General Affairs
Arvind Kejriwal A 'Big Joke' On Delhi, Says Goa Congress Chief
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PANAJI: Goa Congress president Luizinho Faleiro today claimed that Delhi Chief Minister Arvind Kejriwal has turned himself into a "big joke" and that AAP is a creation of RSS.
Responding to a query on Mr Kejriwal's statement that Delhi will soon have a referendum on full statehood issue, he claimed, "The biggest joke that the people of Delhi are enjoying today is Arvind Kejriwal. He is a joke on Delhi."
The Delhi chief minister had made the statement in the wake of June 23 referendum in the UK, where a majority of its people voted to leave the European Union.
"The only achievement of Kejriwal is to increase the salaries of Delhi MLAs by almost four times. On governance and development fronts, he has failed miserably," the former Goa chief minister alleged at a press conference in Panaji.
Accusing the AAP national convener of making the life of Delhi residents "tough and miserable", Mr Faleiro claimed, "The people who voted for AAP in the last year's Delhi Assembly polls are now repenting."
He also alleged that AAP is a creation of RSS and the party is "hell-bent" on "dividing the secular votes" in the country.
"On one side they pretend to be concerned about people, but on the other they are hell-bent on dividing the secular forces," Mr Faleiro alleged.
Responding to a query on Mr Kejriwal's statement that Delhi will soon have a referendum on full statehood issue, he claimed, "The biggest joke that the people of Delhi are enjoying today is Arvind Kejriwal. He is a joke on Delhi."
The Delhi chief minister had made the statement in the wake of June 23 referendum in the UK, where a majority of its people voted to leave the European Union.
"The only achievement of Kejriwal is to increase the salaries of Delhi MLAs by almost four times. On governance and development fronts, he has failed miserably," the former Goa chief minister alleged at a press conference in Panaji.
Accusing the AAP national convener of making the life of Delhi residents "tough and miserable", Mr Faleiro claimed, "The people who voted for AAP in the last year's Delhi Assembly polls are now repenting."
He also alleged that AAP is a creation of RSS and the party is "hell-bent" on "dividing the secular votes" in the country.
"On one side they pretend to be concerned about people, but on the other they are hell-bent on dividing the secular forces," Mr Faleiro alleged.
Jayalalithaa Urges PM Modi To Get Fishermen Released From Sri Lanka
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CHENNAI: Terming the recent arrest of five Tamil Nadu fishermen in mid-sea by the Sri Lankan Navy as an "inhumane" act, Tamil Nadu Chief Minister Jayalalithaa today urged the Centre to take up the matter with the highest authorities of the island nation.
In a letter to Prime Minister Narendra Modi, Jayalalithaa said the boat which carried five fishermen from Tamil Nadu last week "drifted ashore" due to an engine snag following which they were arrested by the Sri Lankan government.
"This appears to be an 'inhumane' act of arresting fishermen in distress at sea," she said in the letter. Pointing out that 24 fishermen and 93 fishing boats were already in the custody of Sri Lanka, Jayalalithaa said the strategy of not releasing the boats is causing "great frustration" among the fishermen in Tamil Nadu.
"I urge you to take this up with the highest authorities of the Sri Lankan Government and ensure the immediate release of fishermen and the precariously berthed boats," she said.
Denying fishermen the right to peaceful fishing in their traditional waters of the Palk Bay to which "they have a historical claim" is causing "considerable angst among the fisherfolk of Tamil Nadu" she said.
"The Government of Tamil Nadu strongly reiterates the need to restore the traditional fishing rights of our fishermen in the Palk Bay by annulling the Indo-Sri Lankan agreements of 1974 and 1976" ceding Katchatheevu to the island nation, she said.
"The constitutional validity of these agreements has been challenged on very valid legal grounds in the Hon'ble Supreme Court by me and the Government of Tamil Nadu has subsequently impleaded itself," she said.
She sought PM Modi's personal intervention "to secure the release of 29 fishermen and 94 fishing boats at the earliest" and requested him to instruct the Ministry of External Affairs to take urgent steps in the matter.
In a letter to Prime Minister Narendra Modi, Jayalalithaa said the boat which carried five fishermen from Tamil Nadu last week "drifted ashore" due to an engine snag following which they were arrested by the Sri Lankan government.
