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In FY25, Punjab is set to experience financial challenges as its capital-to-revenue expenditure ratio is the lowest among all states, standing at just 6.2%, highlighted a research report by the <keyword id="19938957" type="General" weightage="100" keywordseo="National-Stock-Exchange" source="keywords">National Stock Exchange</keyword> (NSE). This means that for every rupee Punjab spends, a very small portion is being allocated towards capital expenditure, which is crucial for long-term <keyword id="19971350" type="General" weightage="20" keywordseo="infrastructure-development" source="keywords">infrastructure development</keyword>. In contrast, the research showed that the states like Gujarat lead the way with a much higher ratio of 36.2%, signaling a stronger focus on capital spending that can drive future growth. "The capital-to-revenue expenditure ratio, a measure of expenditure quality, is set at 20.7 % for FY25BE, declining from 21.2 % in FY24RE. Punjab has the lowest ratio at 6.2 %, while Gujarat leads at 36.2 %" said the report. The report also highlighted that the overall, capital expenditure by Indian states is expected to moderate in FY25 after three years of strong growth. It stated that the total capital spending for the fiscal year is estimated to increase by just 6.5 % to Rs 6.5 lakh crore. This is a notable slowdown compared to the sharp 39.3 % rise in FY24, which was marked by a post-pandemic push to boost infrastructure and public projects. The capital-to-revenue expenditure ratio, a key indicator of the quality of spending, is also set to decline slightly to 20.7 %in FY25 from 21.2 %in FY24, reflecting a more cautious approach by states. At the same time, revenue expenditure, which covers recurring costs like salaries, subsidies, and interest payments, is expected to grow by 8.9 % to Rs 44.2 lakh crore. This is the slowest growth in the last four years, indicating tighter control over everyday spending. "<keyword id="23614983" type="General" weightage="20" keywordseo="committed-expenditure" source="keywords">Committed expenditure</keyword> (interest payments and pensions), on the other hand, remains high, comprising about 24 % of total revenue expenditure and consuming nearly a quarter of revenue receipts" the report added. Despite this, the report noted that a large portion of revenue expenditure remains committed to non-discretionary costs. Interest payments and pensions alone account for about 24 % of total revenue expenditure and consume nearly a quarter of the revenue receipts, limiting states' flexibility in spending. Some states are more burdened than others by this committed expenditure. Punjab, Kerala, Himachal Pradesh, and Tamil Nadu have earmarked over 35 %of their revenue receipts for these fixed costs in FY25, putting additional pressure on their finances. This leaves less room for discretionary spending and makes it harder for these states to invest in development and growth-oriented projects.

Punjab's capital expenditure lowest in FY25 at 6.2% vs highest of Gujarat at 36.2%: NSE

