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Mumbai, Jan 22 () The Export-Import Bank of India (Exim Bank) on Wednesday said it has extended USD 35.80 million (about Rs 250 crore) line of credit to Suriname government to fund the country's rural electrification programme.
 The line of credit (LOC) is meant for financing rural electrification through solar DG hybrid PV systems in 50 remote villages of Suriname, the bank said in a statement.
 With the latest round of funding, the Indian government has till date extended nine LOCs to Suriname, totalling USD 124.98 million (about Rs 890 crore). 
 The projects covered under LOCs extended to Suriname include power, water supply, purchase of helicopters, and rehabilitation and upgradation of milk processing plant.
 With this agreement, Exim Bank has now in place 258 LOCs covering 64 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 25.48 billion available for financing exports from India. 
 Besides promoting India's exports, the bank's LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets. HV RVK

Exim Bank extends USD 35.80 mn line of credit to Suriname for rural electrification

<keyword id="46436" type="General" weightage="100" keywordseo="rec" source="Orion">REC</keyword> Ltd has been accorded the status of a 'Maharatna' central public sector enterprise (<keyword id="175867" type="General" weightage="50" keywordseo="cpse" source="Orion">CPSE</keyword>), thus giving it greater operational and financial autonomy. An order to this effect was issued by the Department of Public Enterprises, under the Ministry of Finance, on Wednesday. Incorporated in 1969, REC is a non-banking finance company (NBFC), focussing on power sector financing and development across <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword>. It comes under the aegis of Power Ministry. The granting of 'Maharatna' status to REC will impart enhanced powers to the company's board while taking financial decisions, a company statement said. The board of a 'Maharatna' CPSE can make equity investments to undertake financial joint ventures and wholly-owned subsidiaries and undertake mergers and acquisitions in India and abroad, subject to a ceiling of 15 per cent of the net worth of the CPSE concerned, limited to Rs 5,000 crore in one project. The board can also structure and implement schemes relating to personnel and human resource management and training. With this, REC can also enter into technology joint ventures or other strategic alliances among others. Chairman and Managing Director of REC, <keyword id="765" type="General" weightage="50" keywordseo="vivek" source="Orion">Vivek</keyword> <keyword id="15053160" type="General" weightage="50" keywordseo="kumar-dewangan" source="Orion">Kumar Dewangan</keyword> said that REC achieved this feat owing to its adaptability, resilience and consistent performance even during the global Covid-19 pandemic. "In FY22, REC made its highest ever net profit of Rs 10,046 crore and reached a net worth of Rs 50,986 crore, owing to its cost-effective resource management and strong financial policies," he said. REC (earlier known as <keyword id="64468" type="General" weightage="50" keywordseo="rural-electrification-corporation" source="Orion">Rural Electrification Corporation</keyword>) has contributed towards achieving village and household electrification in the country. Some key Maharatna CPSEs in India are ONGC, NTPC, Indian Oil Corporation and BHEL, among others. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/rupee-slumps-51-paise-to-all-time-low-of-80-47-against-us-dollar/articleshow/94367387.cms">Rupee slumps 51 paise to all-time low of 80.47 against US dollar</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/dot-proposes-fee-penalty-waiver-under-new-telecom-rules/articleshow/94367368.cms">DoT proposes fee, penalty waiver under new telecom rules</a>

