Latest news with #Munjal
Time of India
3 days ago
- General
- Time of India
PGI suffers financial losses due to prolonged vacancy of staff houses since 2017
Chandigarh: An RTI response has revealed that 323 faculty and non-faculty houses under PGI have been lying vacant, some since as early as 2017. The vacant houses have led to an estimated financial loss of over Rs 20 crore over the past 5–6 years, with an annual loss of Rs 5.5 crore, according to calculations based on uncollected licence fee and 20% house rent allowance (HRA) paid to staff. Vacant properties mean lost rental income or utility waste. The disclosure, obtained by RTI applicant Ashwani Kumar Munjal, chairman of the Joint Action Committee, PGI on Aug 12, highlights administrative apathy and financial mismanagement. HRA, calculated on basic pay with increments and promotions over 10–25 years, adds significant costs for non-allotted staff. For instance, a junior doctor with a basic pay of Rs 56,100 (Level 10, 7th CPC) receives Rs 11,220 monthly HRA, totalling Rs 1.35 lakh annually per person. "With Chandigarh's high real estate prices, this could be framed as taxpayer money down the drain," said Munjal. The prolonged vacancies have forced PGI staff, including doctors and nurses, to pay exorbitant market rents in Chandigarh's pricey housing market, often living in far-flung areas. Extreme weather, traffic jams, and high fuel costs make timely reporting for duty challenging, especially during emergencies. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Remember Him? Sit Down Before You See What He Looks Like Now 33 Bridges Undo "This isn't just about housing — it's about patient care," said a senior nurse. "We're stretched thin, and commuting from distant areas in rain or fog delays critical responses," she said. The RTI documents point to delays in 'fitness reports' from the engineering department, requested as early as June 19, 2025, with reminders issued by July 7, 2025. These reports, critical for certifying houses as habitable, remain pending for many units, suggesting maintenance neglect or bureaucratic inefficiencies. Some houses, vacant since 2017–2019, may require significant repairs, further inflating costs. Out of 323 houses, some 200 are inside the campus. "This could have saved the parking burden in the institute which has been spending crores on multilevel parking and yet there is no space left," said a faculty member. The housing allotment committee has been taking months to allot the houses. "These vacant houses deteriorate with time and this also adds to the expenses to be made fit for living," said a faculty member. Total Vacant Houses: Over 300 across both sectors (approx 220 in Sector 12, 80 in Sector 24, including Manimajra extensions). This includes various types like IV, III, I, Teacher Flats, F-Block, and higher categories (VI, IX, X). Some houses have been empty since 2011 in Sector-12, some are vacant for nearly 14 years. Many became vacant in 2024–2025. The average vacancy time is around 2–3 years for most. About 30% have been vacant for over five years. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Time of India
3 days ago
- Business
- Time of India
ET Make in India SME Regional Summits: How Lahori Zeera stormed India's beverage aisles
Live Events Product: It has to be genuinely good, something people crave. Price: 'South Bombay and South Delhi are not India,' Munjal noted. 'Out of 145 crore people, only 10 crore file income tax returns, and half of those pay zero. Our brand is built for the other 135 crore.' Distribution: If the product and price are right, retailers will welcome it. It started, quite literally, in the ordinary day, three cousins sat together. Not with a business plan, but with the simple urge to build something — anything. Then, one cousin wandered into the kitchen, made a concoction, and served it. The first sip of that concoction became their 'Eureka!' case you're wondering, it was a jeera drink. And that drink became the spark for Lahori Zeera , the cult favourite 'chatpata' beverage that holds its own in India's cutthroat soft drink market.'It's something so basic, yet so deeply part of our culture,' recalled Saurabh Munjal, Co-Founder and CEO of Archian Foods Pvt Ltd , the company behind Lahori Zeera. 