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Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Tuesday announced <keyword id="20404375" type="General" weightage="20" keywordseo="income-tax-relief" source="keywords">income tax relief</keyword> for the <keyword id="20071167" type="General" weightage="100" keywordseo="middle-class" source="keywords">middle class</keyword>, a Rs 2 lakh crore outlay for <keyword id="22517841" type="General" weightage="20" keywordseo="job-creation-schemes" source="keywords">job creation schemes</keyword> over the next five years and a spending splurge for states run by her party's new coalition partners as she unveiled <keyword id="20509939" type="General" weightage="20" keywordseo="Modi-3-0" source="keywords">Modi 3.0</keyword> government's first budget after the general elections. With rural distress and unemployment being blamed for BJP losing its majority, Sitharaman in her seventh straight budget provided Rs 2.66 lakh crore for <keyword id="20027688" type="General" weightage="20" keywordseo="rural-development" source="keywords">rural development</keyword> and maintained spending on long-term infrastructure projects at Rs 11.11 lakh crore to boost <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword>. She abolished 'angel tax' for all classes of investors in startups, cut customs duty on mobile phones and gold and simplified capital gains tax. She, however, raised the securities transaction tax (STT) on futures and options of securities, which led to tanking of stock markets. "India's economic growth continues to be the shining exception (in a world that is gripped by policy uncertainties) and will remain so in the years ahead," she said. "In this budget, we particularly focus on <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">employment</keyword>, <keyword id="20374219" type="General" weightage="20" keywordseo="skilling" source="keywords">skilling</keyword>, MSMEs, and the middle class." Besides Rs 2 lakh crore provided over a five year period for schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth, "I have made a provision of Rs 1.48 lakh crore for education, employment and skilling," she said. For Bihar, where assembly elections are due next year, the finance minister announced spending of Rs 60,000 crore on infrastructure projects like expressways, power plant, heritage corridors and new airports. The support to Bihar, whose ruling party and BJP's partner JD-U has been demanding an economic package and special category status for the state, is in the form of capital projects but not subsidy or cash dole. Similarly, for Andhra Pradesh, whose ruling TDP recently joined BJP-led NDA, she allocated Rs 15,000 crore in financial aid through multilateral agencies. A similar request for support to Bihar will be expedited, she said. For the middle class, she raised standard deduction -- a flat deduction from total salary earned by an employee in a year before calculating applicable income tax rate -- by 50 per cent to Rs 75,000 and tweaked tax slabs for taxpayers opting for the new income tax regime. This will lead to taxpayers under the new tax regime -- which offers lower rates of taxes but permits limited deductions and exemptions -- saving up to Rs 17,500 in tax annually, she said. To spur employment, the Budget provided for incentives for companies, including paying for one-month salary for first-time employees, incentive at specified sale to both employee and empower with respect to their retirement fund contribution in the first four years of employment and reimbursing employers up to Rs 3,000 per month for 2 years towards EPFO contribution of each additional employee. Also, a programme to improve skills as well internship for students and subsidised loans for higher education will be provided, she said. India's official unemployment rate in urban areas is pegged at 6.7 per cent but private agencies put it at much higher levels. Buoyed by robust tax collections and a higher-than-expected dividend receipt from the Reserve Bank, Sitharaman said the government's fiscal deficit -- the difference between the total revenue earned and total expenditure -- will be trimmed to 4.9 per cent of the GDP in 2024-25, below the 5.1 per cent figure estimated in the interim budget she presented in February. She reduced gross market borrowing marginally to Rs 14.01 lakh crore. The Budget for 2024-25 fiscal (April 2024 to March 2025) allocated Rs 1.52 lakh crore for agriculture and allied sectors, aid for building 3 crore affordable housing units in urban and rural areas, provided credit support to small and medium businesses, raised small loans to Rs 20 lakh for small business, proposed setting up 12 industrial parks, and provided for setting up a Rs 1,000 crore venture capital fund for space sector.

