<ul><li><keyword id="19898108" type="General" weightage="20" keywordseo="sbi" source="keywords">SBI</keyword>’s Q3 income and profit were hit by heightened wage costs, which is expected to normalize in FY25.</li><li>Its improving asset quality, lower credit costs and drop in NPAs have impressed the street.</li><li>Analysts believe that its deposit situation is ‘comfortable’ giving it enough headroom to cushion loan growth. </li></ul>India’s largest bank SBI saw its third quarter profits slip by 35.5% as it took a ₹7,100 exceptional charge. It provided for pension and gratuity liabilities as it reached an agreement with the unions for a 17% wage hike last November. These costs might flow into Q4 as well with a normalization expected only in FY25. Yet, the street is impressed with its asset quality improvement and business outlook. “The quarter had fewer pressure points on slippages (0.6%), credit costs (0.1%) and asset quality metrics. Loan growth is healthy at 15% <keyword id="19921444" type="General" weightage="20" keywordseo="yoy" source="keywords">YoY</keyword> and the bank is comfortable with the deposit situation unlike most private banks,” said Kotak Institutional Equities. Its continued recoveries and write-offs led to a 13 basis point sequential drop in the gross non-performing asset (GNPA) ratio to 2.42%. The net non-performing asset (NNPA) ratio remained flat at 0.64%. Its restructured book declined to ₹18,900 crore to 0.5% of advances, while special mention accounts (SMA) 1/2 portfolio stood at ₹4,130 crore which is 12 basis point of loans. “Asset quality continues to be in pristine form. Overall performance was healthy and the bank continues to gain from the low credit cost cycle, which can continue for some time and is difficult to precisely time the normalization,” said a report by Antique Stock Broking. With SBI, Kotak Institutional Equities says, few of the identified risks had played out. “Our conversation with investors usually focusses on what can go wrong with SBI than what is probably going favourably for the bank. Last year had issues with a specific conglomerate, ECL provisions, MTM losses, unsecured loan growth, wage settlement and importantly capital adequacy ratios. The eventual impact on earnings is far lower as compared to the risks that we tend to assign to these issues,” the brokerage said. Margin decline to be arrested at current levels: Management Its net interest margins (NIMs) have declined both on an annual and a sequential basis, as it repriced its term deposits. But that has also not rattled analysts, who believe that the NIM decline has been lower than expected. “Margin declined by 28 YoY and 7 bps QoQ as increase in cost of deposits due to deposit re-pricing at higher rates (mainly term deposits) outpaced yield on advances. The management highlighted that going forward, margin decline is expected to be arrested at current levels as majority of the deposits have been re-priced,” said Axis Securities. <table style="border-width: initial; border-style: none;"><colgroup></colgroup><col /><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3FY24 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">YoY change </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">QoQ change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net interest income </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹398.2 bn </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.6% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.8% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net interest margin </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.2% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">(28bps) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">(7bps) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net Profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹91.6 bn </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-35.5% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-36.1% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net NPA </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.6% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">(13bps) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Provision </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹6.9 bn </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-88.1% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">496.7 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Advances </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹35,195 bn </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15.1 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.2 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Deposits </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹47,622 bn </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">13% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.6% </td></tr></tbody></table>Source: Phillip Capital Best placed for good credit growth In the third quarter, its advances grew by 15% YoY, with retail and SME segments growing by 15% and 19%, respectively. Its agri loan book grew 18% YoY, while corporate growth too picked up to 11% YoY. Its auto and <keyword id="20009472" type="General" weightage="20" keywordseo="xpress" source="keywords">Xpress</keyword> credit grew at 21% and 16% YoY, respectively. Most analysts believe that it has a good headroom with deposits that can cushion loan growth. The management remains confident to grow by 14-15% with opportunities under <keyword id="20205451" type="General" weightage="20" keywordseo="aatma-nirbhar-bharat" source="keywords">Aatma Nirbhar Bharat</keyword> scheme, renewable energy loans. It’s also aggressively looking at growing its agri loan portfolio to capture the entire value chain. It launched two new products — Agri Enterprise Loan and Kisan Samradhi to acquire high value farmers. “We expect SBI to grow at 13% CAGR over FY24-26 due to tight system liquidity. We have cut loan growth by 1% for all coverage banks except SBI, given upside risks as the following levers may support credit offtake viz. low loan-to-deposit ratio (LDR) at 74% adequate liquidity coverage ratio (LCR) at 131% and sufficient Common Equity Tier 1 capital (CET1) at 11%, post RBI norms on re-classification of investments,” said <keyword id="20460408" type="General" weightage="20" keywordseo="prabhudas-liladher" source="keywords">Prabhudas Liladher</keyword>.

