Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

The just-announced <keyword id="22906567" type="General" weightage="100" keywordseo="Unified-Pension-Scheme" source="keywords">Unified Pension Scheme</keyword> for central <keyword id="19933272" type="General" weightage="20" keywordseo="government-employees" source="keywords">government employees</keyword> will be available only for those who are currently subscribers of the New Pension Scheme (NPS), including retirees. The new scheme guarantees employees 50% of their average basic pay over the last 12 months before retirement, as a pension for a minimum qualifying service of 25 years against a market returns linked payout under the NPS. According to the scheme approved by the Union Cabinet, the pension will be proportionate for a lesser service period of up to a minimum of 10 years. Also, assured pension of Rs 10,000 per month on superannuation after a minimum of 10 years of service will be provided. The scheme has been brought out to address the concerns of government employees over NPS, which came into effect from January 1, 2004. Under the <keyword id="3246232" type="General" weightage="20" keywordseo="Old-Pension-Scheme" source="Orion">old pension scheme</keyword> (OPS), effective before January 2004, employees got 50 % of their last drawn basic pay as pension. Unlike the old pension scheme, UPS is contributory in nature, wherein employees will be required to contribute 10% of their basic salary and dearness allowance while the employer's contribution (the central government) will be 18.5%. Under the NPS, the employer contribution is 14%, and the employee contribution is 10%. However, the eventual payout depends on the market returns on that corpus, mostly invested in government debt. Employees, under the OPS, were not required to make any contribution. They, however, contributed to the General Provident Fund (GPF). The accumulated amount, along with interest, was paid to the employee at the time of retirement. As the NPS was less attractive than the OPS, several non-BJP-ruled states decided to go back to the old pension scheme, which offered a DA-linked benefit. This prompted the Centre to constitute a committee in April 2023, under former Finance Secretary and now Cabinet Secretary-designate TV Somanathan to suggest improvement in the NPS architecture. Fulfilling the long pending demands of government employees ahead of assembly elections in Haryana and Jammu and Kashmir, the Union Cabinet on August 24 approved the UPS, which will provide assured pension to 23 lakh eligible central government employees. Those opting for the UPS will not be able to switch back. The UPS will put an additional burden of Rs 6,250 crore on the exchequer per year. The expenditure will vary every year according to variations in the number of employees. In addition, there will be an arrear of Rs 800 crore that has to be paid under the National Pension System (NPS) to employees retiring before March 31, 2025. If these retirees opt for UPS, they will receive arrears. "UPS is being implemented by the Central Government, benefitting 23 lakh central government employees," Information &amp; Broadcasting Minister Ashwini Vaishnaw said on X on Sunday. If states also adopt the UPS architecture, a total of over 90 lakh government employees, who are presently on NPS, would be benefitted, he added. On Sunday, Maharashtra, where assembly elections are due later in the year, became the first state to announce the adoption of the UPS for its employees. RSS-affiliate Bharatiya Mazdoor Sangh (BMS) said though the government has attempted to overcome the shortcomings of the NPS, there are still some issues compared to OPS. BMS will decide its future course of action only after a detailed study of the UPS after it is notified. All India Trade Union Congress (AITUC) said it is nothing but an extension of the existing NPS. The trade union expressed apprehensions that UPS will have a lot of aberrations once implemented. AITUC reiterated that it will continue to fight for the restoration of the non-contributory OPS. ICRA Chief Economist Aditi Nayar said assured pensions will add to the government's committed expenditure in the future while reducing the uncertainty for employees. "This will have to be built into the fiscal consolidation roadmap going ahead," Nayar added. The UPS reflects a thoughtful approach to long-term social security, addressing concerns about the adequacy and sustainability of pension benefits in a rapidly changing economic landscape, said Shardul Amarchand Mangaldas &amp; Co Partner Dorothy Thomas. "This move signals the government's commitment to providing robust support for its workforce, enhancing financial stability for millions of government employees across the country," Thomas said.

