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The <keyword id="19987636" type="General" weightage="20" keywordseo="Bihar-government" source="keywords">Bihar government</keyword> is making serious efforts to give a fillip to <keyword id="23049947" type="General" weightage="20" keywordseo="small-scale-and-medium-enterprises" source="Orion">small-scale and medium enterprises</keyword> which would play a crucial role in the overall <keyword id="352701" type="General" weightage="20" keywordseo="economic-development" source="Orion">economic development</keyword> of the state, a top official of the Industries department said. Around Rs 2,900 crore have been disbursed to nearly 74,540 beneficiaries under two schemes, one of which was launched only last year, for promoting Micro, Small and Medium Enterprises ( <keyword id="19910977" type="General" weightage="100" keywordseo="MSMEs" source="keywords">MSMEs</keyword>) in the state, the official said. <keyword id="19903647" type="General" weightage="20" keywordseo="bihar" source="keywords">Bihar</keyword> has a strong MSME base. To promote innovation ecosystem and unlock the enormous entrepreneurial potential of the state, the Mukhya Mantri Udyami Yojana (MMUY) and <keyword id="23049946" type="General" weightage="20" keywordseo="Bihar-Laghu-Udyami-Yojana" source="keywords">Bihar Laghu Udyami Yojana</keyword> (BLUY) were launched in 2018 and 2023 respectively focusing on promotion of MSMEs in the state. "A total of Rs 2,697 crore was disbursed to 34,441 beneficiaries from 2018 till now under MMUY. Similarly, till date Rs 200 crore of the first instalment has been disbursed to 40,099 beneficiaries under BLUY", Secretary, Department of Industries, Bandana Preyashi told PTI. On the one hand, Bihar is getting big ticket investments for major manufacturing units and on the other hand, the state government is also enabling an ecosystem where the MSMEs can thrive on the ground level for the benefit of the rural economy, Preyashi said. The Bihar Laghu Udyami Yojana aims to provide job opportunities to at least one member of poor families whose monthly income is less than Rs 6,000 a month, she said. The state government is providing Rs 2 lakh to each beneficiary in three instalments to set up and run micro and small industrial and processing units, Preyashi said. The government's objective is promotion of MSMEs through awareness, training and handholding support, the Industries secretary said. The state government is encouraging entrepreneurs and investors through the provision of a safe and sound work environment and basic infrastructural facilities which include land, roads, electricity, and water availability, she said. The Industries secretary further said, "With new policies of the state government, Bihar is witnessing significant investment promotion activities, reinforcing its position as an emerging business and industrial hub in the country. During the Bihar Business Connect 2023, 278 companies signed MoUs, committing to investments totalling Rs 50,530 crore." the secretary said. The state government has implemented the Bihar Industrial Investment Promotion Policy (BIPP), Bihar Logistics Policy 2023, Ethanol Production Incentive Policy 2021 and Textile and Leather Policy 2022 to promote industrial growth and investment in the state. "Under these policies, stage-1 clearance was given to 481 applications, with a proposed investment amount of Rs 4,512.85 crore. A total of 175 units were given clearance for financial incentives with an investment of Rs 2,195.10 crore, an all-time high, since the inception of the state investment promotion policies," she said. In 2023-24, 255 startups were recognized in the state and a total of Rs 11.92 crore has been disbursed as seed funding to these startups. From April 2023 to January 2024, Bihar Industrial Area Development Authority (BIADA) allotted plots/sheds to 427 units having a total investment size of Rs 6,145 crore covering 492 acres of land and also creating 35,224 employment in the state, said the secretary. "Infrastructure development in industrial areas was given top priority. Funds of Rs 409.33 crore were approved under Part I and Rs 212.68 crore for construction of unity mall under special assistance to states in 2023-24. In the current financial year of 2024-25,149 units have been granted stage I clearance for a proposed investment amount in Rs 3,950.48 crore in Bihar State Investment Promotion Board", she said. At present, Bihar's proposal to establish a multi-sector Special Economic Zone (SEZ) in Nawanagar and Kumarbagh has been approved by the Government of India. "Authorities concerned are also working on the establishment of Export Promotion Councils (EPCs) in Bihar that will help Bihari Exporters to expand their businesses to international markets", said the secretary. Bihar Chief Minister <keyword id="19907431" type="General" weightage="20" keywordseo="nitish-kumar" source="keywords">Nitish Kumar</keyword> on August 3 this year laid the foundation stone for Rs 1,600 crore cement grinding unit of Ambuja Concrete North Private Limited, a subsidiary of Adani group's Ambuja Cements, in Warisaliganj block in Nawada district. This is considered the largest investment in the state by a cement industry player. "The project is expected to create 250 direct jobs and 1,000 indirect jobs on the site. The project will meet the growing infrastructure needs of Bihar. Adani Group has decided to invest additional Rs 5,500 crore in Bihar in various sectors, including cement manufacturing (in Muzaffarpur), logistics (near Patna) and projects related to agro-industry in Araria, Kishanganj and Begusarai. A total of 40,000 employment will be generated by these investments", said the statement issued by the CMO after the conclusion of the event on August 4.

