Cong to face 2018 Karnataka polls under collective leadership: KPCC chief

Bengaluru, Mar 4: CM BS Yediyurappa may reconsider plans to hike taxes and curtail populist schemes in his budget on Thursday as the Centre released part of GST compensation it owes the state. Officials said the Centre released the first instalment of the bimonthly compensation for October-November amounting to Rs 2,013 crore.

"This is welcome relief as the government has been scrambling to mobilise funds," said BT Manohar, member of GST consultative committee, government of Karnataka. The second instalment of Rs 1,523 crore is also expected to be released soon.

The CM, in his seventh budget, is expected keep the focus firmly on farmers and give top priority to irrigation, agriculture and welfare schemes.

The irrigation sector is expected to land the lion's share with an allocation of at least Rs 25,000 crore, followed by agriculture. Former CM Kumaraswamy had allocated over Rs 17,000 crore for water resources.

The bulk of funds is likely to go to the Upper Krishna (UKP) and Upper Bhadra projects, as it will help backward Kalyana Karnataka and central Karnataka regions. The two are also significant political blocs. The government will also seek assistance from the Centre for the UKP project in the erstwhile Hyderabad-Karnataka region, which enjoys special status under the Constitution owing to its backwardness. P4

Yediyurappa is also expected to spell out populist schemes for the poor.

Former CM HD Kumaraswamy had allocated Rs 17,212 crore in the previous budget for water resources and Yediyurappa is likely to go well beyond that figure. "Priority will be given to irrigation and farmers," Yediyurappa had said recently. "I am making efforts to present a budget within the financial constraints."

he amounts are released once every two months, but the Centre had fallen behind on payments. PX

"There are indications that another payment will be made."

The state's optimism stems from the fact that the Centre's GST collection crossed the Rs 1 lakh crore-mark for four successive months till February.

However, the CM could still hike tax rates marginally. At a pre-budget meet on resource mobilisation where Yediyurappa is learnt to have expressed willingness to borrow funds, officials from the finance department advocated raising tax rates instead.

Bengaluru, Jan 10: Education technology company Byju’s is learnt to have raised $200 million in a funding round from Tiger Global Management, which has valued the Bengaluru-based start-up at around $8 billion, making it the third-largest unicorn (start-up valued over $1 billion) in the country.

With this, the Byju Raveendran-founded company has seen over 50 per cent jump in its valuation in just around nine months. In March 2019, Byju’s was valued $5.4 billion, when it raised around $31 million from General Atlantic, and Chinese investment giant Tencent.

At the current valuation, Byju’s has now replaced home-grown cab-hailing major Ola as the third-largest unicorn, next only to Paytm and OYO, which are valued around $16 billion and $10 billion, respectively.

Byju’s confirmed the transaction through a press statement, though the company declined to share any specific details of the deal. Tiger Global could not be immediately reached for its comments.

“We are happy to partner with a strong investor like Tiger Global Management. They share our sense of purpose and this partnership will advance our long-term vision of creating an impact by changing the way students learn,” said Raveendran. “This partnership is both a validation of the impact created by us so far and a vote of confidence for our long-term vision.”

This is Tiger Global’s first investment in the edutech space in India after Vendantu, an online tutoring platform, where it, along with WestBridge Capital, led a $42-million round in August.

An early backer of India’s internet growth story, the New York-headquartered Tiger Global has been a prolific investor in the Indian start-up space. Its portfolio in the country ranges from consumer focused e-commerce companies that are vital for the growth of the sector, such as Flipkart, Delhivery, Grofers, Quikr and PolicyBazaar, to mention a few.

After tasting success with Flipkart, one of its earliest investments, where it had pumped in around $1 billion, the PE major is now doubling down its focus on the Indian start-up space, under its new investment head Scott Shleifer.

Shleifer, who set up international private equity practice for Tiger Global, is said to be as aggressive deal maker like his predecessor Lee Fixel, who left the investment firm in March. Since then, Tiger has also invested in a host of technology-focused companies in diverse sectors including Ninjacart, CRED, NoBroker and Facilio to mention a few.

“Byju’s has emerged as the leader in the Indian education-tech sector. They are pioneering technology shaping the future of learning for millions of school students in India,” Shleifer was quoted in the press statement issued by the edutech firm.

New Delhi, Jan 2: India on Sunday reported the second case of novel coronavirus with a person from Kerala with a travel history to China testing positive, officials said.

"The patient has tested positive for novel coronavirus and is in isolation in a hospital," the health ministry said.

The patient is stable and is being closely monitored, it said.

India's first novel coronavirus case in India was also reported from Kerala with a student testing positive.