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Google's new report on <keyword id="19904566" type="General" weightage="20" keywordseo="artificial-intelligence" source="keywords">artificial intelligence</keyword> (AI) emphasizes responsible AI development and suggests recommendations for policymakers, companies, and civil society. The report titled "An AI Opportunity Agenda for India" outlines how artificial intelligence can drive <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword>, social progress and global leadership for the nation. The report says India with its rapidly growing economy, outstanding tech talent, young demography and vibrant start-up ecosystem, is poised to reap the immense benefits of artificial intelligence. A comprehensive and responsible approach to AI can unlock significant economic growth and societal progress in India. "The potential economic impact of AI in India is substantial - reports estimate that at least INR 33.8 lakh crore of economic value from <keyword id="20037918" type="General" weightage="100" keywordseo="AI-adoption" source="keywords">AI adoption</keyword> can be achieved in India in 2030. While these achievements signify a promising beginning, unlocking the full potential of AI hinges on the strategic decisions we make today," says a Google's press release. The report suggests that to maximize the AI opportunity for India collaborative efforts are needed across government, industry, and civil society. They need to prioritise three key areas which include investments in infrastructure and innovation, building human capital and an AI-powered workforce and promoting wide adoption and universal accessibility. AI is already addressing some of the most pressing challenges like revolutionizing farming practices and improving <keyword id="20646060" type="General" weightage="20" keywordseo="healthcare-access" source="keywords">healthcare access</keyword>. The <keyword id="20214323" type="General" weightage="20" keywordseo="agriculture-sector" source="keywords">agriculture sector</keyword> is getting the benefits of AI through minimizing climate risks, optimizing productivity and sustainability, and providing access to real-time crop pricing information and early warning of potential crop threats. Many <keyword id="23569666" type="General" weightage="20" keywordseo="AI-powered-platforms" source="keywords">AI-powered platforms</keyword> are empowering farmers to boost crop yields and encourage sustainable practices. In the healthcare sector, AI is being used for better diagnosis, bigger access, and personalized care, especially for underserved communities. Google has partnered with <keyword id="23569667" type="General" weightage="20" keywordseo="ARMMAN" source="keywords" meta.keywordsubtype="org" meta.entityname="ARMMAN" meta.hostid="261" meta.entityid="ARMMAN">ARMMAN</keyword> to use AI to identify women at risk of dropping out of their health information program, allowing for personalized interventions to improve maternal health outcomes. ARMAAN seeks to address the pervasive systemic problems underlying maternal and child mortality and morbidity in India.

AI adoption can unleash Rs 33.8 lakh crore of economic benefit to India in 2030: Google Report

