Business
India’s growth story continues despite Covid; more people turning into ‘job creators’

Various waves of the Covid pandemic could not sweep off India’s growth story completely. Showing resilience India has registered 1.67 lakh companies in the financial year 2021-22 (April-March), according to a report by Ministry of Corporate Affairs (MCA).
The increase is significant considering that number of companies incorporated during Financial Year 2020-21 were the highest in any of the previous years.
The MCA had registered 1.55 lakh companies in 2020-2021. The incorporations during FY 2021-22 are 8 per cent more than the incorporations during FY 2020-21. While MCA had registered 1.24 lakh companies during FY 2018-19 and 1.22 lakh companies in 2019-20 respectively, it had registered 1.55 Lakh companies during FY 2020-21.
During FY 2021-22, the States having the highest number of registrations were Maharashtra (31,107 companies) followed by Uttar Pradesh (16,969 companies) Delhi (16,323 companies) Karnataka (13,403 companies) and Tamil Nadu (11,020 companies).
Sector wise, the maximum number of companies were incorporated in the Business Services (44,168 companies), followed by manufacturing (34,640 Companies) community, personal & social services (23,16 companies) and agriculture & allied activities (13,387 companies).
This also indicates that due to less availability of suitable jobs more and more people are opening their own businesses and are in turn becoming job creators.
The growth in GDP in India during 2021-22 is estimated at 8.9 per cent as against a contraction of 6.6 per cent in 2020-21. In value terms, GDP stood at Rs 38,22,159 crore in October-December 2021-22, higher than the Rs 36,22,220 crore in the corresponding period of the 2020-21.
Gross Value-Added (GVA) in the economy is expected to grow by 8.3 per cent in 2021-22 from a 4.8 per cent contraction in 2020-21, the National Statistical Office (NSO) said. Apart from the contact-intensive segment of trade, hotels, transport, communication & services related to broadcasting, all sectors are expected to surpass pre-pandemic GVA levels this year.
Even the MSMEs (Medium, Small, and Micro Enterprises) sector in India is set for an economic rebound, the latest ASSOCHAM-CRISIL joint study stated. It added that the sector is expected to achieve mid-teen growth in fiscal 2022 with the pick-up of economic activities.
Amidst the global pandemic, India has found its innate strength to brave the storm and focus on developing its domestic ecosystem, to support both the Indian and the global markets. The Aatmanirbhar Bharat vision that has been laid by the Hon’ble Prime Minister has enthused the Indian industry with confidence that will help us enhance our global play,” says MrDeepak Sood, Secretary General, ASSOCHAM.
Considered to be the engine of economies around the world, the MSME segment in India alone is estimated to have 6.3 crore units, which employs over 11.10 crore people. The sector accounts for 27 per cent of GDP and is crucial to the functioning of the economy, including in terms of employment generation, exports, and lending opportunities. The sector was the worst hit during the COVID-19 pandemic and the lockdown that followed in 2020.
Crediting MSMEs for putting the country on the firm path of economic recovery in 2022 after having had it tough in 2021, Bhushan Parekh, Director, CRISIL SME Solution, elaborated in the report, “A raft of measures by the government under its Aatmanirbhar Bharat banner has provided reprieve to MSME segment in recent months. These include Rs 20,000 crore subordinate debt for stressed MSMEs, Rs 50,000 crore equity infusion through MSME Fund of Funds (SRI Fund), 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for businesses, including MSMEs (which was subsequently increased to Rs 5-lakh crore in Union Budget 2022-23), change in definition of what constitutes an MSME, and no global tenders for government procurement up to Rs 200 crore.”
The report also notes that if MSME lending by banking and non-banking finance companies (NBFCs) in fiscal 2021 rose to 7 per cent on-year, then the credit is expected to grow by 7-9 per cent (around Rs 18-lakh crore) on-year in fiscal 2022 supported by favourable government measures as well as rise in demand.
While the banks continue to dominate around 80 per cent of the MSME-lending book, it is, however, expected to reverse in the future. One of the factors driving the change is the digitalization of the MSME sector. The digital footprint of MSMEs expanded in 2021, according to the CRISIL survey of over 500 MSMEs. This has not only helped in providing enhanced customer experience, operational efficiency and workforce enhancement, but also facilitates access to financial services.
MSME also has 50 per cent share in exports since the past five years. The report states that exports-linked MSME sectors have been on the path to recovery and will continue to do so in the next fiscal.
International
Israeli soldier killed in Gaza

