&w=3840&q=100)
Govt to set up task force for next-generation reforms, says PM Modi
The Prime Minister said the task force would complete its work within a set time frame. 'Current rules, laws, policies, and procedures must be re-drafted to suit the 21st century, fit the global environment, and align with the vision of making Bharat a developed nation by 2047,' Modi said.
As a result of these reforms, the Prime Minister said, start-ups, small and cottage industries, and entrepreneurs would see a significant reduction in compliance costs. Changes in logistics and systems would also give a major advantage in the field of exports. 'These reforms will give courage to all those who wish to shape their future,' he added.
He noted that the government had already abolished more than 40,000 unnecessary compliances and 1,500 outdated laws, and, in the latest parliamentary session, over 280 provisions were removed.
During his address, the Prime Minister said that global rating agencies constantly praised India, expressing growing confidence in the Indian economy. 'Today the entire world is confident about India's economy and economic condition. Amid so much instability, India's financial discipline, the energy of India's finance, remains a ray of hope,' he said.
On Thursday, S&P Global Ratings raised India's long-term sovereign credit rating by a notch to 'BBB' from the lowest investment grade of 'BBB-' with a stable outlook. The upgrade came after a gap of 18 years, citing the country's economic resilience, sustained fiscal consolidation, and improved quality of public spending.
Modi also stressed that India's inflation was under control, foreign exchange reserves were healthy, and macroeconomic indicators remained strong.
'We are making new efforts in this direction so that the benefits of this growing economy reach the poor of my country, the farmers of my country, the women power of my country, the middle class of my country, and it becomes a source of strength for the development of my country,' he said in his Independence Day speech.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
5 minutes ago
- Hindustan Times
Army Law College students continue to boycott lectures for 10 days, SPPU seeks report
Pune: Student protests at Army Law College entered the 10th day on Saturday, with over 350 students boycotting lectures and demanding the resignation of Principal Madhushree Joshi. The agitation, which began on August 8, has prompted Savitribai Phule Pune University (SPPU) to step in. On August 13, the university issued a letter to the college, seeking a detailed response to the serious complaints raised. Pune, India - Feb. 22, 2018: Heritage walk organized at Savitribai Phule Pune University (Ananya Barua story) in Pune, India, on Thursday, February 22, 2018. (Photo by Ravindra Joshi/HT PHOTO) Principal Madhushree Joshi, however, maintained, 'We have received the university's letter. As an army institute, we comply with all rules. We need time to address the students' grievances and have informed the university accordingly.' Students have alleged declining academic standards, administrative lapses, and neglect of mental health issues. They submitted report to the university after the student council was called for discussions. One student said, 'When the principal called us to the auditorium and requested we stop protesting, she said she was focusing on the progress of the college. But we told her firmly that she should just resign because we do not want her anymore.' On Independence Day, students suspended protests and instead organised cultural programmes and a flag-hoisting ceremony without administrative support. Registrar Sunil Mann later informed them that the principal was willing to meet the students, but when she tried to interact, they refused to withdraw their demand for her resignation. 'We have been protesting for 10 days now with no response from the administration,' a student said. 'Our exams start on September 10, so we do not want to lose academic time. We are even teaching juniors in the library and sharing notes so they can prepare.' Students also alleged targeted harassment. According to them, emails sent to the principal about issues would result in those students being singled out. 'We started sending anonymous emails because she was targeting those who spoke up,' one student said. Another claimed the principal threatened to 'ruin careers' of those who complained. A student from Rajasthan alleged that parents were shown well-equipped classrooms during visits, but students were later shifted to inadequate facilities. 'When we questioned this, the principal started calling our parents and telling them we were undisciplined. How can we convince our parents when the principal herself is calling them with false reports?' the student asked. Students further said that free medical transport to Khadki Army Hospital has been discontinued, and they are now asked to pay for services at Dehu Army Hospital. Sports activities have also been restricted, with guards reportedly preventing students from playing. One student with an ear infection claimed she was denied leave and threatened with consequences. Other grievances include the suspension of the student council president last year and a notice outside the principal's office stating, 'No entry for students after 10 AM to 1 PM', effectively blocking access during lecture hours. Pro Vice-Chancellor Parag Kalkar said, 'We sent a letter to Army Law College on August 13, asking them to resolve the issue immediately. We expect a detailed report by Monday or Tuesday and will take appropriate action based on it. If the issue is not resolved, the university will intervene further.'
