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August 6, 2024, has been etched in history as “Neeraj Chopra Day” by the official Olympics X handle, celebrating India’s golden boy who stormed into the men’s javelin final with a spectacular season-best throw of 89.34 meters. Neeraj Chopra, the defending champion and independent India’s only medalist in athletics, showcased his unparalleled prowess by topping the qualification round on Tuesday with just one attempt.

In Qualification B, Neeraj set the tone early, launching his first javelin far beyond the automatic qualification mark of 85 meters, ensuring his spot in the final. The final showdown is scheduled for Thursday at 11:55 pm IST, where the stakes and anticipation are higher than ever.

Reflecting on his performance, Neeraj remarked on the contrasting conditions between Tokyo and Paris. “In Tokyo, we threw in the sunshine and here it’s a bit cooler and the humidity is much lesser. Tokyo was much warmer and more humid than Paris. The big difference is that there are crowds here,” he shared.

Neeraj’s journey from a sunny Tokyo to a cooler Paris has been marked by relentless focus and determination. “Being the defending champion is motivation, and I need to be prepared. The mind should be focused on doing the job at hand,” Neeraj stated, underscoring his resolve to maintain his winning streak.

Despite his impressive throw in the qualification round, Neeraj remains cautious and grounded. “The final will be a cracker, the Tokyo final mark has already been surpassed by qualification. We were a little relaxed today. The burden and pressure will be much more in the final,” he noted, acknowledging the heightened competition ahead.

Addressing concerns about his fitness, Neeraj opened up about his recent injury struggles. “I have had a few issues with my groin, and that is why I did not take part in a lot of competitions. It is important to stay fit and reach the final,” he said, emphasizing the significance of maintaining peak physical condition.

As India rallies behind its golden boy, the anticipation for Thursday’s final builds. Neeraj Chopra’s remarkable entry into the finals not only cements his legacy but also inspires millions, reinforcing the spirit of determination and excellence. With the world watching, Neeraj is poised to deliver yet another unforgettable performance, marking another chapter in his illustrious career.

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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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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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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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In a significant diplomatic engagement, Chinese Foreign Minister Wang Yi and Indian External Affairs Minister Dr. Subrahmanyam Jaishankar met in Vientiane on July 25, 2024. The high-level talks underscored the importance of China and India, two neighboring giants with ancient civilizations, in navigating the complex international landscape and addressing global challenges together.

Wang Yi emphasized the need for China and India to enhance dialogue, foster mutual understanding, and build trust. He highlighted that both nations, as major developing countries and emerging economies, should responsibly handle differences and focus on mutually beneficial cooperation. This, he said, would not only promote stable and sustainable bilateral relations but also serve broader global interests.

“China-India relations have a significant impact beyond the bilateral scope,” Wang Yi remarked. “Improving our relations should reflect the strategic vision of our nations as major emerging economies. We must handle our differences with political wisdom and tackle global challenges with solidarity and cooperation.”

Dr. Subrahmanyam Jaishankar echoed these sentiments, noting the shared history and interests of the two countries. He stressed that maintaining stable and predictable bilateral relations is crucial for regional peace and the promotion of a multipolar world. “India and China, with our vast populations and rich histories, have broad converging interests despite the challenges posed by the situation in the border areas. We are committed to taking a strategic and open perspective to find solutions and return our relations to a positive track,” Jaishankar said.

Both sides agreed on the importance of maintaining peace and tranquility in the border areas and pledged to make progress in consultations on border affairs. They also expressed their readiness to enhance communication within various multilateral frameworks, including the East Asia cooperation platform, SCO, G20, and BRICS, to jointly practice multilateralism and uphold the rights and interests of developing countries.

This meeting marks a significant step in fostering cooperation between China and India, two pivotal players on the global stage, as they navigate through shared challenges and work towards a more stable and prosperous future.

