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Ganesh Chaturthi Celebrations Begin Across India with Great Fervor and Devotion

by theparliamentnews.com
written by theparliamentnews.com

As the rhythmic beats of dhol and the fragrance of fresh flowers fill the air, the iconic festival of Ganesh Chaturthi has kicked off across India, marking the beginning of a 10-day-long celebration. From the bustling streets of Mumbai to the historic city of Hyderabad, the festival, also known as Vinayaka Chaturthi or Ganeshotsav, has brought communities together to joyfully celebrate the birth of Lord Ganesha, the beloved remover of obstacles.

This year, Ganesh Chaturthi will be celebrated from September 6 to September 17, with devotees welcoming Bappa into their homes and pandals (temporary stages) with devotion and grandeur. Across cities like Mumbai, Ahmedabad, Surat, and Delhi, people are eagerly participating in the festivities, decorating their homes, preparing traditional sweets like modaks, and performing elaborate aartis (devotional songs) to honor Lord Ganesha.

Ganesh Chaturthi Celebrations Across Major Cities

In Mumbai, the heart of Ganesh Chaturthi festivities, pandals have been set up on every corner, with vibrant idols of Lord Ganesha being adorned with flowers and ornaments. The streets of the city echo with the chants of “Ganpati Bappa Morya” as devotees come together to offer prayers, seeking the deity’s blessings for happiness, prosperity, and success.

In Hyderabad, traditional processions and community events are adding color to the celebrations. People are seen offering sweets, flowers, and coconuts to Lord Ganesha, while families come together to perform the rituals in a spirit of unity.

Meanwhile, Delhi, Ahmedabad, and Surat are also seeing a wave of excitement, with beautifully decorated idols being installed in public spaces and homes alike. The spirit of devotion is palpable as thousands of devotees immerse themselves in prayer, music, and dance, all in honor of their beloved Ganpati.

Heartfelt Ganesh Chaturthi Wishes to Share with Loved Ones

As you gather with family and friends to celebrate this joyful festival, here are some Ganesh Chaturthi wishes and messages to help you spread the festive cheer:

  • “Wishing you a joyous and prosperous Ganesh Chaturthi! May Lord Ganesha remove all obstacles and shower you with peace, good health, and happiness.”
  • “May the blessings of Lord Ganesha be upon you and your family. Happy Ganesh Chaturthi!”
  • “On this auspicious occasion of Ganesh Chaturthi, may all your dreams come true, and may Bappa’s blessings remain with you always.”

Share these beautiful messages with your loved ones to make this celebration even more special. Many also choose to update their WhatsApp status with festive quotes and images of Lord Ganesha, spreading the joy of the occasion with their wider circle.

The Significance of Ganesh Chaturthi

Ganesh Chaturthi celebrates the birth of Lord Ganesha, the elephant-headed god known for his wisdom, intellect, and ability to remove obstacles from one’s path. This festival not only symbolizes new beginnings but also instills a sense of unity, joy, and devotion among the people who come together to pay homage to their beloved deity.

As the festival continues over the next ten days, the streets of India will be alive with devotion, music, and dance, leading up to the grand Ganesh Visarjan (immersion) on the final day. Until then, devotees will immerse themselves in the rituals, enjoying the deep spiritual significance of this beautiful festival.

So, let the festivities begin! With love, devotion, and unity, let’s celebrate Ganesh Chaturthi with full vigor, wishing for peace and prosperity in the days to come. Ganpati Bappa Morya!

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BlogIndiaScience

India Unveils Revolutionary Eye Drop for Age-Related Vision Loss: A Breakthrough for Middle-Aged Readers

by theparliamentnews.com
written by theparliamentnews.com

New Delhi: India has introduced its first eye drop designed to potentially replace reading glasses for middle-aged individuals, offering a non-invasive solution to presbyopia—a common vision problem that affects nearly half of Indians over the age of 40. The eye drop, named PresVu, was launched by Mumbai-based Entod Pharmaceuticals following approval from the Drugs Controller General of India (DCGI) in August.

PresVu contains 1.25% pilocarpine hydrochloride, a plant-derived compound long used in various eye treatments. The eye drop specifically targets presbyopia, a condition where the eyes gradually lose their ability to focus on nearby objects, making tasks like reading increasingly difficult.