According to a new analysis, <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> contributed $1.28 billion in <keyword id="20000757" type="General" weightage="20" keywordseo="climate-finance" source="keywords">climate finance</keyword> through <keyword id="20401772" type="General" weightage="20" keywordseo="multilateral-development-banks" source="keywords">multilateral development banks</keyword> (MDBs) in 2022, surpassing the contributions of many developed countries. The study, conducted by the UK-based think tank ODI and the <keyword id="23038658" type="General" weightage="20" keywordseo="Zurich-Climate-Resilience-Alliance" source="Orion">Zurich Climate Resilience Alliance</keyword>, comes amid a renewed push by some developed countries to broaden the donor base for climate finance to include developing countries like China and <keyword id="50996" type="General" weightage="20" keywordseo="Saudi-Arabia" source="Orion">Saudi Arabia</keyword>. The report reveals that only 12 developed countries provided their fair share of international climate finance in 2022. These countries are -- Norway, France, Luxembourg, Germany, Sweden, Denmark, Switzerland, Japan, the Netherlands, Austria, Belgium and Finland. Researchers noted that the significant gap in climate finance is largely due to the United States failing to contribute its fair share. Australia, Spain, Canada and the United Kingdom also performed relatively poorly in this regard. The analysis has identified the top 30 non-Annex II countries that provided substantial climate finance to developing countries in 2022 through multilateral contributions to development banks and climate funds. This group includes former economies in transition like Poland and Russia, countries that have achieved high-income status since 1992, such as Chile, Kuwait, Saudi Arabia and South Korea, and middle-income countries with large populations, including Brazil, China, India, Indonesia, Mexico, Nigeria, the Philippines and Pakistan. India provided $1.287 billion in climate finance to other developing countries through MDBs in 2022, a sum larger than what was contributed by some developed countries like Greece ($0.23 billion), Portugal ($0.23 billion), Ireland ($0.3 billion) and New Zealand ($0.27 billion). China provided $ 2.52 billion in climate finance through MDBs in 2022, Brazil gave $ 1.135 billion, South Korea gave $1.13 billion and Argentina gave $1.01 billion. According to the United Nations Framework Convention on Climate Change (<keyword id="21931277" type="General" weightage="20" keywordseo="UNFCCC" source="keywords">UNFCCC</keyword>), adopted in 1992, high-income, industrialised countries (referred to as Annex-II countries) are responsible for providing finance and technology to help developing countries combat and adapt to climate change. These countries, including the US, Canada, Japan, Australia, New Zealand and European Union (EU) member states, such as Germany, France and the UK, have historically benefitted from industrialisation and contributed the most to greenhouse gas emissions. At COP15 in Copenhagen in 2009, these developed countries pledged to jointly provide $100 billion each year by 2020 to help developing countries mitigate and adapt to climate change. However, this target has not been fully met, leading to a significant finance gap. This shortfall has eroded trust and hindered climate action in developing countries. In May, the Organisation for Economic Cooperation and Development (<keyword id="19916574" type="General" weightage="20" keywordseo="OECD" source="keywords">OECD</keyword>) claimed that developed countries had met the long-standing $ 100 billion-a-year promise by providing nearly $ 116 billion in climate finance to developing countries in 2022, with nearly 70 % of the money given in the form of loans. The ODI researchers pointed out that many developed countries, despite performing well in terms of climate-finance contributions, would make "markedly less progress towards meeting their fair share if the finance provided was accounted for on grant-equivalence terms" -- in other words, if it reflected their real fiscal effort. The report calls for the inclusion of a "burden-sharing mechanism" in the New Collective Quantified Goal (NCQG) to provide clarity on each country's obligations and hold countries accountable. The NCQG refers to the new, larger amount that developed nations must mobilise annually, starting 2025, to support climate action in developing countries. Countries are expected to finalise the NCQG at this year's UN climate conference -- <keyword id="20082972" type="General" weightage="20" keywordseo="COP29" source="keywords">COP29</keyword> -- in Baku, Azerbaijan in November. The current $100 billion annual climate-finance goal is a collective commitment by developed countries. Its collective nature has meant that individual developed countries are not accountable for specific sums of money, potentially reducing the overall amount of climate finance provided due to the lack of individual scrutiny. The inclusion of a burden-sharing arrangement among developed countries could potentially strengthen the NCQG by fostering greater accountability and trust among parties, according to the ODI researchers. Many developing countries, including India, have recently advocated for such an arrangement to enhance accountability among developed countries.

India provided more climate finance in 2022 than many rich nations, noted recent report