"This appears to be an 'inhumane' act of arresting fishermen in distress at sea," she said in the letter. Pointing out that 24 fishermen and 93 fishing boats were already in the custody of Sri Lanka, Jayalalithaa said the strategy of not releasing the boats is causing "great frustration" among the fishermen in Tamil Nadu.
Denying fishermen the right to peaceful fishing in their traditional waters of the Palk Bay to which "they have a historical claim" is causing "considerable angst among the fisherfolk of Tamil Nadu" she said.
"The Government of Tamil Nadu strongly reiterates the need to restore the traditional fishing rights of our fishermen in the Palk Bay by annulling the Indo-Sri Lankan agreements of 1974 and 1976" ceding Katchatheevu to the island nation, she said.
"The constitutional validity of these agreements has been challenged on very valid legal grounds in the Hon'ble Supreme Court by me and the Government of Tamil Nadu has subsequently impleaded itself," she said.
She sought PM Modi's personal intervention "to secure the release of 29 fishermen and 94 fishing boats at the earliest" and requested him to instruct the Ministry of External Affairs to take urgent steps in the matter.
Finance Minister Arun Jaitley Meets Chinese Counterpart In Beijing
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BEIJING: Finance Minister Arun Jaitley today met his Chinese counterpart Lou Jiwei in Beijing and discussed the bilateral economic cooperation and the global macroeconomic situation.
The two ministers talked about bilateral economic cooperation, G20 and BRICS (Brazil, Russia, India, China and South Africa) as well as global macroeconomic situation, a statement from the Indian embassy in Beijing said.
Mr Jaitley, who arrived in Beijing on June 23, is scheduled to attend the annual Financial Dialogue at the ministerial level with Mr Lou on June 27.
The dialogue at the level of finance secretaries has been postponed to July because of inability of India's Economic Affairs Secretary Shaktikanta Das to travel to Beijing for the meeting. Mr Das was asked to stay in Delhi to deal with implications of the Brexit vote for India.
India and China have so for had seven rounds of financial dialogue at the level of finance secretaries, the last being held in New Delhi in 2014.
Before he met Mr Lou today, Mr Jaitley attended the annual Board of Governors meeting of Asian Infrastructure Investment Bank here, in which India is the second-largest shareholder after China.
The Beijing-based AIIB was officially established late last year.
The two ministers talked about bilateral economic cooperation, G20 and BRICS (Brazil, Russia, India, China and South Africa) as well as global macroeconomic situation, a statement from the Indian embassy in Beijing said.
Mr Jaitley, who arrived in Beijing on June 23, is scheduled to attend the annual Financial Dialogue at the ministerial level with Mr Lou on June 27.
The dialogue at the level of finance secretaries has been postponed to July because of inability of India's Economic Affairs Secretary Shaktikanta Das to travel to Beijing for the meeting. Mr Das was asked to stay in Delhi to deal with implications of the Brexit vote for India.
India and China have so for had seven rounds of financial dialogue at the level of finance secretaries, the last being held in New Delhi in 2014.
Before he met Mr Lou today, Mr Jaitley attended the annual Board of Governors meeting of Asian Infrastructure Investment Bank here, in which India is the second-largest shareholder after China.
The Beijing-based AIIB was officially established late last year.
Anantnag Bypoll: PM Modi Congratulates Mehbooba Mufti On 'Phenomenal' Win
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NEW DELHI: Prime Minister Narendra Modi today congratulated Jammu and Kashmir Chief Minister Mehbooba Mufti on her "phenomenal" victory in the bypoll for Anantnag Assembly seat.
"Congratulations to J&K CM Mehbooba Mufti for the phenomenal victory in the Anantnag assembly by-election," he tweeted.
BJP is running a coalition government in Jammu and Kashmir for the first time with Chief Minister Mehbooba Mufti's People's Democratic Party.
"Congratulations to J&K CM Mehbooba Mufti for the phenomenal victory in the Anantnag assembly by-election," he tweeted.
BJP is running a coalition government in Jammu and Kashmir for the first time with Chief Minister Mehbooba Mufti's People's Democratic Party.
Hillary Clinton Regains Double-Digit Lead Over Donald Trump: Poll
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NEW YORK: Democratic presidential contender Hillary Clinton regained a double-digit lead over Republican rival Donald Trump this week, according to a Reuters/Ipsos poll released on Friday.
The June 20-24 poll showed that 46.6 per cent of likely American voters supported Clinton while 33.3 per cent supported Trump. Another 20.1 per cent said they would support neither candidate.
