A recent report by financial services firm Jefferies suggests that the government should raise capital expenditure (capex) by 10-12 per cent in the union budget 2025-26 to maintain its focus on infrastructure development and ensure confidence among stakeholders.
“10-12 per cent YoY capex growth in Feb budget, based on broadly maintaining capex to GDP ratio, is needed for confidence that government capex focus continues”.” the report stated.
Need for rise in capex
The report emphasised that sustained capex growth is vital for economic momentum, particularly in the transitional period following elections.
The FY26 Union Budget is expected to be closely scrutinised for signs of double-digit capex growth. Jefferies highlighted that the FY25 budget delivered a 16 per cent YoY rise in government capex as outlined in the interim budget, despite adjustments following the election results.
Capex FY25
While public sector enterprises (PSEs) saw a 16 per cent YoY increase in capex, surpassing the 13 per cent projected in the interim budget due to a 10 per cent upward revision in PSE spending, actual expenditure levels have lagged.
Government capex fell by 15 per cent YoY in the first seven months of FY25. To achieve even a modest 5 per cent growth for the fiscal year, a 32 per cent YoY surge in spending will be needed between November 2024 and March 2025.
The report attributed the slow execution of capex to the election year, noting that ministries typically take time to stabilise in such periods. However, it described this as a temporary issue rather than a structural inefficiency.
Regarding defence spending, Jefferies projected a 7-8 per cent compound annual growth rate (CAGR) from FY24 to FY30, consistent with trends over the past decade. The report highlighted domestic manufacturing, import substitution, and exports as key growth drivers, rather than substantial increases in government spending.
With current policies, the domestic defence sector is expected to generate opportunities worth $100-120 billion over the next 5-6 years, with a visible 13 per cent CAGR. If export opportunities are fully realised, this could rise to a 15 per cent CAGR, significantly benefiting domestic companies.

Ahead of the Maha Kumbh Mela, which is expected to draw around 40 crore people, Indian Railways is preparing to manage the huge influx of pilgrims with extensive planning and infrastructure upgrades.

Dilip Kumar, Executive Director of Information and Publicity of the Railway Board, said that the railways would run around 13,000 trains during the Kumbh Mela to accommodate the large number of visitors.

“The railways is working with the slogan of ‘Divya Kumbh, Bhavya Kumbh, Digital Maha Kumbh’. Around 40 crore people are expected to reach… We have planned to run 13,000 trains during the Kumbh,” Kumar said.

The extensive train operations are designed to ensure smooth transportation for millions of devotees traveling to the religious gathering, with a focus on convenience and safety.

In preparation for the event, railway stations located near key Kumbh Mela venues are seeing significant improvements in passenger facilities.

“Passenger facilities at all the prominent stations near the Kumbh have been multiplied… Passenger amenities have been enhanced,” Kumar explained, assuring the public that the railways are taking every measure to provide better services.

Furthermore, the Railway Police Force (RPF) and Government Railway Police (GRP) will be deployed in large numbers to ensure the safety and security of the passengers.

One of the significant upgrades is the expansion of ticketing services, including a push for digital ticketing to facilitate ease of travel. “The ticketing facility has also been increased… Digital ticketing is being promoted,” Kumar stated.

Additionally, railway officials will open ticket counters in the Kumbh Mela area itself, ensuring that passengers have easy access to tickets for their travel.

In another important development, Dilip Kumar announced the creation of a new rail division for Jammu. Indian Railways has notified Jammu as a new rail division, marking a significant step in strengthening the railway network in Jammu and Kashmir

The division will initially cover 721 kilometers, including the Jammu to Srinagar-Budgam section. “Jammu has been notified as a new rail division by Indian Railways. Under this, 721 kilometers have been included initially. This will mainly include the railway section of Jammu to Srinagar-Budgam section,” Kumar explained.

The establishment of this new rail division is a part of Indian Railways’ broader strategy to enhance connectivity in the Jammu and Kashmir region, an area that has long been a priority for infrastructure development.

“Areas in and around Jammu and Kashmir are a priority… Indian Railways is trying to expand the railway network in all parts of the country to strengthen it and the trains are properly equipped,” Kumar added.

Indian Railways is also ramping up its efforts to modernize the network. Over the past decade, the pace of railway infrastructure construction has significantly accelerated. Kumar noted that this includes the completion of new rail lines and the expansion of existing routes.

