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Trump Praises Hyundai and Highlights Expanding US Economy | WATCH

March 25, 2025, 1:35 am

Donald Trump recently praised Hyundai, calling it a “great company” contributing to America’s economic growth. He highlighted that several other companies are also expanding their operations within the country, boosting investments and strengthening the economy.

Record-Breaking Economic Growth

.@POTUS: “Hyundai is a great company… We have other great companies coming in and we have some that are going to be staying here and very much expanding… We’re well into the $3-$4 trillion mark which has never happened to our country before.” pic.twitter.com/kSsk5J6w2f

— Rapid Response 47 (@RapidResponse47) March 24, 2025

Trump stated that the US economy has now crossed the $3-$4 trillion mark, a milestone that he claimed has never been achieved before. He emphasized that this growth is a result of increasing confidence from international corporations like Hyundai and others who are choosing to invest and expand in the US.

More Companies Investing in America

According to Trump, several companies are not only staying in the US but are also significantly expanding their operations. This trend of retaining and expanding businesses is contributing to a stronger and more resilient American economy.

Impact on US Economic Policies

Trump’s remarks reflect his administration’s focus on encouraging foreign investments and fostering a business-friendly environment. He stressed that these ongoing investments will continue to drive growth and create new opportunities for American workers.

Ulyanovsk Sees 26% Trade Growth with India

February 25, 2025, 4:43 am

New Delhi, India: The Ulyanovsk Oblast in Russia has reported a 26% increase in foreign trade turnover with India in the first nine months of 2024, compared to the same period in 2023. Governor Aleksey Russkikh shared the data, highlighting a fourfold surge in exports from Ulyanovsk to India, while imports grew by 21%.

India Ranks 5th in Ulyanovsk’s Imports

Governor Russkikh noted that India now ranks fifth in terms of imports to Ulyanovsk from foreign nations. He emphasized that increasing trade further remains a key objective.

“Our task is to enhance these figures. During our visit to India with Ulyanovsk enterprises, we outlined strategies to find new markets, present industrial and investment potential, and finalize new projects,” Russkikh said.

Strengthening Economic Ties

With the support of the Russian Embassy in India, the Trade Mission of Russia in India, and the Consulate General of Russia in Mumbai, the Ulyanovsk delegation showcased the region’s economic and investment potential in New Delhi.

Key Sectors for Growth

Russkikh highlighted mechanical engineering, food production, light industry, and pharmaceuticals as promising sectors for cooperation between Ulyanovsk and Indian companies.

“We organized meetings and negotiations with major Indian companies to foster economic ties and attract investments,” he added.

Qatar Pledges $10 Billion Investment in India

February 19, 2025, 2:11 am

Qatar has committed to investing $10 billion in India across multiple sectors, strengthening economic ties between the two nations. The announcement came during Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani’s visit to New Delhi, marking the first such visit in a decade.

Key Highlights of the Investment Plan

Diverse Sectors Targeted: Qatar’s investment will support infrastructure, technology, manufacturing, food security, logistics, hospitality, and other industries.
Doubling Trade Volume: India and Qatar aim to increase annual trade to $28 billion within five years.
Exploring a Free Trade Agreement: Talks are underway for a potential free trade agreement to enhance economic cooperation.
Strengthening Energy Ties: India and Qatar will work on mutual investments in energy infrastructure and explore trade settlement in their respective currencies.

Strengthening India-Qatar Relations

After his meeting with Sheikh Tamim bin Hamad Al-Thani, Prime Minister Narendra Modi described the discussions as “very productive.” He emphasized that trade and investment were key priorities and expressed a commitment to expanding India-Qatar economic linkages.

The Indian foreign ministry stated that bilateral trade between India and Qatar was $18.77 billion in the fiscal year ending March 2023, primarily driven by liquefied natural gas (LNG) imports. Notably, Qatar supplied over 48% of India’s LNG imports during this period.

Future Economic Collaborations

Both countries agreed to enhance energy cooperation by focusing on joint investments in energy infrastructure. Additionally, they are exploring the possibility of conducting bilateral trade in local currencies, which could streamline financial transactions and reduce dependency on external currencies.

Conclusion

Qatar’s $10 billion investment in India marks a significant step in strengthening bilateral relations and expanding economic cooperation. With plans to double trade volumes and explore new investment opportunities, this partnership is set to benefit both nations in the coming years.

