WHY MUDRA BANK IS A MAJOR LANDMARK IN OUR GROWTH PROCESS
March 24, 2015 14:49 IST
For the first time in our economic history a government has thought about more than 50 per cent of our economic activity instead of the five per cent represented by the Sensex companies, observes IIM-B professor R Vaidyanathan.
The announcement of creating the Mudra Bank has been welcomed by small and non-corporate businesses since it is a serious attempt by the government to facilitate “funding the unfunded”.
First, some facts about our economy. Nearly 50 per cent of our GDP comes from unincorporated (Uninc) enterprises comprising proprietorship and partnership firms. The corporate sector constitutes only 12 to 14 per cent of the GDP. Agriculture and government each constitute around 18 per cent.
Uninc constitutes nearly 50 per cent of the value addition in the manufacturing sector. Their role in service sector is significant. The service sector, consisting of construction/ trade/transport/hotels and restaurants/real estate and dwellings/ other professional services like plumber; electrician; carpenter; chartered accountants; lawyers has nearly two-third of the GDP and, in that, Uninc constitutes more than 70 per cent in various sectors.
Not only that, the service sector is one of the fastest growing in our economy — averaging more than eight per cent in the last decade. Actually they are the engines of growth given India’s sluggish agriculture and manufacturing.
It might interest many that trade, which is part of the service sector, is nearly 17 per cent of the GDP as much as manufacturing. But unfortunately, the credit available to the Uninc from the banking sector is actually shrinking in spite of the fact that they have a very large share of the economy and are also the fastest growing.
According to RBI data (on credit disbursal by commercial banks), Uninc had nearly 60 per cent of credit disbursed in the early ‘nineties which has fallen to 33 per cent in 2010. In other words, the banks are not catering to the need of the largest segment which is also the fastest growing in our economy. This implies that Uninc has to depend on non-bank financial businesses, including chits/kuri/local community/money lenders etc. The rate of interest varies from two to six per cent per month depending upon the requirement and speed of getting credit.
In this context comes the Mudra Bank.
Indian businesses and entrepreneurs are provided credit for running business by a plethora of sources. It ranges from foreign banks (FBs), public sector banks (PSBs), old private sector banks, new private sector banks, cooperative banks, non-bank financial companies (NBFCs), un-incorporated bodies (UIBs) and relatives/friends, etc.
The form and size of the organisation decides the source. If it is a proprietorship or partnership it uses non-banking channels compared to a large public limited listed company which uses PSBs and/or FBs. The size also mostly decides the rate of interest. The flower vendor gets funds at much higher rates compared to the listed companies.
Not only that. There are problems associated with access to funds.
It is not only lazy banking but also banking with significant structural distortions. As noted, the share of the private corporate sector in national income is around 12 to 15 per cent, but it takes away nearly 40 per cent of the credit provided by the banking sector. The fastest growing non-corporate sector gets a lesser share of bank credit, which reveals that the non-banking financial sector is playing an increasingly important role in the credit delivery mechanisms of the growth of the economy.
Estimating an yield curve for our economy is a very difficult task. On the one side we have rates in the range of 12 to 14 per cent for corporates. more so for listed companies (nearly 8,000) of which 200/300 are actively traded in the exchanges. The remaining Uninc, which borrows at two to six per cent per month, is totally different. The transmission mechanism of our monetary policy is weak due to this segmented market.
This brings out the need to have a comprehensive approach towards the the non–bank sector in the credit market instead of looking at issues in a piecemeal fashion. The non-bank sector consists of assorted group of entities regulated by different agents with the stress more on regulation rather than on development of an integrated financial market.
We also have the Unincorporated Bodies [UIBs] which are money lenders and are regulated by respective state governments, including the rates and other covenants. The chits are also under the registrar of chits of the state governments and nidhis are under the department of company affairs.
Other than these NBFCs on which data is provided by the RBI, there is a huge informal sector of money lenders etc, which provide substantial portion of credit requirements of the Indian economy. We find that 43 per cent of the debt of rural households is from moneylenders and 25 per cent in the case of urban households. (Computed from — Household Indebtedness in India; Statement6; page 25; –NSS Ministry of Statistics and Programme Implementation–GOI—New Delhi; December 2005.)
Hence we need to recognise the importance of the entire spectrum of the non-bank sector rather than in a segmented fashion. Yet, according to government estimates, only four per cent of the 57.7 million small business units in India have access to institutional finance, leaving many to rely on informal lenders. Industry experts estimate that the demand for loans from the sector outstrips supply by more than Rs 30 lakh crore.
