General Affairs
Congress Targets Modi Government Over Pathankot Attack
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NEW DELHI: Voicing serious concern over the terror attack on an Air Force Base in Pathankot, Congress today questioned Modi government's handling of Pakistan affairs while reminding the Prime Minister of his promise to assertively handle ties with the neighbouring country.
"It's indeed a very serious matter as seven days after Prime Minister Modi visited Pakistan to meet his counterpart Nawaz Sharif, a terrorist module comes from Pakistan and attacks in Punjab and attacks our frontline security installation. Two things are very clear. First despite Prime Minister's visit to Pakistan, ISI continues to sustain and support terror activities against India.
"The current module appears to have come from Pakistan in the same fashion. Secondly the terror camps that are run by terrorists for carrying on anti- India activity in Pakistan Occupied Kashmir continues to be supported by Pakistani establishments.
It raises security concerns for Punjab as the state is witnessing a sudden surge in such activities after being peaceful for the last 20 years," AICC Communication department chief Randeep Surjewala told reporters.
He said that the attack on the first day of the New Year in Pathankot is a matter of serious concern and the Opposition party expresses its deep concerns on this evolving situation of the internal security in the country.
The BJP government should utilize the services of security experts and if necessary leaders of the Congress Party in engagement and finding lasting solution to blocking terror activity which is coming into India via Pakistan," he said.
Recalling that Punjab has seen no terrorist activity for last 20 years, Mr Surjewala said, "two terrorist attacks have occurred in last 5 months, 3 terrorist attacks have been made in Jammu and Kashmir and Punjab in last 5 months by terrorists who have came from Pakistan.
Suspected Jaish-e-Mohammed terrorists from Pakistan today struck at an Air Force base in Pathankot in Punjab, killing three security personnel while four of the attackers were killed in an operation that lasted more than five hours.
The attack comes just a week after the Prime Minister made an unscheduled visit to Lahore, touching down in Pakistan for the first time on Christmas to greet Mr Sharif on his birthday and for his granddaughter's wedding.
Terming the recent attack a "very serious matter", the Congress leader urged the Prime Minister to take stock of the internal security situation.
"Will Prime Minister take up the issue with Pakistan, now that he has recently visited the country. How does the government propose to control and check the terror coming from Pakistan. These are important issues that the PM needs to address. Why is Punjab suddenly becoming a hotbed of such activities," Mr Surjewala said.
"It is PM Modi who used to say he will show red eyes to Pakistan and then talk to them. We don't want him to show red eyes but we want him to take firm action to protect the life of citizens of this country and to ensure that our valiant security forces and our army do not lay their lives at the hands of Pakistani terror module which is continued to be exported," he said.
Mr Surjewala also said that the country's intelligence agency continues to issue generalized terror threats without giving any specifics resulting in attacks where the local police and security agencies are caught unawares.
"We also want the Prime Minister to ensure that the situation on the border of J&K where there have been 900 ceasefire violations by Pakistan in less than 19 months is checked and a final solution is found there too," the Congress spokesperson said.
He said the entire nation stands united to fight terror. "Entire country stands united together to fight terrorism. There can be no two opinion on fighting terror among the 125 crore people of India.
"We all stand behind with our security forces in this resolve," he said.
NEW DELHI: Voicing serious concern over the terror attack on an Air Force Base in Pathankot, Congress today questioned Modi government's handling of Pakistan affairs while reminding the Prime Minister of his promise to assertively handle ties with the neighbouring country."It's indeed a very serious matter as seven days after Prime Minister Modi visited Pakistan to meet his counterpart Nawaz Sharif, a terrorist module comes from Pakistan and attacks in Punjab and attacks our frontline security installation. Two things are very clear. First despite Prime Minister's visit to Pakistan, ISI continues to sustain and support terror activities against India.
"The current module appears to have come from Pakistan in the same fashion. Secondly the terror camps that are run by terrorists for carrying on anti- India activity in Pakistan Occupied Kashmir continues to be supported by Pakistani establishments.
He said that the attack on the first day of the New Year in Pathankot is a matter of serious concern and the Opposition party expresses its deep concerns on this evolving situation of the internal security in the country.
The BJP government should utilize the services of security experts and if necessary leaders of the Congress Party in engagement and finding lasting solution to blocking terror activity which is coming into India via Pakistan," he said.
Recalling that Punjab has seen no terrorist activity for last 20 years, Mr Surjewala said, "two terrorist attacks have occurred in last 5 months, 3 terrorist attacks have been made in Jammu and Kashmir and Punjab in last 5 months by terrorists who have came from Pakistan.
Suspected Jaish-e-Mohammed terrorists from Pakistan today struck at an Air Force base in Pathankot in Punjab, killing three security personnel while four of the attackers were killed in an operation that lasted more than five hours.
The attack comes just a week after the Prime Minister made an unscheduled visit to Lahore, touching down in Pakistan for the first time on Christmas to greet Mr Sharif on his birthday and for his granddaughter's wedding.
Terming the recent attack a "very serious matter", the Congress leader urged the Prime Minister to take stock of the internal security situation.
"Will Prime Minister take up the issue with Pakistan, now that he has recently visited the country. How does the government propose to control and check the terror coming from Pakistan. These are important issues that the PM needs to address. Why is Punjab suddenly becoming a hotbed of such activities," Mr Surjewala said.
"It is PM Modi who used to say he will show red eyes to Pakistan and then talk to them. We don't want him to show red eyes but we want him to take firm action to protect the life of citizens of this country and to ensure that our valiant security forces and our army do not lay their lives at the hands of Pakistani terror module which is continued to be exported," he said.
Mr Surjewala also said that the country's intelligence agency continues to issue generalized terror threats without giving any specifics resulting in attacks where the local police and security agencies are caught unawares.
"We also want the Prime Minister to ensure that the situation on the border of J&K where there have been 900 ceasefire violations by Pakistan in less than 19 months is checked and a final solution is found there too," the Congress spokesperson said.
He said the entire nation stands united to fight terror. "Entire country stands united together to fight terrorism. There can be no two opinion on fighting terror among the 125 crore people of India.
"We all stand behind with our security forces in this resolve," he said.
Pakistan Condemns Pathankot Terror Attack
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ISLAMABAD: Pakistan today condemned the terror strike at an Air Force base in Pathankot by heavily-armed Pakistani terrorists and asserted that building on the goodwill created during the recent high level contacts, it remained committed to partner India in tackling terrorism.
"Pakistan condemns the terrorist incident in Pathankot, India, today, in which many precious lives have been lost. We extend heartfelt condolences to the government and people of India and the bereaved families and wish the wounded speedy and full recovery," a Pakistan Foreign Office statement said.
