• Strengthen Pune’s creator ecosystem
• Open doors for collaboration among brands, creators & entrepreneurs
• Provide insights from leading industry voices
• Educate & inspire the next generation of digital talent
• Highlight Pune as a rising cultural hub for creators

The post Pune’s Creator’s Fest: Celebrating Innovation and Entrepreneurship in India’s Digital Economy appeared first on NRI News.

India’s Premier Real Estate Conclave returns to the ‘Lion City’ as over 1,200 Industry Leaders converge on the grand stage

MUMBAI: The Confederation of Real Estate Developers’ Associations of India (CREDAI), the apex body of private real estate developers, announces the 23^rd edition of its flagship event, CREDAI NATCON 2025, to be held in Singapore from September 11-13, 2025. Under the transformative theme “$30 Tn economy by 2047 backed by real estate sector growth”, this premier conclave will unite over 1,200 industry leaders, including developers, investors, policymakers, financial experts, and global innovators to chart the roadmap for India’s ambitious $30 trillion economic vision.

Singapore, renowned for its visionary urban planning, technological integration, and global connectivity, serves as an ideal backdrop for NATCON 2025. Its journey from a resource-scarce island to a thriving global hub exemplifies how strategic policies and innovative design can transform cities. CREDAI NATCON 2025 aims to draw inspiration from Singapore’s success while fostering knowledge exchange to shape a future-ready India.

Following the success of previous summits—each chosen for their unique policies, development challenges, and approaches to urban growth—NATCON 2025 continues this tradition of purposeful learning. Each edition has offered valuable insights into real estate norms, regulatory frameworks, and innovative practices that inform India’s progress. This year, Singapore has been chosen to enable a deeper understanding of its commercial and residential growth models and to explore how collaborative policies, integrated planning, and innovation have shaped its urban landscape. NATCON 2025 will provide Indian developers with the opportunity to learn from Singapore’s holistic approach and adapt these insights to drive sustainable, inclusive, and future-ready development back home.

Shekhar Patel, President, CREDAI, said, 

“As India moves towards becoming a $30 trillion real estate economy, CREDAI NATCON 2025 will play an important role in guiding this growth in line with India’s Vision 2047. The focus is not just on expansion, but on building responsibly with technology, sustainability, and inclusiveness at the core. India needs over 25 million new affordable homes by 2030, along with greener buildings and stronger urban infrastructure, and we believe immersive sessions during CREDAI NATCON will help us tackle these priorities. It brings together the best minds in the industry to discuss ideas, explore partnerships, and shape the policies needed for the future. Through this, we aim to make India’s real estate sector more innovative, resilient, and globally competitive.”

CREDAI NATCON 2025 will feature an inspiring lineup of visionary speakers, industry experts, policy influencers, and thought leaders who will share invaluable insights on emerging trends, global best practices, and strategic opportunities. Their diverse perspectives will empower participants to navigate challenges, embrace innovation, and contribute effectively to shaping the future of India’s real estate sector.

The post CREDAI Unveils NATCON 2025 in Singapore appeared first on NRI News.

GERMANY: Covestro is focusing on the entire value chain to create value for customers for accelerating the circular economy and also a monetization framework that enables investments in the circular economy. Innovation Projects and Circular Solutions that receive investment must be economically viable. This can only be achieved through the interplay of consumers, producers, regulation, and technical solutions. To achieve this, new approaches to the market launch of products and solutions are needed, as well as the development of employee skills and expertise.

To this end, Covestro and Monitor Deloitte 2023 launched a joint project entitled “Monetize Circular Economy”. This collaboration enabled Covestro to incorporate relevant methods and external perspectives into the entire development process.

The project pursued two main objectives. Firstly, to develop a scalable framework for market entry and commercialization of more sustainable, circular products and solutions. Secondly, to create added value in partnership. This includes, for example, developing solutions with customers so that they in turn can create added value for their customers with more sustainable solutions. These are, for example, working out end customer-relevant purchasing arguments or jointly implementing increasing sustainability standards. Covestro’s projects from various business entities formed the basis for developing a model.

A joint project team consisting of employees from various Covestro business entities and a mixed team from Deloitte led by chemicals expert Kai Göbel and Dr. Amadeus Petzke, Head of Pricing & Monetization, initially collected concrete projects on circular solutions across the Group. Three selected pilot projects formed the basis for the development of a marketing and business development approach that serves both as a blueprint for monetizing Covestro’s circular products and for new business development at Deloitte.

