‘India: Growing by leaps and bounds’.
Let’s start off on a positive note, shall we? An International Monetary Fund (IMF) official predicted that India would contribute 15% to world growth in 2023. In the approaching year, it is anticipated that China and India will each contribute 50% to global growth (2023). Krishna Srinivasan, director of the IMF’s Asia and Pacific Department (APD), stated at a roundtable with journalists from south Asian nations that India is likely to contribute roughly 15% to global growth.
Let’s talk about another very significant development. The Union Budget was recently presented on 1 February. It received a mixed response from different sections of people. Let us know your views on the budget!
For individual income tax payers, the Union Budget 2023 has offered significant gains. The highest income tax rate under the new tax system has been lowered from 42.74% to 39%, while the maximum surcharge has been dropped from 37% to 25%. Because of this, everyone will pay less in taxes.
There have also been some very significant advances. 220 crore people were immunised, totalling 102 crore. PM Suraksha Bima and PM Jeevan Jyoti Yojana will provide insurance coverage for 44.6 crore people. Under PM Kisan Samman Nidhi, cash transfers of 2.2 lakh crore will be made to over 11.4 crore farmers.
The Pradhan Mantri Kaushal Vikas Yojana. 4.0 will be introduced to train tens of thousands of young people in the next three years in modern skills for Industry 4.0, including coding, AI, robotics, mechatronics, IOT, 3D printing, drones, and soft skills. To prepare young people for opportunities abroad, 30 Skill India International Centres would be established in various States.
The lengthening of the highways by 25,000 km will result in improved multimodal connectivity. 2,000 kilometres of rail infrastructure will be part of it as well, all powered by local technology. Eight ropeway projects and 100 cargo terminals will be constructed in total to improve connectivity. All in all, exciting times ahead!
I hope you have loved reading the editorial and will continue to support us in bringing the best, interesting and informative articles for your perusal. In the meantime, keep reading the articles we have brought you this month. We discuss Women’s Health and Nutritional Needs, Home Loan by NBFCs and many more. Do share your thoughts at info@consumer-voice.org.
Until then, happy reading!
Pallabi Boruah
Editor
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