REC gets 'Maharatna' company status

(Image source- Reuters) <ul><li>The Indian Cabinet has approved the sale of a 52.63% stake in infrastructure financier <keyword id="112060" type="CITY" weightage="20" keywordseo="Rural-Electrification-Corp">Rural Electrification Corp</keyword> (REC) to another state-run power lender, <keyword id="77463" type="COMPANY" weightage="20" keywordseo="Power-Finance-Corporation">Power Finance Corporation</keyword> (PFC). </li><li>The deal will also see the transfer of management control to PFC, which is India’s largest lender to the power sector, and create a power financing behemoth. </li><li>The major impetus behind the deal is to help the Indian government meet its <keyword id="44532" type="PERSON" weightage="20" keywordseo="Disinvestment">disinvestment</keyword> target of ₹800 billion for the year and the <keyword id="6365485" type="DEFINITION" weightage="20" keywordseo="Fiscal-Deficit">fiscal deficit</keyword> target of 3.3% of GDP. It is expected to raise around ₹140 billion from the sale.</li></ul> In a bid to meet its disinvestment targets for the year, the Cabinet of the <keyword id="6354642" type="PERSON" weightage="20" keywordseo="Modi">Modi</keyword> government has <a href="http://www.pib.nic.in/PressReleseDetail.aspx?PRID=1554933">approved</a> the sale of a 52.63% stake in infrastructure financier Rural Electrification Corp (REC) to another state-run power lender, Power Finance Corporation (PFC). Once the transaction is completed, the government will retain a 6% stake in REC. The deal will also see the transfer of management control to PFC, which is India’s largest lender to the power sector, creating a power financing behemoth. Under the proposed terms of the deal, REC will become a subsidiary of PFC and retain its separate identity. The two government-owned financiers operate in the same space at the moment, which is why the idea of a <keyword id="42411" type="PERSON" weightage="20" keywordseo="Merger">merger</keyword> came about. REC largely focuses on providing financial support to companies engaged with power generation and transmission while PFC is primarily a non-banking financial company in the power infrastructure sector. The decision marks a reversal from an earlier proposal for REC to buy out PFC. That proposal was struck down because it was determined that it would be easier for PFC to raise the funds to finance the deal since it was larger. While the supposed objective of the sale is to help REC and PFC capitalise on synergies, raise funds with greater ease and provide cheaper financing to the sector, the main aim of the Indian government is to meet its disinvestment target of ₹800 billion for the year and fiscal deficit target of 3.3% of GDP. To date, it’s only raised <a href="https://www.livemint.com/Politics/sgsUZRUC78eXn6dVXYzk8M/Cabinet-approves-sale-of-govts-stake-in-REC-to-PFC.html?utm_source=scroll&amp;utm_medium=referral&amp;utm_campaign=scroll">₹327 billion</a> following the botched <keyword id="2573" type="COMPANY" weightage="20" keywordseo="Air-India">Air India</keyword> sale. The government is expected to raise as much as ₹140 billion from the sale of the majority stake in REC, which will be a much-needed boost to its coffers. However, the deal may come at a greater cost than intended. Power is one of the problem sectors of the Indian economy, as financiers to the sector are weighed down with over <a href="https://www.bloombergquint.com/business/india-banks-said-to-plan-resolving-19-billion-power-sector-debt#gs.9uL3Okw">₹1 trillion </a>in bad loans. Both REC and PFC suffer from shaky balance sheets, so their intended merger could exacerbate the financial strain at the latter. At the end of <a href="https://www.bloombergquint.com/business/cabinet-approves-sale-of-governments-stake-in-rec-to-pfc#gs.ZHw3cuc">September 2018,</a> PFC was saddled with ₹283 billion worth of gross non-performing loans while REC had around ₹204 billion of gross bad loans on its books, according to BloombergQuint. The deal could see PFC’s credit profile deteriorate further as it will have to raise a lot of debt capital to fund the purchase. To prevent this, it will probably have to liquidate some asset holdings. SEE ALSO: <a href="https://www.businessinsider.in/the-indian-government-is-trying-to-make-its-struggling-national-carrier-an-attractive-acquisition-target-by-selling-off-a-profitable-subsidiary/articleshow/66841033.cms">The Indian government is trying to make its struggling national carrier an attractive acquisition target by selling off a profitable subsidiary</a> <a href="https://www.businessinsider.in/indias-government-is-selling-a-minority-stake-in-the-nations-largest-coal-producer-as-it-tries-to-meet-its-disinvestment-targets-for-the-year/articleshow/66444890.cms">India’s government is selling a minority stake in the nation’s largest coal producer as it tries to meet its disinvestment targets for the year</a>

The Indian government is selling a majority stake in Rural Electrification Corp in a deal that will create a power financing giant

