Drawing inspiration from the iconic architecture and surrounding forests of Shimla, the collection seamlessly blends the essence of school uniforms with contemporary streetwear. Familiar and comfortable silhouettes evoke a sense of belonging and nostalgia, making each piece a blend of classic and modern elements. From printed tops showcasing Shimla’s scenic beauty to versatile denim and tailored bottoms for everyday wear, every garment tells a story.
The collection is available starting June 1st in VegNonVeg stores across Delhi, Mumbai, and Bangalore.
PUNE: The Vice Chancellors and academic experts gathered at the Roundtable Discussion of Confederation of Indian Private Universities (CIPU) at Sri Balaji University, Pune echoed the sentiment of research going hand in hand with teaching. SBUP Chancellor, Prof. B Paramanandhan, Vice Chancellor, Prof. (Dr) G.K. Shirude, and over 20 distinguished representatives including Vice Chancellors, Director Generals, Presidents, and Pro Vice Chancellors of renowned Private Universities across India were present on the occasion. All of them also participated in the discussion related to the Elsevier-Ipsos report on ‘View from the Top: Academic Leaders’ and Funders’ Insights on the challenges ahead.’
During this discussion, the Vice Chancellor of SBUP Prof. (Dr) G.K. Shirude highlighted the importance of research and teaching. He said, “In Higher Education, it is not only the incentives or promotions that will work to motivate, but it is about generating self-interest in research. Here we have to insist more on assisting teachers every five years in terms of the contribution made in their domain area, not only in books or reports but ideas which will be more useful in teaching that also matter more. Otherwise, research will be the one side and teaching will be the other side. Rather, research should be complementary. While teaching in the classroom, teachers should be able to reflect on some ideas that will ignite and enrich the students’ strengths related to future goals.”
The Director General of CIPU R. Karthik has elaborated on the functioning of CIPU, its objectives, the 12-point strategic framework of CIPU, upcoming initiatives and programs, CIPU leadership dialogues for the benefits of higher education, industry-academia collaboration, etc. Prof. (Dr.) Sandeep Sancheti, Convenor, CIPU National Committee on Research and Industry-Academia Collaboration and VP – Research Relations and Academic Affairs, Elsevier India. Also, he delivered a comprehensive presentation about the Elsevier-Ipsos report.
In this day-long discussion, various aspects of research work in the academic field, such as thought leadership reports, frameworks of evaluation, case studies, challenges ahead for the academic leaders’ and funders’ (priorities vs. preparedness), perspectives of funders, establishing research councils, embracing AI as an aiding tool, research papers, the role of technology, etc., were discussed.
In his concluding remarks, SBUP Chancellor Prof. B. Paramanandhan said, “Everything is changing today at a fast pace, and we should be relevant in today’s world. We should look at the content we are developing. I would suggest starting something in research works about our nation. We can collaborate, provide opportunities to the universities, and put our faculty members into research papers on topics relevant to India.”
About the Elsevier-Ipsos report – From April to December 2023, Elsevier worked with Ipsos to conduct two phases of interviews with a total of 115 institutional leaders from around the world – 86 held top-level leadership positions at universities (‘academic leaders’) and 29 at research funding bodies (‘funders’) to create this report and has made an attempt to find out opinions on issues like research, funding, human capital, education, institutional culture and Political, technological and regulatory environment.
New Delhi, 30 July 2024: Pacific D21 Mall, Dwarka, in collaboration with Speedcubing Bangalore and Cubelelo, successfully hosted the Indian Cube Challenge 2024. The event witnessed enthusiastic participation from 110 contestants across various age categories, making it a grand celebration of skill, speed, and strategy.
The challenge was divided into age-specific categories, with participants competing in Under 8, Under 10, and Under 12 categories on Saturday, and 14 and Open categories on Sunday. The competition featured various cube-solving challenges, including the 3x3x3 Cube, 2x2x2 Cube, 4x4x4 Cube, 3x3x3 One-Handed, and Pyraminx. A special activity of blindfolded Rubik’s Cube solving by the Speedcubing team mesmerized the audience, showcasing their exceptional skills.
Abhishek Bansal, Executive Director of Pacific Group, expressed his delight at the event’s success, stating, “We are thrilled to host such a vibrant and competitive event at Pacific D21 Mall. The Indian Cube Challenge 2024 not only showcased the incredible talent of young Cubers but also fostered a spirit of community and sportsmanship. We look forward to hosting more such events in the future.”
All winners in each category were awarded trophies and certificates, while participants in the special category received medals and certificates, making it a memorable event for all. The event was a testament to the growing popularity of speedcubing in India, with young talents demonstrating their prowess and dedication.
The event was organized by Mr. Vivek and Mr. Pavan from Speedcubing Bangalore, with Cubelelo as the gifting partner and Funda Spring as the promotion partner, ensuring a well-coordinated and exciting experience for participants and spectators alike
New Delhi, July 26: With strong macro-economic indicators, conducive government policies and over 7 per cent growth projected for the Indian GDP, the auto component industry will continue to perform well in FY25, according to the industry.
Riding on steady production, a robust aftermarket and growth in exports, turnover of the automotive component industry in India has broken all previous records, reaching $74.1 billion in FY24.
