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Tag: #news

  • SEBI Rolls Out Pilot Framework for Risk-Return Verification in Financial Ads

    The Past Risk and Return Verification Agency (PaRRVA), a new validation agency set up by the Securities and Exchange Board of India (SEBI), is now operational. Its purpose is to verify the performance claims market intermediaries make in their advertisements and communications, investment advisors, research analysts, and stockbrokers, in particular. 

    This is yet another step in SEBI’s ongoing efforts to enhance transparency in the market and protect investors from the kinds of historical data that can mislead.

    The initial stage of the initiative will see SEBI operating a two-month pilot phase. It will be during this period that feedback from stakeholders will be incorporated and used to refine the framework. Agencies will start testing the verification process, but only under the watchful eye of the regulator. The circular makes a concerted push for financial promotions to be governed by a consistent, standardized, and truly accountable performance reporting framework.

    Eligibility and Responsibilities of Verification Agencies

    For a credit rating agency (CRA) to be acknowledged as a PaRRVA, it has to meet severe eligibility norms. These enumerate at least 15 years of operating experience, a net worth of at least 100 crore rupees, and the presence of a robust grievance redressal system that even includes an Online Dispute Resolution (ODR) mechanism. Recognition from SEBI is conferred only after the fulfillment of these prerequisites. Following that, the eligible CRA gets the nod to act as a verification agency.

    CRAs must also partner with a recognized stock exchange that will act as the PDC. The PDC is responsible for data collection from entities such as mutual funds and stock exchanges. In addition, the PDC supervises the verification system, ensuring data integrity, security, and confidentiality.

    Clear Disclaimers and Oversight to Guard Investor Interests

    The verification standards will be defined by PaRRVA, which will also oversee the management of grievances and the storage of all verified records for 5 years at minimum. If and when any risk-return data that has been verified by PaRRVA is displayed, it must be done with mandatory disclaimers that past performance can never be said to guarantee future outcomes, that verified returns do not indicate with certainty that any gains will be produced, and that what clients actually earn may look nothing like what was earned by any hypothetical client. Performative issues and disclaimers aside, how are we actually going to earn our bounce-back after the Great Recession?  How will we also serve you, our clients, in path-breaking ways after we earn that virtue?

    Conflicts between the verification agency and intermediaries will first be handled through internal resolution processes. If any disputes remain unresolved after that, the intermediaries and the verification agency can take them to the ODR platform. For now, SEBI has stated that the entire framework will operate under its oversight. There will be a committee, designated by SEBI, that will supervise the resolution platform.

    This initiative marks a momentous move in making sure that both retail and institutional investors receive credible, clear, and concise information when they are assessing financial products.

  • Kissht Gears Up for $225 Million IPO, Set to File DRHP by June 2025

    Digital lending platform Kissht is preparing to raise $225 million through an Initial Public Offering (IPO). The company aims to file its draft red herring prospectus (DRHP) by June 2025. This move comes as Kissht continues to expand its lending services and strengthen its market position in India’s fast-growing fintech sector.

    Merchant Bankers Appointed

    To manage the IPO process, Kissht has appointed ICICI Securities, UBS, and Motilal Oswal as merchant bankers. These firms will assist in regulatory filings, underwriting, and overall public listing management.

    Raising $225 million through the IPO will help Kissht to expand its lending portfolio, invest in technology, and strengthen its risk assessment capabilities.

    Strong Financial Performance

    Kissht’s parent company, OnEMI Technology, reported an impressive financial performance for FY25. The company’s assets under management (AUM) crossed INR 4,200 crore, marking a 55% increase. This growth is mainly because of the company’s strategic focus on longer-tenure loans and secured lending, including loans against property.

    There are different revenue streams of Kissht that contribute to its growth, including consumption loans, purchase financing, and MSME loans. The company has established partnerships with leading e-commerce platforms like Amazon and Flipkart to provide instant financing options at the point of purchase.

    Business Model and Market Position

    Founded in 2015 by Ranvir Singh and Krishnan Vishwanathan, Kissht has made a great name for itself as a key player in India’s digital lending space. The company provides unsecured personal loans to individuals and small businesses, helping bridge financial gaps with quick and accessible credit solutions.