Bihar government disburses Rs 2,900 crore to 74,540 beneficiaries for promoting MSMEs: Official

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

In a move to spur <keyword id="20022015" type="General" weightage="20" keywordseo="economic-development" source="keywords">economic development</keyword> in states, <keyword id="19900485" type="General" weightage="20" keywordseo="Finance-Ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="Finance Ministry" meta.hostid="261" meta.entityid="Finance Ministry">Finance Ministry</keyword> has released an additional instalment of <keyword id="19909262" type="General" weightage="20" keywordseo="tax-devolution" source="keywords">tax devolution</keyword> to states for June 2024. The total amount released to states for June now stands at Rs 1,39,750 crore. This decision was taken to accelerate <keyword id="19985442" type="General" weightage="20" keywordseo="development-projects" source="keywords">development projects</keyword> of different states so that their any projects should not get delayed because of capital requirement. <keyword id="19900485" type="General" weightage="20" keywordseo="Finance-Ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="Finance Ministry" meta.hostid="261" meta.entityid="Finance Ministry">Finance Ministry</keyword>'s decision to release <keyword id="19909262" type="General" weightage="20" keywordseo="tax-devolution" source="keywords">tax devolution</keyword> was taken following a high-level meeting with the Finance Secretary and the Secretary of the Department of Economic Affairs on Monday. During the meeting, the economic and fiscal conditions of states were thoroughly reviewed, leading to the conclusion that an additional instalment of funds would be necessary. The biggest chunk of the fund went to Uttar Pradesh at Rs 25,069.88 crore, followed by Bihar at Rs 14,056.12 crore, Madhya Pradesh got Rs 10,970.44 crore, and West Bengal was devolved Rs 10,513.46 crore. The additional instalment of funds is part of a broader fiscal strategy outlined in the Interim Budget for 2024-25, which has allocated Rs 12,19,783 crore towards the devolution of taxes to states. With the additional funds being released this month, the cumulative amount devolved to states as of June 10, for the fiscal year 2024-25 has reached Rs 2,79,500 crore. This disbursement highlights the <keyword id="19910020" type="General" weightage="20" keywordseo="central-government" source="keywords">central government</keyword>'s focus on maintaining a steady flow of financial resources to states, ensuring they have the means to undertake crucial development initiatives. State governments will benefit from this enhanced financial support, enabling them to accelerate their capital expenditures, including critical infrastructure projects such as road construction, public facilities, and other development initiatives. The Finance Ministry has provided a detailed state-wise breakdown of the funds released, ensuring each state receives its fair share to meet its specific development needs. As India continues to navigate the complexities of global economic dynamics, the <keyword id="19910020" type="General" weightage="20" keywordseo="central-government" source="keywords">central government</keyword>'s focus on providing financial support to states is crucial for sustaining growth and fostering development of the country. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/ios-18-announced-with-apple-intelligence-improved-privacy-controls-customisable-home-screen-and-more/articleshow/110883233.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/ios-18-announced-with-apple-intelligence-improved-privacy-controls-customisable-home-screen-and-more/articleshow/110883233.cms" target="_blank">iOS 18 announced with Apple Intelligence, improved privacy controls, customisable home screen and more</a><a href="https://www.businessinsider.in/tech/news/apple-vision-pro-to-be-available-in-nine-new-countries-but-india-is-not-one-of-them/articleshow/110883439.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/apple-vision-pro-to-be-available-in-nine-new-countries-but-india-is-not-one-of-them/articleshow/110883439.cms" target="_blank">Apple Vision Pro to be available in nine new countries, but India is not one of them</a><a href="https://www.businessinsider.in/stock-market/webstories/ixigo-ipo-now-open-price-band-to-risk-factors-all-you-need-to-know/slidelist/110867238.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/ixigo-ipo-now-open-price-band-to-risk-factors-all-you-need-to-know/slidelist/110867238.cms" target="_blank">Ixigo IPO now open – Price band to risk factors, all you need to know</a>

