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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

Mumbai, Jun 9 () India Inc committed Rs 4,316 crore, accounting for over half of its total commitments for coronavirus relief, to the PM-CARES Fund, a report by rating agency Crisil said on Tuesday. The commitments made to the newly-created Prime Minister's Citizen Assistance and Relief in Emergency Situations (PM-CARES) Fund by 113 top corporates are more than the Rs 3,221 crore allocated to other COVID-19 related relief work, Crisil Foundation said in a report on CSR during the pandemic. Since its launch in late March after India went into a lockdown, concerns about transparency have been expressed about the PM-CARES Fund and questions raised about the need for such a platform when mechanisms to render relief with people's help already exist and also meet transparency norms. The Supreme Court had rejected a plea against the fund. Last month, the government announced that the PM-CARES Fund is allocating Rs 3,100 crore for various measures including Rs 2,000 crore for purchase of ventilators, Rs 1,000 crore for helping migrants returning to their villages from cities and Rs 100 crore to support a vaccine development. Crisil said it analysed social sector spends by 130 companies, of which 113 have pledged support either in cash or kind, it said, adding that 84 of them contributed Rs 7,537 crore which can be classified as CSR spends. Of the remaining companies, 29 contributed Rs 373 crore to other funds, facilitated voluntary donations of Rs 84 crore which will not be classified as CSR spends, it said. It can be noted that there were reports of contributions done to chief ministers' relief funds not being accounted under the CSR spends. The Crisil report said a bulk 67 per cent or 56 of the 84 entities which have spent money are from the private sector and account for two-thirds of the contributions of Rs 7,537 crore, while 24 are public sector ones which contributed 30 per cent and seven were foreign ones. Of the 84 corporates that pledged support in cash, 36 companies from Maharashtra spent Rs 4,728 crore (63 per cent), followed by National Capital Territory (NCT) of Delhi with 13 companies spending 17 per cent, while nine companies from Gujarat chipped in with 7 per cent of the Rs 7,537 crore of spends. In this set of 84 companies, 48 have spent on the COVID-19 cause at a corporate level and not at the group level, with 28 of them spending more than half of their total CSR spend of FY19 and 16 companies having spent at par with FY19 or even exceeded it, the report said. Other causes may take a back seat in FY21 as a result of the COVID-19 pandemic, the report rued. "The 'C' in CSR, the acronym for corporate social responsibility, can very well refer to COVID-19," it said. It also said that the overall CSR spending rose 14 per cent to Rs 11,392 crore in FY19, five years after it was made mandatory for companies of a certain size to allocate money for social good. Of the 4,817 listed companies, 1,976 met the criteria for mandatory CSR spending of which 1,276 actually spent, it said, adding 129 gave reasons like difficulty in identifying projects for not spending, 102 did not have any mentions in the annual reports and 150 said they were not required to spend. AA MKJ

At Rs 4,316 cr, over half of India Inc's COVID-19 spends went to PM-CARES Fund: Crisil

