India’s GDP growth for the second quarter of FY25 stood at 5.4 percent, driven by the slowdown caused by the Lok Sabha elections. However, the outlook for the third quarter is more optimistic, with a boost expected from festive spending. The government is also banking on the larger impact of new tax reforms to drive growth, with unprecedented income tax cuts designed to increase disposable income.

The newly introduced tax cuts benefit over 75 percent of salaried individuals, with people earning Rs. 10 lakh annually gaining an additional Rs. 50,000 in disposable income. Higher earners, such as those making Rs. 25 lakh, will see an additional Rs. 1.1 lakh. This leaves households with more spending power, which will likely be used for consumption, including food, FMCG products, and even big-ticket items like cars, improving both domestic demand and the government’s indirect tax revenue.

The government is also placing a strong emphasis on agriculture, focusing on crop diversification and improving infrastructure to support farmers. The Dhan Dhaanya Yojana targets rural districts with the lowest productivity, aiming to increase the disposable income of farmers and improve market access. This initiative, alongside the promotion of Farmer Producer Organisations (FPOs), will be pivotal in integrating small farmers into India’s growth story.

In addition to short-term measures, the government is committing to long-term asset creation, with a capex of over Rs. 50 lakh crore over the last four budgets. This will fund critical infrastructure projects in sectors like roads, railways, and defense, driving both employment and economic growth. These projects have also had a positive impact on women’s employment and entrepreneurship in various regions.

The focus on manufacturing is also reshaping India’s job market. With a push towards formalisation and growth in MSMEs, more people are expected to seek opportunities in manufacturing, which will foster a new wave of employment.

Furthermore, the government is looking to capitalise on smaller, innovative ideas. An example is transforming India Post into a major logistics player integrated with the Open Network for Digital Commerce, which would support MSMEs and young entrepreneurs across the country.

The Modi government’s fourteen budgets tell a story of significant reforms, from reducing tax rates to narrowing the fiscal deficit. The welfare transfer programs, which amount to Rs. 40 lakh crore, have directly benefited millions, further reinforcing the government’s focus on inclusive growth.

The message from the budget is clear: Now is the time to invest in India and grow with the nation. With a focus on both macroeconomic stability and microeconomic development, the government’s policies are set to drive India’s economic future.

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Additionally, the monthly number of complaints registered has risen sharply, increasing from 37,062 in 2017 to 1,12,468 in 2024. Digital complaints have also experienced significant growth, with the monthly average climbing from 54,893 in FY 2023-24 to 68,831 in FY 2024-25 by December 2024. These developments highlight the effectiveness of the AI system, which provides sector-wise analysis to address grievances in a more organized and efficient manner.

A key milestone for the NCH has been the onboarding of 1,038 companies as ‘convergence partners,’ up from just 263 in 2017. These companies, particularly those with the highest number of unresolved grievances, now prioritize consumer satisfaction through improved grievance resolution. As a result, grievance disposal time has decreased to 48 days in 2024, a notable improvement from 66.26 days in 2023.

Sectors like education, e-commerce, and consumer durables have especially benefitted from faster resolution times, further boosting consumer trust in the system. The NCH continues to support consumers through its toll-free number (1915) and online portal, ensuring their rights are safeguarded with timely interventions—without the need for legal action.

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Delhi Royals set a target of 173 after posting 172/7 in 15 overs. Chhattisgarh Warriors, led by Gurkeerat Singh Mann in Suresh Raina’s absence, were rocked early by Lakhwinder Singh and Parvinder Awana, leaving them struggling at 40/2. However, Gurkeerat and Pawan Negi revived the chase with a brilliant 106-run partnership.

Both players reached their half-centuries, but the match turned when Lakhwinder Singh dismissed Negi (51) with a stunning catch. Jerome Taylor then struck twice, removing Gurkeerat (64) and Peter Trego, leaving the Warriors needing 20 off the final eight balls.

