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Economic Survey 2024: Economy likely to grow at 6.5 to 7 per cent in FY 25

The Economic Survey stated that the Indian economy is on a strong wicket and stable footing, showing resilience in the face of geopolitical challenges.

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Economic Survey 2024: Economy likely to grow at 6.5 to 7 per cent in FY 25

While presenting the Economic Survey 2023-24, Finance Minister Nirmala Sitharaman highlighted that the Indian Economy is on a strong wicket and stable footing. The survey projected a real GDP growth of 6.5 per cent to 7 per cent in FY 25. 

The Economic Survey stated that the Indian economy is on a strong wicket and stable footing, showing resilience in the face of geopolitical challenges. The economy also consolidated post-Covid recovery with policymakers, fiscal and monetary, ascertaining economic and financial stability.

The survey further underlined that for the recovery to be sustained, there has to be heavy lifting on the domestic front because the environment has become extraordinarily difficult to reach agreements on key global issues like trade, investment and climate. 

It mentioned that headline inflation remains largely under control, despite increased rates for some specific food items. Notably, the trade deficit for FY24 was lower compared to FY23, with a current account deficit around 0.7 per cent of GDP and a surplus recorded in the last quarter. The foreign exchange reserves are ample, supporting economic stability. 

In recent years, public investment has driven capital formation and the private sector has begun investing in FY22 after addressing balance sheet issues, and is currently poised to sustain this momentum.

The survey stated that job creation occurs mostly in the private sector. Additionally, many of the factors influencing economic growth, job creation, and productivity are within the purview of state governments. Hence, India needs a tripartite compact, among the central government, state governments, and the private sector, more than ever before to meet the rising aspirations of its citizens and achieve the goal of a developed India by 2047, the survey noted.

The survey also highlighted that the agriculture sector is crucial for India and ripe for a comprehensive pan-India dialogue. It stated that India heavily subsidises water, electricity, and fertilizers for farmers, often providing the former two virtually free.

In addition, farmers’ incomes are untaxed, and the government offers a minimum support price (MSP) for 23 selected commodities, along with monthly cash support through the PM-KISAN scheme. Despite significant spending by national and sub-national governments, a re-orientation of existing and new policies could better serve farmers.

At present, a mix of conflicting policies is harming farmers’ interests, destroying soil fertility, depleting groundwater, polluting rivers, and contributing to environmental issues. These aforesaid policies also undermine public health by promoting diets rich in sugar and carbohydrates instead of fiber and protein. Untangling these policy knots could yield immense benefits, restoring faith in the state’s ability to guide the nation towards a better future and delivering substantial socio-economic advantages.

Another factor where policy intentions have yet to achieve desired outcomes is with respect to small, medium, and large enterprises. Earlier, multiple products were reserved for small-scale industries, but this approach was phased out as it benefitted neither the small industries nor the overall economy. Recent concerted efforts at formalizing these enterprises are making progress, but access to finance remains a significant challenge. 

Notably, buyers and creditors are shedding old mindsets and practices too slowly for these enterprises to feel the impact. Additionally, these businesses need maximum relief from the compliance burdens they face. Existing laws, rules, and regulations stretch their finances, abilities, and bandwidth, potentially robbing them of the will to grow.

Further, the Economic Survey highlighted that the tripartite compact that India needs to become a developed nation amidst emerging unprecedented global challenges involves three key elements namely, governments must trust and let go, the private sector must reciprocate this trust with long-term thinking and fair conduct, and the public must take responsibility for their finances and their physical and mental health.

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Former CJI Chandrachud removed fear of law from political defectors, claims Shiv Sena (UBT) leader Sanjay Raut

 “If he would have given a timely verdict in disqualification petition of Shiv Sena (UBT), the scenario in Maharashtra would have been different. History will never forgive him,” he said. 

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Shiv Sena (UBT) leader Sanjay Raut on Sunday criticised former Chief Justice of India D Y Chandrachud, accusing him of undermining the rule of law for politicians who switched parties in Maharashtra.