Top 10 happiest countries in the world

The residential market shows a positive outlook, with 51% of stakeholders predicting higher sales over the next six months. However, a notable 24% expect stability, while 25% predict a potential decrease, reflecting a balanced yet cautious sentiment, as per a recent <keyword id="19895043" type="General" weightage="20" keywordseo="Knight-Frank" source="keywords" meta.keywordsubtype="org" meta.entityname="Knight Frank" meta.hostid="261" meta.entityid="Knight Frank">Knight Frank</keyword> report. The outlook for residential launches is also positive, with 61% expecting an increase, suggesting continued demand. A more tempered view is held by 20% of respondents who expect stability, and 19% foresee a decrease in launches. The Indian <keyword id="20152263" type="General" weightage="20" keywordseo="real-estate-sector" source="keywords">real estate sector</keyword> continues to reflect a positive outlook for the near future, though with a more cautious approach. In terms of pricing, 63% of stakeholders expect a rise, but 36% anticipate stable prices, and a very small minority predict a decline. G Hari Babu, National President, National Real Estate Development Council (<keyword id="20429653" type="General" weightage="20" keywordseo="naredco" source="keywords">NAREDCO</keyword>), said, "The residential and office markets continue to show notable activity, signaling ongoing growth and opportunity. Developers and other key stakeholders, including banks and financial institutions, are maintaining a positive outlook." He added, "This suggests that while there may be short-term challenges, the sector is well-positioned to adapt and thrive. The continued optimism and activity in the market highlight the sector's ability to sustain its momentum and drive forward, amidst changing conditions." The <keyword id="22822547" type="General" weightage="20" keywordseo="office-leasing-market" source="keywords">office leasing market</keyword> shows signs of strong recovery, with 63% of respondents predicting an increase in leasing activity, driven by positive business sentiments and <keyword id="21313740" type="General" weightage="20" keywordseo="economic-revival" source="keywords">economic revival</keyword>. However, 24% expect stability, and 13% foresee a decline. New office supply also remains a point of interest, with 47% expecting an increase, while 29% anticipate stability, and 24% forecast a decrease. Furthermore, 67% of stakeholders expect office rents to rise, signaling confidence in the market's ongoing growth, even as 27% anticipate stable rents and 7% expect a decrease. The <keyword id="20635920" type="General" weightage="20" keywordseo="future-sentiment-score" source="keywords">Future Sentiment Score</keyword>, which measures stakeholders' outlook over the next six months, saw adjustments across various regions. The North Zone score slightly decreased from 65 in Q1 2024 to 63 in Q2 2024, though it remains firmly optimistic. The South Zone witnessed a more significant drop from 76 to 65, signaling a moderated outlook. In the East Zone, the score fell from 77 to 65, largely influenced by the discontinuation of the 2% stamp duty cut. The West Zone also saw moderation, with the score dipping from 73 to 66, though it too, remains optimistic. The overall Developer Future Sentiment score decreased from 72 to 61, reflecting a more guarded approach. Developers, while cautious, continue to remain optimistic due to strong sales since early 2023. On the other hand, the Non-Developer Future Sentiment core, which includes financial institutions and PE funds, also moderated from 73 to 68. This shift indicates stakeholders' careful consideration of macroeconomic concerns. Optimism in India's broader economic scenario remains strong, with 59% of respondents expecting an improvement, reflecting confidence in the country's economic resilience. However, 24% foresee stability, and 17% predict a decline, underscoring global economic uncertainties. Meanwhile, 51% of respondents anticipate increased funding availability for real estate investments, reflecting continued confidence in the financial sector's support for the real estate market. Shishir Baijal, Chairman and Managing Director of Knight Frank India Pvt Ltd, noted, "As we transition through 2024, a host of factors are playing out globally. The global economic landscape shows resilience despite ongoing challenges. Inflation rates are gradually aligning with central bank targets, enabling a more supportive monetary policy. India, benefiting from stable post-election conditions, remains a strong growth beacon." He added, "Domestic consumption is robust, supported by consumer loans, though there are some signs of growth moderation. Food inflationary pressures persist, but are converging overall towards price stability targets. With a projected GDP growth rate of 7.2% for FY 2025, India's outlook remains positive. An effective monetary policy by the Reserve Bank of India has helped sustain growth with price stability, positioning India as one of the fastest-growing large economies globally." The Current Sentiment score, which reflects stakeholders' view of the market compared to six months ago, moderated from a decadal high of 72 in Q1 2024 to 65 in Q2 2024. This suggests a more measured outlook as stakeholders navigate evolving global economic conditions. Despite the dip, the score remains indicative of optimism. Looking forward, the Future Sentiment index also adjusted from 73 in Q1 2024 to 65 in Q2 2024, signaling a positive yet more conservative outlook for the near term. While macroeconomic uncertainties may dampen enthusiasm, stakeholders continue to show confidence in the sector's resilience and adaptability.

