I still can't forget the energy at Kotla that day! Sharing this special memory. It was a privilege to be a part of such a collective effort. The roar of the crowd and the support from my teammates – all contributed to this unforgettable moment. Thank you to everyone who made it so special.

Look at how thoughtful they were! The outer wall of the entire temple has excellent water drainage system! They have drilled holes on the granite so that the water does not get stagnated on the decorative granite motifs which are seen all around the temple! They very nicely drip down automatically when it rains!

Some non-headline making, yet good/interesting announcements in the budget: ➡️A national mission for self sufficiency in pulses, often a source of inflation. ➡️The investment and turnover limits for classification as MSMEs is being raised; credit guarantee cover for small enterprises also raised ➡️ Expansion of ITIs ➡️ social security scheme for gig workers providing health cover. ➡️ A SWAMIH 2 fund to continue acting as a backstop for stressed residential projects ➡️ NABFID to offer partial credit enhancement for corporate bonds ➡️A central KYC (long discussed and a good move to ease KYC pain. ➡️ FSDC to evaluate impact of regulations. Continuation of economic survey recommendation of greater accountability of regulators. ➡️ Using India Post network as a large public logistics entity, with the caveat that previous attempts to use the network haven’t worked.

Let me explain the concept of "consumption multiplier" that I have used in estimating the impact of the personal income tax cut. Say, Subbu, a middle-class professional, receives an extra ₹10,000 in disposable income because of the income tax cut. He decides to use this money to buy a new smartphone—say a mid-range model from a popular brand—from Kavita's electronics shop. So, First Round of Spending (Subbu → Kavita): Amount Spent: ₹10,000 Outcome: Kavita receives this ₹10,000 as revenue for her shop. Kavita now has an extra ₹10,000 in income. Because she saves 20% of it, she spends 80% of this extra income on everyday items. For instance, she uses ₹8000 to purchase a Silk saree Ramya’s retail store. So, Second Round of Spending (Kavita → Ramya): Amount Spent: 80% of ₹10,000 = ₹8,000 Outcome: Ramya, a retailer in a local market, now earns ₹8,000. Ramya then spends 80% of the ₹8000 she received—₹6,400—to buy a new set of kitchen appliances or local handcrafted items from Rishabh, another vendor in her neighborhood. So, Third Round of Spending (Ramya → Rishabh): Amount Spent: 80% of ₹8,000 = ₹6,400 Outcome: Rishabh now gets ₹6,400, which will circulate further in the economy. The Chain Reaction: At each step, only 80% of the previous round's extra income is spent (this is the MPC or marginal propensity to consume). The money keeps circulating in the economy as follows: First Round: ₹10,000 is spent by Subbu. Second Round: 0.8 × ₹10,000 = ₹8,000 is spent by Kavita. Third Round: 0.8 × ₹8,000 = ₹6,400 is spent by Ramya. Fourth Round: 0.8 × ₹6,400 = ₹5,120 and so on. The Mathematics Behind It: The total increase in consumption is the sum of all these rounds: Total Increase=₹10,000+₹8,000+₹6,400+₹5,120+… (a Geometric progression) Total Increase = ₹10,000 (1+ 0.8 + 0.8^2 + 0.8^3 + 0.8^4 +… ) Total Increase=₹10,000/(1-0.8) = ₹50,000 Remember the formula for the sum of a Geometric progression 1+r+r^2+r^3+... = 1/(1-r). Using r=0.8, you get the above sum. So, the extra ₹10,000 that Subbu received ultimately leads to an overall increase of about ₹50,000 in consumption in the economy. That's why the consumption multiplier is 5.

I have a genuine question to the Financial Experts. By this massive reduction in Taxes Middle Class is going to have money in their pockets. Is that going to affect the Inflation? Would it go up?

The ASER 2024 report is a great endorsement for NEP 2020, its focus on developing foundational literacy and numeracy skills and its success in improving learning outcomes. As per the report, reading and numeracy skills of children in all grades has improved significantly, with quantum improvements in classes 1 to 3. Government schools across India have also shown remarkable gains and outpaced private schools in learning recovery. An insightful meeting with the team of @Pratham_India where we discussed the trends in detail and the way forward to further reduce learning gaps, remove barriers to learning and build on the gains.

When we talk about India’s ambition to become a $10 tn economy, conversations often center around infra, digital innovation and rapid industrialization. However, there’s another layer to growth that’s seldom discussed, that’s the balance between progress and preservation. The Kumbh Mela offers a fascinating lens to explore this. An interesting post by Gautam Adani, he highlighted how this ancient gathering exemplifies the integration of modern systems with deeply rooted traditions. The Kumbh challenges modern development paradigms by proving that growth doesn’t have to come at the expense of culture or the environment. It inspires the idea that progress, to be meaningful, must also be enduring.