The attack, suspected to have been carried out by terror outfit Jaish-e-Mohammed, took place at around 3.30 AM and three security personnel, including a Garud commando of the Indian Air Force, were killed in it. Four terrorists were also killed by the security forces.
"Building on the goodwill created during the recent high level contacts between the two countries, Pakistan remains committed to partner with India as well as other countries in the region to completely eradicate the menace of terrorism afflicting our region," the Foreign Office statement said.
The attack came just a week after Prime Minister Narendra Modi made an unscheduled visit to Pakistan and met Prime Minister Nawaz Sharif with an aim of improving ties and also ahead of the talks between the foreign secretaries of the two countries here on January 15.
ISLAMABAD: Pakistan today condemned the terror strike at an Air Force base in Pathankot by heavily-armed Pakistani terrorists and asserted that building on the goodwill created during the recent high level contacts, it remained committed to partner India in tackling terrorism."Pakistan condemns the terrorist incident in Pathankot, India, today, in which many precious lives have been lost. We extend heartfelt condolences to the government and people of India and the bereaved families and wish the wounded speedy and full recovery," a Pakistan Foreign Office statement said.
The attack, suspected to have been carried out by terror outfit Jaish-e-Mohammed, took place at around 3.30 AM and three security personnel, including a Garud commando of the Indian Air Force, were killed in it. Four terrorists were also killed by the security forces.
The attack came just a week after Prime Minister Narendra Modi made an unscheduled visit to Pakistan and met Prime Minister Nawaz Sharif with an aim of improving ties and also ahead of the talks between the foreign secretaries of the two countries here on January 15.
Now, BJP-Run Ahmedabad Civic Body To Take 20% Cars Off Roads Every Day
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AHMEDABAD: The BJP-controlled municipal corporation in Ahmedabad is planning to take a cue from the Arvind Kejriwal government in Delhi. Even before the efficacy of the Aam Aadmi Party (AAP) government's odd-even formula in the capital is established, Ahmedabad is planning to reduce the number of cars on the roads by a fifth every day using a similar formula in the coming months.
The city has seen a drastic increase in the vehicle density with over 10 lakh vehicles registered in the city in the last five years. In the last one year alone, over two lakh vehicles were added to the city's roads leading to a rise in pollution.
The Ahmedabad Municipal Corporation has initiated a multi-pronged strategy to reduce traffic congestion. One of the steps is similar Delhi's odd-even formula with the civic body intending to take certain numbered vehicles off the road on a daily basis. "Around 20 per cent of the vehicles will be off the road daily. 1 or 2 numbers will be chosen say for instance from Monday through Friday, which effectively takes off 20 per cent of the cars off the roads. Besides, we will be carrying out micro planning to manage traffic,'' said Ahmedabad Municipal Commissioner, D Thara.
The civic body also intends to add more public transport options in the next few months apart from taking cars off roads. "Our BRTS has been a prime and successful public transport mechanism and we intend to take other steps to strengthen the public transport system,'' she said.
The civic body has already initiated talks with the traffic and transport authorities and also awareness campaigns before implementing the plan. But for the commuters on the road, it could mean some relief from traffic jams.
AHMEDABAD: The BJP-controlled municipal corporation in Ahmedabad is planning to take a cue from the Arvind Kejriwal government in Delhi. Even before the efficacy of the Aam Aadmi Party (AAP) government's odd-even formula in the capital is established, Ahmedabad is planning to reduce the number of cars on the roads by a fifth every day using a similar formula in the coming months.The city has seen a drastic increase in the vehicle density with over 10 lakh vehicles registered in the city in the last five years. In the last one year alone, over two lakh vehicles were added to the city's roads leading to a rise in pollution.
The Ahmedabad Municipal Corporation has initiated a multi-pronged strategy to reduce traffic congestion. One of the steps is similar Delhi's odd-even formula with the civic body intending to take certain numbered vehicles off the road on a daily basis. "Around 20 per cent of the vehicles will be off the road daily. 1 or 2 numbers will be chosen say for instance from Monday through Friday, which effectively takes off 20 per cent of the cars off the roads. Besides, we will be carrying out micro planning to manage traffic,'' said Ahmedabad Municipal Commissioner, D Thara.
The civic body has already initiated talks with the traffic and transport authorities and also awareness campaigns before implementing the plan. But for the commuters on the road, it could mean some relief from traffic jams.
BJP To Go Solo In 2017 Uttar Pradesh Assembly Polls: Mukhtar Abbas Naqvi
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BAREILLY: Rejecting speculations, BJP leader and Union minister Mukhtar Abbas Naqvi said his party will contest Assembly elections in Uttar Pradesh, slated next year, on its own.
"BJP will contest the coming 2017 Assembly elections on its own and form its government," Mr Naqvi, told reporters on Friday.
Speaking on the DDCA controversy, Mr Naqvi said Mr Jaitley was "clean and honest" and lashed out at the Aam Aadmi Party, which he said was indulging in drama.
The Minister of State for Minorities also accused the Congress of stalling country's development.
"Congress having feudal and imperial mentality does not want development of the country," he said as he labelled the party as "the mother of corruption".
Taking a dig at Congress vice president Rahul Gandhi's foreign trip on New Year, Mr Naqvi said anyone can celebrate new year anywhere in the world.
"May be, foreign trip could give him some good sense," he added.
BAREILLY: Rejecting speculations, BJP leader and Union minister Mukhtar Abbas Naqvi said his party will contest Assembly elections in Uttar Pradesh, slated next year, on its own."BJP will contest the coming 2017 Assembly elections on its own and form its government," Mr Naqvi, told reporters on Friday.
Speaking on the DDCA controversy, Mr Naqvi said Mr Jaitley was "clean and honest" and lashed out at the Aam Aadmi Party, which he said was indulging in drama.
The Minister of State for Minorities also accused the Congress of stalling country's development.
"Congress having feudal and imperial mentality does not want development of the country," he said as he labelled the party as "the mother of corruption".
Taking a dig at Congress vice president Rahul Gandhi's foreign trip on New Year, Mr Naqvi said anyone can celebrate new year anywhere in the world.
"May be, foreign trip could give him some good sense," he added.
Vladimir Putin Names United States Among Threats In New Russian Security Strategy
- MOSCOW: A new appraisal names the United States as one of the threats to Russia's national security for the first time, a sign of how relations with the west have deteriorated in recent years.
