Boeing is finally poised to launch astronauts to the International Space Station for NASA after years of delays and stumbles.

After years of delays and stumbles, Boeing is finally poised to launch astronauts to the International Space Station for NASA. It’s the first flight of Boeing’s Starliner capsule with a crew on board, a pair of NASA pilots who will check out the spacecraft during the test drive and a weeklong stay at the space station.

NASA turned to US companies for astronaut rides after the space shuttles were retired. Elon Musk’s SpaceX has made nine taxi trips for NASA since 2020, while Boeing has managed only a pair of unoccupied test flights. Boeing program manager Mark Nappi wishes Starliner was further along. There’s no doubt about that, but we’re here now.

The company’s long-awaited astronaut demo is slated for liftoff Monday night. Provided this tryout goes well, NASA will alternate between Boeing and SpaceX to get astronauts to and from the space station.

A look at the newest ride and its shakedown cruise:

The capsule

White with black and blue trim, Boeing’s Starliner capsule is about 10 feet (3 metres) tall and 15 feet (4.5 metres) in diameter. It can fit up to seven people, though NASA crews typically will number four. The company settled on the name Starliner nearly a decade ago, a twist on the name of Boeing’s early Stratoliner and the current Dreamliner.

No one was aboard Boeing’s two previous Starliner test flights. The first, in 2019, was hit with software trouble so severe that its empty capsule couldn’t reach the station until the second try in 2022. Then last summer, weak parachutes and flammable tape cropped up that needed to be fixed or removed.

The crew

Veteran NASA astronauts Butch Wilmore and Suni Williams are retired Navy captains who spent months aboard the space station years ago. They joined the test flight afternthe original crew bowed out as the delays piled up. Wilmore, 61, is a former combat pilot from Mount Juliet, Tennessee, and Williams, 58, is a helicopter pilot from Needham, Massachusetts.

The duo have been involved in the capsule’s development and insist Starliner is ready for prime time, otherwise they would not strap in for the launch.

The CIB and RC regulate the manufacturing, import, transport, and storage of pesticides, and accordingly, pesticides are registered, banned, or restricted.

The Food Safety and Standards Authority of India (FSSAI) refuted media reports claiming that it allowed higher pesticide residues in herbs and spices. Terming the reports “false and malicious,” the food safety regulator, through a press note, asserted that India has one of the most stringent standards of Maximum Residue Limits (MRLs) in the world, and MRLs of pesticides are fixed differently for different food commodities based on their risk assessments.

In India, pesticides are regulated by the Ministry of Agriculture and Farmers Welfare (MoA and FW) through the Central Insecticide Board and Registration Committee (CIB and RC), constituted under the Insecticide Act, 1968. The CIB and RC regulate the manufacturing, import, transport, and storage of pesticides, and accordingly, pesticides are registered, banned, or restricted. The Scientific Panel on Pesticide Residues of the Food Safety and Standards Authority of India (FSSAI) examines the data received through CIB and RC and recommends the MRLs after performing a risk assessment considering the dietary consumption of the Indian population and health concerns in respect of all age groups, the FSSAI said.

Total pesticides registered by CIB and RC in India are more than 295, out of which 139 pesticides are registered for use in spices. Codex has adopted a total 243 pesticides, out of which 75 are applicable to spices. A pesticide is registered on many food commodities with different MRLs based on risk assessment data. For instance, the use of monocrotophos is allowed on many crops with different MRLs, such as rice at 0.03 mg/kg, citrus fruits at 0.2 mg/kg, coffee beans at 0.1 mg/kg, cardamom at 0.5 mg/kg, and chilli at 0.2 mg/ kg.

The MRL of 0.01 mg/kg was applicable in the case of pesticides for which MRLs have not been fixed. This limit was increased to 0.1 mg/kg only in cases of spices and is applicable only for those pesticides that are not registered in India by CIB and RC. One pesticide or insecticide is used in more than 10 crops with different MRLs. For example, flubendiamide is used in Brinjal with an MRL of 0.1, whereas for Bengal Gramme the MRL is 1.0 mg/kg, for Cabbage 4 mg/kg, for Tomato 2 mg/kg, and for Tea it is 50 mg/kg.

