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New Delhi, Jan 31 () India's development trajectory is critically linked with investments in social infrastructure and the country's march towards attaining Sustainable Development Goals is firmly anchored in investing in human capital and inclusive growth, the Economic Survey 2019-20 said.
 To reap the benefits of demographic dividend, the government is committed to improve the outcomes in education and skilling, and to provide employment and affordable healthcare to all, as per the survey tabled in Parliament on Friday.
 "India's march towards achieving Sustainable Development Goals (SDGs) is firmly anchored in investing in human capital and inclusive growth," Economic Survey 2019-20 said.
 Scaling up development programmes for improving connectivity, providing housing and bridging gender gaps in socio-economic indicators is of paramount importance for sustainable development.
 It stated that the public investments in social infrastructure like education, health, housing and connectivity have a critical role in ensuring inclusive development in a developing country like India.
 "The 17 SDGs and 169 targets envisaged in the Agenda 2030, are closely interrelated with social infrastructure," it said.
 With the underlying dimensions of education and health embedded in SDGs, the improvement in Human Development Index (HDI) is also interlinked to SDGs as evidenced in the correlation between SDG rankings and HDI rankings of the states.
 The 2030 Agenda for sustainable development calls for global partnership to ensure peace and prosperity for people and the planet, now and into the future.
 It is recognised that ending poverty and other deprivations must go hand-in-hand with strategies that improve health and education, reduce inequality and spur economic growth in a sustainable manner, the survey said.
 India is committed to achieve these SDGs and a strong social infrastructure is key to achieve them, it said, adding that the government has been focusing on provisioning of assets such as schools, institutes of higher learning, hospitals, access to sanitation, water supply, road connectivity, affordable housing, skills and livelihood opportunities.
 This gains significance given the fact that India is home to the world's youngest population as half of its population is below the age of 25. SID ANS
ANS

India's march towards SDGs anchored in investing in human capital, inclusive growth: Eco Survey

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div></div></div>Britain ranks one of the worst advanced countries for employment opportunities, pay, living standards and social inclusion.That is according to the World Economic Forum, which released a major new report entitled "<a href="http://wef.ch/igd17">WEF Inclusive Growth and Development Report</a>" on Sunday evening.&#xa0;The report includes&#xa0;the "Inclusive Development Index," which measures 109 countries for inclusive development.&#xa0;Out of these countries, 30 are considered "advanced economies" and within that sub-index, the&#xa0;<keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> ranks 21st out of 30.The&#xa0;results are derived by looking at&#xa0;12 key performance indicators of inclusive development under three pillars: <ul><li>Growth and Development;</li><li>Inclusion;</li><li>Intergenerational Equity and Sustainability.</li></ul>Within these pillars, WEF gets a score from looking at each country's ranking in:<ul><li>GDP growth, labour force participation and productivity, and healthy life expectancy;</li><li>Median household income, poverty and two inequality measures</li><li>Adjusted net saving (including natural capital depletion and human capital investment), demographic dependency ratio, public debt and carbon intensity.</li></ul>And this is the chart to show how the UK performed:<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>"Over the past several years, a worldwide consensus has emerged on the need for a more inclusive growth and development model; however, this consensus is mainly directional. Inclusive growth remains more a discussion topic than an action agenda," said WEF in the report."This Report seeks to help countries and the wider international community practice inclusive growth and development by offering a new policy framework and corresponding set of policy and performance indicators for this purpose."The ultimate objective of national economic performance is broad-based and sustained progress in living standards, a concept that encompasses wage and non-wage income (e.g., pension benefits) as well as economic opportunity, security and quality of life."The report found that across 26 advanced economies, median income declined by 2.4% between 2008 and 2013. Norway ranked number one in the index as even&#xa0;living standards rose by 10.6% over that same time period, even though the economy grew only 0.5%.Luxembourg came in second and Switzerland came in third.&#xa0;<div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/alibaba-founder-meets-trump-pledges-create-1-million-us-jobs-politics-2017-1">Alibaba founder Jack Ma meets with Trump</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="JsZmh0ODE6W_Sso5Hn8yR2ptr1S-lxv3" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

