Economy / The Times of India
President Donald Trump has renominated billionaire entrepreneur Jared Isaacman as NASA administrator, reversing an earlier withdrawal. Isaacman, a seasoned pilot and private astronaut, is praised for his expertise and dedication to advancing space exploration and the space economy. This move signals a renewed focus on collaboration between NASA and private space companies.
India is poised to become the world's third-largest economy soon, according to Finance Minister Nirmala Sitharaman. She highlighted the nation's rapid economic transformation, fiscal discipline, and resilience, noting a significant reduction in multidimensional poverty. Sitharaman also expressed confidence in the banking sector's recovery and the government's fiscal deficit targets, while defending bank privatization.
Data science has emerged as the strategic backbone of the digital economy, transforming data from chaos into clarity and competitive edge. Once a niche tech role, it now commands a median salary of $112,590, with job growth projected at 36% by 2033. Combining coding, analytics, and ethics, data scientists are shaping industriesand the conscienceof the information age.
The Directorate of Enforcement has provisionally attached immovable properties worth Rs 110.05 crore in Lucknow, linked to a money laundering case involving Rohtas Project Limited. The probe, initiated based on 83 FIRs, revealed promoters diverted customer funds to purchase land through associate companies and benamidars, defrauding hundreds of investors.
Tamil Nadu is rapidly advancing towards its $1 trillion economy goal by 2030, driven by a strong economic growth rate of 11.19% in 2024-2025. Despite global headwinds, the state's proactive investment promotion policies have attracted significant FDI, with recent MoUs worth 6.64 trillion signed. Diversifying export markets and strengthening its MSME ecosystem are key to sustaining this momentum.
Karnataka aims to become a $20 billion quantum economy by 2035, with Bengaluru as a global hub. The state is investing heavily in research infrastructure and talent, including a Quantum Research Park at IISc. Plans for a dedicated 'Q-City' are underway to foster innovation from lab to market, inviting global collaboration.
An Air India flight from Vienna to New Delhi was diverted to Dubai due to a suspected technical issue, landing safely and departing after necessary checks. This follows another incident on October 4 where an Air India flight from Amritsar to Birmingham deployed its Ram Air Turbine during landing, with all systems functioning normally and no injuries reported.
The Delhi High Court has modified an order regarding Patanjali Ayurved's advertisement for its chyawanprash. Patanjali can now use the phrase why settle for ordinary Chyawanprash, but must remove the phrase made with 40 herbs deemed disparaging to Dabur. The court noted that the remaining statement is permissible puffery and unlikely to deter consumers from buying Dabur Chyawanprash.
Uttar Pradesh is accelerating its goal to become a $1 trillion economy by unlocking land for investors and building world-class infrastructure. A high-level workshop addressed fast-tracking land allotment and resolving acquisition hurdles. Officials reviewed investment leads worth over Rs 1.68 lakh crore and are working to operationalize vacant industrial plots, aiming to boost investor confidence and create jobs.
The housing and urban affairs ministry has launched a unified portal to create a nationwide database of real estate projects, aiming to empower homebuyers with comprehensive information. During a RERA Central Advisory Council meeting, concerns were raised about Maharashtra's proposed separate law for redevelopment projects, fearing it would undermine RERA's uniformity.
S Jaishankar announced India's keenness to finalize the FTA negotiations with the European Union soon. During discussions with his German counterpart Johann Wadephul, Jaishankar highlighted the potential for collaboration in green hydrogen and welcomed German interest in the semiconductor sector.
Union Agriculture Minister Shivraj Chouhan refuted Donald Trump's dead economy remark, citing India's 7.8% GDP growth in April-June. BJP leaders criticized Rahul Gandhi for supporting Trump's statement, highlighting the strong economic figures as evidence of India's progress under Prime Minister Modi's leadership towards becoming a developed and self-reliant nation.
