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New Delhi [India], June 5 (ANI): The Bharatiya Janata Party (<keyword id="19894848" type="General" weightage="20" keywordseo="bjp" source="keywords">BJP</keyword>)-led National Democratic Alliance (<keyword id="19938590" type="General" weightage="20" keywordseo="NDA" source="keywords">NDA</keyword>) secured a majority in the general elections, securing a third term for Prime Minister Narendra Modi. This victory indicates continuity in policy, particularly in <keyword id="21785272" type="General" weightage="20" keywordseo="infrastructure-spending" source="keywords">infrastructure spending</keyword> and boosting domestic manufacturing, which are expected to support robust <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword>. However, the NDA's slim margin of victory and the BJP's loss of an outright majority in parliament may slow down more extensive economic and fiscal reforms, potentially impeding <keyword id="20101140" type="General" weightage="20" keywordseo="fiscal-consolidation" source="keywords">fiscal consolidation</keyword> efforts. In fiscal 2023-24, India's real GDP accelerated to 8.2 per cent from 7.0 per cent the previous year, driven by significant gains in gross fixed capital formation as the government's infrastructure programs gained momentum, even as private consumption remained subdued. <keyword id="20227907" type="General" weightage="20" keywordseo="Moodys" source="keywords" meta.keywordsubtype="org" meta.entityname="Moody's" meta.hostid="261" meta.entityid="Moody's">Moody's</keyword> projects India's economic strength to continue, with an anticipated real <keyword id="19972825" type="General" weightage="20" keywordseo="GDP-growth" source="keywords">GDP growth</keyword> of around 7 per cent over the three-year period from fiscal 2023-24 to 2025-26. This growth is expected to benefit from ongoing infrastructure development and digitalization efforts. Despite this outlook, structural weaknesses pose risks to long-term growth potential. High youth unemployment and low productivity growth in the agriculture sector constrain economic expansion. The agricultural sector's modernization has been stalled by political challenges, as evidenced by the repeal of key reforms in 2021 following widespread farmer protests. Additionally, gains in manufacturing have been uneven, limiting labour force diversification away from agriculture, which still accounts for 40 per cent of total employment. Foreign direct investment (FDI) inflows have declined over the past three years, despite a favourable geopolitical climate amid US-China tensions. This trend suggests persistent constraints within India's investment climate. To address these challenges, further structural reforms and enhanced implementation of existing initiatives, such as the production-linked incentive schemes to promote manufacturing, calibrated liberalisation of cross-border trade, and reconsideration of labour reforms, are necessary. The government's focus on fiscal consolidation is expected to continue, but significant improvements in debt ratios and interest servicing have yet to be realised. Since the trough in fiscal 2020-21, the central government's deficit has likely narrowed for three consecutive years. The interim budget for fiscal 2024-25 projects a deficit of around 5 per cent of GDP, aiming for a 4.5 per cent deficit by fiscal 2025-26. However, India's fiscal consolidation post-pandemic has not outpaced other emerging markets in Asia-Pacific, and its fiscal and debt metrics remain weaker than those of Indonesia, the Philippines, Thailand, and other Baa-rated peers globally. India's general government debt is projected to stabilise above 80 per cent of GDP over the next three years, compared to 70.5 per cent in fiscal 2018-19. General government interest payments are forecast to fall to around 24 per cent of general government revenue over the next two years, down from over 28 per cent in fiscal 2020-21, but still higher than the pre-pandemic ratio of less than 23 per cent. While increased budgetary allocations for infrastructure indicate an improvement in spending quality, debt servicing remains a significant portion of expenditure, reflecting ongoing constraints on fiscal flexibility. This situation underscores the need for the incoming government to balance fiscal consolidation with growth-supportive measures. The upcoming final budget for the fiscal year ending March 2025 will provide further insights into India's fiscal policy direction through 2029. As the Modi administration embarks on its third term, the focus will likely remain on sustaining economic growth while addressing the persistent <keyword id="21500054" type="General" weightage="20" keywordseo="fiscal-challenges" source="keywords">fiscal challenges</keyword> that hinder India's long-term economic potential.