Hindustan Times
5 minutes ago
- Hindustan Times
Shinde and BJP: The saga continues
Even after deputy chief minister Eknath Shinde's trip to Delhi where he met prime minister Narendra Modi and union home minister Amit Shah, things don't seem to have gotten much better for him. Shinde skipped not just Tuesday's cabinet meeting but even a dinner hosted by chief minister Devendra Fadnavis on Wednesday night for various dignitaries on the occasion of Independence Day. Shinde and BJP: The saga continues Soon after Shinde returned from Delhi, the Enforcement Directorate (ED) arrested Anil Pawar, former commissioner of Vasai-Virar City Municipal Corporation, who happens to be a relative of Shinde's party colleague and education minister Dada Bhuse. Pawar had been posted in Vasai-Virar civic body by Shinde, who heads the urban development department. The decisions taken by Pawar are now being probed by the ED. Shinde's ministers, Bharat Gogawale and Dada Bhuse, were unhappy over the guardian minister issue. Gogawale even skipped the cabinet meeting because he was not given the opportunity to hoist the flag in Raigad on Independence day. The tussle between Shinde's party and local BJP leaders also continues. Last week, two senior BJP leaders from Thane district trained their guns on Shinde. Forest minister Ganesh Naik, who has a long standing feud with Shinde, publicly said that Shinde the latter won a lottery (in the form of power) but he should be able to retain it. Another BJP MLA Kisan Kathore (also from Thane district) indirectly sought a probe regarding corruption in Badlapur civic body, which was ruled by Shinde's party. Where will this bitter tussle between Shinde and the BJP lead? Everybody in Mahayuti wants to know. When Ajit met Jayant Former state NCP (SP) chief Jayant Patil did not mince his words when he got a chance to taunt bete noire, Ajit Pawar at a function to inaugurate an auditorium of an educational institute in Sangli. Speaking at the function where Pawar was sitting on the dais, Patil said that he comes from Walwa in Sangli where people don't bow down to anyone and do not resort to betrayal. Responding to Patil, a visibly unhappy Pawar said he had always chosen not to criticise the latter on a public platform. He also insisted that he had taken a decision which he thought was right. Pawar and Patil were bitter rivals in the undivided NCP. Ajit Pawar wanted to remove Patil as state NCP president, which was turned down by NCP chief Sharad Pawar. While the junior Pawar split the party to join the government with BJP, Patil remained loyal to senior Pawar. CM's guardian ministership headache Chief minister Devendra Fadnavis has not yet been able to resolve the dispute over the guardian ministership of Raigad and Nashik districts. In January, when the guardian ministers were appointed for each district in the state, Fadnavis selected his party colleague Girish Mahajan for Nashik and NCP's Aditi Tatkare for Raigad. The Shinde-led Shiv Sena objected to both the appointments following which he put them on hold. The issue which has not been resolved yet, was back to haunt Fadnavis last week as guardian ministers were deputed to hoist the flag for Independence Day. Since the two disputed districts did not have any guardian ministers, Tatkare and Mahajan were asked to do the honours by Fadnavis. Shinde's minister Bharat Gogawale, who has staked claim to the post of Raigad guardian minister publicly expressed his anguish over the same. NCP minister Chhagan Bhujbal also made his unhappiness known over Mahajan hoisting the flag in Nashik. Bhujbal and Sena minister Dada Bhuse have staked claim on the post in Nashik. The issue over Raigad doesn't seem to have been resolved even after Shinde and state NCP chief Sunil Tatkare held a meeting in Delhi a few days ago. Bharne's travel trouble NCP minister Dattatraya Bharne who was handed the agriculture portfolio after it was withdrawn from the controversial Manikrao Kokate, is not exactly excited with the frequent travel he has to undertake due to the new responsibility. Speaking at a function in his constituency, Bharne, pointed out that he was travelling for two-three days in a row and he remarked that his earlier portfolio of sports and minority welfare had no such hassles. He then quickly added that he was not complaining about his new portfolio but just pointing out that he has been travelling frequently. Since he has taken the responsibility, he would do what needs to be done, he insisted. His last sentence was probably meant for his boss, deputy chief minister Ajit Pawar who had removed Kokate following the online rummy controversy a fortnight ago and warned all ministers to watch what they say.
Mint
5 minutes ago
- Mint
Bertie goes back to school
Bertie misses the years he spent in a dorm room. His inability to remember anything that failed to interest him, combined with the preponderance of Greek-riddled finance and abbreviation-laden marketing courses, quickly convinced him that he was not destined for anywhere close to the top of the class. That eased a lot of the pressure and made life straightforward—just enough classes and assignments to earn a respectable marksheet and sovereignty over the rest of his time without any attendant responsibilities. This was what he particularly cherished: reading things he liked irrespective of whether they would contribute to his grades; a cavernous library stuffed with all manner of texts; sundry sporting activities; and time spent shooting the breeze with friends he hoped would last him a lifetime. There were no finances to take care of, no office politics to navigate, and without a reality check from the outside world, no dream seemed too big. To relive those moments, Bertie looks forward to visiting college campuses and staying in a dorm room again. He got an opportunity to do so last weekend when he attended a history of investing course conducted by an old friend. The layout of the classroom, the simple mess food, and the hostel room, with a large study table and an almirah for books, took him back to the old days. Of the many investing truths that were discussed—sometimes with anecdotes and sometimes with data—the one that stayed with Bertie was the market's obsession with big events and its attempts to predict their outcomes. The continuous news cycle provides fodder to this tendency, with even savvy investors getting sucked into the preoccupation. Bertie's friend made the point that for one to make money from a big event, one has to get two things right: the outcome of the event, and then the market reaction to that outcome, which may not necessarily be what one thought would happen. Numerous examples of this were cited. The effect of Brexit, which was supposed to spell doom for global equities, lasted for just about an hour before the markets resumed their upward march. Similarly, in November 2016, when Donald Trump became US President for the first time, the S&P was up every single day of the results week—the first two because the markets thought Hillary Clinton was a shoo-in, and the next three because the markets deemed Trump's policies to be business-friendly. Something similar has happened in India after the recent surprise 50 basis points rate cut by the Reserve Bank of India (RBI). On the eve of the cut, the government 10-year bond was trading with a yield of around 6.25%. If one had correctly forecasted the quantum of the cut, one would have been tempted to buy the bond. The yield today hovers around 6.40%, so bond prices have moved in the opposite direction of what one might have expected. Several reasons are cited post-facto for such counterintuitive market behaviour, like pre-positioning, which is market speak for how investors are positioned in the run-up to the event. But the truth is that markets are rarely driven by a single factor, event, or narrative. Generally, when the bulk of participants decide to focus on just one thing, something is quietly shifting elsewhere in the landscape. Bertie savoured the two days on campus, basking in the feeling of being a student again. Some old lessons were reaffirmed, some new ones learnt, and the wide-open spaces widened Bertie's frame of thinking as well and reassured him once again that no dream is too big. Bertie is a Mumbai-based fund manager whose compliance department wishes him to cough twice before speaking and then decide not to say it after all.
