Modi effect? China’s top real estate player looks to invest $10 bn in India

Wang Jianlin, Chairman of China’s top real estate player-Dalian Wanda Group-, met Indian Prime Minister Narendra Modi in New Delhi and expressed his desire to explore business opportunities in India.

If everything goes fine, the Group will invest $10 billion in India in the next 10 years to construct industrial townships and retail properties.

The Beijing-headquartered group, which had an annual income of $38.8 billion in 2014, has a presence in commercial property, tourism, e-Commerce and department stores.

Now, it is looking to build five industrial parks, shopping malls and theme parks in India. Wang is ranked by Forbes as the world’s ninth-richest person with a net worth of $40.4 billion.

During his China visit last month, Modi had pitched for Chinese investment in India to bridge a widening trade gap. His visit saw deals worth $22 billion being signed.

“To correct this trade imbalance, it was necessary that Chinese industry invests and manufactures in India instead of exporting its products to India. India needs to look at infrastructure financing from China,” DIPP secretary Amitabh Kant said at a FICCI event.

Economic Times reported that the government relaxed Foreign Direct Investment norms in the construction sector, easing a three-year lock-in period and other stringent conditions related to built-up area and minimum capitalisation to attract funding in the cash-starved sector.

In meetings with officials from the Department of Industrial Policy & Promotion, the Ministry of External Affairs and state governments, Wang was keen to know about incentives offered by states and the land acquisition process. He sought information on policies for commercial development and retail construction in Delhi, Haryana, Andhra Pradesh, Gujarat and Maharashtra.

“His team wanted to know about the availability of land banks in these states for commercial and retail infrastructure construction. They also wanted to know about the specific investible projects available in states,” a government official told ET.

Though the group entered India through a deal with the Reliance Group in December 2012 to develop the Dhirubhai Ambani Knowledge Centre in Navi Mumbai, it is firming up plans to invest heavily here only now.

Wang also met railway minister Suresh Prabhu, Haryana chief minister Manohar Lal Khattar and private developers. According to sources, Wang met officials of real estate developer DLF as well. The government allowed 100% FDI in railway infrastructure last year.

Source: Business Insider

Govt sets up Rs 1500 crore insurance pool to boost nuclear industry

In an effort to mitigate suppliers’ concerns about liability from nuclear risks, the government on Saturday launched a Rs 1,500 crore India Nuclear Insurance Pool.

The Civil Liability for Nuclear Damage Act, 2010 (CLND), had suggested that the nuclear insurance pool be made operational with funds of Rs 1,500 crore.  The idea of forming a pool was mooted in 2013 but had been caught in a logjam because of differences among stakeholders and various clauses.

Minister of state in the department of atomic energy, Jitendra Singh, said projects like the Gorakhpur Haryana Anu Vidyut Pariyojna (GHAVP) which could not move forward as the tenders were not getting mature in the absence of a pool could finally move ahead.

“The GHAVP project will finally bring the participation of the northern states into the atomic energy mission of this country and will also help us achieve the target set by Prime Minister Narendra Modi of increasing our nuclear energy capability three-fold in the next five years,” he said.

Singh also said that in the diamond jubilee year of the Bhabha Atomic Research Centre (BARC), a ‘hall of nuclear power’ would be set up in Delhi with an aim to remove misconceptions related to atomic energy and to attract young scientists.

Official sources said the pool was an important component of a nuclear liability regime, encompassing a market based and risk informed insurance scheme based on the best of international practices.

Source: Hindustan Times

India’s April industrial output growth accelerates to 4.1%

Industrial production grew at a two-month high of 4.1 per cent in April, primarily driven by the manufacturing sector, but capital goods growth slowed.

The factory output, measured by the Index of Industrial Production (IIP), was 3.7 per cent in April 2014.

The industrial growth for March too has been revised upwards to 2.5 per cent from 2.1 per cent, as per the data released by the government on Friday.

Manufacturing output, which constitutes over 75 per cent of the index, grew at higher rate of 5.1 per cent in April as against 3 per cent in the same month last year.

The production of capital goods, a barometer of demand, however, grew at a slower pace of 11.1 per cent in April as against 13.4 per cent in the same month last year.

In April this year, mining sector too grew at a slower rate. The growth was 0.6 per cent as against 1.7 per cent in April last year.

