Before polls, stocks are expected to benefit from the governments interim budget.

As the government of Prime Minister Narendra Modi prepares to unveil its final budget before the national elections, traders are keeping a close eye on companies that are involved in road, port, and airport construction. In her budget speech on Thursday, Finance Minister Nirmala Sitharaman is expected to highlight shares associated with state-owned companies and rural spending, as policymakers look for ways to increase demand in the vast rural hinterland.Building infrastructure has become a key component of PM Modi's economic strategy, enabling India to grow faster than any other major economy. The nation's stock markets, which have increased in all but one year since PM Modi took office in 2014, began to show signs of optimism. This month, foreign investors withdrew more than $2.6 billion from local equities, indicating a slight decrease in enthusiasm.  Spending on Infrastructure One of the government's main priorities is the construction of power plants, highways, and tunnels; during the past three years, capital spending has more than doubled.The main winners of this policy push have been the shares of industrial and capital goods companies, ranging from billionaire Gautam Adani's conglomerate to engineering behemoth Larsen & Toubro. Over the past year, BSE Ltd.'s sectoral gauges of capital goods and industrial firms have increased by over 70%, outpacing the benchmark index's 17% gain.   Vinit Sambre, head of equities at DSP Mutual Fund, said over the phone, "A lot of the market performance has come from the capex cycle; equity investors would want to see that momentum continue." "Any guidance on the capex path will be closely watched."      

Four killed by bomb explosion near Pakistan political rally

At least four people were killed Tuesday in a bombing near a Pakistan political rally, officials said, as the nation prepares to go to the polls next week.Police in the Balochistan provincial capital of Quetta said a bomb planted on a motorbike detonated as supporters rallied for the Pakistan Tehreek-e-Insaf (PTI) party of jailed ex-prime minister Imran Khan."The PTI rally was passing by there but it is not clear whether the rally was a target or not," senior police official Farhan Zahid told AFP.The 71-year-old former cricket star was ousted from office in 2022 and launched a campaign of defiance against Pakistan's military kingmakers, who he said conspired to end his premiership.Last year saw casualties hit a six-year high, with more than 1,500 civilians, security forces and militants killed, according to the Islamabad-based Center for Research and Security Studies.Islamabad has blamed the rise in attacks on the Taliban, saying they are not doing enough to root out militancy in Afghanistan. Waseem Baig, a provincial health department spokesman, said six people were wounded in addition to the four killed.In a statement, PTI said three of its activists were among the dead at the rally -- a convoy of motorbikes and cars parading through the city to curry support for a candidate ahead of national elections scheduled for February 8.A party spokesman told AFP it was too soon to say whether they had been deliberately targeted.The attack came just hours after PTI founder Khan was sentenced to ten years in prison on charges of having leaked classified state documents.Khan and PTI say they are suffering under an unprecedented crackdown designed to prevent their return to power through the February 8 poll.Since then he has been buried under an avalanche of legal cases and barred from standing for office, whilst PTI has been largely squeezed out of the public sphere.Pakistan has also been suffering from a security crisis, with a dramatic uptick in militant attacks since the Taliban returned to power in neighbouring Afghanistan.    

How to Ease Rising External Debt-Service Pressures in Low-Income Countries

WASHINGTON DC, Jan 29 (IPS) - As 2024 starts, the good news is that there haven’t been any notable requests by a low-income country for comprehensive debt relief since Ghana’s, more than a year ago. Despite this, vulnerabilities remain, with high debt servicing costs a growing challenge for low-income countries. Financing pressures due to relatively high interest payments and the pace at which low-income countries need to repay debt are straining budgets. That prevents these countries from spending more on essential services or the critical investment needed to attract business, create jobs, improve prosperity, and build climate resilience.One important metric is the share of revenues the government collects from its population through taxes and other fees that goes to pay its foreign creditors. While the scale of the burden differs greatly across countries, it’s generally about two and a half times higher than a decade earlier.In addition, central banks have significantly raised borrowing costs to tame inflation. That makes it costlier for governments to raise new debt or refinance existing debt. While central banks may be done raising rates, it is not clear when they will start to cut, and this uncertainty may be reflected in volatile financial market conditions. This means for a typical low-income borrower the share has risen to about 14 percent, from about 6 percent, and as much as 25 percent, from about 9 percent in some economies. This is one of the key indicators used in the framework for assessing debt sustainability that signals a country might be at risk of needing financial support from the IMF or of missing a debt payment.Low-income countries also have significant debt repayments falling due in the next two years. They need to refinance about $60 billion of external debt each year, about three times the average in the decade through 2020.But with many competing demands for financing, including from advanced and emerging market economies that are also trying to adapt to climate change, there’s a significant risk of a liquidity crunch—failure to raise sufficient financing at an affordable cost. That could in turn lead to a destabilizing debt crisis.One factor was higher government borrowing and deficits to mitigate the impact of the pandemic and other external economic shocks. This has increased the level of debt and consequently the cost of servicing it. It’s encouraging that this trend is reversing as countries bring primary deficits back in line with pre-pandemic levels.    

