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<ul class="summary-list"><li>House Speaker Mike Johnson criticized Biden's Supreme Court reform proposal as 'dead on arrival.'</li><li>Biden's plan includes term limits, a binding code of conduct, and no immunity for ex-presidents.</li></ul>Joe Biden's pitch to reform the Supreme Court is off to a rough start.House Speaker Mike Johnson has already sworn to fight the <a target="_blank" class="" href="https://www.businessinsider.com/biden-aims-rein-in-supreme-court-saying-its-gone-rogue-2024-7#:~:text=Biden%20has%20proposed%20a%20radical,a%20conservative%2Dleaning%20court%20composition.">Biden administration's proposal to rein in the Supreme Court</a>, calling it "dead on arrival."President Joe Biden's proposal, announced in a <a target="_blank" class="" href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/07/29/fact-sheet-president-biden-announces-bold-plan-to-reform-the-supreme-court-and-ensure-no-president-is-above-the-law/">White House press release</a> on Monday, calls on Congress to make three major changes to the high court: setting up 18-year term limits for all justices of the court, a binding code of conduct for those justices, and approving a constitutional amendment that explicitly says former presidents aren't immune from prosecution for crimes committed while in office.Citing "<a target="_blank" class="" href="https://www.businessinsider.com/all-the-ethics-questions-hanging-over-the-supreme-court-2023-5">recent ethics scandals</a>" among the court's justices and the court's recent decisions overturning "long-established legal precedents protecting fundamental rights," Biden wrote that these reforms are necessary to "restore trust and accountability" in both the President and the Supreme Court.The Court has been a source of frustration for Democrats, with the conservative-led court handing former President Donald Trump and his allies victory after victory — culminating in a decision that ruled sitting presidents are granted presumptive immunity from prosecution.That ruling snarled the various criminal cases against Trump, who was convicted of fraud in New York and faces allegations of mishandling classified documents and conspiring to overturn the 2020 election.The Supreme Court's two arch-conservative justices, Clarence Thomas and Samuel Alito, have also been tied up in scandals. Thomas took lavish gifts and vacations from a GOP mega-donor without disclosing them and his wife communicated to Trump aides before the Capitol riot. Meanwhile, a flag bearing symbols linked to pro-Trump movements flew over Alito's house around the time of the riot; he's since blamed his wife. Despite the push from Biden for changes to the court, Johnson threw cold water on the idea immediately."President Biden's proposal to radically overhaul the U.S. Supreme Court would tilt the balance of power and erode not only the rule of law, but the American people's faith in our system of justice," <a target="_blank" class="" href="https://x.com/SpeakerJohnson/status/1817938406049296725">Johnson wrote on X</a> on Monday.He continued: "It is telling that Democrats want to change the system that has guided our nation since its founding simply because they disagree with some of the Court's recent decisions. This dangerous gambit of the Biden-Harris Administration is dead on arrival in the House."<h2 id="d2e246d1-a45e-45f6-bb30-a719be625766">Amendment on presidential immunity</h2>Biden's plan includes adding a "No One is Above the Law" amendment to the Constitution, which would dictate that no president has "immunity from federal criminal indictment, trial, conviction, or sentencing by virtue of previously serving as President," according to the press release.But amending the constitution isn't easy; it's only been done 27 times, the last time of which was in 1992.There are a few <a target="_blank" class="" href="https://www.whitehouse.gov/about-the-white-house/our-government/the-constitution/#:~:text=The%20founders%20also%20specified%20a,making%20amendments%20is%20quite%20onerous.">ways to propose a change to the constitution</a> that the Founding Fathers outlined. The first requires two-thirds support from members of both the House and Senate — a feat that would be near impossible to accomplish with Republicans controlling the House.The GOP has largely supported the Supreme Court's conservative majority, and has rebuked Democrats' attempts to limit its power.The second option requires two-thirds of state legislatures to call a convention to propose a change to the constitution.And that's just to get the amendment proposed — in order to get it ratified, three-fourths of state legislatures must support the amendment.This would also be a tough task with 23 states controlled by Republican trifectas (meaning the GOP runs both state legislatures and the governor's office) and 10 states having divided governments; only 17 states are controlled by Democratic trifectas, <a target="_blank" class="" href="https://ballotpedia.org/State_government_trifectas">according to Ballotpedia</a>.<h2 id="43d2ba31-3402-49c8-9577-c9bf341d2138">Term limits and a new code of conduct</h2>Biden's plan for the Supreme Court includes term limits that would mean a new justice was chosen every two years. In an op-ed for The Washington Post, Biden wrote that, "Term limits would help ensure that the court's membership changes with some regularity. That would make timing for court nominations more predictable and less arbitrary. It would reduce the chance that any single presidency radically alters the makeup of the court for generations to come."Biden also argued in The Post that "the court's current voluntary ethics code is weak and self-enforced," and that a binding, enforceable code of conduct should require justices "to disclose gifts, refrain from public political activity and recuse themselves from cases in which they or their spouses have financial or other conflicts of interest."The <a target="_blank" class="" href="https://www.businessinsider.com/supreme-court-ethics-rules-missing-word-should-shall-2023-11">court's current ethics code</a>, implemented in November, is not binding and does not contain any enforcement mechanism.Proposing both term limits and a stricter ethics code for justices would require the Republican-controlled House to not only allow a floor vote on the issue, but also to then pass it. Even if the House approved the bill, Republicans in the Senate could filibuster the bill, stopping it in its tracks.Democrats would need to throw out the filibuster — something they already lack the votes to do — to even bring the legislation to a vote.With powerful Republicans like Johnson already pushing back, getting all three of Biden's proposals implemented in the Supreme Court looks like a losing battle. But Biden's plan has already gotten support from Vice President and presumptive nominee Kamala Harris, all but guaranteeing that Democrats will use it on the campaign trail as a way to contrast against Trump.

