Story of missed targets
The FY25 economic survey is a document of missed targets, and the GDP has fallen back inevitably. The economy is to post a growth of 5.5% in the April-June period in order to meet the benchmark of 2.7%, as the projections are still lower than the 3.6% target. This makes it the third successive year for the government to miss its targets. The pre-budget annexure confirms that the economy has been in doldrums and the dispensation has, somehow, managed to keep it afloat through monetary control and changing projections off and on. The finance minister, unveiling the survey yesterday, cited the global economic outlook and noted that GDP growth was estimated to decline to 2.8% in FY25 from 3.5% two years ago. He, however, sounded confident that 2.7% growth for the outgoing fiscal year was in the wings.
Surprisingly a week ago, the government had boasted high-profile projections hoping to see the growth rate at 4.2% for the next fiscal year. This was done in the wake of the revision of targets by international lenders that saw the economy going down, as the targets for the FY25 were missed and the economy performed at 2.68%. This happened in the backdrop of the agrarian sector posting a mere 0.56% growth, and all other production units struggling to post a mere break-even. As the federal budget for FY26 is unveiled today, tax collection target is likely to swell to Rs16 trillion, unsurprisingly at the cost of commoners and salaried class, in a society that is under elite capture.
The survey, interestingly, points out that agriculture played a 'sustainable role' in FY25 in ensuring food security, accounting for 23.54% of the GDP and employing over 37% of the labour force. Likewise, the statistics are encouraging with the livestock sector expanding at 4.72%, and fisheries and forestry at 1.42% and 3.03%, respectively. Construction and real estate grew by 3.8%; electricity, gas and water by 6.6%; automobiles by 40%; and wearable apparels by 8%. However, the plum export industry of textiles posted a meagre growth of only 2%; and where small-scale manufacturing grew by 1.3%, large-scale manufacturing rather contracted.
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Express Tribune
3 hours ago
- Express Tribune
Story of missed targets
The FY25 economic survey is a document of missed targets, and the GDP has fallen back inevitably. The economy is to post a growth of 5.5% in the April-June period in order to meet the benchmark of 2.7%, as the projections are still lower than the 3.6% target. This makes it the third successive year for the government to miss its targets. The pre-budget annexure confirms that the economy has been in doldrums and the dispensation has, somehow, managed to keep it afloat through monetary control and changing projections off and on. The finance minister, unveiling the survey yesterday, cited the global economic outlook and noted that GDP growth was estimated to decline to 2.8% in FY25 from 3.5% two years ago. He, however, sounded confident that 2.7% growth for the outgoing fiscal year was in the wings. Surprisingly a week ago, the government had boasted high-profile projections hoping to see the growth rate at 4.2% for the next fiscal year. This was done in the wake of the revision of targets by international lenders that saw the economy going down, as the targets for the FY25 were missed and the economy performed at 2.68%. This happened in the backdrop of the agrarian sector posting a mere 0.56% growth, and all other production units struggling to post a mere break-even. As the federal budget for FY26 is unveiled today, tax collection target is likely to swell to Rs16 trillion, unsurprisingly at the cost of commoners and salaried class, in a society that is under elite capture. The survey, interestingly, points out that agriculture played a 'sustainable role' in FY25 in ensuring food security, accounting for 23.54% of the GDP and employing over 37% of the labour force. Likewise, the statistics are encouraging with the livestock sector expanding at 4.72%, and fisheries and forestry at 1.42% and 3.03%, respectively. Construction and real estate grew by 3.8%; electricity, gas and water by 6.6%; automobiles by 40%; and wearable apparels by 8%. However, the plum export industry of textiles posted a meagre growth of only 2%; and where small-scale manufacturing grew by 1.3%, large-scale manufacturing rather contracted.
India Gazette
2 days ago
- India Gazette
"World's biggest engineering blunder": BJP MP Konda Vishweshwar Reddy slams Kaleshwaram project
Hyderabad (Telangana) [India], June 8 (ANI): Bharatiya Janata Party (BJP) Member of Parliament Konda Vishweshwar Reddy described the Kaleshwaram Lift Irrigation Project in Telangana as the 'world's biggest engineering blunder' and termed it a 'huge scam' that has severely impacted the state's economy. Speaking to ANI on Saturday, BJP MP Reddy said, 'Kaleshwaram Lift Irrigation Project in Telangana is the world's biggest engineering blunder and it's a huge scam which ruined Telangana economically. It is one of the prime reasons that the richest state of Telangana is in such a horrible economic condition. We have a loan of Rs 8 lakh crores.' 'The present Congress government does not have money to pay salaries and run the government,' he added, blaming the ruling party for the deepening financial crisis. Earlier, Telangana Irrigation and Civil Supplies Minister N Uttam Kumar Reddy had held the previous Bharat Rashtra Samithi (BRS) government responsible for the project's failure, calling it the 'biggest man-made disaster' since Independence and the 'most expensive engineering failure' caused by any state government in India. He said that Telangana is currently paying Rs16,000 crore annually in interest and instalments on high-cost loans borrowed during the BRS regime for this 'faulty' project, thereby placing an enormous burden on the state's finances and its farmers. Meanwhile, the Justice PC Ghose Commission on Tuesday issued summons to former Telangana CM K Chandrashekar Rao (KCR), former Minister Harish Rao, and BJP MP Etela Rajender, who also served as a minister during the BRS regime, in the ongoing investigation into alleged irregularities in the Kaleshwaram Lift Irrigation Project (KLIP). The Commission, which has been probing financial and procedural lapses in the multi-crore irrigation project, directed the three political leaders to appear for questioning in the first week of June. According to the sources, KCR was asked to appear before the Commission on June 5, followed by Harish Rao on June 6 and Etela Rajender on June 9. (ANI)
Time of India
4 days ago
- Time of India
As supervisor, MBA graduate carried out thefts in colony: Cops
Bhopal: Awadhpuri police on Thursday claimed to have solved four consecutive theft cases by arresting the accused—a colony supervisor who reportedly used his knowledge of the area and residents' movements to carry out the crimes. The accused was caught while trying to verify if the gold he stole was genuine. Awadhpuri police recovered 160 grams of gold jewellery worth Rs16 lakh and Rs 58,000 in cash from his possession. Awadhpuri SHO Ratan Singh Parihar said that the accused, Rohit Pal, 27, a resident of Bangrasia, was working as a supervisor in the same colony where the thefts occurred. He holds an MBA degree and previously worked for the builder during the colony's development. This gave him an insider's understanding of house layouts and how doors could be accessed—particularly by reaching through windows from the terrace. One of the theft victims, Ankur Babeley, a resident of Soumya Green Valley Colony on BDA Road, reported that he went to Chhatarpur with his family on May 22 and returned on May 28 to find his house ransacked. The main gate's lock was intact, but the first-floor door handle was broken. Jewellery and cash amounting to Rs75,000 were stolen. Similar thefts occurred at three other homes in the area. During the investigation, police noticed similarities in all the cases, indicating they were carried out by the same person—someone familiar with the colony and residents' travel schedules. CCTV footage from the area was reviewed, and informants were activated. The breakthrough came when an informant tipped off police that a man visited a local jeweller to check the authenticity of gold ornaments. Based on suspicion, police detained colony supervisor Rohit Pal. Upon questioning, he confessed to all the thefts. He confessed that he committed the thefts to arrange money for his drug habits and luxurious demands.