Apart from an increase in vehicle production, higher value addition from the component sector has led to growth in the auto components sector, according to the Automotive Component Manufacturers Association of India (ACMA).
Steady growth in the vehicle industry has resulted in the industry reaching pre-pandemic levels of performance in FY24 in most segments.
The industry clocked a growth of 9.8 per cent in FY24 over the previous year, as exports, with a trade surplus, remain steady despite geopolitical challenges.
According to ACMA, the auto component aftermarket grew 10 per cent to reach $11.3 billion in the last fiscal year.
Vinnie Mehta, Director General, ACMA said that the component supply to original equipment manufacturers (OEMs) in the domestic market has grown by 8.9 per cent to Rs 5.18 lakh crore.
Also, the supply to the EV manufacturing industry accounted for 6 per cent of the total component production in the country.
Meanwhile, the exports went up by 5.5 per cent to $21.2 billion as imports grew by per cent to $20.9 billion.
Auto components exports have grown despite geopolitical challenges and increases in logistics costs.
That apart, growth in imports has been comparatively lesser, leading to a trade surplus, indicating thrust by the industry on front of localisation, according to Shradha Suri Marwah, President, ACMA and CMD, Subros.
Google Maps has launched 6 useful features to make the journey of Indians easier. The company says that these features have been developed with the help of artificial intelligence and local partners so that people can get a great experience during the journey.
Google says that the new features are aimed at solving the common problems that Indians often face while traveling. The arrival of these features will benefit millions of people in the country, who use Google Maps to see the route during the journey. Let’s know everything about these features in detail…
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1. You will get alerts about narrow roads
Many times while looking at the route on Google Maps, you enter a narrow road where it is difficult to drive a four-wheeler. Later, Google Maps is blamed for this that the app did not suggest the right road. But now Google has solved this problem of the people. To solve this problem, Google is now using AI to help users avoid such narrow roads, this will especially help four-wheeler drivers. Using satellite imagery, street view and other data, the system estimates the width of the road and tells the drivers about the narrow road, where driving a car can be difficult. If there is a narrow road somewhere on the way, it will alert the user in advance through a special symbol.
This feature estimates the width of the road. Google has developed an AI model specifically for Indian roads, which uses satellite imagery, Street View, and other information such as road type, distance between buildings, to estimate the width of the road.
Also Read: Now, residents will have to go to Dadri to get a driving license
Using these road width estimates, the feature alerts car users to avoid these narrow roads if possible so that the journey can be completed on time. This means that now car drivers will be able to travel tension-free and this will also benefit bikers, pedestrians and other passengers as they will not have to face traffic jams.
However, sometimes, one has to travel on a narrow road, especially when that is the only way to reach the destination. However, this feature will help people to proceed with caution.
The company said that this feature will be rolled out on Android devices in eight cities this week, including Hyderabad, Bengaluru, Chennai, Coimbatore, Indore, Bhopal, Bhubaneswar and Guwahati. It will soon be rolled out to iOS and other cities as well.
2. Google Maps will tell you whether to climb the flyover or not
While travelling on an unknown road or in a city, many people are confused whether to climb the flyover coming in front of them or stay on the service road. Now Google has solved this problem of the people. Now Google will tell you with accuracy whether to climb the flyover or not.
The new feature of Google Maps will give information about all the flyovers coming in your way. The advantage of this will be that you will know in advance whether you have to climb the flyover coming in front of you or not.
The new feature will be rolled out in 40 cities of the country this week. Users will be able to see these flyover callouts for four-wheelers and two-wheelers on the Android app and Android Auto. The feature will soon be available on iOS and CarPlay as well.
3. You will be able to find EV charging stations based on the charger
Many brands are now launching electric vehicles in the country. Many people hesitate to travel by electric vehicles because they fear that if charging facility is not available during the journey, they may have to face trouble. But the new feature of Google Maps will give EV drivers the freedom to go on long journeys with confidence. Now people will get useful information about EV charging stations on Google Search along with Google Maps. With this, India has also become the first country to show two-wheeler EV charging stations.
To make this easier for EV drivers, we are collaborating with leading EV charging providers – ElectricPay, Ather, Kazam, and Static – to add official information for over 8,000 charging stations, Google said.
Now, you can easily find detailed information about EV charging stations. You can also filter by your vehicle’s charger type and check if the station is open before you go to the station.
4. Metro tickets will be sold through Google Maps
Now you will be able to buy metro tickets from Google Maps. Google Maps has already been showing information about public transport (metro, train, bus) to people. But now Google Maps is also providing its users the facility to book metro tickets.
Last December, Google announced a collaboration with ONDC and Namma Yatri to provide people with a better public transport experience. Now, the metro ticket booking feature of Google Maps is going live in Kochi and Chennai.
The feature, which is coming this week, will make metro travel even easier for people in Kochi and Chennai. The feature is powered by ONDC and Namma Yatri. Now, when people in these two cities search for public transport directions, they will see a new booking option for the metro. With a simple tap, you will be guided through the booking and payment process powered by ONDC and Namma Yatri, eliminating the hassle of waiting in line at the station. The feature will soon be rolled out to other cities as well.
