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Wednesday,15-October-2025
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India will be fastest growing economy next fiscal: Shah

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Amit-Shah

Union Home Minister Amit Shah said on Friday that India will be the world’s fastest growing economy in 2022-23 financial year, and due to the policy decisions of Prime Minister Narendra Modi during the Covid-19 pandemic, India emerged on top when it came to dealing with the effects of the pandemic.

Speaking at the inaugural session of the 94th annual conference (AGM) of the Federation of Indian Chambers of Commerce & Industry (FICCI) here, he said that institutions like FICCI should make efforts to increase research and development (R&D) capital investment as per policy decisions.

Noting that the development of the poor is essential for the improvement of the economy, the minister said that investment in welfare measures for the poor increases gross domestic product (GDP).

Asserting that Modi has made the common people the focus of policy making, Shah said that India will become number one in the world in the 100th year of its Independence due to the PM’s prudent policy decisions.

He also said that even the critics will have to accept that there has been a lot of change in the past seven years, and the the present government has not been accused of corruption.

Shah said that the government has expanded the scope of the economy.

“Sixty crore people out of the 130 crore population did not have a single bank account in their family. People did not know how different policies benefited them, they did not realise what benefits they received after Independence. PM Modi said that by connecting 60 crore people with the country’s economy, the government not only gave them their rights, but also worked to connect them with the development of the country.”

The minister also said that today the government has been bearing the cost of healthcare of 60 crore people, while every house now has toilets.

“Electricity has been provided to every house and people’s lives have changed,” he said.

Elaborating some important decisions taken in the past two-and-a-half years, the Home Minister informed that Production Linked Incentive (PLI) scheme came in 13 areas under which incentives of about Rs 2 lakh crore were given, there were many reforms in the mining sector, the National Asset Reconstruction Company was established, the National Asset Monetisation Pipeline was announced, and Retrospective Tax was abolished.

National News

Vasai-Virar Illegal Construction Case: Ex-VVCMC Chief Anil Pawar Allegedly Extorted ₹169 Crore In Bribes, Reddy Says He Was Pressured Not To Reveal Details

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Mumbai: Former Vasai-Virar civic chief Anil Pawar had started compelling builders, developers and architects to pay bribes to get approvals as soon as he assumed the charge and the files were not cleared till the bribe was paid, YS Reddy, suspended town planning department deputy director, told the ED. Reddy also apparently revealed that Pawar had pressured him for not taking his name and revealing facts.

The agency has alleged that Pawar collected bribes amounting to Rs 169.18 crore; Rs 16.59 crore for turning a blind eye to illegal constructions, which were built already, and Rs 152.59 crores for giving permission to new ones. The ED recently submitted a prosecution complaint against 18 accused, while pegging the amount of laundered funds to Rs 300.92 crore.

“Pawar asked to approach developers, architects, etc, and convince them to pay bribes in cash,” Reddy told the agency, adding his staffer Ankit Mishra used to talk to builders, developers and maintained bribe records.

He further revealed that Pawar would collect all the cash on Friday and go to Satara, Nashik and Pune, said the ED. Reddy even confirmed the list of commencement certificates illegally granted by Pawar in 457 cases of urban zone and 129 in green zone, it added.

The ED said that the former civic chief used tainted funds for warehousing ventures and land projects. He made the ‘investments’ through his wife Bharti, daughters Shrutika and Revati, and relatives like Amol Patil (Bharti’s cousin) and Janardan Pawar (his nephew).

“The Antonov Warehousing Parks project, Bhiwandi, and M/s Dhwaja Warehouses Pvt Ltd became the primary vehicles by Pawar for converting bribes into recorded equity,” the ED said.

He converted bribes into legally-titled family wealth while distancing the illicit source, thereby enjoying the amounts as untainted property, asserted the agency.

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National News

Bombay HC Quashes Maharashtra Govt’s Acquisition Of NESCO’s Goregaon Land, Terms Action Arbitrary And Illegal

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A bench of Justices Girish Kulkarni and Aarti Sathe passed the order observing that the authorities had failed to recognise the preferential right of the landowner to redevelop the slum on its own land before proceeding with acquisition under Section 14(1) of the Slum Act.

NESCO had challenged the 2016 state notification acquiring its properties measuring about 1,500 sq. metres on the ground that it violated its constitutional right to property under Article 300A.

The company contended that despite being the rightful owner, its proposal to redevelop the slum was ignored, while a society of slum dwellers and a developer (N. Rose Developer) pushed for acquisition without proper notice or hearing.

According to the petition, the authorities issued show-cause notices in 2009 and 2013 but never served them properly. The land was later declared a slum area and acquired by the state in 2016, following which compensation of only Rs 12 lakh was awarded.

During the hearing, senior advocate Aspi Chinoy, appearing for NESCO, cited recent Supreme Court rulings which upheld the principle that a private landowner has a preferential right to redevelop slum land before any acquisition can be undertaken.

In a significant turn, the proposed slum society, Shivshardha Co-operative Housing Society, filed an affidavit admitting that its earlier acquisition request was made under the influence of the developer and that it had now resolved to support NESCO in redeveloping the property.

Allowing the petition, the bench quashed the acquisition and strongly reminded state officials of their “responsibility before exercising the draconian powers under Section 14 (of the Slum Act),” cautioning that such powers must not be misused “at the behest of unscrupulous elements” or to discard the rights of private landowners.

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National News

ED Probe: Suspended Vasai-Virar Town Planning Deputy Director YS Reddy Allegedly Amassed ₹51.77 Crore In Bribes, Spent On Luxury Lifestyle

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Mumbai: The Enforcement Directorate’s investigation has revealed that YS Reddy, suspended deputy director in the town planning department of the Vasai-Virar civic body, collected bribes to the tune of Rs 51.77 crore and used the cash for a flamboyant lifestyle.

In its prosecution complaint, the central agency claimed that Reddy, in his own admission, has said that his monthly expenditure was of Rs 5 lakh, while he splurged around Rs 1 crore on festivals. This, the ED said, showed how illicit cash was used for luxury consumption.

It further claimed that Reddy routed illicit cash through friends and close family members. Vishal Damani, his close associate, handled large sums and bought expensive devices like iPhones renewed insurance with the money for Reddy, as per the probe.

Damani also delivered packages containing Rs 25 lakh to Rs 30 lakh at the behest of the accused, alleged the agency, adding that in a similar manner, Reddy’s other aides booked hotels, air tickets and spent money on legal affairs.

Damani, in his statement, said that the cash was also frequently used to supply wine and whisky to Reddy. The tainted funds were also used for buying foreign currencies as well as tickets for cricket matches and concerts for Reddy and his relatives, the ED said, quoting Damani.

The probe revealed that Reddy brazenly demanded vehicles for his sons. “This mode of integration translated illegal cash into tangible lifestyle assets while maintaining plausible deniability through third-party financing arrangements,” the ED said.

The agency claimed that large sums were also spent on renovating the household and office. To corroborate the accusation, the ED pointed out that an architect, Paramieet, renovated Reddy’s flat in Vasai. The total expenses came to Rs 45 lakh, which is disproportionate for a flat renovation, the ED argued.

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