Business
RBI says momentum in economic recovery to continue in FY23
India’s economic recovery from the pandemic shock has sustained in FY22 and the momentum is expected to broadly continue through the ongoing FY23, though with risks of downside from the geopolitical shock and its spillovers, said the RBI’s Annual Report for 2021-22 released on Friday.
Despite the risks, the report said the recovery is “getting entrenched and is broadening”, besides the Union Budget for FY22 envisioned the roadmap for ‘India at 100’, with a focus on demand side measures.
The substantial increase in government capital expenditure outlay could crowd-in private investment and “propel a virtuous cycle, thereby improving aggregate demand”.
Furthermore, the National Infrastructure Plan (NIP) amounting to Rs 100 lakh crore and the National Monetisation Pipeline (NMP) involving Rs 6 lakh crore – both targeted for completion by FY25, are also expected to give a major thrust to infrastructure spending, it added.
“The focus on supply side management through ‘process reforms’, facilitating the smoothening and simplification of processes in some sectors where government’s presence as a facilitator or regulator is necessary, would help improve the resilience of the Indian economy.”
Overall consumer and business confidence remains resilient in spite of the third wave on the back of the accelerated pace of vaccination and better prospects for economic activity.
“A full recovery in aggregate demand is, however, contingent on a turnaround in private investment. On the supply side, there is a resurgence in mining and manufacturing sectors. The services sector, which felt the brunt of the pandemic, is staging a broad-based recovery since Q2FY22.”
The report stressed upon reforms in the labour market so as to adapt to the pandemic by reskilling workers.
On financial markets in FY22, the report said that abundance of liquidity and accommodative monetary policies in major economies had pushed financial asset prices to all-time highs. The market was bolstered also by stimulus packages and easing of Covid-19-led restrictions.
The financial markets in India remained vibrant amidst easy liquidity conditions, although the severe second wave of the pandemic during April-May 2021 dampened sentiments. The equity market continued to register double digit growth in FY22 in sync with the global peers with optimism on large scale vaccine rollouts and resurgence in economic activities.
Notably, the direct participation of retail investors in equities continued to increase, with the opening of 3.46 crore Demat accounts during FY22, as against 1.42 crore opened during the previous year. During the fiscal, on an average, 28.8 lakh Demat accounts were opened every month, which is higher than 11.8 lakh per month in the previous year and 4.2 lakh Demat accounts per month in 2019-20, the annual report said.
Business
Union Cabinet approves Pune Metro Rail Project Phase 2 with Rs 9,857 crore outlay

New Delhi, Nov 26: In a major boost for the public transport network in Pune, the Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved Line 4 (Kharadi–Hadapsar–Swargate–Khadakwasla) and Line 4A (Nal Stop–Warje–Manik Baug) with Rs 9,857.85 crore outlay under Phase 2 of the Pune Metro Rail Project.
According to the Cabinet, this is the second major project approved under Phase-2, following the sanction of Line 2A (Vanaz–Chandani Chowk) and Line 2B (Ramwadi–Wagholi/Vitthalwadi). With this latest approval, Pune Metro’s network will expand beyond the 100-km milestone, a significant step in the city’s journey towards a modern, integrated, and sustainable urban transit system.
Spanning 31.636 km with 28 elevated stations, Line 4 and 4A will connect IT hubs, commercial zones, educational institutions, and residential clusters across East, South, and West Pune.
The project will be completed within five years at an estimated cost of Rs 9,857.85 crore, to be jointly funded by the Centre, the Maharashtra government, and external bilateral/multilateral funding agencies.
These lines are a vital part of Pune’s Comprehensive Mobility Plan (CMP) and will seamlessly integrate with operational and sanctioned corridors at Kharadi Bypass and Nal Stop (Line 2), and Swargate (Line 1).
“They will also provide an interchange at Hadapsar Railway Station and connect with future corridors towards Loni Kalbhor and Saswad Road, ensuring smooth multimodal connectivity across metro, rail, and bus networks,” a Cabinet communique said.
The project will be implemented by the Maharashtra Metro Rail Corporation Limited (Maha-Metro), which will carry out all civil, electrical, mechanical, and systems works.
Pre-construction activities such as topographical surveys and detailed design consultancy are already underway, according to the Cabinet.
According to projections, the daily ridership on Line 4 and 4A combined is expected to be 4.09 lakh in 2028, rising to nearly 7 lakh in 2038, 9.63 lakh in 2048, and over 11.7 lakh in 2058.
Of this, the Kharadi–Khadakwasla corridor will account for 3.23 lakh passengers in 2028, growing to 9.33 lakh by 2058, while the Nal Stop–Warje–Manik Baug spur line will rise from 85,555 to 2.41 lakh passengers over the same period.
These projections highlight the significant growth in ridership expected on Line 4 and 4A over the coming decades.
With Line 4 and 4A, Pune will not just get more metro tracks but will also gain a faster, greener, and more connected future. These corridors are designed to give back hours of commuting time, reduce traffic chaos, and provide citizens with a safe, reliable, and affordable alternative.
Business
Assam saw major drop in child marriage cases under BJP govt: CM Sarma