In the recent past, the interest rates have been moving south and many a large corporate is in a position to access funds from banks at less than 12 per cent. But my flower girl and my vegetable vendor get it at half per cent per day. (Returning half a rupee for a hundred rupees borrowed in the morning). This will work out to be more than 180 per cent per annum. My retail provision stores man gets it in an interesting way. He gets Rs 45,000 (for a loan amount of Rs 50,000) up front and pays Rs 500 per day for 100 days to repay Rs 50,000.
It turns out to be more than 10 per cent for three months. My barber gets it through a local chit process at around four per cent per month. The fast food restaurant (idli joint) at the corner of the road gets funds at three per cent per month from a non-bank agency. The private bus operator in the suburbs gets it at two and a half per cent and the construction contractor near home gets it at three per cent per month. The plumber, carpenter, fitter, painter, etc get funds at three to four per cent per month.
The segmented financial markets present an ironical (if not tragic) picture of huge funds available with bankers on one hand and prohibitive interest rates at which funds are accessed by trade and commerce, particularly the non-corporate sector, on the other. As already seen, the non-corporate sector has a dominant role in activities like trade (wholesale and retail) construction, hotels and restaurant, private transport and other services, hence we are not talking here of some “residual” segments. We need to look at Mudra Bank in that context.
The government has proposed to set up a Micro Units Development and Refinance Agency (MUDRA) Bank through a statutory enactment. This bank would be responsible for regulating and refinancing all micro-finance institutions which are in the business of lending to micro/small business entities engaged in manufacturing, trading and services activities. The bank would partner with state/regional level co-ordinators to provide finance to last mile financier of small/micro business enterprises.
The MUDRA Bank would primarily be responsible for:
1) Laying down policy guidelines for micro/small enterprise financing business
2) Registration of MFI entities
3) Regulation of MFI entities
4) Accreditation /rating of MFI entities
5) Laying down responsible financing practices to ward off indebtedness and ensure proper client protection principles and methods of recovery
6) Development of standardised set of covenants governing last mile lending to micro/small enterprises
7) Promoting right technology solutions for the last mile
8) Formulating and running a Credit Guarantee scheme for providing guarantees to the loans which are being extended to micro enterprises
9) Creating a good architecture of Last Mile Credit Delivery to micro businesses under the scheme of Pradhan Mantri Mudra Yojana
A sum of Rs 20,000 crore (Rs 200 billion) would be allocated to the Mudra Bank from the money available from shortfalls of priority sector lending for creating a refinance fund to provide refinance to the last mile financiers. Another Rs 3,000 crore (Rs 30 billion) would be provided to the Mudra Bank from the Budget to create a credit guarantee corpus for guaranteeing loans being provided to the micro enterprises.
The above measures would not only help in increasing access of finance to the unbanked but also bring down the cost of finance from the last mile financiers to the micro/small enterprises, most of which are in the informal sector. (http://finmin.nic.in/press_room/2015/press_briefs_budgetannounce20152016.pdf).
The important tasks like ‘item 2′, namely, accreditation and rating as well as ‘item 9′, namely last mile credit to micro businesses will change the contour of financial markets over a period of time.
As indicated, it will integrate our financial markets and transform the way monetary policy is transmitted across the economic spectrum. If the UIB or moneylender is integrated into the system then it will be a major landmark in our growth process.
Also, note that with a leverage of five to six, the Rs 20,000 crore (Rs 200 billion) can do business up to Rs 100,000-Rs 120,000 crore. Perhaps it is the first time in our economic history a government has thought about the more than 50 per cent of our economic activity instead of the five per cent represented by the Sensex companies.
R Vaidyanathan is professor of Finance, Indian Institute of Management, Bangalore. Views expressed are personal.
Very Sad. A legend passes. Richie Benaud dies aged 84
May he spin them in the space yonder RIP…
THE voice of cricket in Australia, Richie Benaud, has died in Sydney at the age of 84.
HERALDSUN.COM.AU
Guests can blast off to Star Wars Weekends with a special offer at the
Walt Disney World Swan and Dolphin Hotel
Walt Disney World Swan and Dolphin Hotel
Tweet: Join Disney’s Star Wars Weekends celebration w/ @SwanDolphin special rates starting at $185 per night, May 15-June 15 www.swandolphin.com/offers
Mumbai – April 10, 2015 – The Walt Disney World Swan and Dolphin Hotelis offering guests the chance to enjoy the month-long Star Wars Weekends celebration at Disney’s Hollywood Studios with special rates starting at $185, May 15-June 15.