Union Finance Minister <keyword id="19916618" type="General" weightage="100" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> highlighted India's significant progress in electrification, <keyword id="23692737" type="General" weightage="20" keywordseo="water-accessibility" source="keywords">water accessibility</keyword>, and <keyword id="20879840" type="General" weightage="20" keywordseo="economic-empowerment" source="keywords">economic empowerment</keyword> during a fireside chat with John J Hamre, President and CEO of the Center for Strategic and International Studies (CSIS), in Washington, DC. Highlighting the progress made in <keyword id="23003732" type="General" weightage="20" keywordseo="rural-electrification" source="keywords">rural electrification</keyword>, <keyword id="19916494" type="General" weightage="20" keywordseo="sitharaman" source="keywords">Sitharaman</keyword> highlighted that every village in India now has access to electricity. She noted that in 2014, many villages across India, including those near state capitals, lacked even basic infrastructure for electrification. She said "I don't think any village in India is unelectrified today. Households have received the connections. So, if I remember the situation in 2014, there were still many villages in many parts of India, some even very close to the state capital, provincial headquarters, without even a pole to receive the electric wires. Now, all that has been overcome. Houses have got their electricity." The Finance Minister also discussed the <keyword id="19971121" type="General" weightage="20" keywordseo="Jal-Jeevan-Mission" source="keywords">Jal Jeevan Mission</keyword>, a program initiated by Prime Minister Narendra Modi to provide tap water connections to every household. She explained, "Earlier, one tap water connection was provided to a village, from where everyone would take water to their home. But under the 'Jal Jeevan Mission,' each and every house gets a tap water connection." Sitharaman emphasized the positive impact of this initiative on health, sanitation, and convenience for millions of Indian families. Turning to the economic empowerment of <keyword id="20101496" type="General" weightage="20" keywordseo="municipalities" source="keywords">municipalities</keyword> and urban centers, Sitharaman noted that these local governments are receiving increased autonomy and financial support. She explained that municipalities receive a portion of taxes collected by the central government, along with additional funds based on the Finance Commission's recommendations. "Over and above, today, we are enhancing their capacities to raise resources from the market. Municipalities are a very powerful instrument of economic development and they, on their own, are raising a lot of resources," she added. Sitharaman also expressed confidence in India's economic growth and its appeal to <keyword id="20632552" type="General" weightage="20" keywordseo="global-investors" source="keywords">global investors</keyword>. "The policies are working, reforms are happening, and they shall continue to happen," she stated, adding that "greater liberalisation of the economy will be there and, in a way, we are accessing newer markets and speaking about the <keyword id="19948184" type="General" weightage="20" keywordseo="Indian-economy" source="keywords">Indian economy</keyword> in more avenues and platforms that will attract more investors." With ongoing reforms and increased global engagement, Sitharaman noted, India is solidifying its position as a significant player on the world stage, expanding its economic reach and inviting foreign investment.

No village in India left without access to electricity, claims FM Nirmala Sitharaman

In a bid to raise Rs 10,000 crore, the <keyword id="87432" type="ORGANIZATION" weightage="20" keywordseo="National-Highways-Authority-of-India">National Highways Authority of India</keyword> (NHAI) is starting sale of tax-free bonds, thereby giving retail investors an opportunity to ensure steady returns. 
 
Investors, who will get 7.39-7.60 per cent interest on paper with 10-15 year maturities, will be able to invest up to 40 per cent of the total issue size. 
 
"We expect the 10-year (benchmark) yield will move towards 7.64 per cent from 7.78 per cent now. The subscription will go through easily," Deepak Panjwani, head of debt markets at GEPL Capital, told ET. 
 
NHAI is not new as NTPC, Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) have also come out with such bonds at Rs 750 crore each.

