A recent report by the US-based think tank Brookings, authored by Surjit Bhalla and Karan Bhasin, marks a significant milestone for India: the official elimination of ‘extreme poverty.’ This achievement is attributed to the strong policy emphasis on redistribution by Prime Minister Narendra Modi’s government. The report highlights key findings, including a notable decline in the headcount poverty ratio and a substantial increase in household consumption, indicating robust inclusive growth fueled by government policies.

According to the report, official consumption expenditure data for 2022-23 reveals a consistent real per capita consumption growth of 2.9% annually since 2011-12. Rural areas have experienced even higher growth at 3.1%, outpacing urban growth at 2.6%. This data, the first official survey-based poverty estimates for India in over a decade, underscores the effectiveness of government-funded programs aimed at redistribution.

The report underscores the role of policies targeting redistribution in rural areas, contributing to higher consumption growth. Additionally, there has been a significant reduction in both urban and rural inequality, which, combined with robust growth, has led to the elimination of poverty in India, according to Brookings’ analysis using the Purchasing Power Parity USD 1.9 poverty line.

Notably, the report highlights discrepancies between poverty estimates by the World Bank and those presented in the Brookings report, which do not include factors such as government-provided free food and access to public health and education services.

Brookings credits various government initiatives, including the national mission for toilet construction and efforts to ensure universal access to essential services like electricity, cooking fuel, and piped water, for driving consumption growth. The substantial increase in rural access to piped water, from 16.8% in August 2019 to 74.7% presently, has notably improved public health outcomes.

The report concludes on an optimistic note, stating that India’s official confirmation of extreme poverty elimination has positive implications for global poverty rates. This achievement underscores the effectiveness of government policies and signals a significant milestone in India’s socioeconomic progress.

India’s ruling party, the Bharatiya Janata Party (BJP), has expanded its influence to almost two-thirds of the country’s states, enhancing Prime Minister Narendra Modi’s prospects for the upcoming national elections. The BJP, either independently or in coalition, now governs 17 of India’s 28 states, encompassing a population of 720.6 million and representing about 55.24% of parliamentary seats. While state-level control doesn’t guarantee national support, it strengthens the BJP’s position, especially as the opposition alliance (I.N.D.I.A.), created to challenge Modi, faces setbacks.

The recent inclusion of Bihar in the BJP’s domain has disrupted the I.N.D.I.A. alliance, characterized as a fragile structure susceptible to collapse. The remaining 11 states are under the control of regional parties or the Indian National Congress, the principal opposition party. Bihar’s chief minister dissolved the opposition-led government to align with Modi’s party, further weakening the opposition alliance.

As the Election Commission of India prepares to announce poll dates in the coming weeks, the BJP’s expanded control sets the stage for nationwide elections in April and May. With over 945 million registered voters, these elections will determine the 543 lawmakers in the lower house of the Indian parliament. In the 2019 elections, 614 million out of 911 million registered voters participated.

In the 2019 national elections, the BJP secured 303 parliamentary seats, comfortably surpassing the halfway mark of 272. Currently holding 290 seats, the party’s recent consolidation with Bihar brings the total to 300 seats, reinforcing its political landscape.

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Mr. Modi reiterated his focus on four categories: youth, farmers, the poor, and women, asserting that strengthening these pillars would fortify the nation. Purvanchal’s historical neglect was acknowledged, and Modi pledged devoted service to the region with the support of Kashi’s people and Mahadev’s blessings.

Participating in the ‘Meri Kahani, Meri Zubani’ event, Modi engaged with beneficiaries like Chanda Devi, applauding her eloquence and appreciating her gratitude for pro-poor policies. He inaugurated significant projects, including the second Vande Bharat train, the eastern Dedicated Freight Corridor segment, and the Unified Tourist Pass System. The inauguration of Swarved Mahamandir in Varanasi, touted as the world’s largest meditation center, featured Modi highlighting the reconstruction of cultural symbols, including the ongoing Ram temple development in Ayodhya.

Uttar Pradesh Chief Minister Yogi Adityanath and other dignitaries joined the event, reflecting the collaborative efforts for holistic development.

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Over the past decade under Prime Minister Narendra Modi’s leadership, the Indian banking system has undergone significant transformations, moving from the era of ‘phone banking’ to implementing prudential norms, mega mergers, recapitalization, and fostering a banking culture through initiatives like Jan Dhan accounts, digital banking/payment systems, and Mudra loans.

