General Affairs
Row At Allahabad University Escalates, Opposition Targets Smriti Irani
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NEW DELHI: After Hyderabad varsity and Jawaharlal Nehru University (JNU), Allahabad University was at the centre of a row that escalated today with eight Opposition parties targeting Human Resource Development (HRD) Minister Smriti Irani over alleged harassment of its Student's Union President, accusing her of acting like Akhil Bharatiya Vidyarthi Parishad's (ABVP) "patron saint".
"We are agonized over the fact that the first ever lady President of Allahabad University Student's Union Richa Singh, a PhD scholar, is being harassed by the administration...," the parties that included Congress, Left and Aam Aadmi Party (AAP) said in a joint statement.
CPI general secretary S Sudhakar Reddy separately asked the BJP-RSS combine to "keep off" Allahabad University, alleging that RSS students wing ABVP was trying to "saffronise" it after "targeting" JNU and Hyderabad Central University, and sought action against those trying to "create tension" at its campus.
KC Tyagi of Janata Dal (United) or JD(U) raised the issue of the "authoritarian attitude" of Allahabad University Vice-Chancellor during Zero Hour in Rajya Sabha, saying Richa Singh had written to all lawmakers on the matter and about gender insensitivity.
"First we saw the sacrifice of Rohith, then the Kanhaiya episode and now Richa Singh episode is in the process."
Jairam Ramesh and Rajeev Shukla (Congress), Sitaram Yechury (CPI-M), D Raja (CPI), K C Tyagi (JD-U), Javed Ali Khan (Samajwadi Party), Tiruchi Siva (DMK), Bhagwant Mann (AAP) and Jaiprakash Yadav (Rashtriya Janata Dal) were signatories to the statement.
"A government, which refuses to learn that autonomy of education institution is foundation of democracy, is sowing widespread discontent in campuses by its blatant support to ABVP's goondaism," they said.
Noting that Richa Singh had won as an independent candidate in Allahabad University while all the other seats were won by ABVP, the leaders claimed she was in the eye of the storm for protesting against a visit of firebrand BJP lawmaker Yogi Adityanath to the campus.
Alleging that the HRD Minister is acting like the "patron saint of ABVP", they said, "we wish to remind her that she is a minister of this vast, diverse country and not just the RSS/BJP.
"It is her responsibility to encourage and protect all Constitutional freedoms in University campuses. If Richa Singh is made a victim of ABVP's diktats, on the heels of Rohith Vemula and Kanhaiya Kumar, then the students of this nation will be forced to rise in revolt," the statement added.
"We are agonized over the fact that the first ever lady President of Allahabad University Student's Union Richa Singh, a PhD scholar, is being harassed by the administration...," the parties that included Congress, Left and Aam Aadmi Party (AAP) said in a joint statement.
CPI general secretary S Sudhakar Reddy separately asked the BJP-RSS combine to "keep off" Allahabad University, alleging that RSS students wing ABVP was trying to "saffronise" it after "targeting" JNU and Hyderabad Central University, and sought action against those trying to "create tension" at its campus.
KC Tyagi of Janata Dal (United) or JD(U) raised the issue of the "authoritarian attitude" of Allahabad University Vice-Chancellor during Zero Hour in Rajya Sabha, saying Richa Singh had written to all lawmakers on the matter and about gender insensitivity.
"First we saw the sacrifice of Rohith, then the Kanhaiya episode and now Richa Singh episode is in the process."
Jairam Ramesh and Rajeev Shukla (Congress), Sitaram Yechury (CPI-M), D Raja (CPI), K C Tyagi (JD-U), Javed Ali Khan (Samajwadi Party), Tiruchi Siva (DMK), Bhagwant Mann (AAP) and Jaiprakash Yadav (Rashtriya Janata Dal) were signatories to the statement.
"A government, which refuses to learn that autonomy of education institution is foundation of democracy, is sowing widespread discontent in campuses by its blatant support to ABVP's goondaism," they said.
Noting that Richa Singh had won as an independent candidate in Allahabad University while all the other seats were won by ABVP, the leaders claimed she was in the eye of the storm for protesting against a visit of firebrand BJP lawmaker Yogi Adityanath to the campus.
Alleging that the HRD Minister is acting like the "patron saint of ABVP", they said, "we wish to remind her that she is a minister of this vast, diverse country and not just the RSS/BJP.
"It is her responsibility to encourage and protect all Constitutional freedoms in University campuses. If Richa Singh is made a victim of ABVP's diktats, on the heels of Rohith Vemula and Kanhaiya Kumar, then the students of this nation will be forced to rise in revolt," the statement added.
515 NSG Commandos Protect 16 VIP Politicians
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NEW DELHI: 515 National Security Guard (NSG) commandos protect the country's 16 VIPs who are all politicians, including Home Minister Rajnath Singh, L K Advani and Mulayam Singh Yadav.
Minister of State for Home Haribhai Parathibhai Choudhury said the National Security Guard is primarily a counter- terrorism force.
"However, NSG has also been tasked with providing security to 16 protectees. The number of NSG security personnel deployed on VIP security is 515 as on February 1, 2016," he said replying to a written question in Lok Sabha.
Other politicians who are being protected by NSG commandos include Tamil Nadu Chief Minister J Jayalalithaa, Uttar Pradesh Chief Minister Akhilesh Yadav, Chhattisgarh CM Raman Singh, Assam Chief Minister Tarun Gogoi, Asom Gana Parishad leader Prafulla Kumar Mahanta and Bahujan Samaj Party supremo Mayawati.
Minister of State for Home Haribhai Parathibhai Choudhury said the National Security Guard is primarily a counter- terrorism force.
Other politicians who are being protected by NSG commandos include Tamil Nadu Chief Minister J Jayalalithaa, Uttar Pradesh Chief Minister Akhilesh Yadav, Chhattisgarh CM Raman Singh, Assam Chief Minister Tarun Gogoi, Asom Gana Parishad leader Prafulla Kumar Mahanta and Bahujan Samaj Party supremo Mayawati.
Ramdev Now A 'Client' Of Paramilitary Force CISF For His Food Park
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Yoga guru Ramdev's food park in Haridwar will be protected around the clock by armed commandos from the paramilitary force of the Central Industrial Security Force or CISF.
CISF Director General Surender Singh said the "client"-- Patanjali Food and Herbal Park Private Limited-- will bear the entire cost of the deployment.
A squad of 35 CISF men had been assigned to the park in Uttarakhand at the facility last year after one person died following clashes between security guards at the food park and truckers who were upset with out-of-state operators being used.
