The environment changed due to the success of the projects.
Union Finance Minister Nirmala Sitharaman claimed that India has prevented the theft of around $40 billion through direct benefit transfer in the last 8 years. Speaking at the University of Pennsylvania during his two-day visit to the United States, the Finance Minister said that several ministries and departments of the Government of India are involved in Direct Benefit Transfer. He said that over the last eight years the Modi government has transferred more than $450 billion through the DBT. By adopting the means of direct benefit transfer, the theft of $40 billion could be stopped. He also said that being Finance Minister is a source of pride for me. Digitalization under the leadership of Prime Minister Modi has brought about a big change in the country’s economy.
Private investment in startups in the space sector
The Government of India has taken important steps to encourage business creation in the space sector. To promote private investment in the space sector, the government has approved a venture capital of Rs 1,000 crore for startups. The industry considered it a turning point and embraced it wholeheartedly. Information and Broadcasting Minister Ashwini Vaishnav said it will be jointly operated by India’s National Space Promotion and Authorization Center and the Indian Space Research Organisation.
A meeting in this regard was held under the chairmanship of Prime Minister Narendra Modi, following which it was approved. The investments will be made in two phases in between 30 and 35 new space companies. The first phase will be Rs 5-10 million and subsequently Rs 10-60 million will be invested. Prime Minister Modi said that this is very good news for the space sector. The Cabinet’s decision to create a venture capital fund dedicated to the space sector will have an impact on youth.
Two railway projects in Bihar-Andhra Pradesh
The Union Cabinet has donated two railway projects worth Rs 6,798 crore to Bihar and Andhra Pradesh. The objective of both the 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. In Andhra Pradesh, construction of a new 57 km long 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 this project in north Bihar includes construction of around 40 major bridges, which will create a major corridor on the India-Nepal border.
Compassionate pension up to age 80
The Central Department of Pension and Pensioners Welfare (DoPPW) has decided to grant compassionate pension up to the age of eighty. Guidelines have been issued in this regard. Under the guidelines, the additional compassionate allowance will be paid as follows.
- From 80 to 85 years: 20 percent of the basic pension/compassionate allowance.
- From 90 to 95 years: 40 percent of the basic pension/compassionate allowance.
- From 95 to 100 years: 50 percent of the basic pension/compassionate allowance.
- Age 100 or older: 100 percent of basic pension/compassionate allowance.
festival special trains gift
In view of the huge rush during the festival, the Ministry of Railways has decided to run 7,000 additional special trains. Regarding Diwali and Chhath, Union Minister Ashwini Vaishnav said that 4,429 special trains were operated last year, while this year it was increased. He said these special trains 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 November 2, 3 and 4. 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 the freight corridor to GDP
Australia’s University of New South Wales has carried out a special study on India’s Dedicated Freight Corridor (DFC). According to this study, freight corridors will contribute Rs 16,000 crore to the country’s GDP. DFC’s share in Indian Railways’ revenue growth from FY 2018-19 to FY 2022-23 was 2.94%, which accounted for more than 10% of rail freight traffic. According to the University of New South Wales, the contribution of India’s current Dedicated Freight Corridor (DFC) to the country’s GDP is set to increase. According to Dedicated Freight Corridor Corporation of India Limited (DFCCIL), reduction in freight costs and travel time due to operation of Western DFC (WDFC) has helped reduce raw material prices by 0.5% .
Fewer private sector projects are stalled
During the tenure of the current government, the rate of project stagnation in the private sector has decreased. According to famous market expert Ambrish Baliga, this is a sign of a better investment. The closure rate of private projects is at its lowest level in the last decade. In the opinion of experts, this improvement is due to renewed attention to the investment cycle. The Reserve Bank of India’s October 21 bulletin said: “This is the time for private investment.” According to September quarter data from the Center for Monitoring Indian Economy (CMIE), currently 4.61 per cent of pending projects are stalled. In March 2020 it was 10.53 percent.
Strength of the business sector in October
India’s private sector economy has become stronger than before in October. This assessment has been made in S&P Global’s latest HSBC Flash PMI survey. The economy has improved due to the arrival of new products on the market and the increase in commercial activity of many companies. Many companies have also encouraged and hired additional employees. Production and sales rates have increased. Overall, the market improved. Even the services sector improved in October and hiring has already increased. The HSBC Flash India Composite Production Index measures the combined output of India’s manufacturing and services sectors each month.
India’s growth in the Asia Pacific region
In recent years, India is being seen as a growth engine in the Asia Pacific region. According to a study by the German Chamber of Commerce Abroad (AHK), India continues to be the driving force of German investments in this region. This survey was conducted among approximately 820 member companies in the Asia Pacific and Greater China region. According to the survey, 51% of German companies based in India want to increase their investments in the next 12 months. The survey also revealed that there has been a decline in companies’ investment intentions 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 investments in India. Swiss Business Hub India and Switzerland Global Enterprise organized a conference in New Delhi on October 24. This conference was also attended by Union Minister Nitin Gadkari. The objective was to inform companies, banks and government institutions in India about the benefits of working with ECA. During this it was said that the Indian economy is growing at a rapid pace.
1 year, 82 IPOs, 1 billion
Significant activities have been witnessed in the Indian market since 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 6.56 billion bid. This figure is likely to increase.
South Korean carmaker Hyundai Motors was at the forefront of this campaign, which entered the Indian market with a Rs 27,000-crore initial public offering. This is the largest amount to date.
Taiwanese electronics giant Foxconn has purchased equipment worth $31.8 million (around Rs 267 crore) for a factory in India. Manufacturing of the iPhone 16 Pro series is about to begin at the Tamil Nadu unit. This is the first time that Apple’s high-end iPhone Pro series will be manufactured 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 intends to acquire services and components worth $2 billion from the country in the coming years. According to Remi Maillard, president and managing director, South Asia, Airbus India, the company’s business with India is gaining new momentum. Currently, the aircraft manufacturing company directly employs around 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 plans to develop 50 new airports in 5 years. Civil Aviation Minister K Rammohan Naidu has said the government plans to set up 50 additional airports in the next five years. Its objective is to promote employment along with the country’s airport infrastructure.
