The World Opinion

Category: Economy

  • Vande Bharat Express To Commence Services In Tripura soon, Announces CM Manik Saha | Railways News

    Tripura’s Chief Minister, Manik Saha, announced on Tuesday that the Vande Bharat Express train will commence its service in Tripura soon after the electrification of rail lines, currently in its final stage, is completed.

    He mentioned that PM Modi has introduced the Northeast HIRA Model. 
    “We have the Vista Dome, which we never thought of before. Soon, the electrification of the railway will be completed, and the Vande Bharat Express will commence,” Manik Saha said.

    A few days back, Tripura’s Chief Minister, Dr. Manik Saha, commended the Vande Bharat train service, hailing it as a transformative addition to Indian Railways.

    During his trip from Maldaha to Howrah on one of the semi-high-speed Vande Bharat trains, Dr. Saha lauded the efficiency of the service and attributed its success to Prime Minister Narendra Modi and the Indian Railways for their proactive implementation.

    10 New Vande Bharat Trains

    Notably, Prime Minister Narendra Modi inaugurated 10 new Vande Bharat trains yesterday and laid the foundation stone for a range of transformative developmental projects worth over Rs 1,06,000 crores. These projects span various sectors, including railway infrastructure, connectivity, and petrochemicals.

    With the addition of these 10 new trains, the total number of Vande Bharat trains now exceeds 50, covering 45 routes nationwide. Currently, Indian Railways operates 41 Vande Bharat Express services, connecting states through Broad Gauge (BG) electrified networks, spanning 24 states and 256 districts. The latest introductions expand connectivity across several routes such as Lucknow to Dehradun, Ahmedabad to Mumbai Central, New Jalpaiguri to Patna, Patna to Lucknow, Khajuraho to Delhi (Nizamuddin), Puri to Visakhapatnam, Kalaburagi to Sir M Visvesvaraya Terminal Bengaluru, Ranchi to Varanasi, Mysuru to Dr. MGR Central (Chennai), and Secunderabad to Visakhapatnam.

    These trains represent a significant improvement in India’s railway infrastructure, facilitating smoother and faster intercity travel while strengthening connectivity across the nation.

  • India's Retail Inflation Eases To 4-Month Low At 5.09% In February

    There was no relief as far as pulses are concerned as they turned costlier by 20.47 per cent, while the prices of cereals went up by 7.83 per cent.

  • 65% SHG Members Turn Into Lakhpati Didis As Incomes Triple: SBI Report | Economy News

    New Delhi: The Women’s Self-Help Group (SHG) schemes are turning out to be a huge success in the rural areas resulting in a tripling of incomes with 65 per cent SHG members turning into Lakhpati Didis nationwide, according to an SBI report released on Tuesday.

    The report sees Lakhpati Didis emerging as a game changer by 2026-27 across most states & UTs.

    Highlights of the report:

    ❑ Credit linkage, digital access and targeted policy measures, coupled with an unwavering sense of entrepreneurial spirit have ensured female SHG members accounts witnessing income tripling during FY19-FY24 (credits in accounts), with urban female members showing 4.6X increase while age group <27 years harnessing income increase of 4.7 times, a testimony to young nation theory…Most of the Female SHG members belong to the age of 35 to 50 years with median age of 43 years.

    ❑ Income has increased for SHG Members across the board… relative income analysis suggests around 65 per cent of rural SHG members have moved upwards in terms of relative income in FY24 when compared to FY19.

    ❑ All the regions, except metros have witnessed maximum increase in income of female SHG members belonging to 28 to 42 years in FY24 when compared to FY19….For metro regions, maximum increase is in age group <27 years.

    ❑ While Andhra Pradesh and Telangana are leaders in SHGs, other states like Tamil Nadu, Uttarakhand, Kerala, Punjab, Gujarat have also significantly increased female SHG incomes in recent times…Further, Female SHG members of Haryana, MP, West Bengal, and Jharkhand are expected to cross annual income of Rs 1 lakhs in 1 year…SHG members of UP, Maharashtra, Chhattisgarh, and Rajasthan may take 2 more years in earning annual income of Rs 1 lakhs…by FY27, India will have millions of Lakhpati Didis in almost every state.

