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Skoda Auto has officially commenced series production of the highly anticipated Skoda Kyaq at its state-of-the-art manufacturing facility in Pune. This marks a significant milestone for the Czech automaker as it strengthens its commitment to the Indian market and aims to capture a larger share of the rapidly growing SUV segment.The Skoda Kyaq is a compact SUV specifically tailored to the Indian market's unique preferences. It is underpinned by the versatile Volkswagen Group's MQB A0 IN platform, a testament to the company's dedication to providing cutting-edge technology and engineering. This platform is also utilized for other popular models such as the Volkswagen Taigun and the Skoda Kushaq, ensuring a robust foundation for the Kyaq's success.&nbsp; Skoda is confident that the Kyaq will resonate with Indian customers, offering a compelling blend of stylish design, practical functionality, and competitive pricing. The company has invested heavily in its Pune plant to ensure seamless production and meet the anticipated demand for this exciting new model. With the Kyaq's entry into series production, Skoda reaffirms its commitment to the Indian market and its ambition to continue its growth trajectory. The company is poised to further strengthen its position in the competitive Indian automotive landscape and deliver an exceptional ownership experience to its valued customers. ---Join the exclusive network&nbsp;for leaders driving growth and partnerships in tech and science&nbsp;-&nbsp;<a href="http://www.startupeuropeindia.net/" rel="noopener noreferrer" target="_blank" style="color: inherit;">www.startupeuropeindia.net</a>

Skoda Starts Series Production of the Skoda Kyaq in Pune

India’s External Affairs Minister, Dr. S. Jaishankar, embarked on a significant six-day visit to the United Kingdom and Ireland starting March 4, 2025. This high-profile diplomatic trip aims to strengthen bilateral ties, advance trade negotiations, and address pressing global issues. With key meetings, consulate inaugurations, and discussions on the India-UK Free Trade Agreement (FTA) on the agenda, here’s a detailed look at what to expect from Jaishankar’s visit and its implications for India’s international relations. Strengthening Ties with the UK: Focus on the India-UK FTAJaishankar’s visit to the UK, spanning March 4-6 and March 8-9, kicks off with high-level talks in London. A major highlight is his meeting with UK Foreign Secretary David Lammy, where the spotlight will be on the recently relaunched India-UK Free Trade Agreement negotiations. Launched in January 2022, the FTA aims to boost the £41-billion annual bilateral trade partnership between the two nations. Key sectors like pharmaceuticals, financial services, and technology are expected to benefit, though challenges remain, including disagreements over market access and tariff reductions.During his stay, Jaishankar will also address the prestigious Chatham House think tank, offering insights into India’s global role. Additionally, he is set to inaugurate new Indian consulates in Belfast and Manchester—moves announced by Prime Minister Narendra Modi at the G20 Summit in Brazil in November 2024. These consulates will enhance India’s diplomatic presence in the UK, facilitating better services for the Indian diaspora and fostering people-to-people connections. For businesses eyeing opportunities under the India-UK FTA, focusing on sectors like technology and pharmaceuticals could yield early advantages once the agreement is finalized. Stay updated on negotiation outcomes for strategic planning. Deepening India-Ireland Relations: Economic and Diplomatic MilestonesFrom March 6-7, Jaishankar will travel to Ireland, marking the highest-level visit since PM Modi’s trip to Dublin in 2015. His agenda includes meetings with Irish Foreign Minister Simon Harris and other officials, alongside engaging with the Indian diaspora. A significant outcome to watch for is the signing of a Memorandum of Understanding (MoU) for a diplomat exchange program, as reported by The Hindu. This initiative will enhance diplomatic collaboration between the two nations. Another key development is the establishment of the India-Ireland Joint Economic Commission, aimed at boosting economic cooperation. With bilateral trade between India and Ireland reaching €16 billion in recent years, this commission could pave the way for deeper ties in technology, trade, and investment. Indian companies like Wipro, TCS, and Infosys, already entrenched in Ireland, stand to gain from improved market access within the European Union. Indian professionals and students in Ireland—numbering around 40,000 