It is highly unusual for the government to offer CISF cover to the private sector. The food park will be the eighth such unit which will be guarded by the paramilitary force after it was first mandated for such tasks after the 2008 Mumbai terror attacks in which 166 people were killed. The other seven companies guarded by the CISF include the Infosys campuses in Bengaluru, Mysore and Pune.
Officials said the annual expenditure for the CISF protection at the multi-acre food park is estimated to be about Rs. 40 lakhs and barracks and vehicles will also be provided by the "client".
Ramdev, a yoga expert whose business empire is worth thousands of crores of rupees and creates personal care and food products, is himself a 'Z' category protectee of central paramilitary forces, reserved for people assessed as especially vulnerable to terror threats.
Routine entry and exit at the food park will be regulated by the staff and private security hired by the client, said unnamed officials to news agency Press Trust of India.
Yoga guru Ramdev's food park in Haridwar will be protected around the clock by armed commandos from the paramilitary force of the Central Industrial Security Force or CISF.
CISF Director General Surender Singh said the "client"-- Patanjali Food and Herbal Park Private Limited-- will bear the entire cost of the deployment.
A squad of 35 CISF men had been assigned to the park in Uttarakhand at the facility last year after one person died following clashes between security guards at the food park and truckers who were upset with out-of-state operators being used.
It is highly unusual for the government to offer CISF cover to the private sector. The food park will be the eighth such unit which will be guarded by the paramilitary force after it was first mandated for such tasks after the 2008 Mumbai terror attacks in which 166 people were killed. The other seven companies guarded by the CISF include the Infosys campuses in Bengaluru, Mysore and Pune.
Officials said the annual expenditure for the CISF protection at the multi-acre food park is estimated to be about Rs. 40 lakhs and barracks and vehicles will also be provided by the "client".
Ramdev, a yoga expert whose business empire is worth thousands of crores of rupees and creates personal care and food products, is himself a 'Z' category protectee of central paramilitary forces, reserved for people assessed as especially vulnerable to terror threats.
Routine entry and exit at the food park will be regulated by the staff and private security hired by the client, said unnamed officials to news agency Press Trust of India.
CISF Director General Surender Singh said the "client"-- Patanjali Food and Herbal Park Private Limited-- will bear the entire cost of the deployment.
A squad of 35 CISF men had been assigned to the park in Uttarakhand at the facility last year after one person died following clashes between security guards at the food park and truckers who were upset with out-of-state operators being used.
It is highly unusual for the government to offer CISF cover to the private sector. The food park will be the eighth such unit which will be guarded by the paramilitary force after it was first mandated for such tasks after the 2008 Mumbai terror attacks in which 166 people were killed. The other seven companies guarded by the CISF include the Infosys campuses in Bengaluru, Mysore and Pune.
Officials said the annual expenditure for the CISF protection at the multi-acre food park is estimated to be about Rs. 40 lakhs and barracks and vehicles will also be provided by the "client".
Ramdev, a yoga expert whose business empire is worth thousands of crores of rupees and creates personal care and food products, is himself a 'Z' category protectee of central paramilitary forces, reserved for people assessed as especially vulnerable to terror threats.
Routine entry and exit at the food park will be regulated by the staff and private security hired by the client, said unnamed officials to news agency Press Trust of India.
3 Armymen Held In Last Three Years For Spying, Says Manohar Parrikar
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NEW DELHI: Three serving army personnel were arrested on charges of involvement in spying in the last three years, Defence Minister Manohar Parrikar informed the Rajya Sabha today.
He also said that seven ex-servicemen too were held on spying charge.
"During the last three years, three serving army personnel were arrested for alleged involvement in spying activities at the behest of Pakistan intelligence operatives," Mr Parrikar said.
"Such incidents have happened in the past also. Service personnel are regularly educated on the modus operandi adopted by Pakistan's intelligence operatives. Further, such spying activities are related to providing defence-related information like army deployment, movement and training exercises, appointment of senior officers, tactical number etc.," the defence minister said.
Janata Dal (United) member Harivansh, who put a question on the issue, however, said that in a reply in the upper house in the last parliament session, Minister of State for Home Haribhai Parthibhai Chaudhary said 11 serving and retired defence personnel were arrested in the last three years for spying for the Inter-Services Intelligence.
"This is regarding serving officers, and refers to the last three years. Seven ex-army personnel have been arrested, besides these three," Mr Parrikar said in reply.
Asked what the government was doing to check the situation, Mr Parrikar said the defence personnel are being sensitised against the ISI traps.
"If you see, these personnel are not very high-ranking officers; there are jawans and junior commissioned officers. Many of them have been trapped into these activities, so we are sensitising army personnel to not fall in the trap," Mr Parrikar said.
He also said that seven ex-servicemen too were held on spying charge.
"During the last three years, three serving army personnel were arrested for alleged involvement in spying activities at the behest of Pakistan intelligence operatives," Mr Parrikar said.
"Such incidents have happened in the past also. Service personnel are regularly educated on the modus operandi adopted by Pakistan's intelligence operatives. Further, such spying activities are related to providing defence-related information like army deployment, movement and training exercises, appointment of senior officers, tactical number etc.," the defence minister said.
Janata Dal (United) member Harivansh, who put a question on the issue, however, said that in a reply in the upper house in the last parliament session, Minister of State for Home Haribhai Parthibhai Chaudhary said 11 serving and retired defence personnel were arrested in the last three years for spying for the Inter-Services Intelligence.
"This is regarding serving officers, and refers to the last three years. Seven ex-army personnel have been arrested, besides these three," Mr Parrikar said in reply.
Asked what the government was doing to check the situation, Mr Parrikar said the defence personnel are being sensitised against the ISI traps.
"If you see, these personnel are not very high-ranking officers; there are jawans and junior commissioned officers. Many of them have been trapped into these activities, so we are sensitising army personnel to not fall in the trap," Mr Parrikar said.
With Will And Strong Backs, A Quake-Hit Nepal Village Rebuilds
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NEW DELHI: When an earthquake last year flattened this mountain village in central Nepal, killing 114 people, destroying homes and ripping apart a crucial irrigation system, many residents thought their only option was to leave, permanently.
"When everything got damaged, people thought this place was not where they could live the rest of their lives," remembers Seesir Waiba, a community leader.
But nearly a year later, as much of Nepal faces delays and struggles in rebuilding after the devastating April quake, the 200 families of Dhap are back in their fields and in temporary homes.
Using their own hard work, a small government handout, and some basic technical support and donated materials, they have rebuilt homes for every family and irrigation channels sufficient to reach 60 percent of their land.
What kept them from giving up on Dhap was, largely, a quick decision by community leaders that the village had the capacity to recover, and growing belief by initially deeply sceptical community members that the leaders might be right.
