Ahead of the union <keyword id="19936553" type="General" weightage="20" keywordseo="budget" source="keywords">budget</keyword> 2024, which is set to be presented on the 22nd July, finance minister Nirmala Sitharaman kicked off pre-budget consultations on 19th June. In their pre-budget memorandum to the <keyword id="19900485" type="General" weightage="20" keywordseo="finance-ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="finance ministry" meta.hostid="261" meta.entityid="finance ministry">finance ministry</keyword>, the <keyword id="20366533" type="General" weightage="20" keywordseo="PHD-Chamber-of-Commerce-and-Industry" source="keywords" meta.keywordsubtype="org" meta.entityname="PHD Chamber of Commerce and Industry" meta.hostid="261" meta.entityid="PHD Chamber of Commerce and Industry">PHD Chamber of Commerce and Industry</keyword> proposed 10 reforms it deemed essential for <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword>’s journey towards <keyword id="19916816" type="General" weightage="20" keywordseo="Viksit-Bharat" source="keywords" meta.keywordsubtype="org" meta.entityname="Viksit Bharat" meta.hostid="261" meta.entityid="Viksit Bharat">Viksit Bharat</keyword>. Amongst the proposals submitted were introducing reforms to enhance the share of the manufacturing sector in India’s <keyword id="19904293" type="General" weightage="20" keywordseo="GDP" source="keywords">GDP</keyword> to 25% by 2030, and the expansion of the <keyword id="19981334" type="General" weightage="20" keywordseo="PLI-scheme" source="keywords">PLI scheme</keyword> beyond its existing scope of 14 sectors. In addition to this, <keyword id="20366532" type="General" weightage="100" keywordseo="PHDCCI" source="keywords" meta.keywordsubtype="org" meta.entityname="PHDCCI" meta.hostid="261" meta.entityid="PHDCCI">PHDCCI</keyword> also emphasised on rationalising direct taxes for the middle class, infrastructure enhancement and smart village development, with special focus on tier-2 and 3 cities. As per Sanjeev Agrawal, President, PHDCCI, “In order to strengthen the share of the manufacturing sector in the country's GDP, we recommend the status quo on the corporate tax rate at 22% for existing companies and 15% for new manufacturing companies incorporated after October 1, 2019. The middle class must be spared from the 30% tax rate and this rate must be applicable only to those with taxable income above Rs. 40 lakh, this will support consumption demand in this country”. In addition to this, PHDCCI also emphasised on strengthening linkages between universities and industries for bettering research and development activities in the country, and also appealed for reducing cost of doing business. Here’s a snapshot of some prominent demands placed forth by the PHDCCI ahead of the budget : <ol><li>Change in NPA classification limit from the present 90 days to 180 days</li><li>Fostering AI education, skill development and competitiveness in the service sector</li><li>Increase agricultural exports to US$100 billion in the next 3 years via increased public investments in infrastructure,</li><li>Ensure the presence of schools within a radius of 1 km, colleges within a 10 km radius and universities within a 25 km radius in the next five years.</li><li>Make health centres available within the radius of 1 km and hospitals within the radius of 10 km.</li><li>Propose a Voluntary Disclosure Scheme (VDS) for legal cases older than 10 years, offering settlement opportunities at a nominal 15% penalty. </li></ol>

