Cracks appearing in the convergence path of Centre & States’ fiscal consolidation: Emkay Global Financial Services

Mumbai, October 30, 2024: Emkay Global Financial Services held a media webinar on the states and Union’s fiscal situation. As per their analysis there are some risks emerging in the convergence path of Centre and States’ fiscal consolidation. The states’ fiscal situation is at a risk of further divergence in FY25. The election-led populist spending by states is unprecedented and increases risk of fiscal slippage in FY25. This may also lead to a higher borrowing by states.

States’ fiscal picture at risk of further divergence in FY25

The centre and states’ fiscal behavior has differed in the way they have achieved consolidation post-Covid. Centre has overachieved on its revenue targets, allowing it to maintain focus on capex while cutting deficits. In contrast, states have consistently missed revenue targets, forcing them to cut expenditure, especially capex, sharply – even as their revex growth has been higher than that of the Centre’s. Indian states’ fiscal consolidation path post-Covid looks like being interrupted in FY25. While the Centre has budgeted a 0.7% reduction in FD/GDP for FY25, States are budgeting a 0.2% higher deficit, after having achieved a similarly higher deficit in FY24P.

Populist push to endanger finances further

The last couple of years have seen an evolution in fiscal behavior around elections, with this shift being far more apparent at the State level. Of the 10 major states that went to polls in 2023 and 2024, nearly every state has introduced new freebie schemes, regardless of party lines. This is not a completely new phenomenon – Emkay Global’s analysis of 19 States over the last 20 years shows that on an average, states’ fiscal deficit/GSDP is 0.5% higher during election years vs the previous year, with revex/GSDP being 0.4% higher, whereas capex/GSDP declined by 0.1%. The worst offenders have been Chhattisgarh, Maharashtra, Bihar, Madhya Pradesh, Odisha, Jharkhand, and Andhra Pradesh – all States that have had or will have elections by end-2025

States’ FY25BE for subsidies has shot up to Rs3.7trn on the back of the freebie wave – this is equivalent to 8.6%/8.7% of aggregate revenue receipts/expenditure (the highest since FY21). Subsidies are budgeted to grow at 26% YoY – while there is a base effect, freebie announcements have led to this rise.

States revenue mobilization to remain a concern?

States’ revenue growth over the last five years has been led by own tax revenue (OTR), which grew at a faster rate than overall revenue receipts (10.4% CAGR vs 8.5% CAGR). OTR currently makes up ~52% of the States’ revenue receipts (FY25BE) — an increase of 4% since FY19, on account of this faster growth. States’ OTR grew just 9% in FY24 (vs Centre’s gross tax revenue growth of 13%) and is budgeted to increase 18% YoY in FY25. However, Centre’s FY25BE tax revenue growth is only ~11%, so States’ OTR estimates look optimistic – while States’ OTR buoyancy has outdone Centre’s tax buoyancy in the past, a similar outperformance is unlikely in FY25 amid slowing GDP growth. SGST (~18% YoY) grew far higher than any other component and is budgeted to rise 18% again in FY25. SGST makes up over 40% of aggregate State OTR, but with all other heads seeing poor growth in FY24P, it will be difficult for overall OTR to grow substantially even if SGST manages to maintain its pace in FY25. States have had to increase reliance on non-tax revenue sources due to slower OTR growth. On aggregate, States are budgeting much higher growth for non-tax revenue (25% vs 13% for FY24P) and non-debt capital receipts (159% vs 66%). With these being volatile revenue sources, overall revenue estimates are at risk in FY25.

