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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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Raj Thackeray questions Vivek Oberoi and R. Madhavan over living in Dubai despite praising PM Modi

Raj Thackeray questioned Vivek Oberoi and R. Madhavan over residing in Dubai while praising the Narendra Modi government. He also condemned abusive language directed at Prime Minister Narendra Modi during the CJP protests and urged all sides to avoid such rhetoric.

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Raj Thackeray

Maharashtra Navnirman Sena (MNS) chief Raj Thackeray on Saturday questioned actors Vivek Oberoi and R. Madhavan over residing in Dubai despite publicly praising Prime Minister Narendra Modi and the BJP-led central government.

Addressing an event organised by the Maharashtra Navnirman Vidyarthi Sena, the student wing of the MNS, in Mumbai, Thackeray criticised the Centre and claimed that many industrialists had left the country over the years.

Raj Thackeray questions actors over Dubai residence

During his speech, Thackeray referred to Vivek Oberoi, who portrayed Prime Minister Narendra Modi in the 2019 biographical film based on the Prime Minister’s life, and questioned why he now lives in Dubai.

He also mentioned actor R. Madhavan, saying that if those who praise the Prime Minister believe India has progressed significantly under his leadership, they should explain why they have chosen to reside abroad with their families.

Thackeray further alleged that actors participate in government-backed projects in India before returning overseas.

While responding to similar questions in the past, R. Madhavan has said he relocated to Dubai during the Covid-19 pandemic to support his son’s swimming career. Vivek Oberoi has previously stated that he moved to Dubai to expand his business interests.

Comments on language used during CJP protests

The MNS chief also commented on the abusive language used against Prime Minister Narendra Modi during the Cockroach Janta Party (CJP)-led protests at Delhi’s Jantar Mantar.

Referring to the Prime Minister’s recent appeal that “misguided children” should be forgiven and guided in the right direction, Thackeray said he agreed that abusive language should not be used against anyone. However, he added that members and supporters of the BJP should also refrain from using similar language against political opponents.

He alleged that BJP troll groups have targeted several leaders and public figures, including Mahatma Gandhi, Jawaharlal Nehru, Indira Gandhi and members of the Thackeray family. According to him, trolling has discouraged many actors from expressing their views publicly.

Thackeray said that respect should be maintained in political discourse and that abusive language directed at anyone should be avoided.

Says NEET issue became trigger for wider discontent

Speaking about the ongoing CJP protests, Raj Thackeray said the alleged NEET paper leak issue served as the immediate trigger, but the large public response reflected broader grievances that had accumulated over the years.

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Bengal STF says Pakistan-linked terror suspect planned to infiltrate CJP protest

The West Bengal STF alleges a Pakistan-linked terror suspect planned to infiltrate the CJP protest at Jantar Mantar in a police uniform and gather intelligence on the chief minister. Investigators say the probe expanded after tracing the suspect’s girlfriend through social media.

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The West Bengal Special Task Force (STF) has alleged that a suspected operative linked to the Pakistan-based terror outfit Jaish-e-Mohammad (JeM) planned to infiltrate the recent CJP protest at Delhi’s Jantar Mantar while posing as a police officer. Investigators also claim the accused had been tasked with gathering intelligence on the movements of the state’s chief minister.

The accused, identified as Hamim Mondal, was arrested from Purba Bardhaman district. According to STF officials, he was allegedly acting on instructions from Pakistan-based handlers and is now in 14-day STF custody as the investigation continues.

STF alleges plan to infiltrate protest in police uniform

Addressing a press conference, STF Inspector General Gaurav Sharma said Pakistani handlers had instructed Mondal to enter the CJP protest at Jantar Mantar dressed in a police uniform and create unrest.

The agency further alleged that Mondal had been assigned to monitor the chief minister’s movements and gather information about locations where security arrangements could be comparatively weak. Officials described the chief minister as one of the intended targets, according to the investigation.

The STF said questioning of Mondal has also helped investigators identify links to several suspected handlers associated with the JeM network.

