Business
Liquidity support seen to stabilise MEC’s FY23 outlook

Fiscal support is seen to stabilise India’s mid-corporates’ FY23 outlook after the sector was heavily battered by the pandemic.
The ‘Mid & Emerging Corporate’ (MEC) sector analysed by India Ratings includes 10 segments such as steel and textiles.
These segments have witnessed a ‘V-shaped’ recovery in FY22 while hospitality and auto ancillary, the other sectors have remained weak.
“In line with the agency’s expectations, operating margins have improved in FY22 across some key sectors; however, it has come at the cost of a working capital build-up,” the ratings agency said.
Besides, Ind-Ra has maintained a ‘Stable rating Outlook’ for its MEC-rated portfolio for FY23, on account of the fair amount of liquidity support and also the major initiatives been taken by the Centre in rendering support in the form of GECL and one-time loan recasting.
Furthermore, the agency pointed out that Guaranteed Emergency Credit Line (GECL) has helped these sectors to meet the liquidity gap.
“A total of Rs 2.18 trillion under GECL still available with them to meet liquidity needs.”
The agency expects that these will lead to lower negative rating actions in FY23.
“During the three-year pre-Covid-19 period (FY18-FY20), the downgrade to upgrade ratio for all Ind-Ra-rated MEC players combined was at a0.97x’.”
“The ratio spiralled to ‘3.05x’ in FY21, on account of the liquidity pressure. However, the ratio improved to ‘0.68x’ in FY22, in line with the agency’s recovery expectations.”
National
Clear focus on good governance and transformation: PM Modi on 11 years of ‘seva’

PM MODI
New Delhi, June 9: Prime Minister Narendra Modi has said that India has witnessed rapid transformations across diverse sectors in the last 11 years, and the NDA government, guided by the principle of ‘Sabka Saath, Sabka Vikas, Sabka Vishwas, Sabka Prayas’, has delivered pathbreaking changes with speed, scale and sensitivity.
Marking the 11 years of the NDA government at the Centre, PM Modi on Monday took to social media to highlight the efforts made across key sectors. India has undergone a decade of remarkable transformation, driven by the principles of Seva, Sushasan, and Garib Kalyan, he said.
PM Modi said there has been a clear focus on good governance and transformation.
“Powered by the blessings and collective participation of 140 crore Indians, India has witnessed rapid transformations across diverse sectors. Guided by the principle of ‘Sabka Saath, Sabka Vikas, Sabka Vishwas, Sabka Prayas’, the NDA Government has delivered pathbreaking changes with speed, scale and sensitivity,” PM Modi wrote on his X post.
He said that from economic growth to social upliftment, the government’s focus has been on people-centric, inclusive and all-around progress. India today is not just the fastest-growing major economy, but also a key global voice on pressing issues like climate action and digital innovation.
“We are proud of our collective success but at the same time, we look ahead with hope, confidence and a renewed resolve to build a Viksit Bharat!” said the Prime Minister.
PM Modi shared links about India’s Vikas Yatra, showcased through interesting videos, infographics, and articles on the NaMo App, and urged people to explore these.
He said the last 11 years have brought many positive changes and boosted ‘Ease of Living.’
“The NaMo App takes you through this transformative journey in an innovative manner, through interactive games, quizzes, surveys and other such formats that inform, engage and inspire. Do have a look…,” PM Modi shared and urged people to participate.
The Centre has released an e-book, “Viksit Bharat ka Amrit Kaal: Seva, Sushasan, Garib Kalyan ke 11 Saal”, on its achievements across all the sectors over the past 11 years under the leadership of PM Modi.
“The year 2025 marks 11 years of Prime Minister Narendra Modi’s government. These 11 years have been dedicated to bring about development which is inclusive, progressive, and sustainable. The government under Prime Minister Modi has been steadfast in its commitment of creating equity and opportunity for all citizens. PM Modi has brought the politics of development – Vikasvaad – into the mainstream, making it the focal point around which political discourse and policy action now revolves,” said its introduction
Divided into 14 chapters, the book covers issues ranging from schemes for the poor and marginalised, farmer welfare, economy, healthcare, women/youth empowerment, infrastructure development, tech revolution, ease-of-living for middle class, the progress made in northeast, national security and foreign policy, environment and sustainability initiatives, and preservation and propagation of the country’s rich culture and heritage
“Since assuming office in 2014, PM Modi has remained firm in his resolve of keeping ‘India First’ in every policy formulation and action. This resolve is evident in government’s handling of both external and internal security, economic management, empowerment schemes for marginalised groups, efforts at cultural conservation and so on,” it said.
Business
India embraces cashless revolution in last 11 years: Nirmala Sitharaman