Trump had enjoyed a brief boost in support following the June 12 mass shooting in Orlando, Florida, as he doubled down on his pledge to ban Muslims from entering the country, cutting Clinton's lead to nine points.
But Trump's rise in popularity appeared to be only temporary, unlike his lasting surge among the Republican field last year after the attacks in Paris and in San Bernardino, California.
Clinton's 13.3 percentage point lead is about the same as she had before the Orlando attack.
Trump's slip this week came as he struggled to show that he can keep up with a Clinton campaign apparatus that has dwarfed his in size and funding.
Campaign finance disclosures released earlier this week showed Trump started June with a war chest of just $1.3 million, a fraction of Clinton's $42 million. Trump sought to ease concerns among his allies by saying that he could tap his "unlimited" personal wealth if needed, and also by bolstering efforts to raise money through fundraising events and online donations.
Meanwhile, Republican leaders including House of Representatives Speaker Paul Ryan and Wisconsin Governor Scott Walker continued to express reservations about their new standard bearer, who has angered some in the party with his fiery rhetoric.
Ryan and Walker both said over the past week that they felt Republicans should follow their "conscience" when deciding to support the party's likely nominee, instead of urging party members to support him.
The poll only captured some of the voter reaction to Britain's decision in Thursday's referendum to exit the European Union, a move that some pundits say suggests Trump's insurgent candidacy has tapped into a broad and powerful anti-globalization wave sweeping Western countries.
The Reuters/Ipsos poll was conducted online and included interviews with 1,201 likely voters in all 50 states. It has a credibility interval, a measure of accuracy, of 3.3 percentage points.
The June 20-24 poll showed that 46.6 per cent of likely American voters supported Clinton while 33.3 per cent supported Trump. Another 20.1 per cent said they would support neither candidate.
Trump had enjoyed a brief boost in support following the June 12 mass shooting in Orlando, Florida, as he doubled down on his pledge to ban Muslims from entering the country, cutting Clinton's lead to nine points.
But Trump's rise in popularity appeared to be only temporary, unlike his lasting surge among the Republican field last year after the attacks in Paris and in San Bernardino, California.
Clinton's 13.3 percentage point lead is about the same as she had before the Orlando attack.
Trump's slip this week came as he struggled to show that he can keep up with a Clinton campaign apparatus that has dwarfed his in size and funding.
Campaign finance disclosures released earlier this week showed Trump started June with a war chest of just $1.3 million, a fraction of Clinton's $42 million. Trump sought to ease concerns among his allies by saying that he could tap his "unlimited" personal wealth if needed, and also by bolstering efforts to raise money through fundraising events and online donations.
Meanwhile, Republican leaders including House of Representatives Speaker Paul Ryan and Wisconsin Governor Scott Walker continued to express reservations about their new standard bearer, who has angered some in the party with his fiery rhetoric.
Ryan and Walker both said over the past week that they felt Republicans should follow their "conscience" when deciding to support the party's likely nominee, instead of urging party members to support him.
The poll only captured some of the voter reaction to Britain's decision in Thursday's referendum to exit the European Union, a move that some pundits say suggests Trump's insurgent candidacy has tapped into a broad and powerful anti-globalization wave sweeping Western countries.
The Reuters/Ipsos poll was conducted online and included interviews with 1,201 likely voters in all 50 states. It has a credibility interval, a measure of accuracy, of 3.3 percentage points.
Business Affairs
India fails to get NSG membership, criticises China
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India on Friday failed in its determined bid to clinch membership of Nuclear Suppliers Group (NSG) in the face of strong China-led opposition after which it gave vent to its unhappiness over the hurdles created by Beijing.
In a clear setback to its efforts to join the 48-nation grouping, a two-day NSG plenary ended in Seoul after deciding against accepting India's membership application.
China, which had made no secret of its opposition, succeeded in scuttling India's bid despite a significant majority backing the Indian case. Thirty-eight countries supported India, according to Indian officials.
Beijing was unrelenting in thwarting India despite Prime Minister Narendra Modi urging Chinese President Xi Jinping during a meeting in Tashkent on Thursday to support India's case on its merits.
An upset India later accused "one country", a clear reference to China, of persistently creating procedural hurdles during the discussions on its application.
"We understand that despite procedural hurdles persistently raised by one country, a three-hour-long discussion took place last night on the issue of future participation in the NSG," External Affairs Ministry Spokesperson Vikas Swarup said.