Modi 3.0 will offer policy continuity, but BJP's loss of outright majority may slow down fiscal reforms: Moody's

<ul class="summary-list"><li>Russian President Vladimir Putin is eyeing a bigger global role for the BRICS bloc.</li><li>Putin recently raised the possibility of a BRICS parliament, which would formalize the group.</li></ul>Russian President Vladimir Putin has set his sights on a bigger role for a group of emerging nations as he seeks to topple the West-led world order.The group is known as BRICS for original members Brazil, Russia, India, China, and South Africa, which collectively form the bloc's acronym. New members include Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, and the United Arab Emirates.BRICS was formed in <a target="_blank" rel="noopener nofollow" href="https://www.reuters.com/article/us-brazil-russia-idUSTRE4AP5H220081126">2009 with its first summit.</a> The group founded the Shanghai-headquartered New Development Bank in 2015 and was largely an informal grouping until recently. It's now positioning itself as a counterweight to the G7 and the West amid increasing geopolitical tensions globally.Putin recently weighed in on the structure of the group."BRICS does not have its own official parliamentary organization at this stage, but I believe that this idea will definitely be materialized somewhere down the road," Putin said last Thursday at the BRICS Parliamentary Forum in St Petersburg, according to an official transcript from the <a target="_blank" class="" href="http://en.kremlin.ru/events/president/news/74528">Kremlin.</a>Putin did not elaborate on how this structure would work, but his comments illustrate how Russia is using its position as BRICS chair this year to <a target="_blank" class="" href="https://www.henleyglobal.com/publications/brics-wealth-report/russia-brics-and-future-global-order">bolster the group. </a>A parliamentary structure would formalize the group even further.His comments come amid increasing interest in the bloc from the Global South.Just last month, the Southeast Asian nations of <a target="_blank" class="" href="https://www.reuters.com/world/asia-pacific/thailand-eyes-brics-membership-october-summit-begins-oecd-application-2024-06-20/">Thailand</a> and <a target="_blank" class="" href="https://www.reuters.com/world/asia-pacific/malaysia-preparing-join-brics-economic-group-media-report-says-2024-06-18/">Malaysia</a> said they were interested in joining the bloc. Thailand has submitted a formal request for membership, while Malaysia's prime minister said it was preparing to start its application process.<a target="_blank" class="" href="https://www.businessinsider.com/xi-putin-seek-brics-expansion-challenge-us-power-and-dollar-2023-8">A larger and more structured BRICS bloc</a> could have more bargaining power and create an alternative to the West-led global order.As Rich Lesser, the global chair of the Boston Consulting Group, wrote in a May note, the expanded BRICS bloc — which includes major oil producers Saudi Arabia and UAE — now controls over 40% of the world's oil production, "making it an important international actor."It could also help Russia's sanctions-hit economy.Last month, Russian Foreign Minister Sergey Lavrov said BRICS countries are developing a <a target="_blank" class="" href="https://www.businessinsider.com/dedollarization-russia-actively-working-brics-local-currencies-platform-us-dollar-2024-6">payments platform</a> that will allow them to bypass the US dollar.Not everybody is convinced about whether BRICS could be an effective counterweight to the West. After all, the BRICS countries' interests <a target="_blank" class="" href="https://www.businessinsider.com/dedollarization-china-india-brics-common-currency-jim-oneill-economy-dollar-2023-9">do not always align</a> within the group.<a target="_blank" class="" href="https://www.businessinsider.com/modi-putin-russia-india-relationship-not-worried-us-biden-mad-2024-7">India,</a> for one, is balancing interests among the US, China, and Russia. Indian Prime Minister Narendra Modi visited Russia recently, even though New Delhi is in a strategic partnership with the US. This is in part because Modi needs Russia as a buffer against China — a BRICS member with whom India has a border dispute.But the BRICS group should not be counted out, wrote as Ian Bremmer, the president of the <a target="_blank" class="" href="https://www.gzeromedia.com/by-ian-bremmer/elections-in-europe-bidens-choice-who-im-voting-for-and-more-your-questions-answered">Eurasia Group,</a> in a report earlier this month."BRICS is a low-stakes forum for these countries to meet and talk about common grievances that the US and the West should pay at least slightly more attention to," he wrote.

