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The central government's capital expenditure is expected to surge by an impressive 25 per cent year-on-year (y-o-y) in the second half of the financial year 2025, according to a report by Jefferies. The report also noted that the overall expenditure of the government is also expected to surge by 15 per cent. It highlights that despite an increase in populist schemes in the run-up to elections, the central government remains committed to investing in infrastructure development over welfare-driven measures. The report underlined that while populist policies have gained traction, especially in state elections, the central government's spending priorities show a balanced approach. "Jefferies' India office expects total central government expenditure to rise by around 15 per cent y-o-y in 2HFY25 ending 31 March 2025 with capex rising by over 25 per cent y-o-y... Still the rise of such populist policies should be seen in the context of a central government which is still spending more on capex than welfare," it said. The report noted that the growing success of handout schemes in state elections, such as Maharashtra 's welfare programme costing ₹460 billion annually (1.1 per cent of the state's GDP ), does raise concerns about a potential wave of populism. The report analysis showed that 14 out of 28 Indian states already have similar schemes, covering approximately 120 million households and costing a combined 0.7-0.8 per cent of India's GDP. However, the central government's focus remains on creating long-term economic assets through infrastructure development, which is vital for sustained growth. In the financial markets, the report suggested a reasonable chance that the Indian stock market is stabilising after a recent correction, particularly in the mid-cap segment. "Meanwhile, there is a reasonable possibility that the Indian stock market is bottoming out after a correction which has been primarily in the more expensive mid-cap stocks," it said. While foreign investors sold more than $12.5 billion worth of Indian equities in the last two months, a significant amount by historical standards--domestic investors have absorbed the outflows. Notably, October saw record inflows into equity mutual funds, even as the stock market was undergoing a correction. The report emphasised that the strong domestic inflows are a reassuring factor for India's markets. The combined effects of government capex spending and robust local investment suggest a stable outlook, even amid concerns over rising populist measures at the state level. CommentsVictoria Yum: Worth a visit?
Unions attack 2.8% Government pay rise proposal for NHS workers and teachersThe annual event is a fun day to spend time with family, friends and a way to keep active during this festive season, according to Cook Islands Touch Association. The tournament will feature social and serious (competitive) and open mixed categories. Pepe Family won the social category while Mavericks were crowned the competitive category champions last year. Association president Vou Williams said eight teams each in the social and competitive categories are set to battle on Thursday, “offering something for every touch enthusiast”. “Whether you’re a beginner looking to enjoy the game or an experienced player seeking some fun on the field, the social category provides a relaxed environment to play,” Williams said. “For those aiming to elevate their game and embrace friendly rivalries, the competitive category brings intense action and battles on the 7-metre line.” This year’s tournament welcomes several new teams, adding fresh energy and excitement to the mix. Williams said alongside them, they have long-standing family teams like Outlaws, KAPS, and Notchya (007), who have been part of Boxing Day Touch for many years. “With all 16 teams bringing their unique skills and flair to the field, every match is bound to be one to watch.” Williams added that they are expecting to see an impressive display of competition from touch enthusiasts at all levels. “With some teams already engaging in practice runs ahead of the tournament, we’re sure to witness remarkable talent and skill from everyone on the field,” he said. The Boxing Day tournament has been a beloved tradition for over 25 years, proving that touch rugby is truly thriving in our small paradise. Williams expressed that “It has always been a day filled with fun and healthy rivalry, bringing together local players and visiting family and friends who return home for the festive season.” The tournament also provides families with the chance to compete in a relaxed, social setting, all while fostering unity, creating lasting memories and enjoying a day of both activity and relaxation. Cook Islands Touch extends a heartfelt meitaki maata to Vodafone Cook Islands for their incredible sponsorship and unwavering support of the Boxing Day Tournament over the years. “Your generosity has been truly invaluable,” Williams said. “This year, we are thrilled to warmly welcome Vonnias Ltd as the major sponsor for the tournament. Turou and Atawaiwolo, we are excited to have you on board! “Bring the whole family and come and enjoy some Touch Fun in the Sun. First game starts at 9am, see you there!”
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Photo: RNZ By Natalie Akoorie of RNZ Letters sent to IT employees at Te Whatu Ora Waikato, outlining a proposed restructure and possible disestablishment of their jobs, included the wrong job titles. Some of the employees were assigned job titles that did not exist within the team, prompting calls to scrap the process and start again. Health New Zealand has confirmed plans to cut almost 1500 jobs within the National Public Health Service. Union the Public Service Association union says 1120 will go from the data and digital team. Acting chief information technology officer Darren Douglass wrote to those data and digital staff on November 22, outlining the restructure consultation process which included sharing the proposed new structure last Wednesday. Before that, anyone whose job was impacted or significantly affected would be invited to a briefing session, followed by a group webinar and the chance to provide feedback on a "What Say You" consultation platform. "No decisions will be made this side of Christmas. Subject to your feedback, we anticipate being able to release a decision document some time in mid-to-late January 2025," Douglass wrote. "We are a large business unit, and we are proposing some significant changes. Our starting point is balancing support for regional devolution with driving efficiency and productivity to get back to budget as a national function. "We know we won't have everything right, so it's important that you let us know in your feedback if you see something amiss or have ideas on better ways of doing things." It is understood an "impacted" position faces a change of role or new reporting manager under the proposal, while a "significantly affected" job holder was likely to be made redundant. A second email from Douglass said the job inaccuracies were a result of Health NZ's payroll system. "We do not yet have a joined-up payroll system across the organisation, so we may not have totally accurate information on position titles and people. "If you see anything that isn't accurate, please let us know as soon as possible through WSY (What Say You). We will correct it and assess how that may impact you and your colleagues." Te Manawa Taki Waikato District infrastructure team leader Hugh Field emailed the Waikato team on Friday. "We are aware that many of you are not happy with the job titles you have been defined as currently holding. The net result is the options you are being presented with are not appropriate for your skill set." Field said a case would be made collectively to "have your mappings adjusted". The partner of one of the letter recipients, who can not be named for fear of reprisals, said the Waikato group was unhappy with the incorrect job titles. They questioned whether the inaccurate information was used to assess not only roles but role groups, which were also inaccurate. "What sort of country has a national health system that does not have an integrated payroll system with accurate information including employee job titles? "And how deplorably disrespectful, unprofessional and all round sloppy is it of a government organisation to send out letters to affected employees conveying very upsetting information that not only once but twice refers to a wrong title?" The partner was also concerned at how those selected for redundancy, who had the same job title as others who were only selected as being impacted, were chosen. Douglass said in a statement to RNZ that Health NZ was aware of four instances where data and digital staff impacted by the consultation had questioned the job title used. "Where concerns have been raised, we will check the details against employment agreements and respond to those employees directly. "We recognise this is an unsettling time for impacted staff and we are committed to continuing to talk with staff and unions as the change processes progresses."
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U.S. imposes new controls on chip exports to ChinaBethlehem marks a second subdued Christmas Eve during the war in Gaza