    Kissht operates across multiple segments, including:

    • Consumer lending: Personal loans for salaried and self-employed individuals.
    • E-commerce financing: Instant credit for purchases on online platforms.
    • MSME and business loans: Working capital and growth financing for small enterprises.

    India’s fintech sector is under more scrutiny from the Reserve Bank of India (RBI), especially in unsecured lending. However, Kissht’s leadership is confident, stating that regulators and industry players now agree on best practices for responsible digital lending.

    With its upcoming IPO and strong growth, Kissht is set to expand further. Going public will help the company improve its services and grow its presence in India’s changing financial market.

    Sachin Tendulkar Becomes Kissht’s Brand Ambassador and Investor
    Cricket legend Sachin Tendulkar joins Kissht as a brand ambassador and strategic investor, strengthening the fintech company’s reach and vision.
    StartupTalkyNitin Konde

  • ChatGPT Creates Fake Adhaar and PAN Cards

    For Indian citizens, Aadhaar cards—issued by the Unique Identification Authority of India (UIDAI)—are an essential form of identification. However, with OpenAI’s introduction of GPT-4o’s picture-generating feature, this once-secure document is now up against an unexpected new threat. More than 700 million photos have been created by users since the launch of GPT-4o, some of which uncannily mimic actual Aadhaar and PAN cards. Social media users have started posting pictures of AI-generated Aadhaar cards with their own photos on them, which is a concerning trend. Important components like layout, fonts, and style seem incredibly lifelike, even though facial features aren’t always flawless. An image of Elon Musk’s Aadhaar card was even posted by one user; it was so realistically produced that it seemed like a legitimate government document.

    Live Tests were Conducted to Assess these Shocking Perils

    A test was carried out using ChatGPT’s image-generating tool in order to evaluate the danger. The outcome was shocking: at a look, it was hard to tell the created Aadhaar-like cards apart from the actual thing. In its GPT-4o system card, OpenAI has admitted to these issues, stating that the new model is more prone to abuse than earlier iterations such as DALL·E. Aadhaar isn’t the only thing at stake. Additionally, users have reported creating incredibly lifelike fake PAN cards. Experts caution that although Aadhaar has a strong backend verification system, it may be more difficult to validate other papers like PAN cards and driver’s licences, underscoring the growing need for stronger digital security measures.

    According to UIDAI’s website, the QR code that was previously included in Aadhaar print letters and e-Aadhaar solely carried the holder’s demographic data. UIDAI has unveiled a new secure QR code that includes the Aadhaar number holder’s photo and demographic information. Since UIDAI has digitally signed the information in the QR code, it is safe and impenetrable. Using UIDAI’s proprietary program, the newly signed secure QR code may be viewed and instantly verified against UIDAI digital signatures. As a result, a QR code scanner may quickly identify any attempted Aadhaar fraud.

    What Distinguishes GPT-4o?

    In contrast to previous DALL·E models, GPT-4o employs a native autoregressive model that allows it to produce graphics in ChatGPT in response to spoken language cues. OpenAI acknowledges that this change in architecture brings with it “new capabilities and new risks”, especially in relation to identity fraud. The creation of photorealistic pictures of minors, public personalities, and explicit or violent content is restricted by OpenAI. But as of right now, there are no clear restrictions on producing realistic government-issued ID templates. Experts emphasise the need for more robust legal frameworks and AI governance as the distinction between innovation and exploitation becomes increasingly hazy.

  • Alert for Google, Amazon, and Microsoft’s H-1B Visa Employees

    According to a recent post by the US’ renowned media house, US tech businesses are warning visa-holding employees not to leave the country for fear of being denied entry again. Under the new Trump administration’s immigration policies, Indian tech workers—who comprise the largest group of H-1B visa holders in the United States—are already dealing with increasing uncertainty. The H-1B program, which uses a lottery system to approve about 65,000 visas a year, has become crucial to the US IT industry. The majority of these approvals are given to Indians, who are followed by Chinese and Canadian citizens. Amazon, Google, Meta, Microsoft, and Apple are among the major employers.

    Fear Mounting Among Indians Working US

    Fearing denial of re-entry to the United States, two H-1B employees interviewed by a US media group have cancelled their plans to travel to India. One person voiced worries that a future child would be stateless—that is, neither American nor Indian—due to the administration’s possible modifications to birthright citizenship. According to an H-1B employee who spoke to a US media source via an attorney, everyone who is not a US citizen is presumed to be here illegally. Practical difficulties have also been brought about by the uncertainty. Businesses are paying for accelerated processing of visa extensions to offset delays. With a significant percentage of H-1B applications coming from IT outsourcing companies like Infosys and Cognisant, the tech sector is highly dependent on foreign expertise, particularly Indians.

