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India's government <keyword id="21309215" type="General" weightage="20" keywordseo="healthcare-spending" source="keywords">healthcare spending</keyword> appears to be on the rise, but a closer look reveals a concerning trend. While the headline figures might suggest an increase, the reality is a steady decline in health expenditure as a proportion of both the <keyword id="19936553" type="General" weightage="20" keywordseo="budget" source="keywords">budget</keyword> and GDP over the past five years (2018-19 to 2023-24). This decline is even starker when adjusted for inflation. In real terms, spending has barely kept pace since 2019-20. As a percentage of the total budget, health spending has shrunk from 2.4% in 2018-19 to just 1.9% in 2023-24. Similarly, the share of GDP allocated to health has fallen from 0.30% to 0.28%, as per a report from the Times of India. <h2>Growing expectations ahead of <keyword id="15478236" type="General" weightage="20" keywordseo="budget-2024" source="Orion">Budget 2024</keyword></h2>As the Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> prepares to present the full budget for the current fiscal on July 23, the expectations from the health sector has only been growing. “The Union Budget 2024-25 is a pivotal moment for India's healthcare sector. Building on the ₹64,180 crores allocated in 2023-24 under the Pradhan Mantri Atmanirbhar Swasth Bharat Yojana, we need enhanced tax incentives and financial support for healthcare startups to catalyze innovation. Significant investments in <keyword id="21226679" type="General" weightage="20" keywordseo="digital-health-infrastructure" source="keywords">digital health infrastructure</keyword>, particularly AI, will improve patient outcomes and operational efficiency,” says Dr Sravani Reddy G, Founder &amp; CEO, Soprav Healthcare Consulting. “Strengthening public-private partnerships will improve healthcare accessibility and quality, leveraging private sector efficiency. Additionally, focused efforts on affordability and access, such as reducing out-of-pocket expenses and improving insurance coverage, are vital for a more equitable healthcare system.” “The healthcare sector in India is on the brink of excellence. There is an increased focus on treating unique patient cases, robotic surgeries, and increasing prominence of AI for accurate diagnosis. To reach the next phase, emphasis must be laid on innovation, research &amp; development, and infrastructure development. These are the foundations for India’s health sector to achieve an international standard of treatment for all,” hopes Joseph Pasangha, Group COO, SPARSH Hospital, Bengaluru. <div type="Article" hostid="261" msid="111730426" title="Pan-India rollout of U-WIN to track routine immunisations likely by Aug end" mstype="2" mssubtype="0"></div> <h2>Health tax not helping enough </h2>This situation is further complicated by the introduction of the <keyword id="22446013" type="General" weightage="20" keywordseo="health-cess" source="keywords">health cess</keyword> in 2018. This tax levy was intended to boost government spending on healthcare, particularly for the underprivileged. However, the collected funds seem to be merely filling the gap created by cuts to regular budgetary allocations for health. In 2022-23, over Rs 18,300 crore of the central government's health spending came from the health cess. Excluding this amount, the actual budgetary allocation for health stands at a concerning Rs 59,840 crore. This is lower than the pre-pandemic level of Rs 66,042 crore allocated in 2019-20, even without adjusting for inflation. <h2>Where's the money going?</h2>The intended purpose of the health cess seems to be falling short. In 2018, health spending accounted for 2.4% of the government's total expenditure. If this ratio had remained constant in 2023-24, the health budget should have been over Rs 1.07 lakh crore. Instead, the revised expenditure, including the health cess, stands at just Rs 83,400 crore. Even the additional allocations for the COVID-19 pandemic (Rs 10,655 crore and Rs 15,955 crore in 2020-21 and 2021-22 respectively) cannot mask the overall decline. When combined with the regular health budget (excluding health cess), the total spending in these years still falls short of what it would have been if the 2.4% share of 2018-19 had been maintained. <h2>More for alternative medicine</h2>While the share allocated to Ayush (Ayurveda, Yoga &amp; Naturopathy, Unani, Siddha and Homeopathy) has seen a significant increase, spending on crucial areas like health research has seen only marginal growth. Additionally, a major portion of research funding goes to the Indian Council of Medical Research, with only a temporary increase during the peak of the pandemic response. The most concerning decrease is in the allocation for health and family welfare, encompassing national programs, the National Health Mission, and health system strengthening. This critical area has seen a substantial decline in its share of both GDP and total budget expenditure, falling from a peak of over 2% in 2017-18 to a mere 1.7% in 2023-24. Excluding the health cess, this figure drops even further to 1.5%. <h2>What this means</h2>This decline in government health spending raises serious concerns about India's commitment to public healthcare, particularly for its most vulnerable populations. Increased investment in health is crucial for a growing nation like India, and a reversal of this downward trend is essential to ensure accessible and quality healthcare for all. The 2024 Interim Health Budget saw a boost in total healthcare expenditure from Rs. 79,221 crore to Rs. 90,171 crore. Experts have opined that The healthcare budget should encompass at least 2.5% of the total budget. But it remains to be seen how the exact picture will turn out to be on July 23. “The 2024-25 budget presents an opportunity to build on past successes while addressing shortcomings, ensuring that India's healthcare system remains resilient, innovative, and patient-centric. This budget can pave the way for a healthier, more equitable future for all," concludes Dr Reddy. (With inputs from TOI) <div type="Article" hostid="261" msid="111689743" title="Union Budget 2024: A handy FAQ guide to decode the upcoming budget" mstype="2" mssubtype="0"></div>

Despite pandemic and growing health scares, India’s budget share for healthcare continues to decline