On the other hand, electricity production contracted by 0.5 per cent, while it had expanded by 11.9 per cent in the same month last year.

In terms of industries, 16 out of the 22 industry groups in the manufacturing sector have shown positive growth during April compared with the corresponding month previous year.

The industry group ‘Machinery and equipment’ has shown the highest positive growth of 20.6 per cent, followed by 16.2 per cent in ‘wood and products of wood and cork except furniture’, the data said.

On the other hand, the industry group ‘office, accounting and computing machinery’ has shown the highest negative growth of 36.5 per cent, followed by 34 per cent in ‘radio, TV and communication equipment and apparatus’ and 26.7 per cent in ‘tobacco products’.

Source: Times of India

India secures top-most rating for financial market regulations

India’s financial market regulatory framework today got the top-most ratings from the global bodies of banking and capital market regulators, with RBI and Sebi being rated better than their peers in China and the US.

In the latest global ‘assessment study’ of the regulatory framework for financial market infrastructures across the world, only six countries, including India, have got the highest score of ‘4’ for all eight parameters on a scale of one to four.

The other five countries are Australia, Brazil, Hong Kong, Japan and Singapore.

The ‘Rating Level 4’ means that the financial market regulators — Reserve Bank of India (RBI) and the Securities and Exchange Board of India (Sebi) — have all regulatory measures “fully in force”.

The annual assessment studies the implementation status of the international Principles for Financial Market Infrastructure (PFMIs) in various countries.

These PFMIs work as global standards for the financial sector entities across the world and have been finalised by the International Organisation of Securities Commissions (IOSCO) and the Bank for International Settlements (BIS).

IOSCO is a global grouping of capital markets regulators in different countries, including Sebi, while BIS is known as the central bank for all central banks across the world.

The study showed that Sebi and RBI have put in place all necessary regulations for the PFMIs, while they also “have a legal capacity to implement the responsibilities” outlined under these global standards.

As per the latest assessment of 28 jurisdictions, the US has scored the top-most rating of 4 on five out of total eight parameters, while China has got three top-most scores.

European Union scored the top rating on six parameters, while ratings for two were ‘Not Available’.

The assessment took into account regulations for central counter-parties, trade repositories, payment systems, central securities depositories and securities settlement systems. India has scored top ratings on all these counts.

The latest findings are based on the ‘second update’ of the first-level assessment that looked at jurisdictions having completed the process of adopting the legislation, regulations and other policies that would enable them to implement the principles and responsibilities related to financial market infrastructures.

Going by the report, all 28 jurisdictions have made “good progress” since the previous update in May 2014.

“In particular, the gap in the progress on implementation measures applicable to central securities depositories and securities settlement systems vis-a-vis other types of FMI has now closed,” BIS and IOSCO said in a joint statement.

The next update of the first-level assessments will be conducted next year.

Alongside, the two global bodies are also continuing to monitor jurisdictions’ progress for the second and third level assessments and the results from these assessments will be published in 2015-2016.

Source: Economic Times

Service Exports from India Scheme & Foreign Trade Policy

The Commerce & Industry Minister unveiled the new Foreign Trade Policy 2015-2020 (‘FTP/ policy’) on April 1, 2015, thus laying down a roadmap for India’s global trade engagement in the coming years. The new policy mirrors the Government’s outlook on foreign trade policy and is intended to align with its vision of ‘Make in India’, ‘Skill India’ and ‘Digital India’. It focuses on participation in global value chain through higher value-add in India and supply of high quality inputs/ intermediary goods for foreign companies.

While the new policy continues to have beneficial schemes and policy measures like subvention (explain briefly what subvention is/ its nature) and tax breaks; the Government has indicated that such subsidies need to be eventually phased out to make way for more fundamental systematic measures such as trade facilitation, measures to raise the quality standards of merchandise (for export), branding and training programmes to facilitate entry of new entrepreneurs.

The policies in the past have been focused more on merchandise exports as compared export of services. Given the significant proportion of services contribution to the GDP and trade surplus, , the Government has laid emphasis on promotion of export of services and has replaced the earlier Served from India Scheme (‘SFIS’) with the new Service Exports from India Scheme (‘SEIS’). SEIS has expanded the scope of services for which the benefit was available under the SFIS scheme. While the SFIS scheme was available only for Indian companies (not for a foreign brand), the SEIS scheme is available for all companies in India exporting services.

