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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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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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BlogFeaturedIndia

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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Gartex Texprocess India New Delhi witnesses a grand opening today. Hon’ble Minister of Textiles, Shri Giriraj Singh graced the inauguration

by theparliamentnews.com
written by theparliamentnews.com

New Delhi,1st August 2024: The 11th New Delhi edition of Gartex Texprocess India commenced today with a grand opening at the state-of-the-art expo centre, Yashobhoomi, IICC, Dwarka, New Delhi. Chief Guest, Shri Giriraj Singh, Minister of Textiles highlighting FDIs and joint venture as huge opportunities in the sector.

The show floor is packed with more than 180 exhibitors presenting 600+ brands from countries like India, China, Italy, Japan, Singapore, Taiwan, USA and to showcase the advancements from the world of textiles and garment manufacturing industry.

The 11th edition of the show was inaugurated today in the presence of the esteemed dignitaries of the textile industry, which included:

  1. Chief Guest: Shri Giriraj Singh, Minister of Textiles, Government of India
  2. Mr. Elgar Straub, Managing Director, VDMA Textile Care, Fabric & Leather Technologies
  3. Mr. Sharad Jaipuria, President, Denim Manufacturers Association & Chairman & Mnaging Director of Ginni International Ltd
  4. Mr Simon Lee, Managing Director of Hyosung Group ( Hyosung corporation India Pvt Ltd & Hyosung India Pvt Ltd)
  5. Mr Aamir Akhtar, Group President & CEO Textiles, Jindal Worldwide Limited

Addressing the gathering the Chief Guest, Shri Giriraj Singh, Hon’ble Minister of Textiles, expressed: “I see a very good programme organised with the knowledge sessions, product display and B2B networking opportunities. I thank all the companies associated with garment, machinery, fabrics and denims industry for this.” His address emphasised on encouraging the joint ventures, FDI and collaborative progress within the textile manufacturing between suppliers and manufacturers and brands. He also mentioned that that after agriculture, if there is any sector that has employment potential then it is textiles. Indian government will work in collaboration with the agriculture and textile department to drive the sector ahead. He also emphasised that ‘handlooms’ is one significant sustainable fabric.

Gartex Texprocess India has consistently been at the forefront of showcasing innovations and emerging trends in the textile and garment industry. This edition is featuring an array of innovative product launches from various brands catering to denims, machinery manufacturing, sewing machines, fabrics, trims, accessories and more.

Mr. Raj Manek, Executive Director and Board Member of Messe Frankfurt Asia Holdings Ltd, expressed his enthusiasm on the inauguration of the 11th New Delhi edition. He said: “We are thrilled with the overwhelming response to the 11th edition of Gartex Texprocess India from the industry stakeholders. The Indian government’s focus has been on manufacturing and it gives us the immense pleasure to witness the advancements in textiles and garment manufacturing solutions, denims and more from 200+ exhibitors. This reflects the vibrant and dynamic spirit of this sector.”

Mr. Gaurav Juneja, Director of MEX Exhibitions Pvt Ltd, added: “The impressive turnout and participation from leading brands and international exhibitors highlight the significance of Gartex Texprocess India in driving the future of the textile and garment manufacturing industry. We look forward to positive and successful show with business discussions, networking, knowledge sharing and innovations across three days. “

Day two dedicated to denims will present knowledge rich sessions from Denim industry experts who will discuss everything right from denim manufacturing to its sustainable solutions. The sessions will touch upon areas like laundry automation, sustainability, innovations in denims and how can AI tools be utilized to identify the denim trends as well as lifecycle assessment of denims. These discussions will offer the attendees a lot of crucial insight on denims that will help professionals explore their knowledge, practices and processes.

Organized by MEX Exhibitions Pvt Ltd and Messe Frankfurt Trade Fairs India Pvt Ltd, the three-day trade fair will continue to showcase industry trends and innovations till 3rd August 2024.

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BlogFeaturedIndia

Adani Green Energy’s Khavda Plant: A Game-Changer Set to Propel Stock to New Heights

by theparliamentnews.com
written by theparliamentnews.com

Adani Green Energy Limited (AGEL) is poised for a remarkable surge, with Jefferies forecasting a potential 75% rally in its stock price. The catalyst for this significant growth is the Khavda Renewable Energy (RE) plant in Gujarat, which promises to revolutionize the renewable energy sector and drive Adani Green’s stock to unprecedented heights.

