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Minister Piyush Goyal on his PhD dream: Got admission in Wharton Business School

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Union minister Piyush Goyal said that he had got admission for PhD in University of Pennsylvania’s The Wharton School in 1988 but did not join the institution because of a labour crisis at a factory he had started. In an exclusive interaction with The Lallantop, he talks about his younger days when he was studying and running a business at the same time.

Union Minister of Commerce & Industry Piyush Goyal during an interview.
Union Minister of Commerce & Industry Piyush Goyal during an interview.

“The year I did CA, I had also done law from Government Law College. I always had interest in business and I wanted to enter the field of finance. In 1979, I did [Class] 10th. When I got good marks in Class X, there was a sway – why’d you do BCom? So, I took admission in Jai Hind College to study Science. I studied Science in the beginning in Class XI,” he said.

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He added, “Halfway through my 11th standard in 1980, my grandmother passed away. So our entire family had gathered and was mourning. My brother had also returned [from the US]. In the 14 days [of mourning], everyone was together. In our conversations, everyone agreed I should pursue my dream. After that I shifted to H.R. College in Commerce. It was very difficult to get admission those days,” he recollected.

When Piyush Goyal started a business

The minister said, “When I was in [Class] 12th, in 1980-81, that’s when I decided to start my own business. My father was about to retire in 1981. I was in class XII and my age was 17, and I decided I will start a business.”

“I still remember I went to Ludhiana, Jalandhar, Bhatinda. I went to Gohana in Haryana because I was told that scooter horns were built there. I thought if I should start a scooter horn business. Different things. I studied how bicycle chains were made. Studied various industries. I remember I had gone to Indore. There was Madhya Pradesh Audyogik Vikas Nigam (MPAVN). I travelled across Dhar, Pithampur. There was an industrial development area there. I had studied capsule making plants to make gelatin capsule. Studied real estate. Studied many things and then I started a small factory after my father retired,” he said.

What Piyush Goyal said on his PhD plans

Talking about his PhD plans, Piyush Goyal said, “I was still interested in studying further. So I took admission in PhD. This is the first time I am sharing this, I had got admission in Wharton Business School in University of Pennsylvania in 1988. The professor was interviewing me on the phone, landline. There were no mobiles back then. The professor was saying they were surprised I had industrial experience, I had done CA and Law. I explained all of this [his profile] to him. I had stood second in India in CA, I had second in India in law. Before that, I had stood second in BCom in Bombay University.”



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Nikhil Kamath alerts investors on ‘hand-picked stocks’ WhatsApp scam: ‘Use common sense’

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Zerodha co-founder Nikhil Kamath informed investors that he has never had any WhatsApp group where he shares “hand-picked” stocks as advertised by a group. The group claims to assist people in picking the right stocks and Nikhil Kamath said that “this is obviously not from me” as he urged people to use a little “common sense”.

Zerodha co-founder Nikhil Kamath alerted investors about a scam on Whatsapp.
Zerodha co-founder Nikhil Kamath alerted investors about a scam on Whatsapp.

“Scam alert, this is obviously not from me, I have never had or have any WhatsApp groups, nor do I give tips etc. Please report these… Also to all the brands who reach out, I don’t do paid promotions/collaborations/ads/paid speaking engagements of any kind. Please stop spamming, and everyone use a little common sense please,” he said along with an image of the fake advertisement.

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What did the scam advertisement claim?

The scam advertisement showed that the WhatsApp group had details of stocks handpicked by Nikhil Kamath that would rise in April. The ad asked investors to join the WhatsApp group which would share their picks of reliable stocks every day as it said, “First 1,000 members get it for free.”

See Nikhil Kamath’s post here:

Earlier Nikhil Kamath advised fellow entrepreneurs in India to not open franchises of global brands in India but try to take Indian brands to the world.

He said, “To all my entrepreneur buddies, the future may be to take Indian brands global, not franchise global brands in India. The Indian narrative is getting cool globally, we have mystique, royalty, history, artisan, handmade, exotic, and so much more to sell.”

