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The government will provide financial support for <keyword id="19936324" type="General" weightage="20" keywordseo="loans" source="keywords">loans</keyword> up to Rs 10 lakh for <keyword id="19896809" type="General" weightage="20" keywordseo="higher-education" source="keywords">higher education</keyword> in domestic institutions, <keyword id="20385790" type="General" weightage="20" keywordseo="Union-Finance-Minister" source="keywords" meta.keywordsubtype="org" meta.entityname="Union Finance Minister" meta.hostid="261" meta.entityid="Union Finance Minister">Union Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords" meta.keywordsubtype="org" meta.entityname="Nirmala Sitharaman" meta.hostid="261" meta.entityid="Nirmala Sitharaman">Nirmala Sitharaman</keyword> announced on Tuesday. Presenting the <keyword id="19936553" type="General" weightage="20" keywordseo="budget" source="keywords">budget</keyword> for 2024-25, she said e-vouchers for this purpose will be given directly to one lakh students every year with interest subvention of 3 per cent of the loan amount. Upgrading 1,000 Industrial Training Institutes (ITIs) in hub and spoke model, aligning course content with skill needs of industry and revision of model skill loan scheme, are among the measures announced by the Finance Minister for Skill Development sector. "For helping our youth who have not been eligible for any benefit under govt schemes and policies government will provide financial support for loans up to Rs 10 lakh for higher education in domestic institutions. E-vouchers for this purpose will be given directly to one lakh students every year with interest subvention of 3 per cent of the loan amount," Sitharaman said. The Union Budget for 2024-25 will provide Rs 1.48 lakh crore for education, employment and skilling in the country. She said, "1,000 ITIs will be upgraded in hub and spoke model, course content and design will be aligned to the skill needs of industry and new courses will be introduced for emerging needs. I am happy to announce a new centrally sponsored scheme for skill development in which 20 lakh youth will be skilled over period of 5 years". "The model skill loan scheme will be revised to facilitate loans up to RS 7.5 lakh with a guarantee from government promoted fund..this measure is expected to help 25,000 students every year," she added. SEE ALSO:<a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank">Union Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman to present her record seventh consecutive Budget today</a><a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank">Union Budget 2024-25: How will this budget impact you?</a><a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank">Here's a quick overview of PM Modi 3.0 government's first budget, to be presented by FM Nirmala Sitharaman today</a>

Budget 2024-25: Govt announces loans up to ₹10 lakh for higher education in domestic institutions

The initial public offering (<keyword id="19898327" type="General" weightage="20" keywordseo="ipo" source="keywords">IPO</keyword>) of <keyword id="20879401" type="General" weightage="20" keywordseo="bajaj-housing-finance-limited" source="keywords">Bajaj Housing Finance Limited</keyword> (BHFL) was subscribed to as many as 67 times at the end of the Day 3 window. The portion reserved for the retail investors was subscribed by over 7 times, publicly available data showed. Qualified institutions subscribed about 222 times of the shares reserved for them while Non-institutional buyers booked nearly 44 times, respectively, data showed. <keyword id="8079187" type="General" weightage="100" keywordseo="bajaj-housing-finance" source="Orion">Bajaj Housing Finance</keyword> Limited aims to raise Rs 6,560 crore. The public issue had set a price band between Rs 66-70. Headquartered in Pune, Bajaj Housing Finance Limited (BHFL) offers finance to individuals as well as corporate entities for the purchase and renovation of homes, or commercial spaces. The company also provides <keyword id="3722621" type="General" weightage="20" keywordseo="Loans-against-property" source="Orion">loans against property</keyword> for business or personal needs as well as working capital for business expansion purposes. BHFL also offers finance to developers engaged in the construction of residential and commercial properties as well as lease rental discounting to developers and high-net-worth individuals. The IPO consists of a fresh issue of 50.86 crore shares, aggregating to Rs 3,560 crore, and an offer for sale of 42.86 crore shares, totaling Rs 3,000 crore. The proceeds from the fresh issue will reportedly be used to strengthen the company's capital base to support future lending operations. Investors had bid for a minimum of 214 equity shares and in similar multiples thereafter. The minimum amount a retail investor required to bid for the IPO was Rs 14,980. As per reports, the allotment for the IPO is expected to be finalized on Thursday, with a tentative listing on the exchanges on Monday.

