IT Minister Ravi Shankar Prasad Resigns ahead of Union Cabinet Reshuffle
Union IT and Communications Minister Ravi Shankar Prasad has joined the list of ministers who have tendered their resignation ahead of the major Cabinet expansion-cum-reshuffle. His resignation coincides with the exit of Union Information and Broadcasting Minister Prakash Javadekar.
Prime Minister Narendra Modi is set to rejig his Council of Ministers for the first time since assuming the charge for a second term in 2019. With Prakash Javadekar and Ravi Shankar Prasad’s resignation, a total of 12 ministers have so far quit from the Modi Cabinet. Education Minister Ramesh Pokhriyal Nishank expressed his unwillingness to continue in his post due to health reasons. Also, Union Health Minister Harsh Vardhan quit from Union Cabinet on Wednesday.
Indian IT Industry to Post Strong Recovery with 11 percent Growth in FY22: Crisil
The Indian IT industry will stage a strong recovery in 2021-22 with a revenue growth of up to 11 percent, ratings agency Crisil said. The recovery will be led by increasing outsourcing and accelerating digital transformation services mainly in sectors such as banking, financial services and insurance (BFSI), healthcare, retail and manufacturing.
The revenue growth in 2021-22 will be almost 4 percentage points more than the growth of 6 percent in last fiscal year and similar to the 10 percent growth logged over fiscals 2018-2020, the agency said. BFSI, which accounts for 28 percent of IT service revenue, will clock 13-14 percent growth in this fiscal year. Retail and manufacturing, which together account for 30 percent of revenues, are expected to recover 8-9 percent.
upGrad Sets Aside $250 Million for Mergers & Acquisitions
Edtech firm upGrad has set aside $250 million for mergers and acquisitions over the next 7-9 months.
In a press statement, UpGrad said it has identified specific segments and will target companies as part of its non-linear growth strategy. It is looking at immersive short-form learning startups in markets such as Africa, Indonesia and Vietnam. Two acquisitions will be announced over the next 60 days, according to the statement. The company aims to capture close to 70 percent of the online higher education market for working professionals.