    Green Card Tougher Nut to Crack Now

    The process of obtaining permanent residency is already incredibly drawn out for Indian tech workers. Even though they work for renowned companies, many Indians endure decades-long wait times because of per-country Green Card limits. Despite starting a business with hundreds of employees, Aravind Srinivas, CEO of the AI startup Perplexity, which was reportedly valued at $9 billion, posted on social media that he had been waiting three years for a green card. The administration’s larger immigration policy has caused a great deal of fear. Denial rates for skilled visas increased to 15% during Trump’s first term, and immigration lawyers are cautioning their clients that such increases could happen again.

    President Trump’s most recent executive order caused a great deal of criticism, mostly among Indian-Americans. Signing of the order took place on January 20, 2025. It stops children born to temporary visa holders—including those with H-1B—from obtaining U.S. citizenship at birth. Accordingly, children will only be eligible for U.S. citizenship if at least one of their parents is a citizen or a holder of a green card.

    With hundreds of thousands of Indians residing in the US on temporary work, study, or dependent visas, the ramifications are enormous. Critics point out that Trump’s interpretation of the 14th Amendment is inaccurate because it was enacted to guarantee citizenship to all people born in the United States, regardless of the immigration status of their parents.

  • Startups Protesting in Huge Numbers Following Minister Piyush Goyal’s ‘dukaandari’ Remark

    After Union Minister Piyush Goyal questioned the direction and focus of India’s startup ecosystem, entrepreneurs and leaders have risen to the occasion to defend it. Piyush Goyal critiqued the present trajectory of Indian companies, despite the fact that the country has the third-largest startup environment globally, behind the US and China. He noted that Chinese companies are focused on electric vehicles, battery technology, semiconductors, and artificial intelligence. On the other hand, many Indian businesses are concentrating on food delivery, betting, and fantasy sports. During his address at Startup Maha Kumbh, Goyal questioned if we needed to create chips or ice cream. “Dukaandari hi karna hai” means “want to do shopkeeping only?” Instead of striving for greater innovation and long-term advancement in critical technologies, he questioned whether the nation was satisfied with the creation of gig jobs.

    Big Players Strongly Defer from the Minister

    These comments have led to significant replies from well-known names in the startup and tech sector. Prominent investor and former Infosys CFO Mohandas Pai claimed the comparison to China was unjust and useless. He expressed concern about how government regulations are impeding the development of deep technology in India. These are poor analogies, Pai wrote on X. India has small startups in each of those fields as well. Instead of criticising the nation’s startups, Minister @PiyushGoyal ought to consider what he has done in his capacity as India’s minister to support the expansion of deep tech start-ups in his home country. He also attributed the obstacles to India’s financial structure and legislation. Pai further added that for long years, India’s hostile @FinMinIndia @nsitharaman harassed start-ups on angel tax, prohibited institutions from investing, and prevented insurance companies from investing, even though they did so all over the world. Due to FE regulations, @RBI frequently harasses foreign investors regarding remittances and AIFs and treats them poorly. Between 2014 and 2024, China made 845 billion dollars in investments. Just 160 billion dollars for India! He asked, “Why isn’t Minister @PiyushGoyal @AshwiniVaishnaw contributing to the resolution of these problems?” Ashneer Grover, a former co-founder of BharatPe, also blasted Goyal for disparaging the startup scene in India. According to him, India’s leaders are the only ones who require a “reality check.” Everybody else is living in India’s harsh reality.

    Zepto’s Palicha Defended India’s Startup Sector

    In response, Zepto founder Aadit Palicha praised Indian consumer internet businesses and emphasised the company’s effect, given that it was founded just 3.5 years ago. One of the pioneers of the fast e-commerce sector, Zepto became a unicorn in 2023. Through its online app, it launched the 10-minute delivery service, which its rivals have now embraced. According to Palicha, it is simple to condemn consumer internet companies in India, particularly when contrasting them with the advanced technological capabilities being developed in the US and China. In reality, there are currently around 1.5 lakh genuine people making a living on Zepto. Zepto has brought in over a billion dollars in foreign direct investment and paid over INR 1,000 crore in taxes to the government annually. On top of that, Zepto has spent hundreds of crores in India’s supply chains, particularly for fresh fruits and vegetables, he added. Palicha went on to say that big internet firms are crucial to the advancement of new technology. Why doesn’t India have a large-scale foundational AI model of its own? he asked.