The Budget 2024-2025 announcement by Union Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> saw productivity and resilience in <keyword id="19931887" type="General" weightage="20" keywordseo="agriculture" source="keywords">agriculture</keyword> being prioritised above all else. With a desire to turn focus on <keyword id="19934969" type="General" weightage="20" keywordseo="farmers" source="keywords">farmers</keyword>, or Annadatas, ₹1.52 lakh crore has been allocated for agriculture and its allied sectors. This is quite an increase from the Interim Budget announcement of ₹1.27 lakh crore in February 2024. It is being speculated that this substantial focus on the agricultural sector stems from the BJP's vote share dipping in semi-urban and rural areas during the recent Lok Sabha elections. In fact, when Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> returned for a third term in office, the first file he signed was for the release of the 17th instalment of the PM <keyword id="22000840" type="General" weightage="20" keywordseo="kisan-nidhi" source="keywords">Kisan Nidhi</keyword> scheme, ET reported. However, the government's commitment to transforming agriculture and potentially the lives of Indian farmers could lead to the agricultural sector growing at 3.7% in the current fiscal, compared to 1.4% last year, as per the CII. <h2>Key initiatives in agriculture</h2>Transforming Agriculture Research The government is set to conduct a comprehensive review of the agricultural research framework, with an emphasis on enhancing productivity and developing climate-resilient crop varieties. Funding will be allocated on a challenge basis, including to private sector initiatives. This research will be overseen by domain experts from both governmental and non-governmental organizations. Release of New Varieties A total of 109 new high-yielding and climate-resilient varieties of 32 field and horticulture crops will be introduced for farmers to cultivate. Promoting Natural Farming In the next two years, the government plans to transition one crore farmers to natural farming practices, supported by certification and branding efforts. This initiative will be carried out through scientific institutions and willing <keyword id="20030597" type="General" weightage="20" keywordseo="gram-panchayats" source="keywords">gram panchayats</keyword>, with 10,000 bio-input resource centers to be established based on need. Missions for Pulses and Oilseeds To achieve self-sufficiency in pulses and oilseeds, the government will strengthen their production, storage, and marketing. As outlined in the interim budget, a strategy is being implemented to attain 'atmanirbharta' (self-reliance) for oilseeds like mustard, groundnut, sesame, soybean, and sunflower. <div type="Article" hostid="261" msid="111930255" title="Economic Survey calls for urgent agricultural reforms; cites growth hurdles" mstype="2" mssubtype="0"></div>Vegetable Production &amp; Supply Chains Large-scale clusters for vegetable production will be developed near major consumption centers. The government will support Farmer-Producer Organizations, cooperatives, and startups to streamline the vegetable supply chain, including collection, storage, and marketing. Digital Public Infrastructure for Agriculture Building on the success of a pilot project, the government, in partnership with states, will facilitate the implementation of Digital Public Infrastructure (DPI) for agriculture over the next three years. This year, a digital crop survey for Kharif crops will be conducted in 400 districts, integrating details of six crore farmers and their lands into registries. Additionally, Jan Samarth-based Kisan Credit Cards will be issued in five states. Shrimp Production &amp; Export Financial support will be provided to establish a network of Nucleus Breeding Centres for shrimp broodstocks. NABARD will facilitate financing for shrimp farming, processing, and export. National Cooperation Policy A new National Cooperation Policy will be introduced to promote systematic and comprehensive development of the cooperative sector. This policy aims to fast-track rural economic growth and create large-scale employment opportunities. <h2>Budget allocation highlights</h2><ul><li>PM-Kisan Samman Nidhi: Will be retaining its allocation of ₹60,000 crore to provide direct financial assistance to 11.8 crore small and marginal farmers.</li><li>Pradhan Mantri Fasal Bima Yojana: Allocated funds to provide crop insurance to four crore farmers, protecting them from adverse weather conditions.</li><li>e-NAM Expansion: Integration of 1,361 mandis into the e-NAM platform to enhance market efficiency and transparency, benefiting 1.8 crore farmers with an expected trading volume of ₹3 lakh crore.</li></ul><h2>Government committed to Polavaram irrigation project in Andhra Pradesh</h2>The Finance Minister said that the government is fully committed to financing and expeditiously completing the Polavaram irrigation project, which is considered a lifeline for Andhra Pradesh and its farmers. <h2>Future directions</h2>The government aims to increase public and private investment in post-harvest infrastructure and supply chains, promoting aggregation, modern storage, and efficient processing to reduce losses and improve food security. Additionally, the dairy and fisheries sectors will see significant development, with initiatives to boost productivity and exports, contributing to a sustainable and prosperous agricultural ecosystem. <div type="Article" hostid="261" msid="111951205" title="Budget 2024-25: Changes to tax slabs, increased standard deduction and other changes to direct taxation" mstype="2" mssubtype="0"></div>

What does Union Budget 2024-2025 have in store for farmers and the agricultural sector?

<keyword id="19919396" type="General" weightage="20" keywordseo="Tripura" source="keywords">Tripura</keyword> Agriculture and Farmers Welfare <keyword id="19914583" type="General" weightage="20" keywordseo="Minister" source="keywords">Minister</keyword> Ratan Lal Nath on Thursday said that within the next few months, drone technology will be integrated with the state's agriculture sector to address certain challenges. The members of <keyword id="22212826" type="General" weightage="20" keywordseo="womens-self-help-groups" source="keywords">women's self-help groups</keyword> (SHGs) will get the best possible training so that they can operate the drones effectively for different purposes such as <keyword id="22212827" type="General" weightage="20" keywordseo="spraying-fertilisers" source="keywords">spraying fertilisers</keyword> and pesticides in fruit and flower gardens. Speaking to after the inauguration of the new Agriculture Development Research and Training Centre at Killa under the Gomati district of Tripura, Nath said, "The central government has launched the scheme called drone Didi which is especially for women. Soon after the scheme was launched, a state committee was constituted. As per the recommendations of the committee, drones will be sent to the agriculture sub-divisions." According to Nath, the appointment of trainers has already been done who will impart training to the SHG members. "The trainers are already recruited. We hope within the next two months drones will reach each of the 47 agri-subdivisions," he added. The Minister also announced that a special scheme has been undertaken to appoint "Krishi Sakhis (Friends of Farmers)" who provide agriculture-related solutions to the farmers in the rural areas. "One sakhi (friend) will be appointed for one rural local body such as Gram panchayats and Village Committees. We have forwarded the proposal to the central government. If we get the approval, the process of appointing Sakhis will be started immediately." On the agricultural infrastructure he inaugurated, Nath said, "We are setting up new infrastructure in all agri subdivisions. This is a new training center set up for the farmers of the area. All the officials, trainers, and experts will come here and speak to the farmers. Arrangements have also been made for video conferencing." SEE ALSO:<a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank">Reliance Jio and Airtel price hike – new plans and how you can save money</a><a href="https://www.businessinsider.in/stock-market/news/allied-blenders-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/111317150.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/allied-blenders-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/111317150.cms" target="_blank">Allied Blenders IPO allotment – How to check allotment, IPO GMP, listing date and more</a><a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-july-2024/slidelist/111304902.cms" target="_blank">Upcoming smartphones launching in India in July 2024</a>

