Category: Business & Economy

** At $76.6 billion, India is third highest military spender in world, says report

According to data published by SIPRI, the top five military spenders—the United States, China, India, the United Kingdom, and Russia—accounted for 62 per cent of the global military expenditure.

India was the third-highest military spender in the world behind the US and China as the global defence expenditure reached an all-time high of $2.1 trillion in 2021, hitting record levels despite the coronavirus pandemic, the Stockholm International Peace Research Institute (SIPRI) said Monday.

According to data published by SIPRI, the top five military spenders—the United States, China, India, the United Kingdom, and Russia—accounted for 62 per cent of the global military expenditure.

SIPRI said India’s military spending, amounting to $76.6 billion in 2021, grew by 0.9 per cent from 2020 and by 33 per cent from 2012. “Amid ongoing tensions and border disputes with China and Pakistan that occasionally spill over into armed clashes, India has prioritized the modernization of its armed forces and self-reliance in arms production,” according to the report.

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** IIT Madras honours 22 alumni for their achievement

Former director Bhaskar Ramamurthi presented Lifetime Achievement Award

A total of 22 alumni were honoured with the Distinguished Alumnus Award for their achievement in industry and academia during the 63rd Institution Day celebrations of the Indian Institute of Technology Madras.

The celebrations were held on Tuesday in the physical mode after two years owing to COVID-19 pandemic.

Chief guest Lakshmi Narayanan, former Vice Chairman of Cognizant Technologies, said the need of the hour is “collaborative research between industry and academia which can result in phenomenal outcomes.” He praised the institute for “pioneering upskilling of virtual education”, its virtual B.Sc degree programme and innovative platforms such as NPTEL that are benefiting the community.” The institute’s research park had fostered an innovative ecosystem, he said.

He also presented the Lifetime Achievement Award to former director Bhaskar Ramamurthi. It was during his tenure that the institute topped in several national-level rankings besides being selected as Institution of Eminence.

Director V. Kamakoti said the pandemic had not stopped the institute’s growth – be it in research, consultancy and execution of corporate social responsibility projects; placements, internships or patents filed.

Among the alumni who received the distinguished alumnus award in person were Mridula Nair, research fellow, Eastman Kodak Company, USA; Mahesh Wagle, founder director Cybernetik Technologies, India; Girija Vaidyanathan, former chief secretary of Tamil Nadu; Shivkumar Kalyanaraman, chief technical officer, Energy and Mobility, Microsoft R&D India and Azure Global, India; and Vijay B. Shenoy, associate professor, Centre for Condensed Matter, Indian Institute of Science.

On the occasion the Extra Mural Lecture yearbook was released. Awards were also presented to faculty for excellence in teaching, and for research and development work.

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** Biocon Biologics bags $90-mn contract from Malaysian government to supply human insulin

Biocon Biologics’ Insugen formulations will be available to patients at all Ministry of Health hospitals, district health offices, and health clinics

Biocon Biologics Limited (BBL), a subsidiary of Biocon on Tuesday said it has bagged a three-year contract valued at $90 million from the Malaysian government for the supply of recombinant human insulin brand Insugen.

Biocon Sdn Bhd., a subsidiary of Biocon Biologics, will manufacture and supply its range of insulins to its partner Duopharma Marketing Sdn. Bhd. (DMktg), a subsidiary of Duopharma Biotech, a pharma & biotech firm in Malaysia.

Biocon Biologics’ Insugen formulations will be available to patients at all Ministry of Health hospitals, district health offices, and health clinics, as per an official statement.

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** Deepika Padukone to be part of Cannes Film Festival jury

French actor Vincent Lindon will be heading the jury at the 75th edition of the coveted festival, which will run from May 17 to 28

Actor Deepika Padukone will be a part of the competition jury at the 2022 Cannes Film Festival, the organisers said.

Padukone, 36, was earlier the chairperson of Jio MAMI Mumbai Film Festival for two years.

She found fame with her 2007 film “Om Shanti Om”, co-starring Shah Rukh Khan, and later featured in several blockbuster and critically-acclaimed movies like “Yeh Jawaani Hai Deewani”, “Chennai Express”, “Goliyon Ki Raasleela Ram-Leela”, “Bajirao Mastani”, “Padmaavat” and “Piku”.

The actor, who was most recently seen in Shakun Batra’s “Gehraiyaan”, made her Hollywood debut with the 2017 actioner “xXx: The Return of Xander Cage”, fronted by Vin Diesel.

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** Indian doctor performs 1st pediatric stem cell transplant in UAE

A Malayali doctor in Abu Dhabi wrote himself into record books when he performed the first pediatric stem cell bone marrow transplant in the UAE.

Dr Zainul Aabideen, a native of Kannur in Kerala, presently Head of the Department of Pediatric Hematology and Oncology at Burjeel Medical City successfully performed the advanced allogeneic procedure on a five-year-old girl from Uganda with sickle cell disease.