Bolster manufacturing sector, consumption this budget: PHDCCI to FinMin

<keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> has the largest population in the world. By pure statistics, we should produce the highest number of successful geniuses and entrepreneurs than any country. On the other side of that coin, however, we’re also confronted by an overabundance of celebrities who insist on preaching a sludge of unscientific rhetoric that unfortunately becomes the next hot topic of discussion in the country. Despite ranking fifth in the world for GDP in 2024, India remains classified as a “developing” country, according to the International Monetary Fund and the World Trade Organization. While the journey from developing to developed is certainly no small feat, the Narendra Modi-led Bharatiya Janata Party (BJP) has repeatedly insisted that their leadership will undoubtedly conjure a “<keyword id="14812168" type="General" weightage="20" keywordseo="viksit-bharat" source="Orion">Viksit Bharat</keyword>” by 2047. However, actor and BJP leader <keyword id="19941210" type="General" weightage="100" keywordseo="kangana-ranaut" source="keywords">Kangana Ranaut</keyword>, who recently won the parliamentary election from Himachal’s Mandi, has stirred up an age-old controversy by commenting on what it would take to reach this prestigious national goal — an “obsessive work culture”. <cmsannotation type="cmsannotation" annotationid="Ranaut (read: Murthy)" comment="subhead" text="Ranaut (read: Murthy)">Ranaut (read: Murthy)</cmsannotation> In an Instagram story, Ranaut reacted to Modi’s first address after taking the oath in Delhi for his third term, where the Prime Minister reiterated his goal for a Viksit Bharat by 2047. The actor wrote: “We need to normalise <keyword id="22044443" type="General" weightage="20" keywordseo="obsessive-work-culture" source="Orion">obsessive work culture</keyword> and stop with the waiting for the weekends and cribbing about Mondays memes.” She goes on to call the practice “western brainwashing” and remarks that “we can’t afford to be bored and lazy at all.” If Ranaut’s statement sounds familiar, it’s because we’re still reeling from similar discussions that surrounded Infosys’s Narayana Murthy’s somewhat recent call for a 70-hour work week. According to Murthy, such long hours would be crucial to boost <keyword id="19959621" type="General" weightage="20" keywordseo="productivity" source="keywords">productivity</keyword> enough to help India compete with other economic powerhouses. Such statements can find roots in a patriotic desire for the betterment of India, but fall flat when substance is concerned. Even in the past, ‘hustle culture’ has been promoted relentlessly on social media, especially by entrepreneurs and billionaires. However, the ‘Indians must cease to be lazy’ narrative is not just non-factual in a multitude of ways; it can also end up harming the millions of overstressed and underpaid labourers in our country. <cmsannotation type="cmsannotation" annotationid="Are people reluctant to work nowadays?" comment="subhead" text="Are people reluctant to work nowadays?">Are people reluctant to work nowadays?</cmsannotation> If you run a simple search for ‘Are people getting lazier?’, you’ll find Google in turmoil, mainly because of mixed answers to the topic. According to a 2019 survey by Pew Research Center, most Americans believe that people are far lazier now than they used to be in the past. Heck, a soundbite of Kim Kardashian proclaiming that “nobody wants to work these days” even became a TikTok phenomenon a couple of years ago. However, the claim is anything but true, depending on how you choose to see it. Yes, an increasing number of people are noticing a gradual decline in their motivation levels, which may reduce the number of physical tasks they perform on a daily basis. However, <a href="https://www.bls.gov/blog/2023/looking-at-the-growing-productivity-of-american-workers-for-labor-day.htm">labour productivity has only risen by 1.5% every year</a> since 2000 in the United States. In fact, according to the country’s Department of Labor, US workers produced a whopping 60% more goods between 2000 and 2022! One way of looking at this is noting that while we may not be out and about as much as before, that is because we don’t need to be. Technology has simplified and automated much of our laborious daily tasks into one neat device on our desks, and most employees rarely have to get up to be “productive” today. This is a huge health hazard on its own, but that’s a story for another day! But using this to build an erroneous illusion of laziness, despite record output levels, is plain wrong. <cmsannotation type="cmsannotation" annotationid="Do longer hours boost productivity?" comment="subhead" text="Do longer hours boost productivity?">Do longer hours boost productivity?</cmsannotation> Beyond a certain point, the answer is a resounding — or eventual — no. But don’t take it from us; <a href="https://cs.stanford.edu/people/eroberts/cs181/projects/crunchmode/econ-hours-productivity.html">research by Stanford University </a>has come to the same conclusion. According to their study, the average productivity of employees working a 60-hour work week was actually lower than that of employees working 40 hours. This can be explained by two factors. The first and obvious is that humans are, well, humans. Performing any strenuous task for too long, even if you live and breathe an “obsessive work culture,” can and will lead to stress and fatigue. Even if you adapt quickly to the increased workload, your overall performance is likely to drop enough that the extra working hours become meaningless. Secondly, the researchers explained that average productivity drops in two stages for overworked employees. The first, smaller drop manifests after the first few hours of work. The second drop is usually a lot more catastrophic and occurs after a prolonged period, such as after 8 hours. This dip can be so dramatic that it can cause fatigued workers to make more mistakes and oversights, eventually creating accidents that reduce productivity to a negative. As per a myriad of studies, working beyond 50 hours in a week can lead to this outcome. As a result, many developed countries are even testing out a four-day workweek, such as Denmark, Australia, and the United Kingdom. Many of these pilot trials have even proven successful, finding that four days of work retains or boosts the employee’s productivity levels, while improving their well-being. Even the Japanese government has been insisting that its workers work less to prevent ‘karoshi’ — death by overwork. <cmsannotation type="cmsannotation" annotationid="Indians are not lazy" comment="subhead" text="Indians are not lazy">Indians are not lazy</cmsannotation> Despite what Ranaut, Murthy, and many others might believe, Indians are already a hard-working bunch. According to the International Labour Organisation’s (ILO) 2024 estimates, Indians rank sixth in the world for having the longest average working hours at 46 hours per week. Our country is only outranked by Bhutan, Lebanon, Lesotho, the United Arab Emirates, and Pakistan. If you’re noticing another pattern here, it’s because every single country in the top ten longest-working countries, including Bangladesh, Liberia, and Mongolia, belongs to the Global South. Even Japan and South Korea, two developed countries often cited as the hardest workers, have labour laws that cap working hours at 40 hours a week. <a href="https://worldpopulationreview.com/country-rankings/average-work-week-by-country">According to the ILO</a>, weekly hours worked in these two countries average between 36.7 and 37.9 hours. This means that Indians average nearly ten hours of extra work per week compared to these “model” states! On the contrary, some of the happiest developed countries are those with the shortest working hours, such as Denmark, Finland, and Sweden, with under 30 hours of work every week. This does beg the question: must the staunch aspiration to become a <keyword id="20027489" type="General" weightage="20" keywordseo="developed-country" source="keywords">developed country</keyword> come at the expense of declining happiness and overall well-being? <cmsannotation type="cmsannotation" annotationid="Indians aren’t getting the credit (and money) they deserve" comment="subhead" text="Indians aren’t getting the credit (and money) they deserve">Indians aren’t getting the credit (and money) they deserve</cmsannotation> Now that we have established that Indians are, in fact, some of the hardest workers in the world, we need to examine why so many think otherwise. For one, equal amounts of work don’t necessarily equal the same amount of profit for the average worker, despite what our current “meritocratic” society might think. As a result, many point to the abundance of wealth as a surefire indicator that someone has “worked hard,” and an empty bank account means that someone has been lazy. However, just the slightest amount of pondering will reveal that this is a massive fallacy. If you consider meaningful work to be physically intensive, construction workers and maids get paid abysmally low in our country. And yet, these careers are often frowned upon, especially by the higher economic classes. Further, in a bid to acquire work amidst fierce competition and soaring <keyword id="6358907" type="General" weightage="20" keywordseo="unemployment" source="Orion">unemployment</keyword> rates, Indians accept work for far lower rates than they deserve. In fact, a study by Haver Analytics has even shown that while manufacturing wages have risen in China through the years, surging by eight times since the 1990s, they barely tripled for Indians in the same period. According to The Reshoring Institute, the average annual salaries for production workers come to about $2,500 in India, while Chinese workers get paid around $12,500. A similar disparity can be observed among production managers in India and China. This means that while Indians may have mocked the Chinese for their cheap labour and substandard practices earlier, we have fallen to the exact same level — what’s the saying about pointing fingers? As India, Mexico, and Vietnam become the global low-cost labour market, the effects of such low wages and soaring inflation translate into terrible and unsustainable working conditions for the lower economic classes. Further, as renowned Indian economist Jean Dréze puts it, there has been no significant growth of real wages at the all-India level in the last eight years. Growth of real wages, which is the rise in wages after taking inflation into account, fell to a record low of 3.5% during the 2023-2024 financial year. In comparison, the index stood at 8.9% between FY 2022-23 and 12.6% between FY 2021-22. The growth of real wages has a massive impact on the consumption of goods and services in the country, and therefore on its <keyword id="19972825" type="General" weightage="20" keywordseo="GDP-growth" source="keywords">GDP growth</keyword>. As such, India’s workforce deserves recognition and fair compensation instead of accusations of laziness. The country needs to balance economic aspirations with the well-being of its people. Prioritising sustainable and humane working conditions as well as just remunerations are essential for true progress toward becoming a developed nation, despite what a rich few may feel.

