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A Transformational Turnaround under Sri R.C. Jain, IAS (Retd.) Introduction Urban transport discussions often focus on intra-city mobility. However, it is inter-city transport that drives regional growth. In Assam, inter-urban transport was once almost entirely managed by the Assam State Transport Corporation (ASTC), while private operators handled city services. Until 1988, ASTC enjoyed near monopoly in inter-city operations. But policy changes under the Central Motor Vehicles Act, 1988, combined with severe internal mismanagement, pushed ASTC to the brink of collapse. What followed, however, became one of India’s earliest and most successful experiments in Public-Private Partnership (PPP) in passenger transport. Before 1988: A Stable Giant Established in 1948; corporatized in 1970 Fleet strength: 500+ buses Strong infrastructure across districts Protected from private competition Operationally profitable (though declining) Post-1988: Rapid Decline With private operators entering inter-city routes, ASTC faced stiff competition. Internal weaknesses worsened the crisis: Overstaffing: 6,123 employees Staff–bus ratio: 70:1 (ideal: 6:1) Salaries unpaid for 14 months CPF dues pending for 13 years Retirement benefits unpaid for 14 years Total liabilities: ₹150 crore Only 70 buses operational (300 off-road) Dilapidated bus stations Demoralized workforce ASTC stood on the verge of closure. The Turning Point: Leadership of Sri R.C. Jain (2000) In August 2000, Sri R.C. Jain took charge as Managing Director and launched a bold revival plan based on structural reform + private participation. Despite strong protests, reforms began immediately. The Revival Strategy Voluntary Retirement Scheme (VRS) 1,807 employees opted for VRS Monthly savings: ₹81 lakh First State PSU in India to receive Planning Commission grant for VRS Staff strength rationalized toward optimal levels Self-Employment Scheme (PPP Model) – 2001 The masterstroke of revival. Private bus owners were brought under ASTC’s operational umbrella. Why Private Operators Joined ASTC: Access to ASTC terminals statewide Freedom from private syndicate entry fees Cheaper repair facilities at ASTC workshops Centralized ticketing and scheduling Protection from arbitrary vehicle interception Marketing support (scratch card incentives) Route tracking services Revenue Model: ₹5,000 registration fee ₹10,000–20,000 refundable security deposit 10% of fare revenue or fixed per-km charge (whichever higher) Operating and repair costs borne by owner Gains for ASTC: Revenue without capital investment Productive use of idle infrastructure Regulated scheduling Employment opportunities for youth Protection for small operators This became one of the first PPP transport models in India. Station-Based Zero Inventory Management For ASTC’s own buses: Station Superintendents made vehicle-wise responsible No central spare inventory Incentive: 20% bonus on additional earnings Best Driver & Best Mechanic awards introduced One-time government grant revived grounded buses 34 new buses purchased Fleet strength increased from 70 to 280 buses. ASTC also introduced: Air-conditioned buses Low-floor buses Cargo & courier services Advertisement monetization Bus Station Renovation – Zero Investment Model Public participation encouraged Commercial shop spaces developed Rental income used for station renovation Surplus funds helped clear liabilities Support from Transport Minister Sri Anjan Dutta New Revenue Streams Diesel agreement with Indian Oil Corporation at concessional rates Sale of diesel to private operators Bulk procurement of tyres & batteries for resale Tyre rethreading services Bus advertisement rights monetized The Outcome All employee dues cleared CPF and retirement benefits paid Liabilities settled ASTC turned profitable Surplus fund generated When Sri R.C. Jain was transferred in October 2005, ASTC was financially stable and operationally revitalized. Conclusion The revival of ASTC stands as a landmark case of visionary leadership, bold reform, and innovative Public-Private Partnership. What seemed an inevitable collapse transformed into a sustainable, profitable model — protecting employees, empowering private operators, and serving millions of commuters across Assam. It remains a powerful example of how administrative courage and structural reform can revive even the most distressed public institutions.  