Biden's plan to reform the Supreme Court is already 'dead on arrival' 

<ul class="summary-list"><li>America is facing a labor shortage problem as the population declines and more boomers retire.</li><li>Research Affiliates CIO Chris Brightman believes immigration reform is needed to boost the economy.</li></ul>Immigration is a hot political topic right now. But to one chief investment officer, immigration policy isn't a matter of political debate — it's an economic nonnegotiable.Chris Brightman, CEO and chief investment officer of the $147 billion investment manager Research Affiliates, believes immigration reform is long overdue — and billions of dollars are at stake if no action is taken.With an aging population and declining birthrate posing a significant economic risk in coming years, the US must take the necessary steps to boost immigration and economic productivity, Brightman wrote in a research note.<h2 id="d07da37b-d90a-4ec0-8bc0-42e235085dac">The depopulation issue</h2>Declining birth rates are causing a drag on many of the world's biggest economies, and the US is no exception.Fertility rates in the US are hovering around 1.6 children per woman, well below the replacement rate of 2.1, which means that natural US population growth is stagnating.According to Brightman, this is a big threat to US economic health. A declining population brings with it a declining labor force. With few workers and an increasingly aging population, programs like Social Security and Medicare become strained.Government initiatives to boost declining fertility rates aren't the answer, Brightman argues. Financial incentives in Japan, Korea, and Taiwan haven't raised fertility rates. Benefits offered by European countries such as paid parental leave and subsidized childcare have also failed to raise fertility rates.As seen in the graph below, US population growth is projected to trend negative in the coming years without additional inflows from immigration.<div type="image" title="Immigration rejuvenates population growth." height="691" width="942" msid="113937812" hostid="261" sizebytes="26162"></div><h2 id="cd3554fc-a73c-4f34-879d-067f5184864e">More immigration is the answer</h2>Brightman points out that immigrants have a long track record of driving productivity and innovation in the US economy. Immigrants have won 40% of all Nobel Prizes awarded to Americans since 2000 and originated a disproportionate number of US patents. Over half of US unicorns, or startups valued at over $1 billion, are founded by immigrants.Beyond these accomplishments, immigrants are necessary to bolster the <a target="_blank" class="" href="https://www.businessinsider.com/labor-market-indicators-jobs-pre-pandemic-levels-healthy-goldman-sachs-2024-10">US labor market</a>. As <a target="_blank" class="" href="https://www.businessinsider.com/best-retirement-cities-buy-home-baby-boomers-florida-north-carolina-2024-10">baby boomers enter retirement</a>, they're leaving behind unfilled job openings — a trend that began in 2010 and has only continued to worsen. There are currently more job openings than unemployed workers.<div type="image" title="More unfilled jobs than employed workers" height="631" width="942" msid="113937813" hostid="261" sizebytes="22280"></div>With a declining population growth rate and an increase of workers aging out of the workforce, increased skilled immigration is the ideal solution to prevent economic decline, in Brightman's view.<h2 id="24a88d05-7dcb-4bb3-b7a2-af31cfd4efd1">Immigration policy solutions</h2>Brightman sees the need for more friendly immigration policies such as providing permanent residency to immigrants who graduate from US universities.Admitting more computer scientists, engineers, doctors, accountants, educators, and other skilled professionals would greatly help the US labor shortage. Brightman highlights that the economy especially needs more healthcare workers and skilled tradespeople.Countries like Canada, New Zealand, and Australia use a point system with selection criteria such as education, professional skills, and language. Brightman believes the US can emulate this immigration model.One popular reform proposed by policymakers is to exempt immigrants with advanced STEM degrees from statutory limits on the number of green cards granted per year. According to an analysis by the Penn Wharton Budget Model (PWBM), such a proposal would boost the US population by 825,000 in the next 10 years and by over 2.5 million in the next 20 years.This proposal will not only fill gaps in the labor market but also significantly reduce the federal deficit in the next two decades, according to PWBM.An increased number of immigrants leads to increased tax revenues. PWBM estimates that if green card limits were lifted for immigrants with STEM degrees, the US government would see an extra $133 billion in revenues with only a $4 billion increase in outlays for a net deficit reduction of $129 billion.The effect would be even more dramatic by 2044, with $708 billion in tax revenue and $74 billion in outlays for a $634 billion reduction in the deficit.Immigration has a reputation for being a polarizing topic, but Brightman sees such a proposal as a necessary policy that'll tackle one of the biggest challenges facing the US economy.