“Circular solutions must be profitable to be implemented. Economic incentives that motivate or demotivate stakeholders must be identified and addressed. For this, we need circular thinking, deep market understanding, and the creativity of our employees. We need a robust framework that our colleagues can use as a guide to drive business development in the circular economy. We are continuously developing this framework,” says Sucheta Govil, Chief Commercial Officer at Covestro.

WirtschaftsWoche 2024 has now honored this approach with the Best of Consulting Award in the Chemicals, Pharma & Healthcare sector.

Value creation cycle as the key

A decisive factor in monetization is the integration of the entire value chain, away from individual value creation steps and towards thinking in terms of a circular economy. “It’s not just about selling circular products, but about creating sustainable added value along the value chain together with partners and customers. Designing a framework based on specific Covestro industrial projects from start to finish was an exciting project. Winning the award is a great accolade and shows that we have succeeded,” says Bozidar Radner, Deloitte’s global key account manager for Covestro and Sector Head Chemicals. The management consultancy Deloitte was able to draw on extensive customer experience and requests from previous projects and learnings.

Development of the framework

Over one hundred Covestro employees identified key requirements for the monetization of circular solutions. In a structured approach consisting of four lab phases with coaching and review meetings in between, the teams successfully drove the pilot projects forward; at the same time, the insights gained led to the further development of the framework. Methodologies, case studies, and their importance, as well as the correct sequencing of a project’s progression, were explored and refined throughout the project, with real circular economy pilots forming the basis. An overarching project team from Covestro and Deloitte developed an internal platform for Covestro that provides resources, best practices, and tools such as ideas for customer outreach and legal guidelines for all Covestro business entities.

The result: a structured approach to accelerate the commercialization of circular solutions. This also includes raising awareness among the workforce. An accompanying webinar series, for example, promotes global exchange with internal circular economy (CE) experts and drives the further development of the market entry and commercialization strategy. In concrete terms, implementing the monetization approach in the operational business also means incorporating the circular economy mindset into the initial customer exchange jointly identifying added value, and developing solutions in partnership-based customer discussions. For example, there are “Monetize CE Pioneers”, a group of employees at Covestro who are available to colleagues around the world and who exchange information on their specialist areas and contribute their knowledge of various industries.

The vision of the circular economy and successful monetization are thus continuously developed.

The post Covestro and Deloitte’s Innovative Monetization Framework for the Circular Economy appeared first on NRI News.

Prof. Asutay, the Director of the Durham Centre for Islamic Economics and Finance at Durham University Business School, was awarded the prize in recognition of his significant contributions to shaping Islamic finance to promote sustainable development and human welfare within the Islamic moral political economy paradigm.

During the lecture, Prof. Asutay focused on the barriers to accessing resources, and the emergence of new moralities, such as sustainability and ethical business and finance.

He emphasized that true sustainability can only be achieved by fundamentally altering conventional assumptions to ensure equal access to resources. He highlighted the Islamic moral political economy’s perspective on emancipation and empowerment through resource accessibility, guided by the concept of Ihsan, which refers to agile and optimal governance.

The prize laureate also identified the need for an authentic methodology for sustainability and explained why it is imperative to disrupt conventional assumptions through the Islamic cognitive system or Islamic moral political economy paradigm, leading to new imaginaries.

The Islamic Moral Political Economy movement emerged to develop an understanding of an embedded system of economy that fosters an extended stakeholder development strategy with an extended stakeholder governance model. The multifaceted nature of Islamic economic development can be addressed through ijtihad, which is the base of Islamic moral political economy, beyond the Islamization of the neo-classical economy.

Prof. Asutay underpinned the key essence ontology of Islamic moral political economy as being just, sustainable, and imperative. Based on this philosophical foundation, the Islamic moral economy within the Islamic worldview can be outlined as:

• Being complementarity nature of all the stakeholders to reach unity (tawhid)
• Being within the balance (Mizan)
• Recognizing and provisioning of an opportunity space for the development path for each stakeholder to reach their perfection (rububiyah)
• Harmonizing the growth of each stakeholder with other stakeholders (tazkiyah)
• leading to inter-and-intra generational justice (adalah)
• ensuring the equilibrium-based (ihsani) governance

Prof. Asutay concluded the lecture by noting that it is an opportune time for the emergence of healing and ihsani leadership and governance in civil society.

Prof. Asutay also granted a one-on-one interview at the IsDB Institute, where he ‎highlighted the significance of winning the IsDB Prize and how his contributions will help shape the landscape of Islamic economics and finance knowledge. The interview is available on YouTube here.

