Uttar Pradesh has emerged as the strong economic powerhouse of India’s economy with robust growth of GDP, Ease of Doing Business, attractive destination for investments and State of the art infrastructure, says the industry body, PHDCCI in a press statement issued today.

The research report prepared by PHDCCI on Uttar Pradesh – Marching towards USD 1 trillion economy indicates that state is poised to become USD 1 trillion economy.

Dr Ranjeet Mehta, Secretary General and CEO of PHDCCI while meeting Shri. Abhishek Prakash, IAS, CEO Invest UP and Secretary, Department of Infrastructure and Industry, said that drivers of the economy growth of Uttar Pradesh have become robust as economic and business environment in the state improves each day.

With the diverse industrial base, rich cultural heritage, and a growing consumer market, Uttar Pradesh’s Gross State Domestic Product (GSDP) has seen impressive growth, rising from ₹16.44 lakh crore in 2020-21 to over ₹25.47 lakh crore in 2023-24, said Dr Ranjeet Mehta.

The economy of the state between 2017-18 and 2019-20 (current prices) expanded at an average rate of 9.6%, and despite setbacks from the COVID-19 pandemic, Uttar Pradesh rebounded strongly, recording growth of 15.7% (average) from 2021-22 to 2023-24, said Dr Mehta.

PHDCCI projects that Uttar Pradesh is on a strong path towards USD 1 trillion economy, positioning it as a key economic hub for both domestic and international investors with its increased significant role in India’s journey towards Viksit Bharat by 2047, said Dr Mehta.

The state’s economy is driven by three key sectors: services, agriculture, and industry. The services sector, which includes tourism, real estate, finance, and hospitality, contributes 46.5% to the GSDP. Agriculture remains crucial, with two-thirds of the workforce engaged in farming, contributing 27% to the economy, he said.

The state government has introduced agricultural reforms, including improved irrigation, advanced crop varieties, and farmer training, which have boosted productivity and increased farmer incomes, he said.

Industry, contributing 26.5% to the GSDP, has become a strong accelerator for economic growth. Uttar Pradesh has emerged as a major manufacturing hub, particularly in sectors such as electronics, textiles, handicrafts and handlooms, automobiles, leather, food processing, pharmaceuticals, chemicals and among others, said Dr Mehta.

The state’s strategic location, coupled with significant investments in infrastructure, has enhanced its attractiveness as an industrial center. Moreover, Uttar Pradesh has made strides in improving its Ease of Doing Business (EoDB) ranking, simplifying regulations, and establishing a single-window clearance system, he said.

These reforms, along with enhanced digitalization and infrastructure development, have created a conducive environment for business, said Dr Mehta.

The state is significantly improving in the logistics infrastructure with the seamless connectivity in rail, road and waterways, he said.

Micro, Small, and Medium Enterprises (MSMEs) play a vital role in Uttar Pradesh’s economic landscape, with nearly 90 lakh units contributing significantly to manufacturing output and employment generation.

The state government’s support for MSMEs with access to finance and research and innovation have boosted the competitiveness of the MSMEs, said Dr Mehta.

Uttar Pradesh has seen increased Foreign Direct Investment (FDI), with cumulative inflows reaching USD 1.68 billion between October 2019 and June 2024. The state ranks 10th in India for FDI, driven by investments in IT, textiles, electric vehicles, and logistics, he said.

The state’s export sector, particularly in handicrafts, which make up 60% of total exports, has been another strong growth driver, connecting the state with the global supply chains, he said.

The state has immense potential to enhance the volumes of exports in meat and edible meat offal, sugars and sugar confectionery, plastic and articles thereof, articles of leather, saddlery and harness; travel goods, handbags and articles of animal gut (other than silk-worm), footwear, gaiters and the like; parts of such articles, articles of iron or steel, machinery and mechanical appliances ,electrical machinery and equipment and parts thereof; sound recorders and reproducers, television, aircraft, spacecraft, and parts thereof, furniture bedding mattresses.

These products have been identified in the PHDCCI report on States’ Policy Conclave 2022 – Make in India, Make for the World: Mapping 75 potential exports products in States.

With its diverse economic base, expanding infrastructure, and focus on sustainability, Uttar Pradesh is set to become a key player in India’s journey toward becoming a developed nation by 2047, he said.

Going ahead, Uttar Pradesh needs continued investments in infrastructure, industry, and technology. Enhanced Public-Private Partnerships (PPPs) will help private sector to expand more for infrastructure development, said Dr Mehta.

Furthermore, the state’s focus on skill development, employment generation, and industrialization has resulted in a notable increase in per capita income, which reached ₹93,514 in 2023-24, reflecting a 14% growth from the previous year, said Dr Mehta.