The document, "About the Strategy of National Security of Russian Federation", was signed by President Vladimir Putin on New Year's Eve. It replaces a 2009 version, endorsed by then- President Dmitry Medvedev, the current prime minister, which mentioned neither the United States not NATO.
It says Russia has managed to heighten its role in solving global problems and international conflicts. That heightened role has caused a reaction by the West, it says.
"The strengthening of Russia happens against the background of new threats to the national security, which has complex and interrelated nature," the document says.
Conducting an independent policy, "both international and domestic" has caused "counteraction from the USA and its allies, which are striving to retain their dominance in global affairs."
That in turn is likely to lead to "political, economical, military and informational pressure" on Russia, the document says."
Relations between Russia and the West reached a low after Russian forces annexed the Crimean peninsula from Ukraine in March 2014, after protests in Ukraine forced its pro-Moscow president to flee to Russia.
Since then, the West has accused Russia of aiding insurgents in eastern Ukraine. Moscow denies actively assisting the rebels.
The United States and the European Union have since imposed wide-ranging sanctions against Russian individuals and companies. Moscow has reacted by restricting food and other goods from the EU.
The document says that the United States and the EU have supported an "anti-constitutional coup d'etat in Ukraine", which led to a deep divide in Ukrainian society and a military conflict.
It also names the expansion of NATO as a threat to Russia's national security and said that the United States has expanded its network of military-biological laboratories in neighbouring to Russia countries.
The document, which serves as a basis for planning strategy related to national security by different state bodies, does not mention Syria. On September 30, Russia began air strikes against anti-government rebels opposed to the government of Syrian President Bashar al-Assad, a Russian ally.
The document, "About the Strategy of National Security of Russian Federation", was signed by President Vladimir Putin on New Year's Eve. It replaces a 2009 version, endorsed by then- President Dmitry Medvedev, the current prime minister, which mentioned neither the United States not NATO.
It says Russia has managed to heighten its role in solving global problems and international conflicts. That heightened role has caused a reaction by the West, it says.
Conducting an independent policy, "both international and domestic" has caused "counteraction from the USA and its allies, which are striving to retain their dominance in global affairs."
That in turn is likely to lead to "political, economical, military and informational pressure" on Russia, the document says."
Relations between Russia and the West reached a low after Russian forces annexed the Crimean peninsula from Ukraine in March 2014, after protests in Ukraine forced its pro-Moscow president to flee to Russia.
Since then, the West has accused Russia of aiding insurgents in eastern Ukraine. Moscow denies actively assisting the rebels.
The United States and the European Union have since imposed wide-ranging sanctions against Russian individuals and companies. Moscow has reacted by restricting food and other goods from the EU.
The document says that the United States and the EU have supported an "anti-constitutional coup d'etat in Ukraine", which led to a deep divide in Ukrainian society and a military conflict.
It also names the expansion of NATO as a threat to Russia's national security and said that the United States has expanded its network of military-biological laboratories in neighbouring to Russia countries.
The document, which serves as a basis for planning strategy related to national security by different state bodies, does not mention Syria. On September 30, Russia began air strikes against anti-government rebels opposed to the government of Syrian President Bashar al-Assad, a Russian ally.
Business Affairs
FM Arun Jaitley hopeful on GST Bill in ensuing Budget session
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After hitting the Congress wall in two successive Parliament sessions, Finance Minister Arun Jaitley on Saturday exuded confidence that landmark GST Bill will be passed in the next session as numbers in the Rajya Sabha will tilt in favour of the new indirect tax regime.
"The next session is going to be extremely important. And half way through the next session, the numbers of the Upper House are also going to change. So I am reasonably optimistic, as far as the next session is concerned, that we may be able to push it through," Jaitley said.
Parliament's Budget session will start in last week of February.
Addressing the officer trainees of the Indian Revenue Service, he said there is virtually a consensus for GST among political parties and "everybody supports it".
"...Parliamentary obstructionism has prevented it from happening in the last two sessions," he said.
The Goods and Services Tax (GST) that will subsume all indirect taxes like excise duty, service tax and sales tax into one uniform rate, is stuck in Rajya Sabha where main opposition Congress wants three changes.
Congress stalled the passage of the Constitution Amendment Bill in last two sessions, derailing government's plan to roll out GST from April 1, 2016.
Jaitley said the concept of GST was first conceived in 2006 and the Constitution Amendment Bill was first introduced in 2011, but the UPA government could not build a consensus with the states.
"The GST is already delayed. Ideally it should have come much earlier," he said, adding that the tax regime will render India into one big market, make tax evasion difficult, ensure seamless movement of goods and services and push up GDP.
Jaitley said the NDA Government after coming to power built broad consensus among the states and following that brought the Constitution Amendment Bill again in Parliament.
"I continue to discuss with the states and with all political groups, so that we can ensure its safe passage in the Upper House," he said.
The idea of GST was born in the earlier part of the last decade, he said. "Though people have been discussing this since the 1990s, radical idea of this kind takes time before a consensus can develop," he added.
He said after the Constitution Amendment Bill is passed in Parliament, there are three more legislations - Central GST (CGST), State GST (SGST) and Integrated GST (IGST) - which are required to be passed.
"And those have been worked out. We are in the stage of readiness as far as those legislations are concerned which will have to be passed then by the Central Government and by the State governments," he said.
After hitting the Congress wall in two successive Parliament sessions, Finance Minister Arun Jaitley on Saturday exuded confidence that landmark GST Bill will be passed in the next session as numbers in the Rajya Sabha will tilt in favour of the new indirect tax regime.
"The next session is going to be extremely important. And half way through the next session, the numbers of the Upper House are also going to change. So I am reasonably optimistic, as far as the next session is concerned, that we may be able to push it through," Jaitley said.
Parliament's Budget session will start in last week of February.
Addressing the officer trainees of the Indian Revenue Service, he said there is virtually a consensus for GST among political parties and "everybody supports it".
"...Parliamentary obstructionism has prevented it from happening in the last two sessions," he said.
The Goods and Services Tax (GST) that will subsume all indirect taxes like excise duty, service tax and sales tax into one uniform rate, is stuck in Rajya Sabha where main opposition Congress wants three changes.
Congress stalled the passage of the Constitution Amendment Bill in last two sessions, derailing government's plan to roll out GST from April 1, 2016.
Jaitley said the concept of GST was first conceived in 2006 and the Constitution Amendment Bill was first introduced in 2011, but the UPA government could not build a consensus with the states.
"The GST is already delayed. Ideally it should have come much earlier," he said, adding that the tax regime will render India into one big market, make tax evasion difficult, ensure seamless movement of goods and services and push up GDP.