Bajaj Housing Finance IPO subscribed about 67 times at the end of Day 3

New Delhi: Shares of <keyword id="20594556" type="General" weightage="20" keywordseo="Indian-Renewable-Energy-Development-Agency-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Renewable Energy Development Agency Ltd" meta.hostid="261" meta.entityid="Indian Renewable Energy Development Agency Ltd">Indian Renewable Energy Development Agency Ltd</keyword> (IREDA) on Thursday surged over 10 per cent on the bourses after the company said its board will consider a proposal to raise up to Rs 4,500 crore through issuance of shares. The <keyword id="19976022" type="General" weightage="20" keywordseo="stock" source="keywords">stock</keyword> of IREDA jumped 10.19 per cent to trade at Rs 263.30 apiece on the NSE. On the BSE, it rallied 10.07 per cent to Rs 262.95. In the intraday trade, shares of IREDA advanced more than 11 per cent to hit a high of Rs 265.75 and 265.70 apiece on the BSE and NSE, respectively. The 30-share BSE Sensex rallied 242.61 points or 0.30 per cent to 81,147.91 points, while NSE Nifty jumped 74.95 points to 24,845.15. The Indian <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">Renewable Energy</keyword> Development Agency Ltd (IREDA) on Wednesday said its board will consider a proposal to raise up to Rs 4,500 crore through issuance of shares in its meeting on August 29. The funds would be raised in one or more tranches through Further Public Offer (FPO) / Qualified Institutional Placement (QIP) / Rights Issue / Preferential Issue or any other permitted mode or combination, subject to the statutory or government approval, the company said in a regulatory filing. IREDA, under the Ministry of New &amp; Renewable Energy, is engaged in providing finance to mainly renewable energy projects. The fundraising assumes significance as India has an ambitious target of having 500 GW renewable energy by 2030 and needs to add about 50 GW capacity per annum to achieve the goal.

IREDA shares surge over 10 percent on Rs 4,500 crore fundraising plan

Recognising the impact of <keyword id="20181892" type="General" weightage="20" keywordseo="digitisation" source="keywords">digitisation</keyword> in the country, <keyword id="19990557" type="General" weightage="20" keywordseo="SP-Global" source="keywords" meta.keywordsubtype="org" meta.entityname="S&amp;P Global" meta.hostid="83" meta.entityid="S&amp;P Global">S&amp;P Global</keyword> Ratings said that the state-backed <keyword id="20327350" type="General" weightage="20" keywordseo="digital-initiatives" source="keywords">digital initiatives</keyword> will underpin a tripling of <keyword id="22663033" type="General" weightage="100" keywordseo="Indian-retail-borrowing" source="keywords">Indian retail borrowing</keyword> by 2030, lifting Indian households' debt to about USD 2.5 trillion or about 34 per cent of GDP. "Digital Initiatives Could Triple India's <keyword id="20971681" type="General" weightage="20" keywordseo="retail-lending" source="keywords">Retail Lending</keyword> By 2030," noted that technology has already boosted India's <keyword id="21807459" type="General" weightage="20" keywordseo="financial-inclusivity" source="keywords">financial inclusivity</keyword>, lifting basic savings account ownership to about 77 per cent, up from 35 per cent in 2011. India's micro-loan borrowers have an average Indian rupee of 35,156 (about USD 400) of borrowing according to the National Bank For Agriculture And Rural Development (NABARD), the rating agency cited in its report. The growth in retail lending could include an even faster increase in <keyword id="22663034" type="General" weightage="20" keywordseo="micro-loans" source="keywords">micro-loans</keyword>, primarily to previously excluded low-income earners, with such loans potentially accounting for about 7 per cent of household debt by 2030, the rating agency said. The report further underscored the significance of the digitisation process in the country saying that it has enabled mass access to savings accounts and digital payments. However, it said that the penetration of credit is still underwhelming, adding that just 12 per cent of Indians over the age of 15 had borrowed from a <keyword id="22663279" type="General" weightage="20" keywordseo="formal-financial-institution" source="keywords">formal financial institution</keyword> before 2021. This is less than half the global average of 28 per cent, as per the report. "Borrowing from formal financial institutions among lower earners is even less frequent, meaning many households have little access to capital for investment that might help them escape poverty and, in turn, support India's long-term economic growth, the report added. The S&amp;P also noted that improved digital payment infrastructure is helping lenders collect payments, reducing barriers to lending-market competition. "We expect that will strengthen India's economy and provide growth opportunities for the financial sector, " It added. The report further underscored the significance of the Pradhan Mantri Jan Dhan Yojana, Aadhaar, and Mobile penetration. Going forward, the report hailed the leading position of banks in retail lending. "Tech-savvy private sector banks and finance companies are leading the growth in retail lending. Finance companies are the dominant player in mass-market loans, accounting for 70 per cent to 85 per cent of loan origination for commercial vehicles, small ticket personal loans, consumer durables, and two-wheel vehicles," the report said which was released earlier this week. Additionally, the finance companies had a market share of about 40 per cent in affordable housing loans, as of September 2022, according to the report. The global rating agency observed that finance companies and small finance banks are leading the microfinance segment, which is playing a key role in improving financial inclusion for India's unbanked and underbanked. The total value of microloans has grown at a compound annual growth rate (CAGR) of 18 per cent for the last three years and now accounts for about 2 per cent of total loans, the report said citing the figures of Equifax, an American multinational consumer credit reporting agency.