Centre releases ₹1,39,750 crore to states towards tax devolution for June

Union Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> made major announcements for <keyword id="19903647" type="General" weightage="20" keywordseo="Bihar" source="keywords">Bihar</keyword> and <keyword id="19896313" type="General" weightage="20" keywordseo="Andhra-Pradesh" source="keywords">Andhra Pradesh</keyword> on Tuesday, including a boost in <keyword id="19916864" type="General" weightage="20" keywordseo="infrastructure" source="keywords">infrastructure</keyword> and special financial support. The announcement covers human resource development, infrastructure and the generation of economic opportunities to make the eastern region of the country covering Bihar, Jharkhand, West Bengal, Odisha and Andhra pradesh an engine to attain Viksit Bharat. In her Budget speech in Parliament, Nirmala Sitharaman said, "On the Amritsar-Kolkata industrial corridor we will support the development of an industrial nod at Gaya in Bihar. We will also support the construction of road connectivity projects namely Patna-Purnia Expressway, Buxar-Bagalpur Expressway, Bodhgaya-Rajgir-Vaishali-Darbanga and an additional two-lane bridge over river Ganga at Buxar at a total cost of Rs 26,000 cr." "Power projects, including setting up of a new 2400 megawatt power plant at Pirpainti, will be taken up at a cost of Rs 21400 crore," she added. The Finance Minister said that new airports, medical colleges and sports infrastructure in Bihar will be constructed. An additional allocation to support capital investments will be provided, she said. She emphasised that the requests of the Bihar government for external assistance from multi-lateral development banks will be expedited. The FM also announce an allocation of Rs 11500 crore or flood control measures in Bihar. Funds have also been provided for developing the Temple corridors in the iconic temples in NIhar. The Kashi Model will be implemented in Bodh Gaya. Special funds have also been provided for the Rajgir Jain Temple site. Andhra Pradesh also benefited from the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024-25 as the Finance Minister announced special financial support to the state, recognising the state's need for capital. "Andhra Pradesh Reorganisation Act- Our govt has made efforts to fulfil the commitments in the Andhra Pradesh Reorganisation Act. Recognising the state's need for capital, we will facilitate special financial support through multilateral agencies," Sitharaman said. "In the current FY, Rs 15,000 crore will be arranged with additional amounts in future years," she added. The Finance Minister is presenting the first Union Budget of the Modi 3.0 government and her seventh consecutive one during the Monsoon Session of Parliament. The budget session of Parliament began on July 22 and, according to schedule, will end on August 12. 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/stock-market/news/markets-turn-highly-volatile-amid-budget-presentation/articleshow/111950281.cms" data-type="tilCustomLink" target="_blank">Markets turn highly volatile amid Budget presentation</a>