  • Provides Innovative Solutions For Engraving, Marking And Cutting For A New Manufacturing Era

    New Delhi [India], April 4: Guided by its “Quality and Reliability”, Gujarat-based ‘SUCCESS TECHNOLOGIES’ established in the year 2013 is headquartered in Ahmedabad and is a leading Manufacturers and Exporter that serves Laser, mechanical engraving, scribing and dot peen, are the only ones to pioneer and master all these types of marking.

    With having direct presence both domestically and internationally, the company provides its best-in-class machinery with a comprehensive assortment of CNC Engraving Machines, Laser Engraving Machines, CNC Routers, Fiber Laser Cutting Machine, CNC Plasma Cutting Machine, CNC Wood Carving Machine, CNC Stone Engraving Machine, Wood Turning Lathe Machines, Fiber Laser Cutting Machine, etc.

    Backed by state-of-the-art quality parameters, the raw materials used to manufacture the products are procured only from trusted vendors in the industry. Over the decade, the company has strived to absorb and synchronise a leading global technology and enrichment and has won numerous domestic and foreign customers’ praise and recognition. The company’s products are manufactured with high precision to meet the set standards of the industry ensuring hassle-free management of the business operations with complete defect-freeness.

    Success Technologies CNC Engraving & Router Machine
    Success Technologies CNC Engraving & Router Machine

    With well-equipped manufacturing technology, the company has leveraged the strength of low maintenance, robust construction, dimensional accuracy, reliability, and versatility that is widely recognized by prestigious customers to increase the productivity and efficiency of their manufacturing operations. Additionally, they offer customized services to meet their customers’ specific needs.

    As the company presses ahead with supporting a new era of manufacturing, Managing Director, Rohit Patel says, “What is important in manufacturing is providing the products and services that are user-friendliness and flexible and there has to be a balance between the quality of the product and the after-services added on top. We have supplied over large-scale of machines so far to industrial and private customers which are efficiently operated and manned by our team of expert and skilled professionals. We wish to keep our business growing by providing this comprehensive solution to our customers.”

  • FINDI Board Appoints Amit Nigam as Executive Director and CEO of BANKIT

    FINDI Ltd (ASX: FND) has announced the appointment of Mr. Amit Nigam as Executive Director and Chief Executive Officer (CEO) of BANKIT, following the company’s successful acquisition earlier this year. Mr. Nigam, who previously served as the Chief Operating Officer of BANKIT, has proven instrumental in the company’s remarkable growth trajectory, successfully launching the brand, expanding operations, and establishing BANKIT as one of India’s fastest-growing fintech firms focused on financial inclusion.

    In his new role as Executive Director and CEO, Mr. Nigam will lead BANKIT’s integration with FINDI’s ecosystem. This strategic integration will expand the suite of Phygital services offered by BANKIT to the citizens.

    From pioneering financial inclusion to empowering over 1,50,000+ merchants across the country, BANKIT has always been at the forefront of transforming India’s digital banking landscape. Today, it takes a significant step forward as it officially joins the FINDI family, ushering in a new chapter of scale, impact, and innovation.

    Deepak Verma, MD and CEO of FINDI, said, “We are excited to elevate Amit to this leadership position. His thought leadership, can-do approach and deep understanding of India’s financial landscape have been instrumental in building BANKIT’s digital payment platform. His elevation reflects our confidence in him and his ability to continue BANKIT’s growth momentum, in line with FINDI’s vision for taking WLA(White Label ATMs) to the masses, driving financial inclusion for the underserved.”

    Amit Nigam, Executive Director & CEO, BANKIT, commented, “I am honored to take on this expanded role at such a pivotal moment in BANKIT’s journey. Our integration with FINDI group provides us with the resources and expertise needed to accelerate our mission of redefining India’s financial services landscape. Together, we will focus on creating a more inclusive and innovative financial ecosystem that empowers millions of Indians with access to essential banking and financial services.”.