Capex improves, but with significant inter-state divergence

FY25BE sees states budgeting strong growth of ~18% for capex. This compares to the Centre which has budgeted 16% YoY growth (ex-capex loan transfers to States). If achieved, this would imply C+S capex/GDP at 5.4%, with States’ capex/GSDP at 2.5% – a multi-year high. This strong growth comes on the back of an encouraging performance by States in FY24P. States mirrored the Centre’s capex behaviour and frontloaded their capex as well, spending Rs6.9tn and achieving 89% of FY24BE – the highest achievement rate in over 10 years. States’ capex/GDP was at 2.3% in FY24P, the highest ratio since FY21. Despite frontloading, March remained a heavy month for capex, with ~20% of FY24P capex (albeit lower than the usual ~25-28%). With the Centre’s capex (ex-capex loans to States) at Rs8.3tn (2.8% of GDP), this meant that total C+S capex/GDP rose to 5.5% – the highest since FY05. Despite the overall rate of achievement, only 4 States overshot their BE, with the most notable ones being Madhya Pradesh, Telangana, & Bihar. On the other hand, 13 States missed their estimates, with the biggest offenders being Punjab, Chhattisgarh, Uttar Pradesh and Andhra Pradesh. This was despite the Centre paying out ~Rs1.1tn through the capex loan program (vs Rs1.3tn budgeted). Centre has budgeted Rs1.5tn for this program for FY25, but stringent conditions (along with delayed disbursement due to the general election) mean that it is unlikely that the entire amount will be utilized.

States’ borrowings likely to be higher

After a surge in issuance in FY24, FY25E could see a further 8-10% increase in SDL issuance. Emkay Global estimate FY25 gross/net SDLs at Rs11.0trn/Rs7.9trn – ~9% higher than FY24 (assuming mild slippage in FD/GSDP to 3.15%). However, net SDLs will still be lower at ~77% of FD (from 90% in FY24). H1FY25 has so far seen ~35% of est. gross borrowing (Rs3.9tn), implying ~65% in H2FY25 (Rs7.1tn). We note H1FY25 also saw States having healthy cash balances (est. Rs2.5tn in end-Jun’24). Higher issuances in FY24 were largely a Q4 (March) phenomenon, where states misjudged their financing needs, and curbed their capex spends despite borrowing almost ~20% of total in just March alone. This broke the trend of constrained state borrowings seen since FY21. Net borrowing/GFD came off from the highs of >90% in FY20 to <75% in FY23, but this ratio rose back to 90% in FY24 – highest since FY20-24 gross and net borrowing (Rs10.trn/Rs7.2trn) were higher than budgeted (by 10%/11%, resp) as a result, with sharp YoY increase of 33%/38% over FY23.

Sovereign papers to enjoy healthy demand

FY25E general government sovereign supply to fall 2%, with SDL supply likely to accelerate in H2FY25. Demand will stay comfortable despite nearly flattish supply. Long-only investors (pension, PF, insurance) and FPIs will counter the sharp fall in banks’ G-Sec demand vs FY24. RBI will likely be the balancing factor. Any contraction in RBI balance sheet to counter the demand will likely weigh on reserve money growth (We assume NDTL growth of 11.5% and SLR demand by banks of ~28.2% of NDTL for FY25E (vs 26.7% in FY24). We might see a mild structural increase in G-Sec demand from

banks toward Q4FY25 as guidelines on LCR come to the fore in FY26.) Contrary to popular opinion, we believe that there may not be a sudden spurt in G-Sec demand owing to higher estimated HQLA, however, some pockets of banks may still see a higher immediate demand (read foreign banks and small PSBs). Banks may re-assess their risk management profile to see how much they want to align with the new estimated requirements. That said, it is structurally a positive for G-Sec demand and DD-SS balance.