SBI’s core business stays strong despite one-time hit on account of higher wage costs in Q3

Lucknow, Feb 1 () Uttar Pradesh Deputy Chief Minister Dinesh Sharma on Monday halied the Union Budget, saying it aimed at a self-reliant India with the higher education sector set to get a boost. "The Union Budget is a budget of a self-reliant India (Aatma Nirbhar Bharat). Under the leadership of Prime Minister Narendra Modi, India will show the way to the world. The Budget will strengthen the economy and India will become a USD 5 trillion economy," he said in a statement. The deputy chief minister claimed that the Budget has made provisions for qualitative improvement in the education sector with an emphasis on research. "Higher education will get a new direction with the formation of the Higher Education Commission. This is a revolutionary step. The Budget has laid emphasis on all-inclusive development," he said. Sharma, who holds the portfolio of Secondary Education and Higher Education, Science and Technology, Electronics, Information Technology, said, "The outlay of Rs 50,000 crore for the National Research Foundation will give a new and positive direction to the potential of the youth. It will also give a boost to innovation." NAV RDK RDK

Union Budget: Higher education sector set to get boost, says Dinesh Sharma

Idea of self-reliance aimed at ensuring India can be global nerve centre of supply chains: FS New Delhi, May 21 () The idea behind self-reliance is not to turn the country inwards or into an isolationist nation, but to ensure that India can emerge as the global nerve centre of the complex modern multinational supply chain, Foreign Secretary Harsh Vardhan Shringla has said, hailing the government's 'Aatma Nirbhar Bharat' initiative for post-COVID economic revival. In his address on the 'New World Order Post COVID-19' at the FICCI, he said a "major scale black swan event" that is impacting most of our established practices, norms and regulations, and thus shaping to become the big disruptor. "The primary impact of the disruption is economic. Global economic institutions put the cumulative loss from the pandemic in the range of USD 5.8-8.8 trillion or approximately 6.5-9.7 per cent of the global GDP. The International Monetary Fund (IMF) predicts a 3 per cent contraction of the world economy in 2020," he said. This is the largest contraction of global output since the Great Depression of the 1930s and the Great Recession of 2008-09, and other lesser recessions did not reduce world output on this scale, Shringla said. He said this is also the first economic downturn of this magnitude due to a non-economic cause. "Quarantines, travel bans and lockdowns, important to control the spread of the coronavirus, have expanded the economic impact to multiple sectors of the economy. The initial supply shock has been followed by a demand shock as both production and incomes have been hit," the foreign secretary said. Whether the contraction will turn into a depression or not is unclear, he said, adding that the scale of disruption makes it a possibility. Shringla, however, said the primary cause of the disruption is the pandemic. The speed of resumption of economic activity will therefore be the key determinant in preventing the recession from growing into a depression, he said. "The slowdown will impact all kinds of economies. Hydrocarbon and commodity dependent economies will be hit as badly as manufacturing, services, agriculture, mining and tourism dependent economies. "Global poverty and unemployment levels will rise. Expatriate workforces will be negatively impacted. Remittances are already falling," he said. The pandemic is also expected to leave people with a thoroughly different world, with tightened global financial market conditions, behavioural changes and altered consumption patterns, such that the demand and supply chains no longer suffice to cater to the new demand emanating from a changed world, he said. The economic order that existed in the pre-pandemic times will have changed significantly in the post-pandemic times, Shringla said. "This pandemic has not just stressed our systems globally, but has also exposed the existing gaps in our systems, forcing all of us to identify the loopholes, regroup, reform and reinvent. This reinvention of the global economic order is something that we all must prepare ourselves for," he said. Strong multilateral cooperation will continue to be critical in the collective fight against the pandemic as also for a global economic recovery, he asserted. "Our global supply chains have been severely impacted by the COVID-19 pandemic. The risks of increased dependence of our supply chains on a particular country or region of the world have been exposed by the pandemic, and the need to de-risk and build resilience by increased diversification and innovation has made itself starkly evident," he said. Prime Minister Narendra Modi, identified five key pillars of the country's future economic roadmap, including economy, infrastructure, demography, democracy and supply chains, Shringla said. Successful integration and assimilation of all these factors will be crucial to achieve a quantum jump in our overall growth and development, he said. In India, there was already an ongoing thinking within ministries and agencies on formulating a strategy which would position India as an alternate manufacturing destination of choice for global investors, he said. The idea behind this initiative was to enable manufacturing and trading companies looking to diversify and de-risk their value chains to choose India as an alternate location for their operations, Shringla said. The government has announced a set of bold economic reforms under the Aatma Nirbhar Bharat Abhiyaan, Shringla said. This vision of economic revival aims to provide short term relief to the citizens impacted by the COVID-19 pandemic, while also defining a long-term economic roadmap to achieve the government's vision of a USD 5 trillion economy by 2024, he said. "The idea behind self-reliance or Aatmanirbharat is not to turn the country inwards, or into an isolationist country, but to the contrary, it is to ensure that India can emerge as the global nerve centre of the complex modern multinational supply chains," he said. The Aatma Nirbhar Bharat Abhiyaan takes into account the largely untapped domestic potential and the ever-growing domestic demand, which are the two key driving forces for the Indian economy, and builds on them to provide a new strategic roadmap for the growth of India's agriculture, manufacturing and services sectors, Shringla said. "Foreign policy begins at home. A strong economy allows us to be heard in the world. A self-reliant India will have more to offer to the world," he quoted External Affairs Minister S Jaishankar as saying. ASK ANB ANB