Do you have a little extra cash that you want to spend for a good <keyword id="22752" type="PERSON" weightage="100" keywordseo="cause">cause</keyword>? Have you always wanted to help a cause but didn’t know where to put your money? Or do you own a company that focuses on corporate social responsibility and wants to make sustainable <keyword id="6362476" type="ORGANIZATION" weightage="100" keywordseo="investments">investments</keyword>? One way of doing it is to donate the money, but there’s a small snag. The money you spend is gone for good – it can’t be used multiple times to help more people. But how about helping people as many times as you want, using the same capital you have spent in the beginning? And getting the entire amount back in monthly repayments? Call it sustainable giving or crowd lending, this kind of financial model enables you to do all these and one <keyword id="6404679" type="UNKNOWN" weightage="100" keywordseo="start-up">start-up</keyword> is leveraging it to enhance life at the <keyword id="140518" type="UNKNOWN" weightage="100" keywordseo="bottom-of-the-pyramid">bottom of the pyramid</keyword>. 
 Welcome to <keyword id="2108864" type="UNKNOWN" weightage="100" keywordseo="Milaap-Social-Ventures">Milaap Social Ventures</keyword>, a social enterprise operating from Bangalore and <keyword id="6356662" type="COUNTRY" weightage="100" keywordseo="Singapore">Singapore</keyword>, which has developed an online crowd-funding platform to help the unbanked and the <keyword id="2108896" type="UNKNOWN" weightage="100" keywordseo="Underprivileged-masses">underprivileged masses</keyword> in <keyword id="3658" type="COUNTRY" weightage="100" keywordseo="India">India</keyword>. Simply put, <keyword id="6734688" type="UNKNOWN" weightage="100" keywordseo="Milaap">Milaap</keyword> (it means ‘connecting together’ in Hindi) offers an RBI-approved micro-lending platform that allows the organisation to receive ‘loans’ from all over the world. Although <keyword id="2108903" type="UNKNOWN" weightage="100" keywordseo="Individual-lenders">individual lenders</keyword> don’t get ‘financial returns’ on their investments (after all, you are putting in your money for a ‘good cause’), they get the principal back after the stipulated period. They can then re-deploy the money to help another person/project or cash out their principal. This helps create a <keyword id="2108904" type="UNKNOWN" weightage="100" keywordseo="Continuous-funding-cycle">continuous funding cycle</keyword>, more effective and sustainable than one-time donations. Want to know more about how Milaap is connecting the haves and the have-nots in a bid to help implement life-enhancing projects? Here is a snapshot that captures the start-up’s vision and viability. 
 
Who runs Milaap (milaap.org): A team of three co-founders – <keyword id="1270675" type="PERSON" weightage="100" keywordseo="Sourabh-Sharma">Sourabh Sharma</keyword> (<keyword id="5645" type="POSITION" weightage="100" keywordseo="CEO">CEO</keyword>), <keyword id="2108870" type="PERSON" weightage="100" keywordseo="Anoj-Viswanathan">Anoj Viswanathan</keyword> and <keyword id="2108865" type="UNKNOWN" weightage="100" keywordseo="Mayukh-Choudary">Mayukh Choudary</keyword>. Sourabh, a graduate from the <keyword id="87108" type="ORGANIZATION" weightage="60" keywordseo="National-University-of-Singapore">National University of Singapore</keyword>, started his first company, a mobile app start-up, straight out of college and ran it for more than two years. Next, he had a stint with corporate houses but soon joined hands with the other two co-founders to start Milaap. 
 Anoj holds a degree in Engineering from the National University of Singapore and he is also a StartingBloc Fellow (2010). Prior to co-founding Milaap, he had worked with SKS <keyword id="113684" type="COMPANY" weightage="100" keywordseo="microfinance">Microfinance</keyword> and focused on the energy and water services space. Earlier, he had been at <keyword id="2108863" type="UNKNOWN" weightage="60" keywordseo="ReEx-Capital-Asia">ReEx Capital Asia</keyword>, a cleantech investment boutique in Singapore, and served as a fellow at D.light Design. He is also a founder member of the <keyword id="2108877" type="UNKNOWN" weightage="60" keywordseo="Microfinance-Society-in-Singapore">Microfinance Society in Singapore</keyword> and leads the Milaap team in India. 
 Mayukh is an <keyword id="198748" type="POSITION" weightage="60" keywordseo="electrical-engineer">electrical engineer</keyword> from IIT Madras and holds a PGDM from IIM Lucknow. He specialises in building technology-enabled financing models and worked as a <keyword id="2108874" type="UNKNOWN" weightage="60" keywordseo="financial-risk-consultant-in-Dubai">financial risk consultant in Dubai</keyword> before starting up Milaap. 
 