"I called a meeting of all the village elders and we decided to create temporary shelters for each family out of the debris - stones and timber - and later restore the irrigation system," said Waiba, president of local Water Users' Association.
What was clear, he said, is that for most people in their community, migrating away to look for work in Kathmandu "would be worse" than working hard to stay.
"Our village is like a home and every household is like a family member," explained Ganga Chapagain, a school teacher and the only woman among the village's leadership. "Where else could we get this brotherhood?"
THE ROAD TO RECOVERY
When the earthquake shocked Nepal last April 25, it killed more than 9,000 people, injured tens of thousands more, destroyed about 730,000 structures and wiped out everything from roads to water supply systems.
Since then, recovery has been a struggle. Reconstruction is still in early stages, with much of $4.4 billion pledged by donors only slowly arriving and making its way to people.
According to Dipak Gyawali, Nepal's former water resources minister and a leading political economist, getting aid money into use takes time in any emergency, and not all pledges are met.
But weak delivery has also been a problem for Nepal's post-conflict government, he said. The National Reconstruction Authority (NRA) took six months to form and its head was appointed only late last December, he said.
The agency still lacks manpower to function as effectively as needed, and even immediate relief funds have not yet been fully delivered, he said.
In Dhap, the earthquake split open the land and landslides destroyed homes and irrigation canals feeding the community's 130 hectares (320 acres) of rice, wheat, potato and mustard fields.
Without anywhere to live, villagers were taken to makeshift camps in Kathmandu and in other district headquarters. There, some decided against moving back to the village, saying there was nothing to live for.
"We thought, 'What we can do there when our homes and farms are entirely devastated?'" remembers Jeet Bahadur, one of the villagers.
But Waiba and other community leaders pointed out that their village had plenty of skilled labour and manpower to rebuild. In about a month, as the aftershocks died away, they decided to return and try.
"So all of us worked together and created the temporary shelters for all the families. The government later provided 15,000 Nepali rupees ($138) to each family for buying tin sheets" for roofing, Waiba said.
"Later, we shifted our focus to irrigation canals which were snapped by huge landslides at many places. It did not only demand hard labour for removing the landslides manually, but also raising (embankments) at various places for providing support to the banks of the canals," he said.
According to Waiba, it took the farmers about seven weeks to restore irrigation to about 60 percent of their farmland.
"We left the 40 percent as such because taking water to this area could trigger more landslides. But it doesn't mean this land is fallow. There we grow crops such as millet, which don't require (irrigation) water," Waiba said.
Prachanda Pradhan, whose Nepalese organisation, the Farmer Managed Irrigation Systems Promotion Trust (FMIST), provided technical support to the Dhap farmers on the irrigation rebuilding, said such small-scale irrigation systems are crucial to many farmers in countries like Nepal and Bangladesh, helping protect jobs and food supplies.
"Small irrigation systems are not small at all in terms of their total impact on the national economy, agrarian relations, and ecological adaptability and resilience," Pradhan said.
He said Nepal's hill and mountain regions contain thousands of the systems, and many suffered damage, "though not the way the Dhap area has suffered."
Pradhan praised the resilience of Dhap farmers, saying they did well not to simply wait for the government to bail them out of the crisis.
"When we went to their area, we admired their social capital and decided to facilitate their rebuilding process," he said.
Besides technical support, his organisation provided some pipes to connect gaps in irrigation canals and plastic to help plug cracks in the system, he said.
NEW DELHI: When an earthquake last year flattened this mountain village in central Nepal, killing 114 people, destroying homes and ripping apart a crucial irrigation system, many residents thought their only option was to leave, permanently."When everything got damaged, people thought this place was not where they could live the rest of their lives," remembers Seesir Waiba, a community leader.
But nearly a year later, as much of Nepal faces delays and struggles in rebuilding after the devastating April quake, the 200 families of Dhap are back in their fields and in temporary homes.
Using their own hard work, a small government handout, and some basic technical support and donated materials, they have rebuilt homes for every family and irrigation channels sufficient to reach 60 percent of their land.
"I called a meeting of all the village elders and we decided to create temporary shelters for each family out of the debris - stones and timber - and later restore the irrigation system," said Waiba, president of local Water Users' Association.
What was clear, he said, is that for most people in their community, migrating away to look for work in Kathmandu "would be worse" than working hard to stay.
"Our village is like a home and every household is like a family member," explained Ganga Chapagain, a school teacher and the only woman among the village's leadership. "Where else could we get this brotherhood?"
THE ROAD TO RECOVERY
When the earthquake shocked Nepal last April 25, it killed more than 9,000 people, injured tens of thousands more, destroyed about 730,000 structures and wiped out everything from roads to water supply systems.
Since then, recovery has been a struggle. Reconstruction is still in early stages, with much of $4.4 billion pledged by donors only slowly arriving and making its way to people.
According to Dipak Gyawali, Nepal's former water resources minister and a leading political economist, getting aid money into use takes time in any emergency, and not all pledges are met.
But weak delivery has also been a problem for Nepal's post-conflict government, he said. The National Reconstruction Authority (NRA) took six months to form and its head was appointed only late last December, he said.
The agency still lacks manpower to function as effectively as needed, and even immediate relief funds have not yet been fully delivered, he said.
In Dhap, the earthquake split open the land and landslides destroyed homes and irrigation canals feeding the community's 130 hectares (320 acres) of rice, wheat, potato and mustard fields.
Without anywhere to live, villagers were taken to makeshift camps in Kathmandu and in other district headquarters. There, some decided against moving back to the village, saying there was nothing to live for.
"We thought, 'What we can do there when our homes and farms are entirely devastated?'" remembers Jeet Bahadur, one of the villagers.
But Waiba and other community leaders pointed out that their village had plenty of skilled labour and manpower to rebuild. In about a month, as the aftershocks died away, they decided to return and try.
"So all of us worked together and created the temporary shelters for all the families. The government later provided 15,000 Nepali rupees ($138) to each family for buying tin sheets" for roofing, Waiba said.
"Later, we shifted our focus to irrigation canals which were snapped by huge landslides at many places. It did not only demand hard labour for removing the landslides manually, but also raising (embankments) at various places for providing support to the banks of the canals," he said.
According to Waiba, it took the farmers about seven weeks to restore irrigation to about 60 percent of their farmland.
"We left the 40 percent as such because taking water to this area could trigger more landslides. But it doesn't mean this land is fallow. There we grow crops such as millet, which don't require (irrigation) water," Waiba said.
