English हिन्दी
Connect with us

India News

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.

Published

on

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.

India News

Nana Patole’s feet-washing video sparks BJP attack, Congress leader responds

A Guru Purnima video showing Congress leader Nana Patole’s feet being washed has sparked a political controversy in Maharashtra, drawing criticism from the BJP and a strong response from Patole.

Published

on

A video showing senior Congress leader Nana Patole’s feet being washed during a Guru Purnima event has triggered a political controversy in Maharashtra, with the BJP criticising the ritual and the Congress leader defending it as a family tradition.

The viral clip shows Mr Patole seated on a sofa while two men wash his feet, shower flowers on him and place fruits near his feet as part of the ceremony. The incident quickly drew attention on social media and prompted sharp reactions from political leaders.

BJP calls it ‘Congress culture’

Reacting to the video, Maharashtra minister and BJP leader Chandrashekhar Bawankule said the incident reflected the “culture of Congress leaders”.

He said such acts only invite criticism and negative publicity, adding that Congress leaders should learn from similar controversies instead of repeating them.

Nana Patole defends Guru Purnima ritual

Responding to the criticism, Mr Patole rejected the allegations and said he neither instructed nor compelled anyone to perform the ritual.

According to the Congress leader, the ceremony took place on Guru Purnima when two younger members of his family voluntarily chose to honour him as their Guru.

He said they insisted on performing the ritual as a mark of respect.

Congress leader hits back at BJP

Mr Patole also countered the BJP’s criticism, saying the party had no authority to lecture others on culture and traditions.

In an apparent reference to the alleged Ram temple donation theft case, he remarked that those who “loot donation funds” should not advise others on cultural values.

The exchange has added to the political sparring between the BJP and the Congress in Maharashtra, with the viral video continuing to generate debate on social media.

Continue Reading

India News

Bypoll results today: First electoral test after student protests begins in BJP-ruled states

Vote counting is underway in three BJP-ruled states, with the bypoll results expected to indicate voter sentiment after nationwide protests over alleged examination paper leaks.

Published

on

Bypolls

Counting is underway in Bankipur, Datia and Manjalpur, with the bypolls being closely watched as the first electoral contest following nationwide student protests over alleged paper leaks.

The counting of votes is underway for Assembly by-elections in three BJP-ruled states—Bihar, Madhya Pradesh and Gujarat—in what is being seen as the first electoral test since nationwide student protests over alleged examination paper leaks.

The bypolls were held on Thursday in Bihar’s Bankipur, Madhya Pradesh’s Datia and Gujarat’s Manjalpur Assembly constituencies. Political observers are watching the outcome closely as the results are expected to offer an indication of voter sentiment, particularly among young voters who participated in or were influenced by the protests.

Bankipur contest draws attention amid BJP candidate change

The Bankipur Assembly seat in Bihar has traditionally been considered a BJP stronghold, with the party retaining the constituency in every election so far. The bypoll was necessitated after former MLA and BJP leader Nitin Nabin was elected to the Rajya Sabha.

The contest attracted attention after the BJP’s original nominee, Abhishek Kumar Sinha, withdrew from the race a day after filing his nomination, citing family reasons. The party later fielded its youth wing leader, Neeraj Kumar Sinha.

The opposition seized on the development, claiming the BJP was concerned about retaining the seat. Rashtriya Janata Dal leader Tejashwi Yadav expressed confidence that his party’s candidate, Rekha Gupta, had secured support across different communities and could deliver an unexpected result.

The election also marked the anticipated electoral entry of political strategist-turned-politician Prashant Kishor, adding further interest to the contest.

Datia sees straight BJP-Congress fight

In Madhya Pradesh, the Datia Assembly seat fell vacant after Congress MLA Rajendra Bharti was disqualified on April 2 under provisions of the Representation of the People Act, 1951.

The BJP has fielded first-time Assembly candidate Ashutosh Tiwari against Congress nominee Kunwar Ghanshyam Singh.

Datia has long been associated with former state Home Minister Narottam Mishra, who represented the constituency for three consecutive terms between 2008 and 2018 before losing the 2023 Assembly election. The selection of a new BJP candidate reportedly led to protests by some of Mishra’s supporters.

Congress candidate Kunwar Ghanshyam Singh, a two-time former MLA and member of the erstwhile royal family, is banking on his previous electoral victories, personal connect with voters and dissatisfaction among sections of BJP workers.

Manjalpur bypoll follows veteran BJP MLA’s death

In Gujarat, voting took place in the Manjalpur Assembly constituency after the death of sitting BJP MLA Yogeshbhai Narandas Patel.

The contest is between BJP candidate Satish Govindbhai Patel, a former Vadodara Municipal Corporation councillor, and Congress leader Bhikhabhai Rabari, a former state minister and Gujarat Congress vice president.

Yogesh Patel had represented the Raopura Assembly constituency five times before shifting to the newly created Manjalpur seat after delimitation. He went on to win Manjalpur in 2012, 2017 and 2022, completing eight consecutive Assembly election victories over a span of 36 years.

The bypoll comes after the BJP’s record performance in the 2022 Gujarat Assembly elections, when the party won 156 of the state’s 182 seats.

Continue Reading

India News

Delhi Police to drop case against minor accused of abusing PM Modi, say reports

Delhi Police have decided not to pursue a case against the minor accused of using abusive language against Prime Minister Narendra Modi during the CJP protest at Jantar Mantar after her apology and the Prime Minister’s call for forgiveness.

Published

on

Delhi Police have decided not to register a case against a minor girl accused of using abusive language against Prime Minister Narendra Modi during the Cockroach Janta Party (CJP) protest at Delhi’s Jantar Mantar, according to sources.

The development follows the filing of a Zero FIR by Noida Police over the viral video. The FIR had identified the accused as a 25-year-old woman. However, the girl later clarified through a public apology video that she is 15 years old and claimed she made the remarks after being influenced by others present at the protest.

Minor apologises for remarks

In her apology video, the teenager admitted that her comments were unacceptable and expressed remorse.

She said she was only 15 years old and described the incident as her “first and last mistake.” She apologised to the country and sought forgiveness, adding that she felt deeply ashamed of her actions.

PM Modi appeals for forgiveness

Last week, Prime Minister Narendra Modi said he had forgiven the “misguided children” who abused him and appealed to society not to seek punitive action against them.

In an Instagram reel, he said that dragging such children through legal proceedings would not improve the situation and urged people to accept his decision to forgive them.

Mother seeks cancellation of FIR

Following the Prime Minister’s remarks, the girl’s mother thanked him for showing compassion and requested that the FIR registered against her daughter under an incorrect name and age be withdrawn.

She said the Prime Minister had given her daughter a “new life” and appealed for the cancellation of the case.

The mother also urged the government to restrict access to social media platforms such as Instagram and Facebook for children below the age of 18, arguing that minors can be easily influenced and should focus on their education instead of participating in protests.

Background of the CJP protest

The incident occurred during the Cockroach Janta Party’s protest at Jantar Mantar, which continued for more than five weeks over the alleged NEET paper leak. The agitation drew support from thousands of people, primarily students.

The protest concluded last month after Education Minister Dharmendra Pradhan resigned and the government agreed to several of the group’s demands, including assurances of no coercive action against protesters.

Continue Reading

Trending

© Copyright 2022 APNLIVE.com