How immigration reform will supercharge the labor market, reduce national debt by over $600 billion in the next 2 decades: Research Affiliates CIO

A staggering 93 per cent of the candidates who won the 2024 <keyword id="56978" type="General" weightage="20" keywordseo="Lok-Sabha-elections" source="Orion">Lok Sabha elections</keyword> are <keyword id="6366800" type="General" weightage="100" keywordseo="crorepatis" source="Orion">crorepatis</keyword>, up from 88 per cent in 2019, according to an analysis by poll rights body <keyword id="484381" type="General" weightage="20" keywordseo="Association-of-Democratic-Reforms" source="Orion">Association of Democratic Reforms</keyword> (<keyword id="45376" type="General" weightage="20" keywordseo="ADR" source="Orion">ADR</keyword>). The top three wealthiest candidates are TDP's Chandra Sekhar Pemmasani from Andhra Pradesh's Guntur constituency with assets worth Rs 5,705 crore, BJP's Konda Vishweshwar Reddy from Telangana's Chevella with total assets amounting to Rs 4,568 crore and BJP's Naveen Jindal from Haryana's Kurukshetra with assets worth Rs 1,241 crore. Out of the 543 winning candidates, 504 are crorepatis, the analysis found. In 2019, 475 (88 per cent) winning candidates were crorepatis and 443 (82 per cent) in 2014. The trend indicates a steady climb since 2009 when only 315 (58 per cent) MPs were crorepatis. According to the analysis, 227 (95 per cent) of the BJP's 240 winning candidates, 92 (93 per cent) of the Congress' 99, 21 (95 per cent) of the DMK's 22, 27 (93 per cent) of the TMC's 29 and 34 (92 per cent) of the Samajwadi Party's 37 candidates have declared assets worth more than Rs 1 crore. All winning candidates of the AAP (3), the JDU (12) and the TDP (16) are crorepatis, ADR data showed. The analysis also delves into candidates' chances of winning based on their financial backgrounds. It found that the probability of a crorepati candidate clinching victory in the 2024 Lok Sabha elections stood at 19.6 per cent, compared to a meagre 0.7 per cent for candidates with assets less than a crore. The analysis also provides a breakdown of wealth distribution among the winning candidates. The data showed that 42 per cent of the candidates possess assets totalling Rs 10 crore and above. While 19 per cent of the candidates fall within the bracket of Rs 5 to 10 crore, 32 per cent hold assets ranging between Rs 1 and 5 crore. Only about 1 per cent of the winning candidates have assets worth less than Rs 20 lakh. Among major parties, the average assets per winning candidate vary significantly. The TDP leads with an average of Rs 442.26 crore per winner, followed by the BJP with Rs 50.04 crore, the DMK with Rs 31.22 crore, the Congress with Rs 22.93 crore, TMC with Rs 17.98 crore and SP with Rs 15.24 crore. The analysis also highlights disparities within the financial profiles of winning candidates. While some boast of substantial assets, others have relatively low worth. For instance, BJP's Jyotirmay Singh Mahato from West Bengal's Purulia has declared assets totalling a mere Rs 5 lakh. Similarly, TMC's Mitali Bag from West Bengal's Arambag holds assets worth Rs 7 lakh. Assets of SP's Priya Saroj from Uttar Pradesh's Machhlishahr are valued at Rs 11 lakh. In addition, the analysis identifies candidates with high liabilities. TDP's Pemmasani tops the list with liabilities exceeding Rs 1,038 crore. DMK's S Jagathratchakan from Tamil Nadu's Arakkonam has liabilities worth Rs 649 crore and TDP's Prabhakar Reddy Vemireddy from Andhra Pradesh's Nellore has liabilities worth Rs 197 crore.