Domestic <keyword id="19910265" type="General" weightage="100" keywordseo="gold-prices" source="keywords">gold prices</keyword> have risen by 10% on a year-to-date basis on the back of the strength in global gold prices, which have surged by 18% year-to-date, driven by robust <keyword id="19894998" type="General" weightage="20" keywordseo="central-bank" source="keywords">central bank</keyword> purchases, heightened geopolitical risks, and growing expectations of a monetary policy pivot from the <keyword id="19901377" type="General" weightage="20" keywordseo="us-federal-reserve" source="keywords">US Federal Reserve</keyword>, according to the <keyword id="20195223" type="General" weightage="20" keywordseo="World-Gold-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="World Gold Council" meta.hostid="153" meta.entityid="World Gold Council">World Gold Council</keyword>. The reduction in <keyword id="20069572" type="General" weightage="20" keywordseo="import-duty" source="keywords">import duty</keyword> has ignited a resurgence in gold demand across <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>. Reports from the recently concluded India International Jewellery Show indicate a substantial increase in order bookings from retailers, particularly in preparation for the upcoming festive and wedding season. Manufacturers have noted that in some cases, orders have reached levels not seen in several years, underscoring the strong buying interest among <keyword id="21595593" type="General" weightage="20" keywordseo="jewellery-retailers" source="keywords">jewellery retailers</keyword> and consumers alike. The trend of bar and coin buying has also remained robust, with both consumers and jewellers capitalizing on the more attractive prices to stock up for future manufacturing needs. Historical analysis suggests that Indian consumer demand, encompassing jewellery and bar and coin demand, could see an additional 50 tonnes or more in the second half of 2024. This potential increase is fueled by a combination of an initial boost in consumer appetite due to the more attractive prices and a longer-term alignment of local prices with international rates. In a notable shift, domestic gold prices, which had been trading at a discount to international prices for five consecutive months, have now started trading at a premium following the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> announcement. The discount had widened significantly in July, reaching a peak of around $80 per ounce in the third week of the month, driven by subdued demand and an increased supply of gold through various preferential trade agreements and unofficial channels. However, wholesalers who had inventory purchased under the old customs duty regime began selling gold at a premium to the landed cost to mitigate their losses, further supported by increased consumer demand. While the premiums have moderated recently, from $28 per ounce to around USD 5 per ounce, this shift highlights the changing market sentiment and the impact of rising international gold prices and potential inventory valuation adjustments. The changes introduced in the Union Budget, including a reduction in the long-term investment holding period and a lower tax rate, have made gold ETFs a more attractive investment option. Data from the Association of Mutual Funds in India (AMFI) reveals that net inflows into gold ETFs in July amounted to Rs 13.4 billion (approximately USD 160 million), marking the highest monthly inflows since February 2020 and an 84% increase compared to June 2024. Despite these inflows, the total assets under management (AUM) for Indian gold ETFs grew marginally by 0.3% from the previous month, reaching Rs 345 billion ($4.1 billion). This modest increase can be attributed to the 8 % fall in domestic gold prices following the import duty reduction. Year-to-date, net inflows into Indian gold ETFs have totalled Rs 45 billion ($543 million), with total AUMs rising by 48 % from a year ago. 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="153" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) has continued its gold purchasing trend, although at a slower pace following a significant increase in June, when purchases reached 9.3 tonnes--the highest monthly total in nearly two years. Year-to-date, the RBI's gold acquisitions have totaled 44.3 tonnes, surpassing the total purchases of the past two years combined. The RBI's gold reserves have now reached a record 849 tonnes, representing 8.8% of total foreign reserves, compared to 7.5 % a year ago. In July, gold imports remained steady at $3.1 billion, maintaining the stable trend observed over the previous three months. Between April and July, imports averaged $3.2 billion, with volumes ranging between 43 and 47 tonnes during this period. The gold import bill for July 2024 was 11 % lower than the previous year, with an estimated 26% decrease in volume terms, around 47 tonnes. Despite a surge in international gold prices, domestic gold prices in India have experienced a notable decline, primarily due to the 9 % reduction in import duty announced in the Union Budget 2024-25. This policy change has led to a 6% decrease in the landed cost of gold, marking a shift in the domestic gold market dynamics.

Domestic gold prices surge 10% amid global price rally, central bank buying: World Gold Council

<keyword id="20305504" type="General" weightage="20" keywordseo="Khelo-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Khelo India" meta.hostid="261" meta.entityid="Khelo India">Khelo India</keyword>, which is the government's flagship project to promote sports at the grassroots level, was once again the biggest beneficiary in the union <keyword id="19936553" type="General" weightage="100" keywordseo="budget" source="keywords">budget</keyword> for the <keyword id="19896478" type="General" weightage="20" keywordseo="sports-ministry" source="keywords">sports ministry</keyword> as it was assigned Rs 900 crore from the overall allocation of Rs 3,442.32 crore on Tuesday. Kehlo <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s share, announced in the budget presented by finance minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> here, is Rs 20 crore more than the revised allocation of Rs 880 crore during the previous financial year. With the <keyword id="19986816" type="General" weightage="20" keywordseo="Olympic" source="keywords">Olympic</keyword> cycle set to come to an end in Paris in August this year, and the <keyword id="19895708" type="General" weightage="20" keywordseo="Commonwealth-Games" source="keywords">Commonwealth Games</keyword> and <keyword id="20007738" type="General" weightage="20" keywordseo="Asian-Games" source="keywords">Asian Games</keyword> still two years away, the budget for the Sports Ministry has seen only a marginal increase of Rs 45.36 crore from the previous cycle. The budget for the previous cycle was Rs 3,396.96 crore for the previous financial year. The government has invested heavily in Khelo India over the years as the programme continues to unearth talent from all parts of the country. While Khelo India's actual allocation in 2022-23 stood at Rs 596.39 crore, it was increased by more than Rs 400 crore, to Rs 1,000 crores, in the 2023-24 budget, before being revised to Rs 880 crore. The government has continued to add programmes ever since the inaugural Khelo India Youth Games (KIYG) were held in 2018. The ministry added Khelo India University Games in 2020, before also launching the Khelo India Winter Games the same year and the Khelo India Para Games in 2023. Hundreds of Khelo India State Centres of Excellence (KISCE) have been set up across the country, which aim to provide facilities for athletes with potential. Several Khelo India athletes are currently in India's Olympic-bound contingent. The government's assistance to <keyword id="20418970" type="General" weightage="20" keywordseo="National-Sports-Federations" source="keywords" meta.keywordsubtype="org" meta.entityname="National Sports Federations" meta.hostid="261" meta.entityid="National Sports Federations">National Sports Federations</keyword> (NSFs) has also seen an increase of Rs 15 crore -- from Rs 325 crore in 2023-24 to Rs 340 crore in the latest budget. The budget for Sports Authority of India, which apart from maintaining its stadia across the country also manages the Target Olympic Podium Scheme (TOPS) to prepare athletes for the global sporting extravaganzas, has also been enhanced from Rs 795.77 crore to Rs 822.60 crore, which is a jump of Rs 26.83 crore. The <keyword id="20524251" type="General" weightage="20" keywordseo="National-Anti-Doping-Agency" source="keywords" meta.keywordsubtype="org" meta.entityname="National Anti-Doping Agency" meta.hostid="261" meta.entityid="National Anti-Doping Agency">National Anti-Doping Agency</keyword> (NADA) and the National Dope Testing Laboratory (NDTL), which does all the testing, have received marginal increase in their budgets. While NADA's budget has gone up from Rs 21.73 crore last year to Rs 22.30 crore, NDTL has got Rs 22 crore, up from Rs 19.50 last year.

