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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

The Department of Social Justice and Empowerment has been allocated Rs 13,539 crore in the 2024-2025 budget, an increase of 37 per cent from the 2023-2024 revised estimates of Rs 9,853.32 crore. This increase is primarily focused on enhancing <keyword id="20312810" type="General" weightage="20" keywordseo="welfare-programmes" source="keywords">welfare programmes</keyword> for <keyword id="21384605" type="General" weightage="20" keywordseo="marginalised-communities" source="keywords">marginalised communities</keyword> and improving infrastructure for social services. The key areas of funding include Rs 9,549.98 crore for the 'Umbrella Scheme for Development of Scheduled Castes', a significant increase from the Rs 6,780 crore in the previous financial year. For achieving social justice comprehensively, the saturation approach of covering all eligible people through various programmes, including those for education and health, will be adopted, Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> said on Tuesday while presenting the 2024-25 Union Budget in Parliament. She said to ensure <keyword id="22517725" type="General" weightage="20" keywordseo="inclusive-human-resource-development" source="keywords">inclusive human resource development</keyword>, a social justice saturation approach will be adopted. Social justice through the saturation approach refers to a strategy where the government aims to ensure that all eligible individuals are covered by various programmes and initiatives. The department has been allocated Rs 2,150 crore for the 'Umbrella Programme for Development of Other Vulnerable Groups' and Rs 314 crore for the National Action Plan for Drug Demand Reduction. The establishment expenditure of Rs 145.80 crore for the central administration includes allocations for the secretariat and national commissions. The amount is a slight decrease from the previous year's Rs 152.60 crore. The National Commission for Scheduled Castes has been allocated Rs 38 crore and the National Commission for Backward Classes Rs 21 crore. The budget of the Development and Welfare Board for Denotified, Nomadic and Semi-Nomadic Communities remains at Rs 5 crore. Central sector schemes and projects are among the focus areas of this budget, with the <keyword id="22517726" type="General" weightage="20" keywordseo="scholarships-for-higher-education" source="keywords">Scholarships for Higher Education</keyword> for Young Achievers Scheme for Scheduled Castes being allocated Rs 428 crore. This scheme encompasses various sub-schemes, including the National Fellowship for SCs, Free Coaching for SCs and OBCs, Top Class Education for SCs and the National Overseas Scholarship for SCs. The Scheme of Residential Education for Students in High School in Targeted Areas for SCs has been allocated Rs 133.07 crore. The department also prioritises <keyword id="22024434" type="General" weightage="20" keywordseo="economic-assistance" source="keywords">economic assistance</keyword> and <keyword id="20068989" type="General" weightage="20" keywordseo="skill-development" source="keywords">skill development</keyword> through initiatives like the Pradhan Mantri Dakshta Aur Kushalta Sampann Hitgrahi Yojana -- that has been allocated Rs 130 crore -- and the <keyword id="20245482" type="General" weightage="20" keywordseo="venture-capital-fund" source="keywords">Venture Capital Fund</keyword> for SCs and OBCs -- that has bee allocated Rs 50 crore. Additionally, the Self Employment Scheme for Rehabilitation of Manual Scavengers, which previously had allocations, does not feature in the current budget, indicating a possible reallocation of funds or a change in strategy. Support for marginalised individuals, particularly through the Support for Marginalized Individuals for Livelihood and Enterprise programme, which includes comprehensive rehabilitation for persons engaged in begging and welfare of transgender persons, has been allocated Rs 98.46 crore. This marks a substantial increase from the previous year's Rs 32.82 crore, highlighting a growing commitment to addressing these vulnerable groups' needs. Transfers to states and Union Territories under centrally sponsored schemes form a major part of the budget.