He added, “What was yesterday a garment manufactured in India called John, Peter and Louis something and marketed by western models, could be tom Subko, Hatti Kaapi, 11.11 etc sold in New York with the faces of Indian artisans who spent hours on each product individually.”



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RBI ban on Bank of Baroda World app: Finance ministry’s likely plan on frauds

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Union finance ministry may propose stricter measures to protect citizens from cyber fraud, it was reported. This comes after an increase in incidents of frauds, including the Bank of Baroda World app scam, the Times of India reported citing sources who “mentioned a recent inter-ministerial meeting focused on bolstering cybersecurity and tackling financial fraud”, it noted.

A security official walks past an emblem of the Reserve Bank of India at the RBI headquarters, in Mumbai.
A security official walks past an emblem of the Reserve Bank of India at the RBI headquarters, in Mumbai.

What was RBI’s action on Bank of Baroda World app?

In October 2023, the Reserve Bank of India (RBI) stopped Bank of Baroda from onboarding new customers on its mobile app ‘BoB World’ citing material supervisory concerns. The bank said in response that it had already carried out corrective measures to address the concerns.

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“The Reserve Bank of India has, in exercise of its power, under Section 35A of the Banking Regulation Act, 1949, directed Bank of Baroda to suspend, with immediate effect, any further onboarding of their customers onto the ‘bob World’ mobile application,” RBI said in a statement.

“Any further onboarding of customers of the bank on the ‘bob World’ application will be subject to rectification of the deficiencies observed and strengthening of the related processes by the bank to the satisfaction of RBI,” it added.

What report said on steps Finance Ministry could take?

The report claimed that Finance ministry could be in support of stricter Know Your Customer (KYC) procedures and due diligence by banks and financial institutions while onboarding new merchants. This applies to Business Correspondents (BCs) as they may be more vulnerable to security breaches, as per the report.

Additionally, the ministry’s proposal also stresses on the need for improved data security and data protection practices at the merchant and Business Correspondents level. The report claimed that the RBI may ask banks to review concentration of Business Correspondents in areas with a high incidence of cyber fraud.



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Sakuma Exports shares to trade ex-rights today: Check price, allotment, ratio here

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Sakuma Exports rights issue 2024: The rights issue of Sakuma Exports Ltd will open on April 25 and will close on May 13. The rights issue record date is April 15 and the company will offer 78,984,298 equity shares at a price 25.3 per share. The issue size is 199.83 crores while the entitlement ratio is 33:98 which means 33 rights share for every 98 fully-paid equity shares held on the record date.

Sakuma Exports rights issue 2024: The rights issue record date is April 15 and the company will offer 78,984,298 equity shares at a price <span class=
Sakuma Exports rights issue 2024: The rights issue record date is April 15 and the company will offer 78,984,298 equity shares at a price 25.3 per share.

Sakuma Exports: What is rights issue?

In the rights issue, a company grants existing shareholders the right to buy new shares at a discount to the current trading price. The issue gives existing shareholders securities called rights while companies give shareholders a chance to increase their exposure to the stock at a discount price.

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Sakuma Exports: What to expect?

The Board of Directors of the company declared rights issue of equity shares for the eligible shareholders and said in a stock exchange filing that “the issue of 7,89,84,298 equity shares of face value of Re. 1 each (Equity Shares) to Eligible Equity Shareholders aggregating up to Rs. 19983.03 lakhs in accordance with applicable laws, including the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (SEBI ICDR Regulations).”

“The Board of Directors, in accordance with Regulations 30 and Regulation 42 of the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015, as amended and Regulation 68 of the SEBI ICDR Regulations, at its meeting held today ie., April 8, 2024, has considered and approved April 15, 2024 as the record date for the purpose of determining the Eligible Equity Shareholders who are eligible to apply for the Rights Equity Shares, in the Issue (Record Date),” it added.



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