Finance Minister Nirmala Sitharaman on February 1 presented the Union Budget 2026–27 in Parliament, laying out a roadmap to sustain India’s growth amid global uncertainties while advancing long-term structural reforms. The Budget spans key areas including taxation, infrastructure, healthcare, manufacturing and logistics, with capital expenditure raised by nearly 9% to a record ₹12.2 lakh crore, reinforcing the government’s infrastructure-led growth strategy. Major announcements include the rollout of the New Income Tax Act from April 1, 2026, seven high-speed rail corridors, rare earth corridors across four states, and a ₹10,000 crore Biopharma Shakti initiative. Education and skilling feature prominently, with a focus on design education and the creative economy through a new National Institute of Design for eastern India and Content Creator Labs in 15,000 schools and 500 colleges to boost the AVGC sector. Highlighting the Budget’s growth orientation, Prime Minister Narendra Modi said it would help MSMEs transition from local players to global champions. Against this backdrop, leaders and experts across sectors share their first reactions to the Budget’s implications for the economy, businesses and citizens. Key Budget 2026–27 Highlights at a Glance Fiscal consolidation maintained: Fiscal deficit for FY27 pegged at 4.3% of GDP, marginally lower than FY26, signalling continued commitment to macroeconomic stability. Debt reduction roadmap reaffirmed: India’s debt-to-GDP ratio projected to decline to 55.6% in FY27, with a medium-term target of approaching 50% by FY31. Record capital expenditure push: Capital outlay raised to an all-time high of ₹12.2 lakh crore to sustain infrastructure creation and crowd in private investment, supported by an Infrastructure Risk Guarantee Fund. AI, cloud and digital infrastructure boost: Tax holiday till 2047 for global cloud service providers operating data centres in India to position the country as a global AI and data hub. Major MSME and SME support: ₹10,000 crore SME Growth Fund, ₹2,000 crore top-up to the Self-Reliant India Fund, mandatory TReDS payments for CPSEs, and ‘Corporate Mitras’ to ease compliance and liquidity. Market discipline measures: Higher securities transaction tax on derivatives and taxation of share buybacks as capital gains to curb speculative activity. Strategic minerals focus: Dedicated rare earth corridors announced in Odisha, Kerala, Andhra Pradesh and Tamil Nadu to strengthen domestic supply chains. Transport and logistics expansion: Seven new high-speed rail corridors and a new Dankuni–Surat freight corridor to improve connectivity and green mobility. Relief on overseas education and healthcare costs: TCS under the Liberalised Remittance Scheme for education and medical remittances reduced from 5% to 2%, improving liquidity for families. Reactions from Leaders & Experts Kumar Chandan Anand, Founder, CEO & Group Editor, ArdorComm Media Group, says, “Today’s Union Budget is a reform-driven, youth-oriented agenda, reflecting a strong intent towards economic stability and future growth. The emphasis on infrastructure, manufacturing, sunrise industries, artificial intelligence (AI), job creation, biopharma, health tourism, ‘Heal-in-India’, digital expansion, and the Animation, Visual Effects, Gaming, and Comics (AVGC) sector is particularly encouraging. Initiatives like creator labs in schools and colleges will nurture talent and bridge the gap between education and industry needs. If timely and speedy execution matches the Budget’s intent, it could significantly strengthen industry confidence and grassroots development, benefiting the middle class and small businesses. This comprehensive effort will accelerate India’s growth trajectory and help achieve the goal of becoming the world’s third-largest economy.” Dr. S.S. Mantha, Founding Chancellor and President, RBU, Nagpur and Former Chairman, AICTE says “Budget 2026-27 is progressive and futuristic. It is quietly efficient. It gives a fillip to manufacturing. The idea of bridging education to employment is a great idea but will need a lot of ground work and mapping of skills to opportunities. The thrust on AI and Semiconductors design and production is especially interesting. Competing with the world leaders in those sectors can propel the nation into the big league. The education budget seems to have risen by 11% over last year. This could have been much higher accounting for inflation. I would have liked to see a bigger share for promoting research. Startup and Make in India initiatives should have had higher allocations. Thrust on MSME growth is much needed. That the budget addresses this is good. Higher investments in the health sector and defense sectors is noteworthy.” Dr. Manjula Pooja Shroff, Founder & CEO, Kalorex Group says, “The labour codes were suddenly made effective without necessary preparatory and implementation time. Employers are concerned about the risk of