A single vial of PresVu, which lasts about a month, is priced at Rs 345 and is expected to hit pharmacies across India by October. The drug is intended to be used under the prescription of an ophthalmologist, with one drop in each eye daily. The effects last for about six hours, with an option to add another drop three to six hours later for extended relief.

Entod Pharmaceuticals CEO, Nikhil Masurkar, shared that the launch is the result of extensive research that began in 2019. Clinical trials involving 250 patients across 10 sites showed that PresVu works best in individuals aged 40 to 55 years with mild to intermediate presbyopia, temporarily correcting vision issues.

Dr. Dhananjay Bakhle, a senior pharmacologist and advisor to Entod Pharmaceuticals, highlighted the benefits of the eye drop. “For patients with presbyopia, PresVu offers a non-invasive option that enhances near vision without the need for reading glasses. Its rapid efficacy and safety profile, demonstrated in clinical trials, make it a valuable addition to the treatment arsenal,” Bakhle said.

PresVu differs from its US counterpart, Vuity, which was launched in 2022 and is the only FDA-approved eye drop for treating age-related blurry vision. Entod Pharmaceuticals has tailored PresVu’s formulation to better suit Indian eyes, which typically have more pigmented irises. The company has also applied for a patent for its unique formulation and manufacturing process, claiming that the eye drop not only eliminates the need for reading glasses but also helps lubricate the eyes.

Dr. Aditya Sethi, a Delhi-based eye specialist, explained that while presbyopia has traditionally been managed with reading glasses, contact lenses, and surgical interventions, PresVu offers an advanced alternative. “This new treatment option is set to greatly improve the quality of life for many, allowing them to perform everyday tasks with newfound ease,” Dr. Sethi said.

However, the Central Drugs Standard Control Organisation (CDSCO) has not yet made public the approval letter for PresVu, which typically outlines contraindications or potential side effects. The CDSCO has requested phase 4 data collection, which will monitor the drug’s safety and efficacy after its commercial release.

In the US, some side effects associated with Vuity, such as headaches and red eyes, were reported by less than 5% of clinical trial participants. Other less common side effects included blurred vision, eye pain, and increased tear flow. Similar monitoring will likely be necessary for PresVu as it becomes available to Indian consumers.

With the launch of PresVu, middle-aged Indians now have a cutting-edge option to manage presbyopia, potentially freeing them from the dependence on reading glasses and improving their overall quality of life.

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BlogFeaturedIndiaSports

Sumit Antil Shatters Paralympic Record to Defend Gold in Paris

by theparliamentnews.com
written by theparliamentnews.com

In a stunning display of resilience and talent, Sumit Antil secured his second consecutive Paralympic gold medal with a record-breaking throw of 70.59 meters in the F64 men’s javelin final at the Paris 2024 Paralympics. Antil’s exceptional performance not only saw him defend his title but also surpass the previous Paralympic record—one that he himself set.

The javelin competition began with Antil showcasing his dominance right from the start, opening with an impressive 69.11 meters. However, it was his second attempt that truly electrified the crowd, as he shattered his own Paralympic record by launching the javelin to a staggering 70.59 meters. This throw solidified his position as the undisputed champion, with none of his competitors even coming close to the 70-meter mark.

Antil’s subsequent throws, although slightly lower, were still formidable. He registered distances of 66.66 meters and 69.04 meters, with one attempt resulting in a foul. His final throw of 66.57 meters wrapped up a performance that left no doubt about his dominance in the event.

With this victory, Antil becomes the first Indian man and the second Indian overall to defend a Paralympic title, joining shooter Avani Lekhara, who also made history in Paris by winning consecutive golds in the women’s 10m air rifle standing SH1 event. Additionally, Antil joins an elite group of Indian Paralympians with two gold medals, a distinction he shares with Lekhara and Devendra Jhajharia, the latter of whom won javelin golds in Athens 2004 and Rio 2016.

Antil’s record-breaking achievements do not end with the Paralympics. He is the world record holder in the F64 javelin event with a throw of 73.29 meters. His list of accolades includes gold medals at the 2023 and 2024 World Para Athletics Championships and the 2023 Asian Para Games in Hangzhou, China. Despite these successes, Antil has set his sights even higher, expressing a desire to surpass the 75-meter mark—a goal that eluded him in Paris.

