Maharashtra’s public debt is estimated at Rs 7,11,278 crore in 2023-24 against Rs 6,29,235 crore in 2022-23, a rise of 13 per cent.

As per the Economic Survey 2023-24 presented in the Maharashtra Assembly on Thursday by Deputy Chief Minister Ajit Pawar, though the public debt has increased to 17.6 per cent of the Gross State Domestic Product (GSDP) against 16.5 per cent, it is well within the prescribed limits of 25 per cent of GSDP as per the Medium Term Fiscal Policy. The public debt refers to the accumulated outstanding loans and other liabilities of the state.

Further, the state’s outgo towards interest payment increased to Rs 48,578 crore against Rs 41,689 crore during the same period, a rise of 16.52 per cent.

The state’s revenue receipts are estimated at Rs 4,86,116 crore against Rs 4,05,678 crore. Of the 4,86,116 crore, the state’s tax revenue is estimated at Rs 3,96,052 crore comprising Rs 3,26,398 crore from its taxes and Rs 69,654 crore due to share in central states.

The non-tax revenue, including central grants, is estimated at Rs 90,064 crore. Actual revenue receipts (RE) during 2023-24 up to February were Rs 3,73,924 crore (76.9 per cent of RE)

The state’s revenue expenditure is estimated at Rs 5,05,647 crore against Rs 4,07,614 crore. Actual revenue expenditure during 2023-24 up to February was Rs 3,35,761 crore (66.4 per cent of RE). The revenue deficit is likely to be Rs 19,532 crore against Rs 1,936 crore.

As per 2023-24 (RE), the share of capital receipts in total receipts is 25.9 per cent and the share of capital expenditure in total expenditure is 23.0 per cent.

The percentage of fiscal deficit to GSDP is 2.8 per cent, revenue deficit to GSDP is 0.5 per cent.

The total anticipated expenditure for annual schemes 2023-24 is Rs 2,31,651 crore, of which Rs 20,188 crore is on the district annual schemes.

 AGENCIES

The Indian micro, small and medium enterprises (MSME) sector employs about 1.2 crore people, and by 2025, the industry is expected to generate over two lakhs new jobs, a report showed on Thursday.The new job opportunities will span across the services sectors and manufacturing sectors, both across urban and rural India, according to the report by LB Services, a global technology and digital talent solutions provider.

Notably, many emerging industries under the MSME umbrella like e-commerce, logistics, and supply-chain are also expected to witness a surge in new employment.

“Home to 633.9 lakh enterprises, India has the strongest growing cohort of micro, small and medium enterprises, generating mass-scale employment across India, especially in tier 2 and 3 regions,” said Sachin Alug, CEO, NLB Services.

Today, small businesses which comprise 96 per cent of industrial units are the second largest employment generator in the country.

Overall the MSME ecosystem contributes to over 33 per cent of the GDP, driving 62 per cent of the employment on the domestic front.

“However, the average contribution of MSMEs in employment generation across other emerging economies stands at 77 per cent, indicating untapped potential that can be explored in India,” Alug added.

Driven by the surge in digitisation and the post-pandemic shift in the workforce, MSMEs will witness an increased demand for roles in construction, manufacturing, transportation, and supply-chain, etc.

The majority of the new roles will emerge across states like Andhra Pradesh, Gujarat, Karnataka, Maharashtra, Tamil Nadu (NS:TNNP), and Telangana, said the report.

Women-led enterprises stand at 20.44 per cent of micro-businesses, 5.26 per cent of small businesses, and 2.77 per cent of medium businesses.

Compared to male-owned MSMEs, women-led MSMEs have registered better growth in income, said the report.

“Over the next five years, we expect another 20-25 per cent surge in women-led MSMEs, which will further complement job creation,” it added.

AGENCIES

India is set to see significant employment growth in the first half of the current fiscal year (FY25) across key industries, led by healthcare, pharma, automotive, manufacturing, engineering and infrastructure sectors, a report showed on Thursday.

