Business

The epic brain drain of India due to unfavorable policies surrounding new technologies.

Published

3 years ago

March 16, 2022

Hemant Singh – Mumbai Uncensored, 16^th March 2022

Thousands of engineers, investors, and entrepreneurs are fleeing India because of the country’s hesitancy to embrace digital assets, as per the co-founder of the country’s most well-known crypto unicorn.

Sandeep Nailwal, the co-founder of polygon stated his concern over the migration of new talent from India to other countries due to restrictive and unfriendly policies that hinder the growth of any new technology or mind. Polygon operates as a solution Layer 2 protocol for the Ethereum blockchain system.

Since the Supreme Court reversed a central bank prohibition on digital tokens in 2020, India, which has an estimated 15 million active crypto users, has been in regulatory uncertainty. This year, the government announced a tax on cryptocurrency transactions without publicly stating that trading would not be prohibited, a move that highlighted the uncertainty & increased the confusion.

On Tuesday, Finance Minister Nirmala Sitharaman stated that they are still not sure whether to ban or regulate crypto. On the other hand, she stated that there is potential in this asset to generate revenue as the user base is huge: “Many Indians have seen a future in it, therefore I see a possibility for revenue in it,” she said. The government imposed a 30% tax on crypto when someone gains profit from it over 15 lakh rs.

There was criticism regarding how someone can impose a tax on an asset when they have not formally accepted it or made it legal.

Nailwal moved to Dubai two years ago after co-founding Polygon in 2017. The emirate wants to be a crypto hub for the Middle East, much like it is for traditional financial services, and it passed a law regarding digital assets on Wednesday.

India has the huge potential to be a giant in the crypto universe.

“I want to live in India and promote the Web3 ecosystem,” Sandeep naiwal.

“But overall, the way the regulatory uncertainty is there and how big Polygon has become it doesn’t make sense for us or for any team to expose their protocols to local risks.”

India appears to have the potential to become a significant country in the crypto universe. The 1.4 billion population is youthful, with an expanding, well-educated middle class. As per Chainalysis, a blockchain research firm, this, along with a less established traditional banking system, has resulted in the world’s second-highest cryptocurrency rising adoption after Vietnam. According to research released in October by Chainalysis, overall crypto transactions increased by 641 percent between July 2020 and June 2021.

China was the only country to ban crypto last year, however, it was not a surprise given the non-democratic government it has, it won’t give power in hand to the people let alone provide them their money in their own hands. Also, China has plans to launch its own regulated CBCD.

Governments are strangled for long in fraud, scams, and hacks in the industry. Moreover, the rapid growth of these problems requires innovative solutions. Well-developed countries are now moving toward a more structured approach to regulation.

“Countries will keep losing new talent capabilities until the time they figure it out,” Nailwal said. “Crypto is very disruptive in the sense it has a potential not only to disrupt the concept of money but also the concept of government itself.”

Investors and entrepreneurs need more clarity. U.S president Joe Biden announced a new order in favor of crypto which resulted in an 11% bull run of bitcoin.

The thorn in the path of the cryptocurrency sector towards adaptation and growth.

Despite the fact that Indians are enthusiastic about digital assets and the government loots at them as possibilities for tax collection, the central bank continues to oppose the business. While it’s not rare that central banks oppose cryptocurrencies, still the criticism of crypto by the Reserve Bank of India has been particularly harsh.

Last month, Governor Shaktikanta Das compared cryptocurrencies to the 17th-century Dutch tulip market bubble, and his deputy claimed cryptocurrencies are similar to Ponzi schemes, endanger financial stability, and should be prohibited.

After India’s central bank blocked off crypto-related firms from the country’s payment network, Edul Patel, the co-founder of Mudrex, an automated digital asset trading platform sponsored by Y Combinator, opted to establish his company in the United States in 2019. In response, the Supreme Court ruled against the central bank.

Everyone serious about blockchain technologies are moving to places like Dubai, Patel said in an interview.

The plus point about Dubai is its “sandbox approach,” something that India lacks for crypto, he added.

Sandbox settings are frequently used by governments as a testing ground for potential but unproven financial technology. Patel also mentioned Dubai’s proximity to India and its open, transparent, and pro-creator taxation structure.

