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NBFC Sector Seeks Funds and Reforms Ahead of  Union Budget 2024 As the Union Budget for 2024 approaches, the Non-Banking Financial Company (NBFC) sector is calling for enhanced financial inclusion and digitalization efforts to sustain its growth. The sector, represented by the Finance Industry Development Council (FIDC), is advocating for the establishment of a special refinancing body, akin to the National Housing Bank (NHB) for housing finance companies. Importance of NBFCs in the Economy NBFCs play a crucial role in the Indian economy by providing financial services to underserved segments that traditional banks may not fully reach. They offer a range of financial products, including loans, asset financing, and wealth management services. This sector is vital for promoting financial inclusion, supporting consumer demand, and improving trade balances. Current State of NBFCs Despite facing stringent regulatory actions from the Reserve Bank of India (RBI) this year, the NBFC sector...

India's Major Ports Witness Significant Cargo Volume  Growth in FY24 India's Ports and Shipping sector has been experiencing a significant surge in growth, showcasing impressive performance indicators and infrastructural advancements. In FY24, the 12 major ports under the Union government's ownership handled a total of 819.227 million tonnes (mt) of cargo, reflecting a 4.45% increase from the previous year's 784.305 mt. This growth is pivotal, as approximately 95% of India's international trade volume is managed through these ports, signaling enhanced efficiency and capacity in the sector. FY24 Performance Overview According to the Ministry of Ports, Shipping, and Waterways, the major ports collectively handled 12.310 million Twenty-Foot Equivalent Units (TEUs), marking an 8.06% increase from FY23's 11.392 million TEUs. The Jawaharlal Nehru Port Authority led the way, managing 6.43 million TEUs, accounting for over half of the total volume.  Key cargo segments a...