Khelo India once again gets lion's share in Union Budget for sports

<keyword id="19945815" type="General" weightage="20" keywordseo="startups" source="keywords">Startups</keyword> in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> have high expectations from this year's upcoming <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword>. Early-age startups hope for the removal of angel taxes, while <keyword id="20677283" type="General" weightage="20" keywordseo="health-tech-startups" source="keywords">health tech startups</keyword> expect increased <keyword id="19913964" type="General" weightage="20" keywordseo="funding" source="keywords">funding</keyword> for the sector. Startups function as engines of economic growth, playing a crucial role in generating new jobs, ideas, products, and services. As of December 2023, the Department for Promotion of Industry and Internal Trade (DPIIT) had recognised 1,17,254 startups. These startups have reportedly created over 12.42 lakh direct jobs, significantly impacting the economy. Eklavya Gupta, CEO and Co-founder of Recur Club, stated, "We are confident that India's business credit landscape is on the brink of a major digital overhaul. FinTechs are at the forefront of this change, deploying innovative technologies and utilising in-depth data analytics to streamline and expand <keyword id="20974354" type="General" weightage="20" keywordseo="credit-access" source="keywords">credit access</keyword>." He added, "While the current allocation of Rs 10,000 crore is an excellent initial step, realising the full capabilities of India's SME and startup ecosystem will necessitate greater investment, especially in credit guarantee schemes." Vinod K Singh, Co-Founder and CTO of Concirrus, expressed his expectations from the budget: "As the Union Budget 2024-25 approaches, we hope the government will address the pressing issue of the 'angel tax.' Eliminating this tax will enhance capital formation and attract vital <keyword id="19895633" type="General" weightage="20" keywordseo="investments" source="keywords">investments</keyword>. Streamlining the duty structure and reducing high tariffs on electronic inputs are also crucial to bolstering the startup ecosystem and driving innovation. Expanding the Fund of Funds and introducing low-interest loans would be beneficial." Rajiv Lamba, co-founder and CEO of AI-enabled customer feedback platform Surveysensum, added, "Just as the government has prioritised financial inclusion, it should now focus on <keyword id="22405441" type="General" weightage="20" keywordseo="technological-inclusion" source="keywords">technological inclusion</keyword> to propel India to the next stage of growth. By training youth in AI, the government can make a strategic investment in the nation's technological future. Given the rapidly evolving job market, a substantial increase of 20 to 25 percent in budget allocation should be considered for AI-based skill development and entrepreneurship." He further emphasised, "Incentivizing investment in <keyword id="20328842" type="General" weightage="20" keywordseo="AI-startups" source="keywords">AI startups</keyword> and R&amp;D initiatives can boost local innovation in the AI space. The last budget introduced a deep tech fund of Rs 1 lakh crore with a 50-year interest-free loan period; the government should now establish a clear and transparent mechanism for access to this fund." Raja S, founder and MD of Hearzap, highlighted the expectations of health tech startups: "Health tech startups are eagerly anticipating increased funding that could usher in transformative advancements. This crucial investment holds the promise of extending cutting-edge healthcare solutions to rural and underserved areas, effectively bridging existing gaps in care. The upcoming budget ensures that every individual in our diverse population, from the youngest to the oldest, can access essential health services, including specialised care." Discussing taxation for startups in India, Vvihan Gulati, Director of Mediagraphics PR, commented, "Removing the angel tax is a highly anticipated move that would benefit early-stage startups and their investors. It would foster a more favourable environment for innovation and growth, allowing startups to attract much-needed capital without the burden of excessive taxation. This change could significantly enhance the ease of doing business and contribute to the overall growth of the startup ecosystem in India." The Union Budget 2024 will be tabled on July 23 by Union Finance Minister Nirmala Sitharaman. With this, she will become the first Finance Minister to deliver seven consecutive budgets, surpassing Morarji Desai. She presented the interim budget on February 1 of this year.