Budget: Rs 13,539 cr allocated to social justice department, 37% higher than last year

<ul><li>The <keyword id="20613906" type="General" weightage="100" keywordseo="Economic-Survey" source="keywords">Economic Survey</keyword> 2023-24 was tabled by the <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords" meta.keywordsubtype="org" meta.entityname="Finance Minister" meta.hostid="261" meta.entityid="Finance Minister">Finance Minister</keyword> in the Lok Sabha.</li><li>The report was tabled a day before FM Nirmala Sitharaman is slated to present the budget.</li><li>The report has highlighted the need for private investments in infrastructure.</li></ul>Finance Minister Nirmala Sitharaman on Monday tabled the <a href="https://www.businessinsider.in/budget/news/budget-2024-live-news-top-things-every-indian-should-know-about-the-economic-survey-2023-24/articleshow/111918064.cms">Economic Survey</a> 2023-2024 in the Lok Sabha, a day ahead of the Budget being tabled. According to the report, India’s real gross domestic product (GDP) grew by 8.2% in FY24. The report has revealed that large-scale infrastructure projects in the country have largely been funded by <keyword id="22504538" type="General" weightage="20" keywordseo="public-sector-investment" source="keywords">public sector investment</keyword> in recent years. The government has highlighted a need for private sector investment in infrastructure building. <div type="Article" hostid="261" msid="111923191" title="Economic Survey 2024 – industries grow by 9.5%, fueling economic growth to 8.2%" mstype="2" mssubtype="0"></div> In the five years between 2019 and 2023, the central and state Governments contributed 49% and 29% of the total investments in infrastructure, while, the private sector's contribution was just 22%. “There is significant scope for boosting India’s <keyword id="20018651" type="General" weightage="20" keywordseo="private-investment" source="keywords">private investment</keyword>, especially in the context of investment requirements facing the Indian economy in the areas of infrastructure, green transition, etc,” as per the Economic Survey 2024. <h2>National highways triple, railways receive a boost</h2>In the last decade, the pace of construction of national highways has reportedly tripled. According to the Economic Survey 2024, the pace of construction of national highways has increased from 11.7 km per day in FY14 to around 34 km per day by FY24. The capital expenditure in railways has increased by 77% in the last five years, with significant investments directed at the construction of new lines, gauge conversion and doubling. The passenger handling capacity at airports in the country has increased by 62 million passengers per annum in FY24 with new terminal buildings being opened at 21 airports. There is now a need to add more airports and expand the existing airports. The clean energy sector in India saw new investment of ₹8.5 lakh crore between 2014 and 2023. <h2>Metro and rapid train connectivity to soon double</h2>At present, 945 km of metro rail or RRTS lines are operational, out of which 86 km was added in FY24. This is set to soon double as 993 km of metro and RRTS lines are under construction in 27 cities across the country. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/budget-2024-live-news-top-things-every-indian-should-know-about-the-economic-survey-2023-24/articleshow/111918064.cms">Economic Survey highlights: Top 10 things every Indian should know from the Economic Survey 2023-24</a> <a href="https://www.businessinsider.in/budget/news/economic-survey-2024-industries-grow-by-9-5-fueling-economic-growth-to-8-2/articleshow/111923191.cms">Economic Survey 2024 – industries grow by 9.5%, fueling economic growth to 8.2%</a> <a href="https://www.businessinsider.in/budget/article/economic-survey-2023-2024-highlights-emerging-job-trends-in-ai-cybersecurity-3d-printing-and-web-development/articleshow/111923746.cms">Economic Survey 2023-2024 highlights emerging job trends in AI, Cybersecurity, 3D Printing and Web Development</a>

Economic Survey highlights public sector investment's role in driving infra growth; Underlines need for private sector to step up