Prachanda Pradhan, whose Nepalese organisation, the Farmer Managed Irrigation Systems Promotion Trust (FMIST), provided technical support to the Dhap farmers on the irrigation rebuilding, said such small-scale irrigation systems are crucial to many farmers in countries like Nepal and Bangladesh, helping protect jobs and food supplies.
"Small irrigation systems are not small at all in terms of their total impact on the national economy, agrarian relations, and ecological adaptability and resilience," Pradhan said.
He said Nepal's hill and mountain regions contain thousands of the systems, and many suffered damage, "though not the way the Dhap area has suffered."
Pradhan praised the resilience of Dhap farmers, saying they did well not to simply wait for the government to bail them out of the crisis.
"When we went to their area, we admired their social capital and decided to facilitate their rebuilding process," he said.
Besides technical support, his organisation provided some pipes to connect gaps in irrigation canals and plastic to help plug cracks in the system, he said.
Business Affairs
Sensex ends the day flat; Nifty below 7,500-mark; GAIL top gainer
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Extending gains, albeit marginally, for the fifth consecutive session, the S&P BSE Sensex ended in green, however, broader CNX Nifty closed in red to quote below its key 7,500-mark.
The headline indices scuttled between red and green as investors booked profits in banking shares such as State Bank of India amid cautious trading ahead of major central bank meetings.
The 30-share index ended the day at 24,659, up 12.75 points, while broad-based 50-share index quoted 7,485, down 0.05 points.
Market breadth remained positive with 16 of the 30 Sensex components ending the day in green.
GAIL was the best performing stock on Sensex and settled the day 2.50 per cent higher on the BSE.
Asian stock markets also wobbled, after they hit a two-month high in the previous session, ahead of the European Central Bank's policy review on Thursday and US Federal Reserve's policy meeting next week.
"It's a retracement that we are seeing after last week's rally," said AK Prabhakar, head of research at IDBI Capital.
"Now the fresh selloff has started and its mainly because of the global factors," Prabhakar added.
Global factors will likely continue to influence domestic markets in the days ahead.
But investors remain hopeful the Reserve Bank of India could cut interest rates even before its next policy review on April 3 after the government last week stuck to its fiscal deficit target for next year.
State-run lenders such as State Bank of India and Punjab National Bank fell 2-3 per cent after a rally last week that was spurred by the RBI's move to ease capital requirement rules.
Just Dial slumped 13.51 per cent as investors booked profits following a near 42 per cent surge in the past four sessions. Goldman Sachs downgraded the company to "sell", partly on fears about the company's core search business.
Among the gainers, miners NMDC and Steel Authority of India jumped 6.12 per cent and 8.11 per cent, respectively, on strong metals trade data from China, the world's top metal consumer.
Among Asian markets, China's Shanghai Composite ended with an uptick of 0.41 per cent, Hong Kong's Hang Seng index shed 0.73 per cent. Japan's Nikkei also fell 0.76 per cent after revised government data showed the Japanese economy shrank at an annualized 1.1 per cent in the final quarter of 2015.
Extending gains, albeit marginally, for the fifth consecutive session, the S&P BSE Sensex ended in green, however, broader CNX Nifty closed in red to quote below its key 7,500-mark.
The headline indices scuttled between red and green as investors booked profits in banking shares such as State Bank of India amid cautious trading ahead of major central bank meetings.
The 30-share index ended the day at 24,659, up 12.75 points, while broad-based 50-share index quoted 7,485, down 0.05 points.
Market breadth remained positive with 16 of the 30 Sensex components ending the day in green.
GAIL was the best performing stock on Sensex and settled the day 2.50 per cent higher on the BSE.
Asian stock markets also wobbled, after they hit a two-month high in the previous session, ahead of the European Central Bank's policy review on Thursday and US Federal Reserve's policy meeting next week.
"It's a retracement that we are seeing after last week's rally," said AK Prabhakar, head of research at IDBI Capital.
"Now the fresh selloff has started and its mainly because of the global factors," Prabhakar added.
Global factors will likely continue to influence domestic markets in the days ahead.
But investors remain hopeful the Reserve Bank of India could cut interest rates even before its next policy review on April 3 after the government last week stuck to its fiscal deficit target for next year.
State-run lenders such as State Bank of India and Punjab National Bank fell 2-3 per cent after a rally last week that was spurred by the RBI's move to ease capital requirement rules.
Just Dial slumped 13.51 per cent as investors booked profits following a near 42 per cent surge in the past four sessions. Goldman Sachs downgraded the company to "sell", partly on fears about the company's core search business.
Among the gainers, miners NMDC and Steel Authority of India jumped 6.12 per cent and 8.11 per cent, respectively, on strong metals trade data from China, the world's top metal consumer.
Among Asian markets, China's Shanghai Composite ended with an uptick of 0.41 per cent, Hong Kong's Hang Seng index shed 0.73 per cent. Japan's Nikkei also fell 0.76 per cent after revised government data showed the Japanese economy shrank at an annualized 1.1 per cent in the final quarter of 2015.
Upcoming state polls not so relevant for markets; Uttar Pradesh holds key: BofA
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Now that Election Commission has unveiled dates for the upcoming elections in five state assemblies, - Assam, Kerala, Tamil Nadu, West Bengal and Puducherry - market mavens have started analysing its likely impact on
the markets.
Leading global brokerage BofA-ML said upcoming state polls will not have much bearing in terms of Centre policies, but advised to focus on the Uttar Pradesh elections that is likely to set the government agenda in 2016.
"We continue to advise investors to focus on the April-May 2017 Uttar Pradesh elections, looking through the forthcoming summer state polls as the ruling BJP does not have a significant presence in these states, apart from Assam, these elections will not have much of an impact on government policy at the Center," said BofA-ML in a research note.
The brokerage, however, added a strong show may give the Finance Ministry greater confidence in launching the tax amnesty scheme in June-September.
Although Budget 2016 has apparently not made a full provision, the Finmin could raise additional resources to the tune of Rs 870 billion from the June-September tax amnesty scheme or pare plan expenditure.
Below are the key points that BofA-ML mentioned in the report:
- Play consumption over capex: The brokerage expects the government to support consumption, especially with a rural focus, in 2016. In particular, it expects the government to implement the 7th Pay Commission award in the next six months.
- UP polls to influence govt agenda for 2016: Uttar Pradesh will go to polls in April-May 2017. BofA-ML feels the government's persistent focus on winning this high stake state election will set the policy agenda in 2016.
- Global cycle drives Indian cycle: The brokerage believes the domestic economic cycle is driven by global markets rather than who rules Delhi, which is why weak global growth did not allow the country to share the euphoria after the May 2014 polls.