Despite budget provisions, residential housing market will see sales growth, notes recent report by Knight Frank

<ul class="summary-list"><li>Iran is believed to have weaponized pharmaceutical agents to kill or incapacitate.</li><li>These chemical weapons affect a victim's central nervous system.</li></ul>Iran has developed <a target="_blank" class="" href="https://www.businessinsider.com/nerve-agents-chemical-weapons-how-they-work-2018-3">chemical weapons</a> based on synthetic opioids such as fentanyl, warns a US expert, powerful agents that could incapacitate soldiers or civilians when added to grenades or artillery.Pharmaceutical-based agents, or PBA, are essentially weaponized medicines that incapacitate or kill their victims depending on the exposure. Iran may have given PBA to its proxies such as <a target="_blank" class="" href="https://www.businessinsider.com/who-is-naim-qassem-longtime-deputy-now-leading-hezbollah-2024-10">Hezbollah</a>, which could use them to kidnap Israeli troops and civilians."At a time of growing regional instability in the Middle East, largely the result of the militancy of Iranian proxies, the threats posed by Iran's weaponized PBA program can no longer be overlooked," wrote Matthew Levitt in an <a target="_blank" href="https://ctc.westpoint.edu/tehrans-tactical-knockout-weaponized-pharmaceutical-based-agents/">article</a> for the Combatting Terrorism Center at West Point.The U.S. Government Accountability Office defines PBAs as "chemicals based on pharmaceutical compounds, which may or may not have legitimate medical uses, and can cause severe illness or death when misused." They include opioids such as fentanyl and tranquilizers for animals.These drugs affect a victim's central nervous system. "Once inhaled, these agents cause victims to lose full consciousness and enable the forces deploying them to advance quickly and quietly and/or take captive the unconscious victims," Levitt wrote.Iran was a victim of <a target="_blank" class="" href="https://www.businessinsider.com/russia-uses-chemical-weapons-against-ukraine-cause-panic-war-report-2024-4">chemical warfare</a> during the Iran-Iraq War in the 1980s, when Iraqi chemical attacks — including <a target="_blank" href="https://thebulletin.org/2024/07/iraq-once-devasted-iran-with-chemical-weapons-as-the-world-stood-by-governments-still-struggle-to-respond-to-chemical-warfare/">nerve gases</a> such as Sarin, and mustard gas — contributed to as many as 1 million Iranian casualties. But Iran employed its own mustard gas on a few occasions during the war. Israel believes Iran used PBAs against rebels in the <a target="_blank" class="" href="https://www.businessinsider.com/drones-usher-in-a-brutal-new-phase-syrian-civil-war-2024-3">Syrian Civil War</a>, while there are reports that pro-Iranian militias in Iraq may have unleashed them against anti-government protestors."The problem is that Iran is right when they said they've been victims of chemical weapons in terrible ways during the Iran-Iraq war," Levitt, a senior fellow at the Washington Institute think tank, told Business Insider. "But the reality is they themselves have been using these as well."The US and its allies have <a target="_blank" href="https://www.elysee.fr/admin/upload/default/0001/05/2ffa826926cd72354b90a05f7de765bfcc9908b6.pdf">warned</a> for years that Iran is developing pharmaceutical-based weapons in breach of the 1997 Chemical Weapons Convention, which bans the manufacture and use of "toxic chemicals," defined as "chemical action on life processes [that] can cause death, temporary incapacitation or permanent harm to humans or animals." Treaty signatories — including Iran — are obligated to destroy existing stockpiles.Still, evidence suggests Iran is pursuing PBAs. "In 2014, Iran's Chemistry Department of IHU [Imam Hossein University] sought kilogram quantities of medetomidine — a [veterinary] sedative it has researched as an aerosolized incapacitant — from Chinese exporters, according to a 2023 US State Department's <a target="_blank" href="https://www.state.gov/2023-condition-10c-annual-report-on-compliance-with-the-chemical-weapons-convention-cwc/">report</a>. "The