NHAI rolls out attractive tax-free bonds
with 15-year maturities

<ul><li>With economic actvities resuming gradually across the country, the power consumption data may come as a breather for stocks in the power sector. </li><li>The power consumption in July 2020 was just 2.6% short of the demand exactly a year earlier.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/" data-type="tilCustomLink" target="_blank">Business Insider</a>.</li></ul>The slump in power consumption has narrowed to just 2.64% in July at 113.48 billion units (BU) indicating spurt in economic activity and raised hopes that it would touch normal level this month. Power consumption in July last year was at 116.48 BU, as per power ministry data. The latest data of the power ministry shows that power consumption has improved after government started giving relaxations for economic activities and onset of summer. "The slump in power consumption has narrowed down considerably to 2.6 per cent. It is expected to be at normal level (what it was last year in same month) during August. There could be growth in power demand in coming days with expansion in economic activities," an industry expert told PTI. This data may come as a breather for stocks in the power sector that have been reeling under the pessimism about their prospects in the near term. <table style="width: 226pt;"> </colgroup> <tbody><tr> <td class="xl63" style="height:15.0pt;width:141pt">Stock</td> <td class="xl63" style="border-left-width: initial; border-left-style: none; width: 85pt;">Last one month</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">NTPC</td> <td class="xl64" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-9.19%</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Reliance Power</td> <td class="xl64" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-22.53%</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Adani Power</td> <td class="xl64" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-1.67%</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Tata Power</td> <td class="xl64" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">8.58%</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">JSW Energy </td> <td class="xl64" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-2.65%</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">CESC</td> <td class="xl64" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-11.65%</td> </tr> <tr> <td class="xl63" style="height: 15pt; border-top-width: initial; border-top-style: none;">Torrent Power </td> <td class="xl64" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">2.10%</td> </tr></tbody></table> The months of April, May and June this year witnessed low power consumption on account of lower commercial and industrial activities due to COVID-19-related restrictions. However, as the economy slowly reopened, peak power demand met, the highest energy supply during the day across the country, was at 170.54 GW in July, down 2.61% compared to a year ago. <table style="width: 247pt;"> </colgroup> <tbody><tr> <td class="xl65" style="height:15.0pt;width:48pt">Month</td> <td class="xl65" style="border-left-width: initial; border-left-style: none; width: 128pt;">Peak power demand met</td> <td class="xl65" style="border-left-width: initial; border-left-style: none; width: 71pt;">Growth (YoY)</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">April</td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">132.77 GW</td> <td class="xl68" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-25%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">May </td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">166.42 GW</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-8.82%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">June </td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">164.94 GW</td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-9.50%</td> </tr> <tr> <td class="xl65" style="height: 15pt; border-top-width: initial; border-top-style: none;">July</td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">170.54 GW </td> <td class="xl66" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-2.61%</td> </tr></tbody></table> The return of industrial demand will bode well for power distribution companies like Tata Power, Adani Power and Reliance Power, as well as the ones owned by state governments, because they make wider margin on supply to industries than to households. This will ease the stress on the financials and the need for additional loans from companies like Power Finance Corporation and Rural Electrification Corporation of India. <table style="width: 226pt;"> </colgroup> <tbody><tr> <td class="xl65" style="height:15.0pt;width:141pt">Stock</td> <td class="xl65" style="border-left-width: initial; border-left-style: none; width: 85pt;">Last one month</td> </tr> <tr> <td class="xl66" style="height: 15pt; border-top-width: initial; border-top-style: none;">Power Finance Corp</td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-3.75%</td> </tr> <tr> <td class="xl66" style="height: 15pt; border-top-width: initial; border-top-style: none;">Rural Electrification Corp</td> <td class="xl67" style="border-top-width: initial; border-top-style: none; border-left-width: initial; border-left-style: none;">-7.35%</td> </tr></tbody></table> An earlier estimate by ratings agency <a href="https://www.livemint.com/news/india/power-demand-to-shrink-3-4-this-fiscal-as-states-return-to-lockdown-icra-11595261269964.html" data-type="tilCustomLink" target="_blank">ICRA had projected a 5% to 6% decline</a> in nationwide demand for power for the full year ending March 2021. With inputs from PTI SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/policy/economy/news/e-invoice-under-gst-these-businesses-need-not-prepare-electronic-invoices-up-to-a-revenue-of-500-crore-any-more/articleshow/77299435.cms">E-invoice under GST: These businesses need not prepare electronic invoices up to a revenue of ₹500 crore any more</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/policy/economy/news/e-invoice-under-gst-these-businesses-need-not-prepare-electronic-invoices-up-to-a-revenue-of-500-crore-any-more/articleshow/77299435.cms"></a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/marutis-july-sales-data-sparks-hope-for-other-carmakers/articleshow/77298443.cms">Maruti's July sales data sparks hope for other carmakers</a><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/marutis-july-sales-data-sparks-hope-for-other-carmakers/articleshow/77298443.cms"></a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/here-are-all-the-startups-that-raised-funding-in-july/articleshow/77297781.cms">Here are all the startups that raised funding in July</a>