93% of Lok Sabha 2024 poll winners are crorepatis: ADR analysis

<ul class="summary-list"><li>US debt is surging and Trump and Harris's plans will only add to the pile, the former FDIC chair says.</li><li>Sheila Bair warns that high debt cause the next financial crisis. </li></ul>The US debt has soared in recent years, and with no solution proposed by either presidential candidate, it will likely hit unprecedented levels that could spur a crisis, former FDIC Chair Sheila Bair said.Surging debt levels could cause the next financial crisis if left unchecked, Bair warned. Bair, who chaired the FDIC during the global financial crisis of 2008, said the government employed deficit-financed spending and tax relief during past crises in 2008 and during the 9/11 terrorist attacks of 2001.At the time, those were correct decisions, but the government has kept up that level of spending since, driving up the debt and creating a risk to the economy."Now, the resulting overhang of federal debt could itself be the cause of a future crisis," Bair wrote in an <a target="_blank" href="https://www.barrons.com/articles/national-debt-financial-crisis-harris-trump-investors-8608ce19">op-ed</a> last week.What's more, Bair said both presidential candidates lack plans to fix the debt, and their proposals will likely continue to drive government borrowing to sustainable levels. That raises the risk of a scenario in which global investors lose faith in the country's ability to pay its debt, eroding confidence in the hugely important US Treasury market. Investors could demand higher premiums, driving up the government's interest payment, which could forced tax hikes, spending cuts, and Treasury losses, Bair says.Those factors would cause widespread economic distress, she said. "Both parties have decided that deficits don't matter anymore, which is pretty distressing because they do. At some point we're going to reach the inflection point, and they're going to matter a lot to investors who are going to question if they want to keep buying our debt," Bair told CNBC in a Monday interview.The gross national debt has topped $35 trillion. Trump's proposed policies would pile on a whopping $7.75 trillion in the next 10 years, while Harris's plans would add $3.95 trillion, Bair said, citing findings from the <a target="_blank" href="https://www.crfb.org/papers/fiscal-impact-harris-and-trump-campaign-plans">Committee for a Responsible Federal Budget</a>.Bair says the debt problem is getting little attention in this election cycle because to solve the debt crisis, the candidates would likely need to hike taxes or lower spending on social programs — neither of which would be popular among voters."There's no political payoff for it. People don't want to hear that their taxes are going to go up, or their benefits are going to go down," Bair told CNBC. "And even if you go and make those hard decisions and institute some reforms, the next generation of leadership could come in and just squander it all, so I think politicians have just decided it's not worth it."She said leaders need to take a bipartisan approach to avoid any political fallout, working shore up social security, reduce the deficit, and reform the tax code."You have to lock arms and do it," she said. "That's what happened in the 1980s, and I'm hoping that's what can happen again. We need for it to happen again."

Ballooning US debt could cause the next financial crisis and neither candidate has a plan to address it, former FDIC Chair says