Dear Kangana, India is already among the most overworked and underpaid. “Obsessive work culture” is not a solution

Monday, May 13; Mumbai: “India-US relationship is volatile at best and bullying at worst. What will it take to stabilise it and reach an even keel?” — This intriguing question was directed at India’s External Affairs Minister, <keyword id="19922782" type="General" weightage="20" keywordseo="S-Jaishankar" source="keywords">S Jaishankar</keyword>, by one of the attendees of a seminar on <keyword id="21554525" type="General" weightage="20" keywordseo="Indian-Capital-Markets" source="keywords">Indian Capital Markets</keyword>, hosted by the <keyword id="20004725" type="General" weightage="20" keywordseo="NSE" source="keywords" meta.keywordsubtype="org" meta.entityname="NSE" meta.hostid="261" meta.entityid="NSE">NSE</keyword> and ANMI here on Monday. <keyword id="19920247" type="General" weightage="100" keywordseo="jaishankar" source="keywords">Jaishankar</keyword>'s reply: “So you’re accusing me of bullying the US?” Eliciting laughter and applause from the audience, Jaishankar's response not only showcased his wit but also signalled the recent strides in India's international standing. It points at the evolving dynamics of the relationship between the two nations, which has seen its fair share of complexities and friction, with the US often having the upper hand. Jaishankar further elaborated: “I think it’s a relationship which is growing and evolving. But it will have its friction points, and there’s a practical reason behind it — the US, given its history and dominance, is used to a certain way of dealing with other countries…” He added: “But now, both countries (the US and India) have entered a new ground. My own experience in Quad (Quadrilateral Security Dialogue - QSD) is that they have adjusted a lot and accepted this in many ways.” The External Affairs Minister proceeded to illustrate with a discussion he had with his American counterparts regarding the purchase of Russian oil. He revealed that despite their initial resistance, engaging in dialogue led to a shift in the USA’s perspective — a contrast to the Europeans who, according to Jaishankar, reacted more emotionally, perhaps influenced by their proximity to the conflict zone. Jaishankar ultimately concluded that despite the “baggage” in the Indo-US relationship, the moment has arrived to transcend past issues and embark on new avenues of cooperation. These remarks closely echo those made by the minister last week, wherein he reiterated that the positive trajectory of <keyword id="19939898" type="General" weightage="20" keywordseo="India-US-relations" source="keywords">India-US relations</keyword> remains unaffected by recent allegations levelled against India regarding the country's links to a failed assassination plot in the US. Meanwhile, the India <keyword id="20033427" type="General" weightage="20" keywordseo="capital-markets" source="keywords">Capital Markets</keyword> seminar, centred on the ‘Road Map for <keyword id="19916816" type="General" weightage="20" keywordseo="Viksit-Bharat" source="keywords">Viksit Bharat</keyword>’, delved into discussions on shaping the trajectory of India's financial terrain. Jaishankar emphasised strategies for fostering growth and sustainability in the capital markets sector, advocating for an economic and technology-driven approach, underscored by inclusivity, good governance, human resources, and the courage to make prudent decisions, all within India’s cultural framework.

“Are you accusing me of bullying the US?” jokes EAM S Jaishankar when asked about India-US relations

New Delhi, The <keyword id="19895782" type="General" weightage="20" keywordseo="election-commission" source="keywords">Election Commission</keyword> Thursday directed the Centre to immediately stop delivering bulk WhatsApp messages to people under the "<keyword id="21003206" type="General" weightage="20" keywordseo="viksit-bharat-sampark" source="keywords">Viksit Bharat Sampark</keyword>" initiative to highlight the government's achievements. The direction was issued to the Secretary, <keyword id="19959928" type="General" weightage="20" keywordseo="ministry-of-electronics-and-information-technology" source="keywords">Ministry of Electronics and Information Technology</keyword>, after the <keyword id="19933395" type="General" weightage="20" keywordseo="commission" source="keywords">Commission</keyword> received complaints about the matter. "The move is a part of a series of decisions taken by the Commission to ensure a level-playing field," the Commission said. Asking the government to ensure there is "no further delivery" of the bulk WhatsApp messages to people, the Commission sought an "immediate" compliance report on the matter from the ministry. The ministry had informed the Commission that the messages along with a letter from Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> were sent before the Model Code of Conduct came into force on March 16 with the announcement of Lok Sabha poll schedule. "... due to system architecture and network limitations it is possible that some letters have a delayed delivery," the ministry said in a communication to the Commission. The poll authority had received several complaints that such messages highlighting the government's initiatives were being delivered on citizens' phones despite the announcement of parliamentary elections 2024 and the <keyword id="20139372" type="General" weightage="20" keywordseo="mcc" source="keywords">MCC</keyword> coming into force. The Congress and the <keyword id="19968095" type="General" weightage="20" keywordseo="trinamool-congress" source="keywords">Trinamool Congress</keyword> had raised objections to the message and requested the Election Commission to act against this "blatant violation" of the Model Code of Conduct. On Tuesday, the Chandigarh Chief Electoral Officer had referred to the Election Commission for "appropriate action" a complaint regarding bulk WhatsApp messages. According to an official statement on Tuesday, after examination of the complaint, the district media certification and monitoring committee found prima facie evidence of a violation of the Model Code of Conduct. The complaint was received through the cVIGIL mobile application of the poll panel.

Model Code: EC asks govt to stop sending 'Viksit Bharat' messages on WhatsApp

New Delhi, Prime Minister <keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> on Thursday launched an initiative to increase number of <keyword id="3752909" type="General" weightage="20" keywordseo="jan-aushadhi-kendras" source="Orion">Jan Aushadhi Kendras</keyword>, which sell medicines at subsidised rates, from 10,000 to 25,000. Modi interacted with the '<keyword id="19222355" type="General" weightage="20" keywordseo="viksit-bharat-sankalp-yatra" source="Orion">Viksit Bharat Sankalp Yatra</keyword>' beneficiaries via video conferencing. The Viksit Bharat Sankalp Yatra is being undertaken across the country with an aim to attain saturation of flagship schemes of the government by ensuring that the benefits of these schemes reach all targeted beneficiaries in a time bound manner, according to a statement issued by the Prime Minister's Office (PMO). During the event, Prime Minister Modi launched a programme to increase the number of Jan <keyword id="4456746" type="General" weightage="80" keywordseo="aushadhi-kendras" source="Orion">Aushadhi Kendras</keyword> in the country from 10,000 to 25,000. The prime minister also dedicated to the nation the landmark 10,000th Jan Aushadi Kendra at AIIMS, Deoghar. He also launched the '<keyword id="19665110" type="General" weightage="20" keywordseo="drone-didi-yojana" source="Orion">Drone Didi Yojana</keyword>'. The scheme aims to provide drones to 15,000 select women <keyword id="75772" type="General" weightage="50" keywordseo="self-help-groups" source="Orion">Self Help Groups</keyword> during the period 2024-25 to 2025-2026 for providing rental services to farmers for agriculture purpose.