Watch out for stocks like Adani Power, Tata Power, PFC and REC as electricity consumption nears pre-COVID levels

India improved its position in the global 'ease of getting electricity' ranking and moved up by 73 ranks at 26th position. The compounded annual growth in power prices in the 2014-16 period stood at 3.27% against 5.94% through the last 10 years between 2004 and 2014. In 2014, India was at 99th spot. The game changed after Prime Minister Narendra Modi-led government boosted rural electrification programme in the last three years. Also, solar power tariff went below coal-fired power for a project at Bhadla solar park in Rajasthan, recently. "India is taking rapid strides in terms of commitment and target for promoting energy conservation and efficiency. Traditionally India's stand has been what the world was ready to do to help us go green. Finally, we are able to tell the world that we will do whatever it takes to improving our pollution levels to meet the challenges of climate change, irrespective of what the world does," said India’s Power Minister <keyword id="6355222" type="PERSON" weightage="20" keywordseo="Piyush-Goyal">Piyush Goyal</keyword>.

India improves in ‘ease of getting electricity’ ranking; now at 26th spot

The immediate priority of finance minister of India is to improve GDP growth and employment rates while keeping the targets of fiscal consolidation (3.5% of GDP in 2016-17) under control. Based on past few quarters’ results of corporate sector, we see demand hasn’t yet picked up. One of the main reasons is lack of rural demand, low rise in urban consumption and high food inflation. Based on this we think our finance minister should focus on sectors which could have a large scale impact to revive the <keyword id="34412" type="ORGANIZATION" weightage="20" keywordseo="economy">economy</keyword> while providing enough employment to receive the benefits of India’s demographic dividend. These sectors include Agriculture, Infrastructure and Healthcare sector. 
 
1. Agriculture &amp; Rural economy 
Indian Agriculture sectors contributes around 17% to overall GDP, however, 49% of India's workforce is dependent on it. Overall GDP growth rate is round 7.5% while Agri-growth stutters around 1.7% (Down from 4% AGR in 11th Plan). Drought in last two years has made the situation worse by pushing marginalised farmers and agricultural labourers to the brink, leading to massive agrarian distress. 
 · The <keyword id="6355532" type="PERSON" weightage="20" keywordseo="Mahatma-Gandhi">Mahatma Gandhi</keyword> National Rural Employment Guarantee Scheme (MGNREGS) has been successful in providing employment to India’s rural poor and improve their livelihoods. A study NCAER found that the MGNREGS “has reduced poverty overall by up to 32% and has prevented 14 million people from falling into poverty.” Budget allocated should be increased to Rs. 40,000 cr from current allocation of Rs.34, 699 cr as the current allocation is not sufficient to cover the increased demand. Govt. needs to make it demand-driven programme i.e. allocating resources to states and districts based on poverty level &amp; exposure to drought. Making state &amp; local bodies accountable by monitoring KPIs (Employment level, Assets etc). 
 
· Reliable, faster and effective rural electrification by investing &amp; promoting renewable energy sources (bio-gas, solar, wind etc.) under an integrated rural electrification framework. 
 · Crop insurance schemes in India covers merely 23% of farmers. Pradhan Mantri Fasal Beema Yojna (PMFBY) needs to employ technology and innovation in crop insurance by assessing farm-level damage through satellites &amp; drones, linking farmer’s farm to Aadhar number and transferring the amount directly to account. Out of total sown area of 141 million hectare only 45% (65 million hectare) is covered under irrigation. Pradhan Mantri Krishi Sinchai Yojana (PMKSY), launched in 2015, needs to achieve convergence of <keyword id="6362476" type="ORGANIZATION" weightage="20" keywordseo="investments">investments</keyword> by Integration of water source, distribution and farm level applications. Using MSP as insurance mechanism rather than structural tool. 
 
· National Agriculture Market instead of current Mandi system, which suffers from cartelization of intermediaries’ problem, to enable farmers to discover the true price of their product. 
 