    ❑ Expenditure at ATM is nearly constant during FY19-23 for SHG members…Average SHG members spending at POS has increased by 1.7 times during FY20-FY23…Highest spending is observed in Urban and Metro region.

    ❑ When it comes to UPI, there are not much region-specific differences as the expenditure of rural SHG members and Metro SHG members is not that much different as observed in other measures….Share of P2M transactions in UPI transactions by SHG members has nearly doubled in four years, across four regions in the country signifying ease of digital payments for merchant payments permeating physical boundaries.

    ❑ Expenditure through Aadhar enabled system increased by at least 3 times in FY24 from FY23 in all regions.

  • Reddit Targets Up To $6.4 Billion Valuation In Much-Awaited US IPO | Markets News

    New Delhi: Reddit is aiming for a valuation of up to $6.4 billion in its U.S. initial public offering (IPO), the social media platform said on Monday, as it nears one of the most-anticipated stock market debuts of the last few years.

    The company, along with some of its existing investors, is targeting a sale of about 22 million shares, priced between $31 and $34 each, to raise up to $748 million. The IPO, a major litmus test of investor appetite for new listings, will come more than two years after the company began preparations to go public. So far this year, the IPO market recovery has been uneven. (Also Read: Stock Markets Snap Two-Day Winning Run On Weak Global Trends)

    The targeted valuation, on a fully diluted basis, is less than the $10 billion Reddit was valued at after a fundraising in 2021. After its launch in 2005, Reddit became one of the cornerstones of social media culture. Its iconic logo – featuring an alien with an orange background – is one of the most recognized symbols on the internet. (Also Read: Byju’s Gives Indefinite Work From Home To Employees, Gives Up All Office Spaces Across Country)

    Its 100,000 online forums, dubbed “subreddits”, allow conversations on topics ranging from “the sublime to the ridiculous, the trivial to the existential, the comic to the serious”, according to co-founder Steve Huffman.

    Huffman himself turned to one of the subreddits for help to quit drinking, he wrote in his letter. Former U.S. President Barack Obama also did an “AMA” (“ask me anything”), internet lingo for an interview, with the site’s users in 2012.

    The company’s influential communities are best known for the “meme-stock” saga of 2021, when several retail investors collaborated on Reddit’s “wallstreetbets” forum to buy shares of highly shorted companies such as video game retailer GameStop. 

    The episode torpedoed hedge funds that had bet against those stocks, and made retail traders a force to reckon with. It was also featured in a 2023 film starring Seth Rogen. To tap into the retail base, Reddit has reserved 8% of the total shares on offer for eligible users and moderators on its platform, certain board members and friends and family members of its employees and directors.

    Such buyers will not be under a lock-up period and could choose to sell their shares on the first day of trading, potentially increasing the price volatility. “This is a unique IPO and what happens with it is going to be partly driven by the buzz on the platform,” said Reena Aggarwal, director of the Georgetown University Psaros Center for Financial Markets and Policy.

    Morgan Stanley, Goldman Sachs, J.P.Morgan and Bank of America Securities are the lead underwriters for the offering. Reddit expects to list on the New York Stock Exchange under “RDDT.”

  • After A Record-breaking Rally, Markets Trade Lower On Weak Global Trends | Markets News

    Mumbai: Equity benchmark indices declined in early trade on Monday after rallying in the past two straight sessions amid weak trends from the US markets and selling in banking stocks.

    After a record-breaking rally, the 30-share BSE Sensex went lower by 204.64 points to 73,914.75 due to profit taking. The Nifty slipped 49.15 points to 22,444.40.

    Among the Sensex firms, Tata Steel, Kotak Mahindra Bank, Tech Mahindra, HDFC Bank, Infosys, and Tata Motors were the major laggards.

    Bajaj Finserv, UltraTech Cement, ITC, and Bajaj Finance were among the gainers.

    In Asian markets, Seoul and Tokyo were quoting lower, while Hong Kong and Shanghai traded in the green territory The US markets ended in the negative territory on Friday.

    Global oil benchmark Brent crude dipped 0.68 per cent to USD 81.52 a barrel.

    The stock markets were closed on Friday for Mahashivratri.

    Foreign Institutional Investors (FIIs) bought equities worth Rs 7,304.11 crore on Thursday, according to exchange data.