Modi 3.0 1st Budget: Tax relief for middle class, Rs 2 lakh cr job scheme

More Americans are feeling a six-figure salary can't afford them a middle-class lifestyle 

<ul class="summary-list"><li>US airlines have ditched first class for improved business cabins to optimize space and revenue.</li><li>Some global carriers are adopting a different strategy as demand for more onboard luxury spikes.</li></ul>Delta Air Lines and United Airlines years ago eliminated international first class on their planes, and <a target="_blank" class="" href="https://www.businessinsider.com/american-airlines-ditching-first-class-seats-passengers-arent-buying-it-2022-10">American Airlines is following suit</a>.They deemed business class more lucrative for long-haul flights. It can fit more seats and is more marketable to more people than a costly first-class ticket.But many global carriers in Europe, Asia, and the Middle East are taking the opposite approach, chasing dollar signs with new first-class cabins amid a post-pandemic industry shift that's seen <a target="_blank" class="" href="https://www.businessinsider.com/best-airline-first-class-suites-in-world-2023-8">increasing demand for luxury at the front of the plane</a>.This includes multimillion-dollar revamp plans in a bid to lure more customers, keep up with the competition, and boost revenue and reputations. While these carriers still have business class, true first class remains a money-maker despite taking up the least amount of cabin real estate.Qatar Airways CEO Badr Mohammed Al Meer told <a target="_blank" class="" href="https://www.cnbc.com/2024/03/15/qatar-airways-to-launch-first-class-as-airline-courts-airbus-and-boeing-for-new-planes.html?utm_source=syndication">CNBC</a> in March that the airline's first class is here to stay. This was a U-turn from his predecessor, who said in 2023 that first class wasn't necessary with that carrier's famous <a target="_blank" class="" href="https://www.businessinsider.com/qatar-airways-business-class-qsuite-next-gen-photos-2024-7">Q-Suite business class.</a>Five-star Singapore Airlines also plans to <a target="_blank" class="" href="https://www.businessinsider.com/singapore-airlines-new-first-class-business-upgrades-privacy-door-trend-2024-11">launch a new first class</a> as part of an over $800 million cabin overhaul project. Air France, Swiss International Air Lines, and Lufthansa are also in the mix, among others.<div type="image" title="Swiss' new first-class." height="744" width="992" msid="115064431" hostid="261" sizebytes="49628"></div>A study from Mighty Travels Premium, published in <a target="_blank" class="" href="https://www.mightytravels.com/2024/10/who-really-flies-first-class-data-shows-67-are-corporate-travelers-not-wealthy-individuals/#Who-Really-Flies-First-ClassData-Shows-67-are-Corporate-Travelers-Not-Wealthy-Individuals-International-Routes-Report-Higher-Individual-First-Class-Bookings-Than-Domestic">October,</a> showed that the first-class resurgence is largely corporate travelers from monied Fortune 500 companies.The study, which analyzed airline revenue data, saw a jump in international bookings from affluent leisure individuals willing to pay a premium for the posh perks.First-class transatlantic fares averaged about $2,900 one-way between January and August, not including taxes and fees, according to data from the aviation analytics company Cirium. But that can be a lot higher on more luxury-focused airlines.Tiffany Funk, an analyst from the travel website <a target="_blank" class="" href="https://www.point.me/">Point.me</a>, told Business Insider that a drive behind Singapore's new first-class is partly from ultra-wealthy people who want to fly in style but can't reach certain <a target="_blank" class="" href="https://www.businessinsider.com/flying-on-a-50-million-bombardier-global-5000-private-jet-2022-5">destinations with a private jet.</a>"Singapore adding first-class speaks to its demographics," she said. "One of the Google co-founders who goes back and forth between the US and Singapore is someone who would book it, those are the people willing to pay $15,000-$20,000 for that really nice luxury experience."<h2 id="abe0097f-b9fa-429e-b49f-0356ea72b21f">Some airlines are adding first-class to boost their prestige</h2>Funk said airlines like British Airways, Singapore, Emirates, and Air France don't always fill first-class but have them for the "prestige."