General Affairs
Farooq Abdullah Says National Conference Ready To Consider Tie-Up With BJP
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JAMMU: With uncertainty looming large over the continuance of PDP-BJP alliance, National Conference (NC) leader Farooq Abdullah today said his party is ready to consider a tie-up with the saffron party for government formation if such an offer is received.
"If such a proposal comes, then NC will call a Working Committee (meeting) and debate over it. If such a situation arises, NC can think over it as we have not closed the doors. Our doors are open," he told reporters in Jammu when asked to spell out his party's stand if it gets a proposal from BJP for forming a coalition government in the state which is under Governor's rule.
In the 87-member Assembly, BJP has 25 legislators while NC has 15 legislators.
His comments came as uncertainty prevailed over the fate of PDP-BJP coalition which ran government headed by Mufti Mohammad Sayeed for 10 months before his sudden death on January 7.
With regard to the ongoing political uncertainty in the state, the NC patron and former chief minister blamed 27-member PDP for it.
"Uncertainty has been created by PDP as BJP is ready to form the government and God knows what PDP is thinking, I hope they end this and the government would continue," he said.
Mr Abdullah, whose party had earlier been a part of NDA, said NC never shies away from playing its role.
"NC never shies away from its role. In 1996 when nobody was ready for election, we came forward," the former chief minister said.
"I again say that uncertainty is not good for the state and the situation would benefit our enemies," he said.
Mr Abdullah said it was Mr Sayeed who had forged the alliance between the two parties and it was the responsibility of his daughter and PDP chief Mehbooba Mufti to take their friendship ahead.
"But we have to first see that the friendship that existed should move forward. What is the benefit of such a friendship," the NC patron said.
He said PDP and BJP should form the government at the earliest to end the political uncertainty in the state.
"They (PDP and BJP) should reduce their differences and take the state out of uncertainty," he said while talking to reporters on the sidelines of a function in Katra town of Reasi district.
"I think they should quickly form a government because the state cannot afford instability," Mr Abdullah told reporters on the sidelines of a book release function in Jammu in the evening.
He said the coalition partner PDP and BJP must take the decision at an earliest as the people of the state should not be left to suffer.
"Whatever they (PDP and BJP) do, they must do it now and must not wait. I think that is more important now it is the people that matter and people want solutions to their problems and that is what they (both the parties) should focus," he said.
"If such a proposal comes, then NC will call a Working Committee (meeting) and debate over it. If such a situation arises, NC can think over it as we have not closed the doors. Our doors are open," he told reporters in Jammu when asked to spell out his party's stand if it gets a proposal from BJP for forming a coalition government in the state which is under Governor's rule.
In the 87-member Assembly, BJP has 25 legislators while NC has 15 legislators.
His comments came as uncertainty prevailed over the fate of PDP-BJP coalition which ran government headed by Mufti Mohammad Sayeed for 10 months before his sudden death on January 7.
With regard to the ongoing political uncertainty in the state, the NC patron and former chief minister blamed 27-member PDP for it.
"Uncertainty has been created by PDP as BJP is ready to form the government and God knows what PDP is thinking, I hope they end this and the government would continue," he said.
Mr Abdullah, whose party had earlier been a part of NDA, said NC never shies away from playing its role.
"NC never shies away from its role. In 1996 when nobody was ready for election, we came forward," the former chief minister said.
"I again say that uncertainty is not good for the state and the situation would benefit our enemies," he said.
Mr Abdullah said it was Mr Sayeed who had forged the alliance between the two parties and it was the responsibility of his daughter and PDP chief Mehbooba Mufti to take their friendship ahead.
"But we have to first see that the friendship that existed should move forward. What is the benefit of such a friendship," the NC patron said.
He said PDP and BJP should form the government at the earliest to end the political uncertainty in the state.
"They (PDP and BJP) should reduce their differences and take the state out of uncertainty," he said while talking to reporters on the sidelines of a function in Katra town of Reasi district.
"I think they should quickly form a government because the state cannot afford instability," Mr Abdullah told reporters on the sidelines of a book release function in Jammu in the evening.
He said the coalition partner PDP and BJP must take the decision at an earliest as the people of the state should not be left to suffer.
"Whatever they (PDP and BJP) do, they must do it now and must not wait. I think that is more important now it is the people that matter and people want solutions to their problems and that is what they (both the parties) should focus," he said.
Anonymous Letter Threatens To Kill Anna Hazare On Republic Day
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PUNE: Anna Hazare has received an anonymous letter which threatens that the social activist would be killed on January 26, police said today.
The sender has also alleged that the anti-graft crusader has earned a lot of money and asked Mr Hazare to declare him his heir, a senior police official said.
The hand-written letter was sent around four days back to Mr Hazare's office at his native Ralegan Siddhi village in Ahmednagar district, Additional Superintendent of Police Pankaj Deshmukh said.
"In the letter, the sender has threatened that January 26 will be the last day of Hazare," Mr Deshmukh added.
The police officer said Mr Hazare has previously also received similar anonymous threat letters.
Talking about the veteran activist's security cover in the wake of this letter, Mr Deshmukh said, "We have already given adequate security cover to Hazare and on a daily basis, the security is being reviewed."
Talking to PTI, Mr Hazare's personal assistant Shyam Pathade said, "This could be the tenth such letter received by our office and Anna has chosen not to comment on such letters as he does not fall prey to such threats."
ASP Deshmukh added that police are trying to ascertain whether it is an act of mischief. However, a case has been registered against unidentified person in this regard.
The sender has also alleged that the anti-graft crusader has earned a lot of money and asked Mr Hazare to declare him his heir, a senior police official said.
The hand-written letter was sent around four days back to Mr Hazare's office at his native Ralegan Siddhi village in Ahmednagar district, Additional Superintendent of Police Pankaj Deshmukh said.
"In the letter, the sender has threatened that January 26 will be the last day of Hazare," Mr Deshmukh added.
The police officer said Mr Hazare has previously also received similar anonymous threat letters.
Talking about the veteran activist's security cover in the wake of this letter, Mr Deshmukh said, "We have already given adequate security cover to Hazare and on a daily basis, the security is being reviewed."
