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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.

Warriors of Night

Updated: Oct 22, 2024

We name our daughters Durga, Lakshmi and Saraswati; we worship the divine feminine power in the temples but oppress, repress and even attack the feminine power amidst us. That is the irony in the way India sees its women.

After the safety of the daylight fades, women are seen as easy prey by the predators of the night.

We mark the nine nights of Navratri, the festival of the goddess, by celebrating the dedication and valour of nine real-life women who brave the challenges of the night to pursue their dreams.


Part - 4


Never felt unsafe

The singer says there has been a generational change over the last two decades

Never felt unsafe

Work has no timings for Aisha Sayed. Sometimes, she begins her studio recording at 12 AM and finishes by 5 AM; at other times, concerts and live shows start at 9 AM and she’s done by midnight. In her field of work as a performer and singer, Sayed is used to not getting a night’s sleep and often returning home when most of the city is set to wake up. “I have been travelling at night but I have never, ever, felt unsafe in Mumbai,” says the singer-performer who began her career at the age of 13 years. Her father spotted her talent for music and took her to meet a sound engineer who was their neighbour in Bandra. The family helped her get opportunities and from there, her career began.

Being among the top contenders in Indian Idol, season 3, in 2007 catapulted her to fame and it opened up a world of new performance opportunities across the country. “I was just 20 years then and I was travelling the world, performing at the most lavish weddings, staying at the most luxurious hotels and performing at big corporate gigs,” she says. Safety, while on work, is has never been an issue for her for the organizers arrange a security detail for the performers. “They escort us until we reach the room. And since we travel with our team in a big group, there is always safety in numbers,” says Sayed, who sings in 10 languages. Her peers have faced instances of audience members being rowdy. “Once in Delhi, a group of drunk men followed my colleague to her room and kept banging on her door late into the night. But I have been fortunate,” she says.

Work assignments have taken to varied places, from the most luxurious international destinations to far-off venues in the hinterland of India where she’s travelled through dark, dense forested areas. “I have driven through areas where the only light is that of your car’s headlights. Turn around and you see pitch darkness,” says Sayed. She’s always got a little prayer on her lips when travelling through these remote areas for miles together. She recalls a show in Chattisgarh where she had to travel for nine hours at a stretch through remote and forested areas. “No place in our country is as safe as Mumbai,” she stresses. She would know, considering her extensive travels. She advises women to travel in groups while in places that are unfamiliar or unknown and never to venture out at night alone. “Keep your family informed of your whereabouts,” she says.

While her agreements state that proper security at all times, Sayed says that she drives her own car if she’s out at night for parties or personal work but insists that the people of Mumbai are largely helpful and cooperative. A rickshaw driver who once drove to home in the wee hours of the night, after a recording, waited at her gate until the watchman let her in. Friends and colleagues have dropped her home several times.

Mumbai, she feels, has changed—and it’s for the better, in the past two decades. “Earlier, on buses and trains, men would use the crowd as an excuse to touch women inappropriately. That has gone down. There is a generational change that I see,” says Sayed. She used to take the BEST buses and trains to her training classes and for recordings in the early days of her career.

Her timings are inconsistent and her shows take her to various cities and towns. But the Mumbai-bred girl emphasizes that her city is very safe for women, despite the various incidents of violence. “Mumbai is the only place where a woman can wear what she wants, wear bright red lipstick, leave her hair open and look glamorous and still be safe.”

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