Tripura to introduce drones for agriculture purposes, says Minister

Cricketer MS Dhoni-backed <keyword id="22760229" type="General" weightage="20" keywordseo="drone-technology-firm" source="keywords">drone technology firm</keyword> <keyword id="20401750" type="General" weightage="20" keywordseo="Garuda-Aerospace" source="keywords" meta.keywordsubtype="org" meta.entityname="Garuda Aerospace" meta.hostid="261" meta.entityid="Garuda Aerospace">Garuda Aerospace</keyword> on Monday announced its entry in the <keyword id="22760228" type="General" weightage="20" keywordseo="Sri-Lankan-market" source="keywords">Sri Lankan market</keyword> where it will primarily target <keyword id="19915424" type="General" weightage="20" keywordseo="agricultural-sector" source="keywords">agricultural sector</keyword> to enhance farming practices, besides exploring opportunities in <keyword id="20695675" type="General" weightage="20" keywordseo="homeland-security" source="keywords">homeland security</keyword> and industrial applications. As part of the company's global expansion plans, the foray into Sri Lanka will also support Garuda in capitalising on the country's strategic location and drone-friendly regulatory environment, Garuda Aerospace said. The company said it is looking to spread its presence in at least 50 countries over the next few years, and has set aside USD 10 million, of the over Rs 100 crore revenue it delivered in FY24, to fuel the international growth. "This (expansion into Sri Lanka) isn't merely about growth, it's about unlocking the full potential of drone technology to create substantial impacts across various sectors. Sri Lanka's diverse landscape allows us to showcase how our innovative solutions can bring tangible benefits, from agriculture to infrastructure," said Agnishwar Jayaprakash, Founder and CEO of Garuda Aerospace. Garuda Aerospace, which produces small and medium category drones, had partnered with Greek manufacturer Spirit Aeronautical Systems early this year. It has also signed a pact with French aerospace giant Thales to promote growth and innovation in India's drone sector. Spirit Aeronautical specialises in rotary and fixed-wing weaponised drones. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/saraswati-saree-depot-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112457330.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/saraswati-saree-depot-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112457330.cms" target="_blank">Saraswati Saree Depot IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-wearables-market-decline-for-the-first-time-as-smartwatch-shipments-fall/articleshow/112397246.cms" target="_blank">India’s wearables market decline for the first time as smartwatch shipments fall</a><a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank">Tata Curvv EV with up to 585 km range launched starting at ₹17.49 lakh</a>

Garuda Aerospace enters Sri Lankan market

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.

After UPI, RBI set to launch Unified Lending Interface (ULI) for friction-less credit

