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World Bank boosted India’s economic growth rate
The World Bank has raised India’s economic growth forecast. Last June it predicted a growth rate of 6.6% for the current financial year. The latest has increased it to 7 percent. Agricultural sector and rural demand will be useful to increase the growth rate. World Bank Senior Economist Ron said that rains, private investments and exports will improve and increase GDP growth. In India’s Development Update Report, the World Bank revealed the growth rate.
2024-25 India growth rate
World Bank : 7.0%
IMF : 7.0%
ABD: 7.0%
Economic Survey : 6.5-7%
RBI : 7.2%
Free Trade Agreements (FTAs) with countries like UAE and Australia will help increase trade.
* India will support its growth rate by increasing international trade.
In addition to the already successful IT, business services and pharmaceutical sectors, India will also expand its exports of textiles, apparel, footwear, electronics and green technology products.
According to the World Bank, this is necessary to reach the target of trade exports of 1 lakh crore dollars (over Rs. 83 lakh crore) by 2030.
* The recovery in the agricultural sector may partially offset the moderate industrial growth. A converging factor is the strength of the services sector.
Rs. 1.45 lakh crore arms purchases!
The Center has approved the purchase of weapons worth Rs 1.45 lakh crore for the Indian Army. It was decided by the Armaments Acquisitions Council (DAC) which met on 3 September 2024 under the chairmanship of Defense Minister Rajnath Singh. It has issued ‘Acceptance of Necessity’ (AON) for a total of 10 types of arms procurement proposals. The Defense Department said that 99 percent of this will be collected from domestic companies. Future ready combat vehicles (FRSV) will be assembled for the modernization of battle tanks in the Indian Army. These are tanks that can move freely on any surface. They can fire at enemy targets with high accuracy. Air defense fire control radars are deployed to detect targets in the sky and provide guide lines to the weapon systems while tracking their movement. Dornier-228 aircraft for the Coast Guard, a new generation of fast-moving patrol vessels.
Unanimous approval of ‘Aparajita Bill’ in West Bengal
The West Bengal Assembly unanimously passed the State Anti-Rape Bill on 3 August 2024. The state government brought the ‘Aparajita Women and Child (West Bengal Criminal Laws and Amendment) Bill, 2024 after the murder of a junior doctor in the state capital, Kolkata. According to this bill, even if the rape victim dies or goes into a coma, the convict will be sentenced to death. Rape convicts are sentenced to life imprisonment without parole.
Prime Minister Narendra Modi’s three-day visit to Brunei
Prime Minister Narendra Modi said that he is looking forward to further strengthen trade and cultural relations with Brunei. Modi reached Brunei on September 3, 2024 as part of a two-nation visit. Prince Haji Al Mum Tadi Billah….. welcomed him at the airport. This is the first time that an Indian Prime Minister has visited Brunei for a bilateral visit. Brunei is an important partner of India in the Act East policy. There are friendly ties between the two countries. Modi inaugurated the new office of the Indian High Commission in Bandar Seri Begawan, the capital of Brunei. Visited the famous Omar Ali Saipuddin Mosque in Brunei. Sultan Hassanal Bolkiah of Brunei will hold talks. Then they will go to Singapore.
About Brunei in brief….
Brunei is a small country on the island of Borneo. Malaysia is surrounded by the South China Sea. It is famous for its beaches and biodiverse rainforest. The capital is Bandar Seri Begawan. The opulent Jame Aser Hassanil Bolkiah Mosque has 29 golden domes. Sultan Hassanal Bolkiah of Brunei resides at the Istana Nurul Iman Palace in the capital. There is a palace with 1700 rooms. Sultan owns 7 thousand cars. It has entered the Guinness World Records as the largest residential building in the world. The wealth of the royal family is 4 thousand crores of dollars i.e. Rs. 3,28,000 crores. Their income comes from the sale of crude oil and natural gas.
Rs.750 crore fund for Agri Startups
To encourage start-ups working in the agricultural sector, the central government has allocated Rs. 750 crore fund has been set up. Union Agriculture Minister Shivraj Singh Chouhan launched it under the name ‘Agri Sure’ (Agri fund for start-ups & rural enterprises). The Union Cabinet on August 2, 2024 approved seven schemes worth Rs.14,000 crore related to agriculture. As part of this, along with the Krishi Nivesh Portal, the Agrisure Fund was launched by the Union Minister. The minister said that the fund will provide financial assistance in the form of equity and loans to the founders of start-up companies in the agriculture sector.
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