Jaitley said the NDA Government after coming to power built broad consensus among the states and following that brought the Constitution Amendment Bill again in Parliament.
"I continue to discuss with the states and with all political groups, so that we can ensure its safe passage in the Upper House," he said.
The idea of GST was born in the earlier part of the last decade, he said. "Though people have been discussing this since the 1990s, radical idea of this kind takes time before a consensus can develop," he added.
He said after the Constitution Amendment Bill is passed in Parliament, there are three more legislations - Central GST (CGST), State GST (SGST) and Integrated GST (IGST) - which are required to be passed.
"And those have been worked out. We are in the stage of readiness as far as those legislations are concerned which will have to be passed then by the Central Government and by the State governments," he said.
Excise duty hiked on petrol, diesel
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Government on Saturday hiked excise duty on petrol by Rs 0.37 per litre and by Rs 2 a litre on diesel, the second increase in duties in just over two weeks, to mop up a little less than Rs 4,400 crore.
However, there will be no increase in retail selling price of petrol and diesel as state-owned oil firms had not passed on the full benefit of a reduction in international oil prices to consumers on Friday.
Basic excise duty on unbranded or normal petrol has been increased from Rs 7.36 per litre to Rs 7.73 and the same on unbranded diesel from Rs 5.83 to Rs 7.83 per litre, a notification of the Central Board of Excise and Customs (CBEC) said.
The increase in excise duty will fetch the government over Rs 4,300 crore on diesel and about Rs 80 crore on petrol.
This is the second time in less than three weeks that excise duty is being hiked to make use of the slump in oil prices to garner resources for the government without burdening consumers.
The government had from December 17 raised excise duty on petrol by Rs 0.30 per litre and Rs 1.17 a litre on diesel to garner Rs 2,500 crore.
Taken together with the November 7, 2015 increase in excise duty on petrol of Rs 1.60 per litre and diesel by 30 paise to raise Rs 3,200 crore, this is the third hike in levies this fiscal.
In the three increases, the government is expected to mop up over Rs 10,000 crore to meet its budgetary deficit.
Prior to these, the government had in four installments raised excise duty on petrol and diesel between November 2014 and January 2015 to lessen the reduction in retail rates, which followed falling international oil rates.
The four excise duty hikes during this period totalled Rs 7.75 per litre on petrol and Rs 6.50 a litre on diesel. It led to about Rs 20,000 crore in additional revenue to the government, helping it meet its fiscal deficit target.
If the government would not have raised these duties, consumer price of petrol and diesel should have been lower by 10.02 a litre and Rs 9.97 per litre respectively.
Petrol currently cost Rs 59.35 per litre in Delhi while diesel costs Rs 45.03 a litre.
Government on Saturday hiked excise duty on petrol by Rs 0.37 per litre and by Rs 2 a litre on diesel, the second increase in duties in just over two weeks, to mop up a little less than Rs 4,400 crore.
However, there will be no increase in retail selling price of petrol and diesel as state-owned oil firms had not passed on the full benefit of a reduction in international oil prices to consumers on Friday.
Basic excise duty on unbranded or normal petrol has been increased from Rs 7.36 per litre to Rs 7.73 and the same on unbranded diesel from Rs 5.83 to Rs 7.83 per litre, a notification of the Central Board of Excise and Customs (CBEC) said.
The increase in excise duty will fetch the government over Rs 4,300 crore on diesel and about Rs 80 crore on petrol.
This is the second time in less than three weeks that excise duty is being hiked to make use of the slump in oil prices to garner resources for the government without burdening consumers.
The government had from December 17 raised excise duty on petrol by Rs 0.30 per litre and Rs 1.17 a litre on diesel to garner Rs 2,500 crore.
Taken together with the November 7, 2015 increase in excise duty on petrol of Rs 1.60 per litre and diesel by 30 paise to raise Rs 3,200 crore, this is the third hike in levies this fiscal.
In the three increases, the government is expected to mop up over Rs 10,000 crore to meet its budgetary deficit.
Prior to these, the government had in four installments raised excise duty on petrol and diesel between November 2014 and January 2015 to lessen the reduction in retail rates, which followed falling international oil rates.
The four excise duty hikes during this period totalled Rs 7.75 per litre on petrol and Rs 6.50 a litre on diesel. It led to about Rs 20,000 crore in additional revenue to the government, helping it meet its fiscal deficit target.
If the government would not have raised these duties, consumer price of petrol and diesel should have been lower by 10.02 a litre and Rs 9.97 per litre respectively.
Petrol currently cost Rs 59.35 per litre in Delhi while diesel costs Rs 45.03 a litre.
Sebi issues new listing norms for stock exchanges
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Paving way for listing of the stock exchanges, markets regulator Sebi on Friday announced detailed guidelines for their compliance to disclosure and listing regulations including for ensuring 'fit and proper' status of every investor in the bourses.
The exchanges would need to take steps for maintaining of 51 percentage of shareholding of Public Category and ensuring that holding of trading members, associates or agents does not exceed 49 per cent.
Leading exchange BSE has been seeking to get listed for a long time, but its plans have been hanging in balance due to lack of regulatory clearances. Sebi had first announced its norms for listing of bourses over three years ago.
The capital markets watchdog has been of the view that necessary safeguards need to be first put in place for tackling conflict of interest and other issues.
In a circular, Sebi said the listed stock exchange will have to disseminate the details of its shareholding with category wise breakup on a continuous basis, on its website.
Similarly, the bourse where the shares are listed, shall also display this information.
Besides, depositories will have to put in place systems for capturing the shareholding data of trading members or their associates and agents and ensure that there is a mechanism for coordination between the depositories towards sharing of information.
A mechanism would need to be put in place providing for approval of the listed stock exchange as and when holding of trading members/associates/agents reaches 45 per cent.
In case they purchase shares without requisite approval, the depositories will initiate consequential action such as freezing of voting rights and all corporate benefits in respect of such stake till the time the same is divested.
The divestment of any excess shareholding beyond the specified limit would be through a special window provided by the stock exchange.
The new norms provide that to ensure compliance that every shareholder be Fit and Proper, all applicant in the IPO or Offer For Sale will be required to make declaration to this effect at the time of making application.
The listed stock exchange will have to submit an exceptional report regarding the shareholders who are not 'fit and proper' and action taken thereof on a quarterly basis.
Sebi will also issue necessary procedures to ensure compliance of the provisions post listing. The shareholding threshold of 2 per cent, 5 per cent or 15 per cent (for different classes of investors) as the case may be, will be monitored through Depository mechanism.
