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By:

Amey Chitale

28 October 2024 at 5:29:02 am

Growth Without Fireworks

The Budget leans on tourism, technology, trade calibration and fiscal discipline to anchor growth amid global uncertainty Mumbai: The new budget positions tourism as a key driver of jobs, forex earnings, and local growth. Incentives will back indigenous seaplane manufacturing through a Seaplane VGF Scheme, while a new National Institute of Hospitality will strengthen academia-industry-government linkages. A pilot programme will upskill 10,000 guides at 20 iconic sites with IIM collaboration,...

Growth Without Fireworks

The Budget leans on tourism, technology, trade calibration and fiscal discipline to anchor growth amid global uncertainty Mumbai: The new budget positions tourism as a key driver of jobs, forex earnings, and local growth. Incentives will back indigenous seaplane manufacturing through a Seaplane VGF Scheme, while a new National Institute of Hospitality will strengthen academia-industry-government linkages. A pilot programme will upskill 10,000 guides at 20 iconic sites with IIM collaboration, and a National Destination Digital Knowledge Grid will document cultural and heritage sites. Heritage tourism will be enhanced with experiential upgrades at 15 archaeological sites, and new projects will expand the Buddhist circuit in the northeast. Seven High-Speed Rail corridors will serve as sustainable ‘growth connectors,’ boosting mobility and linking emerging hubs. Software services, IT-enabled services, KPO, and contract R&D are consolidated under ‘Information Technology Services’ with a uniform safe harbour margin of 15.5 percent. The safe harbour threshold rises from Rs. 300 crore to Rs. 2,000 crore, easing compliance for mid-sized firms. To spur investment in critical infrastructure, a tax holiday until 2047 is offered to foreign companies delivering global cloud services via Indian data centres, provided domestic customers are served through Indian resellers. This landmark measure positions modern data centres as central pillars of India’s digital economy and future growth. Key Reforms Income tax rates remain steady but introduces key compliance reforms. TCS on foreign travel and education is reduced to 2 percent, and TDS rules for manpower services have been simplified. Taxpayers can now file Form 15G/15H directly through depositories, easing coordination. Penalty provisions are de-criminalised, with many shifted to late fees. While broader capital gains rationalisation was anticipated, relief comes through treating buyback proceeds as capital gains, lowering the tax burden for recipients. Trade-friendly customs duty reforms find place instead changes rather than sweeping reforms. The duty-free import limit for seafood export inputs rises from 1 percent to 3 percent of turnover, with similar relief extended to shoe uppers. Exporters of leather, textiles, and footwear gain flexibility as the export period is extended to one year. To encourage domestic value addition in consumer electronics, specified parts for microwave oven manufacturing are now exempted. The recommendations of 16th Finance Commission have been accepted by the centre which recommended 41 percent devolution. Budget 2026 reaffirms the government’s commitment to fiscal consolidation while safeguarding social priorities. The debt-to-GDP ratio is projected to decline from 56.1 percent in 2025–26 to 55.6 percent in 2026–27, freeing resources for priority spending by lowering interest outgo. The fiscal deficit target has been met at 4.4 percent of GDP in 2025–26 and is estimated to further ease to 4.3 percent in 2026–27, in line with the path toward a 50±1 percent debt-to-GDP ratio by 2030–31. Revised estimates for 2025–26 place non-debt receipts at Rs. 34 trillion and expenditure at Rs. 49.6 trillion, including Rs. 11 trillion in capital outlay. For 2026–27, receipts are projected at Rs. 36.5 trillion and expenditure at Rs. 53.5 trillion, with net tax receipts of Rs. 28.7 trillion. The government is banking on higher RBI dividends and higher disinvestment receipts. Fiscal deficit financing will hinge on Rs. 11.7 trillion in net market borrowings, supplemented by small savings and other sources, with gross borrowings at Rs. 17 trillion. Successful execution will decide if the budget’s ambitions become reality. This year’s strategy favours actions over numbers, consolidating and reinforcing the ecosystem instead of chasing headline reforms. Amid geopolitical tensions and market volatility, it prioritises stability and durable growth over quick wins - less a Sehwag-style first-ball six, more a Rahul Dravid innings: deliberate, resilient, and built for the long haul.