<ul><li>India's real GDP grew at around 8.2% in real terms in Fy24: Economic Survey </li><li>Retail inflation dipped to 5.4% in FY24, notes Economic Survey</li><li>Unemployment dipped to 3.2% in FY24</li></ul><keyword id="19912360" type="General" weightage="20" keywordseo="Finance-Minister-Nirmala-Sitharaman" source="keywords">Finance Minister Nirmala Sitharaman</keyword> is set to present the union budget on 23rd July, at 11 am. The budget session is scheduled to last between 22nd July and 12th August. This will be <keyword id="19956941" type="General" weightage="20" keywordseo="FM-Sitharaman" source="keywords">FM Sitharaman</keyword>'s seventh consecutive budget presentation under the third term of <keyword id="20205025" type="General" weightage="20" keywordseo="Bhartiya-Janata-Party" source="keywords" meta.keywordsubtype="org" meta.entityname="Bhartiya Janata Party" meta.hostid="261" meta.entityid="Bhartiya Janata Party">Bhartiya Janata Party</keyword> (BJP). All budget-related documents will be available at indiabudget.gov.in. You can watch the presentation live on Doordarshan, Sansad TV, and also on various official government YouTube channels. With this budget, Sitharaman will only precede former PM <keyword id="20342248" type="General" weightage="20" keywordseo="Morarji-Desai" source="keywords">Morarji Desai</keyword>, who has presented the highest number of budget (10) till date, followed by <keyword id="22330828" type="General" weightage="20" keywordseo="P-Chidambaram" source="keywords">P. Chidambaram</keyword> with 9 budgets, and Pranab Mukherjee, who has 8 budgets to his credit. In her recent address in parliament, Sitharaman noted that significant social and economic decisions will be a highlight of this budget. Notably, she concluded <keyword id="901788" type="General" weightage="20" keywordseo="pre-budget-consultations" source="Orion">pre-budget consultations</keyword>, which began on June 19th, on July 5th, where she met 20 invitees across 10 groups, including representatives from agriculture, skill development, finance and banking, energy, <keyword id="17408" type="General" weightage="20" keywordseo="Infrastructure" source="Orion">infrastructure</keyword> sector and more. <h2>Key expectations from Budget 2024</h2>Experts note that this budget will mainly focus on improving consumption, and boosting <keyword id="174143" type="General" weightage="20" keywordseo="infrastructure-development" source="Orion">infrastructure development</keyword>. Per reports, the government is also mulling raising the threshold of standard deduction under income tax regimes from the present Rs 50,000 to Rs 1 lakh. Additionally, to boost healthcare accessibility for the underserved in the country, the government is also contemplating to double the annual coverage offered under the <keyword id="20097876" type="General" weightage="20" keywordseo="Ayushman-Bharat-health-insurance-scheme" source="keywords">Ayushman Bharat health insurance scheme</keyword> from the present Rs 5 lakh to Rs 10 lakh over the next 3 years, along with also covering individuals aged over 70. Mr. Tashwinder Singh, CEO &amp; MD, Niyogin Fintech Limited, which offers credit to MSMEs, noted that upcoming regulatory changes should focus on simplifying compliance, taxation policies that encourage entrepreneurship, and incentivise innovations that drive R&amp;D investments. "We hope that the government takes measures to support the lending industry through access to capital and affordable interest rates, enabling entrepreneurs to realize their vision. Furthermore, we look forward to relaxed norms for NBFCs, allowing them to contribute more substantially to the economy. These measures will collectively propel India's economic growth, boost job creation, and position the Indian fintech industry as a strong contender in innovation and entrepreneurship", he continues. As for bolstering green infrastructure and clean energy production, Ms Aditi Balbir, Co-founder, EcoRatings notes that the 2024 union budget should prioritize investments in sustainable infrastructure projects and clean energy solutions, as 70% of greenhouse gas emissions stem from energy, industry, and buildings. "This will create a future-proof foundation for economic growth and help in achieving net-zero targets. Infrastructure is crucial in addressing climate change and meeting diverse societal needs. A transformative overhaul of our current and future infrastructure assets is essential. The budget should introduce financial incentives, such as lower interest rates on loans and dedicated grants, for companies committed to ESG compliance. This will create a clear link between sustainability efforts and economic benefits", she continued. <h2>Focus on Agri-credit, Real Estate in Budget 2024</h2>The government could also raise the target for agricultural loans disbursed during the year by up to 25%, setting the target at Rs 25 lakh crore. The government will also have to revamp the MSP (minimum support price) system in this space, focusing on challenges such as narrow coverage, dipping export competitiveness, discouraging private investment in this space and more. Another area that demands significant attention is real estate. Shubhi Jain, Principal Partner &amp; Head of CRM, Square Yards anticipates significant reforms in the upcoming budget under the new government. Securing industry status will unlock a plethora of legal and administrative benefits, along with much-needed tax incentives. "Also, while government’s focus on affordable housing under PMAY is commendable, recalibrating strategies in light of escalating construction costs is imperative for sustained inclusiveness and effectiveness. Moreover, enhanced tax reliefs and increased deductions on home loans, currently capped at INR 2 lakhs, are pivotal in stimulating demand and supporting prospective buyers", she says. <div type="Article" hostid="261" msid="111946291" title="Union Budget 2024-25 key highlights: Assistance for Nalanda's development as a tourist center" mstype="2" mssubtype="0"></div><h2>Short-term outlook positive, notes Economic Survey </h2>FM Sitharaman presented the Economic Survey 2023-24 in the parliament today, ahead of the budget. The survey noted that the Indian economy had managed to recover and expand in an orderly fashion post the pandemic, with the real GDP growing by 8.2% in FY24. Going ahead, prospects for continued strong growth in FY25 remain robust. India also managed to bring down its current account deficit (0.7% of GDP in FY24), while projecting a 7%+ growth rate in the medium term. On the employment front, the survey noted that AI might moderate India's services export growth by as much as 0.3 to 0.4 percentage points annually over the course of the next decade. As such, greater emphasis and focus is needed on areas like blockchain, artificial intelligence (AI), machine learning, Internet of Things, cybersecurity, cloud computing, big data analytics, augmented reality, virtual reality, 3D printing, and web and mobile development. The Indian labour market indicators have significantly improved over the past 6 years, with unemployment rates dipping to 3.2% in 2022-23. However, even as net payroll additions to EPFO have doubled over the last 5 years, signaling a healthy formal employment market, job creation and increasing women participation in workforce remain key areas of concern. For all updates and latest information related to the budget, don't forget to follow <a href="https://www.businessinsider.in/budget" data-type="tilCustomLink" target="_blank">Budget Insider</a>! SEE ALSO: <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" data-type="tilCustomLink" target="_blank">Union Budget 2024 Live Updates: FM Sitharaman announces internships for 10 million youth in 500 top companies</a> <a href="https://www.businessinsider.in/budget/news/loan-limit-under-mudra-scheme-to-be-doubled-to-20-lakh-sitharaman/articleshow/111950024.cms" data-type="tilCustomLink" target="_blank">Loan limit under MUDRA scheme to be doubled to ₹20 lakh: Sitharaman</a>