Talking to PTI, Mr Hazare's personal assistant Shyam Pathade said, "This could be the tenth such letter received by our office and Anna has chosen not to comment on such letters as he does not fall prey to such threats."
ASP Deshmukh added that police are trying to ascertain whether it is an act of mischief. However, a case has been registered against unidentified person in this regard.
BJP Says Negative Mindset Of Congress Stalling Goods And Services Tax Bill
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NEW DELHI: Launching a counter offensive on Congress vice president Rahul Gandhi on Goods and Services Tax (GST) Bill, BJP today alleged Congress was "never serious" about it and the opposition party's "negative mindset" was delaying the key tax reforms legislation.
Dubbing Mr Gandhi as a "non-serious, part-time politician", BJP attacked him for his remark that his party would back the GST provided its three conditions were met and said he should clearly state whether Congress was in favour of or against it, instead of "diverting" the issue.
"Instead of playing anti-development, anti-poor politics, Rahul Gandhi should tell the country upfront whether his party supports the GST Bill or not. The Congress should stop beating around the bush on the issue and come out clean on whether or not it backs the GST Bill, crucial for the country's development," BJP's national secretary and media cell incharge Shrikant Sharma said.
Accusing the Congress leadership of "deliberately disrupting" Parliament to stall GST, he said, Congress was "never serious" about the Bill and the draft bill prepared by UPA was opposed by several Congress-ruled states, while the draft GST Bill prepared by BJP was "mostly acceptable to most states".
"Yet the Congress high command, for its petty political motives, disrupted Parliament to stall the GST. When the court did not exempt them from personal appearance in the National Herald case, Congress leaders held Parliament hostage and hampered the GST Bill," he said.
Taking on Mr Gandhi for his criticism of the government for allegedly mishandling the Pathankot terror attack, he said, "a non-serious and part-time politician like Rahul Gandhi should introspect before speaking on serious national security matters".
"Rahul Gandhi was holidaying in Europe when Pathankot base was attacked. Making non-serious statements bereft of facts on serious subjects is not good. A non-serious and part-time politician like Rahul Gandhi should make mature statements on sensitive issues. He should introspect before he speaks," he said, accusing Mr Gandhi of resorting to misleading rhetoric to divert the attention of the people from "his bail in the Rs 5,000 crore National Herald case".
Sharma cited Prime Minister Narendra Modi's meeting with Congress president Sonia Gandhi and former prime minister Manmohan Singh, and later meeting of Finance Minister Arun Jaitley with other Congress leaders as BJP's attempts to forge a consensus on the GST Bill and not for anything else.
He lamented that the bill could not be passed due to the "arrogance" and "whims" of Congress' top leadership.
"The Bill could not be passed in the Winter Session of Parliament because Congress was never interested in passing it and it only wanted to oppose the Government," he said.
The BJP also questioned Congress' moral right in talking about terrorism, accusing it of supporting those indulging in terror activities and addressing them as "sahib" in the past as also for revoking POTA during its rule.
"A party whose leaders shed tears on the bodies of terrorists, address terrorists with respect, repeal POTA soon as they come to power and raise questions about the martyrdom of police officers in Batla House encounter have no moral right to speak on terrorism," said the BJP leader reacting to Rahul's statements on the operation at Pathankot airbase.
Mr Gandhi, in Mumbai, today said the GST bill could be passed in Parliament in just "15 minutes" with the support of Congress once the Modi government accepts the conditions set by his party.
The Congress vice president also attacked the Centre's ambitious start-up mission, saying there is a contradiction in pushing for start-ups and being "intolerant".
He said the RSS has a very "rigid vision" for India and that startups require free movement of ideas, during an interaction with management students there.
A "compromise with the government is possible on GST and it is by sitting across the table, but the government is not willing to do so," he said, adding that "the day the conditions are accepted, we will pass the GST (in Parliament). It will take just 15 minutes."
Dubbing Mr Gandhi as a "non-serious, part-time politician", BJP attacked him for his remark that his party would back the GST provided its three conditions were met and said he should clearly state whether Congress was in favour of or against it, instead of "diverting" the issue.
"Instead of playing anti-development, anti-poor politics, Rahul Gandhi should tell the country upfront whether his party supports the GST Bill or not. The Congress should stop beating around the bush on the issue and come out clean on whether or not it backs the GST Bill, crucial for the country's development," BJP's national secretary and media cell incharge Shrikant Sharma said.
Accusing the Congress leadership of "deliberately disrupting" Parliament to stall GST, he said, Congress was "never serious" about the Bill and the draft bill prepared by UPA was opposed by several Congress-ruled states, while the draft GST Bill prepared by BJP was "mostly acceptable to most states".
"Yet the Congress high command, for its petty political motives, disrupted Parliament to stall the GST. When the court did not exempt them from personal appearance in the National Herald case, Congress leaders held Parliament hostage and hampered the GST Bill," he said.
Taking on Mr Gandhi for his criticism of the government for allegedly mishandling the Pathankot terror attack, he said, "a non-serious and part-time politician like Rahul Gandhi should introspect before speaking on serious national security matters".
"Rahul Gandhi was holidaying in Europe when Pathankot base was attacked. Making non-serious statements bereft of facts on serious subjects is not good. A non-serious and part-time politician like Rahul Gandhi should make mature statements on sensitive issues. He should introspect before he speaks," he said, accusing Mr Gandhi of resorting to misleading rhetoric to divert the attention of the people from "his bail in the Rs 5,000 crore National Herald case".
Sharma cited Prime Minister Narendra Modi's meeting with Congress president Sonia Gandhi and former prime minister Manmohan Singh, and later meeting of Finance Minister Arun Jaitley with other Congress leaders as BJP's attempts to forge a consensus on the GST Bill and not for anything else.
He lamented that the bill could not be passed due to the "arrogance" and "whims" of Congress' top leadership.
"The Bill could not be passed in the Winter Session of Parliament because Congress was never interested in passing it and it only wanted to oppose the Government," he said.
The BJP also questioned Congress' moral right in talking about terrorism, accusing it of supporting those indulging in terror activities and addressing them as "sahib" in the past as also for revoking POTA during its rule.
