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Aster DM and CARE Hospitals Join Forces in India’s Biggest Healthcare Deal

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In a landmark healthcare merger, Aster DM Healthcare and Blackstone-backed CARE Hospitals have united to form Aster DM Quality Care, a top-tier player in India’s healthcare industry. With an enterprise value of ₹43,000 crore ($5 billion), the merged entity will rank among India’s top three hospital chains, alongside Apollo and Manipal Hospitals. The merger will consolidate 38 hospitals across 27 cities, with plans to expand capacity to 13,300 beds by FY27, adding 3,500 new beds. Revenue for the combined entity is estimated at ₹7,314 crore. Deal Structure and Shareholding Aster DM will acquire 19 million equity shares of Quality Care India Ltd. (QCIL) from Blackstone and Centella at ₹445.8 per share, issuing 18.6 million shares to QCIL shareholders at ₹456.33 per share. The swap ratio for the merger entails QCIL shareholders receiving 977 Aster shares for every 1,000 QCIL shares. Post-merger, the shareholding structure will see Blackstone holding 30.7%, Aster promoters 24%, and the remaining 45.3% with the public and other shareholders. Leadership and Vision Azad Moopen, founder and chairman of Aster DM Healthcare, will continue as executive chairman of the merged entity, while CARE Hospitals’ Varun Khanna will assume the role of managing director and group CEO. “This merger combines the strengths of two pioneers, creating a transformative force in the healthcare sector. We aim to redefine patient care, innovation, and accessibility,” Moopen stated. Strategic Focus The new entity plans to integrate strengths, expand its footprint, and set benchmarks in patient-centric care. Amit Dixit, Blackstone’s head of Asia Private Equity, highlighted their commitment to scaling the platform into a world-class healthcare institution. Vishal Bali, senior advisor at TPG, praised the partnership as a significant milestone for India’s multi-specialty hospital ecosystem. Regulatory Approvals and Timeline The merger, expected to close by Q3 FY26, is subject to shareholder and regulatory approvals. This deal marks a transformative chapter in India’s healthcare sector, setting the stage for significant advancements in care delivery and infrastructure. Source: Business Standard Photo Credit: Business Standard

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Northeast to host IISF 2024, steer India into S&T-Led Manufacturing Hub

