STATE SPONSORED GROWTH

Commandeering heights: Shift from disinvestment to enhancing PSU value is smart economics and nifty politics

PSU reform and privatisation have been ongoing since the times of Rajiv Gandhi, P V Narasimha Rao, and Atal Bihari Vajpayee. Under Narendra Modi's leadership, PSU reform has been further expanded, including the sale of Air India to Tata Group.

Growth of caffeinated energy drinks makes Govt anxious

Amid a surge in consumption, particularly among teenagers and athletes, government officials are considering tighter regulations for caffeinated energy drinks. Concerns over potential health risks from excessive consumption prompt reevaluation by the Food Safety and Standards Authority of India (FSSAI). Proposed changes may include mandatory disclosures of caffeine content and consumption limits on packaging. Industry players like PepsiCo and Coca-Cola await official directives amidst rising scrutiny.

View: Downing deficit, but not growth

The Indian government has aimed to reduce the fiscal deficit by lowering state fiscal deficits, allowing for the funding of private sector capex. This will result in lower gross market borrowing and lower capital costs in FY25. The budget aims to fund higher capex and 0.7% of GDP fiscal consolidation through higher taxes and lower current expenditure.

Viksit Bharat: Centre to provide Rs 75,000 crore interest-free loan to states

The Union government proposes a Rs 75,000 crore, 50-year interest-free loan to states for reforms supporting the vision of 'Viksit Bharat.' Finance Minister Nirmala Sitharaman announced this in the Budget speech, aiming for India to become a developed nation by 2047. The loan supports milestone-linked reforms in states, part of the government's approach to inclusive development, covering all castes and levels. The total resources transferred to states in 2024-25 stand at Rs 22,22,264 crore, a significant increase from the previous fiscal year.

Softer growth in central & state capex seen; construction to support rural incomes next couple of years: Pranjul Bhandari, HSBC

Pranjul Bhandari of HSBC predicts that in FY25, both central and state government capex will grow at a slower clip. However, this slowdown may not be negative for growth as the central bank is expected to implement looser monetary conditions. Bhandari suggests that the central bank will ease liquidity, which can effectively act as a rate cut of about 40 to 50 basis points. While the rural economy has faced challenges, the construction sector has provided an alternate source of income for rural Indians

Driving Growth: MISUMI's Strategic Expansion in the Indian Industrial Landscape

China a 'valued ally and integral collaborator', says Maldives President Mohamed Muizzu

Under Yameen's Presidency, China carried out major infra projects amid allegations of debt traps by some influential politicians of the Maldives. Angry with Muizzu, Yameen, who is currently serving a prison sentence for corruption, quit the ruling Progressive Party of Maldives (PPM) and formed his own political party called People's National Front (PNC) from jail to oppose Muizzu.

Mithun Sacheti joins Singularity Growth; Agilitas raises Rs 100 crore from Nexus

Mithun Sacheti, who scored a Rs 4,621-crore exit from omnichannel jewellery retailer CaratLane to Titan in August, has joined Singularity Growth as a general partner. This and more in today's ETtech Top 5.

Centre may save Rs 30,000 crore as states falter

The Centre is expecting savings of at least Rs 30,000 crore from its budgeted Rs 1.3 lakh crore assistance to states for capital expenditure in 2023-24, as the states have faltered in using the sanctioned amount, said people with knowledge of the matter. The Centre has released Rs 60,104 crore under the Special Assistance to States for Capital Expenditure scheme in this financial year, of the sanctioned amount of about Rs 1 lakh crore so far, showed official data.

VC firm Lumikai cuts growth projection for India’s real-money gaming segment

The share of RMG in the Indian gaming market, which today is nearly 60%, could reduce to 32% by fiscal 2028, said the State of India Gaming FY23 report released by Lumikai.

Apple flags ‘state-sponsored’ hacking, govt orders probe; inside PharmEasy’s Rs 3,500-crore rights issue

The Centre has ordered probe after opposition members, journalists received messages on their iPhones, warning them of possible ‘state-sponsored’ privacy attack. This and more in today’s ETtech Morning Dispatch.

