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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.

India News

22 Maoists surrender in Sukma, cite disillusionment with ideology and tribal atrocities

In a major success for anti-Maoist operations, 22 Maoists, including key commanders, surrendered in Sukma, Chhattisgarh, influenced by state development schemes and new rehabilitation policy.

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Maoists

In a significant development in Chhattisgarh’s Sukma district, 22 Maoists, including nine women, laid down arms before security forces, expressing disillusionment with the Maoist ideology and its violent impact on tribal communities.

Among the surrendered, 12 were carrying a combined bounty of Rs 40.5 lakh. The surrender took place in the presence of senior officials from the police and Central Reserve Police Force (CRPF). Sukma Superintendent of Police Kiran Chavan confirmed the development, highlighting the role of various government schemes and the updated rehabilitation policy in encouraging the cadres to give up arms.

Key Maoist figures among those surrendered

Those who surrendered include Muchaki Joga (33), deputy commander in the People’s Liberation Guerrilla Army (PLGA) company no. 1 under the Maad division, and his wife Muchaki Jogi (28), a member of the same squad. Both carried a bounty of Rs 8 lakh each.

Other notable names are Kikid Deve (30) and Manoj alias Dudhi Budhra (28), area committee members of the Maoists, each carrying a reward of Rs 5 lakh. Additionally, seven individuals carried a bounty of Rs 2 lakh each, while one was wanted with a reward of Rs 50,000.

According to officials, many of these Maoists were involved in several violent attacks against security personnel in the region.

Development schemes helped influence decision

Police officials said the surrender was influenced by the Chhattisgarh government’s ‘Niyad Nellanar’ (Your Good Village) scheme, which focuses on development in remote areas, as well as the newly introduced surrender and rehabilitation policy aimed at providing assistance to former Maoists.

All the surrendered individuals received an initial assistance of Rs 50,000 and will be rehabilitated under the government’s policy. Their surrender was made possible through coordinated efforts of the district police, District Reserve Guard (DRG), CRPF, and its elite CoBRA unit.

Growing trend of surrenders

The recent surrender is part of a larger trend. As per police records, 792 Maoists surrendered across the Bastar region, including Sukma, last year alone. This reflects a growing impact of state-led initiatives to counter insurgency through development and reintegration.

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India News

India rebukes Bangladesh’s remark on Bengal violence, urges focus on minority rights at home

India strongly responded to Bangladesh’s remarks over the Murshidabad violence, calling them unwarranted and urging Dhaka to focus on its own minority rights.

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Police deployment in Murshidabad after Waqf protest violence

India has firmly rejected Bangladesh’s statement concerning the recent communal violence in West Bengal’s Murshidabad district, labelling it as an “unwarranted comment” and a case of “virtue signalling.” The Ministry of External Affairs (MEA) has advised Dhaka to turn its attention inward and ensure the safety and rights of its own minority communities.

The diplomatic exchange was sparked by a comment from Bangladesh’s press secretary Shafiqul Alam, who urged Indian and West Bengal authorities to ensure the safety of “minority Muslim populations” in the region, referring to the unrest related to protests against amendments to the Waqf Act.

Responding strongly, MEA spokesperson Randhir Jaiswal dismissed the remark as a “barely disguised and disingenuous attempt” to equate the situation in India with the “ongoing persecution of minorities in Bangladesh,” where, according to him, perpetrators continue to roam freely.

India’s pushback came in the backdrop of earlier data shared in Parliament by External Affairs Minister S. Jaishankar. He informed that over 2,400 cases of atrocities against religious minorities had been reported in Bangladesh in 2024, following political unrest. In 2025, the number has already reached 72.

The Centre’s statement coincided with the announcement by West Bengal Governor CV Ananda Bose of his upcoming visit to the violence-affected Murshidabad district. Describing his intent to “impose peace at any cost”, the Governor’s decision drew a response from Chief Minister Mamata Banerjee, who claimed that the situation was normalising and urged him to reconsider the timing of the visit.

According to a state report, the protests started peacefully on April 4 but escalated on April 8 when around 5,000 protesters blocked National Highway-12 at Umarpur. The mob allegedly attacked police with firebombs, sharp weapons, and iron rods. Government vehicles were also targeted in the clash.

Further violence was reported on April 11 in Suti and Samsherganj, where both public and private properties were vandalised. Police officials said they had to open fire at Sajur More in Suti in self-defence. So far, 278 individuals have been arrested in connection with the unrest.

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Cricket news

Los Angeles 2028 Olympics: South California city of Pomona to host cricket, announces ICC

The T20 format, known for its fast-paced, three-hour matches, is celebrated for driving cricket’s growth, making it ideal for the Olympic spotlight.

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The International Cricket Council (ICC) has revealed that Pomona, a vibrant Southern California city, will host the cricket tournaments during the 2028 Los Angeles Olympics. This marks a historic moment as cricket returns to the Olympic stage after a 128-year hiatus, last appearing in 1900 at the Paris Games.

The cricket events, featuring six teams each in men’s and women’s competitions, will take place at the Pomona Fairgrounds, commonly known as Fairplex. Located 48 kilometres east of Los Angeles, the main Olympic hub, Fairplex is a sprawling venue renowned for hosting conventions, trade shows, educational initiatives, and motorsport events. However, it currently lacks a dedicated cricket pitch, prompting curiosity about how the facility will be adapted for the global sport.

ICC chairman Jay Shah hailed the venue selection as a pivotal step in cricket’s Olympic journey. “The announcement is a milestone in our preparations,” Shah said. “Cricket, already a global phenomenon, will leverage the dynamic T20 format at LA28 to engage new fans and transcend traditional boundaries.” The T20 format, known for its fast-paced, three-hour matches, is celebrated for driving cricket’s growth, making it ideal for the Olympic spotlight.

Cricket’s inclusion in the LA28 program was confirmed at the International Olympic Committee’s 141st Session in Mumbai in October 2023. It joins five other new sports—baseball/softball, flag football, lacrosse (sixes), and squash—adding diversity to the Olympic lineup. The decision reflects cricket’s rising global appeal, particularly in regions like South Asia, Australia, and the Caribbean.

The T20 format has proven its versatility in multi-sport events, featuring in the Asian Games (2010, 2014, 2023) for both men’s and women’s teams and the 2022 Birmingham Commonwealth Games for women’s cricket. These appearances have showcased cricket’s ability to captivate diverse audiences.

Pomona’s selection underscores its growing prominence as a cultural and sporting hub. With the Olympics as a platform, cricket aims to expand its footprint in the United States, where the sport is gaining traction through initiatives like Major League Cricket. The LA28 cricket events promise to blend athletic excellence with cultural celebration, setting the stage for a memorable Olympic chapter.

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