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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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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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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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New Delhi: Finance Minister Nirmala Sitharaman is set to table the Economic Survey in Parliament on July 22, just one day before the Union Budget. This annual document serves as a comprehensive report on the economy’s current state and provides a growth outlook for the future. Prepared by a team led by Chief Economic Adviser V. Anantha Nageswaran, the Economic Survey offers detailed statistical information and analysis on various economic sectors, including employment, GDP growth, inflation, and the budget deficit.

India, maintaining its position as the world’s fastest-growing economy, will present this Economic Survey amidst positive revisions from major financial institutions. The International Monetary Fund (IMF) recently raised its economic growth forecast for India for the fiscal year 2025 to 7 percent, up from the 6.8 percent projected in April.

“The forecast for growth in India has also been revised upward, to 7 percent, this year, reflecting carryover from upward revisions to growth in 2023 and improved prospects for private consumption, particularly in rural areas,” stated the IMF.

Similarly, in June, the Reserve Bank of India (RBI) revised its growth forecast to 7.2 percent from the previous 7 percent. The RBI projects that India is on track to achieve an 8 percent GDP growth trajectory on a sustained basis, driven by structural economic reforms such as the Goods and Services Tax (GST).

RBI Governor Shaktikanta Das noted, “If you look at the average growth India recorded over the three years, the average comes to 8.3 percent, and for the current year, we have projected a 7.2 percent growth.” He also highlighted that the Indian economy contributed 18.5 percent to global growth in the last financial year (2023-24), a significant increase from the lower figures of 7 or 8 years ago. The IMF has projected that this growth will continue to rise.

As India prepares to present the Economic Survey, the country’s economic resilience and growth prospects remain strong, positioning it favorably on the global economic stage.

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Ashadi Ekadashi, also known as Devshayani Ekadashi or Padma Ekadashi, is a deeply significant day for Hindus, observed on the eleventh day (Ekadashi) of the waxing fortnight (Shukla Paksha) in the Hindu lunar month of Ashadha (June-July). This year, Ashadi Ekadashi will be celebrated on Wednesday, July 17, 2024.

What is Ashadi Ekadashi?

Ashadi Ekadashi heralds the beginning of Chaturmas, a four-month period during which Lord Vishnu is believed to enter a deep, meditative sleep known as Yog Nidra. During this time, Hindus refrain from undertaking major life events such as weddings, adhering to strict religious observances.

Fasting and Celebration

On Ashadi Ekadashi, devotees of Lord Vishnu engage in a rigorous fast, abstaining from grains, certain vegetables, and other specific foods. The day is dedicated to prayer, meditation, and performing puja (worship rituals), seeking Lord Vishnu’s blessings. The fast is traditionally concluded the next day, on Dwadashi Tithi, during a specific Parana time, which varies by location.

Significance of Ashadi Ekadashi

Ashadi Ekadashi is imbued with profound spiritual significance. Observing the fast is believed to bestow good health, wealth, prosperity, and ultimately, Moksha (liberation). Devotees seek the divine blessings of Lord Vishnu, aiming for a life filled with happiness and prosperity.

The Vrat Katha (Fasting Story)

Hindu mythology recounts that a king once faced a devastating drought that brought great suffering to his kingdom. A wise sage advised the king to observe Ashadi Ekadashi with sincere devotion. Following this guidance, the king diligently fasted and prayed to Lord Vishnu. Pleased with the king’s devotion, Lord Vishnu blessed the kingdom with abundant rains, restoring prosperity and joy.

Ashadi Ekadashi in 2024

  • Date: Wednesday, July 17, 2024
  • Parana Time (Fast Breaking Time): To be determined (Varies based on location; consult your local Panchang for specific timings)
  • Significance: Marks the start of Chaturmas, a period of religious observances. Fasting is believed to bring Lord Vishnu’s blessings.

Ashadi Ekadashi is a revered day for millions of Hindus around the world. Through fasting and adherence to tradition, devotees seek the divine blessings of Lord Vishnu, ensuring a life of happiness, health, and prosperity. This observance underscores the importance of spiritual discipline and devotion in Hindu life.

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