"The depositories shall put in place a mechanism to ensure that no shareholder of listed stock exchange gets credit of shares beyond 5 per cent or 15 per cent, as applicable," the regulator said in a circular.
The depositories shall generate an alert when such holding exceeds 2 per cent and monitor the same under intimation to Sebi, it added.
The stock exchanges, both listed and where the securities are listed, and depositories will have to ensure that such mechanism be in place latest by March 31, 2016.
Paving way for listing of the stock exchanges, markets regulator Sebi on Friday announced detailed guidelines for their compliance to disclosure and listing regulations including for ensuring 'fit and proper' status of every investor in the bourses.
The exchanges would need to take steps for maintaining of 51 percentage of shareholding of Public Category and ensuring that holding of trading members, associates or agents does not exceed 49 per cent.
Leading exchange BSE has been seeking to get listed for a long time, but its plans have been hanging in balance due to lack of regulatory clearances. Sebi had first announced its norms for listing of bourses over three years ago.
The capital markets watchdog has been of the view that necessary safeguards need to be first put in place for tackling conflict of interest and other issues.
In a circular, Sebi said the listed stock exchange will have to disseminate the details of its shareholding with category wise breakup on a continuous basis, on its website.
Similarly, the bourse where the shares are listed, shall also display this information.
Besides, depositories will have to put in place systems for capturing the shareholding data of trading members or their associates and agents and ensure that there is a mechanism for coordination between the depositories towards sharing of information.
A mechanism would need to be put in place providing for approval of the listed stock exchange as and when holding of trading members/associates/agents reaches 45 per cent.
In case they purchase shares without requisite approval, the depositories will initiate consequential action such as freezing of voting rights and all corporate benefits in respect of such stake till the time the same is divested.
The divestment of any excess shareholding beyond the specified limit would be through a special window provided by the stock exchange.
The new norms provide that to ensure compliance that every shareholder be Fit and Proper, all applicant in the IPO or Offer For Sale will be required to make declaration to this effect at the time of making application.
The listed stock exchange will have to submit an exceptional report regarding the shareholders who are not 'fit and proper' and action taken thereof on a quarterly basis.
Sebi will also issue necessary procedures to ensure compliance of the provisions post listing. The shareholding threshold of 2 per cent, 5 per cent or 15 per cent (for different classes of investors) as the case may be, will be monitored through Depository mechanism.
"The depositories shall put in place a mechanism to ensure that no shareholder of listed stock exchange gets credit of shares beyond 5 per cent or 15 per cent, as applicable," the regulator said in a circular.
The depositories shall generate an alert when such holding exceeds 2 per cent and monitor the same under intimation to Sebi, it added.
The stock exchanges, both listed and where the securities are listed, and depositories will have to ensure that such mechanism be in place latest by March 31, 2016.
Chief Economic Advisor Arvind Subramanian says Indian economy fastest growing despite four droughts
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India has emerged as the world's fastest growing economy notwithstanding global demand slowdown and four droughts,Chief Economic Advisor Arvind Subramanian said on Friday.
In a series of tweets, he said there has been improvement in quality of spending toward capital and agriculture, fiscal consolidation at central and state levels and improvement in indirect tax efficiency.
"Despite declining global demand & 4 droughts, (India has emerged as) fastest growing economy," he said in one of the tweets.
He also said the commentary on Mid-Year Economic Analysis, presented in Parliament last month, has focused on challenges.
India had outpaced China as the world's fastest growing economy in 2015.
Earlier in the day, Congress slammed the government for failure on economic front.
Addressing a press conference, senior Congress leader and former Finance Minister P Chidambaram said for the whole of 2015-16, GDP growth is not likely to be higher than 7 to 7.3 per cent, which means that it will be the same as, or lower than, in 2014-15.
"The economy is stuck in a groove," he said.
Referring to the mid-year economic analysis, Chidambaram it has candidly admitted that private investment and exports - two of the four drivers of demand - are languishing.
"The Indian economy is like a car running on two wheels," he added.
Chidambaram also said he was not yet prepared to say there has been a fiscal mismanagement but "reading the mid-year economic analysis, there are pointers to serious mistakes in fiscal management".
India has emerged as the world's fastest growing economy notwithstanding global demand slowdown and four droughts,Chief Economic Advisor Arvind Subramanian said on Friday.
In a series of tweets, he said there has been improvement in quality of spending toward capital and agriculture, fiscal consolidation at central and state levels and improvement in indirect tax efficiency.
"Despite declining global demand & 4 droughts, (India has emerged as) fastest growing economy," he said in one of the tweets.
He also said the commentary on Mid-Year Economic Analysis, presented in Parliament last month, has focused on challenges.
India had outpaced China as the world's fastest growing economy in 2015.
Earlier in the day, Congress slammed the government for failure on economic front.
Addressing a press conference, senior Congress leader and former Finance Minister P Chidambaram said for the whole of 2015-16, GDP growth is not likely to be higher than 7 to 7.3 per cent, which means that it will be the same as, or lower than, in 2014-15.
"The economy is stuck in a groove," he said.
Referring to the mid-year economic analysis, Chidambaram it has candidly admitted that private investment and exports - two of the four drivers of demand - are languishing.
"The Indian economy is like a car running on two wheels," he added.
Chidambaram also said he was not yet prepared to say there has been a fiscal mismanagement but "reading the mid-year economic analysis, there are pointers to serious mistakes in fiscal management".
Bureaucratic Reform: Revamp our Bureaucracy
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ABOUT: India's babudom is being rated among the worst in Asia. Unless bureaucratic reforms make fundamental and structural changes by holding bureaucrats accountable, India will continue to struggle as political initiatives take painfully long to translate into actions. Vinod Rai, former CAG of India and Visiting Senior Research Fellow at the Institute of South Asian Studies, in the National University of Singapore, explains why revamping Indian bureaucracy is essential to make India future-ready.
The Indian bureaucracy is much celebrated and, at the same time, much reviled. It has been called the 'steel frame' and is also called 'babudom'. Its performance draws reactions ranging from total despondency to cautious accolade. However, in the present times, across all sections of society, it has ceased to draw unqualified praise or recognition for its role. How has it travelled from the 'steel frame' days to being seen as a 'laid back and laggard' phenomenon today? There is great need to introspect on these issues as any sustainable economic development can only be premised on the edifice of a transparent, accountable and ethical governance structure, which is what the civil service is meant to provide.