Idea of self-reliance aimed at ensuring India can be global nerve centre of supply chains: FS

By Yoshita Singh United Nations, Jul 13 () India's response to the COVID-19 pandemic, articulated through Prime Minister Narendra Modi's vision of an "Aatma Nirbhar Bharat", does not imply a "self-sufficient or isolationist" India and the country remains supportive of the multilateral global economic order, as challenges presented by the pandemic can only be addressed through multilateralism and global solidarity, NITI Aayog Vice Chairman Rajiv Kumar said. India presented its 2nd Voluntary National Review (VNR) on Sustainable Development Goals at a virtual session of the High-Level Political Forum here on Monday. Presenting India's VNR, Kumar said the Indian government's response to the pandemic has been articulated through Modi's vision of an "Aatma Nirbhar Bharat" or a self-reliant India. "This is in no sense implying a self-sufficient or an isolationist India. On the other hand, we remain supportive of the multilateral global economic order, whose robust, resilient and rapid response capabilities to major disruptions is established beyond doubt," Kumar said in his address to the High-Level Political Forum. Kumar was accompanied by Adviser in the NITI Aayog, Sanyukta Samaddar during the VNR presentation. He stressed that the COVID-19 pandemic has thrown up multiple new challenges for countries. "All member countries are also faced with several pressing challenges, including climate change, the scourge of dehumanising poverty, human trafficking and natural disasters. These can be successfully addressed only and only through multilateralism and global solidarity," he said. Underscoring that the virus does not recognise any distinctions, Kumar emphasised that "we should all obliterate all divisions and distinctions amongst us, and come together to try and convert the prevailing situation into an opportunity for accelerating our progress towards achieving the SDG targets." Kumar said that India's responses to COVID-19-induced economic downturn has been operationalised through a stimulus package of USD 276 billion, which is 10 per cent of India's GDP and includes several reform and relief measures across sectors to protect lives and livelihoods. "No doubt challenges remain. We are committed to addressing them effectively and expeditiously. Our 2nd VNR highlights many of those good practices that have worked in the most challenging regions of our country. These examples can provide a basis for mutual learning amongst countries. The role of international cooperation is more critical than ever before," he said. Referring to Modi's articulation that "people, planet and profits are interlinked", Kumar said nations have to "earnestly" focus on the triple bottom line of optimising financial, social and ecological returns in whatever they do. "We have to continuously strive for doing well by doing good. It can be done," he said. Outlining the significant progress made by India towards the SDGs and Agenda 2030 through various flagship and ambitious programmes and initiatives, Kumar said the country has been able to lift 270 million people from multi-dimensional poverty, the law on the Right to Education promises education for all and the Prime Minister's housing programme promises a roof over every head by 2025 and piped water to every home. He added that electricity has already reached all of India's villages and 80 million households have access to clean fuel, 110 million toilets have been built, 385 million new bank accounts have been opened and the government launched the world's largest health insurance programme 'Ayushman Bharat' that covers 500 million citizens. The JAM Trinity (Jan-Dhan, Aadhaar and Mobile) has enabled the government to shift all the beneficiaries in nearly 480 schemes for direct benefit transfers. "Given our extensive diversity, regional priorities and … plurality, we have had to localise the SDGs. One size simply does not fit all the people," Kumar said, adding that the government is actively partnering with state governments and union territories for vertical and horizontal policy coherence for achieving SDG targets. Kumar told the high-level forum that India's 2nd VNR preparation process has been "truly participatory" and included consultation with businesses, civil society organisations, academia, think tanks, professionals and startups. "It is indeed a whole of society endeavour," he said. The NITI Aayog partnered with civil society organisations for a consultative process that saw more than 50 national and sub-national consultations led by civil society organisations from 14 population groups. Kumar also highlighted India's leadership in the International Solar Alliance and The Coalition for Disaster Resilience Infrastructure, UN Convention to Combat Desertification and the Paris Climate Agreement. Further, during the COVID-19 crisis, India has extended humanitarian relief and supplied essential drugs over 80 countries across the world. "We may be far off from each other physically but we remain connected… The COVID-19 pandemic has caused disruptions to our plans and timelines. Therefore, we have to double and triple our efforts for achieving the Agenda 2030," he said. YAS RS RS