"The NSG plenary in Seoul earlier in the day decided against granting India membership of the grouping immediately and said it will continue to have discussions on participation of countries which have not signed the Nuclear non-Proliferation Treaty (NPT).
"An overwhelming number of those who took the floor supported India's membership and appraised India's application positively. We thank each and every one of them. It is also our understanding that the broad sentiment was to take this matter forward," he said.
India on Friday failed in its determined bid to clinch membership of Nuclear Suppliers Group (NSG) in the face of strong China-led opposition after which it gave vent to its unhappiness over the hurdles created by Beijing.
In a clear setback to its efforts to join the 48-nation grouping, a two-day NSG plenary ended in Seoul after deciding against accepting India's membership application.
China, which had made no secret of its opposition, succeeded in scuttling India's bid despite a significant majority backing the Indian case. Thirty-eight countries supported India, according to Indian officials.
Beijing was unrelenting in thwarting India despite Prime Minister Narendra Modi urging Chinese President Xi Jinping during a meeting in Tashkent on Thursday to support India's case on its merits.
An upset India later accused "one country", a clear reference to China, of persistently creating procedural hurdles during the discussions on its application.
"We understand that despite procedural hurdles persistently raised by one country, a three-hour-long discussion took place last night on the issue of future participation in the NSG," External Affairs Ministry Spokesperson Vikas Swarup said.
"The NSG plenary in Seoul earlier in the day decided against granting India membership of the grouping immediately and said it will continue to have discussions on participation of countries which have not signed the Nuclear non-Proliferation Treaty (NPT).
"An overwhelming number of those who took the floor supported India's membership and appraised India's application positively. We thank each and every one of them. It is also our understanding that the broad sentiment was to take this matter forward," he said.
Gold reclaims 30,000 mark, silver rises on Brexit
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Britain exit from European Union triggered sharp rally in domestic gold prices as the sparkler reclaimed 30K-level - its highest level in two-years, zooming Rs 1,225 per 10 grams at the bullion market in Mumbai on Friday.
The Brexit referendum unanimously decided Britian leaving the European Union triggered across the global market collapse and investors racing for safe-haven assets.
A sharp fall in rupee against the dollar which tumbled to a four-month low of 67.96 also weighed on trade.
Silver surged by Rs 1,575 per kg on higher speculative and industrial offtake.
Standard gold (99.5 purity) zoomed by Rs 1,225 to close at Rs 30,755 per 10 grams from Thursday's closing level of Rs 29,530.
Pure gold (99.9 purity) also rose by a similar margin to conclude at Rs 30,905 per 10 grams from Rs 29,680.
Silver (.999 fineness) surged by Rs 1,575 to end Rs 42,930 per kg as against Rs 41,355 on Thursday.
Globally, gold soared as much as 8 percent to its highest in more than two years after Britain delivered a shock vote to leave the European Union, leaving investors to scurry for protection in the precious metal and other assets perceived as less risky.
Spot gold peaked at $1,358.20 per ounce and was up 4.5 percent at $1,313 an ounce at early trade, while U.S.
Gold futures for August delivery were up $54.80 an ounce at $1,317.50, off an early high of $1,362.60 an ounce.
Britain exit from European Union triggered sharp rally in domestic gold prices as the sparkler reclaimed 30K-level - its highest level in two-years, zooming Rs 1,225 per 10 grams at the bullion market in Mumbai on Friday.
The Brexit referendum unanimously decided Britian leaving the European Union triggered across the global market collapse and investors racing for safe-haven assets.
A sharp fall in rupee against the dollar which tumbled to a four-month low of 67.96 also weighed on trade.
Silver surged by Rs 1,575 per kg on higher speculative and industrial offtake.
Standard gold (99.5 purity) zoomed by Rs 1,225 to close at Rs 30,755 per 10 grams from Thursday's closing level of Rs 29,530.
Pure gold (99.9 purity) also rose by a similar margin to conclude at Rs 30,905 per 10 grams from Rs 29,680.
Silver (.999 fineness) surged by Rs 1,575 to end Rs 42,930 per kg as against Rs 41,355 on Thursday.
Globally, gold soared as much as 8 percent to its highest in more than two years after Britain delivered a shock vote to leave the European Union, leaving investors to scurry for protection in the precious metal and other assets perceived as less risky.