According to a research report by the State Bank of India (SBI), the banking system’s total asset/liabilities growth during FY14-23 is 1.3 times higher than the growth in the last 60 years. Despite obstacles like demonetization, non-banking financial company setbacks, shifts in monetary policy, and the pandemic, the Indian banking system has shown resilience, emphasized by Sujan Hajra, Executive Director, and Chief Economist
at Anand Rathi Shares and Stock Brokers.

Hajra points out that banks are better capitalized, positioned to handle shocks, provide faster services, and reach marginalized communities. The non-performing loan ratio has decreased from 14.6% in 2018 to 7.3% in 2022. Public sector banks’ market cap rose by 173%, and profitability increased by 134.9% from 2014-22.

In an interview, Hajra discusses the transformation of the banking sector under Modi’s premiership, its state in 2014, steps taken to address issues, positive and negative aspects, and the way forward. He emphasizes the improvements in financial health, capitalization, asset quality, provisioning, and profitability of Indian banks.

However, challenges remain, including limited divestment of government ownership in public sector banks, issues with efficiency and corporate governance, and a persistent disparity between lending and deposit rates. Hajra suggests that the next decade may witness a further reduction in operating costs, specialization in banking activities, enhanced digital banking networks, and a transition to cash flow-based lending.

Regarding financial inclusion initiatives like Jan Dhan accounts and lending programs for MSMEs and unorganized sectors, progress has been made, but collateral-based lending remains dominant, impeding faster advancement in these areas.

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In a recent development, Russian President Vladimir Putin showered praise on Prime Minister Narendra Modi, commending his resolute commitment to India’s national interests. This commendation came on the heels of significant victories for the Bharatiya Janata Party (BJP) in three Indian states, underscoring Modi’s enduring popularity among voters. With the 2024 general elections on the horizon, the BJP finds itself in a formidable position, bolstered by Modi’s consistently high approval ratings, a factor acknowledged by international observers. The BJP’s triumphs in state elections not only reaffirm Modi’s political standing but also set the stage for the upcoming national polls.

As India approaches the 2024 elections, Modi’s continuous popularity emerges as a significant driver behind the BJP’s dominance. The party’s success is attributed to its effective governance, resonating positively with the electorate. Modi pointed out that the BJP’s repeated victories showcase its ability to secure re-election based on its track record. Furthermore, the BJP’s strategic advantage lies in its ability to avoid anti-incumbency, a trend that has contributed to its sustained success.

Looking ahead to 2024, Modi emphasized the party’s proactive engagement with community-based initiatives. This includes programs reaching out to beneficiaries of government schemes, underscoring the BJP’s commitment to grassroots connections. The BJP’s victories, both past and anticipated, affirm Modi’s leadership and the party’s continued appeal among voters.

International assessments underscore Modi’s unwavering popularity as a pivotal factor that positions the BJP favorably for the impending elections. This recognition of Modi’s enduring political influence reflects a consistent trend in approval ratings, signaling the BJP’s strength and relevance in Indian politics.

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Prime Minister Narendra Modi, on December 17, 2023, unveiled the Surat Diamond Bourse in Gujarat, a sprawling 6.7 million square feet facility equipped with international banking services, secure vaults, and a jewelry mall. This state-of-the-art establishment is expected to create around 150,000 job opportunities. Simultaneously, the Prime Minister inaugurated the new terminal at Surat Airport, designed for 1,200 domestic and 600 international passengers. The Surat Diamond Bourse, touted as the world’s largest office space, aims to transform into a global hub for diamond and jewelry trade, showcasing India’s design capabilities. Modi outlined government measures to boost the gem and jewelry sector, emphasizing support for green diamonds.

Highlighting Surat’s connectivity through an international airport, metro rail, and ports, Modi underlined the positive global perception of India and Surat’s growing prominence. The government’s vision involves achieving a 5 trillion-dollar economy with a strategic roadmap for the next 25 years. The Prime Minister’s two-day visit also included inaugurating Varanasi’s second Vande Bharat train, connecting Varanasi and Delhi.

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As the Lok Sabha elections approach, the BJP is strategically targeting the Thrissur constituency, anticipating a breakthrough. Prime Minister Narendra Modi is set to launch the party’s election campaign on January 2 at Thekkinkadu Maidan, hosting a women empowerment conference. The BJP aims to attract over 2 lakh women, transcending party lines for support.

