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Business Standard
3 days ago
- Business
- Business Standard
Growth must mean jobs, value addition and economic stability: Sitharaman
India's top economic priority is not just growth, but ensuring that growth is meaningful, inclusive and sustainable, Finance Minister Nirmala Sitharaman said on Saturday, as she laid out a comprehensive view of how the country must respond to a fast-changing global and domestic economic landscape. 'The topmost priority is growth,' she said. 'It's about jobs, value addition and the quality of the growth - what goes into GVA (gross value added) matters.' She said India must adapt dynamically to global shifts, while balancing domestic aspirations with fiscal prudence. 'We must define how this movement forward is going to take place - with India at the table,' she asserted. Sitharaman was speaking at the launch of A World in Flux: India's Economic Priorities, a new book honouring noted economist Shankar Acharya. The event, held at the India International Centre, brought together a host of senior policymakers and economists. The volume, published by Rupa Publications and co-edited by Professor Amita Batra and veteran journalist A K Bhattacharya, features essays on the shifting global order and its implications for India. A dynamic global puzzle Reflecting on the theme of the book, Sitharaman said the phrase A World in Flux aptly describes today's geopolitical and economic environment. 'Institutions that were once seen as stable and effective - particularly multilateral institutions - now appear to be in a state of limbo. Not just financial institutions, but strategic ones as well.' She urged India to remain agile and proactive in this evolving context. Using a vivid metaphor, she asked: 'Are you going to be a static piece or a dynamic one? And how do you keep redefining the contours of your piece so that you still fit in, even as the puzzle keeps changing?' India, she said, must go beyond just being a participant and take an active role in shaping global frameworks. 'It's not just about being present; we must define how this movement forward is going to take place - with India at the table.' Balancing ambition with responsibility At home, Sitharaman stressed the importance of aligning growth strategies with fiscal prudence and inclusive development. 'It's one thing to aspire to be at the table and to maintain growth, but fundamentally, we must support the economy at every level.' She argued that India's policy focus must be on building long-term systems, not just distributing short-term benefits. 'We need to attend to the aspirations of every section -- not just by giving money, but by building systems that enable them to grow.' This includes creating jobs to harness India's demographic advantage, and managing resources in a way that supports long-term economic stability. 'The challenge lies in aligning domestic aspirations with resource availability and ensuring that economic priorities evolve accordingly,' she said. Public investment as a growth engine Sitharaman underlined the government's continued focus on public capital expenditure to sustain economic momentum. 'The numbers are before you each year -- it's a clear instruction from the Prime Minister that capital expenditure must grow, and grow significantly,' she said. Calling this a cornerstone of India's growth model, she noted that public investment has increased consistently in recent years. 'This is one of the primary drivers of sustained economic growth,' she said, while also acknowledging that overall investment levels could still improve. Policy environment, private sector recovery The finance minister also spoke about efforts to improve the investment climate. 'The policy on FDI is made friendly and attractive enough to bring in more investments,' she said, adding that state governments are also actively competing to attract capital. 'Each one is doing its best—and the more successful ones are setting benchmarks for others to catch up.' She noted that the private sector has strengthened in recent years, especially after the resolution of the twin balance sheet problem and the 2019 corporate tax cuts. 'After Covid — and even starting from 2019 — you can see that the corporate sector is healthier.' According to her, industry players are now showing more interest in production-linked investments. 'There is a visible shift from just financial engagement to actual investment in production and expansion.' 'We are moving forward' Addressing the persistent concern around employment, Sitharaman admitted that job creation remains a challenge but struck a hopeful note. 'At least we are moving forward,' she said. In conclusion, her remarks painted a picture of an India that is not only adapting to global shifts but also taking steps to lead responsibly, ensuring that growth is equitable, job-creating and future-ready.