Britain is one of the worst advanced economies for jobs, pay, and living standards

<ul class="summary-list"><li>In an <a href="https://www.businessinsider.com/the-equity-talk-pfizer-exec-angela-hwang-diversity-drives-innovation-2021-12">Equity Talk</a>, Insider spoke with <keyword id="11897118" type="UNKNOWN" weightage="60" keywordseo="pfizer" source="Orion">Pfizer</keyword> exec <a href="https://www.pfizer.com/people/leadership/executives/angela_hwang">Angela Hwang</a> about her top <keyword id="11893566" type="UNKNOWN" weightage="60" keywordseo="leadership" source="Orion">leadership</keyword> principles. </li><li>Hwang said a "high-growth mindset" among employees contributes to Pfizer's success.</li></ul>Containing the spread of COVID-19 is arguably the world's most pressing challenge right now. Over <a href="https://coronavirus.jhu.edu/">5.4 million</a> people, including at least 818,00 Americans, have died from the virus. There's a legion of scientists, researchers, doctors, distributors, and business leaders working tirelessly to find solutions to the pandemic. Angela Hwang is one of them.As head of Pfizer's biopharma division, Hwang oversees the company's ambitious efforts related to its COVID-19 vaccine and booster. Her decisions impact not just the 26,000 people who report to her, but the lives of millions of people around the world.The executive is known for her business acumen and her ability to lead scientists to research breakthroughs. Her leadership <keyword id="11893563" type="UNKNOWN" weightage="100" keywordseo="strategy" source="Orion">strategy</keyword>, she said, is all about boosting innovation and risk taking. It revolves around fostering a "high-growth mindset," she told Insider, referencing the groundbreaking psychological research by the notable Stanford University psychologist and researcher <a href="https://profiles.stanford.edu/carol-dweck">Carol Dweck</a>."As I have risen through the organization, I have realized that bringing people along, creating great teams is how we do great work," Hwang told Insider in an <a href="https://www.businessinsider.com/10-questions-about-the-omicron-variant-answered-by-an-expert-2021-12">Equity Talk</a>. "Having a high <keyword id="12831904" type="UNKNOWN" weightage="60" keywordseo="growth-mindset" source="Orion">growth mindset</keyword> is so important." <h2>Driving a growth-mindset </h2><div type="image" title="Two scientists working in a laboratory" height="1333" width="2000" msid="88549641" hostid="261"></div>For Pfizer's Hwang, having a high growth mindset is crucial because it prepares you to tackle seemingly insurmountable problems, like helping humanity protect itself against a pandemic. Psychologist Dweck developed the terms "growth mindset" and "fixed mindset," based on research she's done since the late 1980s about how people perceive struggle, and additionally, how that perception impacts their success. Growth mindset is a way of thinking that sees challenges as an opportunity for learning and hard work, Dweck wrote in her 2007 book "<a href="https://www.amazon.com/Mindset-Psychology-Carol-S-Dweck/dp/0345472322">Mindset</a>." A fixed mindset, conversely, dictates that struggling is a sign of failure or inability. Dweck found that people who adopted a growth mindset of being open to learning and of not getting defeated by obstacles <a href="https://www.mindsetworks.com/science/">performed better</a> in their work. Her research has shaped the leadership styles of many <keyword id="11915157" type="UNKNOWN" weightage="60" keywordseo="ceos" source="Orion">CEOs</keyword> including Microsoft's <a href="https://www.businessinsider.com/microsoft-ceo-satya-nadella-company-culture-change-growth-mindset">Satya Nadella</a>."Look at what happened in the last two years. It was completely unexpected, where everyone was not exactly prepared for a pandemic," Hwang said. "When we think about solving big problems with clear and bold goals, that comes with some discomfort." <h2>Making a safe space for new ideas and unique thoughts </h2>How you deal with that discomfort determines your success, Hwang said, echoing Dweck's findings. Facing high pressure situations is an opportunity to foster risk taking and bold thinking in your teams, Hwang added. "We said, 'If we're gonna be useful and valuable to the world, a vaccine needs to be done by October 2020. So let's throw away all paradigms and let's focus on the goal,'" the Pfizer exec said. "That's when I think you can really start from a blank slate and say, okay, 'What is it that we need to do to solve this problem?'" Hwang said that instilling a growth mindset in employees requires leaders to allow employees to bring their "whole selves to work." In other words, employees must feel safe enough to bring their unique thoughts and perspectives to the table. To develop a sense of belonging at Pfizer, the exec mandated that in 2020 all leaders have conversations with their direct reports on anti-racism and addressing hate. She then worked with other executives to establish clear <keyword id="11893568" type="UNKNOWN" weightage="60" keywordseo="diversity-and-inclusion" source="Orion">diversity and inclusion</keyword> goals within her division, including plans to mentor and sponsor people of color. Allowing for more people from different backgrounds to voice their ideas will lead to transformational products, she said. "You have to create a culture that embraces uncertainty, that allows people to take thoughtful risk taking," Hwang said. "I think great things happen because people then can bring their whole selves to work."

