Flixbus travel options: The company will connect major cities and routes across the country.

Global leader in travel technology FlixBus has officially launched in India. The company whose network spans 42 countries, will enter India- the second-largest bus market globally. FlixBus aims to transform intercity passenger transportation by offering convenient travel options at competitive prices alongside top-tier safety standards, it said.

André Schwämmlein, CEO of Flix, said, “We are thrilled to expand FlixBus into India, marking our presence in our 43rd country and one of the largest bus markets globally. Our mission aligns perfectly with India’s pursuit of sustainable, safe, and affordable travel options for all.”

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Surya Khurana, Managing Director of FlixBus India, expressed, “We’re excited to introduce our services in India, offering safety, comfort, and cost-effective journeys. Our success hinges on collaboration with local operators, focusing on growth and efficiency while championing shared mobility to reduce congestion and emissions.”

The company will connect major cities and routes across New Delhi, Himachal, Jammu and Kashmir, Punjab, Rajasthan, and Uttar Pradesh.

What about FlixBus tickets?

From February 1, tickets from FlixBus India have been available. The inaugural routes will commence from February 6 at a special launch price of just ₹99. These routes will link Delhi with key destinations such as Ayodhya, Chandigarh, Jaipur, Manali, Haridwar, Rishikesh, Ajmer, Katra, Dehradun, Gorakhpur, Varanasi, Jodhpur, Dharamshala, Lucknow, and Amritsar. The network will feature 59 stops and over 200 connections in total, the company has said.

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According to Tuhin Kanta Pandey, Secretary of the Department of Investment and Public Asset Management (DIPAM). 

The government has revised its divestment target for the next fiscal year to Rs 30,000 crore, down from Rs 51,000 crore previously. 

In the following fiscal year, the government estimates it will generate Rs 50,000 crore in miscellaneous capital receipts through a new approach to divestment.

 Pandey emphasized the importance of maintaining listed companies’ performance and rewarding shareholders.

 The government has so far achieved 40% of this year’s revised divestment target, with the majority of funds coming from offers for sale and initial public offerings. 

Dividends from public sector enterprises have also exceeded expectations. 

Plans for privatisations have been delayed due to the Covid-19 pandemic. The government is expected to complete strategic sales of certain CPSEs this year.

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An important aspect of this interim Budget was the allocation of Rs 1 trillion for innovation funding. In an election year, budgetary decisions are often influenced by politics, but this year’s budget took a long-term approach focused on setting directions rather than specific milestones. The government’s confidence in its policies has led to the development of an interim budget that serves as a guidepost for the future.

 The budget also reflects an acceptance that the next decade in India will be focused on building infrastructure, with increased capital allocation for this purpose. The government’s emphasis on the rural sector and the allocation of funds for rural housing and middle-class homeownership is commendable.

The most striking aspect of the budget, however, is the significant allocation of funds for innovation. This demonstrates the government’s commitment to support research and collaboration, and sets a higher standard for meaningful innovation. The allocation of these funds presents a huge opportunity for the country to tap into its intellectual power.

The budget also recognizes the importance of addressing climate change and decarbonisation. The government has outlined policies and steps to promote clean energy, coal gasification, and rooftop solar. These initiatives not only align with the government’s agenda of building India but also inspire confidence in the private sector to invest in the country’s growth. As India aims for 6-7% growth in the next decade, there will be a need for capacity growth in domestic industries, which will have a positive impact across the country.

The macroeconomic picture is not ideal, with the fiscal deficit reaching 5.8% on revised estimates. However, the government’s aim to bring the deficit at or below 4% in the next two years shows its determination and will help maintain positive communication with rating agencies. Achieving this target will be a challenge given the infrastructure investments and social spending planned for the next decade. Nevertheless, as long as the money is efficiently spent on productive projects, there is room for flexibility. It is important to closely monitor revenue spending and consider potential changes to the tax regime in the future.

The interim budget sets a positive precedent by focusing on directions rather than specific numbers. Whether this approach will continue in future budgets remains to be seen.

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It prioritizes the needs and welfare of the poor, farmers, women, and youth. The Budget takes place against the backdrop of a struggling global economy and highlights India’s ability to overcome challenges. It also emphasizes fiscal consolidation, with a reduction in the fiscal deficit and aims to reach a target below 4.5% by FY26. The Budget includes high capital expenditure for enhancing public infrastructure and maintains continuity in policies related to housing and infrastructure. 

It also emphasizes self-reliance and renewable energy. India’s growth trajectory and stability have attracted significant foreign direct investment. 

The Budget highlights the government’s commitment to manufacturing, research and development, and innovation.

 It also mentions the increase in remittances and tax reforms to attract foreign investment. Overall, the Budget aligns with the Prime Minister’s vision for the nation’s growth and focuses on infrastructure development, fiscal consolidation, and social empowerment.

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Stocks of companies related to railways were trading in the positive territory on Thursday morning ahead of the presentation of the interim Budget.

Shares of IRCON International rallied 3.26 per cent, Texmaco Rail & Engineering jumped 2.71 per cent, Indian Railway Finance Corporation climbed 2.58 per cent and Rail Vikas Nigam advanced 1.52 per cent on the BSE.

The stock of Jupiter Wagons went up 1.46 per cent, Indian Railway Catering and Tourism Corporation (IRCTC) (0.88 per cent) and Titagarh Rail Systems (0.71 per cent).

“In railways, we anticipate a surge in investment, unveiling transformative projects and introducing 300-400 Vande Bharat trains,” Suman Bannerjee, CIO of Paris-based hedge fund Hedonova, said.