GST Collections Rise 12.3% to ₹1.96 Lakh Crore in January

February 1, 2025, 9:36 pm

India’s Goods and Services Tax (GST) revenue for January 2024 reached ₹1.96 lakh crore, registering a 12.3% increase compared to the same month last year. This marks a significant boost in the country’s tax revenue, reflecting strong domestic demand and economic stability.

Yearly and Monthly Growth Trends

In January 2023, the GST collection stood at ₹1.74 lakh crore.
The financial year 2024-25 (April-January) has seen a 9.4% rise, with collections totaling ₹18.29 lakh crore, compared to ₹16.71 lakh crore in the same period last year.
April 2024 recorded the highest-ever GST collection at ₹2.10 lakh crore.

Breakdown of GST Components

The increase in GST revenue includes contributions from:

Central GST (CGST)
State GST (SGST)
Integrated GST (IGST)
Cess

Each category witnessed an upward trend in December 2024, as per official data.

Economic Implications

The continued rise in GST revenue is a positive indicator of India’s economic health. It highlights:

Strong domestic consumption
Increased imports
Overall business growth

Experts suggest that this trend will support fiscal stability and reinforce economic recovery amid global uncertainties.

GST Reforms and Council Decisions

The GST Council, which includes the Union Finance Minister and State Finance Ministers, continues to review tax rates and exemptions.
Recent revisions include:

Reduced GST rates on essential items like hair oil, toothpaste, soap, wheat, rice, curd, and buttermilk.
Lower taxes on consumer goods such as wristwatches, mobile phones, washing machines, and TVs up to 32 inches.

The most recent GST Council meeting was held on December 21, 2024, in Jaisalmer, Rajasthan.

Conclusion

The steady increase in GST collections underlines India’s economic resilience and fiscal strength. With continued reforms and strong consumption patterns, the country is set for stable revenue growth in the coming months.

India’s Digital Growth Fueled by Thriving Gaming Industry

December 16, 2024, 2:20 pm

India’s digital landscape has rapidly evolved over the past two decades. With over 700 million internet users, the country is now one of the world’s largest and fastest-growing markets. According to a report by the Observer Research Foundation (ORF), India’s electronics industry is expected to reach USD 300 billion, and its digital economy could hit USD 1 trillion by 2025-26. This growth, in turn, may contribute 18-23% to the national GDP.

Gaming Industry Drives Economic Expansion

A key factor behind India’s digital economy growth is the booming online gaming sector. This sector, as a result, is poised to play a major role in achieving the country’s ambitious digital economy target. It will not only attract foreign direct investment (FDI) but also increase tax revenues, create jobs, and support complementary industries like fintech, Web 3.0, augmented reality (AR), and cybersecurity.

Additionally, the gaming sector is driving demand for processors, content, devices, and broadband. This, in turn, accelerates technological development across industries, including media, healthcare, manufacturing, and automotive.

Gaming Innovations Impact Other Industries

A Finnish study highlights how gaming innovations spill over into other sectors. Gaming companies, therefore, lead the way with rapid development cycles, new organizational models, and cutting-edge technology. Many of these innovations are later adopted by industries like real estate, IT, and energy.

Moreover, technologies such as game engines, virtual reality (VR), AR, and rendering software are now used widely across various sectors. For example, healthcare utilizes VR and AR for medical training, while manufacturing integrates rendering software to improve processes. These advancements could similarly help India’s industries become more efficient, just as they have in the UK and Nordic countries.

Gaming and Fintech Grow Together

The success of India’s gaming sector is closely tied to the fintech industry. Digital payment solutions, in particular, have been crucial for gaming’s growth. One major gaming platform processes over 4 billion micro-transactions monthly, which accounts for approximately one in every 300 UPI transactions in India. Furthermore, 20% of players on this platform make their first digital payment through it, highlighting how gaming contributes to fintech adoption.

As the gaming sector continues to flourish, it will, in turn, stimulate growth in fintech, leading to new and innovative payment solutions. This synergy will further support the broader digital economy.

Gaming Powers India’s Digital Future

India’s gaming sector is much more than just entertainment. It is a driving force for technological innovation and economic growth. As the sector continues to expand, it will play an increasingly important role in India’s digital future. Ultimately, the gaming industry is set to be a key contributor to India’s goal of achieving a USD 1 trillion digital economy by 2025-26.