The benefit under SEIS scheme, would be computed as a percentage of net foreign exchange earned by the service exporter. The benefit will be granted in the form of freely tradable duty credit scrip. The rates of reward are in the range of 3 to 5 percent of the net foreign exchange earned depending upon the category/ nature of services. Though the rates seem to have declined from earlier rate of 10% under the SFIS scheme, the SEIS scheme is targeted to reach a wider section of service providers. The service classification is based on central product classification (‘CPC’) codes as used by the United Nations Statistics Division (UNSD). The UNSD serves under the United Nations Department of Economic and Social Affairs (DESA) as the central mechanism within the Secretariat of the United Nations to supply the statistical information and coordinating activities of the global statistical system.

Further, under the new FTP, the service provider definition has been specifically included and is in line with the General Agreement on Trade in Services (‘GATS’) Services should satisfy one of the following two criteria under Para 9.51 of the new FTP to be eligible for the benefit under SEIS:

• Mode 1: Cross-border – A user abroad receives services from India through its telecommunications or postal infrastructure. Such supplies may include consultancy or market research reports, tele-medical advice, distance training, or architectural drawings.

• Mode 2: Consumption abroad – Nationals of a foreign country have travelled to India as tourists, students, or patients to consume the respective services. In other words this mode of supply requires that the consumer of services move abroad.

Scrip may be utilized for payment of customs duties for import of inputs and goods, excise duty on domestic procurement of inputs and capital goods, service tax on procurement of services, customs duty in case of default in fulfilment of Export Obligation (‘EO’) for authorizations under Advance Authorization/ EPCG etc. Scrips and goods imported/ domestically procured against such Scrips shall be freely transferrable and monetization of the SEIS credit has been made simpler.

Under the earlier FTP, SFIS benefits were not available to SEZ units. Under the new FTP, SEIS benefits would be extended to SEZ units as well (DGFT Notification No.08/2015-2020 dated June 04, 2015)

Even though SEZ units are covered under the SEIS scheme, STPI/ EOU units are not eligible for this scheme. Hence, it is far more important for units who are already under the STP scheme to opt out and exit from the STP scheme to avail the benefits under SEIS scheme.

The SEIS scheme is an easily monitisable scheme for the eligible service providers. However, it would still be advisable to understand the fine print and evaluate the eligibility and value of benefit more diligently. The benefit would depend on a thorough process of identifying and complying to qualifying conditions, classifying the services under CPC, identifying mode of export, characterization of export revenue as per CPC code and mode of export, service line wise computation of net foreign exchange earnings and computation of net benefit, before applying for the benefit under the scheme. Also, the industry needs to be mindful of the fact that the benefit is dependent on classification of services as per CPC and not as how it was traditionally viewed under various other laws and regulations.

Source: Moneycontrol.com

Sebi likely to ease listing norms for startups

India’s capital market regulator is likely to approve more relaxed listing norms aimed at encouraging the booming startup industry to tap the proposed institutional trading platform (ITP). The Securities & Exchange Board of India is to discuss the measures at its meeting on June 23.

These will apply to the knowledge-based sector, nanotechnology, biotech or any other industry in which at least 50% of pre-issue capital is held by qualified institutional investors such as private equity funds and venture capitalists, said a regulatory official familiar with the matter.

The institutional trading platform will seek to put India at par with other developed countries such as the US, which facilitates easier fundraising options. Technology companies are a small part of stock market capitalization in India.

In India, technology companies are a small part of stock market capitalization compared with the US, the UK and Hong Kong. Sebi feels this can only be fixed if homegrown technology companies list in India. The regulator is set to waive the ‘promoter’ requirement for startups as founders typically have a lower holding in these companies, often less than 20%, and a larger proportion is held by venture capitalists.

“The current model of IPO in India assumes a promoter who brings in initial equity and banks that provide debt. This is not how technology companies are built,” said Sharad Sharma, co-founder of iSPIRT. “Here, the founder is a professional who brings skills and expertise, and gets sweat equity.

Then angel investors and venture capitalists step in to provide risk capital and buy equity. Typically, at the time of the IPO (initial public offer), there is no debt in the company. This is a completely different situation from the traditional company-building paradigm. Therefore, it’s wise of Sebi to build a new bourse for knowledge-based technology companies.” A think tank dedicated to promoting Indian software product companies, iSPIRT was part of the consultative process with Sebi.

