The Indian government has stated that in the 2014-15 fiscal the national economy will grow at a rate between 5.4 and 5.9 per cent. This will be greater than the growth rate seen in the 2013-14 fiscal – 4.7 per cent. However, it has also admitted that it will be a major challenge to provide jobs to the millions of people across the country. Arun Jaitley, the finance minister, is set to present his first ever budget on July 10 and he will face the major task of dealing with development issues that can have a long-term impact on the economy.
Jaitley faces tough choices in his first ever budget
It is expected that the upcoming budget could see some difficult economic decisions being taken. In the years between 2005 and 2012 there was an addition of 15 million jobs in India. As opposed to this, between 1999 and 2005 there were 60 million jobs added. The yearly Economic Survey 2013-14 that was presented at the parliament on July 9 said that the major challenges facing India in the years to come were ensuring growth as well as plenty of jobs for everyone. The survey had stated that in order to ensure more jobs it was necessary to create an environment that enabled more companies to invest.
Economic Survey states loss of competitiveness for India in important markets
The Economic Survey 2013-14 has stated that India has lost some edge in important global markets such as rupees and stocks because of the way it has treated tax issues pertaining to investors from outside the country. The procedural and bureaucratic problems have also played their part in this situation. In fact the overseas market has become a major competitor for India. The survey report has also added that a decade back the international market had no presence whatsoever in the said markets.
The survey has stated that in the global market the value of the Indian National Rupee was 50.58 billion dollars. The total value for Nifty, which represents the 50 bluechip stocks of the National Stock Exchange, has been estimated at 51.8 billion dollars. As far as equities are concerned the overseas market accounts for more than half of the segment. The survey states that in addition to the reasons already mentioned above capital control problems have contributed to put off the international investors. Technical mistakes with regards to rules pertaining to margins and position limits have also contributed to the present scenario.
High speed coaches to start plying from September onwards
The Rail Coach Factory (RCF), which is based at Kapurthala, has stated that the first batch of high-speed coaches will start operating from the final week of September or the first week of October. It is being assumed that these coaches will be able to travel at a speed of 160 km per hour. The said announcement was made by Parmod Kumar, the General Manager of RCF. He stated that a few technical details will be looked into such as changes in suspension, automatic doors and breaking system.
This is expected to be done following discussions with the Research Designs and Standards Organisation (RDSO). It is expected that the aforementioned changes will help the trains achieve the desired levels of speed. He also stated that 8-10 routes have been selected where these high speed trains will operate. The mark of 160 km is only the initial speed and it is expected to be increased to 200 km per hour once the signaling system is upgraded. DV Sadananda Gowda had already stated while presenting the railway budget yesterday that efforts are afoot in certain sectors to take the speed of trains up to 200 km per hour.
India has earned 40 million Euros by launching international satellites
Jitendra Singh, the union science and technology minister, has stated India has launched 15 international satellites from 2011 till now and this has helped the country rake in 40 million Euros. While providing a written reply in the Lok Sabha, Singh – who is also responsible for ministry of earth sciences, department of space and department of atomic energy – has stated that in the same period India has also launched to 14 satellites of indigenous origin.
The minister has also stated that the space department has laid down a plan for space programs to be followed in the future. These will be implemented before 2020. The plan deals with creating a high end vehicle system that can be used for launching besides development of thematic earth observational satellites that are equipped with better resolution and power. The focus of these plans is also on developing communication satellites of the very best quality. There are other forms of satellites in the anvil such as microwave and multi-spectral satellites that can be used for remote sensing.
Sonia Gandhi states IT notices are politically motivated
The income tax department has served Sonia Gandhi a number of notices. The Congress president has stated this is an act of settling scores at a political level. She has stated that these actions will help Congress get back to power. However, in reaction, Subramanian Swamy has dismissed her claims. Swamy has stated that the notices have nothing to do with BJP saying that it was he who went to the court and it was the court that issued the said notices. During June, a local court at Delhi had asked Sonia Gandhi and her son Rahul Gandhi, who also happens to be the vice president of Congress, to appear at the court.
They were summoned in a case of supposed misappropriation of financial resources. This is the first occasion when a member of the first family of Congress has been called to the court. The timing of the call is also not ideal given the fact that the party is in a critical condition having suffered its worst defeat in years. Gomati Monacha, the metropolitan magistrate at the Patiala House court, has stated that there was prima facie proof, which led to the duo being summoned.
Smriti Irani sends thank you letters to school teachers
Smriti Zubin Irani, the union human resources development minister, has sent letters to a number of teachers at schools affiliated with the Central Board of Secondary Education. The said letters were addressed personally to the teachers themselves and also congratulated them for the excellent results of their students in the examinations conducted by the CBSE. In the letter the minister expressed her firm belief that the teachers were responsible for the academic excellence achieved by the students by influencing them mentally and from the point of view of personality helping them attain the focus necessary to do well.
In the letter she has also stated that she will be eager to work with them to make sure that the culture of innovation as well as excellence that they have created is integrated with the education system across the country. Manila Carvalho, who is the principal of DPS Bangalore East, has received such a letter and states that in the 23 years of service that this is the first instance of any appreciation from the government. She has also stated that this gesture has upped their morale and one can assume that this will encourage them do well in future.