"A party whose leaders shed tears on the bodies of terrorists, address terrorists with respect, repeal POTA soon as they come to power and raise questions about the martyrdom of police officers in Batla House encounter have no moral right to speak on terrorism," said the BJP leader reacting to Rahul's statements on the operation at Pathankot airbase.
Mr Gandhi, in Mumbai, today said the GST bill could be passed in Parliament in just "15 minutes" with the support of Congress once the Modi government accepts the conditions set by his party.
The Congress vice president also attacked the Centre's ambitious start-up mission, saying there is a contradiction in pushing for start-ups and being "intolerant".
He said the RSS has a very "rigid vision" for India and that startups require free movement of ideas, during an interaction with management students there.
A "compromise with the government is possible on GST and it is by sitting across the table, but the government is not willing to do so," he said, adding that "the day the conditions are accepted, we will pass the GST (in Parliament). It will take just 15 minutes."
Traffic Goes Out Of Gear In Delhi After Odd-Even Scheme Ends
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NEW DELHI: Traffic was thrown out of gear in the national capital today and several major roads witnessed a chock-a-block situation, a day after the fortnight-long odd-even scheme restricting movement of private cars ended.
Some of the areas and stretches which witnessed bumper-to-bumper traffic were central Delhi's Patel Nagar and Shadipur, and south Delhi areas like Dhaula Kuan, the stretch near IIT-Delhi and the entire route from Badarpur border to Ashram Chowk.
"Today we received calls about severe jams in areas close to popular markets in the city. For every such case, adequate personnel were deployed to ensure smooth flow of traffic," Special Commissioner of Police (Traffic) Muktesh Chander said.
Call records of Delhi Traffic Police revealed that severe traffic congestion was reported in the Delhi Cantonment area around 9 am.
Within an hour, there were long tailbacks witnessed at the stretches between Pankha Road and Uttam Nagar in west Delhi and between Pusa Road and Shadipur in central Delhi, a traffic official said.
By 11 am, the congestion at Delhi Cantonment area led to a chock-a-block situation in and around Dhaula Kuan, where hundreds of commuters were stuck in a severe jam.
Meanwhile, traffic snarls were reported at east Delhi's Khichdipur, outer Delhi's Burari bypass and the flyover at northeast Delhi's Shahdara. Long tailbacks were also witnessed at Preet Vihar and Vikas Marg, the official said.
By noon, the traffic snarls at west Delhi and central Delhi worsened, and its ripple effect was witnessed at Rajouri Garden and Patel Nagar areas respectively.
Around the same time, congestion was also reported in the stretch between Panchsheel and IIT flyover, the Ring Road stretch near Sarai Kale Khan. And soon, the tailback at Rajouri Garden extended till Punjabi Bagh area, the official said.
In the evening, areas like Burari, Patel Nagar, Shadipur and IIT remained clogged, even as congestions were reported at Daryaganj, the stretch between Badarpur border and Ashram Chowk, Piragarhi and near Qutab Minar.
Long tailbacks were also reported at Model Town, Kingsway Camp and Lawrence Road in northwest Delhi, the official added.
The Delhi Government has collected over Rs 2 crore from the over 10,000 challans issued by traffic police, transport department and Sub Divisional Magistrates (SDM) to violators of odd-even scheme which ended yesterday.
According to official data, as many as 10,021 people were challaned for violating car-rationing scheme, which came into force from January 1.
SDMs challaned as many as 5,582 motorists, while around 2,870 people were fined by the Delhi Traffic police for violating the scheme, a senior official said
Chief Minister Arvind Kejriwal praised the traffic police for their assistance in enforcing the odd-even scheme.
The government had stipulated Rs 2,000 penalty under relevant sections of Motor Vehicle Act for each violation of the restrictions rolled out on January 1 and remained in force between 8 am to 8 pm during weekdays.
Some of the areas and stretches which witnessed bumper-to-bumper traffic were central Delhi's Patel Nagar and Shadipur, and south Delhi areas like Dhaula Kuan, the stretch near IIT-Delhi and the entire route from Badarpur border to Ashram Chowk.
"Today we received calls about severe jams in areas close to popular markets in the city. For every such case, adequate personnel were deployed to ensure smooth flow of traffic," Special Commissioner of Police (Traffic) Muktesh Chander said.
Call records of Delhi Traffic Police revealed that severe traffic congestion was reported in the Delhi Cantonment area around 9 am.
Within an hour, there were long tailbacks witnessed at the stretches between Pankha Road and Uttam Nagar in west Delhi and between Pusa Road and Shadipur in central Delhi, a traffic official said.
By 11 am, the congestion at Delhi Cantonment area led to a chock-a-block situation in and around Dhaula Kuan, where hundreds of commuters were stuck in a severe jam.
Meanwhile, traffic snarls were reported at east Delhi's Khichdipur, outer Delhi's Burari bypass and the flyover at northeast Delhi's Shahdara. Long tailbacks were also witnessed at Preet Vihar and Vikas Marg, the official said.
By noon, the traffic snarls at west Delhi and central Delhi worsened, and its ripple effect was witnessed at Rajouri Garden and Patel Nagar areas respectively.
Around the same time, congestion was also reported in the stretch between Panchsheel and IIT flyover, the Ring Road stretch near Sarai Kale Khan. And soon, the tailback at Rajouri Garden extended till Punjabi Bagh area, the official said.
In the evening, areas like Burari, Patel Nagar, Shadipur and IIT remained clogged, even as congestions were reported at Daryaganj, the stretch between Badarpur border and Ashram Chowk, Piragarhi and near Qutab Minar.
Long tailbacks were also reported at Model Town, Kingsway Camp and Lawrence Road in northwest Delhi, the official added.
The Delhi Government has collected over Rs 2 crore from the over 10,000 challans issued by traffic police, transport department and Sub Divisional Magistrates (SDM) to violators of odd-even scheme which ended yesterday.
According to official data, as many as 10,021 people were challaned for violating car-rationing scheme, which came into force from January 1.
SDMs challaned as many as 5,582 motorists, while around 2,870 people were fined by the Delhi Traffic police for violating the scheme, a senior official said
Chief Minister Arvind Kejriwal praised the traffic police for their assistance in enforcing the odd-even scheme.