Shorter lock-in for pre-issue capital

Besides this, the lock-in for pre-issue capital may be six months for all shareholders rather than three years for 20% of the promoter shareholding and one year for the remainder, said Sandip Bhagat, partner at law firm S&R Associates, which represented MakeMyTrip during its US listing. “This is a positive move and will greatly assist Indian companies where the promoters are not easily identifiable or have the necessary shares for the 20% promoter contribution,” he said. “In countries such as the US, there is no statutory lock-up, although there may be contractual lock-up with the underwriters and limitations on resale by affiliates and controlling shareholders.”

Sebi’s primary market advisory committee has suggested that the promoter holding in knowledge-based companies, including persons acting in concert, should not be more than 25% of the post-issue capital, said a person aware of the development.

“Also, after reviewing public comments, it has suggested that the minimum application size as well as trading lot should be Rs 5 lakh,” the person said, adding the number of allottees in such issues should not be more than 200.

Easier disclosure norms

The regulator will also relax disclosure norms relating to the use of funds raised in maiden public stock offerings by such companies. They will be allowed to use IPO proceeds for general corporate purposes without specifying the level of detail currently required.

The rules currently stipulate that no more than 25% of the funds raised can be used for general corporate purposes. “This will greatly help companies keep funds for future uses which are not immediately ascertainable,” Bhagat said.

Companies will also have the option of migrating to the main board after two years on the alternative platform and may also be allowed to provide market-making facility for trading in shares. The regulator will allow both capital raising and offer for sale on the institutional trading platform. The current rules don’t permit companies to raise equity capital through public issues though they can make private placements.

“It appears that these companies will initially be permitted to list only on an alternative trading platform. Some Indian companies have become large in size with high valuations (such as Flipkart, Ola and Snapdeal) and should be permitted to access the main board and not have to consider the uncertainty of listing on an untested platform,” Bhagat said. “Also, these companies should have access to all investors (including retail investors). Retail investors in the US have been able to participate in the IPOs of companies with exciting stories such as Facebook, LinkedIn and Alibaba. Indian regulations should be amended to permit such companies to list on the main board,” he said.

Striking a balance

With the proposed platform, Sebi has been able to strike a good balance between protecting small retail investors and providing the flexibility that knowledge-based companies need, experts said. “There is good interest in the new alternative fundraising platform, ITP. Now the focus has to be on preventing misuse,” Sharma said.

“Many traditional companies also want to leverage the liberal listing norms and are making a case for opening up ITP to them as well. This should be avoided right now. ITP has been designed for technology-based companies built on the back of sweat equity and angel/venture capital. Their company metrics differ substantially from traditional companies (hence the need for different listing norms). If we open up ITP to traditional companies, there will be an increased danger of misuse.”

The regulator may review the platform’s features after gaining some experience, the official said.

Source: Times of India

India’s Health & Biopharma sector deserve more attention

India’s health and innovative and biopharma sector deserves better attention from the government to help realise its full potential and provide much cheaper health care and medicine to millions of patients, leading Biopharma industry experts and academicians have said.

During the day-long US-India BioPharma and Healthcare Summit, top industry leaders, experts and academicians hoped that the new Indian government will bring in “predictable, transparent and pragmatic regulatory policies” which would positively change the Indian BioPharma and Healthcare Innovation landscape.

Noting a regulatory environment which is more “enabling than restrictive” is required for innovation, a position paper prepared by Pricewaterhouse coopers released at the summit organised by the USA-India Chamber of Commerce (USAIC) said.

“The Indian government should explore programs and incentives for encouraging non-traditional organisations to partner with it, academia and pharmaceutical companies to enable and accelerate drug development,” it added.

India is well positioned to establish a significant oncology presence with respect to life cycle management, the report said.

In his message to the conference the Union Science and Technology Minister Harsh Vardhan said the success rates are low for new drug discovery and development, especially from the perspective of modern science.

“The exorbitant cost of drug development and also the highly competitive nature of the domain leave little room for aggressive innovation. We need to find newer and innovative ways to overcome the prevailing situation,” Vardhan said.

Participating in one of the panel discussions, Kiran Mazumdar-Shaw, chairman and managing director of Biocon Limited, said oncology is a huge challenge for India.