What inspired the venture: A sabbatical that changed life. In 2008, Anoj took some time off to be with SKS Microfinance and worked on a project to provide solar lanterns on credit in a few tribal villages in <keyword id="6357961" type="CITY" weightage="100" keywordseo="Odisha">Odisha</keyword>. There he met Mayukh who was then working with the solar lantern-maker D.lightdesign. While on this project, Anoj noticed how <keyword id="6621346" type="UNKNOWN" weightage="100" keywordseo="Small-loans">small loans</keyword> impacted life in a big way, especially at the bottom of the pyramid, and the idea of Milaap came to his mind. Developing a crowd-funding platform to connect India’s underprivileged with prosperous individuals and <keyword id="2108906" type="UNKNOWN" weightage="100" keywordseo="Institutional-lenders">institutional lenders</keyword> across the globe seemed the right way to go about it. Anoj, who knew Sourabh from 2006 when he interned at his previous start-up Microappli, got him and Mayukh together to give shape to the idea of Milaap, which finally went live in June 2010. 
 
What’s the pitch: <keyword id="2108919" type="UNKNOWN" weightage="100" keywordseo="Lend-a-little">Lend a little</keyword>, <keyword id="2108920" type="UNKNOWN" weightage="100" keywordseo="change-a-lot">change a lot</keyword> – that’s Milaap’s motto and it has started happening. “India has a large pool of people who don’t have access to traditional banking, but they do require <keyword id="2108923" type="UNKNOWN" weightage="100" keywordseo="Funds-for-self-employment">funds for self-employment</keyword> and developmental initiatives. So we are leveraging the global reach of the <keyword id="6357247" type="PERSON" weightage="100" keywordseo="Internet">Internet</keyword> and trying to ensure that people – either individually or through their <keyword id="23045" type="UNKNOWN" weightage="100" keywordseo="social-networks">social networks</keyword> – can raise and lend capital to the millions who are unbanked and underprivileged,” says Sourabh. 
 Milaap is currently targeting over 700 million Indians who are mostly living in the rural &amp; semi-urban areas and unable to access formal sources of <keyword id="6357455" type="EVENT" weightage="100" keywordseo="Funding">funding</keyword>. According to the social enterprise, less than 5% of them are able to procure reasonably priced, life-improving loans for their small businesses, vocational training or other essential household assets, and that’s where the ‘loans’ raised by Milaap come in . 
 
How it works: At Milaap, the work is done in two stages. One part is <keyword id="2108932" type="UNKNOWN" weightage="100" keywordseo="Shortlisting-borrowers">shortlisting borrowers</keyword> and publishing their profiles/projects on Milaap.org for crowd funding. Second part is deployment of the loans, monitoring their usage and ensuring timely repayments. Understandably, the second part is more cumbersome and requires a lot of offline work. Milaap has already tied up with 20-plus carefully selected ‘field partners’ (chosen from a wide range of <keyword id="164768" type="UNKNOWN" weightage="100" keywordseo="Microfinance-institutions">microfinance institutions</keyword> or <keyword id="113682" type="ORGANIZATION" weightage="100" keywordseo="MFIs">MFIs</keyword>, <keyword id="1417942" type="UNKNOWN" weightage="100" keywordseo="Social-Businesses">social businesses</keyword>, <keyword id="2108940" type="UNKNOWN" weightage="100" keywordseo="Vocational-training-institutions">vocational training institutions</keyword>, etc.,) to identify the most deserving candidates/projects for loans. Once they are selected, each <keyword id="2108943" type="UNKNOWN" weightage="100" keywordseo="Borrowers-profile">borrower’s profile</keyword> is uploaded on the site, along with the fund raised till date and the amount still required for completing the loan. 
 Lending online is quite simple, though. Browse through the profiles to choose a borrower or select one from an impact area that you feel strongly about. You can also use various parameters such as cause, <keyword id="6379164" type="ORGANIZATION" weightage="100" keywordseo="LOCATION">location</keyword>, <keyword id="2108946" type="UNKNOWN" weightage="100" keywordseo="Project-urgency">project urgency</keyword>, <keyword id="2108948" type="UNKNOWN" weightage="100" keywordseo="Repayment-period">repayment period</keyword>, women-centric projects to fine-tune your <keyword id="2108951" type="UNKNOWN" weightage="100" keywordseo="Borrower-search">borrower search</keyword>. After the loan payment is made online, Milaap disburses the amount to the concerned <keyword id="2108956" type="UNKNOWN" weightage="100" keywordseo="Field-partner">field partner</keyword> and the end-borrower gets it from the field partner. When repayment is done (end-borrower – field partner – Milaap), ‘credits’ are accumulated in your Milaap account. When the loan is fully repaid, you can either withdraw the money or roll it into another project. As for diehard do-gooders, there are even more options to <keyword id="2108961" type="UNKNOWN" weightage="100" keywordseo="Start-fundraising">start fundraising</keyword> for the projects you prefer. 
 