Startups demand angel tax elimination, incentives on investments in upcoming budget

With just 2 days to go before finance minister Nirmala Sitharaman presents the union budget 2024, various sectors are abuzz with their expectations from the first full fledged budget to be presented under PM Modi's third consecutive term. Most experts anticipate the budget to focus heavily on boosting consumer demand and accelerating infrastructure development. In fact, president Murmu has already hinted that the budget will be historic, both in its scope and announcements. As such, what is it that the Indian insurance industry, driven by IRDA's vision of "Insurance for all by 2047" want from this budget? Lets find out <h2>Capture the <keyword id="21409017" type="General" weightage="20" keywordseo="annuity-market" source="keywords">annuity market</keyword> </h2>Subhrajit Mukhopadhyay, Executive Director, Edelweiss <keyword id="19936531" type="General" weightage="20" keywordseo="life-insurance" source="keywords">Life Insurance</keyword> anticipates that the upcoming budget should tackle the issue of how annuities are taxed. Currently, they are completely taxable in the hands of customers, which reduce its attractiveness, vis a vis other retirement planning options like NPS (National Pension System). According to a recent report by UNFPA, the population of number of individuals in the country who are aged 60 or more is set to double to around 346 million in the next 30 years. As such, it becomes all the more important to create awareness regarding retirement planning, and ensuring the aged have a secure, stable source of income in their twilight years, which is where annuities come in. "India’s vast ageing population underlines its burgeoning pension and annuity market. Annuity caters to the key dilemma of a pensioner, for a life-long pension at a steady, guaranteed rate and exposes the investors to a reinvestment rate risk especially in a volatile interest rate scenario. Annuities are the only solution, which provide complete protection from the perspective of living longer (i.e. outliving one’s corpus), by providing a regular flow of income throughout one’s lifetime, purchased in lieu of a single lump-sum amount. Currently, tax incentive is offered for people to accumulate corpus in NPS under Section 80CCD (1b ). A similar incentive may also be extended to annuities", noted Mukhopadhyay <h2>Separate sops for <keyword id="19894985" type="General" weightage="20" keywordseo="health-insurance" source="keywords">health insurance</keyword> premiums </h2>One of the most vocal demands of the insurance industry at the moment is to increase the tax deduction limit for premiums paid towards life and health insurance. At present, individuals aged below 60 can claim an annual deduction of up to Rs 25,000 towards health insurance premiums paid for self, spouse or children. The limit goes up to Rs 50,000 in case of senior citizens. Mr. Rakesh Goyal, Managing Director, Probusinsurance.com hopes that the budget will raise this limit to Rs 50,000 for self, spouse, and children, and Rs 1 lakh for senior citizens. Anup Rau Managing Director &amp; Chief Executive Officer of Future Generali India Insurance Company Limited, agrees to this. “Making insurance products affordable and accessible to masses will be crucial to ensure India achieves “Insurance for All by 2047” – a goal set by IRDAI - and this calls for certain <keyword id="20071222" type="General" weightage="20" keywordseo="tax-incentives" source="keywords">tax incentives</keyword>. The deduction limit on health insurance premium under Section 80D has remained unchanged for the past nine years despite the fact that there has been a significant rise in healthcare costs across the country. Interestingly, India, which surpasses South Asian peers with a medical inflation rate of 14%, last witnessed an enhancement in the deduction limit in 2015-16. Also, these benefits need to be extended to the new tax regime as well since increasing health <keyword id="20998941" type="General" weightage="100" keywordseo="insurance-penetration" source="keywords">insurance penetration</keyword> is critical", he adds. Goyal goes a step ahead, and advocates for creating a separate exemption limit for insurance premiums, in addition to the existing threshold of Rs 1,50,000. "Right now, Indians get a tax exemption of Rs 1.5 lakh every year, but it's crowded with various financial products. We would expect the limit to increase or to establish a separate exemption limit specifically for life insurance premiums. This move would help increase countrywide insurance penetration", says Goyal. Krishnan Ramachandran, Managing Director and Chief Executive Officer (MD&amp;CEO) of Niva Bupa Health Insurance also advocates for the 80D tax exemption to be linked to inflation and revised periodically. Also, per him, tax exemptions should also extend to dependent family members like siblings. Syed Meraj Naqvi,CEO &amp; Principal Officer, Riskbirbal Insurance Brokers also thinks on similar lines. "Adding a portion of medical insurance premiums for tax relief alongside the current 1,50,000 deduction limit would not only ease financial burdens but also encourage the younger generation to embrace saving habits. It’s about nurturing a mindset of financial responsibility while ensuring adequate healthcare coverage for all", he notes. Parimal Heda, Chief Investment Officer, Go Digit General Insurance believes that a good way to increase insurance coverage amongst young individuals is by offering a significant tax discount. "This could also be considered particularly for first-time health insurance buyers, especially youngsters. A tax exemption of 200% of the premium amount can be considered under chapter VIA. This can later be reduced in a phased manner of four years to make the same at par with the existing tax benefit provided under Section 80D", Heda observes. <h2>Don't overlook home, vehicle insurance </h2>Even though motor insurance, which makes up for around 50% of the non-life insurance industry (sans health) grew at around 12.9% in FY24, touching Rs 91,781.3 crore, over 50% of vehicles don’t even have a third-party (TP) motor insurance. To counter this, Heda suggests a one-time tax exemption can be offered to people to renew their lapsed TP policy. Additionally, given the increasing frequency of natural calamities adversely impacting human property, it is necessary to increase home insurance penetration to protect homeowners. Per Heda, the government, with the help of RERA can make home insurance mandatory for new homeowners, for which a tax deduction of up to Rs 25,000 can also be considered on home insurance premiums. However, a word of advice. Do not wait for tax breaks, or budget announcements to buy a life, or health insurance in case you already don't have one. Get one right away!

Budget 2024: Three things the insurance sector want from FM Sitharaman this budget.

