Federation of Automobile Dealers Associations Releases July’23 Vehicle Retail Data

Highlights

July's Auto Retail Performance: Auto retail sales in July maintained a steady 10% YoY growth, mirroring the previous month. Notably, all vehicle categories recorded positive figures: Two-Wheelers (2W) at 8%, Three-Wheelers (3W) at 74%, Passenger Vehicles (PV) at 4%, Tractors (Trac) at 21%, and Commercial Vehicles (CV) at 2%. 

Monthly Analysis Reveals Mixed Results: Despite the consistent YoY growth, the month-on-month trend observed a 5% decline in retail sales. The exception was the 3W segment, which grew by 9%, while categories like 2W, PV and Trac, registered reductions of 6%, 4%, 8%. CV closed flat at -0.2%. 

Performance Versus Pre-COVID Levels: When compared with pre-COVID figures, overall retails showed a 13% decline. The 2W segment grappled with a significant 23% dip, while CVs also underperformed with a 4% contraction. 

Three-Wheeler Segment Shines: July was particularly commendable for the 3W category, which registered an all-time high sale of 94,148 units, translating to a 74% YoY and 9% MoM growth. 

Inventory Insights: The inventory for Passenger Vehicles has surpassed the 50-day mark and currently hovers between 50-55 days, suggesting an inventory build-up in anticipation of the forthcoming festive season. 

Agricultural Forecast: The Indian Meteorological Department (IMD) predicts below-average rainfall in August. This raises potential apprehensions regarding reduced yields of kharif crops, which could potentially dampen the immediate resurgence of rural demand. 

FADA's Stance: While caution remains the operative word in the short term, FADA is hopeful about retail growth prospects, especially with the festive season on the horizon. 

The Federation of Automobile Dealers Associations (FADA) released Vehicle Retail Data for July’23.  

July’23 Retails 

Reflecting on July 2023, FADA President, Mr. Manish Raj Singhania said, "Auto retail grew 10% YoY in July, mirroring last month's trend. However, the MoM decline continued highlighting short-term slowdowns.  

On a YoY basis, segments like 2W, 3W, PV, Tractor, and CV grew at rates of 8%, 74%, 4%, 21%, and 2%. On MoM basis, except 3W's 9% growth, other segments declined. Compared to pre-COVID figures, auto retail decreased by -13%, with significant drops in 2W and CV at -23% and -4%. 

3W hit record sales in July'23 at 94,148 units, a 74% YoY and 9% MoM increase, surpassing previous high of March’23’s 86,857 units.  

Despite challenges like heavy monsoons and a tilt towards EVs due to high fuel prices, 2W showed resilience in July '23, with increased demand and trust in reputable brands. The 3W segment's record numbers indicate industry potential and a growing EV interest. Yet, addressing issues like OEM support and dealer engagement remains crucial. 

PV sales in July '23 were a mix of challenges and triumphs. The month saw a surge in orders and timely OEM supplies, especially with the introduction of new products. However, severe monsoons and flood like situations especially in North India, impacted sales. SUVs continued to remain a popular choice. 

The CV segment showed mixed dynamics. Despite robust stock availability and growth in areas like school buses, challenges from erratic weather and high vehicle costs affected demand. However, infrastructure project boosts remain a silver lining." 

Near Term Outlook 

The automotive industry is poised for an intriguing August, marked by a blend of opportunities and challenges. Across the board, there are common positive indicators echoing hope. The 2W sector expects an uptick, driven by upcoming festivals, a harmonious supply-demand equilibrium and the rollout of new models. The 3W category, too, is witnessing a surge in interest, particularly towards electric variants. In the realm of CV, the anticipation of the festive season, the aftermath of a good monsoon and pent-up demand set the stage for potential growth. Similarly, the PV segment is likely to benefit from festive euphoria and new product introductions coupled with high demand in SUV category. 

However, challenges loom on the horizon. The 2W segment's entry-level category continues to be a cause for concern. In the CV space, there are apprehensions regarding streamlined loan disbursements for buyers. Inventory level in PV has breached 50 days mark in anticipation of upcoming festival season and the slowdown in entry level car remains. A larger concern is the IMD's projection of a below-average rainfall in August, potentially leading to lower crop yields. This could impact the purchasing power, especially in rural regions. While the industry has experienced a tepid trend over the past two months, FADA remains watchful in the short term. Nonetheless, there's optimism about a rise in retails as we approach the festive season. 

