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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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Thick smog engulfs Delhi, flights and trains delayed as air quality slips to very poor

Delhi remained under a thick smog cover as air quality dipped into the very poor category, causing delays in flights and train services due to low visibility.

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A dense blanket of smog covered Delhi on Saturday morning, pushing air quality into the ‘very poor’ category and disrupting flight and train operations across the national capital and adjoining areas. Reduced visibility due to smog led to delays in air and rail traffic, while authorities warned that pollution levels could worsen further in the coming days.

The Air Quality Index (AQI) in Delhi was recorded at 380, placing it in the ‘very poor’ bracket. Visuals from Bhairav Marg near Pragati Maidan showed motorists using headlights during early hours, as visibility remained low. At around 7 am, the AQI at this location stood at 433.

Nearly half of Delhi’s air quality monitoring stations reported ‘severe’ pollution levels. Anand Vihar recorded an AQI of 428 with PM2.5 as the dominant pollutant, while Jahangirpuri reported an AQI of 425.

Transport services hit by low visibility

Flight operations at Delhi airport were impacted due to low visibility conditions. The airport issued an advisory asking passengers to check with their respective airlines for updated flight information, as low visibility procedures were in place. Runway visibility was reported to be between 800 and 1,200 metres.

Live flight tracking data showed multiple flights running behind schedule. One airline also warned passengers about possible disruptions at several airports in northern and eastern India, including Delhi, due to dense fog conditions. Travellers were advised to verify flight status before heading to the airport, with options offered on select flights to reschedule or seek refunds without additional charges.

Rail services were also affected, with more than 30 trains running late by an average of three to four hours. Some long-distance trains reported delays of over six to eight hours, causing inconvenience to passengers travelling to and from the capital.

Air quality likely to worsen

The weather department had earlier forecast dense to very dense fog at isolated places over Delhi and several parts of north and central India. According to the Air Quality Early Warning System for Delhi, pollution levels are expected to remain in the ‘very poor’ category on Saturday and may slip into the ‘severe’ category on Sunday and Monday. In view of the deteriorating conditions, an ‘orange’ alert has been issued for Saturday.

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PM Modi inaugurates India’s first nature-themed airport terminal in Assam

Prime Minister Narendra Modi inaugurates the new nature-themed terminal at Guwahati airport, the largest in Northeast India, built around bamboo, orchids and regional heritage.

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Prime Minister Narendra Modi is set to inaugurate the new terminal building of Lokapriya Gopinath Bordoloi International (LGBI) Airport in Guwahati today, marking a major milestone for aviation infrastructure in the Northeast. Built at an estimated cost of around Rs 4,000 crore, the facility is being projected as the largest airport terminal in the region and a key boost to connectivity, tourism and economic activity in Assam.

The Prime Minister is scheduled to arrive in Guwahati around 3 pm as part of his two-day visit to the state.

Northeast’s largest airport terminal takes shape in Guwahati

The newly constructed terminal is nearly seven times larger than the existing one and has been designed to cater to the region’s rapidly growing air traffic. Once fully operational, it is expected to handle up to 13.1 million passengers annually by 2032.

Officials said the terminal is planned as a regional connectivity hub, with a focus on strengthening air links between India and Southeast Asia. The airport will be capable of handling up to 34 air traffic movements per hour, the highest capacity among airports in the Northeast. The facility will also be equipped with one of the most advanced Instrument Landing Systems to support safer and more efficient operations.

Nature-inspired design rooted in Assam’s identity

What sets the Guwahati terminal apart is its distinctive nature-themed architecture. Conceptualised under the theme “Bamboo Orchids”, it is being described as India’s first airport terminal inspired entirely by natural and cultural elements.

The interiors draw from the landscapes of Northeast India, with design elements reflecting indigenous orchids, locally known as Kopou Phool, and the flow of the Brahmaputra river. The terminal incorporates more than 2,000 species of plants, includes a dedicated zone inspired by Kaziranga National Park, and features artefacts representing Majuli Island.

A key architectural highlight is the expansive bamboo vault, created using around 140 metric tonnes of locally sourced bamboo. The space has been envisioned as a multifunctional cultural centre aimed at encouraging community interaction and showcasing the region’s heritage. Design elements such as japi motifs, the iconic rhino symbol and 57 orchid-inspired columns further reinforce the cultural narrative.

Arriving passengers will also experience a unique “Sky Forest”, featuring nearly one lakh plants of indigenous species, designed to create an immersive forest-like ambience within the terminal.

Focus on digital integration and passenger convenience

Spread over nearly 1.4 lakh square metres, the integrated new terminal has been designed to handle around 1.3 crore passengers annually. It is supported by significant upgrades to the runway, airfield systems, aprons and taxiways.

The terminal places strong emphasis on digital integration, with 14 entry points, including four DigiYatra gates, aimed at easing passenger movement. Facilities such as full-body scanners for non-intrusive security checks, automated baggage handling systems, fast-track immigration and AI-driven airport operations have been incorporated to ensure smoother travel experiences.

Other engagements during PM Modi’s Assam visit

During his two-day stay, the Prime Minister will also lay foundation stones for multiple development projects and address public gatherings. He is scheduled to visit the Swahid Smarak Kshetra to pay tribute to the martyrs of the historic Assam Movement.

Later in the day, PM Modi will perform the bhoomipujan for a new brownfield Ammonia-Urea Fertiliser Project at Namrup in Dibrugarh district, within the existing premises of the Brahmaputra Valley Fertiliser Corporation Limited.

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Assam train accident: Eight elephants killed after Rajdhani Express derailment in Hojai

Eight elephants were killed after the Rajdhani Express collided with a herd in Assam’s Hojai district, causing multiple coaches to derail and disrupting train services.

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At least eight elephants were killed and a calf was injured after a herd collided with the Sairang–New Delhi Rajdhani Express in Assam’s Hojai district, leading to the derailment of the locomotive and five coaches early Saturday. Railway officials confirmed that no passengers were injured in the incident.

Forest department officials said the collision occurred when the New Delhi-bound Rajdhani Express struck a herd of elephants on the tracks. The impact caused multiple coaches to derail, disrupting rail traffic on the busy route connecting the Northeast with the national capital.

Train services hit, passengers shifted to other coaches

Following the derailment, rail movement towards Upper Assam and other parts of the Northeast was affected due to damaged coaches and elephant remains scattered on the tracks. Accident relief trains and senior railway officials rushed to the site to restore services.

Passengers travelling in the affected coaches were temporarily accommodated in vacant berths in other coaches of the same train. Officials said that once the train reaches Guwahati, additional coaches will be attached to ensure all passengers can continue their journey.

Collision occurred outside designated elephant corridor

According to officials, the accident took place at a location that is not marked as a designated elephant corridor. The loco pilot reportedly applied emergency brakes after spotting the herd on the tracks, but the elephants ran into the train, resulting in the collision and derailment.

Forest authorities confirmed that eight elephants died on the spot, while one injured calf was rescued. Local residents said the herd consisted of around eight elephants at the time of the accident.

Elephant deaths in train accidents remain a concern

The incident comes amid continued concerns over wildlife deaths on railway tracks. Data shared by the Environment Ministry in Parliament earlier showed that at least 79 elephants have died in train collisions across India over the past five years, based on reports from states and Union Territories.

The ministry has said that several preventive steps are being taken in coordination with the Railways, including speed restrictions in elephant habitats, use of sensor-based detection systems, and construction of underpasses, ramps and fencing at vulnerable locations. Guidelines and capacity-building programmes have also been introduced to reduce human-animal conflict along railway lines.

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