5. You will be able to report incidents happening on the road
Now through Google Maps, you will be able to easily share information about things happening on the way with others. Suppose, there has been an accident on the road on which you are traveling, a big journey is going on or construction work is going on, due to which the traffic is getting affected, then you will be able to report it on Google Maps to help other people coming on that route.
Google said that we have simplified the way you report road accidents. Whether there is construction work going on on your route or a traffic accident, you can now report it with just a few taps. You can also confirm reports from others with a single tap, which helps increase trust in the incidents reported by these users. This update is available on all platforms – Android, iOS, Android Auto and Apple CarPlay on Google Maps in India.
6. You will get a curated list for your favorite places
If you are going somewhere and you know in advance which places are worth seeing and where to get good food, then the journey becomes easy and there is no problem in planning. Google Maps has also come up with a feature that will give you all the information about your favorite place where you are planning to visit. Google said that to get the most out of the journey and enjoy it, it is very important to get recommendations that you can trust, and that is why we are making it easier to find such useful lists from local experts and the Google Maps community.
We have made it easier than ever to create and share a list of your favorite places. Imagine you are planning a trip to Jaipur with friends or family, with our “Lists” feature, you will get complete information about that place. You can also give information related to your trip, share recommendations and vote using emojis on where to go!
For this, we have also partnered with local experts like NDTV Food and Magicpin. They have compiled lists for ten major cities and tourist destinations, including Bengaluru, Delhi, Mumbai, Goa, Hyderabad, Pune, Ahmedabad, Chennai, Kolkata and Jaipur, with tips and recommendations on the best places to eat, drink and visit. Now, when users search for these places on Google Maps, they will find lists like “best sea view cafes in Goa” or “best places for breakfast in Mumbai” or “best shops to eat sandesh in Kolkata”.
In a significant move to bolster local innovation and entrepreneurship, the Indian government has announced the abolition of the controversial angel tax on startups. This decision, announced in the Budget 2024, has been hailed as a major relief for the startup ecosystem, which had been lobbying for the rationalization of the Angel Tax under Section 56(2)(viib) of the Income Tax Act. The Angel Tax, since its introduction, had been a source of discomfort and confusion for startups and investors alike. The tax was levied on the capital raised by unlisted companies through the issue of shares where the share price was seen in excess of the fair market value. The excess capital was treated as income and taxed accordingly. This provision was seen as a major hurdle for startups, often coming in the way of attracting more investments.
Raj Ramachandran, Partner, JSA Advocates & Solicitors, welcomed the abolition of the angel tax, stating that it would greatly aid in capital formation for the startup sector. The move is expected to benefit over 80,000 startups registered with the Department for Promotion of Industry and Internal Trade (DPIIT), which had been granted Income Tax exemptions. The Indian startup ecosystem has shown remarkable resilience and growth over the years. More than 1.14 lakh startups in India have created over 12 lakh jobs so far, according to the Finance Ministry. The cumulative funding for more than 31,000 tech startups has exceeded $70 billion from 2019 to 2023, as per a report by Nasscom in collaboration with Zinnov.
The abolition of the angel tax has been received with widespread applause across sectors. Industry leaders and entrepreneurs have expressed their enthusiasm for this progressive reform, highlighting its potential to foster innovation, attract investment, and drive economic growth. Sumit Singhania, Partner at Deloitte India, lauded the budget for its comprehensive tax measures, noting that the abolition of the angel tax and the reduction of the headline tax rate for foreign companies were very welcome changes.
Further commenting on this development, Sanjay Sehgal, Chairman & CEO at MSys Technologies, Venture & Angel Investor, Philanthropist said, “This is a welcome move from the government for the Indian startup ecosystem. It took 12 years but now it removes a significant barrier for early-stage funding and will undoubtedly encourage more investment in innovative ideas. This will lead to a surge of new startups and accelerate India’s journey towards becoming a global innovation hub.”
Centre convenes all-party meet today ahead of Budget SessionIANS
The Union Budget 2024 also set the stage for eCommerce and Direct-to-Consumer (D2C) brands to thrive. With the festive season underway, brands are witnessing a steep rise in positive sentiments in product adoption. The phenomenon of revenge spending, driven by pent-up demand and the opening up of travel and leisure, is expected to drive up demand this season. D2C brands are aggressively pursuing their own strategies to woo customers, ramping up their offerings, building their inventory, and increasing tech capabilities and marketing functions.
The government’s commitment to making Odisha an ultimate tourism destination in the country was another highlight of the budget. The reduction in customs duties for gold, silver, and platinum was a long-standing demand from the gems and jewellery industry. The budget also proposed a new tax rate structure and announced a major reduction in customs duty on cancer drugs and mobile phones.
The Union Budget 2024 has laid a progressive tax policy roadmap for years to come. The abolition of the angel tax is a significant step towards fostering a vibrant startup ecosystem in India. It is expected to enhance capacities to innovate, attract talent, and scale visions, thereby driving economic growth and job creation. The government’s continued focus on infrastructure development, digital infrastructure, and private sector innovation showcases the power of technology in enhancing access to essential services. The budget’s emphasis on education and upskilling, along with the strategic package for upskilling the Indian youth, will bolster the aspirations of numerous job seekers and promote professional growth.
