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</p> <p> <button class="btn_yes_blue MT8" onclick="validate_poll_reply();">PUBLISH</button> </p> </p></div> <p> <button class="btn_yes MR10" onclick="update_poll_rslt_mod('94047253', '18263', 1, '', 'ibh');">Sanju Samson</button><br /> <button class="btn_yes no" onclick="update_poll_rslt_mod('94047253' , '18263', 2, '', 'ibh');">Shubman Gill</button> </p> </p></div> <p> <!-- End <- Your Opinion --> <!-- Game Changers daily newsletter -> Start --></p> <p> <!-- End <- Game Changers daily newsletter --> </div> <p> <!-- Category News Panel 1 -> Start --></p> <p><!-- End <- Category News Panel 1 --> </p> <div class="clearfix MT20"> <div class="main-left"> <!-- IPO Snapshot -> Start --></p> <h2 class="sub_title">Overview of the IPO</h2> <div class="ipsnCont MT2 clearfix"> <div class="tab-content"> <div id="keyiposctb1" class="tab-pane in active"> <div class=" tbl_oddwrp custheight"> <table cellpadding="0" class="responsive" cellspacing="0" border="0" width="100%"> <thead> <tr> <th>Equity</th> <th>Type</th> <th>Issue price</th> <th>Size of the problem</th> <th>Lot size</th> <th>Open issue</th> <th>Closing the issue</th> </tr> </thead> <tbody> <tr> <td> SP Refractories View profile</td> <td>initial public offering of an SME</td> <td>90</td> <td>4.92</td> <td>1600</td> <td>09-03</td> <td>11-03</td> </tr> <tr> <td> Cool Caps View Profile</td> <td>initial public offering of an SME</td> <td>36</td> <td>11.01 – 11.63</td> <td>3000</td> <td>10-03</td> <td>15-03</td> </tr> <tr> <td> KN Agri View profile</td> <td>initial public offering of an SME</td> <td>71</td> <td>46.75 – 49.38</td> <td>1600</td> <td>15-03</td> <td>17-03</td> </tr> </tbody> </table></div> </p></div> <div id="keyiposctb3" class="tab-pane in "> <div class=""> <table cellpadding="0" class="responsive" cellspacing="0" border="0" width="100%"> <thead> <tr> <th>Equity</th> <th>Issue price</th> <th>Registration date</th> <th>Ad open</th> <th>close ad</th> <th>Listing Earnings %</th> <th>CPM</th> <th>Current Earnings %</th> </tr> </thead> <tbody> <tr> <td>Ekennis software</td> <td>72</td> <td>07-03</td> <td>80.00</td> <td>84.00</td> <td>16.67</td> <td>97.20</td> <td>35.00</td> </tr> <tr> <td>Maruti interior</td> <td>55</td> <td>16-02</td> <td>75.45</td> <td>71.90</td> <td>30.73</td> <td>64.60</td> <td>5:45 p.m.</td> </tr> <tr> <td>Vedant modes</td> <td>866</td> <td>16-02</td> <td>950.00</td> <td>934.85</td> <td>7.95</td> <td>886.00</td> <td>2.31</td> </tr> <tr> <td>quality RO</td> <td>51</td> <td>09-02</td> <td>52.25</td> <td>53.70</td> <td>5.29</td> <td>56.95</td> <td>11.67</td> </tr> </tbody> </table></div> </p></div> <div id="keyiposctb4" class="tab-pane in "> <div class=""> <table cellpadding="0" class="responsive" cellspacing="0" border="0" width="100%"> <thead> <tr> <th>Scheme</th> <th>Fund category</th> <th>Information</th> <th>Purchase order</th> <th>Opening date</th> <th>Closing date</th> </tr> </thead> <tbody> <tr> <td colspan="6" style="text-align:center;">No NFO details available.</td> </tr> </tbody> </table></div> </p></div> <div id="keyiposctb5" class="tab-pane in "> <div class=" custheight"> <table cellpadding="0" class="responsive" cellspacing="0" border="0" width="100%"> <thead> <tr> <th>Equity</th> <th>Type</th> <th>Issue price</th> <th>Size of the problem</th> <th>Lot size</th> <th>Subscription</th> <th>Open issue</th> <th>Closing the issue</th> </tr> </thead> <tbody> <tr> <td> <p> Shigan Quantum View profile </td> <td>initial public offering of an SME</td> <td>50</td> <td>22.7</td> <td>0</td> <td/> <td>28-02</td> <td>03-03</td> </tr> </tbody> </table></div> </p></div> </p></div> </p></div> <p><!-- End <- IPO Snapshot --> </p> <div class="desk-hide PB20"> <!-- Chat Box -> Start --></p> <div class="chatBx MT20"> <p>chat box</p> <div class="clearfix MT5"> <figure class="FL"> <img loading="lazy" class="lazyload" data-sizes="auto" data-srcset="https://i2.wp.com/images.moneycontrol.com/images/market/grey.gif?w=75&resize=75 75w, 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data-original="https://images.moneycontrol.com/images/chat/chatgifs/balwant_jain_90x90.jpg?impolicy=website&width=80&height=80" width="80" height="80" alt="Balwant Jain" title="Balwant Jain"/><br /> </figure> <div class="FR w170 txt12"> <span class=" txt14 col_blue">Balwant Jain</span></p> <p> Tax and investment expert, </p> <p class="UC txt14_black MT2"><strong>March 10 – 2:00 p.m.</strong></p> <p class="txt14_white MT2"><strong>Investment track for seniors</strong></p> <p class="txt14_white MT2"> <img class="lazyload" data-sizes="auto" data-srcset="https://i1.wp.com/images.moneycontrol.com/images/chat/join_now_animated_button.gif?w=75&resize=75 75w, https://i1.wp.com/images.moneycontrol.com/images/chat/join_now_animated_button.gif?w=100&resize=100 100w, https://i1.wp.com/images.moneycontrol.com/images/chat/join_now_animated_button.gif?w=150&resize=150 150w, https://i1.wp.com/images.moneycontrol.com/images/chat/join_now_animated_button.gif?w=240&resize=240 240w, 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--></p> <p><!-- End <- Personal Finance Advice --><br /> <!-- Stock Advice -> Start --></p> <div class="MT20"> <table cellpadding="0" width="100%" class="stkAdv_tbl" cellspacing="0" border="0"> <thead> <tr> <th>Company</th> <th>Price</th> <th>Store</th> <th>Recommendation</th> </tr> </thead> <tbody> <tr> <td>InterglobeAvi</td> <td>1796.05</td> <td> </td> <td> <p> Trade Spotlight | What should investors with InterGlobe Aviation, Indiabulls Housing, Ashok Leyland, Indian Hotels do on Thursday?</p> </td> </tr> <tr> <td>Fortis Health</td> <td>261.00</td> <td> </td> <td> <p> Hot Stocks | Here’s why you should bet on Fortis Healthcare, Ambuja Cements, HCL Technologies in the short term</p> </td> </tr> <tr> <td>Lemon Tree Hotel</td> <td>56.40</td> <td> </td> <td> <p> Hot Stocks | Double-digit returns in Lemon Tree Hotels, Avenue Supermarts, Inox Leisure possible in the short term, here’s why</p> </td> </tr> <tr> <td>CGSB</td> <td>172.15</td> <td> </td> <td> <p> Trade Spotlight | What should investors do with ONGC, HEG, Sheela Foam, Zee Entertainment on Tuesday?</p> </td> </tr> <tr> <td>NMDC</td> <td>151.35</td> <td> </td> <td> <p> Hot Stocks | NMDC, Balrampur Chini Mills, MTAR Technologies can give up to 12% short term yield; here’s why</p> </td> </tr> </tbody> </table></div> <p> <!-- End <- Stock Advice --> </p></div> <div class="main-rhs mob-hide"> <p> <!-- Mutual Funds Tool -> Start --></p> <p><!-- End <- Mutual Funds Tool --><br /> <!-- Chat Box -> Start --></p> <div class="chatBx MT20"> <p>chat box</p> <div class="clearfix MT5"> <figure class="FL"> <img loading="lazy" class="lazyload" data-sizes="auto" data-srcset="https://i2.wp.com/images.moneycontrol.com/images/market/grey.gif?w=75&resize=75 75w, https://i2.wp.com/images.moneycontrol.com/images/market/grey.gif?w=100&resize=100 100w, https://i2.wp.com/images.moneycontrol.com/images/market/grey.gif?w=150&resize=150 150w, https://i2.wp.com/images.moneycontrol.com/images/market/grey.gif?w=240&resize=240 240w, https://i2.wp.com/images.moneycontrol.com/images/market/grey.gif?w=320&resize=320 320w, https://i2.wp.com/images.moneycontrol.com/images/market/grey.gif?w=500&resize=500 500w, https://i2.wp.com/images.moneycontrol.com/images/market/grey.gif?w=640&resize=640 640w, https://i2.wp.com/images.moneycontrol.com/images/market/grey.gif?w=800&resize=800 800w, https://i2.wp.com/images.moneycontrol.com/images/market/grey.gif?w=1024&resize=1024 1024w, https://i2.wp.com/images.moneycontrol.com/images/market/grey.gif?w=1280&resize=1280 1280w, https://i2.wp.com/images.moneycontrol.com/images/market/grey.gif?w=1600&resize=1600 1600w" data-src="https://i2.wp.com/images.moneycontrol.com/images/market/grey.gif" data-original="https://images.moneycontrol.com/images/chat/chatgifs/balwant_jain_90x90.jpg?impolicy=website&width=80&height=80" width="80" height="80" alt="Balwant Jain" title="Balwant Jain"/><br /> </figure> <div class="FR w170 txt12"> <span class=" txt14 col_blue">Balwant Jain</span></p> <p> Tax and investment expert</p> <p class="UC txt14_black MT2"><strong>March 10 – 2:00 p.m.</strong></p> <p class="txt14_white MT2"><strong>Investment track for seniors</strong></p> <p class="txt14_white MT2"> <img loading="lazy" class="lazyload" data-sizes="auto" data-srcset="https://i1.wp.com/images.moneycontrol.com/images/chat/join_now_animated_button.gif?w=75&resize=75 75w, https://i1.wp.com/images.moneycontrol.com/images/chat/join_now_animated_button.gif?w=100&resize=100 100w, https://i1.wp.com/images.moneycontrol.com/images/chat/join_now_animated_button.gif?w=150&resize=150 150w, https://i1.wp.com/images.moneycontrol.com/images/chat/join_now_animated_button.gif?w=240&resize=240 240w, https://i1.wp.com/images.moneycontrol.com/images/chat/join_now_animated_button.gif?w=320&resize=320 320w, https://i1.wp.com/images.moneycontrol.com/images/chat/join_now_animated_button.gif?w=500&resize=500 500w, 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All rights reserved. Reproduction of <a class="wpil_keyword_link " href="https://zaikaindianct.com/business-news-stock-market-and-stock-market-news-financial-news/" title="news articles" data-wpil-keyword-link="linked">news articles</a>, photos, videos or other content, in whole or in part, in any form or medium, without the express written permission of moneycontrol.com is prohibited.</p> </p></div> </p></div> <p> </p> <style><![CDATA[ .adfloat{width:160px; margin-left: -165px; position: absolute; top: 250px; z-index: 99999;} .posfixadd{position:fixed; top:0;} @media only screen and (max-width:1279px){ .adfloat{display: none;} } ]]></style> <p> <br /> <br /> </footer> <p><input type="hidden" id="is_news_module" name="is_news_module" class="is_news_module" value="0" style="width:15px;" readonly="readonly"/></p> <p><!-- Bottom Menu -> Start --></p> <p><!-- End <- Bottom Menu --></p> <p><!-- Moneycontrol Footer end here --><br /> <!-- Gutter Slot -> Start --><br /> <!-- End <- Gutter Slot --></p> <p><!-- SEO Event Tracking -> Start --></p> <p><!-- End <- SEO Event Tracking --></p> <p><!-- Tradenow popup -> Start --><br /> <!-- End <- Tradenow popup --></p> <p><!-- Login signup popup -> Start --><br /> <input type="hidden" name="ip" value="" readonly="readonly"/></p> <p><!-- End <- Login signup popup --></p> <p><!-- Verloop Chatbot -> Start --></p> <style><![CDATA[ .verloop-button{display:none;} @media only screen and (max-width: 980px){ .verloop-button { bottom: 65px !important; } } ]]></style> <p><!