We have had Administrative Reforms Commissions and any number of recommendations to bring in reforms. Successive governments have either been non-serious about accepting these recommendations or have just not been concerned about them. The more worrisome factor has been the cavalier fashion in which different governments have thrown to the winds implementation of the very same recommendations that they had accepted when political expediency so required. There have been a set of recommendations which have been advocated by the highest Court of the land - these have also been disregarded. Maybe a fixed tenure for key posts such as the Cabinet secretary and the Home secretary, maybe have a civil services board to do the postings - these aspects are more ignored in their implementation than their acceptance. We need to examine how this situation came about and what could be a roadmap for any seriousness that government may show to address the malaise. Any attempt to re-engineer the bureaucracy would have to deal with two aspects. The first would have to address the systems or structures and the other would have to be the professional or attitudinal aspects of civil servants. No civil service structure can be static in its character. It has to be dynamic and has to change with the times. As models of governance or politico-economic environments change, it has to adapt and re-engineer itself. It is widely believed that the political executive does not allow that to happen and ensures that either the bureaucracy is sidelined or remains too rigid to handle rapidly changing political scenarios, thus emasculating it. It is, and has been, proven to be true. However, it is not that the constituents of the service have covered themselves with glory in their own approach, behaviour and professionalism displayed while on the job. Let us examine the factors which are beyond the reach of service officers on the one hand and require structural corrections by government, and how, on the other hand, the officers could themselves correct some of the behavioural aberrations that have crept in?
It is commonly believed that the single largest contributing factor to the decline in the dedication of the officers towards their oath of allegiance to the Constitution is the upper age limit for eligibility to take the Civil Services Examination. The service seeks to recruit young and capable minds and mould them, keeping in mind the noble objectives and targets of the service. A 30 or 32-year-old person, who has served in one or two jobs and has appeared for the examination at least three to four times, is married and probably has a child. Such a candidate is hardly amenable to be moulded. By that age he has already formed his impressions about various important issues in life and administration, and does not have an open mind to whatever is being taught to him in an academy or on the job.
I recall joining some probationers for breakfast at the academy where I had gone to deliver a guest lecture in 2009. The entire discussion among them was about how they had requested for a posting to their home towns so that their wives and children could adjust easily! Mind you this was the first posting of their careers and the interest was the family and not the job. While, we would empathise with those who, for a variety of factors, have to be accorded a relaxed age limit, it needs to be recognised that irrespective of the age at which you join, retirement will take place at 60 years. The government services are also guided by a career progression system which is premised on seniority. You may be the brightest, most dynamic and exceedingly successful officer, but can be considered for promotion only with the most laid back, non-serious and non-performing officer of your batch/ seniority. A person even joining the IAS at the age of 30 can, at best, aspire to retire only as an additional secretary, that too if he is lucky - he could even get stuck at the joint secretary level itself. As an entrant to the service would be privy to this career limitation at the time of joining, would he have any long-term career aspiration in the service itself? Hence, why have people join the service who from day one do not see themselves rising to the top echelons and, thus, have no motivation to perform. These are the elements who fall prey to distractions in the course of the service. We cannot really blame them as the structure has been so contrived. Successive committees set up by the government and the UPSC have pointed out this ab initio lacunae, and successive prime ministers have accepted the argument, but expressed helplessness to change the system due to its political unacceptability. It is really strange how we sacrifice the best of issues at the altar of political convenience. If so, why aspire to reform the system or bemoan its inadequacy? It is our own creation and probably by design, as no political executive in present times wants a strong and effective bureaucracy.
Any serious attempt at revamping the bureaucracy must start from this very fundamental feature. The civil services were designed to be of a generalist nature. To that extent, bureaucrats have been able to manage fairly professional assignments with a fair amount of competence. However, times are changing and administration is becoming complex. Management of the infrastructure sector, economic departments and even education, social or health related issues, needs a greater degree of expertise and knowledge than was hitherto required of bureaucrats. Time has come when, after doing initial district and revenue related administrative appointments, civil servants should be given the option to attain specialisation in their field of choice and aptitude. They are presently trained at all levels of their career. These trainings are largely general in nature. These need to be converted to creating cadres of, if not specialised, at least fairly well-oriented administrators in fields that they will be called upon to administer. If we recruit young and dedicated candidates of an age not exceeding 24 years - with the usual relaxation for a reserved candidate - and after the initial 10/15 years, train them in specialised sectors, we will be creating a body of administrators who will not be 'square pegs in round holes', as they move up the career path. Considering the large number of professionally educated candidates who get selected for the higher civil services, such a basic specialisation effort would be undertaken earlier in the career and with a greater degree of success.
Good governance is the need of the hour. The citizen, having come centre stage, demands a more responsive, transparent and accountable set-up which is premised on probity and integrity. We need to emulate some of the culture embedded in the civil services of Singapore, Scandinavian countries and the qualities that the British Civil services, from whom we derived our model, still espouse and maintain. It is not about compensation alone. Any person seeking enhanced levels of compensation has enough opportunities elsewhere. She need not join government. We need to seek to create a bureaucracy of persons who are spirited, inspired and willing to work closely with public agencies, rather than sit in ivory towers. The civil servant has to be a team player first before he seeks to be a team leader.
It is also necessary to create a fast-track career progression path for those with a demonstrated dynamic and outstanding display of public leadership and innovation in good governance. Treating the dynamic and lethargic officers at par gives no incentive for taking up challenges and delivering in difficult times and regions. While the average performer may continue to move up the seniority-cum-merit path, the outstanding performer must be fast-tracked for promotion and, hence, incentivised to perform better. A structure for such rewards can be designed. If the country can have a Prime Minister at the age of 40 years (and a very dynamic prime minister at that), global CEO at 47 years (Satya Nadella), why cant we get the best of vigour, vitality and drive out of a bureaucrat before he is 50? Why wait till he is 58 before he can head a department? In a parliamentary democracy, it is undeniable that the political executive is supreme. The electorate has given it the mandate to govern. This governance function is carried out by the civil service. The civil service has to operate and balance between the noble public pronouncements of the government in power and privately expressed intentions, which quite often are not in consonance with the publicly stated views. Why is it that the Central Bureau of Investigation is called the 'handmaiden' of the government in power. The highest court in the land called it the 'caged parrot'. Caged by whom? Obviously, by the government in power. Caged by the very people who loftily declare that the 'law will take its own course'. How often has the law been allowed to take its own course? It is these piquant situations that create a hiatus between the officers who are willing to stay on the straight and narrow path, as against those who are willing to acquiesce to the political pressure for very narrow career-related gains.