Over 23 lakh govt employees under NPS get option to choose unified pension scheme

Rohit Sharma-led <keyword id="20015089" type="General" weightage="100" keywordseo="Team-India" source="keywords">Team India</keyword> reached Prime Minister Narendra Modi's residence on Thursday morning after their success at the 2024 edition of the <keyword id="19921630" type="General" weightage="20" keywordseo="T20-World-Cup" source="keywords">T20 World Cup</keyword> in <keyword id="20398397" type="General" weightage="20" keywordseo="Barbados" source="keywords">Barbados</keyword>. The T20 World Cup winners will meet with <keyword id="19899320" type="General" weightage="20" keywordseo="PM-Modi" source="keywords">PM Modi</keyword> at his residence, 7, Lok Kalyan Marg in <keyword id="19900881" type="General" weightage="20" keywordseo="Delhi" source="keywords">Delhi</keyword>. The Men in Blue wore a special jersey while meeting PM Modi. In the front of the jersey 'CHAMPIONS' was written in bold letter. The Men in Blue got hold of the prestigious T20 WC trophy for the second time, defeating South Africa by seven runs in Barbados on Saturday. The T20 World Cup-winning Indian team touched down in Delhi on Thursday to a warm welcome from the fans awaiting the sight of their favourite heroes and the sight of the silverware. The squad members, support staff, their families and media were stuck in Barbados, which was hit by <keyword id="22233395" type="General" weightage="20" keywordseo="Hurricane-Beryl" source="keywords">Hurricane Beryl</keyword>, at that stage a category four hurricane that passed through Barbados, with Grantley Adams International Airport in Bridgetown shut for three days. The flight was organised by the Board of Control for <keyword id="19919646" type="General" weightage="20" keywordseo="cricket" source="keywords">Cricket</keyword> in India (BCCI) secretary Jay Shah and departed on July 2 before arriving in Delhi at around 6:00 AM on Thursday morning. Board officials and members of the media contingent from the tournament were also on the flight. India ended a 13-year ICC trophy drought with <keyword id="20083294" type="General" weightage="20" keywordseo="victory" source="keywords">victory</keyword> in the final, defeating South Africa by seven runs on Saturday. Virat Kohli's 76 helped India reach 176/7 while Hardik Pandya (3/20) and Jasprit Bumrah (2/18) helped India restrict Proteas to 169/8 despite Heinrich Klaasen's 52 in just 27 balls. Bumrah, who got 15 scalps throughout the tournament at a stunning economy rate of 4.17, got the 'Player of the Tournament' honours. Much like other teams do after winning titles, the Rohit-led side will have an open-top bus ride in Mumbai at Marine Drive and the iconic Wankhede Stadium from 5:00 pm onwards to celebrate.

