Delhi govt reduces local area fund for MLAs to Rs 5 crore
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Economic Times
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Techie failed UPSC but got into IIT while building his startup and making 1st profit
Synopsis After facing disappointment in the UPSC exams, a determined young individual turned to entrepreneurship and secured admission into IIT Bombay through GATE 2025. He swiftly launched a company focused on integrating AI solutions for businesses, achieving profitability within the first month. By attracting US clients and building a strong portfolio, he scaled his operations, demonstrating resilience and adaptability. Agencies He couldn't clear the UPSC. But today, this techie is busy studying in IITBombay and also building his startup from scratch. A young aspirant who could not succeed in the UPSC examinations has found an entirely new direction for himself. Instead of being disheartened, he has entered IIT Bombay through his GATE 2025 scores and simultaneously started building his own company from the ground up. Sharing his journey on the subreddit Indian Flex, he explained how the UPSC Prelims results were declared on June 11, 2025. The very next day, June 12, he decided to establish his business, and just a few days later, he secured admission into IIT entrepreneurial journey quickly began to take shape. Within the very first month, he recorded a profit exceeding Rs 40,000. Though modest, he saw this achievement not as financial success but as proof that his model could work. His initial goal after launching on June 12 was not to maximize profits but to simply break even by attracting clients and delivering work that would help him create a strong portfolio. This portfolio, he believed, would serve as a magnet for more substantial projects in the future. By late July, his strategy had begun to yield results. With an improved portfolio, he started to attract clients from the United States, which significantly boosted his growth prospects. As business picked up, he brought on four interns to help him manage operations across different functions—sales, content creation and social media, UI/UX design, and both front-end and back-end development. Even after compensating his small team, his net income from July 20 to August 15 still stood at around Rs 40,000, marking a steady step toward scaling his enterprise venture itself is focused on helping organizations incorporate artificial intelligence into their workflows. The startup streamlines interdepartmental management while also providing services such as SWOT analysis, running Google Ads, and producing AI-generated video content. For one client, nearly ten videos were created within a single month to enhance their digital visibility and drive who came across his story were quick to applaud the determination and fresh perspective, praising his resilience and ability to convert setbacks into opportunities.
Hans India
24 minutes ago
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ED conducting raids at properties linked to TN minister I. Periyasamy
Chennai: The Enforcement Directorate (ED) is conducting raids at multiple locations linked to Tamil Nadu Minister I. Periyasamy. Teams of officials reached his residence on Greenways Road in Chennai, his MLA guest house at Thiruvallikeni, and several properties in Madurai and Dindigul on Saturday morning. The searches are part of an investigation into suspected money laundering and illegal financial transactions. The operation has created tension, especially near the minister's Greenways Road home, where some people initially prevented ED officials from entering the premises. Security has been tightened in the area, and heavy deployment of police has been reported. The raids are still in progress, with officers said to be scrutinising property and financial records. This action is seen as part of a wider pattern of central agency interventions in Tamil Nadu. Earlier this year, the ED probed alleged irregularities to the tune of Rs 1,000-crore in TASMAC, and examined the tender processes, inflated charges on liquor bottles, and manipulation of licensing. Raids were carried out at the residences of senior officials including the TASMAC Managing Director, as well as at several distillery operators' offices. That case, however, escalated into a major legal dispute. The Supreme Court stayed the probe in May and came down heavily on the ED, warning that the agency was crossing constitutional limits by raiding a state-owned corporation and infringing upon the federal structure. The agency also recently carried out searches in a case linked to S. Pandian, a former environment official accused in a corruption probe initiated by the Directorate of Vigilance and Anti-Corruption. During those operations, large amounts of cash, gold, silver, diamonds, and property documents were seized, underscoring the scale of alleged irregularities being investigated. With the raids on Minister Periyasamy now underway, political circles in Tamil Nadu are closely watching developments. The ruling DMK has in the past accused central agencies of misusing their powers to target its leaders, while the Opposition has insisted that such investigations are necessary to expose corruption. The outcome of the current searches is expected to have significant political and legal ramifications, further intensifying the friction between the state government and central enforcement agencies.
News18
an hour ago
- News18
Good News For SBI Customers: Public Lender Cuts MCLR Rates, Easing EMI Burden
Last Updated: SBI and Indian Overseas Bank have reduced their MCLR rates effective August 15, 2025. SBI's one-year MCLR is now 8.75%. SBI Cuts MCLR Rate: The State Bank of India (SBI), the country's largest lender, has announced a 5 basis points (bps) reduction in its Marginal Cost of Funds-Based Lending Rate (MCLR) across all tenors, effective August 15, 2025. Following the cut, the overnight and one-month MCLR stand reduced to 7.90% from 7.95%, while the three-month rate is revised to 8.30% from 8.35%. The six-month MCLR has been lowered to 8.65% from 8.70%, and the one-year rate, which serves as the benchmark for many consumer loans, has been reduced to 8.75% from 8.80%. The two-year MCLR now stands at 8.80% and the three-year rate at 8.85%, both down from their previous levels. The move comes close on the heels of the Reserve Bank of India's (RBI) recent policy decision to keep the repo rate unchanged at 5.55 per cent in August MPC meeting, with 'neutral" stance. RBI's status quo on the benchmark lending rate came following three rate cuts of 50 and 25 twice in previous MPC meetings. For home loan borrowers, the reduction in the one-year MCLR, widely used as the benchmark, means a modest decline in equated monthly installments (EMIs). For example, on a Rs 30 lakh home loan with a 20-year tenure, the EMI reduction could be in the range of Rs 90–100 per month, offering some relief to households. In the other news, Indian Overseas Bank also reduced its MCLR for all tenors by 10 bps from August 15, 2025. The Asset Liability Management Committee (ALCO) of Indian Overseas Bank, in its meeting on August 11, 2025, announced a 10-basis point reduction in the Marginal Cost of Funds-based Lending Rate (MCLR) across all tenors. The revised rates are effective from August 15, 2025. Under the new structure, the overnight MCLR has been reduced from 8.15% to 8.05%, while the one-month rate will stand at 8.30% compared to 8.40% earlier. The three-month MCLR will come down to 8.45% from 8.55%, and the six-month rate will be 8.70%, down from 8.80%. The one-year MCLR — often used as a benchmark for home loans — will now be 8.90%, compared to 9.00% previously. view comments First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