Karnataka Leads The Way In Economic Growth, Says Minister Santosh Lad

December 8, 2024, 11:33 pm

Karnataka Minister Santosh Lad praised the state’s remarkable progress, emphasizing its leadership in economic growth with a 10% GDP growth rate, surpassing the national average of 8.2%.

Speaking at a voter appreciation event in Sandur, Lad attributed this accomplishment to welfare initiatives under Chief Minister Siddaramaiah’s leadership.

Reflecting on Karnataka’s development between 2013 and 2018, he highlighted its dominance in tax collection and economic advancement during this period. “These programs have greatly contributed to our success, helping Karnataka achieve around 51 per cent GDP growth during this period,” Lad said, referring to the “Five Guarantees” and other welfare schemes that have driven the state’s growth.

Must Read: Delhi Experiences Light Rain, Temperature Set To Drop After December 9

The minister elaborated that the government has invested Rs 60,000 crore in the Five Guarantees, fostering economic inclusion and supporting underprivileged communities. He pointed to initiatives like mid-day meals, Anganwadi services, widow pensions, and old-age pensions as transformative measures.

Further detailing the state’s achievements, Lad shared that farmers have benefited from interest-free loans of up to Rs 3 lakh, with Rs 9.5 crore allocated for this initiative. Additionally, farm loans worth Rs 8,165 crore have been waived. Scheduled Castes and Scheduled Tribes communities have received loan waivers and grants amounting to Rs 80,000 crore, while gram panchayats have been allocated Rs 3,700 crore. Under the Ashraya housing scheme, Rs 2,633 crore has been set aside, and over Rs 18,000 crore was spent from 2013 to 2018 to support the poor.

Lad also pointed to his party’s contributions at the national level, highlighting measures like a Rs 72,000 crore farm loan waiver and employment generation in over 26,000 villages across India.

“These welfare initiatives have not only driven Karnataka’s growth but also set a strong example for inclusive development across India,” Lad concluded.

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Understanding eastern Nagaland’s journey towards equity and growth through Constitutional reforms

November 23, 2024, 4:55 am

The Human Development Index (HDI) and Sustainable Development Goals (SDGs) represent global benchmarks for human progress, emphasizing equality, sustainability, and individual well-being alongside economic growth. However, these aspirations remain elusive in Eastern Nagaland, a region characterized by systemic neglect and governance failures despite being part of a sovereign state under India’s federal structure. The glaring underdevelopment in this region, evident in persistent poverty, inadequate infrastructure, and poor access to essential services, underscores deeper constitutional and developmental injustices that violate the principles of equity and justice enshrined in the Indian Constitution.
Eastern Nagaland, comprising Mon, Tuensang, Longleng, Kiphire, Noklak, and Shamator districts, is one of India’s most underdeveloped regions. Despite Nagaland’s special constitutional status under Article 371A, which accords autonomy to safeguard its social and cultural/traditional practices, the governance structure has failed to address the disparities within the state. Marginalized Naga tribes in the eastern region face severe deficits in health, education, civic amenities, and infrastructure, starkly contrasting the relatively developed central and urban districts. The failure to bridge these gaps raises critical questions about the state’s adherence to constitutional obligations under the Directive Principles of State Policy (DPSPs), particularly those mandating the promotion of social and economic justice for all citizens.

The principle of “leaving no one behind,” central to the SDGs, has yet to be realized in Eastern Nagaland. Basic rights such as access to healthcare, education, electricity, and potable water-guaranteed by the Constitution as components of a dignified life-remain inaccessible to large segments of the region’s population. This neglect reflects systemic inequality, challenging the state’s commitment to achieving both constitutional and international development goals.

The Eastern Naga people through their Frontier Nagaland Territory movement, seeks to address these injustices by demanding legislative, executive, and financial autonomy within a separate territorial framework well-within the state of Nagaland. Rooted in the region’s unique socio-political-economic and cultural realities, the demand reflects a quest for constitutional justice-the equitable distribution of resources and governance powers to ensure the region’s inclusion in India’s developmental journey. Proponents argue that the creation of Frontier Nagaland Territory would operationalize localized, people-centric governance, empowering marginalized communities and fostering accountability. By leveraging the autonomy provisions of Article 371A, Frontier Nagaland Territory could institutionalize mechanisms for more effective resource allocation and policy implementation, tailored to the region’s distinct needs within the sphere of Article 371A and Constitutional boundaries of proposed Frontier Nagaland Territory.