PM Modi moves to increase Jan Aushadhi Kendras, launches Drone Didi Yojana

<keyword id="19922074" type="General" weightage="20" keywordseo="Reserve-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank" meta.hostid="153" meta.entityid="Reserve Bank">Reserve Bank</keyword> Deputy Governor Swaminathan J has said State Level Bankers' Committees (SLBC) can play a more effective role in <keyword id="20377974" type="General" weightage="20" keywordseo="financial-inclusion" source="keywords">financial inclusion</keyword> through better <keyword id="20331879" type="General" weightage="20" keywordseo="coordination" source="keywords">coordination</keyword> with government and <keyword id="19944971" type="General" weightage="20" keywordseo="NGOs" source="keywords" meta.keywordsubtype="org" meta.entityname="NGOs" meta.hostid="153" meta.entityid="NGOs">NGOs</keyword> in <keyword id="22163854" type="General" weightage="20" keywordseo="credit-planning" source="keywords">credit planning</keyword> and promoting <keyword id="22122561" type="General" weightage="20" keywordseo="digital-financial-literacy" source="keywords">digital financial literacy</keyword>. Observing that the role of <keyword id="22163853" type="General" weightage="100" keywordseo="SLBCs" source="keywords">SLBCs</keyword> in fostering inclusive and <keyword id="20289318" type="General" weightage="20" keywordseo="sustainable-growth" source="keywords">sustainable growth</keyword> is crucial and multifaceted, he said, it can drive significant progress in bridging the gap between financial services and the underserved populations. "By focusing on effective coordination with government and NGOs, adopting a scientific approach to credit planning, and emphasising digital financial literacy, SLBCs can create a more inclusive financial ecosystem," he said at the Conference of Convenors of SLBCs at Pune on June 19. "As we move forward, it is essential to monitor and measure the tangible outcomes of our efforts, ensuring that the benefits of financial inclusion reach every corner of our country," he said. By tailoring initiatives to local conditions and needs, and by fostering a culture of financial literacy, he said there is a need to empower individuals to actively participate in the formal economy, thereby contributing to the broader goal of inclusive and sustainable economic development that is essential for a Viksit Bharat 2047. "I urge all stakeholders to continue working collaboratively, leveraging the strengths of each sector, and harnessing the power of technology to create a financially inclusive society," he said. As part of aspirational goals for <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords" meta.keywordsubtype="org" meta.entityname="RBI" meta.hostid="153" meta.entityid="RBI">RBI</keyword>'s centenary, referred to as RBI@100, he said, among these targets are deepening financial inclusion and expanding credit availability. Deepening financial inclusion is not merely about increasing the number of bank accounts but about ensuring that every individual has access to a comprehensive range of financial services tailored to their needs, he said. This includes savings, credit, insurance, and investment products that can enhance their economic well-being, he said. Expanding credit availability, particularly to underserved sectors such as micro, small and medium enterprises (MSMEs), agriculture, and marginalised communities, is crucial for fostering <keyword id="20421749" type="General" weightage="20" keywordseo="inclusive-growth" source="keywords">inclusive growth</keyword> and sustainable development, he added. While these may appear as part of RBI@100 objectives, they are, in fact, the goals of every stakeholder in the financial ecosystem aligned with national interest, he said, adding, achieving these aspirations requires a collective effort involving government agencies, non-governmental organisations, financial institutions, and the banking community. The role of SLBCs in this journey is pivotal, as they are the linchpin connecting various stakeholders and ensuring that the financial system works seamlessly at the grassroots level, he added.

SLBCs can play effective role in financial inclusion by better coordination with govt, NGOs: RBI DG

The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="83" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) along with <keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword> international payments ltd (NIPL) will work towards taking <keyword id="19900911" type="General" weightage="20" keywordseo="UPI" source="keywords">UPI</keyword> to 20 countries by FY29. RBI Annual report says possibilities will be explored for increasing the global footprints of UPI and <keyword id="19907221" type="General" weightage="20" keywordseo="RuPay" source="keywords">RuPay</keyword>. "In light of goals for Viksit Bharat 2047, the Reserve Bank, along with NPCI International Payments Ltd. (NIPL) will work towards taking UPI to 20 countries with initiation timeline of 2024-25 and completion timeline of 2028-29," the report said. The RBI report further adds "Fast Payment System (FPS) collaboration with group of countries like European Union and South Asian Association for Regional Cooperation (SAARC), as well as multilateral linkages will be explored". The Payments Vision Document 2025 of RBI has outlined expanding the global outreach of UPI and RuPay cards as one of the key objectives under the internationalisation pillar. The Reserve Bank is in talks with central banks of various countries for entering into collaborative arrangements. In July 2023, the Reserve Bank and the Central Bank of the UAE (CBUAE) signed a memorandum of understanding (MoU) for interlinking their payments infrastructure. Under this MoU, India and UAE have agreed to cooperate on linking their Fast Payment Systems, UPI of India with Instant Payment Platform (IPP) of UAE called Aani. Both countries also agreed to link their respective Card Switches (RuPay switch and UAESWITCH). In February 2024, RuPay cards and UPI connectivity between India and Mauritius was launched. With this connectivity, an Indian traveller to Mauritius will be able to pay a merchant in Mauritius using UPI apps. Similarly, a Mauritian traveller will be able to do the same in India using the instant payment system apps of Mauritius In February 2024, UPI connectivity between India and Sri Lanka was launched. This connectivity has enabled Indian travellers to make QR code-based payments at merchant locations in Sri Lanka using UPI apps. The Reserve Bank of India and Nepal Rastra Bank are also exploring the linkage of UPI platform of India and National Payments Interface of Nepal for enabling cross-border payments. In June 2023, NPCI International Payments Ltd. (NIPL) and Nepal Clearing House Ltd. (NCHL) signed a MoU for the purpose UPI payment through QR code is already accepted for merchant (e-commerce) payments in France and Nepal. India has some or other kinds of tie-ups with seven countries for making payments through UPI. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-june-2024/slidelist/110591467.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-june-2024/slidelist/110591467.cms" target="_blank">Upcoming cars and two-wheelers launching in India in June 2024</a><a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank"></a> <a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank">Lok Sabha Exit Poll 2024 – what are they, when will they be announced and all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/huawei-beats-samsung-to-take-the-top-spot-in-global-foldable-smartphone-shipments/articleshow/110583786.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/huawei-beats-samsung-to-take-the-top-spot-in-global-foldable-smartphone-shipments/articleshow/110583786.cms" target="_blank">Huawei beats Samsung to take the top spot in global foldable smartphone shipments</a>