NRIs and 10,000 students—can leverage this visit to explore new opportunities in education and employment as ties strengthen. Geopolitical Context: Navigating Global ChallengesJaishankar’s visit comes amid a shifting global landscape, with Europe intensifying efforts for peace in the Russia-Ukraine conflict and India maintaining its stance on dialogue-based resolutions. India’s neutral yet proactive approach—highlighted by PM Modi’s recent talks with European Commission President Ursula von der Leyen—will likely feature in discussions with UK and Irish leaders. This visit underscores India’s growing role as a global player balancing ties with the US, Europe, and Russia. What to Expect from Jaishankar’s Visit<ol><li>FTA Progress: While a final deal may not be signed during this visit, expect announcements on negotiation milestones, offering clarity for businesses and investors.</li><li>Consulate Openings: The Belfast and Manchester consulates will improve visa services and support for the Indian community in the UK, signaling India’s commitment to its diaspora.</li><li>** Ireland Breakthroughs:** The MoU and Joint Economic Commission could set the stage for Ireland to become a strategic gateway for India into the EU market.</li><li>Global Messaging: Jaishankar’s Chatham House address will reinforce India’s stance on peace, sovereignty, and its rising influence in international affairs.</li></ol> Follow official statements from the Ministry of External Affairs (MEA) and Jaishankar’s social media updates for real-time insights into outcomes that could impact trade, travel, or education opportunities. Why This Visit MattersJaishankar’s trip to the UK and Ireland is more than a diplomatic formality—it’s a strategic move to cement India’s economic and geopolitical footing in Europe. For the UK, the FTA represents a post-Brexit opportunity to deepen ties with a fast-growing economy. For Ireland, it’s a chance to elevate its partnership with India beyond shared democratic values into tangible economic gains. As India navigates complex global dynamics, this visit could set the tone for future engagements with Western nations. ---Join the exclusive network&nbsp;for leaders driving growth and partnerships in tech and science&nbsp;-&nbsp;<a href="http://www.startupeuropeindia.net/" rel="noopener noreferrer" target="_blank" style="color: inherit;">www.startupeuropeindia.net</a>

Jaishankar’s UK and Ireland Visit 2025: Agenda, FTA Talks, and What to Expect

India's recent strides in reducing extreme poverty to negligible levels, as highlighted in a 2025 article from The Economist titled "<a href="https://www.economist.com/finance-and-economics/2025/02/27/india-has-undermined-a-popular-myth-about-development" rel="noopener noreferrer" target="_blank">India has undermined a popular myth about development</a>"<a href="https://www.economist.com/finance-and-economics/2025/02/27/india-has-undermined-a-popular-myth-about-development))," rel="noopener noreferrer" target="_blank">,</a> mark a significant shift in global development narratives. This survey note delves into the data, policies, and implications, providing a comprehensive analysis for researchers, policymakers, and lay readers interested in development economics. Background and ContextThe article, published on February 27, 2025, and featured in the Finance &amp; economics section of the March 1, 2025, print edition under the headline “Ploughing its own furrow,” suggests that India has challenged a popular myth about development. While the specific myth isn't detailed in accessible snippets, the context points to the notion that extreme poverty is persistent and difficult to eradicate in large, developing nations. This is supported by the article's mention that "extreme poverty in the country has dropped to negligible levels," aligning with broader discussions on India's poverty reduction trajectory. Defining Extreme PovertyExtreme poverty, as defined by the World Bank, is living on less than $2.15 per day in 2022 purchasing power parity (PPP) terms, reflecting severe deprivation in basic needs. This metric is crucial for international comparisons and tracking progress toward global development goals, such as the United Nations' Sustainable Development Goals. Data on Poverty ReductionHistorical data from the World Bank indicates that India's extreme poverty rate was 22.5% in 2011, affecting approximately 295 million people, and decreased to 10.2% by 2019, impacting about 140 million. More recent estimates, such as those from a 2024 Brookings Institution article titled "<a href="https://www.brookings.edu/articles/india-eliminate-extreme-poverty" rel="noopener noreferrer" target="_blank">India eliminates