The persistent underdevelopment of Eastern Nagaland highlights failures in governance, resource distribution, and political will. Allegations of corruption, mismanagement, and policy bias have compounded the challenges, leaving the region excluded from Nagaland’s broader development narrative. This neglect constitutes a breach of the fundamental constitutional principle of equality, enshrined in Articles 14 and 21, and the DPSPs’ mandate to reduce inequalities and improve the standard of living in rural and backward regions. The Frontier Nagaland demand is not merely a political movement but a constitutional assertion: a call to fulfill the guarantees of justice, equity, and opportunity promised to every citizen under the Constitution. The movement underscores the importance of recognizing marginalized communities’ rights to participate in governance and development decisions that directly impact their lives.

While the establishment of Frontier Nagaland Territory may provide an immediate remedy to the region’s grievances, it cannot be the sole solution. A comprehensive approach that integrates constitutional justice with participatory development is essential. Beyond autonomy, systemic reforms are needed to strengthen grassroots governance, empower local communities, and enhance accountability and transparency to address corruption and ensure that development funds from the central government reach their intended beneficiaries. A robust development strategy aligned with the SDGs and the constitutional mandate is crucial, emphasizing poverty alleviation, education, healthcare, and infrastructure improvements. Reforming federal policies to ensure equitable resource distribution and targeted investments for historically marginalized regions is also critical.
The Frontier Nagaland movement highlights the gap between constitutional promises and on-ground realities in marginalized regions. Addressing these disparities is not just about fulfilling development goals; it is about upholding the fundamental principles of justice and equality that form the bedrock of India’s Constitution. Proponents of “Frontier Nagaland Territory” believe that, overlooking regions like remote regions of Eastern Nagaland poses challenges to national unity and integrity, while also hindering India’s Constitutional commitment to inclusive growth, justice and development.
The path forward requires a dual focus: providing immediate redress through constructive Legislative, Executive and Financial autonomy within the Constitutional perimeter of the proposed Frontier Nagaland Territory under the watch and guidance of a special “Task Force” created by the Central Government and implementing long-term reforms that tackle structural inequalities.

A collaborative effort by the Government of India, the Government of Nagaland, local stakeholders and policy experts in the proposed Frontier Nagaland Territory is essential to create a framework for inclusive development that respects the constitutional rights of Eastern Nagaland’s citizens. This involves acknowledging the distinct socio-cultural, economic, and geographical challenges of the region, while aligning with the Eastern Naga way of life and national development priorities, all in the spirit of Justice, Equality, Liberty, and Fraternity-values that lie at the heart of our Constitution.
The demand for Frontier Nagaland Territory is a call for constitutional justice-a reminder that development must be equitable, inclusive, participatory and sustainable. It underscores the urgent need for India to honour its constitutional commitments by addressing historical neglect and ensuring a sustainable and just future for Eastern Nagaland and its “forgotten” people.

Dr. Aniruddha Babar, based in Nagaland, is a renowned academician, researcher, lawyer, and policy analyst, widely regarded as an authority on the 6th Schedule, Part VIII, and Article 371A of the Constitution of India. With extensive expertise in Nagaland state affairs and Borderland Affairs, particularly along the Indo-Myanmar Border, Dr. Aniruddha is the Founder and Director of “Project Constitutional Justice” in Tuensang, Nagaland. This initiative is dedicated to advancing constitutional awareness, governance, and social justice. Through education, advocacy, and academia, Dr. Aniruddha’s work empowers marginalized communities and plays a pivotal role in shaping legal and academic discourse in the region. He is currently a senior faculty member at Tetso College, Chumoukedima, Nagaland.

India And Russia Strengthen Ties, Aim For $100 Billion Trade Target Before 2030

November 12, 2024, 10:25 pm

India and Russia recently held the 25th session of the Intergovernmental Commission on Trade, Economic, Scientific, Technical, and Cultural Cooperation in New Delhi. External Affairs Minister S Jaishankar and Russia’s First Deputy Prime Minister Denis Manturov co-chaired the session.

