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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

Trouble for AAP Government in Punjab: Congress drops hints

Congress leader Pratap Singh Bajwa hints at the possible collapse of the AAP government in Punjab. With BJP’s alleged involvement and corruption claims, the political tension in the state is rising.

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Pratap Singh Bajwa, leader of the opposition in Punjab, has sparked major political speculation, hinting at a possible collapse of the ruling Aam Aadmi Party (AAP) government. Bajwa claimed that more than 32 MLAs of the AAP are in contact with him, and some may even be in touch with the Bharatiya Janata Party (BJP). However, he stressed that the Congress will not be responsible for toppling the government. Instead, he pointed fingers at the BJP, suggesting it would orchestrate the downfall.

In an exclusive interview, Bajwa made it clear that the Congress, despite its claims, will not take steps to destabilize the AAP government. He explained that Congress wants the AAP to complete its five-year term so that the public can judge its performance. “The BJP will handle the rest,” Bajwa said, distancing his party from any direct involvement in the collapse.

Bajwa also accused the AAP of being involved in corrupt practices, with allegations of money laundering through hawala channels. He claimed that crores of rupees have gone to foreign destinations such as Australia under the AAP’s rule. Additionally, the Congress leader alleged that the Delhi model employed by AAP encourages looting.

In a strong rebuttal, the AAP accused Bajwa of already securing a ticket to join the BJP. AAP leader Neel Garg alleged that Bajwa had met senior BJP leaders in Bengaluru and warned Congress leader Rahul Gandhi to keep a close eye on him.

The AAP government has come under intense scrutiny since its defeat in Delhi earlier this month. Amidst this, the Punjab government has ramped up its anti-corruption initiatives, dismissing 52 police officers for corruption. Senior officers, including Varinder Kumar and Rajesh Tripathi, have also been suspended or reassigned as part of the government’s effort to clean up corruption in its ranks.

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A captivating evening of literature: Dr Karan Singh discusses his novel, The Temple of Shiva

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Dr Karan Singh book The Temple of Shiva

Parchment Publications hosted an engaging literary discussion on Saturday at Kunzum Bookstore, featuring Dr Karan Singh, statesman, scholar, and philosopher, as he delved into the themes and inspirations behind The Temple of Shiva, his first and only work of fiction.

In conversation with journalist and writer Sanjula Sharma, the evening offered profound insights into literature, philosophy, and storytelling. Published by Parchment Publications, The Temple of Shiva intricately blends history, mythology, and devotion, creating a rich narrative around faith and self-discovery.

During the discussion, Dr Singh shared a fascinating insight into his protagonist, Ashok, describing him as an alter ego—what he might have been, had he not been born into his current circumstances. “Your first novel,” he reflected, “always reflects the inner life of the author.”

Adding to the evening’s charm, when asked about the secret to his youth and energy, Dr Singh wittily held up the Shiva bracelet on his wrist, calling it his “secret weapon” that keeps him going. His deep spiritual connection was further reflected in his discussion of the novel’s characters, particularly Maharaj, the Mahant of the Temple of Shiva. Inspired by two real-life individuals whom Dr Singh had known, Maharaj serves as a conduit for many of Shiva’s teachings that resonate throughout the book.

Speaking on the occasion, Shubhi Arya, Founder of Parchment Publications, said, “Publishing The Temple of Shiva is a privilege and a deeply personal honour. Dr Karan Singh’s wisdom, depth, and storytelling deserve to reach younger generations, inspiring them to explore India’s rich spiritual and cultural heritage.”

The event was made possible with the support of Ajay Jain, the owner of Kunzum Bookstore, and Shivam, the event manager at Kunzum, whose contributions helped create a welcoming space for literary discussions. Parchment Publications is committed to bringing thought-provoking literature to readers, and this event was yet another step in its journey of celebrating distinguished voices in writing.

The Temple of Shiva is available for purchase on Amazon.

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Overcrowding in Prayagraj: Locals urge devotees to halt their visits to Maha Kumbh

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Mahakumbh

As the Maha Kumbh draws to a close, Prayagraj residents are facing an overwhelming surge in crowds, and many are pleading for relief. In a public appeal posted on Reddit, a local resident expressed frustration at the massive influx of pilgrims, which has overwhelmed the city and disrupted everyday life. With only days remaining in the grand religious event, the plea for a break from the chaos is growing louder.

The resident shared their experience of the city’s transformation for the event, where major infrastructural upgrades such as new roads and flyovers were made to accommodate the crowds. However, what was once seen as an opportunity to showcase the city’s development has now turned into an exhausting ordeal.

Overcrowded roads and tensions rise

According to the post, the streets of Prayagraj are now so congested that even basic tasks like commuting have become nearly impossible. The city’s highways, public transport, and even narrow lanes are jammed with an unrelenting flow of people and vehicles. Locals are feeling trapped in their own city as they struggle to navigate through the chaos.

In an incident shared by the user, they recounted a moment when they were blamed for the congestion while trying to take a break from the chaos. “Aap logon ki wajah se jam lag raha hai!” (The traffic is because of you), they were yelled at by strangers, despite being residents of the city. The frustration and exhaustion are palpable in the community, with tensions running high as the local population feels the strain of hosting such a large gathering.

A desperate plea for mercy

In a heartfelt conclusion, the user made a desperate appeal to devotees: “Please, for the love of God, STOP COMING. Ganga ji aur Sangam kahin nahi ja rahe. (The Ganga and Sangam aren’t going anywhere). You can come peacefully later. Have some mercy on this city and its people. We are begging you.”

This plea underscores the toll that the Maha Kumbh is taking on the locals. Not only are the streets congested, but there are reports of pilgrims littering and disregarding basic civic norms. While Prayagraj welcomes visitors, the burden of such a massive gathering is beginning to feel unbearable for those who call the city home.

The Maha Kumbh, the world’s largest religious gathering, began on January 13 and is set to conclude on February 26. While the event is a spiritual and cultural highlight for millions, the ongoing surge in visitors is threatening to overwhelm the city’s infrastructure and residents.

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