The post How Islamic Moral Political Economy Shapes Sustainable Development appeared first on NRI News.

“The budget responsibly deploys the higher revenues (tax and non-tax revenues) on reducing the fiscal deficit, sustaining spending on investments, and making way for higher spending to support segments of the economy that require support. Overall, the quality of spending remains intact despite the slight tilt towards revenue spending.

A lower fiscal deficit and non-inflationary nature of spending are inflation-positive, while lower market borrowings will help temper yields. We expect the 10-year government bond yields to average 6.8% by March 2025, from 7% in March 2024. On the back of a normal monsoon and cooling food inflation, we expect headline consumer price inflation to soften to 4.5% average this fiscal from 5.4% in the last. We maintain our GDP growth forecast at 6.8% for fiscal 2025 – a moderation from 8.2% in fiscal 2024 led by tighter lending conditions.”

The post Union Budget Reaction By CRISIL Principal Economist appeared first on NRI News.

“The Union Budget complements the main takeaways from the Economic Survey and focuses clearly on the medium-term development of the economy. The thrust on agriculture, skill development, and MSMEs consequently leading to employment generation will continue to be the main focus areas for the government in the coming years. The overall size of the budget has remained almost unchanged from the Interim one. The budget has shown strong intent on moving along the fiscal prudence path and targeted the fiscal deficit at 4.9% for the year. The said action will keep the growth steady as well as robust not only for the economy but also for banking. This will make it easier to touch the 4.5% mark in FY26 as per the FRBM target. More importantly for the financial year, the overall gross borrowing and net borrowings have been pegged at almost the same level as in the Interim Budget. This means that it is virtually neutral for the market in terms of liquidity and bond yields, which has a positive impact on the economy.

The banking sector can see substantial positive takeaways from the Budget which goes beyond the neutral impact on liquidity. First, there is a focus on MSMEs with a credit guarantee scheme being brought in. Any support to the MSMEs will be positive growth of not just GDP but also employment. Second, at the retail level, there is an emphasis on education loans which will also help in skill building that is the need of the day. Third, the Budget speech also spoke about recovery and the focus will be on debt recovery tribunals. Fourth, the balanced regional development goal also includes setting up more touch points in the North Eastern Regions which will help to make banking more universal. Lastly, the reiteration of the budget to encourage housing also means that banks will have a larger role to play in carrying out this program at both the rural and urban levels.“

Rajesh Sharma, Managing Director at Capri Global Capital Limited:

“We commend the Union Budget 2024-25 for its robust support towards MSMEs, a vital backbone of our economy. The budget’s enhancements to the credit guarantee scheme, regulatory reforms, and financial packages reflect a strong commitment to creating a supportive environment for MSMEs to thrive and compete globally. Notably, the budget also emphasizes affordable housing, which will further stimulate economic growth, improve asset quality, and create employment opportunities. The focus on e-commerce export hubs and technological upgrades for traditional artisans will not only strengthen domestic growth but also position Indian MSMEs as key players on the global stage.

Additionally, the measures to facilitate term loans for machinery and equipment without collateral, along with the establishment of new SIDBI branches, will significantly ease financial access for MSMEs. The budget’s emphasis on promoting women-led development through dedicated schemes benefiting them is a commendable step towards inclusive growth. Furthermore, the initiatives aimed at improving productivity and efficiency reflect India’s vision of becoming an inclusive and developed nation. These initiatives are poised to drive innovation, employment, and sustainable development within the sector, further strengthening India’s economic resilience.”

The post Union Budget Reactions appeared first on NRI News.

The ISC 2024 was inaugurated today 29th February 2024, the chief guest was Dr. C D Mayee, former Chairman, of the Agricultural Scientist Recruitment Board and a renowned scientist in the field of Agriculture. The Guest of Honour was Dr A K Singh, Vice Chancellor of CSA University of Agriculture and Technology, Kanpur, Uttar Pradesh. Shree  Ajeet Mulay, Convener of National Organizing Committee of ISC 2024 welcomed all the guests, other dignitaries, and delegates He also gave a brief background of the deliberation which will take place during the two-day event. Dr B B Pattanaik, General Secretary of NSAI briefly informed the audience on the various activities undertaken by NSAI to support the Indian seed industry.

