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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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Shinde Sena MLA offers Rs 11 lakh reward for chopping off Rahul Gandhi’s tongue, sparks row  

Such violent statements against the Leader of Opposition will not be tolerated at all in a democracy, she said while addressing a press conference.

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Sanjay Gaikwad, an MLA of Maharashtra Chief Minister Eknath Shinde-led Shiv Sena, sparked a row on Monday after he announced a reward of Rs 11 lakh to anyone who will “chops off the tongue” of Leader of Opposition in Lok Sabha Rahul Gandhi over his statement on reservation in the US.

Gaikwad’s statement comes days after the Rae Bareli MP, in the United States, said that the Congress party would think of scrapping reservations.

Speaking to reporters, the Shinde Sena MLA said, “Rahul Gandhi made a statement regarding giving an end to reservation in the country at a time when the demands for reservation are rising.”

“Rahul Gandhi wants to end reservation for backward tribals and others and hence he is using the language of ending it,” Gaikwad said.

“In the recent Lok Sabha elections, Gandhi spread a false narrative to get votes. Today he is speaking the language of ending reservation from the country and has shown the real face of the Congress. This is my challenge whoever chops off Rahul Gandhi’s tongue will be given a reward of Rs 11 lakh on my behalf,” he added.

The Shiv Sena MLA called Gandhi’s remarks the biggest treachery of the people and said communities like Marathas, Dhangars and OBCs are fighting for reservation but before that, Gandhi is talking about ending its benefits.

He continued saying that Congress leader Gandhi used to show the Constitution book and spread a fake narrative that the BJP would change it.

“But it is the Congress that plans to take the country back by 400 years. On one hand, demands of reservation are rising in Maharashtra, and there Rahul Gandhi made a statement to end reservation in the country,” Gaikwad added.

Meanwhile, Congress spokesperson Supriya Shrinate slammed Shiv Sena and its ally in Maharashtra, BJP, after Gaikwad’s disgusting remarks against Gandhi.

Addressing a press conference, Shrinate asked who is behind such violent statements that BJP leaders and their allies are using against the Opposition leader. “Whose protection do they enjoy?” Shrinate said.

Such violent statements against the Leader of the Opposition will not be tolerated at all in a democracy, she said.

“If Prime Minister Narendra Modi and Union Home Minister Amit Shah do not take action against these people then it is clear that this is being done at their behest,” the Congress spokesperson said.

The BJP, however, has distanced itself from Gaikwad’s remarks. Maharashtra BJP president Chandrashekar Bawankule said he does not support or endorse the Shiv Sena MLA’s statements.

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Karnataka: 6 boys held for riding two-wheelers with Palestinian flag

They also shouted slogans on ‘free Palestine’, according to police.

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Six minors were apprehended after a video of them allegedly riding two-wheelers holding the Palestinian flag surfaced on social media platforms, Karnataka Police said on Monday.

According to police, the incident took place on Sunday around 1 pm on Dantaramakki road in Chikkamagaluru town in Karnataka.

The official said that three of the 6 boys were on a two-wheeler and one of the pillion rider, a 17-year-old boy was allegedly holding and waving a Palestinian flag while three of their friends followed them on another bike.

They also shouted slogans on ‘free Palestine’, according to police.

A senior police officer said that police apprehended all the six boys involved in the incident. They are all minors, he added.

The police have registered a case under appropriate sections of Bharatiya Nyaya Sanhita, including sections for disturbing communal harmony, a police officer said. Adding that both the vehicles have been seized along with the flag, according to news agency PTI.

The police found during the interrogation that the boys had watched some videos of a procession in Uttar Pradesh in which people were seen carrying Palestinian flags and so they wanted to make a similar reel on Instagram.

Speaking on the matter earlier today, former BJP national General Secretary and MLC CT Ravi alleged that without permission a rally was held yesterday in more than 20 two-wheelers and one four-wheeler holding a Palestine flag.

Ravi said: “I have got information that some influential people had tried to influence in favour of the people involved, more than 200 people came in front of the police station, so an explanation was sought and they were let go. I urged the police for a detailed probe and to destroy the network behind them, the incident should not be taken lightly.”

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Amit Shah says will bury terrorism in Jammu & Kashmir to such level, nobody can dare revive it

The Union Home Minister said that he had promised the Gurjars that the reservation would be given to Pahadis without affecting the previous one.

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Union Home Minister Amit Shah on Monday asserted that there were attempts to revive terrorism in Jammu and Kashmir, and added that it will be “buried to such a level” in the Union Territory that it can never rise again.

Addressing a public rally in Kishtwar, Shah said the National Conference-Congress alliance will not be able to form the J&K government.

“We will bury terrorism to such a level where it will never come out again. Attempts are on to revive terrorism as the National Conference and Congress manifesto talks about releasing terrorists. This is the Modi government and nobody has the power to revive terrorism in Jammu and Kashmir,” Shah said addressing an election rally in Padder-Nagseni assembly segment in support of  BJP’s candidate and former minister Sunil Sharma here.

“This election is between two powers, on one side National Conference and PDP and on the other BJP. The NC and Congress are saying that if we form the government we will restore Article 370. Tell me should it be restored? Your reservation, given by BJP to Paharis and Gujjars and others, will be snatched.

Launching a scathing attack on the alliance party in UT, the senior BJP leader said the Congress and National Conference have always nourished terrorism. “In the 1990s, Farooq Abdullah was the CM, you were elected after an agreement with Rajeev Gandhi. When the Kashmir Valley was soaked in blood due to terrorism, where were you? You went to London for a summer vacation,” he added.

“Nehru, Gandhi and Abdullah family spread terrorism here and now they want your blessings again. They boycotted the Kashmiri Pandits, spread terrorism and delayed reservation, do you want that NC-Congress again?” he said.

The Union Home Minister said that he had promised the Gurjars that the reservation would be given to Pahadis without affecting the previous one. “And now, the Modi government has given reservation to Pahadis without touching the Gurjar reservation. Now the Gurjars and Pahadis have tribal reservation, now your children can also become Collectors and DSPs,” he added.

“PM Modi abolished the rule of the three families and established Panchayati Raj in the state. The children will represent in the Vidhan Sabha and the Lok Sabha soon. PM Modi wants to make a Viksit J&K and wants to give the right of reservation to the OBC also,” Shah said.

This was the home minister’s second visit to Jammu region within a fortnight. Earlier, during his two-day visit to Jammu on September 6 and 7, he released BJP’s manifesto for J-K assembly elections and addressed a workers convention.

Monday is the last day for campaigning in 24 assembly constituencies, including Padder-Nagseni, which goes to polls in the first phase on September 18.

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