Claim to fame: The concept and the build-up. According to the co-founders, crowd-funding is still a niche concept in the country but it is gaining traction gradually. Till date, Milaap has raised and disbursed over Rs 8.4 crore in 8,633 loans, impacting more than 46,393 people across 11 states in India. These loans are essentially raised to fulfil a wide range of <keyword id="2108963" type="UNKNOWN" weightage="100" keywordseo="Developmental-requirements">developmental requirements</keyword> including <keyword id="566897" type="ORGANIZATION" weightage="100" keywordseo="basic-education">basic education</keyword> &amp; vocational training, <keyword id="572926" type="COMPANY" weightage="100" keywordseo="seed-capital">seed capital</keyword> for small businesses, <keyword id="2109008" type="UNKNOWN" weightage="100" keywordseo="Access-to-clean-water">access to clean water</keyword> &amp; <keyword id="49770" type="UNKNOWN" weightage="100" keywordseo="Sanitation">sanitation</keyword>, and <keyword id="2109012" type="UNKNOWN" weightage="100" keywordseo="Safe-lighting">safe lighting</keyword>. Moreover, Milaap boasts 100% repayment of loans till now, indeed a rare feat when banks and big <keyword id="34503" type="COMPANY" weightage="100" keywordseo="financial-institutions">financial institutions</keyword> (<keyword id="4776620" type="CITY" weightage="100" keywordseo="FIs">FIs</keyword>) are suffering from the rise in bad loans. 
 The organisation is also focusing on <keyword id="2109025" type="UNKNOWN" weightage="100" keywordseo="Pan-India-expansion">pan-India expansion</keyword>. “Earlier, we were mostly operating in states like <keyword id="20154" type="ORGANIZATION" weightage="80" keywordseo="tamil-nadu">Tamil Nadu</keyword> and <keyword id="13126" type="COMPANY" weightage="100" keywordseo="Maharashtra">Maharashtra</keyword>. But now we are scaling up our operations and growing in states like Odisha, <keyword id="65591" type="CITY" weightage="100" keywordseo="Mizoram">Mizoram</keyword> and even Gujarat,” notes Sourabh. 
 
Show me the money: While a borrower gets the entire sum offered by the lender, Milaap charges its field partners a 5% fee on the loans disbursed through them, to cover its operating costs. Its field partners, in turn, charge affordable interest from the end-borrower to meet their operating costs. Milaap also makes sure that all fees are disclosed upfront. 
 
