&w=3840&q=100)
Modi govt spreads lies about economy to hide massive failures, says Kharge
ANI
Congress President Mallikarjun Kharge on Thursday accused the BJP-led central government of consistently spreading misinformation about the economy to cover up its "massive failures." He claimed that over the past eleven years, the government has systematically weakened every sector of the Indian economy.
In a post on X, Kharge wrote, "The Modi government has made it a habit to spread lies about the economy to hide its gross failures! For 11 consecutive years, this incompetent government has been destroying every sector of the economy. The truth is here."
Earlier on Monday, Kharge had launched a scathing attack on Prime Minister Narendra Modi as the government completed 11 years in office. The Congress president alleged that the Modi-led administration had "ruined" the country and that its promise of "achhe din" (good days) had turned into a "dreadful dream."
He stated that a promise of doubling farmers' income was not fulfilled, so they had to eat rubber bullets, whereas women's security is currently in "tatters."Mallikarjun Kharge further alleged atrocities against the minorities of the country and believed that their participation in society is lost.
Meanwhile, on May 23, addressing a press conference of the 10th NITI Aayog Governing Council Meeting on 'Viksit Rajya for Viksit Bharat 2047', NITI Aayog CEO, Subrahmanyam, said that India has overtaken Japan to become the world's fourth-largest economy.
Citing data from the International Monetary Fund, the CEO of India's apex think tank stated that India's economy has reached the USD 4 trillion mark."
"We are the fourth-largest economy as I speak, a USD 4 trillion economy. This is not my data; this is the data from the IMF. India today is larger than Japan. It's only the United States, China, and Germany that are larger. If we stick to what is being planned, what is being thought through, it's a matter of another two to three years; we would become the third largest economy," said Subrahmanyam.
On Tuesday, Prime Minister Narendra Modi said that pressure has increased to go one notch higher in the ladder of top global economies, surpassing the excitement and happiness of India becoming the fourth-largest economy. The Prime Minister highlighted that the goal is clear: By the year 2047, India must be a "Viksit nation" with no compromise.
Addressing a public rally in Gandhinagar, the Prime Minister recalled the excitement among the country's youth when India surpassed the United Kingdom, which had ruled India for over 200 years, and became the fifth largest economy.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
25 minutes ago
- Business Standard
India likely to forego ₹4,060 crore in first year of UK trade pact: GTRI
India is expected to forego customs revenue of ₹4,060 crore in the first year of the free trade agreement with the UK, as tariffs are reduced or eliminated on a wide range of goods, think tank Global Trade Research Initiative (GTRI) said on Monday. The calculation is based on the current import figures from the UK. By the tenth year, it said, as tariff elimination phases-in more broadly, the annual loss is projected to rise to Rs 6,345 crore or around British Pound 574 million, based on FY2025 trade volumes. The India-UK free trade agreement, which was signed on July 24, will lead to a loss of customs revenue for both the countries, as tariffs are reduced or eliminated on a wide range of goods, GTRI added. India imported USD 8.6 billion worth of goods from the UK in 2024-25. Industrial products make up the bulk of these imports and face a weighted average tariff of 9.2 per cent. Most agricultural products, subject to much higher average tariffs of 64.3 per cent, were excluded from tariff cuts, except for items like whisky and gin. It said that India has committed to eliminating tariffs on 64 per cent of the value of imports from the UK immediately as the implantation starts. Overall, India will eliminate tariffs on 85 per cent of tariff lines and reduce tariff on 5 per cent of tariff lines or product categories. "Based on these factors, India's revenue foregone in the first year of the agreement is estimated at Rs 4,060 crore," GTRI Founder Ajay Srivastava said. He added that the UK imported USD 14.5 billion worth of goods from India in the last fiscal year, with a weighted average import tariff of 3.3 per cent. Under the comprehensive economic and trade agreement (CETA), the UK has agreed to eliminate tariffs on 99 per cent of Indian imports. "This translates to an estimated annual revenue loss of British Pound 375 million (or USD 474 million or Rs 3,884 crore) for the UK, again based on FY2025 trade data. As Indian exports to the UK expand, the fiscal impact is likely to grow over time," it said. The implementation of the pact may take about a year as it requires approval from the UK parliament.
Time of India
25 minutes ago
- Time of India
How China's BYD is operating by remote control to overcome obstacles in India
How China's BYD is operating by remote control to overcome obstacles in India Alisha Sachdev Bloomberg Jul 28, 2025, 14:04 IST IST Visa hurdles for top BYD management, investment roadblocks from the India government notwithstanding, the Chinese carmaker has proved popular with Indian drivers — sales in the first half of this year are nearly touching the total units sold in 2024 China's BYD is forging ahead with its attempts to expand in India despite roadblocks from the government that are preventing the electric vehicle maker from conducting key business dealings there. Like most Chinese companies, BYD has been unable to obtain visas for executives after a deadly clash between Indian and Chinese soldiers in 2020 sparked a major deterioration in political ties. That's seen the EV giant resort to holding board meetings and high-level business interactions in Colombo in Sri Lanka and Kathmandu in Nepal, and even as far away as Singapore, according to people familiar with the matter.
India.com
25 minutes ago
- India.com
Removing FDI Cap To Attract Sustained Foreign Investment In Insurance Sector: FM Sitharaman
New Delhi: With the increase in foreign direct investment (FDI) limit from 74 per cent to 100 per cent for insurance companies, the government aims to unlock the full potential of the Indian insurance sector, which is projected to grow at 7.1 per cent annually over the next five years, outpacing global and emerging market growth, Finance Minister Nirmala Sitharaman said on Monday. According to the minister, this is an enabling provision which will help the interested insurers to explore hiking the FDI percentage. "Further, this will eliminate the need for foreign investors to find Indian partners for the remaining 26 per cent, easing the process of setting up their operations in India, effectively increasing the number of insurers in the country," she said in a written reply to a question in the Lok Sabha. Removing the FDI cap will attract stable and sustained foreign investment, increase competition, facilitate technology transfer, and improve insurance penetration in the country, FM Sitharaman noted. Section 2(7A) (b) of the Insurance Act, 1938, prescribes the upper limit of FDI in an insurance company. The decision to increase the FDI component in a particular insurance company is made by its promoters, depending upon various factors such as the capital requirement of the company, solvency requirement, future business plans, etc, according to the government. The equity share capital of life insurers was Rs 24,110 crore, with the FDI part at Rs 11,529 crore (as on December 12, 2024), as per the IRDAI's data. FM Sitharaman also said that India offers a compelling growth opportunity for foreign banks, and the government is actively encouraging foreign investment in the banking sector. In April, addressing the India-UK Investor Roundtable discussion in London with around 60 investors, representing various pension funds, insurance companies, banks and other financial institutions in London, the Finance Minister outlined priorities of the government for enabling sustained economic growth and investment opportunities with the policy support that is shaping New India. She said that with an expanding middle class and a strong and stable policy environment, India is set to become the sixth largest insurance market by 2032, with the expected growth at 7.1 per cent CAGR from 2024-2028 - one of the fastest growing insurance markets among G20 countries.