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The 10th edition of India International Science Festival 2024 (IISF 20204) is set to take place at Indian Institute of Technology Guwahati from 30th November to 3rd December 2024. The event is being organised by the Council of Scientific and Industrial Research (CSIR), under the aegis of the Ministry of Science and Technology, and Ministry of Earth Sciences, Govt. of India. It is being held in collaboration with the Department of Atomic Energy, Department of Space, IIT Guwahati, and Vijnana Bharati, promising to be a pivotal event in India’s scientific and technological landscape. With the theme, “Transforming India into an S&T-Driven Global Manufacturing Hub”, IISF 2024 marks a significant milestone as the first edition hosted in the Northeast, emphasising the Govt. of India’s commitment to expanding the reach of science and innovation to underrepresented regions. During a press conference held today, 29th November 2024, at the Gauhati Press Club, insights about the event were unveiled by Dr. (Mrs.) N. Kalaiselvi, DG-CSIR and Chairperson, IISF 2024 Steering Committee; Dr. C. Anandharamakrishnan, Director, CSIR-NIIST, Thiruvananthapuram, and IISF 2024 Chief Nodal Coordinator; Shri Vivekananda Pai, Secretary General, VIBHA; Dr. Virendra M. Tiwari, Director, CSIR-NEIST, and Mr. Monuj Kumar Baruah, ACS, Additional Secretary to the Govt. of Assam. The inaugural event will take place in the esteemed presence of Dr. Himanta Biswa Sarma, Hon’ble Chief Minister of Assam, as the Chief Guest; Dr. Jitendra Singh, Hon’ble Union Minister of State (Independent Charge) for Science & Technology, Govt. of India, who will deliver the Presidential Address; and Shri Conrad Kongkal Sangma, Hon’ble Chief Minister, Meghalaya, as the Guest of Honor. Expected to attract over 8,000 delegates and welcome an additional 10,000 daily visitors from across the country, IISF 2024 will offer: Interactive Exhibits showcasing cutting-edge science and technology. Panel Discussions with leading scientists and thought leaders. Science Competitions to inspire young minds. Additionally, a diverse lineup of themed programs will include Chandrayaan (The Museum of Moon), Sci-Tech Expo (Science- Technology- Defence- Space Exhibition), Science Odyssey of the North-East (Focused S&T for the North East), Make in India; Make for the World (Global Manufacturing Summit), The New Nalanda (Student S&T Village), Pragya Bharat (New Frontiers in S&T for Viksit Bharat 2047), Nari Shakti (Women Development to Women-led Development in S&T), S&T Hackathon (Ideas for Viksit Bharat), Young Scientists Conclave (Empowering the Youth), Mission Startup (Innovation, Technology and Entrepreneurship), and North-East Symphony (North East Cultural Fest), among others. These programs aim to drive discussions on India’s transformation into a science-driven global manufacturing powerhouse, aligning with flagship initiatives such as “Make in India” and “Atmanirbhar Bharat.” Speaking about IISF 2024, Dr. (Mrs.) N. Kalaiselvi, DG-CSIR, Chairperson, Steering Committee IISF 2024, said, “India International Science Festival (IISF) 2024 marks a milestone as we bring its 10th edition to the Northeast for the first time, showcasing the rich heritage of this region in culture and biodiversity while connecting it to the cutting-edge advancements in Indian science and technology. Hosting IISF in Guwahati reflects the Government of India’s commitment to integrating diverse regions of the country into the national science ecosystem, fostering a sense of unity and innovation. This festival is not just a celebration of science; it is a movement of national importance. From inspiring students with live interactions with scientists in Antarctica to hosting leadership conclaves and industrial summits, IISF 2024 exemplifies our vision of transforming India into a science-driven global manufacturing hub by 2047, with a special focus on leveraging the Northeast as a key driver of this transformation.” Dr. (Mrs.) Kalaiselvi, further added, “With participation from over 10,000 students, hundreds of researchers, and leading scientific institutions, this festival will ignite a spirit of curiosity and collaboration, ensuring the next generation embraces science as a tool for national growth and global leadership. Together, through IISF, we aim to amplify the message of ‘Science for Society’ and take Indian science to every corner of the world.” Since its inception, IISF has been a platform for promoting scientific temper, innovation, and research among all sections of society. It has brought together scientists, innovators, students, and the general public to foster curiosity, encourage meaningful dialogue, and celebrate the wonders of science. IISF 2024 will also emphasise global collaborations through themes like Science Beyond Borders, encouraging the exchange of ideas with international scientific communities. Special focus will also be placed on the region’s unique contributions through the North-East Symphony. IISF 2024 promises to be a transformative celebration of science and technology, shaping India’s journey toward a sustainable and innovation-driven future.  

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Tripura to Fill Over 2,000 Vacancies in Education and Rural Development

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The Tripura government has announced plans to fill over 2,000 vacancies across the Education and Rural Development departments, Tourism Minister and Cabinet spokesperson Sushanta Chowdhury revealed on Friday. Among the new roles, 1,566 positions have been created for undergraduate and graduate teachers under the Education Department. These include 1,099 posts for undergraduate teachers and 467 for graduate teachers in various schools statewide. The Teachers’ Recruitment Board will oversee the hiring process. In addition, 112 special educators will be appointed on a fixed-pay scale at Vidyajyoti schools to enhance inclusive education across the state. For the Rural Development Department, 198 junior engineer positions have been approved, including 105 degree-holders and 93 diploma-holders. The Tripura Public Service Commission will manage the recruitment for these technical roles. “The Cabinet is committed to addressing unemployment and strengthening critical sectors like education and rural development,” Chowdhury emphasized. These announcements are seen as a significant step in boosting employment opportunities while addressing staffing gaps in essential state services. Recruitment processes are expected to commence soon. Source: Indian express Photo Credit: Indian express

