thrissur l saturday l february 01, 2025 l `9.00 l PAGES 12 l city EDITION brace for an unusually hot february with little rain: imd Most parts of India are expected to experience above-normal temperatures and below-normal rainfall in February, the IMD said on Friday impact on crops and advisory for farmers 4.5 mm rain in january cause for concern The hot and dry weather conditions may cause premature bud break and early flowering in apple and stone fruits. Wheat crops at the flowering and grain filling stages may experience significant adverse impacts, while mustard and chickpea are likely to experience early maturity. The IMD advised farmers to use intermittent light irrigation to prevent crop loss ■ ■ The country’s mean temperature in January was 18.98 degrees Celsius, the third highest for the month in more than a 100 years India received an average of 4.5 mm of rainfall in January, making it the fourth lowest since 1901 and the third lowest since 2001, the India Meteorological Department said on Friday | P7 1901 january 2025 was the third warmest in 124 years CHALLENGES Geopolitical, trade uncertainties, and commodity price shocks could upset growth projections STATE OF THE INDIAN ECONOMY GROWTH FY25 Real GDP projected to grow by 6.4% Agriculture and services pushed growth in first half of FY25 FY26 India to grow in the range of 6.3% and 6.8%. If exports pick up, add another 0.5% to 1% growth 2047 goal India needs to grow at 8% for 20 years to become a developed nation by 2047. Also, investment rate must rise to 35% of GDP, up from 31% now INFLATION Retail inflation softened from 5.4% in FY24 to 4.9% in April–December 2024 However, food inflation shot up from 7.5% in FY24 to 8.4% in FY25 (April-December) Overall, the risk to inflation from increases in commodity prices seems limited in FY26 Economic Survey 2024-25 Get out of the way of growth, says Survey FOREX CHENNAI ■ MADURAI ■ VIJAYAWADA ■ BENGALURU ■ KOCHI ■ HYDERABAD ■ VISAKHAPATNAM ■ COIMBATORE ■ KOZHIKODE ■ THIRUVANANTHAPURAM ■ BELAGAVI ■ BHUBANESWAR ■ SHIVAMOgGA ■ MANGALURU ■ TIRUPATI ■ TIRUCHY ■ TIRUNELVELI ■ SAMBALPUR ■ HUBBALLI ■ DHARMAPURI ■ KOTTAYAM ■ KANNUR ■ VILLUPURAM ■ KOLLAM ■ TADEPALLIGUDEM ■ NAGAPATTINAM ■ THRISSUR ■ KALABURAGI $634.6 bn as on Jan 3, 2025 $616.7 bn as on January 31, 2024 90% The forex reserves are sufficient to cover 90% of India’s external debt ‘Getting out of the way’ and allowing businesses to focus on their core mission is a significant contribution that governments around the country can make to foster innovation and enhance competitiveness V Anantha Nageswaran, CEA The ‘business as usual’ attitude will lead to growth stagnation, warns the Economic Survey Real income in FY24 less than FY18 levels The real monthly income of male salaried workers was 6.4% lower in FY24 compared to FY18, the Economic Survey said quoting Periodic Labour Force Survey data. For female workers, the inflation-adjusted monthly income was 12.5% lower in FY24 Long work, junk food may hit mental health Cautioning against putting in long work hours, the Survey flags the adverse health effects. It says people who spend 12 hours at desk have struggling levels of mental well-being. The Survey also notes that individuals who rarely consume ultra-processed or packaged junk food have better mental well-being than those who regularly do DIPAK MO N DAL @ New Delhi INDIA’s economy is powering down due to multiple factors— both domestic and global—and the ‘business as usual’ approach would only lead to growth stagnation. This is the clear message from the Economic Survey 2024-25, tabled in Parliament on Friday . Presented a day before the Budget, the Survey illustrates the challenges India has to surmount to meet the ambitious target of becoming a developed nation by 2047. To realise the Viksit Bharat dream, the country needs to grow at a high rate of 8% for the next two decades—a challenging task given that the growth forecasts for FY25 and FY26 are less than 7%. The Survey expects FY26 growth to be within a range of 6.3% and 6.8%, which is in line with the prediction of many national and international agencies. “To achieve the target of Viksit Bharat by 2047, India needs to grow at a nominal rate of 10% in dollar terms,” Chief Economic Advisor V Anantha Nageswaran said in a press briefing on Friday . The Survey calls for an overhaul in approach to achieve the target. Its prescription for growth includes deregulation, augmenting internal capabilities, and shedding the business-as-usual approach. It advocates the need to improve India’s global competitiveness through grassroots-level structural reforms and deregulation. The Survey, which had last year advocated for better collaboration with China for giving a boost to the manufacturing sector, sings a different tune this year as it identifies the neighbouring country posing the ‘single-source concentration risk’. It says India depends on China for several products, which exposes it to First in 10 yrs, no foreign bid to stoke pre-session row: PM potential supply chain disruptions, price fluctuations and currency risks. Wading into the debate over long working hours, the Survey warns companies against making their employees spend long hours at work. “Individuals who spend 12 or more hours at a desk have distressed/struggling levels of mental well-being, with a mental