23072024-TT-01.qxd 7/22/2024 KAMALA RACES TO FIRM UP WHITE HOUSE BID WORLD /thetribunechd 10:47 PM Page 1 13 CHANDIGARH | GURUGRAM | JALANDHAR | BATHINDA | VOL. 144 NO. 203 | 14 PAGES | ~5.00 | REGD. NO. CHD/0006/2024-2026 ESTABLISHED IN 1881 HIMACHAL PRADESH HOODA: ED RAIDS VENDETTA AGAINST CONG BACK PAGE tuesday | 23 july 2024 /thetribunechd www.tribuneindia.com ECONOMIC SURVEY Domestic drivers backed growth in FY24 amid global uncertainty On middle class’ wishlist: Tax sops, higher home loan rebate Vijay C Roy Vijay C Roy Economy robust, GDP to grow at 6.5-7% MAJOR TAKEAWAYS OF REPORT Tribune News Service New Delhi, July 22 The Economic Survey 202324, tabled by Union Finance Minister Nirmala Sitharaman in Parliament on Monday, projected the economy to grow between 6.5 per cent and 7 per cent in 2024-25, depending on global factors. This is lower than 8.2 per cent growth seen in the previous 2023-24 financial year and below the RBI’s 7.2 per cent estimate for the current fiscal. It, however, aligns with the 7 per cent forecast by the International Monetary Fund (IMF) and the Asian Development Bank (ADB). “The Indian economy is on a POSITIVE OUTLOOK AREAS OF CONCERN Economy recovered swiftly from pandemic | Global trade outlook remained positive | Uptick in agriculture sector and rural demand | Domestic growth high despite global challenges Escalation of geopolitical conflicts poses challenges | Higher commodity prices | Slow hiring in IT sector | Correction in financial markets to hit household finances, corporate valuations | Cheaper imports to stall private investment ON FIRM WICKET DESPITE GLOBAL CHALLENGES Indian economy is on a strong wicket, demonstrating resilience Union Finance Minister Nirmala Sitharaman speaks in the Lok Sabha. PTI ❝ face of geopolitical challenges. in the VA Nageswaran, CHIEF ECONOMIC ADVISER INDIA SEEKS FDI FROM CHINA TO PUSH EXPORTS | PVT SECTOR TOLD TO INCREASE HIRING, WAGES PAGE 11 strong wicket and stable footing, demonstrating resilience in the face of geopolitical challenges,” Chief Economic Adviser V Anantha Nageswaran said. The survey identifies boosting private investment, strengthening small businesses and agriculture, raising financial resources for climate change adaptation, easing red tape for small businesses and tacking income inequality as focus areas. Priorities should also include bridging the gap between education and employment, it says, calling continued on page 10 edit: india inc lags in jobs Survey calls for urgent reforms in agri sector Neeraj Mohan Tribune News Service New Delhi, July 22 The Economic Survey has called for urgent reforms in the agricultural sector, warning that structural issues could impede the country’s overall economic growth trajectory. “Agriculture is not in a crisis now, but requires a serious structural transformation because climate change and water criticality will loom large in the times to come,” the survey noted. It said the agriculture sector, which supported 42.3 per cent of India’s population and contributed 18.2 per cent to the GDP had shown , resilience with an average annual growth rate of 4.18 per cent over the past five years. However, the growth has moderated to 1.4 per cent for the current year. “Increased investment in agricultural research has been a significant driver, with a return of Rs 13.85 for every rupee invested. In 2022-23, Rs 19,650 crore was allocated for agricultural research,” it said. The survey revealed that the foodgrain production reached a record 329.7 million tonnes in 2022-23, with a projected slight decrease to 328.8 million tonnes in 202324 due to unfavourable mon- SUPPORTING HALF OF INDIA’S POPULATION 42.3% of population surviving on agriculture 18.2% the sector’s contribution to GDP 4.18% average annual growth rate in past 5 years STRIDES IN RURAL INFRA 11.57 CR toilets built over 10 years under Union Govt’s Swachh Bharat Mission 2.39 lakh community toilet complexes constructed 11.7 CR households provided tap water connections under Jal Jeevan Mission 2.63 CR houses constructed under PM-Awas initiative 10.3 CR LPG connections provided under PM Ujjwala Yojana 21.4 CRORE rural households electrified under the Saubhagya scheme 15.14 LAKH KM of roads built under PM