Now that Election Commission has unveiled dates for the upcoming elections in five state assemblies, - Assam, Kerala, Tamil Nadu, West Bengal and Puducherry - market mavens have started analysing its likely impact on
the markets.
Leading global brokerage BofA-ML said upcoming state polls will not have much bearing in terms of Centre policies, but advised to focus on the Uttar Pradesh elections that is likely to set the government agenda in 2016.
"We continue to advise investors to focus on the April-May 2017 Uttar Pradesh elections, looking through the forthcoming summer state polls as the ruling BJP does not have a significant presence in these states, apart from Assam, these elections will not have much of an impact on government policy at the Center," said BofA-ML in a research note.
The brokerage, however, added a strong show may give the Finance Ministry greater confidence in launching the tax amnesty scheme in June-September.
Although Budget 2016 has apparently not made a full provision, the Finmin could raise additional resources to the tune of Rs 870 billion from the June-September tax amnesty scheme or pare plan expenditure.
Below are the key points that BofA-ML mentioned in the report:
- Play consumption over capex: The brokerage expects the government to support consumption, especially with a rural focus, in 2016. In particular, it expects the government to implement the 7th Pay Commission award in the next six months.
- UP polls to influence govt agenda for 2016: Uttar Pradesh will go to polls in April-May 2017. BofA-ML feels the government's persistent focus on winning this high stake state election will set the policy agenda in 2016.
- Global cycle drives Indian cycle: The brokerage believes the domestic economic cycle is driven by global markets rather than who rules Delhi, which is why weak global growth did not allow the country to share the euphoria after the May 2014 polls.
FM Arun Jaitley rolls back proposal on taxation of EPF withdrawal
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Facing all-round attack, Finance Minister Arun Jaitley on Tuesday withdrew his Budget proposal to tax employees' provident fund (EPF) at the time of withdrawal.
Jaitley had in his Budget for 2016-17 proposed to tax withdrawal of 60 per cent of accumulations in the employee provident fund after April 1, 2016. This was criticised by all employees unions as well as political parties. "In view of representations received, the government would like to do a comprehensive review of this proposal and therefore I withdraw the proposal," Jaitley said in a suo motu statement in Lok Sabha.
He, however, stated that 40 per cent exemption given to National Pension Scheme (NPS) subscriber at the time of withdrawal remains. In his budget proposal, Jaitley had proposed that 40 per cent of the EPF withdrawals would be tax exempt and the remaining 60 per cent would also get the same treatment provided the amount is invested in pension annuity schemes.
This proposal was criticised by the parties and the unions which said it amounted to forcing employees to invest in pension annuity schemes. "Employees should have the choice of where to invest. Theoretically such freedom is desirable, but it is important for the government to achieve policy objective by instrumentality of taxation. In the present form, the policy objective is not to get more revenue but to encourage people to join the pension scheme," Jaitley said explaining the rationale for the taxation proposal.
The proposal would not have impacted 3.26 crore EPFO subscribers drawing statutory wage of up to Rs 15,000 per month. Employees Provident Fund Organisation (EPFO) has a total subscriber base of 3.7 crore.
Facing all-round attack, Finance Minister Arun Jaitley on Tuesday withdrew his Budget proposal to tax employees' provident fund (EPF) at the time of withdrawal.
Jaitley had in his Budget for 2016-17 proposed to tax withdrawal of 60 per cent of accumulations in the employee provident fund after April 1, 2016. This was criticised by all employees unions as well as political parties. "In view of representations received, the government would like to do a comprehensive review of this proposal and therefore I withdraw the proposal," Jaitley said in a suo motu statement in Lok Sabha.
He, however, stated that 40 per cent exemption given to National Pension Scheme (NPS) subscriber at the time of withdrawal remains. In his budget proposal, Jaitley had proposed that 40 per cent of the EPF withdrawals would be tax exempt and the remaining 60 per cent would also get the same treatment provided the amount is invested in pension annuity schemes.
This proposal was criticised by the parties and the unions which said it amounted to forcing employees to invest in pension annuity schemes. "Employees should have the choice of where to invest. Theoretically such freedom is desirable, but it is important for the government to achieve policy objective by instrumentality of taxation. In the present form, the policy objective is not to get more revenue but to encourage people to join the pension scheme," Jaitley said explaining the rationale for the taxation proposal.
The proposal would not have impacted 3.26 crore EPFO subscribers drawing statutory wage of up to Rs 15,000 per month. Employees Provident Fund Organisation (EPFO) has a total subscriber base of 3.7 crore.
Even as the chorus for its removal gets louder, it looks like MAT is here to stay for some more time.
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With the government deciding to phase out exemptions and reduce the corporate tax rate from 30 per cent to 25 per cent by 2018/19, there have been calls for simultaneous removal of minimum alternate tax (MAT), levied
on book profits of companies whose tax liabilities as per the income tax laws are either zero or very low. Among those that have made such a demand are the Confederation of Indian Industry and Assocham.
However, the odds of this happening are low. Many experts say MAT is levied not because of exemptions but because of the different approach under the Income Tax Act to calculate the income of companies. Those in favour of removal say that with the phasing out of exemptions, the income (as calculated under the Income Tax Act) of companies will anyway go up, making MAT irrelevant. "With reduction in tax rates and removal of exemptions, the average tax rate would go up, reducing the need for high MAT rates," says Mohandas Pai, Chairman, Manipal Global Education, and a member of the Kelkar Committee on tax reforms.
Rohan Shah, Managing Partner, Economic Law Practice, says the government should remove MAT and move to a unitary and simple tax system so that there is less litigation.
Far fetched
Those who believe MAT is there to stay seem to have a stronger case. The need for MAT arose not because of exemptions but because of the different accounting approaches under the Income Tax Act and the Companies Act. Due to this, some companies end up paying no tax or less tax even if they have healthy profits on their books (calculated as per the companies law). MAT was brought in to remove this anomaly.
"Exemptions are not the only reason for MAT. If you see the Income Tax Act sections, there are prescribed adjustments, and those adjustments are not only exemption-driven," says Anil Kumar Chopra, Head, Direct Tax Committee, PHD Chambers of Commerce and Industry.
Besides, the benefits of corporate tax exemptions are not uniform and some sectors gain more than others, which is why effective tax rates vary across companies and sectors.
Arijit Chakravarty, Senior Principal, Advaita Legal, says while corporate tax exemptions are not universal, MAT applies to all companies. "Many companies not getting exemptions may still be paying MAT. Therefore, it may not be entirely true that with exemptions gone, MAT will become irrelevant," he says.