Rohit Sharma-led Team India reach PM Modi's residence after T20 WC triumph

New Delhi [India], July 23 (ANI): <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> is set to present the <keyword id="15626720" type="General" weightage="20" keywordseo="Union-Budget-2024" source="Orion">Union Budget 2024</keyword> in Parliament today, marking her seventh consecutive budget and eclipsing the late Moraji Desai's record of six consecutive budgets, which is likely to focus on changes in the income tax structure and improving the ease of doing business in India. At 11 am today, the much-awaited full budget for 2024-25, the first under the Modi 3.0 government, will be presented on the floor of the Parliament. All eyes will be on the major announcements made by the finance minister and the government's forward-looking guidance about the overall economy. Sitharaman will lay on the table a statement (in English and Hindi) of the estimated receipts and expenditures of the government for the year 2024-25 in the Rajya Sabha. <div type="Article" hostid="261" msid="111946291" title="Union Budget 2024-25: Focus on employment, skilling, MSME and middle class" mstype="2" mssubtype="0"></div>She will table the budget one hour after the conclusion of the presentation of the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024-25 in the Lok Sabha. The Finance Minister also lay on the table, under subsection (1) of Section 3 of the Fiscal Responsibility and Budget Management Act, 2003, a copy each (in English and Hindi) of the following papers: medium-term fiscal policy strategy statement and macro-economic framework statement. The Finance Minister will further lay on the table statements (in English and Hindi) of the estimated receipts and expenditures (2024-25) of the Union Territory of Jammu and Kashmir (with the legislature). The interim budget, tabled on February 1, took care of the financial needs of the intervening period until a government was formed after the Lok Sabha polls, after which a full budget was to be presented by the new government. With this upcoming budget presentation, Finance Minister Nirmala Sitharaman will surpass the record set by former Prime Minister Morarji Desai, who presented five annual budgets and one interim budget between 1959 and 1964 as finance minister. The <keyword id="105431" type="General" weightage="20" keywordseo="budget-session" source="Orion">budget session</keyword> of Parliament began on July 22 and, according to schedule, will end on August 12. Before presenting the Budget, the finance minister will go to the North Block, where the Ministry of Finance is housed. She will meet the secretaries of her ministry, and later, along with them, she will reach the President's residence to get permission before presenting the Budget. About half an hour before the budget is presented, a Cabinet meeting headed by the prime minister is usually held, where ministers are briefed about the budget and Cabinet approval is taken. Putting aside the details of the upcoming budget, let us review the budget-making process and sequence of events typically followed. The Ministry of Finance typically issues circulars to all ministries, Union territories, States, and autonomous entities to send their demands and recommendations for the Union budget around September-October, with budgets typically tabled on February 1. Another key event before the budget presentation is the 'halwa ceremony'. A few days before the budget is presented, the government has a tradition of conducting a 'halwa ceremony', marking the start of budget document printing. The Halwa ceremony is significant as it also marks the beginning of a lockdown at the finance ministry, meaning no official is allowed to leave the ministry compound. Everyone on the budget team is allowed to leave only after the financial document is presented in Parliament. The printing of the Union Budget inside the basement located in the North Block has been a permanent feature since 1980. A day before the budget is scheduled to be tabled, the government typically releases its Economic Survey. This year, too, the same norms were followed. The Economic Survey serves as a crucial input for budget formulation. It is prepared by the Chief Economic Advisor and provides an overview of the country's economic performance, prospects, and policy recommendations, including future outlook. India is poised to remain the fastest-growing major economy in 2024-25, Chief Economic Adviser V Anantha Nageswaran said in a press conference after the tabling of the Economic Survey. The Economic Survey tabled projected India to grow at 6.5-7.0 percent in 2024-25. As per the Economic Survey 2023-24 tabled by Finance Minister Nirmala Sitharaman, the Indian economy is on a strong and stable footing, demonstrating resilience in the face of geopolitical challenges. The first Economic Survey reportedly came into existence in 1950-51, when it used to be a part of the budget documents. In the 1960s, it was separated from the budget documents and presented a day before the Union Budget. The budget, once it is presented, is then subjected to detailed debate and discussion in both houses of Parliament, allowing members to scrutinise its provisions, raise concerns, and propose amendments. Following its presentation and approval by Parliament, the Union Budget sets in motion a series of post-budget activities aimed at implementing its provisions and achieving the outlined objectives. Like the previous few full Union budgets, the Budget 2024 will also be delivered in paperless form. An Interim Union Budget 2024 was presented on February 1, as the country was due for general elections later in the year. All the Union Budget documents, including the Annual Financial Statement (commonly known as the Budget), Demand for Grants (DG), and Finance Bill, as prescribed by the Constitution, will be available on the "Union Budget Mobile App" for hassle-free access to budget documents by Members of Parliament (MPs) and the public. The app is bilingual (English and Hindi) and available on both Android and iOS platforms. The app can also be downloaded from the Union Budget Web Portal (www.indiabudget.gov.in). SEE ALSO: <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" data-type="tilCustomLink" target="_blank">Union Budget 2024 Live Updates: PM Modi arrives in Parliament ahead of Budget 2024 presentation</a> <a href="https://www.businessinsider.in/budget/news/why-did-the-latest-economic-survey-of-india-heavily-shun-the-western-ways-of-climate-action/articleshow/111947230.cms" data-type="tilCustomLink" target="_blank">Why did the latest Economic Survey of India heavily shun the ‘Western ways’ of climate action?</a>

Here's a quick overview of PM Modi 3.0 government's first budget, to be presented by FM Nirmala Sitharaman today

This morning, <keyword id="19899523" type="General" weightage="20" keywordseo="Rohit-Sharma" source="keywords">Rohit Sharma</keyword> led the Indian cricket team as they finally returned to India with the <keyword id="21541470" type="General" weightage="20" keywordseo="ICC-T20-World-Cup-trophy" source="keywords">ICC T20 World Cup trophy</keyword>. The team had boarded a specially arranged charter flight after being stranded for several days in Barbados due to a Category 4 hurricane. Fans welcomed the champions at the airport with placards, congratulating them for ending an 11-year drought. According to ANI, the team checked in at the Hotel ITC Maurya in Delhi and met their families. <h2>Team’s schedule for Today</h2>The team is scheduled to meet Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="Narendra-Modi" source="keywords">Narendra Modi</keyword> at his residence, 7 Lok Kalyan Marg, at 12 pm. After meeting the Prime Minister, the team will fly to Mumbai to take part in an open bus <keyword id="21006926" type="General" weightage="20" keywordseo="victory-parade" source="keywords">victory parade</keyword>, followed by a felicitation ceremony at the Wankhede Stadium. Captain Rohit Sharma and BCCI Secretary Jay Shah took to social media yesterday to invite fans to join the victory parade. The skipper wrote on X: “India, we want to enjoy this special moment with all of you. So let’s celebrate this win with a victory parade at Marine Drive &amp; Wankhede on July 4 from 5:00 pm onwards. It’s coming home." The victory parade will take place in Mumbai from Nariman Point to Wankhede Stadium, from 5 to 7 PM. A huge crowd is expected to come and cheer for the Indian team. <h2>When and where to watch Team India’s Victory Parade?</h2>Star Sports Network will broadcast the victory parade live on its special "Follow The Blues" edition, starting at 9 AM on their TV channel and YouTube. Jio Cinema will also livestream the parade from 4:30 PM. <div type="twitter" handle="StarSportsIndia" handlename="StarSportsIndia" favoritecount="0" retweetcount="0" id="1808575496764133774"></div>