Unlike many other ventures in this space, this social enterprise is a for-profit concern, but has not reached break-even yet. However, it has found some solid backers and already raised $1.1 million in Series A venture funding in May 2013. The money raised is being utilised for developing the online platform further and scaling up operations. “We want the number of lenders to go up to 100,000 in the next 18 months. That is the tipping point from where we can gather momentum and look at break-even,” adds Sourabh. 
 The <keyword id="2026013" type="UNKNOWN" weightage="100" keywordseo="Series-A-round">Series A round</keyword> was led by Singapore-based <keyword id="969909" type="ORGANIZATION" weightage="80" keywordseo="Jungle-Ventures">Jungle Ventures</keyword>, an early-stage investment firm and an approved <keyword id="2109042" type="UNKNOWN" weightage="100" keywordseo="Technology-incubator">technology incubator</keyword> under the <keyword id="2109044" type="ORGANIZATION" weightage="100" keywordseo="Singapore-National-Research-Foundation">Singapore National Research Foundation</keyword>’s Technology Incubation Scheme. Other investors included <keyword id="2109045" type="UNKNOWN" weightage="100" keywordseo="Toivo-Annus">Toivo Annus</keyword> (<keyword id="170488" type="POSITION" weightage="100" keywordseo="co-founder">co-founder</keyword> of <keyword id="6377887" type="COMPANY" weightage="60" keywordseo="Skype">Skype</keyword>), <keyword id="2072941" type="UNKNOWN" weightage="100" keywordseo="LionRock-Capital">Lionrock Capital</keyword> (a Singapore-based <keyword id="2109046" type="UNKNOWN" weightage="100" keywordseo="Family-investment-office">family investment office</keyword>), <keyword id="2108869" type="PERSON" weightage="80" keywordseo="Jayesh-Parekh">Jayesh Parekh</keyword> (Co-Founder, Sony Entertainment Television) as well as existing investor, <keyword id="1509738" type="ORGANIZATION" weightage="80" keywordseo="Unitus-Seed-Fund">Unitus Seed Fund</keyword>. The company is looking to raise a Series B round worth $3-5 million in the second half of CY2014. 
 Earlier, between August 2010 and January 2012, Milaap raised $250,000 in seed investment from Unitus Seed Fund, <keyword id="211897" type="COMPANY" weightage="60" keywordseo="First-Light-Ventures">First Light Ventures</keyword>, <keyword id="198636" type="PERSON" weightage="80" keywordseo="Vijay-Shekhar-Sharma">Vijay Shekhar Sharma</keyword> (Founder, <keyword id="338385" type="COMPANY" weightage="60" keywordseo="One97">One97</keyword>) and <keyword id="2108867" type="UNKNOWN" weightage="80" keywordseo="Rajiv-Madhok">Rajiv Madhok</keyword> (Founder, <keyword id="312199" type="ENTERTAINMENT" weightage="60" keywordseo="Oorja">Oorja</keyword>). 
 Interestingly, only 40% of the total lending amount comes from individual lenders (mostly from India, Singapore, the US and <keyword id="6356687" type="COUNTRY" weightage="100" keywordseo="canada">Canada</keyword>) while 60% funding comes from institutional lenders, social funding and even family offices. But unlike <keyword id="2109229" type="UNKNOWN" weightage="100" keywordseo="Small-lenders">small lenders</keyword>, large institutional and <keyword id="2109230" type="UNKNOWN" weightage="100" keywordseo="HNI-lenders">HNI lenders</keyword> get 3-4% return on their loans. 
 
Biggest challenge: There is competition from a few sites like <keyword id="1658892" type="UNKNOWN" weightage="100" keywordseo="Kiva">Kiva</keyword> or Wishberry, but it is still a niche space and <keyword id="2109065" type="UNKNOWN" weightage="100" keywordseo="Discoverability">discoverability</keyword> is the main challenge now, feels Sourabh. “We need to do more marketing and promotion to let people know such a platform exists. That will help us get more lenders on board, more field partners and subsequently, help more and more people get life-changing access to capital,” he says. 
 
A word for wannapreneurs: Take the plunge and do it. ‘Now’ is always a good time to do it – so don’t hesitate. I always feel that the risk part is overrated in entrepreneurship. You actually need the experience before you can succeed. So start early and make sure that you get the kind of experience you need for long-term success. Your first initiative may not be all that great but at least, you would have learnt from all your mistakes. Try fast and fail fast before you can succeed.

This Social
Enterprise Runs A Global Crowd-funding Platform; Eyes $3-5
Million In Series B Funding

Young entrepreneurs having a keen interest in <keyword id="6356028" type="COMPANY" weightage="20" keywordseo="Sports">sports</keyword> are exploring new avenues for investing in the lucrative <a href="http://www.businessinsider.in/searchresult.cms?query=sports">sports sector</a>. Don’t believe us? Well, then you didn’t hear about the success several sports startups have witnessed in the recent times. 
 <keyword id="3067375" type="UNKNOWN" weightage="20" keywordseo="The-Football-Mind">The Football Mind</keyword>, a football networking website that got operational just three months ago, has gathered more than 5,000 users, around 500 clubs, 200 academies and 50 football associations on its platform by now. What new they have done? They have brought together football clubs, academics, players, coaches, associations and admirers of the game. Quiet interesting right? 
 