A particularly anticipated development is the soon-to-be-launched operation from Jammu to Srinagar. “Soon, the operation from Jammu to Srinagar will start,” Kumar said, highlighting the connectivity this new route will bring to the region.

The Jammu rail division was previously part of the Ferozepur division, but Indian Railways has decided to create a separate division for Jammu to ensure better management and faster development of the region’s railway infrastructure.

“Earlier this area was under the Ferozepur division… Indian Railways has decided to remove the northernmost part from the Ferozepur division and establish it as a new rail division,” Kumar stated.

National Cooperative Exports Limited will source white rice from the open market through open bids from co-operative societies

NEW DELHI: India will export 1 million tonne of non-basmati white rice to Indonesia annually for four years, as inventories in the world’s biggest exporter of the grain surged following a series of earlier restrictions on overseas shipments and a robust harvest, an official said.

Harvesting typically starts in March in Indonesia and rice is a staple for its 280 million population. Indonesia’s output is estimated to fall 2.43% this year to 30.34 million tonnes due to a longer spell of dry weather in 2023, necessitating imports.

The Amit Shah-led Union ministry of cooperation entered into a deal with Indonesia’s ministry of trade to ship supplies through the National Cooperative Exports Limited, a national enterprise set up last year by the Centre, the official cited above said.

The Indian cooperative will source white rice from the open market through open bids from co-operative societies, the official added. India had removed a floor price for the export of white rice in October last year to boost exports after lifting a ban on exports due to higher output.

An El Nino weather pattern had caused poor monsoon rains in 2023, leading the world’s largest rice shipper to curb rice exports last year, which had been into 2024 to check domestic prices. This bumped up local stocks. India had restricted rice exports first in September 2022, banning shipments of broken rice. It also imposed a 20% duty on white rice. In July 2023, it banned all shipments of rice.

The country had produced 137.82 million tonnes in 2023-24 despite poor rains and last year’s summer-sown or kharif output was 119.93 million tonnes, according to official data.

Stay updated with the…

See more

News / Business / India to export 1 million tonne of white rice to Indonesia

NEW DELHI: India’s textiles and apparel exports, including handicrafts, grew by 7 per cent in the April-October period of FY24, reaching $21.35 billion compared to $20 billion during the corresponding period last year, according to government data released on Thursday.
The textiles ministry revealed that ready made garments category occupied the largest share of 41 per cent, with exports worth $ 8,733 million out of total exports worth $ 21,358 million during the April-October period, this was “followed by Cotton Textiles (33 per cent, $ 7,082 million), Man-Made Textiles (15 per cent, $ 3,105 million).”
The ministry further highlighted that exports have an optimistic outlook with almost all principal commodities experiencing growth besides wool and handloom products, which declined by 19 per cent and 6 per cent, respectively.

Imports on a decline

On the import front, textiles and apparel imports, including handicrafts, dipped by a slight 1 per cent to $ 5.43 billion over the same period, down from $5.46 billion in the previous year.
Man-made textiles dominated imports, making up $1.86 billion (34 per cent) of the total $5,425 million due to a demand-supply gap in this sector, the ministry noted.
The ministry attributed the import growth in cotton textiles to the demand for long-staple cotton fibre, adding, “Such trends of import indicates an increase in production capacity of the country amidst rising consumption and self-reliance,” the official statement said.
For FY 2023-24, India’s overall imports of textiles and apparel stood at $ 8.94 billion, a 15 per cent decline from $ 10.48 billion in FY 2022-23.
Global standing and trade insights
India remains a significant player in the global textiles and apparel market, ranking as the world’s sixth-largest exporter in 2023. The sector accounted for 8.21 per cent of India’s total exports in FY 2023-24, with the USA and the EU being the top export destinations, contributing 47 per cent to the total exports according to the ministry.
India holds a 3.9 per cent share in global trade for textiles and apparel.
“India is a major textile and apparel exporting country and enjoys trade surplus. Bulk of import takes place for re-export or for industry requirement of raw material,” the textile ministry said.

Challenges

The ministry also acknowledged that export growth in early FY 2024 was affected by geopolitical tensions in the Red Sea region, which disrupted export flows during January, February, and March 2024.
Furthermore, it is important to note that exports are driven by demand and supply dynamics, influenced by factors such as global demand, domestic consumption, order flow, and logistics, among others.