But this is one area where India can play a big role and help in reducing the cost of treatment and medicine, she said.

“Oncology is one area where patients (in India) are very keen to be part of the drug trial. Enrolment rate for cancer drug is much higher in India than in other parts of the world. This is one area where patients want to try a new drug,” she added.

The major theme for discussing this year’s summit was oncology, cardiovascular and metabolic disease and neurodegenerative diseases.

“Health and innovative BioPharma have not received the attention they deserve in India,” said USAIC president Karun Rishi.

In his message to the summit, the Union Health Minister J P Nadda called for “out-of-the-box thinking” for innovation in healthcare.

According to the Pricewaterhouse Coopers report prepared for USAIC, Indian pharma companies are not putting sufficient capital at risk to develop breakthrough products nor are they investing heavily in novel therapeutics.

India needs skilled professionals in hospitality, luxury goods

The World Travel and Tourism Council has projected exponential growth for this industry through the next decade and India needs well-trained professionals in travel trade and luxury brand sectors to tap the potential, a Geneva-based education expert has said.

Judy Hao, a Chinese American chief executive of the Geneva-based Glion Institute of Higher Education, said she found Indian students at her campuses in Switzerland to be quite well-equipped with language skills that are essential in the hospitality and travel fields.

“Tourism is the fastest growing industry now. According to the World Travel and Tourism Council, the industry is set to grow five-fold and one in 10 jobs by 2023 will come from this sector,” Hao told IANS.

“For India, because of the growth of both the travel, as well as the luxury brand sectors, the country needs well-trained professional graduates educated in a global setting that we provide,” said the expert, whose institution offers graduate and postgraduate programmes in hospitality, tourism, sports, and event and entertainment management.

“For India, because of the growth of both the travel, as well as the luxury brand sectors, the country needs well-trained professional graduates educated in a global setting that we provide,” Hao said.

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She said roughly about 5 percent of Glion’s student body is Indian. “Indian students are quite well-equipped with language skills and have a good foundation in English education.”

With a focus on service industries management and offering courses also in marketing, finance and banking, Glion says it helps students extend their career possibilities.

“Our core is the hospitality management school, but our model is that of a business school. Hotel operation is, after all, a business,” the chief executive said.

Ranked by TNS Global Survey, 2013, as among the top three hospitality management schools of the world, Glion has recently introduced luxury brand management as a course in its curriculum.

“We teach things like product differentiation, the difference between a luxury brand like Hermes and a product,” Hao said.

“We also communicate the service experience for a consumer and how our graduates can provide it. It requires to get into consumer psyche…how do you build and maintain luxury brands.”

Source:Business Standard

MSCI defers China inclusion in its global benchmarks

In what could be a major relief for Indian markets, global index provider MSCI has decided against including locally traded China shares in its global benchmark indices.

MSCI has said certain issues need to be resolved before the so-called China-A shares can be added to its indices.

The New York-based index provider said that it expects to include China-A shares in its global benchmarks after remaining issues related to market accessibility have been resolved.

“MSCI and the China Securities Regulatory Commission (CSRC) will form a working group to contribute to the successful resolution of these issues,” it said.

Inclusion of China-A shares could have triggered massive outflows from the Indian market as its weight would have got reduced in the MSCI indices. Passive flows, or exchange traded fund (ETF) money, has been one of the major contributors to domestic portfolio flows.

Domestic brokerages had pegged the impact at $3.8 billion of outflows from the Indian market.

The relief to the Indian market, however, could be temporary.

MSCI has said it will announce the decision to include China-A shares in the MSCI Emerging Markets Index “as soon as the issues it has outlined are resolved.”

The index provider has said the inclusion could even take place “outside the regular schedule of its annual Market Classification Review.”

MSCI has also said it will include the MSCI Pakistan Index in its 2016 Annual Market Classification Review for a potential reclassification to emerging markets.

Source: Business Standard

Indian Education and Skill development Industry: A joint venture of public and private players

Skills and knowledge are the driving force of economic growth and social development for any country. Indian demographic is with the unique facet of being fraught with a majority of young populace. Education sector in India is well developed and mature. The nation’s educational infrastructure offers a concrete system comprising of Primary education, Secondary education and Higher education. The constitution of India has made education a fundamental right provisioning free and compulsory education for children between 5 to 14.