Dr M Prabhakar Rao, President NSAI made a detailed presentation on the present status and prospects of the Indian Seed industry starting from the green revolution to the present period of Amritkal. He lauded the role of the seed industry in the development of Indian Agriculture and the Indian Economy. He indicated that with India setting itself to boost its economy to 7 trillion USD by 2030 and 10 trillion USD by 2034, the seed industry also has the potential to grow to 7 billion USD if we can focus and aim for 1 billion USD export. He also gave a perspective view of the future developments and emerging technologies that would need to be integrated with seed research and development to harness their full potential. Dr Rao also presented a matrix to set the priority of the seed sector for the new era.

Guest of Honour, Dr AK Singh mentioned that Indian Agriculture has gone through tremendous transformation exhibiting outstanding growth in several crops, particularly, the horticultural crops. Still, there was huge potential to be tapped for boosting the production to a level where we ensure our domestic food and nutritional security and also tap the growing export market. Dr Singh was of the view that good quality seeds alone were capable of pioneering this transformation and hoped that the deliberations during the ISC would set a direction for this initiative. 

Chief Guest Dr C D Mayee appreciated the visionary presentation by President NSAI and hoped that under his leadership the Seed industry was going to achieve new heights in the days to come. Dr. Mayee emphasized the use of new technology to be used in the area where we are facing constraints, particularly, concerning the increasing labor problems in agriculture which could be tackled by the mechanization and adaptation of new technology tools. Extensive use of digital technologies in agriculture has to be explored to address the difficult areas of agricultural development. Dr. Mayee suggested that we must target the new genetic tools and technologies for improvements in the production/productivity of crops where we have shortages, particularly, the oilseeds like mustard, soybean, and groundnut and also several pulses.

Shri Vaibhav R Kashikar, Treasurer NSAI summarized the 12-year journey of ISC which has made a significant contribution towards giving shape to the Indian Seed Industry, and presented the vote of thanks to all distinguished guests, sponsors delegated and all others associated with the organization with event.

The ISC 2024 which will continue on 29th February and 1st March 2024 has been organized into six Technical Sessions that address emerging topics having an impact on the Indian Seed industry to be discussed in detail by the best subject matter experts invited from national/international institutions, about seeds.  Exhibition stalls have also been set up to showcase the latest technology and products by the seed companies and trading tables to provide a platform for business negotiations and promotion of seed trade.

The two-day event would enable comprehensive deliberations and discussions on scientific, technological, regulatory, and business developments which are going to be the core attraction of ISC 2024.

The post Indian Seed Congress 2024 Held At The Westin Koregaon Park Pune appeared first on NRI News.

BENGALURU: Pure Storage® (NYSE: PSTG), the IT pioneer that delivers the world’s most advanced data storage technologies and services, announced significant updates to its robust partner program, delivering heightened value and performance to partners, tailored to their unique business models. These enhancements reflect Pure Storage’s service-led strategy to enable new levels of scale, consistency, and preference for partners as the only storage vendor to deliver subscriptions entirely through the channel.

The ability to adapt to the subscription economy is increasingly defining the success of businesses across industries. Customers are opting to pay ratably over time as they react to the impact new technology adoption has on their infrastructure needs. In fact, subscription services now account for nearly half of Pure Storage’s revenue.

Given the company’s leadership and growth in subscriptions, as well as the latest updates to the partner program, Pure Storage is uniquely positioned to support partners’ business growth in the as-a-service era.

Pure Storage has aligned partner feedback, customer needs, and its company strategy to deliver continuous innovation to the Partner Program. The program transformation will focus on increasing partner profitability, greater automation, building enhanced tools, and driving partner empowerment to proactively accelerate the growth of their businesses. The updates include:

• Evolved Predictable Programmatic Pricing Model for Partners: Pure Storage is introducing a new pricing model framework to provide partners with a simple Product and Services MSRP and programmatic discounting based on partner type, tier, and deal registrations.
• Power to Provide Quotes Independently: New updates to Pure Storage’s existing quote configuration, pricing model, and tools will empower partners through automation to conduct independent configurations and quotes, as well as backend electronic data exchange (EDI) integration for order placement.
• Simplified Auditing and Reporting: Pure Storage will be making updates to its Salesforce reporting experience, Partner dashboard, and recruiting & onboarding tools, enabling partners with a more cohesive experience across the platform.
• Enhanced Partner Intelligence Tools: Pure Storage is launching a Partner intelligence dashboard that gives Partners visibility into all of their engagements with Pure Storage and customers from current business and pipeline, as well as guided proactive recommendations on upgrade/upsell/renewal opportunities.

