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UP’s total outstanding debt shot up by nearly 39% in five years

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The Yogi Adityanath government in Uttar Pradesh has been borrowing so heavily from the market that its total outstanding debt has shot up by almost 39 per cent in five years.

However, spending on education declined while spending on health increased only marginally during this period.

What is even more surprising is the fact that in four out of five years, the state government was unable to spend even the full budgeted amount, leading to a revenue surplus.

The full support given to the Yogi Adityanath government by the Narendra Modi government — the so-called ‘double engine’ advantage — also does not seem to have helped, either in terms of finances or in planning.

According to the latest data available with the Reserve Bank of India, which compiles state government finances, the UP government has outstanding liabilities worth as much as Rs 6.5 lakh crore, as estimated in the state Budget for 2021-22.

This is 38.3 per cent more than the Rs 4.7 lakh crore debt it inherited when it took over in 2017.

The bulk of this debt mountain is owed to financial institutions, such as banks. These are called market borrowings and are taken at hefty rates of interest.

According to sources in the state finance department, a report by the Comptroller and Auditor General (CAG) on UP government’s finances, released last month, pointed out that of the total public debt at the end of 2019-20, Rs 1.99 lakh crore (or 47.7 per cent of the total) would be payable after seven years.

The CAG report referred to earlier made a shocking revelation.

The state government transferred a princely sum of Rs 71,000 crore from a sinking fund illegitimately to its “non-tax revenue” head in its books in March 2020. By rules, this should have been invested elsewhere.

The CAG roundly criticised this brazen violation, recommending that “the transfers out of the fund (Sinking Fund) are not to be treated as Revenue Receipts and the amount equivalent to loan repaid should be transferred from Sinking Fund to Major Head 8680 (Miscellaneous Government Account) on redemption of debt”.

The effect of this ‘creative’ book-keeping was that revenue receipts were boosted in the books only, there was no cash actually transferred. This is what caused the next year’s revenue surplus.

It is a common feature for some states to end the year with huge unspent amounts from their budgetary allocations. Poor and backward states are particularly prone to this aberrant thinking. And UP is no exception.

Under Chief Minister Yogi Adityanath’s leadership, four of the five years have seen a revenue surplus adding up to a huge Rs 1.32 lakh crore.

The figure given for 2021-22 is just estimated, presented in the Budget, and the actual amount may be larger. The deficit would have been even bigger but for the illegitimate transfer of sinking fund money to non-tax revenue accounts.

The year 2020-21 was the first year of the Covid pandemic and some extra spending took place. So, the state government ended up actually spending all of its allocated funds, running a small deficit of Rs 13,161 crore.

Despite borrowing Rs 1.8 lakh crore in five years, the state government has ended its term with an accumulated revenue surplus, i.e., unspent funds of Rs 1.32 lakh crore, which indicates bad planning.

Sources said that spending on two crucial sectors – education and health – was important but as a proportion of total revenue expenditure, the share spent on education declined from about 14.8 per cent in 2017-18 to 12.5 per cent in the budget estimates (BE) for the current financial year.

In 2020-21, when students of the state were struggling to keep up with their studies during the pandemic with schools/colleges and hostels closed and online mode was the dominant way of teaching, the state government saved a lot of money when actually more spending was needed to compensate for academic losses being suffered by the students.

In fact, teachers were not paid salaries, staff were denied wages, and mid-day meals were stopped.

Now, with the crucial Assembly elections looming, the government is busy distributing smartphones and tablets.
Even more disturbing is the minuscule increase in the share of health expenditure in total revenue expenditure — from 5.3 per cent in 2017-18 to 5.9 per cent in 2021-22 (BE) — at a time when the pandemic was at its peak.

Reports based on official data show that the healthcare system in UP remained inadequate to deal with the pandemic. All this would have been avoided if more funds had been allocated and applied by the state government.