The government also has to assess if it can make good the loss of revenue due to MAT removal. In 2014/15, it had collected Rs 36,000 crore through MAT. The net revenue loss (after adjusting for MAT collections) due to corporate tax exemptions during the year was Rs 62,400 crore. Besides, it is unlikely that all exemptions will go, says Chopra of PHD Chambers. "They will be rationalised because there are priorities on which countries focus. Those priorities will be incentivised," he says.
All one can hope for is either removal of MAT on companies in special economic zones or reduction in the MAT rate from 18.5 per cent to 10-15 per cent.
With the government deciding to phase out exemptions and reduce the corporate tax rate from 30 per cent to 25 per cent by 2018/19, there have been calls for simultaneous removal of minimum alternate tax (MAT), levied
on book profits of companies whose tax liabilities as per the income tax laws are either zero or very low. Among those that have made such a demand are the Confederation of Indian Industry and Assocham.
However, the odds of this happening are low. Many experts say MAT is levied not because of exemptions but because of the different approach under the Income Tax Act to calculate the income of companies. Those in favour of removal say that with the phasing out of exemptions, the income (as calculated under the Income Tax Act) of companies will anyway go up, making MAT irrelevant. "With reduction in tax rates and removal of exemptions, the average tax rate would go up, reducing the need for high MAT rates," says Mohandas Pai, Chairman, Manipal Global Education, and a member of the Kelkar Committee on tax reforms.
Rohan Shah, Managing Partner, Economic Law Practice, says the government should remove MAT and move to a unitary and simple tax system so that there is less litigation.
Far fetched
Those who believe MAT is there to stay seem to have a stronger case. The need for MAT arose not because of exemptions but because of the different accounting approaches under the Income Tax Act and the Companies Act. Due to this, some companies end up paying no tax or less tax even if they have healthy profits on their books (calculated as per the companies law). MAT was brought in to remove this anomaly.
"Exemptions are not the only reason for MAT. If you see the Income Tax Act sections, there are prescribed adjustments, and those adjustments are not only exemption-driven," says Anil Kumar Chopra, Head, Direct Tax Committee, PHD Chambers of Commerce and Industry.
Arijit Chakravarty, Senior Principal, Advaita Legal, says while corporate tax exemptions are not universal, MAT applies to all companies. "Many companies not getting exemptions may still be paying MAT. Therefore, it may not be entirely true that with exemptions gone, MAT will become irrelevant," he says.
The government also has to assess if it can make good the loss of revenue due to MAT removal. In 2014/15, it had collected Rs 36,000 crore through MAT. The net revenue loss (after adjusting for MAT collections) due to corporate tax exemptions during the year was Rs 62,400 crore. Besides, it is unlikely that all exemptions will go, says Chopra of PHD Chambers. "They will be rationalised because there are priorities on which countries focus. Those priorities will be incentivised," he says.
All one can hope for is either removal of MAT on companies in special economic zones or reduction in the MAT rate from 18.5 per cent to 10-15 per cent.
Tax refund claims of over Rs 1.5 lakh crore pending: Govt
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Tax refund claims worth over Rs 1.5 lakh crore for various assessment years
were pending with the Income-Tax Department as on February 27, Minister of State for Finance Jayant Sinha said on Tuesday.
"As on February 27, 2016, claims of refund amounting to Rs 1,50,529 crore are pending in the income tax returns filed by the taxpayers for various assessment years," Sinha said in a written reply to the Lok Sabha.
He said the processing of income-tax returns, including returns with refund claims, is continuously taking place.
The Minister said a major part of the pending refunds pertains to current year where returns have been filed in last few months.
Sinha said the Income-Tax Department formulates a Central Action Plan every year for boosting the revenue collections.
"Also action by way of searches and surveys is being done utilised to detect tax evasion in appropriate cases and also to create deterrence against tax evasion," he said.
On the other hand, in the past several years, massive computerisation of various functions of the department has reduced compliance burden and grievances, he further said.
"In the Budget 2016, the government has proposed a limited period compliance window for domestic tax payers to declare undisclosed income or income represented in the form of any asset and clear up their past tax transgressions by paying tax at 30 per cent, a surcharge at 7.5 per cent and penalty at 7.5 per cent, which comes to a total of 45 per cent of the undisclosed income," he said.
Tax refund claims worth over Rs 1.5 lakh crore for various assessment years
were pending with the Income-Tax Department as on February 27, Minister of State for Finance Jayant Sinha said on Tuesday.
"As on February 27, 2016, claims of refund amounting to Rs 1,50,529 crore are pending in the income tax returns filed by the taxpayers for various assessment years," Sinha said in a written reply to the Lok Sabha.
He said the processing of income-tax returns, including returns with refund claims, is continuously taking place.
The Minister said a major part of the pending refunds pertains to current year where returns have been filed in last few months.
Sinha said the Income-Tax Department formulates a Central Action Plan every year for boosting the revenue collections.
"Also action by way of searches and surveys is being done utilised to detect tax evasion in appropriate cases and also to create deterrence against tax evasion," he said.
On the other hand, in the past several years, massive computerisation of various functions of the department has reduced compliance burden and grievances, he further said.
"In the Budget 2016, the government has proposed a limited period compliance window for domestic tax payers to declare undisclosed income or income represented in the form of any asset and clear up their past tax transgressions by paying tax at 30 per cent, a surcharge at 7.5 per cent and penalty at 7.5 per cent, which comes to a total of 45 per cent of the undisclosed income," he said.
General Awareness
UNION BUDGET 2016-17: IMPORTANT HIGHLIGHTS
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Tax
- Infrastructure and agriculture cess to be levied.
- Excise duty raised from 10 to 15 per cent on tobacco products other than beedis
- 1 per cent service charge on purchase of luxury cars over Rs. 10 lakh and in-cash purchase of goods and services over Rs. 2 lakh.
- 0.5 per cent Krishi Kalyan Cess to be levied on all services.
- Pollution cess of 1 per cent on small petrol, LPG and CNG cars; 2.5 per cent on diesel cars of certain specifications; 4 per cent on higher-end models.
- Dividend in excess of Rs. 10 lakh per annum to be taxed at additional 10 per cent.
- SUVs, Luxury cars to be more expensive. 4% high capacity tax for SUVs.
- Companies with revenue less than Rs 5 crore to be taxed at 29% plus surcharge
- Limited tax compliance window from Jun 1 – Sep 30 for declaring undisclosed income at 45% incl. surcharge and penalties
- Excise 1 per cent imposed on articles of jewellery, excluding silver.
Social
- Rs. 38,500 crore for Mahtma Gandhi MGNREGA for 2016-17
- Swacch Bharat Abhiyan allocated Rs.9,500 crores.
