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New Delhi: The <keyword id="20072894" type="General" weightage="20" keywordseo="rural-economy" source="keywords">Rural economy</keyword> of <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> has emerged as a significant driver of <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword>, outpacing urban areas largely due to increased <keyword id="20155204" type="General" weightage="20" keywordseo="government-spending" source="keywords">government spending</keyword> in the recent quarters, highlighted a report by <keyword id="20548750" type="General" weightage="100" keywordseo="Anand-Rathi" source="keywords" meta.keywordsubtype="org" meta.entityname="Anand Rathi" meta.hostid="153" meta.entityid="Anand Rathi">Anand Rathi</keyword>, a financial service company. "<keyword id="20109648" type="General" weightage="20" keywordseo="rural-india" source="keywords">Rural India</keyword> continues to outpace urban areas in growth, largely due to a significant rise in government spending in rural regions in the last quarter," said the report. For the coming months, the report stated that the growth trend in the rural economy is expected to continue, although a moderation in growth may occur. It also added that the favourable monsoon conditions and improved sowing data are anticipated to sustain the upward trajectory in <keyword id="19931574" type="General" weightage="20" keywordseo="rural-demand" source="keywords">rural demand</keyword>, providing a buffer against potential economic uncertainties. "We expect this growth to moderate following the elections, favourable monsoon conditions and improved sowing data should sustain the upward trend in rural demand". The report also highlighted that the government's ambitious capital expenditure plans, amounting to Rs 11.1 trillion, are expected to stimulate infrastructure development, further enhancing rural economic prospects The rural economy plays a crucial role in the development of the country because a majority of the population still resides in rural areas. As per the Economic Survey of 2022-2023 around 65 per cent of India's population lived in rural areas in 2021. The report also highlighted that India stands out among emerging economies due to its strong GDP growth. Last year, India grew by more than 8 per cent, and the <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords" meta.keywordsubtype="org" meta.entityname="RBI" meta.hostid="153" meta.entityid="RBI">RBI</keyword> expects a 7.2 per cent growth rate for FY25. The financial outlook is positive, with efforts to cut the fiscal deficit to 4.5 per cent. The report also noted that India's credit rating may improve because of the strong tax revenue and a large dividend from the RBI which will lead to a lower fiscal deficit than expected. "The fiscal outlook appears promising, with continued focus on reducing the fiscal deficit toward the 4.5 per cent target. Strong tax collections and a substantial RBI dividend may enable the fiscal deficit to come in lower than expected, which could potentially lead to an improved sovereign rating" said the report.

Rural economy is driving India's growth, Govt capex in infra will stimulate it: Anand Rathi report