Guests staying at the Walt Disney World Swan and Dolphin are within walking distance or short complimentary boat ride to all the festivities taking place atDisney’s Hollywood Studios. Star Wars Weekends will be held every Friday, Saturday and Sunday, May 15-June 14. The 2015 event will feature Star Warscharacters roaming the theme park for meet-and-greet opportunities, star conversations with Star Wars celebrities, a Star Wars motorcade through the park, interactive activities, exclusive merchandise and more.
In addition to staying within walking distance of Disney’s Hollywood Studios, guests at the Epcot Resort-area hotel will receive exclusive theme park benefits, such as complimentary transportation throughout Walt Disney World Resort, Disney FastPass+ service, which allows guests to reserve up to three select theme park experiences up to 60 days in advance of their visit, and the extended park hours benefit, which allows guests to spend extra time and enjoy select attractions in one of the four Walt Disney World Theme Parks each day.
For more details about savings at the Walt Disney World Swan and Dolphin Hotel, visit www.swandolphin.com/offers. To make room reservations, call 1-800-227-1500 and mention “STARWARS.” Rates start at $185 per night. Taxes, resort services fee and gratuities not included. Not valid with any other special offers, promotions, or for existing reservations or groups; offer is based on rate schedule availability.
About the Walt Disney World Swan and Dolphin Hotel
In the heart of the Walt Disney World Resort, the award-winning Walt Disney World Swan and Dolphin Hotel resides amongst the greatest theme parks and attractions in Central Florida. The hotel is located between Epcot and Disney’s Hollywood Studios, and nearby Disney’s Animal Kingdom Theme Park andMagic Kingdom Park. Guests can discover 17 world-class restaurants and lounges, sophisticated guest rooms with Westin Heavenly Beds and the luxurious Mandara Spa. The hotel features five pools, two health clubs, tennis, nearby golf, complimentary transportation throughout the Walt Disney World Resort, the extended park hours benefit, where each day, one of the four Walt Disney World Theme Parks is open extra time for guests to enjoy select attractions (Valid Theme Park admission and Resort ID required) and DisneyFastPass+ service, where guests can reserve up to 3 select theme park experiences up to 60 days in advance of theirvisit. The hotel can be reached at 800-227-1500, www.swandolphin.com or through Facebook atwww.facebook.com/swananddolphin.
- 15 AAP MLAs oppose discoms electricity tariff hike petitions
- MLAs will be present at DERC public hearings on discoms petitions
- MLAs demand that DERC should outrightly reject the discoms petitions & order reduction in electricity tariffs
Fifteen MLAs of the Aam Aadmi Party have submitted written objections to the electricity tariff revision petitions for 2015-16 submitted by the private power distribution companies (discoms) to the Delhi Electricity Regulatory Commission.
The MLAs have strongly objected to any tariff hike as demanded by discoms and have provided written reasons on why the discoms petitions should not be entertained by the DERC at all.
Each of these MLAs have also given their names to the DERC for being given a chance for personal presence during the public hearings on the discoms petitions.
These MLAs have pointed out that keeping all the facts and circumstances in mind, the DERC should order the discoms to immediately reduce the electricity tariffs for domestic consumers to restore its credibility as an impartial regulator.
These MLAs have provided para-wise rebuttals to the points raised by discoms in their petitions seeking a hike in electricity tariffs in Delhi.
The objections include the following points :
- Discoms are misleading the public citing regulations as the main reason for their default payments. Inefficiency of discoms cannot be allowed to burden the public.
- On what basis are the discoms seeking a higher rate of interest on working capital.
- Discrepancies in the power procurement prices cited by discoms.
- Attempts to hide non-tariff income by the discoms
- Examples of financial mismanagement by discoms
- Unrealistic projections to garner tax payers money through short term power purchase arrangements to fool the people
- Faulty methods used in reading the meters of consumers and wrong methodology applied under the garb of day and net metering.
The MLAs who have sent separate letters to the DERC are : Anil Bajpai (Gandhinagar), Adarsh Shastri (Dwarka), Pawan Kumar Sharma (Adarsh Nagar), Bhawna Gaur (Palam), Rajesh Rishi (Janakpuri), SK Bagga (Krishnagar), Amanatullah Khan (Okhla), Fateh Singh (Gokalpur), Naresh Yadav (Mehrauli) Jarnail Singh (Tilak Nagar), Avtar Singh Kalkaji (Kalkaji), SS Dalal (Mundka), Gulab Singh Matiala, Akhilesh Pati Tripathi (Model Town) and Ritu Raj (Kirari).