-- End <- Verloop Chatbot --><!-- End < - Moneycontrol Common Footer --></p> <p> <!-- iZooto Notifications - MON-3028 -> Start --></p> <p> <!-- End <- iZooto Notifications - MON-3028 --></p> <p> country=india page generated=2022-03-10 12:54:12 </p> </div> ]]></content:encoded> </item> <item> <title>Indian banks’ share price: Indian banks’ asset quality issues largely resolved: Nilanjan Karfa, Nomura</title> <link>https://zaikaindianct.com/indian-banks-share-price-indian-banks-asset-quality-issues-largely-resolved-nilanjan-karfa-nomura/</link> <dc:creator><![CDATA[Virginia J. Ruiz]]></dc:creator> <pubDate>Thu, 03 Mar 2022 06:54:00 +0000</pubDate> <category><![CDATA[Indian Loans]]></category> <category><![CDATA[bank india]]></category> <category><![CDATA[reserve bank]]></category> <category><![CDATA[rs lakh]]></category> <guid isPermaLink="false">https://zaikaindianct.com/indian-banks-share-price-indian-banks-asset-quality-issues-largely-resolved-nilanjan-karfa-nomura/</guid> <description><![CDATA[<div style="margin-bottom:20px;"><img fifu-featured="1" width="1920" src="https://img.etimg.com/thumb/msid-89964094,width-1070,height-580,imgsize-16152,overlay-etmarkets/photo.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" title="" title="" loading="lazy" /></div>In recent years, an association inextricably linked to the Indian banking system is that of an entity that is almost crumbling under the weight of loans that may never be recovered. This unfortunate coupling has now been largely eroded, believes Nilanjan KarfaExecutive Director, Banking & Finance – Equity Research, India, Global Markets, nomura. “The asset […]]]></description> <content:encoded><![CDATA[<div style="margin-bottom:20px;"><img fifu-featured="1" width="1920" src="https://img.etimg.com/thumb/msid-89964094,width-1070,height-580,imgsize-16152,overlay-etmarkets/photo.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" title="" title="" loading="lazy" /></div><div data-ele="" data-brcount="71"><em>In recent years, an association inextricably linked to the Indian banking system is that of an entity that is almost crumbling under the weight of <a class="wpil_keyword_link " href="https://zaikaindianct.com/betsy-devos-really-really-really-really-hates-loan-forgiveness/" title="loans" data-wpil-keyword-link="linked">loans</a> that may never be recovered. This unfortunate coupling has now been largely eroded, believes <strong>Nilanjan Karfa</strong>Executive Director, Banking & Finance – Equity Research, India, Global Markets, <em><strong>nomura</strong></em>.</p> <p>“The asset quality issues therefore seem to be largely resolved, as well as any issues that may have been encountered with the <a class="wpil_keyword_link " href="https://zaikaindianct.com/covid-19-loan-schemes-privacy-notice/" title="loans" data-wpil-keyword-link="linked">loans</a> we have made in the past,” Karfa said in an interview with ETMarkets.com.</p> <p>According to the latest data released by the Reserve <a class="wpil_keyword_link " href="https://zaikaindianct.com/bank-of-india-says-new-loan-restructuring-policy-is-good/" title="Bank of India" data-wpil-keyword-link="linked">Bank of India</a>, the gross ratio of non-performing assets of commercial banks fell to 7.3% at the end of March 2021, then to 6.9% at the end of September 2021, from 8.2% at the end of March. 2021. March 2020. Edited excerpts:</p> <p></em></p> <p><strong> The budget envisaged some push for digitalization and most analysts seem optimistic about the banking sector. With two years of the pandemic behind us, do you think we are now on a better streak when it comes to asset quality issues? What is your view of banking stocks?<br /></strong>A couple of things work when someone is bullish on the banking sector or BFSI. </p> <p>One is the relative underperformance of last year. So if the money is to move out of the overvalued or highly valued consumer sector, the internet sector and stay in India, it is entirely possible that on a relative basis the banking sector will do better. </p> <p>It’s more on the technical side. On a fundamental side, a couple of things work. </p> <p>Banks are probably the best capitalized in the last 20 years. There should be a broad appetite for growth, provided there is the right kind of demand. While the offer looks pretty good; demand side is a bit of a question mark. </p> <p>Secondly, if you look at the issues of the last 10 years – around 2018, 2019 these suddenly erupted again with the NBFC crisis and then afterwards with the emergence of Covid – basically the whole size range of notes, from large enterprises to medium enterprises to even small loans to individual loans have been strained.<br /> </p> <p> There will still be a few pockets here and there, but what we have just witnessed over the past 10 years is a complete sweep of leverage across all possible segments of the economy. While there may be pockets here and there, restructurings that have happened, warranty systems (some of which will fail), we’re probably not going to look back on what we’ve witnessed over the past three years. and certainly not in the last six-seven years.</p> <p>The asset quality issues therefore seem to have been largely resolved, as well as the problems encountered with the loans we have granted in the past. But what will probably matter most is what will generate revenue. This is where there is a bit of debate. It seems to me that a large part of the market is much more optimistic than me. Am I personally super optimistic? The answer is no, but I’m reasonably optimistic. </p> <p>So will demand come back quickly? It seems a bit unlikely! There has been a significant loss of income in the most important segments of the economy. </p> <p>Imagine it as a steam engine. If you remember how a steam engine works – for all the wheels to start working in tandem, it takes a little time. There will therefore be wheels which start and then slip without the locomotive moving; the same for the economy, there are different cycles, different ecosystems, interconnections between them. For all to start working again, it will take some time. </p> <p>How long is hard to say, but we’re on that curve right now. Unless something dramatically worrying comes back on the health front, people will go back to work, to commerce; people need money to survive and it will come back. People will come back and look for revenue generating opportunities which will in turn result in more loans and more fees for banks to start generating revenue. Revenue minus expenses, i.e. operating profit. A reasonable upward swing is possible over the next couple of years. </p> <p><strong>The combination of larger-than-expected fiscal and government borrowing deficits and tighter oil prices pushed sovereign bond yields higher in the current quarter, although a dovish RBI cushioned the blow to some extent. In terms of mark-to-market impact on cash books, how will banks handle the situation?<br /></strong>There is no navigation; it is a blow that will have to be taken. So to some extent there are conflicting interests. </p> <p>If you look at the system, on one side there is a government that will have to borrow, mostly in longer-term treasuries and the entities that will subscribe to them; much of it is made up of banks, so banks will have to underwrite higher title deeds. </p> <p>Higher mandate paper in a rising rate cycle obviously means there will be losses on the existing portfolio. So might as well live with it, but there are counterweights. </p> <p>For PSU banks, the rise in yields is more relevant than for <a class="wpil_keyword_link " href="https://zaikaindianct.com/from-onsite-to-online-how-indian-startups-are-bridging-the-digital-divide/" title="private sector banks" data-wpil-keyword-link="linked">private sector banks</a> and not least also because the duration of the books for PSU banks is much greater. It is higher than that of private sector banks, and so PSU banks tend to take a bit of their treasury income when rates rise. But on the other hand, there are factors that benefit them on the opex line. </p> <p>Net-net there is always a negative but the markets tend to ignore it because while a lot of these books are usually held over their lifetime there may be a loss in notional time value but there is has no possible loss. So when markets turn to banks, they typically remove that volatility and then look at core operating income. So as long as this holds, it shouldn’t be a problem unless we see a very strong uptick which is unpredictable. </p> <p><strong>Let’s come to the situation on the credit drawdown; the loan-to-deposit ratio is still close to a historic low. What is your outlook and what might be your estimate of <a class="wpil_keyword_link " href="https://zaikaindianct.com/credit-unions-rely-on-housing-for-loan-growth/" title="loan growth" data-wpil-keyword-link="linked">loan growth</a> for the full year ahead?<br /></strong>It looks like we’re really on the road to recovery, and then if you break down the overall incremental growth or the reasons for the decline, over the last year and a half, the biggest drag actually comes from the large manufacturing sector and in that commodities to such an extent that what used to contribute about 1.5-2% to incremental growth is actually on some kind of minus 2% contribution right now. </p> <p>I think over the last four quarters, steel companies have reduced their debt by probably Rs two lakh crore (2 trillion). It’s not a small number. My own feeling is that if we manage to do around 8-8.5% odd this year – we’re probably already running around 8.2% at the last date and hopefully if we can get closer to 8.5% – so looking at how much we lost in retail last year, the services segment a bit more and if we break away from that; going from 8.5% to 11% shouldn’t be a big challenge. </p> <p>Does the market expect it? Maybe not. The markets are probably looking at 10-10.5%. My own expectation is probably 11-11.5%. You might say I’m a little more optimistic. </p> <p><strong>One of the key themes in the banking space for some time has been corporate governance issues. How is the industry evolving in terms of regulatory spotlight on corporate governance?