Education and Skill development becomes quite an imperative sector to appropriate this massive human resource. The supply of public education is inefficient and leaves a significant shortfall which is being filled by private education institutions. The working age group between 15 to 59 years is its largest bulk constituting of more than 65% of total population. In such a backdrop, 29% of children are enrolled in private schools. In higher education sector, private institutions, colleges and universities are playing a pivotal role in the education landscape.

The nation’s educational infrastructure offers a concrete system comprising of Primary education, Secondary education and Higher education.

#education #HRD Ministry #India #indian economy

Potentially the target group for skill development comprises of all those in the labour force, including those entering the labour market for the first time. The current capacity of the skill development programs is 3.1 million. India has target of skilling 500 people by 2022.According to a survey 2 percent of the country’s workforce is skilled which is much lower when compared to the developing nations; there is a dual challenge of developing skills and utilizing them in a proper way.

Education and Skill development sector constitutes of Industrial Training, Professional courses and vocational education apart from School and higher education. Skill development is associated more to the context of industry oriented training that fetch immediate employment and earning. In India, education and skill development sector is structured under two independent ministries.

The Ministry of Human Resource and Development is associated with conventional education system. Primary Education, Secondary Education, Higher Secondary and Higher education sector is regulated by this ministry. Industry oriented training and education is supervised by the Ministry of Labor and Employment. Industrial Training Institute and other vocational education programs are maintained under the ambit of this ministry. Additionally, a number of commissions and agencies such as AICTE, UGC are dedicated for higher education in the country.

About 1.3 million schools operate in India where over 227 million students are enrolled. The figure indicates the state of regular enrolment in primary and secondary education levels. Side by side, vocational education courses is also operated under the National Institute for Open Schooling. According to surveys, total number of government higher educational institutions in India is 20, 769. It includes Universities, Research Institutions, Colleges for Arts, Science and Commerce, Engineering and Architecture and Medical institutes, Polytechnic institutes and Teacher’s Training Institutes.

In contrast, the private sector has a much larger role in the education scenario of the country. Apart from primary education sector, private colleges, universities and institutes are contributing substantially to higher education. Industrial Training Institutes and Industrial Training Centers are the primary faculties for Vocational Training. 6,906 such institutes and centers are operating across the country imparting industrial training courses to about 9.53 lakhs students.

The government has to put massive effort to form better educational structure especially for skill development sector comprising of industry-oriented training. A number of special initiatives are rolled by Government. The National Skill Policy, among others, devised in 2009 set a target to impart skill development training to 500 million by 2022. An apex institution for devising policy and review Skill development sector is the Prime Minister’s National Council on Skill Development. Initiatives were also taken to coordinate both private and public sector to impart skill development.

National Skill Development Coordination Board, NSDC is setup on a PPP model. It is a juxtaposition of public sector and private entities. The board formulates policies and programs on National Skill Development under the ambit of Prime Minister’s Council. It also evaluates and monitors the outcomes of such programs. The agency planned to establish 1500 new ITIs and 5000 skill development centers. The NVEQF, National Vocational Education Qualification Framework will be formed for an integrated Skill development infrastructure. This framework is for affiliations and accreditation of vocational education and training systems.

Initiatives for skill development should be oriented towards both catering the demand and creating the demand. Skill development is strongly related to the market and industry. Efficient skill development programs will add value across wide sections of workers creating rich human resource. The need of skill development for employability is across every section of the workforce. From operators and technician level workers to highly skilled labor comprising of college graduates needs an effective platform for skill development. The initiatives by government are massive; however, the extent to which they operate is inadequate to bring effective progress to the lackadaisical nature of current scenario. This calls in for pervasive initiative by private entities through collaborated as well as independent works. Contributions by companies such as Everonn and Educomp in vocational training sector are noteworthy. Devising a modular structure for imparting skill development is an effective approach for progress in this direction.

There is massive scope of development in Education sector of India. Although a number of institutes are successful to be among top 100 in global ranking, deficiency is quite apparent. India should focus on a holistic approach to hone the human resource of the nation, by implementing better solutions to reach out to thousands of villages in rural landscape. Leveraging private sector is beneficial since a competitive sense to provide service is inductive in this domain. This helps in propagating effective and innovative ways to educate the deprived section bringing in more effectual as well as pervasive national development.

Source: IBNlive