UK Pushes for Partnership Reset with India
During his visit to New Delhi this week, British Foreign Secretary David Lammy will advocate for resetting the India-UK partnership, reinforcing Britain’s commitment to securing a free trade agreement (FTA) that benefits both nations.
The FTA negotiations, which began in January 2022, will be a key topic during Lammy’s visit starting on Wednesday. Lammy, who has taken up the position within the past month, is set to meet with External Affairs Minister S. Jaishankar and Commerce Minister Piyush Goyal.
Budget’s Impact on Growth
The Economic Survey projecting a more conservative estimate of GDP growth (6.5%-7%) for 2024-25 than the Reserve Bank of India’s projection of 7.2% hinted that the Union Budget 2024-25 would not resort to drastic fiscal measures.
The budget’s focus is on enhancing India’s medium-term to long-term growth prospects rather than short-term fixes. This strategy reflects the understanding that quick fixes are unnecessary, given India’s competitive growth rate compared to major global economies and the absence of an inflation crisis.
The budget underscores that surpassing India’s potential growth rate sustainably requires more than a one-time fiscal boost. Several elements from the budget highlight these long-term growth challenges and strategies.