This statement from Raut follows his party’s disappointing performance in the recent state Assembly elections, where they secured only 20 out of the 95 seats contested within the Maha Vikas Aghadi (MVA) alliance. The results for the alliance’s partners were similarly poor, with Congress winning 16 of 101 seats and the NCP (SP) claiming just 10 of the 86 seats they contested for.

Raut asserted that by failing to rule on the disqualification petitions, Chandrachud enabled defections to occur freely.

Speaking to reporters, Raut said: “Chandrachud has eradicated the fear of the law among defectors. His actions will be remembered negatively in history.”

After the split of the Shiv Sena in 2022, the faction led by Uddhav Thackeray filed petitions in the Supreme Court seeking the disqualification of MLAs who defected to join Eknath Shinde. The Supreme Court subsequently assigned the responsibility to the Assembly Speaker, who earlier this year ruled that the Shinde-led faction represented the real political party.

Raut said the result of the Maharashtra Assembly election 2024 could have been different if Chandrachud had not delayed the decisions regarding disqualification petitions.

 “If he would have given a timely verdict in disqualification petition of Shiv Sena (UBT), the scenario in Maharashtra would have been different. History will never forgive him,” he said. 

“The choice of Maharashtra’s Chief Minister will be dictated by the Gujarat lobby. Perhaps the swearing-in ceremony should take place in Gujarat instead of Maharashtra,” he said. Additionally, Raut credited the Rashtriya Swayamsevak Sangh (RSS) for their role in the success of the Mahayuti coalition, alleging that their aggressive campaigning techniques significantly influenced the election results.

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At all-party meet, Congress demands discussion on Adani, Manipur in Parliament winter session

The winter session of Parliament is scheduled to continue until December 20, with no sessions planned for November 26 in observance of Constitution Day.

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In the customary all-party meeting convened by the government ahead of the winter session of Parliament on Sunday, the Congress demanded that the BJP-led central government discuss allegations against the Adani Group and the Manipur violence.

Congress leader Pramod Tiwari said that his party demanded discussions on issues such as the Adani Group bribery allegations, the Manipur crisis, pollution, and train accidents in the parliamentary session, which is starting on Monday.

Union Minister of Parliamentary Affairs Kiren Rijiju announced during a press conference that an all-party meeting was held to discuss the upcoming winter session of Parliament. A total of 42 political representatives were present, consisting of 30 party leaders and party floor leaders, each contributing their suggestions, he added.

Rijiju stated that these suggestions would be reviewed with the business advisory committee and the Speakers of both Houses to determine which issues would be addressed in the Lok Sabha and Rajya Sabha. He emphasised the desire for constructive and peaceful discussions in both Houses.

Speaking to the media after the meeting, Congress leader Gaurav Gogoi highlighted several key issues raised by the Congress and the INDIA alliance during the meeting. He pointed out that a significant concern was the financial sector scam recently highlighted by the US government, urging the BJP-led NDA government to provide clear answers regarding the matter.

Regarding the issues discussed, AAP leader Sanjay Singh noted that corruption related to the Adani group was damaging India’s global reputation and warranted further discussions.

He also mentioned the ongoing violence in Manipur, which has persisted for a year and a half without government intervention. Additionally, Singh said he raised concerns about irregularities during the Uttar Pradesh bypolls, where voters faced intimidation, questioning the integrity of the electoral process.

Singh expressed skepticism about the government’s claim to implement the Waqf Bill without awaiting the Joint Parliamentary Committee’s report.

SAD leader Harsimrat Kaur Badal said she brought to attention several issues concerning farmers, stating that they are being exploited by a central government, receiving less than the minimum support price (MSP) for their crops.

She noted that a significant percentage of DAP fertiliser supplied by the Centre is reportedly fake, and highlighted concerns regarding land transfers to Haryana in Chandigarh, which violate the Punjab Reorganization Act.