Defence Minister Rajnath Singh criticized the US President's tariff hikes on Indian imports, suggesting that some global powers are attempting to hinder India's economic progress due to jealousy over its rapid growth. Despite these challenges, Singh asserted India's unstoppable rise as a major global power, highlighting the country's increasing defence exports as a sign of resilience and strength.
Israeli Prime Minister Benjamin Netanyahu and India's ambassador J.P. Singh convened to explore enhanced collaboration, emphasizing security and economic ties. This meeting occurs as both nations navigate tariffs imposed by the US, with India facing levies due to Russian oil purchases and Israel dealing with a 15% tariff on US imports.
Shashi Tharoor declined to comment on Rahul Gandhi's agreement with Donald Trump's assessment of the Indian economy. Tharoor emphasized the importance of maintaining strong economic ties with the US, highlighting India's significant exports. He urged support for negotiators to secure a fair deal for India and advocated for exploring alternative export regions.
Parliamentary Affairs Minister Kiren Rijiju criticized Rahul Gandhi for echoing Donald Trump's dead economy remarks, deeming it an anti-India stance. Rijiju urged Gandhi to act with the dignity expected of an opposition leader, rather than attacking the government. Gandhi had listed reasons for India's economic decline, blaming Modi's policies and alleging favoritism towards Adani.
Shashi Tharoor contradicted Rahul Gandhi's agreement with Donald Trump's assessment of the Indian economy. While Rahul Gandhi claimed PM Modi had killed the economy, Tharoor stated that this was not the case. Trump had suggested India and Russia could ake their dead economies down together, a statement Rahul Gandhi supported.
Amidst Rahul Gandhi's endorsement of Trump's dead economy remark, Congress leaders like Rajeev Shukla and Shashi Tharoor offered differing perspectives. Shukla refuted Trump's assessment, emphasizing India's economic strength and past reforms. Tharoor viewed US tariffs as a potential bargaining tactic during ongoing trade negotiations, urging support for negotiators while acknowledging potential damage to exports if a favorable deal isn't reached.
Piyush Goyal affirmed India's trade stance after US tariffs. A special court acquitted all accused in the 2008 Malegaon blast case. A Chhattisgarh trafficking victim claimed Bajrang Dal coerced her statement. An SIT unearthed skeletal remains in Dharmasthala mass-burial probe. Myanmar's junta ended emergency rule and scheduled December elections amid opposition boycott. These are the key developments.
A public disagreement erupted within the Congress party after Rahul Gandhi supported Donald Trump's assertion that the Indian economy is dead. Rajeev Shukla, a fellow Congress MP, countered, affirming the economy's robustness and citing contributions from past governments. Shiv Sena (UBT) MP Priyanka Chaturvedi also dismissed Trump's statement, highlighting India's position as a top-five global economy.
Rahul Gandhi, echoing Donald Trump's assessment, declared the Indian economy dead, citing the Modi administration's policies. He blamed the Adani-Modi partnership, demonetization, flawed GST, and the failure of 'Assemble in India' for the economic decline. Trump criticized India's high tariffs and suggested India and Russia could face economic downturns together.
Vikram Doraiswami, the Indian High Commissioner to the UK, defended India's oil purchases from Russia. He cited long-standing security ties and energy needs. Doraiswami addressed concerns about a potential India-Russia-China pact. He clarified it was a past trilateral meeting format for security coordination. He emphasized India's desire for peaceful resolution of the Ukraine conflict.
Indian High Commissioner Vikram Doraiswami defended India's oil imports from Russia, highlighting the nation's position as the third-largest energy consumer importing over 80% of its needs. He questioned the feasibility of halting the economy and pointed out the hypocrisy of Western nations buying other resources from countries they restrict India from trading with.
Assam's dairy sector receives a boost with a new government subsidy of Rs 5 per litre for dairy farmers, launched by Chief Minister Himanta Biswa Sarma. This initiative aims to encourage higher milk production, improve farmer earnings, and stimulate a rural dairy revolution.

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