In her <keyword id="19906106" type="General" weightage="20" keywordseo="Interim-Budget" source="keywords">Interim Budget</keyword> speech in February 2024, <keyword id="20385790" type="General" weightage="20" keywordseo="Union-Finance-Minister" source="keywords">Union Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> celebrated what she termed as the Modi government's landmark achievement: unleashing 'nari shakti' or women's power through various initiatives since 2014. Among these, the creation of one crore 'Lakhpati Didis' — women whose annual household income exceeds one lakh rupees — under the Deendayal Antyodaya Yojana-National Rural Livelihoods Mission (DAY-NRLM), has garnered significant attention. <h2>The hype around it </h2>Imagine being a <keyword id="20416259" type="General" weightage="20" keywordseo="Lakhpati-Didi" source="keywords">Lakhpati Didi</keyword> — a rural woman whose annual household income exceeds Rs. 1 lakh. These women are not just financial achievers; they are community leaders who inspire others through their entrepreneurial journeys. Their success stories highlight the transformative impact of self-help groups (SHGs) and collective action in rural India. Launched amid much fanfare on August 15, 2023 by Prime Minister Narendra Modi himself, the 'Lakhpati Didi' scheme aims to empower women through diverse skill development programs, from producing LED bulbs to operating agricultural drones. Partnering with entities like Patanjali, Flipkart, and the Bill and Melinda Gates Foundation, the initiative also focuses on branding and marketing these products, ostensibly connecting women with credit lines and MUDRA loans for financial support. Almost an year on, the scheme is all set to get some well-deserved boost in the Budget 2024 to be presented on July 23. However, the time also apt to examine if it has actually contributed to <keyword id="20009191" type="General" weightage="20" keywordseo="women-empowerment" source="keywords">women empowerment</keyword> in the country. <div type="Article" hostid="261" msid="111915324" title="Finance Minister Nirmala Sitharaman to table Economic Survey in Parliament today" mstype="2" mssubtype="0"></div> <h2>The reality check </h2>Critics argue that such schemes may inadvertently tether women's SHGs to corporate networks, potentially benefiting transnational agribusiness giants aligned with the government. Programs like 'Namo Drone Didi', allocated Rs. 500 crore in the Interim Budget, exemplify this trend by integrating women into digital agriculture, albeit under the influence of corporate agendas. Further, while the Interim Budget championed the narrative of women's economic prosperity, it failed to adequately address their basic needs. Despite claims of empowerment, essential schemes such as PM Awas Yojana (Rural) and Har Ghar Jal have seen significant budgetary underspending, raising concerns about the government's commitment to women's welfare beyond mere rhetoric. For instance, the underutilisation of funds in Swachh Bharat Mission (Gramin) and the shrinking allocations for crucial subsidies like nutrition and education further highlight the disconnect between budgetary outlays and on-ground impact. This trend suggests a shift in responsibility towards state governments without commensurate support from the Union government, leaving vulnerable populations like widows and rural women at risk. Overall, the well-intentioned narrative around the scheme needs better translation and execution on ground to achieve desired outcomes. <h2>Looking ahead </h2>Until now, the budgetary allocation for women-centric programs have remained disproportionately low, with the Ministry of Women and Child Development having been allocated Rs 26,000 crore in 2024-25, an increase of 2.52% compared to the previous budget. This paltry investment underscores a broader pattern of neglecting systemic issues such as gender-based violence, social discrimination and pro-corporate stance. As Budget 2024 approaches, stakeholders eagerly anticipate policies that not only boost economic growth but also empower rural women as entrepreneurs and leaders. While Lakhpati Didi stands poised to empower rural women with opportunities and support, more steps are needed to make it more sustainable. <div type="Article" hostid="261" msid="111689743" title="Union Budget 2024: A handy FAQ guide to decode the upcoming budget" mstype="2" mssubtype="0"></div>

Budget 2024: Can Lakhpati Didi Yojana’s reality inspire better focus on women?

Each year, the Indian Union Budget holds the nation's economic pulse. In 2024, the focus was razor-sharp: catalysing the <keyword id="19916569" type="General" weightage="20" keywordseo="job-market" source="keywords">job market</keyword> and bridging the ever-widening skill gap, as the <keyword id="19916979" type="General" weightage="20" keywordseo="unemployment" source="keywords">unemployment</keyword> figures kept upward trajectory and dissatisfaction over government’s measures grew among the younger demographic. As a response, <keyword id="19955368" type="General" weightage="20" keywordseo="budget-2024" source="keywords">budget 2024</keyword> unveiled a meticulously crafted strategy, a multi-pronged attack to empower India's youth. The Union Budget 2024-2025 intends on focussing on youth and <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">employment</keyword>, prompting Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> to allocate Rs. 1.48 lakh crore for <keyword id="19907717" type="General" weightage="20" keywordseo="education" source="keywords">education</keyword>, employment and <keyword id="20374219" type="General" weightage="20" keywordseo="skilling" source="keywords">skilling</keyword>. Further, Modi 3.0’S budget includes 5 schemes to provide opportunities to 4.1 crore youth with a central outlay of Rs. 2 lakh crore over a period of the 5 years. <div type="Article" hostid="261" msid="111944393" title="Here&amp;#39;s a quick overview of PM Modi 3.0 government&amp;#39;s first budget, to be presented by FM Nirmala Sitharaman today" mstype="2" mssubtype="0"></div><h2>Nirmala Sitharaman announces 3 schemes for employment linked incentives:</h2><ul><li>Scheme A (First-timers): This will benefit first-time employees, providing one month’s wages to new entrants in all formal sectors. As per Sitharaman, Direct Benefit Transfer of one month salary in 3 instalments to first-time employees as registered in the EPFO will be up to ₹15,000. The eligibility limit will be a salary of ₹1 lakh per month. The scheme will benefit 210 lakh youth.</li><li>Scheme B (Job creation in manufacturing): This will provide incentives to both employees and employers for the first 4 years of employment under EPFO guidelines. It is expected to benefit 30 lakh youth and will cover additional employment across all sectors.</li><li>Scheme C (Support to employers): This will support employees with additional employment in all sectors by reimbursing employers up to ₹3,000 per month for two years for each additional employee's EPFO contributions. The scheme aims to incentivise the employment of 50 lakh additional people.</li></ul><h2>Improving participation of women in workforce</h2>As a part of Budget 2024-2025, Nirmala Sithraman announced that Modi 3.0 will focus on improving women participation in the workforce. The Government will focus on increasing women participation in the workforce. Some measures that will be taken include setting up hostels and creating partnerships to organise women-specific skilling programs and women self-help groups. <div type="Article" hostid="261" msid="111946291" title="Union Budget 2024-25 key highlights: Standard deduction to increase to Rs 75,000 from Rs 50,000 under new tax regime" mstype="2" mssubtype="0"></div> <h2>Additional incentives for employment </h2>Sitharaman announced the launch of a scheme where 500 top companies will provide internship opportunities to one crore youth in five years. Internship allowance of Rs. 5000 per month along with one-time assistance of Rs. 6000 to be provided, the Finance Minister also said that the companies will be expected to earn the training cost and 10% of the internship cost from their CSR funds. According to Mr. Ramesh Alluri Reddy, CEO at TeamLease Degree Apprenticeship, this “significant investment in skill development programs and the incentivization of industries to adopt comprehensive apprenticeships lays a solid foundation for a future-ready workforce. Integrating on-the-job training (OJT) as a mandated component of degrees, in collaboration with industry partners, allows students to gain invaluable practical experience, even if the training is not necessarily on-site.” “This initiative is a welcome move towards formal job creation, bridging the gap between theoretical education and real-world application, making graduates more job-ready.” <h2>Focus on skilling</h2>The Finance Minister said that the model skilling loan scheme will be revised to facilitate loans up to Rs 7.5 lakh. Further, a new scheme focussing on skilling will benefit 20 lakh individuals and ensure the set up of 1,000 training institutes and newly designed courses. <h2>Education loans</h2>The Union Budget 2024-25 proposes a revision of the Model Skill Loan Scheme to help 25,000 students every year. E-vouchers for loans up to Rs. 10 lakh for higher education in domestic institutions will be given directly to 1 lakh students every year with interest subvention of 3% of loan amount, said FM Sitharaman. Meanwhile, in the Interim Budget detailed in February 2024, Finance Minister Nirmala Sitharaman highlighted a notable increase in higher educational institutes and women enrolling in STEM courses over the past decade, attributing these improvements to the National Education Policy (NEP) 2020. Further, contrary to expectations, funding for the University Grants Commission (UGC) was reduced by 60.99%, dropping to Rs. 2,500 crore from the previous year's revised estimate of Rs. 6,409 crore. Meanwhile, grants for central universities were increased by over Rs 4,000 crore, with a total allocation of Rs 15,928 crore for the financial year 2024-25. <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> 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">Budget 2024 Live Updates: FM Sitharaman announces comprehensive review of the Income Tax Act 1961</a> <a href="https://www.businessinsider.in/budget/news/govt-to-provide-11-11-lakh-crore-towards-capex-for-2024-25/articleshow/111950700.cms" data-type="tilCustomLink" target="_blank">Govt to provide ₹11.11 lakh crore towards capex for 2024-25</a>