A Pfizer exec leading the world's vaccine efforts says a "high-growth mindset" drives innovation at the company

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Matt Munro/Lonely Planet</div></div></div>LONDON - The World Economic Forum (WEF) has published its annual "<a href="https://www.weforum.org/reports/the-inclusive-growth-and-development-report-2017">Inclusive Growth and Development Repor</a>t," a set of research which includes a ranking of countries according to the "inclusiveness" of their economies.The Inclusive Development Index (IDI) gauges how effectively a country's wealth drives increases in living standards and promotes equality.It takes into account factors which fall into three categories:• Growth and Development; • Inclusion; • Intergenerational Equity and Sustainability.Take a look at the top 7 European countries which made the list.

The 7 most inclusive European economies

<ul class="summary-list"><li><keyword id="9147787" type="UNKNOWN" weightage="60" keywordseo="paul-constant">Paul Constant</keyword> is a writer at Civic Ventures and cohost of the "<a href="http://www.pitchforkeconomics.com/">Pitchfork Economics</a>" podcast with <a href="https://www.businessinsider.com/category/nick-hanauer">Nick Hanauer</a> and David Goldstein.</li><li>In the latest episode, they spoke with JP Julien, head of McKinsey &amp; Company's Institute for Black Economic Mobility. </li><li>Julien says eliminating racial wealth disparities and unlocking women's economic potential could add trillions to the US GDP.</li></ul>Most Econ 101 classes teach that an <keyword id="34412" type="ORGANIZATION" weightage="60" keywordseo="economy">economy</keyword> is a zero sum game - that it's impossible to win without some other economic actor losing at the same time, and that one group's gains must result in another group's losses. Not only is this trickle-down theory completely wrong, but it's also dangerous: Nationalist leaders around the world have played on voters' fears by threatening that the economic progress of immigrants and minorities under progressive leaders will result in losses for everyone else. Those claims couldn't be further from the truth. A growing body of evidence proves that inclusion and <keyword id="47276" type="PERSON" weightage="60" keywordseo="Economic-growth">economic growth</keyword> march hand in hand. <h2>How inclusivity aids economic growth</h2>On this week's episode of "<keyword id="9147788" type="UNKNOWN" weightage="60" keywordseo="pitchfork-economics">Pitchfork Economics</keyword>," <a href="https://www.mckinsey.com/our-people/john-paul-julien#">JP Julien</a> discusses <a href="https://www.mckinsey.com/industries/public-and-social-sector/our-insights/the-case-for-inclusive-growth">a report that he co-wrote</a> in his capacity as a leader of global management consulting firm McKinsey &amp; Company's Institute for Black Economic Mobility. Julien says his paper, "The case for inclusive growth," finds that economic "growth is actually at its best when it's most inclusive." When people from all races and backgrounds are "able to meaningfully engage and participate as workers, entrepreneurs, and consumers," Julien explained, the economy "is stronger and more resilient."There's already plenty of evidence for this in the American economy as it stands right now. "We know that 40% of GDP growth between 1960 and 2010 can be almost directly tied to the greater participation of women and people of color in the labor force," Julien explained. "The data speaks quite clearly that the more we get people to participate, the better outcomes we produce." <h2>Eliminating economic <keyword id="6411412" type="UNKNOWN" weightage="60" keywordseo="inequality">inequality</keyword> could unlock trillions in annual GDP </h2>The paper that Julien coauthored puts an eye-popping price tag on the economic discrimination against minorities and women in America. They found that "eliminating disparities in wealth between Black and white households and Hispanic and white households could result in the addition of $2 trillion to $3 trillion of incremental annual GDP to the US economy. Furthermore, unlocking women's economic potential in the workforce over the coming years could add $2.1 trillion in GDP by 2025."It's important to point out that the gains Julien is discussing are not zero-sum, winner-take-all numbers. Specifically, that 5 trillion dollars