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UGC Introduces Flexible Timelines for Undergraduate Degrees

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The University Grants Commission (UGC) has announced new regulations allowing undergraduate students to complete their degrees at an accelerated pace or over an extended timeline. The initiative, unveiled by UGC Chief M. Jagadesh Kumar, marks a pivotal move toward a student-centric education model, aligning with the National Education Policy (NEP) 2020. Outlined in the newly published Compendium of UGC Regulations, the policy introduces two pathways: the Accelerated Degree Programme (ADP) and the Extended Degree Programme (EDP). The ADP enables high-achieving students or those earning additional credits to graduate faster, while the EDP supports students needing extra time due to personal, financial, or academic challenges, without penalties. “Degrees completed earlier or later will hold the same value as standard-duration degrees,” Kumar affirmed, ensuring parity for employment and further studies. The framework provides flexibility for students pursuing interdisciplinary or professional courses or those balancing education with work or other responsibilities. Institutions will establish eligibility committees to oversee implementation, ensuring the same credit requirements are met as in traditional programs. This initiative aligns with global trends promoting adaptive learning paths and the NEP 2020’s emphasis on skill development and inclusive education. Institutions will have the autonomy to adopt these measures based on their infrastructure and resources. Experts and educators view the move as a step toward modernising India’s higher education system. It is expected to empower students to tailor their academic journeys to their unique goals and circumstances, fostering greater inclusivity while upholding academic standards. Source: Business Standard Photo Credit: Business Standard

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Israel’s Media Crackdown Sparks Press Freedom Concerns

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The Israeli government’s unanimous decision to sanction Haaretz newspaper has intensified concerns over press freedom in the country. On November 24, Communications Minister Shlomo Karhi proposed the measures, citing Haaretz’s critical reporting on the Israel-Hamas conflict and remarks by its publisher Amos Schocken advocating international sanctions on Israeli leaders. The sanctions include halting government advertising in Haaretz, a boycott of official contact with the newspaper, and canceling state and state-owned employee subscriptions. Minister Karhi, in defense of the decision, labeled Haaretz’s content as “poison against the state and the army” and reiterated the government’s stance on freedom of expression not extending to state-funded criticism. Media Solidarity and Outcry The move has drawn sharp criticism from press freedom advocates and media organizations. Noa Landau, deputy editor-in-chief of Haaretz, stated the newspaper “will not be deterred,” while Anat Saragusti of the Israeli Journalists’ Union called it an attempt to undermine journalism as a democratic gatekeeper. Nahum Barnea of Yedioth Ahronoth highlighted the government’s focus on silencing dissent amid ongoing national security concerns, writing, “Our government was busy addressing the question… How to financially screw over a media outlet.” Broader Media Clampdowns This decision aligns with other government actions targeting critical media. Earlier, public broadcaster Kan faced attempts to reduce its influence. Additionally, the so-called Al Jazeera law allowed for the closure of foreign media offices, including Al Jazeera’s operations in Israel and the West Bank, under national security grounds. Legal Challenges Ahead Analysts expect Haaretz to challenge the boycott in Israel’s Supreme Court, questioning the legality of withholding government advertising due to political disagreements. Media watchdogs warn that such measures erode democratic norms. Despite mounting pressures, Haaretz remains defiant, pledging not to become a “government pamphlet.” The developments have raised broader questions about the state of press freedom in Israel as the government tightens its grip on critical voices in the media landscape. Source: frontline Photo Credit: frontline

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Adani Group Faces Corporate Governance Crisis; Fitch Places Key Stocks on ‘Watch Negative’