Finance Minister Nirmala SitharamanIANS
The abolition of the angel tax in the Union Budget 2024 is a transformative measure that is expected to significantly boost the Indian startup ecosystem. It is a testament to the government’s commitment to fostering innovation, attracting investment, and driving economic growth. The move has been widely applauded by industry leaders and entrepreneurs, who believe it will greatly aid in capital formation for the startup sector and pave the way for a vibrant and thriving startup ecosystem in India.
22nd July 2024 Chandigarh, India The Department of Fashion Design, Chitkara Design School, Chitkara University, organized a unique event “The Living Heritage of The Indian Sari” to commemorate World Heritage Day.
Dr. Madhu Chitkara, Pro-Chancellor, Chitkara University, releasing a book titled “Indian Sari – Sartoria and Semiotics” by Prof (Dr) Vaibbhavi Ranavaade at Chitkara University
On the occasion, Dr. Madhu Chitkara, Pro-Chancellor, Chitkara University, released a book titled “Indian Sari – Sartoria and Semiotics” by Prof (Dr) Vaibbhavi Ranavaade, Dean, Fashion Design at Chitkara Design School, Chitkara University. The book is a SCOPUS Indexed publication based on her doctoral research ‘A Semiotic Study of the Indian Sari’. Among the journal indexes available to researchers globally, one of the most comprehensive citation databases is SCOPUS. Being indexed in Scopus is an indicator of a journal’s quality and impact in the academic community.
In this book, which has been published by Routledge India, Dr Vaibbhavi examines the various meanings of sari which serves as a symbol of Indian femininity and tradition as well as a means of creative fashion expression for modern India.
The book discusses the semiotic interpretations of the sari today by understanding its significance for traditional weavers, designers and people who wear saris at home, work or for religious or cultural occasions. The book also looks at the processes involved in making traditional saris today, draping and weaving styles, buying behavior, saris in pop culture, pride parades and Bollywood, and interpretations of what the sari signifies in different socio-economic circles.
Commemorating the sari, the fashion students organized an event wherein they unveiled their creations in the fashion extravaganza ‘Sari Saga – Heritage of Indian Sari’. Each piece reflected a myriad of ideas and sentiments inherent in the dynamic array of Saris. Adding a touch of reverence to the occasion, students adorned themselves in diverse Sari styles, which served as a tribute to their rich cultural legacy.
On the occasion, Dr. Madhu Chitkara congratulated the students and staff of Department of Fashion Design and said, “This unique event showcases the beauty of Indian fashion and throws light upon the heritage and importance of Sari. It is pertinent that the world is familiar with the cultural legacy of Sari and keep taking the tradition forward.”
A unique fashion installation based on the theme “Vasudhaiva Kutumbakam” was presented through costumes and literature. The universal appeal for the iconic heritage of Indian Sari and its intersections that transcend borders of nations, communities, class, creed and race, gender and unify humankind for several thousand centuries was interpreted on the drapes with interplay of color, texture and forms.
Eight unique sari installations on themes such as Sari harmony, Sari Shakti, Woodland Whisper, Indian Festivals, Rainbow- Threads of Inclusivity, Dance of Life, Language acceptance and typography, and Unity in Diversity were installed with mixed media presentation of projection with live models draped in conceptual saris.
The event concluded with performances of traditional Siddha and bhangra by the students from the Office of Student Affairs, Chitkara University.
Nipah virus-infected teen dies in Kerala. Photo Courtesy: Wikimedia Commons
A 14-year-old boy, who was diagnosed with the Nipah virus, died in Kerala on Saturday, officials said on Sunday.
According to reports, the boy suffered a massive cardiac arrest and could not be revived.
“He was on ventilator support. The urine output had reduced this morning. After a massive cardiac arrest, the revival efforts failed and he passed away at 11.30 am,” Kerala Health Minister Veena George told India Today.
The minister said his last rites would be performed as per medical protocols.
A multi-member joint outbreak response team from the National ‘One Health Mission’ of Union Health Ministry will be deployed to support the state in investigating the case, identifying epidemiological linkages, and providing technical assistance.
Additionally, at the state’s request, ICMR had sent monoclonal antibodies for patient management, and a mobile BSL-3 laboratory for testing additional samples from contacts has arrived in Kozhikode.
The Monoclonal Antibodies had reached before the patient died but could not be used due to his poor general condition.
“It is important to note that outbreaks of Nipah Virus Disease (NiVD) have been reported in Kerala in the past, with the most recent one occurring in 2023 in the Kozhikode district,” read the statement issued by the Indian Ministry of Health and Family Welfare.
How human beings can be infected by the virus?
Fruit bats are the usual reservoir of the virus, and humans can become infected by accidentally consuming bat-contaminated fruits.
The case fatality rate is estimated at 40 percent to 75 percent, as per WHO website.
The Centre has advised the following immediate public health measures to be taken by the State government:
Active case search in the family of the confirmed case, the neighbourhood, and areas with similar topography.
Active contact tracing (for any contacts) during past 12 days.