Ms. Madhavi Arora, Chief Economist, Emkay Global Financial Services Ltd., said “While the Centre’s fiscal consolidation path is set to continue in FY25 (with higher tax revenue helping it to possibly even undershoot its budgeted fiscal deficit target of 4.9%), states are likely to diverge, with a higher deficit vs FY24 (FY24P: 2.8%), led by lower-than-budgeted revenue growth and upward pressure on expenditure, mainly due to the increase in populist spending across states. States’ budgeted revenue growth estimates look too optimistic, and the sharp increase in subsidies and freebies will constrain their ability to control expenditure, with capex therefore facing the axe. These factors will lead to states delivering a higher deficit than budgeted (FY25BE: 3.0%), with slippage of 0.1-0.2% of GSDP, for the first time since FY21. States’ capex, which saw healthy growth and achievement in FY24P, will be constrained and could even be lower than last year, as a result of higher committed (esp. subsidy and freebie) expenditure. We reckon states will have to look for innovative avenues to mobilise their revenues better to improve their income profile so that they can spend without straining their balance sheet. The slippage in deficit will also lead to states borrowing heavily in H2FY25 (specifically Q4), especially for those states which are already facing fiscal pressure due to populist spending and revenue growth slowdown (MH, HP etc). However, overall demand for sovereign debt will stay comfortable in FY25E despite nearly flattish supply, due to continued demand from long-only players like insurance, pension and PFs as well as robust FPI flows”.

Navigating Workplace Mental Health Challenges in Politically Unstable Times

India, 30th October, 2024– The escalating political instability worldwide is posing unprecedented challenges to organisations, particularly in safeguarding the mental health and wellbeing of their workforces. Political instability is a known trigger for mental health issues, as the stress associated with social and civil disturbances often leads to heightened levels of anxiety.1 Constant exposure to political conflicts and uncertainties can contribute to feelings of helplessness and concern about the future, further impacting mental health and wellbeing.

This year has witnessed a record-breaking number of elections worldwide, with 64 countries holding major polls, including the upcoming US presidential election in November. Elections often exacerbate dormant conflicts with heated campaigns and debates which can have mental health complications.2 It is evident that psychological distress among individuals increases during campaigns, on Election Day, and in the aftermath.3 Given these factors, International SOS, the world’s leading health and security risk services company, is emphasising the crucial need for organisations to proactively mitigate the detrimental effects of political instability on their workforce.

Workplace Impacts

Political anxiety, a state of distress or unease caused by concerns about political events, can have a devastating impact on employees and organisations. The negative consequences can include4:

· Reduce job performance due to decreased productivity and impaired concentration.

· Increased absenteeism as fears related to commuting and business travel can lead to employees avoiding these activities due to safety concerns.

· In severe cases, prolonged exposure to political turmoil can result in serious mental health challenges, such as depression and anxiety disorders, which may require medical attention and time off work.

· Increased workplace conflict from heightened tension among employees, leading to more frequent misunderstandings and disagreements.

Dr Vikram Vora, Medical Director and Chief Health Officer (Indian Subcontinent) at International SOS, said, “Increasingly, organizations are becoming concerned about their employees’ mental health as they operate in volatile uncertain, complex and ambiguous global environments, driven by geo-political instability. A defined and well-designed strategy that incorporates safe spaces for free and frank dialogue, offers flexible work options, makes available mental wellbeing resources and support is now a business imperative. A top-down approach where leadership commitment is evident in creating a positive work environment despite uncertainty, can help employees achieve resilience and ensure businesses remain sustainable.”

International SOS offers proactive strategies to combat political anxiety among workforces amid global political uncertainties:

1. Identify Political Stress and Assess the Level of Impact: Assess the psycho-social hazards in the workplace and external exposures to understand and address varying levels of stress among employees.

2. Establish Clear Guidelines: Develop or update policies to establish clear guidelines for political discussions in the workplace. Define acceptable and unacceptable behaviours and outline consequences for violations to avoid bias or discrimination claims.

3. Foster Empathy and Understanding: Cultivate a workplace environment of empathy and understanding by facilitating open and respectful dialogue that fosters connection rather than division.

4. Provide End-to-End Support: Offer tailored support services, such as Employee Assistance Programmes (EAPs) that provide counselling and emotional support, and personalised hotlines for employees to call in the event of an incident.

5. Access to Reliable Information: Provide reliable and vetted sources of information to negate the impact of misinformation. Offer real-time updates during known events like elections or rising tensions to ensure employees are well-informed.