Key Findings from our Online Members Survey 

Inventory at the end of July’23 

Average inventory for Passenger Vehicles ranges from 50-55 days 

Average inventory for Two – Wheelers ranges from 20-22 days 

Liquidity 

Good                   42.57% 

Neutral              38.55% 

Bad                      18.88% 

Sentiment 

Good                   44.58% 

Neutral              38.55% 

Bad                      16.87 

Expectation from August 

Growth               59.84% 

Flat                      30.52% 

De-growth         09.64% 

Capri Global Capital Consolidated Key Performance Highlights For Q1 FY24

The Board of Directors of Capri Global Capital Ltd. (CGCL), a non-deposit taking and systemically important NBFC (NBFC-ND-SI) on announced the reviewed financial results for the quarter ended June 30, 2023.  

Key takeaways as follows: 

Core Profitability Continues to Strengthen CGCL’s spreads improved further as the loan portfolio continued to re-price on account of yield resets. The average yield on advances improved 118bps YoY to 15.7% while the average cost of funds increased 49bps YoY to 8.72% leading to a net change of 51bps YoY in spreads. Rising share of higher yielding Gold loan portfolio as well as tangible improvements in yields of MSME, Housing, and Construction Finance portfolio contributed to the improvements in loan yields. As a result, NII increased 77% YoY / 26% QoQ in Q1FY24. Non-interest income increased 97% YoY in Q1FY24 to Rs807mn. Share of non-interest income in net income was at a healthy 25% in Q1FY24. Car loan fees and co-lending income were key contributors to the non-interest income.  

Although opex in absolute terms increased sequentially owing to branch and headcount increase, the C/I ratio softened marginally. The C/I ratio softened for a second consecutive quarter to 66.0% in Q1FY24 from a peak of 69.5% in Q2FY23. Adjusted for direct expenditure incurred on Gold Loan branch additions, the cost-income ratio in Q1FY24 would have been ~50%.   

The Q1FY24 Consolidated Profit after Tax was Rs636mn, up 38.0% YoY but lower 2.0% QoQ owing to sequentially higher credit cost. The Q1 FY24 Consolidated RoE was 7.1% while RoA was 2.2%. 

Disbursals - Momentum Continues In A Seasonally Weak Quarter 

Disbursals in Q1FY24 increased 128% YoY but dipped 5% QoQ to Rs26,869mn. Gold Loans had a ~51% share in disbursals while MSME and Housing contributed ~12% and ~11% respectively. The MSME and Housing verticals usually experience a weaker momentum in Q1 every year and the performance in Q1FY24 was in-line with the past experience. CF and IL together had a share of ~25%. 

On distribution side, the car loan business carried ahead its strong momentum, originating loans worth Rs19.4bn for our partner banks. This was up 106% YoY and 6% QoQ. The business had a presence across 714 locations in 33 States and UTs as of June 30, 2023. 

AUM Growth – Granular and Steady 

Consolidated AUM including co-lending AUM increased ~61% YoY and ~9% QoQ to touch Rs112,262mn. The Company maintained granularity across its portfolios with average ticket sizes on loans in non-Gold businesses remaining stable. The average ticket size in Gold Loans has declined from Rs113K in Q2FY23 to Rs94K in Q1FY24 and is in-line with expectations of improving granularity in the business. Momentum across the non-Gold businesses was steady while Gold Loan, which was launched in Q2FY23 and is growing on a smaller base, maintained a significantly stronger growth rate of 42% QoQ. The Company aims to cross Rs30bn in Gold Loan AUM during FY24. 

Asset Quality 

Gross Stage 3 ratio was 1.89%, lower 82bps YoY and +15bps QoQ. The PCR on Stage-3 assets was 27.8%. Including aggregate ECL provisions, the PCR stood at 92.6%. 