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The Adani Group is grappling with intensified corporate governance concerns following bribery charges against key executives of Adani Green Energy Limited (AGEL) by U.S. authorities. In response, Fitch Ratings placed Adani Energy Solutions Limited (AESL) and Adani Electricity Mumbai Limited (AEML) on a “Rating Watch Negative,” signaling a potential downgrade of their ‘BBB-‘ ratings. US Charges Spark Governance Concerns The allegations, tied to a 2021 offshore note offering, include bribery and misleading investors. With two accused executives linked to the Adani founding family, the controversy has amplified fears of systemic governance risks across the conglomerate. Fitch warned that any conviction or evidence of weak governance could significantly pressure ratings. Liquidity Remains Strong, But Risks Loom Fitch noted that AESL and AEML maintain robust liquidity, with AESL raising $1 billion via qualified institutions placement for near-term projects. AEML benefits from regulatory protections for operating costs. However, Fitch cautioned about increased reliance on onshore funding, which could elevate borrowing costs and refinancing risks in the medium term. Global Fallout The charges have drawn sharp reactions from international stakeholders. Total Energies has halted investments in Adani projects, and ESG rating agency Morningstar Sustainalytics is reviewing risks associated with Adani Green. Adani-linked dollar bonds, which initially plummeted, showed signs of stabilization but continue to face scrutiny. Future Challenges The indictment’s ripple effects extend beyond the group’s finances, potentially pressuring capital inflows and impacting India’s currency if funding risks persist. While the Adani Group has denied the allegations as “baseless” and pledged legal action, the conglomerate faces mounting global scrutiny. The coming weeks will test Adani’s ability to address governance issues and reassure investors, as reputational and financial challenges intensify. Source: Zeebiz Photo Credit: Zeebiz

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Japan’s Macnica Eyes Acquisitions in India, Expands Focus Beyond Semiconductors

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Japanese semiconductor distributor Macnica Holdings Inc. is exploring acquisitions in India and other parts of Asia as part of its strategy to strengthen its market position amidst growing competition and industry challenges. The Yokohama-based firm, which holds a 22% share in Japan’s semiconductor distribution market, is looking to diversify into sectors such as cybersecurity, self-driving cars, and healthcare to reduce its heavy reliance on semiconductors, which currently account for 90% of its sales. Macnica President Kazumasa Hara highlighted the importance of scaling up in growth regions like India, China, and Southeast Asia to navigate the complexities of US-China technological tensions, export controls, and supply chain disruptions. “We need to raise our market share as quickly as possible,” Hara stated, emphasizing the company’s low presence in emerging markets. He also revealed that a billion-dollar acquisition deal in Asia is “very likely.” In addition to its semiconductor focus, Macnica is eyeing less capital-intensive industries such as cybersecurity. “When you look ahead, that’s one area that will grow,” Hara noted. This pivot aligns with Macnica’s broader goal of mitigating risks associated with its exposure to industrial equipment chips in China, which has contributed to a 40% drop in the company’s stock since February. Domestically, Macnica aims to achieve a 30% market share by 2030 through organic growth. However, the company is less inclined toward further acquisitions within Japan, having recently purchased Glosel Co. Macnica’s expansion and diversification efforts underscore the growing need for agility and innovation in the semiconductor industry, as companies adapt to a rapidly evolving technological and geopolitical landscape. Source: Business Standard Photo Credit: Business Standard

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Trump Appoints Indian-Origin Covid Critic Jay Bhattacharya as NIH Director

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Former U.S. President Donald Trump has nominated Dr. Jay Bhattacharya, an Indian-origin Stanford academic and prominent critic of COVID-19 lockdown policies, as the Director of the National Institutes of Health (NIH). The NIH, a leading public funder of medical research, manages an annual budget of $47.3 billion and plays a critical role in shaping U.S. health policies. Announcing the appointment, Trump stated that Dr. Bhattacharya, in collaboration with Robert F. Kennedy Jr., would lead efforts to restore the NIH’s reputation as the “Gold Standard of Medical Research.” The new leadership aims to tackle America’s pressing health crises, particularly chronic illnesses and diseases. Who is Jay Bhattacharya? Born in Kolkata in 1968, Dr. Bhattacharya is an accomplished scholar with a dual academic foundation: a medical doctorate (1997) and a Ph.D. in economics (2000), both from Stanford University. Currently, he serves as a Professor of Health Policy at Stanford University and directs the Center for Demography and Economics of Health and Aging. Dr. Bhattacharya’s research focuses on the health and economic well-being of vulnerable populations, the impact of government programs, and biomedical innovation. He gained national attention during the COVID-19 pandemic for co-authoring the Great Barrington Declaration in October 2020, advocating for targeted protections for high-risk groups rather than widespread lockdowns. A prolific researcher, Dr. Bhattacharya has authored 135 peer-reviewed articles across various fields, including medicine, health policy, and economics. His appointment signals a shift toward addressing systemic health challenges and reevaluating pandemic response strategies in the United States. Dr. Bhattacharya’s nomination marks a significant move, blending innovative health policies with a critical lens on past approaches, as the NIH positions itself to address evolving medical and research challenges. Source: NDTV Photo Credit: NDTV