Union Budget 2024-25: FM Sitharaman unveils big sops for Bihar, Andhra Pradesh

<ul class="summary-list"><li>The Indian economy has grown strongly under Narendra Modi, whose party is set to win another term.</li><li>India's success has caught the eye of figures including Elon Musk, Jamie Dimon, and Tim Cook.</li></ul>India's powerful economic growth and blossoming middle class under Narendra Modi have caught the eye of corporate titans like Elon Musk, Jamie Dimon, and Tim Cook.Modi is pretty much a shoo-in for a third term as prime minister after the national election now underway ends on June 1. But the work starts there, as he'll have to navigate thorny issues such as youth unemployment, income inequality, and reliance on sanctioned Russian oil.<h2>Fueling growth and shaking hands</h2>India's economy has more than doubled in size during Modi's decade in charge to more than $3.7 trillion last year.The International Monetary Fund (IMF) <a target="_blank" href="https://www.imf.org/en/Blogs/Articles/2024/04/29/asias-growth-and-inflation-outlook-improves-but-risks-remain">recently upgraded</a> its growth forecast for real Gross Domestic Product (GDP) to a robust 7.8% this year, 6.8% in 2025, and 6.5% in 2026.India has already overtaken Britain to become the world's fifth-largest economy. It's on track to leapfrog Japan and Germany into third spot behind the US and China by 2027.The country's flagship stock index has also tripled in value since Modi took office in May 2014, thanks to wealth gains and growing investment appetites.Moreover, <a target="_blank" href="https://sbi.co.in/documents/13958/36530824/270224-HCES_Feb24.pdf">one estimate</a> puts the percentage of the Indian population living on less than $2.15 a day at below 5%, down from 12% in 2011. However, the <a target="_blank" href="https://pip.worldbank.org/country-profiles/IND">World Bank</a> pegged that figure at nearly 13% in 2021.India's middle class has also ballooned with 60 million people now earning the rupee equivalent of more $10,000 a year — about $37,200 once adjusted for <a target="_blank" href="https://www.imf.org/external/datamapper/profile/IND">purchasing power</a>. Goldman Sachs <a target="_blank" href="https://www.goldmansachs.com/intelligence/pages/indias-affluent-population-is-likely-to-hit-100-million-by-2027.html">expects</a> the ranks of the relatively affluent to swell to 100 million by 2027."Modi has done an unbelievable job in India," JPMorgan's Dimon <a target="_blank" href="https://www.businessinsider.com/jpmorgan-jamie-dimon-economy-inflation-recession-stagflation-geopolitics-crypto-bitcoin-2024-4">told</a> the Economic Club of New York last month. "I know the liberal press here, they beat the hell out of him. He's taken 400 million people out of poverty."Musk has <a target="_blank" href="https://twitter.com/elonmusk/status/1781541775183610310">posted</a> on X that he's looking forward to visiting India and meeting Modi this year. He delayed his trip last month, blaming "very heavy Tesla obligations." The pair are expected to discuss Tesla building a multibillion-dollar factory in the country.As for Apple's Cook, he hailed India on a November earnings call as an "incredibly exciting market" and a "<a target="_blank" href="https://www.businessinsider.com/apple-tim-cook-obsessed-india-consumers-iphone-2023-7">major focus of ours</a>" given the explosive growth in potential customers as locals get richer.<div type="image" title="Sundar Pichai, Tim Cook, Narendra Modi, Joe Biden" height="3907" width="5861" msid="109838230" hostid="261" sizebytes="846512"></div>Modi has also met with Nvidia CEO Jensen Huang, Microsoft boss Satya Nadella, and Alphabet's Sundar Pichai. He's likely to be seeking to attract foreign direct investment (FDI) in India — and to capitalize on bosses' <a target="_blank" href="https://www.businessinsider.com/us-china-relations-reshoring-manufacturing-jobs-made-in-america-2023-10">desire to hedge their bets on China</a> given its strained relationship with the US, economic woes, and how disruptive its strict pandemic lockdowns were to global supply chains."India's population and economic growth numbers are causing a lot of global executives to revisit their India presence and consider scaling up," Richard Rossow, a senior advisor and chair in US-India Policy Studies at the Center for Strategic &amp; International Studies, told Business Insider."Paired with increased concerns about supply chain resilience and security concerns about China, it's a very good time for a hard push to win investments."The United Nations said that India and China both had a population of 1.426 billion in April last year, meaning India is probably now the most populous given its rising birth rate.<h2>Change for the better — mostly</h2>Modi has instigated a raft of major economic reforms since taking office, intended to make India more business-friendly, and boost government revenues by taxing more of the country's vast informal economy.He rolled out a tax on goods and services, simplified bankruptcy laws, lifted FDI restrictions, cut corporate income tax, and ended retrospective taxation.However, not all of Modi's moves spurred growth."Demonetisation was a key economic policy which had negative effects on the economy," Kunal Sen, a director of the United Nations University World Institute for Development Economics, told BI.Sen is the author of several books about India's economy and a professor of development economics at the University of Manchester.He was referring to Modi's sudden declaration in November 2016 that all 500 and 1,000-rupee bills — 86% of Indian currency in circulation — would <a target="_blank" href="https://www.businessinsider.com/india-ending-500-and-1000-rupee-bills-to-fight-corruption-2016-11">no longer be accepted as legal tender</a>.The government's goals were to capture undeclared income, get rid of counterfeit currency, broaden the tax base, and bring more activities into the formal economy."The other key economic policy was JAM — the trinity of bank accounts for the poor, mobile numbers and a biometric card. This last economic policy has been revolutionary," Sen said.He was hailing a broader digitization drive under Modi that has <a target="_blank" href="https://www.businessinsider.in/business/news/how-indias-digital-payments-ecosystem-has-evolved-in-the-last-one-year/slidelist/90595832.cms">transformed</a> how Indians bank, invest, pay their taxes, and conduct business.<h2>Prosperity for all</h2>Modi's efforts have helped to usher in a more prosperous era for some Indians, but many have been left behind.Young people are India's beating heart, with about half its population under 25 and almost two-thirds under 35. Matching those hundreds of millions of people with jobs has proven a challenge, with youth unemployment almost tripling from below 6% in 2000 to about 18% in 2019. It still stands at a hefty 10% in 2023, per the <a target="_blank" href="https://webapps.ilo.org/wcmsp5/groups/public/---asia/---ro-bangkok/---sro-new_delhi/documents/publication/wcms_921154.pdf">International Labor Organization</a>.The report found that nearly 30% of India's graduates were unemployed in 2022, and only about 10% of the working-age population was formally employed.