<ul class="summary-list"><li>America is ready to scale up its AI infrastructure.</li><li>The generative AI boom has put data center capacity and energy constraints into focus.</li></ul>America is stepping up plans to maintain an edge in the <a target="_blank" class="" href="https://www.businessinsider.com/companies-using-ai-bain-survey-roi-2024-6">generative AI race</a>.A key part of that strategy is making significant investments in domestic infrastructure — from data centers to chip production — so that it is less reliant on countries such as Taiwan, where tensions with neighboring China loom large.On Tuesday, <a target="_blank" href="https://news.microsoft.com/2024/09/17/blackrock-global-infrastructure-partners-microsoft-and-mgx-launch-new-ai-partnership-to-invest-in-data-centers-and-supporting-power-infrastructure/">Microsoft and BlackRock announced the creation of a $30 billion mega-fund</a> designed to "enhance American competitiveness in AI." Its backers have committed to driving the "significant infrastructure investment" needed to make AI more powerful.Critically, the firms behind the fund said these infrastructure investments "will be chiefly in the United States," where it plans to fuel AI innovation and economic growth.It means the fund — which involves the Global Infrastructure Partners unit BlackRock acquired in January and Abu Dhabi investment firm MGX — will "make investments in new and expanded data centers." It will also fund the energy infrastructure needed to power them.According to the fund's backers, other investments will be directed to "US partner countries." With debt financing, the fund's overall size could reach $100 billion. "The capital spending needed for AI infrastructure and the new energy to power it goes beyond what any single company or government can finance," said <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-brad-smith-tiktok-trump-washington-dc-2020-8">Microsoft president Brad Smith.</a><div type="image" title="microsoft brad smith" height="2426" width="3500" msid="113466371" hostid="261" sizebytes="243638"></div>If America is serious about leading on AI — something the next president will <a target="_blank" class="" href="https://www.businessinsider.com/china-xi-jinping-ai-wreak-havoc-america-world-economy-2024-6">inevitably contend with as China ramps up its efforts</a> — it has little choice but to future-proof the technology by building more critical infrastructure.Data centers, chip manufacturing plants, and energy supply are all vital for making AI tick. But each of these domains is subject to potential pitfalls — be it supply chain vulnerabilities or demand bottlenecks.The US got the ball rolling on supporting its self-sufficiency with semiconductors — the hardware developed by the likes of Nvidia to provide computing power for large language models — with the <a target="_blank" href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/08/09/fact-sheet-chips-and-science-act-will-lower-costs-create-jobs-strengthen-supply-chains-and-counter-china/">CHIPS Act, passed by Congress in 2022.</a>While <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-taiwan-tsmc-jensen-huang-china-disruption-2024-9">Nvidia</a> and other US tech firms have led the chip space by focusing on design, manufacturing has largely been outsourced to Taiwanese firm TSMC. Given rising fears over a <a target="_blank" class="" href="https://www.businessinsider.com/navy-seal-team-six-preparing-china-invasion-of-taiwan-report-2024-9">possible Chinese invasion of Taiwan</a>, there are concerns about supply chain security.<div type="image" title="Jensen Huang wih Nvidia hardware" height="2121" width="3000" msid="113466372" hostid="261" sizebytes="174302"></div>Not all is steady on the data center and energy front, either.A June report on global data center trends <a target="_blank" href="https://www.cbre.com/insights/reports/global-data-center-trends-2024">published by commercial real estate group CBRE</a> found that "worldwide power shortage is significantly inhibiting the global data center market's growth." Lack of growth has been a key problem in the US, where the AI boom has led to data center vacancy rates dropping everywhere from Chicago to Northern Virginia.That means data centers are in short supply, or, as the CBRE noted, "North American data center availability keeps tightening due to robust demand," leading parts of the country's tech industry to consider drastic measures. As the <a target="_blank" href="https://www.ft.com/content/d2bbcdc9-7282-43ea-84f7-250aab6a8a43">Financial Times reported last month</a>, some Big Tech firms and their suppliers have even considered turning decommissioned power stations into data centers.This supply shortage hasn't gone unnoticed in Washington. Last week, the <a target="_blank" href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/09/12/readout-of-white-house-roundtable-on-u-s-leadership-in-ai-infrastructure/">White House held a roundtable with top AI leaders</a> from around the country to "discuss steps to ensure the United States continues to lead the world in AI" by focusing on the data center and energy issue.With the likes of <a target="_blank" class="" href="https://www.businessinsider.com/jensen-huang-nvidia-routine-management-leadership-style-ceo-founder-2024-4">Nvidia's Jensen Huang</a> and <a target="_blank" class="" href="https://www.businessinsider.com/sam-altman-openai-raising-money-strawberry-after-rough-start-year-2024-9">OpenAI's Sam Altman</a> at the table, alongside top government officials such as Commerce Secretary Gina Raimondo, the discussion on American leadership in AI was tied to "national security, economic, and environmental goals."The headline result was the launch of a new task force on AI data center infrastructure, designed to underscore the vital importance of building out the infrastructure needed to maintain momentum in the generative AI race.This may all be better late than never for the US. While the <a target="_blank" class="" href="https://www.businessinsider.com/ai-return-investment-disappointing-goldman-sachs-report-2024-6">verdict is still out</a> on the potential for the current AI boom to generate returns in the long run, it's clear that AI will be a critical geopolitical issue for the US in the years ahead.More infrastructure on home soil will help the US have greater control over its own destiny.