Budget 2024: Record allocation of Rs 1.48 lakh crore for education, employment and skilling!

<keyword id="19955368" type="General" weightage="100" keywordseo="budget-2024" source="keywords">Budget 2024</keyword>, which is set to be presented on July 22nd, is set to accelerate the growth of <keyword id="20459350" type="General" weightage="20" keywordseo="Indian-stock-markets" source="keywords">Indian stock markets</keyword> by as much as 20%, a recent survey by <keyword id="19897999" type="General" weightage="20" keywordseo="Bloomberg" source="keywords" meta.keywordsubtype="org" meta.entityname="Bloomberg" meta.hostid="261" meta.entityid="Bloomberg">Bloomberg</keyword> noted. While some respondents hope that the <keyword id="20983733" type="General" weightage="20" keywordseo="NSE-Nifty50" source="keywords">NSE Nifty50</keyword>, which is currently trading at 24,273.35 points, might reach 26,000 points by the end of this year, others estimate the index to inch up even higher. The budget is likely to boost consumer spending, accelerate consumption, and support infrastructure development, noted half of the 24 experts Bloomberg surveyed. Data by Bloomberg Intelligence predicted that the estimated earnings per share (EPS) of companies on the MSCI India Index is set to rise by 15.6% on year basis, for the calendar year 2024. In contrast, Chinese firms are expected to grow at about 10%. One-fourth of surveyed analysts noted that pushing capital expenditure would be the government's top priority, while the other half thought the focus would be on boosting consumer demand. Naturally, analysts see potential growth in consumer discretionary stocks in the months to come, followed by financial services. <h2>Focus on Women, Capex</h2>Many are expecting the government to raise the standard deduction threshold from the current Rs 50,000 to Rs 1,00,000. The government is also thinking of raising the limits of the <keyword id="19930663" type="General" weightage="20" keywordseo="Public-Provident-Fund" source="keywords">Public Provident Fund</keyword> (PPF) from Rs 15,000 to Rs 25,000. As per Ashwajit Singh, Founder and Managing Director of IPE Global, "the budget is expected to be tilted towards adopting a strategy for the underprivileged, youth, farmers, and women. The budget is expected to reflect the government’s tried and tested formula of ‘guarantees’ by opting for income transfer policies and spending more on welfare schemes in government campaigns in India. Allocations for existing schemes such as 'Housing for All’, MGNREGA, and health insurance for these sections of society are likely to increase while new schemes may be introduced". According to Badal Yagnik, CEO of Colliers India, the real estate segment is optimistic regarding this budget: "Housing, infrastructure development, sustainability, and digitization will remain at the core of the budget, which will go a long way in supporting real estate growth across segments in the long term. EV infrastructure, renewable energy, and green financing will continue to remain in focus, creating a strong base for a sustainable future. Incentivization of green buildings through minimum alternate tax or tax breaks similar to the infrastructure sector will be particularly beneficial. Meanwhile, retail investors are calling for additional rationalizing of the capital gains tax structure. The Union Budget 2024–25 should explore initiatives to boost greater retail engagement in REITs and InvITs". Anooshka Soham Bathwal, founder of Dhanvesttor, a financial management platform, expects that the government's focus is likely to keep driving the increased participation of women in the workforce in the upcoming full budget, where it can attain the same by incentivising higher education for women. "To promote entrepreneurship, the government can introduce special benefits for the businesses started by women. Further steps towards a stable policy environment and ease of doing business are also desirable. Incentives on tax, funding, and growth for women-centric organizations can help to further attain the inclusive growth objective of government". Bathwal also emphasized that the budget should promote entrepreneurs and the country's startup system. "Entrepreneurs are advocating for additional tax breaks for investors and promoters to attract more domestic capital. As India progresses towards becoming a global hub for entrepreneurship and innovation, fostering both technological and process innovations is crucial. Significant improvements in ongoing training and skill upgrades are vital, particularly given the rapid growth in Tier 2 and Tier 3 markets. Additionally, the government needs to address the credit challenges faced by SMEs", she continued Also read <a href="https://www.businessinsider.in/budget/budget-2024-heres-what-indias-elderlies-want/articleshow/111486023.cms" data-type="tilCustomLink">Budget 2024: FM might delight India's senior citizens this time around</a> <a href="https://www.businessinsider.in/finance/union-budget-2024-25-when-will-it-be-presented-what-to-expect-and-more/articleshow/111014203.cms" data-type="tilCustomLink">Union budget 2024-25 : When will it be presented, what to expect and more</a>