extreme poverty</a>"<a href="https://www.brookings.edu/articles/india-eliminate-extreme-poverty/))," rel="noopener noreferrer" target="_blank">,</a> suggest that by 2025, official data confirms the elimination of extreme poverty, with the rate now negligible. This is further supported by the National Multidimensional Poverty Index: A Progress Review 2023 from the United Nations Development Programme, which reports that 135 million people escaped multidimensional poverty between 2015-16 and 2019-21, with rural areas seeing the fastest decline from 32.59% to 19.28% <a href="https://www.undp.org/india/national-multidimensional-poverty-index-progress-review-2023)" rel="noopener noreferrer" target="_blank">National Multidimensional Poverty Index: A Progress Review 2023</a><a href="https://www.undp.org/india/national-multidimensional-poverty-index-progress-review-2023))." rel="noopener noreferrer" target="_blank">.</a> | Year&nbsp;&nbsp;| Extreme Poverty Rate (%) | Estimated Population in Extreme Poverty (Millions) ||--------|--------------------------|------------------| 2011&nbsp;&nbsp;| 22.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;| ~295&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|| 2019&nbsp;&nbsp;| 10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;| ~140&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|| 2025&nbsp;&nbsp;| Negligible&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;| &lt;1% (assumed based on recent reports)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;| This table summarizes the trend, highlighting the significant reduction and the projected negligible levels by 2025, based on the Brookings claim. Factors Contributing to Poverty ReductionSeveral interrelated factors have driven India's success, as evidenced by various reports and government initiatives: 1. Economic Growth and Structural Changes:&nbsp;&nbsp;- India's GDP growth averaged 6-7% annually, driven by sectors like services (now nearly 50% of GDP, as per The India Forum in 2024) and technology, creating jobs and raising incomes. This growth, particularly post-1991 liberalization, has been crucial, though manufacturing's share remained stagnant, per <a href="https://www.theindiaforum.in/economy/poverty-india-over-last-decade" rel="noopener noreferrer" target="_blank">Poverty in India Over the Last Decade</a><a href="https://www.theindiaforum.in/economy/poverty-india-over-last-decade))." rel="noopener noreferrer" target="_blank">.</a> 2. Government Policies and Programs:&nbsp;&nbsp;- Infrastructure Investment: Enhanced roads, railways, and ports have improved connectivity, facilitating economic activity. The Economic Survey 2022-23 highlights significant investments in infrastructure <a href="https://www.indiabudget.gov.in/economicsurvey" rel="noopener noreferrer" target="_blank">Economic Survey 2022-23</a>&nbsp;&nbsp;- Social Safety Nets: The National Rural Employment Guarantee Act (NREGA) guarantees 100 days of wage employment to rural households, with over 5 billion person-days of employment generated since inception, according to government reports.&nbsp;&nbsp;- Direct Benefit Transfers: Programs like the Pradhan Mantri Jan Dhan Yojana (PMJDY) have opened over 400 million bank accounts, reducing financial exclusion, as noted in the 2023 Economic Survey. 3. Access to Basic Services:&nbsp;&nbsp;- Electricity: The Saubhagya scheme aimed for universal electrification, with significant progress reported, improving productivity and living standards.&nbsp;&nbsp;- Water and Sanitation: The Swachh Bharat Mission, launched in 2014, constructed over 100 million toilets, reducing open defecation and improving health outcomes, as per the 2023 Multidimensional Poverty Index report.&nbsp;&nbsp;- Healthcare: The National Rural Health Mission expanded healthcare access, particularly in rural areas, contributing to reduced infant mortality and improved health indicators. 4. Digitalization and Financial Inclusion:&nbsp;- Digital payment systems like the Unified Payments Interface (UPI) have revolutionized transactions, with over 40 billion transactions in 2023, enhancing economic participation. PMJDY's success in opening accounts has been pivotal, with data from the Reserve Bank of India showing increased banking penetration. Challenging the Popular MythThe popular myth that India has undermined appears to be the belief that extreme poverty is intractable in large, developing countries, often attributed to population size, diversity, and structural challenges. India's success, with a population of over 1.4 billion, challenges this assumption, suggesting that with targeted policies, even the most daunting development goals can be