Union Finance Minister Nirmala Sitharaman has said that India has saved theft of about 40 billion dollars through Direct Benefit Transfer in the last 8 years. During a talk at the University of Pennsylvania during his two-day visit to America, the Finance Minister said that various ministries and departments of the Government of India are involved in Direct Benefit Transfer. He said that during the last 8 years, Modi government has transferred more than 450 billion dollars through DBT. By adopting the medium of direct benefit transfer, theft of $40 billion could be stopped. He also said that being a Finance Minister, it is a matter of pride for me. Digitalization under the leadership of Prime Minister Modi has brought a big change in the country’s economy.
Private investment in space sector startups
The Government of India has taken important steps to encourage start-ups in the space sector. To promote private investment in the space sector, the government has approved venture capital of Rs 1,000 crore for start-ups. The industry has considered it a game changer and welcomed it wholeheartedly. Information and Broadcasting Minister Ashwini Vaishnav said that it will be jointly operated by the Indian National Space Promotion and Authorization Center and the Indian Space Research Organization.
A meeting in this regard was held under the chairmanship of Prime Minister Narendra Modi, after which it was approved. Investments will be made in two phases in 30-35 space start-ups. The first phase will be of Rs 5-10 crore and thereafter Rs 10-60 crore will be invested. Prime Minister Modi said that this is very good news for the space sector. The Cabinet’s decision to set up a venture capital fund dedicated to the space sector will have an impact on the youth.
Two rail projects in Bihar-Andhra Pradesh
The Union Cabinet has gifted two railway projects worth Rs 6,798 crore to Bihar and Andhra Pradesh. The objective of both these projects is to improve connectivity in Bihar and Andhra Pradesh. Doubling of Narkatiaganj-Raxaul-Sitamarhi-Darbhanga and Sitamarhi-Muzaffarpur railway sections has been approved for Bihar. Its total length is 256 kilometers. Whereas for Andhra Pradesh, construction of a 57 km long new railway line between Errupalem and Namburu via Amaravati has been approved.
Doubling of railway lines in Bihar will improve connectivity with Nepal, Northeast India and border areas. Union Minister Ashwini Vaishnav said that this project in North Bihar includes the construction of about 40 major bridges, which will create an important corridor on the India-Nepal border.
Compassionate pension till the age of 80
The Central Department of Pension and Pensioners’ Welfare (DoPPW) has decided to provide compassionate pension till the age of 80 years. Guidelines have been issued in this regard. As per the guidelines, additional compassionate allowance will be payable in the following manner.
- From 80 to 85 years of age: 20 percent of basic pension/compassionate allowance.
- From 90 to 95 years of age: 40 percent of basic pension/compassionate allowance.
- From 95 to 100 years of age: 50 percent of basic pension/compassionate allowance.
- 100 years or more: 100 percent of basic pension/compassionate allowance.
gift of festival special trains
In view of the rush during the festival, the Railway Ministry has decided to run 7,000 additional special trains. Regarding Diwali and Chhath, Union Minister Ashwini Vaishnav said that last year 4,429 special trains were operated whereas this year it has been increased. He told that these special trains are being run in addition to the election special trains for Jharkhand and Maharashtra. According to the Railway Minister, 136 additional trains have been scheduled daily for Diwali, while for Chhath, 145 additional trains will run on 2, 3 and 4 November. Ashwini Vaishnav said that for Diwali, special arrangements have been made at various stations along with additional ticket counters, catering arrangements, drinking water facilities and additional security arrangements.
Contribution of freight corridor to GDP
Australia’s University of New South Wales has conducted a special study on India’s Dedicated Freight Corridor (DFC). According to this study, freight corridors will contribute ₹ 16,000 crore to the country’s GDP. The share of DFC in the revenue growth of Indian Railways from FY 2018-19 to FY 2022-23 was 2.94%, which was more than 10% of rail freight traffic. According to the University of New South Wales, the contribution of India’s existing Dedicated Freight Corridor (DFC) to the country’s GDP is going to increase. According to Dedicated Freight Corridor Corporation of India Limited (DFCCIL), reduction in freight cost and travel time due to operation of Western DFC (WDFC) has helped in reducing commodity prices by 0.5%.
Fewer private sector projects are stalling
During the tenure of the present government, the number of stalled projects in the private sector has decreased rapidly. According to famous market expert Ambrish Baliga, this is a sign of better investment. The number of closures of private projects is at its lowest level in the last decade. In the opinion of experts, this improvement has come due to renewed focus on the investment cycle. The October 21 bulletin of the Reserve Bank of India said, this is the time for private investment. According to the September quarter data of the Center for Monitoring Indian Economy (CMIE), currently 4.61 percent of the pending projects are stalled. In March 2020 it was 10.53 percent.
Strength in business sector in October
India’s private sector economy has become stronger than before in October. This assessment has been made in the latest HSBC Flash PMI survey of S&P Global. The economy has improved due to the arrival of new products in the market and increased business activities of many companies. Many companies have also encouraged and recruited additional employees. Production and sales rates have increased. Overall the market improved. Even the service sector has improved in October and recruitment has already increased. The HSBC Flash India Composite Output Index measures the combined output of India’s manufacturing and service sectors every month.
India’s growth in Asia Pacific region
In recent years, India is being seen as a growth engine in the Asia Pacific region. According to a survey by the German Chambers of Commerce Abroad (AHK), India remains the driving force for German investment in this region. This survey has been conducted among about 820 member companies in Asia Pacific and Greater China region. In the survey, 51% of German companies based in India want to increase their investment in the coming 12 months. The survey also revealed that there has been a decline in the investment intentions of companies in Greater China. 28% of companies in China want to reduce their investment in the coming years.
Along with Germany, Austria and Switzerland have also expressed their desire to increase investment in India. Swiss Business Hub India and Switzerland Global Enterprise organized a conference in New Delhi on 24 October. Union Minister Nitin Gadkari also attended this conference. The objective was to inform Indian companies, banks and government institutions about the benefits of working with ECA. During this it was told that the Indian economy is growing at a rapid pace.
1 year, 82 IPOs, 1 trillion
Significant activities have been witnessed in the Indian market from Diwali 2023 to 2024. 82 companies have raised an amount of Rs 1.08 trillion. The IPO of Bajaj Housing Finance Limited has received tremendous response. Bids worth Rs 3.2 trillion were received for the Rs 6,560 crore offer. This figure is likely to increase.
South Korean automobile manufacturer Hyundai Motors was at the forefront of this campaign, which entered the Indian market with an IPO of Rs 27,000 crore. This is the biggest amount till date.
Taiwanese electronics giant Foxconn has purchased equipment worth $31.8 million (about Rs 267 crore) for a factory in India. Manufacturing of iPhone 16 Pro series is about to start in Tamil Nadu unit. This is the first time that Apple’s high-end iPhone Pro series will be made in a country other than China.
new flight in airspace
Airbus is expected to have more than 5,000 direct employees in India. The company aims to acquire services and components worth $2 billion from the country in the next few years. According to Remi Maillard, President and Managing Director of South Asia, Airbus India, the company’s business with India is gaining new momentum. At present the aircraft manufacturing company directly employs about 3,500 people in India. Airbus is expected to have more than 5,000 direct employees in India.
India’s aviation sector has reached new heights. The government is planning to develop 50 new airports in 5 years. Civil Aviation Minister K Rammohan Naidu said that the government is planning to set up 50 additional airports in the next 5 years. Its objective is to promote employment along with the airport infrastructure of the country.