Trade Target of $100 Billion

Jaishankar expressed confidence in surpassing the bilateral trade target of $100 billion well before 2030, citing India’s rapid economic growth and its reliance on Russia for resources and technology.

Enhancing Collaboration: Make in India

Both nations are keen on expanding joint ventures under the Make in India initiative. Jaishankar noted significant progress in addressing trade challenges related to payments and logistics but emphasized the need for further efforts.

Boosting Connectivity Projects

Key connectivity projects like the International North-South Transport Corridor (INSTC) and the Chennai-Vladivostok corridor were highlighted. Both leaders agreed to push forward with these initiatives.

Talent Mobility and Skill Development

Discussions also focused on facilitating talent mobility, with customized skill programs for the Russian market seen as a mutual priority.

Expanding Air Traffic and Nuclear Cooperation

Manturov expressed Russia’s interest in increasing direct flights between the two countries and strengthening cooperation in the nuclear sector, including advancements at the Kudankulam Nuclear Power Plant.

Free Trade Agreement in the Works

The session underscored the importance of a Free Trade Agreement (FTA) between the Eurasian Economic Union (EAEU) and India. Manturov reaffirmed Russia’s commitment to finalizing the FTA to boost trade and investments.

Growing Bilateral Trade

Russia highlighted a remarkable fivefold increase in bilateral trade over the past five years, with India now being its second-largest trading partner globally.

Looking Ahead

The productive discussions aim to further enhance the strategic partnership between the two nations, setting the stage for robust economic growth and collaboration across various sectors.

How women entrepreneurs are strengthening the economy with their entrepreneurship skills

September 20, 2024, 3:06 pm

In recent years, women entrepreneurs have emerged as powerful contributors to the global economy. Their entrepreneurial spirit, innovative ideas, and ability to create sustainable businesses have not only helped in addressing various social and economic challenges but also played a crucial role in strengthening the economy. Across industries, women-led businesses are fostering job creation, boosting innovation, and contributing to the overall economic development of their nations.

Empowering Economies through Job Creation

One of the most significant contributions of women entrepreneurs is their role in job creation. As more women start and grow their businesses, they create employment opportunities for people, especially in local communities. Women-owned businesses often prioritize diversity and inclusivity, providing opportunities to other women and marginalized groups. This not only helps in reducing unemployment but also empowers underrepresented sections of society to participate in economic activities.

For example, women in rural areas often launch small-scale enterprises like handicrafts, textiles, or organic farming, which provide employment to local communities. In urban areas, women entrepreneurs are leading in industries such as technology, fashion, healthcare, and education, offering jobs across various skill levels. By creating diverse job opportunities, women entrepreneurs are ensuring a more balanced and resilient economy.

Promoting Innovation and Sustainability

Women entrepreneurs are known for bringing fresh perspectives and innovative ideas to the business world. They often create products and services that cater to unmet needs, solve real-world problems, and promote sustainability. From eco-friendly startups to tech-driven innovations, women-led ventures are at the forefront of developing solutions that address environmental and social challenges.

Sustainability is a key focus area for many women entrepreneurs, as they tend to prioritize ethical practices and community welfare alongside profitability. This approach not only drives business success but also fosters long-term economic growth by promoting responsible consumption and production. Their commitment to sustainability has a ripple effect on the economy, encouraging other businesses to adopt similar practices.

Encouraging Economic Independence and Gender Equality

Women entrepreneurs are playing a vital role in promoting economic independence for themselves and others. By starting their own businesses, they gain financial freedom and contribute to the financial security of their families. This, in turn, leads to a more empowered society where women have control over their financial decisions and can actively participate in economic development.

Furthermore, women-led businesses often champion gender equality in the workplace. They create inclusive environments where women can thrive, mentor other aspiring female entrepreneurs, and advocate for equal pay and opportunities. This shift towards gender equality in the business world not only benefits individual women but also strengthens the overall economy by harnessing the potential of an often underutilized talent pool.

Bridging the Gap in Economic Growth

In many developing and emerging economies, women entrepreneurs are filling crucial gaps in economic growth. Their businesses often cater to underserved markets and provide products and services that meet the needs of low-income or remote populations. Whether it’s through social enterprises or community-driven initiatives, women entrepreneurs are helping to bridge economic disparities by providing access to essential resources like healthcare, education, and financial services.