New Delhi: Indian stock market surged by nearly 1.6 per cent in afternoon trade on Thursday as heavy buying was seen in auto, energy, private bank, infra, commodity and IT sectors on Nifty.  At around 1.39 pm, Sensex was trading at 79,766.88 after rising 1,259.47 points or 1.60 per cent, while Nifty was trading at 24,112.25 after rising 369.35 points or 1.56 per cent.

The market trend remained positive. On the National Stock Exchange (NSE), 1,366 stocks were trading in green, while 529 stocks were in red. Nifty Bank was up 386.45 points or 0.76 per cent at 51,447.05. Nifty Midcap 100 index was trading at 57,740.40 after rising 289.50 points or 0.50 per cent. Nifty Smallcap 100 index was at 19,022.65 after rising 62.85 points or 0.33 per cent.

In the Sensex pack, Bajaj Finserv, Bajaj Finance, Maruti Suzuki, M&M, Infosys, Titan, UltraTech Cement, HCLTech, Kotak Mahindra Bank and IndusInd Bank were among the top gainers. Only Sun Pharma was among the top losers.

The domestic benchmark indices opened flat in morning trade as selling was seen in the PSU bank, pharma, FMCG, realty, media, energy and metal sectors on Nifty. According to Vaibhav Agrawal, CIO–Alternates (Public equity), MOAMC, broader markets are expected to grow earnings at 12-13 per cent in FY26.

While the FII flows remain volatile, a pickup in corporate earnings in H2 FY25 and expected easing in geopolitical tensions post Trump joining office, could turn higher foreign flows into Indian equities vs other emerging economies, said Agrawal.

However, making money in 2025 will not be as easy and broad-based as it has been in the last 4 years. “It will be much more stock and sector specific. In that back drop we can think sectors and companies that have exposure to discretionary consumption, energy transition, electronics manufacturing and capital markets sectors may perform relatively better,” said Agrawal.

The Indian Railway Catering and Tourism Corporation (IRCTC) West Zone is launching a special ‘Bharat Gaurav train’ service, connecting Maharashtra’s Pune to Uttar Pradesh’s Prayagraj for the upcoming Mahakumbh mela 2025.

The package called ‘Mahakumbh Gram IRCTC Tent City at Prayagraj,’ will run from January 15 till February 23.

Also Read: Dawn of New Year sets stage for greatest gathering on earth

It also includes travel, meals, as well as accommodation, for the pilgrims travelling to one of the world’s largest religious gatherings.

The Bharat Gaurav train will have 14 coaches which can accommodate approximately 750 passengers.

The route also includes stops at other key spiritual hubs like UP’s Varanasi, Prayagraj, and Ayodhya.

The boarding stations for the train are also strategically located at Maharashtra’s Pune, Lonavala, Karjat, Panvel, Kalyan, Nashik, Manmad, Chalisgaon, Jalgaon, and Bhusaval, ensuring easy accessibility for passengers across multiple regions.

Also Read: PM’s vision, CM’s supervision shaping Digital Mahakumbh

Ticket prices

Economy Class (Sleeper): ₹22,940

Standard Class (3AC): ₹32,440

Comfort Class (2AC): ₹40,130

All about Mahakumbh mela 2025

The Mahakumbh mela 2024 is one of the biggest Hindu festivals with people all over the world coming to experience the holy Mahasangam of Mahakumbh. Mahakumbh 2024 is taking place from January 13 and will conclude on February 26, 2025.

The Kumbh mela is organised every three years; Ardh Kumbh happens once every six years and Mahakumbh takes place once every 12 years.

The last Mahakumbh mela happened in 2013. After this, the Ardh Kumbh was organised in 2019.

Also Read: ‘They will spit, urinate’: Mahant Ravindra Puri says no to non-Hindus shops at Mahakumbh in Prayagraj

Mahakumbh 2025 will be organised in ‘Siddhi Yoga’ on January 29, 2025, in Prayagraj, Uttar Pradesh.

The Bharat Gaurav train’ service initiative is part of the Central Government’s ‘Dekho Apna Desh’ programme, aiming to promote domestic tourism. The programme since its inception, has facilitated 86 train services across India so far.