non-compliance, dispute, and litigation around various provisions where there is ambiguity. Generally, there is an expectation of more time for industry to comply and a supportive regulatory and enforcement mindset. Setting up Content Labs in High schools and Colleges is a welcome move guided by futuristic needs. The Union Budget demonstrates a clear focus on skilling and transition from education to employability. Setting up of NID, University Townships, extra support for women entrepreneurship show a future ready approach.” Dr. Vidya Yeravdekar, Principal Director, Symbiosis Society, and Pro Chancellor, Symbiosis International University, says, “The Union Budget 2026 reflects a clear intent to align education with India’s future workforce and innovation priorities. The introduction of Content Creator and AVGC labs in schools and colleges is a forward-looking step that integrates creative technologies, digital skills and early industry exposure into mainstream education. The proposal to build girls’ hostels in every district will significantly improve access, safety and retention of girls, particularly in higher education. Reducing TCS on overseas education expenses will ease financial pressure on families and support global academic mobility. The Budget’s strong focus on skilling, teacher upskilling, AI, emerging technologies and women’s participation in STEM, along with plans for university townships near industrial corridors, signals a shift towards outcome-driven, employment-linked education. Overall, the Budget positions education as a strategic enabler of inclusive growth, innovation and long-term national competitiveness.” Dr. Sujit Chatterjee, CEO, Sea View Healthcare Management Services Pvt. Ltd., CEO, Adi Arogyam Super Speciality Hospital, Mumbai says “The Union budget related to healthcare has been nebulous. There are positives such as decrease in some cancer drugs, Biopharma Shakti Mission has a budget of Rs 10,000 crore to

As Finance Minister Nirmala Sitharaman prepares to present the Union Budget 2026–27 on February 1, expectations are running high across education, industry, healthcare, technology, and women’s empowerment sectors. The Budget comes amid global geopolitical uncertainty, subdued domestic demand, and weak FDI and investment growth, yet India’s economic fundamentals remain robust, offering a foundation for progressive, long-term reforms. Stakeholders are urging a balance between fiscal prudence, infrastructure spending, and strategic investments in human capital, AI and deep technology, healthcare, and women’s empowerment, emphasizing that policy clarity and outcome-oriented measures will be key to sustaining India’s growth trajectory and global competitiveness. Against this backdrop, leaders from education, industry, and healthcare have shared their priorities, highlighting the need for structural reforms, capacity building, and innovation-focused allocations. From strengthening school and higher education outcomes to fostering AI-driven entrepreneurship, preventive healthcare, and women’s economic empowerment, these voices collectively underscore the role of the Budget in shaping India’s future-ready workforce and resilient economy. Kanak Gupta, Group Director, Seth M.R. Jaipuria Schools, says the Union Budget 2026 must mark a decisive reset in school education, particularly beyond India’s metros. He notes that as India prepares for Budget 2026, the conversation must move “beyond allocations and announcements to a harder question: are our schools building capability at the pace India’s future demands?” With over 250 million school-going children—nearly two-thirds in Tier 2, Tier 3 and semi-urban regions—Gupta emphasises that India’s next phase of growth “will not be decided in a few global cities, but in the quality of schooling available across districts and emerging towns.” He urges stronger execution, teacher capability, and outcome-linked funding aligned with NEP 2020 priorities, institutionalised continuous professional development, AI as core infrastructure, early skills integration, school–industry linkages, and systemic inclusion, noting “Inclusion is not welfare—it is an investment in human capital.” According to him, Budget 2026 is an opportunity to treat school education as “India’s most strategic economic investment,” not merely a social obligation. Dr. Madhu Chitkara, Pro Chancellor of Chitkara University (Punjab & Himachal Pradesh) says “The Economic Survey 2025-26 reminds us that India’s education story is no longer about enrolment alone—it is about transformation. We stand at a juncture where access has expanded, but quality and relevance must take center stage. My expectation from the Union Budget 2026–27 is that it should boldly reimagine education as the nation’s most strategic economic investment. This means embedding digital learning across classrooms, empowering teachers with cutting-edge training, and bridging rural-urban divides with