<br /></strong>It works on both sides. There is a lot of red ink that has gone through because of the multiple failures and I want to be a little careful when I say this, but someone is at fault. </p> <p>RBI – given what has happened over the past four or so years – is bound to take action and when regulators act, they don’t act with a scalpel. They work with an axe. And I think that’s what happened. What probably helped is that it’s like at low tide you can tell who’s swimming naked. And if there is no growth, two things are possible because if there is no growth; banks, NBFCs, according to which ones have problems, are very easily visible. </p> <p>Secondly, the type of audits that RBI will have to perform are also less. So it’s probably getting a little easier for RBI to figure out and considering what happened, they’ve been a little stricter as well. Again, let me not judge whether RBI is right or wrong. It’s a regulator. </p> <p><strong>What is your vision of the NBFC sector? In terms of the restructuring that was done in the first two waves of COVID, what impact would that have?<br /></strong>Everything is already in the price and if you look at the share prices of these NBFCs, many are below the book. </p> <p>It is more or less well known and if we look at what RBI asks of NBFCs and especially all lending institutions i.e. 90 day NPL recognition and no settlement until all delays are paid, everything is in front of you. </p> <p>Even an HDFC Limited had NPAs around 30 basis points higher; a Shriram Transport will probably have 78 or 80 bps, someone else will have something else. It is therefore well ahead of us. Yes, there will be restructuring and there has been restructuring. Whether it’s an NBFC or a bank, we should expect 15-20% of that to become delinquent. There won’t be too much of a difference. Basically, it all came to the surface. </p> <p>One way or another, everyone has a clue. It’s a cycle we’ve been living in for a decade. The problems are therefore well known. Growth is the key factor. If growth returns, many of these issues will be hidden or probably much more easily managed. </p> <p><strong>What are the best positioned and most fragile sectors in terms of the overall quality of the banking system’s assets?<br /></strong>I want to avoid taking individual names. But let me talk about sectors. Banks are ultimately tied to how other sectors are doing. </p> <p>So where the revenue-generating action has left off is the segment that is most affected. To this extent, the entire service sector, a large part of the commercial tourist vehicles (buses), everything related to travel and tourism, temple tourism, microfinance. </p> <p>Without forgetting that if there is no growth, the entire SME sector will be put to the test. I therefore neglect none of these. </p> <p>These are the real challenges we have to face. If, for example, the GDP projections are not met and the real consumption cycle even slows down from here, then we have a problem. It is an unavoidable problem. Is it currently in the price? Probably not. </p> <p>Even though the banking sector underperformed last year, I always say the market is a little more bullish than what banks and NBFCs are right now because everyone thinks it’s going to come back to the normal. I am also in a similar camp. If this does not happen, there will be downside risks. As a house, Nomura is actually a bit negative on overall GDP growth and we expect higher inflation and higher policy rates.<br /> </p> </div> ]]></content:encoded> </item> <item> <title>LPG bottle at Rs 500, 5 lakh new government jobs in Cong manifesto plan in Chintan Shibir</title> <link>https://zaikaindianct.com/lpg-bottle-at-rs-500-5-lakh-new-government-jobs-in-cong-manifesto-plan-in-chintan-shibir/</link> <dc:creator><![CDATA[Virginia J. Ruiz]]></dc:creator> <pubDate>Sun, 27 Feb 2022 22:04:23 +0000</pubDate> <category><![CDATA[Indian Loans]]></category> <category><![CDATA[rs lakh]]></category> <guid isPermaLink="false">https://zaikaindianct.com/lpg-bottle-at-rs-500-5-lakh-new-government-jobs-in-cong-manifesto-plan-in-chintan-shibir/</guid> <description><![CDATA[<div style="margin-bottom:20px;"><img fifu-featured="1" width="1920" src="https://images.indianexpress.com/2022/02/Guj-chintan-4col.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" title="" title="" loading="lazy" /></div>KITCHEN GAS cylinders at Rs 500 apiece, subsidized electricity, agricultural loan waivers and price support for dairy farmers, compensation of Rs 4 lakh to relatives of Covid-19 victims and five lakh new government jobs – these are just a few resolutions included in Dwarka’s declaration during the Congress Chintan Shibir (brainstorming session) which concluded on […]]]></description> <content:encoded><![CDATA[<div style="margin-bottom:20px;"><img fifu-featured="1" width="1920" src="https://images.indianexpress.com/2022/02/Guj-chintan-4col.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" title="" title="" loading="lazy" /></div><p>KITCHEN GAS cylinders at Rs 500 apiece, subsidized electricity, agricultural loan waivers and price support for dairy farmers, compensation of Rs 4 lakh to relatives of Covid-19 victims and five lakh new government jobs – these are just a few resolutions included in Dwarka’s declaration during the Congress Chintan Shibir (brainstorming session) which concluded on Sunday at Dwarka of Gir Somnath to prepare the outline of the party’s manifesto for the upcoming Assembly elections in Gujarat.</p> <div> <p>The resolutions of the three-day event also included reducing tax rates, model schools in every taluka location, creating 10 lakh new jobs, providing a minimum income of Rs 70,000 for the poor.</p> <p>“After three days of brainstorming, with the cooperation of all of you, we were able to come up with a document, which you can call Sankalp Patra or Dwarka Declaration. It contains the work that needs to be done by the organization (the Congress), the programs to oppose and seek answers to the government by initiating the agitation as well as the decisions that the first cabinet meeting of the Congress government will take after having won the 2022 elections,” Jagdish said. Thakor, chairman of the Gujarat Pradesh Congress Committee (GPCC), said on Sunday while addressing the Shibir.</p> <p>The statement covered issues ranging from rising prices to education, agriculture, health care, law and order, corruption, economy, social justice, youth and employment, women’s safety and empowerment, improving living conditions in cities, and cleaning up the state’s polluted rivers. The statement stressed that the ideology of the Congress was secular, linked to social justice and parliamentary democracy and defended the freedoms of the people and the empowerment based on rights, equality, non-violence and the scientific approach. .</p> <p>The document promised to give housewives bottles of cooking gas at Rs 500 each. He also promised to give free or subsidized electricity and to reduce tax rates and water charges in a bid to relieve people in times of rising prices. The party also decided to establish a model school in each taluka with the aim of protecting people from the commercialization of education and providing free education for girls up to graduation level.</p> <p>The document also decided to forgo agricultural <a class="wpil_keyword_link " href="https://zaikaindianct.com/betsy-devos-really-really-really-really-hates-loan-forgiveness/" title="loans" data-wpil-keyword-link="linked">loans</a> and halve the electricity bill of farmers, give a subsidy of Rs 5 per liter to dairy farmers and exempt from GST farm equipment, fertilizers, seeds, pesticides, etc. Another resolution was to award compensation of Rs 4 lakh to close relatives of those who died due to Covid-19 and to set up what she called Tiranga Clinics in every neighborhood of the cities. Issues such as improving law and order by cracking down on drug traffickers and those who commit crimes against women have also been given priority.</p> <p>“The education system is in ruins and there are no job opportunities. So what do they give young people? It’s alcohol, drugs — opium, marijuana, etc. A white paper will be published on those who do not give young people a good education and a good job, but condemn them by giving them drugs, alcohol, marijuana and hashish. The culprits will be identified and the Youth Congress and NSUI will seize the collar of the ‘vahivat karta (those who run the rackets) and the government administration,” Thakor said as he made the statement public.</p> <p>Thakor said the party also decided to give five lakh government jobs to young people if elected to office and create 10 lakh job opportunities every year.</p> <p>“According to government records, there are 20 lakh unemployed youths in the state. I guess there are 20 lakh more who are unregistered. There are no plans for them. They want recruit only those who subscribe to their party’s ideology.Through village committees we will identify educated and uneducated unemployed youth and by abolishing the government practice of contract hiring and fixed salary jobs, we decide to provide them with a permanent salary according to government standards,” Thakor said, adding that if Congress forms the government, it will also constitute a commission of inquiry headed by a sitting judge of the Gujarat High Court to investigate irregularities. allegations in recruitment, including incidents of question leaks.</p> <p><iframe loading="lazy" src="https://open.spotify.com/embed-podcast/show/0ygP4jm9c9SdqUM3C6DycM" width="100%" height="232" frameborder="0"></iframe></p> <p>Another resolution was to provide 70,000 rupees a year to the poor under the Nyuntam Aay Yojana (NYAY), first offered by the party in 2019, and also restore the old government employee pension scheme. He also promised to free cities from traffic congestion, crack down on unauthorized construction and clean up currently polluted major rivers. The document also promised to link the minimum wage to inflation and provide fees to Anganwadi workers, ASHA and midday meal operators in accordance with the Minimum Wage Act. He also promised to regularize the services of those who have served the government for 10 years.</p> <p>The party has also decided to promote small and medium-sized businesses to tackle the inequalities created by the BJP’s “anti-people” policies. “Our workers decided to go and see people with these sankalps,” Thakor said.