Regards,
AAP Media cell
Tune Labs to benefit aspiring and experienced entrepreneurs
KUALA LUMPUR, 10 APRIL 2015 – Serial entrepreneurs Tan Sri Tony Fernandes, Datuk Kamarudin Meranun and Lim Kian Onn (collectively “the Founders”) have announced the launch of their latest venture, Tune Labs, a Kuala Lumpur-based start-up incubator and accelerator program that seeks to identify, mentor and fund entrepreneurs across the Asean region.
Tune Labs will formalize a partnership between the Founders which has nurtured and brought to market disruptive businesses such as AirAsia, Tune Hotels, Tune Insurance and Tune Money. Going forward, the Founders – through Tune Labs – will support aspiring entrepreneurs achieve their visions of creating market-leading, innovative businesses with a particular focus on the travel, payments and retail verticals.
Tune Labs offers two distinct paths for applicants to develop and cultivate their ideas:
· An incubator program that will be conducted thrice yearly, a 12-week long start-up boot camp for applicants with unvalidated, early-stage ideas. Successful applicants will be offered the opportunity to work closely with the Founders and their partners to develop and validate their ideas and establish viable, commercial propositions with a view to showcasing their products at a demonstration day at the end of the program.
· An accelerator program which takes validated ideas and business plans – which may also include graduates from the incubator program – and expedites entry into the market through access to capital and partnerships sourced and introduced by the Founders.
All participants will have access to
The investment team at Tune Labs will be helmed by Arun Verma and Gareth Lim, experienced members of the Tune Group and AirAsia, with a significant track record in developing and delivering innovative new ventures.
Tan Sri Tony Fernandes commented, “It has always been a personal goal of mine to promote and grow the start-up scene in Asean. There is a lot of talent in the region which, to date, has lacked the access and opportunities that are readily available to budding entrepreneurs in the West. Through Tune Labs, my partners and I seek to provide the guidance and mentorship that we found hard to come by in the early days of building AirAsia and envisage a structured environment to encourage, validate and ultimately implement exciting, new ideas that will hopefully revolutionize and change the way we go about our everyday lives.”
Datuk Kamarudin Meranun added, “A key obstacle to many new businesses is the difficulty or inability to raise capital in order to access markets and achieve growth. As such, my partners and I are committed to seed, nurture and develop the initial opportunities that will be housed under the venture. Our comprehensive network of partners and investors cultivated over the years and supported by our track record will also allow Tune Labs’ participants easier access to further funds to catalyze growth.”
Lim Kian Onn commented further, ”Tune Labs allows aspiring entrepreneurs to concentrate solely on developing and growing their ideas. The ability to utilize the wider Group’s assets coupled with essentials like office space, finance and legal – will significantly reduce costs and improve management focus. Furthermore, Tune Labs’ advisory panel will consist of experts from various backgrounds to provide guidance across diverse fields. It is a fundamental objective of Tune Labs to aid entrepreneurs to reduce the time and costs needed in bringing to market an innovative new product.”
Further information on Tune Labs and how to apply for entry into the incubator and accelerator programs are available atwww.thetunelabs.com. Applications from committed and passionate entrepreneurs are welcome from across the growth spectrum – be it early stage seed or growth capital. The initial cohort is expected to commence in the second half of this year.
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Can SAARC crave a niche in geo-politics of trade
ASHOK B SHARMA
In absence of an effective integration in South Asia, the SAARC countries are likely to be placed at a serious disadvantage in today’s multipolar world where several key actors are engaged in defining their spheres of influences in the Asia-Pacific. The two main pillars in this evolving geo-politics are trade and security. While geo-politics is the driving force, geo-economics is being designed to be its base. Indian Ocean region is strategically important as vital Sea Lane of Communication (SLOCs) pass through this region from Hormuz Strait,
Suez Canal, Red Sea, Persian Gulf to Malacca Strait to South China Sea. These most critical trade routes carry almost two-third of global energy trade, half of world’s containerized cargo and a third of global bulk cargo.
A number of mega regional trade arrangements (RTAs) are being attempted to be floated by main actors like US alongwith EU, China and Russia. Unlike ASEAN, the South Asian regional group, SAARC, is least integrated formation in the world. As a major country that shares borders (land or maritime) with all countries in the region with the exception of Afghanistan, India has the onus for developing adequate connectivity in South Asia and see that the centrality of SAARC is preserved in the best interests of itself and the region in terms of both security and trade.