Snow Tales: Too Little, Too Late, Say Climate Experts

KARACHI, Jan 29 (IPS) - Whether the late snow in Pakistan’s Gilgit-Baltistan region is an anomaly or an indication of the impacts of climate change, which brings erratic and at times devastating weather patterns, experts in the region believe not enough is being invested in the development of capacities, systems, and infrastructure to improve resilience. Alpine skier, 28-year-old Muhammad Karim, has spent the winter with his eyes skyward, wishing and hoping for deep and abundant snow.“My bread and butter depend on the snow,” said the Olympian, who is also a ski trainer, at Naltar Ski Resort, in the valley by the same name nestled in the Gilgit-Baltistan’s Karakoram mountain range.Without prolonged cold winter days to follow the snowfall, the snow will melt away, said Sarfaraz, continuing: “Nor will it compensate for the almost 80–90 percent less precipitation the country faced in December and January.”“Winter has been milder,” he said, due to the El Niño effect. The temperatures recorded by the seven weather stations, however, show “an increase by 0.5 degree Centigrade in the region, on average, since 1983, and a decrease of precipitation (rain and snow) by 8.4 mm,” said Shigri. Heading the ice-hockey and alpine skiing section run by the Ski Federation of Pakistan and with the national skiing competition looming just weeks away (held between February 14 and 20 in Naltar), Karim had been getting sleepless nights as it had not snowed after a slight sprinkling of “half an inch” in November, and there were chances the sporting event would be called off.But as predicted by the Meteorological Department, the snowfall began on January 28 and “will continue for a few days,” said Karachi-based Dr. Sardar Sarfaraz, chief meteorologist at the Pakistan Meteorological Department. “It’s too light,” said Karim, talking to IPS over the phone from Naltar. “We are still uncertain about the event,” he added.This year has been quite unusual. It has been an almost snowless winter in the northern region of the Himalayan-Hindukush-Karakoram ranges.“We usually experience the first snowfall by the end of October in some parts of G-B, and this continues well into March,” said Shehzad Shigri, director of the Gilgit-Baltistan Environmental Protection Agency, speaking to IPS from Gilgit city.    

RS revokes suspension of 11 Oppn MPs held guilty of breach of privilege

The Rajya Sabha Privileges Committee on Tuesday held 11 suspended opposition MPs guilty of breach of privilege and contempt of the Council of States, but Chairman Jagdeep Dhankhar revoked their suspension allowing them to attend the Budget session, sources said.In its report to the Rajya Sabha chairman a day before the session starts on Wednesday, the committee also recommended that the period of suspension already suffered by the members be treated as "sufficient punishment" for the transgression. The MPs held "guilty of breach of privilege and contempt of the Council" of States are Jebi Mather Hisham, L Hanumanthaiah, Neeraj Dangi, Rajmani Patel, Kumar Ketkar, G C Chandrashekhar, Binoy Viswam, Sandosh Kumar P, M Mohamed Abdulla, John Brittas and A A Rahim.The committee presented the report to Dhankhar, taking note of the situation that the suspended members would not be able to attend the special address of President Droupadi Murmu to both Houses of Parliament, the first address in the new building of Parliament, on Wednesday. The committee usually submits its recommendations to the House.The sources said the chairman invoked the authority vested in him under the rules of procedure to revoke their suspension enabling the members to attend the special address by the president.The matter of 11 MPs suspended by the chairman during the Winter session of Parliament were referred to the Privileges Committee.    