</p> </div> ]]></content:encoded> </item> <item> <title>Jio-Facebook partnership: a step towards universal basic Internet</title> <link>https://zaikaindianct.com/jio-facebook-partnership-a-step-towards-universal-basic-internet/</link> <dc:creator><![CDATA[Virginia J. Ruiz]]></dc:creator> <pubDate>Sat, 26 Feb 2022 21:22:30 +0000</pubDate> <category><![CDATA[India Population]]></category> <category><![CDATA[rs crore]]></category> <category><![CDATA[rs lakh]]></category> <guid isPermaLink="false">https://zaikaindianct.com/jio-facebook-partnership-a-step-towards-universal-basic-internet/</guid> <description><![CDATA[<div style="margin-bottom:20px;"><img fifu-featured="1" width="1920" src="https://www.sundayguardianlive.com/wp-content/uploads/2020/05/Facebook-Jio-916x516.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" title="" title="" loading="lazy" /></div>Access to most mobile internet users in India along with the ability to deliver mobile content and applications in Indian languages ​​gives Jio-Facebook a substantial advantage in reaching all Indians currently connected to the internet. In April 2021, in a video release, Mukesh Ambani, the chairman of Reliance Jio announced an investment from global social […]]]></description> <content:encoded><![CDATA[<div style="margin-bottom:20px;"><img fifu-featured="1" width="1920" src="https://www.sundayguardianlive.com/wp-content/uploads/2020/05/Facebook-Jio-916x516.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" title="" title="" loading="lazy" /></div><div id="dvContents"> <h3><em>Access to most mobile internet users in India along with the ability to deliver mobile content and applications in Indian languages ​​gives Jio-Facebook a substantial advantage in reaching all Indians currently connected to the internet.</em></h3> <p>In April 2021, in a video release, Mukesh Ambani, the chairman of Reliance Jio announced an investment from global social media giant Facebook for a 9.99% stake for Rs 43,574 crore, which values ​​Jio at a mind-boggling Rs 4.62 lakh crore. Subsequently, Jio raised over Rs 1 lakh crore in a bid to reduce growing debt and interest obligations on its balance sheet.<br />In January 2020, the Supreme Court of India declared Internet access a fundamental right under Article 19 of the Constitution. The United Nations Commission on Human Rights passed a non-binding resolution in 2016 that makes internet access a basic human right. India then opposed this resolution at the UN.<br />Mark Zuckerberg, founder and CEO of Facebook, published a 10-page white paper in August 2014 outlining his idea of ​​how the Internet should be made accessible to everyone and access to data should be a fundamental right. Globally, many technology leaders and public policy experts were skeptical of Mark Zuckerberg’s intentions. Facebook has spent a huge amount of money promoting this idea in India under the internet.org initiative. However, they demanded that Facebook-related apps be given priority over the network, which was fiercely opposed by internet equality rights advocates. The courts supported this position and the effort disappeared within a few months.<br />Over the past decade. we have seen the impact that technology has had on social and other aspects of human life caused by the GAFA factor, where GAFA is the acronym for the major global technology giants Google, Amazon, Facebook and Apple. This does not take into account Whatsapp and Instagram (both now part of Facebook), Microsoft or Twitter which, with the exception of Microsoft, focus more on social networks. Regional players are also excluded, which would include regional tech players and telecom giants like Verizon, AT&T or Comcast, Walmart and other e-tailers in the US, BSNL and Flipkart in India or tech giants in China’s closed internet arena like search engine Baidu, instant messaging service WeChat or Jack Ma’s Alibaba. If two or three of these players were to combine forces where they have a majority market share, they would have an almost insurmountable lead over their closest competitor in second place. The Jio-Facebook deal spawned such a partnership with the idea of ​​creating a gigantic JioMart to compete with Amazon and Flipkart in the online marketplace, as well as hyper-local essentials delivery giants like Dmart- Ready and Big Basket.<br />Facebook bought WhatsApp in February 2014 for $16 billion at an effective price of $55 per WhatsApp user. At that time, WhatsApp had almost no revenue as it was and is still ad-free. So what justified such a high acquisition cost? In 2014, WhatsApp had over 500 million users worldwide and was adding over 1 million users daily. Facebook then had about 890 million users, but its growth was much slower. Facebook acquired WhatsApp to achieve this user growth. In a similar deal, Facebook acquired Instagram in 2012 for $1 billion when the company had just 13 employees.<br />According to Google, a large portion of new Indian users are joining Internet access content in Indian languages. This number makes sense because almost the entire English-speaking population already has internet access and the majority of added users come from rural areas where Indian languages ​​are the primary means of communication. Jio has already launched several of its phones and apps in major Indian languages. Access to all mobile internet users in India along with the ability to deliver mobile content and applications in Indian languages ​​gives Jio-Facebook a substantial advantage in reaching all Indians currently connected to the internet.<br />The Jio-Facebook and by extension WhatsApp with its Indian user base of over 400 million gives the partnership a very wide reach in India, rivaled only by Google. Google, in addition to its search business, also owns Gmail and YouTube, the world’s leading providers of email and video streaming services. Unlike Google Pay, Facebook-owned WhatsApp’s payment service had been in its pilot phase in India for more than two years now. This was due to its delay in complying with RBI’s data localization regulations. WhatsApp then submitted a report to the Supreme Court stating that its payment platform now complied with RBI requirements. The audit report was prepared by an independent third-party auditor, certified by the central government cybersecurity firm CERT-in. WhatsApp Payment has recently launched in India. This could potentially integrate well with the Jio-Mart platform.<br />Regulators like TRAI and the Competition Commission of India must ensure a level playing field. From a government perspective, they could encourage other industry leaders to form similar collaborations. For example, Google with its search user base, Gmail and YouTube could partner with Vodafone, Airtel or BSNL depending on the target market. They could additionally collaborate with DMart or Big Basket to be a healthy competitor for JioMart. We are living in exciting times with India planning to launch 5G services in 2022. Multimedia content, e-commerce and other services delivered over high-speed networks, coupled with rural penetration, would go a long way in realizing the dream of basic universal Internet access as a fundamental element. law.</p> <p> <!-- Single ad 3 --></p> <p> <!-- Single ad 3 --> </div> ]]></content:encoded> </item> <item> <title>As the government pushes for digital payments, here’s how active the Ministry of MSMEs is in digital transactions</title> <link>https://zaikaindianct.com/as-the-government-pushes-for-digital-payments-heres-how-active-the-ministry-of-msmes-is-in-digital-transactions/</link> <dc:creator><![CDATA[Virginia J. Ruiz]]></dc:creator> <pubDate>Tue, 22 Feb 2022 03:30:00 +0000</pubDate> <category><![CDATA[Indian Banks]]></category> <category><![CDATA[rs crore]]></category> <category><![CDATA[rs lakh]]></category> <guid isPermaLink="false">https://zaikaindianct.com/as-the-government-pushes-for-digital-payments-heres-how-active-the-ministry-of-msmes-is-in-digital-transactions/</guid> <description><![CDATA[<div style="margin-bottom:20px;"><img fifu-featured="1" width="1920" src="https://www.financialexpress.com/wp-content/uploads/2022/02/online-shopping-g82d190793_1280.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" title="" title="" loading="lazy" /></div>Credit and finance for MSMEs: The Mahatma Gandhi Institute for Rural Industrialization (MGIRI) led the count of digital transactions among six MSME offices with zero offline transactions. Credit and financing for MSMEs: As the digital payments ecosystem continues to grow in the country, with businesses and individuals adopting digital instruments such as the Unified Payment […]]]></description> <content:encoded><![CDATA[<div style="margin-bottom:20px;"><img fifu-featured="1" width="1920" src="https://www.financialexpress.com/wp-content/uploads/2022/02/online-shopping-g82d190793_1280.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" title="" title="" loading="lazy" /></div><p><h2 class="wp-block-post-excerpt__excerpt">Credit and finance for MSMEs: The Mahatma Gandhi Institute for Rural Industrialization (MGIRI) led the count of digital transactions among six MSME offices with zero offline transactions. </h2> </p> <div> <p><strong>Credit and financing for MSMEs:</strong> As the digital payments ecosystem continues to grow in the country, with businesses and individuals adopting digital instruments such as the Unified Payment Interface (UPI) to conduct transactions, the Ministry of MSMEs, on the other hand, also makes sure to give voice to the government’s digital payments initiative. In fact, the majority of transactions carried out by the Ministry of MSMEs and its attached offices last year were almost entirely digital.</p> <p>According to the Ministry of MSMEs, all of its offices including Khadi and Village Industries Commission (KVIC), National Small Industries Corporation (NSIC), Office of the Development Commissioner (DC MSME), Coir Board, National Institute for Micro, Small and Medium Enterprises (NI-MSME) and the Mahatma Gandhi Institute for Rural Industrialization (MGIRI) have been digitally enabled.</p> <p>According to the annual report of the Ministry of MSMEs for the year 2021-22 released last week, 41.36 lakh transactions amounting to Rs 27,292.98 crore were recorded across the six offices of the Ministry of MSMEs in during the nine-month period ending December 2021. 87.32% or 36.11 lakh of these transactions were digital, down slightly from 90.19% during the April-December 2020 period. a year ago. However, in terms of value, 98.53% or Rs 26,891.22 crore of transactions were conducted digitally last year, compared to 92.02% in 2020. Overall, the number of digital transactions last year was also higher compared to transactions of 33.76 lakh in 2020. </p> <p>Comments from the Ministry of MSMEs for this story were not immediately available.