met. Additionally, it undermines the notion that development requires a specific governance model, such as autocracy, which some argue is necessary for rapid decision-making. India's democratic system, combined with a mixed economy, has shown that inclusive growth is possible, contradicting myths highlighted in discussions like *The Myth of Democratic Recession* from the Journal of Democracy in 2015 <a href="https://journalofdemocracy.org/articles/the-myth-of-democratic-recession/" rel="noopener noreferrer" target="_blank">The Myth of Democratic Recession</a>. This is an unexpected insight, as many global observers assumed only authoritarian regimes could achieve such rapid poverty reduction, as discussed in <a href="https://www.brookings.edu/articles/democracy-does-not-cause-growth" rel="noopener noreferrer" target="_blank">Democracy does not cause growth</a> from the Brookings Institution in 2016. Controversies and ChallengesWhile the narrative is positive, controversies exist around poverty measurement methods. Some, like Poverty in India Over the Last Decade from The India Forum, caution that until unit-level data is analyzed, claims of eliminating extreme poverty may be premature, especially given data-related controversies around the National Statistical Organisation's surveys. Additionally, critics argue that the $2.15 poverty line might be too low, with Five myths about India's poverty from McKinsey in 2014 suggesting that 56% of Indians lack means for basic needs, challenging official rates <a href="https://www.mckinsey.com/mgi/overview/in-the-news/five-myths-about-indias-poverty" rel="noopener noreferrer" target="_blank">Five myths about India's poverty</a><a href="https://www.mckinsey.com/mgi/overview/in-the-news/five-myths-about-indias-poverty))." rel="noopener noreferrer" target="_blank">.</a> Implications for Global DevelopmentIndia's achievement serves as a model for other developing nations, particularly in demonstrating that democracy and mixed economies can drive poverty reduction. It also highlights the importance of inclusive policies, such as digitalization and financial inclusion, which can be adapted globally. As noted in India Overview: Development news, research, data from the World Bank in 2024, India's aspiration to achieve high-income status by 2047 will need to build on these gains, focusing on climate-resilient and inclusive growth <a href="https://www.worldbank.org/en/country/india/overview" rel="noopener noreferrer" target="_blank">India Overview: Development news, research, data</a> India's conquest of extreme poverty by 2025, reducing it to negligible levels, is a significant development breakthrough, challenging the myth of its persistence in large, developing countries. Driven by economic growth, government initiatives, and improved access to services, this success underscores the potential for diverse development paths. As global development discourse evolves, India's experience offers valuable lessons, emphasizing the need for tailored, inclusive strategies to build a more equitable world. ---Join the exclusive network&nbsp;for leaders driving growth and partnerships in tech and science&nbsp;-&nbsp;<a href="http://www.startupeuropeindia.net/" rel="noopener noreferrer" target="_blank" style="color: inherit;">www.startupeuropeindia.net</a>

India reduces poverty, debunks popular myth

A&nbsp;family office&nbsp;is a private wealth management advisory firm that serves ultra-high-net-worth individuals (UHNWIs) or business families. It is designed to manage the financial and investment needs of a single family or a group of families, providing a comprehensive and personalized approach to wealth management, wealth preservation and wealth creation. Family offices handle a wide range of services, including investment management, estate planning, tax optimization, philanthropy, and even lifestyle management.Types of Family Offices:<ol><li>Single-Family Office (SFO):</li></ol><ul><li class="ql-indent-1">Serves one wealthy family.</li><li class="ql-indent-1">Tailored exclusively to the needs and goals of that family.</li><li class="ql-indent-1">Can be highly customized but also expensive to operate.</li></ul><ol><li>Multi-Family Office (MFO):</li></ol><ul><li class="ql-indent-1">Serves multiple families, often with similar wealth levels or interests.</li><li class="ql-indent-1">Shares resources and costs among families, making it more cost-effective.</li><li class="ql-indent-1">Offers a broader range of services but may be less personalized than an SFO.