It is to contend with these situations that successive committees/ commissions set up reforming the bureaucracy had recommended the setting up of 'Civil Services Boards' which would ensure postings on merit and also fix the tenure of officers, thereby releasing them from the harassment of political pressures. The Supreme Court had also endorsed this viewpoint in a verdict delivered by them while deciding on a PIL. No such reform has taken place. If the bureaucracy is expected to deliver on the merits of any situation, it has to be allowed to take decisions in a free environment. The correctives are threefold: have the Civil Services Board do the appointments/postings, permit fixity of tenure, and have a quick penalty and reward system - all three to be dispensed by an independent board. This in itself will ensure officers abjure errant behaviour.
We need to recognise that the much maligned civil service when freed of political overtones delivers and delivers impeccably. Consider the conduct of elections. It does so under the direct control and supervision of the Election Commission. In this role, the very same bureaucracy has gained global acclaim. The same bureaucrat, whether in the independent and autonomous office of the Information Commission or the National Auditor, is still capable of delivering objectively. This is because she has fixed tenure, independence under the statute and a well-defined mandate. This makes it abundantly clear that we need to free the bureaucracy from inappropriate political control. Such a paradigm can emerge when bureaucrats decide that they will face the unfair political demands and be prepared for short-term harassment which is often in the form of frequent transfers. Such a determination will have to be made by the majority. This will ensure that attempts to transfer inconvenient officers comes to naught as the replacement would be equally balanced and impartial. The 'transfer the inconvenient' tendency can be squarely faced - it only requires determination of a larger number in the system. As a corollary of this phenomenon, it will have to be ensured that the agency which makes the final call on an officer's delinquency or otherwise is an independent agency such as the UPSC and not the elected executive. This can also be extended to the observance of tenure norms, disciplinary action and a system to oversight the process of 'empanelment/ suspension'. It has finally to be accepted that in any system, however good, the architecture can function only as well as the persons who operate it. The aspirants to the service need to introspect. They need to recognise that they have to be the agents of change and synergise government efforts with other participative agencies to deliver most effective and timely solutions. There is need for the civil service to change with the times, moving away from the mindset of a regulator to one of a facilitator. This can be done by training institutions, provided the persons selected are impressionable and young enough to be inculcated with the ideals of the higher civil services.
Revamping the bureaucracy is not a Herculean task. It merely requires a positive mindset of the government in power and a determination among the aspirants in the service to deliver as per the hallowed objectives of the service. It requires officers to remain committed to the job at hand and not be swayed by narrow sectarian, political or regional interests. The compensation structure today is not adverse in government. Being inadequately paid can hardly be ascribed to some of the ills that have crept in. Corruption or nepotism are a direct consequence of an individual not being able to see an exciting career for himself which permits him to rise to the highest echelons. Hence, I strongly believe that providing an attractive career progression opportunity itself would take care of this phenomenon. The bureaucracy is the continuous element in administrations. Governments may change and hence the framers of the Constitution had provided for an impartial and permanent bureaucracy. The country has to ensure that rapid growth and welfare measures are inclusive for all sections of society. This necessitates an impartial, dynamic and accountable civil service which can ensure that these objectives are actually achieved. The stakes in having such a service are very high - the government and the political executive must work towards ensuring a spirited and impartial civil service structure designed to cater to the needs of the nation.
ABOUT: India's babudom is being rated among the worst in Asia. Unless bureaucratic reforms make fundamental and structural changes by holding bureaucrats accountable, India will continue to struggle as political initiatives take painfully long to translate into actions. Vinod Rai, former CAG of India and Visiting Senior Research Fellow at the Institute of South Asian Studies, in the National University of Singapore, explains why revamping Indian bureaucracy is essential to make India future-ready.
The Indian bureaucracy is much celebrated and, at the same time, much reviled. It has been called the 'steel frame' and is also called 'babudom'. Its performance draws reactions ranging from total despondency to cautious accolade. However, in the present times, across all sections of society, it has ceased to draw unqualified praise or recognition for its role. How has it travelled from the 'steel frame' days to being seen as a 'laid back and laggard' phenomenon today? There is great need to introspect on these issues as any sustainable economic development can only be premised on the edifice of a transparent, accountable and ethical governance structure, which is what the civil service is meant to provide.
I recall joining some probationers for breakfast at the academy where I had gone to deliver a guest lecture in 2009. The entire discussion among them was about how they had requested for a posting to their home towns so that their wives and children could adjust easily! Mind you this was the first posting of their careers and the interest was the family and not the job. While, we would empathise with those who, for a variety of factors, have to be accorded a relaxed age limit, it needs to be recognised that irrespective of the age at which you join, retirement will take place at 60 years. The government services are also guided by a career progression system which is premised on seniority. You may be the brightest, most dynamic and exceedingly successful officer, but can be considered for promotion only with the most laid back, non-serious and non-performing officer of your batch/ seniority. A person even joining the IAS at the age of 30 can, at best, aspire to retire only as an additional secretary, that too if he is lucky - he could even get stuck at the joint secretary level itself. As an entrant to the service would be privy to this career limitation at the time of joining, would he have any long-term career aspiration in the service itself? Hence, why have people join the service who from day one do not see themselves rising to the top echelons and, thus, have no motivation to perform. These are the elements who fall prey to distractions in the course of the service. We cannot really blame them as the structure has been so contrived. Successive committees set up by the government and the UPSC have pointed out this ab initio lacunae, and successive prime ministers have accepted the argument, but expressed helplessness to change the system due to its political unacceptability. It is really strange how we sacrifice the best of issues at the altar of political convenience. If so, why aspire to reform the system or bemoan its inadequacy? It is our own creation and probably by design, as no political executive in present times wants a strong and effective bureaucracy.
Any serious attempt at revamping the bureaucracy must start from this very fundamental feature. The civil services were designed to be of a generalist nature. To that extent, bureaucrats have been able to manage fairly professional assignments with a fair amount of competence. However, times are changing and administration is becoming complex. Management of the infrastructure sector, economic departments and even education, social or health related issues, needs a greater degree of expertise and knowledge than was hitherto required of bureaucrats. Time has come when, after doing initial district and revenue related administrative appointments, civil servants should be given the option to attain specialisation in their field of choice and aptitude. They are presently trained at all levels of their career. These trainings are largely general in nature. These need to be converted to creating cadres of, if not specialised, at least fairly well-oriented administrators in fields that they will be called upon to administer. If we recruit young and dedicated candidates of an age not exceeding 24 years - with the usual relaxation for a reserved candidate - and after the initial 10/15 years, train them in specialised sectors, we will be creating a body of administrators who will not be 'square pegs in round holes', as they move up the career path. Considering the large number of professionally educated candidates who get selected for the higher civil services, such a basic specialisation effort would be undertaken earlier in the career and with a greater degree of success.
