More than half a century back, Bharat lost her independence to the Mughal dynasty. A Mughal ruler demolished many famous religious places of worship of the Hindu’s in the country and constructed mosques. At Ayodhya, the birth place of Lord Rama, the temple of child Rama was capsized and demolished and a mosque named Babri Masjid was constructed. After independence, the movement to reclaim the deities and to build a temple began again. In 1990; Babri Masjid was demolished and the land of the birth place of Lord Rama was reclaimed. Thousands of youths called “Kar Sevaks” got killed in the police firing. Since then, both the deities and the site were under the protection of the Supreme Court. By the initiative of our Hon’ble PM Modiji and devotees, a Ram temple is now constructed on the original piece of land of almost 68 acres. The “Pran Pratishtha“ ceremony of Ram Lalla was done on 22nd January, 2024 at 12.30 noon (time of birth of Lord Ram) which was a great day of joy and glory. Though mighty Supreme Lord Vishnu incarnated as Ram – a human being, he acted like a human to spread the message to all the monarchs, kings, parents, couples, siblings, family members and all others on how to deal with the subjects and with each other and in every relationship with friends and associates. Renowned religious leaders, industrialists, artists, actors, sports personalities and politicians have offered their prayers during the ceremony with their personal presence.
The consecration of Lord Ram temple will boost the economy by giving employment to lakhs of people through development of travel and tourism globally. Exports of souvenirs embossed with the image of Lord Ram can bring foreign exchange along with spreading the message of humanity, humility, peace, spirituality, governance and goodness.
Devotees and tourists will boost business in the city for transport, food, hospitality, shopping of various merchandise and products related to Lord Ram. Ayodhya can become a global tourist attraction now and is becoming a hub for well-known hotel brands. Based on historical facts, fundamental law and through legal process, construction of the temple was allowed by the judiciary and a separate land for construction was allotted to the Masjid.
Cover Story: The world is facing high pollution, particularly in the cities. Environment is being affected. Manufacturers have been developing EV with the help of modern technology which not only protects the environment but also meets the carbon emission norms. There have been enormous savings in the cost of running EV though the initial capital cost is high. Many auto manufacturers are getting into the manufacture of electric commercial vehicles, passenger cars along with two wheelers. An elaborate network of recharging stations and ready availability of skilled mechanics will be required for the EV ecosystem to take off in a big way. Impressed by the rise in sales of EVs; government has been predicting the Green Revolution in automobile technology. India is likely to record 1 crore EV sales in a year and the sector was expected to generate around 5 crores jobs by 2023. With the improvement in roads in urban and rural areas, India’s EV demand will grow in spite of higher initial cost compared to petrol and diesel vehicles by around 20% to 30%.
The Indian market has welcomed EV with open arms and the market of the segment will grow by 47% by 2027 (app). The EV buyers will get a tax benefit u/s 80EEB on purchase of EV. The Central Government charges a relatively low Goods and Service Tax (GST) of 5% on EV. The sector is supporting a sequence of tax and subsidy adjustments, as well as favorable rules, to support the ongoing demand of the EV. The manufacturers are urging the government to consider reduction of GST on the manufacture to partially offset the huge initial cost and are also working on exporting EVs from the country.
Tata is planning to build a semi-conductor, chip fabrication and battery making plant in Gujarat. This will facilitate the production of more EV in the country.
Indian Economy: FM said that the Indian economy is expected to become the world’s 3rd largest economy by 2027 – 28. Gross Domestic Product (GDP)is expected to surpass USD 5 trillion by 2027 – 28 and the country can become a USD 30 trillion economy by 2047. India at present is the 5th largest economy after the USA, China, Japan and Germany. There is a steady inflow of FDIs (Foreign Direct Investment) and FPIs (Foreign Portfolio Investment).
SBI Chairman Dinesh Kumar Khara predicts 7.3% GDP growth in FY24, while World Bank Chief Economist Indermit Gill suggests India should boost private investment and domestic reforms to counter global slowdown impacts.
India will do well despite the global slowdown. Government is focusing on the agricultural sector as well. Insolvency law needs to be reformed. Lenders have to consider restructuring the temporary troubled accounts due to external factors instead of throwing away the stressed enterprises at rock bottom prices by accepting a haircut as high as 80 – 83%.
Global Economy: FM Nirmala Sitharaman has said the world economy is slow and uneven and medium-term growth prospect have weakened further. The projected pace of global growth is at 3% for 2023 – 24. According to the International Monetary Fund (IMF), the global growth rate is below average of 3.8%. Economy of China grew at 5.2% in 2023 slightly more than the official target published by the World Bank in its global economic prospectus report. Germany, which used to be a leader of growth, is a worst performer now. Britain is also at the risk of recession. World economy is giving a message of gloom.
In USA about 25% of investors and entrepreneurs are foreign born. They get all sorts of support including finance from the beginning. India Inc. is urging the FM to consider the concessional tax regime for manufacturing and service sector so that capital can be built for reinvestment and to consider the financial aspect as well during the period of external factors.
Economy is growing fast and faster, there is high risk as well. Entrepreneurs in small and medium scale sectors are facing much higher risk than large scale capital entrepreneurs. Consciously, they have to move. Economic crisis may suddenly spring up. Net Foreign Direct Investment (FDI) in India has declined to $ 13.54 bn in April – Nov 23 as per the Reserve Bank of India (RBI) report.
Dr. H.P. Kanoria
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