The government had stipulated Rs 2,000 penalty under relevant sections of Motor Vehicle Act for each violation of the restrictions rolled out on January 1 and remained in force between 8 am to 8 pm during weekdays.
Startup India, Standup India Event: Everything You Need to Know
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The startup ecosystem in India is about to be shaken up soon, as Prime Minister Narendra Modi will unveil the Startup Action Plan on Saturday, at an invite only launch event of Startup India, Standup India. The event will take place on Saturday at Vigyan Bhawan, New Delhi.
What is Startup India, Standup India
Organised by Department of Industrial Policy and Promotion (DIPP), along with other key Indian startup ecosystem players, the Startup India, Standup India initiative aims to celebrate the country's entrepreneurial spirit, and create a strong ecosystem for fostering innovation and startups in India. Here's what we know about the event so far.
1) The A-Listers are attending
The event will be inaugurated by finance minister Arun Jaitley, and attended by the Minister of State for Commerce and Industry Nirmala Sitharaman, and the Minister of State for Finance Jayant Sinha. Around 40 top CEOs and startup founders and investors from Silicon Valley will be attending the event as special guests, and take part question and answer sessions at the event.
Some of the big names include Masayoshi Son, CEO, and Nikesh Arora, President and COO, SoftBank, Travis Kalanick, Founder, Uber, and Adam Nuemann, CEO, WeWork. Flipkart founder Sachin Bansal, Snapdeal's Kunal Bahl, Ola founder Bhavish Aggarwal, Paytm founder Vijay Shekhar Sharma, ShopClues founder Radhika Agarwal, and Oyo Rooms' Ritesh Agarwal will be in attendance.
2) Good luck getting an invite
Amitabh Kant, Secretary, DIPP, tweeted on Wednesday that over two lakh people have sought passes against a seating capacity of 1,350. Unless you have some really good connections, it's probably too late to even try getting in at this point. However, the event will be telecast live in India's top universities and youth groups in over 350 districts of India, so it should be easy to follow along if you're interested.
3) What's on the agenda
The event will start at 9.30AM with a welcome address by Amitabh Kant, Secretary, DIPP, and will have a total of 14 sessions through the day. Travis Kalanick, founder of Uber will be giving a presentation on eight lessons for entrepreneurs, followed by a question and answer session.
The agenda for the day includes panel discussions from the founders of India's biggest startups in fintech, e-commerce and healthcare, with discussions with policymakers on how the government can jump-start India's startup ecosystem. The event will conclude with PM Modi launching his Action Plan post, following his interactions with startups, VCs, and angel investors.
4) Tax on seed funding may be scrapped
The government has reportedly decided to scrap a tax on seed funding to startups by Indian angel investors in the upcoming Union Budget. The existing tax norms view the funding as income, which takes away nearly 30 percent of the value of investments, so this would improve cash flow a lot.
5) Defining a startup
According to Nasscom, the recommended definition for a startup would be an entity that is headquartered in India, and has been incorporated less than five years ago.
Aside from this, incentives, facilitation, and support for startups should not apply to companies that have an annual turnover of Rs. 25 crore, the IT industry body said.
6) Google will launch a startup into orbit
Google will be hosting a live contest with five pre-screened startups, who will present their business cases to a panel of top VCs and representatives from Google. The five shortlisted startups are Reap Benefit, Cardiac Design Labs, Guru-G, SlamdunQ, and Sbalabs.
The winner will receive $50,000 (roughly Rs. 33 lakh) in equity-funding. Google invited users to vote for their favorite startup on its Startup India page till Friday midnight. Based on the highest votes, the top three startups will receive an invite to join the next Google Launchpad Week, and one final winner will win $100,000 (approximately Rs. 66 lakh) in Google cloud credits, and be eligible for consideration to the Launchpad Accelerator Program in July 2016.
7) The Union Cabinet has already approved the stand up India scheme
The Stand Up India Scheme anchored by Department of Financial Services (DFS) to encourage greenfield enterprises by SC/ ST and women entrepreneurs will support 2.5 lakh borrowers with bank loans repayable up to seven years and between Rs. 10 lakh to Rs. 1 crore for greenfield enterprises in the non-farm sector.
The startup ecosystem in India is about to be shaken up soon, as Prime Minister Narendra Modi will unveil the Startup Action Plan on Saturday, at an invite only launch event of Startup India, Standup India. The event will take place on Saturday at Vigyan Bhawan, New Delhi.
What is Startup India, Standup India
Organised by Department of Industrial Policy and Promotion (DIPP), along with other key Indian startup ecosystem players, the Startup India, Standup India initiative aims to celebrate the country's entrepreneurial spirit, and create a strong ecosystem for fostering innovation and startups in India. Here's what we know about the event so far.
Organised by Department of Industrial Policy and Promotion (DIPP), along with other key Indian startup ecosystem players, the Startup India, Standup India initiative aims to celebrate the country's entrepreneurial spirit, and create a strong ecosystem for fostering innovation and startups in India. Here's what we know about the event so far.
1) The A-Listers are attending
The event will be inaugurated by finance minister Arun Jaitley, and attended by the Minister of State for Commerce and Industry Nirmala Sitharaman, and the Minister of State for Finance Jayant Sinha. Around 40 top CEOs and startup founders and investors from Silicon Valley will be attending the event as special guests, and take part question and answer sessions at the event.
The event will be inaugurated by finance minister Arun Jaitley, and attended by the Minister of State for Commerce and Industry Nirmala Sitharaman, and the Minister of State for Finance Jayant Sinha. Around 40 top CEOs and startup founders and investors from Silicon Valley will be attending the event as special guests, and take part question and answer sessions at the event.
Some of the big names include Masayoshi Son, CEO, and Nikesh Arora, President and COO, SoftBank, Travis Kalanick, Founder, Uber, and Adam Nuemann, CEO, WeWork. Flipkart founder Sachin Bansal, Snapdeal's Kunal Bahl, Ola founder Bhavish Aggarwal, Paytm founder Vijay Shekhar Sharma, ShopClues founder Radhika Agarwal, and Oyo Rooms' Ritesh Agarwal will be in attendance.
