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RBI says momentum in economic recovery to continue in FY23

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India’s economic recovery from the pandemic shock has sustained in FY22 and the momentum is expected to broadly continue through the ongoing FY23, though with risks of downside from the geopolitical shock and its spillovers, said the RBI’s Annual Report for 2021-22 released on Friday.

Despite the risks, the report said the recovery is “getting entrenched and is broadening”, besides the Union Budget for FY22 envisioned the roadmap for ‘India at 100’, with a focus on demand side measures.

The substantial increase in government capital expenditure outlay could crowd-in private investment and “propel a virtuous cycle, thereby improving aggregate demand”.

Furthermore, the National Infrastructure Plan (NIP) amounting to Rs 100 lakh crore and the National Monetisation Pipeline (NMP) involving Rs 6 lakh crore – both targeted for completion by FY25, are also expected to give a major thrust to infrastructure spending, it added.

“The focus on supply side management through ‘process reforms’, facilitating the smoothening and simplification of processes in some sectors where government’s presence as a facilitator or regulator is necessary, would help improve the resilience of the Indian economy.”

Overall consumer and business confidence remains resilient in spite of the third wave on the back of the accelerated pace of vaccination and better prospects for economic activity.

“A full recovery in aggregate demand is, however, contingent on a turnaround in private investment. On the supply side, there is a resurgence in mining and manufacturing sectors. The services sector, which felt the brunt of the pandemic, is staging a broad-based recovery since Q2FY22.”

The report stressed upon reforms in the labour market so as to adapt to the pandemic by reskilling workers.

On financial markets in FY22, the report said that abundance of liquidity and accommodative monetary policies in major economies had pushed financial asset prices to all-time highs. The market was bolstered also by stimulus packages and easing of Covid-19-led restrictions.

The financial markets in India remained vibrant amidst easy liquidity conditions, although the severe second wave of the pandemic during April-May 2021 dampened sentiments. The equity market continued to register double digit growth in FY22 in sync with the global peers with optimism on large scale vaccine rollouts and resurgence in economic activities.

Notably, the direct participation of retail investors in equities continued to increase, with the opening of 3.46 crore Demat accounts during FY22, as against 1.42 crore opened during the previous year. During the fiscal, on an average, 28.8 lakh Demat accounts were opened every month, which is higher than 11.8 lakh per month in the previous year and 4.2 lakh Demat accounts per month in 2019-20, the annual report said.

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Bengal school jobs case: SC upholds cancellation of over 25K appointments, modifies Calcutta HC directions

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New Delhi, April 3: The Supreme Court on Thursday upheld the Calcutta High Court’s order cancelling 25,753 appointments in teaching and non-teaching posts made by the West Bengal School Service Commission (WBSSC) in 2016.

Disposing a batch of petitions, including the West Bengal government’s appeal, a Bench of Chief Justice of India (CJI) Sanjiv Khanna and Justice Sanjay Kumar made certain modifications in the directions issued by the Calcutta High Court.

“The credibility and legitimacy of the selection procedure is denuded. Accordingly, we have proceeded to made some modifications in the directions issued by the Calcutta HC,” the apex court said.

It added that the challenge to the CBI probe into the creation of super-numeric posts by the West Bengal government will be listed for hearing on April 4.

On May 7, 2024, a Bench headed by then CJI D.Y. Chandrachud stayed the operation of the impugned order passed by the Calcutta High Court cancelling school jobs.

The then CJI Chandrachud-led Bench had allowed the Central Bureau of Investigation (CBI) to continue with its investigation into the alleged scam but restricted the agency from taking any coercive action against the candidates or officials.

In an order passed in the third week of April 2024, the Calcutta High Court nullified the appointment of the candidates selected from the expired panels and asked them to return the entire salary drawn during their tenures, along with an annualised interest of 12 per cent, within the next four weeks.

Besides directing the WBSSC to initiate the recruitment process afresh, a Division Bench of Justices Debangsu Basak and Shabbar Rashidi of the Calcutta HC also directed the probe agency to carry on with its investigation into the matter.

Taking cognisance of the state Cabinet’s decision for the creation of super-numeric posts, it had said that the CBI, if necessary, can question the masterminds behind the creation of the seats in excess of the vacant posts.

These super-numeric posts, which have remained under the cloud since the beginning, are perceived to provide room for ineligible candidates recruited illegally.

In July 2023, the apex court had set aside an interim direction passed by the Calcutta High Court terminating the service of 32,000 primary teachers and asking the West Bengal authorities to complete the recruitment process for the newly-created vacancies within three months.

Asking the Calcutta High Court to decide the appeal pertaining to the school-jobs-for-cash scam at the earliest, the Supreme Court had stressed that the opportunity for a hearing has to be given to all concerned.

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BJP leader Amit Malviya explains key insertions in Waqf Bill

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New Delhi, April 3: BJP leader Amit Malviya has elaborated on the implications of key insertions in the Waqf Amendment Bill, highlighting major changes aimed at protecting historical monuments and tribal land rights.

Taking to the social media platform X, Malviya shared a detailed explanation of the amendments.

