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PM Modi’s Independence Day Speech Highlights Need for UCC

by theparliamentnews.com
written by theparliamentnews.com

In a historic Independence Day speech from the ramparts of the Red Fort, Prime Minister Narendra Modi made a compelling case for the implementation of a Uniform Civil Code (UCC) in India. This landmark proposal, which aims to unify the diverse personal laws governing different religious communities, marks a significant moment in India’s journey towards a more inclusive and equitable society.

A Call for Change

Prime Minister Modi’s speech resonated with the urgency of the times, emphasizing the need to eliminate laws that create divisions based on religion. “Laws that divide the country have no place in a modern society and must be done away with,” he asserted. The Prime Minister highlighted the repeated calls by the Supreme Court for a uniform civil code, framing it as not just a legal necessity but a constitutional mandate.

“The Supreme Court has repeatedly held discussions on uniform civil code, given orders, because a large section of the country feels, and rightly so, that the current civil code is a communal civil code, a discriminatory civil code,” PM Modi said. His remarks reflect a growing consensus that the existing personal laws, which vary according to religion, perpetuate inequality and are inconsistent with the vision of a secular nation.

Fulfilling the Dream of the Constitution

The Prime Minister reminded the nation that the concept of a Uniform Civil Code was envisioned by the framers of the Indian Constitution. “The Constitution tells us, the Supreme Court tells us to, and it was the dream of the Constitution makers. So it is our duty to fulfill it,” he stated. This appeal to the foundational principles of the nation underscores the government’s commitment to realizing the ideals of justice, equality, and fraternity for all citizens.

Towards a Secular Civil Code

PM Modi’s call for widespread discussion and consultation reflects the sensitive nature of the issue. He urged all citizens to engage in constructive dialogue, to share their opinions, and to contribute to the shaping of a new legal framework that transcends religious divides. “Time demands a secular civil code. And then we will be free of religious discrimination,” the Prime Minister declared, outlining a vision of India where all citizens are equal under the law.

Political Implications

This bold move aligns with the BJP’s longstanding commitment to a Uniform Civil Code, as articulated in its manifesto for the Lok Sabha elections. Several BJP-led state governments have already initiated steps towards implementing a UCC at the state level. The Prime Minister’s remarks signal a clear intent to address this contentious issue at the national level during the government’s current term.

A New Chapter in India’s Journey

The proposal for a Uniform Civil Code is not just a legal reform; it is a step towards creating a more united and just India. As the nation celebrates its 78th Independence Day, Prime Minister Modi’s call for a secular civil code sets the stage for a new chapter in India’s journey towards true equality and social harmony.

In the coming months, as discussions unfold and the nation grapples with the complexities of this transformative proposal, the vision of a unified legal framework that upholds the rights and dignity of every citizen will remain at the forefront of India’s collective conscience.

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BlogFeaturedIndia

India’s 78th Independence Day: Celebrating Freedom and Forging the Future

by theparliamentnews.com
written by theparliamentnews.com

On August 15, 2024, India will celebrate its 78th Independence Day, a momentous occasion that marks the nation’s freedom from British colonial rule. As the tricolor unfurls across the country, citizens will honor the sacrifices of freedom fighters who fought for India’s sovereignty, while looking forward to the nation’s future with hope and determination.

A Brief Glimpse into History

India’s struggle for independence was a long and arduous journey, marked by the tireless efforts of leaders like Mahatma Gandhi, Jawaharlal Nehru, Sardar Vallabhbhai Patel, and countless others. After years of protests, civil disobedience, and relentless demands for self-governance, India finally achieved independence on August 15, 1947. This day not only symbolizes the end of British rule but also the birth of a democratic and secular nation committed to unity in diversity.

Independence Day 2024: Celebrations and Significance

The 2024 Independence Day theme, “Sustainable Development for a New India,” reflects the nation’s vision of achieving growth that is inclusive, eco-friendly, and future-focused. As India stands at the cusp of becoming a global leader in technology, innovation, and sustainable practices, this theme underscores the importance of nurturing the environment while driving economic progress.

The celebrations will be grand, with the main event taking place at the historic Red Fort in New Delhi. Prime Minister Narendra Modi will hoist the national flag and deliver a speech outlining the government’s achievements, challenges, and future goals. The ceremony will also include a grand parade featuring the armed forces, cultural performances from various states, and the singing of patriotic songs that evoke the spirit of freedom.