The Khavda RE Plant: A Massive Undertaking

The Khavda RE plant is a colossal project, sprawling over an impressive 538 square kilometers—an area nearly five times the size of Paris. This ambitious initiative is set to position Adani Green at the forefront of the renewable energy industry, showcasing its capability to execute large-scale projects with unparalleled speed and efficiency.

Within just 12 months of breaking ground, AGEL has already operationalized the first 2 GW of the Khavda plant’s capacity. This swift progress is a testament to the company’s dedication and operational excellence. By the end of the fiscal year 2025, AGEL plans to add a total of 6 GW capacity, with Khavda contributing a significant portion of this expansion. The long-term vision for Khavda is even more ambitious, with the entire 30 GW RE capacity slated for completion by 2029, setting a global benchmark for large-scale renewable energy projects.

Jefferies’ Bullish Outlook

Jefferies, a leading global brokerage firm, has set a target price of ₹2,130 per share for Adani Green Energy, indicating a 17% potential upside from the previous close. However, in a more optimistic scenario, Jefferies envisions the stock soaring to ₹3,180 per share—a staggering 75% increase from the current price of ₹1,830.

This bullish outlook is underpinned by several key factors:

  • Industry Tailwinds: The renewable energy sector is experiencing strong tailwinds, driven by global efforts to combat climate change and transition to sustainable energy sources.
  • Power Demand Growth: Increasing power demand, particularly in developing economies, is set to fuel the growth of renewable energy companies like AGEL.
  • Capacity Expansion Targets: AGEL’s ambitious target of achieving 50 GW capacity by 2030 positions it as a major player in the renewable energy market.

The Road Ahead

Adani Green Energy’s Khavda plant is not just a project; it’s a game-changer that exemplifies the company’s strategic vision and execution prowess. As AGEL continues to expand its capacity and capitalize on industry trends, its stock is poised for substantial growth.

Investors and industry observers alike are closely watching Adani Green’s progress, eager to see how the Khavda project unfolds and propels the company toward its lofty goals. With a combination of strategic foresight, operational excellence, and favorable market conditions, AGEL is well on its way to becoming a dominant force in the renewable energy sector.

In conclusion, Adani Green Energy’s Khavda plant is set to redefine the renewable energy landscape, offering immense potential for growth and setting a new standard for large-scale energy projects. As Jefferies’ optimistic projections suggest, the future looks bright for AGEL and its stakeholders.

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BlogFeaturedIndiaSports

Manu Bhaker Makes History: India’s First Woman Shooter to Win Olympic Medal

by theparliamentnews.com
written by theparliamentnews.com

India’s star shooter Manu Bhaker clinched India’s first medal at the Paris Olympics 2024 by winning bronze in the women’s 10m air pistol final. With this victory, she etched her name in history as the first Indian woman to win a medal in the 10m air pistol event at the Summer Olympic Games.

Breaking a 13-Year Drought

Bhaker’s triumph ended India’s 13-year wait for a shooting medal at the Olympics. The last time India stood on the shooting podium was at the 2012 London Olympics, where rapid-fire pistol shooter Vijay Kumar and 10m air rifle marksman Gagan Narang both secured bronze medals. Indian shooting had since endured two Olympics without a medal, but the 22-year-old Bhaker fought hard to earn the bronze with a score of 221.7.

The Final Showdown

In a thrilling final, Korea’s Kim Yeji claimed silver with a total of 241.3, while her compatriot Jin Ye Oh snared the gold with a Games record of 243.2. Despite the stiff competition, Bhaker’s resilience and determination shone through, securing her a place on the podium.

A Grandmother’s Pride

Reacting to Bhaker’s achievement, her grandmother expressed immense pride and joy: “I bless her. She has done a great job. We will all welcome her once she is here. I will prepare special food for her…” Bhaker’s journey to this moment was fueled by a desire for redemption after a heartbreaking experience at the Tokyo 2021 Olympics, where a pistol malfunction during qualifications left her in tears.

A Historic Achievement

Bhaker’s bronze medal marks a historic moment for Indian shooting. She became the first Indian woman shooter in two decades to reach an Olympic final in an individual event, a feat last achieved by Suma Shirur in the 10m Air Rifle event at the Athens 2004 Olympics. Additionally, she made history as the first Indian woman to advance to the final round of the 10m Air Pistol event at any Olympic Games.

The Girl from Haryana: Manu Bhaker’s Journey

Born on February 18, 2002, in Jhajjar, Haryana, Manu Bhaker discovered her passion for shooting after experimenting with boxing, tennis, and skating. Her breakthrough on the world scene came in 2017, and since then, she has become well-known for her extraordinary pistol shooting abilities.