<div type="image" title="flight attendant sitting in air france first class." height="3124" width="4754" msid="115064429" hostid="261" sizebytes="719060"></div>Airlines, especially those with state investment, are willing to take the trade-off for the sake of boosting their reputation or providing the needed luxuries for their local elites."Air France is committed to having this super premium first-class product because it's Air France," Funk said. "It doesn't necessarily make economic sense, and it doesn't need to with only four seats to fill on the plane."She pointed to other examples like Emirates, which can get more customers across all cabins simply because it is associated with <a target="_blank" class="" href="https://www.businessinsider.com/emirates-airlines-first-class-flight-review-lie-flat-bed-shower-2023-4">having showers in first class</a> — even if people aren't in a seat with access to that shower.Then there is British Airways, which Funk said carries the prime minister and the royal family and needs to partly maintain first-class for that clout."You're not going to have William and Kate fly business class alongside 85 other people," she said.<div type="image" title="Qantas first-class cabin for Project Sunrise" height="4242" width="6000" msid="115064430" hostid="261" sizebytes="2398362"></div><h2 id="e19242e8-14ab-4c62-bb67-afee61170409">9 airlines are planning a new first-class cabin</h2>With at least nine new international first-class cabins coming to market over the next couple of years, <a target="_blank" class="" href="https://www.businessinsider.com/british-airways-first-class-suite-review-photos-2023-7">deep-pocketed customers</a> have a lot to look forward to — especially as some of these luxury seats will touch the US.Here are nine global airlines introducing a new first-class cabin:<ul><li>Air India: A new first-class will <a target="_blank" href="https://www.businessinsider.com/see-new-luxury-cabins-air-india-retrofit-onto-boeing-777-2023-8">be retrofitted onto existing Boeing 777-300ERs</a> starting in 2025 as part of Air India's $400 million rebrand.</li><li>Air France: The airline's new "La Premiere" first-class is <a target="_blank" class="" href="https://businesstravelerusa.com/news/air-france-new-la-premiere/">expected</a> to be unveiled by the end of 2024, though details remain limited.</li><li>British Airways: The UK flag carrier is <a target="_blank" class="" href="https://thepointsguy.com/news/british-airways-improvements-new-first-class-lounges/">debuting</a> a new first class on its Airbus A380s and future Boeing 777Xs. No official timeline has been announced.</li><li>Cathay Pacific: The Hong Kong-based airline is <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/cathay-pacific-unveils-aria-suite-a-new-way-to-experience-air-travel-1033863345">introducing</a> a new first class on its future 777X planes, but the delivery of those planes and its new cabin is still uncertain.</li><li>Swiss International Air Lines: From 2025, the <a target="_blank" class="" href="https://www.businessinsider.com/swiss-first-class-seats-too-heavy-for-a330-planes-2024-9#:~:text=Installation%20of%20the%20new%20cabins,plate%2C%22%20a%20spokesperson%20said.">carrier will offer a new pod-like first class</a> on existing A330s, Boeing 777s, and future A350s.</li><li>Lufthansa: Germany's flag carrier is <a target="_blank" class="" href="https://www.businessinsider.com/lufthansa-replacing-dated-business-class-new-allegris-cabin-first-class-2024-4">launching its new A350 Allegris first-class</a> on Saturday. The suite is similar to Swiss.</li><li>Qantas: From 2026, Australia's national airline will debut a new <a target="_blank" class="" href="https://www.businessinsider.com/qantas-first-business-class-worlds-longest-flights-project-sunrise-pictures-2023-2">first class on A350s as part of "Project Sunrise,"</a> which will operate the world's new longest flights between Australia, New York, and London.</li><li>Qatar: The Doha-based airline has released few details about its new first class, but the cabin will be on <a target="_blank" class="" href="https://www.businessinsider.com/qatar-new-qsuite-adding-first-class-to-boeing-777x-2024-3">future 777X planes</a>.</li><li>Singapore: Singapore is the latest airline to reveal a new first class, which will debut on seven <a target="_blank" class="" href="https://www.businessinsider.com/worlds-longest-flight-singapore-airlines-business-review-2023-1">ultra-long-haul A350-900ULRs</a> in the first quarter of 2027.</li></ul>