Looking ahead, Uttar Pradesh’s dynamic economy, supported by strategic investments, industrial growth, and agricultural reforms, is well-positioned to contribute significantly to India’s development, said Dr Mehta.

The state has significant potential to attract investments in high-growth sectors like energy, agriculture, infrastructure, tourism, information technology (IT), electronics manufacturing, and textiles, he said.

The state is attracting both domestic and foreign investments with simplified regulations, reduced time to start a business and improved transparency, he said.

11th February 2025, New Delhi

Satin Creditcare Network Limited (SCNL) (NSE: SATIN, BSE: 539404) has announced its unaudited financial results for the third quarter and nine months ended 31st December 2024. The financial numbers are based on IndAS.

Consolidated Highlights

Particulars (Rs. crore)	9M FY25	9M FY24	% Change	Q3 FY25	Q3 FY24	% Change
Assets under Management (AUM)	12,128	11,074	10%	12,128	11,074	10%
Disbursement	7,568	7,445	2%	2,835	2,921	-3%
Total Revenue	1,979	1,594	24%	688	596	15%
Net Interest Income (NII)	1,194	945	26%	420	349	20%
Pre-provision Operating Profit (PPoP)	625	494	26%	214	189	14%
Profit After Tax (PAT)	164	308	-47%	14	113	-87%

Footprints and Outreach

Particulars	9M FY25	9M FY24
States & UTs	29	24
Branches	1,535	1,386
No. of Employees	16,970	13,046
No. of Loan Officers	11,922	9,128
No. of Clients (Lacs)	33.9	34.2

Standalone Highlights

Particulars (Rs. crore)	9M FY25	9M FY24	% Change	Q3 FY25	Q3 FY24	% Change
Assets under Management (AUM)	10,778	9,811	10%	10,778	9,811	10%
Disbursement	6,955	6,881	1%	2,683	2,698	-1%
Total Revenue	1,815	1,457	25%	632	548	15%
Pre-provision Operating Profit (PPoP)	610	472	29%	212	179	18%
Profit After Tax (PAT)	176	298	-41%	31	108	-71%

Update on Q3 and 9M FY25

• Consistency in disbursement on a QoQ basis, leading to growth in AUM of 3% QoQ & 10% YoY
• PAT for Q3 FY25 stood at Rs. 31 crore; reported 14 consecutive profitable quarters despite sector headwinds
• PAR reversal visible from Nov’24 onwards

• 1. Net fresh PAR flow is seeing a reversal; significantly reduced from 1.61% in Oct’24 to 0.45% in Jan’25

• 1. PAR 1 for Satin vs Industry stood at 6.4% vs 13.9%; Satin’s performance better than the industry

• 1. PAR 1 in top 5 states for Satin vs Industry at 5.6% vs 15.3%; strong client connect is helping us in key states

• Collection Efficiency of X bucket stood at 99.8% during Q3 FY25
• Credit cost for 9M FY25 stood at 5.0% (annualized); within the guided range
• Raised Rs. 6,216 crore during 9M FY25 at group level; maintaining healthy liquidity
• Stable and competent management team; more than 9+ years of vintage of core team in the company

Capital Adequacy and Liquidity

• Our capital base is strong with a capital adequacy ratio of 27.4% as on 31^st December’24
• Book Value per share at Rs. 232 on a consolidated basis
• The Company continues to maintain a healthy balance sheet liquidity of Rs. 1,581 crore as on 31^st December’24 and has undrawn sanctions worth Rs. 1,435 crore as on date

Borrowing Profile

• Total on-book borrowings stood at Rs. 7,829 crore as on 31st December’24
• Debt-to-equity ratio as on 31st December’24 stood at 2.8x
• 62% of our borrowings are from banks, followed by overseas funds at 20%, NBFCs at 11% and DFIs at 7%
• The Company has a diversified and large lender base of 75 active lenders

Asset Quality

• On-book Gross Non-Performing Assets stood at 3.9% amounting to Rs. 324 crore

• 1. ~69% of portfolio across states has GNPA less than the national average of 3.9%

• We have sufficient on-book provisions amounting to Rs. 322 crore as on 31^st December’24, which is 3.9% of on-book portfolio. Provisions required as per RBI is Rs. 136 crore

• 1. Management Overlay on provisions of Rs. 16 crore; creating buffer for coming quarters

• During 9M FY25, collection against write-offs were Rs. 27 crore
• Collection efficiency for 9M FY25 stood at 96%