Union Budget 2024: When will it be presented, what time, where to watch and what are various sectors expecting?

The Reserve Bank's FI, or <keyword id="20377974" type="General" weightage="100" keywordseo="financial-inclusion" source="keywords">financial inclusion</keyword> index, which captures the extent of financial inclusion across the country, rose to 64.2 in March 2024, marking growth across all parameters. The index captures information on various aspects of financial inclusion in a single value ranging between 0 and 100, where 0 represents complete financial exclusion and 100 indicates full financial inclusion. "The value of the index for March 2024 stands at 64.2 vis-a-vis 60.1 in March 2023, with growth witnessed across all sub-indices," the Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) said in a statement today. During FY23, the FI Index stood at 60.1. Improvement in <keyword id="18794777" type="General" weightage="20" keywordseo="FI-Index" source="Orion">FI-Index</keyword> is mainly contributed by usage dimension, which further reflects deepening of financial inclusion, it added. The FI-Index comprises three broad parameters -access, which has a 35% weightage, usage, which has a 45% weight and quality, which has a 20% weight. Each of these parameters further consist of various dimensions, which are computed based on a total of 97 indicators. Breaking these parameters ahead, access is made up of 26 indicators, which capture the number of banking outlets NBFCs, and post offices, total number of <keyword id="25450" type="General" weightage="20" keywordseo="savings" source="Orion">savings</keyword> accounts (including small savings), <keyword id="22348444" type="General" weightage="20" keywordseo="electronic-payment-infrastructure" source="Orion">electronic payment infrastructure</keyword> and more. Usage comprises 52 indicators, which aims to capture the demand side, and is essentially a barometer for understanding how actively financial infrastructure is being utilized in our country by way of savings, <keyword id="6355120" type="General" weightage="20" keywordseo="investment" source="Orion">investment</keyword>, <keyword id="35450" type="General" weightage="20" keywordseo="insurance" source="Orion">insurance</keyword>, availing of credit and remittance facilities, etc. And lastly, quality, which consists of 19 indicators, takes into account the efficacy of existing grievance redressal mechanisms and awareness efforts undertaken by stakeholders and more. In August 2021, the central bank said FI-Index has been conceptualized as a comprehensive index, incorporating details of banking, investments, insurance, postal, as well as the pension sector, in consultation with government and respective sectoral regulators. The index is responsive to ease of access, availability and usage of services, and quality of services. According to RBI, a unique feature of the index is the quality parameter which captures the quality aspect of financial inclusion as reflected by financial literacy, consumer protection and inequalities and deficiencies in services. <h2> India added 4.7 crore jobs in 2023-24, says RBI</h2>In another significant data release during the day, the apex bank of the country noted that India added nearly 4.7 crore jobs during 2023-24, taking the total number of employed people to 64.33 crore, which are spread over 27 sectors covering the entire economy. The number of employed people was 59.67 crore at the end of March 2023, as per the RBI's update on 'Measuring Productivity at the Industry Level-The India KLEMS [Capital (K), Labour (L), Energy (E), Material (M) and Services (S)] Database'. The bank said the annual growth in employment during 2023-24 was 6% compared to 3.2% in the year-ago period. In the last five years, <keyword id="22348445" type="General" weightage="20" keywordseo="The-India-KLEMS" source="Orion">the India KLEMS</keyword> database revealed that total employment increased from 53.44 crore in 2019-20 to 64.33 crore during the previous fiscal. The data for financial 2022-23 is a provisional estimate of productivity for the total economy. The 'agriculture, hunting, forestry and fishing' employed 25.3 crore individuals, up from 24.82 crore in 2021-22, the fiscal 2022-23 data suggested. Construction, trade, and transport and storage were among the leading employment provider segments in 2022-23. Notably, for the purpose of this database, 27 industries are clubbed together to form 6 major sectors, namely <ul><li>Agriculture, Hunting, Forestry and Fishing</li><li>Mining and Quarrying</li><li>Manufacturing</li><li>Electricity, Gas and Water supply</li><li>Construction</li><li>Services</li></ul>

