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The driving force behind India’s economic surge was a broad-based resurgence across various sectors. The manufacturing sector, a crucial barometer of economic activity, witnessed a robust expansion of 13.9%, while construction and trade, hotels, and transport also recorded significant growth. Private consumption, a key determinant of economic demand, remained resilient, indicating the improving purchasing power of Indian households.

India’s GDP Growth Report: A Beacon of Economic Strength

India’s impressive GDP growth in Q2 FY24 is a testament to the nation’s economic resilience and strength amidst global challenges. This robust performance is expected to have a positive impact on job creation, income growth, and overall economic well-being. Moreover, India’s position as the fastest-growing major economy is likely to attract foreign investment and boost investor confidence, further fueling the nation’s economic growth trajectory.

Navigating Challenges for Continued Economic Growth

While the Indian economy is on a strong footing, it is essential to address certain challenges to sustain its growth momentum. These include effectively managing inflation, addressing supply chain disruptions, and ensuring fiscal consolidation. The government’s continued focus on infrastructure development, reforms, and promoting ease of doing business will be crucial in maintaining India’s growth trajectory and achieving its long-term economic goals.

India’s Economic Future: A Brighter Dawn

India’s impressive GDP growth in Q2 FY24 marks a significant milestone in the nation’s economic journey. With its robust economic performance, India is poised to play an increasingly prominent role in the global economy. The government’s continued commitment to economic reforms, infrastructure development, and inclusive growth will undoubtedly pave the way for a brighter economic future for India.

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The strong economic performance was driven by a broad-based resurgence across various sectors. The manufacturing sector, a key indicator of economic activity, witnessed a robust expansion of 13.9%, while construction and trade, hotels, and transport also recorded significant growth. Private consumption, a crucial driver of economic demand, remained resilient, indicating the improving purchasing power of Indian households.

Key Highlights of India’s GDP Growth Report

• India’s GDP grew by 7.6% in Q2 FY24, compared to 6.2% in the same quarter of the previous financial year.
• The manufacturing sector expanded by 13.9%, construction grew by 11.5%, and trade, hotels, and transport increased by 10.2%.
• Private consumption remained strong, indicating the improving purchasing power of Indian households.
• India retains its position as the fastest-growing major economy in the world.

Implications of India’s GDP Growth

India’s impressive GDP growth in Q2 FY24 underscores the resilience and strength of the Indian economy amidst global challenges. The robust performance is expected to have a positive impact on job creation, income growth, and overall economic well-being. Moreover, India’s position as the fastest-growing major economy is likely to attract foreign investment and boost investor confidence.

Looking Ahead

While the Indian economy is on a strong footing, there are certain challenges that need to be addressed to sustain its growth momentum. These include managing inflation, addressing supply chain disruptions, and ensuring fiscal consolidation. The government’s continued focus on infrastructure development, reforms, and promoting ease of doing business will be crucial in maintaining India’s growth trajectory and achieving its long-term economic goals.

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Sustainable agriculture is a holistic approach to farming that aims to minimize the environmental impact of agriculture while maximizing crop yields and farmer incomes. It involves using a variety of practices, such as crop rotation, cover cropping, and integrated pest management, to improve soil health, reduce water use, and reduce the use of pesticides and fertilizers.

The new government initiative will provide farmers with financial assistance to adopt sustainable farming practices. This will include subsidies for the purchase of organic fertilizers and other sustainable farming inputs. The government will also provide training to farmers on sustainable farming practices.

The initiative is part of the government’s broader commitment to promoting sustainable agriculture in India. The government has set a goal of increasing the area under organic cultivation to 10% of the total cultivated area by 2025. The government is also promoting other sustainable farming practices, such as water conservation and integrated pest management.

The new initiative is a welcome step towards promoting sustainable agriculture in India. Sustainable agriculture is essential for ensuring long-term food security and protecting the environment. The initiative will help farmers to adopt sustainable farming practices and improve their incomes.