    BANKIT’s extensive merchant network will play a crucial role in FINDI’s strategy of building a full-stack financial services ecosystem serving the underserved, with particular emphasis on enabling access to basic banking services through White Label ATMs and digital platforms.

    About BANKIT 

    Founded with a vision to transform the financial landscape of India, BANKIT has grown into a trusted name, offering a wide range of digital and assisted financial services. Its extensive agent network and commitment to innovation have positioned it as a key enabler of financial inclusion in the country.

    About FINDI Ltd. 

    FINDI Ltd. is a company listed on the Australian Stock Exchange (ASX) builds a Financial Services Marketplace for the underbanked through their merchant network in India. Currently, FINDI, via TSI, operates 7,500+ Brown Label ATMs in partnership with major Indian banks, and provides Financial and Payment Services through 50,000+ merchant partners via its brand FindiPay. The company has also recently acquired Indicash, Tata Communications’ White Label ATM business, giving it Payment Switch capabilities, as well as the ability to deploy its own ATMs at their merchant partners.

    Amit Nigam on How BANKIT Is Bridging India’s Financial Divide with Agent Networks and Technology
    Amit Nigam, Executive Director of BANKIT, he discusses the company’s mission to bridge India’s financial divide and its innovative approach to supporting unbanked communities.
    StartupTalkyMuskaan Kapoor

  • Introducing Zach Yadegari, an 18-year-old Millionaire who was Turned Down by Stanford, Yale, and Harvard

    Zach Yadegari, an 18-year-old entrepreneur, has disclosed that he was turned down by prestigious Ivy League schools as well as other prestigious American universities. He took to X to share the names of all the universities that turned him down and the select few that accepted him. He is the creator and CEO of Cal AI, a nutrition tracking software. The millionaire from New York was unable to gain admission to several of the best universities in the United States, including Harvard, Princeton, Yale, Stanford, and MIT. His applications were rejected despite having a multimillion-dollar corporation and an outstanding academic record. As he described himself in the post, he claimed to have a 4.0 GPA and an ACT score of 34. At the moment, his startup brings in around $30 million a year, or about INR 3 crores. Stanford, MIT, Harvard, Yale, WashU, Columbia, University of Pennsylvania, Princeton, Duke, USC, UVA, NYU (New York University), Brown, Vanderbilt, and Cornell were among the universities that denied Zach Yadegari entrance. He did, however, succeed in getting accepted to the University of Miami, the University of Texas, and the Georgia Institute of Technology (Georgia Tech).

    Yadegari Started Coding from the Age of 7

    Yadegari also revealed his college admissions essay in the follow-up piece. In his post, he acknowledged that at first he thought further education was unnecessary. He disclosed that he began learning to code at the age of 7 and released his first application at the age of 12. He built a six-figure internet gaming business at the age of sixteen. He continued by outlining his decision to move to San Francisco to establish Cal AI, forgoing formal schooling in favour of practical experience. With millions of dollars in revenue, the software that tracked calories from food photos using AI swiftly rose to the top in its category. He started to feel that something was lacking even though he was financially successful and surrounded by mentors and investors who supported the notion that he didn’t need education. “I realised in college that it’s more than just a rite of passage,” Yadegari continued. “College serves as a means of elevating the work I have consistently produced,” he added. He intended to learn from people in this new stage, not simply from computers or textbooks.

    Social Media Posts went Viral

    Users were shocked by the low acceptance rate as soon as the post went viral on the internet. But some criticised his bad college admissions essay and entitlement. One commenter said that after reading Yadegari’s personal statement, he could see why several prestigious universities could have rejected his application. “You opened with a strong stance against college, and while your change of heart is compelling, the essay doesn’t quite answer the natural follow-up questions,” noted the person who commented.

  • Bill Gates Makes Microsoft’s Source Code Public

    The Microsoft co-founder reflected on the company’s early years on his Gates Notes blog on April 2nd in honour of the company’s 50th anniversary this year. Although Gates has undoubtedly written a lot of code over the past 50 years, he referred to this as “the coolest code I’ve ever written”. Further, he posted a picture of himself with the code displayed on a massive stack of paper. According to Gates, the cover image of the January 1975 issue of Popular Electronics magazine, which showed the Altair 8800—a groundbreaking personal computer made by a little business named MITS—inspired him. The developers of Altair were contacted by 19-year-old Gates and his Harvard friend Paul Allen, who informed them that they had a BASIC programming language for the microprocessor that powered the Altair 8800. The Altair could be programmed using such software.