Strict quarantine of the contacts of the case and isolation of any suspects.
Collection and transportation of samples for lab testing.
What are the signs of symptoms of the disease?
Human infections range from asymptomatic infection to acute respiratory infection (mild, severe), and fatal encephalitis.
Infected people initially develop symptoms, including fever, headaches, myalgia (muscle pain), vomiting and sore throat. This can be followed by dizziness, drowsiness, altered consciousness, and neurological signs that indicate acute encephalitis. Some people can also experience atypical pneumonia and severe respiratory problems, including acute respiratory distress. Encephalitis and seizures occur in severe cases, progressing to coma within 24 to 48 hours, reads the WHO website on the disease.
The incubation period (interval from infection to the onset of symptoms) is believed to range from 4 to 14 days.
However, an incubation period may be extended up to 45 days.
Is there any treatment for the disease?
There are currently no drugs or vaccines specified for the disease.
Viren Ettikan (right), third-generation member of the PIO family running the 100-year-old Ananda Bhavan Vegetarian Restaurant in Singapore. Photo courtesy: Instagram/indianheritage_sg
Ananda Bhavan, the Indian vegetarian restaurant in Singapore, has just celebrated its 100th anniversary in a big way, with a lively event graced by Singapore President Tharman Shanmugaratnam, First Lady Jane Ittogi, and Alvin Tan, Minister of State for Trade & Industry and Culture, Community & Youth.
Sharing a number of images of the July 20 dinner celebrations, Tan posted today on Instagram: “100 years of Indian vegetarian food – that is what Ananda Bhavan has served since 1924. Along with President Tharman Shanmugaratnam, we celebrated their 100th anniversary of the oldest Indian restaurant in Singapore and had the honour of enjoying their dishes from their new centenary menu for dinner.”
Ananda Bhavan restaurant façade in Little India. Photo courtesy: Instagram/ alvinshtanSingapore minister Alvin Tan (second from right) at the Ananda Bhavan celebratory dinner. Photo courtesy: Instagram/ alvinshtan
Among the event attendees in Little India last night was R Rajaram, Registrar of the National University of Singapore and Chairman of the Advisory Board of the Indian Heritage Centre in Singapore.
Outlining the history of Ananda Bhavan, the Singapore daily The Straits Times reported today: “The restaurant debuted a new centenary menu with popular dishes from over the years from various culinary traditions, including banana flower vadai, curry noodles with monkey head mushroom and portobello mushroom briyani.”
ST said that the dinner marked “Ananda Bhavan’s entry into the Singapore Book of Records as the oldest Indian vegetarian restaurant in the country”.
Singapore President Tharman Shanmugaratnam at the Ananda Bhavan event in Little India. Photo courtesy: Instagram/ alvinshtan
Tan posted: “The legacy of this family-run restaurant spans a century, and their food has fed generations.”
Ananda Bhavan co-proprietor Viren Ettikan (extreme left), minister Alvin Tan (second from left), and Chairman of the Advisory Board of the Indian Heritage Centre in Singapore R Rajaram (second from right) at the dinner. Photo courtesy: Instagram/ alvinshtan
He wrote: “Founded by Mr Kulanthaivelu Muthusamy Kaunder and his brothers, Ananda Bhavan had humble roots plating up affordable meals for labourers. After his demise, he handed over the business to his brother-in-law Mr Ramasamy, before handing the reins to Mr Kulanthaivelu’s wife.
“It was then passed on to their sons, the late Mr M. K. Ramachandra and Mr K. Nadarajan, who introduced automation in their kitchen to improve productivity and expanded the restaurant to several locations.
“Today, it is run by Mr Viren Ettikan, Mr K. Nadarajan’s son, alongside his aunt Madam Parameshvari Kulanthaivelu and her sister Ms Rajeswari. They have opened more outlets and now serve not just South Indian food, but North Indian food and fusion cuisine as well.”
K. Nadarajan (in the backdrop) introduced automation in the Ananda Bhavan kitchen. Photo courtesy: Instagram/ alvinshtan
The minister noted how Ananda Bhavan had retained its USP while adapting to the changing business landscape. “They have remained resilient yet agile through the years, quick to adopt new technology and innovation while remaining rooted in its tradition of serving quality vegetarian food to its customers.”
Recognising the contribution of the Indian-origin establishment to the diverse culture of Singapore, the minister wrote: “Establishments like Ananda Bhavan are gems which represent decades of history and rich tradition – and we will work to deepen appreciation of the heritage they honour.”
The Indian-origin family behind Ananda Bhavan. Photo courtesy: Instagram/ alvinshtan
“[The] National Heritage Board recognises Ananda Bhavan through the Street Corner Heritage Galleries Scheme, and [has] collaborated with them to showcase their history through galleries displaying historical documents, photographs and artefacts to share their stories,” wrote the minister.
Tan said in conclusion: “Thank you Ananda Bhavan for hosting us, and for plating up 100 years of tradition.”
As India anticipates the announcement of the Budget for 2024-25, the nation faces a complex array of economic challenges that demand strategic and effective solutions. It’s hence essential to focus on the key issues confronting the Indian economy today and see tomorrow whether the upcoming budget addresses these critical concerns.
