INCLUSIVE GROWTH
Union budget 2024: Making a case for sustainable agrarian practices and inclusive growth
Budget: Modi's recent focus on PM-Kisan Samman Nidhi aimed to support farmers. The upcoming Union budget may lean towards populism, highlighting the exclusion of tenant farmers in schemes like PM-Kisan. Challenges such as irrigation and labour shortages limit productivity, emphasizing the need for sustainable practices.
NABARD partners with Online PSB Loans Ltd to digitalize Jan Suraksha Schemes for regional rural banks
National Bank for Agriculture and Rural Development (NABARD) and Online PSB Loans Limited have signed an agreement to promote financial inclusion through regional rural banks. The collaboration seeks to smoothen the process of enrolment and claim settlement under the Jan Suraksha Schemes for all 43 Regional Rural Banks (RRBs) onboarded on one platform through the JanSuraksha Portal.
8% GDP growth not sustainable yet; bond index inclusion may see short-term volatility: Abheek Barua
After the inclusion in the JP Morgan global bond index, in the short term. we need to prepare for volatility. But in the long term, the collateral and the second-round benefits are huge, says Abheek Barua. He expects this to lead to an improvement in the fixed-income ecosystem, which unfortunately has not taken off that well
Bond inclusion positive for banks; return of FII flows to benefit private banks: Pranav Gundlapalle, Sanford C Bernstein
Private sector banks, particularly HDFC Bank, are poised for growth and profitability. Indian bond inclusion may impact liquidity and interest rates, benefiting the banking sector. Public banks face challenges in profitability and growth compared to private counterparts. Regulatory actions in the NBFC sector may favor established players like Muthoot, says Pranav Gundlapalle.
India set for more global attention as bond inclusion begins
India's government bonds enter JPMorgan's index, attracting billions in inflows, driven by positive economic indicators, high yields, and market performance, positioning India as a top choice for global investors.
Sebi approves stricter norms for inclusion of individual stocks for derivative trading
The criteria for exit would apply to only those stocks which have completed at least six months from the month of entry into the derivative segment. while for existing stocks in the derivatives segment, the exit criteria on the basis of performance would be applicable three months after the date of issuance of circular, Sebi said.
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Critics of Indian democracy silenced: Union minister Ashwini Vaishnaw
Ashwini Vaishnaw highlighted India's trust in PM Modi's government at the India Global Forum in London.
RBI urges banks to address credit gaps for underserved sectors
Despite India's progress in banking access, micro and small business units, marginal farmers, and self-help group members still lack institutional credit and comprehensive financial services, as highlighted by the Reserve Bank of India.
SLBCs can play effective role in financial inclusion by better coordination with govt, NGOs: RBI DG
RBI Deputy Governor Swaminathan J emphasized the crucial role of State Level Bankers' Committees (SLBCs) in advancing financial inclusion. He highlighted their potential for better coordination with governments and NGOs, effective credit planning, and promoting digital financial literacy. Swaminathan urged SLBCs to bridge the gap between financial services and underserved communities, fostering inclusive and sustainable economic growth.
Diversity skills are key to thriving in globalised modern workspaces
Employers seek individuals with diversity skills to promote inclusivity. Freshers must cultivate and leverage diversity skills. Diversity skills involve managing different people harmoniously. Sonica Aron and Piyali Bandopadhyay emphasize the importance of diversity skills in the workplace.
Telecom Act 2023 based on principles of inclusion, growth, responsiveness for developed India
The Telecommunications Act, 2023, effective from June 26, emphasizes inclusion, security, growth, and responsiveness for a developed India, enabling government control for national interests, research and development funding, and fair infrastructure access for network expansion.
JPMorgan says foreign holdings of Indian bonds could double over next year
JP Morgan's inclusion of Indian bonds in the GBI-EM Global index suite is expected to attract $20-25 billion in foreign flows. Over $10 billion has already been invested in Indian government bonds, as per Reserve Bank of India data.
Aye Finance raises $30 million in debt from Dutch development bank
FMO is the Dutch entrepreneurial development bank, with a mission to empower entrepreneurs to build a better world. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. Aye's net profit in FY24 grew nearly three-fold at Rs 161 crore while revenue was 67% higher at Rs 1072 crores as compared to the numbers in the preceding fiscal.
Kinara Capital's resilient model gives it 51% profit rise despite distress in fintech sector
The fintech company has been profitable even when the customer segment was disproportionately impacted, says Hardika Shah, Founder & CEO of Kinara Capital. She says this has happened on the back of a balanced business model and strategic planning.
Strategic reforms in customs duties, GST, commerce to push India's inclusive growth, says GTRI
The think tank suggested increasing the GST exemption limit for a firm's annual turnover from 40 lakh to 1.5 crore as this will be transformative for India's MSME sector, promoting job creation and growth. Firms with less than Rs 1.5 crore turnover make up over 80 per cent of registrations but contribute less than 7 per cent of the tax collected, it said adding a yearly turnover of 1.5 crore equals 12-13 lakh monthly turnover, translating to just Rs 1.2 lakh at a 10 per cent profit margin.