Congress slams govt over UGC dereservation row, demands to sack chairman

Stepping up attack, the Congress on Monday demanded the dismissal of UGC Chairman M Jagadesh Kumar over the draft guidelines for "de-reservation" of posts in higher education institutions, with party leader Rahul Gandhi alleging it was a "conspiracy" to end the reservation given to SC, ST and OBC categories.The party had on Sunday demanded the immediate withdrawal of the UGC's draft guidelines proposing that any vacancy reserved for SC, ST and OBC candidates can be "declared unreserved" if enough candidates from these categories are not available.Union Education Minister Dharmendra Pradhan, however, has clarified that not a single post will be de-reserved and there is no scope for ambiguity about reservations after the introduction of the Central Educational Institutions (Reservation in Teachers' Cadre) Act, 2019.In a post in Hindi on X, Gandhi claimed it was an attempt by BJP and RSS to "eliminate" the participation of deprived sections and the party demanded that Kumar should apologise to the entire backward classes. "In the new draft of UGC, there is a conspiracy to end the reservation given to SC, ST and OBC categories in higher education institutions."Today, out of approximately 7000 reserved posts in 45 central universities, 3000 are vacant, and of which only 7.1 per cent are Dalit, 1.6 per cent are tribal and 4.5 per cent are backward class professors."The BJP-RSS, which have even talked about reviewing reservation, now want to snatch the jobs of the deprived classes from such higher education institutions," Gandhi alleged."This is an attempt to kill the dreams of the heroes who have fought for social justice and to eliminate the participation of the deprived sections," he said.Gandhi said this was the difference between 'politics of symbolism' and 'real justice' and reflected the character of the BJP. He said Congress will never allow this to happen and will continue to fight for social justice. Vacant posts will be filled only with qualified candidates from reserved categories, the former Congress chief asserted.Addressing a press conference alongside Congress' SC Department chief Rajesh Lilothia, Chairman of Unorganised Workers and Employees Congress Udit Raj said after the Congress party protested against the "anti-people" move, the UGC was forced to issue a statement in the media that there is no such decision.  

BJP again crying CAA for votes: Mamata after Union Ministers guarantee

West Bengal Chief Minister Mamata Banerjee hit out at the Bharatiya Janata Party (BJP) on Monday saying that the party has again started crying "CAA CAA" for the sake of votes as Lok Sabha elections are approaching."We have fought against the NRC. Rajbanshis are citizens of India. They have again started shouting CAA, CAA for the sake of votes," Mamata Banerjee said at a public distribution program in West Bengal's Cooch Behar on Monday.Banerjee's remarks came after Union Minister Shantanu Thakur said on Sunday that the Citizenship Amendment Act (CAA) will be implemented across the country in a week.The West Bengal Chief Minister said that her government has acknowledged all colonies as "permanent addresses," and all residents who get the benefit of various state government benefits are citizens of the country."All of you are citizens. We have given permanent addresses to all colonies. They get ration, go to school, get scholarships, get Kisan Bandhu, Shikhashree, Oikoshree, Laxmir Bhandar. How could they get these benefits if they had not been citizens? Had they been able to cast votes if they were not citizens?" Banerjee questioned. Hitting out at the central government for misusing central agencies, Banerjee said, "Do you remember the Sitalkuchi case? The CISF has earlier shot four people to death. They shoot people as if they are zamindars. If anyone oppresses you in your village, fire an FIR first. They instil fear and conduct elections through agencies."Various reports have claimed that four people were killed in West Bengal's Sitalkuchi after being fired by CISF during the assembly elections in 2021.Accusing the BJP of misusing the Enforcement Directorate and the Central Bureau of Investigation, to harass political opponents, Banerjee said, "They call leaders and say that if you do not come with us, we will send ED to your houses. What will the ED do? What will the CBI do? They are here today by they may not be there tomorrow." The CAA, introduced by the Narendra Modi government, aims to confer Indian citizenship to persecuted non-Muslim migrants - including Hindus, Sikhs, Jains, Buddhists, Parsis, and Christians - who migrated from Bangladesh, Pakistan, and Afghanistan and arrived in India before December 31, 2014. Following the passage of the CAA by Parliament in December 2019 and its subsequent Presidential assent, significant protests erupted in various parts of the country.    

