Minister inspects ongoing railway works
Fifty-nine stations are undergoing redevelopment at a cost of Rs 2,379 crore in the State, he said, adding that more than Rs 25,000 crore have been sanctioned in the last one year for eight new railway projects, multitracking and flyover works. Somanna conducted an extensive inspection of the ongoing redevelopment works at Bhubaneswar station.
East Coast Railway (ECoR) General Manager Parmeshwar Funkwal accompanied him during the inspection. The minister said redevelopment of Bhubaneswar railway station is being done under 'Amrit Bharat Station' scheme, and the work is progressing at a very good pace.As part of the redevelopment, the station will get an elevated approach road for the segregation of inward and outward movement, he said. The redeveloped station will have amenities such as improved access, circulating areas, waiting halls, toilets, lifts and escalators, kiosks for local products, better passenger information systems, amenities for disabled people, executive lounges, and nominated spaces for commercial development, officials said.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
14 minutes ago
- Time of India
Early retirement: How financial planning helped this seasoned market veteran retire early at 55
At 55, CEO of India's 25th largest mutual fund house PGIM, Ajit Menon is walking away from a successful career managing Rs.26,693 crore in assets—not because he has to, but because he planned to. His secret weapon? A 12-year partnership with a financial adviser helped map his path to early retirement . Here's why even seasoned market veterans need someone to dispassionately do their wealth planning. You are retiring at 55, a relatively early age by corporate standards. Was this a calculated decision rooted in a financial plan? Yes. I am simply following our family's financial plan, which we began with our adviser about 12 years ago. I now want to focus more on retail brand building and retirement, while making time for family and personal interests. Explore courses from Top Institutes in Please select course: Select a Course Category PGDM MCA Data Science MBA Data Science Digital Marketing Technology Others Operations Management Public Policy CXO Design Thinking Cybersecurity Degree Product Management Data Analytics Healthcare healthcare Leadership Management Finance Project Management Skills you'll gain: Financial Analysis & Decision Making Quantitative & Analytical Skills Organizational Management & Leadership Innovation & Entrepreneurship Duration: 24 Months IMI Delhi Post Graduate Diploma in Management (Online) Starts on Sep 1, 2024 Get Details Was early retirement always a goal, or did it evolve? It evolved. Best MF to invest Looking for the best mutual funds to invest? Here are our recommendations. View Details » As a CEO of a mutual fund company, you had deep knowledge of markets—why did you still choose to work with a financial adviser? Health and wealth are two areas where we tend to be emotionally invested. Surgeons are not allowed to operate on near and dear ones for the risk of making an error due to being emotionally invested. Similarly, you could make errors of judgment in managing your own money, regardless of how skilled you are. That's why working with a trusted, qualified adviser is often the wiser choice. What surprised you the most about the financial planning process when you became the client? Did a planner uncover any blind spots in your financial behaviour, despite your own professional expertise? Yes. Selecting the proper health and life insurance solutions, factoring in commute time in our buy-versus-rent decision, and providing for pension for our long-time housekeeper from my wife's income. More innovative use of credit card spending and using forex cards, optimising for tax, writing a comprehensive will, and all of these added tremendous value to feeling more confident. Can you share one key advice your financial planner gave you that made a difference? To consider what will keep us happy, not happier. That's a comparison trap with no end. Setting expectations in a way that helps prevent our financial goal posts from shifting made a difference. Were there moments when your professional knowledge conflicted with your adviser's recommendations, and how did you handle those situations? Not in our case. When your adviser is dealing with hundreds of households that have similar hopes, dreams and challenges, that experience has practical applications that help sharpen solutions compared to conventional knowledge. What habits or disciplines helped you the most in building long-term wealth? Trusting the process of the financial plan. Keeping track of the oversized items on the budget. Not second-guessing product choices allocated for each goal. Letting equity investments compound without interruptions. How did