RBI is working on expanding UPI to 20 countries by 2028-29: RBI Annual Report

<ul class="summary-list"><li>India and China's rivalry will likely intensify in the Indian prime minister's third term in office.</li><li>Both countries have self-reliance as a policy priority — which means they will both go big into manufacturing.</li></ul><a target="_blank" href="https://www.businessinsider.com/indian-election-results-shocking-blow-narendra-modi-2024-6">Indian Prime Minister Narendra Modi</a> this week secured a historic third term in office — and it's likely to intensify India's economic rivalry with China.As David Lubin, a senior research fellow at London-based think tank <a target="_blank" href="https://www.chathamhouse.org/2024/06/achieve-developed-india-modis-new-government-will-prioritize-manufacturing-sector-better-or">Chatham House,</a> wrote on Thursday, the rivalry is likely to heat up because Modi and Chinese leader Xi Jinping have the same obsession for their country: self-reliance.Modi has a vision for <a target="_blank" href="https://economictimes.indiatimes.com/news/economy/policy/mission-2047-india-charts-road-to-a-developed-economy/articleshow/108953808.cms?from=mdr">Viksit Bharat, or "Developed India,"</a> that sets a pathway for the South Asian giant to become a developed economy by 2047.Meanwhile, Xi's vision for China is <a target="_blank" href="https://www.bloomberg.com/news/articles/2022-10-26/xi-s-vow-of-world-dominance-by-2049-sends-chill-through-markets">global dominance by 2049.</a>"Competition for economic leadership in Asia is in the air," wrote Lubin.<h2 id="a2dd3c88-d3f0-4b03-a2a9-5ef7ac76ad48">Both India and China will be focused on manufacturing</h2>To reach its goal, Modi's India will likely be going big on manufacturing."The pursuit of national greatness is, essentially, a relative game, and for India, the comparison that matters is with China," wrote Lubin.Since self-reliance is a policy priority for both India and China, "an obsession with manufacturing is likely to accompany it," Lubin wrote.<a target="_blank" href="https://www.imf.org/external/datamapper/profile/IND">India's GDP</a> of $3.9 trillion is far behind <a target="_blank" href="https://www.imf.org/external/datamapper/profile/CHN">China's $18.5 trillion GDP</a>. And China has served as the world's factory floor for the last four decades — but the tides are changing.<a target="_blank" href="https://www.businessinsider.com/china-trade-war-covid-companies-moving-supply-chains-2022-12">Companies are diversifying their operations </a>outside China to avoid over-relying on one country, and <a target="_blank" href="https://www.businessinsider.com/china-india-supply-chain-covid-sanctions-manufacturers-relocating-tariffs-options-2022-12">India is aiming to be the new China.</a>Given that India is now the world's most populous nation — with <a target="_blank" rel=" nofollow" href="https://www.spglobal.com/en/research-insights/special-reports/look-forward/india-s-demographic-dividend-the-key-to-unlocking-its-global-ambitions">65% of its population</a> under the age of 35 — there are huge opportunities for the South Asian nation.However, with Modi's party losing its parliamentary majority, this means it will be <a target="_blank" href="https://www.businessinsider.com/india-election-results-complicates-plans-unseat-china-modi-bjp-2024-6">much harder for his adminstration</a> to push through much-needed land and labor reforms to supercharge growth.In addition, as Raghuram Rajan, a former head of the Central Bank of India, told <a target="_blank" rel=" nofollow" href="https://www.npr.org/sections/planet-money/2024/06/04/g-s1-2226/india-election-democracy-china-economy-manufacturing">NPR's "Planet Money",</a> India is wading into a crowded space with <a target="_blank" href="https://www.businessinsider.com/china-trade-war-covid-companies-moving-supply-chains-2022-12">other emerging nations</a> such as Vietnam, Bangladesh, and Malaysia with their skin in the game.Rajan said India would do better to focus on the service industry, since the country already has a large English-speaking population.But Delhi is throwing big money to catch up with China, including over $20 billion worth of <a target="_blank" href="https://www.investindia.gov.in/production-linked-incentives-schemes-india">incentives and subsidies</a> to encourage output in 14 key sectors including electronics, automobiles, and EV batteries.It's also provided <a target="_blank" href="https://www.reuters.com/world/india/india-renews-process-10-bln-semiconductor-incentive-scheme-bloomberg-news-2023-05-10/">another $10 billion</a> for the semiconductor chip industry — a hot strategic sector that Taiwan has an <a target="_blank" href="https://www.businessinsider.com/asml-tsmc-semiconductor-chip-equipment-kill-switch-china-invade-taiwan-2024-5">outsized presence in.</a>India has been trying to woo <a target="_blank" href="https://www.bloomberg.com/news/articles/2022-04-26/india-woos-intel-and-tsmc-to-set-up-local-semiconductor-plants">Taiwan's chip plants</a> to invest in the country and has had <a target="_blank" href="https://www.reuters.com/technology/india-approves-three-chipmaking-units-worth-152-bln-2024-02-29/">some success.</a><h2 id="421605ca-e5e5-4946-afcf-cf011993a870">India's rocky relationship with China</h2>Given India's ongoing rivalry with China and the Modi government's eagerness to attract Taiwan investments, the Delhi-Beijing relationship is also off to a rocky start as the Indian leader kicks off his new term.On Tuesday, <a target="_blank" href="https://www.businessinsider.com/modi-straight-from-reelection-anger-china-taiwan-india-2024-6">Modi angered China</a> — which claims Taiwan as its own territory — when he accepted Taiwanese President William Lai's congratulations following India's elections."China opposes all forms of official interactions between the Taiwan authorities and countries having diplomatic relations with China," Mao Ning, the spokesperson for <a target="_blank" href="https://www.fmprc.gov.cn/eng/xwfw_665399/s2510_665401/202406/t20240606_11405886.html">China's foreign ministry,</a> said at a scheduled press conference on Thursday.India's foreign policy toward China is unlikely to change following Modi's re-election, Ivan Lidarev, an Asian security scholar at King's College London, told <a target="_blank" href="https://www.channelnewsasia.com/watch/what-does-modis-weakened-mandate-mean-indias-rivalry-china-4391006">Channel NewsAsia.</a>"India has pursued a very active foreign policy of kind of getting closer with the West and counterbalancing China for many years," he told the network. "There is a very strong consensus within India about this."China, meanwhile, will try to limit India's influence on the global stage, he said."I think India has strived to position itself as a leader of the global south, and of course, China wants this position," added Lidarev. "So we think that this competition is going to increase and I think that Beijing will do a lot to limit any Indian attempts to be seen as the natural leader of the world."