A String of Accomplishments

Bhaker’s big break came at the 2018 Youth Olympic Games in Buenos Aires, where she became the first Indian shooter to win a gold medal in the 10m Air Pistol competition. She continued her winning streak at the ISSF World Cup competitions, earning numerous medals, including gold in both mixed and individual team events. At just 16 years old, Bhaker won gold at the 2018 ISSF World Cup in Guadalajara, marking her first significant triumph.

Her success continued at the 2018 Commonwealth Games in Gold Coast, Australia, and the Asian Games in Jakarta, where she, alongside Abhishek Verma, won gold in the mixed team 10m Air Pistol event. In recognition of her achievements, Bhaker was awarded the prestigious Arjuna Award in 2020.

A Bright Future Ahead

Manu Bhaker’s journey is a testament to her resilience, talent, and unwavering dedication. Her historic bronze at the Paris Olympics 2024 not only brings pride to India but also sets the stage for an even brighter future in the world of shooting. As she continues to aim for greater heights, Bhaker’s legacy will undoubtedly inspire countless young athletes across the nation.

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Modi Initiates Construction of World’s Highest Tunnel in Ladakh

by theparliamentnews.com
written by theparliamentnews.com

Prime Minister Narendra Modi is set to initiate the construction of the Shinku La tunnel in Ladakh, marking a significant step towards enhancing all-weather connectivity from Manali in Himachal Pradesh to Leh via the Nimmu-Padam-Darcha axis. This event, referred to as the “first blast,” will be conducted remotely from the Kargil war memorial in Dras on Friday, where Modi will also pay tribute to Indian soldiers on the 25th anniversary of the Kargil War.

The Shinku La tunnel, situated at an altitude of 15,800 feet, will surpass China’s Mila tunnel (15,590 feet) to become the highest tunnel in the world. Expected to be completed in four years, this 4.1 km-long tunnel will significantly enhance military mobility and logistics support for deployed forces in the Ladakh sector by providing a reliable alternative route. Once operational, the tunnel will reduce the distance between Manali and Leh by 60 km, bringing it down from 355 to 295 km.

The Nimmu-Padam-Darcha road, which will integrate with the tunnel, is already nearing completion, having achieved connectivity between Nimmu and Darcha in March 2024. This road is being blacktopped, and its strategic importance cannot be overstated. It provides a shorter and more reliable route compared to the traditional Manali-Leh and Srinagar-Leh routes, crossing only one high pass at 16,615 feet.

The timing of this development is crucial as the military standoff between India and China in eastern Ladakh continues into its fifth year, with ongoing negotiations aiming to restore the status quo ante of April 2020.

The Border Roads Organisation (BRO), which is spearheading the construction, has significantly improved strategic mobility along the border with China. Over the past three years, BRO has completed 330 projects worth ₹8,737 crore. Additionally, BRO is on the verge of completing a critical project to provide alternative connectivity to Daulat Beg Oldi (DBO), India’s northernmost military base near the Line of Actual Control (LAC).

The new 130-km road from Sasoma in the Nubra Valley to DBO near the Karakoram Pass is nearing completion. This route will serve as an alternative to the existing 255-km Darbuk-Shyok-Daulat Beg Oldi (DS-DBO) road, which runs close to the LAC. The strategic push for improved border infrastructure has been bolstered by increased spending and the adoption of advanced technologies and techniques.

In line with this infrastructure push, the BRO has been allocated a capital outlay of ₹6,500 crore in the defence budget for 2024-25, marking a 30% increase from the previous fiscal year and a 160% increase from FY 2021-22. This substantial investment underscores the government’s commitment to enhancing India’s strategic capabilities and ensuring robust support for military operations in the region.

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Finance Minister Announces Price Cuts on Mobile Phones and Precious Metals in Budget 2024

by theparliamentnews.com
written by theparliamentnews.com

In the Union Budget 2024-2025 presented by Finance Minister Nirmala Sitharaman, several key measures have been introduced that will impact the prices of various goods, making some items cheaper and others costlier. This budget, the first of the BJP-led NDA government, aims to shape India’s economic landscape, affecting everything from infrastructure development to social welfare programs.

