Ban on Karnataka mangoes may lead to retaliatory steps, Karnataka CM tells Andhra counterpart
BENGALURU: Chief Minister Siddaramaiah urged Andhra Pradesh Chief Minister N Chandrababu Naidu to withdraw the ban on entry of Totapuri mangoes from Karnataka into Chittoor district in AP.
In a letter to Naidu, the Karnataka CM stated that the abrupt and unilateral move has caused considerable hardship to mango growers in Karnataka, particularly those in the border regions who cultivate Totapuri mangoes in substantial quantities.
'These farmers have long relied on the robust linkages with Chitroor-based processing and pulp extraction units for marketing their produce. The current restriction has disrupted this well-established supply chain and threatens significant post-harvest losses, directly impacting the livelihoods of thousands of farmers,' the CM stated.
Siddaramaiah said actions of this nature taken without prior consultation or coordination run contrary to the spirit of cooperative federalism.
'I am also concerned that this may lead to avoidable tension and retaliatory measures, with stakeholders already expressing discontent that could potentially disrupt the inter-state movement of vegetables and other agricultural commodities,' the CM stated.
He urged Naidu to direct the district authorities in Chittoor to immediately revoke the ban on entry of mangoes from Karnataka.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
37 minutes ago
- Hindustan Times
Planning to buy a ₹2 crore home? A large down payment can ease your EMI burden and reduce financial stress
We often come across headlines highlighting the booming demand in the luxury real estate segment, with properties worth crores flying off the shelves. While many of these homes are being snapped up by business owners and startup founders, it raises a broader question: Who else is buying such expensive properties? And if you're drawing a healthy salary, how expensive a home can you realistically afford? Probably not a ₹10 crore apartment, but what about something more modest, like a flat worth ₹2 crore? Take, for instance, Bengaluru-based IT professionals Raktim Mitra and Rupsa Mitra, both in their 40s. The couple recently purchased a home worth nearly ₹2 crore. With a combined annual income of ₹75 lakh, they fall in the upper-income bracket, yet their purchase was carefully calculated. Let's break it down. Assuming you want to purchase an apartment worth ₹2 crore through a loan. For a house of ₹2 crore, with a loan and down payment ratio of 80:20 and a loan tenure of 20 years, EMI would be around ₹1.4 lakh a month. and the loan amount will be ₹1.6 crore. This is when the lender charges 8.5% on the loan. Based on the widely accepted rule that EMIs should not exceed 40–45% of your monthly income, you'd need to earn at least ₹3–3.5 lakh per month (or ₹36–42 lakh annually) to comfortably service such a loan, provided you have minimal other liabilities. So, while a ₹2 crore home may seem like a stretch, it is within reach for dual-income families in high-paying sectors like tech, especially when prudent planning and financial discipline are in place. 'As recommended, the maximum EMI-to-income ratio is 40% of monthly net income. This means ₹3,46,798 or say ₹3.5 lakh monthly or a CTC of around ₹42 lakh. To make room for other and incidental expenses, the annual salary must be around ₹45-50 lakh (approximately),' says Madhupam Krishna, Securities and Exchange Board of India (Sebi)-registered investment advisor (RIA) and chief planner, WealthWisher Financial Planner and Advisors. Now, coming back to the down payment of ₹40 lakh plus 10% of fees, the actual required upfront is ₹50–55 lakh. So, if you are on similar financial levels and save 25% of your annual salary, you need seven to eight years of savings. This means that you can buy an expensive home if your salary is high enough. Or you can buy a home, if you pay a sizable down payment to bring your EMI down. In the above case, if you made a down payment of ₹1 crore, your EMI would be within ₹1 lakh, and you would have qualified for it even with a lower salary. 'Most lenders offer up to 80% of the property value as a loan. However, having a sizable upfront corpus helps. A larger down payment not only reduces the EMI burden but also improves your loan eligibility and approval chances,' says Sunil Dewali, co- CEO of Andromeda Sales and Distribution, parent company of Andromeda Realty Advisors. When assessing a home loan application, lenders typically evaluate three key factors: your credit score, your repayment capacity, and the quality of the property being mortgaged. Your credit score, issued by agencies like CIBIL, Experian, or Equifax, reflects how you've managed debt in the past. It takes into account your repayment history, any loan defaults, outstanding credit card dues, and overall credit behaviour. The score is typically 700+. If you have 750+, you may expect better terms. Income stability is key to home loan approval. For salaried individuals, bank checks, salary slips, Form 16, and bank statements for the last six