2. Infrastructure Sector Investment in infrastructure must give a boost to rail, road, irrigation and ports. Infrastructure has a high multiplier effect and goes a long way in creating sustainable GDP growth. Ports will help boost up trade and rail &amp;road will push activity within the country. Sufficient funds to be allocation to meet NHAI target of 30km/day. <keyword id="547488" type="UNKNOWN" weightage="20" keywordseo="tax-incentives">Tax incentives</keyword> for multi cargo ports with handling capacity of more than 100 MTPA will boost India’s exports. Withdrawal of minimum alternate tax in a calibrated manner must be done. Government should privatize managing of smaller airports and modernization of atleast 400 railway stations should be done in next year. Further atleast 30GW of renewable energy capacity can be established majorly through wind and solar. Accelerated depreciation benefit should be extended to wind sector apart from solar. 
 
3. Healthcare Sector 
In healthcare government should increase allocation to public healthcare by increasing it to 2% of GDP from current 1%. There must be tax holidays given to the pharma sector and the sunset clause on weighted deductions must be extended as India has the potential to become pharmacy of the world. These deductions on R&amp;D will go a long way on propelling innovation in pharma. Universal health insurance should be carried out through Jan Dhan-Aadhar-Mobile which will benefit patients and increase access thus helps us materialize our demographic dividend. 
 
 The article has been written by Devendra Meel and Sahil Makkar. 
 
(Devendra is a first year PGP student at IIM Bangalore. He has served on the program management &amp; strategy team of RIL's 4G venture. He holds a degree in electronics &amp; communication engineering, and takes strong interest in economics, governance &amp; political issues, reading and cricket) 
 
(Sahil is a first year PGP student from IIM Bangalore. Prior to this he has worked two years in R&amp;D division of Samsung. He is a graduate in Electrical engineering from IIT Bhubaneswar. He is an avid follower of cricket and has interest in economics and finance)

Budget 2016: It's time to create a long lasting impact

<ul><li>The government has ‘delivered’ on its promise to electrify all 597,464 inhabited villages in India.</li><li>A village is considered electrified if 10% of its households and public places — schools, panchayat office and health centre — have access to power. </li><li>Only 1416 villages have achieved 100% household connectivity.</li></ul>On Saturday, <keyword id="6359754" type="UNKNOWN" weightage="20" keywordseo="manipur">Manipur</keyword>'s <keyword id="6483825" type="UNKNOWN" weightage="20" keywordseo="Leisang-village">Leisang village</keyword> became the last non-electrified inhabited village to gain access to electricity. With that, the government has ‘delivered’ on its promise to electrify all 597,464 inhabited villages in India, 1000 days from when Prime Minister Modi made the commitment to do so on 15 August 2015. In fact, they delivered a little before time. It helped that 577,000 villages already had access to electricity before the pledge was made. However, what’s to be noted is that a village is considered electrified if the basic infrastructure, such as distribution transformer and lines, have been set up in the inhabited localities, including Dalit hamlets, and 10% of its households and public places — schools, panchayat office and health centre — have access to power. The NDA government launched the ₹760 billion Deendayal Upadhyaya Gram Jyoti Yojana (DDUGJY) on 25 July 2015. The original target was to provide electricity to 18,452 unelectrified villages, which was later bumped up to 19,727 villages. However, as on 20 April 2018, of the total number of ‘electrified’ villages, only 1416 villages have achieved 100% household connectivity, according to the data on the <a href="http://garv.gov.in/dashboard#4" data-type="tilCustomLink">Grameen Vidyutikaran (rural electrification) website.</a> Former Power Secretary, P Uma Shankar told the <a href="https://timesofindia.indiatimes.com/india/all-indian-villages-now-have-access-to-power-supply/articleshow/63965591.cms" data-type="tilCustomLink">Times Of India</a>, "Village electrification means that the infrastructure to supply power has now reached certain parts of the village. The next step should be to focus on providing connection to all households and ensuring adequate power supply to these homes." On accomplishing the goal, a chuffed Prime Minister Modi tweeted yesterday: “Leisang village in Manipur, like the thousands of other villages across India has been powered and empowered!” He also tweeted the following: 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 The <keyword id="1575" type="ORGANIZATION" weightage="20" keywordseo="Congress">Congress</keyword>, however, was quick to call the government out on the obvious gloating, claiming that it was taking “fake credit”. Congress spokesperson Randeep Singh Surjewala pointed out that about 97% of nearly 6.5 lakh villages were already electrified by the time the current government came to power. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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