The country’s employment market is likely to see an expansion of more than six per cent in the first six months of the current fiscal for 23 industries, according to the report by TeamLease Services, a leading staffing company.

In terms of workforce size growth, the leading industries are construction and real estate, travel and hospitality, electric vehicles (EV) and EV infrastructure.

“With India forecasted to be the fastest-growing G20 economy in 2024, coupled with strong investment demand and easing inflation, the job market remains resilient in the face of global headwinds,” said Kartik Narayan, CEO of TeamLease Staffing.

Nearly two out of five organisations are prioritising skills development, equipping their workforce for the technological advancements that lie ahead, he added.

Delhi, Bengaluru and Hyderabad are the top cities where employment opportunities are thriving.

Generative AI is projected to significantly impact 35 per cent of talent acquisition strategies, reflecting shifts in hiring practices due to technological advancements, according to the report.

The findings indicated a positive hiring sentiment in the Indian employment market, with 56 per cent of surveyed employers stating that their workforce will likely grow in the coming months.

Around 23 per cent anticipate maintaining their current workforce levels.

In terms of in-demand skills, employers are actively seeking candidates with strong communication skills, attention to detail, technical proficiency, and organisational abilities.

AGENCIES

Driven by steep data usage and digital adoption, India is likely to see a five times rise in data centre capacity expansion in years to come, a new report said on Thursday.

The country requires an additional 1.7-3.6 GW (gigawatt) data centre capacity over and above the planned development of 2.32 GW (colocation) capacity.

It is estimated that India will be adding 464 MW of new colocation data centre capacity each year until 2028, according to the report by Cushman and Wakefield.

India’s colocation data centre capacity stood at 977 MW across the top seven cities in the second half of 2023.

About 258 MW of Colo capacity came in 2023 alone.

“This is a formidable number and surpassed the capacity addition in 2022 which stood at 126 MW, indicating a 105 per cent year-on-year (YoY) growth,” the report mentioned.

“This exponential growth is driven by several factors, including increased data consumption due to widespread digital adoption and the use of data-intensive technologies.

An average Indian cell phone user consumes over 19 GB of data per month — the highest in the world.

The country is experiencing an exponential rise in adoption of internet services, smartphones, social media, and OTT channels.

Consequently, the demand for data centres is of high interest to transform India’s digital infrastructure.

“Both colocation data centres and cloud firm-owned data centres are being built at growing speeds over the last few years,” the findings showed.

While adding an average of 464 MW of Colo capacity each year until 2028 may seem like good delivery speed, India shall keep building more to capitalise on its digital transformation story, it added.

Over the next five years, India is likely to see fastest growth in penetration of smartphones, internet, OTT subscriptions, and social media usage.

AGENCIES

 The Department of Town and Country Planning (DTCP) has tightened the noose against illegal colony developers in Gurugram, but the business of non-regularised plotted colonies on agricultural land continues to flourish in the city.

Despite repeated warnings from the Department, many buyers continue to invest their money in these illegal colonies without realising that all their savings may go down the drain.

At the time of selling plots, the dealers and their agents lure the buyers with various facilities such as spacious areas, well-constructed roads, sewerage facilities and power connections.

Once the plots are sold, the dealers vanish leaving people at the mercy of the agents.

In a fresh demolition drive, the Enforcement wing of the Department has demolished five illegal colonies being developed on 13.5 acres of land in Ghamroj, Bhondsi and Sehajawas of Sohna block.

DTCP (Enforcement), Manish Yadav said: “Without concerned authority’s approval, no new colony will be allowed to develop. FIR will be lodged against the land owner and land mafia. A letter has been written to the Tehsildar concerned that he should not register agricultural land in pieces in these colonies which are developing illegally. The cost of demolition will also be recovered from the land owners.”