6. Education and Training: Conduct workshops and training sessions to help employees understand the impact of political anxiety and how to cope with it effectively. Training can also address the importance of respectful political discussions in the workplace. Provide access to wellness programmes and resources. As the election draws closer, consider recirculating company policies related to workplace conduct.

7. Provide Access to Mental Health Professionals: If the impact of politics on mental health becomes overwhelming, having professional help from a therapist or counsellor can offer employees valuable support and guidance on coping strategies to navigate the emotional challenges that political instability can bring.

CII Announces Urban Air Mobility Expo 2025 with Hunch Mobility as the Strategic Partner

Delhi, India, 30 October 2024: The Confederation of Indian Industry (CII), in strategic partnership with Hunch Mobility, is set to host the Urban Air Mobility Expo 2025, a groundbreaking event scheduled for January 19-22, 2025, in Greater Noida. The Expo will be a part of the Bharat Mobility Global Expo 2025, India’s premier platform for global mobility solutions.

Following the successful ASHA Conference in 2023, this expanded event brings together industry leaders, innovators, and policymakers to shape the future of urban air transportation. With support from the Government of India and the Ministry of Civil Aviation, the 4-day expo will showcase cutting-edge technologies in UAVs, drones, eVTOL aircraft, and Advanced Short Haul Air Mobility.

“The Urban Air Mobility Expo 2025 represents a crucial milestone in India’s journey toward revolutionary urban transportation solutions,” said Amit Dutta, Chairman CII Task Force on Advanced Air Mobility and MD, Hunch Mobility. “India’s unique landscape and diverse mobility needs make it the perfect environment for pioneering Urban Air Mobility (UAM) innovations. As urbanization accelerates, this platform will drive solutions to critical challenges like congestion and pollution. By blending global expertise with local innovation, we are not just imagining the future of mobility – we are actively creating it.”

India, as the world’s third-largest aviation market with 341.05 million passengers, is set to take the lead in the Urban Air Mobility (UAM) revolution. The country’s commitment to electric air mobility and the increasing use of UAVs in areas like precision agriculture, infrastructure inspection, and disaster management highlight its readiness for technological advancement. With substantial opportunities in pilgrimage travel, air ambulances, last-mile deliveries, and mega-events, India is emerging as a significant hub for UAM innovation, paving the way for a transformative shift in the mobility sector.

The event features comprehensive conferences addressing critical industry topics, including policy frameworks, ecosystem development, and regulatory roadmaps. Attendees will experience live demonstrations of eVTOLs and drones, alongside exhibits from leading OEMs and suppliers. The conference program will deep dive into crucial areas such as UAM policy development, infrastructure requirements, manufacturing opportunities, and urban air traffic management systems.

Industry professionals can participate through various channels, with exhibition space available at USD 200 per sqm for raw space and USD 220 per sqm for built-up booths. Conference registration is open to delegates at INR 2500 per day for Indian participants and USD 250 per day for international delegates.

The Urban Air Mobility Expo 2025 will serve as a pivotal platform for the global UAM community to network, explore partnerships, and collaborate on innovative solutions that will define the future of urban transportation.

Driving Dialogue on India’s Global Leadership in Design, Engineering, Construction, and Environmental Services

30th October 2024, New Delhi: The Services Export Promotion Council (SEPC), under the aegis of the Ministry of Commerce and Industry, Government of India, hosted a groundbreaking initiative, the Global Services Export Conclave (Hybrid Mode) on the 29th October 2024 at Hotel Le Méridien, New Delhi.

 The comprehensive one-day forum brought together industry leaders, policymakers, and sector experts to advance India’s capabilities in infrastructure, space, energy (including nuclear), and defence services globally.

 Graced by the Chief Guest Shri Senthil Nathan S, Director, Ministry of Commerce and Industry, Government of India, the event focused on critical regions, including Oceania, Northeast Asia, Asia and CIS, Africa, GCC, LAC, NAFTA, and the EU. The sessions addressed India’s market potential, sectoral offerings, and emerging trends for consultancy services supported by multilateral funding agencies.

