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Manmohan says, Indian economy is currently in a ‘vicious slowdown’

Manmohan Singh today said he didn’t see the economy reaching the 5 trillion dollar target by 2024, with gradual decline in growth. He also said the economy is in a “vicious slowdown” which could be salvaged only if the growth rate shot up.

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Manmohan Singh

Former Prime Minister Manmohan Singh today said he didn’t see the economy reaching the 5 trillion dollar target by 2024, with gradual decline in growth. He also said the economy is in a “vicious slowdown” which could be salvaged only if the growth rate shot up.

“Economy is in a vicious slowdown now. With the way it is going, right now what is feasible is 5.5 to 6 per cent in the short term. But our economy needs a growth rate of 8 to 10 per cent for employment generation,” the former Prime Minister said, while addressing a Press Conference in Mumbai, ahead of elections in Maharashtra.

He also referred to the International Monetary Fund report on India, which has predicted 6.1 % growth rate during the current fiscal year, as against 7.3% mentioned some months ago. “With growth rate declining year after year, I don’t think there’s any hope of economy reaching the target of $5 Trillion by 2024,” Dr Singh said.

Dr Singh also said Mumbai and Maharashtra had suffered some of the worst effects of the grave economic slowdown. Maharashtra today was a leader in farmer suicides, according to him, and every third person was jobless.

“Maharashtra used to attract talent from across the nation, sadly that is not the case anymore. The economic scenario of a demographic dividend is suffering. Factories and industry is fast moving out of Maharashtra. The farm sector is under stress too, farmers are suffering,” he said.

He said, unfortunately, the BJP governments at the Centre as well as in Maharashtra are unwilling to implement people-friendly measures. He said he had no doubt that the problems of Maharashtra would be managed in a better way under a Congress government.

Earlier on Tuesday, Finance Minister Nirmala Sitharaman had accused the Manmohan Singh-Raghuram Rajan combination for the present economic crisis in the country. Pointing at bad loans in state-run banks when the Congress-led United Progressive Alliance was in power, Sitharaman held the former PM and ex RBI Governor responsible for subjecting public sector banks to their “worst phase”.

“I have no reason to doubt that Raghuram Rajan feels for every word of what he is saying. And I’m here today, giving him his due respect, but also placing the fact before you that Indian public sector banks did not have a worst phase than when the combination of Singh and Rajan, as Prime Minister and the Governor of the Reserve Bank of India, had. At that time, none of us knew about it,” the Finance Minister said in her address  at the Columbia University’s School of International and Public Affairs.

Education

Farmer’s son Nilkrishna Gajare Nirmalkumar from Maharashtra scores 100 NTA score in IIT-JEE Mains 2024

Nilkrishna Gajare’s father is a farmer and had to discontinue his own education after Class 12 as he faced financial difficulties. Gajare faced financial challenges growing up. However, his unwavering dedication and strategic approach to preparation set him apart from the crowd.

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Nilkrishna Gajare, who hails from Maharashtra’s Washim, achieved an extraordinary feat by securing a perfect score of 100 in the JEE Main 2024 examination. His journey from humble beginnings to the pinnacle of success is a source of inspiration for many people.

Nilkrishna Gajare’s father is a farmer and had to discontinue his own education after Class 12 as he faced financial difficulties. Gajare faced financial challenges growing up. However, his unwavering dedication and strategic approach to preparation set him apart from the crowd, which resulted in his remarkable achievement of emerging as topper of one of India’s toughest Engineering entrance exams.

Nilkrishna Gajare had a strategic plan that helped him succeed in IIT-JEE 2024. According to Nilkrishna persistence is important and one should never stop trying until they understand a topic. He said being curious and asking questions are important traits of a good student.  He said one should not be ashamed of asking questions.

Nilkrishna spent around 10-15 hours every day studying on his own for the JEE Main exam. He mentioned that he used his class notes for Physics and Physical Chemistry. For organic chemistry and inorganic chemistry, he relied on both notes and practice questions.

As for Mathematics, he believed that practicing regularly was the most important thing for him. Other interests of Nilkrishna include archery. He has participated at both state and national levels, and he finds joy in the sport.  He said archery helps him understand the importance of focusing his attention on his goals. Nilkrishna likes watching movies and said they are a great source of enjoyment and relaxation.

He likes to watch a movie after exams and occasionally treats himself to one each week too. Gajare aims to keep up the pace for the JEE-Advanced exam and hopes to get into the IITs. He said he wants to secure admission in IIT-Bombay in the computer science branch.