'But we thought 'why not make this commercial?''Munjal headlined the business success story fireside chat at the ET Make in India SME Regional Summit in Chandigarh, which took place on August 7. IDBI was the banking and lending partner, and Canon was the tech enabler for the of Lahori Zeera's early days, Munjal added that he couldn't help but compare India's limited beverages with the dizzying variety in supermarkets abroad. 'Even in Tier-I Indian cities, the options were sparse,' he said. 'We knew this was the right space to enter.'From day one, Lahori Zeera set out to be more than a drink: it would be a statement of Indianness. When Munjal pitched the idea to his father after returning from Singapore, the reaction was blunt: 'You want to compete with Coke and Pepsi? Are you crazy?'It was a daunting challenge, but it taught the team some important first was that India is not one market. Saurabh calls it the 'United States of India', where languages, cultures, and taste profiles change every 100 km. Even a simple vegetable dish tastes different in every state. And so the brand had to adapt to local preferences, one region at a second lesson was that local flavours matter. India is unusual in how Coke and Pepsi dominate; in many countries, half the market belongs to local beverages, Munjal pointed third lesson was that there's no one-size-fits-all formula. Success meant going deep and understanding districts, cities, and states the ET SME Summit - Chandigarh, Munjal also shared that Lahori Zeera's rise didn't depend on Blinkit, Swiggy Instamart, or other quick commerce players. 'In beverages, 70% of sales, even for Coke and Pepsi, come from local kiranas,' he said. For Lahori Zeera, general trade contributes 98% of commerce has its place in dense urban pockets, but for most of India, the corner shop remains king. 'Both will coexist. But kirana stores are still the backbone,' he into the FMCG sector equals fighting for shelf space, and incumbents don't give it up easily. In impulse-buy categories like Lahori Zeera's, you might get someone to try your drink once through marketing or fancy packaging. But if it's not good, they won't buy Lahori Zeera, three pillars were non-negotiable:And when it comes to startup valuations, Munjal believes there should be more to them than revenue. The founder, potential scale, and size of the category all matter; a small category caps growth quickly, but a large one offers room to scale. But profitability counts above all. If it's not profitable, you're doing something wrong, he to the Archian Foods CEO, we are living in India's golden era, a rare moment when capital, talent, infrastructure, and policy are all aligned. He also offered crucial advice for young entrepreneurs in Punjab: to dream, desire, and do. Many people dream and desire, but never act:'Your kids will one day ask, 'when India was having its moment, what were you doing?' My suggestion is to stop overthinking and start doing. The path won't be easy, but you'll find your way.'Today, Lahori Zeera is sold in 15 Indian states and proudly headquartered in Chandigarh, with no plans to shift base. The brand aims to go pan-India soon, and achieve an international presence within five ultimate goal? 'To be the preferred beverage brand in India,' Munjal concluded without hesitation at the ET Make in India SME Regional Summit - the brand's journey from a kitchen experiment to a large-scale player, that dream doesn't sound ET Make in India SME Regional Summits, ET MSME Day, and ET MSME Awards are flagship initiatives to celebrate the versatility and success of India's MSME sector. If you lead or are part of a micro, small, or medium enterprise, register for the ET MSME Awards 2025 before August 31, 2025.