2) Good luck getting an invite
Amitabh Kant, Secretary, DIPP, tweeted on Wednesday that over two lakh people have sought passes against a seating capacity of 1,350. Unless you have some really good connections, it's probably too late to even try getting in at this point. However, the event will be telecast live in India's top universities and youth groups in over 350 districts of India, so it should be easy to follow along if you're interested.
Amitabh Kant, Secretary, DIPP, tweeted on Wednesday that over two lakh people have sought passes against a seating capacity of 1,350. Unless you have some really good connections, it's probably too late to even try getting in at this point. However, the event will be telecast live in India's top universities and youth groups in over 350 districts of India, so it should be easy to follow along if you're interested.
3) What's on the agenda
The event will start at 9.30AM with a welcome address by Amitabh Kant, Secretary, DIPP, and will have a total of 14 sessions through the day. Travis Kalanick, founder of Uber will be giving a presentation on eight lessons for entrepreneurs, followed by a question and answer session.
The event will start at 9.30AM with a welcome address by Amitabh Kant, Secretary, DIPP, and will have a total of 14 sessions through the day. Travis Kalanick, founder of Uber will be giving a presentation on eight lessons for entrepreneurs, followed by a question and answer session.
The agenda for the day includes panel discussions from the founders of India's biggest startups in fintech, e-commerce and healthcare, with discussions with policymakers on how the government can jump-start India's startup ecosystem. The event will conclude with PM Modi launching his Action Plan post, following his interactions with startups, VCs, and angel investors.
4) Tax on seed funding may be scrapped
The government has reportedly decided to scrap a tax on seed funding to startups by Indian angel investors in the upcoming Union Budget. The existing tax norms view the funding as income, which takes away nearly 30 percent of the value of investments, so this would improve cash flow a lot.
The government has reportedly decided to scrap a tax on seed funding to startups by Indian angel investors in the upcoming Union Budget. The existing tax norms view the funding as income, which takes away nearly 30 percent of the value of investments, so this would improve cash flow a lot.
5) Defining a startup
According to Nasscom, the recommended definition for a startup would be an entity that is headquartered in India, and has been incorporated less than five years ago.
According to Nasscom, the recommended definition for a startup would be an entity that is headquartered in India, and has been incorporated less than five years ago.
Aside from this, incentives, facilitation, and support for startups should not apply to companies that have an annual turnover of Rs. 25 crore, the IT industry body said.
6) Google will launch a startup into orbit
Google will be hosting a live contest with five pre-screened startups, who will present their business cases to a panel of top VCs and representatives from Google. The five shortlisted startups are Reap Benefit, Cardiac Design Labs, Guru-G, SlamdunQ, and Sbalabs.
Google will be hosting a live contest with five pre-screened startups, who will present their business cases to a panel of top VCs and representatives from Google. The five shortlisted startups are Reap Benefit, Cardiac Design Labs, Guru-G, SlamdunQ, and Sbalabs.
The winner will receive $50,000 (roughly Rs. 33 lakh) in equity-funding. Google invited users to vote for their favorite startup on its Startup India page till Friday midnight. Based on the highest votes, the top three startups will receive an invite to join the next Google Launchpad Week, and one final winner will win $100,000 (approximately Rs. 66 lakh) in Google cloud credits, and be eligible for consideration to the Launchpad Accelerator Program in July 2016.
7) The Union Cabinet has already approved the stand up India scheme
The Stand Up India Scheme anchored by Department of Financial Services (DFS) to encourage greenfield enterprises by SC/ ST and women entrepreneurs will support 2.5 lakh borrowers with bank loans repayable up to seven years and between Rs. 10 lakh to Rs. 1 crore for greenfield enterprises in the non-farm sector.
The Stand Up India Scheme anchored by Department of Financial Services (DFS) to encourage greenfield enterprises by SC/ ST and women entrepreneurs will support 2.5 lakh borrowers with bank loans repayable up to seven years and between Rs. 10 lakh to Rs. 1 crore for greenfield enterprises in the non-farm sector.
Business Affairs
FM Arun Jaitley says no govt interference in Start-Up India scheme
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Finance Minister Arun Jaitley on Saturday said the new "Start-Up India" scheme of Prime Minister Narendra Modi to promote and nurse entrepreneurship will ensure minimum interference from the government with attractive tax incentives.
"Start-Up India will change conventions. The Government will merely be a facilitator for start-ups," the finance minister told the inaugural session of the day-long event in New Delhi which will see the prime minister formally unveil the scheme later in the evening.
"We ostensibly broke away from the license raj in 1991, conceived with idea that government will decide which businesses can run," said Jaitley. "Our effort in last few years has been to restrict role of the state in policy domain," he said, assuring Start-Up India scheme will follow that path.
Earlier in the day, the prime minister said he looked forward to the formal launch.
"Start-UpIndia movement begins today. This movement celebrates the energy and enterprising spirit of our youth," he tweeted. "Will join the programme to commence the Start-Up India movement this evening. Looking forward to interacting with start-up entrepreneurs."
The event at the Vigyan Bhavan official conference complex has been a top draw.
"There is seating capacity of 1,350 (at Vigyan Bhavan). Over 200,000 people have sought passes. Please sympathise with us. There is live relay," Industries Secretary Amitabh Kant had tweeted ahead of the event.
Finance Minister Arun Jaitley on Saturday said the new "Start-Up India" scheme of Prime Minister Narendra Modi to promote and nurse entrepreneurship will ensure minimum interference from the government with attractive tax incentives.
"Start-Up India will change conventions. The Government will merely be a facilitator for start-ups," the finance minister told the inaugural session of the day-long event in New Delhi which will see the prime minister formally unveil the scheme later in the evening.
"We ostensibly broke away from the license raj in 1991, conceived with idea that government will decide which businesses can run," said Jaitley. "Our effort in last few years has been to restrict role of the state in policy domain," he said, assuring Start-Up India scheme will follow that path.
Earlier in the day, the prime minister said he looked forward to the formal launch.
"Start-UpIndia movement begins today. This movement celebrates the energy and enterprising spirit of our youth," he tweeted. "Will join the programme to commence the Start-Up India movement this evening. Looking forward to interacting with start-up entrepreneurs."
The event at the Vigyan Bhavan official conference complex has been a top draw.