Budget 2024 to fuel stock markets: Bloomberg Survey

With the 2024 general elections handing the <keyword id="19894848" type="General" weightage="20" keywordseo="BJP" source="keywords" meta.keywordsubtype="org" meta.entityname="BJP" meta.hostid="261" meta.entityid="BJP">BJP</keyword> and its allies a fractured, albeit ruling majority in the country for the third consecutive time, India is now gearing up for the 2024–25 <keyword id="19908389" type="General" weightage="20" keywordseo="Union-budget" source="keywords">Union budget</keyword>, which will be presented on July 22 between 11 am and 1 pm. The <keyword id="20613906" type="General" weightage="20" keywordseo="economic-survey" source="keywords">economic survey</keyword> is traditionally presented the day before. However, as per reports, the economic survey is likely to be released on July 3rd this year. The famous halwa ceremony will take place 10 days before the budget is tabled. Pre-budget consultations will begin on June 17th. FM <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> will become the first finance minister to have presented seven straight budgets, a record previously held by <keyword id="238033" type="General" weightage="20" keywordseo="Morarji-Desai" source="Orion">Morarji Desai</keyword>, who had six consecutive budget presentations to his name. To date, Sitharaman has tabled five full and one interim budget. The first parliamentary session under Modi 3.0 will kick off on June 24, and the 264th session of the parliament will take place between the 27th of June and the 3rd of August. The year is set to see two budgets: one full-fledged budget in July and an interim budget presented on February 1, 2024. <cmsannotation type="cmsannotation" annotationid="What can we expect from this budget?" comment="subhead" text="What can we expect from this budget?">What can we expect from this budget?</cmsannotation> Presenting an interim budget is customary during election years in India since it facilitates the transfer of work and finances between the outgoing and incoming governments. With the upcoming budget, PM Modi’s government will largely focus on tackling unemployment, issues in the agriculture sector, and maintaining the flow of capital expenditure in the economy. The simplification of the <keyword id="19993914" type="General" weightage="20" keywordseo="GST-regime" source="keywords">GST regime</keyword> and rolling out the 3rd edition of the <keyword id="20359761" type="General" weightage="20" keywordseo="FAME-scheme" source="keywords">FAME scheme</keyword> (Faster Adoption &amp; Manufacturing of Electric Vehicles) will also rank highly on the budget agenda. In that stead, a meeting of the GST council is also scheduled to take place on June 22nd. Additionally, experts are also anticipating the expansion of the PLI (production-linked incentives) schemes in this budget to include other sectors as well. <cmsannotation type="cmsannotation" annotationid="Lesser-known budget milestones" comment="subhead" text="Lesser-known budget milestones">Lesser-known budget milestones</cmsannotation> Till 2019, the union budget was carried in a briefcase, a practice initiated by India’s first FM, Sir RK Shanmukham Chetty. In 2019, the budget was presented as a traditional bahi-khata for the first time. It went paperless in 2021 after the FM introduced the budget via a tablet. Apart from having presented most budgets, Sitharaman also holds the record for having delivered the longest budget speech while presenting the Union budget for 2020–21. She spoke for two hours and 42 minutes. On the other hand, India’s shortest-ever budget speech was given in 1977 by Hirubhai Patel.

Union budget 2024-25 : When will it be presented, what to expect and more

<keyword id="19956758" type="General" weightage="20" keywordseo="finance-minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Tuesday announced a <keyword id="20274081" type="General" weightage="20" keywordseo="credit-guarantee-scheme" source="keywords">credit guarantee scheme</keyword> for facilitating <keyword id="22087606" type="General" weightage="20" keywordseo="term-loans" source="keywords">term loans</keyword> for <keyword id="19910977" type="General" weightage="20" keywordseo="MSMEs" source="keywords">MSMEs</keyword> to purchase machinery and equipment without collateral or third-party guarantee. In her Budget speech in the Lok Sabha, she said the Budget provides special attention to micro, small &amp; medium enterprises (MSMEs) and manufacturing, particularly labour-intensive units. "We have formulated a package, covering financing, <keyword id="20961204" type="General" weightage="20" keywordseo="regulatory-changes" source="keywords">regulatory changes</keyword> and technology support for MSMEs to help them grow and also compete globally, as mentioned in the interim budget," she said. The credit guarantee scheme for MSMEs in manufacturing will operate on the pooling of credit risks of such entities. "A separately constituted self-financing guarantee fund will provide, to each applicant, guarantee cover up to Rs 100 crore, while the loan amount may be larger," the minister announced in the Budget. The borrower will have to provide an upfront guarantee fee and an annual guarantee fee on the reduced loan balance. She also announced a new mechanism for facilitating the continuation of bank credit to MSMEs during their stress period. Sitharaman said that while being in the 'special mention account' (SMA) stage for reasons beyond their control, MSMEs need credit to continue their business and avoid getting into the NPA stage. "Credit availability will be supported through a guarantee from a government-promoted fund," she added. In another move to help MSMEs, the minister announced a new assessment model for credit to the sector. She said public sector banks will build their in-house capability to assess MSMEs for credit, instead of relying on external assessment. "They will also take a lead in developing or getting developed a new credit assessment model, based on the scoring of digital footprints of MSMEs in the economy," she added. The new assessment model, she said, is expected to be a significant improvement over the traditional assessment of credit eligibility based only on asset or turnover criteria. It will also cover MSMEs without a formal accounting system. Mohammad Athar (Saif), partner and leader capital projects and infrastructure development, PwC India, said the credit guarantee scheme and <keyword id="22514802" type="General" weightage="20" keywordseo="e-commerce-export-hubs" source="keywords">e-commerce export hubs</keyword> for MSMEs will enable demand creation and boost India's aspiration of achieving USD 1 trillion in exports by 2030, driven by MSMEs. Sitharaman also announced that to enable MSMEs and traditional artisans to sell their products in international markets, e-commerce export hubs will be set up in public-private-partnership (PPP) mode. These hubs, under a seamless regulatory and logistic framework, will facilitate trade and export-related services under one roof. Vivek Jalan, Partner, Tax Connect, a multi-disciplinary firm, said, as requested by the trade and industry bodies and laid down by the Economic Survey, for MSME businesses, the compliance burden is also sought to be relaxed. Litigations will be reduced in the new <keyword id="22517694" type="General" weightage="20" keywordseo="Vivaad-Se-Vishwas-Scheme" source="keywords">Vivaad Se Vishwas Scheme</keyword>, he added. Rumki Majumdar, Economist, Deloitte India, said the credit guarantee schemes for MSMEs in the <keyword id="19955573" type="General" weightage="20" keywordseo="manufacturing-sector" source="keywords">manufacturing sector</keyword>, facilitating term loans for the purchase of machinery, and formulating packages to finance technology support to them will go a long way to providing access to finance and increasing investments, which have been key challenges in the sector.