By targeting these underserved markets, women entrepreneurs are contributing to more equitable economic growth and helping to uplift entire communities. This not only strengthens the economy but also ensures that the benefits of economic development are more widely distributed.

Women entrepreneurs are proving to be key drivers of economic growth across the world. Their entrepreneurship skills, innovative ideas, and commitment to sustainability are creating jobs, promoting inclusivity, and fostering long-term economic resilience. As more women take the entrepreneurial path, they are not only building successful businesses but also shaping a stronger, more inclusive economy for future generations. Supporting and encouraging women entrepreneurs is essential for unlocking the full potential of any economy, and their success is crucial to achieving sustainable economic development globally.

Ridhima Kansal is the Director of Rosemoore.

Bihar Launches Entrepreneurship Development Centres To Encourage Students

August 2, 2024, 12:18 am

The Department of Industries, Government of Bihar, has launched a new initiative to establish Entrepreneurship Development Centres (EDC) in one college in each of the 101 subdivisions of the state. This ambitious programme aims to foster entrepreneurship, enhance skill development, create jobs, support innovation, and provide mentorship to aspiring entrepreneurs.

By integrating these centers into the educational infrastructure, the government seeks to empower students with the necessary skills and resources to drive economic growth and development across Bihar.

Leading this initiative is industry minister Nitish Mishra, who has served as an MLA from Jhanjharpur for four terms. Mishra holds a Bachelor’s Degree in History from the University of Delhi, an MBA from FORE School of Management, New Delhi, and Maastricht School of Management, Netherlands, and a Post-Graduate Diploma in Global Political Economy from the University of Hull, United Kingdom. He has also completed the Emerging Leaders Programme at Harvard University.
Mishra is regarded as one of the most educated MLAs of Bihar BJP and has been trying to improve the employment opportunities in the state which has a history of struggling for creating job opportunities for its residents.
As per the said order, passed on Wednesday, one well qualified coordinator with masters degree from Engineering and Science subject will be appointed in each such centers who will be selected on the basis of screening done by the respective colleges and institutions where these centers will be based. The department of industry will do the final selection. The host institution will be selected on the basis of a detailed recommendation by the district magistrates.

The colleges and coordinators, to ensure that the scheme is being implemented in spirit, will be required to upload a monthly report on a dedicated website which will be scrutinized to ensure that the objective of the said scheme is being achieved.

The directorate of technical development will bear the entire expense of this project including the salary of the coordinators and incentive for the faculty in charge and student representatives to ensure that financial issues do not derail the project.
Every month a sum of Rs 50000 per month will be spent by the department on this scheme with an annual estimated expense of Rs 6 crore which is expected to encourage job seekers and students to move away from the trap of government jobs and rather focus on creating an environment where they themselves will become the job provider.

Number Of Innovative Ideas In Budget Speech: BJP National Vice President

July 24, 2024, 5:57 pm

New Delhi: The national vice president of BJP Chuba Ao welcomed the Union Budget 2024-25 and said that it is no small achievement that India’s economic growth has reached 8.2 per cent.

Speaking to the Daily Guardian, Chuba Ao said, “It ought to be stated that every sector from agriculture, rural development, education, healthcare has been kept focused in the budget and Finance Minister Madam Sitharaman deserves compliments.”

He added, “We can conclude that the budget is inclusive, with a strong thrust on job creation and improving the skills. Notably, it has also able to strike the right balance between agriculture and other sectors like services and manufacturing.
The Finance Minister.much to her credit, announced a substantial allocation of Rs 1.52 lakh crore for agriculture and allied sectors in the new financial year.”

Talking about the prospects in agriculture, he said, “Importantly, over the next two years, 10 million farmers will be introduced to natural farming practices. As a Naga farmer by birth, it also makes me happy to note that our Modi government will release new 109 high yielding, climate resilient seeds for 32 field and horticulture crops. Nagas in particular and the northeast people and other agrarian communities in the rest of the country will be immensely benefited.”

Adding, “The central government will also promote farmer producer organisations, cooperative and startups. The Digital public infra in agriculture will be made use of for coverage of farmers and lands in three years.”