Digital initiatives to triple Indian retail borrowing to USD 2.5 trillion by 2030: S&P Global

The Department of Empowerment of Persons with Disabilities has been allocated a total of Rs 1,225.27 crore in the <keyword id="20093202" type="General" weightage="20" keywordseo="fiscal-year" source="keywords">fiscal year</keyword> 2024-2025, a marginal increase of 0.02 per cent from the previous year's revised estimate of Rs 1,225.01 crore. The <keyword id="19936553" type="General" weightage="20" keywordseo="budget" source="keywords">budget</keyword> emphasises the continuation and expansion of key programmes aimed at improving the lives of persons with disabilities through various schemes and projects. A significant portion of the budget is dedicated to the National Program for the Welfare of Persons with Disabilities, with Rs 615.33 crore allocated for this fiscal year, up from Rs 502 crore in the revised budget for 2023-24. The Department of Empowerment of Persons with Disabilities (DEPwD) has been allocated a total of Rs 1,225.27 crore in the fiscal year 2024-25, a marginal increase of 0.02 per cent from the previous year's revised estimate of Rs 1,225.01 crore. This programme includes Rs 315 crore for <keyword id="22518195" type="General" weightage="20" keywordseo="Assistance-to-Disabled-Persons" source="keywords">Assistance to Disabled Persons</keyword> for Purchase/Fitting of Aids and Appliances, an increase from Rs 305 crore. The <keyword id="22518194" type="General" weightage="20" keywordseo="Deendayal-Disabled-Rehabilitation-Scheme" source="keywords">Deendayal Disabled Rehabilitation Scheme</keyword> has seen a notable increase from Rs 130 crore to Rs 165.00 crore. Additionally, the Scheme for Implementation of the <keyword id="22345050" type="General" weightage="20" keywordseo="Persons-with-Disabilities-Act" source="keywords">Persons with Disabilities Act</keyword> is allocated Rs 135 crore, more than doubling the previous year's revised estimate of Rs 67 crore. <keyword id="21579628" type="General" weightage="20" keywordseo="Educational-support" source="keywords">Educational support</keyword> remains a priority, with Rs 142.68 crore earmarked for Scholarships for Students with Disabilities. This is slightly down from the previous year's Rs 155 crore but continues to reflect a commitment to empowering students with disabilities through higher education opportunities. The department's support for autonomous bodies includes significant funding, although there are some reductions compared to the previous year. The National University of Rehabilitation Science and Disability Studies and the Rehabilitation Council of India maintain steady allocations. However, funding for the Centre for Disability Sports has been reduced from Rs 76 crores to Rs 25 crores. Support to national institutes is set at Rs 370 crore, a decrease from the revised estimate of Rs 408.75 crore. The budgetary support to the national trust is reduced from Rs 35 crore to Rs 25 crore. Public sector undertakings, such as the <keyword id="22518196" type="General" weightage="20" keywordseo="national-handicapped-finance" source="keywords">National Handicapped Finance</keyword> and Development Corporation and the Artificial Limbs Manufacturing Corporation of India, have been allocated a combined total of Rs 194 crore, maintaining consistent support for these critical organisations. The establishment expenditure for the central administration, including the Secretariat and the Chief Commissioner of Persons with Disabilities (CCPD), is set at Rs 42.75 crore. This includes Rs 41.55 crores for the Secretariat and Rs 20 lakh for the CCPD. The department also focuses on regional development, with Rs 75.8 crore allocated for the North Eastern Areas, up from Rs 65.7 crores.