you prepare your family for this transition—financially and mentally? My wife, Alinaa, has been involved in the process, as her income is allocated across various goals. My brother and my adviser are the executors and witnesses to our will. My parents are aware of the details of my financial plan and are pleased that I will have time away from my busy schedule. What does the next decade look like for you? Are there new passions you're exploring? Yes. From helping a local community around a farm land we own to pursuing my creative passions, there is much to do. If you could go back to your 40-yearold self, what financial or life advice would you give? You should have appointed your adviser earlier. Use the top-up SIP (systematic investment plan). Read more. Meet more people. How do you think retirement—and financial independence—will look different for the next generation of leaders? The next generation prioritises health significantly better than the previous one. That's the first step to being sorted on most challenges, including financial ones. How do you define 'enough'—and does that evolve over time? It does, but the first step of budgeting is key. Aiming for happiness, rather than being overly happy, helps. Looking back, which decisions or strategies are you most proud of, and which would you approach differently today? I married my best friend. She is my most significant support. In hindsight, the best strategy. Having a good adviser is a close second. And I would guard against concentration, in real estate or equity. PGIM evolved into a respected fund house after the DHFL crisis. How did you manage the ups and downs? We focused on transparency, clear differentiation, and knowing what not to do. Our launches are built for the long term—and all are growing. Talented colleagues and a work culture that values diverse opinions and flexibility helped immensely.
Time of India
14 minutes ago
- Time of India
From Jan Dhan accounts to mutual fund SIPs, here is how you can empower your domestic staff financially
For 48-year-old Kakoli Chowdhury, charity literally began at home. Watching her mother help their domestic staffers and sponsor their kids' education imbibed in her an innate need to do the same. Little wonder then that Chowdhury is currently paying Rs.16,000 a month as coaching fee for her helper, Uma Maitri's son, who is in Class 12. This is only one of the many initiatives she has undertaken over the years to empower her household staffers, contributing and encouraging them to start savings and investments . Many others like Chowdhury have been stewarding a silent, overt crusade to support this economically vulnerable segment—maids, cooks, drivers, nannies—who help in the smooth running of households, but remain bereft of financial safety nets. The National Sample Survey Office (2011-12) has pegged the number of domestic workers in India at 3.9 million, with 2.6 million women, while the International Labour Organisation estimates this number to be much higher at around 20-80 million. Explore courses from Top Institutes in Please select course: Select a Course Category Project Management Artificial Intelligence Data Science Leadership CXO Degree Others Public Policy Digital Marketing MBA Product Management Cybersecurity Technology PGDM Data Science Finance Healthcare Operations Management Design Thinking Management others healthcare Data Analytics MCA Skills you'll gain: Project Planning & Governance Agile Software Development Practices Project Management Tools & Software Techniques Scrum Framework Duration: 12 Weeks Indian School of Business Certificate Programme in IT Project Management Starts on Jun 20, 2024 Get Details Skills you'll gain: Portfolio Management Project Planning & Risk Analysis Strategic Project/Portfolio Selection Adaptive & Agile Project Management Duration: 6 Months IIT Delhi Certificate Programme in Project Management Starts on May 30, 2024 Get Details This unorganised and marginalised sector has had few financial rights or economic security, with little or no long-term savings and funds to educate their children or retire in old age, no health insurance for medical needs or life insurance, and meagre knowledge about investing avenues. Women helpers are in a worse situation, many of them working as single mothers and sole bread winners. Best MF to invest Looking for the best mutual funds to invest? Here are our recommendations. View Details » While several government schemes, including those for life and health insurance, pension , affordable housing, etc., have been launched in the past few years to improve the financial security for this segment, not many domestic workers are aware of or know how to benefit from these (see table). 