“We also appealed to people to not invest in these illegal colonies. These illegal colonies come under section 7A of the Haryana Development and Regulation of Urban Areas Act. It is mandatory to take NOC from the Town and Country Planning Department before any activity,” he said.

 AGENCIES

President Droupadi Murmu said on Thursday that the reforms carried out by the government over the last 10 years have made public sector banks more robust, profitable, and capable of driving the nation’s economic growth.

Addressing the joint session of Parliament, the President said that a lot of reforms have been carried out in the last 10 years that are benefitting the nation today.

She pointed out that SBI is at a record level of profit now, and that LIC ( Life Insurance Corp of India) is far more robust and the profits of public sector banks in the financial year 2023-24 rose 35 per cent compared to the previous year.

She said that the government’s reforms have made India’s banking sector among the strongest in the world. She mentioned the implementation of laws such as IBC (Insolvency and Bankruptcy Code) in this regard. The non-performing assets of public sector banks are also falling, she pointed out.

In Q4FY24, State Bank of India (NS:SBI), the country’s largest lender, reported a 24 per cent rise in net profit at Rs 20,698 crore for the quarter ended on March 31, 2024, aided by strong loan demand. SBI reported a net profit of Rs 16,695 crore in the year-ago period.

Life Insurance Corporation (NS:LIFI) of India reported a net profit at Rs 13,762 crore for the March quarter of the financial year 2023-24.

In the January-March quarter of the financial year 2023-24, banks reported robust credit growth, with a strong 15-25 per cent growth.

AGENCIES

 The super.money app, backed by e-commerce platform Flipkart, aims to democratise access to financial services by leveraging Unified Payments Interface (UPI) infrastructure, its Founder and CEO Prakash Sikaria said on Thursday.

super.money, a UPI super-app backed by Flipkart, has launched a Beta version of its Android app.

The app offers uncluttered user experience and focuses on great rewards for every transaction.

 “The landscape of digital payments and financial services is evolving rapidly, presenting incredible opportunities for innovation,” said Sikaria.

He said the super.money app aims to democratise access to financial services by leveraging UPI infrastructure, “which is aligned to the government’s larger vision of financial inclusion”.

The team will continue to assess customer feedback in the coming weeks and improve the product further.

“We have been working on several exciting products that we will launch soon,” Sikaria added.

The UPI platforms processed 13,115 crore transactions in FY24, aggregating to nearly Rs 200 lakh crore in value, compared with 8,376 crore transactions worth Rs 139 lakh crore in FY23.

Driven by Digital Public Infrastructure (DPI) models like UPI, the country is now leading the global fintech ecosystem and several countries are ready to embrace the ‘India Stack’ solutions to empower the masses.

AGENCIES

President Droupadi Murmu on Thursday said the upcoming Union Budget will be an effective document of the government’s far-reaching policies and futuristic vision.

Along with major economic and social decisions, many historic steps will also be seen in this budget, President Murmu said during her address to the Parliament.

“The pace of reforms will be further accelerated in tune with the aspirations of people of India for rapid development. My Government believes that there should be healthy competition among the states to attract investors from all over the world,” the President mentioned.

In 10 years, India has risen to become the fifth largest economy from the 11th ranked one, she said.

President Murmu said that from 2021 to 2024, India has grown at an average rate of 8 per cent annually.

“And this growth has not been achieved under usual circumstances. In recent years, we have seen the biggest pandemic in 100 years. India has achieved this growth amid the global pandemic and despite ongoing conflicts in different parts of the world,” the President told the Parliament.

Today, India alone is contributing 15 per cent of the global growth, she said.

“Now, my government is striving to make India the third largest economy in the world. Achieving this goal will also strengthen the foundation of a developed India,” President Murmu noted.

AGENCIES

On the occasion of World MSME Day, demonstrating a deep commitment to supporting the backbone of the Indian economy, PhonePe Payment Gateway (PG) on Thursday shared that it is already working with more than half of MSMEs (Micro, Small & Medium Enterprises) in Tier 2 cities and beyond to enable PG solutions.