The overall size of the budget has remained almost unchanged from the interim one presented in February, indicating the government's strong commitment to move along the <keyword id="20099794" type="General" weightage="20" keywordseo="fiscal-prudence" source="keywords">fiscal prudence</keyword> path, said experts on Tuesday. According to the <keyword id="19908389" type="General" weightage="100" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024-25 presented by Finance Minister Nirmala Sitharaman, the total expenditure in Budget Estimates (BE) 2024-25 is estimated at Rs 48,20,512 crore of which total <keyword id="20018917" type="General" weightage="20" keywordseo="capital-expenditure" source="keywords">capital expenditure</keyword> is Rs 11,11,111 crore. The total expenditure in the Interim Budget presented in February was estimated at Rs 47,65,768 crore of which total capital expenditure was Rs 11.11 lakh crore. Debadatta Chand, Managing Director &amp; CEO, <keyword id="19920717" type="General" weightage="20" keywordseo="Bank-of-Baroda" source="keywords" meta.keywordsubtype="org" meta.entityname="Bank of Baroda" meta.hostid="261" meta.entityid="Bank of Baroda">Bank of Baroda</keyword>, said the Union Budget complements the main takeaways from the Economic Survey and focusses clearly on medium term development of the economy. "The overall size of the budget has remained almost unchanged from the interim one. The budget has shown strong intent on moving along the fiscal prudence path and targeted the <keyword id="19942084" type="General" weightage="20" keywordseo="fiscal-deficit" source="keywords">fiscal deficit</keyword> at 4.9 per cent for the year," he said. The said action will keep the growth steady as well as robust not only for economy but also banking. Aditi Nayar, Chief Economist, ICRA Limited, said the budget has kept the capital expenditure unchanged and pared the fiscal deficit to 4.9 per cent of GDP. "The anticipated reiteration of the reduction in the fiscal deficit to below 4.5 per cent of GDP in FY2026 is welcome. Interestingly, the new medium term fiscal consolidation path has been linked to a reduction in the debt/GDP ratio instead of continued compression of the fiscal deficit/GDP ratio," she said. Buoyed by improvement in revenue collection, the government has lowered fiscal deficit target to 4.9 per cent for the current <keyword id="19910979" type="General" weightage="20" keywordseo="financial-year" source="keywords">financial year</keyword> as against 5.1 per cent estimated in February's interim budget. Ranen Banerjee, Partner and Leader Economic Advisory, PwC India, said that fiscal prudence is the highlight of the full Union Budget 2024-25. The government has gone with realistic projections on its revenue and expenditure estimates and refrained from announcing overly populist measures. "The majority of the allocations, including the capex allocation, are as outlined in the interim budget, thus providing continuity. The capex being kept at INR 11.11 trillion was expected, given that the ability to consume this allocation is limited due to disruption from the elections in the first quarter and the second quarter being typically slowed down by the monsoons," Banerjee said. Institute of Chartered Accountants of India (ICAI) President Ranjeet Kumar Agarwal said the government has announced five schemes to facilitate employment and skilling for 4.1 crore youth over the next five years with a central outlay of Rs 2 lakh crore. "This is a welcome step that will create a skilled workforce to address the existing deficit and generate <keyword id="19972727" type="General" weightage="20" keywordseo="employment-opportunities" source="keywords">employment opportunities</keyword>. Additionally, financial support for loans up to Rs 10 lakh for higher education will help students pursue higher education and acquire skills," he added. Indian Institute of Insolvency Professionals of ICAI (IIIPI) Chairman Ashok Haldia said the budget proposals for an integrated technology platform and sprucing up NCLT infrastructure will provide a fillip to the Insolvency and Bankruptcy Code (IBC) regime. IIIPI is promoted by ICAI. Meanwhile, Kumarmangalam Vijay, Partner, JSA Advocates and Solicitors, opined that in its new avatar, it seems that the Modi government is keen to deliver on its promise of 'ease of doing business'. "Its focus on making it simpler is evident from the abolition of the angel tax, the increase in new income tax regime thresholds, new Vivad se Vishwas Scheme 2024 for the resolution of pending cases and the increase in the threshold for appeal by tax departments at various levels, decriminalising the non-reporting of shares received from non-resident employers and reducing the period for re-opening of the cases," Vijay said. The Institute of Company Secretaries of India (ICSI) said there has been a focus on the manufacturing sector in the budget. Measures have been taken for simplifying the FDI/ODI rules and regulations, and the <keyword id="21847964" type="General" weightage="20" keywordseo="tax-regimes" source="keywords">tax regimes</keyword>. The enhanced Mudra loan limit and the abolition of angel tax are all set to incentivize the startup and MSME ecosystem of the country. "The nine priorities identified in this progressive and inclusive budget 2024 are aimed at generating ample opportunities for all. Besides agricultural reforms, the budget focuses on skilling, educating and employing the youth, a priority that the ICSI has been concentrating on," said ICSI President B Narasimhan. Rajesh Magow, Co-Founder and Group CEO, MakeMyTrip, said the government's continued emphasis on infrastructure development is commendable. Enhanced road infrastructure will bolster the travel and tourism sector. "We also welcome the initiatives to develop iconic spiritual and cultural sites into world-class tourist hotspots," Magow said. Furthermore, he said the provision of credit for TCS against income tax under 'Income from Salaries' is logical and will provide much-desired relief to taxpayers who travel internationally.

Budget size almost unchanged from interim, shows govt's commitment to fiscal prudence: Experts

<keyword id="19895282" type="General" weightage="20" keywordseo="mumbai" source="keywords">Mumbai</keyword>, <keyword id="19922074" type="General" weightage="20" keywordseo="reserve-bank" source="keywords">Reserve Bank</keyword> Governor <keyword id="19913110" type="General" weightage="20" keywordseo="shaktikanta-das" source="keywords">Shaktikanta Das</keyword> on Monday said the endeavour of the central bank would be to provide a stable and strong financial system over the next decade, which will act as the bedrock for the country's economic progress. Over the years, the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>) has emerged as a symbol of stability, resilience and commitment to the welfare of our citizens, he said at an event to mark the 90th anniversary of the RBI. "As we move towards RBI at 100, the Reserve Bank remains focussed on a stable and strong financial system that would act as the bedrock for our country's economic progress," he said. The Reserve Bank is constantly evaluating the emerging trends and taking necessary policy measures to remain in sync with the changing times, he said, adding the central bank's effort is to anticipate situations and take proactive measures. Das highlighted that the Reserve Bank's evolution as an institution has been closely intertwined with the development of the Indian economy. "We are a full-service central bank with our functions spanning multiple dimensions. It has been our endeavour to promote a financial sector that is robust, resilient, and future-ready," he said. Talking about structural reforms, he said, the enactment of the <keyword id="19901118" type="General" weightage="20" keywordseo="insolvency" source="keywords">Insolvency</keyword> and Bankruptcy Code and the adoption of flexible inflation targeting in recent years, have helped to deal with the challenges in the banking system and the task of maintaining price stability more effectively.