Team India Mumbai Victory Parade full schedule and where to watch live details

Star <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> batter <keyword id="19907934" type="General" weightage="20" keywordseo="Virat-Kohli" source="keywords">Virat Kohli</keyword> expressed his happiness after he and members of the T20 World Cup-winning Indian team met Prime Minister Narendra Modi on Thursday. <keyword id="19899320" type="General" weightage="20" keywordseo="PM-Modi" source="keywords">PM Modi</keyword> met the ICC T20 World Cup-winning Indian <keyword id="19952180" type="General" weightage="20" keywordseo="cricket-team" source="keywords">cricket team</keyword> over breakfast at his residence. Following the meeting, Virat took to Instagram and expressed his gratitude for the invitation to the Prime Minister's residence. "What a great honour meeting our honourable Prime Minister Shri Narendra Modi ji today @narendramodi Thank you sir for inviting us to the prime minister's residence," he wrote. Virat did not have a great <keyword id="19921630" type="General" weightage="20" keywordseo="T20-World-Cup" source="keywords">T20 World Cup</keyword> in terms of his batting scores but he played a vital role in the final against South Africa, anchoring the Indian innings after the early loss of wickets and playing a crucial knock of 76. After just 75 runs in the first seven innings of the competition, he stepped up when it mattered the most. His 76 runs in the final came off 59 balls at a strike rate of 128.81 and included six fours and two sixes. The batter ended the T20 World Cup with 151 runs in eight innings at an average of 18.87 and a strike rate of 112.68 with one fifty. He also announced his retirement from international T20s. In 35 T20 World Cup matches, Virat has scored 1,292 runs at an average of 58.72 and a strike rate of 128.81, with 15 half-centuries. His best score is 89*. He is the highest run-scorer in the history of the tournament. In 125 T20I matches, Virat scored 4,188 runs at an average of 48.69 and a strike rate of 137.04. He scored a century and 38 fifties and a best score of 122*. He ends the format as the second-highest run-getter of all time. Post-meeting, the victorious cricketers departed to the Delhi airport to take a flight to Mumbai where a grand victory parade will be held at the Marine Drive and Wankhede Stadium. Shiv Sena leader Pratap Sarnaik told that India captain <keyword id="19899523" type="General" weightage="20" keywordseo="Rohit-Sharma" source="keywords">Rohit Sharma</keyword>, Suryakumar Yadav, Shivam Dubey and Yashasvi Jaiswal will meet Maharashtra Chief Minister Eknath Shinde on Friday at the Assembly. All of them are Mumbai players. "Today's program in Mumbai has been organised by BCCI. Team India players from Mumbai including Captain Rohit Sharma, Suryakumar Yadav, Shivam Dubey and Yashasvi Jaiswal will come to the Maharashtra Assembly tomorrow to meet CM Eknath Shinde. Being a member of MCA, I invited the players and they have accepted my invitation," Sarnaik said. Mumbai Cricket Association (MCA) Secretary Ajinkya Naik has said that there will be free entry for public for the victory parade celebrating India team's win. Earlier today, the T20 World Cup-winning Indian team touched down in the national capital to a warm welcome from fans who waited eagerly to catch a glimpse of their favourite heroes and the trophy. During their meeting with the Prime Minister, the 'Men in Blue' wore a special jersey sporting two stars over the BCCI's emblem. The stars represented the two T20 World Cup wins. The word 'CHAMPIONS' was written on the jersey in bold letters. The squad members, support staff, their families and media were stuck in Barbados, which was hit by Hurricane Beryl. The flight was organised by the Board of Control for Cricket in India (BCCI) secretary Jay Shah and departed on July 2 before arriving in Delhi at around 6 am on Thursday morning. Board officials and members of the media contingent were also on the flight. From the airport, Team India reached the ITC Maurya hotel, where they stayed before their meeting with PM Modi. A special cake featuring the T20 World Cup trophy was cut at the hotel to celebrate the win. Rohit, Virat, Dravid and all-rounder Hardik Pandya were among the stars who took part in the cake-cutting. The cake featured the trophy and some pictures of Indian stars. Much like other teams do after winning titles, the Rohit-led side will have an open-top bus ride in Mumbai at Marine Drive and the iconic Wankhede Stadium from 5 pm. India ended a 13-year ICC World Cup trophy drought with victory in the final, defeating South Africa by seven runs on Saturday. Virat Kohli's 76 helped India reach 176/7 while Hardik Pandya (3/20) and Jasprit Bumrah (2/18) helped India restrict Proteas to 169/8 despite Heinrich Klaasen's 52 in just 27 balls. Bumrah, who got 15 scalps throughout the tournament at a stunning economy rate of 4.17, got the 'Player of the Tournament' honours. SEE ALSO:<a href="https://www.businessinsider.in/sports/webstories/virat-kohli-not-included-in-the-rohit-sharma-led-icc-team-of-the-tournament/slidelist/111398470.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/virat-kohli-not-included-in-the-rohit-sharma-led-icc-team-of-the-tournament/slidelist/111398470.cms" target="_blank">Virat Kohli not included in the Rohit Sharma-led ICC Team of the Tournament</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-july-2024/slidelist/111341281.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-july-2024/slidelist/111341281.cms" target="_blank">Upcoming cars launching in India in July 2024</a><a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank">Reliance Jio and Airtel price hike – new plans and how you can save money</a>