    How Microsoft came into Existence?

    For two months, Gates and his friends worked around the clock coding the software they said already existed. After Gates and Allen showed the code to the MITS president, the software was licensed. According to Gates, their new business, which they chose to name Micro-Soft, released Altair BASIC as its debut product. Gate added that the hyphen was eventually eliminated later. The rest, as they say, is the history of software. That 50-year-old code is available for download from Gates’ post. He went on to say that although computer programming has advanced significantly over the past 50 years, he is still quite pleased with the final product.

    ‘The Next Day’ by Melinda Gates

    Melinda French Gates, Gates’s ex-wife, was also in the news on April 2 since her new book, The Next Day, will be releasing on April 15. She is talking candidly about the dissolution of her marriage to Gates as that date draws near. After 27 years together and three kids, the couple were separated in 2021. Melinda French Gates claimed in her book that she was “having nightmares about a beautiful house collapsing all around her — and then waking up in a panic night after night” in 2019. She said she was troubled by Bill Gates’s meetings with child sex offender Jeffrey Epstein and agreed with his public admission that he wasn’t always faithful in the marriage.

    Since then, Bill Gates has expressed regret over his encounter with Epstein. Eventually, Melinda French Gates claimed that her nightmares would transform into pictures of her family perched on a cliff edge, where she “plummeted” into nothingness. According to media reports, she wrote, “I knew, in that moment, that I was going to have to make a decision — and that I was going to have to make it by myself.”

  • Bharat FIH Restructures Board and Looks to Enhance Supply Chain of Apple

    Amid declines in Xiaomi orders, Foxconn’s India subsidiary Bharat FIH is allegedly considering changing its strategy. This step is taken to concentrate on Apple’s supply chain service rather than competing in the electronics manufacturing services (EMS) market. Bharat FIH, which has been struggling since a number of its board members left last year, has reorganised its board. Now the firm has added two new independent directors: Payal Koul Mirakhur, cofounder and chief business officer of UExcelerate, and Arun Todarwal, a chartered accountant. Mirakhur joined the board of Bharat FIH in September 2024, according to her LinkedIn page. The board now consists of Abraham Joseph as managing director, Yu Yang Chih and Kam Wah Danny Tam as non-executive directors, and chairman Hui Chung Chen, according to the company’s official website.

    Moving Away from EMS Market

    According to a media report, Bharat FIH is trying to change its course after encountering a snag because of a sharp decline in orders from its main customer, Xiaomi. According to a media report, the business is now providing equipment maintenance and servicing for Apple suppliers. Thus far, the EMS company has collaborated with Tata Electronics-owned Pegatron and Wistron, as well as Foxconn Hon Hai at its Bengaluru and Chennai facilities. According to a source, Bharat FIH has been working on this project for the past year or so and wants to become an independent service provider to these players. Bharat FIH has personnel on hand who are trained to examine the maintenance of these devices, which are positioned at the locations of Apple suppliers. Formerly known as Rising Stars Mobile India, Bharat FIH was founded in Andhra Pradesh in 2015.

    The company is a well-known supplier of smartphones from major brands like Apple and Xiaomi and is among the biggest EMS companies in the nation. In addition to assembling iPhones for Apple, it also manufactures televisions, hearables, telecom network equipment, mobile phones, and parts for electric vehicles. Bharat FIH operates two additional facilities in Sungavarchatram and Sriperumbudur, close to Chennai, India, in addition to its Sri City plant in Andhra Pradesh. According to information on its website, it currently has 25,000 employees.

    Foxconn Aims to Increase iPhone’s Production

    Foxconn plans to expand its iPhone production to 25–30 million devices at its facilities in India during the current year. Over the past three to four months, the manufacturer has been experimenting with limited testing activities at its new Bengaluru facility. This testing is done to check if the company can build Apple’s flagship product at scale without compromising quality standards. The iPhone manufacturer will receive an incentive of INR 6,970 Cr under the state’s Electronics System Design and Manufacturing (ESDM) policy in early March, according to Karnataka Chief Minister Siddaramaiah’s state budget speech.