Pragnesh Krishnamurthy, an IIT graduate and chief executive and co-founder of The Football Mind says, "Popularity is directly proportional to sponsorship and that helps any sports club or association grow." 
 
Krishnamurthy further said that the sports offers an opportunity of around $200 million (about Rs 1,320 crore) in the country as India has more than 25,000 professional clubs, three lakh players and over 8.5 crore fans. 
 Devinder Singh Bhusari, another sports aficionado who quit his job with <keyword id="6356834" type="CITY" weightage="20" keywordseo="Indian-Oil-Corporation">Indian Oil Corporation</keyword>, and launched tennis firm Shaishya Edu &amp; Sports three years ago predicts a shining future of sports startups in India. 
 
He says, “More people are taking to sports not only as future profession for young students but also as exercise for busy working professionals and even housewives.” We can’t ignore his words, as these are coming from the man who has been associated with sports all his life. He is a former Asian champion in the under-14 category and a rank holder from the Association of Tennis Professionals, Gujarat. 
 
As reported by The Economic Times, the company, which had a turnover of Rs 95 lakh last year has around 225-275 players round the year. Of the players, 50 are business and working professionals, 10-15 are home-makers and the remaining are students. And the firm has already organised two Asian ranking tournaments and about 10 national level tournaments of various levels. 
 Tennis is another sport that has caught the attention of the middle and higher classes, says a <keyword id="50041" type="CITY" weightage="20" keywordseo="KPMG">KPMG</keyword> report. The study credits this trend to much higher disposable incomes and share of spending on educational and recreational activities, which is set to increase from 5% at present to 9% in 2025. 
 
Tuhin Mishra, managing director of Baseline, a startup which deals in sports marketing and licensing, said the overall sports industry in India has grown 10% from Rs 4,372.5 crore in 2013 to Rs 4,806.9 crore in 2015. "The global sports industry is growing faster than overall GDP and long-term prospects remain strong," he said. 
 
Mishra also believes that the industry has grown mainly due to the emergence of new sports leagues like the Indian Super League, Pro Kabaddi League and World Kabaddi League. 
 
Saumil Majmudar, managing director and co-founder of EduSports says, "We have grown from 10 schools in 2010 to 400 schools in five years." 
 A SeedFund-funded startup, EduSports’s growth led it to being featured in the 14th edition of marketing guru <keyword id="248225" type="PERSON" weightage="20" keywordseo="Philip-Kotler">Philip Kotler</keyword>'s book 'Marketing Management - a South Asia Perspective' as a case study. 
 
Bharati Jacob, managing partner of Seedfund Advisors, an early-stage venture capital firm, said, "We are always looking for scalable ventures and I believe sport-related ventures scale up well." According to other venture fund experts, startups are set to cater to auxiliary sports services too. 
Image: thinkstock

Sports startups are flourishing in India

<ul><li>Uddhav Thackeray will take oath as the new Chief Minister of Maharashtra with support from Sharad Pawar's NCP and the Indian National Congress.</li><li>The three parties differ in their ideologies and therefore have decided to arrive at a 'common minimum programme'.</li><li>Given the state's rural distress, financial aid for farmers cannot be ruled out.</li></ul>A month long political drama has come to an end paving the way for Shiv Sena leader Uddhav Thackeray to take oath as the new Chief Minister of Maharashtra. This is a historic moment for the Thackeray family, which has been politically significant in the state for decades but never had a member on the hot seat. Thackeray has got to this point with support from Sharad Pawar's Nationalist Congress Party and the Indian National Congress. All three parties differ in their ideologies and therefore have decided to arrive at a 'common minimum programme' in a bid to keep the Bharatiya Janata Party out of power. Given the state's rural distress, financial aid for farmers cannot be ruled out. "There has been significant political discourse around farm stress in last few weeks. Farm loan waiver can potentially could be the first order of the business of the new government," a Macquarie research report said. 
	