• “As a service-led company, we are proud of our industry-leading subscription services and our partner-led approach. Pure Storage has been 100 percent channel-led since its founding, and we recognize the pivotal roles our partners play in delivering innovative storage solutions to customers worldwide. With this next evolution, we aim to empower our partners to drive more value and impact in the as-a-service economy as they meet the dynamic global technology needs of today.” said,  Wendy Stusrud, VP, of Global Partner Sales, Pure Storage
• “We are thrilled to unveil our new Partner Program tailored specifically for the subscription economy. As we navigate the dynamic landscape of the as-a-service era, this initiative underscores Pure Storage’s commitment to fostering even greater collaboration and enabling new levels of scale, consistency, and empowerment for partners.” said, Jithesh Chembil, Head of Channels, India, Pure Storage
• “As a proud partner of Pure Storage, we are enthusiastic about the Partner Program crafted for the subscription economy. The program not only amplifies our ability to deliver cutting-edge solutions but also paves the way for a future where our clients can seamlessly navigate the subscription-based paradigm. At the outset, this allows more flexibility and at the same time offers companies that are looking to lower the amount of investments into an OpEx model. We look forward to leveraging this program to unlock new possibilities and deliver unmatched value to our customers in India.” said, Avinash Joshi, CEO, of NTT India Private Limited

To learn more about becoming a Pure Partner, visit Pure Storage’s partner page. Pure Storage was recognized as a 5-Star Data Storage Vendor in the 2023 CRN Partner Program Guide, and an Enterprise Network Storage Hardware Category Winner in the 2023 CRN Annual Report Card.

The post Pure Storage Unveils Strategic Evolution Of Their Partner Program Built For The Subscription Economy appeared first on NRI News.

“Sustainable Solutions Take Center Stage in Government Budget Plans”

The union government has yet again reinstated its commitment to sustainably growing and strengthening the economy. Capital allocation of 11.11 lakh crore towards infrastructure development will play a pivotal role in fostering economic growth and prosperity. Additionally, investments in infrastructure create jobs, stimulate demand for goods and services, and attract private-sector investment. The government’s initiatives and focus on uplifting women’s entrepreneurship will significantly enhance the startup ecosystem, propelling the Indian economy to new heights.

 The emphasis on improving manufacturing and charging infrastructure aligns perfectly with our aim for a more environmentally responsible tomorrow. 

Simultaneously, the growing adoption of e-buses for public transport networks is a commendable step that not only solves environmental issues but also paves the way for significant growth in the electric vehicle market. The emphasis on EV charging infrastructure not only accelerates the transition to greener energy, but also encourages entrepreneurial possibilities for vendors, creating jobs for young people skilled in manufacture, installation, and maintenance.

Furthermore, the introduction of the rooftop solarisation scheme, the conversion of 40,000 rail coaches to Vande Bharat standards, and the ambitious goal of establishing 100 million tonnes of coal gasification and liquefaction capacity by 2030 demonstrate a comprehensive approach to sustainable development. Additional efforts, such as starting a new biomanufacturing and bio-foundry plan and legislating the gradual mixing of CNG and biogas, add to the budget’s optimistic tone for a future in which economic growth and environmental conscience coexist. And we look forward to benefiting from these positive developments. The implementation of such measures serves as a significant boost to Make in India and contributes to the realization of our vision to promote domestic manufacturing.

Venkatram Mamillapalle, Country CEO & Managing Director, Renault India Operations

“With the Interim Union Budget 2024 announcement completed, Renault India embraces the transformative vision outlined by Finance Minister Nirmala Sitharaman, steering towards a ‘Viksit Bharat’ by 2047. As a committed contributor to the nation’s progress, we applaud the inclusive approach reflected in initiatives like the Fasal Bima Yojana, benefiting 4 crore farmers, and showcasing the government’s dedication to rural prosperity.

Renault India enthusiastically supports the impetus on advancing the e-vehicle ecosystem, recognizing its pivotal role in sustainable mobility. The promise of expanded manufacturing and charging infrastructure aligns seamlessly with the commitment to delivering innovative, eco-friendly solutions. Moreover, the emphasis on e-buses for public transport echoes aspirations for fostering a greener, more sustainable future. Renault India stands poised to actively engage and collaborate in driving positive change and contributing to the realization of a prosperous and sustainable India.”

Devndra Chawla, MD and CEO, GreenCell Mobility

We commend the major announcements made by Finance Minister Smt. Nirmala Sitharaman in the Interim Budget 2024. The government’s commitment to promoting sustainable mobility is a welcome step towards a greener future.  Focusing on increased usage of e-buses for public transport networks is a noteworthy initiative. As a green mobility firm, we applaud this effort for its potential to greatly cut carbon emissions and improve the overall efficiency of public transit networks. This decision is completely aligned with our aim to promote ecologically friendly urban mobility alternatives.