Ao said, “The Prime Minister’s stewardship is now time tested as in the last 10 years he had put the country towards a journey for a developed India by 2047. There are a number of innovative ideas as mentioned in the Budget speech. FM Sitharaman has reduced fiscal deficit target to 4.5 per cent and she also announced a revised income tax structure in the new regime. I particularly welcome a series of initiatives such as 20 lakh youths to be skilled during next five years and that 1000 training institutions will be upgraded.“

Boosting MSMEs And Ensuring Balanced Growth, Say Banking Leaders

July 23, 2024, 6:54 pm

New Delhi: Finance Minister Nirmala Sitharaman presented the Union Budget 2024 on Tuesday, highlighting the Modi govt 3.0’s priorities across multiple sectors.
Banking leaders express optimism over the Union Budget 2024’s focus on MSMEs, agriculture, skill development, and regional development, highlighting positive impacts on credit accessibility, employment, and economic growth.

Ajay Kumar Srivastava, Managing Director & CEO, Indian Overseas Bank, The focus given in the Union Budget 2024 to the MSME sector is going to provide a huge boost to the growing number of entrepreneurs in the country. The initiatives announced such as – credit guarantee schemes for MSMEs, increasing the limit of Mudra loans to INR 20 lakhs to those who have paid back the loans earlier, creating alternate methods to evaluate eligibility of MSME for loans, as well as expanding branches by SIDBI, all of these initiatives are expected to provide the much-needed accessibility to credit and additional support required for further growth of the sector. We are optimistic and committed to leveraging these initiatives to foster growth and create socio-economic impact across the country.

Debadatta Chand, Managing Director & CEO, Bank of Baroda: The Union Budget complements the main takeaways from the Economic Survey and focuses clearly on medium-term development of the economy. The thrust on agriculture, skill development, and MSMEs consequently leading to employment generation will continue to be the main focus areas for the government in the coming years. The overall size of the budget has remained almost unchanged from the Interim one. The budget has shown strong intent on moving along the fiscal prudence path and targeted the fiscal deficit at 4.9% for the year. The said action will keep the growth steady as well as robust not only for the economy but also banking. This will make it easier to touch the 4.5% mark in FY26 as per the FRBM target. More importantly for the financial year, the overall gross borrowing and net borrowings have been pegged at almost the same level as in the Interim Budget. This means that it is virtually neutral for the market in terms of liquidity and bond yields, which has a positive impact on the economy.

The banking sector can see substantial positive takeaways from the Budget which goes beyond the neutral impact on liquidity. First, there is a focus on MSMEs with a credit guarantee scheme being brought in. Any support to the MSMEs will be positive growth of not just GDP but also employment. Second, at the retail level, there is emphasis on education loans which will also help in skill building which is the need of the day. Third, the Budget speech also spoke about recovery and the focus will be on debt recovery tribunals. Fourth, the balanced regional development goal also includes setting up more touch points in the North Eastern Regions which will help to make banking more universal. Lastly, the reiteration of the budget to encourage housing also means that banks will have a larger role to play in carrying out this programme at both the rural and urban levels.

Industry Leaders Hail 2024 Union Budget For Comprehensive Development Strategy

July 23, 2024, 6:33 pm

Mumbai – The 2024 Union Budget has been met with enthusiastic approval from key industry leaders, who applaud its focus on infrastructure, skill development, and job creation. The budget’s alignment with the diverse needs of India’s economic landscape has been particularly well-received.

“The 2024 Union Budget aligns with our expectations, prioritizing infrastructure, skill development, and job creation. It places an emphasis on rural development, recognizing the diverse needs of India’s economic landscape,” stated Mr. Sanjaya Mariwala, President of IMC Chamber of Commerce and Industry and Executive Chairman & Managing Director of OmniActive Health Technologies.

Agriculture is a standout focus in this year’s budget, with initiatives aimed at climate-resilient crops and increased Minimum Support Prices (MSPs) designed to boost farmer incomes and stability. “Agriculture takes center stage with initiatives for climate-resilient crops and increased MSPs, aiming to boost farmer incomes and stability,” Mariwala added.

A significant highlight is the groundbreaking Rs 1 lakh crore fund allocated for private-sector research, which positions India to compete globally and potentially replace China as a primary market in certain sectors. “A groundbreaking Rs 1 lakh crore fund for private-sector research positions India to compete globally and potentially replace China as a primary market in certain sectors,” noted Mariwala.