Stable, strong financial system to act as bedrock for economic progress: RBI Governor

<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword> [India], January 29 (<keyword id="19904948" type="General" weightage="20" keywordseo="ani" source="keywords">ANI</keyword>): The Indian economy is projected to grow close to 7 per cent in the financial year 2024-25 that starts this April, said the <keyword id="19908390" type="General" weightage="20" keywordseo="ministry-of-finance" source="keywords">Ministry of Finance</keyword> in its monthly review report. The strength of domestic demand has driven the economy to a 7 per cent plus growth rate in the last three years. <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22. The Indian economy is expected to grow 7.3 per cent in the current financial year 2023-24, remaining the fastest-growing major economy. The robustness seen in domestic demand -- private consumption and investment -- traces its origin to the reforms and measures implemented by the government over the last 10 years, said the report issued by <keyword id="19912839" type="General" weightage="20" keywordseo="department-of-economic-affairs" source="keywords">Department of Economic Affairs</keyword>. "The supply side has also been strengthened with investment in infrastructure - physical and digital - and measures that aim to boost manufacturing. These have combined to provide an impetus to economic activity in the country," the review report noted. "Accordingly, in FY25, real GDP growth will likely be closer to 7 per cent." There is, however, considerable scope for the growth rate to rise well above 7 per cent by 2030, the report added. "The rapidly expanding digital infrastructure is continuously improving institutional efficiency. Technological progress is picking up pace with rising collaboration with foreign partners in the production of goods and services. Decisive steps have been taken to speed up human capital formation. Finally, the overall investment climate is increasingly becoming more favourable with sustained enhancement in the ease of doing business." In the next three years, India is expected to become the third-largest economy in the world, with a GDP of USD 5 trillion, it asserted. India can aspire to become a USD 7 trillion economy in the next six to seven years (by 2030), it said. "This will be a significant milestone in the journey to delivering a quality of life and standard of living that match and exceed the aspirations of the Indian people." Firm GDP growth forecasts, inflation at manageable levels, political stability at the central government level and signs that the central bank is done tightening its monetary policy have all contributed to painting a bright picture for the Indian economy. (ANI)