To propel India toward becoming the third-largest economy and achieving a $5 trillion GDP by the mid-2020s, the 2024-25 Budget must adopt a sharply defined strategy.
This includes strategic, sharply focussed, value oriented and merit based deployment of available budget, reducing the fiscal deficit to below 4% of GDP through comprehensive tax reforms and stringent expenditure control, while addressing the ₹160 trillion sovereign debt with strategic restructuring.
Critical to this strategy is a robust crackdown on corruption and tax avoidance, which undermine economic stability and growth. Balancing investment in infrastructure to stimulate industrial growth, streamline regulatory processes to support SMEs with Investments for faster growthin selected sectors. Focus on job creation and launching a national skills development program to align education with market demands and sharply reduce youth unemployment. Enhance agricultural productivity with targeted investments for crop diversification towards higher value growth, invest in irrigation, storage, and rural infrastructure. Increase R&D funding for technologies like AI and renewable energy, and expand digital infrastructure. Combat environmental challenges with green projects and efficient water management. Strengthen trade policies and attract substantial foreign investment by improving the investment climate. Finally, boost healthcare funding and expand social safety nets to ensure inclusive growth and reduce inequality.
This strategy can address critical economic challenges and pave the way for achieving India’s ambitious growth targets.
Fiscal Deficit
India’s fiscal deficit remains a pressing issue. The deficit for the fiscal year 2023-24 was notably high, driven by substantial government spending on subsidies and welfare programs. The challenge lies in balancing this spending with revenue collection to avoid exacerbating debt levels. According to Dr. Arvind Subramanian, former Chief Economic Advisor, “Managing the fiscal deficit requires a balanced approach that combines prudent fiscal management with strategic investments to ensure economic stability.” The upcoming budget will be scrutinized for its approach to fiscal consolidation and strategies to enhance revenue without stifling growth.
Sovereign Debt Management
Sovereign debt has become a significant concern for India, with high debt levels posing risks to fiscal stability and economic growth. As of the latest reports, India’s sovereign debt stands at approximately $1.7 trillion, reflecting ongoing fiscal pressures. Effective management of this debt is crucial to maintaining economic stability and avoiding financial crises. Dr. Arvind Panagariya, former Vice Chairman of NITI Aayog, notes, “Effective management of sovereign debt is critical to ensuring long-term economic stability and avoiding potential financial crises.” The forthcoming budget will be keenly observed for measures aimed at controlling debt and improving fiscal sustainability.
Trade Deficit
The trade deficit has been a persistent challenge, with recent figures indicating a widening gap due to higher imports of crude oil and electronics. For the fiscal year 2023-24, the trade deficit reached $225 billion, up from $200 billion the previous year. This imbalance has implications for the balance of payments and foreign exchange reserves. The Directorate General of Foreign Trade (DGFT) highlights the need for a strategic approach to manage the trade deficit. Dr. Bibek Debroy, Chairman of the Economic Advisory Council to the Prime Minister, emphasizes, “Addressing the trade deficit requires enhancing export competitiveness and developing a robust trade strategy to manage the growing imbalance effectively.” The budget’s approach to trade policies and export incentives will be crucial in tackling this issue.
Banking Sector Woes
The banking sector in India continues to face challenges related to Non-Performing Assets (NPAs). As of March 2024, NPAs stand at 7.4% of total advances, affecting the availability of credit and overall financial stability. The Reserve Bank of India’s Financial Stability Report points to the need for reforms to address these high levels of NPAs. Dr. Viral Acharya, former Deputy Governor of the RBI, stresses, “Resolving the NPA issue is crucial for restoring confidence in the banking sector and ensuring that credit flows efficiently to businesses and consumers.” The budget’s measures to tackle banking sector issues will be critical for economic stability.
Inflation
Inflation has been a significant concern, with the Consumer Price Index (CPI) inflation rate hovering around 6.2% in June 2024, exceeding the Reserve Bank of India’s (RBI) target range of 2-6%. Persistent inflation, driven by supply chain disruptions and rising fuel prices, impacts consumer purchasing power and living costs. Dr. Manohar Bhandari, an economist at the National Institute of Public Finance and Policy, states, “Persistent inflation requires targeted interventions to manage supply chain disruptions and stabilize prices.” The budget’s policies on controlling inflation and supporting affected sectors will be closely examined.
Unemployment
Unemployment remains a critical issue, with the rate at 7.8% in July 2024, and youth unemployment significantly higher at 23%. Job creation has not kept pace with the growing labor force, particularly impacting the younger demographic. The Ministry of Labor and Employment has emphasized the need for robust job creation strategies. According to Dr. Raghuram Rajan, former RBI Governor, “Addressing unemployment requires a multi-faceted approach, including enhancing skill development and creating opportunities in emerging sectors.” The budget’s focus on employment generation and skill development programs will be pivotal.
Industrial Growth
Industrial growth has slowed, with the growth rate at 3.1% in the first quarter of 2024 compared to 5.7% in the same period the previous year. Factors such as policy uncertainties, investment shortages, and supply chain issues have hindered industrial performance. The Ministry of Commerce and Industry has stressed the need for policy stability and investment incentives. Dr. Rajiv Kumar, Vice Chairman of NITI Aayog, asserts, “Reviving industrial growth requires clear policy direction and targeted investments in infrastructure and innovation.” The budget’s industrial policy and investment strategies will be critical for stimulating growth.