America is ready to go big on AI infrastructure 

<ul class="summary-list"><li>OpenAI CEO Sam Altman, in a Monday blog post, called for massive investments in AI infrastructure.</li><li>Insufficient infrastructure, Altman warned, will lead to wars being fought over the technology.</li></ul>In a Monday <a target="_blank" href="https://ia.samaltman.com/">blog post</a>, OpenAI CEO Sam Altman argued that massive investment in AI infrastructure is key to market dominance — and avoiding global conflict."If we want to put AI into the hands of as many people as possible, we need to drive down the cost of compute and make it abundant (which requires lots of energy and chips)," Altman wrote. "If we don't build enough infrastructure, AI will be a very limited resource that wars get fought over, and that becomes mostly a tool for rich people."While promoting the development of <a target="_blank" href="https://www.businessinsider.com/america-ai-infrastructure-data-center-microsoft-blackrock-2024-9">AI infrastructure</a> is the new focus of industry leaders like Altman, researchers on the technology's social, environmental, and economic impacts told Business Insider that the development of the data centers and hardware systems needed to achieve artificial general intelligence or superintelligence will cost far more than money.Representatives for OpenAI did not respond to a request for comment from Business Insider.<h2 id="71040451-7ee2-4474-ac54-2c383f024bc4">A sharp industry focus on AI infrastructure</h2>The new hot topic in artificial intelligence is infrastructure — investing in it, planning a massive expansion of computing power, and creating the data centers needed to develop the technology at scale.Last week, Microsoft and BlackRock <a target="_blank" class="" href="https://news.microsoft.com/2024/09/17/blackrock-global-infrastructure-partners-microsoft-and-mgx-launch-new-ai-partnership-to-invest-in-data-centers-and-supporting-power-infrastructure/">announced</a> the launch of a $30 billion fund to "enhance American competitiveness in AI while meeting the growing need for energy infrastructure to power economic growth."Earlier this month, the White House hosted a <a target="_blank" class="" href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/09/12/readout-of-white-house-roundtable-on-u-s-leadership-in-ai-infrastructure/">roundtable</a> with AI infrastructure leaders from around the country — including Altman and executives from Microsoft, Meta, Amazon, and Anthropic, among others — to "discuss steps to ensure the United States continues to lead the world in AI" and ensure the tech's development is aligned with "national security, economic, and environmental goals."While some experts are cautiously optimistic about AI, others pointed to pitfalls in the rapid build-up of infrastructure.<h2 id="0aa9a51a-d85a-46f5-bd85-fb71b3470c95">AI's unclear economic benefits</h2>Alex de Vries, an economist and the founder of <a target="_blank" class="" href="https://digiconomist.net/">Digiconomist</a>, a platform dedicated to exposing the unintended consequences of digital trends, told Business Insider the current conversation on AI infrastructure is focused on the development of large-scale data centers, with industry insiders trying to convince national governments to greenlight expansion — despite unclear benefits."It costs a whole lot of resources, while data centers don't generate that many benefits for the local economy — not too many jobs, very little other business activity because no one has to be near a data center," de Vries said. "So for now, the trade-off is really bad."The <a target="_blank" class="" href="https://www.businessinsider.com/ai-return-investment-disappointing-goldman-sachs-report-2024-6">return on investment</a> in artificial intelligence is increasingly murky. With companies like OpenAI and others preparing to spend over $1 trillion on artificial intelligence in the coming years, a June Goldman Sachs <a target="_blank" rel=" nofollow" href="https://www.goldmansachs.com/intelligence/pages/gen-ai-too-much-spend-too-little-benefit.html">report</a> asked the question: "Are we spending too much for too little reward?"Proponents of the technology argue it could eventually help save lives by <a target="_blank" href="https://www.businessinsider.com/ai-chatbots-tech-doctors-medicine-healthcare-system-empathy-quality-email-2023-6">revolutionizing the healthcare industry</a> or, as the United Nations climate technology <a target="_blank" class="" href="https://unfccc.int/ttclear/artificial_intelligence">website</a> suggests, "scaling up transformative climate solutions for mitigation and adaptation action in developing countries." However, chatbots and image generators have been the most publicly celebrated advancements in AI from the major Big Tech players — and <a target="_blank" class="" href="https://www.businessinsider.com/hallucinate-cambridge-dictionary-word-of-the-year-artificial-intelligence-2023-11">errors created by AI-generated content</a> have been <a