Rise seen in financial inclusion index, jobs in the country, notes RBI

New Delhi [India], June 5 (ANI): The Bharatiya Janata Party (<keyword id="19894848" type="General" weightage="20" keywordseo="bjp" source="keywords">BJP</keyword>)-led National Democratic Alliance (<keyword id="19938590" type="General" weightage="20" keywordseo="NDA" source="keywords">NDA</keyword>) secured a majority in the general elections, securing a third term for Prime Minister Narendra Modi. This victory indicates continuity in policy, particularly in <keyword id="21785272" type="General" weightage="20" keywordseo="infrastructure-spending" source="keywords">infrastructure spending</keyword> and boosting domestic manufacturing, which are expected to support robust <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword>. However, the NDA's slim margin of victory and the BJP's loss of an outright majority in parliament may slow down more extensive economic and fiscal reforms, potentially impeding <keyword id="20101140" type="General" weightage="20" keywordseo="fiscal-consolidation" source="keywords">fiscal consolidation</keyword> efforts. In fiscal 2023-24, India's real GDP accelerated to 8.2 per cent from 7.0 per cent the previous year, driven by significant gains in gross fixed capital formation as the government's infrastructure programs gained momentum, even as private consumption remained subdued. <keyword id="20227907" type="General" weightage="20" keywordseo="Moodys" source="keywords" meta.keywordsubtype="org" meta.entityname="Moody's" meta.hostid="261" meta.entityid="Moody's">Moody's</keyword> projects India's economic strength to continue, with an anticipated real <keyword id="19972825" type="General" weightage="20" keywordseo="GDP-growth" source="keywords">GDP growth</keyword> of around 7 per cent over the three-year period from fiscal 2023-24 to 2025-26. This growth is expected to benefit from ongoing infrastructure development and digitalization efforts. Despite this outlook, structural weaknesses pose risks to long-term growth potential. High youth unemployment and low productivity growth in the agriculture sector constrain economic expansion. The agricultural sector's modernization has been stalled by political challenges, as evidenced by the repeal of key reforms in 2021 following widespread farmer protests. Additionally, gains in manufacturing have been uneven, limiting labour force diversification away from agriculture, which still accounts for 40 per cent of total employment. Foreign direct investment (FDI) inflows have declined over the past three years, despite a favourable geopolitical climate amid US-China tensions. This trend suggests persistent constraints within India's investment climate. To address these challenges, further structural reforms and enhanced implementation of existing initiatives, such as the production-linked incentive schemes to promote manufacturing, calibrated liberalisation of cross-border trade, and reconsideration of labour reforms, are necessary. The government's focus on fiscal consolidation is expected to continue, but significant improvements in debt ratios and interest servicing have yet to be realised. Since the trough in fiscal 2020-21, the central government's deficit has likely narrowed for three consecutive years. The interim budget for fiscal 2024-25 projects a deficit of around 5 per cent of GDP, aiming for a 4.5 per cent deficit by fiscal 2025-26. However, India's fiscal consolidation post-pandemic has not outpaced other emerging markets in Asia-Pacific, and its fiscal and debt metrics remain weaker than those of Indonesia, the Philippines, Thailand, and other Baa-rated peers globally. India's general government debt is projected to stabilise above 80 per cent of GDP over the next three years, compared to 70.5 per cent in fiscal 2018-19. General government interest payments are forecast to fall to around 24 per cent of general government revenue over the next two years, down from over 28 per cent in fiscal 2020-21, but still higher than the pre-pandemic ratio of less than 23 per cent. While increased budgetary allocations for infrastructure indicate an improvement in spending quality, debt servicing remains a significant portion of expenditure, reflecting ongoing constraints on fiscal flexibility. This situation underscores the need for the incoming government to balance fiscal consolidation with growth-supportive measures. The upcoming final budget for the fiscal year ending March 2025 will provide further insights into India's fiscal policy direction through 2029. As the Modi administration embarks on its third term, the focus will likely remain on sustaining economic growth while addressing the persistent <keyword id="21500054" type="General" weightage="20" keywordseo="fiscal-challenges" source="keywords">fiscal challenges</keyword> that hinder India's long-term economic potential.