	
	
	
	
	
	
	
	
	
	
	
	
	
 <div type="image" title="Nagpur: NCP President Sharad Pawar interacts with farmers during a visit to Khap..." msid="72272944" hostid="261" caption="&amp;lt;p&amp;gt;NCP President Sharad Pawar interacts with farmers during a visit to Khapa village to inspect damaged crops, in Nagpur district of Maharashtra.Photo) (&amp;lt;/p&amp;gt;"></div>





























 This has implication for the state's financial health. An estimated ₹50,000 crore farm loan waiver, spread over 2 years, will push the state's fiscal deficit beyond 3%. Fiscal deficit is the amount of money a government spends over and above its earnings and it's advised by law that any government (state or central) should keep the excess spending to less than 3% over its earnings. Maharashtra's budget deficit is already at a four-year high, which means the government has been spending a lot more than it earns. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 While the farm crisis in the state does warrant immediate attention, a farm loan will increase the deficit and reduce the money available for growth projects like building infrastructure. In the last three years, Mumbai has seen an explosion of infrastructure projects which are in various stages of completion. Roads have been dug up across the city causing traffic snarls but people have been hopeful that the temporary pain will make way for easier commute in the future. For instance, 274 kilometres (km) of metro-rail network is under construction. 
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
 <div type="image" title="Mumbai: A view of a construction site of a metro train parking shed at Aarey Col..." msid="72272112" hostid="261" caption="&amp;lt;p&amp;gt;A view of a construction site of a metro train parking shed at Aarey Colony, Mumbai. The Supreme Court on Monday restrained authorities from cutting any more trees in Mumbai&amp;#39;s Aarey colony for a Metro car shed before further hearing on Oct. 21.Photo)(&amp;lt;/p&amp;gt;"></div>























































 In the particular case of the metro rail shed construction in the Aarey colony (a rare green cover in the mega city), the incoming coalition will be tested on its will to reverse the decision. The previous government had bulldozed opposition from the citizens to the cutting of about 2,0000 trees for the construction of the shed, while all opposition parties paid nothing more than lip-service to the cause. 
	
	
	
	
	
	
	
	
	
	
	
	
	
 <div type="image" title="Mumbai: Residents protest against the cutting of trees in Aarey forest to make t..." msid="72273060" hostid="261" caption="&amp;lt;p&amp;gt;Residents protest against the cutting of trees in Aarey forest to make the car shed for Metro project, in Mumbai.Photo/Shashank Parade)(&amp;lt;/p&amp;gt;"></div>



























 Aside from the metro rail construction in the capital city, there are also other marquee projects like the upcoming airport in Navi Mumbai, the high-speed rail corridor between Mumbai and Nagpur as well as Mumbai and Ahmedabad (in the neighbouring state of Gujarat) that will be in focus. As rivals of BJP, the parties in the incoming coalition have time and again criticised these ambitious projects heralded by Prime Minister Narendra Modi. According to the top NCP leadership, the three parties have decided that the money which is to be given by the state government for the Bullet Train will be diverted to the farmer welfare scheme as it is part of the common minimum programme they have agreed on, the IANS reported on Tuesday. 
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
	
 <div type="image" title="Bullet train" msid="72272606" hostid="261" caption="&amp;lt;p&amp;gt;The upcoming airport in Navi Mumbai, the high-speed rail corridor between Mumbai and Nagpur as well as Mumbai and Ahmedabad (in the neighbouring state of Gujarat) will be in focus as rivals of BJP, the parties in the incoming coalition, have time and again criticised these ambitious projects heralded by Prime Minister Narendra Modi.&amp;lt;/p&amp;gt;"></div>







