Disability affairs department receives hike of 0.02%, allocated Rs 1,225 crore in budget

The overall size of the budget has remained almost unchanged from the interim one presented in February, indicating the government's strong commitment to move along the <keyword id="20099794" type="General" weightage="20" keywordseo="fiscal-prudence" source="keywords">fiscal prudence</keyword> path, said experts on Tuesday. According to the <keyword id="19908389" type="General" weightage="100" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024-25 presented by Finance Minister Nirmala Sitharaman, the total expenditure in Budget Estimates (BE) 2024-25 is estimated at Rs 48,20,512 crore of which total <keyword id="20018917" type="General" weightage="20" keywordseo="capital-expenditure" source="keywords">capital expenditure</keyword> is Rs 11,11,111 crore. The total expenditure in the Interim Budget presented in February was estimated at Rs 47,65,768 crore of which total capital expenditure was Rs 11.11 lakh crore. Debadatta Chand, Managing Director &amp; CEO, <keyword id="19920717" type="General" weightage="20" keywordseo="Bank-of-Baroda" source="keywords" meta.keywordsubtype="org" meta.entityname="Bank of Baroda" meta.hostid="261" meta.entityid="Bank of Baroda">Bank of Baroda</keyword>, said the Union Budget complements the main takeaways from the Economic Survey and focusses clearly on medium term development of the economy. "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 <keyword id="19942084" type="General" weightage="20" keywordseo="fiscal-deficit" source="keywords">fiscal deficit</keyword> at 4.9 per cent for the year," he said. The said action will keep the growth steady as well as robust not only for economy but also banking. Aditi Nayar, Chief Economist, ICRA Limited, said the budget has kept the capital expenditure unchanged and pared the fiscal deficit to 4.9 per cent of GDP. "The anticipated reiteration of the reduction in the fiscal deficit to below 4.5 per cent of GDP in FY2026 is welcome. Interestingly, the new medium term fiscal consolidation path has been linked to a reduction in the debt/GDP ratio instead of continued compression of the fiscal deficit/GDP ratio," she said. Buoyed by improvement in revenue collection, the government has lowered fiscal deficit target to 4.9 per cent for the current <keyword id="19910979" type="General" weightage="20" keywordseo="financial-year" source="keywords">financial year</keyword> as against 5.1 per cent estimated in February's interim budget. Ranen Banerjee, Partner and Leader Economic Advisory, PwC India, said that fiscal prudence is the highlight of the full Union Budget 2024-25. The government has gone with realistic projections on its revenue and expenditure estimates and refrained from announcing overly populist measures. "The majority of the allocations, including the capex allocation, are as outlined in the interim budget, thus providing continuity. The capex being kept at INR 11.11 trillion was expected, given that the ability to consume this allocation is limited due to disruption from the elections in the first quarter and the second quarter being typically slowed down by the monsoons," Banerjee said. Institute of Chartered Accountants of India (ICAI) President Ranjeet Kumar Agarwal said the government has announced five schemes to facilitate employment and skilling for 4.1 crore youth over the next five years with a central outlay of Rs 2 lakh crore. "This is a welcome step that will create a skilled workforce to address the existing deficit and generate <keyword id="19972727" type="General" weightage="20" keywordseo="employment-opportunities" source="keywords">employment opportunities</keyword>. Additionally, financial support for loans up to Rs 10 lakh for higher education will help students pursue higher education and acquire skills," he added. Indian Institute of Insolvency Professionals of ICAI (IIIPI) Chairman Ashok Haldia said the budget proposals for an integrated technology platform and sprucing up NCLT infrastructure will provide a fillip to the Insolvency and Bankruptcy Code (IBC) regime. IIIPI is promoted by ICAI. Meanwhile, Kumarmangalam Vijay, Partner, JSA Advocates and Solicitors, opined that in its new avatar, it seems that the Modi government is keen to deliver on its promise of 'ease of doing business'. "Its focus on making it simpler is evident from the abolition of the angel tax, the increase in new income tax regime thresholds, new Vivad se Vishwas Scheme 2024 for the resolution of pending cases and the increase in the threshold for appeal by tax departments at various levels, decriminalising the non-reporting of shares received from non-resident employers and reducing the period for re-opening of the cases," Vijay said. The Institute of Company Secretaries of India (ICSI) said there has been a focus on the manufacturing sector in the budget. Measures have been taken for simplifying the FDI/ODI rules and regulations, and the <keyword id="21847964" type="General" weightage="20" keywordseo="tax-regimes" source="keywords">tax regimes</keyword>. The enhanced Mudra loan limit and the abolition of angel tax are all set to incentivize the startup and MSME ecosystem of the country. "The nine priorities identified in this progressive and inclusive budget 2024 are aimed at generating ample opportunities for all. Besides agricultural reforms, the budget focuses on skilling, educating and employing the youth, a priority that the ICSI has been concentrating on," said ICSI President B Narasimhan. Rajesh Magow, Co-Founder and Group CEO, MakeMyTrip, said the government's continued emphasis on infrastructure development is commendable. Enhanced road infrastructure will bolster the travel and tourism sector. "We also welcome the initiatives to develop iconic spiritual and cultural sites into world-class tourist hotspots," Magow said. Furthermore, he said the provision of credit for TCS against income tax under 'Income from Salaries' is logical and will provide much-desired relief to taxpayers who travel internationally.