 Addressing the conference, Chief Guest, Shri Senthil Nathan S, Director, Ministry of Commerce and Industry, Government of India said, “India’s services exports are set to overtake manufacturing exports shortly – by the end of the decade, if not sooner. This transformation is fuelled by manufacturing itself becoming more service-ified, with AI, IoT, and 3D printing revolutionising production processes and enabling us to compete globally,” said Mr. Amit Sharma. “Our future is engineered, from the homes we live in to the roads we travel. These silent background minds make life happen, delivering ease of living, as our Honorable PM says, through invisible engineers. I believe that with the right synergies between government, industry, and educational institutions, we are strengthening our talent pipeline – over one and a half million engineers annually – and building a workforce ready to shape the next wave of innovation. Through efforts to skill and reskill, our economy will not only close skill gaps but also set a new benchmark in engineering efficiency, driving India’s exports and global standing.”

 Speaking to the conclave Dr. Abhay Sinha, Director General, SEPC shared, “As we gather for this important conclave, I am proud to report that India’s services exports have shown remarkable growth, rising from $325 billion in 2022-23 to an estimated $341 billion in 2023-24. Notably, the engineering services sector has made a vital contribution, increasing from $31 billion to $35 billion within the same period. This sector is projected to grow further, potentially reaching $100 billion by 2030 if we maintain a compound annual growth rate (CAGR) of 18%. Our focus on engineering, design, construction, and R&D will be crucial in harnessing these opportunities. I am looking forward to the industry and the ministries coming together focus on opportunities like expos etc that focuses on capturing new ememarkets in emerging.

 Today’s discussions on opportunities and challenges within the LAC, NAFTA, and EU regions, underscore the vast economic potential awaiting Indian businesses. The digital age offers us a unique advantage to bridge the geographic distance that once posed challenges, allowing sectors to expand globally. With the support of the Ministry of External Affairs, the Ministry of Commerce, and our embassies, we’re committed to easing entry-level barriers and driving initiatives that empower small and medium enterprises to explore new markets. The insights from today will help shape actionable outcomes, supporting India’s growing footprint in these key international arenas.”

 Mr. Amit Sharma, Design & Engineering Consulting Services Sector Head, SEPC and Managing Director, Tata Consulting Engineers Ltd shared, “India’s engineering and scientific achievements stand as benchmarks in the global arena. From the potential of small modular reactors in decarbonisation and the impact of high-speed rail on transportation to the success of Chandrayaan 3, these milestones highlight our capabilities.

 We are witnessing a thriving services export economy driven by engineering services, which have generated an estimated $34 billion, growing at 15%. Our consulting services are also expanding at an impressive 25%, showcasing expertise in energy transition and supply chain resilience.

 With the Ministry of Commerce planning an engineering and plant-focused symposium, India is well-positioned to align its strengths with global demand. The growth of this sector and the dedication of our engineers and innovators promise a bright future where India continues to set new standards in engineering and innovation worldwide and I hope we will continue having such gatherings to pave the way forward.”

 The event encompassed the differentiated value India brings to the global stage, examining opportunities, challenges, and risks associated with international growth, alongside practical insights for expanding business footprints across diverse markets.

10% of workers hired this year have job titles that didn’t exist in 2000, finds LinkedIn’s Work Change Snapshot

India, October 30, 2024: Workplace transformation is accelerating at an unprecedented pace, with new data from LinkedIn’s inaugural Work Change Snapshot showing that 10% of workers hired globally in 2024 hold job titles that didn’t exist in 2000. Roles like Sustainability Manager, AI engineer, Data Scientist, Social Media Manager, and Customer Success Manager are now commonplace.

Whether it’s companies rethinking pandemic-era policies around remote work, the emergence of new technologies, or the increased focus on sustainability, LinkedIn’s Work Change Snapshot reveals just how different modern workplaces look compared to just a few years ago. And the speed of transformation is only set to increase: in a study of more than 5,000 global business leaders, LinkedIn finds that 82% of leaders in India agree that the pace of change at work is speeding up.