The global slowdown that resulted from the collapse of Lehman Brothers in the latter half of 2008 in US caused much redrawing of trade engagements in the world. The European Union, which is struggling to deal with the hangover of its Sovereign Debt Crisis, is unable to come out of recession as the situation is further aggravated due to its involvement in the Ukraine crisis. Comparatively, President Obama has been successful in pulling out US from the recession and the country is growing at 3.1% per annum. The EU-15 countries are growing slowly at 1.2%.
The EU has become more protectionist in trade, particularly with the developing world and as the negotiations in the WTO is in a deadlock, it has chosen to align itself with US in Trans-Atlantic Trade and Investment Partnership (TTIP). The US floated the concept of Trans-Pacific Partnership (TPP) and considers TTIP a companion agreement to TPP. Washington’s interests in Asia-Pacific is not new. The Obama Administration’s “rebalancing in Asia-Pacific” and “pivot” to the region is a hangover of South-East Asia Treaty Organisation (SEATO). With the global economic pole gradually shifting to Asia-Pacific the western powers have become more interested in the region.
The TPP led by US has 12 participating countries like Canada, Mexico, Peru, Chile, Malaysia, Singapore, Brunei, Vietnam, Japan, Australia and New Zealand. TPP seems to be at the most advanced stage of development and is likely to erode existing preferences for South Asian products in these markets and will put a greater burden on compliance by South Asian industry and service sector. The TPP is likely have stringent environmental, labour intellectual property norms that may be impractical for compliance by South Asian countries.
The TPP is designed to scuttle the earlier proposed Regional Comprehensive Economic Partnership (RCEP) with the centrality of ASEAN. Apart from 10 ASEAN members the ASEAN FTA partner countries like China, India, Japan, South Korea, Australia and New Zealand are associated with it. The overlapping membership of TPP and RCEP shows that the move for TPP is an effort to scuttle RCEP. The ASEAN is slated to move towards a common economic community by January 1, 2016 and subsequently towards a political security community and socio-cultural community. The RCEP arrangement will be most conducive to India’s interests and it should push for its early conclusion and always continue
to stress upon the centrality of ASEAN.
Among South Asian countries, India has developed Summit-level relations with ASEAN and therefore it has the responsibility of carrying the entire SAARC group and forge relationship with ASEAN and subsequently with RCEP. But before SAARC needs to develop relations with ASEAN, there should be an effective connectivity in the region. SAARC Free Trade Agreement (SAFTA) should be strengthened and made vibrant to raise the intra-regional trade beyond the present level of $22 billion. Bangladesh is India’s largest trading partner in
SAARC followed by Sri Lanka, Nepal and Pakistan.
India’s plans for connectivity in the region like India-Myanmar-Thailand Trilateral Highway, Kaladan Multi-modal transit project, opening up more trading points at India-Myanmar border, setting up of more trading points at borders with Bangladesh, Nepal, Bhutan and Pakistan are moving at a very slow pace. A well-integrated SAARC can effectively connect not only with ASEAN but also with Central Asia and beyond.
Comparatively, China, which is an emerging power and having its own ambition in the region, has begun extending its “String of Pearls” in the Indian Ocean. It has formulated its concept of One Belt One Road, Maritime Silk Route, BCIM Corridor. It is time for India to wake up from its deep slumber and engage with the countries in the South Asian region for collective security and trade and see that the centrality of SAARC is preserved.
Apprehending exclusion from the mega trade arrangements of US and EU, China floated another concept of Asia-Pacific Free Trade Area in the last APEC Summit. To add to its economic muscle, China has also launched Asia Infrastructure Investment Bank in which India is also a member. Beijing’s interests in the region is well known. It wants to dominate in South Asia and the Indian Ocean.
Also China’s aggressive postures in South China Sea like Nine Dash Lines, Air Defence Identification Zone, creation of artificial islands pose problems for Indian oil asset off the coast of Vietnam.
Russia which has recently floated the Eurasian Economic Union has plans to play an effective role in the region. India’s plan to use Chabahar port in Iran for rail and road connectivity to Afghanistan and beyond to Central Asia and Russia is yet to reach its full potential. The alternate route called International North-South Transport Corridor (INSTC) from Nhava Sheva port in Mumbai to Bandar Abbas and Amirabad in Iran to Astrakhan in Russia for onward shipment to Moscow is yet to be operationalized.