Benefits of sustainable agriculture

Sustainable agriculture has a number of benefits, including:

• Improved soil health: Sustainable farming practices, such as crop rotation and cover cropping, help to improve soil health. This leads to better crop yields and reduces the need for chemical fertilizers.
• Reduced water use: Sustainable farming practices, such as water conservation techniques and drip irrigation, help to reduce water use. This is important in India, which is a water-scarce country.
• Reduced use of pesticides and fertilizers: Sustainable farming practices, such as integrated pest management, help to reduce the use of pesticides and fertilizers. This is good for the environment and for human health.
• Improved farmer incomes: Sustainable farming practices can help to improve farmer incomes by reducing costs and increasing crop yields.

Indian government launches new initiative to promote sustainable agriculture

The Indian government has launched a new initiative to promote sustainable agriculture. The initiative will provide financial assistance and training to farmers to help them adopt sustainable farming practices.

Sustainable agriculture is a holistic approach to farming that aims to minimize the environmental impact of agriculture while maximizing crop yields and farmer incomes. It involves using a variety of practices, such as crop rotation, cover cropping, and integrated pest management, to improve soil health, reduce water use, and reduce the use of pesticides and fertilizers.

The new government initiative will provide farmers with financial assistance to adopt sustainable farming practices. This will include subsidies for the purchase of organic fertilizers and other sustainable farming inputs. The government will also provide training to farmers on sustainable farming practices.

The initiative is part of the government’s broader commitment to promoting sustainable agriculture in India. The government has set a goal of increasing the area under organic cultivation to 10% of the total cultivated area by 2025. The government is also promoting other sustainable farming practices, such as water conservation and integrated pest management.

The new initiative is a welcome step towards promoting sustainable agriculture in India. Sustainable agriculture is essential for ensuring long-term food security and protecting the environment. The initiative will help farmers to adopt sustainable farming practices and improve their incomes.

Benefits of sustainable agriculture

Sustainable agriculture has a number of benefits, including:

• Improved soil health: Sustainable farming practices, such as crop rotation and cover cropping, help to improve soil health. This leads to better crop yields and reduces the need for chemical fertilizers.
• Reduced water use: Sustainable farming practices, such as water conservation techniques and drip irrigation, help to reduce water use. This is important in India, which is a water-scarce country.
• Reduced use of pesticides and fertilizers: Sustainable farming practices, such as integrated pest management, help to reduce the use of pesticides and fertilizers. This is good for the environment and for human health.
• Improved farmer incomes: Sustainable farming practices can help to improve farmer incomes by reducing costs and increasing crop yields.

Conclusion

The Indian government’s new initiative to promote sustainable agriculture is a welcome step. Sustainable agriculture is essential for ensuring long-term food security and protecting the environment. The initiative will help farmers to adopt sustainable farming practices and improve their incomes.

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Some of the key sectors that contributed to the growth in exports include engineering goods, pharmaceuticals, textiles, and electronics. Engineering goods exports grew by 25% year-on-year, while pharmaceutical exports grew by 18%. Textile exports grew by 15% and electronics exports grew by 10%.

The growth in exports is a positive sign for the Indian economy, as it will help to boost economic growth and create jobs. The government is targeting to achieve exports of $1 trillion by 2030, and the strong performance in FY22-23 suggests that this target is achievable.

Here are some of the factors that are driving the growth in India’s exports:

• Increased demand for Indian goods and services in global markets: The global economy is recovering from the COVID-19 pandemic, and there is a growing demand for Indian goods and services in global markets. This is due to a number of factors, including India’s competitive advantage in certain sectors, such as pharmaceuticals, textiles, and engineering goods.
• Government initiatives to promote exports: The Indian government has taken a number of initiatives to promote exports, such as the Export Promotion Capital Goods (EPCG) scheme, the Merchandise Exports from India Scheme (MEIS), and the Remission of Duties and Taxes on Exported Products (RoDTEP) scheme. These schemes have helped to make Indian exports more competitive in global markets.
• Improved infrastructure: The Indian government has also invested in improving infrastructure, such as roads, ports, and airports. This has made it easier for exporters to transport their goods to global markets.