Budget size almost unchanged from interim, shows govt's commitment to fiscal prudence: Experts

India is poised to remain the fastest-growing major economy in 2024-25, Chief Economic Adviser V Anantha Nageswaran said in a press conference after the tabling of the <keyword id="20613906" type="General" weightage="20" keywordseo="economic-survey" source="keywords">Economic Survey</keyword> in the Parliament on Monday. The Economic Survey tabled today projected India to grow at 6.5-7.0 per cent in 2024-25. Global institutions, including <keyword id="19896779" type="General" weightage="20" keywordseo="IMF" source="keywords" meta.keywordsubtype="org" meta.entityname="IMF" meta.hostid="261" meta.entityid="IMF">IMF</keyword>, OECD, World Bank, S&amp;P, ADB, and Fitch, have projected India to grow in a range of 6.6-7.2 per cent. The International Monetary Fund (IMF), in its latest outlook, has raised India's growth projections for 2024 from 6.8 per cent earlier to 7 per cent, with the country maintaining the fastest-growing status in emerging markets and developing economies. According to official data of the Indian government, the country's GDP grew at an impressive 8.2 per cent during the financial year 2023-24. India's economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22 respectively. Further, the CEA in his press conference projected that India's <keyword id="20089672" type="General" weightage="20" keywordseo="per-capita-income" source="keywords">per capita income</keyword> is expected to increase from around Rs 2 lakh in 2022-23 to Rs 14.9 lakh in 2046-47. Further, CEA said <keyword id="20751315" type="General" weightage="20" keywordseo="household-savings" source="keywords">household savings</keyword> of Indians in physical assets have been increasing over the past three financial years through 2023-24. The CEA, addressing the press conference, said household savings in physical assets rose from 8 per cent in 2020-21 to 12.9 per cent in 2022-23. "Households are not in distress, they are investing in <keyword id="20792385" type="General" weightage="20" keywordseo="financial-assets" source="keywords">financial assets</keyword> that have done very well. Financial assets of households are not marked to market so households are doing quite well in the aggregate," he said. India needs both banks and capital markets to provide the required finances sourced from a sustained high level of household savings, according to the Survey. <keyword id="20385790" type="General" weightage="20" keywordseo="Union-Finance-Minister" source="keywords">Union Finance Minister</keyword> Nirmala Sitharaman on Monday tabled the economic survey in Parliament, a day ahead of the full Budget presentation for 2024-25. The Economic Survey document, prepared by the Economic Division of the Department of Economic Affairs in the Ministry of Finance and formulated under the supervision of the chief economic adviser, gives insights into the state of the economy and various indicators of 2023-24 (April-March) and some outlook for the current year. The Economy Survey document also gave some idea about the tone and texture of the actual Budget for 2024-25, to be presented on Tuesday. (ANI)