Furthermore, encouraging states to undertake the entire development of renowned tourist destinations and sell them worldwide is a smart decision. This not only benefits the tourism industry, but also presents an opportunity for sustainable transportation solutions in these places. We look forward to contributing to such projects with our environmentally friendly mobility solutions.

The commitment to a significant FY25 capex spend of 3.4% of GDP and a capex target of Rs 11.1 trillion, an 11.1% increase, is a very bold and forward-looking step. It demonstrates the Government’s commitment to infrastructure development. The assistance for the production and manufacture of electric mobility is well aligned with our main business. We applaud the Government’s measures in promotion of sustainable mobility which plays a crucial role in creating a cleaner and greener world.

The announcement highlights the promotion of charging infrastructure for electric vehicles and increased adoption of e-buses in public transport networks. This will be facilitated through a payment security mechanism. The government’s initiative not only drives electric vehicle adoption but also creates entrepreneurial opportunities for vendors involved in the supply and installation of EV chargers. This approach contributes to employment generation, particularly for skilled youth, aligning with our vision of promoting sustainability and fostering economic growth.

Lastly, the focus on solar energy and the rooftop solarisation scheme is a forward-looking initiative. It not only aims to provide free electricity to households but also acts as a catalyst for the growth of the electric vehicle charging ecosystem. We appreciate the holistic approach towards sustainable development, which not only considers the end-users but also fosters entrepreneurship and employment opportunities across the value chain.

At last, the Interim Budget 2024 sets an optimistic tone for the future. We believe that the next few years will indeed be filled with golden moments as the nation progresses toward a more sustainable and resilient future. We eagerly look forward to contributing to and benefiting from these positive changes in the mobility and energy sector.

GreenCell Mobility, promoted by Eversource Capital, is a leading player in the shared e-mobility space. GreenCell Mobility operates NueGo, India’s first premium intercity electric coach service.

Nemin Vora, CEO, Odysse Electric Vehicles

“Following the Interim Union Budget 2024, we enthusiastically embrace the government’s vision for a ‘Viksit Bharat’ by 2047. As an electric vehicle (EV) manufacturer, we applaud the strategic focus on expanding the e-vehicle ecosystem, supported by manufacturing and charging infrastructure enhancements. The budget’s commitment to research and innovation, exemplified by a one lakh crore rupees corpus with a fifty-year interest-free loan, signifies a golden era for our tech-savvy youth, aligning seamlessly with our mission for sustainable mobility solutions.

Prime Minister Modi’s visionary expansion of “Jai Jawan Jai Kisan Jai Vigyan” underscores the pivotal role of innovation in India’s development. We stand ready to contribute to this era of unprecedented growth, leveraging our expertise to push the boundaries of technology and sustainability. As we enter the next five years with ‘Sabka Vishwas,’ the trinity of demography, democracy, and diversity, backed by ‘Sabka Prayas,’ holds the potential to fulfill the aspirations of every Indian.”

Sohinder Gill, Director General, Society of Manufacturers of Electric Vehicles (SMEV)

“The 2024-2025 Interim Union Budget emphasizes a green public transportation system, prioritizing a strong charging infrastructure for widespread adoption of electric vehicles. India’s vast expanse requires a comprehensive network with thousands of installations. This commitment is poised to spur employment growth, benefiting startups and MSMEs, with ongoing service and maintenance creating additional job opportunities.

However, a noticeable gap in the budget is the absence of continued direct customer subsidies, a critical element that played a substantial role in driving the adoption of electric vehicles across various categories over the last two years. We eagerly await the government’s comprehensive strategy and commitment to sustaining the electric vehicle manufacturing ecosystem. It is anticipated that a combination of fiscal and non-fiscal interventions will be outlined, offering crucial support for the industry in the coming years until it achieves a threshold for self-sustained growth.”

Dr. K. Anand Kumar, MD, Indian Immunologicals

“I commend the initiatives outlined in the Interim Budget 2024, particularly those addressing women and children’s health. These measures signify a concerted effort to strengthen India’s healthcare system by prioritizing preventive care, expanding access to essential services, and leveraging innovation for better health outcomes.

The decision to provide and actively encourage cervical cancer vaccines for 9–14-year-olds reflects a proactive approach to preventing a significant health burden among young girls. Cervical cancer is the fourth most common cancer in women globally, with millions of cases reported annually. Investing in this preventive measure is poised to reduce the incidence of cervical cancer and its associated morbidity and mortality rates in the future.