The budget also focuses on stimulating consumption, boosting employment, and creating a favorable environment for both domestic and foreign businesses. “With a focus on stimulating consumption, boosting employment, and creating a favorable environment for both domestic and foreign businesses, the budget sets the stage for sustainable economic growth,” said Mariwala.

Overall, industry leaders believe the budget presents a balanced and comprehensive strategy for India’s development, addressing critical needs in agriculture, research, and infrastructure. “Overall, a balanced budget presenting a comprehensive strategy for India’s development, addressing critical needs in agriculture, research, and infrastructure. An approach that has the potential to propel India towards a more competitive and prosperous future on the global stage,” concluded Mariwala.

The positive reception from industry stakeholders underscores the budget’s potential to drive sustainable economic growth and position India favorably on the global stage.

Union Budget 2024: Industry Leaders Assess Economic Impact and Policy Priorities

July 23, 2024, 4:36 pm

As the echoes of the Union Budget 2024 reverberate through the corridors of industry, leaders across various sectors have weighed in on its implications for economic growth and sectoral development. The budget, touted as a pivotal document setting fiscal policies and economic priorities, has drawn both praise and scrutiny from diverse quarters of the business community.

Sanjana, Managing Trustee of G.D. Goenka Public Schools and an advocate for educational reform, commended the budget’s strides in prioritizing the education sector. “It’s heartening to see the government’s renewed focus on education, particularly its emphasis on skilling and internships,” she remarked. “However, while the increased budget allocation is a positive step, achieving the recommended 6% of GDP for education remains a critical goal for sustainable development.”

With a wealth of experience in educational policy reform across global contexts, including collaborations with UNICEF and governmental bodies in Egypt and Kyrgyzstan, Sanjana highlighted the need for robust policy implementation and public-private partnerships to enhance educational outcomes effectively.

Meanwhile, Rajeev Baid, Founder of Chai Chun and a prominent figure in the tea industry, expressed optimism about the budget’s implications for startups and traditional industries alike. “The allocation for venture capital and incentives for agri-tech startups will bolster innovation in the tea sector,” he observed. “Reduced GST rates and streamlined compliance processes are significant boosts for entrepreneurial endeavors, fostering growth and sustainability.”

Baid underscored the importance of digital infrastructure investments in rural connectivity, foreseeing enhanced operational efficiencies through technologies like AI and IoT in tea cultivation and processing. He also praised initiatives aimed at skill development tailored for the agri-tech and tech sectors, crucial for maintaining competitiveness and fostering innovation.

In the healthcare domain, Mr. Neeraj Lal, COO & Unit Head at Apollo Hospitals in Gujarat, lauded the budget’s comprehensive measures to strengthen public health infrastructure.
“The Union Budget introduces significant measures to bolster the healthcare sector, with an emphasis on increased spending and public health initiatives. Notable measures include substantial funds for upgrading healthcare infrastructure, particularly in rural areas, and expansion of digital health services such as telemedicine and electronic health records. The budget also prioritises preventive healthcare through new public health schemes and vaccination programs, along with significant investments in medical R&D. Enhanced training and development programs will address the shortage of healthcare professionals, while expanded insurance schemes and subsidies will make healthcare more affordable for the underprivileged. Additionally, increased funding for mental health initiatives underscores the government’s commitment to comprehensive healthcare. Overall, the budget’s healthcare initiatives are poised to create a more inclusive, effective, and efficient healthcare system.” Said Mr. Neeraj Lal, COO & Unit Head Apollo Hospitals. Gujarat Region
Overall, the Union Budget 2024 has sparked optimism among industry leaders, who view its provisions as pivotal in shaping the economic trajectory of the nation. The blend of sector-specific allocations and broader economic reforms aims to foster growth, innovation, and sustainability across education, startups, traditional industries, and healthcare. As these policies translate into action, their impact on India’s economic landscape will unfold, steering industries towards a path of resilience and competitiveness in the global arena.
The discourse surrounding the budget reflects not just an assessment of fiscal allocations but also a forward-looking approach to leveraging opportunities and addressing challenges in key sectors vital to India’s growth story. As stakeholders navigate the post-budget landscape, the effectiveness of these measures in driving inclusive and sustainable development remains a focal point for ongoing debate and analysis.