Agricultural Distress
Agriculture continues to face significant challenges, with the sector’s contribution to GDP at 15.4% in 2023-2024. Despite employing over 40% of the workforce, agriculture is plagued by issues such as indebtedness and climate impacts. The Ministry of Agriculture and Farmers Welfare has highlighted the need for reforms and improved infrastructure. Dr. M.S. Swaminathan, renowned agricultural scientist, had emphasized, “Addressing agricultural distress requires comprehensive reforms to improve productivity and support farmers.” The budget’s support for agricultural reforms and infrastructure development will be essential.
Infrastructure Bottlenecks
India’s infrastructure remains underdeveloped, ranking 70th in the World Economic Forum’s Global Competitiveness Report 2023. Poor infrastructure hampers industrial growth and economic development. The Ministry of Road Transport and Highways has called for increased investment in infrastructure projects. Dr. Amitabh Kant, former CEO of NITI Aayog, had noted, “Investing in infrastructure is crucial for economic growth and improving competitiveness.” The budget’s focus on infrastructure investment will be key to addressing these bottlenecks.
Regulatory and Bureaucratic Hurdles
Regulatory and bureaucratic inefficiencies continue to pose challenges, with India ranked 63rd in the World Bank’s Ease of Doing Business Report 2020. Complex regulations and slow business processes deter investment and growth. The Ministry of Commerce and Industry has emphasized the need for regulatory reforms. Dr. Bibek Debroy suggests, “Streamlining regulations and reducing bureaucratic delays are essential for improving the business environment.” The budget’s approach to regulatory reforms will be vital for enhancing ease of doing business.
Environmental Concerns
Environmental issues remain a significant concern, with India ranked 168th out of 180 countries in the Environmental Performance Index 2024. Degradation and pollution impact health and productivity. The Ministry of Environment, Forest and Climate Change has stressed the need for stronger environmental policies. Dr. Sunita Narain, Director General of the Centre for Science and Environment, states, “Addressing environmental concerns requires stringent policies and investments in sustainable practices.” The budget’s focus on environmental protection and sustainability will be crucial.
Rising Poverty
Poverty remains a critical issue, with significant portions of the population struggling to meet basic needs. The Planning Commission’s latest data indicates that poverty rates have seen a modest decline but still reflect substantial challenges. Dr. Jean Drèze, an economist and development specialist, highlights, “Effective poverty alleviation requires targeted social programs and economic opportunities to uplift the most vulnerable.” The budget’s allocation for poverty alleviation programs will be closely scrutinized.
Health
India’s healthcare sector faces significant challenges, with healthcare expenditure at only 1.5% of GDP, among the lowest globally. The sector needs substantial investment to improve infrastructure and access. The Ministry of Health and Family Welfare has emphasized the need for increased funding. Dr. K. Srinath Reddy, President of the Public Health Foundation of India, notes, “Strengthening health infrastructure and increasing funding are critical to improving healthcare access and outcomes.” The budget’s focus on health sector reforms and investments will be crucial.
Education
Education remains a priority, with India ranked 115th in the Global Education Index 2023. The education system requires reforms to meet future workforce demands and improve quality. The Ministry of Education has called for increased investment in schools and vocational training. Dr. Amartya Sen, Nobel Laureate in Economics, asserts, “Reforming the education system to focus on quality and skill development is essential for economic growth and social mobility.” The budget’s commitment to educational reforms will be key.
Science and Technology
Investments in science and technology are essential for innovation and growth. The Ministry of Science and Technology has emphasized the need for increased funding for research and development. Dr. N. R. Narayana Murthy, founder of Infosys, highlights, “Investing in science and technology is crucial for driving innovation and maintaining global competitiveness.” The budget’s allocation for R&D and technology initiatives will be important for sustaining technological advancement.
Assistance to Critical States
Several states face unique economic challenges and require targeted assistance. The Ministry of Finance is expected to address these needs through specific support measures. According to Dr. Praveen Chakravarty, Chair of the Data Analytics Group of the Indian National Congress, “Targeted assistance to critical states is essential for addressing regional disparities and ensuring balanced growth.” The budget’s provisions for state-specific assistance will be crucial for addressing these disparities.
Defense
Defense spending is a key aspect of India’s national strategy, with a defense budget of $76.6 billion for 2023-2024. This expenditure reflects ongoing regional security concerns and the need for modernization. Investments are expected in new technologies and infrastructure to bolster national security. Dr. C. Raja Mohan, a distinguished fellow at the Institute of South Asian Studies, asserts, “Strategic defense investments are vital for national security, but they must be balanced with investments in other critical sectors to ensure comprehensive development.” The budget’s allocation for defense and its strategic priorities will be pivotal in shaping India’s security landscape.