well-being score approximately 100 points lower than those who spend less than or equal to two hours at a desk,” it says citing the Sapien Labs Centre for the Human Brain and Mind study . Like in the previous year, the Survey has once again redflagged excessive financialisation of the Indian economy It . says the financial markets must grow in line with the real economy and not faster than the economy’s capital needs and overall economic growth. Amid the noise over artificial intelligence, the Survey advises companies to use AI with sensitivity . r a j e s h k u m a r t h a k u r @ New Delhi Sonia’s remark on Prez sparks controversy In a rather sharp remark, Prime Minister Narendra Modi on Friday said that for the first time since 2014, no foreign attempts were made this year to stoke trouble before the start of a Parliament session. He was speaking to journalists ahead of the start of the Budget session RAJ E SH K U MAR THAK U R a n d P r ee t h a N a i r on the premises of Parliament. @ New Delhi “Shayad 2014 se lekar ab tak, ye pehla Parliament ka satr hai, ki jiske ek-do din pehle koi Congress leader Sonia Gandhi’s comments videshi chingari nahi pakdi hai, videsh mein se about the hour-long address of President Drouaag lagane ki koshish nahi hui hai (Perhaps padi Murmu to Parliament on Friday gave since 2014, this is the first session of Parliathe BJP ammunition to launch a scathing ment in which a day or two before the sesFirst attack on the grand old party . sion, there has been no foreign attempt “The poor lady the President, was get, to stoke a fire from abroad),” Modi said. day, first ting very tired by the He did not elaborate. show end... she could hardly With the NDA governspeak, poor thing,” Sonia ment tabling its first fullwas heard saying in a viral fledged budget in its third I hope that we The President video on social media. term on February 1, Modi inwill live up to was not tired at While Rashtrapati Bhavan any point. voked Goddess Lakshmi and the hopes and said they were in “poor taste, Indeed, she has the said he prayed that the goddess unfortunate and unacceptable,” believed that aspirations of of wealth blesses the people of Prime Minister Narendra Modi speaking up for the country in the country with prosperity this budget and success. “The people of the accused the ‘royal family’ of the the session of country have given me this reCongress of insulting the Presi- marginalised Parliament sponsibility for the third time, dent, who hails from a tribal communities ... background. BJP president J P can never be and this is the first full budget Narendra Modi, tiring Nadda termed Sonia “poor of our third term. Many imporPrime Minister thing” phrase “deeply disre- Rashtrapati Bhavan tant decisions will be taken in spectful” and indicative of the the current budget session. I can confidently opposition’s feudal mindset and disregard for say that in 2047 when the country will celebrate the dignity of the highest Constitutional office. 100 years of Independence, the resolution of a However, the Congress defended the remarks developed India that the country has taken will saying every Indian respects the President and create a new confidence and infuse a new accused the BJP of being unable to accept Soenergy .” nia’s empathy for Murmu’s health. Congress Reaffirming his commitment to developchief Mallikarjun Kharge said that BJP and ment, Modi said his government is moving in the media were twisting her statement. Priyaa mission mode for all-round progress. “In the nka Gandhi Vadra said: “My mother is a third term, we are moving ahead towards all78-year-old lady, she has simply said that ‘the round development of the country ... innovaPresident read such a long speech and she tion, inclusion and investment have constantly must have been tired, poor thing’. She fully rebeen the basis of the roadmap of our economic spects the President of India.” activity he said. ,” Message to Trump: No ED nabs 4 Tamil Nadu men linked to Chinese bogus loan apps de-dollarisation policy J aya n t h J a c o b @ New Delhi INDIA on Friday reaffirmed that de-dollarisation is neither its policy nor strategy, after President Donald Trump warned BRICS nations against replacing the US dollar as a reserve currency, reiterating a threat of 100% tariffs he made weeks after his November election victory . “On de-dollarisation, External Affairs Minister has made it clear that we don’t have any policy or strategy in this regard,” External Affairs Ministry spokesperson Randhir Jaiswal said. Reiterating his early statement on the issue, Trump had posted on Truth Social on Thursday: “We are going to require a commitment from these seemingly hostile countries that they will neither create a new BRICS currency, nor back any other currency to replace the US Don’s open threat Trump has consistently opposed de-dollarisation and any manoeuvres to undermine the dollar. “The idea that BRICS is trying to move away from the Dollar, while we stand by and watch, is over,” Trump said. dollar or, they will face 100% tariffs.” BRICS group of countries including India, China and Russia account for 40 per cent of global population and an estimated one-third of global GDP . Although the BRICS countries have explored the idea of an alternative currency, the idea remains far from realisation as unlike other grouping