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Business Standard
3 days ago
- Business
- Business Standard
A World in Flux: Sitharaman flags need to reshape institutions for present
A new book titled 'A World in Flux: India's Economic Priorities' was launched on Saturday at the India International Centre, New Delhi. The festschrift honours economist Dr Shankar Acharya and was released in the presence of several leading economists and policymakers. Published by Rupa Publications, the book is co-edited by Professor Amita Batra of Jawaharlal Nehru University and veteran journalist A K Bhattacharya. It brings together essays by noted economists and policy experts, examining the evolving global context and its implications for India. Finance Minister reflects on global flux Union Finance Minister Nirmala Sitharaman, the chief guest at the event, addressed the audience with remarks on the rapidly changing global economic environment. 'The phrase 'A World in Flux' is indeed an apt description of the times we're living in,' she said, pointing to the growing uncertainties facing multilateral institutions. 'Institutions that were once seen as stable and effective - particularly multilateral institutions - now appear to be in a state of limbo. Not just financial institutions, but strategic ones as well.' Referring to India's G20 presidency, Sitharaman noted that these challenges had been central to India's Finance Track agenda. 'During the G20, we saw an opportunity to address the growing challenges in the global financial architecture,' she said. She highlighted the role of an expert committee that provided key recommendations during the presidency. These were well received by Brazil and are expected to be carried forward by South Africa. 'At that time, the committee's terms of reference seemed adequate. But with hindsight, perhaps those terms could have been even broader, given the complexity of today's world. The flux we're experiencing isn't abstract - it's real, visible, and accelerating.' Sitharaman emphasised that these changes are not limited to institutions and experts, but are being felt by ordinary people. 'We're seeing an increasingly complex global financial environment. The challenge is not only for India, but for the world: how do we shape institutions that are relevant for today and tomorrow?' she said, adding that currency frameworks themselves are now evolving rapidly. Amita Batra on the book's relevance Speaking at the launch, Professor Amita Batra remarked on the book's origins and growing relevance. 'At the time we began work on it, global institutions, economic frameworks, foreign and trade policy instruments were already being used in new and different ways.' She explained that while the title A World in Flux was an intuitive choice then, its relevance has only increased. 'The global context today continues to be uncertain. The world economy is increasingly shaped by trade protectionism, state intervention, and industrial policy,' she said. These shifts, she added, raise important questions about the relevance of the old multilateral order and the possible need for a new one. 'If so, what should its parameters be?' she asked. The book, she noted, seeks to explore how these global dynamics are reshaping India's development priorities and the opportunities they present. 'With that framework in hand, we worked to bring together contributors who had not only deep expertise in these areas but also a professional association with Dr Shankar Acharya,' she said. Panel discussion features leading economic voices The event featured a panel discussion with several distinguished speakers, including: The discussion offered an opportunity to reflect on India's shifting economic landscape, with a focus on policy priorities amid an increasingly uncertain global order.
News18
4 days ago
- Entertainment
- News18
Rajesh Khanna Allowed His Stardom To Slip, People Began To Mock Him, Says Sharmila Tagore
Last Updated: Rajesh Khanna, India's first superstar, rose quickly but couldn't sustain fame. Sharmila Tagore revealed he failed to adapt to changing audiences. Late actor Rajesh Khanna was regarded as one of India's first superstars. His charming personality, good looks and film choices in the early days of his career catapulted him to fame almost overnight. Khanna also enjoyed a robust fan following, especially from females. His hairstyle became a trend, and 'Kaka' became almost synonymous with sensation. Unfortunately, Rajesh Khanna's downfall was as swift as his success. Sharmila Tagore, his co-star in many films, revealed why the late superstar couldn't grasp his own success. Sharmila Tagore wrote the foreword to Rajesh Khanna's biography, Dark Star The Loneliness of Being Rajesh Khanna, penned by Gautam Chintamani and published by Rupa Publications. In the prologue, she reflected on why her co-star couldn't hold on to his fame. She wrote in the book, 'Like his friendships, Kaka didn't nurture his stardom and allowed it to slip from his grasp. He failed to notice that the audience was changing, and that the roles he had been doing were becoming less and less relevant. Kaka either couldn't or didn't reinvent himself to remain contemporary; so much so that he became almost a caricature of himself, and people began to mock him." Tagore also observed that Khanna was too generous with some of friends. He would splurge them with expensive gifts, even giving them flats. 