equitable infrastructure. More importantly, higher education must be aligned with the skills of tomorrow—artificial intelligence, renewable energy, biotechnology, and advanced manufacturing—so that our youth are not just degree holders but innovators and job creators. If the Budget can turn India’s demographic dividend into a knowledge dividend, it will secure not only inclusive growth but also global leadership. Education must be the engine that powers India’s next decade of prosperity.” Ganesh Natarajan, Chairman, GTT Data Solutions & 5F World, says the Budget comes amid global uncertainty and weak domestic demand. While acknowledging these challenges, he notes that “the fundamentals of the Indian economy remain strong and provides a strong foundation for a progressive budget.” He expects “a careful balancing of infrastructure and fiscal deficit, rationalisation of taxes and investments in foundational AI and Deep Tech where India has been lagging in comparison to the US and China.” Kunwar Shekhar Vijendra, Co-Founder & Chancellor of Shobhit University and Chairman, National Education Council, ASSOCHAM, stresses that “budgets do not transform education—institutions do.” While financial allocations matter, without academic capacity, regulatory trust, and institutional autonomy, they “remain accounting entries.” India’s challenge, he says, is strengthening universities as spaces of knowledge creation, ethical leadership, and national purpose. Education, according to Vijendra, must be treated as long-term nation-building infrastructure—“patiently funded, thoughtfully governed, and purposefully empowered.” Abhishek Ballabh, Co-Founder & CEO, ExtraaEdge, says that as founders building AI products from India for a global market, there is “a clear uncertainty many of us are carrying—not about ambition or talent, but about whether India will be a producer of AI or remain a large consumer of it.” He sees the Budget as “an opportunity to remove that uncertainty,” calling for decisive support for AI infrastructure, including local compute, affordable GPUs, reliable inference capacity, and India-hosted data centers. He also emphasises local models and applied AI, noting that “vertical AI companies solving real problems in education, healthcare, BFSI, manufacturing, and public services need equal support.” Predictable policy and capital frameworks, he adds, will attract long-term foreign investment into Indian AI. Dr. Aloke Mullick, Chief Growth Officer, OMNI Hospitals says “As an ex CEO of national hospital chains, my budget expectations are clear: protect affordable care while supporting capacity expansion. Private equity has poured significant capital into Indian healthcare — estimates show PE/VC flows of roughly $5–6 billion annually in recent years and a cumulative multi-billion-dollar push into hospitals (sector 2023–24 figures vary by source).  To curb a creeping PE takeover of community healthcare, I urge the government to offer a matching public support package — soft loans or a sovereign equity vehicle sized to roughly match recent PE inflows (i.e., several billion dollars spread over 3–5 years). Such instruments should carry patient-care covenants, caps on profit extraction, and lock-in periods to preserve clinical autonomy and affordable pricing. Complementary measures: tax incentives for greenfield capacity in Tier-2/3 cities, faster MSME-style credit for smaller hospitals, and transparent PPP reimbursement timelines. These steps will balance capital needs with national health interests.” Sameer Mehta, Chairman, Dr. Mehta’s Hospitals, Chennai, says the Union Budget 2026–27 should prioritise practical, system-level reforms that lower healthcare costs and improve patient experience. He calls for a sandbox approach in which the government subsidises private and trust hospitals to pilot new technologies that can significantly reduce operating costs, with proven models later scaled across government hospitals. He also emphasises the need to standardise insurance authorisation processes—before, during and after discharge—to ease consumer pain and reduce administrative delays. Additionally, Mehta advocates the creation of a centralised group purchasing portal for drugs,