Chemistry Department has little history of veterinary or even medical research, and the quantities sought (over 10,000 effective doses) were inconsistent with the reported end use of research."In September 2023, Iranian anti-government hackers "posted confidential documents detailing an Iranian military university's development of grenades meant to disseminate medetomidine," the State Department said.Of particular concern were references in Iranian literature to the 2002 <a target="_blank" href="https://www.history.com/news/opioid-chemical-weapons-moscow-theater-hostage-crisis">Dubrovka incident</a>, when Russian security forces pumped pharmaceutical-based gas — probably fentanyl or <a target="_blank" href="https://www.dea.gov/sites/default/files/2018-07/hq092216_attach.pdf">carfentanyl</a>, another synthetic opioid vastly more potent — into a crowded Moscow theater to subdue Chechen rebels who had taken almost a thousand hostages. Commandos then stormed the building and killed the incapacitated rebels — but the gas also killed more than 130 hostages.Yet restricting PBAs is difficult because they overlap with products used for legitimate law enforcement and medical purposes. For example, <a target="_blank" href="https://www.vox.com/2020/6/3/21277995/police-tear-gas-protests-history-effects-violence">tear gas</a> has been used by law enforcement as a riot control agent since the First World War, while US troops used it in the <a target="_blank" href="https://www.thenmusa.org/articles/tunnel-rats-of-the-vietnam-war/">Vietnam War</a> to smoke out enemy tunnels. Tear gas is still legal when employed for riot control, but not as a battlefield weapon.Stopping nations from manufacturing PBAs is " very, very difficult, which is why you've seen such a focus on diplomatic efforts, sanctions and some law enforcement actions," said Levitt.Iranian PBAs are a particular problem if Tehran has supplied them to proxies such as Hezbollah. "Deploying weapons produced with dual-use items, and then providing said weapons to proxies, provides Iran with multiple layers of cover and reasonable deniability for having done so at all," the CTC article noted.Israel feared that Hezbollah would use PBA weapons as part of an alleged plan to seize the Galilee region of northern Israel and <a target="_blank" class="" href="https://www.businessinsider.com/gaza-israels-special-forces-rescue-woman-on-a-motorbike-hostage-and-3-others-2024-6">kidnap Israeli citizens</a>. "Maybe you just use them to incapacitate the border guards and reach the now unprotected civilians," Levitt said. "Or, you actually target and incapacitate the soldiers so you can kidnap or capture them."Israel's recent military <a target="_blank" class="" href="https://www.businessinsider.com/israel-launches-ground-offensive-into-lebanon-destroy-hezbollah-targets-2024-9">offensives in Lebanon</a> have badly hurt Hezbollah, including its huge arsenal of missiles. But PBAs can be added to hand grenades and mortar shells, of which Hezbollah still has ample stocks. And there remains a possibility that US forces could clash with Iran and its allies and encounter pharmaceutical-based agents. (The US, in contrast, completed the destruction of its chemical weapons in 2023.)However, Levitt emphasizes that PBAs are not in the same league as <a target="_blank" class="" href="https://www.businessinsider.com/rangers-are-training-to-neutralize-enemy-nuclear-sites-2024-11">weapons of mass destruction</a> such as nerve gas, which is potent enough to kill widely across exposure areas. "This is not a strategic threat. It is a tactical weapon."Nonetheless, chemical weapons do have a frightening aura, even if fentanyl gas is nowhere near as deadly as nerve gas. "I think that many, many people would see it that way because you're talking about chemical weapons," Levitt said.Michael Peck is a defense writer whose work has appeared in Forbes, Defense News, Foreign Policy magazine, and other publications. He holds an MA in political science from Rutgers Univ. Follow him on <a target="_blank" href="https://www.twitter.com/@mipeck1">Twitter</a> and <a target="_blank" href="https://www.linkedin.com/in/mipeck/">LinkedIn</a>.