Apart from addressing infrastructure problems, SAARC should step by efforts to be part of the global value chain in a big way. But as charity begins at home, first attempts should be made to set up regional value chains in South Asia in different sectors of comparative advantage like textiles, engineering goods, chemicals, pharmaceuticals, tourism, auto components, plastic and leather products.
India’s direct import of rough diamonds from Russia for processing in the country for re-exports, import of crude oil and processing it in refineries for re-export of petro-products are successful examples of participation in global value chain. In bilateral and regional trade arrangements rules of origin should be eased and simplified to locate India effectively in global a regional value chains. Imports should be facilitated for specific raw materials, intermediates and capital goods for stimulating value added domestic manufacturing.
Apart from simplifying rules of origin in South Asia, there should be a uniform standards regime for the region. There should a seamless connectivity through road, rail and shipping in the region. A well-integrated SAARC can effectively meet the challenges of the mega regional trade agreements (RTAs) being proposed by major players like US alongwith EU, China and Russia. It is vital for SAARC to maintain its own centrality and gradually move towards a customs union, economic union and subsequently towards a monetary union.
(Ashok B Sharma is a senior Columnist writing on strategic and policy issues in several Indian and international newspapers and magazines. He frequently writes in The Daily Observer of Bangladesh and in The Diplomatist magazine. He can be reached atashokbsharma@gmail.com His mobile phone no 9810902204)
Chikkarangappa cruises to five-shot win at Kensville
Ahmedabad, April 10, 2015: Bangalore’s Chikkarangappa S cruised to a five-shot win after posting a three-under-69 in the final round of the PGTI Players Championship presented by Kensville Golf & Country Club. Chikkarangappa, who totaled 12-under-276 for the week at the Rs. 30 lakh event, climbed from fifth to second position in the Rolex Rankings as a result of his win. Lucknow’s Sanjay Kumar was placed second at seven-under-281 as he carded a one-under-71 in round four.
Chikkarangappa (69-64-74-69), who enjoyed a three-shot lead heading into round four, had a slow start with a bogey on the third where he hit a poor second shot. However, the 21-year-old soon regained his touch by picking up a birdie from 12 feet on the next hole. But the highlight of Chikka’s final round was the birdie conversion from 100-feet on the eighth.
Chikka, who set the course record with his 64 on day two, then had a flurry of birdies on the 12th, 14thand 15th that took him to the cusp of his sixth professional title. He knocked-in putts from a range of eight to 12 feet on this stretch. Chikka signed off with a bogey on the 18th which didn’t have any impact on the final standings as the gap between himself and second-placed Sanjay Kumar was too big.
“It’s great to win a title at the venue where I began my professional career. The conditions were a lot calmer today as compared to round three and I drove home the advantage with some good putting. I had a fantastic week barring day three when I was taken off guard by the blustery conditions. I did well to hang in there despite the tough conditions in the third round,” said Chikka, who took home the winner’s purse of Rs. 4,50,000.
He added, “I had the wind favouring me today on the back-nine and that helped my cause. A solid final round at last week’s event set up this week for me. These last two weeks have been a good preparation ground for me for this year’s Asian Tour season. I now look forward to following my friend Anirban Lahiri at The Masters on television over the next three days. He’s had a wonderful start to the event and I hope he can keep it going in the remaining rounds.”
Chikka climbed from fifth to second in the Rolex Rankings after his win at Kensville. He now has earnings of Rs. 12,72,440 for the year. Mukesh Kumar of Mhow continues to lead the rankings with earnings of Rs. 15,08,640.
Sanjay Kumar (71-68-71-71), who finished a distant second, made four birdies and three bogeys on the final round. Sanjay’s missed a hole-in-one by a whisker on the 16th as his tee shot lipped out. He drained a 25-footer for birdie on the fifth. Sanjay, who didn’t find a single bunker during the week, claimed his best result of the season at Kensville.
Seventeen-year-old rookie Feroze Singh Garewal of Chandigarh, playing only his third professional event, secured a creditable tied third finish at five-under-283 after his final round of 72. Kolkata’s Feroz Ali Mollah returned a 69 on Friday to take a share of third place along with Garewal.
Noida’s Rahul Bajaj occupied fifth place at three-under-285. Kolkata’s Rahil Gangjee, Bangalore’s Khalin Joshi and Sri Lankan Anura Rohana were a further shot back in tied sixth. Khalin and Anura’s 68 was the joint best score of the final round. Delhi’s Manu Gandas, who finished 13th at one-over-289, too shot a 68 in round four.