 The good news is that the Navi Mumbai airport and the Trans-harbour sea link may not get stalled, according to Macquarie, but the pace of approvals may slowdown delaying the projects. The international financial services firm believes that the Shiv Sena-NCP-Congress combine will be more favourable to the builders in the state and that will be music to the ears for the state's real estate sector that has been in shambles for a while now. It is important that Maharashtra's economy keeps moving at a fast pace because it is the largest contributor to India's GDP (gross domestic product). And already, Maharashtra's contribution to India's GDP is at a multi-year low at 14%. That's a significant setback for the state that is home to the country's financial capital. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 SEE ALSO: <a href="https://www.businessinsider.in/politics/elections/article/maharashtra-state-assembly-elections-2019-debate-veer-savarkar-or-jobs/articleshow/71644079.cms" data-type="tilCustomLink" target="_blank">These are the issues the opposition could have capitalised on but didn’t</a>

Here's what to expect from the new government in Maharashtra

(Eds: Adding more details) New Delhi, Mar 4 () Aiming further improvement in ease of doing business, the Cabinet on Wednesday approved 72 changes to the companies law with focus on decriminalisation of various provisions and permitting direct overseas listing of Indian corporates. Reduction in penalties for certain offences as well as in timeline for rights issues, relaxation in CSR compliance requirements and creation of separate benches at the National Company Law Appellate Tribunal (NCLAT) are among the raft of other proposed changes in the Companies Act, 2013. Briefing reporters, Corporate Affairs Minister Nirmala Sitharaman said the priority is to "decriminalise" provisions in the Act. There would be 72 changes resulting in amendments to 65 sections of the Act and the aim is to ensure greater ease of doing business as well as living. Sitharaman, who is also the finance minister, said 23 offences would be recategorised out of 66 compoundable offences under the Act. Besides, seven compoundable offences would be omitted, she said. She also said penalties would be reduced in case of various compoundable offences. Generally, compoundable offences are those which can be settled by paying certain amount of money. According to the corporate affairs ministry, there are 52 proposals that would result in 48 amendments for greater ease of doing business for law abiding corporates by way of "removing criminality totally in respect of 35 procedural and technical defaults". Besides, imprisonment would be removed from 11 penal provisions and quantum of penalties in respect of six defaults which had been decriminalised earlier in 2019 would be reduced. With respect to greater ease of living, there are 20 proposals that would result in 17 amendments to the Act. "The amendments are expected to significantly enhance the confidence of Indian corporates on the government's resolve to provide greater ease and accord highest respect to honest wealth creators in the country and reduce the burden on the justice system," the ministry said. These proposals also come at a time when economic growth has turned sluggish and global uncertainties are on the rise. Amendment would be carried in Section 23 of the Act for including an enabling provision to allow direct listing of securities by Indian public companies in permissible foreign jurisdictions. This would provide alternative source of capital for domestic companies and also broaden their investor base. Regarding CSR, the government has proposed permitting eligible companies to claim credit for CSR spend in excess of the 2 per cent obligation in a particular year against its obligation for the subsequent financial years. Further, companies with CSR obligation to spend Rs 50 lakh or less will not be required to constitute a committee in this regard. Under the Act, certain class of profitable companies are required to shell out at least 2 per cent of their three-year annual average net profit towards CSR (Corporate Social Responsibility) activities. Other changes include those pertaining to providing adequate remuneration to non-executive directors in case of company having inadequate profit and relaxation in certain compliance requirements for corporates operating in IFSC Gift City, Gujarat. Incentivising compliance in filing annual returns and financial statements, enabling power to require large unlisted companies to submit periodic financial returns so that periodic economic data is made more scientific and creating separate benches at NCLAT have also been proposed. The NCLAT benches would deal with cases under the companies law, the Insolvency and Bankruptcy Code (IBC) and the Competition Act. Among others, companies would be able to file prosecution against their employees at the place of location of property. Another amendment is to ensure that imprisonment shall not be ordered by a court on an officer/ employee of the company for wrongful possession of dwelling unit, if the company has not paid certain dues to that officer/ employee. The changes, approved by the Cabinet, are mostly in tune with the proposals made by a government-appointed high level panel in November 2019. NKD RAM ABMABM

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