Economic Times
3 days ago
- Business
- Economic Times
ET Make in India SME Regional Summits: How Lahori Zeera stormed India's beverage aisles
It started, quite literally, in the ordinary day, three cousins sat together. Not with a business plan, but with the simple urge to build something — anything. Then, one cousin wandered into the kitchen, made a concoction, and served it. The first sip of that concoction became their 'Eureka!' moment. In case you're wondering, it was a jeera drink. And that drink became the spark for Lahori Zeera, the cult favourite 'chatpata' beverage that holds its own in India's cutthroat soft drink market. 'It's something so basic, yet so deeply part of our culture,' recalled Saurabh Munjal, Co-Founder and CEO of Archian Foods Pvt Ltd, the company behind Lahori Zeera. 'But we thought 'why not make this commercial?'' Munjal headlined the business success story fireside chat at the ET Make in India SME Regional Summit in Chandigarh, which took place on August 7. IDBI was the banking and lending partner, and Canon was the tech enabler for the summit. Speaking of Lahori Zeera's early days, Munjal added that he couldn't help but compare India's limited beverages with the dizzying variety in supermarkets abroad. 'Even in Tier-I Indian cities, the options were sparse,' he said. 'We knew this was the right space to enter.'As desi as it getsFrom day one, Lahori Zeera set out to be more than a drink: it would be a statement of Indianness. When Munjal pitched the idea to his father after returning from Singapore, the reaction was blunt: 'You want to compete with Coke and Pepsi? Are you crazy?'It was a daunting challenge, but it taught the team some important first was that India is not one market. Saurabh calls it the 'United States of India', where languages, cultures, and taste profiles change every 100 km. Even a simple vegetable dish tastes different in every state. And so the brand had to adapt to local preferences, one region at a second lesson was that local flavours matter. India is unusual in how Coke and Pepsi dominate; in many countries, half the market belongs to local beverages, Munjal pointed third lesson was that there's no one-size-fits-all formula. Success meant going deep and understanding districts, cities, and states the ET SME Summit - Chandigarh, Munjal also shared that Lahori Zeera's rise didn't depend on Blinkit, Swiggy Instamart, or other quick commerce players. 'In beverages, 70% of sales, even for Coke and Pepsi, come from local kiranas,' he said. For Lahori Zeera, general trade contributes 98% of commerce has its place in dense urban pockets, but for most of India, the corner shop remains king. 'Both will coexist. But kirana stores are still the backbone,' he said. Formulae for success Breaking into the FMCG sector equals fighting for shelf space, and incumbents don't give it up easily. In impulse-buy categories like Lahori Zeera's, you might get someone to try your drink once through marketing or fancy packaging. But if it's not good, they won't buy Lahori Zeera, three pillars were non-negotiable: Product: It has to be genuinely good, something people crave. Price: 'South Bombay and South Delhi are not India,' Munjal noted. 'Out of 145 crore people, only 10 crore file income tax returns, and half of those pay zero. Our brand is built for the other 135 crore.' Distribution: If the product and price are right, retailers will welcome it. And when it comes to startup valuations, Munjal believes there should be more to them than revenue. The founder, potential scale, and size of the category all matter; a small category caps growth quickly, but a large one offers room to scale. But profitability counts above all. If it's not profitable, you're doing something wrong, he said. According to the Archian Foods CEO, we are living in India's golden era, a rare moment when capital, talent, infrastructure, and policy are all aligned. He also offered crucial advice for young entrepreneurs in Punjab: to dream, desire, and do. Many people dream and desire, but never act: 'Your kids will one day ask, 'when India was having its moment, what were you doing?' My suggestion is to stop overthinking and start doing. The path won't be easy, but you'll find your way.' More to come Today, Lahori Zeera is sold in 15 Indian states and proudly headquartered in Chandigarh, with no plans to shift base. The brand aims to go pan-India soon, and achieve an international presence within five ultimate goal? 'To be the preferred beverage brand in India,' Munjal concluded without hesitation at the ET Make in India SME Regional Summit - the brand's journey from a kitchen experiment to a large-scale player, that dream doesn't sound farfetched. The ET Make in India SME Regional Summits, ET MSME Day, and ET MSME Awards are flagship initiatives to celebrate the versatility and success of India's MSME sector. If you lead or are part of a micro, small, or medium enterprise, register for the ET MSME Awards 2025 before August 31, 2025.