- Hub to support SC/ST entrpreneurs
- Government is launching a new initiative to provide cooking gas to BPL families with state support.
- LPG connections to be provided under the name of women members of family: Rs 2000 crore allocated for 5 years for BPL families.
- 2.87 lakh crore grants to gram panchayats and municipalities – a quantum jump of 228%.
- 300 urban clusters to be set up under Shyama Prasad Mukherji Rurban Mission
- Four schemes for animal welfare.
Education, Skills and Job Creation
- 62 new Navodaya Vidyalayas will be opened
- Sarva Shiksha Abhiyan to increasing focus on quality of education
- Regulatory architecture to be provided to ten public and ten private institutions to emerge as world-class Teaching and Research Institutions
- Higher Education Financing Agency to be set-up with initial capital base of ` 1000 Crores
- Digital Depository for School Leaving Certificates, College Degrees, Academic Awards and Mark sheets to be set-up.
Financial Sector Reforms
- A comprehensive Code on Resolution of Financial Firms to be introduced.
- Statutory basis for a Monetary Policy framework and a Monetary Policy Committee through the Finance Bill 2016.
- A Financial DataManagement Centre to be set up.
- RBI to facilitate retail participation in Government securities.
- New derivative products will be developed by SEBI in the Commodity Derivatives market.
- Amendments in the SARFAESI Act 2002 to enable the sponsor of an ARC to hold up to 100% stake in the ARC and permit non institutional investors to invest in Securitization Receipts.
- Comprehensive Central Legislation to be bought to deal with the menace ofillicit deposit taking schemes.
- Increasing members and benches of the Securities Appellate Tribunal.
- Allocation of ` 25,000 crore towards recapitalisation of Public Sector Banks.
- Target of amount sanctioned under Pradhan Mantri Mudra Yojana increased to ` 1,80,000 crore.
- General Insurance Companies owned by the Government to be listed in the stock exchanges.
Health
- 2.2 lakh renal patients added every year in India. Basic dialysis equipment gets some relief.
- A new health protection scheme for health cover upto 1 lakh per family.
- PM Jan Aushadhi Yojana to be strengthened, 300 generic drug store to be opened National Dialysis Service Prog with funds thru PPP mode to provide dialysis at all district hospitals.
- Senior citizens will get additional healthcare cover of Rs 30,000 under the new scheme
Energy
- Rs. 3000 crore earmarked for nuclear power generation
- Govt drawing comprehensive plan to be implemented in next 15-20 years for exploiting nuclear energy
- Govt to provide incentive for deepwater gas exploration
- Deepwater gas new disc to get calibrated market freedom, pre-determined ceiling price based on landed price of alternate fuels.
Agriculture
- Total allocation for agriculture and farmer welfare at Rs 35984 crores
- 28.5 lakh heactares of land wil be brought under irrigation.
- 5 lakh acres to be brought under organic farming over a three year period
- Rs 60,000 crore for recharging of ground water recharging as there is urgent need to focus on drought hit areas cluster development for water conservation.
- Dedicated irrigation fund in NABARD of Rs.20.000 cr
- Nominal premium and highest ever compensation in case of crop loss under the PM Fasal Bima Yojna.
Banking
- Banks get a big boost: Rs 25,000 crore towards recapitalisation of public sector banks. Jaitley says: Banking Board Bureau will be operationalised, we stand solidly behind public sector banks.
- Target of disbursement under MUDRA increased to 1,80,000 crore
- Process of transfer of government stake in IDBI Bank below 50% started
- General Insurance companies will be listed in the stock exchange
- Govt to increase ATMs, micro-ATMs in post offices in next three years
Investments and infrastructure
- Rs. 27,000 crore to be spent on roadways
- 65 eligible habitats to be connected via 2.23 lakh kms of road. Current construction pace is 100 kms/day
- Shops to be given option to remain open all seven days in a week across markets.
- Rs. 55,000 crore for roads and highways. Total allocation for road construction, including PMGSY, – Rs 97,000 crore
- India’s highest-ever production of motor vehicles was recorded in 2015
- Total outlay for infrastructure in Budget 2016 now stands at Rs. 2,21,246 crore
- 100 per cent FDI in marketing of food products produced and marketed in India
- Dept. of Disinvestment to be renamed as Dept. of Investment and Public Asset Management
- Govt will amend Motor Vehicle Act in passenger vehicle segment to allow innovation.
- MAT will be applicable for startups that qualify for 100 per cent tax exemption
- Direct tax proposals result in revenue loss of Rs.1060 crore, indirect tax proposals result in gain of Rs.20,670 crore
- New greenfield ports to be developed on east and west coasts
- Revival of undeserved airports. Centre to Partner with States to revive small airports for regional connectivity
Roadmap & Priorities
- ‘Transform India’ to have a significant impact on economy and lives of people.
- Focus on enhancing expenditure in priority areas of – farm and rural sector, social sector, infrastructure sector employment generation and recapitalisation of the banks.
- Continue with the ongoing reform programme and ensure passage of the Goods and Service Tax bill and Insolvency and Bankruptcy law.
Rural Sector
- Allocation for rural sector – ` 87,765 crore.
- 2.87 lakh crore will be given as Grant in Aid to Gram Panchayats and Municipalities as per the recommendations of the 14th Finance Commission
- Every block under drought and rural distress will be taken up as an intensive Block under the Deen Dayal Antyodaya Mission
- A sum of ` 38,500 crore allocated for MGNREGS.
- 300 Rurban Clusters will be developed under the Shyama Prasad Mukherjee Rurban Mission
- A new Digital Literacy Mission Scheme for rural India to cover around 6 crore additional household within the next 3 years.
- National Land Record Modernisation Programme has been revamped.
- New scheme Rashtriya Gram Swaraj Abhiyan proposed with allocation of ` 655 crore
- 100% village electrification by 1st May, 2018.
- District Level Committees under Chairmanship of senior most Lok Sabha MP from the district for monitoring and implementation of designated Central Sector and Centrally Sponsored Schemes.
- Priority allocation from Centrally Sponsored Schemes to be made to reward villages that have become free from open defecation.
Tax- Infrastructure and agriculture cess to be levied.
- Excise duty raised from 10 to 15 per cent on tobacco products other than beedis
- 1 per cent service charge on purchase of luxury cars over Rs. 10 lakh and in-cash purchase of goods and services over Rs. 2 lakh.
- 0.5 per cent Krishi Kalyan Cess to be levied on all services.
- Pollution cess of 1 per cent on small petrol, LPG and CNG cars; 2.5 per cent on diesel cars of certain specifications; 4 per cent on higher-end models.
- Dividend in excess of Rs. 10 lakh per annum to be taxed at additional 10 per cent.