​Centre has not released funds for 61 schemes, CM says accusing BJP of taking political revenge on Karnataka

​Siddaramaiah suspected the Centre was taking revenge on Karnataka for voting in a Congress regime. The BJP national president JP Nadda had threatened voters during the election campaign that the Centre would stop funds if the BJP was not re-elected, the CM claimed and wondered if the Centre was actually implementing this threat.

Indian Oil becomes title sponsor of MotoGP Bharat

Indian energy company Indian Oil has become the title sponsor of the first-ever MotoGP race in India, MotoGP Bharat. The event will take place at the Buddh International Circuit from September 22 to 24, with 42 teams and 84 riders competing across multiple categories.

Union Minister Sarbananda Sonowal calls for Integrated Ayush Departments in leading state hospitals of North eastern region

Union Minister for Ayush, Sarbananda Sonowal has asked all the states of northeast India to explore the possibility of setting up an Integrated Ayush Department in the leading state hospitals, in line with setting up of similar departments in all 19 AIIMS. The Regional Review Meeting of Northeastern states of India was ceremonially inaugurated by the Chief Minister of Assam, Himanta Biswa Sarma along with Sonowal in Guwahati.

India praises Kuwait's stand of neutrality in region

The Indian Ambassador, on Sunday, called on the Information Minister of the State of Kuwait, Abdulrahman B Almutairi. The focus of the discussions was on deepening cultural and media cooperation, including participation in cultural events, museum cooperation, media exchanges and tourism potential, according to the report.

CapitaLand Investment launches new business park development fund in India

CapitaLand Investment Limited (CLI) plans to raise S$525 million ($387 million) business park development fund, CapitaLand India Growth Fund 2 (CIGF2), with a target to invest in Grade A business parks in prime locations of India. CLI has secured rs1630 crore ($222 million) from a global institution for a 50% stake in the fund’s first closing.

H-1B decoder: Companies you should beware of when applying for a job in the United States

If you hold an H-1B visa, your sponsoring employer is responsible for adhering to specific conditions and obligations set forth by the US government. Non-compliance with these requirements may lead to financial penalties and the potential inability of your employer to sponsor future H-1B visa recipients.

Union Mutual Fund expects 50pc growth in AUM, to reach Rs 15,000 cr mark by March

Union Mutual Fund, sponsored by Union Bank of India and Daiichi Life, aims to add at least 50 per cent more to the AUM this fiscal year and achieve Rs 15,000 crore by March. Despite having 22 funds, the MF could not reach its targets since its launch in 2012. The Chief Executive, G Pradeepkumar, said the company has plans to launch an AIF and is already managing an offshore fund for Daiichi.

Aggregate state GST collections growth to moderate to 12-14 per cent in FY24: Crisil

Crisil predicts that the growth in the aggregate GST collection for states will decrease to 12-14% in FY24 from 20% in FY23. Despite the moderation, GST collections will remain the leading driver of revenue growth for states. The resilience of the Indian economy, moderate inflation, and increasing tax compliance will contribute to the GST collections.

'Mumbai Indians sees up to 22% jump in sponsor revenues'

Team sponsorships have emerged as an ideal option for many brands who can't afford to buy sponsorship on TV or digitally during the IPL, he said. Mumbai Indians has identified digital and licensing & merchandising as the next big drivers of revenue growth.

Indian states likely to fall short of spending targets, posing growth risk - Economists

The states - including Maharashtra, home to the country's financial capital Mumbai, India's most populated state Uttar Pradesh and Prime Minister Modi's home state of Gujarat - are estimating expenditure to have risen 21.5% in 2022-23, and plan to increase it further by 11% in 2023-24.

Gujarat Titans Eyes 35% revenue growth

"We have achieved a 35 percent revenue growth over last year, which is a testament to our brand-building activities and team performance," Gujarat Titans COO Col Arvinder Singh said.

States' revenue growth to slide to 7-9% despite robust GST collections

In FY23, healthy tax buoyancy will be supporting the revenue growth, with Goods and Services Tax (GST) collections and devolutions from the Centre -- which together comprise up to 45 per cent of the states' revenue -- expected to show robust double-digit growth, Crisil said.