such as the European Union, they lack a common market or unified trade policy In . the last summit of the grouping, BRICS count r i e s, h oweve r, h a d stressed on the need for trade in local currencies and smooth cross-border payments. Summercheaper from today respite power gets slightly Overall fuel surcharge levied by KSEB from consumers revised from 19 paise per unit to 10 paisa per unit with effect from February 1 | P5 Enforcement Directorate (ED) sleuths have arrested four Tamil Nadu natives over their links to China-based bogus loan apps, after a probe revealed the shell companies operated by them transferred over `170 crore to their Chinese operators via Singapore since 2023. The money swindled from victims of the bogus apps from across the country was sent through hawala networks and Crores sent to China  ED probe launched last year found that shell companies operated by the arrested persons transferred more than J170 crore to Chinese operators via Singapore since 2023  Money swindled from victims of the bogus apps from across the country, sent via hawala networks and as cryptocurrency as cryptocurrency, the sleuths said. The arrested persons are Daniel Shivakumar, 37, direc- E X PRESS REA D Gender-equality row: UDF on sticky wicket T’Puram: Despite Leader of Opposition V D Satheesan denouncing IUML state general secretary P M A Salam’s remarks on gender equality, there is a silence within UDF. However, with several Muslim women organisations criticising Salam, it is clear the issue will haunt the opposition front for a while | P4 Death of two-year-old shrouded in mystery T’Puram: Mystery surrounded the death of two-and-a-half-yearold Devendu, with the police admitting to challenges in the probe despite having in custody Harikumar, the child’s maternal uncle who confessed to murdering the toddler. Harikumar was remanded in judicial custody for 14 days late on Friday | P4 tor of Xoduz Solution in Jawahar Nagar, Chennai; Kathiravan Ravi, 42, director of Future Vision Media Solutions in Mu- dichur, Kancheepuram; Anto Paul Prakash, 32, proprietor of Global Exposition and Infomedia Solution in Alandur, Kancheepuram; and Allen Samuel, 29, director of Aprikiwi S o l u t i o n s i n A l a n d u r, Kancheepuram. “One of the shell companies received `115 crore in its bank account, of which `110 crore was transferred to another account in Mumbai, and later sent to Singapore. Another s h e l l c o m p a n y r e c e ive d around `58 crore, of which `50 crore was channelled to China a n d S i n g a p o r e, ” s a i d a source. Last February ED had regis, tered a case of money laundering based on multiple FIRs lodged at various police stations in Kerala by victims of the bogus loan apps. Soon after, the central agency it raided the house of Raphael James Rozario, a Vypeen resident who allegedly made available mule bank accounts for depositing the money from the ● More on P4 scam victims.  hospitalisation higher in men Illness rates higher in Kerala women above 30 U nn i k r i s h n a n S @T’Puram Women in Kerala report higher illness rates than men after the age of 30, a new report from the Department of Economics and Statistics has revealed. The data is in surprising contrast to common perception that men typically face higher morbidity rates as they age while women are often more resilient biologically . Going by the findings, the percentage of women reporting illnesses jumps by 4% once they surpass this age, while the disparity between men and women remains around 2% from age 45 and above. Notably men over 60 , are less likely to report ailments. The study ‘Report on Household , Social Consumption: Health’, draws on data from the 75th Proportion of persons who responded as ailing (%) Age group (years) 0-4 5-14 15-29 30-44 45-59 60+ Male 6 15.1 24.4 18.3 21.7 14.4 Female 5.4 11.9 21.3 22 23.1 16.3 Overall 5.7 13.5 22.8 20.2 22.4 15.3 Source: ‘Report on Household Social Consumption: Health’ E x p r e s s N e w s Se r v i c e @Kochi Top health risks (%) Illness Infection Injuries Cardiovascular Respiratory Men 25 14 13 9 Women 27 14 10 9 Musculoskeletal, injuries, genito-urinary 7% each in women round of the National Sample Survey (NSS) Socio-Economic Survey conducted from July 2017 to June 2018. However, inpatient data indicates an opposite trend: men aged 45 and above are more likely to be hospitalised than women counterparts, with the gap reaching nearly 9,000 additional male admissions after age 70. Health experts say the observed higher reporting of illness among women may stem from their increased likelihood of consulting healthcare providers. “Women tend to report ailments more frequently, pos- sibly due to more regular visits to healthcare providers. There could be increased reporting of minor conditions, as well as issues related to menstruation and pregnancy, which aren’t necessarily serious,” said Dr V Ramankutty, emeritus professor at Sree Chitra Tirunal Institute for Medical Sciences & Technology . The survey also sheds light on the health risks faced by men and women. Infections are the leading cause of hospitalisation for both men (25%) and women (27%). For men, major health risks include injuries (14%) and cardiovascular diseases (13%), while for women, cardiovascular and respiratory diseases are the predominant causes of hos● More on P4 pital admissions.