target="_blank" class="" href="https://www.businessinsider.com/sam-altman-generative-ai-cant-be-trusted-gary-marcus-openai-2024-8">well documented</a>.In recent earnings calls, executives from <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-365-potential-price-changes-ai-investment-roi-2024-6">Microsoft</a> and <a target="_blank" class="" href="https://www.businessinsider.com/meta-amazon-alphabet-spend-big-ai-investors-concerned-roi-2024-8">Alphabet</a> have repeatedly fended off investors' questions about when to expect a return on their AI expenditures.Shaolei Ren, an associate professor of electrical and computer engineering at the University of California, Riverside, told Business Insider that, despite Altman's prediction in his blog post that we could be "a few thousand days" from an AI superintelligence, he's not optimistic that we're as close as Altman says we are — and he argued OpenAI's reliance on large language models is not the right path to get there.Rather than a single model that can do it all, Ren said he believes the industry needs to focus on smaller, more specialized models that require fewer resources and can be built to handle more precise tasks."I think we need to shift the way we build AI, not just rely on bigger and bigger models," Ren said. "This is not really sustainable or scalable."<h2 id="53158441-3f88-40ef-a72f-35691ba29f3a">An environmental disaster in the making</h2>Both de Vries and Ren said that beyond the financial costs, ensuring AI infrastructure is developed at the scale industry players like Altman seek comes with <a target="_blank" class="" href="https://www.businessinsider.com/chatgpt-generative-ai-environment-climate-change-global-emissions-2023-9">massive environmental costs</a>."If you're talking about large-scale data centers, they are going to be consuming a huge amount of power and a huge amount of water," de Vries said.He noted that data centers consume tons of water for their cooling systems — some of which evaporates, so it cannot be reused. Electricity consumption also skyrockets, driving up demand and increasing reliance on fossil fuels despite the industry's use of <a target="_blank" class="" href="https://www.businessinsider.com/inside-the-6-billion-market-for-renewable-energy-certificates-2020-3">renewable energy certificates (RECs)</a>.Wind and solar companies generate RECs for each unit of energy they create and then sell them. Buyers of RECs can then say they source renewable energy, even if they're using power from nonrenewable sources."The environmental consequences of a big surge in power demand are typically very, very bad — way, way worse than is being acknowledged by the Big Tech companies," de Vries said.<h2 id="733c12a0-a965-422f-be12-05faf7693bb2">A growing risk to the social order</h2>That's not to mention what Cary Coglianese, a professor of law and political science and the director of an interdisciplinary program focused on research on effective regulation at the University of Pennsylvania, describes as AI's impact on "social ordering."While Coglianese describes himself as "cautiously optimistic" about the benefits of artificial intelligence, he said even if we achieve advanced uses for the tech, the feat will come with "trade-offs.""Any human endeavor that involves an optimization challenge can be made more efficient through artificial intelligence," Coglianese said. "Some of those uses can be good, like finding malignancies on MRI scans — a great use of AI technology — but we'll also be making much more efficient weapon systems, or automating weapon systems, or creating tools that can oppress people that can be made more, quote-unquote, 'efficient.'"In his blog post, Altman writes that the dawn of what he calls the Intelligence Age comes "with very complex and extremely high-stakes challenges.""It will not be an entirely positive story," Altman wrote. "But the upside is so tremendous that we owe it to ourselves, and the future, to figure out how to navigate the risks in front of us."Altman didn't mention the current negative social impacts AI is already causing — such as <a target="_blank" class="" href="https://www.businessinsider.com/ai-deepfakes-threaten-havoc-with-the-worlds-year-of-elections-2024-1">deepfakes infiltrating our political system,</a> a proliferation of <a target="_blank" class="" href="https://www.businessinsider.com/cgi-ai-fake-video-audio-news-hoaxes-information-warfare-revenge-porn-2017-8">AI-generated revenge porn</a>, and <a target="_blank" class="" href="https://www.businessinsider.com/dell-layoffs-ai-strategy-workers-more-effective-jobs-fulfilling-2024-8">workers being replaced</a> as companies increasingly invest in the tech."There's a real disconnect between where the world is today socially and where it is technologically — and that's something that the technologists and the techno-optimists can often overlook," Coglianese told Business Insider. "I'm cautiously optimistic too, but we have to recognize that until we have a social ordering that's different than it is, a new technology won't be some magic elixir that will transform the globe into a utopia."