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Manipur Halts Reopening of Schools and Colleges Amid Violence in Imphal Valley

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The Manipur government has withdrawn its decision to reopen schools and colleges in the Imphal Valley and Jiribam, citing ongoing violence and safety concerns in the region. The reversal was confirmed through a late-night directive issued by the Directorate of Education – Schools, emphasizing the continued closure of educational institutions. The notification read, “The school reopening order dated November 24 regarding resumption of normal classes for all schools of the state—government, government-aided, private, and central schools—is hereby cancelled. All schools in the valley districts will remain closed on November 25 and 26.” A parallel order was issued for colleges in the affected areas. Educational institutions in regions such as Imphal West, Imphal East, Thoubal, Bishnupur, Kakching, and Jiribam have already been closed for over a week due to prohibitory orders. These measures were enforced following fresh violence in the area, with authorities prioritizing public safety and minimizing risks to students and staff. Although prohibitory orders have been partially relaxed, allowing residents to procure essential supplies between 5 a.m. and 12 p.m., the volatile situation has necessitated the continued shutdown of schools and colleges. Officials underline that the decision reflects the state’s commitment to safeguarding its citizens, especially students. The ongoing unrest in Manipur has disrupted normalcy in the region, affecting education and daily life. Authorities remain vigilant, closely monitoring developments to ensure the safety and security of the community. Source: India Today Photo Credit: India Today

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GST Collection on Health, Life Insurance Services Reaches ₹16,398 Crore in FY24

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The Union Government’s Goods and Services Tax (GST) revenue from healthcare and life insurance services reached ₹16,398 crore in FY24, marking a massive 680% increase from ₹2,101 crore in FY20, according to Minister of State for Finance Pankaj Chaudhary’s written reply in the Lok Sabha on Monday. However, collections for FY24 saw a slight dip compared to ₹16,770 crore in FY23. Current GST Rates and Exemptions: GST on health insurance services is levied at 18%. Exemptions are provided for specific schemes like Rashtriya Swasthya Bima Yojana (RSBY), Universal Health Insurance Scheme, Jan Arogya Bima Policy, and Niramaya Health Insurance Scheme, targeting economically weaker sections and differently abled individuals. Demands for GST Rate Reduction: The figures come amidst rising demands from stakeholders, including state governments, to reduce GST rates on health and life insurance premiums. Group of Ministers (GoM) on Health Insurance: Bihar Deputy Chief Minister and Finance Minister Samrat Choudhary has been appointed convenor of a Group of Ministers (GoM) tasked with addressing GST issues related to health insurance. The GoM is set to submit its report to the GST Council at its next meeting in Jaisalmer on December 21, 2024. Chaudhary noted that the GST Council, during its 54th meeting in September 2024, recommended forming the GoM after extensive deliberations on the matter. GST on Education Services: In a related update, GST revenue from non-exempted education services, such as commercial training and coaching, rose by 67% over the past three years. FY24 collection: ₹4,792.40 crore FY22 collection: ₹2,859.49 crore Notably, printed books, Braille books, newspapers, journals, and children’s picture books continue to attract nil GST, reinforcing the government’s commitment to making education more accessible. The GST Council’s upcoming meeting and the GoM’s recommendations will be crucial in determining whether these rates undergo revision to balance fiscal objectives with stakeholder concerns. Source: Business Standard Photo Credit: Business Standard

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