Global business leaders recognise the transformative potential of Generative AI, with 9 in 10 in India reporting at least one way the technology could benefit their teams, and 7 in 10 making it a top priority to adopt AI tools in 2025. The benefits of embracing AI go well beyond increased productivity. LinkedIn data shows that employees proficient in Generative AI are 20x more likely to develop essential soft skills like professional networking, personal branding, design thinking and creativity, and emotional intelligence – key qualities that drive success in today’s competitive workplace. In fact, the top five LinkedIn Learning courses in India are focused on these critical soft skills, including Communication Foundations and Building Trust. The popularity of courses like Communication Skills for Modern Management and The Manager’s Guide to Difficult Conversations reflects a growing emphasis on these skills across seniority levels.

Ruchee Anand, India Head, LinkedIn Talent Solutions, said, “AI is transforming the workplace like never before. While nearly 82% professionals in India are feeling the impact of rapid change, it’s encouraging to see more companies committed to navigating this shift. As we look to 2025, businesses are increasingly prioritising AI adoption, alongside meaningful investments in upskilling and reskilling their people. Embracing AI is not just about keeping pace; it’s about empowering teams, fostering innovation, and creating resilient workforces ready to thrive. Now is the moment for organisations to champion AI, commit to skill development, and lead confidently into the future of work.”

Siddharth Vihar – Know About the Next Luxury Destination in NCR

As Delhi-NCR’s luxury real estate market shifts, the sector faces demand for new locations. Modern homebuyers are searching for emerging regions that provide comparable lifestyles but with added benefits like luxury living, modern amenities, and sustainable infrastructure. Emerging as a key player in the region’s real estate market, Siddharth Vihar exemplifies this trend as a promising destination for high-end living at a competitive price point. As the region offers value alongside convenience, Siddharth Vihar is quickly rising on the radar for potential luxury realty investments.

Located near Indirapuram and Ghaziabad, Siddharth Vihar combines convenience, premium lifestyle offerings, and enhanced infrastructure, making it a viable option for high-end homebuyers. Cushman and Wakefield’s report “Market Beat Delhi NCR Residential Q3 2024” shows that in Q3 of 2024, the number of launches in Delhi-NCR during the first nine months of 2024 was 121% more than in a similar period in 2023. Amid the various submarkets, Siddharth Vihar is a top choice for luxury living.

Moreover, the region is distinct because of its strategic balance of urban connectivity, high-end residential options, and planned infrastructure. One of the strongest selling points for Siddharth Vihar is that it is located along NH-24, along the well-connected Delhi-Meerut Expressway, which makes the travel time to Delhi, Noida, and Greater Noida much shorter. This highway not only enhances daily commute options but also connects residents quickly to major business and commercial districts in the NCR region. Key projects like the FNG Expressway, RRTS, and expanded metro connectivity with Noida and Delhi have drastically improved the city’s accessibility to major hubs. Additionally, its central location offers easy access to key NCR zones like Vaishali, Ghaziabad, and Noida, providing a wide range of essential services and lifestyle conveniences. Nearby top schools, hospitals, and shopping hubs enhance its appeal for families, while proximity to business districts and IT hubs makes it ideal for professionals.

Moreover, the area is well-planned, with wide roads, greenery, and well-organized residential complexes. Such upgradation in infrastructure has elevated the living style of the people residing in Siddharth Vihar. The modern infrastructure, coupled with thoughtful urban planning, makes Siddharth Vihar top the list of luxurious and convenient living in NCR.

Besides, this ongoing development has greatly impacted its real estate market, too. As per the Cushman & Wakefield report, the submarkets of Noida, with a great focus on Siddharth Vihar, had 45% of quarterly supply, underscoring the tremendous potential of the real estate market. In addition, the upcoming Noida International Airport is set to be a massive boost for real estate demand in surrounding areas. The average property prices in Siddharth Vihar have also seen an upward trend, reflecting a broader market shift towards luxury living spaces that offer both quality and convenience.