Cheaper Items

The finance minister announced measures leading to the reduction in prices for mobile phones, gold, silver, and copper. Here’s a detailed list of items that have become cheaper:

  • Mobile Phones and Chargers: Basic Customs Duty reduced to 15%.
  • Gold and Silver: Customs duty reduced to 6%, and platinum to 6.4%.
  • Cancer Treatment Medicines: Three specific medicines exempted from Basic Customs Duty.
  • Solar Panels: Expansion of the list of exempted capital goods used in their manufacturing.
  • E-Commerce: TDS rate reduced from 1% to 0.1%.
  • Ferronickel and Blister Copper: Basic Customs Duty removed.
  • Shrimp and Fish Feed: Customs duty on various inputs exempted or reduced to 5%.
  • Leather and Textile Sectors: BCD on real down filling material reduced to enhance export competitiveness.
  • Ammonium Nitrate: Basic Customs Duty reduced from 7.5% to 10%.
  • Oxygen-Free Copper: Duty removed for the manufacture of resistors.
  • Critical Minerals: Customs duties fully exempted on 25 critical minerals for sectors like nuclear energy, renewable energy, space, defence, telecommunications, and high-tech electronics.

Costlier Items

Conversely, some items will see a price increase due to higher customs duties:

  • Ammonium Nitrate: Customs duty increased to 10%.
  • Non-Biodegradable Plastics: Duty increased to 25%.
  • Telecom Equipment: Specified equipment’s basic customs duty raised to 15% from 10%.
  • High-Value Goods: TCS of 1% on notified goods valued over ₹10 lakh.

Tax Changes

The finance minister also announced several changes to tax deductions:

  • Standard Deduction: Increased from ₹50,000 to ₹75,000 for salaried employees under the new tax regime.
  • Family Pension: Tax deduction increased from ₹15,000 to ₹25,000 for pensioners.

In last year’s budget, there were significant cuts in import taxes on various components, including camera lenses, to promote mobile phone manufacturing in India. The tax rate on lithium-ion batteries, essential for phones and electric vehicles, was also reduced to make manufacturing in India more cost-effective.

The Economic Survey 2024 predicts India’s GDP to grow between 6.5-7% this year, with retail inflation declining to 5.4% during 2023-24 from 6.7% previously. The survey, presented by Finance Minister Nirmala Sitharaman, emphasized ‘Service’ and ‘growth’.

Like recent budgets, Budget 2024 was delivered in a paperless format. An Interim Union Budget 2024 was previously presented on February 1, in anticipation of the general elections.

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Suryakumar Yadav Replaces Hardik Pandya as Captain for Sri Lanka Tour

by theparliamentnews.com
written by theparliamentnews.com

Mumbai, July 21 — In a surprising move, Suryakumar Yadav has been appointed as the captain of the Indian T20 side for the upcoming tour of Sri Lanka, surpassing Mumbai Indians skipper Hardik Pandya. The decision comes amidst Pandya’s personal challenges, including his recent separation from wife Natasa Stankovic after four years of marriage.

Selection Committee’s Concerns

Reports indicate that the selection committee, led by Ajit Agarkar, had reservations about Pandya’s leadership capabilities, feeling that he required ‘handholding’ to excel. A recent PTI report quoted selectors stating, “He needs a bit of handholding and Ashish Nehra did that at GT. Mark Boucher wasn’t that man at MI, and the younger lot in the Indian dressing room seem to respond better to Surya than to Pandya.”

Hardik Pandya’s Leadership Questioned

Despite leading India to their first ICC tournament title in 11 years, Pandya has faced criticism for his international performance, having a 50 percent appearance rate in white-ball formats over the last 19 months. The selectors’ decision underscores a significant vote of ‘no confidence’ in his leadership, pushing Pandya to participate in domestic cricket to secure his place in the Champions Trophy next year. He is expected to play in the Vijay Hazare Trophy for Baroda in December.

Mumbai Indians’ Dilemma

The decision also raises questions about Pandya’s future with the Mumbai Indians (MI), a franchise with significant influence in the IPL. Last year, Pandya replaced the popular Rohit Sharma as MI’s captain under contentious circumstances. With Suryakumar Yadav now captaining the Indian T20 team and being part of MI’s roster, the franchise faces a crucial decision ahead of next year’s mega auction. Retaining both key players will be a challenge, and Pandya’s position as captain is under scrutiny.

Looking Ahead

As Pandya grapples with these professional and personal challenges, the cricketing community will closely watch how he navigates this period. His performance in the domestic circuit will be crucial in determining his future with both the Indian team and Mumbai Indians.

The appointment of Suryakumar Yadav as the new T20 captain marks a significant shift in Indian cricket, signaling a preference for leadership that resonates more effectively with the younger players in the team. As the new captain prepares for the Sri Lanka tour, all eyes will be on how this change impacts the dynamics and performance of the Indian T20 side.

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