Subsidiaries  

Satin Housing Finance Ltd., witnessed YoY growth of 44% in AUM, which stood at Rs. 872 crore, having presence across 19 states with 8,464 customers

• 100% retail book
• GNPA stood at 1.7%
• 31 active lenders including NHB refinance
• CRAR of 59.6% and gearing of 1.9x
• PAT for 9M FY25 stood at Rs. 2 crore
• Credit Rating of A- (Stable) from ICRA & Infomerics

Satin Finserv Ltd., our MSME arm, has an AUM of Rs. 479 crore

• Focus on growing MSME on-book portfolio; grew by 50% YoY
• Consciously bringing down JLG BC book
• PAR 90 of ~ 4.94% for sub Rs. 3.5 Lacs ticket size loans, comprising ~98% of total MSME portfolio

• 1. The GNPA is elevated as we cater to the microfinance graduated clients and currently, the microfinance sector is facing headwinds

• CRAR of 40.2% and gearing of 1.8x
• PAT for 9M FY25 stood at Rs. 5.2 crore
• Credit Rating A- (Stable) from ICRA

Commenting on the performance, Dr. HP Singh, Chairman cum Managing Director of Satin Creditcare Network Limited, said, “Resilience and adaptability have always been at the core of our journey. Over the years, we have built a business that is not only strong but also agile and responsive to changing market dynamics. Our focus has always been on ensuring financial discipline, operational efficiency and a deep commitment to inclusion at large.

Our performance in Q3 & 9M FY25 reflects this approach as we achieved AUM growth of 10% YoY to Rs. 10,778 crore, against our guided range of 8% to 10%, while maintaining a disciplined credit cost of 5.0%, which continues to be one of the best in the industry. Additionally, this quarter, we registered a profit of Rs. 31 crore, further reinforcing our track record of 14 consecutive profitable quarters. The third quarter also demonstrated improvements, with a steady reversal in delinquency trends starting from November 2024 and further strengthening in December 2024 and January 2025. This momentum has contributed to both AUM growth and enhanced portfolio quality. Our PAR 1 stood at 6.4%, outperforming industry benchmarks, while PAR 1 in our top five states also remained strong, supported by our deep client connections in key regions. Moreover, collection efficiency in the X bucket stood at an impressive 99.8%, reflecting our success in arresting fresh flows through a focused recovery strategy.

As we look ahead, we are confident that the momentum will only improve as our recovery strategies gain traction. With a strong focus on operational excellence and capitalizing on emerging opportunities, with certain measures being undertaken, we are poised to deliver on a long-term sustainable basis, even better numbers, setting the stage for growth and long-term success.”

Chennai, (11 February 2025): Blackstraw AI, an enterprise-grade AI Solutions Provider, presents the Namma Singara Chennai Challenge, a platform to bring innovative minds together to solve some of Chennai’s biggest urban challenges. Focused on safety, community engagement, and sustainability, the challenge offers a platform for individuals, startups, and organizations to submit bold, practical ideas that can make a lasting impact. Submissions are open until March 15, 2025, with exciting prizes in funding from a total prize pool of ₹50 lakhs for the top three winners, to bring their visions to life.

The challenge will unfold in three stages:

1. Share Your Vision: Submit your application and a short video detailing your solution by March 15, 2025.

2. Impress the Panel: Shortlisted candidates will participate in virtual interviews. The top 10 finalists will be announced by March 31, 2025.

3. Celebrate Your Success: Finalists will present their ideas to Chennai‘s leading changemakers on April 12, 2025, for a chance to win the grant.

This challenge is an open invitation to forward-thinkers and changemakers who are passionate about shaping a better future for Chennai. Blackstraw AI’s initiative seeks to ignite innovation and demonstrate the transformative power of AI in addressing real-world urban challenges. Open to students, researchers, tech enthusiasts, and businesses, the challenge welcomes anyone with a vision for a safer, greener, and more connected Chennai. It’s about turning bold ideas into practical, sustainable solutions that can drive meaningful change for the city and its people in the long run.

“We are thrilled to launch the Namma Singara Chennai Challenge, an initiative that aligns with our vision of empowering communities through AI,” said Atul Arya, Founder and CEO at Blackstraw.AI. “Our goal is to inspire innovative minds to come together and propose solutions that will help create a better future for Chennai. By supporting local talent, we hope to drive impactful change in the city’s urban landscape.”

As Blackstraw continues to champion AI-driven solutions for a variety of sectors, the Namma Singara Chennai Challenge represents an important step forward in fostering community-centered innovation. This challenge is designed to inspire further collaboration, helping to address urban challenges while promoting AI education and skill development.