Nirmala Sitharaman
New Delhi, June 9: Union Finance Minister Nirmala Sitharaman on Monday said that India is embracing a cashless revolution with world-class digital initiatives like unified payments interface (UPI).
In the last 11 years, India has seen a remarkable journey under the leadership of Prime Minister Narendra Modi, the finance minister said on a post on X.
“India is embracing a cashless revolution. With Rs 70,000 crore+ worth UPI transactions daily and 59.6 crore transactions in a single day, digital payments are now the norm,” the minister added.
From making life easier for the common citizen to boosting business confidence, it’s been a decade of real and visible change, she further stated.
India today is not just the fastest-growing major economy, but also a key global voice on pressing issues like climate action and digital innovation.
In the month of May, UPI posted a robust growth by processing 18.68 billion transactions, up from 17.89 billion in April. As per data by the National Payments Corporation of India (NPCI), the UPI transactions mark a 33 per cent year-on-year (YoY) surge compared to 14.03 billion transactions in the same month last year.
The UPI transactions rose to Rs 25.14 lakh crore (by value) last month, a 5 per cent increase from Rs 23.95 lakh crore in April. This reflects a 23 per cent rise from Rs 20.45 lakh crore in May last year. The average daily transaction volume stood at 602 million, while the average daily transaction value reached Rs 81,106 crore.
The UPI has strengthened its dominance in India’s digital payments system with its share in the total transaction volume rising to 83.7 per cent in 2024-25 from 79.7 per cent in the previous financial year.
The RBI’s annual report shows that UPI facilitated 185.8 billion transactions during 2024-25, which represents a 41 per cent year-on-year increase. In value terms, UPI transactions rose to Rs 261 lakh crore from Rs 200 lakh crore in FY24.
National
Assam CM holds meeting on governance issues, focus on police welfare

Guwahati, June 9: In a series of high-level meetings held throughout the day, Assam Chief Minister Himanta Biswa Sarma reviewed a broad spectrum of governance issues, placing particular emphasis on police welfare, social benefit schemes, infrastructure investment, and agricultural exports.
Taking to social media platform X on Sunday, CM Sarma outlined key outcomes of the discussions.
The primary discussions among them was the announcement of a new model aimed at ensuring timely promotions for Assam police personnel.
“We are working on a model to ensure time-bound promotions from Constable to Havildar through the Assured Career Progression Scheme,” the Chief Minister posted, emphasising the need for recognising the hard work and dedication of the state’s police force.
The CM also assessed the district-wise and Legislative Assembly constituency-wise implementation of the Orunodoi 3.0 scheme, Assam’s flagship direct benefit transfer initiative.
He directed officials to ensure that no deserving beneficiary is excluded from the scheme, which aims to offer financial aid to economically vulnerable households.
In addition, CM Sarma reviewed the status of various projects under the Special Assistance to States for Capital Investment, a Central government initiative to support infrastructure development.
The review aimed at accelerating the pace of ongoing works and addressing bottlenecks in execution.
On the agricultural front, the Chief Minister highlighted the success of the Assam Agribusiness and Rural Transformation Project (APART) in expanding the global reach of the state’s agri-products.
With APART 2 in the pipeline, the state government plans to integrate the project with the One District One Product (ODOP) initiative to deliver cohesive outcomes and boost farmer incomes.
The day’s reviews reflect the government’s push toward administrative efficiency, welfare delivery, and economic development in Assam.
The CM said on X, “Took an in-depth review on the progress of various schemes ongoing under the Special Assistance to States for Capital Investment. @apartassam has been successful in taking forward Assam’s agri products to the world market. We are making it more potent through APART 2 which will also link up with ODOP for cohesive results and boost farmers’ incomes.”
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