounting for 28-32% of exports, have assured support if we maintain cost, quality and delivery standards, but may request cost reductions later." Stay informed with the latest business news, updates on bank holidays , public holidays , current gold rate and silver price .
Mint
an hour ago
- Mint
Why India's music labels are eyeing regional catalogues
Tepid growth in paid subscriptions and increasing content creation costs are pushing music labels to step up consolidation efforts in the industry. Experts say this is a relatively easy way to expand libraries and improve market share. Entering newer realms brings an opportunity to collaborate with more artists, many of whom are well known in smaller, specific markets, improving their monetisation as well. Saregama's acquisition of NAV Records, a Haryanvi music catalogue, last month shows how players are looking at unlocking potential in newer languages. This June, Sony Music India announced a strategic joint venture with LA-based global entertainment firm The Hello Group (THG) to form THG India, designed to help Indian artists, particularly within the booming live music sector. Earlier, Warner Music India had formed partnerships with key regional players, including a majority stake in Divo, a South Indian music label, and a strategic alliance with Sky Digital, which specialises in Punjabi music. The company also acquired 26% of Global Music Junction, a dominant player in the Bhojpuri, Kannada, Gujarati, Haryanvi, and Oriya language markets and the music and entertainment subsidiary of JetSynthesys. Big companies like Saregama maintain 30-35% of all music releases in India, and partnering with regional labels can, in some cases, account for over 50% releases in the market for the specific language . 'These moves illustrate how regional strengths can be scaled through strategic partnerships. They have helped unlock value by streamlining rights and royalty systems, expanding digital distribution, and bringing under-leveraged catalogues into the streaming mainstream while maintaining their cultural identity," said Vivek Raina, managing director, Believe India, a global digital music company, that has acquired majority stake in south Indian label Think Music, Ishtar (formerly Venus Music) in the Hindi catalogue space, and the catalogue of White Hill Music. According to a recent Ficci EY media and entertainment report, the Indian music industry's revenue declined by 2% to reach ₹5,300 crore in 2024. The industry recorded 12 million paid streamers and 192 million free streamers in the year. The right tune Consolidation can act as a strong accelerator, especially for regional or mid-sized players that have valuable IP and deep local roots but limited access to infrastructure, global platforms, or capital, Raina added. Entertainment industry experts emphasize that organic growth for music players includes expanding artist rosters, creating original content, leveraging social media trends, optimizing playlists, and deepening audience engagement through live events or fan communities. Inorganic growth comes via acquisitions, mergers, catalogue licensing deals, and strategic partnerships with brands, streaming platforms, or tech companies. Organic methods build long-term brand equity and loyal audiences, while inorganic moves offer rapid scale, larger catalogues, and immediate market share gains. Both can be highly complementary — organic growth sustains creativity and authenticity, while inorganic strategies accelerate reach and revenue, enabling music labels and platforms to stay competitive in a fast-evolving industry. A senior executive at a leading label pointed out that as monetization from paid subscriptions plateaus and content costs continue to rise, few companies can afford to keep producing content on their own. Music labels such as T-Series, Sony Music, and Saregama, among others, have seen film soundtrack acquisition costs spike five to eightfold since the pandemic. Meanwhile, audio streaming platforms have lowered their pay rates (the amount paid per stream for a song) by about half over the past few months, as audience preferences shift away from music to other genres of entertainment, such as stand-up comedy and podcasts on YouTube. 'Capital expenditure goes up with rising content costs, and there is no way anyone can make more content on their own. This (acquisitions or joint ventures), on the other hand, is a one-time investment that allows you a stronger footprint in the market without having to create from scratch," the person said, adding that it automatically allows for better commercial terms from audio streaming platforms that music labels sell rights to. Such catalogue partnerships make sense for smaller labels which are heavily dependent on streaming and YouTube revenue and are unlikely to operate at scale, according to Mandar Thakur, CEO of Times Music. 'The former has dried up and the latter has begun to focus on long-form content. As long as you have a catalogue, you should make something out of it or the current wave of capital could go down," Thakur added. Consolidation in India's music industry could help smaller and national players by pooling resources, expanding catalogues, and increasing bargaining power with platforms, brands, and advertisers, said Gaurav Dagaonkar, co-founder and CEO of Hoopr, a music licensing platform. 'It can enable shared marketing, technology adoption, and data-driven strategies that might otherwise be costly for individual players. A unified catalogue offers better licensing opportunities, attracts larger deals, and improves discoverability for diverse music," Dagaonkar said. For artists, it can mean wider reach and fairer monetisation. That said, the trend can also have a downside. Bigger players entering regional markets can lead to monopolistic scenarios, inflating costs in the short term as they pay relatively higher sums to artists and then suddenly leading to correction. While challenges like maintaining creative diversity remain, strategic consolidation could be a viable path forward, fostering competitiveness, scalability, and sustainable growth in an increasingly globalised and digital-first music ecosystem, Dagaonkar added.