In the equity market, the 30-share BSE Sensex rose 118.59 points to 71,870.70 points and the Nifty quoted 68.20 points up at 21,789.90 points.

Finance Minister Nirmala Sitharaman will present the interim Budget at 11 am in the Parliament.

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The seasonally adjusted HSBC India Manufacturing Purchasing Managers’ Index (PMI) recovered from an 18-month low of 54.9 in December to 56.5 in January.

The latest reading highlighted the strongest improvement in the health of the sector since last September.

In Purchasing Managers’ Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction.

“India’s final manufacturing PMI showed that manufacturing activity accelerated in January. Current output expanded on robust demand, with domestic orders growing at a faster pace than export orders,” Ines Lam, Economist at HSBC, said.

Lam further added that “the input price index inched up, but manufacturers were able to pass on some of the cost pressures to consumers, as suggested by the small rise in the output price index.”

According to the survey, new orders placed with Indian goods producers rose at a sharp pace in January, and one that was the strongest in four months. Growth was reportedly boosted by marketing efforts and demand buoyancy.

International sales also expanded at a quicker pace. Goods producers reported stronger demand from clients spread across Africa, Asia, Australia, Europe, the Middle East and the Americas.

“Collectively, the rate of expansion in international orders was the fastest since last October,” the report said.

Goods producers collectively recorded the fastest increase in outstanding business volumes in 15 months, with demand strength reportedly exerting pressure on their capacities.

Nevertheless, the vast majority of survey participants opted to keep payroll numbers unchanged in January.

Companies scaled up input purchasing and became even more optimistic towards the year-ahead outlook for output.

“New product enquiries and diversification, alongside demand strength and publicity, boosted business confidence in January. Panellists were at their most upbeat towards the year-ahead outlook for output in 13 months,” the survey said.

The HSBC India Manufacturing PMI is compiled by S&P Global from responses to questionnaires sent to purchasing managers in a panel of around 400 manufacturers.

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The company said the RBI action won’t impact user deposits in their savings accounts, wallets, FASTags and NCMC accounts, where they can continue to use the existing balances.

A day after the Reserve Bank of India (RBI) barred Paytm Payments Bank Ltd (PPBL) from accepting deposits or top-ups, the bank said it is “taking immediate steps to comply with RBI directions”, including working with the regulator to address their concerns as quickly as possible.

Shares of One 97 Communications Ltd (OCL), the parent company of PPBL, plunged 20 per cent to Rs 608.80 on the stock exchanges on Thursday following the tough RBI action.

Depending on the nature of the resolution, the company said, it expects this action to have a worst-case impact of Rs 300 to 500 crore on its annual EBITDA (earnings before interest, tax, depreciation and amortisation) going forward. Moreover, OCL will be working only with other banks, and not with Paytm Payments Bank, it said in an exchange filing.

The company said the RBI action won’t impact user deposits in their savings accounts, wallets, FASTags and NCMC accounts, where they can continue to use the existing balances.

Depending on the nature of the resolution, the company said, it expects this action to have a worst-case impact of Rs 300 to 500 crore on its annual EBITDA (earnings before interest, tax, depreciation and amortisation) going forward. Moreover, OCL will be working only with other banks, and not with Paytm Payments Bank, it said in an exchange filing.

The company said the RBI action won’t impact user deposits in their savings accounts, wallets, FASTags and NCMC accounts, where they can continue to use the existing balances.

In a big blow to PPBL’s operations, the RBI on Wednesday barred Paytm Payments Bank from accepting deposits or top-ups in any of its key products—customer accounts, prepaid instruments, wallets, FASTags and National Common Mobility Card (NCMC), among others—after February 29 in the wake of “persistent non-compliances and material supervisory concerns”.

“OCL, as a payments company, works with various banks (not just Paytm Payments Bank), on various payments products. OCL started to work with other banks since starting of the embargo. We now will accelerate the plans and completely move to other bank partners,” the statement said.

“The next phase of OCL’s journey is to continue to expand its payments and financial services business, only in partnerships with other banks,” Paytm said.

“We offer acquiring services to merchants in partnership with several leading banks in the country and will continue to expand third-party bank partnerships. The Paytm Payment Gateway business (online merchants) will continue to offer payment solutions to its existing merchants,” it said.

“OCL’s offline merchant payment network offerings like Paytm QR, Paytm Soundbox, Paytm Card Machine, will continue as usual, where it can onboard new offline merchants as well,” Paytm said.

No further deposits or credit transactions or top-ups should be allowed in any customer accounts, prepaid instruments, wallets, FASTags, NCMC cards, etc. after February 29, 2024, other than any interest, cashbacks, or refunds which may be credited anytime, the RBI had said on Wednesday.

“With regard to the direction on termination of nodal account of OCL and Paytm Payments Services Ltd (PPSL) by February 29, 2024, OCL and PPSL will move the nodal to other banks during this period,” Paytm said.

OCL will pursue partnerships with various other banks, to offer various payment products to its customers.  OCL’s other financial services such as loan distribution, insurance distribution and equity broking, are not in any way related to Paytm Payments Bank and are expected to be unaffected by this direction.

“Paytm Payments Bank is run independently by its management and board. While OCL is allowed to have two board seats on the board of PPBL, as a part of its shareholder agreement, OCL exerts no influence on the operations of PPBL, other than as a minority board member, and minority shareholder,” the Paytm statement said.

Paytm said its founder – Vijay Shekhar Sharma — has reconfirmed to us that he has not taken any margin loans, or otherwise pledged any shares that are directly or indirectly owned by him, Paytm statement said.

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