Why crypto is an asset class that cannot be ignored?
Sathvik Vishwanath discusses the disruptive force of cryptocurrencies and their significance as an asset class in a live stream on ETMarkets, highlighting future trends like Ethereum 2.0 and DeFi.
Growth needs to be made more socially equitable and inclusive: Navneet Munot
We had GDP growth of 8%. Inflation well contained. If you look at external sector, whether you look at our current account, whether you look at our balance of payment, whether you look at foreign exchange reserves in a good shape. Relative to rest of the world which is dealing with so many challenges, I think India stands out.
Centre to take decisive steps to strengthen banking system, says Finance Minister
In a post on X, Sitharaman said India's banking sector turned around due to Prime Minister Narendra Modi's strong and decisive leadership, and recently achieved a significant milestone by recording its highest-ever net profit of over ₹3 lakh crore. "During FY 2023-24, public sector banks recorded the highest-ever aggregate net profit of ₹1.41 lakh crore, almost 4 times higher than ₹36,270 crore in FY 2014," she noted, adding that the government has turned banks from being "NPA-laden nightmares" into "pillars of jan kalyan".
Welfare schemes, policies in India not oriented towards poor: P Chidambaram
Senior Congress leader P Chidambaram criticized the current welfare schemes in India, stating they aren't effectively targeted towards the poor. Speaking at an event, he emphasized the need for policies to be oriented towards marginalized sections like SCs, STs, and the poor to achieve an egalitarian society. Chidambaram advocated for universal and free healthcare and education as essential components of such a society, citing examples from European nations.
Inclusive growth should be priority of government: Vijay Shekhar Sharma, Paytm
Vijay Shekhar Sharma, MD of Paytm, emphasizes the importance of economic growth reaching every corner, urging the next government to prioritize this focus.
Development path for India will not be the same as that of China: Capacity Building Commission Chairman
As India moves towards the mission of 'Viksit Bharat' and becoming a developed country by 2047, the development path for India will not be the same as that of China as they have a different environment and capabilities, Chairman of the Capacity Building Commission Adil Zainulbhai has said.
A $90 billion fund says Indian bonds underpricing index move
India will be included in JPMorgan Chase & Co.’s key emerging market bond index as of next month, and foreigners have sent a net $8.2 billion into the eligible bonds since the announcement in September.
UPI growth 2.0: Efforts on to crack DBT code
UPI user base has been hovering around 300 million for some time; RBI, banks are trying to push up this number.
PSBs to identify one 'champion sector' in their business plans
This initiative is part of the Viksit Bharat (developed nation) strategy for PSBs, which includes onboarding sector-specific advisors and developing credit underwriting models to expedite loan approvals.
Robust govt capex, improvement in business confidence to push growth: Official
"The major reasons cited for India's growth prospects in FY25 include robust public investment/ capex push by the government, sustained growth in business and consumer confidence, and strong services sector, among others," industry body PHDCCI said in a statement quoting Sensarma.
Fin inclusion, digital growth to drive payments bank momentum in India: Airtel Payments Bank CEO
Airtel Payments Bank CEO Anubrata Biswas is optimistic about the growth prospects of payments banks in India, driven by financial inclusion initiatives and rapid digital growth. Airtel Payments Bank has seen significant growth in users, revenue, and profits in FY24 and has nearly 500,000 banking points nationwide. The bank offers digital banking solutions and financial services targeting urban, rural, and business segments.
"NEP will reshape skilling in India by integrating vocational training from Class 6"
Rabindra Srikantan, vice chairman CII Karnataka State Council 2024-25 and founder and managing director ASM Technologies Ltd spoke about the pivotal role of skill development in harnessing the potential of our youth, supported by government initiatives.
IFC investments in India to zoom to over $4 bn, focus on climate finance
The International Finance Corporation (IFC) plans to increase its investment in India to over $4 billion this financial year, with a focus on climate finance. India's renewable energy targets and plans for a net zero economy by 2070 align with IFC's investment priorities, particularly in areas like batteries and electric vehicles (EVs). IFC also emphasizes financial inclusion, digitalization, infrastructure, and public-private partnerships as crucial for India's growth. However, challenges such as geopolitical developments and high interest rates may impact economic predictions and investment decisions.
'Elevate, rather than bringing the successful down', says Raghuram Rajan as he advocates inclusive growth over wealth tax
Raghuram Rajan, former RBI governor, advocates for inclusive growth over wealth tax, emphasizing the need to uplift individuals for economic development. His remarks follow a discussion sparked by Sam Pitroda on wealth redistribution, with Rajan cautioning against excessive taxation of the wealthy. He highlights the importance of examining neglected segments of the economy and suggests policy measures like minimum wage standards for wealth distribution. Rajan also stresses the significance of job creation for social stability and demographic dividends.
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