    “The dominant trend in the market in the near-term is likely to be the underperformance of the broader market, particularly the small-cap space.

    “Since restraint imposed by some mutual funds by stopping lump sum investment into their small-cap schemes has failed to stem the flow of funds into the over valued small-cap segment, SEBI has stepped in with regulatory action asking the mutual funds to do stress tests in their mid and small-cap schemes.

    “Since the market is scaling new highs consistently, the undertone of the market remains bullish and, therefore, investors should remain invested. Large caps are likely to witness buying on dips while the broader market will face headwinds,” V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.

    On Thursday, the 30-share BSE Sensex advanced 33.40 points or 0.05 per cent to settle at a new peak of 74,119.39, while the broader Nifty rose by 19.50 points or 0.09 per cent to close at a record 22,493.55.

  • Stress Disclosures On Small, Mid-Cap Funds By AMCs From March: Officials | Economy News

    New Delhi: In a bid to maintain stability, instil investors’ confidence and enhance transparency, market regulator SEBI and AMFI, a body representing the mutual fund industry, have directed fund houses to provide additional disclosures for small and mid-cap funds from this month, officials said. The additional disclosure parameters for mutual fund managers include valuation, volatility, investor concentration and stress tests, they said.

    “We have instructed AMFI to direct AMCs to disclose certain additional data points relating to valuation, volatility, investor concentration, and the percentage holding in small and mid-cap stocks, along with disclosures on stress testing results,” SEBI wholetime member Amarjeet Singh said at an event organised by Indian Chamber of Commerce. (Also Read: I-T Department Uncovers Cases Of Inadequate Tax Payments; Check Deadline Date For Payment)

    The stress test results are expected to reveal the time it may take for Asset Management Companies (AMCs) to liquidate securities equivalent to 25 per cent and 50 per cent of the Assets Under Management (AUM) of the schemes on a pro-rata basis. A format has been developed in consultation with AMFI, Singh said. (Also Read: 7 Fresh IPOs To Hit Dalal Street In Upcoming Week: Check Details Of Offerings)

    “The risk management framework is communicated to the Asset Management Companies (AMCs) for disclosure to investors through various channels such as the risk-o-meter, fact sheets, and additional disclosures, particularly for mid-cap and small-cap funds,” AMFI Chief Executive Venkat Nageshwar Chalasani said.

    These disclosures cover aspects like liquidity, valuation and concentration, providing investors with crucial information to make informed decisions. These detailed disclosures will be available on the websites of AMC and the regulator. Chalasani termed such measures as an ongoing process to instil investor’s confidence.

    The interaction between investors and fund managers is part of the continuous risk management and disclosure process, which is already being carried out through channels like the risk-o-meter and fact sheets.

    “From March, they will provide additional information on small and mid-cap funds,” he said. The arrangement of additional disclosures on small and mid-cap funds comes at a time when there have been sharp inflows in these funds as the market hits fresh highs.

    The market regulator had reviewed data with respect to stress testing of some of the schemes, and based on their outcome, a need was felt that investors should be aware of certain additional risks involved in investing in such schemes, the officials said.

    The net assets under management in small-cap and mid-cap funds were Rs 2,49,079 crore and Rs 2,94,490 crore, respectively, in February 2024 as compared to Rs 1,31,586 crore and Rs 1,83,246 crore in the year-ago month.

  • ‘When Whole World Was Facing Food inflation, India Was…’: Piyush Goyal On Measures To Contain Food Prices | Economy News

    New Delhi: The Centre will pull all stops to ensure prices of essential food items from onion to tomatoes to pulses do not spike particularly during the elections, Union Minister Piyush Goyal said as he cited the Modi government’s track record of controlling rates within days of any temporary hike.

    In an interview with PTI, Goyal, who is heading the food and consumer affairs ministry, asserted that the Modi government would continue to take measures to ensure that there is no stress on the household budget of “our Nari-Shakti”. (Also Read: Veg Food Thali Turns Costlier In February, Non-Veg Cheaper: Check What Are Reasons Behind It)

    Replying to a query regarding the government’s strategy to ensure that there are no spikes in the prices of food items when the general election kicks in, the minister said, “We are going to be on top of it. And I can assure the people of India that this government cares for the women of India.” (Also Read: Bank Employees To Receive 17% Annual Wage Hike; IBA, Unions Sign Joint Note)

    He highlighted that the government has spent in the last few years about Rs 28,000 crore in the price stabilisation fund to support the effort to fight against food inflation.