Business

PM Modi meets global investors ahead of Bharat Innovates Summit in France

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Nice/New Delhi, June 14: Ahead of the inauguration of the Bharat Innovates Summit in Nice, Prime Minister Narendra Modi on Sunday interacted with select investors and venture capital leaders from India, France and several other countries.

The innovation-focused summit is set to be jointly launched by Prime Minister Modi and French President Emmanuel Macron.

The event will bring together leading startups, investors, entrepreneurs and technology stakeholders to explore opportunities for collaboration, investment and innovation-driven partnerships between India, France and the wider global ecosystem.

The interaction with investors comes as India and France seek to deepen cooperation in emerging technologies, innovation and entrepreneurship under their Special Global Strategic Partnership.

The Bharat Innovates Summit is expected to serve as a key platform for fostering cross-border investment and strengthening ties between startup ecosystems in the two countries.

Prime Minister Modi and President Macron are also expected to hold bilateral talks in Nice, where they will review the entire spectrum of India-France relations.

Discussions are likely to focus on innovation, technology, trade, defence cooperation and broader strategic issues, reflecting the expanding scope of engagement between the two nations.

PM Modi’s visit to France, which runs from June 13 to June 18, will cover three key cities — Nice, Evian and Paris.

Meanwhile, shortly after arriving in France, PM Modi shared glimpses of his interaction with members of the Indian community in Nice.

“A memorable welcome from the Indian community of Nice. Although they are several kilometers from their country, the bond of our diaspora with India remains stronger than ever,” Prime Minister Modi wrote on social media platform X.

Prior to that, upon arriving in Nice, the Prime Minister had shared details of his France visit in a post on X, saying that his engagements would span Nice, Evian and Paris.

“I have just landed in Nice. Beyond Nice, this visit to France includes programs in Evian and Paris,” PM Modi stated.

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India’s highway network expands at rapid pace in last 12 years

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New Delhi, June 14: India has witnessed an unprecedented transformation in its road infrastructure over the last 12 years, from the implementation of Bharatmala Pariyojana and the rapid expansion of the National Highway network to the development of iconic expressways at record construction speed, according to an official factsheet issued on Sunday.

Among the most transformative initiatives in the highway sector is Bharatmala Pariyojana, a flagship programme designed to optimise freight and passenger movement across the country. As of March 2026, projects covering 26,425 kilometres had been awarded, while 22,590 kilometres had already been constructed. Approved by the Government of India in October 2017, the programme envisages the development of 34,800 kilometres of National Highway corridors with an estimated outlay of Rs 5.35 lakh crore, according to the factsheet issued by the Ministry of Road Transport and Highways.

Bharatmala Pariyojana has significantly strengthened connectivity, reduced logistics costs and improved access to remote and strategically important regions, thereby contributing to economic development, regional balance and national integration.

The expansion of India’s National Highway network has been one of the most significant infrastructure achievements of the past decade. The network has grown from approximately 91,287 kilometres in 2014 to over 1,46,572 kilometres in FY 2025-26, representing an increase of nearly 61 per cent.

From an average construction rate of approximately 11.6 kilometres per day in 2013-14, the pace has increased to nearly 34 kilometres per day in 2025. This remarkable growth has improved connectivity across states and regions, facilitated faster movement of goods and services, enhanced access to markets and strengthened the country’s economic backbone.

The Delhi–Mumbai Expressway is one of India’s most ambitious highway infrastructure projects. With a planned length of approximately 1,386 kilometres and an estimated project cost of around Rs 1 lakh crore, it is set to become the country’s longest access-controlled expressway upon completion.

Connecting Delhi, Haryana, Rajasthan, Madhya Pradesh, Gujarat, and Maharashtra, the expressway will significantly enhance connectivity between major economic centres of the country. Prime Minister Narendra Modi inaugurated the first completed section of the Delhi–Mumbai Expressway on February 12, 2023 — the 246-km Delhi–Dausa–Lalsot stretch in Rajasthan, developed at a cost of over Rs 12,000 crore.