The Soul of Bharat on the Big Screen

Mumbai: April 4, 2025, my heart feels heavier than it ever has. The news hit me like a monsoon storm—Manoj Kumar, the towering legend of Bollywood, the man who painted patriotism across our screens, is no more. At 87, he slipped away at Mumbai’s Kokilaben Dhirubhai Ambani Hospital, leaving behind a reel of memories that flicker in my mind like a projector that won’t stop spinning. As a movie fan who grew up with his films, I’m not just mourning an actor—I’m grieving the loss of a piece of my soul, a piece of India itself. They called him "Bharat Kumar," and oh, how he earned that name.


I remember the first time I saw ‘Upkar’ (1967). I was a kid, sprawled on the living room floor, eyes glued to our old TV. Manoj ji played Bharat, the farmer who gave everything—his dreams, his love—for his country’s soil. That song, “Mere Desh Ki Dharti,” wasn’t just a tune; it was a heartbeat, pulsing with pride and sacrifice. I’d hum it walking to school, feeling like I, too, could be that noble, that selfless. He won a National Film Award for that one, and rightly so—it wasn’t acting; it was living.

Then there was ‘Shaheed’ (1965), where he brought Bhagat Singh back to life. I’d sit there, popcorn forgotten, as he roared defiance against the British, his eyes blazing with a fire that could’ve lit up the darkest colonial night. It wasn’t just a film—it was a revolution on celluloid, a call to remember the blood that bought our freedom. Manoj ji didn’t just play the martyr; he became him, and every time I watch it, I feel that lump in my throat, that sting in my eyes. It’s no wonder it snagged three National Awards—his passion was a gift to us all.


Oh, and ‘Purab Aur Paschim’ (1970)—how do I even begin? He directed and starred as Bharat again, this time wrestling with the clash of East and West, showing us the beauty of our roots while the world tried to pull us away. I’d laugh at Saira Banu’s antics, then choke up when Manoj ji stood tall, singing “Hai Preet Jahan Ki Reet Sada.” It was a blockbuster, sure, but it was more—it was a love letter to India, penned in his signature hand-over-face style. That move, mocked by some, was his shield, his quiet strength, and I adored it.

And who could forget ‘Roti Kapda Aur Makaan’ (1974)? He directed and starred as Bharat—again, because who else could?—tackling poverty, injustice, and the gut-wrenching struggle for the basics of life. I’d watch, fists clenched, as he fought for the everyman, his voice cracking with raw emotion. It wasn’t just a movie; it was a mirror to our society, a cry for change. Seven Filmfare Awards across his career, they say, but this one felt like it carried them all—his heart bled through every frame.


Then there’s ‘Kranti’ (1981), the epic that had me on the edge of my seat. Manoj ji as the freedom fighter, leading Dilip Kumar and Hema Malini through a storm of rebellion—it was grand, it was gritty, it was everything Bollywood could be. “Zindagi Ki Na Toote Ladi” still echoes in my ears, a reminder of the battles he fought on screen, battles that felt so real I’d dream of joining the fight. He didn’t just direct that film; he sculpted a monument to resilience, and I’d cheer like a fool every time he outsmarted the British.


As I sit here, flipping through these memories, I can’t help but feel cheated. Manoj Kumar wasn’t just an actor or director—he was family. Born Harikrishan Goswami in 1937, he carried the Partition’s scars from Abbottabad to Delhi, turning pain into purpose. He gave us over 50 films in a career spanning four decades, snagging the Padma Shri in 1992 and the Dadasaheb Phalke Award in 2015—honors that felt too small for a man who gave India its cinematic soul. His last role in ‘Jai Hind’ (1999) might’ve flopped, but it didn’t dim his light in my eyes.


I’d read how he met Bhagat Singh’s mother before ‘Shaheed’, seeking her blessing—can you imagine the weight of that? Or how PM Lal Bahadur Shastri urged him to make ‘Upkar’ after the 1965 war, handing him “Jai Jawan Jai Kisan” like a sacred torch? That’s who he was—a man who didn’t just entertain but carried a nation’s dreams.


Manoj ji, you weren’t just “Bharat Kumar” to me—you were the uncle who taught me pride, the friend who shared my anger, the poet who sang my hopes. Your films weren’t movies; they were my childhood, my rebellion, my tears. I’ll miss you like I miss the India you dreamed of—flawed, fierce, and forever ours. Rest in peace, sir. Om Shanti.

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