🚨 Budget, BYJU’S, and more

Start Your Day with YS Buzz: Your 8 AM Snapshot of Today's Top Startup News! 02 February 2024 [View in Browser]( Hello, At 58 minutes, yesterday’s was the shortest Budget speech delivered by Finance Minister Nirmala Sitharaman. With no major announcements, the [interim Budget 2024]( seemed lukewarm ahead of the general elections this year. While reforms were announced for [electric vehicles]( [MSMEs]( [farmers]( and [women]( there wasn’t much on [tax policies]( [climate]( and [other sectors](. Undoubtedly, several [industry stakeholders]( were left wanting more from the low-key Budget. [ICYMI:]( The top memes floating on social media, thanks to Budget Day! Also, check out YourStory’s full Budget 2024 coverage [here](. Elsewhere, not a great time for Paytm and BYJU’S. A day after the RBI imposed severe restrictions on [Paytm Payments Bank]( investment banking firm [JM Financial]( downgraded the company’s stock to sell. At [market close]( on Thursday, the fintech major’s share price crashed 20% to Rs 608.80 apiece. Here’s a [breakdown]( of what happened at Paytm. Meanwhile, [BYJU’S]( investors have requested an extraordinary general meeting. Proposed resolutions include addressing persistent governance, financial, and compliance issues; restructuring the Board to reduce founder control, and changing the company’s leadership. Lastly, [Lewis Hamilton]( is jumping ships… well cars! The seven-time Formula One champion is poised to leave Mercedes and join Ferrari for the 2025 season. In today’s newsletter, we will talk about - EV sector gets charging infra boost - Budget focuses on agri, farmer income - Transforming school and higher education Here’s your trivia for today: How many Indian prime ministers have presented the Union Budget in the parliament? --------------------------------------------------------------- Union Budget EV sector gets charging infra boost 2024 finally met a big expectation of the electric vehicle (EV) ecosystem as Finance Minister Nirmala Sitharaman announced that the government will expand and strengthen the e-vehicle ecosystem by supporting manufacturing and charging infrastructure. "These initiatives reflect the government's ongoing efforts to align with global sustainability goals while maintaining economic stability and continuity," said Sandiip Bhammer, Founder and Co-Managing Partner at Green Frontier Capital. Going electric: - For 2024-25, the government has allocated Rs 2,671 crore for FAME India scheme, which could change once a fresh Budget is presented following the Lok Sabha election. - The Budget also focused on public transportation, where it said that greater adoption of e-buses will be encouraged through a payment security mechanism that provides interest-free capital. - Sitharaman added that the government's focus on the charging infrastructure will provide entrepreneurship opportunities for vendors on the supply and installation side. [Read More]( --------------------------------------------------------------- Union Budget Budget 2024 to boost agri, farmer income presenting the interim Budget, Sitharaman said the government will focus on stepping up efforts to boost farmers’ income and the agricultural sector by focusing on reducing post-harvest losses and improving productivity. “The commitment to direct financial assistance for 11.8 crore farmers under the PM Kisan Samman Yojana reflects a dedication to enhancing the 3Ps of agricultural business: productivity, predictability, and profitability," said Sat Kumar Tomar, Founder and CEO of Satyukt Analytics. Agri focus: - Sitharaman said the government will also double down on its use of nano urea—which is claimed to boost crop yield and plant absorption—by expanding to agro-climatic zones. - The government has also committed to supporting dairy farmers by building on existing schemes such Rashtriya Gokul Mission, National Livestock Mission, and Infrastructure Development Funds. - Implementation of Pradhan Mantri Matsya Sampada Yojana will be stepped up to enhance aquaculture productivity to 5 tonnes per hectare, double exports to Rs 1 lakh crore, and generate 55 lakh employment opportunities. [Read More]( --------------------------------------------------------------- Union Budget Transforming school and higher education also shared that the Skill India Mission has trained 1.4 crore youth and upskilled and reskilled 54 lakh youth to date. She added that the initiative has established 3,000 new Industrial Training Institutes. "Increased women’s participation in STEM fields contributes to India’s goal of becoming a talent superpower,” Mayank Kumar, Co-founder and MD of upGrad, said. Better learning: - The outlay for education for FY25 is estimated at Rs 1,24,638 crore. The allocation is higher than the 2023-2024 Budget estimates for