or so doesn't come at the expense of the economic value of white men - it's in addition to it. America's economy is missing out on trillions of dollars of economic activity because whole populations of people have been systematically prohibited from fully participating as consumers, workers, and entrepreneurs.Julien has been encouraged by the fact that over the past year "many Fortune 1000 companies are really leaning into the idea that being good corporate citizens actually creates opportunities." "We've done quite a bit of research on the benefits of more diverse boards and more diverse leadership teams," Julien continued, "and they actually do financially outperform their peers." The economic benefits of inclusion are becoming impossible to ignore, which is likely why "<a href="https://www.mckinsey.com/featured-insights/coronavirus-leading-through-the-crisis/charting-the-path-to-the-next-normal/its-a-start-fortune-1000-companies-commit-66-billion-to-racial-equity-initiatives">we've seen $66 billion</a> from the Fortune 1000 in racial equity commitments between May and the end of last year." <h2>Why community participation is needed and 'commitment' isn't enough</h2>For centuries, our economy has been constructed around exclusionary policies, and simply making a commitment to inclusion isn't enough to overcome those institutional barriers. Julien doesn't believe this is a problem that can be overcome with a set of policies. He thinks it would be better for communities to "actually go through a focused process in which those that have been historically excluded are in the decision-making seat."It's only by empowering excluded people to identify where they've been let down "and designing a set of strategies and investments that reflect both those needs and their strengths that we get to a set of outcomes that really work locally, because economic development is hyper-local," Julien said. To tear down monolithic systems of inequity, it's vital to begin by addressing the injustices in your own backyard.

A new McKinsey study shows that inclusion isn't just compatible with economic growth - it's absolutely necessary

Davos, Global economic growth is estimated to fall to its lowest rate in three decades by 2030 amid the ongoing economic and geopolitical shocks, a new report said on Monday. <keyword id="20205587" type="General" weightage="20" keywordseo="releasing-the-future-of-growth-report" source="keywords">Releasing the Future of Growth Report</keyword> 2024 here ahead of its annual meeting of world leaders, the <keyword id="20020435" type="General" weightage="20" keywordseo="world-economic-forum" source="keywords">World Economic Forum</keyword> (<keyword id="19955159" type="General" weightage="20" keywordseo="wef" source="keywords">WEF</keyword>) said this downturn is exacerbating a range of interconnected global challenges, including the climate crisis and a weakening social contract, which are collectively reversing progress in global development. The report called for a new approach to economic growth that balances efficiency with long-term sustainability and equity, examining speed, and quality together. Analysing the quality of growth across 107 economies, it found that high-income economies score high on innovation and inclusion, while lower-income economies on sustainability. "Reigniting global growth will be essential to addressing key challenges, yet growth alone is not enough," WEF Managing Director <keyword id="20205586" type="General" weightage="20" keywordseo="saadia-zahidi" source="keywords">Saadia Zahidi</keyword> said. "The report proposes a new way for assessing economic growth that balances efficiency with long-term sustainability, resilience and equity, as well as innovation for the future, aligning with both global and national priorities," she added. The WEF also launched its 'Future of Growth' initiative, a two-year endeavour aimed at charting a new narrative for economic growth and supporting policymakers from around the world, together with economists and other experts, in identifying the best pathways in balance growth, innovation, inclusion, sustainability, and resilience goals. The report said that most countries continue to grow in ways that are neither sustainable nor inclusive and are limited in their ability to absorb or generate innovation and minimise their contribution and susceptibility to global shocks.