</p> <p>MGIRI led the count of digital transactions among the six MSME offices with zero offline transactions. All 659 transactions worth Rs 5,552 crore were completed digitally. In contrast, NSIC recorded 94.9% of its transaction volume digitally, followed by 94.4% at NI-MSME, 93.70% at Coir Board, 90.49% at DC-MSME and 87.02% at KVIC. The highest number of 34.12 lakh digital transactions were made at KVIC compared to 89,483 digital transactions at DC MSME; 88,640 at NSIC; 17,805 at Coin Board; and 2,089 at NI-MSME.</p> <p><strong>FinancialExpress.com presents its flagship event The ScaleUp Summit exclusively for MSME owners to learn from each other and grow their business. Join us by registering here.</strong> </p> <p>“In accordance with the recommendations of the Committee of Secretaries (CoS) and the directives of the MeitY, a Committee on Digital Payments has been formed within the Ministry under the chairmanship of the Secretary (MSME) to enable the Ministry and its attached offices to successfully complete the implementation of the “Digidhan Mission”, the ministry said in its annual report. </p> <p>The digital payments market is expected to grow at a compound annual growth rate of 27% over the FY20-25 period. Growth of retail electronic payment systems including National Electronic Funds Transfer (NEFT), mobile banking and development of payment acceptance infrastructure is expected to boost digital payment transactions by Rs 2,153 lakh crore in FY20 to Rs 7,092 lakh crore in FY25, the Indian private Equity and Venture Capital Association (IVCA) and Ernst & Young had stated in its India Trend Book Report 2021. </p> <p>However, a CLSA report in December last year pegged the value of the digital payments market in India to rise from $300 billion (Rs 22.35 lakh crore) in FY21 to $1 trillion. dollars (Rs 74.52 lakh crore) by FY26. To further encourage digital payments, Finance Minister Nirmala Sitharaman in her budget speech earlier this month had proposed to establish 75 Digital Banking Units (DBUs) in 75 districts across the country by regular commercial banks.</p> </div> ]]></content:encoded> </item> <item> <title>adb: IIFL Home Finance to secure $68m in AfDB loans</title> <link>https://zaikaindianct.com/adb-iifl-home-finance-to-secure-68m-in-afdb-loans/</link> <dc:creator><![CDATA[Virginia J. Ruiz]]></dc:creator> <pubDate>Sun, 20 Feb 2022 15:13:00 +0000</pubDate> <category><![CDATA[Indian Loans]]></category> <category><![CDATA[rs crore]]></category> <category><![CDATA[rs lakh]]></category> <guid isPermaLink="false">https://zaikaindianct.com/adb-iifl-home-finance-to-secure-68m-in-afdb-loans/</guid> <description><![CDATA[<div style="margin-bottom:20px;"><img fifu-featured="1" width="1920" src="https://img.etimg.com/thumb/msid-89707487,width-1070,height-580,imgsize-183207,overlay-economictimes/photo.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" title="" title="" loading="lazy" /></div>Multilateral finance agency Asian Development Bank has offered $68 million in financing to IIFL Home Finance to expand its footprint in the affordable and green housing segment. The financing includes a direct loan from the AfDB of $58 million and another concessional loan of $10 million from the Canadian Climate Fund. The Canadian fund will […]]]></description> <content:encoded><![CDATA[<div style="margin-bottom:20px;"><img fifu-featured="1" width="1920" src="https://img.etimg.com/thumb/msid-89707487,width-1070,height-580,imgsize-183207,overlay-economictimes/photo.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" title="" title="" loading="lazy" /></div><div data-brcount="24">Multilateral finance agency Asian Development Bank has offered $68 million in financing to IIFL Home Finance to expand its footprint in the affordable and green housing segment.</p> <p>The financing includes a direct loan from the AfDB of $58 million and another concessional loan of $10 million from the Canadian Climate Fund. The Canadian fund will also be channeled through the ADB. </p> <p>The local currency loan size is Rs 508 crore.<br /> </p> <p>This is IIFL Home Finance’s first loan from the AfDB or any other development finance institution, Managing Director Monu Ratra told ET.</p> <p>The blended cost of the fund is around 8.1% per year, he said. </p> <p>“The AfDB financing will help us improve the penetration of affordable green housing in India’s deeper markets and fulfill the dream of many Indian families of owning their own home,”<br /> <b>Ratra said.</b> </p> <p>The loan will be split into two tranches, an AfDB spokesperson said, responding to questions from ET. Of this amount, Rs 433 crore is earmarked for <a class="wpil_keyword_link " href="https://zaikaindianct.com/covid-19-loan-schemes-privacy-notice/" title="loans" data-wpil-keyword-link="linked">loans</a> to female borrowers or co-borrowers from low income groups with a particular focus on India’s lagging states, and for mortgages on certified green affordable housing. </p> <p>The balance of Rs 75 crore is intended to be loaned to developers for the construction of certified green affordable housing, the spokesperson said. This should encourage developers to adopt green certification standards in the construction of affordable housing. </p> <p>ADB already has an existing link with IIFL Home Finance to promote green housing initiatives in India aimed at reducing carbon emissions and conserving water and energy. </p> <p>Buildings contribute about 35% of carbon emissions and the vast majority of the housing stock is yet to be built in India. Domestic units can be designed in accordance with climatic requirements and improve carbon efficiency. </p> <p>IIFL Home Finance provides affordable home <a class="wpil_keyword_link " href="https://zaikaindianct.com/betsy-devos-really-really-really-really-hates-loan-forgiveness/" title="loans" data-wpil-keyword-link="linked">loans</a> to economically weaker sections, Low Income (LIG) and Middle Income (MIG) groups in line with the government’s Housing for All effort. </p> <p>The lender had assets under management of Rs 22,207 crore at the end of December last year, three quarters of which were home loans averaging Rs 17 lakh. He aims to take his book to Rs 30,000 crore by March 2023, Ratra said. </p> </div> ]]></content:encoded> </item> <item> <title>Union budget 2022: Alarming, interest costs the most?</title> <link>https://zaikaindianct.com/union-budget-2022-alarming-interest-costs-the-most/</link> <dc:creator><![CDATA[Virginia J. Ruiz]]></dc:creator> <pubDate>Sun, 13 Feb 2022 09:54:46 +0000</pubDate> <category><![CDATA[Indian Banks]]></category> <category><![CDATA[bank india]]></category> <category><![CDATA[rs lakh]]></category> <category><![CDATA[united states]]></category> <guid isPermaLink="false">https://zaikaindianct.com/union-budget-2022-alarming-interest-costs-the-most/</guid> <description><![CDATA[<div style="margin-bottom:20px;"><img fifu-featured="1" width="1920" src="https://www.financialexpress.com/wp-content/uploads/2022/02/Economy_2-4.jpeg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" title="" title="" loading="lazy" /></div>The general public is largely left out of the serious things of the annual budget. But the budget is something more, a barometer of the country’s economy Gopal Goswami, California Mukesh Kabra Smt. Nirmala Sitharaman, Minister of Finance of India, recently presented the fourth consecutive budget of the Union and the ninth budget of the […]]]></description> <content:encoded><![CDATA[<div style="margin-bottom:20px;"><img fifu-featured="1" width="1920" src="https://www.financialexpress.com/wp-content/uploads/2022/02/Economy_2-4.jpeg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" title="" title="" loading="lazy" /></div><p><h2 class="wp-block-post-excerpt__excerpt">The general public is largely left out of the serious things of the annual budget. But the budget is something more, a barometer of the country’s economy </h2> </p> <div> <p><strong>Gopal Goswami, California Mukesh Kabra</strong></p> <p>Smt. Nirmala Sitharaman, Minister of Finance of India, recently presented the fourth consecutive budget of the Union and the ninth budget of the Narendra Modi government. Nirmala Sitharaman has been on the elite list of ministers who could present four or more budgets like Morarji Desai, Pranab Mukherjee, Manmohan Singh, Arun Jaitley, etc. So far, Morarji Desai has presented ten budgets to Parliament.</p> <p>For a commoner, the budget is just news in which he is interested in knowing the tax burdens imposed by the government, but in India, the number of such people is minimal. Only a small percentage of our population pays direct taxes. The other interest for people is capital expenditure, so that they can estimate the employment generated by investment projects and therefore the flow of cash in the market. The general public is largely left out of the serious things of the annual budget. But the budget is something more, a barometer of the country’s economy.</p> <p>The most alarming aspect of this budget is the exponential increase in interest expenses. When the Modi government took over the helm of the country in 2014, the estimated interest expenditure in the budget was around Rs 3.80 lakh crore, while the estimated interest expenditure for the financial year 2022-2023 is Rs 9.40 lakh crore. This implies that interest charges have almost tripled in the space of nine years. The amount of interest, at first glance, seems to be phenomenal in terms of value, but is it a reality? We often hear experts in the economic and political arena say that this government has ruined the economy and that we are heading towards financial bankruptcy. It’s generally believed that you have to keep interest charges low to navigate choppy waters, but is that belief really tenable in all situations?</p> <p>It is a golden rule of comparison that an apple should only be compared to an apple. An apple cannot be compared to a banana. Are our interest expenses actually increasing? The answers can be traced by analyzing a few vital figures between these two eras.