Iran has developed fentanyl-based chemical weapons

<ul><li><keyword id="19912297" type="General" weightage="100" keywordseo="Nvidia" source="keywords" meta.keywordsubtype="org" meta.entityname="Nvidia" meta.hostid="261" meta.entityid="Nvidia">Nvidia</keyword> wants to partner with <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> to develop new <keyword id="20830356" type="General" weightage="20" keywordseo="AI-chip" source="keywords">AI chip</keyword></li><li>The discussions are in prelim stage</li><li>Nvidia hasn't announced anything officially</li></ul> When it comes to AI, Nvidia is one of the frontrunners in the race. In the last few months, we have heard ample reports about how much Nvidia's AI chips are in demand. Now, latest reports say that the tech giant is looking forward to partner with India and use its huge talent pool to develop a new AI chip. According to a report in ET, Nvidia is looking to forge a partnership with India to create a new semiconductor chip tailored to the nation’s technological needs. As per the report, this initiative was discussed earlier this year between <keyword id="19979316" type="General" weightage="20" keywordseo="Jensen-Huang" source="keywords">Jensen Huang</keyword>, Nvidia’s CEO, and Indian Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="Narendra-Modi" source="keywords">Narendra Modi</keyword>. The collaboration aims to blend India’s robust semiconductor design skills with Nvidia’s cutting-edge technology to meet the increasing demands of the Indian tech market. <div type="Article" hostid="261" msid="113902265" title="Nvidia’s ChatRTX could be your alternative to ChatGPT for reading long documents, and it doesn’t need an internet connection" mstype="2" mssubtype="0"></div> As Nvidia’s graphics processing unit (GPU) chips continue to play a crucial role in the AI revolution, the company’s valuation has skyrocketed, now standing as the second most valuable company globally. Ashwini Vaishnaw, India’s union minister for electronics and IT, confirmed that discussions are underway, although they remain in the early stages. He told ET, “Yes, we are discussing with Nvidia the development of an AI chip; discussions are at a preliminary stage.” Meanwhile, Nvidia has not said anything yet. With around 19% of the world’s chip designers based in India—many working for renowned global firms—Nvidia is reportedly eager to leverage this rich talent pool. The partnership would focus on developing chips that cater to specific requirements within India, including AI-driven solutions for government initiatives, enhancements in infrastructure, and support for startups. Meanwhile, <keyword id="20553835" type="General" weightage="20" keywordseo="huang" source="keywords">Huang</keyword> is scheduled to visit India soon, marking his annual trip, during which he hopes to deepen ties with the nation. <div type="Article" hostid="261" msid="114040583" title="I talked to an AI-powered NPC thanks to Nvidia! True to her character, she surprised me with her princess attitude" mstype="2" mssubtype="0"></div> The report added that the envisioned chip would be specifically tailored for Indian applications, potentially enhancing systems like the Kavach security initiative for Indian Railways. This collaboration aims to provide the government, startups, and various businesses with a chip that supports diverse applications in line with India’s AI mission. Currently, the government is working on details such as cost, benefits, and use cases related to this co-development effort. If this chip collaboration materialises, Nvidia plans to design the core components in partnership with firms like Arm or AMD, while Indian entities, including the <keyword id="20051560" type="General" weightage="20" keywordseo="centre-for-development-of-advanced-computing" source="keywords">Centre for Development of Advanced Computing</keyword> (C-DAC) and private firms, would handle the customisation of the top 10-20% of the chip design, the ET report added.

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Punjab's capital expenditure lowest in FY25 at 6.2% vs highest of Gujarat at 36.2%: NSE

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India provided more climate finance in 2022 than many rich nations, noted recent report

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Despite budget provisions, residential housing market will see sales growth, notes recent report by Knight Frank

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Iran has developed fentanyl-based chemical weapons

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Nvidia eyes partnership with India to develop a new AI chip, all you need to know

BI India Bureau

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