Similarly, monocrotophos is used for food grains with MRLs at 0.03 mg/kg, for citrus fruits at 0.2 mg/kg, for dried chilli at 2 mg/kg, and for cardamom at 0.5 mg/kg. “The MRLs are dynamic in nature and regularly revised based on scientific data. This practice is aligned with global standards and ensures that MRL revisions are made on a scientifically valid basis, reflecting the latest findings and international norms,” FSSAI said.

This lowers the tax rate for each portion, potentially reducing the overall tax rate from 30% to 5% or 10% for each member, saving a significant amount in taxes.

India’s affluent are increasingly seeking ways to minimize their tax liabilities, going beyond conventional deductions under Section 80C. High Net-worth Individuals (HNIs) are exploring various avenues to save taxes, as highlighted by Business Standard. HNIs in India commonly utilize Limited Liability Partnerships (LLPs) as a tax-saving strategy. LLPs offer a reduced tax rate of 34.94%, contrasting with the highest individual tax bracket of 42.74%. Unlike corporations that face double taxation on profits (at the corporate level and upon distribution to shareholders), LLPs are taxed only once on their overall income. This is because profits distributed among LLP partners are exempt from taxation.

Example: An HNI investing in a company through an LLP would pay a lower tax on dividends compared to directly owning shares. If an HNI invests directly in a company (X Ltd) and receives dividends, the dividend income is taxed at the highest individual tax rate (42.74%). If the HNI holds shares in X Ltd through an LLP, the effective tax rate on dividends received is lower (34.94%) because LLPs are taxed at a lower rate than individuals. LLPs can be formed with family members, allowing HNIs to manage investments and share profits efficiently. “LLPs offer pass-through taxation, where business income is not taxed at the company level but at the individual partner level. This can be beneficial for profit distribution and tax planning, especially for businesses with high profit margins. However, one will need to ensure that their business operations align with the LLP structure for optimal tax advantages,” said Ritika Nayyar, Partner, Singhania and Co.

Point to note: An LLP set up in India will broadly be a tax resident of India, despite temporary change in residential status of any partner. Share of profits received from a LLP are fully tax exempt, despite the residential status of the partner.

Hindu Undivided Family (HUF): By creating a Hindu Undivided Family, an individual can split their income among family members, reducing the total tax burden. Each member of the HUF, including the HUF itself, enjoys the benefit of separate tax slabs and deductions. “ For example, Ashok splits Rs 10 lakh of family business income across four family members in the HUF, each earning Rs. 2.5 lakh. This lowers the tax rate for each portion, potentially reducing the overall tax rate from 30% to 5% or 10% for each member, saving a significant amount in taxes,” said Amay Jain, Senior Associate, Victoriam Legalis – Advocates & Solicitors.

Multiple PAN cards: An HUF can have a separate PAN card from its members, allowing income splitting and potentially lowering the overall tax burden.

Deductions: HUFs can claim deductions available to individuals under Section 80C (investments, PPF, etc.). Tax-efficient asset transfer: Assets can be transferred to the HUF, and income generated might be taxed in the HUF’s hands, potentially at a lower rate. Angel Investing: Investing in promising startups can yield significant returns, and the Income tax Act offers tax deductions for investments in startups under Section 54GB. This can be a great way to support innovative ventures while potentially lowering your tax burden. One should conduct thorough due diligence before investing, as startups are considered inherently risky.

Nayyar explains this in detail: Example: Lets say Mr X after thorough due diligence invests Rs 1 crore (Rs. 10 million) in the startup. Under Section 54GB of the Income Tax Act, they may be eligible to deduct a portion of this investment from their taxable income, subject to certain conditions. Potential tax Benefit, assuming 50% of the investment (Rs. 50 lakh) qualifies for deduction under Section 54GB, Mr X could potentially save Rs. 50 lakh (deduction) x 30% (assumed tax bracket) = Rs. 15 lakh on their taxes. Qualifying for the full deduction under Section 54GB might have requirements such as holding the investment for a specific period and the startup meeting certain criteria Participation in VCFs that invest in a basket of startups may offer tax benefits under specific schemes.