Upcoming Events in Delhi on Independence Day

Delhi will witness a series of events and activities commemorating this special day:

  1. Red Fort Flag Hoisting Ceremony: The traditional flag hoisting by the Prime Minister at Red Fort will be the centerpiece of the day’s celebrations, followed by a parade and cultural performances.
  2. Beating Retreat Ceremony: A stunning display of military bands and performances will take place in the evening at Vijay Chowk, showcasing India’s rich musical heritage.
  3. Independence Day Fair: Several cultural and food festivals will be held across Delhi, highlighting the diversity of India’s states. India Gate will be a focal point for families enjoying the festivities.
  4. Light and Sound Show: A spectacular light and sound show will take place at India Gate and the Red Fort, narrating the story of India’s independence struggle through visuals and audio.

Wishes and Messages for Independence Day 2024

As India celebrates its 78th Independence Day, here are some heartfelt wishes to share with friends and family:

  • “On this Independence Day, let’s pledge to build a nation that our future generations will be proud of. Happy Independence Day!”
  • “Freedom is a precious gift. Let’s honor the sacrifices of our freedom fighters by working towards a prosperous and united India. Happy Independence Day 2024!”
  • “May the spirit of freedom and democracy guide us towards a brighter future. Wishing you a Happy Independence Day!”
  • “Let’s celebrate the essence of free India and work towards a more sustainable, inclusive, and empowered nation. Happy Independence Day!”

As India moves forward, the significance of Independence Day remains deeply rooted in the nation’s

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BlogEducation & TechFeatured

Google’s Antitrust Showdown: The Verdict That Could Reshape Big Tech

by theparliamentnews.com
written by theparliamentnews.com

In a judgment that echoes the landmark antitrust ruling against Microsoft nearly 25 years ago, Google now finds itself at the center of a legal storm that could redefine the tech industry. The recent ruling by the U.S. District Court for the District of Columbia has declared Google a monopolist, accusing the tech giant of stifling competition to protect its dominant position in the online search market. This verdict, which concludes a legal battle that began nearly three years ago, could have far-reaching implications for how Big Tech firms operate.

The case against Google, which started with the consolidation of two lawsuits—United States vs Google and Colorado vs Google—culminated in a nine-week bench trial in September 2023. U.S. District Judge Amit P. Mehta found that Google violated Section 2 of the Sherman Antitrust Act by engaging in anti-competitive practices. Specifically, Google was accused of leveraging its market dominance by making exclusive deals with smartphone manufacturers like Apple and Samsung, ensuring that Google Search remained the default search engine on their devices.

While Google plans to appeal the decision, the U.S. Department of Justice has yet to determine the remedy it will seek. The possible outcomes range from breaking up Google’s business empire to nullifying the exclusive agreements with handset makers. Either remedy could send shockwaves through the tech industry.

If Google is broken up, the very structure of digital business could be transformed. Google’s influence spans across various digital services, and dismantling the company could lead to significant changes in how these services are offered and consumed. On the other hand, if Google is forced to terminate its exclusive agreements, it could lead to immediate financial repercussions, particularly for Apple, which stands to lose billions from its lucrative deal with Google. Such a move could also open the door for consumers to explore alternative search engines, potentially diversifying the online search market.

These potential changes also carry the possibility of pushing Google to innovate further, particularly in areas like user privacy. The long-term effectiveness of alternative search engines remains uncertain, as they would need to scale significantly and gather vast amounts of data to compete with Google’s well-established algorithms. Nevertheless, this ruling could be the catalyst for a more competitive and consumer-focused digital landscape.

Beyond Google, this verdict sets a powerful precedent for ongoing antitrust cases against other tech giants like Meta, Amazon, and Apple. The outcomes of these cases could further shape the future of Big Tech, as regulators around the world take a closer look at the monopolistic practices that have allowed these companies to dominate their respective markets.

As the tech world waits to see what remedies the court will impose, one thing is clear: the days of unchallenged dominance by Big Tech may be coming to an end. This ruling against Google could be the first step toward a more balanced and competitive digital economy.

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BlogFeaturedWorld

Trump and Musk Unite: A Controversial Conversation Amid Cyber Chaos

by theparliamentnews.com
written by theparliamentnews.com

In a highly anticipated interview that drew millions of listeners, former President Donald Trump and tech mogul Elon Musk sat down for a candid discussion that quickly became a trending topic across social media. Hosted on Musk’s platform, X (formerly Twitter), the event experienced significant technical issues, delaying the start by 40 minutes. Musk attributed the delay to a “massive” Distributed Denial-of-Service (DDoS) attack, although this claim remains unconfirmed.