“One of the significant insertions in the bill, Clause 3D, states: Any declaration or notification issued under this Act or under any previous Act in respect of waqf properties shall be void, if such property was a protected monument or protected area under the Ancient Monuments Preservation Act, 1904 or the Ancient Monuments and Archaeological Sites and Remains Act, 1958, at the time of such declaration or notification,” he wrote on X.

Explaining its impact, Malviya stated that ASI-protected monuments have now been excluded from the Waqf’s ambit.

He emphasised that since the Archaeological Survey of India (ASI) is merely a custodian, protected properties may not necessarily be government assets.

“Another key amendment, Clause 3E, reads: “Notwithstanding anything contained in this Act or any other law for the time being in force, no land belonging to members of Scheduled Tribes under the provisions of the Fifth Schedule or the Sixth Schedule to the Constitution shall be declared or deemed to be waqf property,” he said.

Malviya highlighted that this provision ensures the exclusion of tribal land from Waqf’s jurisdiction, thereby protecting the interests of tribal communities and preventing land encroachment.

He noted that this issue has been particularly pressing in states like Jharkhand and other tribal-dominated regions.

“This is a major step in protecting Tribal rights, benefiting Bengal’s Tribals and many others,” Malviya remarked.

The amendments in the Waqf Act have sparked discussions across political and social circles, with proponents asserting that they safeguard historical heritage and tribal communities.

Earlier, addressing the Lok Sabha on Wednesday, Union Home Minister Amit Shah, asserted that misconceptions about the Waqf (Amendment) Bill were being deliberately spread by certain parties to bolster their vote banks.

He said that the proposed legislation was in line with fulfilling the wishes of RJD chief Lalu Prasad, something the opposition had failed to do.

The Home Minister explained that the new law might not have been necessary had the Waqf (Amendment) Act of 2013, passed under the Congress-led UPA II government, not been rushed through just months before the 2014 Lok Sabha elections.

At that time, Lalu Prasad, whose party had been part of the ruling coalition before withdrawing and later offering support, had raised concerns about the state of Waqf properties.

Quoting Lalu Prasad, HM Amit Shah said: “We welcome the amendment bill presented by the government. I support the statements made by (BJP’s) Shahnawaz Hussain and others. Most of the land has been grabbed, be it government-owned or otherwise. People in the Waqf Board have sold all the prime land. In Patna, apartments have been constructed on Dak Bungalow property. There has been a lot of loot like this.”

The Home Minister also reiterated that the Waqf (Amendment) Bill, 2025, was not aimed at any particular religion and that the Congress and other opposition parties were spreading misinformation about the bill to serve their vote-bank politics.

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After LS nod, Waqf Bill to be presented in Rajya Sabha today

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New Delhi, April 3: After the Lok Sabha passed the Waqf (Amendment) Bill, 2025, it will be tabled by the government in the Rajya Sabha on Thursday.

The Lok Sabha intensely discussed the bill for more than 12 hours, which began at Wednesday noon and continued till the early hours of Thursday. The Waqf Bill was passed with 288 votes in favour and 232 against.

Apart from the Waqf bill passage, a resolution was adopted by the Lower House confirming the President’s Rule in Manipur.

As per the Business List for Thursday, Union Home Minister Amit Shah will move in the Rajya Sabha the Statutory Resolution confirming the imposition of President’s Rule in Manipur.

HM Shah will “move the following Resolution – that this House approves the Proclamation issued by the President on the 13th February 2025 under Article 356(1) of the Constitution in relation to the State of Manipur.”

The Lok Sabha early Thursday passed the Statutory Resolution confirming the imposition of President’s Rule in Manipur. Even though members across party lines supported the decision, some opposition members slammed the Centre for the situation in Manipur. HM Shah said that the government has taken every possible measure to bring back normalcy in the restive Northeastern state.

Minister Dr Chandra Sekhar Pemmasani will lay a statement regarding the withdrawal of funds from the Contingency Fund of India for servicing Interest on Sovereign Guarantee Bonds (SGBs) raised by Mahanagar Telephone Nigam Limited (MTNL).

In the Lok Sabha, the Coastal Shipping Bill, 2024, will be put up by Minister Sarbananda Sonowal for consideration and passing. The motion was moved by Sonowal on April 1, namely – “That the Bill to consolidate and amend the law relating to regulation of coastal shipping, promote coasting trade and encourage domestic participation therein, to ensure that India is equipped with a coastal fleet, owned and operated by the citizens of India for its national security and commercial needs, and for matters connected therewith or incidental thereto, be taken into consideration.”

Minister Rammohan Naidu Kinjarapu will move The Protection of Interests In Aircraft Objects Bill, 2025, for consideration and passing. The Bill seeks to “provide for protection of interests in aircraft objects and to implement the Convention on International Interests in Mobile Equipment and the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment, each signed at Cape Town on 16th November, 2001.”

Minister Manohar Lal Khattar will make a statement in the Lower House regarding “the status of implementation of the recommendations contained in the 10th Report of the Standing Committee on Housing and Urban Affairs on PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) pertaining to the Ministry of Housing and Urban Affairs”.

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