Good governance is the need of the hour. The citizen, having come centre stage, demands a more responsive, transparent and accountable set-up which is premised on probity and integrity. We need to emulate some of the culture embedded in the civil services of Singapore, Scandinavian countries and the qualities that the British Civil services, from whom we derived our model, still espouse and maintain. It is not about compensation alone. Any person seeking enhanced levels of compensation has enough opportunities elsewhere. She need not join government. We need to seek to create a bureaucracy of persons who are spirited, inspired and willing to work closely with public agencies, rather than sit in ivory towers. The civil servant has to be a team player first before he seeks to be a team leader.
It is to contend with these situations that successive committees/ commissions set up reforming the bureaucracy had recommended the setting up of 'Civil Services Boards' which would ensure postings on merit and also fix the tenure of officers, thereby releasing them from the harassment of political pressures. The Supreme Court had also endorsed this viewpoint in a verdict delivered by them while deciding on a PIL. No such reform has taken place. If the bureaucracy is expected to deliver on the merits of any situation, it has to be allowed to take decisions in a free environment. The correctives are threefold: have the Civil Services Board do the appointments/postings, permit fixity of tenure, and have a quick penalty and reward system - all three to be dispensed by an independent board. This in itself will ensure officers abjure errant behaviour.
We need to recognise that the much maligned civil service when freed of political overtones delivers and delivers impeccably. Consider the conduct of elections. It does so under the direct control and supervision of the Election Commission. In this role, the very same bureaucracy has gained global acclaim. The same bureaucrat, whether in the independent and autonomous office of the Information Commission or the National Auditor, is still capable of delivering objectively. This is because she has fixed tenure, independence under the statute and a well-defined mandate. This makes it abundantly clear that we need to free the bureaucracy from inappropriate political control. Such a paradigm can emerge when bureaucrats decide that they will face the unfair political demands and be prepared for short-term harassment which is often in the form of frequent transfers. Such a determination will have to be made by the majority. This will ensure that attempts to transfer inconvenient officers comes to naught as the replacement would be equally balanced and impartial. The 'transfer the inconvenient' tendency can be squarely faced - it only requires determination of a larger number in the system. As a corollary of this phenomenon, it will have to be ensured that the agency which makes the final call on an officer's delinquency or otherwise is an independent agency such as the UPSC and not the elected executive. This can also be extended to the observance of tenure norms, disciplinary action and a system to oversight the process of 'empanelment/ suspension'. It has finally to be accepted that in any system, however good, the architecture can function only as well as the persons who operate it. The aspirants to the service need to introspect. They need to recognise that they have to be the agents of change and synergise government efforts with other participative agencies to deliver most effective and timely solutions. There is need for the civil service to change with the times, moving away from the mindset of a regulator to one of a facilitator. This can be done by training institutions, provided the persons selected are impressionable and young enough to be inculcated with the ideals of the higher civil services.
Revamping the bureaucracy is not a Herculean task. It merely requires a positive mindset of the government in power and a determination among the aspirants in the service to deliver as per the hallowed objectives of the service. It requires officers to remain committed to the job at hand and not be swayed by narrow sectarian, political or regional interests. The compensation structure today is not adverse in government. Being inadequately paid can hardly be ascribed to some of the ills that have crept in. Corruption or nepotism are a direct consequence of an individual not being able to see an exciting career for himself which permits him to rise to the highest echelons. Hence, I strongly believe that providing an attractive career progression opportunity itself would take care of this phenomenon. The bureaucracy is the continuous element in administrations. Governments may change and hence the framers of the Constitution had provided for an impartial and permanent bureaucracy. The country has to ensure that rapid growth and welfare measures are inclusive for all sections of society. This necessitates an impartial, dynamic and accountable civil service which can ensure that these objectives are actually achieved. The stakes in having such a service are very high - the government and the political executive must work towards ensuring a spirited and impartial civil service structure designed to cater to the needs of the nation.
General Awareness
Rs 5,000-crore Subsidy for Rooftop Solar Power
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Cabinet Committee on Economic Affairs has approved anincrease in the budget for implementation of grid-connected solar rooftop systems to Rs. 5,000 crore from Rs.600 crore up to the financial year 2019-2020.
- This will support installation of 4,200 MW solar rooftop systems in the country in next 5 years.
Subsidies
- The capital subsidy of 30% will be provided for general category States and Union Territories.
- 70% for special category States, including Uttarakhand, Himachal Pradesh, Jammu & Kashmir, Lakshadweep, Andaman & Nicobar Islands and those in the North-East.
- There will be no subsidy for commercial and industrial establishments in theprivate sector since they are eligible for other benefits such as accelerated depreciation, custom duty concessions, excise duty exemptions and tax holiday.
Revised target
The government has revised the target of National Solar Mission (NSM) from 20,000 MW to 1, 00,000 MW by 2022. Of that, 40,000 MWp is to come through grid connected solar rooftop systems. This approval will boost the installations in a big way and will act as a catalyst to achieve this goal.
- So far, 26 States have notified their regulations to provide Net Metering/Gross metering facilities to support solar rooftops installations.
Now a days it is possible to generate solar power from the solar rooftop systems at about Rs 6.50/kWh. This is cheaper than the diesel gen-sets based power.
- Cabinet Committee on Economic Affairs has approved anincrease in the budget for implementation of grid-connected solar rooftop systems to Rs. 5,000 crore from Rs.600 crore up to the financial year 2019-2020.
- This will support installation of 4,200 MW solar rooftop systems in the country in next 5 years.
Subsidies- The capital subsidy of 30% will be provided for general category States and Union Territories.
- 70% for special category States, including Uttarakhand, Himachal Pradesh, Jammu & Kashmir, Lakshadweep, Andaman & Nicobar Islands and those in the North-East.
- There will be no subsidy for commercial and industrial establishments in theprivate sector since they are eligible for other benefits such as accelerated depreciation, custom duty concessions, excise duty exemptions and tax holiday.
The government has revised the target of National Solar Mission (NSM) from 20,000 MW to 1, 00,000 MW by 2022. Of that, 40,000 MWp is to come through grid connected solar rooftop systems. This approval will boost the installations in a big way and will act as a catalyst to achieve this goal.- So far, 26 States have notified their regulations to provide Net Metering/Gross metering facilities to support solar rooftops installations.
Now a days it is possible to generate solar power from the solar rooftop systems at about Rs 6.50/kWh. This is cheaper than the diesel gen-sets based power.
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