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2024 Lok Sabha Elections

Lok Sabha elections: Samajwadi Party chief Akhilesh Yadav files nomination from Kannauj

The Samajwadi Party has announced Akhilesh Yadav as its official candidate for the Kannauj Lok Sabha seat today

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Samajwadi Party (SP) chief Akhilesh Yadav, submitted his nomination for the Kannauj Lok Sabha constituency ahead of tomorrow’s second round of voting. In front of Ram Gopal Yadav and other party leaders, the chief of the SP, who had previously contested the seat in 2000, 2004 and 2009, submitted the nomination.

Speaking with media, Ram Gopal Yadav said that SP would win the seat by a huge margin. The BJP candidate might lose his deposit in the seat, he said.

The Samajwadi Party has completely reversed its earlier plan to field former Mainpuri MP Tej Pratap Singh Yadav as their candidate, which is a significant political development.

Earlier, Akhilesh Yadav told reporters, people will find out when the nomination takes place, in reference to the speculations that he will contest for the seat. The historic victory of Kannauj is the subject of inquiry.

The former chief minister continued, the people have decided that the India bloc is coming as the future and the BJP will be history in this election.

Notably, elections for the Kannauj seat are scheduled for May 13, which would intensify the political drama that is now playing out in Uttar Pradesh. Previously regarded as the Samajwadi Party’s stronghold, the seat was lost by the party in the 2019 election when Subrat Pathak of the BJP won with a resounding victory.

The candidates competing for the following Uttar Pradesh seats will find out their destiny in the second round of voting, which is scheduled for tomorrow, Amroha, Meerut, Mathura, Baghpat, Aligarh, Ghaziabad, Gautam Buddh Nagar, and Bulandshahar.

Notably, two Bollywood celebrities running as BJP candidates in the second round are Hema Malini from Mathura and Arun Govil from Meerut. There are 91 contestants from UP competing in the second phase.

The seats in Gautam Buddha Nagar and Mathura are up for grabs, with a maximum of 15 applicants per seat. In Bulandshahr, six candidates are vying for the presidency. There are twelve contenders running in Amroha, eight in Meerut, seven in Baghpat, and fourteen in Ghaziabad and Aligarh.

1,67,77,198 votes will decide these candidates’ fates.

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2024 Lok Sabha Elections

Bihar: Election Commission extends voting timings for 4 Lok Sabha seats due to heatwave

The voting period has been extended by two hours for a total of 299 polling stations

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In accordance to the rising temperatures in Bihar, the Election Commission of India (ECI) has extended the voting hours for the upcoming three phases of the parliamentary polls at 1,700 polling places spread across four parliamentary seats, Banka, Madhepura, Khagaria, and Munger. The extension of the voting hours was announced by poll officials on Wednesday.

Polling generally takes place from 7 a.m. to 6 p.m. in most parts of the country, however, in certain isolated locations and in constituencies impacted by left-wing extremism, polls close two hours early to allow polling parties to move around easily.

The ECI gazette notification said the dates for the parliamentary constituencies of Banka (Katoria and Belhar assembly segments), which will hold elections on April 26, Madhepura (Mahishi assembly segment), Khagaria (Simri Bakhtiyarpur, Alauli, and Beldaur assembly segments), where voting will take place on May 7, and Munger (Suryagarha assembly segment), which will hold final phase elections on May 13, have been extended.

The voting period has been extended by two hours for a total of 299 polling stations in Simri Bakhtiarpur, 191 polling stations in Belhar AC of Banka, 172 polling stations in Katoria Assembly Constituency (AC) and 191 polling stations in Belhar AC of Banka, 207 booths in Mahishi AC of Madhepura seat, and 230 polling stations in Suryagarha AC of Munger.

In an effort to boost voter turnout, which fell to 49.26% in the first phase of polling on April 19 in Aurangabad, Gaya, Nawada, and Jamui from 53.47% in 2019 by 4.21%, the timing has also been extended.

Meanwhile, during the course of the next several days, temperatures in the southern states, namely Kerala and Karnataka, are predicted to rise by 2-3°C. In Southern Karnataka, where up to 14 constituencies are scheduled to vote in Phase 2, a heatwave warning has been issued. It is predicted to affect the districts of Tumkur, Davangere, Vijayapura, Yadgir, Koppal, Bagalkote, Kalaburgi, Raichur, Ballari, Chitradurga, Kolar, Chikkaballapura, Gadag, and Davangere.

The EC stated that a likely factor influencing voter turnout is the increase in temperature.

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