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India will set an example in economic revival: PM Modi.

Prime Minister Narendra Modi has said that India has surprised the world with its unity and resolve in the fight against Coronavirus, and it will also set an example in economic revival as well.

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Prime Minister Narendra Modi has said that India has surprised the world with its unity and resolve in the fight against Coronavirus, and it will also set an example in economic revival as well.

In a letter to the citizens of India to mark the first anniversary of his second term in office, Prime Minister reiterated the country’s resolve in combating the COVID-19 pandemic.

The Prime Minister said that the collective strength and potential of Indians is unparalleled compared even to the powerful and prosperous countries of the world.

“In a crisis of this magnitude, it can certainly not be claimed that no one suffered any inconvenience or discomfort. Our labourers, migrant workers, artisans and craftsmen in small scale industries, hawkers and such fellow countrymen have undergone tremendous suffering,” Modi said.

“We are working in a united and determined way to alleviate their troubles. However, we have to take care to ensure that inconveniences that we are facing do not turn into disasters,” he added.

Talking about a widespread debate on how the economies of various countries, including India’s, will recover, Modi said, “Given the way India has surprised the world with its unity and resolve in the fight against Coronavirus, there is a firm belief that we will also set an example in economic revival. Through their strength, 130 crore Indians can not only surprise the world but also inspire it.”

The Prime Minister stressed that it is the need of the hour that we must become self-reliant and added that we have to move forward based on our own abilities, in our own way, and there is only one way to do it – Aatmanirbhar Bharat or Self-reliant India.

“The recent  20 lakh crore rupees package given for Aatmanirbhar Bharat Abhiyan is a major step in this direction.”

Modi said, due to the global pandemic this is certainly a time of crisis but for us and this is also a time for a firm resolve.

He said, we must always remember that the present and future of 130 crore people will never be dictated by an adversity.

“We will decide our present and our future and we will move ahead on the path of progress and victory will be ours.”

Prime Minister Narendra Modi also highlighted the achievements of his government.

The Prime Minister said, in the last one year, some of the decisions were widely discussed and remain etched in public discourse. He said abrogation of Article 370 furthered the spirit of national unity and integration.

 “The Ram Mandir judgment, delivered unanimously by the Supreme Court of India, brought an amicable end to a debate persisting for centuries. The barbaric practice of Triple Talaq has been confined to the dustbin of history. Amendment to the Citizenship Act was an expression of India’s compassion and spirit of inclusiveness.”

Maintaining that empowering the poor, farmers, women and youth has remained his Government’s priority, he said, “PM Kisan Samman Nidhi now includes all farmers and in  just one year, more than 72 thousand crore rupees  has been deposited in the accounts of over 9 crore 50 lakh farmers. A huge campaign of free vaccination is being conducted for better health of our 50 crore livestock. The Jal Jeevan Mission will ensure supply of potable drinking water through piped connections to over 15 crore rural households.”

The Prime Minister said, back in 2014, the people of the country voted for a substantive transformation.

“In the last five years, the nation saw how the administrative apparatus broke itself free of status quo and from the swamp of corruption as well as misgovernance. True to the spirit of ‘Antyodaya’ the lives of millions have been transformed.”

The  Prime Minister said, in 2019, the people of the country voted not merely for continuity but also with a dream- of taking India to new heights and a dream of making India a global leader.

“The decisions taken in the last one year are directed at fulfilling this dream. Today 130 crore people feel involved and integrated in the development trajectory of the nation. The light of ‘Jan Shakti’ and ‘Rashtra Shakti’ has ignited the entire nation. Powered by the Mantra of ‘Sabka Saath, Sabka Vikas, Sabka Vishwas’ India is marching forward in all spheres.”

Economy news

Financial changes effective from September, Aadhaar update, nomination deadline for demat account

Some changes will take effect on the first day, while others will be implemented later in the month. This list will affect people’s finances.

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In the month of September, there are many changes occurring, particularly in the financial sector. Some changes will take effect on the first day, while others will be implemented later in the month. This list will affect people’s finances.

The deadline to update an individual’s Aadhaar card details for free is quickly approaching. The Unique Identification Authority of India (UIDAI) extended the deadline from June 14 to September 14, 2023. This scheme is specifically for citizens who obtained their Aadhaar card 10 years ago and have yet to update their information. People can take this opportunity to update their details before it’s too late.

The nomination process for trading and demat accounts is mandatory for holders and the deadline for this has been extended by the Security and Exchange Board of India (SEBI). The account holders have to make nominations or opt out of it before September 30.

People will need to update and link of Aadhaar identity documents with PAN cards. Those who have credit cards from Axis Bank will also experience the effects of these changes starting this month.

As per the updated terms and conditions, Axis Bank’s Magnus credit card users need to pay higher fees. The annual fee has been increased to Rs 12,500. Also, the benefits associated with the card will be updated.  

This month marks the final opportunity for individuals to exchange Rs 2,000 notes. As stated by the Reserve Bank of India (RBI) in May, individuals may exchange or deposit these notes into their bank accounts before the specified deadline.

The central bank has specified that individuals may exchange or deposit for lower denomination notes, up to Rs 20,000 at a time, until September 30th. Interestingly, even after the deadline, Rs 2,000 notes will still be considered valid tender.