"A great honour": Virat Kohli after T20 World Cup-winning India team meets PM Modi

Several portions of the maiden <keyword id="20010618" type="General" weightage="20" keywordseo="speech" source="keywords">speech</keyword> of <keyword id="19895780" type="General" weightage="100" keywordseo="Rahul-Gandhi" source="keywords">Rahul Gandhi</keyword> as Leader of the Opposition in <keyword id="19895394" type="General" weightage="20" keywordseo="Lok-Sabha" source="keywords">Lok Sabha</keyword> targeting the central government over various issues, including <keyword id="20105286" type="General" weightage="20" keywordseo="minorities" source="keywords">minorities</keyword>, NEET row and Agnipath scheme among others, have been <keyword id="22254289" type="General" weightage="20" keywordseo="expunged" source="keywords">expunged</keyword> from the records of the Parliament on the orders of the Speaker. The portions expunged include his comments on Hindus, and PM Narendra Modi-BJP-RSS among others. Rahul Gandhi in his speech in Lok Sabha on Monday afternoon, during the debate on the motion of thanks on President Draupadi Murmu's address accused the <keyword id="19894848" type="General" weightage="20" keywordseo="BJP" source="keywords" meta.keywordsubtype="org" meta.entityname="BJP" meta.hostid="261" meta.entityid="BJP">BJP</keyword> and RSS of preaching and spreading <keyword id="19972953" type="General" weightage="20" keywordseo="violence" source="keywords">violence</keyword> and hatred. His remarks drew protests from the Treasury benches. The Bharatiya Janata Party - led by Prime Minister Narendra Modi and Union Ministers Amit Shah and Rajnath Singh among others stood up to express their protest and rebut the <keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="261" meta.entityid="Congress">Congress</keyword> MP's remarks. The BJP leaders accused the Congress MP "of speaking lies, misleading the House and terming the entire <keyword id="20157361" type="General" weightage="20" keywordseo="Hindu-community" source="keywords">Hindu community</keyword> violent". The Congress hit back with counter-allegations against the Modi government. Rahul Gandhi invoked Lord Shiva, Prophet Mohammad, Guru Nanak, Jesus Christ, Lord Budha and Lord Mahavir, saying that he had taken the idea of fearlessness from their teachings. <keyword id="19899320" type="General" weightage="20" keywordseo="PM-Modi" source="keywords">PM Modi</keyword> slammed Rahul Gandhi during his speech. "Calling the entire Hindu community violent is a very serious matter," the Prime Minister said. Home Minister Amit Shah demanded an apology from Rahul Gandhi. While the BJP held a press conference later to denounce Rahul Gandhi's remarks, Congress also held an evening press conference to slam the ruling party at the Centre. Among the portions of Rahul Gandhi's Lok Sabha speech that got expunged were his accusations against the BJP, stating that the party was treating minorities unfairly and perpetrating violence. Portions of the Congress MP's remarks on industrialists Adand Ambani and on the Agniveer Scheme were also expunged. Dismissing Rahul Gandhi's claims on violence against minorities, Dilip Mandal a prominent Dalit voice, claimed that the last decade was the "most peaceful time for India since independence" as he compared the governance under the Congress party. "During his address, Rahul Gandhi made an objectionable statement that a lot of atrocities are happening against Muslims and Christians in India. I believe that the numbers don't suggest this. The last 10 years have been the most peaceful time for India after independence if you see the numbers," Dilip Mandal told ANI. "During the Congress regime, so many riots used to happen, if you compare that in the last 10 years, only two major communal riot incidents have happened, Delhi and Manipur. So the scale has reduced...riots don't last long now," he said. Mandal alleged Gandhi's remarks as an attempt "to scare investors" and added that the Congress party is "again trying to appease" Muslims. "This is an attempt to scare the investors and it will affect India. Congress is again trying to appease Muslims. He is thinking of getting the Muslim votes, especially the Muslim votes of Bihar and UP, from SP and RJD," Mandal said.