Putin wants to strengthen a big challenger to Western dominance 

The Indian version of "<keyword id="20621486" type="General" weightage="20" keywordseo="The-Night-Manager" source="keywords">The Night Manager</keyword>", starring <keyword id="19908194" type="General" weightage="20" keywordseo="Anil-Kapoor" source="keywords">Anil Kapoor</keyword>, <keyword id="19963248" type="General" weightage="20" keywordseo="Aditya-Roy-Kapoor" source="keywords">Aditya Roy Kapoor</keyword> and <keyword id="19902028" type="General" weightage="20" keywordseo="Sobhita-Dhulipala" source="keywords">Sobhita Dhulipala</keyword>, has received a nomination in the drama series category at the 2024 International Emmy Awards. "The Night Manager" is the only entry from India across 14 categories at the nominations that were announced on Thursday in New York by the International Academy of Television Arts &amp; Sciences (IATAS). The series, directed by <keyword id="23240351" type="General" weightage="20" keywordseo="Sandeep-Modi" source="keywords">Sandeep Modi</keyword> and <keyword id="23246289" type="General" weightage="20" keywordseo="Priyanka-Ghose" source="keywords">Priyanka Ghose</keyword>, is adapted from both -- the John le Carre's novel and the British show, starring Tom Hiddleston, Hugh Laurie and Olivia Colman. "The Night Manager" will compete with French show "Les Gouttes de Dieu" (Drops of God), "The Newsreader - Season 2" from Australia and "Iosi, El Espia Arrepentido" season two from Argentina in the category. Kapur, who essayed the titular Night Manager, said he is happy that his series debut received an International Emmy nod and it is a "big moment" for the entire team. "An Emmy Nomination for my first series.. wow! From day one, we knew that we were creating something special with The Night Manager but for it to receive so much love and recognition across the country, and the world was not something any of us had imagined. This is such a big moment for us all!" he said. In the Indian take, Kapur played Shaan Sengupta, a hotel night manager, who goes undercover to bring down the empire of arms dealer Shaildendra 'Shelly' Rungta (played by Anil Kapoor). Kapoor said he is "ecstatic" over the nomination, which is a "worthy reminder" that hard work always pays off. "It's just been brought to my attention that our Indian adaptation of 'The Night Manager' has been nominated for an International Emmy. I remember when the offer came in, I was conflicted. It offered me the opportunity to play a character so complex, but also, on the other hand, the huge responsibility of trying to add newness and authenticity to a part that had been played so masterfully by Hugh Laurie. "This validation from the Emmys, in addition to the tremendous love that we have received from fans worldwide, is a worthy reminder that hard work always pays.. I am ecstatic and hungrier than ever before for what's to come," the actor said. Also starring Tillotama Shome, Saswata Chatterjee and Ravi Behl, "The Night Manager" is produced by The Ink Factory and Banijay Asia for Disney+ Hotstar. Dhulipala, who played Kaveri, said the news of the show's nomination is "motivating and moving". "This is such fantastic news! I'm so happy for the directors Sandeep Modi and Priyanka Ghose as well as our phenomenal technical crew. Big shout out to Anil Sir, Aditya, Tillotama and the rest of the cast for this exciting moment and shared joy!" she added. Modi said he is beyond happy that "The Night Manager" is the only Indian nomination at the 2024 <keyword id="23246288" type="General" weightage="20" keywordseo="International-Emmys" source="keywords" meta.keywordsubtype="org" meta.entityname="International Emmys" meta.hostid="83" meta.entityid="International Emmys">International Emmys</keyword>. "With The Night Manager, the most challenging thing was to tell the story again in a way that it would appeal to the audiences. Each character has been crafted meticulously, in a way that they connect with the Indian audiences and the ethos," he added. The International Emmys, to be held in New York on November 25, will be hosted by Indian comedian Vir Das, who won an award last year for his stand-up special "Landing". Nominees for International Emmys come from different countries such as Argentina, Australia, Belgium, Brazil, India, Chile, Colombia, France, Japan, Germany and many others. "Every year the international television community competes to be recognized on the International Emmys' much coveted global stage," said International Academy President &amp; CEO Bruce L Paisner. "We congratulate the Nominees for their outstanding programs and performances, they are once again a testament to the universal appeal of great storytelling across all genres, countries and cultures," Paisner added. The other nominee categories are for best performance by an actor, actress, comedy, documentary, non-scripted entertainment, short-form series, sports documentary, telenovela, TV movie / mini-series, kids: animation, kids: factual, kids: live-action. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/arkade-developers-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113493854.cms">Arkade Developers IPO allotment – How to check allotment, IPO GMP, listing date and more</a> <a href="https://www.businessinsider.in/stock-market/news/northern-arc-capital-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113493763.cms">Northern Arc Capital IPO allotment – How to check allotment, IPO GMP, listing date and more</a> <a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-emerges-as-the-worlds-second-biggest-smartphone-brand-in-august/articleshow/113478178.cms">Xiaomi emerges as the world’s second-biggest smartphone brand in August</a>

'The Night Manager' nominated in drama series category at International Emmys, Anil Kapoor 'ecstatic'