Despite the glitches, the interview garnered over a million listeners, with Trump kicking off the conversation by congratulating Musk on “breaking every record in the book.” The interview, however, was not without its controversies, as Trump’s remarks on climate change and immigration sparked debates.

Trump’s Climate Change Comments: More Controversy Than Substance

One of the most discussed moments came when Trump mocked concerns about climate change, suggesting that rising ocean levels would lead to “more oceanfront property.” This remark was particularly striking given Musk’s well-known stance on environmental issues. Musk, who previously left Trump’s presidential advisory councils in protest of the U.S. withdrawal from the Paris climate accords, chose not to challenge Trump’s climate change denial during the interview. This silence has led to speculation about Musk’s current position on environmental matters, especially since he has previously stated that “Tesla exists to help reduce the risk of catastrophic climate change.”

Immigration and Assassination: Trump’s Claims Take Center Stage

The conversation also took a dramatic turn when Musk asked Trump about a recent assassination attempt at his Pennsylvania rally. Trump recounted the harrowing experience, claiming that his stance on immigration may have made him a target. In a lighter moment, Trump joked that “illegal immigration saved my life,” referring to a chart he was discussing when shots were fired.

Trump’s Vision for Education: A Department on the Chopping Block

During the interview, Trump reiterated his desire to shut down the Department of Education, arguing that education should be managed at the state level. Musk, who expressed interest in joining a potential Trump administration to help cut government waste, was praised by Trump as “the greatest cutter.”

Technical Issues and Cybersecurity Concerns

The interview’s rocky start due to technical issues led to widespread speculation about the cause. While Musk suggested a DDoS attack was responsible, this has not been verified. The event’s glitches were reminiscent of a similar situation in May 2023 when Florida Governor Ron DeSantis faced issues during his presidential campaign announcement on the same platform.

EU Reacts: Concerns Over Harmful Content

The conversation between Trump and Musk also caught the attention of European regulators. Thierry Breton, the European Union’s commissioner for the internal market, raised concerns about the potential amplification of harmful content following the interview. In response, Trump’s campaign spokesman criticized the EU’s involvement, defending the interview as a matter of free speech.

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BlogEducation & TechFeatured

Maharashtra Shines in National Institutional Rankings: 80 Educational Institutions Recognized

by theparliamentnews.com
written by theparliamentnews.com

New Delhi, 12: Union Education Minister Dharmendra Pradhan unveiled the Indian Standards 2024 report, marking the ninth consecutive release of the Indian Ranking of Higher Education Institutions. In this year’s National Institutional Ranking of Higher Education Institutions-2024, 80 institutions from Maharashtra were recognized across 13 categories, reflecting excellence in education, learning, research, and inclusion.

Notably, Savitribai Phule Pune University (SPPU) was ranked the third-best university in the state. The rankings also highlighted 11 institutions from Maharashtra among the top 100 overall institutions in India, with Indian Institute of Technology Bombay securing the 30th spot. Additionally, 10 universities from the state were listed among the top 100 in the country, with Homi Bhabha National Institute leading at 16th place.

The report introduced new categories this year, including Best Universities in States, where SPPU achieved third place. Maharashtra also excelled in research and engineering categories, with five institutions each ranked among the top in the country. Furthermore, four colleges and nine management institutes from the state were featured in the top 100 rankings, showcasing Maharashtra’s strong presence in higher education.

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BlogEducation & TechFeatured

Meet Uday Shankar: The 15-Year-Old AI Prodigy Revolutionizing Technology

by theparliamentnews.com
written by theparliamentnews.com

In a world where artificial intelligence is rapidly transforming industries, a 15-year-old prodigy from Kerala is making waves with his remarkable contributions to the field. Uday Shankar, hailed as the “Wizard of AI,” has an inspiring story that showcases his unwavering passion for science and technology, even when it meant stepping away from traditional education.

Uday’s journey into the tech world began when he made the bold decision to drop out of school in the eighth grade to fully dedicate himself to his love of AI and software development. Despite this unconventional path, Uday’s brilliance shone through as he quickly rose to prominence, earning the prestigious role of Chief Technology Officer (CTO) at Urav Advanced Learning System Pvt Ltd, an AI start-up based in Kochi, Kerala.