Starting from the current financial year, the Ministry of Finance has made it mandatory to provide both Permanent Account Number (PAN) and Aadhaar card information when making investments in small saving schemes such as the Public Provident Fund (PPF), Post Office Saving Scheme, and Senior Citizens Saving Scheme (SCSS). Existing subscribers must submit their Aadhaar number before September 30th, or their accounts will be frozen.

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India will remain on similar growth curve till 2030, expect well behaved inflation this fiscal: CEA

Chief Economic Adviser (CEA) V Anantha Nageswaran on Tuesday projected that India’s economy was poised to do better and expected to grow at 6.5-7 percent till the end of the decade.

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Economic Survey

Chief Economic Adviser (CEA) V Anantha Nageswaran on Tuesday projected that India’s economy was poised to do better and expected to grow at 6.5-7 percent till the end of the decade.

Nageswaran, while talking to the media after tabling of the Economic Survey in Parliament by Finance Minister Nirmala Sitharaman, said that the inflation is likely to be “well behaved” in the coming fiscal year barring any unforeseen factors.

According to the Economic Survey prepared by the CEA, RBI projection of retail inflation at 6.8 per cent in the current fiscal is neither too high to deter private consumption, nor too low as to weaken inducement to invest.

The Economic Survey for the current fiscal also state that the Indian economy is expected to hit a minor slow down to 6.5 percent in April 2023 but will continue to remain the fastest-growing major economy in the world owing to its ability to better deal with challenges faced by the global economy.

The CEA maintained that the projected growth rate would remain stable as long as oil prices stayed below 100 dollars per barrel. He also pointed out that the quality of public expenditure has gone up and the government has become more transparent with budget deficit numbers, adding that an increased transparency is being witnessed in public procurement.

Read Also: Finance Minister Nirmala Sitharaman tables Economic Survey 2023, check highlights here

Nageswaran stressed that credit growth is picking up across sectors, and credit to MSMEs has grown at 30 per cent since January 2022, while NPAs in NBFCs is lower than what it was 15 months ago.

The CEA revealed that India is well ahead of its targets for renewable energy mix.

Earlier on Tuesday, the International Monetary Fund in its January update of the World Economic Outlook called India as a bright spot in an otherwise gloomy world economy which, together with China, will account for half of the global growth in 2023, compared to the US and Euro area, who account for just a 10th of the world’s growth.

The IMF report had made almost similar projections to the Economic Survey tabled by the government. It has projected India’s growth to dip slightly from 6.1 percent to 6.8 percent during the current fiscal year ending on March 31. IMF also expects some minor slowdown in the Indian economy in the next fiscal year.

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India a bright spot amid projected decline in global growth: IMF

The International Monetary Fund (IMF) has projected India’s growth to dip slightly from 6.1 percent to 6.8 percent during the current fiscal year ending on March 31. IMF also expects some minor slowdown in the Indian economy in the next fiscal year.

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International Monetary Fund

The International Monetary Fund (IMF) has projected India’s growth to dip slightly from 6.1 percent to 6.8 percent during the current fiscal year ending on March 31. IMF also expects some minor slowdown in the Indian economy in the next fiscal year.

According to the January update of the World Economic Outlook released by global fiscal body on Tuesday, global growth is projected to fall from a projected 3.4 percent in 2022 to 2.9 percent in 2023, then rise to 3.1 percent in 2024.

Pierre-Olivier Gourinchas, Chief Economist and Director, Research Department of the IMF said in a statement that the IMF’s projections for India remain unchanged from its October update as they predict a 6.8 percent growth curve for the Indian economy for the current fiscal and an expected minor dip to 6.1 percent in the next fiscal.

According to the IMF World Economic Outlook, the slowdown is largely driven by external factors, adding that the India’s growth will once again see an upward curve and go up to 6.8 percent in 2024 due to resilient domestic demand despite external factors.

The report expects a rise in growth in developing Asian nations in 2023 and 2024 to 5.3 percent and 5.2 percent, respectively, after the slowdown in 2022 to 4.3 percent.

For the first time in the last four decades, China’s growth fell below the global average in the fourth quarter of 2022 which saw a 0.2 percentage point downgrade, settling at 3.0 percent. However, China’s growth is expected to rise to 5.2 percent in 2023 and fall to 4.5 percent in 2024 before settling at below 4 percent over the medium term amid declining business dynamism and slow progress on structural reforms.

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Gourinchas pointed out that emerging market economies and developing economies are already on the way up and have seen a slight rise in growth for the region from 3.9 percent in 2022 to 4 percent in 2023.

He stressed that India and China combined account for almost 50 percent of world growth in 2023, adding that IMF’s positive view on India’s growth curve remains unchanged.

Gourinchas in a blog post termed India as a bright spot which, together with China, will account for half of the global growth in 2023, compared to the US and Euro area, who account for just a 10th of the world’s growth.

Gourinchas also forecasted a much more pronounced slowdown for advanced economies with a decline from 2.7 percent last year to 1.2 percent and 1.4 percent this year and next.

Nine out of 10 advanced economies will likely decelerate, he added.

He predicted that the US’ growth will slow to 1.4 percent in 2023 as Federal Reserve interest-rate hikes work their way through the economy. Euro area conditions are more challenging despite signs of resilience to the energy crisis, a mild winter, and generous fiscal support, he said.

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