'But, in return, he expected far too much which ended up putting a strain on the relationship," the Aradhana actor further penned. The veteran actor, in all honesty, wrote about what she didn't like about everyone's beloved Kaka. 'But what affected me personally was his habit of coming late to work. I went to the studios at 8.00 a.m. and wanted to be back with my family by 8.00 p.m. But this was impossible, since Kaka never arrived before 12.00 noon for a 9.00 a.m. shift. And we could never finish on time. As a result, the entire unit would pressurize me to work overtime and complete the schedule. This became the norm, and since I had many films with Kaka, I found myself in a quandary," she wrote. The Safar actor further penned, 'So, I opted to work with other actors more and more despite the fact that our pairing had been so successful. Probably even Kaka felt it was not such a good idea to have so many films with one actress—one runs the risk of becoming stale. Whatever it was, we found ourselves working together in less and less films. And I must confess, it was a huge relief." Rajesh Khanna and Sharmila Tagore were one of Hindi cinema's most iconic on-screen pairs, delivering a string of memorable films in the late 1960s and 1970s. Their chemistry lit up classics like Aradhana (1969), Amar Prem (1972), Daag (1973), and Avishkaar (1974). First Published: July 14, 2025, 15:51 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
News18
4 days ago
- Entertainment
- News18
Mehmood Once Claimed He 'Beat' Up Rajesh Khanna: 'I've Worked With Bigger Stars'
Rajesh Khanna, known as Kaka, delivered 17 superhits but faced a downfall due to his peers and attitude, Mehmood once claimed. He also said that he 'beat' Khanna during a film. Rajesh Khanna, fondly called Kaka by his fans, once delivered 17 superhit films at a stretch. Back then, he had it all – love, luck, fame, and wealth. Unfortunately, before he could savour his stardom, it slipped right through his fingers. Late actor-filmmaker Mehmood, who had worked closely with Khanna, once claimed that he 'beat" up the superstar as he couldn't take his starry tantrums. He even revealed that the then-superstar's peers led to his drastic downfall. In Rajesh Khanna 's biography, Dark Star The Loneliness of Being Rajesh Khanna, penned by Gautam Chintamani and published by Rupa Publications, an excerpt about the infamous Mehmood-Khanna controversy read: 'In the mid 1970s, Mehmood had approached Khanna for a cameo in his Ginny Aur Johnny (1976) and was impressed with the way the then megastar had treated him. Khanna agreed to shoot the very next day, showed up on time, worked without displaying any starry airs, and also refused to take any money. But working full-time with Khanna proved to be a harrowing experience for Mehmood. 'I had worked with stars much bigger than Rajesh Khanna,' recalled the legendary comedian, who couldn't help but think that signing Khanna had been a mistake." Before the film could be completed, a frustrated Mehmood 'even beat up Khanna". It was his way of drawing a line – making it clear that he wasn't someone like Shakti Samanta or Roopesh Kumar, who would bend over backwards to please him. Mehmood later remarked that it wasn't just Khanna's attitude, but the company he kept, that ultimately led to the downfall of his career. 'Written by Abrar Alvi, Mehmood's film paired Khanna opposite Yogita Bali and was a disappointment that is best remembered for the song 'Hum se kaa bhool huee' sung by Anwar, who was the first of Rafi's clones that littered the landscape in the 1980s," read another line from the book. How did Rajesh Khanna die? Rajesh Khanna, often regarded as the first superstar of Indian cinema, died on July 18, 2012, at the age of 69. He had been battling a prolonged illness, widely believed to be cancer, although the exact nature was never officially confirmed by his family. In the months leading up to his death, his health had significantly worsened, and he was frequently in and out of the hospital. He passed away at his Carter Road bungalow, Aashirwad, in Mumbai, surrounded by close family members, including his estranged wife Dimple Kapadia, daughters Twinkle and Rinke Khanna, and son-in-law Akshay Kumar. His death marked the end of an era, leaving behind a legacy of unforgettable films and a fan following that spanned generations. First Published: Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
News18
21-07-2025
- Entertainment
- News18
'Mera Ghar Bikwana…': When Rajesh Khanna, In Debt, Refused To Sell His Aashirwad Bungalow To Sohail Khan