With 15 required from the last over, Abhimanyu Mithun’s explosive hitting — including two sixes and a four — sealed the victory for the Warriors, who chased the target with two balls to spare. The thrilling finish gave the home crowd a reason to cheer as Chhattisgarh Warriors secured a dramatic five-wicket win over Delhi Royals.

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Jefferies stresses that the responsibility now falls on the private sector to lead the next phase of India’s investment cycle. Mahesh Nandurkar, head of India research at Jefferies, noted that the groundwork for a broad-based investment recovery has already been laid during Prime Minister Narendra Modi’s second term. The government has been a key player in expanding infrastructure, and now it’s time for the private sector to step up and drive capital spending.

In addition to the private sector’s role, recent tax relief measures in the government’s budget are expected to provide a significant boost to domestic consumption. The income tax exemption threshold has been raised from Rs 7 lakh to Rs 12 lakh per annum, with tax rates for individuals earning above Rs 12 lakh also reduced. These changes are expected to positively impact around 35 million taxpayers, providing an average financial relief of Rs 30,000 per individual. This increase in disposable income is anticipated to support greater domestic consumption.

Jefferies also pointed to the government’s fiscal consolidation plan, which aims to reduce India’s debt-to-GDP ratio from 57% to 51% by FY31. The fiscal deficit target of 4.4% in FY26 is expected to decline further, reaching around 3.5-3.6% by FY31. These efforts are aligned with India’s broader goal of maintaining macroeconomic stability while fostering sustainable growth.

While the slowdown in public investment has raised concerns, Jefferies emphasizes that the future of India’s economic growth now depends on the private sector’s ability to take the reins and drive capital expenditure, ensuring the economy continues to progress on a positive trajectory.

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Dr. Samantak Das, Chief Economist at JLL India, highlighted that this rate cut aligns well with fiscal strategies and could reignite consumption. He stated, “The rate cut – the first in nearly five years – sends a clear message that a cohesive policy framework is in place, prioritizing growth while balancing risks.” He also emphasized that the reduction in capital costs could spark a new wave of demand in the housing market by improving homebuyer sentiment and affordability.

While 2024 was a strong year for real estate, rising prices had started to slow down market momentum, as seen in the drop in Q4 sales. The recent rate cut, along with new budget tax benefits for middle-income buyers, is expected to boost homebuyer confidence and sustain market activity.

Dr. Niranjan Hiranandani, Chairman of NAREDCO, called the repo rate cut a strategic move, citing stable inflation and a moderate fiscal deficit. He remarked, “With inflation under control and steady economic growth, this rate reduction signals resilience and robust demand, despite global uncertainties.”

Shishir Baijal, Chairman and Managing Director of Knight Frank India, also welcomed the move, calling it a significant positive development for real estate. He believes the rate cut will make housing more affordable, increasing demand for home loans and stimulating sector growth. Baijal added that the tax benefits for the middle class would further support residential demand, particularly in the sub-50 Lakh category, which had seen weaker demand recently.

Overall, experts believe the RBI’s repo rate cut, combined with the budget’s focus on tax incentives, will have a long-lasting positive impact on the housing market. With lower interest rates, homebuyers are expected to find ownership more accessible, which could lead to increased sales and new project launches.

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In his post, Karan reflected on fatherhood, calling it his “biggest achievement.” He wrote, “My biggest achievement is one of being a father…” His message touched on the deep bond he shares with his children and how much they mean to him.

A particularly touching part of the post was when Karan explained why he chose to name his children after his late parents, Yash and Hiroo Johar. He shared, “I named them after my parents because I felt beyond a lineage or a name, an emotion must continue… They are my world!!!”

Karan ended his heartfelt message with a loving wish for his twins: “Happy birthday Roohi and Yash… My biggest prayer for you both is to be kind always.”

Karan’s birthday wish was met with warm responses from other celebrities, including Farah Khan, Kajol, Manish Malhotra, and Malaika Arora, who also sent their love and congratulations to the twins.