International airlines are all-in on fancy first-class seats, even as US carriers focus only on business for long-haul flights

Prime Minister <keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> on Wednesday said the first <keyword id="6358021" type="General" weightage="100" keywordseo="budget" source="Orion">budget</keyword> of the "amrit kaal" provides foundation to fulfil the resolve for a developed <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> while giving priority to deprived sections of the society as well. In his first reaction to the Budget presented by <keyword id="25455" type="General" weightage="50" keywordseo="finance" source="Orion">Finance</keyword> Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword>, Modi said it will fulfil the dreams of the aspirational society, farmers and middle class. The middle class is a big force to fulfil dreams of a prosperous and developed India and our government has taken many decisions to empower it, the prime minister said. Touching on various aspects of the budget, he said the success of digital payments has to be replicated in the agriculture sector and a scheme has been brought for laying down digital infrastructure for it It will make cooperatives pivot of development of the rural economy, he said. "An unprecedented investment of Rs 10 lakh crore in infrastructure will give speed and new energy to development," he said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/budget-for-stipend-to-47-lakh-youth-under-apprenticeship-scheme/articleshow/97522243.cms">Budget for stipend to 47 lakh youth under apprenticeship scheme</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/income-tax-bonanza-capex-push-emerge-as-the-stars-of-budget-2023-24/articleshow/97521646.cms">Income tax bonanza, capex push emerge as the stars of Budget 2023-24</a>

Budget will fulfil dreams of aspirational society, farmers and middle class: PM Modi

<keyword id="24068881" type="General" weightage="100" keywordseo="Equity-investments-in-Indian-real-estate" source="keywords">Equity investments in Indian real estate</keyword> may rise 49% to $11 billion this calendar year amid strong demand for properties, according to CII and CBRE. In the 2023 calendar year, the equity investments in real estate stood at $7.4 billion. Industry body CII and real estate consultant CBRE on Wednesday released a joint report titled 'Leading the Charge: Crafting the Skylines of Tomorrow' at the annual CII Realty 2024 conclave. Equity capital inflows touched $8.9 billion between January and September, registering a 46% year-on-year growth. "Overall equity investments in 2024 in the real estate sector are set to hit a new record surpassing $10 billion for the first time," the report said. With a resurgence in investment inflows in built-up office assets and a strong acquisition pipeline for land in the residential sector, the overall equity investments in 2024 would be in the $10-11 billion range. During January-September, institutional and collective vehicle investors accounted for nearly 40% of the overall investments. Developer companies led the total capital inflows with more than 41% share in this period. Domestic investors (predominantly developers) invested nearly USD 6 billion during the first nine months of the calendar year, dominating the overall capital inflows with an almost 65% share. In comparison, foreign investors contributed about $3.1 billion during the same timeframe. Notably, North American and Singaporean investors were the significant contributors, representing about 85% of all foreign capital inflows. Anshuman Magazine, Chairman &amp; CEO, India, South-East Asia, Middle East &amp; Africa, CBRE, said, "Projection for 2024 equity investments between $10-11 billion, highest-ever, underscores continued investor interest in the growing <keyword id="23870227" type="General" weightage="20" keywordseo="real-estate-market-in-India" source="keywords">real estate market in India</keyword>." With SEBI's SM-REIT framework, he said, smaller but high-quality assets in Tier-II markets would also present new avenues for strategic capital deployment. "We believe this regulatory support will add much-needed transparency, enabling a more diversified investment base and encouraging institutional participation across these markets," Magazine said. Going ahead, he said this growing diversification will not only solidify India's real estate sector but also pave the way for future growth across emerging asset classes.

Equity investments in Indian real estate may rise 49% to record $11 billion this year, says CII-CBRE report

