SIPB okays projects worth Rs. 28,546-crore investment
The projects cleared on Thursday are expected to create employment opportunities for 30,270 individuals. So far, across the seven SIPB meetings, approvals have been given to projects involving investments totaling Rs 5,34,684 crore, generating job prospects for 4,73,969 people. The Chief Minister emphasised that establishing industries would spur development in those regions, create employment for locals, and ensure balanced prosperity across the state. The Chief Minister stressed that locals should receive majority of jobs in the upcoming industrial projects in the state.
Therefore, skill development for youth should be treated as a core policy objective, he added. The Chief Minister reiterated that the coalition government was committed to balanced development across all regions of Andhra Pradesh.
Naidu also made it clear that companies, which were given land, must establish their units within the stipulated timeline. He instructed officials to engage in discussions with representatives of such companies. He mentioned that MSME parks were being established in every Assembly constituency across the state. They should be utilised to promote entrepreneurs under the 'One Family – One Entrepreneur' initiative.
Naidu also said that tourism, IT, and food processing industries should become key drivers of development. He noted that the State currently had immense potential in these sectors and called for promoting entrepreneurship accordingly. He proposed developing boat tourism projects near Papikondalu along with the Polavaram Project. He instructed officials to explore operating luxury boats and cruise ships in Visakhapatnam and other coastal areas of the state in collaboration with interested companies.
The Chief Minister underlined that various companies that had signed MoUs in the hospitality sector should expedite their construction work. He directed that necessary infrastructure be developed near industrial projects.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
27 minutes ago
- Hans India
MP: Nearly 1 lakh meritorious students to get laptops; state to shell out Rs 239cr
Bhopal: In a major push to promote digital learning and reward academic excellence, the Madhya Pradesh government will distribute laptops to 94,234 meritorious students under the 'Pratibhashali Vidyarthi Protsahan Yojana" on Friday, July 4. The initiative, aimed at empowering students who have scored 75 per cent or more in the Class 12 board examinations conducted by the Madhya Pradesh Board of Secondary Education (MPBSE), involves a financial outlay of Rs 238.98 crore. Chief Minister Mohan Yadav will preside over the state-level distribution ceremony in Bhopal. He wrote on his X handle: "I'm delighted that on 4th July, we will extend financial incentives of Rs 25,000 each to 94,234 students who have scored 75 percent or above in the Class 12 MP Board examinations.' He further said "this reflects our commitment to nurturing a generation of empowered youth who will contribute to realizing the vision of a developed India under the leadership of our Prime Minister Narendra Modi". Under the scheme, each eligible student will receive Rs 25,000 directly to their bank account to purchase a laptop of their choice. This direct benefit transfer model not only ensures transparency but also allows students the flexibility to select devices that suit their academic needs. The scheme is part of the state's broader commitment to fostering digital literacy and supporting higher education aspirations among youth. The "Pratibhashali Vidyarthi Protsahan Yojana" which has been operational since 2009–10, has so far benefited over 4.3 lakh students, with more than Rs 1,080 crore disbursed in total. Last year alone, 89,710 students received financial assistance under the scheme. The 2025 edition marks a significant scale-up, both in terms of beneficiaries and budget. According to official sources, the scheme covers both regular and self-taught students from government and recognised non-government schools. The eligibility threshold for general category students is 75 per cent, while students from Scheduled Castes and Scheduled Tribes qualify with 65 per cent marks. The initiative aligns with the state's vision of building a digitally empowered generation and complements national efforts under the Digital India campaign. With timely disbursement and a transparent selection process, the scheme continues to be a model for educational support programmes across the country.