Nitin Sharma, the Bengaluru-based founding partner of venture capital firm Antler, which plans to invest in Indian startups focused on blockchain and Web3 applications, stated “I’ve often heard the joke that Dubai is the best city in India,” “And once you have well-known founders or startups move, it starts to attract many others, creating a community.”

Conclusion

Since the Ukraine Russia conflict, Some of us are blaming Indian students for leaving the country and calling their action as “doglapan”, while not noticing, why they are leaving? and why is there this huge brain drain going on?

Ph.D. students complain about their professor not helping them with the articles and research papers they need to write, nor they are that friendly as compared to some foreign university professors. Source Quora

Tech startups are forced to move from the country thanks to the banks that can’t accept new payment methods and technologies that make them less efficient in fighting against corruption and black money.
We are not giving our plus ultra, but rusted by the comfort zone we were given by Sarkari Naukri, why put extra effort when we are secure in this traditional method while burning in brain drain, inflation, corruption, and online hacks.

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Zigly brings-in wholesome experiences for furry friends at Pet Fed Delhi

Published

1 month ago

December 17, 2024

Admin

Zigly, a leading omnichannel pet care brand, celebrated the bond between pets and their parents at Pet Fed Delhi 2024. This much-anticipated event marked 10 years of successfully conducting Pet Fed in the National Capital. Taking place at NSIC Ground, Okhla, Delhi, the event witnessed one of the largest turnouts ever, with pet parents and their furry friends braving the cold winter weather to attend.

Zigly brings in wholesome experiences for furry friends at Pet Fed Delhi

Zigly, as the power sponsor, showcased its premium brands at one of the event’s largest stalls, featuring Zigly Lifestyle, FurPro grooming range, and the Applod treats and biscuits range, along with stylish accessories from the latest winter collection. A significant portion of the stall was dedicated as a play area for furry friends. The brand advocated the promotion of pet health and hygiene while creating memorable experiences through veterinary and grooming services offered at their stall.

Enhancing the experience for pets and their parents, Zigly provided free health check-ups and opportunities to participate in lucky draws. The brand delighted pet parents with event-exclusive discounts and promotions on its range of products and grooming services, offering an excellent opportunity to stock up on high-quality products at unbeatable prices.

Celebrating Zigly’s participation in Pet Fed, Mr. Pankaj Poddar, Group CEO of Cosmo First, stated, “We are delighted to be part of Pet Fed Delhi as it allows us to come closer to the Zigly community, helping us learn and adapt to the needs of both pets and pet parents. Delhi experiences the harshest winters in the country, which is why we are proud to showcase our winter collection 2024 at this event. Just like previous iteration of Pet Fed at Bengaluru, we are happy to witness such a great turnout of our furry friends at the event in Delhi as well. It keeps us motivated to continue to strive towards our goal of a better pet care ecosystem.”

This year’s event was bigger and better than ever before, featuring a plethora of activities and attractions. Attendees enjoyed fancy dress competitions, lucky draws, and adoption zones, catering to both cats and dogs. The festival also featured numerous pet care brands, offering a wide range of products and services for pets.

The event was a true celebration of the pet community, bringing together pet parents, industry experts, and animal lovers for non-stop fun and learning. As Pet Fed Delhi 2024 wraps up, the excitement and joy shared by all attendees promises to linger, setting the stage for even more spectacular events in the future.

Business

Celebrating 25 Years of Innovation and Success: Priyank Sukhija’s Journey in the Food and Beverage Industry

Published

6 months ago

August 2, 2024

Admin

Priyank Sukhija, the CEO & MD of First Fiddle F&B Pvt. Ltd., has completed 25 years in the food and beverage industry, marking a significant milestone in his remarkable career. From a 19-year-old dropout setting up his first venture to becoming a leading restaurateur, Priyank’s journey is a testament to passion, creativity, and relentless ambition.

Starting in 1999 with the fine dining restaurant Lazeez Affaire at Malcha Marg, Priyank quickly made a name for himself in the hospitality industry. He followed this with the renowned club RPM at Priya Complex, and from there, his ventures only expanded. Despite coming from a family of lawyers, Priyank was the first to venture into business, altering Delhi’s hospitality landscape forever. Over the past 25 years, he has opened more than 30 different outlets, each unique and innovative.

Priyank’s success can be attributed to his love for food, music, and innovation. His brands, including Miso Sexy, Bougie, Diablo, Lord of the Drinks, Plum by Bent Chair, and Lazeez Affaire, have become some of the most talked-about names in the industry. “I realized that nothing makes me happier than eating and serving a delicious meal. Food, music, and innovation were what always inspired me and hence I ventured into an area that could fulfill this passion,” Priyank explains.