<ul><li><keyword id="6354427" type="General" weightage="20" keywordseo="apple" source="Orion">Apple</keyword> will be opening four new stores in India</li><li>The company will also manufacture <keyword id="19899647" type="General" weightage="100" keywordseo="iPhone-16" source="keywords">iPhone 16</keyword> in India</li><li>The <keyword id="20054650" type="General" weightage="20" keywordseo="Made-in-India" source="keywords">made in India</keyword> iPhones are expected to launch this month</li></ul> Apple has announced plans to open four new stores in India, expanding its presence in the country. The new locations will be in Pune, Bengaluru, Delhi-NCR, and Mumbai, a PTI report says. This follows the opening of Apple's first two Indian stores in 2023, one in Mumbai and the other in New Delhi. In addition to this, the tech giant also revealed that it will soon launch the <keyword id="20656465" type="General" weightage="20" keywordseo="iPhone-16-Pro" source="keywords">iPhone 16 Pro</keyword> and <keyword id="20746828" type="General" weightage="20" keywordseo="iPhone-16-Pro-Max" source="keywords">iPhone 16 Pro Max</keyword> models in India. In a statement, Apple’s Senior Vice President of Retail, Deirdre O’Brien, talked about the company’s excitement about the expansion. He said, "We're thrilled to build our teams as we plan to open more stores in India because we're inspired by the creativity and passion of our customers across this country. We can't wait for them to have even more opportunities to discover and shop for our amazing products and services, and connect with our extraordinary, knowledgeable team members." <h2>When will Apple launch Made in India iPhone 16 series?</h2> As per the PTI report, Apple announced that the iPhone 16 series smartphones will be now manufactured in India. "Apple is now manufacturing the entire iPhone 16 lineup, including iPhone 16 Pro and iPhone 16 Pro Max, in India," the statement said. The “Made in India” devices will be available locally and exported to select countries, with supplies expected to begin this month. Apple has been manufacturing iPhones in India since 2017, and this marks the first time the entire iPhone 16 lineup, including high-end models, will be produced domestically. The company's statement added, "Manufactured in India iPhone 16 Pro and Pro Max will soon be available for our local customers and for export to select countries across the world." <div type="Article" hostid="261" msid="113895239" title="Apple Diwali sale in India goes live: iPhones, Macbooks and Airpods get discounts" mstype="2" mssubtype="0"></div> <h2><keyword id="19941643" type="General" weightage="20" keywordseo="Apple-stores" source="keywords">Apple stores</keyword> in India </h2> Last year, Apple made headlines with the grand opening of its first two retail stores in India. The Mumbai store, located at Jio World Drive mall in Bandra Kurla Complex, opened on April 18, followed by the New Delhi store at Select Citywalk Mall in Saket. Both events attracted large crowds of Apple fans, and CEO Tim Cook was present at the openings, talking about the importance of the Indian market. Now, as the Cupertino-based tech giant is gearing up to open more stores in the country, it can be said that the move underlines Apple’s commitment to expanding its footprint in India, which is becoming an increasingly important market. According to the PTI report, people aware about the development say that the new stores are likely to be opened next year. <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> During an investor call last year, Cook had highlighted Apple’s strong performance in India, saying that the company had achieved an all-time revenue record in the country. He had also said that India offers significant growth opportunities, with a growing middle class and increasing demand for premium products. Cook had also expressed optimism about the success of Apple’s Indian operations.

Apple to manufacture iPhone 16 in India, set to open new stores in Pune, Bengaluru

<ul><li>Compared to 15.9 per cent in 2020-21, the gross financial savings of households stood at 10.8 per cent in 2021-22. In the three previous fiscal years, it was 12 per cent.</li><li>According to a consultancy firm, high <keyword id="22195" type="General" weightage="20" keywordseo="inflation" source="Orion">inflation</keyword> has been the major reason behind fall in savings and in order to increase investments, savings need to be encouraged.</li><li>Indian households account for about 60 per cent of the country's savings, but this is falling gradually. </li></ul> Indian households' savings fell to a five-year low in 2021-22 as rising inflation gnawed into the <keyword id="15631502" type="General" weightage="20" keywordseo="purchasing-power-of-the-middle-class" source="Orion">purchasing power of the middle class</keyword>. Also, due to the Coronavirus-induced lockdowns, people were forced to dig into their savings, as the pandemic also led to severe job losses and in the absence of steady incomes, savings were the last resort for people to run their households. Compared to 15.9 per cent in 2020-21, the gross financial savings of households stood at 10.8 per cent in 2021-22. In the three previous fiscal years, it was 12 per cent. Though initially during the lockdowns, people saved their funds, keeping in mind the possibilities of having to spend on healthcare, once the restrictions eased, they went on a spending spree, what economists termed as "revenge spending". This led to depletion of their savings and a situation arose when spendings exceeded income and there were cases when despite having no jobs, expenditures rose, and savings bore the brunt of this excess or revenge spending, economists explained. According to official data, <keyword id="382273" type="General" weightage="20" keywordseo="Household-savings" source="Orion">household savings</keyword> figures were down to 2.5 per cent of the GDP in 2021-22, while share of other savings avenues like insurance, provident fund and pension funds went up to 40 per cent of gross financial savings. In 2021-22, shares and debentures' portion were also at a five-year high of 8.9 per cent, while the share of small savings hit a 16-year high of 13.3 per cent, according to reports. According to a consultancy firm, high inflation has been the major reason behind fall in savings and in order to increase investments, savings need to be encouraged. Indian households account for about 60 per cent of the country's savings, but this is falling gradually. Lower domestic savings exposes borrowers to overseas markets, weakening India's external position and raising external debt. India's savings rate had touched a 15-year-low as gross domestic savings stood at 30.9 per cent of GDP in FY20, down from a peak of 34.6 per cent in FY12. Household savings fell from 23 per cent of GDP in 2012 to 18 per cent in 2019. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/a-year-after-market-debut-paytm-is-the-worst-performer-among-recent-large-ipos-cartrade-policybazaar-and-lic-join-the-party/articleshow/95762071.cms">A year after market debut, Paytm is the worst performer among recent large IPOs – Cartrade, Policybazaar and LIC join the party</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/bikaji-stocks-why-investors-continue-to-snack-on-this-stock/articleshow/95757704.cms">Bikaji Foods: Investors continue to snack on the stock that’s up 35% since listing</a>