Strong Capital Adequacy 

CGCL CAR was strong 37.2% level in Q1FY24. It may be noted that the Company concluded a Rs14.4bn Rights Issue in Mar’23, which boosted its capital adequacy. CGCL is well capitalized from a 5-year growth perspective. The Company Board also approved infusion of up to Rs4bn by way of fresh equity in its wholly-owned subsidiary CGHFL (capital adequacy 38.2% and Networth Rs5.4bn in Q1FY24).  

Founder & Managing Director Mr. Rajesh Sharma Commented: “We have begun FY 2024 on a sound note. Despite the seasonal softness in select lending verticals, the business momentum overall has been extremely strong in Q1FY24. We are seeing an improving trend in the core earnings parameters like our loan spreads and cost-income ratio. Going ahead in FY 2024, we expect this performance to improve as we pause our aggressive branch expansion in Gold Loans in Q2FY24 and move rapidly towards break-even by Q4FY24. The increase in credit cost during Q1FY24 had one-off elements. On a full year basis, we remain positive on the asset quality trends staying robust.”  

India Should Soon Become A Global Hub For Medical Career: Says Experts At UK Medical PATHWAY FAIR 2023 Bengaluru

InspireIMG, a free global community for doctors, in collaboration with GooCampus is organized  a UK MEDICAL CAREER PATHWAY FAIR - on August 5, 2023, at Royal Orchid, Yelahanka, Bengaluru. UK Medical Career pathway fair  was more than just a platform for medical career sourcing; it highlighted the significant benefits such efforts bring to society. By embracing sustainable practices, the event demonstrates the medical professional’s determination to create a positive impact on both the environment and the communities it serves.

UK Career Pathway Fair is a highly anticipated event offered an exceptional opportunity for medical professionals and aspiring doctors to explore and navigate the diverse landscape of medical careers in the UK.

Mr. Santosh Shekhar, Director of InspireIMG & GooCampus Edu Solutions says, “GooCampus is an educational counseling & student assistance organization in Bangalore with extensive experience of mentoring students, providing career guidance and admission assistance. Distinguished healthcare professionals from the UK will be present at the event to educate and guide young medical graduates on international career opportunities. They will also participate in discussions regarding career prospects and progression”.

Walkathon Held In 26 Cities Across India On National Vascular Day

* Dr. K R Suresh, Sr. Vascular Surgeon and Sh M N Anucheth IPS Joint Commissioner Bengaluru Traffic Police, Flagged off from Sri Kanteerava Stadium.

* Health Minister MoS. Prof. S.P Singh Baghel flags off the National

* Walkathon Campaign from Delhi with a Pledge - Amputation FREE India!

Vascular Society of India, founded on 6th August 1994 in Chennai, today, celebrated the National Vascular Day across the nation. On this occasion, a Walkathon was organised in 26 cities across India including Bengaluru and Mysore in Karnataka, and to spread awareness by a message of 'Walk a Mile to Live with a Smile' with a theme - Amputation FREE India. The Walkathon started from Sri Kanteerava Stadium, Chinnasamy Stadium, Vidhan Soudha, Freedom Park, Sri Kanteerava Stadium.

Following the vision of the Prime Minister Narendra Modi for a Fit India, the VSI organised the WALKATHON with an aim to bring the national focus on promoting healthcare, awareness, and timely interventions to prevent conditions that could lead to lower limb amputations (diabetes, smoking, hypertension and high cholesterol).

Vascular Society of India’s Achievements!

*  The World Federation of Vascular Societies (of which VSI is a member) stands with our fellow medical specialists, surgeons, interventionalists, nurses and allied health professionals who work for the sanctity and preservation of human life.

*  VSI has presence and members pan India and today the total strength is over 700 members, which makes it one of the biggest Chapter in the world.

* VSI members ever since its inception are continuously working towards saving the legs of patients to prevent amputation.

* VSI today is one of the most sought-after body in the Health Industry.