Rajesh Khanna faced financial ruin and rumours had it that he was considering to sell his Carter Road bungalow, Aashirwad. Sohail Khan offered to buy it, but Khanna refused. Rajesh Khanna, regarded as one of India's first superstars, saw success like no one. From his stupendous stretch of 17 superhit films, robust fan following and wealth, there was a time when Rajesh Khanna had it all. Unfortunately, his descent was swifter than his ascent. And there came a time in life when the Aradhana actor fell into a massive debt. Talks began that the superstar was planning to sell off one of his most prized possessions – his Carter Road bungalow, Aashirwad. And guess who made an offer to buy it? Salman Khan's younger brother, Sohail Khan. In Rajesh Khanna's biography, Dark Star The Loneliness of Being Rajesh Khanna, penned by Gautam Chintamani and published by Rupa Publications, an excerpt about his financial status back then read: 'For a better part of the early years of the first decade of the new millennium, troubled clouds had taken over almost every small pocket of sunshine in Khanna's life. His financial state went from bad to worse and there were murmurs that he was finally on the lookout to sell Aashirwad. Like most rumours emanating from the world of Hindi cinema, no one knew how real the reports about his house being up for grabs were, but people believed them because Khanna looked troubled. The news that the income tax department had slapped a notice for arrears of over a crore and a half rupees on him finally made it all too true." That's when screenwriter Rumi Jaffery remembered that Salman Khan was one of the firsts to call him and say that Sohail Khan was interested in buying Aashirwad. Sohail assured that Khanna could name any price he wished, and not only would the Khans pay it, but they'd also settle the pending IT dues. On top of that, Salman even offered to act in a film for Rajesh Khanna's production house completely free of charge. The Khans roped in Jaffery to help facilitate the deal, and he believed it was the perfect solution for everyone involved. Jaffery couldn't contain his excitement and told Khanna about the offer the Khans made, instead, he was greeted by 'stoic silence". 'When Khanna finally spoke, he asked him how he could even think of suggesting such a thing and accused him of stabbing him in his back. 'Kakaji said, 'I consider you a son-in-law aur tu mera ghar bikwana chahta hai… Sadak par lana chahta hai!" I had a tough time explaining that I was merely a postman delivering Sohail Khan's message,' Jaffery says," read a part of the book. 'He even mused that he would die some day but Aashirwad would live on forever; and till such time, the world would never forget Rajesh Khanna," read another line. It was in the same house that Khanna lived until the end of his time, alone. 'He would often be quoted saying, 'A king is a king whether on throne or in exile,' and in that context believed that Aashirwad wasn't anything less than his legacy that would outlast his lifetime. Jaffery was never allowed to forget the incident as long as Khanna was alive, and he recalls that even Sohail Khan—who bumped into the actor a few years later and introduced himself as Salim Khan's youngest son—was castigated by Khanna for sending Jaffery to buy him out," read another excerpt. Filmmaker Johny Bakshi once said that remembers the day he saw a solemn Rajesh Khanna looking at the waves of the Arabian Sea hitting the edge of the road across his home. 'That day's newspapers carried an IT department notice regarding an auction of Aashirwad and Khanna was all but broken. Bakshi knew Vinay Kumar Sinha, a former IT officer who later joined Abdul Gaffar Nadiadwala's production house and went on to produce Andaz Apna Apna (1994). He asked Khanna if he wanted him to seek some advice on the matter. 'He just nodded his head and said, 'Gal kar…'", he said. Who were the past owners of Rajesh Khanna's 'haunted house'? Carter Road, where Aashirwad was located, was largely home to Parsi and Anglo-Indian families. They sold off the house to Rajendra Kumar, who named the bungalow after his daughter, Dimple. The house was infamous for granting beginners luck, only to rob them of it later. In fact, Rajendra Kumar's career grew after he moved into the house, and he got the nickname 'Jubilee Kumar.' Soon after, he faced a string of flops. The house then went to Rajesh Khanna, who bought for it Rs 3.5 lakh, and changed its name from 'Dimple' to 'Aashirwad.' However, Khanna, too, met the same fate as Kumar. His stardom began to fade and the-then superstar faced insurmountable financial losses. However, he refused to sell it and lived there until his passing in 2012. An industrialist bought Rajesh Khanna's Aashirwad in 2014 and had it demolished two years later – along with it, a golden era of history was buried beneath a pile of debris. First Published: July 21, 2025, 17:55 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