In the meeting, Badal also criticised the forced acquisition of farmland for the Bharatmala Expressway and suggested that there may be a collaborative effort between the Centre and the Opposition to stall House proceedings, emphasising that the responsibility to manage the House lies with the government.

The Congress party, which is the largest Opposition party in the House, is expected to prioritise discussions on the situation in the Northeast, the ongoing border tensions at the Line of Actual Control, and allegations surrounding businessman Gautam Adani.

The government has prepared 16 bills for consideration, including the Waqf Amendment Bill, which is under review by the Joint Parliamentary Committee.

Moreover, there may be discussions regarding the contentious ‘One Nation, One Election’ proposal, which Prime Minister Narendra Modi has supported as a means to optimise resources and enhance democracy, although it has faced opposition from Congress.

The winter session of Parliament is scheduled to continue until December 20, with no sessions planned for November 26 in observance of Constitution Day.

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Sambhal mosque: UP Police fire tear gas to disperse crowd during survey, 10 detained

Videos circulating online show youths throwing stones at police, allegedly near the survey site in Sambhal.

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The Uttar Pradesh Police on Sunday used tear gas to disperse the crowd after it got violent and started stone pelting as tension escalated during a second survey of the Mughal-era mosque, claimed to be originally the site of an ancient Hindu temple. At least ten people were detained following the violent clash.

According to reports, a probe was launched into the violence. An official said that some people even tried to set fire to some motorcycles parked on the roadside.

Speaking on the matter, Samajwadi Party chief Akhilesh Yadav said a mosque survey team was sent to Sambhal again on Sunday morning, even after the survey was already done.

Citing the information, Yadav said a clash broke out and many have been injured and one youth has been killed. He alleged that the government, administration, and BJP have done this intentionally so that there can be no discussions on the irregularities that happened during the bypolls.

Meanwhile, BJP leader Dushyant Gautam said: “It is worrying, people say that they follow constitution, law, court, and when there is court-ordered survey, people are protesting against it. Court order should be respected.”

Another party leader Nalin Kohli said nobody has the right to break the law. The court order should be followed. “If they want a change, then the procedure for it is also through the court. Police will take action. If somebody had to put forward their point, they can do it through court,” he added.

Tensions have escalated in Sambhal recently following a survey of the Jama Masjid, conducted on local court orders last Tuesday after a petition claimed the site was originally home to a Harihar temple.

The local administration said that a second survey, led by an “Advocate Commissioner” as part of a court-mandated examination of the disputed area, commenced around 7 AM, attracting a gathering crowd.

Superintendent of Police Krishna Kumar Vishnoi stated, “Some miscreants in the crowd began pelting stones at the police team. The police employed minor force and tear gas to regain control of the situation.”

He mentioned that those involved in the stone-pelting and those who incited the violence would be identified and face legal action.

District Magistrate Rajendra Pesia said, “While some miscreants resorted to stone-pelting, the situation is now peaceful and the survey continues.” He also stated that approximately ten individuals had been detained in connection with the incident and were currently being interrogated.

Speaking to PTI, Uttar Pradesh Police chief Prashant Kumar said that the situation remained under control in Sambhal. “We are closely monitoring the situation. All police and civil administration officials are present and conducting patrols in the affected areas. Anti-social elements will be identified promptly, and strict measures will be enforced against them,” he added.

Videos circulating online show youths throwing stones at police, allegedly near the survey site in Sambhal.

Supreme Court lawyer Vishnu Shankar Jain, the petitioner in the matter, informed that the Court of Civil Judge (Senior Division) had ordered the formation of an “Advocate Commission” to survey the mosque. The court instructed that a report be submitted following a comprehensive videography and photography survey conducted by the commission.

According to Jain, the Central and UP governments, the mosque committee, and the district magistrate of Sambhal have all been included as parties in the petition regarding the mosque. Vishnu Shankar Jain and his father, Hari Shankar Jain, have represented the Hindu perspective in numerous cases related to places of worship, including the ongoing Gyanvapi Mosque-Kashi Vishwanath temple dispute.

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