New Delhi, July 3 (IANS) There is a need to mobilise additional resources for the North-Eastern Region (NER) and an infusion of private funding is likely to accelerate development, experts said on Wednesday.

At the CSR Connect, launched by the Confederation of Indian Industry (CII), to infuse corporate investment into social development in North East, Dr Sukanta Majumdar, Minister of State, Ministry of Development of North Eastern Region said that the initiative aims to bridge the gap between the corporate sector and the North East’s socio-economic development, through impactful initiatives in partnership with the government.

The minister highlighted that the Rs 10,000 crore ‘UNNATI Scheme’ introduced for the North East will bring in investments into the region.

“The Central Ministries are spending 10 per cent of their Gross Budgetary Support in the NER not only through their ongoing schemes but also through dedicated schemes for the region. This shows the focus towards the region,” he added.

Over the eight-year period (2014-15 to 2022-23), the region has been growing at a CAGR of 6.77 per cent which is higher than the national average of 5.43 per cent.

The region contributed to 2.95 per cent of the national GDP (2022-23 at constant prices), CII mentioned.

Chanchal Kumar, IAS, Secretary, Ministry for Development of North Eastern Region said that the CSR contribution in NER is limited and needs to be addressed at the policy level.

“The state government should develop a repository of investible projects for each state for attracting CSR investments,” he added.

In addition, R Mukundan, VP, CII and MD, Tata Chemicals Limited said that over the last 10 years, the journey of CSR moved from a “2 per cent compliance-oriented approach to an increased focus on transparency and impact orientation.”

–IANS

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New Delhi, July 3 (IANS) The Finance Ministry on Wednesday announced the sale of Government bonds worth Rs 28,000 crore in three lots through auctions to be conducted by the Reserve Bank of India in Mumbai on Friday (July 5).

The first lot comprises “7.02 per cent Government Security 2027” for a notified amount of Rs 6,000 crore.

The second set of “7.23 per cent Government Security 2039” are valued at Rs 12,000 crore while the third lot of “7.30 per cent Government Security 2053” are for a notified amount of Rs 10,000 crore.

The three lots will be sold through a price-based auction using the multiple price method.

The government will have the option to retain additional subscriptions up to Rs 2,000 crore against each of the three securities.

Up to 5 per cent of the notified amount of the sale of the securities will be allotted to eligible individuals and institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.

Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on July 5.

The non-competitive bids should be submitted between 10.30 a.m. and 11 a.m. and the competitive bids should be submitted between 10.30 a.m. and 11.30 a.m.

The result of the auctions will be announced on July 5, 2024 (Friday) and payment by successful bidders will be on June 8 (Monday).

The Securities will be eligible for “When Issued” trading in accordance with the RBI guidelines.

–IANS

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Islamabad, July 3 (IANS) Pakistani Minister of Commerce Jam Kamal Khan has called for an early conclusion of a preferential trade agreement and bilateral transit trade agreement with Azerbaijan.

“Pakistan attaches great importance to its relationship with Azerbaijan, and we must continue to advance our cooperation in various sectors, including tourism, transport, energy security, and defence, though this requires additional efforts,” Jam Kamal Khan said in his meeting with Azerbaijan’s Deputy Foreign Minister Samir Sharifov, reported Xinhua news agency.

He pointed out that the Chinese and Saudi investments in Pakistan are encouraging Azerbaijani investors to seize the opportunities available in Pakistan.

During the meeting, Sharifov highlighted the ease of travel between the two countries, noting that Azerbaijan received 55,000 Pakistani visitors last year due to its favorable visa policy.

Azerbaijan is the first Central Asian country to initiate direct flights to Pakistan, facilitating greater connectivity, the deputy foreign minister quoted in a statement.

–IANS

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Ulan Bator, July 3 (IANS) Mongolia has been reclassified by the World Bank from a lower-middle income country to an upper-middle income country for the 2024 fiscal year, announced the country’s Finance Ministry on Wednesday.

This marks Mongolia’s first inclusion in the upper-middle-income category since 2014, according to a ministry statement, reported Xinhua news agency.

The World Bank Group categorises the world’s economies into four groups by income level: low, lower middle, upper middle, and high. The classification is updated each year on July 1 based on gross national income per capita for the previous calendar year.

Mongolia’s income was estimated at 4,950 US dollars per capita, leading to its elevation in the global economy ranking.

Last year, the Asian country’s gross domestic product expanded by 7.0 per cent, according to revised data by the country’s National Statistics Office.

The World Bank predicts that Mongolia’s economy is projected to grow by 4.8 per cent in 2024.

–IANS

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Mumbai, July 3 (IANS) Indian equity indices closed at record highs on Wednesday following a rally in heavyweights like HDFC Bank, ICICI Bank, and Kotak Mahindra Bank.

At closing, Sensex was up 545 points, or 0.69 per cent, at 79,986 and Nifty was up 162 points, or 0.67 per cent, at 24,286.

During the day, Sensex and Nifty recorded a new all-time high of 80,074 and 24,309 respectively. This is the first time ever when Sensex and Nifty crossed 80,000 and 24,300 mark.

In the Sensex pack, Kotak Mahindra Bank, HDFC Bank, Axis Bank, IndusInd Bank, Power Grid, SBI, and JSW Steel were the top gainers. TCS, Titan Company, Reliance, Tata Motors and L&T were the top losers.

Sector-wise, almost all the indices closed in the green.

PSU banks, private banks, metal, and FMCG were major gainers. Buying has also taken place in small and medium stocks.

The Nifty Midcap 100 index closed at 56,293, up 438 points or 0.79 per cent, and the Nifty Smallcap 100 index closed at 18,700, up 191 points or 1.03 per cent. Banking shares supported the market’s rally in the trading session. Nifty Bank closed at 53,036, up 921 points or 1.77 per cent.

Neelesh Surana, Chief Investment Officer, Mirae Asset Investment Managers (India) said: “The market has reached another milestone. We believe this is logical as markets are leading indicators of macro stability and future growth. We believe that India has strong and sustainable drivers for secular growth, and thus our view on equities remains constructive.”

“We would advise investors to follow a well-crafted and balanced allocation towards equities, and remain committed preferably via SIP,” he added.

–IANS

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