This focus on empowering regional businesses fosters inclusive growth, helping these businesses scale faster.

While most payment gateways charge a standard transaction fee of 2 per cent, PhonePe PG has a special offer for new merchants to onboard for free, with no hidden charges, setup fees, or annual maintenance fees.

Additionally, PhonePe PG is reliable, ensures 100 per cent uptime for merchants, and comes with the industry’s best success rates. It proactively detects downtimes and ensures stable success rates of transactions with real-time instrument health-tracking capability.

“On this World MSME Day, PhonePe PG reiterates its unwavering commitment to empowering MSMEs and SMEs across India. We understand the unique challenges faced by businesses in Tier 2, Tier 3 cities, and beyond. By providing seamless payment solutions and fostering financial inclusion, we’re enabling them to reach new customers and markets that were previously inaccessible,” said Ankit Gaur, Head, PhonePe Payment Gateway & Online Merchants.

“We have a unique offering of zero transaction cost for the first three months since onboarding, to ensure more SMEs/MSMEs can adapt and use the convenience and security that payment gateways provide. For PhonePe PG, the commitment is to continue unlocking growth potential for businesses nationwide and contributing to a more vibrant national economy,” he added.

The PhonePe PG is also preferred by merchants as it comes with a hassle-free, no-code setup for effortless integration across all platforms. It is compliant and ensures 100 per cent secure transactions. MSMEs can also use Payments Link Solutions to collect payments easily through links that can be generated and shared with customers.

They can send their customers payment links via WhatsApp, Instagram, SMS, email, or any other platform of their choice to collect payments with ease.

To enable deeper connect with its merchants, PhonePe PG has also been running regular SME Connect Sessions across Ahmedabad, Pune, Jaipur, Kolkata, Hyderabad and Chandigarh.

The Connect sessions for SMEs are part of a multi-city initiative by PhonePe which is planned across emerging cities. They provide a platform for senior leadership and key decision-makers across SMEs to delve into optimising their online presence and leverage tech innovations to grow their business.

PhonePe PG also recently announced the launch of its referral programme. PhonePe PG Partner Programme is designed for anyone helping a business grow online.

As a referral partner, they can refer their clients to accept online payments from their customers and accelerate business growth. The programme offers businesses one of the most competitive commission rates in the industry, which is applicable for every transaction, helping significantly boost their referral earnings.

AGENCIES

Air India will start operating its wide-body A350-900 aircraft on the Delhi-London route with two daily flights from September 1.

The flights will mark the introduction of the plane on the international long-haul route, as Air India revamps and expands its operations to strengthen presence in international and domestic segments.

“The A350-900 will replace the currently deployed Boeing 777-300 ER and Boeing 787-8 Dreamliner on 14 of 17 weekly flights. As a result, an additional 336 seats will be available on the Delhi-London Heathrow route each week,” the airline said in a release on June 27.

Besides, the airline will introduce premium economy class seats in the A350-900 planes operating on the Delhi-London Heathrow route.

Air India will operate two daily flights between the national capital and London Heathrow with the A350-900 aircraft starting from September 1. The airline started operating the A350-900 plane on the international route from May 1 with services between Delhi and Dubai.

The Tata Group-owned airline operates 31 weekly flights to London Heathrow — 17 from Delhi and 14 from Mumbai. It also flies from Ahmedabad, Amritsar, Bengaluru, Goa and Kochi to London Gatwick. There are 17 weekly flights on this route. Besides, the carrier operates 6 weekly flights to Birmingham from Delhi and Amritsar.

Air India started inducting the A350 planes this year and are being used for domestic flights as well. The airline has placed an order for 40 A350 planes and 6 of them are in its fleet.

“The deployment of our flagship A350s and the B777s with upgraded cabin interiors to London Heathrow marks a significant milestone for Air India,” Air India CEO and MD Campbell Wilson said.AGENCIES