The budget has also allocated INR 1 lakh crore towards establishing a corpus, offering a 50-year interest-free loan to scale up research and innovation significantly in sunrise industries. This allocation presents a promising advancement within the vaccine industry. It allows for the integration of new-age technologies in vaccine development processes, especially for mRNA and Adenoviral vector vaccines.”

Prem Kumar Vislawath, Founder and CEO, of Marut Drones

“It’s reassuring to hear the honorable FM prioritize agriculture as a key area of focus in her budget speech. She stressed the push for widespread adoption of modern farming techniques. The FM also mentioned the empowerment of ‘Annadatas’, our farmers, as an important goal. Agricultural drones can play a crucial role in minimizing risks while maximizing revenue for our farmers. The introduction of the Nano DAP class of fertilizers in all agro-climactic zones FM mentioned is also exciting for us, as Marut drones are specially equipped for that. Farmer-centric policies with the government encouraging embrace of modern technology through start-ups will go a long way in helping rural parts of the country grow to their full potential.”

Madan Sabnavis, Chief Economist, Bank of Baroda

The Budget has stuck to the task of following the path of fiscal prudence and indicated 5.1% as the deficit target for FY25. Given that the government was able to maintain the deficit ratio at 5.8% instead of 5.9% for FY24 even though the denominator was lower, it does look like a pragmatic target. It does look likely that the target of 4.5% will be achieved in FY26.

Within the confines of the available fiscal space, the government is channeling enough for capex which is almost 40% of the additional total outlay. This is being directed to roads, railways, and defense and it can have positive linkage effects with industries like steel, cement, capital goods, etc. The states would continue to get around Rs 1.3 lakh crore from the center and would be expected to also ramp up their spending.

From the banking perspective, a lower gross borrowing program augurs well as there will be less pressure on the system for deployment of funds. Also given that more FPI will flow to GSecs, they can use their funds for financing credit.

Rajesh Sharma, Managing Director at Capri Global Capital Limited

The Interim Budget has maintained the continuity in the Government’s approach to ensure balanced and inclusive growth without losing sight of the momentum needed to maintain the economy’s pace. In an election year, it has been positively surprised by staying on the path of fiscal consolidation. It has avoided fiscal profligacy and raised allocation to infrastructure. The allocation of a corpus of Rs. 1 lakh crore for promoting innovation through interest-free loans to the private sector is another step towards developing the future of India through innovation and research. The broader hints on financial sector reforms, efficient economic management, and the adoption of green policies point to major announcements in the full Budget in July this year.

Suresh Mutha, Managing Director at M20 Urban Spaces

“It is great to hear that our economy is doing well, there is macro-economic stability, including in the external sector, and that investments are robust. The mention of geographical inclusivity through the development of all regions of the country is great news for the real estate sector. The ‘housing for all’ scheme has already won the hearts of many in the country and I hope the scheme is continued in all good spirits. I welcome the scheme to help deserving sections of the middle class living in rented houses, slums, or chawls and unauthorized colonies to buy or build their own houses. We stand with the country in building a modern infrastructure.  Positioning India as an attractive destination for business and conference tourism is a great move that would give huge financial benefits. Promoting iconic tourist centers in the country will create more jobs, as well.”

Dr. Silpi Sahoo, Chairperson, SAI International Education Group

The Union Interim Budget 2024 intends to be accessible and inclusive for all. It prioritizes the education sector among several others and is a step forward from last year’s focus on job creation. It promotes skill development, boosts employment, and encourages entrepreneurship – all towards the Government’s larger vision of “Viksit Bharat”. We welcome the well-rounded approach of bolstering the startup ecosystem, investments in progressive technologies like AI integrating with education, and an emphasis on digital literacy as well as STEM education, especially for women. If these policies are delivered to their full potential and spirit, we will not be far from Bharat attaining global leadership.

Empowering our youth is a critical success factor towards our nation’s prosperity, therefore, 43 Crore loans sanctioned in this Budget will go a long way to encourage entrepreneurship among them. Moreover, reforms under NEP 2020 such as PM Shri will deliver top-quality teaching, and nurture holistic and well-rounded individuals is much much-needed intervention that will impact at the grassroots level.

The Government’s strong focus on sports has already generated a new civilizational confidence in our sportspersons. Our highest-ever medal tally in the Asian Games and Asian Para Games in 2023 stands as a testimony of this.