<div type="image" title="A farmer uses oxen to plow fields for lentils in Nimaj, Rajasthan, northern India." height="3464" width="5196" msid="109838232" hostid="261" sizebytes="690700"></div>"Unemployment is a big issue," Rossow said, emphasizing this isn't just a problem with recent graduates but a "much, much larger bubble: the underemployed farm laborers."Rising agricultural productivity is likely to help farm workers make a faster transition to city life in the years ahead, but they'll struggle to secure modern jobs in the services industry "without significant reskilling and education," Rossow said.As a result, lower-skilled manufacturing and assembly jobs and lower-end services jobs will be needed, he added.Another major challenge will be tackling a widening wealth divide. The richest 10% of the population hold more than 72% of the nation's wealth, per an Oxfam report <a target="_blank" href="https://d1ns4ht6ytuzzo.cloudfront.net/oxfamdata/oxfamdatapublic/2023-01/India%20Supplement%202023_digital.pdf?">published</a> last year.Business tycoons Mukesh Ambani and Gautam Adani both rank among the world's 15 richest people, per the <a target="_blank" href="https://www.bloomberg.com/billionaires/">Bloomberg Billionaires Index</a>. Luxury-goods sales are booming with <a target="_blank" href="https://www.carwale.com/news/mercedesbenz-lineups-waiting-period-reduced-in-india/">long waitlists</a> for flashy purchases like the Mercedes "G Wagon."<div type="image" title="The Ambani family onstage with Rihanna." height="854" width="1280" msid="109838233" hostid="261" sizebytes="99148"></div>The <a target="_blank" href="https://www.businessinsider.com/anant-ambani-pre-wedding-festivities-lack-empathy-india-radhika-merchant-2024-3">lavish pre-wedding party</a> thrown by the Ambani family earlier this year was singled out by some as an affront to the huge number of Indians living in poverty.Almost 1.3 billion people live on less than $3,500 a year by one estimate, and India ranks 111th on the <a target="_blank" href="https://www.globalhungerindex.org/ranking.html">Global Hunger Index</a>, below even North Korea.Rising equality is partly explained by a "capital-intensive mode of economic growth along with increasing power of business conglomerates," Sen told BI, referring to how huge companies like the Adani Group secure huge government contracts to build ports, bridges, highways, and other infrastructure.A third challenge is regional inequality, as some states like Bihar and Uttar Pradesh haven't experienced the same growth and modernization of their economies as others, Rossow said.<h2>The Russia riddle</h2>One striking aspect of Modi's economic boom has been its reliance on Russia since it invaded Ukraine in early 2022.India went from getting 2% of its crude oil from Russia before the war, to 35% last year. During that period, the US and Europe slapped sanctions on Russian oil to defund Putin's military machine and punish Moscow for attacking a sovereign nation.Despite that, India purchased an estimated $37 billion of Moscow's oil in 2023 — 13 times the amount it bought annually prior to the conflict. Its buying helped Russia rake in a <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-sales-india-ukraine-war-moscow-western-sanctions-2024-2">record $320 billion</a> of federal revenue last year.Indian demand for Russian oil has <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-oil-trade-crude-india-discount-barrel-sanctions-price-cap-2024-2">cooled</a> in recent months as new sanctions have made it <a target="_blank" href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-energy-exports-india-imports-revenue-sanctions-discount-2024-3">more expensive</a>, but the buying remains controversial.Officials in India have <a target="_blank" href="https://markets.businessinsider.com/news/commodities/crude-oil-prices-india-russia-trade-geopolitics-opec-supply-puri-2024-2">defended</a> the purchases, saying that if they'd bought Middle Eastern oil instead, global crude prices would have shot up.India is also one of the world's largest oil refiners and has helped Western nations to maintain access to refined petroleum products even as they're refraining from buying Russian crude directly.Yet the country imports 85% of its oil, so its overriding interest is securing the cheapest oil possible to support its development, said Neelima Jain, a senior fellow and chair in US India Policy Studies at CSIS."India will continue to buy Russian oil if the price remains favorable and allows for firm volume guarantees, as the country prioritizes energy affordability and accessibility during its rapid rural-to-urban transition, which has led to a 6% year-on-year growth in energy demand," she told BI."In an inflationary environment, economics [rather] than geopolitics will drive India's energy choices."<div type="image" title="Narendra Modi and Vladimir Putin" height="3196" width="4714" msid="109838234" hostid="261" sizebytes="426292"></div><h2>India the IT hub</h2>Under Modi, India has made big strides in modernizing its economy, combating bureaucracy, and appealing to foreign investors.Big Tech stalwarts like Microsoft have a <a target="_blank" href="https://www.businessinsider.com/microsoft-has-so-many-patents-its-outsourced-the-job-to-india-2013-5">long history</a> of outsourcing to India, but recent efforts to cut red tape and slash corporate taxes appear to have fueled fresh interest.Sweeping layoffs at Alphabet, Amazon, Meta, Salesforce and other US tech titans in the past few years could presage a large exodus of jobs to India.Sanjay Shetty of Randstad India <a target="_blank" href="https://economictimes.indiatimes.com/tech/technology/outsourcing-hubs-like-india-to-bag-40-of-jobs-lost-to-layoffs/articleshow/101088673.cms?">told The Economic Times</a> last summer that he expected 30% to 40% of the tech jobs eliminated globally to move to India by 2025."India is going to be the biggest gainer in the medium to long term, as almost every company that we speak to is looking at expanding its India base," Shetty said.Even if that pans out, it won't be a panacea for a country facing not just unemployment and underemployment, but also stark income inequality, regional disparities, and the risk of alienating Western allies by continuing to buy Russian oil.Yet overall, India appears to be headed in the right direction."The growth is real, if focused on a few key states," Rossow said. "India's dynamic technology services sector is to IT services what China is to manufacturing. So there is much to cheer, even as the reform agenda seems to never end."