This allows you to diversify your portfolio across multiple high-growth potential ventures while potentially enjoying tax advantages. Partner with a reputable wealth management firm to navigate the complexities of VCF investments.

Example: When one sells the shares in the fund after 12 months, can take benefit of lower rate of tax @20% as applicable to long term capital gains and if such proceeds are re-invested as per sec 54F, you do not end up paying taxes even on this sale of shares, subject to specified conditions.

Instagram, the social media platform owned by Meta, has unveiled modifications to its ranking algorithms. These changes aim to prioritize content from original creators in the recommendations feed. Previously, accounts with large followings could garner broader visibility, even if their content was merely reposted from others. This practice has drawn criticism from Instagram creators, particularly those sharing original content or new to the platform, as their posts were often constrained by the platform’s ranking algorithms.

Following the criticism from creators, Instagram head Adam Mosseri announced changes to the platform ranking system to reward original content on the platform. Mosseri in his video post on Instagram said “We’re going to remove aggregators from recommendations if they repeatedly share unoriginal content that they didn’t enhance. To aggregator accounts out there: I recommend looking for ways to make content your own so you can continue to be recommended to people who don’t follow you.”

In addition, Instagram said it will replace reposted content in recommendation feed with the original content. Moreover, the social media platform said it will show a label to highlight reposted content that will be visible to the followers of the account reposting content. Though the label is removable for now, Instagram said it might not allow creators to remove such labels on reposted content in future.

The changes in ranking system algorithms are slated to roll out in the coming months. In other news, Meta is testing its artificial intelligence-powered chatbot Meta AI with select users across its popular social media apps like WhatsApp, Messenger and Instagram in India. The chatbot service from the social media giant will allow users to generate text and images, summarise stories, and help with other tasks such as proofreading, editing, and translation, among others. In September last year, the company launched Meta AI in beta as a conversational assistant for WhatsApp, Messenger, and Instagram.

India’s eight infrastructure sector grew 5.2 per cent in March 2024 driven by positive growth in production of cement, coal, electricity, natural gas, steel and crude oil as compared to March 2023. The combined index of eight core industries (ICI) which measures the combined and individual performance of the production of eight core industries — cement, coal, crude oil, electricity, fertilizers, natural gas, refinery products and steel – “eased to 5.2 per cent with five of the components reporting a flattening trend in the sequential months,” notes Aditi Nayar, Chief Economist ICRA.

Cement production increased by 10.6 per cent in March 2024 over March 2023, coal production increased by 8.7 per cent yoy and electricity generation increased by 8.0 per cent in March 2024, displaying healthy expansion and maintained a robust pace in April 2024, with rising heat likely boosting agricultural and household demand, notes Nayar. Crude oil increased by 2.0 per cent yoy, but two segments displayed a contraction, namely petroleum refinery products with production declining by 0.3 per cent and fertilisers production declining by 1.3 per cent in March 2024 over March, 2023.

Natural gas production increased by 6.3 per cent yoy. Steel production increased by 5.5 per cent in March, 2024 over March, 2023. Its cumulative index increased by 12.3 per cent during 2023-24 over corresponding period of the previous year. Nayar expects IIP growth to moderate somewhat in March 2024, as the leap year effect fades at 3.5-5 per cent in March 2024.

This was on account of the reduction in gas cost by 6 per cent yoy due to easing of APM gas price and efficient gas sourcing. This helped ATGL pass on the benefit of lower gas price to consumers. For the quarter the company achieved 59 per cent increase in net profit at Rs 165 crore, 49 per cent increase in EBIDTA at Rs 305 crore and revenue from operations atRs 1,257 crore.

In terms of operations, the overall volume was up by 20 per cent yoy in Q4 FY24 and the CNG network increases to 547 stations inclusive of 108 DODO/CODO stations. The PNG household increased to 8.20 lakh homes. The year saw Barsana CBG plant phase 1 commissioned and spread of 606 EV charging points across 14 states. Suresh P Manglani, ED & CEO of Adani Total Gas credits the transformative year for ATGL to a robust operational and financial performance.

The company is on track to invest in creating world class infrastructure across its geographical areas (GAs) and diversifying into areas adjacent to core CGD business. According to Manglani, the company is incubating new business opportunities in the areas of compressed biogas, EV charging infrastructure, and lng for trucking and mining (LTM).