India's race to overtake China will intensify after Modi's reelection because they have the same obsession, analyst says

Terming the India-European Union Foreign <keyword id="19999772" type="General" weightage="20" keywordseo="trade-agreement" source="keywords">Trade Agreement</keyword> (FTA) the "most difficult FTA," External Affairs Minister (EAM) S Jaishankar said on Monday that it is the most difficult one because there are a lot of <keyword id="20495469" type="General" weightage="20" keywordseo="non-trade-issues" source="keywords">non-trade issues</keyword> involved in this FTA. <keyword id="19922551" type="General" weightage="20" keywordseo="EAM-Jaishankar" source="keywords">EAM Jaishankar</keyword> was speaking to the media at a seminar on Indian Capital Markets 'Roadmap for Viksit Bharat' at the National Stock Exchange (NSE) in Mumbai. He emphasized that this FTA is an important trade priority. "An FTA with the <keyword id="19895384" type="General" weightage="20" keywordseo="European-Union" source="keywords" meta.keywordsubtype="org" meta.entityname="European Union" meta.hostid="261" meta.entityid="European Union">European Union</keyword> is the most difficult FTA, most <keyword id="21643303" type="General" weightage="20" keywordseo="complex-FTA" source="keywords">complex FTA</keyword> to do because there are a lot of non-trade issues involved in that FTA. So we are confident that we will certainly, on our side, try to take it forward," the EAM said. "But typically, I'd be honest, because, again, what had happened was we lost a lot of time in between because of changes of positions. I mean, what has happened has happened. So we are definitely very serious about pushing it," he said. If they go into the next term, Jaishankar assured, that this FTA will be one of the important trade priorities. "My expectation is going into the next term, if all goes well with us, it will definitely be one of our important trade priorities," he said. Jaishankar further praised the Union Commerce and Trade Minister Piyush Goyal, who is contesting the ongoing Lok Sabha elections on BJP ticket from Mumbai North constituency in Maharashtra. "I must say, since we are talking trade if there is one person who has made a huge difference when it comes to commerce and trade, it is my colleague, the commerce and industry minister, who is a candidate from Mumbai," he said. He continued, "I think his personal role in taking forward the Australia agreement, the UAE agreement, the EFTA agreement, the progress we have made in the UK, with the EU, and with the Gulf." Last week, Jaishankar along with his wife Kyoko Jaishankar attended Europe Day celebrations in the national capital and noted that the ties between India and the European Union are not only consequential for the two sides but also for the world. Describing the relationship between India and the European Union as "consequential for the world as well," EAM Jaishankar said the EU is not only "our largest economic partner," but the ties run "very deep, spanning many domains." Notably, the EU is India's third largest trading partner, accounting for Euro 88 billion worth of trade in goods in 2021 or 10.8 per cent of total Indian trade. Moreover, India is the EU's 10th largest trading partner, accounting for 2.1 per cent of EU total trade in goods. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/oneplus-nord-ce-4-lite-to-launch-soon-in-india-expected-price-specs-and-everything-we-know-so-far/articleshow/110076267.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-nord-ce-4-lite-to-launch-soon-in-india-expected-price-specs-and-everything-we-know-so-far/articleshow/110076267.cms" target="_blank">OnePlus Nord CE 4 Lite to launch soon in India – expected price, specs and everything we know so far</a><a href="https://www.businessinsider.in/stock-market/news/aadhar-housing-finance-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/110071990.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/aadhar-housing-finance-ipo-allotment-how-to-check-allotment-gmp-listing-date-and-more/articleshow/110071990.cms" target="_blank">Aadhar Housing Finance IPO allotment – How to check allotment, GMP, listing date and more</a><a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-market-up-8-5g-smartphones-account-for-over-70-of-shipments/articleshow/110002512.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-market-up-8-5g-smartphones-account-for-over-70-of-shipments/articleshow/110002512.cms" target="_blank">Indian smartphone market up 8%, 5G smartphones account for over 70% of shipments</a>

India-EU FTA 'most difficult, complex' due to non-trade issues: EAM Jaishankar

Pune, <keyword id="19897354" type="General" weightage="20" keywordseo="bajaj-auto" source="keywords">Bajaj Auto</keyword> is developing a portfolio of clean fuel CNG motorcycles, and the first such bike will hit the market in June, Bajaj Auto Managing Director Rajiv Bajaj said here on Friday. The bike will run on CNG and would hit the roads in June, he said while announcing <keyword id="20201280" type="General" weightage="20" keywordseo="bajaj-group" source="keywords">Bajaj Group</keyword>'s commitment of Rs 5,000 crore towards <keyword id="19916939" type="General" weightage="20" keywordseo="corporate-social-responsibility" source="keywords">Corporate Social Responsibility</keyword> (CSR) spent over the next 5 years. The new bike would target mileage-conscious consumers and is expected to launch under a different brand. It is expected that CNG bikes will be priced higher than their petrol counterparts due to the higher cost of manufacturing besides having a special tank to offer petrol and CNG fuel options to offer convenience to customers. Bjaja also said that <keyword id="20050188" type="General" weightage="20" keywordseo="pulsar" source="keywords">Pulsar</keyword> launched 20 years ago will hit 2 million units soon. Meanwhile, the Bajaj Group committed Rs 5,000 crore to social impact initiatives over 5 years, with a focus on skill development, under 'Bajaj Beyond'' the Group's new identity for all its CSR and charitable programmes. This will benefit over 2 crore of tomorrow's youth and enable them to take advantage of the employment and entrepreneurial opportunities offered by India's growing economy. "Social responsibility is deeply entwined in the <keyword id="21052740" type="General" weightage="20" keywordseo="bajaj-family" source="keywords">Bajaj Family</keyword>'s businesses and its philanthropic endeavours through generations. In the last 10 years alone, the Bajaj Group has contributed close to Rs 4,000 crore towards CSR initiatives largely focused on skilling and education, health, livelihood, water conservation, and several other areas of development," Bajaj Auto Chairman Niraj Bajaj said. The Bajaj Group's humanitarian efforts are channeled through several institutions. The <keyword id="21051165" type="General" weightage="20" keywordseo="jamnalal-bajaj-foundation" source="keywords">Jamnalal Bajaj Foundation</keyword>, Jankidevi Bajaj Gram Vikas Sanstha, and the <keyword id="21052739" type="General" weightage="20" keywordseo="kamalnayan-bajaj-hospital" source="keywords">Kamalnayan Bajaj Hospital</keyword>, among others, have worked unceasingly to uplift and empower communities, he said. The Group stays firmly committed to co-creating a thriving and inclusive future for all Indians, he added. Bajaj Group companies include Bajaj Auto, Bajaj Finserv, Bajaj Electricals, and Mukand Ltd. "Launching the Bajaj Engineering Skills Training (<keyword id="19925221" type="General" weightage="20" keywordseo="best" source="keywords">BEST</keyword>) last year has been a valuable learning experience for us. It gave us a very clear picture of the critical gap between theoretical education and practical skills needed in the manufacturing industry. The insights gained through BEST acted as a cornerstone in laying down the groundwork. With Bajaj Beyond, we will expand our skilling efforts across the group," Rajiv Bajaj said. "You do not change the world by sloganeering. Saying Make in India does not change the world; saying Aatmanirbhar does not change the world; saying vocal for local does not change the world; saying Viksit bharat does not change the world. "Words would not change the world, unless you have the skills to put those words into action. It would certainly not change the world by saying I will spend tens of thousand of crores of rupees on CSR or that I want to touch billions of lives," he added. Speaking at the event Sanjiv Bajaj, Chairman &amp; Managing Director, Bajaj Finserv, said, "Skilling has been at the heart of our social impact initiatives and we have seen the positive multiplier effect it has on the well-being of youth and their families. Our Certificate Programme in Banking, Finance and Insurance (CPBFI) prepares youth for employment in the fast-expanding financial services sector which is currently seeing a shortage of talent." With Bajaj Beyond, Bjajaj Finserv commits to strengthening India's skilling ecosystem, especially in the hinterland, enabling greater access to economic prosperity, he added.