Tech titans love Modi's economic powerhouse India — despite mass unemployment and abject poverty 

Prime Minister Narendra Modi on Wednesday launched the second leg of his campaign for Bihar assembly elections, raking up the <keyword id="6354931" type="CITY" weightage="20" keywordseo="Ayodhya">Ayodhya</keyword> issue and urging the people to defeat the opposition which had ushered in a "<keyword id="3362535" type="PERSON" weightage="20" keywordseo="jungle-raj">jungle raj</keyword>" in the state and embezzled funds meant for development schemes. Invoking the imagery of Goddess Sita and her father Janaka, the king of Mithila of which this north Bihar town became the capital later on, Modi said those who used to taunt the BJP over the delay in construction of Ram temple were now forced to applause. "I am happy to be here, in the birth place of Mother Sita. Construction of temple at Ayodhya has also begun. Those siyasi log (political opponents) who used to taunt us with the question what is the date (for commencement of construction), have now been forced to clap in applause," Modi told a rally here. The prime minister, who shared the stage with Chief Minister Nitish Kumar, lavished praise on the latter, calling him the "bhaavi mukhyamantri" (prospective CM) and crediting him with Bihar's economic turnaround. "The people of Bihar have made up their mind to inflict yet another defeat on those responsible for the 'jungle raj' where crime graph had soared to an extent that living a normal life became difficult for the common people, our mothers and sisters," Modi said in an obvious attack on the RJD-Congress combine, without mentioning either by name. "They committed financial irregularities in the name of waiving farm loans. They took bribes to give jobs. The NDA stands for development. Beware of those who are greedily eyeing the funds earmarked for progress," said Modi. He said those who were in power before the NDA government was formed were so obsessed with their "commission" that they never cared about connectivity for regions like Mithila. A project like Kosi Mahasetu could be completed only when the NDA was in power both in the state and the Centre, he added. The prime minister, who spoke at length about the measures taken by the Centre for the development of Mithila as well as those proposed for the future, sought to strike a chord with the local populace by recalling legendary Maithili poet Vidyapati and uttering phrases in the local language. He also made references to "paan" (betel leaves) and "makhaan" (fox nut) cultivated in the area in abundance. In a deft attempt at reaching out to the lower castes, Modi also paid tributes to Dalit icon Baba Chauharmal. Noting that voting was underway in several assembly segments in the first phase of elections, Modi urged the people to stay safe and take precautions in view of the COVID 19 pandemic while exercising their franchise. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/ajay-piramal-believes-that-if-banks-wont-lend-to-long-term-projects-india-will-need-to-revive-the-likes-of-idbi-and-ifci/articleshow/78906135.cms">EXCLUSIVE: Ajay Piramal believes that if banks won't lend to long-term projects, India will need to revive the likes of IDBI and IFCI</a> <a href="https://www.businessinsider.in/science/space/news/apophis-the-god-of-chaos-asteroid-is-speeding-up-increasing-the-likelihood-of-it-hitting-earth-in-2068/articleshow/78895818.cms">Apophis, the ‘God of Chaos’ asteroid is speeding up — increasing the likelihood of it hitting Earth in 2068</a> <a href="https://www.businessinsider.in/business/corporates/news/kumar-mangalam-birla-says-cement-industry-is-recovering-and-analysts-find-evidence-of-it-outside-ultratech-too/articleshow/78791281.cms">EXCLUSIVE: Billionaire Kumar Mangalam Birla is surprised by the rebound in infrastructure and construction in India</a>

Modi kicks off second-leg of Bihar campaign — rakes up issues of Ayodhya and 'jungle raj' at rally

Mumbai, Jan 13 () The economic slowdown has adversely impacted employment generation in the country as nearly 16 lakh less jobs are projected to be created in FY20 compared to 89.7 lakh fresh jobs in FY19, a report said.
 According to the SBI research report- Ecowrap, there is a decline in remittances in a few states like Assam and Rajasthan, reflecting downsizing of contractual labourers.
 "In FY19, India had created 89.7 lakh new payrolls as per the EPFO data. In FY20, as per current projected this number could be at least 15.8 lakh lower," the report said.
 The EPFO data primarily covers low paid jobs as the salary is capped at Rs 15,000 per month. As per the calculation done by the report, during April-October 2019, the actual net new payroll was 43.1 lakh which annualised comes out to be 73.9 lakh for FY20.
 The EPFO data does not cover government jobs, state government jobs and private jobs as such data have moved to National Pension Scheme (NPS), beginning 2004.
 "Interestingly, even in the NPS category, state and central government are supposed to create close to 39,000 jobs less in FY20 as per current trends," the report said.
 It said a sample of data on remittances by migrant labourers to selected states in the last one year showed that there is a decline in remittances in states like Assam, Bihar, Rajasthan, Odisha and UP.
 "The delay in resolution of cases under bankruptcy proceedings may have prompted companies to downsize their contractual labourers," it said.
 Over the years, migration has been an important livelihood option for both the poor and the non-poor in the country.
 As a result of unequal growth, people from agriculturally and industrially less-developed states migrate to more developed states in search of job opportunities - for example from Uttar Pradesh, Bihar, the southern part of Madhya Pradesh, Odisha, and Rajasthan to states like Punjab, Gujarat, and Maharashtra.
 For a large number of migrants, New Delhi is a much-favoured destination due to the abundance of job opportunities, the report said.
 "These migrants have been making significant financial contributions to their families in their places of origin," it said.
 The report further said in the last five years, the overall productivity growth has remained relatively stagnant between 9.4 per cent to 9.9 per cent.
 This slow growth in productivity manifests in low wage growth, it said. 
 The report also cautioned the policymakers of such slower productivity growth as it could encourage over-borrowing by corporations and households, which can create a big risk to economies and fiscal systems. HV ANS
ANS