During the quarter, it commissioned the first phase of one of the India’s largest diversified feedstock-to-CBG plant at Barsana in Mathura and also expanded the e-mobility footprint to 23 states. “These, along with LTM are the next big growth drivers and ATGL is steadily executing a sustainable business plan around these neo-opportunities,” said Manglani.

In the midst of fluctuating global markets, India’s affinity for gold remains steadfast, with the country’s demand for the precious metal witnessing a notable surge in the March quarter. According to the latest report by the World Gold Council (WGC), India’s gold demand escalated by 8% during this period, reaching a substantial 136.6 tonnes. This uptick, despite gold prices soaring to historic highs, underscores the enduring importance of gold in India’s economic landscape.

A key driver behind this surge in demand was the robust economic environment prevailing in the country. Despite the challenges posed by escalating gold prices, India’s economy demonstrated resilience, providing a conducive backdrop for heightened gold consumption. Additionally, the Reserve Bank of India (RBI) played a significant role in bolstering gold demand through its aggressive gold purchases. The central bank’s proactive approach contributed to the overall momentum in gold acquisition during the quarter.

In terms of value, India’s gold demand witnessed a remarkable 20% annual increase, soaring to Rs 75,470 crore during the January-March period of this year. This surge in value was attributed to both volume growth and an 11% rise in quarterly average prices.

The jewelry sector, a cornerstone of India’s gold consumption, experienced a 4% growth in demand, reflecting the enduring cultural and social significance of gold adornment in the country. Simultaneously, investment demand witnessed a substantial 19% surge, indicating a growing appetite for gold as a financial asset among Indian investors.

Sachin Jain, CEO of WGC’s Indian operations, emphasized the resilience of India’s gold demand despite the prevailing price rally. He anticipates India’s gold demand for the year to range between 700 and 800 tonnes, albeit potentially trending towards the lower end of the spectrum if prices continue their upward trajectory. The recent rally in gold prices, which saw the precious metal reach a record high of Rs 73,958 per 10 grams, has stimulated investment demand while tempering consumption for jewelry. This phenomenon underscores the complex interplay between economic factors and consumer behavior in shaping India’s gold market dynamics.

While the March quarter witnessed a notable surge in gold demand, certain challenges loom on the horizon. Jain highlighted the potential impact of the ongoing price rally on demand, especially amidst the backdrop of the ongoing election process in the country. The upcoming months may witness a moderation in demand, driven by heightened price sensitivity among consumers and the prevailing electoral fervor. However, despite these short-term fluctuations, the long-term outlook for India’s gold demand remains positive, underpinned by strong cultural and seasonal factors.

Looking beyond the immediate market dynamics, the WGC report also shed light on key trends shaping India’s gold landscape. Scrap supplies, which represent recycled gold, witnessed a notable 10% increase from the previous year, reaching 38.3 tonnes in the March quarter. This surge in scrap supplies was driven by the price rally, prompting some investors to liquidate their holdings. Despite this influx of recycled gold into the market, buying during festivals remained subdued, with weak demand observed during the recent Gudi Padwa festival, traditionally considered auspicious for gold purchases.

However, Jain remained optimistic about the outlook for upcoming festivals, such as Akshaya Tritiya, noting that demand is expected to be moderate despite prevailing price pressures. This resilience in demand during festive seasons underscores the deeply ingrained cultural significance of gold in India, transcending short-term price fluctuations.

Furthermore, the report highlighted the substantial increase in the RBI’s gold reserves, which surged by 19 tonnes in the March quarter, surpassing last year’s net purchases. The central bank’s continued accumulation of gold underscores its strategic approach towards diversifying reserves and safeguarding against economic uncertainties.

In conclusion, India’s gold market remains dynamic and resilient, navigating through price fluctuations and economic uncertainties with fortitude. Despite the challenges posed by soaring prices and geopolitical uncertainties, the underlying demand for gold in India remains robust, driven by cultural, social, and economic factors. As the country progresses on its growth trajectory, gold is poised to retain its status as a cherished asset and a symbol of prosperity for generations to come.