As a result, many developers are choosing Siddharth Vihar to offer premium projects designed to provide a luxurious living experience. Among notable developers, Prateek Group is coming up with premium residences in Siddharth Vihar that enhance the experience of luxury living in the region. Inspired by Colonial and European architecture, the project caters to the evolving preferences of buyers who look for luxury homes that reflect aspirational lifestyles, iconic addresses, and larger living spaces.

As Siddharth Vihar continues to evolve, it meets the ever-changing demands of today’s homebuyers, providing a well-connected, sustainable community that encapsulates the essence of modern luxury living. With its unique advantages, Siddharth Vihar is not just an emerging locality; it is set to redefine high-end living in NCR for years to come.

A Diwali Tribute to Women: SMFG India Credit’s Brand Film Celebrates Women’s Power and Potential

National, Oct 30, 2024: This Diwali, SMFG India Credit unveils a heartfelt brand film titled “Teri Pragati Ki Udaan, Banegi Iss Tyohaar ki Nayi Pehchaan”. This two-minute film pays tribute to the enduring determination and transformative spirit of women across India, especially those from underserved regions. It is a celebration of every woman’s aspirations, resilience, and relentless pursuit of her dreams and demonstrates how SMFG India Credit stands alongside them, fueling their progress through tailored loan offerings.

The film captures the journeys of four remarkable women, each pursuing financial independence with unwavering grit. These women embody the spirit of hope and change, overcoming obstacles to achieve their goals. Narrated by actor Divya Dutta, the video portrays the roadblocks they have overcome to succeed, highlighting how a little encouragement can make a meaningful difference.

Mr. Ajay Pareek, Chief Business Officer of SMFG India Credit, said, “Women are seen as a manifestation of Goddess Laxmi, and when they prosper, so does the household. This brand film is a Diwali tribute to all women across India. We, as a company, are deeply inspired by their resilience and drive. Women have always been central to our mission of driving financial inclusion by enabling aspirations through our loan offerings. Our support extends beyond merely providing loans; it is a partnership across their life journey, with each loan representing a step toward new achievements.”

This release follows SMFG India Credit’s recent Navratri campaign, a unique social media initiative featuring nine AI-generated short videos posted over the nine days of the festival. Each video celebrated a different virtue—from divinity and independence to grit and resilience—as a tribute to the modern woman, who bravely overcomes challenges in pursuit of success.

IRHPL Unveils Neo Travel, a Modern Convenience Store for Travellers at Hyderabad Airport

Hyderabad, October 2024: India Retails & Hospitality Private Limited (IRHPL) is excited to announce the launch of Neo Travel, a modern travel convenience store located at Hyderabad International Airport. Designed with today’s health-conscious traveller in mind, Neo Travel’s unique focus on healthy snacks and wellness products sets it apart from other airport retailers. Spanning over 1,000 square feet, the store offers a carefully curated selection that blends convenience, quality, and health, providing travellers with nutritious, accessible options during their journey.

At the heart of Neo Travel’s offering is its emphasis on healthy snacks. From organic snacks to fresh juices, the store caters to travellers seeking nutritious food options, ensuring they can make mindful choices while on the move. Whether customers are looking for a quick, energy-boosting snack before a flight or a refreshing drink between connections, Neo Travel’s wide range of wholesome products addresses the needs of commuters who prioritise health and wellness. The store also offers an assortment of beverages, personal care items, travel-size toiletries, and locally sourced souvenirs, all carefully selected to enhance the travel experience.

Strategically located within Hyderabad International Airport, Neo Travel serves a diverse range of customers, from busy business commuters and tourists to transit passengers and airport employees. Its convenient position within the terminal makes it easy for customers to pick up last-minute essentials without disrupting their travel plans.

Neo Travel operates 24/7, ensuring that customers have access to essential products at any time of day or night. Whether they are catching an early-morning flight, experiencing a late-night layover, or dealing with an unexpected delay, Neo Travel is there to meet their needs.