education, which was Rs 1,16,417 crore. - The FM also said that the upgradation of Anganwadi centres under ‘Saksham Anganwadi and Poshan 2.0’ will be expedited for improved nutrition delivery, early childhood care and development. - The 2024-2025 Budget estimate for PM Schools for Rising India (PM SHRI), which aims to deliver quality teaching as well as nurture holistic and well-rounded individuals, is marked at Rs 6,050 crore. [Read More]( --------------------------------------------------------------- From the CapTable Stanza Living opts for bridge round as potential investors baulk at valuation ambitions Gurugram-based Stanza Living, which provides shared accommodation for working professionals and students, has turned to internal investors to raise a bridge round after its efforts to seek external funding failed. The company has commitments of Rs 200 crore ($25 million) from its existing investors, including Alpha Wave, Matrix Partners, and Peak XV Partners, three people with direct knowledge of the matter told The CapTable. Stanza has already raised Rs 100 crore of this, and is expected to raise the balance in a few weeks, the people said, requesting anonymity as the discussions are private. [Continue Reading]( --------------------------------------------------------------- Namaste Doston, TechSparks ki duniya mein aapka phir se swagat hai! TechSparks, YourStory's flagship event, is set for its exciting return to Mumbai at the Grand Hyatt on February 29 and March 1, 2024. It's more than just a conference; it's a hub for the brightest minds in startups and tech. Here, you'll have the chance to engage with India's top investors and business innovators. Whether you're looking to pitch your ideas, seek funding, or form new partnerships, TechSparks is the place to be. This event is an incredible opportunity for networking with a select group of motivated individuals and leaders. It's a platform to share ideas, learn from industry pioneers, and contribute to shaping the future of tech in India. [Get Your Passes Today!]( --------------------------------------------------------------- News & Updates - [Lawsuits:]( Tesla is sued by 25 California counties alleging it repeatedly mishandled hazardous waste at facilities throughout the state. The complaint states that Tesla improperly labelled and disposed of materials like “lead acid batteries and other batteries,” and more at its production and service facilities. - [Flagship:]( Adani Enterprises Ltd’s quarterly profit more than doubled to $228 million for the quarter through December, boosted by higher earnings from its newer businesses, as the ports-to-power conglomerate continues to rebound from a brutal short seller attack early last year. - [Partners:]( Tata Group is in advanced talks with Taiwan's Pegatron to partner to run an iPhone assembly plant the company is building in Tamil Nadu. Tata is building the iPhone assembly plant in Hosur city, its second such facility in the country. Here's what else we have for you Insurance Dekho Founder Ankit Agrawal on building Bharat's largest insuretech In association with Insurance Dekho Ankit Agrawal's ambitious goal to have an insurance agent in every Indian village underscores his commitment to democratise insurance access, a vision he passionately shares in his enlightening conversation with Shradha Sharma. [Read More]( --------------------------------------------------------------- Revolutionising Web3 integration: Neeraj Khandelwal reveals Okto Web3 SDK's game-changing role in India's crypto boom In association with Coin DCX Ready to embrace the next era of the Internet? Join Coin DCX’s Neeraj Khandelwal as he shares insights into the revolutionary Okto Web3 SDK, transforming the digital landscape one integration at a time. Read more. [Know More]( --------------------------------------------------------------- Join AWS Bharat Innovators Series’ webinar to explore AI's impact on education In association with AWS Bharat Innovators Series Get ready to explore the future of education! Join us on Feb 23, 2023, at 3 PM IST for the inaugural episode of AWS Bharat Innovators Series Season 2. Dive into the dynamics of AI and skills mastery in 'Future-ready Education', hosted by AWS, AMD, and YourStory. Register now! [Read More]( Did you know? How many Indian prime ministers have presented the Union Budget in the parliament? Answer: Three. Pandit Jawaharlal Lal Nehru in 1958, Indira Gandhi in 1970, and Rajiv Gandhi in 1987. We would love to hear from you! To let us know what you liked and disliked about our newsletter, please mail nslfeedback@yourstory.com. If you don’t already get this newsletter in your inbox, [sign up here](. For past editions of the YourStory Buzz, you can check our [Daily Capsule page here](. 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