Technological Disruption
Technological advancements, particularly automation and artificial intelligence (AI), are poised to transform the job market. According to a McKinsey report, up to 25% of jobs in India could be displaced by 2030 due to these technologies. Managing this disruption requires substantial investment in reskilling and creating new job opportunities. Dr. Nandan Nilekani, co-founder of Infosys, emphasizes, “Embracing technological change while investing in reskilling the workforce is critical for mitigating job displacement and fostering growth.” The budget’s approach to technology-driven job creation and skill development will be essential.
Climate Change
India faces significant economic challenges related to climate change, with projected losses of up to 2.5% of GDP annually by 2030 due to climate-related events. These impacts affect agriculture, infrastructure, and overall economic stability. The Ministry of Environment, Forest and Climate Change has called for robust adaptation strategies. Dr. Rajendra Pachauri, former Chair of the Intergovernmental Panel on Climate Change (IPCC), warns, “Climate adaptation strategies are essential for protecting economic stability and ensuring sustainable development.” The budget’s allocation for climate adaptation and mitigation will be crucial for addressing these challenges.
Energy Security
With India’s energy demand expected to double by 2040, ensuring energy security is a key concern. The International Energy Agency (IEA) emphasizes the need for a balanced energy strategy that includes both fossil fuels and renewable sources. Dr. Anil Kakodkar, former Chairman of the Atomic Energy Commission, notes, “A sustainable energy strategy that integrates renewable energy sources and enhances energy efficiency is vital for long-term energy security.” The budget’s investment in energy infrastructure and renewable energy initiatives will be vital for meeting future energy demands.
Demographic Shifts
India’s demographic profile is shifting, with the population over 60 years old projected to triple to 340 million by 2050. This aging population presents economic challenges, including increased healthcare costs and changes in labor force dynamics. The Ministry of Social Justice and Empowerment has highlighted the need for policies that address these shifts. Dr. S. Irudaya Rajan, Professor at the Centre for Development Studies, states, “Addressing demographic changes requires proactive policies to support an aging population while providing opportunities for the younger demographic.” The budget’s measures to support elderly care and leverage the demographic dividend will be key.
Urbanization
Rapid urbanization is expected to see 40% of India’s population living in urban areas by 2030, up from 34% in 2020. This trend necessitates substantial investment in urban infrastructure, including housing and transportation. The Ministry of Housing and Urban Affairs has called for increased funding for urban development projects. Dr. Shakti Sinha, former Director of the Nehru Memorial Museum and Library, asserts, “Effective urban planning and infrastructure investment are essential for managing rapid urbanization and ensuring sustainable cities.” The budget’s focus on urban development and infrastructure investment will be crucial for accommodating growing urban populations.
Health Infrastructure
With healthcare spending at only 1.5% of GDP, India’s health infrastructure requires significant enhancement to cope with potential pandemics and ensure widespread access to healthcare. The Ministry of Health and Family Welfare has emphasized the need for increased funding and infrastructure development. Dr. Randeep Guleria, Director of the All India Institute of Medical Sciences (AIIMS), highlights, “Investing in healthcare infrastructure and expanding access to services are critical for improving health outcomes and preparing for future health crises.” The budget’s support for health sector improvements will be crucial for addressing these needs.
Educational Reforms
India’s education system faces challenges, with a ranking of 115th in the Global Education Index 2023. Reforming the education system to meet future workforce demands and improve quality is essential. The Ministry of Education has called for increased investment in educational infrastructure and vocational training. Dr. Manohar Bhandari, Education Expert, asserts, “Reforming the education system to focus on quality, skill development, and vocational training is critical for preparing a future-ready workforce.” The budget’s focus on educational reforms and investment will be key for improving educational outcomes.
Science and Technology
Investments in science and technology are vital for driving innovation and maintaining global competitiveness. The Ministry of Science and Technology has emphasized the need for increased funding for research and development. Dr. K. Radhakrishnan, former Chairman of ISRO, notes, “Investing in R&D and technological innovation is crucial for driving economic growth and maintaining technological leadership.” The budget’s allocation for science and technology initiatives will be important for fostering innovation and technological advancement.
Assistance to Critical States
Several states face unique economic challenges and require targeted assistance to address regional disparities. The Ministry of Finance is expected to allocate resources to support these states. Dr. Praveen Chakravarty, Chair of the Data Analytics Group of the Indian National Congress, states, “Targeted assistance to critical states is essential for addressing regional imbalances and promoting balanced economic development.” The budget’s provisions for state-specific assistance will be crucial for ensuring equitable growth across regions.
In summary, the Budget for 2024-25 will be a critical document that addresses a range of economic challenges, from fiscal deficit and sovereign debt management to industrial growth and social issues. The effectiveness of the budget will depend on how well it tackles these challenges and supports sustainable development. As the budget is set to be announced, stakeholders will be watching closely to assess its impact on India’s economic future.
Disclaimer: The views expressed in this article are those of the author only
Major General Dr Dilawar Singh is an Indian Army veteran who has led the Indian Army’s Financial Management, training and research divisions introducing numerous initiatives therein. He is the Senior Vice President of the Global Economist Forum AO ECOSOC, United Nations and The Co President of the Global Development Bank. He is passionate for advocacy for Fintech incorporation for enhancement of financial transparency, efficiency of finmanagement and societal inclusive banking.
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