“At IRHPL, we recognise the evolving needs of today’s travellers who demand quality, convenience, and healthy food options in their shopping experience,” said IRHPL spokesperson. “Neo Travel embodies these values by offering a thoughtfully curated selection of confectionery, toys, books and travel essentials to name a few, with a focus on service excellence, accessibility, and catering to the diverse needs of global travellers at major Indian airports.

The launch was marked by a ribbon-cutting ceremony, attended by members of the airport and retail community, setting the stage for this innovative approach to travel retail in India.

Adani Foundation at ACC Tikaria empowers rural entrepreneurs of Gudur through SHGs

Uttar Pradesh, 30 October 2024: ACC, the cement and building material company of the diversified Adani Portfolio, along with the Adani Foundation, is enabling rural entrepreneurship across Gudur Gram Panchayat near ACC Tikaria. Along with the Adani Foundation, the Company has set up 12 Self-Help Groups (SHGs) to transform the socio-economic landscape of the village.

Gudur Gram Panchayat, with a population of about 2,000, used to face significant socio-economic challenges, with most villagers engaged in agriculture and labour, often struggling below the poverty line. Essential services like hospitals, banks, and markets are located over 13 km away, making access difficult for many.

ACC, through the Adani Foundation’s intervention, formed and nurtured 12 Self-Help Groups (SHGs) in the village. By providing microfinance and business training, the initiative has uplifted many families, enabling them to improve their livelihoods.

Sundra, a 54-year-old woman, has transformed her life through community-driven microfinance, receiving Rs. 1.50 lakh from her SHG to invest in farming equipment. This venture, under the National Rural Livelihood Mission (NRLM), now provides her with a stable monthly income of Rs. 15,000, significantly enhancing her family’s living conditions.

ACC and the Adani Foundation’s impact through this initiative is seen in the empowerment story of villagers including Sundra, who have turned challenges into opportunities, fostering economic growth, and uplifting their rural communities.

Luv and Kush discover the heartbreaking truth about Lord Ram and Sita’s divine separation in Sony SAB’s ‘Shrimad Ramayan’

Mumbai, October 30, 2024: Sony SAB’s Shrimad Ramayan tells the epic story of Lord Ram (Sujay Reu) and Sita (Prachi Bansal). In recent episodes, Luv (Shourya Mandoriya) and Kush (Atharva Sharma) prepare for their journey to Ayodhya to participate in the highly anticipated Ashvamedha Yagya and meet their idols Ram and Sita.

On their journey to Ayodhya, Luv and Kush help a blind couple by rescuing their child from demons and, in gratitude, receive Sarasvati Maa’s divine veena. As they near Ayodhya, Lord Ram’s chosen horse for the Ashvamedh Yagya ritual escapes and reaches the brothers. Inspired, Luv and Kush inscribe “Sita Ram” on the horse, marking a powerful moment of faith. When they finally reach Ayodhya, they are barred from entering the palace. To catch everyone’s attention, the brothers sing and narrate the Ramayan with the divine veena. Hanuman (Nirbhay Wadhwa) moved by their celestial performance, shares their story with Lord Ram, revealing the arrival of two remarkable young sages.

Finally, when Luv and Kush meet Lord Ram, they glimpse a golden idol of Sita, unveiling the heartbreaking truth of the divine couple’s separation for the first time. Shocked and devastated, they question Lord Ram’s reason for abandoning Sita, challenging the very ideals they revered.

Sujay Reu, who plays the role of Ram in Shrimad Ramayan, said, “This scene holds a deep emotional value for me as Lord Ram. Luv and Kush’s reaction shows that even the greatest ideals are tested by difficult choices. Lord Ram’s separation from Sita was not only painful but necessary to honor his duty as a king, even when it broke his heart as a husband. I hope viewers feel the depth of this struggle and find strength in knowing that true courage often means making sacrifices for a greater good, even when it challenges us deeply.”