Global economic slowdown headed for worst phase in three decades: WEF study

Mumbai, <keyword id="192432" type="General" weightage="20" keywordseo="reserve-bank-governor" source="Orion">Reserve Bank Governor</keyword> <keyword id="6359111" type="General" weightage="20" keywordseo="shaktikanta-das" source="Orion">Shaktikanta Das</keyword> on Thursday said India is one of the fastest growing major economies in the world with a rising potential growth profile, and stressed that the central bank remains committed to act early and decisively to prevent any build-up of risks. In his foreword to the <keyword id="19899808" type="General" weightage="80" keywordseo="rbi" source="keywords">RBI</keyword>'s 28th issue of the <keyword id="19984045" type="General" weightage="50" keywordseo="financial-stability-report" source="keywords">Financial Stability Report</keyword> (FSR), Das said achieving durable price stability, ensuring medium-term debt sustainability, further strengthening financial sector resilience, creating new growth opportunities and promoting inclusive and green growth remain key policy priorities. The FSR reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks to financial stability and the resilience of the Indian financial system. Observing that the global economy is facing multiple challenges, Das said the Indian economy exhibits macroeconomic resilience, with a robust financial system that is supporting its growth dynamics. "We remain alert and committed to act early and decisively to prevent any build-up of risks," he said. He also said that recent macroprudential measures taken by the central bank to curb lenders' exuberance towards certain segments of retail loans underline its commitment to preserve financial stability without compromising availability of funds for productive requirements of the economy. "India is one of the fastest growing major economies in the world with a rising potential growth profile," the governor said, and added the sharp rebound in growth is underpinned by sound macroeconomic fundamentals, robust domestic demand and prudent public policies. Even as India confronts global headwinds and emerging challenges from technological disruptions, cyber risks and climate change, he said RBI's endeavour will be to continue to fortify the financial system, promote responsible innovation and invigorate inclusive growth. The <keyword id="19922074" type="General" weightage="80" keywordseo="reserve-bank" source="keywords">Reserve Bank</keyword> and the other financial regulators remain invested in preserving financial stability and fostering a financial system that is resilient to shocks and supportive of growth, he added.

RBI to act early to prevent any risk to India's fastest growth potential: Guv Shaktikanta Das

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Barbara TaschBlue Winter Tree in Luxembourg City.</div></div></div>The World Economic Forum just released its ranking of 109 countries in its "Inclusive Development Index." It measures 109 countries for inclusive development and the results are derived by looking at 12 key performance indicators of inclusive development under three pillars:<ul><li>Growth and Development;</li><li>Inclusion;</li><li>Intergenerational Equity and Sustainability.</li></ul>Within these pillars, WEF gets a score from looking at each country's ranking in:<ul><li>GDP growth, labour force participation and productivity, and healthy life expectancy;</li><li>Median household income, poverty and two inequality measures</li><li>Adjusted net saving (including natural capital depletion and human capital investment), demographic dependency ratio, public debt and carbon intensity.</li></ul>Out of the 109 countries measured, 30 are considered "advanced economies." The <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> and US ranked 21 and 23, respectively. We took a look at the top 9 most advanced economies:

The 9 advanced economies with the best quality of life in the world

<ul><li>Mohamed El-Erian says the US economy has relied too heavily on the Federal Reserve for growth.</li><li>Instead, it should be legislation from Congress that drives sustainable growth in the economy.</li><li>"We lost sight of how we grow our economy in a sustainable and inclusive fashion," El-Erian said.</li></ul>After a decade of interest rate cuts and quantitative easing from the Federal Reserve, the US has lost its way on how to sustainably grow its economy, according to top economist Mohamed El-Erian.In <a href="https://markets.businessinsider.com/news/stocks/nouriel-roubini-jeremy-grantham-stock-market-bubbles-bearish-outlook-warning-2023-3?_gl=1*4q54u7*_ga*MTkxNzQzNjc2Mi4xNjYxNDU2MDU1*_ga_E21CV80ZCZ*MTY3OTU4NDk3Mi44NzguMS4xNjc5NTg2MTk3LjYwLjAuMA..">a new PBS Frontline documentary</a>, Age of Easy Money, El-Erian highlighted that investors have become overly conditioned to rely on the Fed for ongoing stimulus to help boost the economy, when in fact that responsibility should fall to Congress. After the Great Financial Crisis of 2008, the Fed unleashed a torrent of stimulative measures like lowering short-term interest rates to near-zero and buying trillions of dollars of bonds to lower longer-term interest rates. The thinking goes that lower interest rates helps lower the cost of acquisition for big-budget items, incentivizing consumers to spend more money and companies to embark on big capital expenditures into their business.But it has become apparent that while consumers took advantage of low interest rates to buy cars and homes, most companies used low interest rates to <a href="https://markets.businessinsider.com/news/stocks/stock-market-crash-recession-outlook-companies-share-buybacks-trillion-birinyi-2023-1">take on debt to buyback their stock</a> rather than reinvest in their business."I think that we're going to look back on this era as being totally exceptional historically, and one where we didn't fulfill its potential. We lost sight of something critical: we lost sight of how we grow our economy in a sustainable and inclusive fashion," El-Erian said.Instead, it should be Congress that drives a sustainable rebound in the economy through constant reinvestments in infrastructure and education, among other areas.But a decade-long climate of political infighting has hamstrung much of the necessary actions Congress should be taking. That was on full display in Fed Chairman Jerome Powell's <a href="https://www.businessinsider.com/elizabeth-warren-powell-getting-people-fired-interst-rate-hikes-recession-2023-3">testimony to Congress earlier this month.</a>"Raising interest rates won't stop Senate Democrats and President Biden from overtaxing, overspending, over borrowing, over regulating," Senator Kevin Cramer of North Dakota said at the hearing."In an era of political dysfunction, we've become so dependent on the Fed, and on easy money, to drive the American economy," Frontline reporter James Jacoby said.At the end of the day, it's tax reform and infrastructure spending that should be the main drivers of sustainable economic growth, and that's in the hands of Congress, not the Fed, according to El-Erian."The world of easy money went way too far, way, way too far," El-Erian said. "Let's do the other stuff that's needed. The stuff that really promotes genuine, durable, inclusive growth and not this stuff that creates artificial growth. We are capable of producing that. None of that is in the hands of the Fed. They don't invest in infrastructure. They can't reform the tax system. They can't help labor retraining. This is a political problem."

Action from Congress, not the Fed, is what's needed to grow the US economy, Mohamed El-Erian says