<keyword id="20021345" type="General" weightage="20" keywordseo="TVS-Motor-Company" source="keywords" meta.keywordsubtype="org" meta.entityname="TVS Motor Company" meta.hostid="153" meta.entityid="TVS Motor Company">TVS Motor Company</keyword> expects to grow faster than the competition across domestic and <keyword id="20108266" type="General" weightage="20" keywordseo="international-markets" source="keywords">international markets</keyword> this fiscal, riding on the back of new <keyword id="22697277" type="General" weightage="20" keywordseo="product-launches" source="keywords">product launches</keyword> and strengthening of operations across key regions, according to CEO KN Radhakrishnan. He noted that in the <keyword id="20046426" type="General" weightage="20" keywordseo="domestic-market" source="keywords">domestic market</keyword>, the company expects growth momentum to continue with normal monsoons likely to add strength to the <keyword id="19929089" type="General" weightage="20" keywordseo="rural-markets" source="keywords">rural markets</keyword>. In international markets, Radhakrishnan exuded hope to perform better in key markets like Africa this year while expanding operations in other regions like the Middle East and Latin America. "Our strong product portfolio; our unwavering focus on the consumers, quality, new products and attractive quality and technology, we are confident that we will outperform the industry both in the domestic and international markets," Radhakrishnan said in an analyst call. He noted that the growth momentum is likely to be maintained with the budget focusing on employment generation, continued higher commitment to infrastructure and rural economy. "We are expecting rural markets to recover. With the expected normal monsoon, we could witness robust growth in Q2," Radhakrishnan stated. He noted that for the first time the company is witnessing that the rural areas were doing slightly better than the urban markets. The improving road infrastructure and economic environment will drive the demand for two-wheeler mobility, he added. The <keyword id="21048623" type="General" weightage="20" keywordseo="two-wheeler-segment" source="keywords">two-wheeler segment</keyword> has got a huge opportunity in the medium and the long term given the challenges in mobility as well as also investments from the government on the infrastructure and road development, he said. The company, which has earmarked over Rs 1,000 crore capex this year, is gearing up to introduce one product each in the electric and internal combustion engine segments in the ongoing quarter. A significant proportion of the earmarked capital is expected to go towards the design and development of new products, Radhakrishnan stated. "I want to highlight that the company will be launching one product in ICE and one product in EV in this quarter and that will further strengthen our range of product portfolio," he said. Commenting on international business, Radhakrishnan said that the Red Sea issue has led to challenges in terms of enhanced transit periods for overseas dispatches. He noted that <keyword id="62356" type="General" weightage="100" keywordseo="TVS" source="Orion">TVS</keyword> has taken enough countermeasures to mitigate these challenges and the situation is likely to improve in the ongoing quarter. Certain select African markets are facing challenges due to currency devaluation and persistent inflation, he said. "However, considering the base effect in our assessment, the possibility of further decline in Africa is low. We feel that we will be doing better in Africa this year," he added. He further said: "Besides, Latin America gives us a huge opportunity. We have started exporting to LATAM. In Asia, we are seeing some challenges in Bangladesh, but we are hopeful that things will settle down soon." The Middle East is also a huge opportunity for TVS and the company is strengthening its operations in the region, he stated. For the April-June quarter this fiscal, <keyword id="46156" type="General" weightage="20" keywordseo="TVS-Motor" source="Orion">TVS Motor</keyword> Company reported a 6 per cent year-on-year increase in consolidated net profit at Rs 461 crore. Total income rose to Rs 10,448 crore for the period under review as compared to Rs 9,142 crore in the year-ago period.

TVS confident of outperforming industry in domestic, global markets following new product launches, ops strengthening

Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Tuesday announced <keyword id="20404375" type="General" weightage="20" keywordseo="income-tax-relief" source="keywords">income tax relief</keyword> for the <keyword id="20071167" type="General" weightage="100" keywordseo="middle-class" source="keywords">middle class</keyword>, a Rs 2 lakh crore outlay for <keyword id="22517841" type="General" weightage="20" keywordseo="job-creation-schemes" source="keywords">job creation schemes</keyword> over the next five years and a spending splurge for states run by her party's new coalition partners as she unveiled <keyword id="20509939" type="General" weightage="20" keywordseo="Modi-3-0" source="keywords">Modi 3.0</keyword> government's first budget after the general elections. With rural distress and unemployment being blamed for BJP losing its majority, Sitharaman in her seventh straight budget provided Rs 2.66 lakh crore for <keyword id="20027688" type="General" weightage="20" keywordseo="rural-development" source="keywords">rural development</keyword> and maintained spending on long-term infrastructure projects at Rs 11.11 lakh crore to boost <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword>. She abolished 'angel tax' for all classes of investors in startups, cut customs duty on mobile phones and gold and simplified capital gains tax. She, however, raised the securities transaction tax (STT) on futures and options of securities, which led to tanking of stock markets. "India's economic growth continues to be the shining exception (in a world that is gripped by policy uncertainties) and will remain so in the years ahead," she said. "In this budget, we particularly focus on <keyword id="19898684" type="General" weightage="20" keywordseo="employment" source="keywords">employment</keyword>, <keyword id="20374219" type="General" weightage="20" keywordseo="skilling" source="keywords">skilling</keyword>, MSMEs, and the middle class." Besides Rs 2 lakh crore provided over a five year period for schemes and initiatives to facilitate employment, skilling and other opportunities for 4.1 crore youth, "I have made a provision of Rs 1.48 lakh crore for education, employment and skilling," she said. For Bihar, where assembly elections are due next year, the finance minister announced spending of Rs 60,000 crore on infrastructure projects like expressways, power plant, heritage corridors and new airports. The support to Bihar, whose ruling party and BJP's partner JD-U has been demanding an economic package and special category status for the state, is in the form of capital projects but not subsidy or cash dole. Similarly, for Andhra Pradesh, whose ruling TDP recently joined BJP-led NDA, she allocated Rs 15,000 crore in financial aid through multilateral agencies. A similar request for support to Bihar will be expedited, she said. For the middle class, she raised standard deduction -- a flat deduction from total salary earned by an employee in a year before calculating applicable income tax rate -- by 50 per cent to Rs 75,000 and tweaked tax slabs for taxpayers opting for the new income tax regime. This will lead to taxpayers under the new tax regime -- which offers lower rates of taxes but permits limited deductions and exemptions -- saving up to Rs 17,500 in tax annually, she said. To spur employment, the Budget provided for incentives for companies, including paying for one-month salary for first-time employees, incentive at specified sale to both employee and empower with respect to their retirement fund contribution in the first four years of employment and reimbursing employers up to Rs 3,000 per month for 2 years towards EPFO contribution of each additional employee. Also, a programme to improve skills as well internship for students and subsidised loans for higher education will be provided, she said. India's official unemployment rate in urban areas is pegged at 6.7 per cent but private agencies put it at much higher levels. Buoyed by robust tax collections and a higher-than-expected dividend receipt from the Reserve Bank, Sitharaman said the government's fiscal deficit -- the difference between the total revenue earned and total expenditure -- will be trimmed to 4.9 per cent of the GDP in 2024-25, below the 5.1 per cent figure estimated in the interim budget she presented in February. She reduced gross market borrowing marginally to Rs 14.01 lakh crore. The Budget for 2024-25 fiscal (April 2024 to March 2025) allocated Rs 1.52 lakh crore for agriculture and allied sectors, aid for building 3 crore affordable housing units in urban and rural areas, provided credit support to small and medium businesses, raised small loans to Rs 20 lakh for small business, proposed setting up 12 industrial parks, and provided for setting up a Rs 1,000 crore venture capital fund for space sector.

