Front Page
With the budget on Friday’s agenda, and the Economic Survey released on Thursday, headlines reflect how newspapers feel about the government’s “blueprint for $5 tn economy” (The Hindu). The Indian Express’s headline, like Hindu’s, is straightforward: “Private investment key, to fiscal glide path.”
The Times of India says of the Survey: “Need 8% growth for economy to reach $5tn in 5 yrs: Survey,” while Hindustan Times is more skeptical: “Govt. says growth to rebound, but challenges still on horizon.”
Express reminds that India is currently at its “five year low of 6.8%” growth, and that the survey projects that economic growth will “modestly inch up to 7% this year”.
But the “essential ingredient…to grow India into a $5 trillion economy by 2024-25”, writes HT, is private investment. It quotes Ranen Banerjee, leader in public finance who says “to be able to get the momentum up from the last quarter growth rate of 5.8% to an annual growth rate of 7%, it will require a high boost in spending by the government”.
Both TOI and the Express draw special attention to the Survey’s suggestion to raise the retirement age.
“Given that life expectancy for both males and females in India is likely to continue rising, increasing the retirement age for both men and women going forward could be considered in line with the experience of other countries,” writes TOI.
The Hindu also reports that Chief Economic Advisor Krishnamurthy Subramanian “said that the team had been guided by a “blue sky” thought process”, which is “an unfettered approach to thinking about the appropriate economic model for India”.
Newspapers carry parallel reports of former Reserve Bank of India (RBI) governer Urjit Patel’s “first speech” after stepping down. Patel “blamed his predecessors at the central bank for not taking away the “punchbowl” from the “credit binge party”” (TOI). In other words, he said public banks are “nudged” to over lend to boost preferred sectors of the economy. This, he said, leads to higher NPAs over time.
“In 39 damning slides”, TOI says he showed how bad loans “hollowed out the capital of PSBs — which have not provided enough for potential losses — and the government response has been to throw more capital at the banks”.
Express writes in its ‘Explained’ page that Patel “has warned that lack of adequate capital infusion, poor oversights of NFBCs, given the interconnectedness with banks and MFs, and negating RBI decisions will keep alive episodic high risk perceptions of the sector”.
Jadhav verdict
“Nearly five months after India urged the International Court of Justice” to annul the death sentence handed to Kulbhushan Jadhav by the Pakistani government, the “court will deliver its judgement on July 17”, reports the Express.
“The President of the Court will read out the verdict”, informs The Hindu. Strangely, TOI chooses not to report the matter on page 1 at all. HT puts it as an insert of a larger article that reports “India on Thursday rubbished Pakistan’s contention that wanted terrorist Dawood Ibrahim wasn’t based in the country”.
Others
In a move that perhaps won’t look so good for the Congress, “Indrani (Mukerjea) allowed to turn approver in INX case” wherein “Former Union Minister P. Chidambaram’s son Karti Chidambaram is also an accused”, reports The Hindu.
“Indrani has been asked to appear before the special CBI court on July 11”, informs TOI who gives it less than column space on its flap.
The Express is the only one to report, “After the bat, the bucket: Rane’s Cong MLA son assaults official”. It carries a graphic image of an NHAI official doused in mud, thrown by Nitish Rane, son of former Maharashtra chief minister Narayan Rane.
Opinion
HT talks about the Economic Survey 2018-19 which envisions India as a “$5-trillian economy”, “an articulated objective of the prime minister.” The survey recommends a growth model that is based on investment and export with “private investment being catalysed by conducive foreign investment rules, political stability, and an efficient judiciary. “
HT recognizes three subsidiary strands under the prescribed model – the unique Indian problem of sub-scale companies and the survey’s understanding of it; a national floor for minimum wages which would improve situations for the working class and “the Survey’s focus on behavioural economics when it comes to public policy.” It is time the Union budget starts reflecting these important ideas, writes HT.
In “Mumbai’s tragedy,” The Indian Express highlights the monsoon mayhem in Mumbai. A high-level enquiry has been set up to probe the collapse of a wall which resulted in the death of 26 people. “The first week of rains left thousands with flooded and damaged homes and vehicles.” It has also adversely affected public transport and even infected drinking water.
Express argues that “the tiresome trope about Mumbai’s resilience almost appears to be its undoing — the city that never stops returns to business as usual and long-term corrective measures are forgotten.” There are no plans of sustainable development and governance is rife with corruption and “incompetence in infrastructure planning.” There is a need for better accountability for “Mumbai’s ramshackle systems” by the institutions responsible.
Prime Time
West Bengal chief minister Mamata Banerjee’s soft Hindutva, the Economic Survey of India and ‘goonda’ politics were subjected to scrutiny on prime time debates Thursday.
CNN News 18: With Congress leader Nitish Rane leading a ‘mud’ attack on an official following similar attacks by Akash Vijayvargiya and TRS members, anchor Zakka Jacob, observed that these are not one-off incidents: “What gives them the authority to do this?”
Political analyst Chetan Singh said, “They are all lawmakers. Stopping any government official is a crime under Section 353.”
Lawyer Shehzad Poonawalla added, “Nitesh Rane has been a serial offender and his brother also has a similar record.”
NCP’s Asif Bhamla said, “He should get a similar punishment, as a lawmaker, which a normal person gets.”
India Today: On ‘#Modinomics’, anchor Rajdeep Sardesai asked whether the Economic Survey’s forecast of 7 per cent GDP growth was realistic?
Kiran Mazumdar Shaw, chairman & managing director, Biocon felt the target was “an absolutely doable number”. She added, “We do need to create a virtuous cycle of investment, consumption and jobs. This will basically move the needle in growth.”
Sanjeev Sanyal, principal economic adviser in the Finance Ministry, said, “It is not a forecast. We aim to hit it by 2024-2025.”
When Sardesai reminded him of slow growth. Sanyal replied, “We are aware that GDP has slowed down… But our reforms will push up growth.”
Aaj Tak: MP Nusrat Jahan flagged off the Jagannath Rath Yatra in the presence of the West Bengal chief minister. Anchor Rohit Sardana reminded viewers she had chanted “Jai Hind” in Parliament and she follows Hindu marriage traditions — “Is Nusrat Jahan the poster girl of Mamata’s Hindutva politics?” he asked.
Political analyst Taushif Khan thought that Nusrat was an example of an inclusive society. “…this is not a Hindu-Muslim issue, we must appreciate that this is a step of inclusiveness.”
BJP leader Shazia Ilmi was less optimistic: “…people will see now that competition has started to prove who is more religious. This is the same Mamata who did not like the words “Jai Shree Ram” but by sending Nusrat to do this flag off, she is employing tactics to correct her mistakes”,
ABP News also debated Mamata Banerjee’s “soft Hindutva”.
Anchor Romana Khan said, “After a huge defeat in the elections, Mamata has started playing politics of Hinduism. She is now trying to appease Hindus by flagging off the Jagannath Rath Yatra.”
Political analyst Nishant Varma challenged this: “This is not the first time that she has gone for a Rath Yatra— it cannot be said that she leans towards one community, she has used crores to reconstruct and renovate temples in Bengal. It is your perception that all of this is happening due to her loss in the elections.”
BJP spokesperson Prem Shukla claimed she was trying to recover from her electoral loss: “She used to threaten those who used to say “Jai Shree Ram”, now she is flagging off this yatra which only means that she is trying to appease everyone…”
With inputs from Taran Deol, Kairvy Grewal, Rachel John, and Harshit Mansukhani.