Dr. Ravikumar B L, Senior Vascular Surgeon and Chief Organizer, Bengaluru - Vascular Society of India said,

“We are very encouraged to see the amazing response of our campaign in Bengaluru. Our Mission is to Promote Healthier Communities through comprehensive Vascular Health Care Delivery System resulting in Amputation FREE India. Today on the National Vascular Day, Walkathon has taken place simultaneously in 26 cities across the nation, where over 8,000 enthusiastic participants joined with great fervour.” Other noted Vascular surgeons present on this occasion to lend their support to the initiative were Dr Vivekanand (President-elect, VSI), Dr Sanjay Desai and Dr Venkatesh Reddy.

This national drive becomes more relevant in today’s times, when India is becoming the diabetic capital of the world. More and more population is at the risk of preventable amputations because of unhealthy lifestyle and diet. This is an effort to create nationwide awareness, so that these amputations can be prevented by lifestyle changes, and if at all the need arises, treatment can be done early, thus preserving their quality of life.

Vascular Day Walkathon in 26 Cities:

Karnataka: Bangalore; Mysore

UT: Delhi

J&K: Jammu

UT: Chandigarh

Rajasthan: Jaipur

Uttrakhand: Dehradun

Telengana: Hyderabad

Andhra Pradesh: Visakhapatnam (Vizag)

Kerala: Trivandrum; Kochi Calicut (Kozhikode)

Maharashtra: Mumbai; Nashik, Pune, Nagpur

Gujarat:

Ahmedabad Surat, Baroda, Rajkot

Tamil Nadu: Chennai; Madurai; Trichy; Vellore

West Bengal: Kolkata

Uttar Pradesh: Lucknow

Vascular Society of India

Vision

·         Embrace the latest technology to achieve acceptable standards of complete well-being among patients with vascular ailments.

Objectives

·         Spread awareness of Vascular Surgeons and Vascular Diseases: One of the major challenges ahead is to develop awareness among healthcare providers and also the general population.

Common symptoms of vascular diseases are:

·         Leg swelling

·         Sudden occurrence of pain/discolouration in legs

·         Non healing wounds

·         Gangrene

·         Visible, dilated veins

If you have any of the above symptoms, consult your nearest Vascular and Endovascular Surgeon at the earliest. They know your blood vessels the best and provide the most comprehensive care for your limbs.

For details, visit https://vascularsocietyofindia.com/

Canadian Prime Minister Extends A Heartfelt Welcome To MAHE Delegation Visiting New Brunswick

The Manipal Academy of Higher Education (MAHE) is pleased to announce the gracious welcome extended by Mr. Justin Trudeau, the esteemed Prime Minister of Canada, to the distinguished MAHE delegation during their visit to the University of New Brunswick (UNB). The delegation, currently engaged in the esteemed Nursing Preceptorship program at UNB, has been warmly received by the Canadian Prime Minister, marking a significant milestone in global academic collaboration.

The visionary partnership between MAHE and the University of New Brunswick has culminated in the creation of an innovative dual BSc Nursing Degree Program, a joint venture between the esteemed Manipal College of Nursing (MCON) at MAHE, Manipal, and UNB. This pioneering program has received the esteemed endorsement of the Indian Nursing Council, further solidified its credentials and positioned it as a leading global model for educational institutions.

Mr. Trudeau expressed his enthusiasm for the collaborative efforts that address staffing shortages and knowledge gaps, emphasizing the potential benefits this "learn where you live" approach holds for nursing students in both nations. He commended the commitment to high-quality international education and recognized the strength that comes from unity. His words of encouragement and support have deeply motivated the visiting delegation and the teams from both institutions involved in this innovative initiative.

The upcoming Preceptorship Opening Ceremony, scheduled for the 8th of August, will be a momentous occasion commemorating the unwavering dedication of both MAHE and the University of New Brunswick to advancing global education and fostering cross-cultural alliances. Generously supported by the Government of New Brunswick, this ceremony will feature the gracious presence of President Mazerolle, who will extend a warm welcome to the Manipal delegation. As a symbol of unity between the two esteemed institutions, each participating student will receive a lab coat adorned with the distinct logos of Manipal and UNB.