"There is seating capacity of 1,350 (at Vigyan Bhavan). Over 200,000 people have sought passes. Please sympathise with us. There is live relay," Industries Secretary Amitabh Kant had tweeted ahead of the event.
United Bank of India to raise over Rs 200 cr from debentures
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State-owned United Bank of India said it plans to raise Rs 200 crore plus green shoe option from debentures on private placement basis.
The bank is proposing to issue unsecured, subordinated, non-convertible, redeemable, Basel-III compliant instrument in the nature of debentures for inclusion in tier 2 capital aggregating Rs 200 crore plus green shoe option on private placement basis, United Bank of India said in a regulatory filing.
State-owned United Bank of India said it plans to raise Rs 200 crore plus green shoe option from debentures on private placement basis.
The bank is proposing to issue unsecured, subordinated, non-convertible, redeemable, Basel-III compliant instrument in the nature of debentures for inclusion in tier 2 capital aggregating Rs 200 crore plus green shoe option on private placement basis, United Bank of India said in a regulatory filing.
Union Budget 2016-17: Jewellers seek hike in PAN quote limit to Rs 5 lakh
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Gems and jewellery industry has sought special turnover tax regime for diamond industry, interest subvention to boost exports and PAN card requirement for transactions of above Rs 5 lakh instead of currently Rs 2 lakh in its wishlist submitted to the Finance Ministry.
During a meeting with Finance Minister Arun Jaitley ahead of the budget, two industry bodies, All India Gems & Jewellery Trade Federation (GJF) Gems and Jewellery Export Council (GJEPC) sought measures for ease of doing business while raising the issue of PAN card requirement for transaction of above Rs 2 lakh.
"From January 1, quoting PAN card has been made must for transaction of jewellery over Rs 2 lakh. This is hurting the domestic industry a lot. So, we have demanded the government to make PAN card mandatory for transaction over Rs 5 lakh instead of Rs 2 lakh," GJF G V Sreedhar told PTI after the meeting.
Because of the PAN card requirement, local jewellery industry has lost a business by 25-30 per cent in the last 15 days, he said, adding that if this continues, the industry will be affected badly.
Upset with the government's decision making PAN card a must for transactions above Rs 2 lakh, the jewellery industry today said it will stage protest on January 18 across the country.
The government's move has led to a loss in business by 25-30 per cent in the first fortnight of this month alone, it said.
Demanding steps for boosting gems and jewellery exports, GJEPC Chairman Praveen Shankar Pandya demanded introduction of Special Turnover Tax Regime for diamond Industry with 0.75 per cent tax on sales turnover on the lines of other diamond trading competitive nations like Belgium and Israel.
This will increase the shift of capital from Belgium and Dubai by NRIs, creating more jobs and exports, he said.
GJEPC recommended start of sale of rough diamonds at Special Notified Zone (SNZ) by implementing 0.25 per cent tax on sales turnover achieved at SNZ of Foreign Mining Companies.
It also sought inclusion of gems and jewellery under Interest Subvention Scheme and Merchandize Exports from India Scheme (MEIS), involvement of jewellers under Gold Monetization Scheme and reduction in the difference between the import duty on gold dore bars and gold bars.
"Currently, there is a huge difference of 2 per cent between import duty on Gold Dore Bars and Gold Bars.
Difference in duties between the two should be brought down to 1/4 per cent," GJEPC said.
That apart, the export promotion body also urged the government to create certainty of tax provisions and reduce litigation.
Gems and jewellery industry has sought special turnover tax regime for diamond industry, interest subvention to boost exports and PAN card requirement for transactions of above Rs 5 lakh instead of currently Rs 2 lakh in its wishlist submitted to the Finance Ministry.
During a meeting with Finance Minister Arun Jaitley ahead of the budget, two industry bodies, All India Gems & Jewellery Trade Federation (GJF) Gems and Jewellery Export Council (GJEPC) sought measures for ease of doing business while raising the issue of PAN card requirement for transaction of above Rs 2 lakh.
"From January 1, quoting PAN card has been made must for transaction of jewellery over Rs 2 lakh. This is hurting the domestic industry a lot. So, we have demanded the government to make PAN card mandatory for transaction over Rs 5 lakh instead of Rs 2 lakh," GJF G V Sreedhar told PTI after the meeting.
Because of the PAN card requirement, local jewellery industry has lost a business by 25-30 per cent in the last 15 days, he said, adding that if this continues, the industry will be affected badly.
Upset with the government's decision making PAN card a must for transactions above Rs 2 lakh, the jewellery industry today said it will stage protest on January 18 across the country.
The government's move has led to a loss in business by 25-30 per cent in the first fortnight of this month alone, it said.
Demanding steps for boosting gems and jewellery exports, GJEPC Chairman Praveen Shankar Pandya demanded introduction of Special Turnover Tax Regime for diamond Industry with 0.75 per cent tax on sales turnover on the lines of other diamond trading competitive nations like Belgium and Israel.
This will increase the shift of capital from Belgium and Dubai by NRIs, creating more jobs and exports, he said.
GJEPC recommended start of sale of rough diamonds at Special Notified Zone (SNZ) by implementing 0.25 per cent tax on sales turnover achieved at SNZ of Foreign Mining Companies.
It also sought inclusion of gems and jewellery under Interest Subvention Scheme and Merchandize Exports from India Scheme (MEIS), involvement of jewellers under Gold Monetization Scheme and reduction in the difference between the import duty on gold dore bars and gold bars.
"Currently, there is a huge difference of 2 per cent between import duty on Gold Dore Bars and Gold Bars.
Difference in duties between the two should be brought down to 1/4 per cent," GJEPC said.
That apart, the export promotion body also urged the government to create certainty of tax provisions and reduce litigation.
SoftBank looks to raise India investment to $10 bn
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Betting on India emerging bigger than China, Japan's SoftBank on Saturday said it has invested $2 billion in Indian firms in the last one year and will look to scale up the investment to $10 billion in the coming year.
SoftBank Chairman and Chief Executive Masayoshi Son said Internet and solar are the sectors that excite him, but wants the government to develop a robust mobile phone infrastructure and resolve slow Internet issues.
"If I rescale, I will scale up. What will $10 billion become, I don't know. If I have said that we will invest $10 billion in 10 years, we have invested $2 billion in a year. That's over pacing and I think we will accelerate," he said at the Startup India Conference in New Delhi.