'There are thousands of welfare schemes that they don't know about. This is why, be it schemes or investing, it's important to first educate the households and employers, who can then help their domestic helpers,' says Roopa Venkatkrishnan, Director, Sapient Wealth, a Mumbai-based financial advisory and distribution firm. Venkatkrishnan has been walking the talk since 2004 by holding financial literacy sessions for both the households and domestic staffers. Going a step further is Bengaluru-based Haqdarshak ( a for-profit social enterprise, which helps low-income segments access government welfare schemes. It claims a digital database of over 7,500 state and central welfare programs—health and life insurance, disability pension, education subsidies, housing subsidies, among others—and offers a 'Yojana Card' that can tell the worker about the schemes he is eligible for. It could help your helpers if you can inform them about it. Apprising them of the government welfare schemes is not the only way you can help your domestic staffers. They need assistance on every front: identifying saving and investing options for their kids' education and medical needs, tech-enablement, budgeting advice, career guidance, and saving up for their old age. 'You don't necessarily need to become their financial adviser, but guidance in navigating the formal financial systems, hand-holding and helping them with forms or digital onboarding, explaining terms, or demonstrating digital tools can also lead to a tremendous improvement in their financial stability and well-being,' says Atul Shinghal, Founder and CEO, Scripbox. Mumbai-based Namrata Vishal Lodaya knows about hand-holding, having helped all her three maids and two cooks with financial advice on career, investment, entrepreneurship, savings and much more. 'I taught business skills to Varsha tai to help open her beauty parlour and offered Pushpa tai's daughter career guidance in fashion designing,' says the 40-year-old. Here are some areas you can also help the people who make a critical contribution in ensuring that your lives run smoothly. Savings & investments As a first step, if your helpers don't have a bank account yet, help them open one under the Pradhan Mantri Jan Dhan Yojana. There is no minimum balance to be maintained and account holders get a RuPay debit card. They also get a Rs.2 lakh accident insurance with RuPay card, an overdraft facility up to Rs.10,000, and eligibility for various government schemes with the account. Rashida, 40 Chawla pays an annual premium of Rs.12,617 for a Rs.4 lakh family floater health plan for Rashida and her two children. Shikha Chawla (right) 42, Noida Next, prompt them into investing their money instead of keeping it in bank. You could start them on simple instruments that are easy to understand, such as a recurring deposit, fixed deposit, Post Office term deposit or even the Public Provident Fund (PPF) (see table). For women, a good option is the Mahila Samman Savings Certificate, and for their girl children, the Sukanya Samriddhi Yojana, both of which offer high interest rates. While Lodaya helped her maid, Priya, 39, open a bank account and fixed deposit, Chowdhury went a step ahead. She started a recurring deposit and Sukanya Samriddhi account by contributing Rs.10,000 for each account for her maid, Ram Dulari, and her daughter, in 2012. She also took other helpers to the post office to invest in Kisan Vikas Patra (KVP) and National Savings Certificates (NSC). 'I always felt they should save more by investing in instruments that offer a higher interest rate, instead of keeping the money in bank,' says the Delhibased IT professional. Investment options for your domestic helpers Venkatkrishnan even advocates mutual fund SIPs for long-term savings and high returns. 'I tell them that they can invest in mutual funds with as low a sum as Rs.100 or Rs.500 and get high returns over the long term,' she says. 'Another important thing is to tell them to keep away from chit funds and move to formal investing options like FDs. Insurance companies have also made deep inroads and sell plans pitching high returns, but they need to move to better forms of investing,' says Mrin Agarwal, Founder, Finsafe India. Agrees Venkatkrishnan: 'People lose money through Ponzi schemes, insurance plans and chit funds and should know about it.' Buying insurance Another financial pitfall for this segment is medical and hospitalisation expenses . 'Most families with limited means try to secure food, shelter and education, but forget about emergency health fund. During an illness, they are forced to look around, desperate for help from employers, friends, anyone,' says Noida-based Communication Consultant Shikha Chawla. She bought a family floater health insurance plan worth Rs.4 lakh for Rashida and her two children in 2018. She continues to pay the annual premium of Rs.12,617 even though Rashida no longer works for them. A good option is the government scheme, Ayushman Bharat or the Pradhan Mantri Jan Arogya Yojana, which offers a Rs.5 lakh cover per family for secondary and tertiary care hospitalisation. 