</p> <figure class="wp-block-image size-large"></figure> <p>Now compare some other vital data to our economy: </p> <figure class="wp-block-image size-large"><img loading="lazy" width="620" height="334" data-lazy-type="image" class="lazyload" data-sizes="auto" data-srcset="https://i1.wp.com/www.financialexpress.com/wp-content/uploads/2022/02/Screenshot-2022-02-13-at-3.19.42-PM-620x334.png?w=75&resize=75 75w, https://i1.wp.com/www.financialexpress.com/wp-content/uploads/2022/02/Screenshot-2022-02-13-at-3.19.42-PM-620x334.png?w=100&resize=100 100w, https://i1.wp.com/www.financialexpress.com/wp-content/uploads/2022/02/Screenshot-2022-02-13-at-3.19.42-PM-620x334.png?w=150&resize=150 150w, https://i1.wp.com/www.financialexpress.com/wp-content/uploads/2022/02/Screenshot-2022-02-13-at-3.19.42-PM-620x334.png?w=240&resize=240 240w, https://i1.wp.com/www.financialexpress.com/wp-content/uploads/2022/02/Screenshot-2022-02-13-at-3.19.42-PM-620x334.png?w=320&resize=320 320w, https://i1.wp.com/www.financialexpress.com/wp-content/uploads/2022/02/Screenshot-2022-02-13-at-3.19.42-PM-620x334.png?w=500&resize=500 500w, https://i1.wp.com/www.financialexpress.com/wp-content/uploads/2022/02/Screenshot-2022-02-13-at-3.19.42-PM-620x334.png?w=640&resize=640 640w, https://i1.wp.com/www.financialexpress.com/wp-content/uploads/2022/02/Screenshot-2022-02-13-at-3.19.42-PM-620x334.png?w=800&resize=800 800w, https://i1.wp.com/www.financialexpress.com/wp-content/uploads/2022/02/Screenshot-2022-02-13-at-3.19.42-PM-620x334.png?w=1024&resize=1024 1024w, https://i1.wp.com/www.financialexpress.com/wp-content/uploads/2022/02/Screenshot-2022-02-13-at-3.19.42-PM-620x334.png?w=1280&resize=1280 1280w, https://i1.wp.com/www.financialexpress.com/wp-content/uploads/2022/02/Screenshot-2022-02-13-at-3.19.42-PM-620x334.png?w=1600&resize=1600 1600w" data-src="https://i1.wp.com/www.financialexpress.com/wp-content/uploads/2022/02/Screenshot-2022-02-13-at-3.19.42-PM-620x334.png" alt="" class="iframe-lazy wp-image-2432681" srcset="https://i1.wp.com/www.financialexpress.com/wp-content/uploads/2022/02/Screenshot-2022-02-13-at-3.19.42-PM-620x334.png 620w, https://www.financialexpress.com/wp-content/uploads/2022/02/Screenshot-2022-02-13-at-3.19.42-PM-400x216.png 400w, https://www.financialexpress.com/wp-content/uploads/2022/02/Screenshot-2022-02-13-at-3.19.42-PM-300x162.png 300w, https://www.financialexpress.com/wp-content/uploads/2022/02/Screenshot-2022-02-13-at-3.19.42-PM-768x414.png 768w, https://www.financialexpress.com/wp-content/uploads/2022/02/Screenshot-2022-02-13-at-3.19.42-PM-1200x647.png 1200w, https://www.financialexpress.com/wp-content/uploads/2022/02/Screenshot-2022-02-13-at-3.19.42-PM-81x45.png 81w, https://www.financialexpress.com/wp-content/uploads/2022/02/Screenshot-2022-02-13-at-3.19.42-PM-650x350.png 650w, https://www.financialexpress.com/wp-content/uploads/2022/02/Screenshot-2022-02-13-at-3.19.42-PM.png 1418w" sizes="(max-width: 620px) 100vw, 620px"/></figure> <p>Domestic debt includes open market borrowings, offsets, bonds, etc. -bearing securities in rupees issued for the benefit of international financial institutions. While India’s external debt is the total debt the country owes to foreign creditors. Debtors can be the Union Government, State Governments, Companies or <a class="wpil_keyword_link " href="https://zaikaindianct.com/government-provides-quality-health-care-to-500-million-indians-prime-minister-modi-says-to-global-citizen-live/" title="Indian Citizens" data-wpil-keyword-link="linked">Indian Citizens</a>. Debts include money owed to <a class="wpil_keyword_link " href="https://zaikaindianct.com/indian-stocks-end-flat-as-private-banks-lag-media-actions-explode/" title="private banks" data-wpil-keyword-link="linked">private banks</a>, governments of other countries, or international financial institutions like the International Monetary Fund (IMF) and World Bank.</p> <p>India also lags behind its peers in comparing interest with income. According to the World Bank report, which is based on 2019 values, the average interest expenditure relative to income for most World Bank countries is 5.6%. A few countries have nominal interest expenses, such as Singapore and Switzerland. Most developed and developing countries are able to control their interest expenses and keep them within tolerance. As Germany had 1.5%, Russia had 2.6%, China had 2.8%, Canada had 5.9%, UK had 6%, Italy had 8.2% , the United States had 15%, but none of the major countries came close to India’s level, which was 23%. % to 2018 value.</p> <p>From the above data, it is apparent that the interest payment has decreased given the exponential increase in the size of the budget. The real concern is that nearly half of tax revenue is spent on interest payments despite the substantial increase in tax revenue over these nine years. Interest payments are also rising relative to GDP, which is another alarming area for the government.</p> <p>Another significant part of the budget is allocated to fixed costs, which include salaries, pensions, salaries, establishment costs, etc., although the government tries to control these expenses through various measures. The most significant part of the comparison of these two eras is the significant drop in subsidies. The grants were around 2.50 lakh crore in 2013-2014 which is now pegged at around 3.20 lakh crore. A significant share of about 22.5% of total expenditure was spent on pre-Modi era subsidies, which significantly decreased to about 8.2% of total budget expenditure. This was possible thanks to the firm determination of the government and was very necessary for the <a class="wpil_keyword_link " href="https://zaikaindianct.com/indian-economy-pandemic-recovery-is-far-from-over/" title="Indian economy" data-wpil-keyword-link="linked">Indian economy</a>. FM made a brave move on Air India divestment, but there are still many PSUs that eat tax money, to be divested by the government. It is important to spend as much money as possible on capital projects. Government services like the railways and the post office should be more efficient and cost-effective. The government needs to find more ways to reduce the interest burden or we could soon be heading for an economic downturn and financial crisis like the United States experienced in the first decade of this century.</p> <p><strong><em>(The authors – Gopal Goswami is researcher, NIT Surat and </em>Mukesh Kabra is a Surat-based Chartered Accountant who has been practicing for 20 years.<em> The opinions expressed are personal and do not reflect the official position or policy of Financial Express Online.)</em></strong></p> </div> <p><img loading="lazy" class="lazyload" data-sizes="auto" data-srcset="https://i2.wp.com/www.financialexpress.com/wp-content/themes/ie-network-theme/assets/src/img/telegram-icon.png?w=75&resize=75 75w, https://i2.wp.com/www.financialexpress.com/wp-content/themes/ie-network-theme/assets/src/img/telegram-icon.png?w=100&resize=100 100w, https://i2.wp.com/www.financialexpress.com/wp-content/themes/ie-network-theme/assets/src/img/telegram-icon.png?w=150&resize=150 150w, https://i2.wp.com/www.financialexpress.com/wp-content/themes/ie-network-theme/assets/src/img/telegram-icon.png?w=240&resize=240 240w, https://i2.wp.com/www.financialexpress.com/wp-content/themes/ie-network-theme/assets/src/img/telegram-icon.png?w=320&resize=320 320w, https://i2.wp.com/www.financialexpress.com/wp-content/themes/ie-network-theme/assets/src/img/telegram-icon.png?w=500&resize=500 500w, https://i2.wp.com/www.financialexpress.com/wp-content/themes/ie-network-theme/assets/src/img/telegram-icon.png?w=640&resize=640 640w, https://i2.wp.com/www.financialexpress.com/wp-content/themes/ie-network-theme/assets/src/img/telegram-icon.png?w=800&resize=800 800w, https://i2.wp.com/www.financialexpress.com/wp-content/themes/ie-network-theme/assets/src/img/telegram-icon.png?w=1024&resize=1024 1024w, https://i2.wp.com/www.financialexpress.com/wp-content/themes/ie-network-theme/assets/src/img/telegram-icon.png?w=1280&resize=1280 1280w, https://i2.wp.com/www.financialexpress.com/wp-content/themes/ie-network-theme/assets/src/img/telegram-icon.png?w=1600&resize=1600 1600w" data-src="https://i2.wp.com/www.financialexpress.com/wp-content/themes/ie-network-theme/assets/src/img/telegram-icon.png" width="24" height="24" title="Financial Express Telegram" alt="Financial Express Telegram"/> Financial Express is now on Telegram. Click here to join our channel and stay up to date with the latest Biz <a class="wpil_keyword_link " href="https://zaikaindianct.com/business-news-stock-market-and-stock-market-news-financial-news/" title="news and updates" data-wpil-keyword-link="linked">news and updates</a>.</p> ]]></content:encoded> </item> <item> <title>Reducing social spending right now is a dangerous bet</title> <link>https://zaikaindianct.com/reducing-social-spending-right-now-is-a-dangerous-bet/</link> <dc:creator><![CDATA[Virginia J. Ruiz]]></dc:creator> <pubDate>Sat, 12 Feb 2022 02:34:14 +0000</pubDate> <category><![CDATA[Indian Loans]]></category> <category><![CDATA[fiscal year]]></category> <category><![CDATA[rs crore]]></category> <category><![CDATA[rs lakh]]></category> <guid isPermaLink="false">https://zaikaindianct.com/reducing-social-spending-right-now-is-a-dangerous-bet/</guid> <description><![CDATA[<div style="margin-bottom:20px;"><img fifu-featured="1" width="1920" src="https://images.indianexpress.com/2022/02/oped-lead.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" title="" title="" loading="lazy" /></div>A week before the presentation of the Union budget, the Chairman of Hindustan Unilever (HUL) asked the Minister of Finance (FM) to plan a Mahatma Gandhi-like National Rural Employment Guarantee Scheme for the urban poor. He said personal consumption, which makes up nearly two-thirds of India’s economy, has been hit hard and programs like MGNREGA […]]]></description> <content:encoded><![CDATA[<div style="margin-bottom:20px;"><img fifu-featured="1" width="1920" src="https://images.indianexpress.com/2022/02/oped-lead.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" title="" title="" loading="lazy" /></div><p>A week before the presentation of the Union budget, the Chairman of Hindustan Unilever (HUL) asked the Minister of Finance (FM) to plan a Mahatma Gandhi-like National Rural Employment Guarantee Scheme for the urban poor. He said personal consumption, which makes up nearly two-thirds of India’s economy, has been hit hard and programs like MGNREGA should be scaled up and expanded until consumption fully recovers.