He said the more he knows about India on every visit, the more he gets excited.
Stating that 21st century belongs to India, he said there exist huge opportunities in India. "Every market is different. I truly think this is really the beginning of Big Bang for India."
"In the next 10 years India will repeat the growth China saw in the last 10 years and in my opinion, India could be bigger (than China)."
Stating that Indians are smart, English speaking, IT-proficient, he said, "All these things make me believe that the 21st century is this country."
"We are very happy with the portfolio we have. We will continue to look for new opportunities. Internet and solar are the sectors that excite me," he said.
Son, Japan's second-richest person with a net worth of $14.1 billion said infrastructure was important and mobile broadband infrastructure was lacking in India.
"I think mobile Internet is too slow. More spectrum allocation to the mobile carriers is needed so that they can have better mobile broadband," he said.
SoftBank had in 2014 announced plans to invest $10 billion in India over the next decade. It has already put in $627 million into online marketplace Snapdeal and smaller investments in property site Housing.com.
Its unit, SoftBank Internet and Media Inc is leading a group of investors putting an investment of $210 million in ANI Technologies Pvt, which runs the Ola Cabs taxi booking service. It paid $200 million for a 35 per cent stake in InMobi, an Indian mobile-advertising network.
It also has a joint venture with India's Bharti Group, Bharti SoftBank, the investments of which include the mobile application Hike Messenger.
SoftBank in June had entered India's solar energy sector with a venture with Bharti Enterprises and Foxconn Technology Group of Taiwan.
The Japanese group will own the majority stake in the new venture, SBG Cleantech that will bid to build 20 GW of solar power plants. Under the partnership, Foxconn will help manufacture solar equipment, and the venture will consider producing some locally.
Betting on India emerging bigger than China, Japan's SoftBank on Saturday said it has invested $2 billion in Indian firms in the last one year and will look to scale up the investment to $10 billion in the coming year.
SoftBank Chairman and Chief Executive Masayoshi Son said Internet and solar are the sectors that excite him, but wants the government to develop a robust mobile phone infrastructure and resolve slow Internet issues.
"If I rescale, I will scale up. What will $10 billion become, I don't know. If I have said that we will invest $10 billion in 10 years, we have invested $2 billion in a year. That's over pacing and I think we will accelerate," he said at the Startup India Conference in New Delhi.
He said the more he knows about India on every visit, the more he gets excited.
Stating that 21st century belongs to India, he said there exist huge opportunities in India. "Every market is different. I truly think this is really the beginning of Big Bang for India."
"In the next 10 years India will repeat the growth China saw in the last 10 years and in my opinion, India could be bigger (than China)."
Stating that Indians are smart, English speaking, IT-proficient, he said, "All these things make me believe that the 21st century is this country."
"We are very happy with the portfolio we have. We will continue to look for new opportunities. Internet and solar are the sectors that excite me," he said.
Son, Japan's second-richest person with a net worth of $14.1 billion said infrastructure was important and mobile broadband infrastructure was lacking in India.
"I think mobile Internet is too slow. More spectrum allocation to the mobile carriers is needed so that they can have better mobile broadband," he said.
SoftBank had in 2014 announced plans to invest $10 billion in India over the next decade. It has already put in $627 million into online marketplace Snapdeal and smaller investments in property site Housing.com.
Its unit, SoftBank Internet and Media Inc is leading a group of investors putting an investment of $210 million in ANI Technologies Pvt, which runs the Ola Cabs taxi booking service. It paid $200 million for a 35 per cent stake in InMobi, an Indian mobile-advertising network.
It also has a joint venture with India's Bharti Group, Bharti SoftBank, the investments of which include the mobile application Hike Messenger.
SoftBank in June had entered India's solar energy sector with a venture with Bharti Enterprises and Foxconn Technology Group of Taiwan.
The Japanese group will own the majority stake in the new venture, SBG Cleantech that will bid to build 20 GW of solar power plants. Under the partnership, Foxconn will help manufacture solar equipment, and the venture will consider producing some locally.
RBI fixes gold bonds issue price at Rs 2,600 per gram
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The Reserve Bank has fixed the public issue price at Rs 2,600 per gram for the sovereign gold bonds, for which applications will be accepted from Monday.
The second tranche of sovereign gold bonds and the pricing has been made more attractive as compared to the first tranche when the issue price was Rs 2,684 per gram.
The first tranche of the scheme, which was launched in November, had received a subscription for 915.95 kg gold amounting to Rs 246 crore.
"The issue price of the Sovereign Gold Bond for this tranche has been fixed at Rs 2,600 per gram of gold," RBI said in a statement. Applications for the bonds will be accepted for five days beginning January 18 to 22.
The rate has been fixed on the basis of simple average of closing price for gold of 999 purity of the previous week (January 11-15, 2016) published by the India Bullion and Jewellers Association Ltd (IBJA), it added.
Aimed at providing an alternative to buying physical gold, the gold bond scheme will offer investors an interest rate of 2.75 per cent and a choice to buy bonds worth 2 grams of gold, up to a maximum of 500 grams.
The bonds, which will be sold through banks, post offices and stock holding corporation, would be issued on February 8.
This is the second tranche of the gold bond scheme and subsequent tranches would be notified later.
The tenor of the bond will be for a period of eight years with exit option from 5th year to be exercised on the interest payment dates.
The interest earned on gold bonds would be taxable, and capital gains tax shall be levied as in case of physical gold.
The bonds can be bought by resident Indian entities including individuals, HUFs, trusts, universities and charitable institutions.
On Friday, Finance Minister Arun Jaitley asked the banks to make all efforts for success of the scheme.
The Reserve Bank has fixed the public issue price at Rs 2,600 per gram for the sovereign gold bonds, for which applications will be accepted from Monday.
The second tranche of sovereign gold bonds and the pricing has been made more attractive as compared to the first tranche when the issue price was Rs 2,684 per gram.
The first tranche of the scheme, which was launched in November, had received a subscription for 915.95 kg gold amounting to Rs 246 crore.
"The issue price of the Sovereign Gold Bond for this tranche has been fixed at Rs 2,600 per gram of gold," RBI said in a statement. Applications for the bonds will be accepted for five days beginning January 18 to 22.