Revenge spending effect: Household savings dip to 5 -year low

Ahead of the <keyword id="6360189" type="General" weightage="50" keywordseo="union-budget" source="Orion">Union Budget</keyword>, Finance Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> said on Sunday that she was aware of the pressures of the middle class but also recalled that the present government has not imposed any fresh taxes on them. <keyword id="679937" type="General" weightage="70" keywordseo="sitharaman" source="Orion">Sitharaman</keyword> will present Union Budget for 2023-24 in the Lok Sabha on February 1 amid expectations that the government will raise the income tax limit and provide relief to the middle class taxpayers, besides others. "I too belong to the middle class so I can understand the pressures of the middle class. I identify myself with the middle class so I know," she said while speaking at a function organised by the Panchjanya magazine, an RSS- associated weekly. In the same breath, the minister reminded the audience that the present Modi government has not imposed any fresh taxes on the middle class. Also, she added, income of up to Rs 5 lakh is exempt from the income tax. She said the government has taken various measures like developing the metro rail network in 27 cities and building 100 smart cities to promote ease of living. The minister assured them that the government can do more for the middle class as its population is growing and it has become sizeable now. "I quite recognise their problems. The government has done a lot for them and continue doing the same," she said without making any commitment. Sitharaman said the government has been raising the outlay on capital expenditure in each Budget since 2020. For current financial year, she said, it has been increased by 35 per cent to Rs 7.5 lakh crore as it has a multiplier effect on the economy. On the banking sector, she said, the government's 4R strategy --Recognition, <keyword id="1518048" type="General" weightage="50" keywordseo="recapitalization" source="Orion">Recapitalization</keyword>, Resolution and Reform--has helped in revival of public sector banks (PSBs). As a result of this, non-performing assets (NPAs) have declined and health of PSBs has improved greatly, she said. The government implemented an unprecedented recapitalization programme for PSBs amounting to Rs 2.11 lakh crore to support capital adequacy and prevent their default. PSBs turned the corner during 2020-21 with a combined net profit of Rs 31,820 crore supported by massive recovery, reduction in NPAs and windfall gains on their bond portfolio. Subsequently, the combined profit more than doubled to Rs 66,539 crore in FY22 despite COVID-19 pressure. They had booked collective losses to the tune of Rs 2,07,329 crore for five straight years from 2015-16 to 2019-20. The <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword> last month said, banks' gross NPA ratio has fallen to a seven-year low of 5 per cent and the banking system remains sound and well-capitalised. Speaking about farmers, Sitharaman said the government is committed to doubling their income and has taken various steps in that direction. On trade with Pakistan, she said the neighbouring country never offered Most Favoured Nation (MFN) status to India. Trade relations with Pakistan have suffered since the Pulwama terror attack in 2019, she said. With regard to freebies, the minister said, promises have to be made keeping in mind the financial health of the state and there has to be full transparency about it. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/more-unicorns-focused-on-profitability-now-than-just-burning-cash-as-funding-winter-sets-in/articleshow/97030045.cms">More unicorns focused on profitability now than just burning cash as funding winter sets in</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/over-5-4-lakh-housing-units-to-be-completed-across-top-7-cities-in-2023-anarock-report/articleshow/97029912.cms">Over 5.4 lakh housing units to be completed across top 7 cities in 2023: Anarock report</a>