</p> <div> <p>This is a stunning reversal of opinion on MGNREGA, which was derided just a decade ago by the private sector, political commentators and then Chief Minister Narendra Modi as a ‘handout’ for the poor that would make them lazy and indolent.</p> <p>Ironically, the economic study of 2021-22 proudly states that MGNREGA has provided a safety net for over 110 million poor Indians. As a reminder, all publicly traded companies and unicorn start-ups combined employ only seven million people.<br />But, in reality, more than 110 million would have depended on MGNREGA this year, if the program had not run out of money after just six months in the <a class="wpil_keyword_link " href="https://zaikaindianct.com/maharashtra-slow-disbursement-of-agricultural-loan-worries-farmers-ahead-of-kharif-season/" title="current fiscal year" data-wpil-keyword-link="linked">current fiscal year</a>. Demand for work under MGNREGA, which is by definition an unemployment insurance scheme for people in dire straits, is at record highs and apparently many have been turned away due to lack of funds.</p> <p>In this context, the FM introduced a new economic philosophy in the budget that moves away from direct government social assistance for the needy towards indirect economic impact. Denying expectations of an extended and expanded MGNREGA, FM instead cut the budget for the program and reallocated it to government capital expenditure.</p> <p>To be clear, lowering the demand for MGNREGA should be our primary economic goal as a nation. It is a demand-driven program and if people are able to find better quality jobs than working for minimum wage, the demand for MGNREGA and therefore spending will also be lower. But dismissing people for lack of funds and artificially suppressing the demand of MGNREGA does not suit a democratically elected government.</p> <p>The idea that government should step in when private investment is lukewarm and demand is lackluster in an economy is sound and well-established economic theory. In itself, embarking on a program of productive public investment to stimulate economic activity, stimulate demand and catalyze private investment is a laudable goal. The question is: was it right to cut MGNREGA’s spending to fund government investments in this perilous time? And the natural corollary question will be: how else could such a government investment program have been funded?</p> <p><span class="picture"><noscript><img loading="lazy" class="size-full wp-image-7354091 alignleft" class="lazyload" data-sizes="auto" data-srcset="https://i3.wp.com/images.indianexpress.com/2021/06/explained-button-300-ie.jpeg?w=75&resize=75 75w, https://i3.wp.com/images.indianexpress.com/2021/06/explained-button-300-ie.jpeg?w=100&resize=100 100w, https://i3.wp.com/images.indianexpress.com/2021/06/explained-button-300-ie.jpeg?w=150&resize=150 150w, https://i3.wp.com/images.indianexpress.com/2021/06/explained-button-300-ie.jpeg?w=240&resize=240 240w, https://i3.wp.com/images.indianexpress.com/2021/06/explained-button-300-ie.jpeg?w=320&resize=320 320w, https://i3.wp.com/images.indianexpress.com/2021/06/explained-button-300-ie.jpeg?w=500&resize=500 500w, https://i3.wp.com/images.indianexpress.com/2021/06/explained-button-300-ie.jpeg?w=640&resize=640 640w, https://i3.wp.com/images.indianexpress.com/2021/06/explained-button-300-ie.jpeg?w=800&resize=800 800w, https://i3.wp.com/images.indianexpress.com/2021/06/explained-button-300-ie.jpeg?w=1024&resize=1024 1024w, https://i3.wp.com/images.indianexpress.com/2021/06/explained-button-300-ie.jpeg?w=1280&resize=1280 1280w, https://i3.wp.com/images.indianexpress.com/2021/06/explained-button-300-ie.jpeg?w=1600&resize=1600 1600w" data-src="https://i3.wp.com/images.indianexpress.com/2021/06/explained-button-300-ie.jpeg" alt="" width="300" height="300" srcset="https://i3.wp.com/images.indianexpress.com/2021/06/explained-button-300-ie.jpeg 300w, https://i3.wp.com/images.indianexpress.com/2021/06/explained-button-300-ie.jpeg?resize=96,96 96w, https://i3.wp.com/images.indianexpress.com/2021/06/explained-button-300-ie.jpeg?resize=150,150 150w" sizes="(max-width: 300px) 100vw, 300px"/></noscript></span></p> <p>The Union Government plans to spend an additional Rs 2.5 crore on capital expenditure next year compared to the current year, including Rs 1 crore in <a class="wpil_keyword_link " href="https://zaikaindianct.com/betsy-devos-really-really-really-really-hates-loan-forgiveness/" title="loans" data-wpil-keyword-link="linked">loans</a> to states exclusively for expenditure of investment. Sixty percent of this additional investment amount is expected to come from a reduction in food (ration), fertilizer, fuel subsidies and MGNREGA.</p> <p>The government’s fundamental premise is that we are past the pandemic blues and next year will be a normal year. Extra food grains given during the pandemic can be withdrawn and food subsidies can be reduced by Rs 80,000 crore is believed. Similarly, the government seems to believe that the demand for MGNREGA will decrease next year and has reduced its allocation by around Rs 30,000 crore. The government’s belief that next year will be a “business as usual” pre-pandemic year is a dangerous gamble.</p> <p>It is important to remember that in September 2019, outside of the budget cycle, there was a sudden announcement of a dramatic reduction in corporate tax rates. As a result, of the more than nine lakh companies that filed tax returns last year, the top 433 companies with profits above Rs 500 crore paid taxes at the effective rate of 20%, while at in fiscal year 2019, these companies paid an effective tax rate. by 27 percent.</p> <p>The profits of these top 400 companies have doubled and their market value has tripled since 2019. But the total number of people employed by these companies has remained the same. To put it simply, corporate tax cuts have so far cost the government Rs 3 lakh crore (Rs 1.5 lakh crore per year), they have doubled corporate profits, but created no new job.</p> <p>Since the government believes that next year will be a normal year like 2019, the corporate tax rate could have been reduced to the 2019 rate. This could have generated at least an additional Rs 1 lakh crore in tax revenue, probably more , which could have been used to increase capital expenditure without the need to reduce welfare.</p> <p>There would have been no economic or social repercussions of this decision since these companies did not increase their investments or create jobs after the tax cuts and they were used to paying taxes anyway tax rate. Similarly, with booming stock markets and massive increases in the capital wealth of the few, an increase in securities trading and capital gains taxes could have yielded at least another Rs 50,000 crore, to be used to increase capital expenditure. India’s capital gains and corporate tax rates are among the lowest in the world, and have yielded no ‘dividend’ in terms of investment or jobs for people. There was a clear and justified rationale for boosting government investment spending by raising corporate and capital gains tax rates and not cutting social spending at such a precarious time for the economy.</p> <p>Increasing public investment to stimulate economic activity is in principle a good philosophy. Reducing MGNREGA expenditures is an optimal objective but one that must be achieved naturally and not forcefully. Reducing social spending to finance investment spending in the hope of “falling off” economic benefit is a dangerous bet at the present time. Especially, when there were other, more prudent ways to raise funds by increasing progressive direct taxes on large corporations without deleterious impact. For the good of the nation, I sincerely hope that the dangerous bet of the Modi government to finance public investments by reducing safety net allocations will pay off, although I remain skeptical.</p> <p><em><strong>This column first appeared in the print edition of February 12, 2022 under the title “At the expense of the poorest”. Chakravarty is a political economist and chairman of Congress party data analysis</strong></em></p> </div> ]]></content:encoded> </item> <item> <title>Budget will boost Jammu and Kashmir’s infrastructure and economy, says LG Manoj Sinha</title> <link>https://zaikaindianct.com/budget-will-boost-jammu-and-kashmirs-infrastructure-and-economy-says-lg-manoj-sinha/</link> <dc:creator><![CDATA[Virginia J. Ruiz]]></dc:creator> <pubDate>Thu, 03 Feb 2022 14:26:46 +0000</pubDate> <category><![CDATA[Indian Loans]]></category> <category><![CDATA[rs crore]]></category> <category><![CDATA[rs lakh]]></category> <guid isPermaLink="false">https://zaikaindianct.com/budget-will-boost-jammu-and-kashmirs-infrastructure-and-economy-says-lg-manoj-sinha/</guid> <description><![CDATA[<div style="margin-bottom:20px;"><img fifu-featured="1" width="1920" src="https://images.indianexpress.com/2022/01/Manoj-Sinha-1.jpeg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" title="" title="" loading="lazy" /></div>The administration of the union territory of Jammu and Kashmir on Thursday described the union budget as a step towards strengthening the infrastructure and economy of Jammu and Kashmir. The Union Territory has received Rs 35,581.44 Crore under Central Government Aid, Grants and Loans for the financial year 2022-2023, which is Rs 877 Crore more […]]]></description> <content:encoded><![CDATA[<div style="margin-bottom:20px;"><img fifu-featured="1" width="1920" src="https://images.indianexpress.com/2022/01/Manoj-Sinha-1.jpeg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" title="" title="" loading="lazy" /></div><p>The administration of the union territory of Jammu and Kashmir on Thursday described the union budget as a step towards strengthening the infrastructure and economy of Jammu and Kashmir.</p> <div> <p>The Union Territory has received Rs 35,581.44 Crore under Central Government Aid, Grants and <a class="wpil_keyword_link " href="https://zaikaindianct.com/betsy-devos-really-really-really-really-hates-loan-forgiveness/" title="Loans" data-wpil-keyword-link="linked">Loans</a> for the financial year 2022-2023, which is Rs 877 Crore more than the amount granted last year, he said in a statement posted here. . Describing the new budget as very significant in terms of development aspects for the union territory, he said a total of Rs 34,704 crore was granted to Jammu and Kashmir in the previous year.