This was followed by the inauguration of the 87-km Vadodara–Bharuch stretch in Gujarat on February 22, 2024. Subsequently, on June 5, 2026, the Prime Minister inaugurated two additional Gujarat sections: the 36-km Kim–Ena section and the 27.5-km Gandeva–Ena section. The project is expected to reduce travel time, improve logistics efficiency and unlock new opportunities for industrial growth, investment and employment along its corridor.

The Delhi–Meerut Expressway has transformed connectivity within the National Capital Region by enabling faster, safer and more efficient travel between Delhi and Meerut. Developed at a cost of approximately Rs 8346 crore and spanning about 82 kilometres, the Expressway has substantially reduced travel time for commuters and businesses alike.

The Dwarka Expressway represents a major milestone in the development of urban transport infrastructure in the National Capital Region. Stretching approximately 29 kilometres and developed at a cost of nearly Rs 9,000 crore, the project has substantially improved connectivity between Delhi and Gurugram.

The Bengaluru–Mysuru Expressway has emerged as a landmark infrastructure project in southern India. Developed at a cost of approximately Rs 8,480 crore and spanning 118 kilometres, the Expressway was inaugurated by Prime Minister Narendra Modi on March 12, 2023. The project has reduced travel time between Bengaluru and Mysuru from nearly three hours to about 75 minutes.

Delhi – Dehradun Economic Corridor is an engineering marvel that reflects India’s continued focus on building high-speed, efficient and environmentally responsible National Highway network. Developed at a cost of Rs 12,000 crore, the 213 km long six-lane access-controlled corridor was inaugurated by the Prime Minister on April 14, 2026. The corridor has reduced travel time between Delhi and Dehradun from over 6 hours to around 2.5 hours.

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Assam AN-32 crash: IAF transports fallen air warriors’ mortal remains to their homes

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Guwahati, June 14: The Indian Air Force’s C-130J aircraft, on Sunday, took off with the mortal remains of three of the five IAF personnel who lost their lives in the tragic AN-32 transport aircraft accident at Jorhat Air Force Station in Assam.

According to officials, the AN-32 transport aircraft met with an accident after landing at the Jorhat airbase on Saturday. The aircraft subsequently caught fire, prompting emergency response teams to rush to the site.

Squadron Leader Prashant Singh’s mortal remains are being flown to his hometown in Dehradun, Uttarakhand, while the mortal remains of Flight Lieutenant Shubham Kumar are being transported to his residence in Gaya district of Bihar.

The remains of Agniveervayu Danish Alam will be flown to his home in Bhojpur district of Bihar.

Meanwhile, a wave of grief swept through the Kayamnagar village in Bhojpur district after news emerged that 22‑year‑old Agniveer Vayu airman Danish Alam lost his life in the IAF aircraft crash.

Danish Alam was the only son of Mohammad Farooq Alam and Akhtari Begum. His father works in a private company in the Gaya district, while his mother is a homemaker. He is survived by his two elder sisters, Shagufta Parveen and Ghazala Parveen.

The accident took place at around 10 a.m. during what the Air Force described as a routine sortie.

Earlier, the IAF had confirmed the accident and said crash site management and preliminary inquiries were underway.

In an official statement issued hours after the crash, the IAF said: “The Indian Air Force deeply regrets the loss of five personnel in the AN-32 accident at Jorhat in Assam. Squadron Leader Prashant Singh, Flight Lieutenant Shubham Kumar, Sergeant Jitendra Sharma, Agniveervayu Khemaram Kumawat and Agniveervayu Danish Alam made the supreme sacrifice in the line of duty.”

The IAF also conveyed its condolences to the families of the deceased.

“IAF extends its deepest condolences to the bereaved families and stands firmly with them in this hour of grief,” the statement added.

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