Amidst the scorching summer heat that has gripped India, major cities like Delhi have experienced temperatures exceeding 50 degrees Celsius. Severe heatwaves have affected several regions, with 10 cities enduring over 100 hours of extreme heat in May alone.
Despite the sweltering temperatures, the Indian economy is projected to have ended the financial year 2023-24 on a solid footing, according to economists’ estimates. GDP growth is anticipated to have slowed to 7% in the March quarter, primarily due to a slowdown in industrial growth and subdued agricultural activity. However, the robust performance in the preceding quarters could push full-year GDP growth to 7.9% from 7% the previous year.
In the real estate sector, top developers are planning super-luxury homes in prime locations across India. These ultra-high-end homes are expected to cater to the wealthiest individuals, following the success of luxury homes priced in the 2-4 crore range.
India’s pilgrimage sites have witnessed a surge in visitors this season, defying travel challenges. Travel agencies have reported a significant increase in demand for popular destinations such as Ayodhya, Varanasi, and Uttarakhand.
The government is set to enhance interest-free loans for states in the upcoming budget. This scheme aims to promote capital expenditure by states and has seen rising allocations over the years.
The Centre has significantly increased rural spending in FY24, with actual spending surpassing the revised budget estimate. This increase follows a decline in agriculture growth due to erratic monsoons.
Automakers have faced sluggish sales during this summer due to the heat and general elections. Dealers have reported a drop in sales compared to previous months and May 2023. To counter the slump, they are offering discounts on popular models and providing test drives at customers’ doorsteps.
In the 2019 Lok Sabha elections, one-third of elected MPs held a higher-education degree, showcasing an increasing trend in educational qualifications among elected representatives.