Guwahati, Nov 26: Assam Chief Minister Himanta Biswa Sarma on Wednesday underscored a “major turnaround” in the state’s battle against child marriage, saying a combination of stringent enforcement and systemic reforms has led to significant declines in the underage marriages and boosted legal accountability.
CM Sarma claimed that according to NFHS‑4 (2015-16) data, 31.8 per cent of women in Assam aged 20–24 were married before turning 18 – a rate that exceeded the national average.
Moreover, district-level fact sheets had recorded alarming prevalence in districts such as Dhubri, South Salmara, Barpeta and Nagaon, as high as 40–55 per cent.
However, the state now claims a decisive shift. Between 2023 and 2024 alone, more than 8,600 arrests were made in coordinated crackdowns under both the Protection of Children from Sexual Offences Act (POCSO) and the Prohibition of Child Marriage Act (PCMA).
According to the Chief Minister, in 2022 the number of cases registered stood at 224, sharply up from just 149 in 2021, indicating a steep rise in enforcement.
CM Sarma said, “Beyond arrests, Assam has formed district-level task forces, headed by superintendents of police, to track and intercept impending child marriages. Community-level workers – including ASHAs, Anganwadi staff and schoolteachers – are now required to report suspected cases in real time.”
“Several districts have also reportedly established digital databases and child-protection tracking mechanisms,” he added.
The CM claimed that these measures have borne fruit: In hotspot districts, the incidence of child marriage fell by 8–17 per cent within a year, and more than 3,000 planned child marriages were prevented in 2023–24 alone.
Notably, the Assam government’s recent actions – from sustained crackdowns to setting up institutional safeguards – reflect a far more aggressive stance on child marriage than seen in earlier years, when the practice was largely treated as a social issue rather than a crime.
Business
Revanth Reddy urges PM Modi to declare Bengaluru-Hyderabad as defence & aerospace corridor

Hyderabad, Nov 26: Telangana Chief Minister A. Revanth Reddy, on Wednesday, appealed to Prime Minister Narendra Modi to declare Bengaluru-Hyderabad as a defence and aerospace corridor.
The Chief Minister said this during the inauguration of the French aerospace major Safran’s largest MRO centre for the CFM International LEAP engines in Hyderabad.
The Chief Minister stated that declaring Bengaluru-Hyderabad as a defence and aerospace corridor will contribute to Viksit Bharat.
The Safran Aircraft Engine Services India (SAESI) facility at the GMR AeroPark (SEZ) near Shamshabad will be operational in 2026.
The Chief Minister congratulated Safran for choosing Hyderabad for a big investment and thanked it for its trust and continued partnership with Telangana.
He stated that this new facility marks an important milestone for Telangana’s growth in the aerospace and defence sector.
Revanth Reddy noted that this is the first-ever Maintenance, Repair and Overhaul (MRO) centre for LEAP engines in India. Set up with an investment of ₹1,300 crore, the centre will employ over 1,000 skilled technicians and engineers, while also generating new business opportunities for local MSMEs and precision engineering firms, he said.
He said that the foundation stone was also laid today for Safran’s M88 Military Engine MRO, which will support both the Indian Air Force and the Indian Navy.
The Chief Minister emphasised that Hyderabad has emerged as a major aerospace and defence hub, home to more than 25 major global companies and over 1,500 MSMEs. He added that Telangana’s progressive industrial and MSME policies are ranked among the best in India.
He said that Hyderabad’s world-class infrastructure, aerospace parks and SEZs continue to attract mega investments from leading global companies, making the city a top choice for highly complex precision engineering projects.
He noted that Hyderabad is already a preferred destination for companies such as Safran, Boeing, Airbus, Tata, and Bharat Forge for manufacturing and R&D activities, and has become one of India’s leading MRO and aero-engine hubs.
The Chief Minister highlighted that Telangana’s aerospace and defence exports doubled last year, reaching ₹30,742 crore in just nine months, surpassing the state’s pharma exports for the first time.
He also mentioned that Telangana has consistently won the Best State Award for Aerospace from the Ministry of Civil Aviation.
He underscored that skilling is a key factor in attracting aerospace investments. Telangana has upgraded 100 Industrial Training Institutes into Advanced Technology Centres in partnership with Tata Technologies, ensuring youth are job-ready for advanced manufacturing.
He added that the Young India Skills University is offering specialised training in aircraft maintenance and invited Safran to be a lead partner in aerospace and MRO skilling initiatives.
Reaffirming Telangana’s commitment to supporting partners like Safran with world-class infrastructure, the Chief Minister spoke about the upcoming Bharat Future City, being developed across 30,000 acres as a planned, fully green, net-zero global destination – India’s answer to New York, Tokyo, Dubai and Singapore.
He extended an invitation to the Prime Minister to attend the ‘Telangana Rising 2047 – Global Summit’ at Bharat Future City on December 8 and 9, where the state’s long-term vision will be unveiled. Telangana aims to become a $1 trillion economy by 2035 and a $3 trillion economy by 2047.
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