Central to this collaboration is the Preceptorship, a meticulously designed clinical course aimed at empowering senior nursing students. Through immersive collaboration with seasoned healthcare professionals, students will elevate their nursing practice, cultivating a deeper sense of independence and autonomy. This distinctive experience will equip students with the skills to adeptly coordinate and deliver nursing care across a diverse array of healthcare settings. The MAHE delegation is thrilled by the support and recognition received from Mr. Trudeau and the University of New Brunswick. This partnership signifies a significant stride in global academic collaboration, enhancing the future of nursing education and the profession. We eagerly anticipate the flourishing of this program, which will undoubtedly create a profound impact on nursing students in both Canada and India.

About Manipal Academy of Higher Education (MAHE):

MAHE is recognized as a leading quality academic and education service provider and has significantly contributed to continuously improving the standards and penetration of higher education in India. The Manipal Academy of Higher Education has, as its genesis, an enthralling story of a genius, the late Dr. T. M. A. Pai who had the vision of making society rid of the three major ills of illiteracy, ill health, and poverty. It provides a great variety of graduate and postgraduate skill enhancement educational courses covering several important disciplines like medicine, engineering, dentistry, pharmacy, nursing, allied health, management, communication, life sciences, hotel administration, etc. through its 28 Professional Higher Education institutions. It has world class academic and research departments in Statistics, Commerce, Geopolitics & International Relations, European Studies, Philosophy & Humanities, Atomic & Molecular Physics, etc. Over 40,000 students from all over the world pursue undergraduate and postgraduate programmes in diverse subjects. The finest of infrastructure facilities, state-of-the-art equipment, well-equipped laboratories, and dedicated and competent faculty have enabled MAHE to be recognized as Institution of Eminence status by the Ministry of Education, Government of India. The University has two Off-Campus centres, one each at Mangalore and Bangalore, One Medical College with TATA Group at Jamshedpur and two Off-Shore campuses, one in Dubai (UAE) and the other in Melaka (Malaysia).

For further information log on to: https://manipal.edu/mu.html

Bank of Baroda Announces Positive Financial Results for Quarter Ended June 30, 2023

Key Highlights 

Bank of Baroda (BOB) quarterly Net profit higher by 87.7% YoY at INR 4,070 crore in Q1FY24. 

BOB has delivered ROA of more than 1% and ROE around 20%, consistently for last 4 quarters. 

This robust growth in profitability was supported by healthy Operating Income growth of 42.9% YoY in Q1FY24. 

Operating income growth was driven by strong Net Interest Income (NII) growth of 24.4% YoY in Q1FY24 coupled with robust growth in Non-Interest Income which grew 2.8x YoY. 

Sustained NII growth is attributable to growth in advances of 18.0% (YoY) coupled with traction in Net Interest Margins (NIM), which grew 25 bps YoY at 3.27%.   

Strong growth in Income coupled with subdued increase in Opex has resulted in robust Operating profit growth of 73% YoY for Q1FY24.  

The Bank has been able to effect a reduction in the Cost to Income ratio (excluding Revaluation of Investment) by 166 bps YoY to 47.43% for Q1FY24.  

BOB has witnessed significant improvement in its Asset quality with reduction in GNPA by 275 bps YoY to 3.51%. Bank’s NNPA improved to 0.78% with a reduction of 80 bps YoY.  

BOB’s balance sheet remained robust with healthy Provision Coverage Ratio (PCR) of 93.23% with TWO & at 78.52% without TWO.  

This strong and sustainable improvement in asset quality has resulted in 5 bps YoY declined in Credit Cost at 70bps for Q1FY24. Excluding prudential provisions credit cost would have been 44 bps in Q1FY24.  

BOB’s Global Advances registered a strong YoY growth of 18.0% in Q1FY24 led by robust retail loan book growth. Bank’s organic Retail Advances grew by 24.8%, driven by growth in high focus areas such as Auto Loan (22.1%), Home Loan (18.4%), Personal Loan (82.9%), Mortgage Loan (15.8%), Education Loan (20.8%).  

Bank achieved a total business of INR 21,90,896 crore as of 30th June 2023, registering a growth of 17.0% YoY.  

Profitability 

BOB reported a standalone Net Profit of INR 4,070 crore in Q1FY24 as against a profit of INR 2,168 crore in Q1FY23.  