Time of India
5 days ago
- Business
- Time of India
UT declares all PGI employment as essential
Chandigarh: UT chief secretary on Monday declared all employment at the PGI an "essential service," extending the Haryana Essential Services Act, 1974, to Chandigarh. The move prohibits any strikes by PGI staff. This is the first time the Act was invoked without an official strike notice from any union. The notification follows a 2024 public interest litigation (PIL) filed by PGI, which led to a Punjab and Haryana high court ruling on August 7 this year. The court noted that PGI services weren't previously declared essential under the East Punjab Essential Services Maintenance Act, 1947, yet it pre-emptively barred unions from future strikes or protests. The decision comes amidst an ongoing legal dispute with the PGI union president, Ashwani Munjal, who was banned from campus. The high court, while addressing Munjal's challenge, has permitted union activities only within their designated office space and explicitly forbidden any actions that would obstruct patient care or movement within the institute. According to Munjal, the recent court ruling and subsequent notification vindicate the union's decades-long position that ESMA was not previously applicable to PGI. However, he acknowledged the court's strict stance on protests, stating that any future demonstrations would be restricted to the institute's residential areas to prevent disruption of patient services. "The three decades old stand of union(s) that there is no notification imposing ESMA at PGI has been vindicated whereas PGI filed more than 6-8 CWP-PIL during 2018 to 2024 seeking orders to take action against leaders/staff under Section 6 & 7 ESMA, 1947/1968," said Munjal. He added, "The competent authority for PGI is the centre and not Chandigarh for invoking ESMA." Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
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Business Standard
06-08-2025
- Business
- Business Standard
Hero FinCorp halts unsecured loans, aims 14% growth in FY26 disbursements
With an eye on making its loan book more robust, IPO-bound Hero FinCorp Ltd (HFCL) has stopped giving unsecured loans due to concerns about borrowers being over-leveraged. It will recalibrate its balance sheet with a focus on secured assets and aims to grow disbursements by 14 per cent in the current financial year (FY26). Abhimanyu Munjal, managing director and chief executive officer, HFCL, told Business Standard that the finance company has made significant changes in business strategy and operations. 'We have stopped unsecured loans. In the unsecured space, we were operating through partners and the open market. Both have been stopped because of the over-leverage issue in the market. The company thought it was better to focus on existing customers and work in loan against property, home loans, and vehicles,' Munjal said. According to CRISIL's analysis, measures such as strengthening credit underwriting and investing in analytics to improve collections in prior years had helped reduce bad loans from 7.9 per cent in March 2022 to 4.3 per cent in March 2024. However, due to challenges like elevated average indebtedness in the unsecured personal loan segment, overall gross non-performing assets (GNPAs) rose to 5.0 per cent by the end of December 2024. The share of unsecured personal loans constituted 30 per cent of assets under management (AUM) as of December 31, 2024, CRISIL said. GNPAs further rose to 5.5 per cent in March 2025, according to HFCL's FY25 annual report. On loan book growth, Munjal said: 'We are seeing muted credit growth in the whole industry. I am fairly certain we should maintain industry or above-industry levels.' He said this year is about re-engineering the balance sheet to make it very robust so that the company can push for growth from the second half of FY26. 'We have so far recorded 14 per cent Y-o-Y growth in Q1FY26. We will maintain a similar level of disbursements. The early indicators of monsoon are positive, and for us, a lot of our vehicle growth comes in the post-monsoon festive season,' he said. The company's disbursements stood at Rs 30,337 crore in FY25, down from Rs 32,145 crore in FY24. Outstanding loans were at Rs 49,876 crore at the end of March 2025, according to its annual report. Asked about the benefits from softening interest rates in raising funds, Munjal said around 55–60 per cent of liabilities are term loans. The marginal cost of funds-based lending rate (MCLR) has not come down dramatically, as the major component of MCLR is deposit cost, which takes time to adjust. 'We have proactively moved to shorter-term MCLRs where we are going to see the benefits,' he added. The external benchmark lending rates (EBLR) on loans have come down, but the share of EBLR-linked loans in bank borrowing is very small — around 10–15 per cent. In that segment, the company has seen a benefit.