COVID-19 challenges can be addressed only through multilateralism, global solidarity: India at UN

New Delhi, Jun 23 () Banks have sanctioned loans of over Rs 79,000 crore till June 20 to 19 lakh MSMEs and other businesses, of which Rs 35,000 crore has already been disbursed, the Finance Ministry said on Tuesday. As part of the Aatma Nirbhar Bharat (Self-reliant India) package, the government had last month announced its plan for Rs 3 lakh crore as additional credit to MSMEs and small businesses. Such enterprises were eligible to receive up to 20 per cent of their existing borrowing as additional loans at interest rates which were capped. " The interventions by Government for MSMEs, have been gaining rapid traction. Under the Emergency Credit Line backed by a Government guarantee, Banks from public and private sectors have so far already sanctioned loans worth over Rs 79,000 crore as of June 20, 2020, of which more than Rs 35,000 crore has already been disbursed," the ministry said in a statement. The top lenders under the Scheme are SBI, HDFC Bank, Bank of Baroda, PNB and Canara Bank. This has helped 19 lakh MSMEs &amp; other businesses restart their businesses post the lockdown, it added. Separately, under RBI's Special Liquidity Facility announced in March-April, 2020, SIDBI has sanctioned over Rs 10,220 crore to NBFCs, Micro Finance Institutions and banks for lending to MSME &amp; small borrowers, the ministry said. National Housing Bank (NHB) has sanctioned its entire facility of Rs 10,000 crore to housing finance companies. This refinance by SIDBI and NHB is in addition to ongoing schemes through which over Rs 30,000 crore has been sanctioned. Under the Extended Partial Guarantee Scheme for NBFCs and MFI, approvals have crossed Rs 5,500 crore. Transactions for another Rs 5,000 crore are under process of approval, while certain other deals are currently under negotiation, the ministry added. JD BAL BAL