Rolex Rankings leader Mukesh Kumar was tied 20th at five-over-293. Delhi’s Rashid Khan finished joint 43rd at 14-over-302. Himmat Singh Rai of the DLF Golf & Country Club, Gurgaon, ended tied 48th at 19-over-307.
Mr. Sameer Sinha, MD, Kensville Golf & Country Club, who gave away the prize to the winner, said, “We thank the PGTI for jointly hosting this tournament with us and the PGTI members for participating in this event and making it a huge success. We would also like to thank the media for their outstanding coverage of the event. Events such as the PGTI Players Championship help us promote the sport of golf in Gujarat. We look forward to hosting many more big tournaments in the future in order to give exposure to local talent and at the same time showcase Kensville Golf & Country Club as a top golfing destination in the rest of the country.”
TENNIS STARS HENMAN AND IVANISEVIC JOIN YOUNG ACES ON THE ROAD TO WIMBLEDON
Delhi Masters seals new three-year commitment
New Delhi, April 9, 2015: Following successful qualifying events in Kolkata, Chandigarh, Delhi and Mumbai earlier this year, The All England Lawn Tennis Club (AELTC) and HSBC have reaffirmed their commitment to developing tennis in India with the All India Tennis Association (AITA), by bringing Wimbledon legends Tim Henman and Goran Ivanisevic to pass on their skills and experience to a new generation at the Road to Wimbledon Delhi Masters 2015.
The Delhi Masters will take place on 6 – 11 April to mark the culmination of the Road to Wimbledon 2015 tournament in India. Aimed at boosting the development of junior tennis in India, The Road to Wimbledon is a tournament for players aged 14 and under and offers four regional winners who qualify for the Junior Masters, in Delhi, and two coaches, the chance to play on Wimbledon’s famous grass courts at the UK HSBC National Finals on the grass at Wimbledon in August (10-15).
Croatian Ivanisevic, Wimbledon Champion in 2001 and runner up in 1992, 1994 and 1998 and Henman, four-time Wimbledon semi-finalist, will be accompanied by All England Club Head Coach Dan Bloxham to host a series of coaching clinics in Delhi to mark the climax of this year’s Road to Wimbledon tournament in India.
Until last year The Road to Wimbledon was a UK only tournament, but 2014 saw India host the first Wimbledon-branded tennis events staged outside the UK as The Road to Wimbledon arrived in Delhi and Mumbai. The move paid immediate dividends when 14-year-old Siddhant Banthia, from Pune, beat off competition from the UK and India to win the boys’ singles title.
Henman, who kick-started his career in India in 1994 with three successive tournament wins on the Indian satellite circuit, said: “This is my third time in India in the past year as part of the Road to Wimbledon with HSBC and we are starting to see some positive results already with the young talent here showing signs of following in the footsteps of last year’s winner Siddhant Banthia. I have great memories of tennis in India as it was here that I made my breakthrough and hopefully with support from the All England Club and HSBC, The Road to Wimbledon could provide a real springboard for a new generation of talent in India.”
Ivanisevic, famous for being the only wildcard to have won the Wimbledon Gentlemen’s Singles Championship, said: “The chance to play at Wimbledon is something young tennis players all over the world aspire to. Thanks to the All England Club and HSBC this dream could become a reality for some of the young talent here in India. It is fantastic to see India’s rich history of grass court tennis alive and well, and with more grass courts in India than any other country outside the UK, these talented young players have the chance to create their own grass court history.”
Richard Lewis, Chief Executive of the AELTC, said: “The prospect of playing at Wimbledon is now within touching distance for those competing at the Delhi Masters this week and we look forward to welcoming the finalists to the lawns of the All England Club at the UK National Finals in August.”
Anil Khanna, President of the AITA, said: “We continue to work closely with the All England Club and HSBC to make The Road to Wimbledon a success in India. Tim, Goran, Dan and Tournament Director Paul Hutchins, have been truly inspirational.
Their coaching clinics for India’s young tennis players combined with their coach education workshops will provide a great foundation across all levels of tennis in India and we look forward to continuing this work with them for the next three years.
Tournament director Paul Hutchins said: The All England Club and HSBC are committed to broadening the appeal and participation in grass court tennis across Asia. Holding the Road to Wimbledon in India over the next three years is an ideal platform to do this, and so too are the development and coach education sessions run by Road to Wimbledon and HSBC with Tim, Goran and Dan. We are incredibly grateful to the AITA and local regional India Tennis Associations for their support.