Portions of Rahul Gandhi's speech in Lok Sabha expunged

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

Union Cabinet headed by Prime Minister Narendra Modi met in Parliament on Tuesday to approve the Union Budget ahead of its presentation by <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword>. Prime Minister Narendra Modi arrived in Parliament this morning to attend the cabinet meeting. On Monday, Prime Minister said the Economic Survey highlighted the prevailing strengths of the economy and identifies areas for further growth and progress as the government "moves towards building a Viksit Bharat". Union Ministers Amit Shah, Rajnath Singh and Pralhad Joshi were also seen arriving in the Parliament earlier for the Cabinet meeting today. At 11 am, Finance Minister Nirmala Sitharaman will present the <keyword id="20387181" type="General" weightage="20" keywordseo="Union-Budget-2024-25" source="keywords">Union Budget 2024-25</keyword>. Earlier today, Sitharaman met with President Droupadi Murmu before leaving for Parliament. This would mark Sitharaman's seventh consecutive budget and eclipses the late Moraji Desai's record of six consecutive budgets, which is likely to focus on changes in the income tax structure and improving the ease of doing business in India. Addressing the media, Minister of State for Finance Pankaj Chaudhary earlier said that the first Union Budget of the third Modi government will be based on his mantra of "Sabka Saath Sabka Vikas". Union Minister Pralhad Joshi said that this budget would accelerate the country's economic growth. "The economic growth that happened under the leadership of Prime Minister Narendra Modi, this budget and this Budget will further accelerate it. The budget that will be presented today by Nirmala ji will also help our country, which is the fastest-growing economy," Pralhad Joshi said while speaking to the media on the Parliament premises on Tuesday. The budget session of Parliament began on July 22 and, according to schedule, will end on August 12. On Monday, the economic survey presented in Parliament by finance minister Sithraman stated that in the medium term, the Indian economy can grow at a rate of 7 per cent. The economic survey stated, "In the medium term, the Indian economy can grow at a rate of 7 per cent plus on a sustained basis if we build on the structural reforms undertaken over the last decade. This requires a tripartite compact between the Union Government, State Governments and the private sector. "The survey further added that India faces a unique blend of opportunities and challenges amid global trends such as geo-economic fragmentation, a push for self-reliance, looming climate change, the rise of technology, and limited policy space. (ANI) SEE ALSO: <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" data-type="tilCustomLink" target="_blank">Union Budget 2024 Live Updates: PM Modi arrives in Parliament ahead of Budget 2024 presentation</a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" data-type="tilCustomLink" target="_blank">Union Budget 2024-25: Focus on employment, skilling, MSME and middle class</a>

You Searched For "PM Modi led Cabinet" and got 8 results

Over 23 lakh govt employees under NPS get option to choose unified pension scheme

PTI

Rohit Sharma-led Team India reach PM Modi's residence after T20 WC triumph

ANI

Here's a quick overview of PM Modi 3.0 government's first budget, to be presented by FM Nirmala Sitharaman today

ANI

Team India Mumbai Victory Parade full schedule and where to watch live details

Ayush Mehrotra

"A great honour": Virat Kohli after T20 World Cup-winning India team meets PM Modi

ANI

Portions of Rahul Gandhi's speech in Lok Sabha expunged

ANI

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

ANI

Union Cabinet meets in Parliament ahead of Budget presentation

ANI

Popular Keywords

Buying Guides