Newly formed Nitish Kumar-led govt holds its first cabinet meeting in Patna

The newly formed Nitish Kumar-led goverment in Bihar held its first cabinet meeting in Patna on Monday.After a dramatic volte-face, ditching the Mahagathbandhan and the opposition bloc INDIA and forming a new government with the BJP, JD(U) chief Nitish Kumar, along with eight ministers--three each from the BJP and the JD-U, one from HAM and one independent--took oath on Sunday.Nitish Kumar took oath as Bihar Chief Minister for the ninth time at Raj Bhavan on Sunday after snapping ties with "Mahagathbandhan".Among the ministers sworn in were Prem Kumar (BJP), Bijendra Prasad Yadav, Vijay Kumar Chowdhary and Shrawan Kumar (JD-U), Santosh Suman (HAM-S and son of Jitan Ram Manjhi) and Sumit Kumar Singh (Independent).Alongside Samrat Chaudhary and Vijay Kumar Sinha, took the oath as Deputy Chief Ministers Despite turbulence in state politics, Nitish, whether with the Mahagathbandhan or the BJP-led National Democratic Alliance (NDA), has managed to retain the CM's chair and ensured that his party has not split over his repeated flip-flops.In the Bihar Assembly of 243, the RJD has 79 MLAs; followed by the BJP's 78; the JD(U)'s 45' the Congress's 19, the CPI (M-L)'s 12, two each of the CPI(M) and CPI, the Hindustani Awam Morcha (Secular)'s four seats, and the AIMIM's one, plus one Independent legislator.Nitish Kumar, after parting ways with the BJP in 2022, took on the initiative of uniting all opposition forces to jointly take on Prime Minister Narendra Modi and the ruling party in the national election.In 2000, Nitish became CM for the first time after campaigning against RJD supremo Lalu Prasad Yadav's 'Jungle Raaj'. Till now, he has been Bihar's CM on eight occasions.In 2013, Nitish broke ranks with the NDA after a 17-year alliance following the announcement of Narendra Modi as the BJP's prime ministerial candidate.He expressed his displeasure to the BJP over Modi's selection as the PM face, and after the BJP decided to not change its decision, Kumar left the alliance.    

3 CRPF personnel killed, 14 injured in Naxal attack in Sukma, Chhattisgarh

At least three CRPF personnel, including two commandos of its elite jungle warfare unit CoBRA, were killed and 14 others injured in an encounter with Naxalites along the border of Sukma and Bijapur districts of Chhattisgarh on January 30, police said.Among the three slain personnel, two belonged to the CoBRA’s 201st battalion and one to the CRPF’s 150th battalion, a senior police officer said.Three personnel of the Central Reserve Police Force (CRPF), including two from the specialised Commando Battalion for Resolute Action (CoBRA), were killed in an encounter with Maoists on the border of Sukma and Bijapur districts in Chhattisgarh’s Bastar region. Tekulagudem village, where Tuesday’s encounter took place, was also the site of another encounter in 2021 that left 23 soldiers dead.Earlier this month, Union Home Minister Amit Shah chaired a review meeting with stakeholders in Raipur on Left Wing Extremism (LWE), where he said the Maoist menace should end in the next three years. The incident took place hours after a new security camp was established in the village, which is 616 kilometres from state capital Raipur. On Republic Day, the Indian Tricolour was hoisted for the first time in the Sukma-Bijapur area.After setting up the new camp, a joint team of the CoBRA, the Special Task Force (STF) and the District Reserve Guard (DRG) was conducting anti-Naxal operations in Jonaguda-Aliguda area when Maoists opened fire at the personnel, taking advantage of the forest cover.The security personnel fired back, following which Maoists ran away and took cover in the forest. The injured personnel have been airlifted to Raipur for treatment. The three deceased were identified as constables Deven C and Pawan Kumar from the CoBRA 201 and constable Lambdhar Sinha from CRPF battalion 150. The CoBRA is a specialised force under the CRPF to combat extremists and insurgents in guerrilla/jungle warfare operations.January has also seen five alleged Naxals, including two women, being killed in encounters in the state. A six-month-old girl had also died in cross-firing during an anti-Naxal operation.      