The Federation of Indian Chambers of Commerce and Industry (<keyword id="6355001" type="General" weightage="80" keywordseo="ficci" source="Orion">FICCI</keyword>) on Wednesday said the <keyword id="6358021" type="General" weightage="100" keywordseo="budget" source="Orion">Budget</keyword> 2023-24 presented by <keyword id="309842" type="General" weightage="50" keywordseo="union-finance" source="Orion">Union Finance</keyword> Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> will strengthen the fundamental pillars and ensure resilience, inclusivity and sustainability. <keyword id="542619" type="General" weightage="50" keywordseo="subhrakant-panda" source="Orion">Subhrakant Panda</keyword>, president of FICCI, said: "Budget is balanced and progressive which gives primacy to inclusive growth. "The announcements made today capture the pulse of the economy while retaining credibility both in terms of projections as well as committing to the fiscal consolidation glide path. Most importantly, a historic outlay for public capex is a continuation of the heaving lifting since the time of the pandemic and will have a multiplier effect across myriad sectors of the economy besides crowding in private investment," he added. "A push to investment and consumption was required to keep the growth cycle in motion. We are happy to note that the government has continued the thrust on capital expenditure with a 33 per cent increase in the capital outlay to Rs 10 lakh crore representing 3.3 per cent of GDP. This is a step in the right direction amidst a global economic situation which is still not at ease. Moreover, the revision in tax rates under the new regime will augur well on the consumption side," added Panda. "We also compliment the government on meeting the fiscal deficit target for the current financial year despite persisting uncertainty, this lends credibility to the budget. Moreover, by projecting a 5.9 per cent fiscal deficit for 2023-24 and reiterating the commitment to bring it below 4.5 per cent by 2025-26, the Finance Minister has imparted confidence that growth remains a priority without compromising on fiscal consolidation," he said. The FICCI president added that the announcements made on Wednesday further strengthen the fundamental pillars and ensure resilience, inclusivity and sustainability. "The government is committed to ensuring manufacturing competitiveness, ease of doing business, reducing compliance touch points, and supporting livelihoods across sections. This indicates a continuation of the good work the government has done, and puts in motion an action plan for 'Amrit Kaal'. "Even as <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> offers a ray of hope in the current global context, we are not decoupled from the rest of the world. We laud the government's promise to make India exports competitive given that a slowdown in growth globally could have an impact. In this context, some incentive to support exports would have been timely," he said. "The support contained in the budget for the MSME sector is welcome. The revamped credit guarantee scheme for MSMEs will benefit from an infusion of Rs 9,000 crore enabling credit flow of Rs 2 lakh crore with a 1 per cent lower cost. In addition, the move from an accrual based payment system to a cash based one has been a long standing demand from FICCI and will ensure MSMEs don't suffer as a result of delayed payments. "The emphasis on green growth in the <keyword id="6360189" type="General" weightage="50" keywordseo="union-budget" source="Orion">Union Budget</keyword> -- across sectors such as green energy, green farming, green building, green equipment -- is aligned with India's commitment towards <keyword id="66873" type="General" weightage="50" keywordseo="ndc" source="Orion">NDC</keyword> targets. The priority capital investments allocation towards energy transition, the target of 5 MMT annual production of green hydrogen by 2030, and notification of green credit program are important moves to forge ahead on the path of sustainable growth," he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/evs-that-import-parts-to-get-costlier-as-budget-gives-a-boost-to-in-house-manufacturing/articleshow/97529239.cms">EVs that import parts to get costlier as Budget gives a boost to in-house manufacturing</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-zooms-as-finance-minister-delivers-tax-bonanza-to-middle-class/articleshow/97510050.cms">Sensex and Nifty50’s post-budget rally fizzles out Adani Group stocks witness a rout, dragging markets down</a>

Budget strengthens fundamental pillars of inclusivity, sustainability: FICCI

In an effort to give a further boost to partnership, India, and the US signed a landmark Memorandum of Understanding (<keyword id="19914814" type="General" weightage="20" keywordseo="MoU" source="keywords">MoU</keyword>), which will enable the Micro, Small and medium enterprises (<keyword id="19910977" type="General" weightage="100" keywordseo="MSMEs" source="keywords">MSMEs</keyword>) of the two countries to participate in <keyword id="19908188" type="General" weightage="20" keywordseo="global-markets" source="keywords">global markets</keyword> and foster trade. "<keyword id="20233690" type="General" weightage="20" keywordseo="India-US" source="keywords">India-US</keyword> joining hands to promote cooperation in MSMEs," the official spokesperson of the Ministry of External Affairs, Randhir Jaiswal, wrote on X. "Today, India-US signed a landmark MoU that enables MSMEs of the two countries to participate in global markets, drive innovation, foster trade, and support <keyword id="19930409" type="General" weightage="20" keywordseo="women-entrepreneurs" source="keywords">women entrepreneurs</keyword>," he added. S. C. L. Das, Secretary, Ministry of Micro, Small and Medium Enterprises, and Isabel Casillas Guzman, Administrator, <keyword id="21149255" type="General" weightage="20" keywordseo="small-business-administration" source="keywords">Small Business Administration</keyword> (SBA), United States of America, signed the MoU here in New Delhi. The MoU provides a framework for both sides to discuss issues concerning micro, small and medium enterprises (MSMEs) and explore possibilities for cooperation. It envisages the exchange of expertise between the two sides on issues related to improving MSME participation in the global marketplace through mutual visits as well as webinars and workshops on topics including access to trade and export finance, technology and digital trade; green economy, and trade facilitation. The MoU also provides for the joint conduct of programmes for women entrepreneurs to empower them and facilitate trade partnerships between women-owned small businesses in the two countries. Recognising the crucial role that MSMEs play in advancing <keyword id="20421749" type="General" weightage="20" keywordseo="inclusive-growth" source="keywords">inclusive growth</keyword>, expanding exports, and boosting employment, the two sides also agreed to explore the development of a "Business Matching Digital Platform" to boost <keyword id="20035864" type="General" weightage="20" keywordseo="business-opportunities" source="keywords">business opportunities</keyword>.

