India This Week~February 7, 2025
India This Week~February 7, 2025
India This Week - February 7, 2025
Union Budget 2025-26: Driving Growth, Inclusive Development, and Economic Strength
Finance Minister Nirmala Sitharaman presented the Union Budget 2025-26, focusing on accelerating economic growth, inclusive development, supporting industries, boosting household sentiment, and enhancing the spending power of India's middle class. The budget aims to reinforce India's position as the world's fastest-growing major economy and ensure balanced growth across all regions.
Addressing geopolitical uncertainties, Sitharaman expressed confidence in India's economic foundation and outlined the core objectives of the budget, including workforce development, women's participation in the economy, and strengthening agriculture to establish India as the "food basket of the world." The government remains committed to the vision of 'Sabka Vikas' (Development for All).
Quoting Telugu poet Gurajada Apparao, Sitharaman emphasized the government's vision for Viksit Bharat (Developed India), focusing on poverty eradication, universal access to quality education, comprehensive healthcare, and a skilled workforce. The budget also announced an increase in the Foreign Direct Investment (FDI) limit in the insurance sector to 100%.
'Make In India' and Rahul Gandhi's Perspective
Congress leader Rahul Gandhi criticized the 'Make In India' initiative, noting a decline in manufacturing's share of GDP and highlighting the need for a new vision for growth, production, and job creation. He emphasized India's opportunity in the energy and mobility revolution, stressing the importance of focusing on production to tackle underemployment and social inequalities.
Gandhi highlighted China's lead in key technologies and called for strategic investments in renewable energy, batteries, electric motors, optics, and AI to boost production and create job opportunities. He underscored the significance of addressing unemployment and inequality through a holistic approach that combines production and participation.
Discussing the ongoing global transformation towards electric mobility and renewable energy sources, Gandhi urged India to catch up with technological advancements and build capabilities in critical areas. He emphasized the importance of fostering a conducive environment for small and medium businesses to participate in the evolving economic landscape.
US CFPB Director Rohit Chopra Fired
United States' Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra was fired, cutting short his five-year term. Chopra expressed gratitude for his tenure, highlighting the agency's efforts to hold financial institutions accountable and protect consumers. The CFPB plays a crucial role in safeguarding families and businesses from illegal practices in the financial sector.
Chopra's dismissal comes amid ongoing efforts to strengthen consumer protection and ensure fair and transparent financial markets. His tenure was marked by initiatives to combat financial misconduct and enhance regulatory oversight. The decision to remove Chopra raises questions about the future direction of consumer financial protection in the US.
Chopra's contributions to promoting financial transparency and accountability have been acknowledged, and his departure underscores the challenges and dynamics within the financial regulatory landscape. The implications of his firing on consumer rights and financial stability remain to be seen.