One of Priyank’s major accomplishments has been revolutionizing the F&B industry and introducing the concept of casual experiential dining to India. His establishment, Plum by Bent Chair, revived the Aerocity Worldmark area, while Diablo kickstarted the bar culture in Mehrauli, turning it into a vibrant hub. At Epicuria, Nehru Place, Priyank was a pioneer with Flying Saucer and is now reinventing the space with his new launch, Thanks & Beyond.

“My restaurants are known for providing an experience, and this makes them stand apart from the crowd. I believe in the ‘vibe’ of the restaurant, and that is what sets them apart. All my restaurants have an extensive menu with dishes and drinks that can be enjoyed by people of all ages,” says Priyank. His eateries have become one-stop solutions for complete entertainment, featuring performances by the most sought-after bands and artists.

With his numerous successes, Priyank’s ambition continues to grow. His current brands, including Diablo, Miso Sexy, and Bougie, have become the go-to destinations in Delhi for top artists and bands. His latest ventures, Diablo Cyberhub, Sitch, and Bizou-Bizou, have created a buzz in Delhi and NCR with their unique cocktail-focused concepts. Additionally, he is expanding to tier 2 cities with the introduction of Miso Sexy in Noida and Diablo in Goa.

In celebration of his 25 years of success, Priyank has opened a new restaurant, Thanks and Beyond, in Nehru Place. This venture is a gesture of gratitude to everyone who has supported him, a homage to Delhi for the love shown to him, and a promise of many more exciting ventures to come. This summer, Priyank has several more launches lined up, promising to bring even more innovation and excitement to Delhi’s F&B scene.

Priyank Sukhija’s journey in the F&B industry is a story of vision, hard work, and a relentless pursuit of excellence. His passion for creating unique dining experiences has not only set him apart but has also significantly shaped the hospitality industry in India. As he continues to innovate and expand, the future looks incredibly promising for Priyank and First Fiddle F&B Pvt. Ltd.

Business

Gold and Silver Rates Today: Latest Prices on July 24, 2024

Published

6 months ago

July 24, 2024

Admin

Gold and Silver Rates Update: On July 24, 2024, gold and silver prices have seen significant changes across major Indian cities, reflecting the latest trends in the global and domestic markets.

Gold Prices in Major Cities

Delhi: The price of 10 grams of 24-carat gold stands at Rs.70,716, a decrease from Rs.75,217 on July 23, 2024. The 22-carat gold rate is Rs.64,775 per 10 grams, down from Rs.68,745.
Chennai: 24-carat gold is priced at Rs.70,716 per 10 grams, a drop from Rs.75,657 the previous day. Last week, the rate was Rs.74,659.
Mumbai: Gold rates in Mumbai are at Rs.71,412 per 10 grams, down from Rs.74,925 on July 23, 2024. A week ago, the price was Rs.75,026.
Kolkata: The gold rate is Rs.70,716 per 10 grams, a decrease from Rs.75,144 the day before and Rs.75,539 a week ago.

Silver Prices in Major Cities

Delhi: Silver is trading at Rs.85,170 per kg, down from Rs.89,160 on July 23, 2024. Last week, the price was Rs.92,110.
Chennai: Silver rates are Rs.85,000 per kg, compared to Rs.89,070 the previous day and Rs.92,290 a week earlier.
Mumbai: The silver rate today is Rs.85,170 per kg, a decrease from Rs.89,160 on July 23, 2024. The rate was Rs.92,110 a week ago.
Kolkata: Silver is priced at Rs.85,170 per kg, down from Rs.89,160 yesterday and Rs.92,110 last week.

MCX Futures

Gold August 2024 Futures: Trading at Rs.73,121 per 10 grams, a slight increase by ₹Rs..179.
Silver December 2024 Futures: Trading at Rs.92,020 per kg, down by Rs.0.154.

Factors Influencing Prices

Gold and silver prices are affected by several factors, including demand from major jewelers, global market trends, currency fluctuations, interest rates, and government policies. The international economic situation and the strength of the US dollar against other currencies also play a crucial role in determining gold and silver rates in India.

Stay updated with Mumbai Uncensored News for the latest on gold and silver prices and market trends.