Jerusalem, June 30: An Israeli soldier was killed in the northern Gaza Strip, the Israeli military said.
In a statement, the military said Sergeant Yisrael Natan Rosenfeld, 20, of the 601st Combat Engineering Battalion of the 401st Brigade, “fell during combat,” Xinhua news agency reported.
Israel’s state-owned Kan TV reported that Rosenfeld was killed by an explosive device in Jabalia, in an area where the military had begun demolishing buildings in preparation for constructing outposts as part of a planned buffer zone in northern Gaza.
Since the beginning of June, 21 Israeli soldiers have been killed in the Gaza Strip, bringing the military’s death toll to 880 since October 2023, according to official figures.
Earlier on Sunday, Palestinian sources reported heavy bombardments in northern Gaza, with at least 88 people killed and 365 wounded in Israeli attacks, according to Gaza health authorities.
The strikes came as the Israeli military issued new evacuation warnings, calling on residents of Gaza City and Jabalia to move immediately toward the al-Mawasi area.
Meanwhile, Gaza health authorities said on Sunday that the Palestinian death toll from Israeli military operations since October 2023 had risen to at least 56,500.
National
Amarnath Yatra starting from July 3, police on every corner, security arrangements tested through mock drill

Srinagar: With only three days left for the start of the Amarnath Yatra, the final phase of security preparations has been completed. Thousands of security personnel have been deployed and in the last few days, mock drills have been conducted at several places to identify the loopholes in the arrangements. According to officials, this time the security arrangements are more comprehensive, technical and coordinated than ever before. More than 10 Superintendents of Police (SP), 15 Deputy Superintendents (DySP) and hundreds of paramilitary forces and policemen have been deployed on the Yatra route to ensure smooth and safe pilgrimage.
Anti-terrorism drive intensifies
The Jammu and Kashmir Police, Army and CRPF have jointly launched aggressive counter-terrorism operations in Anantnag district. According to senior officers, more than 20 search operations are being conducted daily along the Yatra route and the surrounding forests. A senior officer said, “We cannot take any risk. Human and technical surveillance is going on along every inch of the route. All potential threats have already been neutralised.”
Monitoring by Home Ministry, deployment of central forces
The Union Home Ministry is keeping a close watch on the preparations for the Yatra. Central forces like BSF, ITBP and SSB have been deployed in sensitive areas, especially in high altitudes and forest areas. Officials said that this year unprecedented coordination is being seen between security and civil agencies. Travelers have been requested to pre-register, carry valid identity cards and follow the specified guidelines.
Yatra will start from July 3, unprecedented security cover
The annual pilgrimage to the Amarnath cave temple, located at an altitude of 3,880 meters, will begin from July 3. Tight security arrangements have been implemented on both the routes – Pahalgam in Anantnag and Baltal in Ganderbal. The Pahalgam route has been divided into 17 zones and 51 sub-zones and special officers, quick reaction teams (QRT), mountain rescue teams, anti-sabotage teams and traffic controllers have been deployed in each zone. The preparations have been checked through mock drills.
Emergency services, disaster management, medical teams and traffic police participated in the mock drill conducted recently. Scenarios like natural disaster, terrorist attack and health crisis were practiced in the drill, so that coordination and quick response capability could be tested among all the agencies. Along with this, there was an amazing integration of technology and logistics.
The administration has streamlined water, electricity, medical and sanitation facilities at all halts. Base camps and langars have been made ready for use after hygiene inspection. For the first time this year, technologies like high-definition CCTV, drone surveillance, satellite tracking, and AI-based facial recognition system have been incorporated in the security system. Special monitoring centres have also been set up.
National
BJP wants to grab land in every UP district, alleges Akhilesh Yadav

Lucknow, June 28: Samajwadi Party chief Akhilesh Yadav on Saturday launched a scathing attack on the BJP government in Uttar Pradesh, alleging that it was trying to usurp land in every district of the state.
Addressing a press conference, Yadav said the BJP was misusing bulldozers and government machinery, with the active support of party workers and the local administration, to forcibly acquire land.
He particularly pointed to Gorakhpur, the home turf of Chief Minister Yogi Adityanath, claiming irregularities in land registration there.
“The people of Gorakhpur should ask in whose name the maximum number of registries have been done,” Yadav said.
“If the truth about Gorakhpur comes out, the government will have to build a custody corridor there instead of passing on any inheritance. Compensation for land and houses is not being given fairly. The administration is pressuring locals into signing consent papers, using the police to instill fear, just so they don’t have to pay proper compensation,” Akhilesh Yadav alleged.
Accusing the government of cheating locals, he added, “People lost land in Ayodhya, came close to losing it in Banaras, and now Gorakhpur is next. It’s not just Gorakhpur’s land that’s being targeted — this mindset was also visible in Lucknow. Even their own advisor had to resign. I don’t know who he was colluding with — those he aligned with have now fled the country.”
Yadav also took aim at the RSS, criticising its demand to remove the words ‘Socialist’ and ‘Secular’ from the Preamble of the Constitution.
“Those who oppose the reservation don’t say it openly. Instead, they target the concepts of secularism and socialism. Their opposition to reservation is masked in these attacks,” he said.
Yadav accused the BJP and its ideological allies of trying to polarise voters. “They want to get votes by spreading hatred,” he alleged.
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