FM announces credit guarantee scheme, other measures for MSMEs

<keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Tuesday called on <keyword id="19895704" type="General" weightage="20" keywordseo="President" source="keywords">President</keyword> <keyword id="19934334" type="General" weightage="20" keywordseo="Droupadi-Murmu" source="keywords">Droupadi Murmu</keyword> before presenting the full Budget for 2024-25. As per established tradition, the finance minister met the President at the Rashtrapati Bhavan before heading to Parliament. President Murmu offered 'dahi-chini' (curd-sugar), considered auspicious, to Sitharaman before she left for Parliament to present the Union Budget. The Union Cabinet met thereafter to clear the Budget. Before the actual presentation in Parliament, the Cabinet headed by Prime Minister Narendra Modi will approve the Budget for fiscal 2024-25 (April 2024 to March 2025). Expectations are running high as Sitharaman presents her seventh Budget in the Lok Sabha on Tuesday. The Budget would give a glimpse of the Modi government's performance in the past 10 years while outlining the roadmap to make India a developed nation. Sitharaman continued with the tradition she set in 2019, carrying the budget speech in a 'bahi-khata', which she used after dropping the briefcase tradition. She keeps a digital tablet in a red 'bahi khata' style pouch. The economy is projected to expand by 6.5-7 per cent in the current fiscal, as per the Economic Survey tabled in Parliament on Monday. SEE ALSO:<a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank">Union Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman to present her record seventh consecutive Budget today</a><a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank">Here's a quick overview of PM Modi 3.0 government's first budget, to be presented by FM Nirmala Sitharaman today</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" target="_blank"></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" target="_blank">Economic Survey 2024 – industries grow by 9.5%, fueling economic growth to 8.2%</a>

Finance Minister Nirmala Sitharaman meets President ahead of Budget speech

Indian companies across multiple sectors have reported disappointing results in the second quarter of fiscal year 2025, notes a new JM Financials report. Consequently, their poor performance has triggered stock price corrections for affected companies. The brunt of this weaker than expected earnings was largely borne by consumer centric sectors like FMCG (fast moving consumer goods), retail, and auto, which slacked largely due to dampened urban demand. For instance, India's largest automaker, Maruti Suzuki, reported a 5% YoY decline in its total domestic passenger vehicle wholesales, largely on the back of pent-up inventory. Similarly, Honda reported a staggering 23% YoY dip in its total sales during October 2024. A recent report by Bernstein noted that around 48% of the companies listed on the NSE100 index missed their earnings estimate for Q2FY25, the highest since March 2020. Most companies have mentioned deteriorated domestic demand, urban slowing, macroeconomic risk, and margin pressures as the main reasons behind the dip. "The quarter's earnings have made investors nervous," noted the JM Financials report. The challenging environment stems from multiple factors: softening consumer demand, rising input costs, and companies' limited ability to increase prices. Moreover, this is not limited to just one quarter. Companies have been reporting weak, single-digit earnings growth for the last six consecutive quarters. Data from India Data Hub also suggests that corporate profits of listed companies plunged by as much as 3.4% during the quarter ended September 30, 2024. This is in stark contrast to the year-ago period, where they had shot up by over 40% The oil and gas sector had a difficult quarter, with refiners hit by weak margins and city gas distributors struggling with higher input costs. Financial institutions showed mixed results. While government-owned banks reported strong numbers, microfinance institutions and some private lenders faced massive difficulties with their unsecured loans. Most notable amongst this was the case of IndusInd Bank, which saw its net profits dip by 40% amidst burgeoning provisions, which climbed 87% to Rs 1,820 crore in Q2, as against Rs 974 crore reported in the year-ago period. <h2>Markets head southwards</h2>The selling trend by FPIs has dragged down the major Indian indices, the Nifty 50 and Sensex, both of which have dropped by around 8% since the beginning of this selling spree in October. According to National Securities Depository Ltd. (NSDL) data, FPIs offloaded equities worth a significant Rs 19,994 crore in just the first five trading sessions of November last week. The impact is clearly visible on Indian stock markets. Data suggests that while every sector in October closed the month in red, auto, oil and gas, and consumer durables were the most badly hit, each declining by as much as 10% during the month. Another indicator underlining the inherent weakness of the market was that the month saw only 242 stocks hit their 52-week high, significantly below the usual monthly average of 310.

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