Dr Saundarya Rajesh, Founder – President, Avtar Group

“The tabled interim Budget has set the tone for the next phase of growth and development of the nation. By way of acknowledging the importance of inclusivity and equal opportunities for all, the government is reiterating the potential that increased women’s workforce participation will contribute to the overall GDP of the nation. The continuous allowances to entrepreneurship for women and youth, skilling or simply put towards the GYAN (Garib, Yuva, Annadatha and Nari) Bharath do promise growth and stability for the country. However, MSMEs and Startups – the key sectors that have the potential to boost women’s workforce participation, have not seen much push in the last two years, particularly by way of tax rebates in SEZs for companies operating in the STEM industry. While 43% of STEM graduates are women, they make up only 28% of the workforce in STEM. Moreover, women drop out of the workplace due to childbirth, childcare, and elder care. Consequently, only 3 percent of women hold CEO posts in the STEM Industry. To fast-track the growth, the new government will have to usher initiatives and policy measures such as incentivizing targeted women-talent hiring and retention, especially in the MSMEs and Start-ups sectors that will provide the much-required fillip towards women’s workforce participation.”

Radhika Choudary, Co-Founder, Freyr Energy

“The Budget 2024 has unveiled the Vision for Vikasit Bharat, emphasizing a harmonious relationship with nature. The government is actively promoting inclusive sustainable development through initiatives such as rooftop solar, as outlined in the Finance Minister’s speech. Anticipating new guidelines and incentives under the ‘Pradhan Mantri Suryodaya Yojana,’ the industry is optimistic about India’s rooftop solar energy transition.

The commitment to rooftop solarization and providing free electricity to one crore households is expected to infuse competitiveness and innovation into the solar sector. With the potential to contribute significantly to achieving the government’s target of making India net zero by 2070, this boost is poised to generate employment opportunities for the youth engaged in manufacturing, installation, and maintenance within the solar industry. The interim budget has successfully unlocked the true economic potential of India’s rooftop sector.”

Satyendra Prasad Narala – Managing Director, Regency Ceramics

“The government’s initiative to facilitate homeownership for the middle class is a commendable step toward inclusive growth. Moreover, the commitment to construct another 2 lakh houses and providing over seventy percent of these houses under PM Awas Yojana to women as sole or joint owners not only enhances their dignity but also promotes gender equality in rural housing development. These two schemes is a big positive for the building materials industry.

Regency has always been a trusted supplier of tiles for most government schemes and with innovative manufacturing practices will provide natural tiles at lower prices with better durability to the beneficiaries of these two schemes. We welcome these transformative measures for a brighter, more equitable future, and a flourishing ceramic tiles sector.”

The post Industry Sentiments And Quotes Post Budget 2024 appeared first on NRI News.

During her visit, President Renaud-Basso met with clients and representatives of the banking and business community, as well as government officials, to discuss the Bank’s increased engagement in the country. The EBRD has intensified its presence in Kyiv, including through high-level visits to support contacts with clients and authorities.

The Bank has focused on improving road and rail supply routes in and out of Ukraine to counter uncertainty over the main shipping routes through Black Sea ports, which have been affected by the war. The Bank provided EUR182 million to upgrade a section of road between Lviv in the western part of Ukraine and Rava-Ruska on the Polish border. This is in line with the European Solidarity Lanes initiative to boost road and rail access, in which the EBRD is also investing EUR300 million.

Another focus has been on supporting trade and increasing access to finance for Ukrainian private companies, primarily small and medium-sized enterprises. The Bank has a network of 14 partner financial institutions (PFIs) in Ukraine that facilitate the crucial flow of finance to the real economy.

Through its Trade Facilitation Programme (TFP) and Resilience and Livelihoods Guarantees, which partially cover the PFIs’ credit risks, the EBRD is enabling Ukrainian businesses to maintain their access to finance. Through these instruments, and by providing senior credit lines, the Bank has since the start of the war supported more than EUR750 million of trade and more than EUR800 million of new lending to private companies operating in agribusiness and other critical sectors of the Ukrainian economy.

The EBRD expects to continue its strong engagement in the country, in line with current investment levels over the next two years. At the EBRD’s 2023 Annual Meeting in Samarkand, the Bank’s Governors recognized that additional shareholder support would be needed for the Bank to sustain its work in Ukraine, in wartime, and in reconstruction. EBRD management and the Board are preparing a proposal for a paid-in capital increase for a final decision by the end of 2023.

The post EBRD Financing in Ukraine Reaches EUR1.2 Billion in 2023 as Bank’s President Visits Kyiv appeared first on NRI News.