Banks sanction Rs 79k cr loans to 19 lakh MSMEs, other biz; Rs 35k cr disbursed

New Delhi, The Central government in the Union budget for 2021-22 on Monday allocated Rs.2,596.14 crore to sports, less by Rs.230.78 crore -- or, 8.16 per cent -- allocated in the previous financial year during which hardly any sports activity was held due to Covid-19 pandemic. Out of the total allocated amount, Rs.2,549.41 crore has been earmarked as revenue budget that sports departments use for basic expenses, such as salaries of employees, while Rs.46.73 crore has been set aside for capital expenses that includes construction of facilities/new stadia etc. The allocation for basic expenses is Rs.226.49 crore less than last fiscal's. From Rs.2,775.90 crore in the last fiscal, the amount for capital expenses is Rs.4.29 crore down from Rs.51.02 crore. The Central government had allocated Aatma Nirbhar Bharat packages totalling Rs.20 lakh crore to various sectors this year to deal with economic impact of the Covid-19 pandemic. The fallout of this, coupled by the fact that a chunk of the budget allocated for sports in the 2020-21 fiscal had not been used due to the pandemic freezing a majority of the sports calendar last year, could be a reason for the allocation in various department being slashed for the 2021-22 fiscal. The Sports Authority of India (<keyword id="56002" type="COMPANY" weightage="20" keywordseo="SAI">SAI</keyword>) has been allocated Rs.660.41 crore, which is an increase from the Rs.500 crore allocated in the last budget. The <keyword id="6355249" type="COMPANY" weightage="20" keywordseo="sports-ministry">Sports Ministry</keyword>'s flagship Khelo India has had its allocation slashed to Rs.657.71 crore from Rs.890.42 crore allocated in 2020-21 -- a difference of Rs. 232.71 crore, though in the revised budget of 2020-21 the amount was reduced to Rs.890.42 crore to rs.329.77 crore. Assistance to the <keyword id="62989" type="COMPANY" weightage="20" keywordseo="National-Sports-Federations">National Sports Federations</keyword> (NSFs), however, has been increased by Rs.35 crore. This year's budget is Rs.280 crore while last year's was Rs.245 crore. "Our ACTC (Annual Calendar Training and Competitions) for the national team preparing for Tokyo Olympics has been approved but any change in plan would require more funding. If NSFs are given some additional funds in these unprecedented times due to pandemic it would be a big support," <keyword id="121542" type="COMPANY" weightage="20" keywordseo="Archery-Association-of-India">Archery Association of India</keyword> secretary general Pramod Chandurkar told <keyword id="105681" type="COMPANY" weightage="20" keywordseo="IANS">IANS</keyword>. Fencing Association of India secretary general Bashir Ahmed Khan said the Olympic year is always important. "It's always good to have more funds in Olympic year. Recently we got Rs.20 lakh for international exposure for CA Bhavani Devi as she is on the verge of getting Olympic quota and currently training in Italy. Since she plans to stay in Italy for a long period, it would be good we get additional funding apart from approved annual competition-cum-training calendar by the government," Khan told IANS. The year 2021 is an Olympic year due to the postponement of the 2020 Tokyo Olympics due to the Covid-19 pandemic. The Olympics was initially scheduled to be held from July 24 to August 9 last year but was postponed in March, 2020 to July 23 to August 8 this year.