</li></ul>Key Functions of a Family Office:Wealth ManagementFinancial PlanningConcierge and Lifestyle ServicesGovernance and Family HarmonyPhilanthropy &gt; Foundations and Philanthropy &lt; Business Family offices and Business family offices are coming up big way in India, which is potentially shaping numerous high risk initiatives in social entrepreneurship, impact investing, research and development, education and SDGs. A&nbsp;Business Family Foundation&nbsp;in India is a philanthropic organization established by a business family to manage and channel their wealth toward charitable, social, and developmental causes. These foundations are typically set up as&nbsp;trusts&nbsp;or&nbsp;societies&nbsp;under Indian laws and are governed by the&nbsp;Income Tax Act, 1961, and other relevant regulations. They serve as a structured way for business families to give back to society, fulfill corporate social responsibility (CSR) obligations, and create a lasting legacy.Key Features of a Business Family Foundation in India:Legal Structure:<ul><li>Most foundations are registered as:</li><li class="ql-indent-1">Public Charitable Trusts&nbsp;(under the Indian Trusts Act, 1882).</li><li class="ql-indent-1">Societies&nbsp;(under the Societies Registration Act, 1860).</li><li class="ql-indent-1">Section 8 Companies&nbsp;(under the Companies Act, 2013, for non-profit purposes).</li><li class="ql-indent-1">These structures provide tax benefits and ensure compliance with Indian laws.</li></ul>Purpose and Objectives:<ul><li>Foundations focus on areas such as:</li><li class="ql-indent-2">Education and skill development.</li><li class="ql-indent-2">Healthcare and sanitation.</li><li class="ql-indent-2">Poverty alleviation and rural development.</li><li class="ql-indent-2">Environmental sustainability.</li><li class="ql-indent-2">Arts, culture, and heritage preservation.</li><li class="ql-indent-1">Women empowerment and child welfare.</li></ul>Funding:<ul><li class="ql-indent-1">Funded by the business family’s wealth, often through donations from the family or their businesses.</li><li class="ql-indent-1">May also receive grants, donations, or CSR funds from other entities.</li></ul>Tax Benefits:<ul><li class="ql-indent-1">Donations to these foundations are eligible for tax deductions under&nbsp;Section 80G&nbsp;of the Income Tax Act.</li><li class="ql-indent-1">Foundations themselves can claim tax exemptions under&nbsp;Section 11 and 12&nbsp;if they meet certain conditions (e.g., using funds for charitable purposes).</li></ul>Governance:<ul><li class="ql-indent-1">Managed by a board of trustees or governing council, often including family members and external experts.</li><li class="ql-indent-1">Requires transparency and accountability in operations, especially if registered under the&nbsp;Foreign Contribution (Regulation) Act (FCRA)&nbsp;for receiving foreign funds.</li></ul>Role of Business Family Foundations in India:Philanthropy:<ul><li class="ql-indent-1">Enable business families to contribute to social causes and address pressing issues in India, such as poverty, education, and healthcare.</li></ul>CSR Compliance:<ul><li class="ql-indent-1">Under the&nbsp;Companies Act, 2013, companies with a net worth of ₹500 crore or more, turnover of ₹1,000 crore or more, or net profit of ₹5 crore or more are required to spend 2% of their average net profits on CSR activities. Many business families use their foundations to fulfill these obligations.</li></ul>Legacy Building:<ul><li class="ql-indent-1">Foundations help business families create a lasting impact and legacy beyond their business achievements.</li><li class="ql-indent-1">They often reflect the family’s values and commitment to social responsibility.</li></ul>Community Engagement:<ul><li class="ql-indent-1">Foundations engage with local communities, NGOs, and government bodies to implement programs and initiatives.</li></ul>Examples of Prominent Business Family Foundations in India:Tata Trusts:<ul><li class="ql-indent-1">Established by the Tata family, one of India’s oldest and most respected business families.</li><li class="ql-indent-1">Focus areas include education, healthcare, and rural development.</li></ul>Reliance Foundation:<ul><li class="ql-indent-1">Founded by the Ambani family, it focuses on rural transformation, education, health, and disaster response.</li></ul>Infosys Foundation:<ul><li class="ql-indent-1">Led by Sudha Murthy, it works in areas like education, healthcare, and rural development.</li></ul>Wipro Foundation:<ul><li class="ql-indent-1">Focuses on education, healthcare, and environmental sustainability.</li></ul>Shiv Nadar Foundation:<ul><li class="ql-indent-1">Established by HCL founder Shiv Nadar, it focuses on education and art.</li></ul>

Family Office : Family Foundation and Philanthropy

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