    “We will continue to be there with our sisters and mothers and make sure that we do not give stress…We are pro-actively on the job to make sure that we respect our Nari-Shakti and respect that they need to get a better household budget,” Goyal asserted.

    The Election Commission is expected to announce the poll schedule soon and the Lok Sabha elections are likely to be held in April-May.

    The minister spoke at length about the government’s various measures in the last few years to check prices of food items like onion, tomato, and pulses.

    “When the whole world was facing severe inflation, particularly food inflation, and never seen before levels, some countries of the developed world were showing 40-year high inflation, India was a bright spot in the subject of inflation,” he said.

    During the UPA-era, Goyal said, the inflation was at high levels and food prices were going haywire. “If you look at the India story, even during the worst times, we were able to maintain our inflation at pretty much reasonable levels.”

    “We did not allow any product to see spikes beyond a point. If we saw any product going expensive, very often for reasons beyond our control, we acted immediately,” he said.

    Citing examples of price rise in tomatoes because of rains in Himachal Pradesh, Uttarakhand and Karnataka and at about the same time, Goyal said the government immediately intervened and started procuring tomatoes from other regions to boost supplies across the country.

    “We didn’t allow the price to remain at those elevated levels beyond a few days. And as soon as the government intervention came in, prices came back to normal levels,” he said.

    The food and consumer minister added that similar efforts were taken when the prices of onion and pulses rose beyond reasonable levels.”

    Even at nominal increases, the government now takes proactive measures,” he said. To provide relief to the common man, Goyal highlighted that the Centre has introduced Bharat Chana daal at Rs 60 per kg; Bharat Atta (wheat flour) at Rs 27.50 per kg, and Bharat rice at Rs 29 per kg for sale in the open market.

    These steps, he said, have brought “salutary effects” on prices. “Inflation of food has been kept under control and our overall inflation is also very much within the RBI mandate,” he said.

    Referring to the government’s latest estimate about lower onion output in 2023-24, he said, “I can assure you that the government will be proactive in its effort”.

    The government has 18,000 outlets of NCCF, NAFED, Kendriya Bhandar, and retail stores of state governments for the sale of subsidised items like pulses, aata, and rice. That apart, he said, the government has also roped in e-commerce platforms for sale of these goods.

  • GAIL Announces CNG Price Reduction By Rs 2.50 Per Kg | Companies News

    New Delhi: GAIL (India) Limited, and its wholly owned subsidiary, GAIL Gas Limited on Saturday announced a reduction in the prices of Compressed Natural Gas (CNG) by Rs 2.50 per kg across several key locations in India where it operates retail outlets.

    The move comes close on the heels of Indraprastha Gas Limited (IGL) reducing the selling price of gas in Delhi and the National Capital Region (NCR) by Rs 2.50 per kg with effect from Thursday. (Also Read: Zomato Celebrates Women’s Day By Introducing New Kurta Option For Female Delivery Partners)

    This reduction underscores GAIL’s commitment to offering environmentally friendly fuel solutions at competitive prices, in line with the nation’s efforts to combat pollution and reduce carbon emissions. (Also Read: Big Relief To THESE EPF Members: Exempt From Joint Declaration Form Submission)

    “The decision to lower CNG prices comes at a crucial time when the automotive industry is witnessing a surge in the production and adoption of CNG vehicles by leading manufacturers such as Suzuki Motors Tata, Hyundai and Mahindra,” GAIL said in a statement.

    With this price reduction, GAIL aims to facilitate the transition towards cleaner and greener transportation options, ensuring a sustainable future for generations to come, the statement added.

    On its part, AG&P Pratham said it has cut its retail price from March 7 onwards in cities it operates in Kerala (Alappuzha, Kollam, Thiruvananthapuram – current price Rs 85.50/kg) and Andhra Pradesh (Nellore Rs 91.50/kg, Chittoor, Tirupati-Rs 91.50/kg, Anantapur and Kadappa Rs 91/kg).