HSBC Global Head of Sponsorship & Events Giles Morgan said: “India is a hugely important market for us and Wimbledon is one of the jewels in the crown of our sponsorship portfolio and it is satisfying to see this partnership flourish.
“Our existing support for The Road to Wimbledon involves 700 clubs and thousands of children from all over the UK but this three year commitment in India adds a whole new dimension to the initiative. Siddhant has set the bar pretty high and we believe that the Road To Wimbledon will continue to provide the perfect stage for the next generation of Indian tennis talent.”
For further information, please contact:
Sukriti Kalra
IPAN Hill+Knowlton
Press Release
Ultra Media & Entertainment Pvt Ltd to promote 3D Marathi Films in India…
Ø Ultra Studios & Digital Labs – a division of Ultra Media & Entertainment Private Ltd will offer various end to end 3D film making solutions for the Marathi Film makers in subsidized rates globally
Ø Will offer them customized, tailor-made solutions using the State of the Art In-house indigenous softwares & services to provide 3D content of Global Standards
Ø The services will range from 2D to 3D Conversion Output, Specialized 3D Direct Cameras & made to order Camera rigs on rentals to providing Technically sound 3D Stereographers for direction and assistance
April,2015,Mumbai : Ultra Media & Entertainment Pvt Ltd, earlier popularly known as Ultra Video or Ultra Distributors is all set to promote 3D Marathi Films in India. Ultra Studios & Digital Labs – a division of Ultra Media & Entertainment Private Ltd with its “State of the art” studio will be offering various end to end 3D film making solutions for the Marathi Film makers in subsidized rates globally
A custom made solutions package will be provided for every 3D film makers as per their unique requirements under this vertical. The core idea behind this initiative is to provide specialized, hi tech 3D content output of global standards for these film makers in India itself
The various services offered under this vertical will be:
Ø 2D to 3D Stereoscopic Conversion using the Studio’s In house indigenous software
Ø VFX for 3D films
Ø Analytical Quality Measurement & Enhancement software application
Ø Providing specialized 3D Direct Cameras on rental
Ø Supply made to order 3D Camera Rigs on rental
Ø Provide technically sound Stereographers for film direction and assistance etc
In the recent past Marathi Film Industry has been churning some interesting 3D films but with a rare frequency. The first 3D film in Marathi Aai Mala Maru Nako was made by Satyaprakash Mangtan and released in 2012.This was followed with Zapatlela 2 by Mahesh Kothare.in 2013. Dhyaaas which released in 2014 was the last 2D to 3D stereoscopic film in Marathi that was released in India.
Currently Young film makers are making interesting films on various contemporary and out of the box subjects. This has opened up a new set of viewers who patronize such films. 3D technology can enhance viewing experience especially of films made by these makers in certain genres like Sci Fi, Action & Adventure, Horror and Thriller etc.
Ultra in the recent past had successfully provided complete 3D solutions to many national and international projects. Especially by providing these 3D solutions package, Ultra particularly wants these experimental film makers to experience the “Make in India” phenomenon in its true sense.
In their endeavor to provide a one stop shop service for the Marathi film industry from shooting the first scene to the end DPX/ DCP format. Ultra Studios have also recently started providing them with their “state of the art”, In-house post production facilities in subsidized rates. This Hi tech studio based in the heart of the Mumbai City offers a range of services through their indigenous softwares and latest technologies as follows:
Ø Studio for Dubbing, sound recording, mixing, editing,VFX and other related facilities
Ø Digital Intermediate & Colour Grading
Ø Digitisation in various formats
Ø Content Scale Up: from SD to 4K formats
Ø Restoration: Frame by frame Restoration in various formats
Ø Colorisation from B/W to Colour
Ø Editing, Audio & Sound Engineering
Ultra Media & Entertainment Private Ltd also had in-house produced and distributed well known Marathi films like:
Ø Gondya Martay Tangada
Ø Lonavala Bypass
Ø houn jau de
Ø Saalina Kela Ghotala etc
Mr. SushilKumar Agrawal, MD, Ultra Media & Entertainment Private Ltd added: “We at Ultra have always offered all our services abreasted with its latest technology. Currently Marathi cinema is going through a very interesting phase with films made in all genres possible for the global audience. I can foresee many Marathi films being made in 3D in the immediate future and our specialized 3D film solutions will only enhance the story telling and viewing experience for the audience. By offering these exclusive services in subsidized rates we only would like to help these filmmakers. It will actually assist them to completely concentrate in their craft of making interesting 3D films with less commercial burden.”
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