Karan Johar welcomed his twins, Yash and Roohi, in February 2017 via surrogacy. He named his son Yash after his late father, a renowned filmmaker, and his daughter Roohi’s name is an anagram of his mother Hiroo’s name.

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The AI Action Summit is a significant event that takes place as part of the Paris Peace Forum. The primary aim of the summit is to promote ethical AI practices that are inclusive, sustainable, and beneficial to all. India’s active participation in this summit is seen as a clear indication of the country’s growing influence in the global tech space, especially in shaping the future of AI. PM Modi’s presence will allow India to contribute to international policy-making efforts on the development and deployment of AI technologies.

In addition to the summit, PM Modi’s visit will focus on expanding economic and diplomatic ties between India and France. During his trip, he will hold meetings with leading CEOs of French companies to discuss potential collaborations in various sectors. PM Modi’s visit also holds historical significance as he will engage in a bilateral discussion with President Macron in Marseille on February 12th, strengthening the relationship between the two countries further.

India and France have already made strides in several areas, including aerospace, nuclear energy, and defense. Ongoing talks on civil nuclear energy could lead to substantial announcements during PM Modi’s visit. France has also been a valuable partner in India’s mission to boost its technological and industrial capabilities.

A major milestone during this visit is the opening of a new Indian consulate in Marseille. This consulate will serve as a critical diplomatic presence in southern France, helping to improve trade, cultural exchange, and people-to-people relationships. This step is part of a broader effort to solidify India’s diplomatic ties across Europe.

Earlier in January, Ministry of External Affairs spokesperson Randhir Jaiswal confirmed that French President Macron had officially invited PM Modi to co-chair the AI Action Summit. This invitation comes at a time when India is actively developing its own AI agenda, positioning the country as a key player in the global tech landscape.

The AI Action Summit itself is set to be a landmark event, with discussions expected to focus on the ethical development and use of AI technologies, and how they can be applied to tackle global challenges. The summit will be attended by heads of state, business leaders, academics, and experts from civil society. The event, scheduled to take place on February 10-11 at the Grand Palais in Paris, is an exciting opportunity for India to further its leadership role in the AI space.

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Key initiatives in the budget include an extension of the Jal Jeevan Mission until 2028, with a goal of achieving 100% rural water supply coverage and improving the maintenance of existing infrastructure. Furthermore, the Bharatnet Project will expand broadband connectivity to all rural government secondary schools and primary health centres, ensuring better access to education and healthcare.

India Post will be pivotal in the growth of rural economies, offering services like micro-enterprise credit, digital services, and logistics support to entrepreneurs, MSMEs, and self-help groups. This aligns with the government’s push to empower rural communities through greater economic inclusion.

Another significant announcement is the launch of the Rural Prosperity and Resilience Program, which aims to tackle under-employment in agriculture by promoting skill development, technology adoption, and investments. This program is designed to support rural women, young farmers, marginalized communities, and landless families.

The rural development initiatives have already shown considerable results, such as a reduction in the multidimensional poverty rate from 24.85% to 14.96%. Additionally, rural internet users have increased to 398.35 million, while wages have steadily grown across both agricultural and non-agricultural sectors.

In terms of rural infrastructure, programs like the Pradhan Mantri Gram Sadak Yojana (PMGSY) have provided all-weather roads, and the Pradhan Mantri Awaas Yojana-Gramin (PMAY-G) has delivered housing to those in need. The Mission Amrit Sarovar has rejuvenated over 68,843 ponds, ensuring sustainable water resources, while the National Rural Health Mission continues to offer quality healthcare to rural populations.

The Swachh Bharat Mission (Gramin) continues its efforts in the second phase to maintain open defecation-free status and manage waste, contributing to a cleaner, healthier rural environment. Alongside, the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) has received Rs. 86,000 crore in the FY 2024-25, securing rural livelihoods and providing much-needed employment opportunities.