Budget 2021: Government allocated Rs. 2596.14 crore for sports

The recently announced <keyword id="9460361" type="UNKNOWN" weightage="20" keywordseo="space-sector-reforms">space sector reforms</keyword> are not aimed at privatisation of Indian Space Research Organisation (<keyword id="6358064" type="UNKNOWN" weightage="20" keywordseo="isro">ISRO</keyword>), its Chairman and Secretary in the Department of Space, K Sivan asserted on Thursday. The space agency also stated that the draft on the proposed space activity bill is almost final and it will soon be placed before the Union Cabinet for approval. "When space sector reforms were announced by the government there were many misconceptions like it would lead to privatisation of ISRO. It is not. Again and again I'm repeating it is not the privatisation of ISRO," Sivan said. Addressing a webinar on "Unlocking of India's Potential <keyword id="7412163" type="UNKNOWN" weightage="20" keywordseo="in-space">in Space</keyword> Sector," he said the whole aim of reforms is enabling the private players to carry out the space activities which is otherwise being done by ISRO. "In fact, the activities of ISRO are going to increase and ISRO will be able to better utilise its resources in taking up developmental as well as capacity building activities of the government, rather than the routine production activity," he added. The Union Cabinet on June 24 approved participation of the private sector in the entire range of space activities, including planetary exploration missions. It had said, the newly-created Indian National Space Promotion and Authorisation Centre (IN-SPACe) will provide a level playing field for private companies to use Indian space infrastructure, by hand-holding industries in space activities through encouraging policies and a friendly regulatory environment. Also, the New Space India Limited (NSIL), a PSU under the Department of Space, will endeavour to re-orient space activities from a "supply driven" model to a "demand driven" model, thereby ensuring optimum utilisation of our space assets, it had said. Noting that the space sector reform introduced by the government is going to be a "real game changer", Sivan said private sector participation in the space sector has been increasing worldwide and it is a healthy trend, as it increases diversity. In India too space sector startups are taking developmental activities in both launch vehicles as well as in satellites, he said. However, there was no mechanism available in the country to extend technology and infrastructure support to them. Also there was no regulatory mechanism to control the private sector activities, so an institutional mechanism has been created as part of reform. The webinar was attended by Principal Scientific Advisor to government of India K Vijay Raghavan, Mahindra Group Chairman Anand Mahindra, Bharti Enterprises Chairman Sunil B Mittal among others. Further observing that with the opening of the space sector, ISRO can focus on technology development and capacity building Sivan said in addition to that it will also facilitate private sector participation in major national missions through announcement of opportunity. However, the private sector will have to do their own research and development activities, business viability studies, funding as well as finding customers for their services, he said. Pointing out that import of communication satellites is now in the embargo list under 'Aatma Nirbhar Bharat Abhiyan', the ISRO Chief said there will be a need for large number of communication satellites to be launched in the immediate future and this could be a huge opportunity for ISRO and also for the private sector. Launching a small satellite is another area where there is a huge projected demand and some startups are interacting with ISRO at an advanced stage and may launch very soon. According to ISRO officials, more than 500 industries are currently involved in activities such as production of components and more than 80 per cent of the launch vehicle and 60 per cent of the spacecraft budget is spent on industry. Scientific Secretary to ISRO, R Uma Maheshwaran said participation of the private sector in end-end space activities is definitely a strategy to expand the space economy. Noting that the private sector is much eager now, he said a lot of people are coming forward to make launch vehicles, and satellites and providing space based services. Uma Maheshwaran also said a mechanism is required regarding the indulgence of the private sector and for this, enactment of the space activity bill is a primary requisite. "It (bill) is almost in its final shape now, we have presented it to the Ministry (PMO) for inter-ministerial consultation and we feel that very soon it will be approved by the Cabinet and presented to the Parliament for making it an act. This is mandatory as India is signatory to the outer space treaty," he added. Vijay Raghavan, noting a lack of risk capital for industry to sufficiently invest in R&amp;D, said risk needs to be mitigated and for this the combination of talent and material resources, partnering with industry is needed. The opening of the space sector in India will have its impact globally, and also all sectors in India, he said adding that ".. this is an opportunity to increase volume and quality in extraordinary ways." Suggesting that space may well become the new "gold rush", Anand Mahindra said though India has an established and credible space programme, its share of the market is miniscule and he was sure that beginning now it will change with the entry of the private sector. "... it is our opportunity to level the playing field, by leveraging our competitive advantages and we have to seize it now," he said, while admitting that industry and private sector are often "uneasy bedfellows", but we have to make these reforms work as it is the best way forward". Sunil Mittal stressed on the need for the policy on participation of private sector in space programme to be "light-touch" but said it should be very strong on security, foreign policy aspects and some of the guidelines need to be very clear so that industry participants know how to operate within the policy framework. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/gmail-down-users-report-being-unable-to-send-emails-and-attach-files/articleshow/77648762.cms">Gmail down — users report being unable to send emails and attach files</a> <a href="https://www.businessinsider.in/science/space/news/kepler-supernova-exploded-400-years-ago-but-hasnt-slowed-down-and-two-pieces-of-debris-are-headed-towards-earth/articleshow/77646381.cms">Kepler supernova exploded 400 years ago but hasn’t slowed down — and two pieces of debris are headed towards Earth</a> <a href="https://www.businessinsider.in/india/news/supreme-court-rejects-prashant-bhushans-plea-to-delay-sentence-hearing-on-twitter-case/articleshow/77649463.cms">Prashant Bhushan rejects Supreme Court's offer to delay sentence but is given two to three days to reconsider statement</a>

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