For a country struggling to fight brutal poverty, internal conflicts, political instability, and bureaucratic inefficiency, the 1990s was a breath of fresh air. The economy was liberalised, the IT industry started booming, a telecom revolution was underway, a successful nuclear test was conducted, and the emergence of strong regional parties gave voice to the politically weak sections. But on May 3, 1999, as Pakistani intrusion was reported at the Kargil borders, India was on the cusp of losing a decade-long progress to an unprovoked war. Over the next three months, the Indian <keyword id="19903970" type="General" weightage="20" keywordseo="armed-forces" source="keywords">armed forces</keyword> fought with all might not just to defend the borders, but to show to the world that its preference for peace is not a sign of weakness. <keyword id="21429298" type="General" weightage="100" keywordseo="Kargil-Vijay-Diwas" source="keywords">Kargil Vijay Diwas</keyword>, commemorated annually on July 26th, stands as a testament to India's indomitable spirit and the unwavering courage of its armed forces. This day marks the culmination of the <keyword id="20143432" type="General" weightage="20" keywordseo="Kargil-War" source="keywords">Kargil War</keyword>, a conflict that tested the nation's mettle and forged a legacy of heroism. Addressing the 25th celebrations of the Kargil War victory, <keyword id="6354814" type="General" weightage="20" keywordseo="prime-minister-narendra-modi" source="Orion">Prime Minister Narendra Modi</keyword> said that the Kargil War win is neither the victory of any government in power nor of any political group, it is the heritage and the victory of 140 crore people of India. <h2>The genesis</h2>Despite signing the Lahore Declaration in February 1999 for a peaceful resolution of the Kashmir issue, a covert infiltration by Pakistani troops into the Kargil sector of Jammu and Kashmir in May 1999 triggered a crisis. Disguised as militants, they occupied strategic positions along the Line of Control (LoC), aiming to disrupt the Kashmir-Ladakh link. The <keyword id="19908736" type="General" weightage="20" keywordseo="Indian-Army" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Army" meta.hostid="261" meta.entityid="Indian Army">Indian Army</keyword>, upon discovering the intrusion from local shepherds, launched Operation Vijay, a counter-offensive to reclaim the occupied heights. <h2>Battling against nature and the enemy</h2>The Kargil War was a gruelling ordeal, fought in the unforgiving Himalayan terrain. Soldiers battled not only the enemy but also the harsh, high-altitude conditions. The covert movement of the Pak army helped them position themselves at strategically advantageous, high-altitude positions. As temperatures plummeted and oxygen levels dwindled, the rugged mountains posed immense logistical challenges to the ground forces. Yet, the Indian Army, driven by patriotism and a relentless determination to protect the nation's sovereignty, pressed on. <h2>Heroes of the Kargil War</h2>The Kargil War produced a pantheon of heroes whose bravery continues to inspire generations. Captain <keyword id="20211435" type="General" weightage="20" keywordseo="vikram-batra" source="keywords">Vikram Batra</keyword>, with his iconic battle cry "Yeh Dil Mange More," led his troops to capture Point 4875, a pivotal victory. Lieutenant Manoj Kumar Pandey, displaying exceptional courage, made the supreme sacrifice while defending his post. These brave soldiers, among many others, epitomized the indomitable spirit of the Indian Army. The Kargil War galvanized the nation. People from all walks of life came together to support the armed forces. The collective outpouring of patriotism and solidarity fueled the soldiers' resolve. Nearly 500 Indian soldiers lost their lives battling the enemy in unforgiving Himalayan terrains. The war also highlighted the sacrifices made by the families of the martyrs, whose courage and resilience were equally inspiring. <h2>A legacy of valour</h2>Kargil <keyword id="21992554" type="General" weightage="20" keywordseo="vijay-diwas" source="keywords">Vijay Diwas</keyword> is more than just a commemoration; it is a reaffirmation of India's commitment to peace and security. The sacrifices made by the brave soldiers who fought in the Kargil War will forever be etched in the nation's memory. Their unwavering courage and determination continue to inspire future generations to serve the country with dedication and honour. As India celebrates the 25th anniversary of Kargil Vijay Diwas today, it is essential to remember the heroes who laid down their lives for the nation. Their supreme sacrifice will never be forgotten by a country on its path to glory on a global stage. <h2>A continued tragedy</h2>The Kargil War left behind a deadly legacy along with long-term trauma among the local residents and the defence personnel who fought valiantly. As per a TOI report, unexploded bombs scattered across the region continue to pose a significant threat to the local population. In 2023 — 24 years after the tragic war — a total of around 336 such unexploded bombs were reportedly neutralised by the Army. Residents live in constant fear of accidental detonations, especially during construction or excavation work. These incidents have resulted in multiple casualties in the past several years, including the tragic death of a young child. Despite the passage of 25 years, the Army remains actively engaged in defusing these dangerous remnants of war. Even this year, as many as 103 such bombs were defused by the Army. <div type="Article" hostid="261" msid="112016324" title="Ex-army officer runs 160 km, 40 km per day, to mark Kargil Vijay Diwas anniversary" mstype="2" mssubtype="0"><payload><![CDATA[seealso]]></payload></div> <div type="Article" hostid="261" msid="112031216" title="Families of soldiers pays tribute to soldiers who lost lives in 1999 Kargil War" mstype="2" mssubtype="0"><payload><![CDATA[seealso]]></payload></div>

