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Mint
5 days ago
- Business
- Mint
Self-reliance, self-defence to anchor Prime Minister Narendra Modi's 12th Independence Day address
NEW DELHI : Prime Minister Narendra Modi's Independence Day address could return to one of his signature themes: Atmanirbhar Bharat, or self-reliant India. He may present it as the centrepiece of the National Democratic Alliance's (NDA) plan to propel India's $4-trillion economy—projected to be the world's fourth largest in 2025-26—towards its goal of becoming a developed nation by 2047, two people close to the matter said. Against a backdrop of heightened geopolitical frictions, trade disputes, and recent military action, Modi is likely to frame economic resilience, defence capability, and strategic autonomy as the pillars of the country's way forward. This year will mark Modi's 12th consecutive Independence Day speech from the ramparts of the Red Fort, a milestone achieved by only two of his predecessors, Jawaharlal Nehru and Indira Gandhi. India is celebrating its 79th Independence Day on 15 August. From that symbolic perch, India's prime minister traditionally outlines a vision for the nation, blending policy announcements with a call to collective purpose. 'Amid shifting global currents and rising geopolitical pressures, the Prime Minister could place Atmanirbhar Bharat at the heart of his message," said the first of the two persons mentioned above, on the condition of anonymity. The address comes in the wake of Operation Sindoor, India's military response to the Pahalgam terror attack that killed 26 tourists in April. Modi could also highlight the armed forces' successes in striking terrorist camps across the border in Pakistan, while reaffirming that the campaign will continue until every terrorist threat is eliminated, the first person added. This also offers the opportunity to showcase India's own armaments and weapon systems globally. On global headwinds The self-reliance message, which gained traction during the covid-19 pandemic as a push for self-sufficiency, is likely to be reinvigorated amid new global headwinds. In recent weeks, the US has doubled tariffs on Indian goods to 50%, citing New Delhi's energy ties with Moscow. Against this backdrop, Modi could underscore the 'vocal for local" mantra, positioning homegrown brands, 'zero-defect, zero-effect" manufacturing, and indigenous innovation as shields against external shocks, said the second person, on the condition of anonymity. 'He is also likely to assure farmers, manufacturers, the dairy sector, and fishermen that their interests will not be sacrificed, even at significant cost," the second person added. Experts expect Modi's speech to have defence-related, political and economic dimensions, although it is very hard to predict what he may say. 'The adoption of the defence philosophy that acts of terrorism are indeed acts of war may be highlighted as India's guiding approach to respond to any terrorist activity," said A.K. Verma, director of the independent think tank Centre for the Study of Society and Politics. Verma expects the Prime Minister's speech to reflect the shift in India's foreign policy from one of equidistance to everyone to equal closeness to everyone. Modi had articulated this policy shift in March. 'This is a significant shift," said Verma. Meanwhile, the Prime Minister may counter US President Donald Trump's description of India as a 'dead economy" by citing its growth momentum and projections, placing it on course to become the world's third-largest economy. 'India has a big domestic market. The tariffs are not going to have an impact on India's gross domestic product (GDP). However, this is a great opportunity to expand our exports to markets that have not received focused attention in the past. Stepping up exports to multiple small markets will collectively give a strong positive boost to Indian exports," added Verma. 'Hints may emerge of fresh stimulus measures for exporters, aimed at widening India's footprint in global markets," said the first person. Already, the government is working on an economic package under an export promotion mission to energize India's export growth at a time when global trade faces prolonged headwinds, the person added. Modi could call on the country's technologists to develop solutions rooted in local realities, serving villages, small towns, and rural industries first, not as an act of isolationism but as 'strategic empowerment," the person said. On foreign policy The Prime Minister could emphasize India's commitment to strategic autonomy: Maintaining diverse partnerships while protecting democratic values and national priorities. 'The broader message will be one of resilience that Atmanirbhar Bharat is not a retreat from the world, but a confident stride into it, unshaken by tariff disputes or geopolitical pressures, and anchored in the promise of inclusive growth," said the second person. Modi would also reiterate the government's commitment to its people—women, youth, farmers, and the poor. These four pillars have been integral to the Modi government's vision. He, while touching these pillars, may also announce new schemes. A spokesperson of the Prime Minister's Office didn't respond to Mint's emailed queries. Dhirendra Kumar and Vijay C. Roy in New Delhi contributed to the story.
