23072024-TTC-01.qxd 7/23/2024 12:36 AM Page 1 13 KAMALA RACES TO FIRM UP WHITE HOUSE BID WORLD /thetribunechd CHANDIGARH | GURUGRAM | JALANDHAR | BATHINDA | VOL. 144 NO. 203 | 14 PAGES | ~5.00 | REGD. NO. CHD/0006/2024-2026 ESTABLISHED IN 1881 HOODA: ED RAIDS VENDETTA AGAINST CONG BACK PAGE tuesday | 23 july 2024 /thetribunechd www.tribuneindia.com ECONOMIC SURVEY Domestic drivers backed growth in FY24 amid global uncertainty On middle class’ wishlist: Tax sops, higher home loan rebate Vijay C Roy Vijay C Roy Economy robust, GDP to grow at 6.5-7% MAJOR TAKEAWAYS OF REPORT Tribune News Service New Delhi, July 22 The Economic Survey 202324, tabled by Union Finance Minister Nirmala Sitharaman in Parliament on Monday, projected the economy to grow between 6.5 per cent and 7 per cent in 2024-25, depending on global factors. This is lower than 8.2 per cent growth seen in the previous 2023-24 financial year and below the RBI’s 7.2 per cent estimate for the current fiscal. It, however, aligns with the 7 per cent forecast by the International Monetary Fund (IMF) and the Asian Development Bank (ADB). “The Indian economy is on a POSITIVE OUTLOOK AREAS OF CONCERN Economy recovered swiftly from pandemic | Global trade outlook remained positive | Uptick in agriculture sector and rural demand | Domestic growth high despite global challenges Escalation of geopolitical conflicts poses challenges | Higher commodity prices | Slow hiring in IT sector | Correction in financial markets to hit household finances, corporate valuations | Cheaper imports to stall private investment ON FIRM WICKET DESPITE GLOBAL CHALLENGES Indian economy is on a strong wicket, demonstrating resilience Union Finance Minister Nirmala Sitharaman speaks in the Lok Sabha. PTI ❝ face of geopolitical challenges. in the VA Nageswaran, CHIEF ECONOMIC ADVISER INDIA SEEKS FDI FROM CHINA TO PUSH EXPORTS | PVT SECTOR TOLD TO INCREASE HIRING, WAGES PAGE 11 strong wicket and stable footing, demonstrating resilience in the face of geopolitical challenges,” Chief Economic Adviser V Anantha Nageswaran said. The survey identifies boosting private investment, strengthening small businesses and agriculture, raising financial resources for climate change adaptation, easing red tape for small businesses and tacking income inequality as focus areas. Priorities should also include bridging the gap between education and employment, it says, calling continued on page 10 edit: india inc lags in jobs Survey calls for urgent reforms in agri sector Neeraj Mohan Tribune News Service New Delhi, July 22 The Economic Survey has called for urgent reforms in the agricultural sector, warning that structural issues could impede the country’s overall economic growth trajectory. “Agriculture is not in a crisis now, but requires a serious structural transformation because climate change and water criticality will loom large in the times to come,” the survey noted. It said the agriculture sector, which supported 42.3 per cent of India’s population and contributed 18.2 per cent to the GDP had shown , resilience with an average annual growth rate of 4.18 per cent over the past five years. However, the growth has moderated to 1.4 per cent for the current year. “Increased investment in agricultural research has continued on page 10 SUPPORTING HALF OF INDIA’S POPULATION 42.3% of population surviving on agriculture 18.2% the sector’s contribution to GDP 4.18% average annual growth rate in past 5 years STRIDES IN RURAL INFRA 11.57 CR toilets built over 10 years under Union Govt’s Swachh Bharat Mission 2.39 lakh community toilet complexes constructed 11.7 CR households provided tap water connections under Jal Jeevan Mission 2.63 CR houses constructed under PM-Awas initiative 10.3 CR LPG connections provided under PM Ujjwala Yojana 21.4 CRORE rural households electrified under the Saubhagya scheme 15.14 LAKH KM of roads built under PM Gram Sadak Yojana Pooja, resident of Khanpur village near Rajpura, on Monday. RAJESH SACHAR Higher schools far away, Patiala girls dropping out MohitKhanna Tribune News Service Rajpura, July22 Navreet Kaur, a Class X student, gazes wistfully at her books, knowing they will no longer be her companion next year. For, the distance between home and schools has become a barrier for many girls like her who want to pursue higher education, forcing them to drop out after Class VIII or X. Unsafe travel conditions and lack of affordable transport are to blame for many girls from nearly 10 villages located along the Patiala-Rajpura highway for giving up education, mocking the government’s much-touted “Beti Bachao, Beti Padhao” slogan. Navreet’s plight is shared by many girls of Khandoli, Bhadak, Jakhran, Gajipur, Khanpur Gandian, Badholi Gujjran, Dhendsa and other villages in Patiala district. Due to lack of a senior secondary continued on page 10 SC stays nameplate Sailor missing after diktat for eateries fire aboard warship along UP yatra route INS Brahmaputra NEW DELHI: The Supreme Court on Monday ordered an interim stay on the Uttar Pradesh Government’s controversial directive to eateries on the Kanwar Yatra route to display the names of their owners. Issuing notices to the governments of Uttar Pradesh, Madhya Pradesh, Uttarakhand and some other states where Kanwar Yatra takes place, the Bench posted the matter for further hearing on July 26. BACK PAGE NEW DELHI: A sailor is missing after a fire broke out on board the Navy’s warship INS Brahmaputra at the Mumbai dockyard, an official said on Monday. The ship was undergoing refit when the fire broke out on Sunday, he said. The fire was brought under control, but the ship experienced severe listing towards one side. Rajnath Singh has directed Chief Admiral DK Tripathi to take appropriate action. — TNS c m y b Tribune News Service New Delhi, July 22 Coming on the back of not-sofavourable results in the General Election, the Modi government is expected to offer several incentives in its 11th Budget to be presented today, while striking a fine balance between populism and fiscal prudence to keep the economy on a growth trajectory. Finance Minister Nirmala Sitharaman’s seventh consecutive Budget breaks the record of former PM Morarji Desai of presenting six consecutive Budgets (five full and one interim) from 1959 to 1964. Top on the list of stakeholders’ demands is tax Budget EXPECTATIONS FOCUS ON CONSUMPTION & INVESTMENT LIKELY ■ Impetus to urban and rural consumption ■ Increased allocation for PM Kisan, MGNREGA ■ Announcement for PLI scheme for MSMEs ■ Capex increase to ~11.3L cr concessions for the middle class, which may come either in the form of raising the basic exemption limit or rejigging tax brackets. On the receipt front, says Sonal Badhan, economist with the Bank of Baroda, certain reductions can be expected if the government decides to relieve the burden of individual taxpayers and give incentives for savings. To encourage people to buy homes, tax concession on interest may be increased and customs duties on finished products of certain items may again be raised to correct the inverted duty structure, says the economist. This will be aided by additional fiscal space made available by Reserve Bank of India’s continued on page 10