Kargil Vijay Diwas: A tale of valour and sacrifice

New Delhi, As the world's top leaders assembled here for the <keyword id="42982" type="General" weightage="20" keywordseo="g20-summit" source="Orion">G20 Summit</keyword>, they called for an urgent need to tackle various challenges before the globe including on the climate front. UK Prime Minister <keyword id="221875" type="General" weightage="80" keywordseo="rishi-sunak" source="Orion">Rishi Sunak</keyword> said the G20 leaders came together for the first time 15 years ago to restore global growth after the financial crisis. "We (now) meet at a time of enormous challenges -- the world is looking to the G20 once again to provide leadership. Together I believe we can address these challenges," he said. Brazilian President <keyword id="12083056" type="General" weightage="80" keywordseo="luiz-inacio" source="Orion">Luiz Inacio</keyword> Lula da Silva said during his country's G20 presidency, it will launch a Task Force for Global Mobilisation against Climate Change. "We want to reach COP 30, in 2025, with a climate agenda balanced between mitigation, adaptation, loss and damage and financing, ensuring the sustainability of the planet and the dignity of people," he said. He said Brazil hopes to count on everyone's engagement so that the beauty of the Earth is not just a "photograph seen from space". South African President <keyword id="238505" type="General" weightage="80" keywordseo="cyril-ramaphosa" source="Orion">Cyril Ramaphosa</keyword> said "we are delighted" that the G20 has accepted the African Union as a member of the grouping. "Global reconstruction in the wake of the COVID-19 pandemic presents a unique opportunity to accelerate the transition to low-carbon, climate resilient, sustainable societies," he said. Developing economies, he said, are bearing the brunt of climate change, despite carrying the least responsibility for this crisis. "As African and other developing economy countries, we face the task of meeting our climate commitments in the midst of significant developmental challenges like poverty, inequality and unemployment," he observed. Climate change, environmental degradation, unsustainable consumption and production and resource scarcity are challenges that can only be addressed collectively and with a great deal of solidarity, he felt. "South Africa calls for an enhanced and expanded global partnership for Sustainable Development," he said. "This must be supported by the concrete policies and actions outlined in the Addis Ababa Action Agenda on Financing for Development," he asserted. Indonesian President Joko Widodo said before joining the leaders of the G20 countries and heads of international organisations who had arrived, we took a group photo. The background of the photo is the wheel that is the icon of the Kornark Sun Temple, a part of the UNESCO world heritage site. Saturday's first session of the G20 India Summit raised a topic with the theme One Earth, he noted. European Union Commission President Ursula von der Leyen said climate change is man-made. "So it means we can address it. For this we need innovation, investments in green technologies, renewable energy capacity and energy efficiency. This requires more investments". "At the G20, I invited leaders to join the call for global carbon pricing. In a more fragmented world, the G20's role as a forum to address global challenges is vital. The Delhi Summit, under the strong stewardship of PM <keyword id="6354477" type="General" weightage="80" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword>, will therefore be instrumental," she said. The EU, she said, will do its utmost to make it a success.