</p> <p>He also referred to the finance minister’s budget speech announcing a “huge” amount in grants to the Union Territory for Chenab energy projects, a special scholarship scheme, an industrial development scheme, an institute of high altitude medicinal plants under a package for a particular category of States.</p> <p>According to the budget, Rs 260 crore has been allocated for industrial development and Rs 225 crore for scholarships. Rs 273 crore has been allocated for the rehabilitation of people living in Dal Lake and Nagin Lake areas. And Rs 279 crore has been allocated as grants to the Union Territory Disaster Relief Fund, while Rs 4 crore is earmarked for the establishment of the High Altitude Medicinal Plant Institute Bhaderwah, according to the statement.</p> <p>Also, as per budget, the 800MW Ratle Power Project and the 624MW Kiru Power Project have received Rs 476 crore and Rs 130 crore respectively. These two projects are being constructed on the Chenab River in Kishtwar district. For capital expenditure, Rs 500 crore has also been allocated for the Union Territory.</p> <p>Under the “vibrant villages program”, border villages with small populations, limited connectivity and poor infrastructure will get development gains, the statement said, adding that this will include village infrastructure, housing, tourist resorts , road connectivity, decentralized renewable energy supply, direct door-to-door access to Doordarshan and educational channels as well as livelihood generation support. Additional funding for these activities will be earmarked. Existing schemes will also be covered and their results will be continuously defined and monitored.</p> <p>Lieutenant Governor Manoj Sinha welcomed the Center’s announcement of the launch of the Parvat Mala program. This program will create a modern transportation system on mountains and hilly terrain. As a preferred and environmentally sustainable alternative to conventional roads in the harsh hilly regions of Jammu and Kashmir, a national cable car development program will be undertaken in public-private partnership mode. The goal of the program is to improve connectivity and convenience for commuters, in addition to promoting tourism. It will also cover congested urban areas where conventional mass transit systems are not feasible.</p> <p><iframe loading="lazy" src="https://open.spotify.com/embed-podcast/show/0ygP4jm9c9SdqUM3C6DycM" width="100%" height="232" frameborder="0"></iframe></p> <p>The Parvat Mala program is driven by “seven engines” – roads, railways, airports, ports, public transport, waterways and logistics infrastructure. These “drivers” are complemented by energy transport, information technology, bulk water and sanitation, and social infrastructure.</p> <p>Finally, the approach is powered by clean energy and Sabka Prayas – the joint efforts of the Centre, the Union Territory and the private sector – leading to “enormous” employment and entrepreneurial opportunities for all. The proposals will bring more reforms that will advance the vision of a prosperous India.</p> <p>Finance Minister Nirmala Sitharaman on Tuesday presented the budget with a total outlay of Rs 39.45 lakh crore for 2022-23 in Parliament. The budget aims to lay the groundwork and give a blueprint to lead the economy through the “Amrit Kaal” of the next 25 years – from India 75 to India 100. Its core principles include the transparency of financial statements and fiscal status, reflecting the government’s intent, strengths and challenges in building a robust economy, the statement said.</p> </div> ]]></content:encoded> </item> <item> <title>Make-in-India one of the fastest growing economies, 10 points from Prez Kovind’s speech</title> <link>https://zaikaindianct.com/make-in-india-one-of-the-fastest-growing-economies-10-points-from-prez-kovinds-speech/</link> <dc:creator><![CDATA[Virginia J. Ruiz]]></dc:creator> <pubDate>Mon, 31 Jan 2022 07:25:22 +0000</pubDate> <category><![CDATA[Indian Loans]]></category> <category><![CDATA[covid pandemic]]></category> <category><![CDATA[rs lakh]]></category> <guid isPermaLink="false">https://zaikaindianct.com/make-in-india-one-of-the-fastest-growing-economies-10-points-from-prez-kovinds-speech/</guid> <description><![CDATA[<div style="margin-bottom:20px;"><img fifu-featured="1" width="1920" src="https://images.news18.com/ibnlive/uploads/2021/07/1627283897_news18_logo-1600x900.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" title="" title="" loading="lazy" /></div>Parliament’s budget session began with President Ram Nath Kovind’s speech to both houses in the central hall. He said, “My government believes it is important for the future of the country to remember the past and learn from it. Parliament’s budget session is due to end on April 8, with the first part of the […]]]></description> <content:encoded><![CDATA[<div style="margin-bottom:20px;"><img fifu-featured="1" width="1920" src="https://images.news18.com/ibnlive/uploads/2021/07/1627283897_news18_logo-1600x900.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" title="" title="" loading="lazy" /></div><div> <p id="0" class="story_para_0">Parliament’s budget session began with President Ram Nath Kovind’s speech to both houses in the central hall. He said, “My government believes it is important for the future of the country to remember the past and learn from it. Parliament’s budget session is due to end on April 8, with the first part of the session running until February 11. Later, Finance Minister Nirmala Sitharaman will present the 2021-22 Economic Survey on Monday and the Union Budget on Tuesday. it will be presented towards The budget session which begins today is the sixth parliamentary session to be held since the outbreak of the COVID-19 pandemic in January 2020. The 2020 budget session has been shortened by eight sittings and the budget session by 2021 has been shortened by 10 sessions.</p> <figure class="article_mad" style="min-height :90px"/> <p id="1" class="story_para_1"><strong>On the pharmaceutical sector</strong></p> <p id="2" class="story_para_2">The government has put in place several health care schemes. Ayushman Bharat has helped the poor access health care. The pharmaceutical sector has also helped the country overcome COVID. More than 180 countries benefit from the Indian pharmaceutical sector. We have brought a PLI program for the pharmaceutical sector, President Ram Nath Kovind said during the joint speech.</p> <p id="3" class="story_para_3"><strong>On agriculture and farmers</strong></p> <p id="4" class="story_para_4">More than 6 million rural houses have running water. Women in rural areas benefited from running water. The government has ensured that the poor also receive help from the banks. Farmers have benefited from government programs, despite COVID. Lakh 3 crore increase in agricultural exports over the past year, Kovind said.</p> <p id="5" class="story_para_5">Furthermore, President Kovind said that the government has always focused on helping small farmers. We have ensured adequate infrastructure near agricultural areas. The government has focused on organic farming and crop diversification. The government has focused on the river link across the country. River link system to help parts of India including UP’s Bundelkhand. The government has trained thousands of women in self-help groups. Beto Bachao, Beti Padhao helped young girls. The government focused on increasing the marriageable age of women. The government has stopped the practice of triple talaq.</p> <p id="6" class="story_para_6"><strong>On Jobs & Ecosystem Start-up</strong></p> <p id="7" class="story_para_7">Self-reliance is the government’s number one priority. National education has changed the face of education. We help young people find jobs through Skill India. National Institute of Mental Health established at UP. More than 40 unicorn startups were created in 2021. The startup ecosystem helps young people. Around 6,000 people have found jobs through startups. We have relaxed patent rules for startups.</p> <p id="8" class="story_para_8"><strong>Semiconductor PLI program to further stimulate our startups</strong></p> <p id="9" class="story_para_9">India is one of the cheapest countries for internet and mobile phones. We are also working on the development of 5G. Our semiconductor PLI program will further boost our startup ecosystem.</p> <p id="10" class="story_para_10"><strong>On programs for the manufacturing sector</strong></p> <p id="11" class="story_para_11">PLI schemes are provided in the manufacturing sector. Government programs in the manufacturing sector will create jobs. India is one of the major mobile manufacturing hubs in the world. India is a world leader in technology manufacturing. The government is also focusing on the conventional sector. The government is setting up mega textile manufacturing parks.</p> <figure class="article_mad" style="min-height :90px"/> <p id="12" class="story_para_12"><strong>On defense reforms</strong></p> <p id="13" class="story_para_13">India’s vision of Atmanirbhar Bharat is driven by rapid reforms. India’s independence in defense production is increasing; Manufacturing in India is a priority in defense procurement. 209 defense articles will not be imported from abroad and will be manufactured in India.</p> <p id="14" class="story_para_14"><strong>On MSMEs</strong></p> <p id="15" class="story_para_15">The government ensures the flow of credit for the MSME sector. More than 13 million MSMEs have benefited from government programs. Small businesses get help from the government. Khadi is becoming popular all over the world again. MSMEs have been the backbone of the <a class="wpil_keyword_link " href="https://zaikaindianct.com/indian-economy-pandemic-recovery-is-far-from-over/" title="Indian economy" data-wpil-keyword-link="linked">Indian economy</a>. The government provided Rs 3 lakh crore in unsecured <a class="wpil_keyword_link " href="https://zaikaindianct.com/betsy-devos-really-really-really-really-hates-loan-forgiveness/" title="loans" data-wpil-keyword-link="linked">loans</a> which benefited 13.5 lakh MSMEs.</p> <p id="16" class="story_para_16">Read all the latest news, breaking <a class="wpil_keyword_link " href="https://zaikaindianct.com/business-news-stock-market-and-stock-market-news-financial-news/" title="news and updates" data-wpil-keyword-link="linked">news and updates</a> on coronavirus here.</p> </div> ]]></content:encoded> </item> </channel> </rss>