Veteran NASA astronaut Sunita Williams has officially retired from the US space agency, bringing to a close an extraordinary 27-year career in human spaceflight. Her retirement, which took effect on the 27th of last month, was confirmed by NASA in an announcement issued today. In a statement, NASA highlighted Williams’ exceptional achievements, noting that she flew on three missions to the International Space Station (ISS) and spent a cumulative 608 days in space—the second-highest total for any NASA astronaut. She also carried out nine spacewalks, logging more than 62 hours outside the station, a record for the most spacewalking time by a woman. Among her many firsts, Williams also became the first astronaut to run a marathon while in orbit. Williams, who is of Indian origin, made her space debut in 2006 aboard Space Shuttle Discovery. She later went on to command the ISS during Expedition 33. Her final mission took place during 2024–2025, when she flew aboard Boeing’s Starliner and SpaceX Crew-9, serving as commander of Expedition 72. Beyond her time in orbit, Williams played a key role in several ground-based assignments at NASA. Her contributions included astronaut training, mission operations in Russia, and preparing crews for upcoming lunar exploration missions. A former US Navy captain, she has accumulated more than 4,000 flight hours across helicopters and fixed-wing aircraft. Commending her legacy, NASA described Sunita Williams as a pioneer in space exploration whose leadership, dedication and achievements have inspired generations and significantly advanced scientific discovery and human spaceflight. Source: newsonair

From October 4, 2025;  cheque clearance in India will move to an instant system, eliminating the traditional wait of one to three days for funds to be credited. This banking reform modernizes one of the oldest payment tools and aligns it with the speed of UPI, NEFT, and RTGS. While customers will welcome the convenience, the impact stretches far deeper. It would reshape accounting practices, business liquidity, and commercial trust across the economy. Accounting: A Shift Towards Real-Time Transparency For accountants, delayed cheque clearance has always created additional layers of reconciliation. Items such as “cheques deposited but not cleared” often complicated financial statements. With instant clearance, reconciliation will become more straightforward and accurate. This reform effectively eliminates one of the biggest sources of ambiguity in cash accounting. It means fewer reconciliation delays, fewer suspense accounts, and ultimately cleaner books of accounts, Audit processes will also see improvement. With no lag between deposit and settlement, auditors can verify cash positions instantly, reducing the risk of discrepancies or manipulation. Case Example: A mid-sized export firm in Ahmedabad reported that it often had Rs.2-3 crore stuck in the “uncleared cheques” category during quarterly closings. With instant clearance, this amount will now reflect immediately in its books, enabling faster reporting and improving its creditworthiness with banks. Business: Unlocking Liquidity for Growth Delayed clearance has long been a pain point for SMEs, often forcing them into expensive short-term borrowings to manage working capital gaps. The new system addresses this directly. Supplier payments will settle immediately, fostering stronger relationships and ensuring timely deliveries. Customer cheque receipts will convert to cash in real time, improving receivable management. Credit discipline will tighten, as companies gain a clearer, instant picture of their cash flows. “For SMEs, cheque clearance delays often meant a cash crunch. Now, instant access to funds means they can reinvest immediately into raw materials, wages, or marketing, without relying on overdrafts,” explains Anita Desai, SME Finance Advisor at a leading chamber of commerce. Case Example: A textile manufacturer in Surat previously waited three days for large retailer payments to clear. In the interim, it used costly overdraft facilities to pay workers. With instant clearance, overdraft dependence will shrink, saving lakhs annually in interest costs. Commerce and the Wider Economy: Speeding Up the Money Cycle Even in today’s digital-first environment, cheques remain critical for large-value transactions, government payments, and corporate settlements. Instant clearance brings these transactions into the real-time economy. It would aid the economy in the following manner: Trade cycles will accelerate as funds circulate faster. Banks will invest in stronger fraud detection, making systems safer and more resilient. Legal clarity will improve, as dishonoured cheques are identified instantly, enabling quicker dispute resolution under the Negotiable Instruments Act. “The velocity of money is a key driver of economic growth. By ensuring cheques clear instantly, India has modernized a legacy system that still underpins a significant share of trade and government payments,” notes Dr. Kavita Rao, Professor of Commerce at Delhi University. Conclusion: A Reform Beyond Convenience The transition to instant cheque clearance is more than a technological upgrade, it is a structural reform. Accountants will find reconciliation easier, businesses will unlock liquidity, and commerce will flow with greater trust and efficiency. By bringing an age-old instrument into line with digital infrastructure, India ensures that cheques remain relevant and reliable in a modern economy. Once a symbol of delay, the cheque is now set to represent speed, transparency, and financial discipline. – By CA Dr. Mala Dani, Senior Faculty, GLS University, Ahmedabad