The growth in India’s exports is a positive development for the country’s economy. It will help to boost economic growth, create jobs, and reduce the current account deficit. The government is committed to supporting exporters and achieving the target of exports of $1 trillion by 2030.

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As part of this initiative, a Memorandum of Agreement (MoA) has already been signed by the Sainik Schools Society with 19 new Sainik Schools spread across the country.

Following a thorough evaluation of applications for opening additional Sainik Schools under this partnership model, Defense Minister Rajnath Singh has given approval for the establishment of 23 new Sainik Schools in collaboration with various partners. This brings the total number of new Sainik Schools operating under the guidance of the Sainik Schools Society to 42, in addition to the existing 33 Sainik Schools following the previous pattern.

The main objectives behind Prime Minister Narendra Modi’s vision of establishing these 100 new Sainik Schools are to provide high-quality education in line with the National Education Policy and to offer students enhanced career opportunities, including the option to join the Armed Forces. This initiative also encourages the private sector to work alongside the government to contribute to the nation’s development by shaping today’s youth into responsible citizens of tomorrow.

A list of the 23 newly approved Sainik Schools by state or union territory can be found at this website.

These new Sainik Schools, in addition to their affiliation with their respective education boards, will operate under the guidance of the Sainik Schools Society and will adhere to the Rules and Regulations for new Sainik schools established through partnerships, as prescribed by the Society. In addition to the standard curriculum provided by their affiliated boards, these schools will also offer an Academic PLUS curriculum in the style of Sainik schools. You can find more details about how these schools will operate on their official website. Students and parents interested in this opportunity are encouraged to visit the website and make the most of this new educational initiative.

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The ‘PM Vishwakarma’ scheme underscores Prime Minister Modi’s unwavering commitment to provide vital support to individuals engaged in traditional craftsmanship, emphasizing the preservation of age-old traditions, cultural heritage, and the rich legacy embodied in local products, arts, and crafts.

In a significant announcement made during his address to the nation from the Red Fort on the 77th Independence Day, PM Modi revealed the imminent launch of a scheme designed to empower those skilled in traditional craftsmanship. This initiative extends beyond financial aid, aiming to safeguard and nurture the ‘Guru-Shishya parampara’ (mentor-disciple tradition) and the family-based practice of traditional skills among ‘Vishwakarmas’ – artisans who craft with their hands and tools.

The ‘PM Vishwakarma’ scheme boasts full funding from the Union Government, with an impressive allocation of Rs 13,000 crore. Under this program, artisans and craftspeople, known as ‘Vishwakarmas,’ will be registered at no cost through Common Services Centres, using the biometric-based ‘PM Vishwakarma’ portal. They will receive recognition in the form of a PM Vishwakarma certificate and ID card.

Key highlights of the ‘PM Vishwakarma’ scheme include skill enhancement through basic and advanced training, a toolkit incentive of Rs 15,000, collateral-free credit support up to Rs 1 lakh (first tranche) and Rs 2 lakh (second tranche) at a concessional interest rate of 5 per cent, incentives for digital transactions, and marketing support.

At its essence, “PM Vishwakarma” seeks to strengthen and cultivate the ‘Guru-Shishya parampara’ and the family-based practice of traditional skills among ‘Vishwakarmas,’ who create using their hands and tools. The primary objective is to enhance the quality and reach of products and services crafted by artisans and craftspeople, ensuring their integration into both domestic and global value chains.

This comprehensive scheme will benefit artisans and craftspeople in both rural and urban areas across India, covering eighteen traditional crafts, including carpenters, boat makers, armorers, blacksmiths, hammer and tool kit makers, locksmiths, goldsmiths, potters, sculptors, stone breakers, cobblers, masons, basket, mat, broom makers, coir weavers, doll and toy makers, barbers, garland makers, washermen, tailors, and fishing net makers.

“PM Vishwakarma” represents a significant stride toward preserving India’s cultural heritage, empowering skilled artisans, and promoting the rich tradition of craftsmanship that has endured for generations. This initiative vividly embodies the government’s steadfast commitment to supporting traditional crafts and ensuring their flourishing in the modern era.

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