Economic slowdown hits jobs sector: SBI report

<keyword id="9292761" type="UNKNOWN" weightage="20" keywordseo="equity-benchmark-sensex">Equity benchmark Sensex</keyword> opened over 350 points higher to hit its record intra-day level on Tuesday, tracking a global market rally driven by <keyword id="44612" type="COMPANY" weightage="20" keywordseo="Pfizer">Pfizer</keyword>'s progress in the development of COVID-19 vaccine amid persistent foreign fund inflow. After touching its lifetime peak of 42,959.25 in the opening session, the 30-share BSE index was trading 216.15 points or 0.51 per cent higher at 42,813.58. Similarly, the broader NSE Nifty too claimed a fresh high of 12,557.05. Later, it was trading with 51.65 points or 0.41 per cent gain at 12,512.70. ICICI Bank was the top gainer, surging around 3 per cent, followed by ONGC, HDFC, L&amp;T, SBI, HDFC Bank, IndusInd Bank and Bajaj Finance. On the other hand, Tech Mahindra, Infosys, HCL Tech, TCS, Nestle India and Maruti were in the red. In the previous session, Sensex ended 704.37 points or 1.68 per cent higher at 42,597.43 -- its record closing high. The Nifty too closed at a lifetime high of 12,461.05, up 197.50 points or 1.61 per cent. Trade set up in domestic equities continues to look good with Asian markets are trading in green with handsome gains, said Arjun Yash Mahajan Head Institutional Business at Reliance Securities. "Clarity over COVID-19 vaccine is likely to ease the concerns of the possible second wave of coronavirus in India, which essentially means that revival of economic activities should persist. The domestic market should continue to see traction in the equities market in the near term," he said. Amid positive signals, investors were also cautious ahead of <keyword id="9317522" type="COMPANY" weightage="20" keywordseo="the-bihar-assembly">the Bihar Assembly</keyword> election results, traders said. Pfizer and BioNTech on Monday said their vaccine candidate was found to be more than 90 per cent effective in preventing COVID-19. US equities ended mostly higher as positive news about the COVID-19 vaccine bolstered investor confidence further. Elsewhere in Asia, bourses in Shanghai, Hong Kong and Tokyo were trading up to 0.74 per cent higher in mid-session deals, while Seoul was flat. Foreign institutional investors remained net buyers in the capital market as they purchased shares worth Rs 4,548.39 crore on Monday, according to provisional exchange data. Meanwhile, international oil benchmark Brent crude was trading 1.23 per cent lower at USD 41.88 per barrel. SEE ALSO: <a href="https://www.businessinsider.in/politics/india/news/checkout-here-bihar-assembly-election-2020-results-and-updates-online/articleshow/79142084.cms" data-type="tilCustomLink">Bihar Election Results 2020: Counting of votes begin, early trends indicate the Grand Alliance edging ahead of the JDU</a> <a href="https://www.businessinsider.in/tech/news/google-will-be-probed-by-indias-competition-commission-for-allegedly-abusing-dominance-to-push-gpay/articleshow/79141895.cms" data-type="tilCustomLink">Google will be probed by India’s Competition Commission for allegedly ‘abusing dominance’ to push its payments app</a> <a href="https://www.businessinsider.in/science/health/news/pfizers-covid-19-vaccine-is-90-effective-in-preventing-coronavirus-in-those-who-havent-been-infected-ever-before/articleshow/79130097.cms">Pfizer’s COVID-19 vaccine is 90% effective in preventing coronavirus in those who haven’t been infected ever before, shows data from latest trials</a>

Market opens at record high, Sensex soars over 350 points on coronavirus vaccine hopes

There exists a considerable overlap between the recently adopted United Nation’s (UN) <keyword id="55804" type="ORGANIZATION" weightage="100" keywordseo="sustainable-development">Sustainable Development</keyword> Goals (SDGs) targeted to be achieved by 2030 and the social dimensions incorporated in the <keyword id="2181132" type="UNKNOWN" weightage="100" keywordseo="Social-Progress-Index">Social Progress Index</keyword> (SPI) developed by the Social Progress Imperative, a nonprofit organization based in Washington. The UN’s sustainable development agenda comprises of 17 goals pertaining to poverty eradication, lessening inequality and injustice and environmental challenges, particularly climatic changes and hold a global applicability, irrespective of the level of development of a nation. Likewise, the SPI captures comprehensively social progress of a country by incorporating various social and environmental indicators which have been distinctly grouped into three dimensions- Basic Human Needs such as food, water, sanitation, shelter, and personal safety; Foundations of Wellbeing for a better life such as basic education, information and communication, health , and environmental sustainability and thirdly, the Opportunity to improve one’s life through provision of rights, freedom , equality and access to advanced education. Figure1.1 highlights the overlap between the UN’s SDGs and the three dimensions of the SPI. 
 
Figure 1.1: Overlap between the UN’s Sustainable Development Goals and the SPI 
 
 
 
Source: <a href="http://www.socialprogressimperative.org/">http://www.socialprogressimperative.org/</a> 
 
 
The SPI by aggregating indicators across all the dimensions provides a holistic measure to benchmark the progress reached on the sustainable development agenda of the UN. While, the world scores 61 on a scale of 100 on social progress, there exists a wide diversity in the social progress levels reached across the world, with countries falling under the category of “Low Social Progress” and “Very Low Social Progress” being the countries of concern for achieving the new SDGs for 2030. 
 
Looking at the SPI performance for India, which has been classified as one of the low social progress countries, it has been observed that while India performs well in terms of Nutrition and Basic Medical Care and Access to Basic Knowledge, it lags behind in many other critical aspects of development. For instance, in 2015, only 36 per cent of the population had access to improved sanitation facilities and about 26 per cent had access to piped water. Moreover, due to excessive freshwater withdrawals India is currently facing high water stress levels. In addition to this, about 25 per cent of the population does not have access to electricity, along with a poor quality of electricity supply to the rest of the masses. Further, India has low tolerance for all the members of its population, making it socially less progressive compared to the other countries. For instance, India has been ranked 128th in 133 countries on tolerance for immigrants from other countries. (<a href="http://www.socialprogressimperative.org/">http://www.socialprogressimperative.org/</a>) 
 
Understanding the pressing need of fostering social progress for India, the current Narendra Modi government has implemented a development strategy that is closely aligned with the recent UN’s sustainable development agenda. One of the most striking initiatives undertaken so far have been “Make in India” drive having intent of propelling domestic manufacturing growth along with spurring foreign direct investment, job creation and innovation in sectors such as automotive, defense manufacturing, electronics, mining, pharmaceuticals and renewable energy. In addition to this, initiatives such as “Digital India” and “Smart Cities” have committed to providing best in class infrastructure and smart solutions to its people such as smart energy systems, green transportation and smart buildings intended to save energy usage. 
 
