India economy & business news in brief for Feb 5: India’s Uttar Pradesh invokes Lord Ram in state budget
Uttar Pradesh chief minister Yogi Adityanatah (front left) and state finance minister Suresh Khanna (to his left) before the presentation of the state budget on February 5, 2024. (ANI Photo)
HERE are news in brief on Indian economy and business for Monday, February 5, 2024:
The government of the northern Indian state of Uttar Pradesh on Monday unveiled its budget worth Rs 7.36 lakh crore (£70.6 billion) for 2024-25, highlighting Lord Ram and emphasising infrastructure and the well-being of women, youth, and farmers. State finance minister Suresh Khanna commenced his speech with a verse from the Ramcharitmanas (a poem based on the epic Ramayan), underscoring the government’s commitment to ‘Ram Rajya’ (ideal state). With an eye on the 2024 general elections, the budget targets a 5.1 per cent growth rate for agriculture, allocates funds for religious road development, Mahakumbh-2025, and emphasises employment, women empowerment, and technology innovation.
Indian revenue secretary Sanjay Malhotra has said that law-enforcement agencies would investigate Paytm, a financial technology company, if necessary, but currently, there are no such actions underway amidst a regulatory turmoil surrounding the payment giant. In an interview with Moneycontrol, he clarified that while reports of a potential probe by the economic crime-fighting agency Enforcement Directorate have surfaced, there is currently no activity in that regard. Paytm faces significant pressure following the Reserve Bank of India’s directive on January 31, instructing its payments bank to cease accepting fresh deposits and conducting credit transactions after February 29.
Malaysia’s Lincoln University College has applied to India’s University Grants Commission, a statutory body under its education ministry, to set up a campus in the southern state of Telangana, the ministry told the Lok Sabha or Lower House of the parliament on Monday. The information was shared by junior education minister Subhas Sarkar in response to a question about whether the government has received applications from foreign universities to establish campuses in India. “The UGC has opened the portal for inviting applications for setting up campuses of FHEIs (Foreign Higher Education Institutions) in India. An application has been received from Lincoln University College, Malaysia, for setting up a campus in Telangana,” he said.
Digital rupee, robo advisors, personalised banking, data analytics regtech (regulatory technology) are among the mega trends reshaping the fintech sector in the post pandemic era, M2P Fintech co-founder Prabhu Rangarajan has said. “When it comes to our products, incorporating the latest yet relevant and scalable technology is at the heart of everything we do,” Rangarajan told press agency PTI about the acquisitive company which fuels the digital ambitions of banks, lenders, fintechs and other financial services players. The company, he said, is not just growing but “revolutionising the way financial transactions are understood and optimised”. It powers a large percentage of fintech transactions in India with a client base that spans more than 300 banks, 800 fintechs and over 100 NBFCs (non banking financial company).
Indian toy manufacturers have secured orders exceeding $10 million (£7.9 million) at the prestigious Nuremberg International Toy Fair in Germany, held from January 30 to February 3, 2024. This success is attributed to the superior quality of Indian toys, bolstered by government measures such as stringent quality norms, increased customs duties, and the National Action Plan on Toys. Exporters, benefiting from these initiatives, reported significant achievements as their products garnered attention and admiration globally, positioning the Indian toy industry competitively. Wooden toys and educational learning toys emerged as the most popular categories at the fair.
IGP.com , an International Gifts Platform, is thrilled to unveil its new 30-minute instant delivery service, setting a new standard for swift and delightful gifting experiences in India. This innovative step aims to redefine the dynamics of gifting, ensuring that the connection between the giver and the receiver is seamless, memorable, and free from any time limitations.
the success of same-day and scheduled deliveries to over 400+ cities in India, IGP is all set to deliver its products in 30 minutes anytime around the clock with the core campaign communication as ‘Your gift, their smile’ – Experience bliss instantly with 30-minute delivery,” IGP customers can avail this super quick delivery on 250+ SKUs in more than 2000 pin codes. By