Kerala BJP chief K Surendran expects the participation of prominent women, including ASHA workers, Anganwadi workers, MGNREGA workers, entrepreneurs, and social activists. The event doubles as a platform for women to applaud the Prime Minister for the women’s reservation Bill.

Modi’s upcoming visit was previously disclosed by the BJP, announcing his participation in a program in January, along with Home Minister Amit Shah, party president J P Nadda, and other leaders engaging in various campaign programs before the Lok Sabha polls.

In preparation for the elections, NDA leaders and workers plan foot marches across all Lok Sabha constituencies in January, extending their outreach to Christian households with PM Modi’s Christmas message. Massive campaign marches are scheduled throughout January and February under the NDA’s banner across Kerala.

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Emphasizing the imperative to channel the energy of students and youth toward the common objective of ‘Viksit Bharat,’ Prime Minister Modi called for initiatives transcending individual university disciplines to contribute to the construction of a united and developed nation. Introducing the Ideas Portal for Viksit Bharat, he encouraged suggestions on various themes and emphasized the creation of an ‘Amrit generation’ dedicated to national interests and civic responsibilities. The Prime Minister urged educators to serve as exemplars, nurturing social consciousness and proposing ways to enhance initiatives like Swachh Bharat Abhiyan.

Employing the analogy of an examination, Prime Minister Modi declared the forthcoming 25 years as a decisive period for India’s youth, emphasizing their pivotal role in shaping the future of families and society. He highlighted the government’s unwavering commitment to engaging every youth in the action plan for a developed India, seeking their active participation. Concluding his address, PM Modi stressed the importance of a collective effort through ‘Sabka Prayas.’

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Jagdish Sewhani, President of the American India Public Affairs Committee in New York, hailed the results as a “reflection of the country’s mood,” attributing the wins to people voting for good governance and performance. He emphasized the trust in Prime Minister Modi’s leadership, foreseeing India becoming a $40 trillion economy in the next 25 years.

Viewing the recent state elections as a semifinal, Sewhani expressed confidence in the BJP’s success in the 2024 General elections. He urged supporters in the diaspora to actively campaign for the BJP and its candidates in the upcoming elections.

Other speakers at the celebration, including Dr. Narinder Kukar, Chintu Patel, Dr. Dipak Nandi, Sunil Hali, Amba Sharma, Dr. Urmilesh Arya, Satvinder Satta, Kulbir Singh, Indu Jaiswal, Anju Sharma, Pinki Jaggi, Dr. Pushp Bhansali, and Dr. Sanil Sarkar, echoed similar sentiments.

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In a social media post, PM Modi referred to Ambedkar as an “immortal champion of social harmony” and paid his respects on this significant day. Lok Sabha Speaker Om Birla also recognized Ambedkar’s dedication to establishing an equal and just society, progressing the nation, and advocating for human rights and social justice.

Defence Minister Rajnath Singh paid homage to Ambedkar, acknowledging his remarkable contributions to the nation and highlighting the enduring impact of his thoughts. Dr. Jitendra Singh, Minister of State in the Prime Minister’s Office, remembered Babasaheb’s role as the chief architect of India’s Constitution and his tireless efforts for an equitable and strong India.

Congress President Mallikarjun Kharge paid tributes to Ambedkar’s commitment to democratic principles, liberty, equality, fraternity, and justice. He emphasized the need to preserve and protect Ambedkar’s finest contribution to the nation – the Constitution of India.

B.R. Ambedkar, born on April 14, 1891, was a multifaceted figure – an Indian jurist, economist, politician, and social reformer. He fought against social discrimination towards Dalits and advocated for the rights of women and workers. Ambedkar passed away on December 6, 1956, leaving an indelible mark on Indian history.

His contribution extended beyond social reform; Ambedkar earned doctorates in economics from Columbia University and the University of London. He played a crucial role in drafting the Indian Constitution after independence and led significant movements for the rights of marginalized communities.

The Poona Pact in 1932, a significant agreement between Ambedkar and Madan Mohan Malaviya, led to increased legislative representation for the depressed class. Ambedkar received India’s top civilian honor, the Bharat Ratna, posthumously in 1990.

His legacy endures in India’s constitutional framework and his relentless efforts for social justice, shaping the nation’s course towards equality and inclusion. Babasaheb Ambedkar’s teachings and vision continue to influence discussions on human rights, social equality, and the path to a just society.

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Mahaparinirvan Diwas