However, Antil’s path to victory has not been without challenges. The javelin star has been battling a persistent back injury since 2023, which has hampered his training and performances. “My back pain is not yet completely healed. I was feeling it in the last two training sessions. Today also, I did my throws after having painkillers,” Antil revealed after his win. “I need rest. We will sort this injury after returning to India.”

Antil’s triumph in Paris is a testament to his unyielding determination and extraordinary skill. His ability to perform under pressure and in the face of physical adversity has not only earned him another gold medal but has also further cemented his legacy as one of India’s greatest Paralympians. As he returns home to focus on recovery, the nation celebrates a hero whose achievements continue to inspire and break new ground in the world of athletics.

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BlogFeaturedIndia

Supreme Court Steps In: New Guidelines to Curb Arbitrary Property Demolitions

by theparliamentnews.com
written by theparliamentnews.com

A significant stance against what has been dubbed ‘bulldozer justice,’ the Supreme Court of India delivered a sharp rebuke on Monday, asserting that properties cannot be demolished simply because they belong to individuals accused of crimes. This landmark observation came as the court heard a series of pleas challenging the practice of authorities demolishing homes of those accused of serious offenses.

The bench, comprising Justices B R Gavai and K V Viswanathan, made it clear that even a conviction does not automatically justify the demolition of a person’s property. “Even if he is a convict, still it can’t be done without following the procedure as prescribed by law,” Justice Gavai emphasized, underscoring the importance of due process.

Laying Down the Law

This judicial intervention is poised to bring much-needed clarity to a contentious issue that has seen numerous properties razed in recent years under the guise of combating crime. The Supreme Court, recognizing the potential for misuse, has announced its intention to establish comprehensive guidelines that will apply nationwide, ensuring that the rights of individuals are protected even in the face of criminal accusations.

Justice Viswanathan offered a poignant illustration to drive the point home: “A father may have a recalcitrant son, but if the house is demolished on this ground…this is not the way to go about it.” This remark highlights the court’s concern that the actions of one family member should not lead to punitive measures against others.

Procedure Over Punishment

The Supreme Court stressed that demolitions can only be justified if the structure in question is illegal. Justice Viswanathan proposed that before any demolition can proceed, authorities must follow a clear, step-by-step procedure: “First notice, time to answer, time to seek legal remedies, and then demolition.” This sequence ensures that property owners have the opportunity to contest the demolition through legal channels, safeguarding against arbitrary or retaliatory actions by the state.

A New Legal Framework

The court’s decision to create pan-India guidelines signals a move toward uniformity in how such cases are handled across the country. By laying down these rules, the Supreme Court aims to prevent the potential abuse of power by local authorities, who in the past have used demolition as a tool of retribution rather than a lawful corrective measure.

While the court made it clear that it would not protect illegal structures that obstruct public roads, it firmly rejected the notion that mere accusations could justify the destruction of property. This decision comes as a relief to many who have seen their homes threatened or destroyed under similar circumstances.

Looking Ahead

The Supreme Court has scheduled the next hearing on this matter for September 17, where it is expected to further outline the specifics of the guidelines. This ruling marks a crucial step in curbing the excesses of ‘bulldozer justice’ and ensuring that the principles of fairness and legality remain at the forefront of India’s judicial system.

As the nation awaits the detailed guidelines, this judgment serves as a powerful reminder that the rule of law must prevail, even in the pursuit of justice. The Supreme Court’s intervention not only protects individual rights but also reinforces the need for due process, ensuring that justice is served without resorting to arbitrary or extrajudicial measures.

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BlogIndia

Nationwide Bharat Bandh on August 21: Key Reasons, Organizers, and What You Need to Know

by theparliamentnews.com
written by theparliamentnews.com

In a major development, a nationwide strike, known as “Bharat Bandh,” has been announced for August 21, 2024, in response to the Supreme Court’s recent ruling on SC/ST reservations. The Reservation Bachao Sangharsh Samiti, with strong backing from SC/ST groups in Rajasthan, has called for the protest, sparking significant mobilization efforts across the country.