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IndiGo’s Delhi-Baku flight takes off without ATC clearance

The Directorate General of Civil Aviation (DGCA) has off-rostered two IndiGo pilots after the airline’s Delhi to Baku flight allegedly took off on Monday night without clearance from the air traffic controller.Sources at Indira Gandhi International Airport said that IndiGo’s 6E 1803 from Delhi to Azerbaijan’s Baku at 7:38 p.m. on Monday took off without a departure clearance from the air traffic controller.The pilots of an IndiGo flight from Delhi to Baku have been removed from flying duty with the Directorate General of Civil Aviation (DGCA) investigating whether they took off without the required air traffic control (ATC) clearance.The flight to the capital of Azerbaijan departed at around 7:38 pm on January 29.IndiGo said the incident is currently under investigation and appropriate action will be taken as necessary. This comes amid a series of incidents in recent days involving IndiGo and the action taken against the airlines by aviation bodies. The Bureau of Civil Aviation Security (BCAS) had imposed a fine of Rs 1.2 crore on IndiGo after passengers were seen sitting on the tarmac and eating food while waiting for their delayed flight.Around the same time as the tarmac incident, a frustrated passenger was also caught on camera hitting the pilot of an IndiGo flight while the latter was making an announcement regarding delays.Other passengers, including actor Radhika Apte, have been sharing their harrowing experience with IndiGo for the past several weeks as they slam the airlines over cancellations, unreasonable delays and not meeting the standards.    

AAP slams BJP for ‘cheating’ to win Chandigarh mayoral polls

Delhi Chief Minister and Aam Aadmi Party (AAP) convener Arvind Kejriwal on Tuesday alleged that “cheating has been done in broad daylight” in the Chandigarh mayoral polls, and called it “extremely worrying”. He slammed the BJP over its candidate’s victory in a post on X in Hindi, and said “those who did it can go to any extent in the national elections”. “The way cheating has been done in broad daylight in the Chandigarh mayoral polls is extremely worrying. If they can stoop so low in mayoral elections, they can go to any extent in the national elections. This is extremely worrying,” said Kejriwal.BJP’s Manoj Sonkar was declared the Mayor of Chandigarh on Tuesday after he won the mayoral polls with 16 votes against the 12 votes bagged by the Congress-AAP candidate Kuldeep Tita. Eight votes were declared invalid, which led Opposition leaders to raise allegations of rigging. Ruckus followed after Sonkar took the mayor’s seat. As protests broke out against the presiding authority, Anil Masih, marshals were called in to control the situation.Opposition councilors alleged there was tampering with the ballot papers at the elections, a charge rubbished by the BJP. Voicing the same concerns, Punjab Chief Minister and AAP leader Bhagwant Mann said that it was a “Black Day for India’s democracy.” “Today will be written and remembered as a ‘black day’ in the democracy of our country. Unfortunately, this is the same month when we celebrate Republic Day. Today, the Constitution has been shredded. The manner in which the Chandigarh mayor election was ‘looted’ by the BJP before the media, in front of the cameras… They did this in Madhya Pradesh, Karnataka, Goa, Maharashtra, and northeastern states before this. So, this is their old habit…” Mann was quoted as saying by ANI.Stating that it was for the first time in the Chandigarh mayoral elections that eight out of the 36 votes were declared invalid, AAP MP Raghav Chadha alleged that “this shows that if the BJP can use all illegal tactics for a mayoral election, what would they do during the Lok Sabha elections”.He also questioned if the “BJP wanted to turn India into North Korea”. “For the first time in the Chandigarh mayoral elections, eight out of the 36 votes were declared invalid. Congress & AAP alliance had to get 20 votes. We got 12 votes & 8 were declared invalid. Not a single vote of the BJP was declared invalid…,” he was quoted as saying. “…This shows that BJP for a mayor election can use all illegal tactics. What would they do during the Lok Sabha elections seeing their loss.    