'I also tell them and their employers to register with hospitals with their ration cards so that they can get free treatment,' says Venkatkrishnan. For life insurance, you can help them buy the Pradhan Mantri Jeevan Jyoti Bima Yojana as it can secure their children in case of the helpers' untimely death. For 18-50 age group with a bank account, it offers a life cover of Rs.2 lakh and the annual premium is `436, which is auto-debited from the bank account. The scheme is offered by the Life Insurance Corporation and other life insurers that provide it on similar terms. Financial & tech literacy One of the most important contributions you can make in your helpers' lives is by teaching them the basics of finance and making them tech-literate. 'Guide them in using UPI apps like Google Pay or PhonePe. This drastically simplifies transactions, bill payments and transfers, reducing reliance on cash,' says Shinghal. Also teach them about basic concepts like household budgeting, long-term investments, covering risk through insurance, taking loans, or even starting their own small businesses. Help them with documen-tation and online access to welfare schemes. Lodaya has mastered the art of leading by example when it comes to upskilling her helpers. 'I talk to them about how I manage my finances or use technology and then they follow suit. For instance, when I needed to raise funds for my husband's medical expenses, I used Ketto, and when Priya ben's husband fell ill later, she managed to raise Rs.55,000-60,000 by doing the same,' says Lodaya. Pension & loans While saving for retirement may seem difficult for helpers trying to survive from month to month , the government Atal Pension Yojana is a good vehicle that is open to all savings bank/post office savings bank account holders in the 18-40 age group. It offers a guaranteed minimum monthly pension of Rs.1,000-5,000 to the subscriber after 60 years, and after him to his spouse. When it comes to taking loans, try and desist your helpers from taking informal, unsecured loans with high interest rates. Steer them towards formal bank loans. 'I tell the employers to give their helpers salaries via cheques, so that they can show income and file their tax returns. This is because with three years of returns they can avail of home loans easily,' says Venkatkrishnan. If loans are not feasible for them, help them out with personal contributions, say, for their children's education, weddings, etc.
Economic Times
14 minutes ago
- Economic Times
TCS shares slip nearly 2% after company announces over 12,000 job cuts
Shares of Tata Consultancy Services (TCS), India's largest IT exporter, slipped 1.7% to an intraday low of Rs 3,081.20 on BSE on Monday, after the company announced plans to lay off around 2% of its global workforce — roughly over 12,000 employees — over the year. ADVERTISEMENT The move comes amid growing macroeconomic uncertainty and increasing AI-led disruptions impacting technology demand. As of the end of June 2025, TCS employed 613,069 people globally. In a statement, the company said the layoffs would primarily impact middle and senior grades and are part of TCS's larger journey to become a 'future-ready organisation.' The company added that the deployment of some associates may no longer be feasible under current market company emphasized that the transition is being managed carefully to ensure continuity in client service. Affected employees will receive their full notice period compensation along with additional severance benefits. TCS also plans to provide insurance extensions, outplacement support, counseling, and transition decision follows closely on the heels of legal complaints filed by several employees against TCS's recently modified 'bench policy.' The updated policy reportedly allows just 35 annual days for employees to remain unassigned before being subject to performance-related action, and it requires a minimum of 225 billable days annually. ADVERTISEMENT The broader IT industry has also shown signs of a slowdown. According to a previous report by ET, job additions across the top six Indian IT majors fell sharply by over 72% in the April–June quarter, with only 3,847 new hires compared to 13,935 in the preceding the layoffs, TCS reaffirmed its commitment to long-term strategic initiatives, including investments in new-age technologies, entry into new markets, deployment of AI at scale, deeper partnerships, and the development of next-generation infrastructure. ADVERTISEMENT On Friday, TCS shares closed flat at Rs 3,134.35 on the BSE. Also read: NSDL IPO: Issue opens on July 30, here's what you need to know about GMP, issue details (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