Modi 3.0 1st Budget: Tax relief for middle class, Rs 2 lakh cr job scheme

<ul class="summary-list"><li><keyword id="22159313" type="General" weightage="20" keywordseo="Mississippi-County" source="keywords">Mississippi County</keyword> offers up to $50,000 for new home builds or renovations to attract residents.</li><li>The Work Here, Live Here program aims to boost the local economy and grow the population.</li></ul>Mississippi County, Arkansas wants to help residents build their <a target="_blank" href="https://www.businessinsider.com/buying-a-home-new-construction-shortage-supply-mortgage-rates-housing-2024-6">dream home</a>, as long as they agree to live in the area for at least four years. To accomplish this goal, it's offering up to $50,000 per household for a new home. The program — called Work Here, Live Here — is the county's effort to <a target="_blank" href="https://www.businessinsider.com/cities-that-pay-people-cash-money-to-move-there-2024-6">boost the local economy and grow the population</a>, which is just under 40,000 people, per the <a target="_blank" href="https://datacommons.org/place/geoId/05093?utm_medium=explore&amp;mprop=count&amp;popt=Person&amp;hl=en">2022 Census</a>. A two-and-a-half hour drive from Little Rock, the county borders Tennessee and includes cities like Blytheville and Osceola. Work Here, Live Here is organized and partially-funded through a group ofMississippi County industries, community groups, and financial institutions like Farmers Bank &amp; Trust. It first started providing resident and mover incentives in the fall of 2022. The county is one of the nation's<a target="_blank" href="https://markets.businessinsider.com/news/x"> top steel-producing areas</a>, President and CEO of Farmers Bank &amp; Trust Randy Scott told Business Insider. And, the incentive program is only available to employees of specific companies, like steel producers River Steel, US Steel, and Atlas Tube. Eight companies have partnered with Work Here, Live Here so far, and Scott expects more to join this month. "We want homeowners that are gonna stay here," Scott said. Mississippi County's incentive program is part of a recent wave of efforts across <keyword id="22159319" type="General" weightage="20" keywordseo="rural-America" source="keywords">rural America</keyword> to increase populations and local businesses. Areas like <a target="_blank" href="https://www.businessinsider.com/get-paid-move-work-remotely-cash-stipend-internet-kansas-2024-5">Lincoln County, Kansas</a>, <a target="_blank" href="https://www.businessinsider.com/left-washington-dc-moved-to-tulsa-remote-program-live-alone-2023-11">Tulsa, Oklahoma</a>, and Columbus, Georgia are paying people to move there, offering perks like discounted gym memberships, internet credits, tax breaks, and up to $10,000 in cash to new residents. Mover incentive programs have become especially popular in the aftermath of the pandemic, as <a target="_blank" href="https://www.businessinsider.com/dream-job-in-office-work-full-time-flexibility-benefits-2024-3">more jobs are remote or location flexible</a>. And, as the cost of living continues to rise in US cities — <a target="_blank" href="https://www.businessinsider.com/how-much-food-healthcare-housing-cost-most-expensive-us-cities-2024-2">especially on the coasts</a> — more prospective homebuyers are being priced out. Some are turning to these smaller cities and counties<a target="_blank" href="https://www.businessinsider.com/midwest-movers-gen-z-millennials-renters-single-california-texas-2024-2"> in the Midwest or South</a>. For Mississippi County, this growing housing demand has provided an opportunity to build their towns and cities. "They're going to be here for generations to come," Scott said. "They're your future registered voters, future school board members, future enrollments in the schools." <h2>With <keyword id="22159315" type="General" weightage="20" keywordseo="housing-incentives" source="keywords">housing incentives</keyword>, Mississippi County hopes to see population growth</h2>In the 20 months since Work Here, Live Here launched, the program has drawn 80 new homeowners to Mississippi County. And, according to Scott, the majority of them are <a target="_blank" href="https://www.businessinsider.com/house-affordability-crisis-13-young-americans-rely-family-down-payments-2024-3">first-generation homebuyers</a>, young people, and young families. The housing incentive program offers a 10% forgivable loan on a new <keyword id="22159321" type="General" weightage="20" keywordseo="home-construction" source="keywords">home construction</keyword> with a maximum home cost of $500,000, meaning some families can receive up to a $50,000 housing credit. Existing homes can receive a forgivable loan of up to 5%. Per data provided to BI fromWork Here, Live Here, the program has already led to the construction of 28 homes and 52 existing homes. The average price of homes purchased is $270,253 and the average benefit received is $28,767. "We will have an individual that gets the incentive," Scott said. "And within a week, everyone that works on his shift with him is calling us saying 'hey, how can I participate as well?"' Work Here, Live Here was initially focused on keeping residents who already lived in Mississippi County, but it has also attracted homebuyers from out of state, Scott said. Participants have come from Missouri, Alabama, Mississippi, Wisconsin, Michigan, Colorado, and Ohio. As more families move to or settle in Mississippi County, Scott expects it will have a positive effect on businesses, the school system, and public spaces. Now, he and other northeast Arkansas leaders want to get the word out. "Once we start having population increase — and there's no reason why we shouldn't with other jobs we have created — the quality of life will follow," Scott said. "You'll get the restaurants, you'll get the retail shops, you'll get the amenities." Have you been paid to move? Are you open to sharing your pros and cons of moving to a new city? If so, reach out to this reporter at <a target="_blank" href="mailto:allisonkelly@businessinsider.com">allisonkelly@businessinsider.com</a>. Correction: June 21, 2024 — An earlier version of this story incorrectly stated the incentives for Work Here, Live Here. The program provides funds for the purchase of a home, not home renovations.

You Searched For "rural demand" and got 4 results

Rural economy is driving India's growth, Govt capex in infra will stimulate it: Anand Rathi report

ANI

TVS confident of outperforming industry in domestic, global markets following new product launches, ops strengthening

PTI

Modi 3.0 1st Budget: Tax relief for middle class, Rs 2 lakh cr job scheme

PTI

An Arkansas county doesn't want families to move. It's offering them up to $50,000 to buy a new home.

Allie Kelly

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