India’s human capital being ‘systematically decimated’ under Modi govt: Mallikarjun Kharge

Congress president Mallikarjun Kharge on Tuesday said that the state of India’s human capital is being “systematically decimated” by the Modi government by lowering the spending on the social sector.“The Modi Government’s ‘anyay kaal’ spends less on education and healthcare,” he said in a post on X while tagging a report that the government’s expenditure on health and education has remained low in the last five years.“The state of India’s human capital is being systematically decimated by lowering social spending. Crores thrown on publicity cannot ensure ‘Viksit Bharat’. 2024 is the year to reclaim welfare and justice. We shall ensure Nyay,” Kharge said.The Congress has been targeting the Modi government on social sector spending and have accused the government of reducing their budgets. “The Modi Government’s ‘anyay kaal’ spends less on education and healthcare,” he said in a post on X while tagging a report that the government’s expenditure on health and education has remained low in the last five years.“The state of India’s human capital is being systematically decimated by lowering social spending. Crores thrown on publicity cannot ensure ‘Viksit Bharat’. 2024 is the year to reclaim welfare and justice. We shall ensure Nyay,” Kharge said.The Congress has been targeting the Modi government on social sector spending and have accused the government of reducing their budgets. PTI SKC NB. This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.New Delhi, Jan 30 (PTI) Congress president Mallikarjun Kharge on Tuesday said that the state of India’s human capital is being “systematically decimated” by the Modi government by lowering the spending on the social sector.    

Star Health Insurance Q3 results: Net profit rises 37.5% to Rs 289.55 cr

The largest standalone health insurer, Star Health Insurance, posted a 37.5 per cent year-on-year (Y-o-Y) growth in net profit to Rs 289.55 crore during the third quarter of the financial year 2023-24, as compared to Rs 210.47 crore in the year-ago period, supported by healthy growth in premium and a fall in commissions expenditure.The net profit jumped by 131 per cent from Rs 125.30 crore in Q2 FY24.The new business premium of the company increased by 16 per cent (Y-o-Y) to Rs 3,605.81 crore from Rs 3,096.68 crore. The net investment income of the firm jumped 40.58 per cent to Rs 162.64 crore from the year ago.The net commission of the health insurer dropped 13.11 per cent (Y-o-Y) to Rs 349.85 crore from Rs 402.64 crore. The solvency ratio of the insurer rose to 223 per cent from 217 per cent. The minimum regulatory requirement is 150 per cent.The combined ratio, which is a measure of the profitability of the general insurer, increased to 97.30 per cent from 94.81 per cent in the year-ago period. A combined ratio of less than 100 is considered to be better; it indicates that the insurer is earning more through premiums as compared to claims paid and the operating expense incurred. Therefore, it is better for the company if the combined ratio is lower.The claims ratio of the company was 67.69 per cent, up from 63.75 per cent in Q2 FY24. The health insurance industry typically witnesses higher claims during the monsoon period due to rainy season-related diseases, whereas historically, insurance premium income is higher towards the end of the financial year considering the tax benefits available to policyholders.    

Sebi returns IPO papers of Gretex Share Broking

Capital markets regulator Sebi has returned the draft IPO papers of Gretex Share Broking, a move that might delay the company's initial share sale.The proposed IPO is a combination of a fresh issue of 1.67 crore equity shares and an offer-for-sale (OFS) component of 30.96 lakh shares by selling shareholders.Proceeds from the fresh issue would be used towards working capital requirements and for general corporate purposes.The company filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) in December 2023.According to an update on Sebi's website on Tuesday, the market regulator returned the company's DRHP on January 25 without giving reasons for the same. Gretex Share Broking is engaged in the business of market making and stock broking, underwriting capital markets issuances and depository participants of NSDL.Pantomath Capital Advisors is the sole book-running lead manager to the issue.Earlier this month, the markets watchdog returned the IPO papers of Stallion India Fluorochemicals.    