    According to Thivahar Bethune, VP Marketing, AG&P Pratham, three-wheeler auto-rickshaws, cars, small commercial vehicles, trucks and bus owners using CNG fuel can now save up to 35 per cent and 50 per cent compared to diesel and petrol respectively.

    In Kerala, AG&P Pratham currently operates 34 CNG stations and plans to set up over 150 CNG stations and in Andhra Pradesh, it currently operates 42 CNG stations and plans to set up over 200 CNG stations in the coming years.

  • Big Relief To THESE EPF Members: Exempt From Joint Declaration Form Submission | Personal Finance News

    New Delhi: If you are a contributor to the EPF, this may be good news for you. The Employee Provident Fund Organisation issued the latest circular on January 30, 2024, regarding the submission of joint declarations, an essential document for every EPF member. Some EPF account holders will not have to submit a joint declaration form, according to the Employees’ Provident Fund Organization (EPFO).

    Signature Of Employer And Employee

    In the joint declaration form, the signatures of the employer and employee are required. Correction of erroneous information in the employee’s PF account requires submission to the Regional PF Commissioner. (Also Read: Bank Employees To Receive 17% Annual Wage Hike; IBA, Unions Sign Joint Note)

    What EPFO Said In Latest Circular?

    The EPFO published a circular in January of this year stating that in order for employers and employees to jointly contribute to the EPF account on a basic pay that exceeds the present statutory wage ceiling of Rs 15,000 per month, they must submit this form. (Also Read: Good News For Job Seekers! Elon Musk’s Firm X Has Over 1 Million Openings)

    Who Are Exempted From Submitting Form?

    According to a recent letter from EPFO, EPF members who resigned from their jobs or passed away before a certain date are exempt from submitting the joint declaration forms.

    The EPFO has said that employees who have paid over the statutory limit but have ceased employment or passed away “till October 31, 2023” are eligible for relief from submitting the joint application form. 

    The EPFO stated that: “All such cases where the employees had already contributed on pay more than the statutory limit and the employer had also paid administrative charges on such contribution made on pay more than the statutory limit but had left the employment or died till 31/10/2023, it is deemed that such cases had been allowed for contributing on pay more than the statutory limit so as to avoid hassles for the concerned stakeholders.”

    In addition, employees of EPF members who currently make monthly contributions exceeding the statutory wage limit of Rs 15,000 and whose employers are covering the administrative costs associated with these higher payments are exempt from filing the joint declaration form right away.

  • PPF, Senior Citizen Savings Scheme, Sukanya Samriddhi, Other Small Savings Schemes Interest Rates Unchanged For April-June Quarter | Personal Finance News

    New Delhi: The central government on Friday kept the interest rates for small savings schemes viz PPF, Senior Citizen Savings Scheme, Sukanya Samriddhi Scheme and other unchanged for the April June quarter.

    Interest rates of these small savings scheme will remain unchanged for the first quarter of the next fiscal, beginning April 1, 2024, a notification issued by the finance ministry has said.

    “The rates of interest on various small savings schemes for the first quarter of FY 2024-25, starting from April 1, 2024, and ending on June 30, 2024, shall remain unchanged from those notified for the fourth quarter (January 1, 2024, to March 31, 2024) of FY 2023-24,” the notification said.

    The government notifies the interest rates on small savings schemes, majorly operated by post offices, every quarter.


    The Sukanya Samriddhi scheme will yield an interest rate of 8.2 percent on deposits, while the three-year term deposit maintains a rate of 7.1 percent.

    Similarly, the interest rates for the popular PPF and savings deposits stand at 7.1 percent and 4 percent, respectively.

    The Kisan Vikas Patra will accrue interest at a rate of 7.5 percent.

    For the period of April 1 to June 30, 2024, the interest rate on the National Savings Certificate (NSC) will remain steady at 7.7 percent.

    Investors in the Monthly Income Scheme can expect an interest rate of 7.4 percent.

    The Reserve Bank, since May 2022, has raised the benchmark lending rate by 2.5 per cent to 6.5 per cent, prompting banks to raise interest rates on deposits as well. However, the RBI has maintained the status quo on policy rate in the last five consecutive Monetary Policy Committee meetings since February this year.

    With PTI Inputs