As the CTO of Urav, Uday oversees the technical branch of the company, guiding its vision and development. Under his leadership, Urav has become a hub for innovation, offering certificate programs in cutting-edge technologies like artificial intelligence, augmented reality, virtual reality, and game development. Uday’s expertise has been instrumental in shaping the curriculum, particularly in advanced Python coding and Unity 3D game development courses for young learners.

Uday’s path is a testament to his exceptional talent and dedication. With the support of his parents, Dr. Ravi Kumar and Srikumari, Uday has pursued his education through open schooling, allowing him to balance his academic aspirations with his role at Urav. He has earned certificates from prestigious institutions like IIT Kanpur and the Massachusetts Institute of Technology, further solidifying his reputation as a young genius in the tech world.

But Uday’s accomplishments don’t stop there. He has authored four research papers, secured three patents, and developed an impressive portfolio of about fifteen games, nine computer programs, and seven apps. His innovative spirit was recognized with the Dr. APJ Abdul Kalam Ignited Mind Children Creativity and Innovation Award 2030, an honor that underscores his impact on the field of AI.

One of Uday’s most notable projects is the development of an app called “Hi Friends,” which was inspired by a personal experience. When Uday struggled to communicate with his grandmother in Palakkad, he saw an opportunity to create an AI-based solution. The app allows users to create avatars of loved ones and communicate with them in any language, opening up new possibilities for AI in multilingual communication. This breakthrough led to the creation of a multilingual kiosk that could be used in public transportation systems like trains and metros.

Uday’s innovation extends beyond AI communication tools. He founded his start-up, Urav, four years ago after teaching himself Python programming online. Among his other notable projects is “Clean Alka,” an AI chatbot that interacts with users to generate images, and “Bhashini,” a patented app that allows users to manage multiple languages seamlessly. In his commitment to social impact, Uday has also developed a free app designed to assist visually impaired individuals in navigating public spaces.

Uday Shankar’s story is a powerful reminder that age is no barrier to innovation. His journey from a young tech enthusiast to a leading figure in AI is a testament to the boundless potential of youth when passion and talent are nurtured. As Uday continues to push the boundaries of technology, his work promises to inspire countless others to follow their dreams and make their mark on the world.

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BlogFeaturedIndiaIndia Parliament

‘Creamy Layer’ in Reservations: Kharge Advocates for Legislative Override of Supreme Court Verdict

by theparliamentnews.com
written by theparliamentnews.com

The ongoing debate over the Supreme Court’s recent ruling on sub-categorization within Scheduled Castes (SC) and Scheduled Tribes (ST) reservations has ignited significant political discourse. At the heart of this controversy is the concept of the “creamy layer” within these communities—a notion that has drawn sharp criticism from various quarters, including Congress President Mallikarjun Kharge.

Supreme Court’s Judgment: A Double-Edged Sword?

Earlier this month, a seven-judge bench of the Supreme Court, led by Chief Justice DY Chandrachud, delivered a landmark judgment permitting states to sub-classify communities within the SC and ST lists based on empirical data. While this decision was largely hailed as a step towards ensuring more equitable distribution of resources, it also introduced the controversial idea of applying the “creamy layer” concept to these historically marginalized groups.

Justice BR Gavai, in a concurring judgment, argued that states should evolve a policy to identify the creamy layer within SCs and STs and deny them the benefits of reservation. This suggestion has sparked a heated debate, with many, including Kharge, condemning the idea as fundamentally flawed and detrimental to the very purpose of reservations.

Kharge’s Stand: Protecting the Essence of Reservation

Mallikarjun Kharge has been vocal in his opposition to the Supreme Court’s observation regarding the creamy layer. He asserts that this concept, if implemented, would undermine the original intent of reservations, which was to combat the entrenched social discrimination and untouchability that members of SC and ST communities have faced for centuries.

“By bringing the creamy layer concept, you are effectively denying benefits to those who have been the most marginalized,” Kharge stated, highlighting the persistent social inequalities that continue to plague these communities. He argued that the basis for reservation has always been to address untouchability and social injustice, not economic status.

Kharge’s critique extends beyond the judiciary to the legislative domain. He believes that the government should have proactively brought forth legislation to nullify the Supreme Court’s observations on the creamy layer, thereby preserving the integrity of the reservation system. “If the government can push through other bills in a matter of hours, there is no reason why they couldn’t have addressed this issue in the same session,” he remarked.