Bajaj Auto working on CNG bike, to hit road in June: MD

<ul><li>Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Thursday presented the Interim Budget 2024-25.</li><li>This budget outlines expenditures and revenues till the formation of the next government.</li><li>Here are the top highlights and major announcements of the Interim Budget 2024-25.</li></ul> Finance Minister Nirmala Sitharaman while presenting the Interim Budget 2024-25 at <keyword id="19895397" type="General" weightage="20" keywordseo="parliament" source="keywords">Parliament</keyword> on Thursday, February 1 announced that the FY25 capex outlay has been increased by 11.1% to ₹11.11 lakh crore. The FY25 capex outlay is now at 3.4% of the GDP. Fiscal deficit, the gap between the government’s revenue and expenses, is expected to be 5.8% of gross domestic product, said the FM. “The gross market borrowing for the financial year ending March 2025 will be ₹14.3 lakh crore (less than the borrowing in the current financial year).” The FM began her speech by giving a summation of the Narendra Modi government's performance in the past ten years. "The Indian economy has witnessed positive transformation in the last 10 years. Our development steps have covered all elements of inclusivity," she said. This is the final budget of the second term of the Narendra Modi government before the country heads to elections later this summer. Sitharaman stressed on the government's aim to make India developed -- Viksit Bharat – by 2047. The government has tried to provide inclusive development and growth, both socially and geographically, she said in the opening minutes of her sixth budget speech as the country’s finance minister. It is to be noted that this Vote on Account or an Interim Budget is only for the next three months as the next government after the election will come out with a comprehensive budget for the financial year 2024-25 later. In other words, this budget outlines expenditures and revenues till the formation of the next government. Key announcements by Finance Minister Nirmala Sitharaman: <ol><li>No relief for taxpayers: Same tax slabs to continue, says FM. “I propose to retain the same tax rates for direct and indirect taxes.”</li><li>FY25 divestment target at ₹50,000 crore. The FY24 target has been curbed to ₹30,000 crore</li><li>Gross market borrowing for FY ending March 2025 will be ₹14.3 lakh crore.</li><li>FY25 capex outlay increased by 11.1% to ₹11.11 lakh crore. The FY25 capex outlay is now at 3.4% of GDP.</li><li>The revised estimate of the fiscal deficit is 5.8% of GDP. The FY25 fiscal deficit target is set at 5.1%.</li><li>The FY25 revenue deficit is set at 2% versus FY24 revised estimate of 2.8%</li><li>The FDI during 2014 to 2023 was $596 billion. India is negotiating bilateral treaties with foreign partners. FM adds that FDI is now “First Develop India”.</li><li>Three major economic railway corridors announced to boost GDP. This includes an energy mineral and cement corridor, port connectivity corridor and high traffic density corridor.</li><li>40,000 rail bogies to be converted to Vande Bharat standards. Airports have doubled to 149 in the last decade.</li><li>Boost for tourism: Projects for enhancing tourism revenue will be taken up, especially for islands, including Lakshawdeep.</li><li>FM says the government has assisted 25 crore people to escape from multidimensional poverty.</li><li>Free ration: Worries of food have been alleviated as 80 crore people are provided with ration.</li><li>Direct benefit of ₹34 lakh crore via Jan Dhan has led to savings of ₹2.7 lakh crore for the government.</li><li>The PM PM SVANidhi scheme has supported over 78 lakh vendors. Out of this, 2.3 lakh vendors have received loans more than two times.</li><li>11.8 crore farmers have been assisted under the PM Kisan Yojna.</li><li>₹30 crore Mudra loans have been given to women entrepreneurs in the last ten years.</li><li>Average real income of people has risen by 50%.</li><li>India-Middle East-Europe Economic corridor is a game changer for India and others.</li><li>Artisanal support: PM Vishwakarma Yojana provides end-to-end support to artisans and crafts people engaged in 18 trades.</li><li>GDP new definition: FM Sitharaman has said that the government is focussed on GDP (governance, development and performance)</li><li>Real estate boost: Government close to achieving the target of three crore houses under the PM Awas Yojana Grameen. Additional two crore houses to be built in five years.</li><li>Sustainability &amp; free electricity: Rooftop solarisation scheme announced to help one crore houses, enabling free electricity and selling of surplus energy. First three hundred units for solar homes.</li><li>Nari Shakti: FM says that female enrolment in higher education is up by 28% in 10 years in STEM courses. Free healthcare under Ayushman Bharat to be extended to Asha workers and Anganwadi workers.</li><li>Target for Lakhpati Didi scheme enhanced from 2 crore to 3 crore.</li></ol>

Interim Budget 2024: FY25 capex hiked 11%; no change in tax slab, says FM Sitharaman