I belong to middle class, understand their pressures: Sitharaman before Budget

<ul class="summary-list"><li>Criminal gangs are helping students cheat on exams in India, according to The Wall Street Journal.</li><li>Cheating has, in particular, plagued India's highly competitive medical entrance exam.</li></ul>India's massive examination machine is floundering.This year, the country's primary testing body — the National Testing Agency (NTA) — has faced a series of controversies.They range from exam delays and cancellations to more serious allegations of errors in questions and leaked papers.While NTA officials have denied that any exam papers were leaked the federal education minister, Dharmendra Pradhan, told the <a target="_blank" class="" href="https://www.bbc.co.uk/news/articles/cv22wl82yldo">BBC</a> in June that "some irregularities" had been found.Now, it seems some are taking advantage of the examination chaos.According to the <a target="_blank" class="" href="https://www.wsj.com/world/india/gangs-are-making-millions-helping-indians-cheat-on-exams-32500cce">Wall Street Journal, some middle-class families are paying criminal gangs thousands </a>to help their children get the upper hand on these exams.<h2 id="5266815a-7004-480f-a5ba-395977759d6c">Cheating in India's medical entrance exam</h2>Cheating has, in particular, plagued India's highly competitive medical entrance exam, also known as the National Eligibility Cum Entrance Test (NEET).This year, around 2.4 million students in India took the exam, competing for medical college seats totaling about 0.02% of that number."Very few people crack it on the first try," one student, who asked not to be named for privacy reasons, told Business Insider.She spent a year preparing for the undergraduate and postgraduate exams, respectively. During this time, she woke up at 4 a.m. and studied for at least 10-12 hours each day.Some prefer to take an easier route.The Journal found that several students had paid $15,000-20,000 to illegally look at the question paper before the exam. BI could not independently verify the figures.The police made multiple arrests related to exam cheating after results showed that 67 people received perfect scores in the NEET exams this year."Question papers are sold at extravagantly high prices," Ashok Rathore, a police officer who investigated cheating linked to India's medical school exam, told the Journal. "It's a nexus of desperate students, parents, tuition centers and printing presses."<h2 id="378edaf6-be36-458e-8847-661e66638c81">Leaked questions</h2>One student told BI that several Telegram channels dedicated to exam prep saw messages encouraging students "struggling with exams and don't have time for studies" to get in touch for "help.""My friend said he was asked to pay around 15,000 rupees ($180) to enter the private channel where they shared the questions," she said.BI reached out to the Telegram account offering "help". The person said they can provide next year's medical entrance exam questions for around 1 lakh rupees ($1,200).High ranks in these exams mean coveted "seats" in medical colleges operated by the state and national governments. Those with money can still legally obtain places in private medical colleges if they pay fees ranging from $115,000 to $145,000.However, some students with the financial capacity prefer cheating and getting a government seat instead."It makes very good economic sense," a senior medical advisor with knowledge of the matter told BI. "The question paper will be given for about 25 lakh rupees (around $29,000). For that much, they get a free seat in a government college where they only have to pay around 16,000 rupees ($190) per annum.""For the entire five-year degree, that still only comes to around one lakh rupees ($1191), so of course rich students would rather do that instead of paying their way into private medical schools."<h2 id="4ff61c3d-756d-47c9-8f47-2f6be9f1f6a0">Earning a 'merit' seat</h2>The advisor — who preferred to remain anonymous but whose identity is known to BI — also said there is a significant amount of respect that comes with having "earned" a merit seat instead of paying their way into a private "management" seat."Unfortunately, there are very few objective metrics that people have as outsiders to judge the competence of their doctors, especially at a time when everybody in India sits with an MBBS board outside their clinic," agreed Asish George, a doctor who cleared the entrance exam in 2014."For those people, the fact that someone cracked a highly competitive entrance exam and got in would inspire more confidence than someone who paid their way through the whole thing."According to the Journal, authorities in India have tried to install video cameras inside exam halls and increased their monitoring of social media to catch cheaters. But many are still finding ways to illegally gain the upper hand, at a high price. The NTA did not immediately respond to a request by BI for comment.

You Searched For "india middle class" and got 10 results

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I belong to middle class, understand their pressures: Sitharaman before Budget

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