India
The Indian economy is on the mend but high crude oil prices are a source of concern according to the CEA
The Indian economy is now prepared for recovery, according to Chief Economic Advisor (CEA) V Anantha Nageswaran, but the high crude oil price is a matter of concern.
He remarked at a Bharat Chamber of Commerce webinar that the country’s banking industry is solid, capital is plentiful, and credit demand is on the rise.
“We are not alone in experiencing uncertain growth and high inflation as a result of the pandemic. The same issue affects developed countries as well “he stated
Our budget for 2022-23 is based on crude oil prices of roughly $75 per barrel. The price of Texas crude has risen to USD 96 a barrel due to the tension between Russia and Ukraine. “How long this high. price will persist will determine its influence on the Indian economy,” said Nageswaran.
Inflation and the loss of purchasing power, he claims, is a global issue. This is related to increases in shipping costs, container expenses, and oil prices.
Inflation rates in India are now hovering at 5.2 percent. “However, I believe it should remain within the RBI’s target range of four to six percent in the coming fiscal,” he said.
According to the CEA, the Indian market has begun to correct. “In several industries, activity levels have surpassed pre-pandemic levels. The services sector, on the other hand, has yet to recover “.
He stated that the private sector investment environment has yet to perk up because of the ongoing pandemic cloud. When consumption levels rise, they will pick up.
“However, the budget’s capital spending projection for 2022-23 is higher. This was done to fill in the blanks. In reality, state capital expenditures have increased as well “Nageswaran expressed his thoughts.
In response to the budget’s lower allocation for MNREGA, he stated that it is a demand-driven program. “It was done in the hopes that the economy would improve and need for MNREGA money would decrease. However, if there is a demand for the program, monies will be made available “.
The CEA claims that the budget has buffers. “I expect the recovery to begin in the second part of the next fiscal year. The nominal GDP growth rate has been set at 11%. With four percent inflation, real GDP growth will be seven percent.” According to him, India’s GDP should be split 20:30:50 between agriculture, manufacturing, and services for the country to reach a five-trillion-dollar economy.
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Nerul Bus Stops Shifted Ahead of Turbhe Flyover Demolition
NMMT moves stops by 50 metres as authorities prepare traffic arrangements for demolition work.
The Bus Stop
Commuters travelling through Nerul and Turbhe may soon see changes in traffic movement as authorities prepare to demolish the remaining sections of the Turbhe flyover. To minimise inconvenience to passengers, NMMT has shifted the bus stops at Nerul LP by around 50 metres in both directions.
The bus stop for passengers travelling towards Panvel has been moved about 50 metres ahead, while the stop on the Vashi-bound side has also been relocated by a similar distance. New poles have been installed at the revised locations. Drivers and conductors from NMMT’s Turbhe, Asudgaon and Ghansoli depots have been instructed to use the new stops for passenger pick-ups and drop-offs.
The changes come as officials prepare for the demolition of the remaining two sections of the Turbhe flyover. One of the three sections is already undergoing work, while the demolition of the other two could affect traffic between Thane and Vashi. Traffic officials and the Public Works Department are working on an alternative traffic plan, including possible diversions through the Nerul LP underpass. However, the final diversion route and demolition schedule have not yet been announced.
Officials said the remaining sections of the flyover need to be demolished due to structural deterioration. Permissions and other preparations are currently underway.
For regular commuters, the temporary bus-stop shift is expected to be an important change to note as authorities work on the larger traffic management plan.
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NMMC Pays Tribute to Gandhi and Shastri on Birth Anniversaries
Civic officials remember the contributions of Mahatma Gandhi and Lal Bahadur Shastri at Belapur headquarters.
The Tribute
The Navi Mumbai Municipal Corporation (NMMC) paid tribute to Mahatma Gandhi and former Prime Minister Lal Bahadur Shastri on their birth anniversaries on October 2. A commemorative programme was held at the NMMC headquarters in Belapur, where NMMC Deputy Mayor Dashrath Bhagat offered floral tributes to the portraits of both national leaders at the civic headquarters’ amphitheatre.
Senior NMMC officials were present during the programme, including Additional Municipal Commissioner Sunil Pawar, Chief Auditor Rajendra Gadekar, Deputy Commissioner of Property Tax Dr Amol Palve, Deputy Commissioner of Solid Waste Management Dr Ajay Gadde and Chief Sanitation Officer Rajusingh Chavan.
The occasion provided civic officials an opportunity to remember the lives and contributions of two prominent figures in India’s history. Mahatma Gandhi is widely remembered for his leadership in India’s freedom movement and his emphasis on truth, non-violence and cleanliness. Lal Bahadur Shastri, India’s second Prime Minister, is remembered for his simple lifestyle, leadership and the slogan “Jai Jawan, Jai Kisan.”
The tribute programme also highlighted the continued relevance of their values in public life. For a civic body like NMMC, Gandhi’s emphasis on cleanliness and public responsibility remains particularly significant. Officials and staff gathered at the headquarters to mark the occasion and pay their respects to the two leaders. The programme concluded with floral tributes in their memory.
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CBD Belapur’s Sector 9 to Get New Open Gym
NMMC begins installing fitness equipment at the scenic CIDCO Nursery area following residents’ demand.
The Gym
Residents of CBD Belapur’s Sector 9 will soon have a new outdoor fitness facility close to their regular morning-walk route. The Navi Mumbai Municipal Corporation (NMMC) has started installing open gym equipment at the CIDCO Nursery hill area following a proposal raised by BJP corporator and Standing Committee member Swati Gurkhe.
The work was inaugurated in the presence of senior citizens, former corporator Ashok Gurkhe, Swati Gurkhe and several local residents. The CIDCO Nursery area is known for its greenery, trees and peaceful surroundings. Every morning, many residents visit the area for walking and exercise, making it a popular spot for health-conscious citizens. The new open gym is expected to give them an additional option to include basic strength and fitness exercises in their routine.
Swati Gurkhe said the proposal was made after residents requested better fitness facilities in the area. She said the civic administration has now started implementing the project and efforts will be made to provide good-quality equipment based on residents’ needs. She added that the facility could be expanded in the future if residents require additional equipment or improvements. Their suggestions will be considered while planning further work.
The initiative aims to make better use of the naturally green surroundings while encouraging residents, particularly senior citizens and regular walkers, to stay active and maintain a healthier lifestyle.
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