Indian economy likely to grow 7% next financial year: Ministry of Finance

<ul class="summary-list"><li>Rep. Alexandria Ocasio-Cortez said Democrats should be doing more to tout Biden's accomplishments.</li><li>She referenced Biden's student-debt relief efforts under the new SAVE income-driven repayment plan.</li></ul>A leading Democratic lawmaker thinks her party can be doing more to tout President Joe Biden's work — especially when it comes to student-debt relief.On Sunday, Rep. Alexandria Ocasio-Cortez <a target="_blank" href="https://www.nbcnews.com/meet-the-press/meet-press-january-28-2024-n1308484">joined</a> NBC's Meet the Press to discuss, among other things, the future of the Democratic Party with a presidential election at stake. She said that as her party is gearing up to excite voters, it's important that Democrats are vocal about the positive things Biden has done for Americans — and currently, she said, lawmakers aren't talking about those things enough."I think we can certainly do more to be advancing our vision," Ocasio-Cortez said. She referenced Biden's efforts to forgive student debt, particularly through a new provision in his SAVE income-driven repayment plan that would <a target="_blank" href="https://www.businessinsider.com/how-to-get-student-loan-forgiveness-early-income-driven-repayment-2024-1">wipe out balances of borrowers who originally borrowed $12,000 or less</a> and have completed as few as 10 years of qualifying payments."The president has advanced student loan forgiveness just this month for people who have taken out SAVE loans under $12,000. They will see their loans wiped out," Ocasio-Cortez said.Along with the relief Ocasio-Cortez referenced through the SAVE plan, Biden and his Education Department have also announced <a target="_blank" href="https://www.businessinsider.com/student-loan-forgiveness-who-qualifies-latest-round-biden-debt-cancellation-2024-1">batches of borrowers that qualified for relief </a>over the past few months through account adjustments targeted to those who have made the qualifying number of payments on income-driven repayment plans or Public Service Loan Forgiveness but had yet to receive relief.Still, some borrowers have been disappointed that the scale of the relief is not broader. While Biden attempted to cancel up to $20,000 in student debt for borrowers making under $125,000 in 2022, the Supreme Court <a target="_blank" href="https://www.businessinsider.com/student-loan-forgiveness-blocked-supreme-court-strikes-down-debt-cancellation-2023-5">struck down that plan at the end of June.</a>As a result, the Education Department began pursuing a new route for relief using the Higher Education Act of 1965. However, that law requires the administration to undergo a lengthy process that involves a series of negotiations with stakeholders and periods of public comment to draft the final rule.The department concluded negotiations in December and proposed <a target="_blank" href="https://www.businessinsider.com/student-loan-forgiveness-who-will-qualify-second-attempt-biden-education-2023-12">five groups of borrowers it's considering for the second attempt at relief</a>. It did not include a category for borrowers experiencing financial hardship, so it's a much narrower scale than what some of the negotiators and <a target="_blank" href="https://www.businessinsider.com/student-loan-forgiveness-more-borrowers-included-hardship-warren-sanders-schumer-2024-1">lawmakers were hoping for</a>."While we appreciate the efforts of the Department and the negotiating committee, we are concerned that, without full consideration of cancellation targeted toward borrowers facing financial hardship, the rule will not provide adequate debt relief for the most vulnerable borrowers," the lawmakers <a target="_blank" href="https://www.businessinsider.com/student-loan-forgiveness-more-borrowers-included-hardship-warren-sanders-schumer-2024-1">wrote</a>.Still, Biden and the Education Department have vowed to work quickly to get as much relief to borrowers as they can under the law. The department said it would continue to evaluate borrowers' accounts to determine if they met the qualifying payments to have their balances wiped out, but these efforts are coming as many are grappling with <a target="_blank" href="https://www.businessinsider.com/student-loan-repayment-issues-debt-relief-broken-industry-2023-9">payments resuming after an over three-year pause</a>, bringing an additional strain to some of their budgets.When it comes to the upcoming election, Ocasio-Cortez said that even given the challenges many Americans are facing right now, Biden is "the strongest nominee" for Democrats — and her party needs to be more vocal about why he should be reelected."I do believe that advancing that affirmative vision is going to be very, very important as – as well as really laying out and showing, between now and November, through our governing decisions, our governing decisions, when we have that power in the White House, what we are willing to do with it," she said.

Some student-loan borrowers 'will see their loans wiped out' under Biden's repayment reforms, AOC says — and more Democrats should be talking about it