Net Interest Income (NII) grew by 24% YoY to INR 10,997 crore in Q1FY24.  

Global NIM stands at 3.27% in Q1FY24, increase of 25 bps YoY.  

Domestic NIM stands at 3.41% in Q1FY24, increase of 34 bps YoY.  

Yield on Advances increased to 8.40% in Q1FY24 as against 6.58% in Q1FY23.   

Cost of Deposits stands at 4.68% in Q1FY24 as against 3.46% in Q1FY23. 

Operating Income for Q1FY24 stands at INR 14,319 crore, increase of 42.9% YoY.  

Operating Profit for Q1FY24 stands at INR 7,824 crore, increase of 72.8% on a YoY basis. 

Cost to Income ratio reduced to 45.36% for Q1FY24 as against 54.81% for Q1FY23. Cost to Income ratio (ex-treasury) by 168 bps YoY to 47.41% for Q1FY24.  

Return on Assets (annualised) improved to 1.11% in Q1FY24 from 0.68% in Q1FY23.  

Return on Equity (annualised) for Q1FY24 increased by 640 bps YoY to 20.03%. 

For the consolidated entity, Net Profit stood at INR 4,452 crore in Q1FY24 as against INR 1,944 crore in Q1FY23. 

Asset Quality 

The Gross NPA of the Bank reduced by 33.8% YoY to INR 34,832 crore in Q1FY24 and Gross NPA Ratio improved to 3.51% in Q1FY24 from 6.26% in Q1FY23. 

The Net NPA Ratio of the Bank stands at a record low of 0.78% in Q1FY24 as compared with 1.58% in Q1FY23. 

The Provision Coverage Ratio of the Bank stood at 93.23% including TWO and 78.52% excluding TWO in Q1FY24. 

Slippage ratio declined to 1.05% for Q1FY24 as against 1.71% in Q1FY23.  

Credit cost for the Q1FY24 stands at 0.70%. Excluding prudential provisions credit cost would have been 44 bps in Q1FY24.  

Capital Adequacy 

CRAR of the Bank stands at 15.84% in Jun’23. Tier-I stood at 13.64% (CET-1 at 11.94%, AT1 at 1.70%) and Tier-II stood at 2.20% as of Jun’23.  

The CRAR and CET-1 of consolidated entity stands at 16.31% and 12.51% respectively 

The Liquidity Coverage Ratio (LCR) consolidated stands at 143.6%. 

Business Performance 

Global Advances of the Bank increased to INR 9,90,988 crore, +18.0% YoY. 

Domestic Advances of the Bank increased to INR 8,12,626 crore, +16.8% YoY.  

Global Deposits increased by 16.2% YoY to INR 11,99,908 crore.  

Domestic Deposits increased by 15.5% YoY to INR 10,50,306 crore in Jun’23. 

International Deposits grew by 21.0% on a YoY basis to INR 1,49,602 crore in Jun’23.  

Domestic CASA deposits registered a growth of 5.5% YoY and stands at INR 4,23,600 crore. 

Organic Retail Advances grew by 24.8%, led by growth in high focus areas such as Auto Loan (22.1%), Home Loan (18.4%), Personal Loan (82.9%), Mortgage Loan (15.8%), Education Loan (20.8%) on a YoY basis. 

Agriculture loan portfolio grew by 15.1% YoY to INR 1,27,583 crore. 

Total Gold loan portfolio (including retail and agri.) stands at INR 40,652 crore, registering a growth of 32.1% on a YoY basis. 

Organic MSME portfolio grew by 12.7% YoY to INR 1,09,220 crore.  

United Nations Global Compact Network India Joins Hands To Promote Good Governance In The Indian Healthcare Sector

* National Conclave organised with Prashanthi Balamandira Trust in Karnataka

A national conclave on the adoption of ethical practices and strengthening governance in the healthcare eco-system was organized by UN Global Compact Network India and Prashanthi Balamandira Trust on 'Good Governance in Healthcare for Global Welfare – Call to Action. The conclave aimed to discuss practices of good governance and transparency, and urge hospitals, doctors, pharma companies, and other members of the healthcare sector to promote ethical practices.