AU SFB stock falls nearly 12 per cent on weak Q3 results

Shares of AU Small Finance Bank (SFB) tanked nearly 12% in intra-day trading on Monday, closing 11.5% down at Rs 626.80 apiece on the BSE after analysts downgraded the bank’s stock and target price due to weak Q3 results. While analysts at YES Securities downgraded the stock to “neutral” from “add” and cut price target to Rs 780 apiece from Rs 840 earlier, Emkay Global Financial Services has cut the target price from Rs 650 apiece to Rs 625 and maintained its “reduce” rating. Nuvama Institutional Equities and Kotak Institutional, meanwhile, have retained their “reduce” and “sell” rating, respectively. AU SFB’s fresh slippages were elevated in Q3 at Rs 403 crore, higher than Rs 349 crore in Q2 and Rs 231 crore a year ago. This resulted in its gross and net non-performing asset (GNPA, NNPA) ratio rising to 1.98% and 0.68% as on December 31 from 1.91% and 0.60% in Q2, respectively. Analysts at Emkay Global said the stress in the SFB’s credit card business is on the rise. Separately, the bank has counter-intuitively cut down its specific provision coverage ratio (PCR) to 66% amid rising stress, which it believes will need to be shored up and, thereby lead to higher loan loss provisioning going ahead. AU SFB’s overall advances stood at Rs 67,624 crore as of December 31, of which the wheels segment accounted for Rs 20,375 crore and credit card exposure was at Rs 2,740 crore. The proposed merger of Fincare SFB with AU SFB, the brokerage said, will be return on asset (RoA) positive but managing human and tech integration and Fincare’s micro finance portfolio will be an “arduous” task.  

Today at 11 AM, Pariksha Pe Charcha: "PM Modi looks forward to seeing you all."

Looking forward to seeing you all tomorrow at 11 am for 'Pariksha Pe Charcha'! On X, PM Modi had posted. Pariksha Pe Charcha is a component of the broader 'Exam Warriors' initiative, spearheaded by Prime Minister Narendra Modi, which aims to establish a stress-free atmosphere for adolescents.The 'Pariksha Pe Charcha' is a meeting of exam warriors that the Prime Minister, Shri Narendra Modi, excitedly anticipates.Education Minister Dharmendra Pradhan of the Union highlighted on Sunday Prime Minister Narendra Modi's 'Pariksha pe Charcha' project, which has helped students become more self-assured, learn how to handle stress, and maintain good health and fitness.January 29 (ANI): Union Education Minister Dharmendra Pradhan on Sunday emphasized Prime Minister Narendra Modi's "Pariksha pe Charcha" program, which has improved students' self-confidence, assisted them in managing stress, and helped them stay healthy and fit."Pariksha pe Charcha" is now a recognized national occasion. The next generation of young people eagerly awaits PM Modi's advice on how to relax amid exams. As a guardian, PM Modi launched a program to offer advice to students in order to raise their spirits. Within the Mandapam will be three thousand students. A vast number of pupils will have digital connections. Parents, teachers, and children totaling 2 crore 25 lakh have registered for the event this time," he stated.He announced that Bharat Mandapam will host the 7th edition of "Pariksha pe Charcha," adding that the program has grown to become a nationwide platform for students to reduce stress. It's scheduled for Monday at 11:00 AM. PM Modi said on 'X': "Looking forward to seeing you all tomorrow at 11 AM for 'Pariksha Pe Charcha'!"Pradhan went on to say that by participating in this project, the younger generation would feel more confidence. "This is starting to gain popularity. It appeals to the younger generation. The pupils can't wait to see it. Prime Minister Modi stays informed. He clarifies in layman's terms. Students may now de-stress here on a nationwide scale," he continued. Union Education Minister Dharmendra Pradhan, in response to the controversy surrounding de-reservation in faculty appointments, stated that no faculty seat can be de-reserved by any institute and that the Central Educational Institutions (Reservation in Teachers' Cadre) Act 2019 leaves no room for ambiguity in faculty appointments.He claimed that prior to 2019, there was no legal requirement for keeping the roster up to date, but that all changed with this act. He declared, "There is no room for de-reservation in faculty appointments following the 2019 Act. There's no room for doubt. The roster cannot be altered by anyone."He described the action as decisive, saying that it reflects PM Modi's dedication to the welfare of marginalized groups in society that the government, led by him, has taken this official and decisive step to guarantee that no seat may be de-reserved. He emphasized that the 2019 Act, which replaces all prior rules, must be followed by every institution. (ANI)  