India to remain fastest growing major economy in 2024-25, says CEA Nageswaran

Defence Research and Development Organisation (<keyword id="19948662" type="General" weightage="20" keywordseo="DRDO" source="keywords" meta.keywordsubtype="org" meta.entityname="DRDO" meta.hostid="261" meta.entityid="DRDO">DRDO</keyword>) will collaborate with <keyword id="19906424" type="General" weightage="20" keywordseo="Indian-Institute-of-Technology" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Institute of Technology" meta.hostid="261" meta.entityid="Indian Institute of Technology">Indian Institute of Technology</keyword> (<keyword id="19906425" type="General" weightage="20" keywordseo="iit" source="keywords">IIT</keyword>) Bhubaneswar for artificial intelligence (AI) driven surveillance and other projects, officials said. A meeting was held between DRDO and <keyword id="19971391" type="General" weightage="20" keywordseo="IIT-Bhubaneswar" source="keywords" meta.keywordsubtype="org" meta.entityname="IIT Bhubaneswar" meta.hostid="261" meta.entityid="IIT Bhubaneswar">IIT Bhubaneswar</keyword> officials here on Tuesday. Binay Das, director general (DG) of Electronics and Communication Systems (ECS) cluster, DRDO, and many senior scientists and officials of both institutions were present in the meeting. During the meeting, nine sanctioned projects of the ECS Cluster of DRDO were handed over to IIT Bhubaneswar while another 7 projects are in process to be sanctioned with Rs 18 crore funding. IIT Bhubaneswar will work on the sanctioned projects, which would be beneficial in electronics warfare, <keyword id="21571619" type="General" weightage="20" keywordseo="AI-driven-surveillance" source="keywords">AI-driven surveillance</keyword>, power systems, radar systems etc, officials said. S R Samantaray, head of the School of Electrical sciences of IIT said the collaboration of IIT Bhubaneswar and DRDO will contribute to the emerging research and development need of defence applications, creating a platform for 'Atma Nirbhar Bharat'. This form of collaboration will enhance the sustainability of defence research programmes and will be part of the eco-system for nation building, he said. Speaking on the occasion, Binay Das advised researchers and faculty members associated with various DRDO-sanctioned projects to work systematically with proper review and risk management systems to complete the projects in time and come up with unique solutions. He said that DRDO is going through a transformation from technology chasers to become technology enablers and trendsetters. "The goal is now to move beyond attaining self-reliance to setting standards for the Indian armed forces, for others across the globe, to emulate. In this context, this collaboration, and the further opportunity to set up a Centre of Excellence at IIT Bhubaneswar would prove crucial," he added. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/aadhar-housing-finance-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/109919298.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/aadhar-housing-finance-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/109919298.cms" target="_blank">Aadhar Housing Finance IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-april-2024-tata-punch-continues-to-dominate/slidelist/109909744.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-april-2024-tata-punch-continues-to-dominate/slidelist/109909744.cms" target="_blank">Top-selling cars in India in April 2024 – Tata Punch continues to dominate</a><a href="https://www.businessinsider.in/tech/news/worldwide-tablet-shipments-grow-in-q1-2024-after-two-years-of-decline/articleshow/109876390.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/worldwide-tablet-shipments-grow-in-q1-2024-after-two-years-of-decline/articleshow/109876390.cms" target="_blank">Worldwide tablet shipments grow in Q1 2024 after two years of decline</a>

DRDO to collaborate with IIT Bhubaneswar for AI-driven surveillance, other projects