Sam Altman believes wars will be fought over AI unless there's massive spending on infrastructure. But that comes with a cost.

<ul class="summary-list"><li>The Biden administration appears to be exploring the possibility of a sovereign wealth fund.</li><li>Last week, Donald Trump proposed a similar idea.</li></ul>Bipartisanship in the United States is unusual, especially during election time.So it is noteworthy that Democratic and Republican leaders both appear to want to establish a <a target="_blank" class="" href="https://www.businessinsider.com/sovereign-wealth-funds-buying-up-the-world-2012-10">sovereign wealth fund</a> to help the United States pay for stuff.Top aides to President Joe Biden, including National Security Advisor Jake Sullivan and his deputy, Daleep Singh, have been quietly developing plans for a sovereign wealth fund over the past several months, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-09-06/biden-aides-working-on-proposal-for-us-sovereign-wealth-fund?embedded-checkout=true">Bloomberg</a> reported.The details, including the structure, funding, and investment strategy, remain unclear, but planning documents are making the rounds through the White House and Biden hopes to make it happen before he leaves office.News of Biden's effort came not long after <a target="_blank" class="" href="https://www.businessinsider.com/who-is-donald-trump-bio-age-family-key-positions-2019-4">former president Donald Trump</a> called for a similar state-owned investment fund to finance "great national endeavors" during a campaign stop at the Economic Club of New York last week.Sovereign wealth funds are an old idea that many other countries — particularly ones that generate vast wealth from their natural resources, like Saudi Arabia or Norway — have long used to pay for big things. Countries park their cash reserves in the state-owned fund so it can grow.Norway's $1.6 trillion <a target="_blank" class="" href="https://www.businessinsider.com/norways-wealth-fund-vote-against-elon-musks-55bn-tesla-paycheck-2024-6">Government Pension Fund Global</a>, the largest sovereign wealth fund in the world, for instance, reported in January that it made $213 billion in profit last year driven by returns on investments in tech stocks, Reuters reported. The Norges Bank Investment Management, the branch of Norway's central bank that oversees the fund, said the fund is supported by investment returns on equities, fixed income, real estate, renewable energy infrastructure, and revenue from oil and gas production.Saudi Arabia's <a target="_blank" class="" href="https://www.businessinsider.com/saudi-arabia-public-investment-fund-global-investment-spree-2024-8">Public Investment Fund</a>, which manages about $925 billion in assets, reported a $36.8 billion profit for 2023, according to Reuters. The PIF says it is funded through four avenues — capital injections from the government, government assets transferred to PIF, loans and debt instruments, and retained earnings from investments. That money is being used to invest in everything from Uber and Blackstone to Heathrow and LIV Golf. It's also using it to <a target="_blank" class="" href="https://www.businessinsider.com/neom-vision2030-saudi-arabia-mbs-crown-prince-tough-conversations-2024-5#:~:text=Vision%202030%20aims%20to%20transform,revenues%20and%20pivoting%20toward%20tech.">finance Vision 2030</a>, a huge initiative to transform the country's economy and reduce its reliance on oil.It is unclear how an American fund would be, well, funded, or how it would operate. But people familiar with the Biden administration's plans told Bloomberg that if the United States launched a fund, it could invest in national security interests like technology, energy, and supply chain initiatives.This isn't the first time Washington has toyed with the idea of a sovereign wealth fund. Last March, a group of bipartisan lawmakers led by Sen. Angus King and Sen. Bill Cassidy began <a target="_blank" href="https://www.businessinsider.com/sovereign-wealth-fund-biden-sanders-romney-warren-social-security-medicare-2023-3">discussing a sovereign wealth fund</a> to pay for Social Security. At the time, Sen. Mitt Romney, who attended the talks, said the fund would allow the United States "to be able to borrow at low interest rates and invest in the growth of our economy, and perhaps economies of other nations as well."The number of potential uses for the fund, if — again — it can ever be funded, is nearly unlimited, which excites lawmakers.The White House's interest in a sovereign wealth fund stems partly from its desire to compete with China, which has multiple state-owned funds itself. White House aides suggested an American fund could bolster national interests through things like "bridge financing" for companies competing with China, according to Bloomberg.Others have suggested the fund could support technologies with high entry barriers, like geothermal and nuclear fusion projects or quantum cryptography. Or it could create synthetic reserves of critical minerals by purchasing futures contracts.Or, hey, maybe it could even be used to pay down the national debt."It would great to see America join this party and instead of having debt, have savings," billionaire John Paulson said last week in an interview with Bloomberg Television. "It would be, over time, larger than any of the existing funds."It sounds nice, but it all hinges on government cash to fund it and sound investments to grow it.Former Treasury Secretary <a target="_blank" class="" href="https://www.businessinsider.com/federal-reserves-rate-cuts-itchy-fingers-rush-inflation-larry-summers-2024-3">Larry Summers</a> said in an interview with Bloomberg Television last week that it was "hard to believe that setting aside lots of funds for unspecified investments made in unspecified ways, where you don't even know what it's going to be called, is a particularly responsible, kind of proposal."