Further, as India accounts for about 50 per cent of the world’s open defecation, Government of India and the World Bank have also signed a US$500 million credit for the Rural Water Supply and Sanitation (RWSS) project in the states of Assam, Bihar, Jharkhand, and Uttar Pradesh. This complements the popular “Swachh Bharat Abhiyan”, national campaign by the Government of India to clean the roads of the country. Several other programmes that would enable India to achieve higher social progress include “Atal Mission for Rejuvenation and Urban Transformation” which proposes housing for all by 2022, and “Skill India” initiative which proposes to empower about 40 crore individuals with skills by 2022. Moreover, to drive innovation and the related growth, which is essential for sustainable development, Modi government has also taken steps to promote intellectual property rights within the country. A national Intellectual Property Rights (IPR) policy has been formulated which suggests providing tax benefits to the IPR creation. 
 
On the front of environmental sustainability, which has been another area of concern for sustainable development of a country, in the World Climate Change Conference (COP21) held in Paris in 2015, India has shown its support along with 176 other countries so far by signing the climatic change agreement which proposes to reduce greenhouse gas emissions and limit the global rise in temperature to 1.5 degree Celsius. 
Thus, while several efforts have been taken up by the Indian government towards a more sustainable development growth path, it must be realized that to achieve the global goals, the world’s social progress score would have to reach atleast 75 out of 100(Report by Deloitte UK and Social Progress Imperative), which is possible only if all the countries, irrespective of their current level of economic growth overperform on social progress. One of the countries worth highlighting here is Costa Rica, which has achieved a SPI score of 77.88 with a GDP per capita of only $13, 431 per annum. While, several social indicators are positively impacted by economic prosperity, indicators on the front of health and wellness, rights and freedom, tolerance and inclusion and environment have a weak correlation with GDP, thus highlighting the necessity of prioritizing such dimensions directly so as to achieve the desired social progress score for the UN’s SDGs for 2030. 
 
About the authors: Dr Amit Kapoor is Honorary Chairman, Institute for Competitiveness. He can be contacted at <a href="mailto:amit.kapoor@competitivenes.in">amit.kapoor@competitivenes.in</a> and tweets @kautiliya. Deepti Mathur is part of the Social Progress Index team at the Institute for Competitiveness, India. 
 
<a href="https://i.ytimg.com/vi/5G0ndS3uRdo/maxresdefault.jpg">Image source</a>

India’s Development Strategy towards Social Progress and UN’s Sustainable Development Goals

Forming an alliance with his rival for <a href="http://www.businessinsider.in/JDU-wins-Bihar-Elections-2015/articleshow/49710372.cms">Bihar elections 2015</a> worked in favour of <a href="http://www.businessinsider.in/searchresult.cms?query=lalu+prasad+yadav">Lalu Prasad Yadav</a>. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Nitish+Kumar">Nitish Kumar’s JDU</a>, which ousted Prasad’s RJD in 2005, formed a grand alliance with the RJD supremo and won the state elections. 
This victory has yet again brought Prasad in the political limelight after 10 years. 
 
Prasad, who proved to be a crowd and vote magnate during elections, is going to be the kingmaker. 
 In contrast to 22 seats in 2010, Prasad’s RJD in <keyword id="2857351" type="UNKNOWN" weightage="20" keywordseo="Bihar-Elections-2015">Bihar elections 2015</keyword> won 80 seats. 
 Despite having the upper hand, Prasad has let Kumar be the <keyword id="587316" type="POSITION" weightage="20" keywordseo="Chief-Minister-of-Bihar">chief minister of Bihar</keyword>, backing JDU like never before. 
 
Not only this, the RJD boss helped the Grand Alliance consolidate the OBC vote-bank in its favour by attacking RSS chief Mohan Bhagwat for his suggestion for reviewing the reservation policy. 
 
The BJP’s poll plank of Prasad’s ‘jungle raj’ backfired too and the RJD chief galvanised its votes to JD (U) candidates too. 
 
The BJP, which began its poll pitch on development and economic growth, was under pressure and deviated to caste politics. It tried to stop RJP’s juggernaut by giving tickets to 22 Yadav candidates but it failed as well. 
 
Now it is to see in which direction the Grand Alliance will steer Bihar to. Will the kingmaker return with his scams as well? How will be the favour returned to his family including his wife Rabri Devi, sons Tejashwi and Tej Pratap and his daughter Misa Bharti, who campaigned for the elections? Time will tell. 
 
READ ALSO: <a href="http://www.businessinsider.in/5-ways-in-which-Modis-charm-is-visibly-fading/articleshow/49720738.cms">5 ways in which Modi’s charm is visibly fading!</a> 
 
(Image: Indiatimes)

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