Through the panel discussion and the multi-stakeholder workshop today, delegates and panellists deliberated about the importance of stakeholders’ engagement in addressing healthcare challenges, the responsibility of multi-stakeholders in promoting transparency, governance, and accountability in healthcare, good practices and innovative approaches, and the role of compliance as an anti-corruption measure in the healthcare sector.

Mr Ratnesh Jha, Executive Director of United National Global Compact Network India spoke to the audience, especially the young citizens who were gathered from various medical institutions, about the importance of getting trained in the skills and pedagogy which are suited for the new world. Stressing on the fact that one must adhere to the diversity and richness of Indian traditions as well as equip oneself to address the major challenges that are collectively faced by all, he said, “UN Global Compact is about trusting each other and forming a community of like-minded global corporate citizens. Together, with corporate members, academic institutions, and civil society organizations we will forge together hand in hand to achieve the 17 Sustainable Development Goals (SDGs) ; It’s a win-win partnership with this institution (Prashanthi Balamandira Trust), as it has similar goals. The methods of achieving them are also pure, and we would like this partnership to grow so that we are able to cover more area (geographic) and benefit more people. To do something in an innovative and disruptive way, to break the barriers and boundaries, and reduce the struggle and problems which are faced, is the way of United Nations Global Compact.”

Sadguru Sri Madhusudan Sai, who spearheads Prashanthi Balamandira Trust remarked: “All change begins with the intention to serve, which begins with the human value – empathy. ‘Sympathy’ can merely be lip service, whereas ‘empathy’ demands action. Sri Sathya Sai Baba taught humanity to ‘Love All’ – by empathizing with others, and ‘Serve All’ – by converting empathy into action and serving the needy. Good governance, good people, good education, and good institutions are interdependent on each other. To bring any sort of change in this cycle, the efforts must begin at the institutional level. When good institutions prepare good people with moral fabric and ethical backbone, good governance is looked after. Healthcare is the most crucial part of life needs for good governance. According to me good governance in this field is incomplete till it can deliver healthcare to the neediest in an accessible, affordable, and acceptable way. Though we have global problems, we have local solutions.”

The plenary session moderated by Dr Somnath Singh – Deputy Director, UN Global Compact Network, India included eminent panellists from the healthcare industry and ecosystem such as:

Dr M Srinivas – Director, AIIMS

Dr K Madan Gopal – Public Health and Administration, National Health Systems Resources Centre, Ministry of Health and Family Welfare, Government of India

Ms Aishwarya Sitharam – Associate Director (Corporate) BIOCON

Mr Venkata Phani Kiran – Associate Vice President, Dr Reddy’s Laboratories Ltd

Dr A Velumani – Founder, Thyrocare

Dr Vishal Rao – Group Director for Head and Neck Surgical Oncology and Robotic Surgery at HCG Cancer Centre

Dr Karthik Ramesh – CEO and Founder, Sentinel AI Machine Learning Quantum (SAIMA) Labs

Dr Swarnalatha – Obstetrics and Gynaecology, Fortis La Femme

Dr R Kishore Kumar – Chairman, Cloudnine Group of Hospitals

Mr Deep Chandra Papnoi – Deputy Director, UN Global Compact Network India

Mr. Arya Dev, Assistant Programme Manager, UN Global Compact Network India.

A multi-stakeholder workshop on collective action was also conducted after the conclave. This workshop addressed the importance of stakeholders’ involvement in fighting healthcare challenges and corruption. It also highlighted the responsibility of each stakeholder to promote transparency, governance, and accountability in healthcare.

To curb graft, the UN Global Compact Network India supports organizations committed to responsible business practices. It recognizes the grave impact that unclean businesses have on the company, common people, and all the stakeholders associated with them.

Organizations and societies face complex ethical challenges on a daily basis around the world, and Collective Action is a key approach to slowing the scale of this issue, thereby contributing to Sustainable Development Goal 17 – Partnerships for the Goals.

Thus, multi-stakeholder partnerships are indispensable in order to effectively tackle and solve the perennial sustainable development problems outlined under good health and well-being in Sustainable Development Goal 3; AND for peace, justice and strong institutions as outlined in Sustainable Development Goal 16.