The Broader Implications: A Call for Unity

Kharge’s comments come at a time when the political landscape is fraught with discussions on the future of reservations in India. He has called for a unified stance against the creamy layer concept, urging all stakeholders to ensure that this part of the judgment does not gain traction. According to Kharge, the ongoing privatization of public sector jobs, coupled with existing vacancies that are not being filled, further exacerbates the challenges faced by SC and ST communities in securing employment.

Government’s Position: A Reaffirmation of Constitutional Provisions

In response to the Supreme Court’s judgment, the Union Cabinet, led by Prime Minister Narendra Modi, has reiterated its commitment to the constitutional provisions laid down by Dr. B.R. Ambedkar. The government has maintained that there is no provision for a creamy layer in SC and ST reservations as per the Constitution, signaling its intent to uphold the current framework.

A Complex Issue with No Easy Answers

The debate over the creamy layer in SC and ST reservations touches on deeply entrenched social issues that go beyond mere economic criteria. While the Supreme Court’s judgment seeks to address disparities within these communities, it has also opened up a complex discussion on the future of affirmative action in India.

As the Congress continues its consultations with intellectuals, experts, and NGOs, the political and social ramifications of this judgment will likely be felt for some time. Kharge’s firm stand against the creamy layer concept highlights the broader concern that any dilution of the reservation policy could undermine decades of progress towards social equality.

In a country where untouchability and discrimination are still realities for many, the battle to protect the essence of reservations is far from over.

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BlogSportsWorld

Spain Secures Olympic Gold While Samu Omorodion Watches from the Sidelines

by theparliamentnews.com
written by theparliamentnews.com

Spain clinched the gold medal in men’s football at the Paris Olympics after a dramatic final against France. Despite a nail-biting finish, Spain emerged victorious, adding the Olympic title to their earlier Euros triumph.

The match was a rollercoaster, with France taking an early lead due to a goalkeeping mishap. However, Spain quickly turned the game around, scoring three goals in a swift ten-minute burst. France mounted a fierce comeback in the final minutes of regulation, including a controversial VAR-awarded penalty that leveled the score. The contest was ultimately decided in extra time, where Spain sealed the win and completed a remarkable double.

Chelsea-bound striker Samu Omorodion, who was part of Spain’s squad, did not feature in the final, likely due to his impending transfer to Chelsea. Omorodion made his mark earlier in the tournament by starting one match and scoring a goal. He will join Chelsea soon and compare medals with fellow Blues player Marc Cucurella. Barcelona’s Fermín López led Spain’s goal-scoring with six goals throughout the tournament.

In related news, the USWNT, managed by Emma Hayes, is set to compete for gold against Brazil tomorrow in what promises to be an exciting conclusion to the women’s football tournament.

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BlogFeaturedSports

Breaking Olympics: Breakdancing Makes Its Olympic Debut at Paris 2024

by theparliamentnews.com
written by theparliamentnews.com

The Paris Olympics has welcomed a vibrant and dynamic addition to its roster of sports: Breaking, also known as breakdancing. Making its Olympic debut on Friday at 7:30 pm, this electrifying dance discipline is set to captivate audiences with its fusion of athleticism and artistry.

What Is Breaking?

Breaking, the official term for what is popularly known as breakdancing, is a high-energy sport combining intricate dance moves with athletic prowess. Rooted in the hip-hop culture of New York, Breaking is a one-on-one battle where athletes showcase their skills through a series of spins, twists, and gravity-defying moves. The competition involves solo performances judged on creativity, technique, and the ability to impress the audience and panel of judges.

Why Is Breaking at the Olympics?

The International Olympic Committee’s decision to include Breaking in the Paris 2024 Games aligns with a broader trend of integrating sports that appeal to younger audiences and reflect contemporary urban culture. Breaking first gained international attention at the 2018 Summer Youth Olympic Games in Buenos Aires, and its success there paved the way for its inclusion in the main Olympic program. This debut is a testament to the sport’s growing global popularity and its alignment with the Olympic values of inclusivity and innovation.

The Olympic Stage for Breaking

Set against the iconic backdrop of Place de la Concorde, the largest public square in Paris, Breaking will feature both men’s and women’s events. The competition will see 16 B-Boys and 16 B-Girls go head-to-head in thrilling solo battles. Athletes will utilize a range of power moves—such as windmills, the 6-step, and freezes—while adapting their performances to the beat of the DJ’s tracks, aiming to secure top marks from the judges.

Breaking vs. Breakdancing: What’s the Difference?