The rate has been fixed on the basis of simple average of closing price for gold of 999 purity of the previous week (January 11-15, 2016) published by the India Bullion and Jewellers Association Ltd (IBJA), it added.
Aimed at providing an alternative to buying physical gold, the gold bond scheme will offer investors an interest rate of 2.75 per cent and a choice to buy bonds worth 2 grams of gold, up to a maximum of 500 grams.
The bonds, which will be sold through banks, post offices and stock holding corporation, would be issued on February 8.
This is the second tranche of the gold bond scheme and subsequent tranches would be notified later.
The tenor of the bond will be for a period of eight years with exit option from 5th year to be exercised on the interest payment dates.
The interest earned on gold bonds would be taxable, and capital gains tax shall be levied as in case of physical gold.
The bonds can be bought by resident Indian entities including individuals, HUFs, trusts, universities and charitable institutions.
On Friday, Finance Minister Arun Jaitley asked the banks to make all efforts for success of the scheme.
General Awareness
List of 61st Filmfare Awards 2016
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The Filmfare Awards were held on January 15, 2016 at Sardar Vallabhbhai Patel Stadium in Mumbai. Sanjay Leela Bhansali's Bajirao Mastani and Shoojit Sircar's 'Piku' were the big winners.
Here is the complete list of winners from 61st Filmfare Awards 2015 —
Best Film - Bajirao Mastani
Best Director - Sanjay Leela Bhansali for Bajirao Mastani
Best Actor in a Leading Role (Male) - Ranveer Singh for Bajirao Mastani
Best Actor in a Leading Role (Female) - Deepika Padukone for Piku
Best Actor in a Supporting Role (Male) - Anil Kapoor for Dil Dhadakne Do
Best Actor in a Supporting Role (Female) - Priyanka Chopra for Bajirao Mastani
Best Music - Ankit Tiwari, Meet Bros. Anjjan and Amaal Mallik for Roy
Best Lyrics - Irshad Kamil for Agar tum saath ho (Tamasha)
Best Playback Singer (Male) - Arijit Singh for Sooraj dooba (Roy)
Best Playback Singer (Female) - Shreya Ghoshal for Deewani mastani (Bajirao Mastani)
Critics Choice Best Film - Piku
Critics Choice Best Actor (Male) - Amitabh Bachchan for Piku
Critics Choice Best Actor (Female) - Kangana Ranaut for Tanu Weds Manu Returns
Lifetime Achievement Award - Moushumi Chatterjee
RD Burman Award - Armaan Mallik
Best Debut Director - Neeraj Ghaywan for Masaan
Best Debut (Female) - Bhumi Pednekar for Dum Laga Ke Haisha
Best Debut (Male) - Sooraj Pancholi for Hero
Best Action - Sham Kaushal for Bajirao Mastani
Best Background Score - Anupam Roy for Piku
Best Choreography - Pt Birju Maharaj for Mohe rang do laal (Bajirao Mastani)
Best Cinematography - Manu Anand for Dum Laga Ke Haisha
Best Costume - Anju Modi and Maxima Basu for Bajirao Mastani
Best Dialogue - Himanshu Sharma for Tanu Weds Manu Returns
Best Editing - A Sreekar Prasad for Talvar
Best Production Design - Sujeet Sawant, Sriram Iyengar and Saloni Dhatrak for Bajirao Mastani
Best Screenplay - Juhi Chaturvedi for Piku
Best Sound Design - Shajith Koyeri for Talvar
Best Story - Vijayendra Prasad for Bajrangi Bhaijaan
Best VFX - Prana Studio for Bombay Velvet
- The Filmfare Awards were held on January 15, 2016 at Sardar Vallabhbhai Patel Stadium in Mumbai. Sanjay Leela Bhansali's Bajirao Mastani and Shoojit Sircar's 'Piku' were the big winners.
Here is the complete list of winners from 61st Filmfare Awards 2015 —
Best Film - Bajirao Mastani
Best Director - Sanjay Leela Bhansali for Bajirao Mastani
Best Actor in a Leading Role (Male) - Ranveer Singh for Bajirao Mastani
Best Actor in a Leading Role (Female) - Deepika Padukone for Piku
Best Actor in a Supporting Role (Male) - Anil Kapoor for Dil Dhadakne Do
Best Actor in a Supporting Role (Female) - Priyanka Chopra for Bajirao Mastani
Best Music - Ankit Tiwari, Meet Bros. Anjjan and Amaal Mallik for Roy
Best Lyrics - Irshad Kamil for Agar tum saath ho (Tamasha)
Best Playback Singer (Male) - Arijit Singh for Sooraj dooba (Roy)
Best Playback Singer (Female) - Shreya Ghoshal for Deewani mastani (Bajirao Mastani)
Critics Choice Best Film - Piku
Critics Choice Best Actor (Male) - Amitabh Bachchan for Piku
Critics Choice Best Actor (Female) - Kangana Ranaut for Tanu Weds Manu Returns
Lifetime Achievement Award - Moushumi Chatterjee
RD Burman Award - Armaan Mallik
Best Debut Director - Neeraj Ghaywan for Masaan
Best Debut (Female) - Bhumi Pednekar for Dum Laga Ke Haisha
Best Debut (Male) - Sooraj Pancholi for Hero
Best Action - Sham Kaushal for Bajirao Mastani
Best Background Score - Anupam Roy for Piku
Best Choreography - Pt Birju Maharaj for Mohe rang do laal (Bajirao Mastani)
Best Cinematography - Manu Anand for Dum Laga Ke Haisha
Best Costume - Anju Modi and Maxima Basu for Bajirao Mastani
Best Dialogue - Himanshu Sharma for Tanu Weds Manu Returns
Best Editing - A Sreekar Prasad for Talvar
Best Production Design - Sujeet Sawant, Sriram Iyengar and Saloni Dhatrak for Bajirao Mastani
Best Screenplay - Juhi Chaturvedi for Piku
Best Sound Design - Shajith Koyeri for Talvar
Best Story - Vijayendra Prasad for Bajrangi Bhaijaan
Best VFX - Prana Studio for Bombay Velvet
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