G20 leaders call for sustainable growth, addressing climate challenge

As the <keyword id="19938590" type="General" weightage="100" keywordseo="NDA" source="keywords">NDA</keyword> is all set to form the government, <keyword id="19949381" type="General" weightage="20" keywordseo="Fitch-Ratings" source="keywords">Fitch Ratings</keyword> on Thursday said <keyword id="21935526" type="General" weightage="20" keywordseo="coalition-politics" source="keywords">coalition politics</keyword> and a <keyword id="21957811" type="General" weightage="20" keywordseo="weakened-mandate" source="Orion">weakened mandate</keyword> could make it challenging to pass legislations on ambitious reforms. "We believe major reforms to land and labour laws will remain on the new government's agenda as it seeks to enhance India's manufacturing sector, but these have long been contentious and the NDA's weaker mandate will complicate their passage further. This could reduce the potential upside to India's medium-term growth prospects," <keyword id="19950093" type="General" weightage="20" keywordseo="fitch" source="keywords">Fitch</keyword> said in a statement. The <keyword id="19894848" type="General" weightage="20" keywordseo="bjp" source="keywords">BJP</keyword> fell short of a single-party majority in the 543-seat lower house of parliament for the first time since its latest period in government that began in 2014. But Fitch expects it to secure enough support from allied parties in the National Democratic Alliance (NDA) to form a government with Narendra Modi remaining Prime Minister. The outcome should support broad policy continuity, with the government continuing to prioritise infrastructure capex, improvements to the business environment, and gradual fiscal consolidation, Fitch Ratings said. "However, coalition politics and a weakened mandate could make it challenging to pass legislation on the more ambitious parts of the <keyword id="21957445" type="General" weightage="20" keywordseo="government-reform" source="keywords">government reform</keyword> agenda," it said in a detailed note post the Lok Sabha election results which were announced late on Tuesday. The NDA appears set to retain power with a narrower majority after India's recent election, following a weaker performance by its dominant member, the Bharatiya Janata Party (BJP). "We do not think that the government's losses at the ballot box will lead to substantial policy adjustments, but the post-election budget in July should provide greater clarity on its economic reform priorities and fiscal plans over the coming five years," Fitch said. It said implementation of <keyword id="20404815" type="General" weightage="20" keywordseo="economic-reforms" source="keywords">economic reforms</keyword> during the first two NDA terms was mixed, but some positive measures were passed including the Goods and Services Tax (GST) law and Bankruptcy Code in 2016. The government also increased public infrastructure investment significantly, helping to put India among the fastest-growing major economies in recent years, with real GDP growth reaching 8.2 per cent in the fiscal year ending March 2024 (FY24). Fitch expects growth to remain rapid at 7 per cent in current fiscal (April-March). "We expect India's medium-term growth performance to remain around our trend estimate of 6.2 per cent through FY28, despite the government's slimmer majority. The continued public capex drive to address infrastructure gaps, ongoing digitalisation efforts, and improved bank and corporate balance sheets - relative to the pre-pandemic situation - should facilitate a strong outlook for private investment," Fitch said. The rating agency expects the Production-Linked Incentives (PLI) scheme to remain intact, which will help attract FDI in target sectors, such as electronics. However, private investment has not yet accelerated meaningfully, which represents a risk for the outlook. Fitch believe land and labours laws reforms will continue to advance at the state level in some parts of the country. There is also some potential for judicial reforms that would look to lower costs and speed resolution of court cases. Weaker fiscal metrics relative to peers are a significant constraint for India's sovereign rating, which we affirmed at 'BBB-' with a Stable Outlook in January 2024. "The next government's ability to address high fiscal deficits and reduce debt will be important considerations for the rating in the next few years. "Sustained deficit reduction, particularly if underpinned by durable revenue-raising reforms, would be positive for India's sovereign rating fundamentals over the medium term," Fitch added. The government has improved its record on achieving deficit targets and has advanced fiscal consolidation gradually over the past few years. We expect this focus on gradual consolidation to broadly be sustained. The FY24 budget deficit came in at 5.6 per cent of GDP, below the revised budget estimate of 5.8 per cent (which matched Fitch's estimate). Fitch expects the 5.1 per cent deficit target for FY25 to be attained, and said government's goal of reducing the deficit to 4.5 per cent of GDP in FY26 appears increasingly achievable, although the election marginally increased risks of higher spending or slippage in capex to accommodate greater social spending.

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Modi 3.0 will offer policy continuity, but BJP's loss of outright majority may slow down fiscal reforms: Moody's

ANI

Putin wants to strengthen a big challenger to Western dominance

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'The Night Manager' nominated in drama series category at International Emmys, Anil Kapoor 'ecstatic'

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Kargil Vijay Diwas: A tale of valour and sacrifice

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G20 leaders call for sustainable growth, addressing climate challenge

PTI

Coalition politics, weakened mandate could make passing legislations on ambitious reforms challenging: Fitch

PTI

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