Modi 3.0 will offer policy continuity, but BJP's loss of outright majority may slow down fiscal reforms: Moody's

<ul class="summary-list"><li>Pro-Russia hackers are targeting infrastructure systems in the US and Europe, says a security advisory.</li><li>Hackers have infiltrated infrastructure sectors in water, dams, energy, and agriculture.</li></ul>Infrastructure systems in the US and Europe are vulnerable targets for pro-Russia hackers, numerous security agencies cautioned in a May 1 advisory statement."In early 2024, the authoring organizations observed pro-Russia hacktivists targeting vulnerable industrial control systems in North America and Europe," the <a target="_blank" href="https://www.cisa.gov/sites/default/files/2024-05/defending-ot-operations-against-ongoing-pro-russia-hacktivist-activity-508c.pdf">advisory</a> said, which was authored by the FBI, the Cybersecurity and Infrastructure Security Agency, along with other domestic and international bureaus.The agencies observed pro-Russia hackers compromise the operational technology of infrastructure such as "Water and Wastewater Systems (WWS), Dams, Energy, and Food and Agriculture Sectors."Pro-Russia hackers could be breaking into these systems in various ways. Some through points include entering outdated software and cracking weak passwords.While the hackers have mainly caused "nuisance effects," the advisory noted that "historically, these hacktivists have been known to exaggerate their capabilities and impacts to targets." The unauthorized access is problematic though.The authoring agencies have found that interferences can be avoided through improved cyber hygiene and guidance among systems, which is further explained in the advisory.The advisory note said that actions such as changing passwords for operational technology, creating multi-factor authentication for accessing that technology, and limiting the exposure of operational technology to the internet should be taken immediately.Earlier this year, there was a hack reported on a Texas water tower, causing it to <a target="_blank" href="https://www.businessinsider.com/russia-hack-us-infrastructure-texas-water-system-sandworm-2024-4">overflow</a>. The group of hackers believed to be responsible for the disruption is called Sandworm, and the group was linked to Russia in April.Mandiant, a cybersecurity firm owned by Google, described Sandworm as a "dynamic and operationally mature threat actor that is actively engaged in the full spectrum of espionage, attack, and influence operations."The Department of Justice charged several members of Sandworm in 2020 with crimes related to interfering with the US presidential election in 2016. Sandworm is also known for its hacking disruptions on a global scale, previously targeting Ukraine and South Korea.

Pro-Russia hackers are breaking into critical American and European infrastructure, security agencies warn