- SUVs, Luxury cars to be more expensive. 4% high capacity tax for SUVs.
- Companies with revenue less than Rs 5 crore to be taxed at 29% plus surcharge
- Limited tax compliance window from Jun 1 – Sep 30 for declaring undisclosed income at 45% incl. surcharge and penalties
- Excise 1 per cent imposed on articles of jewellery, excluding silver.
Social- Rs. 38,500 crore for Mahtma Gandhi MGNREGA for 2016-17
- Swacch Bharat Abhiyan allocated Rs.9,500 crores.
- Hub to support SC/ST entrpreneurs
- Government is launching a new initiative to provide cooking gas to BPL families with state support.
- LPG connections to be provided under the name of women members of family: Rs 2000 crore allocated for 5 years for BPL families.
- 2.87 lakh crore grants to gram panchayats and municipalities – a quantum jump of 228%.
- 300 urban clusters to be set up under Shyama Prasad Mukherji Rurban Mission
- Four schemes for animal welfare.
Education, Skills and Job Creation- 62 new Navodaya Vidyalayas will be opened
- Sarva Shiksha Abhiyan to increasing focus on quality of education
- Regulatory architecture to be provided to ten public and ten private institutions to emerge as world-class Teaching and Research Institutions
- Higher Education Financing Agency to be set-up with initial capital base of ` 1000 Crores
- Digital Depository for School Leaving Certificates, College Degrees, Academic Awards and Mark sheets to be set-up.
Financial Sector Reforms- A comprehensive Code on Resolution of Financial Firms to be introduced.
- Statutory basis for a Monetary Policy framework and a Monetary Policy Committee through the Finance Bill 2016.
- A Financial DataManagement Centre to be set up.
- RBI to facilitate retail participation in Government securities.
- New derivative products will be developed by SEBI in the Commodity Derivatives market.
- Amendments in the SARFAESI Act 2002 to enable the sponsor of an ARC to hold up to 100% stake in the ARC and permit non institutional investors to invest in Securitization Receipts.
- Comprehensive Central Legislation to be bought to deal with the menace ofillicit deposit taking schemes.
- Increasing members and benches of the Securities Appellate Tribunal.
- Allocation of ` 25,000 crore towards recapitalisation of Public Sector Banks.
- Target of amount sanctioned under Pradhan Mantri Mudra Yojana increased to ` 1,80,000 crore.
- General Insurance Companies owned by the Government to be listed in the stock exchanges.
Health- 2.2 lakh renal patients added every year in India. Basic dialysis equipment gets some relief.
- A new health protection scheme for health cover upto 1 lakh per family.
- PM Jan Aushadhi Yojana to be strengthened, 300 generic drug store to be opened National Dialysis Service Prog with funds thru PPP mode to provide dialysis at all district hospitals.
- Senior citizens will get additional healthcare cover of Rs 30,000 under the new scheme
Energy- Rs. 3000 crore earmarked for nuclear power generation
- Govt drawing comprehensive plan to be implemented in next 15-20 years for exploiting nuclear energy
- Govt to provide incentive for deepwater gas exploration
- Deepwater gas new disc to get calibrated market freedom, pre-determined ceiling price based on landed price of alternate fuels.
Agriculture- Total allocation for agriculture and farmer welfare at Rs 35984 crores
- 28.5 lakh heactares of land wil be brought under irrigation.
- 5 lakh acres to be brought under organic farming over a three year period
- Rs 60,000 crore for recharging of ground water recharging as there is urgent need to focus on drought hit areas cluster development for water conservation.
- Dedicated irrigation fund in NABARD of Rs.20.000 cr
- Nominal premium and highest ever compensation in case of crop loss under the PM Fasal Bima Yojna.
Banking- Banks get a big boost: Rs 25,000 crore towards recapitalisation of public sector banks. Jaitley says: Banking Board Bureau will be operationalised, we stand solidly behind public sector banks.
- Target of disbursement under MUDRA increased to 1,80,000 crore
- Process of transfer of government stake in IDBI Bank below 50% started
- General Insurance companies will be listed in the stock exchange
- Govt to increase ATMs, micro-ATMs in post offices in next three years
Investments and infrastructure- Rs. 27,000 crore to be spent on roadways
- 65 eligible habitats to be connected via 2.23 lakh kms of road. Current construction pace is 100 kms/day
- Shops to be given option to remain open all seven days in a week across markets.
- Rs. 55,000 crore for roads and highways. Total allocation for road construction, including PMGSY, – Rs 97,000 crore
- India’s highest-ever production of motor vehicles was recorded in 2015
- Total outlay for infrastructure in Budget 2016 now stands at Rs. 2,21,246 crore
- 100 per cent FDI in marketing of food products produced and marketed in India
- Dept. of Disinvestment to be renamed as Dept. of Investment and Public Asset Management
- Govt will amend Motor Vehicle Act in passenger vehicle segment to allow innovation.
- MAT will be applicable for startups that qualify for 100 per cent tax exemption
- Direct tax proposals result in revenue loss of Rs.1060 crore, indirect tax proposals result in gain of Rs.20,670 crore
- New greenfield ports to be developed on east and west coasts
- Revival of undeserved airports. Centre to Partner with States to revive small airports for regional connectivity
Roadmap & Priorities- ‘Transform India’ to have a significant impact on economy and lives of people.
- Focus on enhancing expenditure in priority areas of – farm and rural sector, social sector, infrastructure sector employment generation and recapitalisation of the banks.
- Continue with the ongoing reform programme and ensure passage of the Goods and Service Tax bill and Insolvency and Bankruptcy law.
Rural Sector- Allocation for rural sector – ` 87,765 crore.
- 2.87 lakh crore will be given as Grant in Aid to Gram Panchayats and Municipalities as per the recommendations of the 14th Finance Commission
- Every block under drought and rural distress will be taken up as an intensive Block under the Deen Dayal Antyodaya Mission
- A sum of ` 38,500 crore allocated for MGNREGS.
- 300 Rurban Clusters will be developed under the Shyama Prasad Mukherjee Rurban Mission
- A new Digital Literacy Mission Scheme for rural India to cover around 6 crore additional household within the next 3 years.
- National Land Record Modernisation Programme has been revamped.
- New scheme Rashtriya Gram Swaraj Abhiyan proposed with allocation of ` 655 crore
- 100% village electrification by 1st May, 2018.
- District Level Committees under Chairmanship of senior most Lok Sabha MP from the district for monitoring and implementation of designated Central Sector and Centrally Sponsored Schemes.
- Priority allocation from Centrally Sponsored Schemes to be made to reward villages that have become free from open defecation.
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