New Delhi: In the world's largest democracy, every five years, a spectacular theatrical performance unfolds, captivating crores of people with its vibrancy, diversity, and sheer scale. Yes, we're talking about the <keyword id="19923279" type="General" weightage="20" keywordseo="lok-sabha-elections" source="keywords">Lok Sabha Elections</keyword> in India. And we have the dates now for the grand finale: June 4! The Election Commission of India on Saturday announced the dates for the general elections to be held from April 19 to June 1 in seven phases. Chief Election Commissioner <keyword id="20110344" type="General" weightage="20" keywordseo="rajiv-kumar" source="keywords">Rajiv Kumar</keyword> announced today that the results will be announced on June 4. Phase 1 voting will be held on April 19, Phase 2 on April 26, Phase 3 on May 7, Phase 4 on May 13, Phase 5 on May 20, Phase 6 on May 25, and Phase 7 on June 1. “We will take democracy to every corner of the country. It is our promise to deliver a national election in a manner that we... remain a beacon for democracy around the world,” said the Chief Election Commissioner. <div type="image" title="Polling schedule" agency="ANI" msid="108550459" hostid="261" sizebytes="17144" caption="&amp;lt;p&amp;gt;Polling schedule (ANI)&amp;lt;/p&amp;gt;"></div> The tenure of the present <keyword id="19895394" type="General" weightage="20" keywordseo="lok-sabha" source="keywords">Lok Sabha</keyword> ends on June 16 and a new House will have to be constituted before that. As the tenure of Andhra Pradesh, Sikkim, Arunachal Pradesh, and Odisha assemblies will also end in June, these states will get an early taste of the ‘one nation, one election’ process, wherein voters will be casting votes for both Lok Sabha and assembly elections. <cmsannotation type="cmsannotation" annotationid="subhead" text="Model code of conduct kicks in">Model code of conduct kicks in</cmsannotation> With the announcement of election dates, the model code of conduct comes into immediate effect. Chief Election Commissioner Rajiv Kumar asked all political parties and their leaders to strictly adhere to the poll code. The Model Code of Conduct (MCC) mandates that no party or candidate shall indulge in any activity which may aggravate existing differences, create mutual hatred or cause tension between different castes and communities, religious or linguistic, according to the set of guidelines issued by the EC. It lists out the dos and don'ts regarding general conduct, meetings, processions, conduct of parties and their candidates on polling day, polling booth, observers, party in power and guidelines on election manifestos. According to the guidelines, all parties and candidates shall avoid scrupulously all activities which are "corrupt practices" and offences under the election law, such as bribing of voters, intimidation of voters, impersonation of voters, canvassing within 100 meters of polling stations, holding public meetings during the period of 48 hours ending with the hour fixed for the close of the poll, and the transport and conveyance of voters to and from the polling station. Political parties and candidates shall ensure that their supporters do not create obstructions in or break up meetings and processions organized by other parties. As soon as the poll code comes into effect, the party in power be it at the Centre or in the State or states concerned, shall ensure that no cause is given for any complaint that it has used its official position for the purposes of its election campaign. <cmsannotation type="cmsannotation" annotationid="subhead" text="Major players and issues">Major players and issues</cmsannotation> Undoubtedly, the scale and magnitude of a nationwide election in a country like India involve numerous complex considerations. However, the major political parties are hoping to narrow down the voter’s priorities to a few major foundational aspirations on which powerful campaigns can be built. Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword>, and his party <keyword id="19931558" type="General" weightage="20" keywordseo="bharatiya-janata-party" source="keywords">Bharatiya Janata Party</keyword> (BJP), are confident of reelection for a third consecutive term. They have pitched 'Modi Ki Guarantee' as the main theme of his campaign. PM's website describes it as a guarantee for the development of youth, empowerment of women, welfare of farmers, and all those marginalised and vulnerable who have been ignored for decades. In a letter to the citizens of India on March 15, the Prime Minister noted, “The trust and support of 140 crore Indians inspires and motivates me. The transformation that has taken place in the lives of the people is the biggest achievement of our government over the last 10 years. These transformative outcomes are the result of the sincere efforts made by a determined government to improve the quality of life for the poor, farmers, youth and women.” BJP is building its campaign by highlighting the welfare schemes of the government, infrastructural development across the country, and the rejuvenation of the country’s cultural heritage. The major opposition party <keyword id="19895371" type="General" weightage="20" keywordseo="congress" source="keywords">Congress</keyword>, on the other hand, is banking on its <keyword id="20366194" type="General" weightage="20" keywordseo="nyay" source="keywords">Nyay</keyword> guarantees to woo voters. The grand old party saw some success in the state elections of Himachal Pradesh, Karnataka and Telangana when it pitched such 'Nyay' guarantees to the people. For the Lok Sabha polls, the party has put forward its 5 guarantees aimed at ensuring justice for youth, farmers, women, labourers, and participatory justice. The INDIA bloc, including the Congress, has been raising the issue of unemployment and rising prices of essential commodities. They have stated repeatedly that the lack of jobs is the single biggest issue and sought to corner the government over the issue. The BJP has hit back citing job growth and a fast-growing economy. Other major poll issues include electoral bonds, abrogation of Article 370, <keyword id="19963301" type="General" weightage="20" keywordseo="caa" source="keywords">CAA</keyword>, Uniform Civil Code, Ayodhya Ram Mandir, farmer protests for legal guarantee of MSP, and the Viksit Bharat vision of the government. Overall, India is poised to see an enthralling clash of ideologies, ideas, and personalities throughout the election season as the EC has opened the race for ruling the most populous country on Earth. (With inputs from ANI and PTI)

Elections 2024: Lok Sabha general elections in 7 phases from April 19, results on June 4; Here’s all you need to know

Addressing the nation for the 9th time from the historic ramparts of Red Fort on the occasion of 75th Independence Day, Prime Minister <keyword id="6354477" type="General" weightage="50" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> called for moving <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> forward with five pledges to achieve the dreams by 2047. <keyword id="2238662" type="General" weightage="80" keywordseo="pm-modi" source="Orion">PM Modi</keyword> said that India must be a developed nation in 25 years. As we enter the Amrit Kaal, we must resolve to fulfil the dreams of India's freedom fighters. "We must resolve to work towards a 'Viksit Bharat' (<keyword id="616367" type="General" weightage="50" keywordseo="developed-india" source="Orion">Developed India</keyword>) and remove any vestiges of colonialism from any corner or in our hearts," said the Prime Minister. "In the coming years, we have to focus on 'Panchpran' (5 pledges). First: to move forward with bigger resolutions and resolve of developed India; second: to erase all traces of servitude; third: be proud of our legacy; fourth: the strength of unity; and fifth: the duties of citizens that also includes the PM and CMs," said PM <keyword id="6354642" type="General" weightage="100" keywordseo="modi" source="Orion">Modi</keyword>. "Working towards a Viksit Bharat, remember the time before Independence... yes, people had different methods of working but the goal was the same and the goal was big - the freedom of India. In this Amrit Kaal we have to come together and work towards another big goal of a Viksit Bharat," he said. PM Modi urged the youth of the nation from the rampart of Red Forte to dedicate the next 25 years of their lives for the nation's development. He said that we should work towards the development of the entire humanity. "When the dreams are big, hard work is important. It needs to be inspired by the pledge and the determination of freedom fighters who dreamt of a free India," PM added in his historic speech. PM Modi said that we have to put India first and this will pave the way for a united India.

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