The budget also emphasizes programs like the Saansad Adarsh Gram Yojana, PM-JANMAN, Deendayal Antyodaya Yojana, and Gram Nyayalayas Act, all of which aim to further uplift rural India. With these initiatives, the government is steadfast in its vision to build a developed and self-reliant India by 2047.

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Starting in April 2025, Indian banks will transition to using the ‘.bank.in’ domain, distinguishing legitimate banking websites from fraudulent ones. Additionally, a ‘fin.in’ domain will be introduced for broader financial sector websites.

Addressing the surge in digital fraud, Malhotra emphasized the need for collective action from all stakeholders to address the growing concern. He confirmed that these measures are part of a series of initiatives to strengthen the security of banking and payment systems.

Further bolstering digital security, the RBI is extending its additional factor of authentication (AFA) for digital transactions. This enhancement will now also apply to international online payments made to offshore merchants, ensuring a safer environment for cross-border digital transactions.

In addition to these security measures, the RBI unveiled new steps to better manage interest rate risks. This includes the introduction of a new forward contract for government securities, primarily benefiting long-term investors, such as insurance funds.

To encourage greater retail participation in government securities, the RBI will expand access to the NDS-OM platform, enabling non-bank brokers to participate more actively in secondary market trading of government securities.

Furthermore, the RBI will form a working group to review trading and settlement timings across various financial markets regulated by the Reserve Bank. This review will help adapt to the changing dynamics of the market, with a report due by April 30, 2025.

Despite a moderation in net interest margins, Malhotra reassured that liquidity buffers within banks are sufficient, with healthy Return on Assets (RoA) and Return on Equity (RoE). The financial system, including Non-Banking Financial Companies (NBFCs), remains robust, ensuring the stability of India’s financial ecosystem.

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“In the last year, our relationship has seen a huge upswing. It’s not often that we can say we had such a rapid exchange of Prime Ministerial visits. We have strong political comfort and people-to-people understanding. We would like more trade, more investment, more technological collaboration, and perhaps explore ways to work together on connectivity,” Jaishankar remarked.

Greek Foreign Minister Gerapetritis expressed Greece’s readiness to enhance bilateral relations across various sectors, including tourism, culture, and trade. He emphasized that the two countries have made significant strides in recent years and that Greece is keen on strengthening cooperation, particularly within the framework of the United Nations Security Council (UNSC), where both nations are members.

“In the last couple of years, the bilateral relations between Greece and India have been upscaled tremendously. We would like to upscale our bilateral relations in all respects, including tourism, culture, and trade. As members of the UNSC, we would like to echo the voice of India within the United Nations,” Gerapetritis said. “We would also like to be reliable interlocutors in the EU-India relationship. It is a unique opportunity for us as we celebrate 75 years of diplomatic relations,” he added.

The Greek Foreign Minister’s visit to India is part of efforts to deepen diplomatic and strategic ties between the two countries. On Wednesday, Ministry of External Affairs (MEA) spokesperson Randhir Jaiswal also welcomed Gerapetritis, noting that his visit would further strengthen the growing strategic partnership between India and Greece.

India and Greece have maintained a long-standing relationship, supporting each other on key international issues such as Kashmir and Cyprus. Greece has consistently aligned with India on the Kashmir issue and supported India’s bid for a permanent seat in an expanded UNSC.

The Indian community in Greece, which has steadily grown over the years, also plays a vital role in fostering people-to-people connections. According to the 2011 Greek census, there were around 11,333 Indian nationals in Greece, with current estimates ranging between 13,000 and 14,000. The majority of these expatriates are of Punjabi origin, particularly Sikhs, and are engaged in farming, construction, and manufacturing sectors.

Gerapetritis’ visit is expected to further cement India-Greece ties, with an emphasis on expanding collaboration in strategic, economic, and diplomatic areas.

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