India-US join hands to promote cooperation in MSMEs

New Delhi [India], February 23 (ANI): The Asian Development Bank (ADB) has greenlit a USD 23 million loan to foster the growth of fintech education, research, and innovation at the <keyword id="19906863" type="General" weightage="20" keywordseo="gujarat" source="keywords">Gujarat</keyword> International Finance Tec-City (GIFT) in <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>. According to ADB, Gujarat International Finance Tec-City (GIFT), a state-owned enterprise, serves as a cornerstone for nurturing fintech ecosystems and financial services within India. Positioned as the country's premier international financial services center, GIFT has emerged as a burgeoning hub for fostering and nurturing local startups, catalyzing innovation, and propelling economic growth. ADB Economist <keyword id="20688619" type="General" weightage="20" keywordseo="kanupriya-gupta" source="keywords">Kanupriya Gupta</keyword> emphasized the transformative impact of India's fintech industry on business operations, economic prosperity, and future readiness. <keyword id="19983550" type="General" weightage="20" keywordseo="gupta" source="keywords">Gupta</keyword> underscored ADB's commitment to strengthening fintech education to enhance the efficiency and accessibility of digital and financial services across India. Gupta said, "The development of India's fintech industry has transformed how people do business, contributed to economic growth, and prepared the country for the future. ADB's assistance will help strengthen the country's fintech education to ensure that digital and financial services become more efficient and accessible in the future." The ambitious project spearheaded by ADB will see the establishment of an inclusive, sustainable, and climate-resilient International Fintech Institute (<keyword id="20688621" type="General" weightage="20" keywordseo="ifi" source="keywords">IFI</keyword>) within GIFT's premises. The IFI, in collaboration with renowned global institutes and universities, will offer cutting-edge fintech training programs aligned with industry standards and international best practices. A key focus of the institute will be on nurturing innovation and entrepreneurship, with a particular emphasis on supporting women-led startups through tailored incubation and acceleration services. Additionally, the IFI will forge strategic partnerships with industry stakeholders and venture capital funds to facilitate the growth and scalability of fintech startups. In line with ADB's commitment to fostering research and innovation, the program will channel resources towards exploring innovative solutions and technologies in various domains, including climate fintech, regulatory technology, social inclusion, and gender equality in finance. The initiative will also entail the development of a state fintech readiness index to gauge the ecosystem's preparedness and identify areas for improvement. ADB's unwavering dedication to promoting prosperity, inclusivity, resilience, and sustainability in the Asia-Pacific region underscores its broader mission to eradicate extreme poverty and foster sustainable development. With a membership comprising 68 nations, 49 of which are from the region, ADB remains steadfast in its pursuit of catalyzing positive change and driving economic progress across the region. As the fintech ecosystem continues to evolve and expand, ADB's intervention is poised to serve as a catalyst for driving innovation, fostering entrepreneurship, and unlocking new avenues for economic growth and financial inclusion in Gujarat and beyond. (ANI)

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