Trump and Biden agree: The US should finally start a sovereign wealth fund

<keyword id="19922074" type="General" weightage="20" keywordseo="Reserve-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank" meta.hostid="261" meta.entityid="Reserve Bank">Reserve Bank</keyword> Deputy Governor <keyword id="19918795" type="General" weightage="20" keywordseo="Swaminathan" source="keywords">Swaminathan</keyword> J on Wednesday said implementation of <keyword id="22784242" type="General" weightage="100" keywordseo="risk-based-premium" source="keywords">risk-based premium</keyword> for <keyword id="20132734" type="General" weightage="20" keywordseo="deposit-insurance" source="keywords">deposit insurance</keyword> merits consideration as it will ensure that institutions with higher risk profiles contribute more to the insurance fund. Speaking at a conference in Jaipur, he also said that as the financial sector becomes more digitised, deposit insurers must work closely with regulators and supervisors to strengthen oversight mechanisms. This includes regularly updating <keyword id="19946068" type="General" weightage="20" keywordseo="regulatory-frameworks" source="keywords">regulatory frameworks</keyword> to incorporate emerging risks associated with <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword>, <keyword id="19906883" type="General" weightage="20" keywordseo="cybersecurity" source="keywords">cybersecurity</keyword>, and <keyword id="22180855" type="General" weightage="20" keywordseo="fintech-innovations" source="keywords">fintech innovations</keyword>. By adopting a proactive stance, deposit insurers can help ensure that <keyword id="19912054" type="General" weightage="20" keywordseo="financial-institutions" source="keywords">financial institutions</keyword> under their purview are adequately prepared to manage these risks, thereby safeguarding depositor confidence. Swaminathan was addressing the International Conference of the International Association of Deposit Insurers- Asia Pacific Regional Committee (IADI-APRC) hosted by the Deposit Insurance Credit Guarantee Corporation (DICGC). He further said the implementation of risk-based premium for deposit insurance "merits consideration". "By tying insurance premiums to the level of risk posed by individual financial institutions, deposit insurers can incentivize banks to adopt stronger risk management practices. "This approach not only enhances the overall stability of the financial system but also ensures that institutions with higher risk profiles contribute more to the insurance fund," the deputy governor said. He also emphasised that deposit insurers can further mitigate technology risks by relying on supervisory rating assessments that incorporate evaluation of a financial institution's technological and operational resilience. By using these assessments as a basis for setting insurance premiums or determining intervention strategies, deposit insurers can ensure that their actions are informed by a comprehensive understanding of each institution's risk profile, Swaminathan added. The senior <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> official also asked deposit insurers to prioritise crisis preparedness and develop comprehensive contingency plans that account for technology-induced disruptions. This includes conducting regular stress tests and simulations to assess the potential impact of cyber incidents or fintech failures on financial institutions and the broader financial system, he said. The evolving technological landscape presents both significant challenges and opportunities for deposit insurers. By adopting a proactive, risk-based approach, including enhanced oversight, risk-based premiums, reliance on supervisory ratings, faster claim settlements, and industry collaboration, deposit insurers can effectively manage these risks, the deputy governor said.