Chennai, Tamil Nadu's ruling <keyword id="19897149" type="General" weightage="20" keywordseo="dmk" source="keywords">DMK</keyword>, a key constituent of the INDIA bloc, in its manifesto released on Wednesday promised to repeal the Citizenship Amendment Act, 2019 if the opposition alliance wins the <keyword id="19895394" type="General" weightage="20" keywordseo="lok-sabha" source="keywords">Lok Sabha</keyword> polls. Restoration of statehood to Jammu and Kashmir and holding polls there, scrapping the New Education Policy 2020, slashing fuel prices, annulling Article 361 of the Constitution that provides protection to governors from legal action and appointment of Governors following consultation with Chief Ministers, were among the key promises made by the DMK. The recommendations of the M S Swaminathan committee will be adopted to ensure that MSP for agricultural products "is set at total production cost plus 50 per cent," the DMK said. Also, it announced that if voted to power, the INDIA bloc will withdraw the Agnipath scheme and reintroduce "permanent recruitment service" in the Indian Armed forces. "From now on, population census, including caste-wise census and census concerning people below the poverty line, will be conducted by the Union government once every five years simultaneously." The DMK will firmly insist on the removal of Article 356, which allows the dismissal of duly elected state governments and imposition of President's rule. The Congress party's ally in Tamil Nadu said that "new constraints" on States' borrowing capacity, imposed by the union government beyond the limits in each state's FRBM-equivalent Act will be eliminated. "A recommendation to share cess revenues with states will be made. It will be proposed that the Finance Commission increase the horizontal devolution of tax revenue (to all States together) from 42 per cent to 50 per cent." The Union government's financial contributions to states will be based on the income tax and GST collected in those states. Thus, financial contributions will be assured based on the taxes collected within each state. The finance provided to states will be permanently determined based on the 1971 population. A 33 per cent reservation for women in Parliament and legislative assemblies will be implemented immediately. "DMK will insist that the Union government enact a law providing menstrual leave to women, emphasizing the journey towards gender equality." Petrol and diesel prices "will be set at Rs 75, Rs 65 (per litre)" and cooking gas cylinders shall be made available at Rs 500 (per cylinder). "The introduction of the Uniform Civil Code will be strictly prevented" to preserve India's secular nature as stated in the Constitution's preamble. "The 2019 CAA law will be repealed, and all minorities will be treated equally without any discrimination. The recommendations of the Sachar Committee for the improvement of the lives of Muslims and other minority communities will be implemented." Facilitation will be provided for <keyword id="21027983" type="General" weightage="20" keywordseo="sri-lankan-tamil" source="keywords">Sri Lankan Tamil</keyword> refugees to get Indian citizenship. Assistance will be provided to those who wish to return to Sri Lanka. Also, the manifesto said efforts will be made to implement reservation for minorities at the all-India level, similar to Tamil Nadu. "The financial assistance previously provided to minority educational institutions has now been stopped. Action will be taken to resume this assistance." For "political" reasons, funding from foreign countries to non-governmental organisations (NGOs) has currently been stopped. "The Foreign Exchange Regulation Act will be properly amended, and measures will be taken to ensure these financial aids continue to reach NGOs without any problems." The proposal of 'One Nation, One Election' will be abandoned, and for the allocation of Lok Sabha seats to states, the current practice, based on the 1971 census will continue. All "people-unfriendly" laws introduced by the BJP government over the last 10 years will be reviewed immediately by the INDIA alliance government. The "labour-hostile laws" introduced by the BJP government will be "reformed." Through the Employees' Provident Fund (EPF), the Union government will ensure a minimum pension of Rs 5,000 per month. The number of working days under the Mahatma Gandhi National Rural Employment Guarantee Act will be increased from 100 to 150 days. "A wage of Rs 400 will be provided across states/ union territories nationwide." Disbanding the current NITI Aayog, set up by the BJP regime and establishing again the Planning Commission to draft plans based on the requests of state governments is another assurance the DMK has made. "Measures will be taken to reclaim Kachchatheevu to ensure India's security and to protect the welfare of the fishermen." A mandatory "cooling-off period" of 2 years will be introduced for retired judges and secretaries before they could join private companies or political parties, the manifesto said. Waiving loans and interests for farmers in nationalised and scheduled banks, waiver of educational loans for students, monthly entitlement of Rs 1,000 for all women in every state and formation of <keyword id="21027984" type="General" weightage="20" keywordseo="state-development-council" source="keywords">State Development Council</keyword> by including Chief Ministers were among the promises made by the DMK. Exemption for Tamil Nadu from the NEET exam and complete removal of toll booths on national highways, forms part of poll promises of the Dravidian party. Further, the DMK said amendments will be made to relevant laws to ensure that state governments, elected by the people, appoint Vice-Chancellors to state-run universities, rather than Governors. Stopping government's divestment from public sector enterprises, implementing the Sethusamudram project, law to ban online gambling, setting up a <keyword id="19895345" type="General" weightage="20" keywordseo="supreme-court" source="keywords">Supreme Court</keyword> branch in Chennai, providing statehood for <keyword id="19901639" type="General" weightage="20" keywordseo="puducherry" source="keywords">Puducherry</keyword>, equal funding for all state languages including Tamil, were among the host of other promises made by the DMK. Establishment of Tamil departments in varsities and stopping construction of <keyword id="19950851" type="General" weightage="20" keywordseo="mekedatu" source="keywords">Mekedatu</keyword> dam were also promised by the DMK. "The <keyword id="19996334" type="General" weightage="20" keywordseo="vishwakarma-scheme" source="keywords">Vishwakarma Scheme</keyword>, introduced by the BJP government to encourage caste-based occupations, will be restructured on the basis of social justice."

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