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20th December 2021
Good Morning! 

Happy Monday!! We are already in our last working week of the year. Can you believe that?
Is it just us or are you guys also automatically feeling lazier and hungrier?
  MARKETS
 

SENSEX

57,011.74

- 0.13%

NIFTY

16985.20

- 0.13%

US$

76.09

- 0.01%

GOLD

48,603

- 0.09%

10-YR

6.41%

+ 3.6 bps

OIL

5,4383

- 2.55%

*As of market close

  • Markets: Headline stock market indexes Sensex and Nifty50 were down sharply on Friday as what seems to be global risk-off sentiment is taking over markets. All thanks to concerns about monetary policy tightening and the rapid spread of the Omicron variant. 

Corporate

Hand In Glove
Hand in GLove

A report by the Comptroller and Auditor General (CAG) of India has been tabled in the Uttar Pradesh assembly and it points to huge revenue losses to the government because of some shady looking land deals in Noida.

But wait did you know that NOIDA is actually an acronym? It stands for New Okhla Industrial Development Authority.

However, between FY2006 and FY2018, the CAG found that land use in the area has not lived up to its name. In fact, more than half the land in Noida ended up being allotted to residential developers and not industrial.

In the land acquisition process undertaken for this, farmers were apparently unfairly treated  and this shows "serious lapses of probity, integrity and ethics in the governance of the Authority” as per the CAG.

For residential land, apparently, the authority did not take any action against builders like Amrapali and Unitech who owed huge amounts of money to them, and instead actually allotted them multiple lots for future development as well. As a result, 44% of the flats under construction have not been completed and people's hard-earned life savings are stuck in these projects.

For the commercial land, the CAG audit found that 3 groups were heavily favoured - 80% of total land allotments were to Wave, Three C and Logix Groups.  The report says that “despite repeated violations and outstanding dues of Rs 14,958.45 crore, Noida failed to take action against these groups, enabling them to hold majority of commercial land".

There was also a 'sports city' proposed for Noida back in 2007, but that has still not been completed, with everyone focusing more on housing development. This alone has caused a Rs 9,000 crore loss to the exchequer says the CAG report.

Well, the fact that many housing projects in Noida were stuck was well known. Government-run NBCC has been tasked with completing the construction of some of these so that people can get their homes which they've paid for.

Tech

Privacy Needed
Money gun

Not much news from the world of Indian tech over the past week.
But when fundings take a back seat, our govt comes up with the news.
The govt is in the final stages of finalizing the Personal Data Protection Act.

What's Happening Here?

One thing we like to say here at The Gyst is the govt got to regulate and that's exactly what's happening here.
With these latest regulations that they are planning, the aim is to protect internet users and keep their data private.
While we don't know the exact deets what we do know is whatever regulations come into play, they will require companies to seek explicit consent while collecting data.
Whatever data companies collect will also have to be used for a specified purpose only, so companies can't just randomly collect data from you.

Another thing that looks like will be enacted is that all Indian data will have to be stored in India only.

Govt agencies Exempt

One of the things that seem to be sticking out is how govt will be able to exempt its own agencies from these rules.
This basically means govt agencies will be able to collect all your personal data but not private companies.
We aren't too sure whether this will go down well if it's true.

The Takeaway

It does look like the Personal Data Protection Act is something that will be passed and be implemented in the next 2-3 years.
We still need a lot more deets which we are sure we will get once the bill is finally passed.
Between this and the crypto regulations that are supposed to come it definitely looks like the digital spaces are now going to get more and more regulated.

If you have been bothered on international sites by the 'accept all cookies' button, you can thank the EU's privacy bill GDPR for that.
We just hope the implementation isn't that bad here.

On a Lighter Note

Campus Ambassador Program

If you are a college student do check out our campus ambassador program. 
For more deets check this out.

If you have more time ...

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