While the terms are often used interchangeably, “Breaking” pays homage to the sport’s origins, referencing the breaks in DJ tracks when dancers would showcase their moves. “Breakdancing” is the more familiar term to many, but both refer to the same high-energy dance form that blends technical skill with creative expression.

What to Expect

The debut of Breaking promises to be a highlight of the Paris Games, offering a fresh and dynamic spectacle. As athletes take to the floor, the combination of athleticism and dance will provide a new dimension to the Olympic experience, showcasing a unique blend of cultural and physical expression.

As the world tunes in to witness this historic debut, Breaking is set to make a lasting impression on the Olympic stage, further cementing its place in the global sporting arena. The Paris 2024 Olympics is not just a celebration of traditional sports but also a platform for showcasing the diverse and evolving landscape of competitive athletics.

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BlogBusinessFeaturedIndia

RBI Holds Repo Rate Steady: A Positive Signal for Homebuyers and Real Estate Investors

by theparliamentnews.com
written by theparliamentnews.com

In a move that bodes well for the real estate sector, the Reserve Bank of India (RBI) has decided to keep the repo rate unchanged at 6.5% for the ninth consecutive time. This decision, announced on August 8, aligns seamlessly with the recent announcement on August 7 regarding indexation benefits on the sale of property, offering a double boost to the real estate market.

The RBI’s choice to maintain the current policy rate offers much-needed stability to the housing market, particularly at a time when food inflation remains a concern. With the repo rate holding steady, home loan EMIs will remain manageable for both current and prospective homeowners, a development that could drive an uptick in home sales, especially in the price-sensitive affordable housing segment.

“The monetary policy committee decided by a 4:2 majority to keep the policy repo rate unchanged at 6.5%. Consequently, the standing deposit facility (SDF) rate remains at 6.25%, and the marginal standing facility (MSF) rate and the bank rate at 6.75%,” said RBI Governor Shaktikanta Das during the policy announcement.

Real estate experts are optimistic about the potential impact of this decision. Anuj Puri, Chairman of ANAROCK Group, noted, “Maintaining interest rates offers consistency in borrowing costs, which will prompt more aspiring homebuyers to consider taking the plunge—thus driving demand in the housing market. With interest rates staying steady, EMIs will remain manageable, potentially leading to increased home sales.”

The RBI’s decision also coincides with the recent announcement of indexation benefits, which is expected to have a positive impact on the property market. The indexation benefits allow for adjustments to the purchase price, taking inflation into account, which in turn reduces capital gains tax upon the sale of property. This tax advantage makes real estate investments more appealing, further spurring demand and capital flow into the housing sector.

Samantak Das, Chief Economist and Head of Research and REIS, India, JLL, emphasized the significance of the RBI’s steady approach: “The RBI’s intention in keeping rates unchanged is to ensure a stable interest rate environment and price stability, which is crucial for sustained growth. However, future rate cuts in India will primarily be influenced by domestic factors.”

Looking ahead, experts believe that the sentiment in the real estate sector is likely to remain positive throughout the upcoming festive season. The combination of stable interest rates and recent government initiatives, such as the rationalization of stamp duty charges and concessions for women homebuyers, is expected to further support this momentum.

Vimal Nadar, Senior Director and Head of Research at Colliers India, remarked, “Strong visibility in financing charges should help homebuyers and developers alike in the upcoming festive season. The partial withdrawal of the applicability of the revised LTCG tax arising out of the sale of land and buildings retrospectively provides elbow room to affect housing sales with minimal tax outgo. This is likely to buoy investor and homeowner sentiment, benefiting the real estate sector at large.”

Real estate developers have welcomed the RBI’s decision, viewing it as a positive signal for the industry. G Hari Babu, National President of NAREDCO, expressed confidence in the stable environment created by the unchanged repo rate and the RBI’s forecast of 7.2% GDP growth for FY25. “With steady borrowing costs, home loans become more affordable, which is likely to boost demand in the housing market, especially during the upcoming festive season,” he said.

The RBI’s balanced approach to economic management, amidst global economic uncertainties, has reassured investors and provided a stable backdrop for the real estate sector to thrive. As the festive season approaches, the current status quo on the repo rate is expected to further support the momentum in the housing market, creating a conducive environment for both homebuyers and developers.

In conclusion, the RBI’s decision to keep the repo rate steady is a welcome development for the real estate sector, offering stability and predictability in borrowing costs. Combined with recent government initiatives, this move is likely to boost demand in the housing market, particularly in the affordable segment, and position real estate as a strong avenue for long-term wealth growth.

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