At A Rally On Day 2 Of The Bharat Jodo Nyay Yatra In Bihar, Rahul Gandhi Will Speak

Ahead of the Lok Sabha elections, Congressman Rahul Gandhi will speak at his first rally in Bihar on Tuesday. He is hoping to strengthen the opposition INDIA bloc, which has been shaken by the resignation of Chief Minister Nitish Kumar. On the second day of his Bharat Jodo Nyay Yatra, which entered the state through Kishanganj district and stopped for the night at nearby Araria, Mr. Gandhi is holding a rally in Purnea district.   According to Congress legislature party leader in Bihar, the rally will also be addressed by AICC president Mallikarjun Kharge who has also invited other leaders of the opposition INDIA bloc to share the stage.Young leader Kanhaiya Kumar, who is well-known for his oratory skills and is from the Begusarai district of the state, is also probably going to be there.   The RJD, the oldest and most significant ally of the Congress in the state, is expected to be represented by a representative of its de facto leaders, founding president Lalu Prasad and his son Tejashwi Yadav, who has twice lost the position of Deputy Chief Minister due to Nitish Kumar's capers.Akhilesh Prasad Singh, the president of the state Congress, stated that "both Lalu and Tejashwi would have attended the rally, but for the ED summonses which seem to be aimed primarily at thwarting their visit to Purnea". Notably, the Enforcement Directorate questioned Lalu Prasad, who is in his seventies and has numerous medical conditions, for nearly nine hours on Monday at the Patna office. Tejashwi Yadav has been asked to come in for questioning on Tuesday. Like his father, he is named in the purported land-for-jobs scam.

The Governments Economic Report Highlights Three Trends for the Upcoming Years

The government stated in a report titled "The Indian Economy - A Review" released ahead of the interim Budget that the country's economy is expected to grow at a rate of more than 7% over the next few years, making it the third largest in the world. The Economic Survey, which will only be provided with the complete Budget following the national elections, is replaced by an overview of the economy in this report.   Three trends that "will be with us in the coming years" are highlighted in the report.*According to the report, the period of hyper-globalization in global manufacturing is over. "It does not mean that de-globalisation will be upon us any time soon, as countries are only now discovering the enormous integration of global supply chains that have taken place in the last few decades," it continues. Therefore, the report predicts that if an alternative to the globalization of supply chains ever emerges, it will take a lot longer. That won't stop governments from pursuing friend- and on-shoring of production, though, as it will still have an effect on the costs of logistics and transportation and ultimately affect the final prices of goods. The recent Red Sea events might have exacerbated worries about relying too much on global supply chains, which would explain why global trade is expected to grow more slowly in 2023. To put it another way, it won't be simple to export your way to success. In areas where India has an advantage, this emphasizes the need to reduce logistics costs and make investments in high-quality products in order to maintain and grow market share. *According to the report, artificial intelligence is yet another significant trend to be aware of. "Closely related to this challenge is the advent of Artificial Intelligence with the profound and troubling questions it poses for growth in services trade and employment since technology might remove the advantage of cost competitiveness that countries exporting digital services enjoy," it continues. According to the review, the energy transition challenge is the third trend and possibly the most significant.   A single-minded focus on cutting carbon emissions has resulted from worries about rising temperatures, despite the conclusion that the emission of greenhouse gases—especially carbon—is the most important factor. Due to this, developed countries and international organizations have been pressuring developing countries to transition from fossil fuels to more environmentally friendly energy sources, even in the face of ongoing resource and technological constraints.According to the report, there is a short-term trade-off between energy transition and economic growth. In the post-Covid global economy, where growth is a challenge, countries cannot afford to sacrifice the former for the latter.India, according to the overview, is walking the fine line between the two more skilfully than other nations, with installed non-fossil fuel-based power generation capacity running ahead of targets. Importantly, India's unwavering commitment to ensuring steady economic growth is generating resources for investment needed for climate change adaptation, building resilience, and mitigating emissions.     According to the report, the policies that have been adopted and put into place over the past ten years have put the Indian economy in a better position than before to tackle these three major challenges.