The Jharkhand government presented a budget of Rs 1.28 lakh crore for the fiscal year 2024-25 in the assembly on Tuesday, marking a more than 10 per cent increase from the previous year’s financial statement. The budget for FY25 surpassed the Rs 1.16 lakh crore budget presented by the JMM-led coalition government for the current financial year 2023-24.
Finance Minister Nirmala Sitharaman urged Indian Inc. on Tuesday to align itself with the vision of ‘Viksit Bharat’ by 2047, coinciding with India’s 100 years of independence. Speaking at a session titled ‘Viksit Bharat @ 2047: Viksit Bharat & industry’ organized by Ficci, the minister also pledged that reforms would persist during the third term of Prime Minister Narendra Modi’s government.
The Jharkhand economy is projected to expand by 7.7 per cent in the fiscal year 2024-25, according to the state economic survey presented by Jharkhand Finance Minister Rameshwar Oraon On Monday. The survey also anticipates a growth rate of 7.1 per cent for the current financial year 2023-24.
In early trading on Tuesday, the rupee held steady at 82.88 against the US dollar, with market sentiment subdued and foreign funds withdrawn. Forex analysts noted that while support from a weakened US currency was observed, it was offset by elevated crude oil prices, prompting investors to proceed cautiously while awaiting cues from both domestic and global macroeconomic data.
Background
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At 10 am on Tuesday, the Sensex rose by 54.30 points or 0.07 per cent to reach 72,844.43, while the Nifty climbed by 17.50 points or 0.08 per cent to reach 22,139.50. Among the listed stocks, 1804 recorded gains, 1201 saw declines, and 110 remained unchanged.
On Monday, the stock markets sustained a downward trajectory. Although there was a slight recovery during the session, it wasn’t sufficient to offset the day’s losses. The BSE Sensex concluded the session below the 73K mark, settling at 72,790.13, a decline of 352.67 points, while the NSE Nifty50 finished nearly 100 points lower at 22,122.05.
Furthermost, the rupee strengthened by 2 paise to settle at 82.89 (provisional) against the US dollar on Monday, supported by volatility in the equity market. Forex traders observed that inflows from foreign investors and stable crude oil prices contributed to the currency’s resilience. At the interbank foreign exchange market, the rupee commenced trading at 82.88 and concluded at 82.89 (provisional) against the dollar. In the previous trading session on Friday, the rupee had closed 6 paise lower at 82.91 against the greenback.
In addition, Vijay Shekhar Sharma formally stepped down from his role as part-time non-executive Chairman of Paytm Payments Bank Limited (PPBL), resulting in a restructuring of the bank’s board. The development follows the Reserve Bank of India’s (RBI) directive barring PPBL from accepting customer deposits and credits after March 15 due to persistent non-compliance and ongoing supervisory concerns. This decision highlights the regulatory hurdles and compliance issues confronting PPBL, prompting substantial organisational changes to address these issues efficiently.
Paytm Payments Bank Limited (PPBL) disclosed the restructuring of its Board of Directors by appointing distinguished figures, as stated in a regulatory submission on Monday. Notable among the newly appointed Independent Directors are Srinivasan Sridhar, former Chairman of the Central Bank of India, retired IAS officer Debendranath Sarangi, former Executive Director of Bank of Baroda Ashok Kumar Garg, and former IAS officer Rajni Sekhri Sibal.