Cabinet approves Bill to set up Development Finance Institution The Union Cabinet on Tuesday approved a bill to set up a Development Finance Institution (DFI) to generate funds for investment in the infrastructure sector. The proposed legislation will give effect to the Budget announcement made by Finance Minister Nirmala Sitharaman on February 1. The government has proposed Rs 20,000 crore to capitalise the institution.
633,000 New Middle Class households In India: Hurun India report Hurun India Wealth Report 2020 released Tuesday has identified a novel household category in India – the ‘New Middle Class’ – with an average savings of Rs 20-lakh per annum. These households, the report says, have major allocation towards physical assets such as primary residential property and automobiles. Hurun India pegs the total number of such cumulative households in India at 633,000. According to Hurun, there are 412,000 dollar-millionaire households / affluent households in Indi
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