<ul class="summary-list"><li>Tom Suozzi retired from Congress — and more than tripled his income in just a year.</li><li>He's now running in the February 13 special election to replace George Santos.</li></ul>When members of Congress leave their jobs, many of them become even wealthier than they were before.After all, they're <a target="_blank" href="https://www.businessinsider.com/members-congress-100000-pay-raise-salaries-174000-2024-1">only paid $174,000</a>, and generally can't have other sources of outside income other than things like <a target="_blank" href="https://www.businessinsider.com/these-senators-more-money-books-salaries-2022-2023-8">book sales</a> or the <a target="_blank" href="https://www.businessinsider.com/financial-conflicts-congress-members-rated-2021-12">returns on their portfolio investments.</a>Whether that means <a target="_blank" href="https://news.bgov.com/bloomberg-government-news/free-of-lobbying-ban-ex-house-members-return-to-familiar-turf">becoming a lobbyist</a>, taking on ceremonial board positions and consulting gigs, or <a target="_blank" href="https://www.businessinsider.com/here-are-all-the-six-figure-speaking-fees-that-hillary-clinton-received-after-leaving-the-state-dept-2015-5">giving paid speeches</a>, former lawmakers are often courted by those looking to leverage their fame, knowledge of Capitol Hill, or relationships with their former colleagues."Members of Congress, like most people at that level, have lots and lots of options," said Daniel Schuman, the director of governance at the POPVOX Foundation, in a recent interview.But while the revolving door is a well-publicized phenomenon, it's rare that the public gets a detailed look at what that looks like in the immediate wake of a retirement.Enter <a target="_blank" href="https://www.businessinsider.com/who-is-tom-suozzi-george-santos-democrats-special-election-2023-12">former Rep. Tom Suozzi.</a>The Long Island Democrat, who represented New York's 3rd congressional district from 2017 to 2023, is now running for his old seat again in the February 13 special election to replace his <a target="_blank" href="https://www.businessinsider.com/george-santos-expelled-congress-what-happens-next-2023-11">scandal-plagued and recently expelled</a> Republican successor, George Santos.Under federal law, both Suozzi and <a target="_blank" href="https://www.businessinsider.com/santos-replacement-mazi-pilip-muslims-wont-like-idf-service-2023-12">his Republican opponent</a>, Mazi Pilip, are required to file documents detailing their assets, income, and other information covering the previous year.The bottom line: Suozzi more than tripled his income after leaving Capitol Hill.<h2>Consulting fees, a board position, and $35,000 from a pharmaceutical company</h2>Altogether, Suozzi <a target="_blank" href="https://disclosures-clerk.house.gov/public_disc/financial-pdfs/2023/10056100.pdf">disclosed</a> earning $652,500 in regular income in the last year — roughly 3.75 times the amount he was paid as a lawmaker.$535,000 of that sum came in the form of fees paid to Suozzi Consulting, a limited liability company that the former congressman established the same month he left Congress.As required by law, Suozzi listed 7 clients that paid him more than $5,000, including several construction and development corporations in New York, a local community bank, and Actum LLC, a global consulting firm which he <a target="_blank" href="https://actumllc.com/2023/02/28/former-congressman-tom-suozzi-joins-actum-as-co-chair/">joined as co-chair</a> in February 2023.<div type="image" title="Suozzi's clients, as disclosed on his most recent Personal Financial Disclosure." height="744" width="1886" msid="106907691" hostid="261" sizebytes="74062"></div>Suozzi was also paid $82,500 by Global Industrial, an industrial equipment distributor, after joining the company's board in January 2023."Tom brings a wealth of public sector expertise to the Board which we value both from an industry and governance perspective," said Richard Leeds, the executive chairman of the company, in a <a target="_blank" href="https://investors.globalindustrial.com/news/news-details/2023/Global-Industrial-Announces-Appointment-of-Tom-Suozzi-to-Board-of-Directors/default.aspx">statement at the time</a>. "We look forward to benefiting from his contributions."The former congressman was also paid a $35,000 salary by Hercules Pharmaceuticals, a drug distributor based in the district.While still a member of Congress, he <a target="_blank" href="https://www.chaindrugreview.com/rep-tom-suozzi-visits-n-y-specialty-pharmacy/">called for</a> a more "considered, deliberative process" for tackling skyrocketing drug costs after meeting with that company's president in 2017, dismissive efforts to "find someone to blame all the time."Beyond his new streams of income, Suozzi continued to generate thousands of dollars in income from other investments, including stocks and day camps owned by owned by New York Democratic Party chairman Jay Jacobs.As a member of Congress, Suozzi <a target="_blank" href="https://www.businessinsider.com/who-is-tom-suozzi-george-santos-democrats-special-election-2023-12">faced scrutiny</a> from congressional investigators for failing to disclose stock transactions on time.<h2>Mazi Pilip's disclosures: irregularities and up to $75,000 in Bitcoin</h2>Pilip, currently a Nassau County legislator, did not disclose the same level of income — but an initial version of her financial disclosure contained irregularities, as <a target="_blank" href="https://www.nytimes.com/2023/12/14/nyregion/pilip-santos-special-election.html">first reported by The New York Times.</a>That included <a target="_blank" href="https://disclosures-clerk.house.gov/public_disc/financial-pdfs/2023/10056565.pdf">initially reporting</a> $100,000 from her husband's medical practice in the last two years, only to <a target="_blank" href="https://disclosures-clerk.house.gov/public_disc/financial-pdfs/2023/10056571.pdf">revise that figure down</a> to roughly $13,500 after being contacted by the Times.Additionally, Pilip reported owing between $100,000 and $250,000 to the IRS, which her amended disclosure says has now been fully paid off.Pilip also disclosed owning between $16,000 and $75,000 in Bitcoin and at least $50,000 in stock in Artificial Intelligence Technology Solutions, a company that specializes in robotics and AI.Neither candidate appears to have committed any wrongdoing, and both have displayed more transparency than Santos, who <a target="_blank" href="https://www.businessinsider.com/george-santos-violatation-federal-ethics-laws-financial-disclosure-2023-8">failed to even file a financial disclosure</a> for 2023 and has been indicted by federal prosecutors in part for lying on previous disclosures.Furthermore, Suozzi arguably wasn't looking to have a retirement in the private sector in the first place, at least this soon: He vacated his seat to run for governor in 2022, only to lose to Gov. Kathy Hochul.But the income Suozzi has disclosed since last year underscores arguments that ethics experts and congress reform advocates alike have long made about the revolving door, and the need for lawmakers to be paid greater salaries while in office in order to reduce the incentive to cash in after leaving."When you pay [lawmakers] enough, their incentives to go and be looking to get paid elsewhere diminish, and they become better public servants," Schuman <a target="_blank" href="https://www.businessinsider.com/members-congress-100000-pay-raise-salaries-174000-2024-1">told BI last week</a>. "That's just human nature."

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