Girlfriend arrested as probe uncovers alleged honeytrap links

The investigation also led to the arrest of Arpita Sarkar from Jharkhand. According to the STF, the two had allegedly conspired to honeytrap and kidnap the son of state minister Umesh Ray to extort money from the family.

Officials alleged that the duo was working at the behest of Pakistan-based handlers connected to the Shahzad Bhatti gang.

Police claimed Sarkar had allegedly honeytrapped several influential individuals, including politicians, to collect information that was later shared with Mondal. Investigators said WhatsApp chats recovered during the probe revealed alleged links to Pakistan.

Social media trail helped investigators

According to the STF, investigators recovered international SIM cards issued in the United Kingdom and Mexico from the accused. The agency suspects these were used for encrypted communication with handlers and sleeper cells.

Officials also said an examination of Mondal’s mobile phone and social media activity suggested he had been radicalised online before allegedly coming into contact with Pakistan-based operatives.

The STF identified suspected handlers by the aliases “Rana”, “Uzair”, “Abid Jatt 333”, and “Hamad”, who are believed to be associated with the Shahzad Bhatti gang. The group is alleged to be involved in radicalisation, terror recruitment and narco-terror activities.

Investigators said Mondal and Sarkar first connected through Instagram and had been in a relationship for around four years. The probe reportedly began after the STF traced Sarkar’s social media accounts during an investigation into the alleged honeytrap case, eventually leading officers to Mondal.

The agency said efforts are continuing to determine the full extent of the suspected network and identify any additional members or cross-border connections. Officials added that further details cannot be disclosed at this stage because of the sensitivity of the investigation.

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Mountaineering icon Nirmal Purja dies after avalanche on Broad Peak

Record-breaking mountaineer Nirmal ‘Nims’ Purja died after an avalanche struck Broad Peak. Expedition company Elite Exped confirmed the tragedy and paid tribute to his remarkable legacy.

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Legendary mountaineer Nirmal ‘Nimsdai’ Purja has died after an avalanche struck Broad Peak, the world’s 12th-highest mountain, his expedition company Elite Exped confirmed in an Instagram post on Saturday.

Purja and five other climbers had been reported missing since Friday after an avalanche hit the expedition on Broad Peak’s standard West Ridge route. According to Elite Exped, the incident also claimed the lives of other members of the team.

“Today, it is with profound sadness and immense heartbreak that we confirm that Nirmal ‘Nimsdai’ Purja tragically lost his life following the avalanche on Broad Peak. We have also received confirmation that other members of the expedition sadly did not survive,” the company said.

Avalanche struck on Broad Peak

Broad Peak is located in the Karakoram mountain range along the border of Gilgit-Baltistan in Pakistan and China’s Xinjiang region, close to K2 in Pakistan-Occupied Kashmir (PoK).

The avalanche struck the expedition along the mountain’s standard West Ridge route at an altitude of approximately 21,600 to 21,850 feet.

Elite Exped also confirmed the deaths of Purja’s climbing partners and guides, Pur Bahadur Gurung (Yukta) and Nima Sherpa, while expressing condolences to the families of all those who lost their lives.

“The world has lost one of mountaineering’s greatest climbers; a leader who inspired millions through his courage, humility and unwavering belief that human potential is far greater than we often imagine,” the company said.

A pioneering career in mountaineering

Before becoming a full-time mountaineer and expedition guide, Purja served in Britain’s Brigade of Gurkhas and later in the Royal Marines’ elite Special Boat Service (SBS).

He rose to global prominence in 2019 after completing his ambitious Project Possible, climbing all 14 mountains above 8,000 metres in just six months and six days, setting a world record.

In 2021, Purja was part of the 10-member Nepali team that achieved the first successful winter ascent of K2, one of mountaineering’s most celebrated achievements.

His accomplishments also reached a global audience through the Netflix documentary 14 Peaks: Nothing Is Impossible, which chronicled his record-breaking expedition and inspired renewed interest in high-altitude climbing.

According to Elite Exped, Purja’s legacy will continue through the organisations he founded and the countless people he inspired to push beyond perceived limits.

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