Mint
17-05-2025
- Business
- Mint
Women Behind PAN data, a quiet story of women's rise in India's economy
Indian women are striding into economic activity more than ever before, if tax department data on permanent account numbers (PAN) is anything to go by. More women than men secured permanent account numbers (PAN) in the last two fiscal years, signalling their rising participation in areas that require the 10-digit identification number. In FY25, 29.1 million PANs were issued to women, 23% more than the 23.7 million PANs issued to men, income tax department data showed. Similarly, in FY24, 38.1 million PANs were issued to women, 24% more than 30.7 million issued to men. PAN is mandatory for filing tax returns, opening bank accounts, making high-value cash deposits as well as buying stocks, property and four-wheelers. Welfare funds are usually transferred to beneficiaries' bank accounts, which are linked to a PAN. Also read: Free trade pact with EU possible by year-end amid shared urgency: Sitharaman Labour force gains The trend of rising women PAN holders aligns with the steady rise in women labour force participation rate from 23.3% in FY18 (July to June period) to 41.7% in FY24, driven by more women in rural areas entering the work force. Better employment opportunities for the marginalized sections have helped in gender-inclusive economic growth, said A.K. Verma, director of the Centre for the Study of Society and Politics, a think-tank based in Kanpur. 'Having a bank account, being able to do financial transactions and being part of the financial system has now become part of women's consciousness. Also, a lot of welfare schemes are women-centric and the benefits are transferred directly to their bank accounts, which has helped in financial inclusion," said Verma. Stark contrast The trend is in stark contrast to FY19 to FY23 period, when only 110 million women were issued PAN against 116.7 million issued to men. As of 1 November 2024, more than two-thirds of 503 million PM Mudra Yojana accounts, under which loans up to ₹10 lakh are given to non-farm, small and micro enterprises, are held by women, according to a report from Ministry of statistics and programme implementation titled 'Women & Men in India 2024' published earlier this month. Also read: Boost domestic demand, shrink inequality to become rich nation by '50: ADB chief At the end of November 2024, women operated 27.7 million demat accounts, up from 6.6 million at the end of March 2021, as per this report. Also, women hold 301.3 million Jan Dhan or no-frills bank accounts at end of December 2024, more than the 240 million held by men, according to the statistics ministry report which cites finance ministry data. The consistent rise in the number of women PAN holders reflects a positive trend towards financial inclusion and empowerment of women in India, said Amit Maheshwari, tax partner at AKM Global, a tax and consulting firm. Maheshwari said the steady rise in PAN allotments to women by the income tax department indicates their growing participation in the formal economy. Behind the rise 'Several factors have contributed to this growth, including improved access to education, rising female workforce participation, self-employment initiatives and targeted government schemes such as Stand-Up India, Pradhan Mantri Mudra Yojana and Udhyam Registration, promoting women's entrepreneurship," said Maheshwari. The Stand-UP India scheme offers credit facility to women entrepreneurs and to certain other sections of society. Micro, small and medium enterprises register in the Udhyam Portal to access various government schemes and benefits. The ease of applying for PAN online, combined with Aadhaar-based e-KYC, has also made the process more accessible, particularly in semi-urban and rural areas, added Maheshwari. Also read: Punish bankrupt company owners who don't cooperate with debt resolution: ICAI A NITI Aayog dashboard on sustainable development goals attributes a score of 66 out of 100 to India as of FY24 on achieving gender equality, implying that quite a bit of distance is still to be covered by 2030, by which time India and others have to meet the UN goals adopted in 2015. Kerala, Himachal Pradesh, Tamil Nadu, Andhra Pradesh and Goa are the front-runners in this area, according to NITI Aayog.