&w=3840&q=100)
Business Standard
30 minutes ago
- Business Standard
Prepayment penalty ban to hurt NBFCs more than banks, say experts
The fee income of banks and non-banking finance companies (NBFCs) will come under pressure following the Reserve Bank of India 's decision to bar prepayment penalties on fresh loans for micro and small enterprises, effective from 1 January 2026. However, the impact on NBFCs will be more significant compared to commercial banks, experts said. NBFCs have around 5-25 per cent of their assets under management (AUM) in floating-rate micro, small, and medium enterprises (MSME) loans, which will be impacted, as the majority of them charge 2-5 per cent prepayment penalties. At the same time, fee income for banks is less than 1 per cent of their total income, so the impact of these changes will be minimal on banks, industry experts said. 'It will have a negative impact on the non-operating income component of the regulated entities, which are focused on MSMEs and have longer-tenured floating-rate loan products,' said Sachin Sachdeva, Vice President, Financial Sector Ratings, ICRA Limited. 'Nevertheless, with these directions, the central bank has tried to harmonise the practice across lenders, given the divergent practices among banks and NBFCs, and at the same time, it increases the affordability of financing for micro and small enterprises,' he added. An exception was made for small finance banks, urban co-operatives, and regional rural banks, as these entities are barred from charging such penalties on loans up to Rs 50 lakh. The directions are applicable irrespective of the source of funds used for prepayment of loans, either in part or in full, and without any minimum lock-in period. NBFCs such as PNB Housing Finance, Aditya Birla Capital, and Piramal Enterprises are expected to be impacted the most, as they account for the majority of floating-rate MSME loans and loans against property (including MSME loans). According to an IIFL Securities report, PNB Housing Finance accounts for 27 per cent of floating-rate MSME loans, followed by Aditya Birla Capital, which holds 26 per cent, and Piramal Enterprises, which accounts for 22 per cent. The report also indicated that there would be a material increase in competitive intensity in loans against property and floating-rate MSME loans, reducing their profitability structurally as exit barriers are removed. 'Banks and large NBFCs with lower cost of funds will be able to partially offset this by increasing the share of more granular and higher-yielding customers within these segments,' the report said. 'Currently, we levy a 4 per cent fee/penalty on full early payment and 2 per cent for part pre-payment. With these changes, we will have to bear a loss of 2-4 per cent,' said an official with an NBFC. Meanwhile, the impact on banks will be limited, as fee income is near 1 per cent of a bank's total income, bankers said. 'As a bank, pre-payment fees account for just 0.5-0.6 per cent of total income, so the impact will be minimal. Earlier, we could enter into a lock-in period for pre-payments; now we have to forego that,' said a senior banking official at a public sector bank. From a customer's perspective, the circular on prepayment charges is a positive move by the regulator to ensure that customers are protected from prepayment charges upon loan closure, said Sanket Agrawal, Chief Strategy Officer, SBFC Finance. 'However, it is important to note that the circular applies to floating-rate loans sanctioned on or after 1 January 2026, which means that the loan book as of today does not get impacted. Also, a borrower does not typically close a higher-tenure loan in the first few years, and therefore the impact of the circular on prepayment fee income of finance companies will be at a lag. This circular helps borrowers access credit at a fair price in their long-tenure repayment cycle,' he said.
NDTV
31 minutes ago
- NDTV
Ola, Uber New Rules: Pricing, Cancellation, And More, What Drivers And Passengers Must Know
The central government has announced new regulations under the 'Motor Vehicles Aggregator Guidelines 2025' that are expected to reshape the operations of cab aggregators like Ola, Uber, and Rapido. These guidelines, issued by the Ministry of Road Transport and Highways, advise states to adopt the revised norms within the next three months. Here are five key points from the new guidelines that could impact both passengers and drivers: Surge Pricing Increased: Cab aggregators can now charge up to double the base fare during peak hours (previously 1.5 times). Minimum Fare During Off-Peak: A minimum of 50% of the base fare can be charged during non-peak hours. Minimum Distance for Base Fare: The base fare must cover a minimum distance of 3 kilometres. Fairer Driver Compensation: Drivers owning their vehicles must receive at least 80% of the total fare collected; aggregator-owned vehicle drivers must get at least 60%. Both Drivers and Passengers Face Cancellation Penalties: The government has also set new rules for cancellations. If a driver cancels a ride after accepting it without a valid reason, a penalty of 10 per cent of the fare - up to a maximum of Rs 100 - will be charged. The same rule applies to passengers who cancel a ride without a valid reason. Meanwhile, India's ride-hailing and bike-taxi industry has welcomed the government's new Motor Vehicle Aggregator Guidelines (MVAG) 2025, calling it a major step toward regulatory clarity, innovation, and expanded affordable mobility across the country. The Ministry of Road Transport and Highways on Tuesday issued the Motor Vehicle Aggregator Guidelines (MVAG) 2025, providing long-awaited regulatory clarity for India's shared mobility sector by officially permitting states to allow the use of non-transport (private) motorcycles for passenger rides through aggregator platforms. This move brings relief to bike taxi operators like Rapido and Uber, who have long operated in a legal grey area, especially in states like Karnataka, where a recent ban on bike taxis had led to increased tensions and widespread protests. Major industry players, including Uber and Rapido, have welcomed the move, acknowledging its potential to drive innovation, expand affordable mobility, and create new livelihood opportunities.