Risk-based premium for deposit insurance merits consideration: RBI Deputy Governor Swaminathan

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

The technology platform for providing "<keyword id="22918315" type="General" weightage="20" keywordseo="frictionless-credit" source="keywords">frictionless credit</keyword>" launched by the <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="100" keywordseo="RBI" source="keywords">RBI</keyword>) last year as a pilot project will soon be introduced nationwide soon, said Reserve Banks of India Governor, <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword> on Monday. This technology platform will be named "<keyword id="22918314" type="General" weightage="20" keywordseo="Unified-Lending-Interface" source="keywords">Unified Lending Interface</keyword> (ULI)", Das said while speaking in Bengaluru at the event of the Global Conference on Digital Public Infrastructure and Emerging Technologies. Governor Das said "Just like <keyword id="19900911" type="General" weightage="20" keywordseo="UPI" source="keywords">UPI</keyword> transformed the payments ecosystem, we expect that ULI will play a similar role in transforming the lending space in India. The 'new trinity' of JAM-UPI-ULI will be a revolutionary step forward in India's <keyword id="20018890" type="General" weightage="20" keywordseo="digital-infrastructure" source="keywords">digital infrastructure</keyword> journey." The ULI platform facilitates a seamless and consent-based flow of digital information, including even land records of various states, from multiple data service providers to lenders. The technology platform introduced last year as a pilot projects cuts down the time taken for credit appraisal, especially for small and rural borrowers. Das stated that the ULI architecture has common and standardised APIs, designed for a 'plug and play' approach to ensure digital access to information from diverse sources. "This reduces the complexity of multiple technical integrations. It enables borrowers to get the benefit of seamless delivery of credit, and quicker turnaround time without requiring extensive documentation. By digitising access to customer's financial and non-financial data that otherwise resided in disparate silos, ULI is expected to cater to large unmet demand for credit across various sectors, particularly for agricultural and MSME borrowers," the RBI governor stated. Showing confidence in the newly launched ULI, Das said, "Just like UPI transformed the payments ecosystem, "we expect that ULI will play a similar role in transforming the lending space in India." Speaking about the success of Unified Payment Interface (UPI) Das said, "The current ecosystem of digital payments in India offers a bouquet of simple, safe, and secure options for instant or quick transfer of funds, both large and small value, for businesses and individuals." Das further stated stated that the apex bank is consistently trying to secure the financial system in the country. "We are constantly working on devising policies, approaches, systems and platforms that will make our financial sector stronger, nimble and customer-centric," Das said. Additionally, Das also highlighted that the central bank is constantly working on devising policies, systems, and platforms that will make the financial sector stronger, nimble and customer-centric. Das said that over the last decade, the traditional banking system has undergone an unprecedented technological transformation. By all indications, this process is likely to become even more intense in the coming years, he said. On the country's experience in DPI, he said, "DPI has enabled India to achieve in less than a decade levels of financial inclusion that would have otherwise taken several decades or even more" He also emphasised that UPI system has the potential to evolve into a cheaper and quicker alternative to available channels of cross-border remittances. The Governor also stressed that financial institutions should be abundantly mindful of associated risks of Artificial Intelligence.

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