to 12 months. For self-employed individuals, banks verify ITR, business turnover, balance sheets, and bank statements for two to three years. Banks also look at employer reputation, job stability, and industry,' says Krishna. Banks also assess your current debt-to-income ratio. If you already have EMIs (car loan, personal loan), it may reduce your home loan eligibility. Banks also carry out technical and legal due diligence on the property before approving a home loan. This process includes assessing the market value of the property, ensuring the title is clear, with no legal disputes, checking the track record of the developer and verifying RERA registration for under-construction projects. The process also includes verifying approved building plans and, in the case of ready-to-move-in properties, the occupancy or completion certificate. Also Read: Can you afford that 3,000 sq ft apartment after retirement? Think before you invest These checks help ensure that the property is legally sound and worth the investment being financed. For a larger loan amount, the bank may ask for a guarantor or a co-applicant. If your home loan EMI exceeds 40–45% of your take-home pay, you're entering the 'stress zone', and this may affect your ability to save and spend on other essentials. One must use the 50-30-20 rule. Allocate 50% of income for needs such as EMIs, premiums, essentials, 30% for lifestyle expenses, travel and rest 20% savings for life goals. 'When you take out a large loan, it can disrupt this ratio,' says Krishna. 'The key is to ensure that your EMI doesn't exceed 40% of your monthly income. While you might manage for the first year or two by adjusting expenses, it's not sustainable in the long run. That's why it's important to pause and assess before committing to a high-value loan.' Anagh Pal is a personal finance expert who writes on real estate, tax, insurance, mutual funds and other topics
Time of India
37 minutes ago
- Time of India
Fidelity marks up IPO-bound Lenskart's valuation to $6.1 billion
A fund managed by US-based Fidelity has marked up the valuation of omnichannel eyewear retailer Lenskart by over a fifth to $6.1 billion at the end of April 30, according to a monthly portfolio holdings update by the financial services major. This marks a 21% increase of the company's fair value in Fidelity's books compared to the $5 billion valuation at which it acquired the shares in June 2024 during a secondary transaction that also saw Singapore's Temasek join Lenskart's roster of blue-chip investors. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo Crossover funds such as Fidelity, which invest both in publicly traded and privately held companies, periodically review the valuation of their portfolio companies. To be sure, the fair value of a company is ascertained on the basis of a number of factors, including financials shared with investors, market conditions and the performance of comparable peers. Since inception in 2010, Lenskart has closed nearly $2 billion in funding, including secondary deals. It is due to set up its largest eyewear manufacturing facility in Telangana with an investment of about Rs 1,500 crore. Live Events As reported by ET, the eyewear retailer is considering a $1 billion public offering at a potential $10 billion valuation, double that of its last funding round as reported by ET. Earlier this month, Lenskart converted into a public company by changing its registered name from Lenskart Solutions Private Limited to Lenskart Solutions Limited through a special resolution passed by its shareholders. Lenskart had closed a $200 million secondary round last June at a $5 billion valuation, with investments from Singapore's sovereign fund Temasek and Fidelity. Separately, in July 2024, Lenskart founders Peyush Bansal , Neha Bansal, Amit Choudhary, and Sumeet Kapahi had invested almost $20 million in the company. Previously, in March 2023, Lenskart had raised $600 million from Abu Dhabi Investment Authority and ChrysCapital. Of this, $450 million was a secondary share sale, which allowed existing investors such as SoftBank and Chiratae Ventures to partially sell their stake in the company. This round had valued Lenskart at $4.5 billion. Lenskart bagged the top honour at The Economic Times Startup Awards 2024 . It was named the Startup of the Year by an elite jury for its success in building a fast-growing, large-scale omnichannel consumer retail venture while creating an entirely new category. In FY24, Lenskart's net loss shrank to Rs 10 crore from Rs 64 crore in FY23, which the company attributed to technology-driven operational efficiencies. Operating revenue rose 43% to Rs 5,428 crore, while earnings before interest, taxes, depreciation, and amortisation (Ebitda) more than doubled to Rs 856 crore. The Gurugram- based company produces about 25 million frames and 30–40 million lenses annually. It operates over 2,500 stores across India and Southeast Asia in addition to a strong online presence. The company has yet to file financial statements for fiscal year 2025 with the Registrar of Companies.
