Page 15 - BANKING FINANCE APRIL 2024

ROUNDUP

collaborations and encouraging tour- than ever. You are all lucky to be here Toll collection crosses Rs.
ism and business ties. The visa, issued and have gotten an incredible educa-
within two to five working days, allows tion. The complexity of how we take 50,000 crore in 10 months
a 90-day stay, extendable once, with technology and shape it, you will get Toll collection in India touched Rs
a total stay not exceeding 180 days in an opportunity to play a big role 53,289.41 crore in the first ten months
a year, it said at the travel event there," he said. of this fiscal year, thanks to a sharp
SATTE. increase in tolled roads and addition of
Dubai experienced a surge in tourism Defence production to new FASTag users every year.
from India, welcoming 2.46 million touch Rs. 3 lakh crore by With average monthly collection of Rs
overnight visitors between January and 5328.9 crore during the April to Janu-
December 2023, as reported by the 2028-29: Rajnath ary period, toll collection in FY24 is
Dubai Department of Economy and India's annual defence production is poised to hit a record Rs 62,000 crore,
Tourism (DET). This signifies a substan- expected to touch Rs 3 lakh crore by as per government data.
tial increase from the 1.84 million tour- 2028-29, along with arms exports of Rs
ists in 2022, surpassing the pre-pan- 50,000 crore, defence minister Rajnath Annual toll collection stood at Rs
25,154.76 crore in 2018-19, Rs
demic figure of 1.97 million visitors in Singh said, stressing that Modi govt is
27,637.64 crore in 2019-20, Rs
2019, showcasing an impressive 25 per focusing on "long-term gains" and "not
cent growth. short-term outcomes" in all sectors to 27,923.80 crore in 2020-21, Rs
33,907.72 crore in 2021-22 and Rs
make the country a developed one by
Need for innovation 2047. 48,028.22 crore in 2022-23.
The total toll length in the country has
greater than ever Singh said the country had emerged as
a weapons exporter and found a place risen from 25,996 km in FY19 to 45,428
The need for innovation to deal with km as of November-end this fiscal,
different challenges is greater than in top-25 such countries. "Seven-eight marking a 75% increase. Toll length
ever, Microsoft co-founder and philan- years ago, defence exports did not stood at 29,666 km in 2019-20, 34,071
thropist Bill Gates said, asserting that even touch Rs 1,000 crore. It has km in 2020-21, 38,315 km in 2021-22
touched Rs 16,000 crore," he said, at
Artificial Intelligence (AI) is the most and 42,595 km in 2022-23.
a defence conclave.
transformative technology he has seen
in his lifetime. GST mop-up in February
PM launches Rs. 1.2 lakh
Addressing students at Indian Institute surges 12.5% on better
of Technology (IIT), Delhi, he encour- crore grain storage plan,

aged them to leverage the technology world's largest consumption
for social good and asserted that the Better consumption, improved compli-
PM Modi recently inaugurated and laid
AI advances will give them opportuni- ance and good collection in majority of
foundation stone of multiple initiatives,
ties as well as force them to think including a pilot project for world's larg- States helped mop-up from GST to Rs.
through the new systems. 1.68-lakh crore in February. This is 12.5
est grain storage plan for cooperative
"I am looking at India in a far broader sector, and said modernisation of agri- per cent higher than February of 2023.
way. I am lucky enough, through the culture systems is must for making In- However, there is no indication about
work of the foundation, to look at in- dia a developed country. rate rationalisation in near term.
novators who can help with all kinds of Although on a sequential basis the col-
Currently, there exists a huge gap be-
problems -- starting with health, but lection is 2.2 per cent lower than Janu-
tween grain production and storage
also agriculture, gender, and climate. capacity in the country. Data shows ary, but it needs to be understood that
We need fantastic Indian innovation," that storage capacity with regards to while the former has 29 days, the lat-
Gates said during his keynote address ter has 31 days to receive collection.
food grain production is only 47% in
on "Innovation for Public Good".
India, whereas it is 161% in the US, According to a Finance Ministry state-
"The need for innovation to deal with 149% in Brazil, 130% in Canada and ment, growth in February (on y-o-y
many different challenges is greater 107% in China. basis) was driven by a 13.9 per cent rise

14 | 2024 | APRIL | BANKING FINANCE