<ul class="summary-list"><li><keyword id="736063" type="General" weightage="60" keywordseo="green-infrastructure" source="Orion">Green infrastructure</keyword> can help <keyword id="6399501" type="General" weightage="60" keywordseo="cities" source="Orion">cities</keyword> solve climate problems and promote the health of residents.</li><li>Things like urban greenery can also offer environmental, social, and economic benefits to a city.</li></ul>Setting ordinances to build more green roofs, planting trees and native plants, and designing community green spaces are just a few ways that many cities are investing in green infrastructure to solve climate-related problems and promote the health of residents. Expanding <a href="https://www.epa.gov/green-infrastructure/performance-green-infrastructure">greenery in urban areas</a>, for example, helps cities manage stormwater, reduce energy use, improve air quality, enhance the quality of life of residents, reduce the <a href="https://www.epa.gov/green-infrastructure/reduce-urban-heat-island-effect">urban heat island effect</a>, and boost local economies. <div type="image" title="headshot of Gail Hansen" height="1620" width="2160" msid="90573725" hostid="261"></div>"A lot of cities are becoming more concerned with environmental stressors that climate change is bringing," such as sea-level rise, saltwater intrusion, and more intense tornadoes and storms, <a href="https://hort.ifas.ufl.edu/faculty-profiles/gail-hansen/">Gail Hansen</a>, an associate professor at the University of Florida's Environmental Horticulture Department, told Insider."One big trend is resilient city plans, and using green infrastructure is a big part of those plans to protect cities from these stressors," she added. Last year, 31 mayors of cities, including Los Angeles, New Orleans, Seattle, and Austin, signed the <a href="https://www.c40.org/declarations/urban-nature-declaration/">C40 Urban Nature Declaration</a> to show their commitment to green infrastructure. The cities pledged to convert up to 40% of city surfaces to green or blue, that's water-related features, infrastructure by 2030 — including trees, urban forests, <keyword id="6516786" type="General" weightage="60" keywordseo="ponds" source="Orion">ponds</keyword>, and <keyword id="6364482" type="General" weightage="60" keywordseo="parks" source="Orion">parks</keyword> with sustainable drainage systems — and ensure that 70% of their residents have access to green or blue public areas, such as wetlands or ponds, within a 15-minute walk or bike ride. "Cities have to be very future thinking," Hansen said. Those invested in green infrastructure can become environmentally healthier and more resilient, which provides opportunities for residents and economies to thrive. <h2>Green roofs and other infrastructure are becoming a focus for cities </h2>One green-infrastructure trend is a <a href="https://www.epa.gov/soakuptherain/soak-rain-green-roofs">green roof</a>, which is a layer of vegetation planted over a waterproofing system atop a building. Plants absorb rainwater, preventing it from running off the roof's surface and potentially causing flooding. <div type="image" title="man standing in a green forest" height="488" width="651" msid="90573726" hostid="261"></div>"Cities are seeing their green roofs as an opportunity to provide a variety of infrastructure benefits to help us future-proof our cities against climate change," said <a href="https://greenroofs.org/steven-peck">Steven Peck</a>, the founder and president of <a href="http://www.greenroofs.org">Green Roofs for Healthy Cities</a>.The benefits include providing shade, cutting a building's energy use, and reducing the surrounding air and surface temperatures, according to the <a href="https://www.epa.gov/heatislands/using-green-roofs-reduce-heat-islands">US Environmental Protection Agency</a>. Green-roof temperatures can be up to 40 degrees Fahrenheit lower than traditional roofs and reduce citywide temperatures by about five degrees. Managing heat islands creates more equitable communities, as low-income areas tend to suffer most from overheating, which results in poorer air quality and diminished health, Peck added. Chicago has been a <a href="http://wendycitychicago.com/chicago-green-roofs/">leader in green-roof installations</a> in the US, with <a href="https://www.chicago.gov/city/en/depts/dcd/supp_info/chicago_green_roofs.html">more than 500</a> such roofs in the city. <a href="https://sfplanning.org/project/better-roofs">San Francisco</a>, <a href="https://www1.nyc.gov/assets/buildings/pdf/green_roof_solar_ll92-n-94of2019_sn.pdf">New York City</a>, and <a href="https://www.toronto.ca/wp-content/uploads/2017/08/7eb7-Toronto-Green-Roof-Construction-Standard-Supplementary-Guidelines.pdf">Toronto</a> also have ordinances requiring green roofs for some new and renovated buildings. Peck said green roofing that incorporates biodiversity — where plants are used to attract insects, birds, and wildlife — is an emerging trend. The <a href="https://javitscenter.com/en/sustainability/">green roof at the Javits Center</a> in New York is an example, as it's home to honeybees and several species of birds and bats. Biodiversity in other green spaces <a href="https://besjournals.onlinelibrary.wiley.com/doi/10.1111/1365-2664.13475">encourages wildlife habits</a> and promotes cleaner air and water, Hansen said. Some projects feature native plants to strengthen the local ecosystems, and trees and urban forests boost biodiversity and provide tree-canopy coverage. <a href="https://www.cogitatiopress.com/urbanplanning/article/view/3633">Biophilic design</a> is also being incorporated in green landscaping projects, Hansen said. Biophilia refers to people's innate need for nature, and Hansen said city governments see adding parks, walking and biking trails, and greenery that are all easily accessible as a way to boost residents' physical and mental health. "A lot of cities are thinking about ways to create opportunities for people to have more recreational spaces where they can interact with nature, even if it's a little pocket park," she said. "They're also looking at how these landscapes can meet the needs of diverse cultures in a community." Phoenix, St. Louis, Miami, and Washington, DC, are some of the metros that are part of the <a href="https://www.biophiliccities.org/partner-cities">Biophilic Cities network</a>, showing their commitment to improving the connection between residents and nature. <h2>Green infrastructure offers environmental, social, and economic benefits</h2>Urban greenery filters air and water, which makes communities healthier, Hansen said. Research showed that increasing access to green spaces <a href="https://www.thelancet.com/pdfs/journals/lanplh/PIIS2542-5196(19)30215-3.pdf">decreased mortality</a>, and that urban green spaces <a href="https://www.nature.com/articles/s41598-019-46099-7">reduced stress</a> and improved mental and physical health. Green infrastructure also boosts local economies by encouraging tourism dollars and attracting developers. Buildings with green roofs, for example, eliminate problems like flooding and excess heat, and they add recreational space. Peck said adding amenities and making properties more sustainable could increase property values and attract residents and businesses. Transforming old industrial structures and sites, such as abandoned rail systems, into parks could help cities revitalize areas and drive economic development, Hansen said. She cited New York's <a href="https://www.thehighline.org/">High Line</a>, a linear park and trail system built on a former railroad line, as an example. Some of the challenges cities face in implementing these projects include funding, stakeholder and community buy-in, and outdated city codes and ordinances, Hansen said. She added that some were overcoming the challenges by creating public-private partnerships and using data to show how green infrastructure benefits the city and its residents. Still, incorporating green infrastructure into their resiliency plans is imperative for cities, she said, adding, "It's almost become a must-have for cities to figure out how they're going to weather — no pun intended — a lot of these big issues."

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