Billed as the first such surgery done in the UAE, the patient’s 10-year-old sister donated her bone marrow for the transplant treatment at Burjeel Medical City, a flagship hospital of VPS Healthcare.

Sickle cell disease is a genetic disorder, which results in an abnormality in the hemoglobin found in red blood cells, causing them to become sickle-shaped and leading to several complications including anemia, swelling in the hands and feet, frequent pain, acute chest syndrome, and sometimes stroke.

Prior to the treatment, the child has been regularly admitted to the hospital due to complications arising from her disease since birth.

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** Week-long activities to celebrate India@75 launched in US

Programme aims to celebrate the diversity of India and its people through cultural activities.

In commemoration of India’s 75 years of independence, the Indian Consulate here in collaboration with a city-based cultural organisation and a children’s museum commenced a week-long celebration involving a plethora of activities, including traditional paintings, music and storytelling, that honour the history of India’s people, culture and achievements.

The Consulate General of India in New York, The Culture Tree and the Children’s Museum of Manhattan (CMOM) kicked-off the special activities and interactive programming on Monday that aim to celebrate the diversity of India and its people through dance, music, literature, puppetry, drama, food and art, The Culture Tree said in a statement.

Anu Sehgal, founder and President of The Culture Tree that provides South Asian-themed classes and programmes, said that through these events, we can offer cross-cultural exposure that can help shape knowledgeable, open-minded and respectful individuals, while also offering ways in which children and families from the diaspora can connect with and celebrate their heritage.

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** Cigniti Technologies bags $10 million deal

Software quality engineering, testing and consulting services provider Cigniti Technologies on Tuesday said it has bagged a $10 million annual contract value (ACV) deal from one of the largest and oldest financial services and investment firm in the U.S.

The deal, to accelerate the U.S. firm’s digital transformation journey, is one of the largest it has won and has a high growth potential in the coming years, Cigniti said in a release.

The client is a Fortune 500 company with operations in 20 U.S. states and has offices in three continents. Cigniti Technologies CEO Srikanth Chakkilam said the deal is an outcome of deep-rooted expertise encompassing functional, process, business and digital assurance services for large enterprise customers.

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** ‘Indianish but not Indian’ describes Mauritius best

From garam masala made with Madagascar spices to fritters stuffed with prawns and béchamel sauce, local meals in Mauritius are familiar yet so exotic

It’s a glorious autumn night in April in Mauritius when a small bus with disco lights and local Sega music drops us off in a village named after piment (chilli, in Mauritian Creole). We are at the house of Ved Bhujun, whose forefathers had set sail from India almost 200 years ago to this blue-green land.

The Bhujun family has retained its Indian heritage, despite a very mixed Creole gene pool now. A temple guards the home’s garden, we are welcomed with lit lamps, and Ved’s son — with the Indian Navy till a few years ago, and now in Mauritius’ anti-narcotics squad — tells me how, when he gets married, he will have not only Indian-style music and dancing but also a “turmeric ceremony”. There is nothing religious about these rituals; they are just vehicles for memories. As is the food. You realise as you taste it, here’s something that is Indianish, but not Indian — spices sans pungency, cultural resonances reshaped into new flavours.

** N. Sankar: An innings of understated achievement ends

The chairman of the chemicals-to-shipping Sanmar Group passed away on Sunday

N. Sankar, 76, chairman of the home-grown chemicals-to-shipping conglomerate Sanmar Group, passed away at his residence here on Sunday after a brief illness. He is survived by his wife Chandra, son Vijay Sankar, who is the Deputy Chairman of the $1-billion group, and a daughter Madhurika, who is a venture investor and writer.

The elder of industrialist K.S. Narayanan’s two sons, Sankar obtained a B.Sc.Tech in Chemical Engineering from the AC College of Technology and a master’s degree from the Illinois Institute of Technology, Chicago.

A third-generation entrepreneur, Sankar started his career as a 21-year-old trainee at the group’s flagship chemicals company, Chemplast, in 1967, when his father was overseeing the business. At 26, he made his first entrepreneurial move by helming the acquisition of a major stake in Industrial Chemicals and Monomers, a carbide manufacturing company.

His stewardship of Chemplast, and the Sanmar Group as a whole, saw the group widen and enlarge its industrial and business footprint significantly. A pioneer in PVC manufacture, Sankar came up with some of the original choices for highly integrated manufacturing processes at various facilities of Chemplast.

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** Scotland’s Indian-origin COVID adviser reveals face mask threat

Devi Sridhar, professor of global public health at Edinburgh University who is on the Scottish government’s coronavirus advisory board, told ‘The Times’ newspaper this weekend that she was sent white powder and a used face mask in the post last year.

“I was extremely shaken and it was probably the hardest part because it was in my real life, not virtual or online,” said Sridhar, who often appears on UK radio and television as an expert commentator on the COVID-19 pandemic.

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