Law enforcement agencies are gearing up to ensure that order is maintained during the strike, while also facilitating peaceful demonstrations. Rajasthan’s Director General of Police, U.R. Sahoo, has directed district Superintendents of Police to engage with local organizations and maintain order. Sahoo emphasized the importance of dialogue, stating, “We have instructed our officials to hold meetings with the groups calling for the bandh, as well as with market associations, to foster cooperation and prevent any unnecessary disruptions,” The Times of India reported.

The strike was triggered by the Supreme Court’s controversial decision to exclude the “creamy layer” from SC/ST reservations, a move that has led to widespread discontent and calls for action. In response, police forces across Rajasthan have been ordered to increase their presence and coordinate closely with local SC/ST groups to ensure the protests remain peaceful, according to the report.

In Jaipur, proactive measures are already underway, with Police Commissioner Biju George Joseph initiating discussions with groups in support of the strike. Authorities are determined to prevent any potential clashes or disruptions, particularly in sensitive areas.

This Bharat Bandh follows a series of recent protests in India, including nationwide strikes by healthcare workers and local trade union actions in Bathinda, reflecting the growing socio-political tensions across the nation, as highlighted by the TOI report.

The protest is expected to garner widespread support from various social and political organizations, all unified in their opposition to the Supreme Court’s verdict on reservations. While the strike is likely to disrupt public transport and private office operations, essential services such as ambulances will remain functional.

Given the sensitivity of Western Uttar Pradesh, authorities have placed police forces on high alert, implementing extensive measures to ensure public safety during the protests.

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BlogFeaturedIndia

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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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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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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India ‘s Per Capita Income to Reach a Quarter of U.S. Levels in 75 Years, Warns World Bank

by theparliamentnews.com
written by theparliamentnews.com

India, one of the fastest-growing major economies in the world, faces a daunting challenge as the World Bank projects it will take 75 years for its per capita income to reach a quarter of U.S. income levels if current trends persist. This stark warning was issued as part of the World Bank’s ‘World Development Report 2024,’ which highlights the risks of the “middle income trap” for 108 countries, including India and China.

The Middle-Income Trap and India’s Economic Aspirations

Prime Minister Narendra Modi has set an ambitious vision for India to become a developed economy by 2047, marking the centennial of its independence. However, the World Bank’s report casts a shadow over this vision, suggesting that achieving such a transition in the next 25 years, akin to Korea’s economic miracle, would be extraordinarily challenging.

Indermit Gill, the World Bank’s chief economist, emphasized that many middle-income countries, including India, still rely on outdated economic policies focused primarily on expanding investment. He likened this to “driving a car just in first gear and trying to make it go faster,” warning that without a shift in strategy, these countries are unlikely to achieve the prosperity they aspire to by mid-century.

A Grim Outlook for Middle-Income Economies

According to the World Bank’s analysis, nations like China, India, Brazil, and South Africa face significant hurdles in their quest to join the ranks of high-income countries. Historically, countries tend to hit a “trap” at about 10% of annual U.S. GDP per capita, currently around $8,000. This threshold often marks the point where growth stalls, and only a select few nations have managed to break through it since 1990, often due to unique circumstances like EU integration or the discovery of new natural resources.

The Need for a New Economic Playbook

The World Bank’s report stresses that the traditional playbook for economic development, which relies heavily on investment, is no longer sufficient. Instead, Mr. Gill advocates for a phased approach: starting with a focus on investment, followed by the integration of new technologies from abroad, and finally adopting a balanced strategy that includes investment, technology infusion, and innovation.

This new approach is essential given the myriad challenges facing middle-income countries today, including aging populations, rising debt, geopolitical tensions, and the need for sustainable development. “With growing demographic, ecological, and geopolitical pressures, there is no room for error,” Mr. Gill cautioned.

Conclusion

As India aims to transform itself into a developed economy by 2047, the path ahead is fraught with challenges. The World Bank’s sobering analysis underscores the need for a radical shift in economic strategy to avoid the middle-income trap and achieve long-term prosperity. By embracing a balanced approach that combines investment, technological adoption, and innovation, India and other middle-income countries can hope to overcome these obstacles and secure a brighter economic future.

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Queue

Update Required Flash plugin
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