Gram Sadak Yojana soon conditions. The production of oilseeds increased significantly, reducing the share of imported edible oil from 63.2 per cent in 2015-16 to 57.3 per cent in 2022-23. The e-NAM scheme has registered over 1.77 crore farmers and 2.56 lakh traders, streamlining agricultural continued on page 10 Need to create 78L jobs in non-farm sector annually New Delhi, July 22 The Indian economy must generate nearly 78.5 lakh jobs annually in the non-farm sector to accommodate the rising workforce, according to the Economic Survey for 2023-24. Tabled by Finance Minister Nirmala Sitharaman on the opening day of the Budget session, the survey underscored the urgency of addressing the country's employment needs amid rapid economic and technological changes. As per the survey, the total addition to the workforce reached 4.67 crore in 2023-24. INSIDE AI CASTS ‘PALL OF UNCERTAINTY’ Artificial intelligence casts a “huge pall of uncertainty” over impact on workers across skill levels, the Economic Survey has said as it cautions that alongside other factors this will create barriers to sustained high growth rates for India in coming years. Top court stays UP’s Sailor missing after diktat for eateries on fire aboard warship Kanwar Yatra route INS Brahmaputra NEW DELHI: The Supreme Court on Monday ordered an interim stay on the Uttar Pradesh Government’s controversial directive to eateries on the Kanwar Yatra route to display the names of their owners. Issuing notices to the governments of Uttar Pradesh, Madhya Pradesh, Uttarakhand and some other states where Kanwar Yatra takes place, the Bench posted the matter for further hearing on July 26. BACK PAGE NEW DELHI: A sailor is missing after a fire broke out on board the Navy’s warship INS Brahmaputra at the Mumbai dockyard, an official said on Monday. The ship was undergoing refit when the fire broke out on Sunday, he said. The fire was brought under control, but the ship experienced severe listing towards one side. Despite efforts, it could not be brought to its upright position, said the official. — TNS c m y b Tribune News Service New Delhi, July 22 Coming on the back of not-sofavourable results in the General Election, the Modi 3.0 government in its first Union Budget, to be presented by Finance Minister Nirmala Sitharaman on Tuesday, is expected to offer incentives while striking a fine balance between populism and fiscal prudence to keep the economy on growth trajectory. This will mark Sitharaman’s seventh consecutive Budget presentation, surpassing former Prime Minister Morarji Desai’s record six consecutive Budget presentations (five full and one interim) from Budget EXPECTATIONS FOCUS ON CONSUMPTION & INVESTMENT LIKELY ■ Impetus to urban and rural consumption ■ Increased allocation for PM Kisan, MGNREGA ■ Announcement for PLI scheme for MSMEs ■ Capex increase to ~11.3L cr 1959 to 1964. The Budget will spell out the vision of the NDA government for the next five years. Top on the list of stakeholders’ demands is tax concessions for the middle class, which may come either in the form of raising the basic exemption limit or rejigging tax brackets. On the receipt front, says Sonal Badhan, economist with the Bank of Baroda, certain reductions can be expected if the government decides to relieve the burden of individual taxpayers and give incentives for savings. To encourage people to buy homes, tax concession on interest may be increased and customs duties on finished products of certain items may again be raised to correct the continued on page 10
The Tribune, now published from Chandigarh, started publication on February 2, 1881, in Lahore (now in Pakistan). It was started by Sardar Dyal Singh Majithia, a public-spirited philanthropist, and is run by a trust comprising four eminent persons as trustees.
The Tribune, the largest selling daily in North India, publishes news and views without any bias or prejudice of any kind. Restraint and moderation, rather than agitational language and partisanship, are the hallmarks of the paper. It is an independent newspaper in the real sense of the term.
The English edition apart, the 133-year-old Tribune has two sister publications, Punjabi Tribune (in Punjabi) and Dainik Tribune (in Hindi).