Hindustan Times
an hour ago
- Hindustan Times
Startup Mantra: Accelerate business growth with sustainability
At a time when businesses across the globe are navigating a maze of sustainability regulations, a Pune-based startup is helping them find clarity—and compliance—with confidence. Founded in 2021 by Rajesh Patel, Snowkap is a Net Zero Software-as-a-Service (SaaS) platform that helps companies manage their Environment, Social and Governance (ESG) performance and reduce their carbon footprint. Born out of a problem Patel encountered firsthand—scattered ESG data, outdated tools, and a lack of business-aligned solutions—Snowkap blends artificial intelligence with human expertise to create a comprehensive, usable platform. 'We're not trying to retrofit old systems,' says Patel, who also heads the Powerweave Group. 'We wanted to create something grounded in how sustainability actually functions inside modern businesses,' he said. From pain point to platform The ideation for Snowkap began with conversations across boardrooms and factory floors. Patel and his team met sustainability officers, procurement heads, chief financial officers (CFOs), auditors, and policy advisors across geographies. 'We mapped where ESG data comes from, who owns it, where it gets stuck. The pattern was clear—manual processes, scattered workflows, and a heavy reliance on consultants just to stay compliant,' says Patel. What emerged was a business-grade ESG ERP platform—built from scratch, not retrofitted. The platform integrates directly into an enterprise's existing systems, automates data collection, matches it to global frameworks, and flags gaps, enabling quick and credible reporting. It supports the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), and Task Force on Climate-related Financial Disclosures (TCFD), among others. 'Think of us as your ESG control tower,' Patel explains. 'We plug in, clean up your data, match it to global standards, and help build your reports—all from one place.' Bootstrapped but built-to-scale The product has been in the making for over 18 months, backed entirely by the Powerweave Group and developed by a core team of engineers, ESG experts, and compliance professionals. Around $1.5 million has been invested so far through internal capital and grants. Unlike many early-stage startups, Snowkap has avoided the blitz-scaling trap. 'We built with intent, not speed,' says Patel. While most SaaS companies bleed cash in the name of scale, Snowkap's infrastructure and product choices were made to grow sustainably. 'From the beginning, we asked—how can we scale without increasing burn?' adds Patel. Human and AI approach The global ESG software market, currently pegged at $3.17 billion, is dominated by giants like SAP, IBM, and Microsoft, which together command over 60% market share. Snowkap, like other Indian entrants (with <10% market share), is an emerging challenger in a rapidly growing industry. What sets Snowkap apart, says Patel, is its Human + AI approach. 'Most platforms stop at reporting. We go further—our AI does the heavy lifting, and our ESG experts help translate that into business-first action,' he says. 'It's not just about compliance—it's about helping businesses make smarter decisions.' Europe and GCC on the radar Snowkap now plans to expand into high-impact markets in Europe and the Gulf Cooperation Council (GCC). The timing is deliberate. 'Europe is now the epicentre of sustainability regulation,' says Patel, referring to new frameworks like the Carbon Border Adjustment Mechanism (CBAM), the EU Deforestation Regulation (EUDR), and the Omnibus Directive. 'These aren't just acronyms—they're reshaping boardroom agendas.' To enter these markets, Snowkap is strengthening its partner ecosystem. Local collaborators, especially in Europe, bring on-ground knowledge and regulatory understanding, while Snowkap provides the scalable tech backbone. Industry tailwinds The ESG software market is booming—with a global compound annual growth rate (CAGR) of 16.7%, projected to hit $8.03 billion by 2030. India's market is smaller but growing faster—from ~$110 million now to an estimated $377 million by 2030 (CAGR of 22.9%). For Patel, it's not just a business opportunity—it's a shift in how companies define performance. 'ESG is now a boardroom priority, not just a CSR checkbox. When something becomes central to business strategy, you need infrastructure that evolves with it.'