Spot gold peaked at $1,358.20 per ounce and was up 4.5 percent at $1,313 an ounce at early trade, while U.S.
Gold futures for August delivery were up $54.80 an ounce at $1,317.50, off an early high of $1,362.60 an ounce.
Axis Bank seeks shareholders' nod to raise Rs 35,000 crore
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Axis Bank has sought approval of shareholders to raise Rs 35,000 crore through multiple instruments including green bonds and from overseas markets.
The approval would be sought at Axis Bank's 22nd Annual General Meeting of shareholders on July 22.
The bank has sought shareholders' nod through a special resolution to raise these funds.
According to an AGM notice, the bank has sought approval "for borrowing/raising funds in Indian currency/foreign currency by issue of debt instruments...up to Rs 35,000 crore in domestic and/or overseas market."
The bank said the capital could be raised within a period of 12 months from the passage of the resolution.
Axis Bank said it is open to raise the funds by various instruments including subordinated debt, senior unsecured long-term bonds, green bonds, medium term notes and non-convertible debentures.
The funds, which would be within the overall borrowing limits of the bank, will be raised in one or more tranches on a private placement basis.
Axis Bank said it needs the fund to maintain the desired capital to risk weighted assets ratio (CRAR).
The debt instruments would be issued for cash either at par or premium or at a discount to face value depending upon the prevailing market conditions.
Besides, Axis Bank said its Board of Directors has recommended a dividend of Rs 5 per equity share for financial year 2015-16, as compared to Rs 4.60 per equity share for the financial year 2014-15.
"The said increase reflects our confidence in the Bank's ability to consistently grow earnings over time," it added.
Axis Bank has sought approval of shareholders to raise Rs 35,000 crore through multiple instruments including green bonds and from overseas markets.
The approval would be sought at Axis Bank's 22nd Annual General Meeting of shareholders on July 22.
The bank has sought shareholders' nod through a special resolution to raise these funds.
According to an AGM notice, the bank has sought approval "for borrowing/raising funds in Indian currency/foreign currency by issue of debt instruments...up to Rs 35,000 crore in domestic and/or overseas market."
The bank said the capital could be raised within a period of 12 months from the passage of the resolution.
Axis Bank said it is open to raise the funds by various instruments including subordinated debt, senior unsecured long-term bonds, green bonds, medium term notes and non-convertible debentures.
The funds, which would be within the overall borrowing limits of the bank, will be raised in one or more tranches on a private placement basis.
Axis Bank said it needs the fund to maintain the desired capital to risk weighted assets ratio (CRAR).
The debt instruments would be issued for cash either at par or premium or at a discount to face value depending upon the prevailing market conditions.
Besides, Axis Bank said its Board of Directors has recommended a dividend of Rs 5 per equity share for financial year 2015-16, as compared to Rs 4.60 per equity share for the financial year 2014-15.
"The said increase reflects our confidence in the Bank's ability to consistently grow earnings over time," it added.
Forex reserves hit record high of $363.83 bn amid market turmoil
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Foreign exchange reserves hit a record high of $363.83 billion as of the week ended June 17, shoring up the country's defences just as investors brace for continued volatility after Britain voted to leave the European Union.
Analsyts said FX reserves rose mainly on currency valuations.
The Reserve Bank of India has also been steadily building dollars to help meet $20 billion in expected outflows in September tied to maturing dollar deposits - or the foreign currency non-resident (bank) deposits - raised during 2013 when India was in midst of a currency crisis.
The weekly data comes on a day when the Indian rupee fell to as low as 68.22 to the dollar, its lowest since March 1 and not far from a record low of 68.85 hit in August 2013, during the crisis.
The currency however cut some of its losses to end at 67.96/97, compared with its close of 67.25 on Thursday.
"India's strong reserves position is an important buffer against volatility in these uncertain times," said A. Prasanna, economist, ICICI Securities Primary Dealership Ltd in Mumbai.
"However, reserves are likely to see some decline in coming months due to the FCNR redemptions. Over the medium term, we expect reserves to keep expanding, boosted by sustainable inflows such as FDI (foreign direct investment)."
RBI Governor Raghuram Rajan and Finance Minister Arun Jaitely said on Friday India was ready to deal with the aftermath of the Brexit vote, citing its solid economy and planned government reforms.
Rajan also touted the country's FX reserves as key defence against foreign investor selling.
Foreign exchange reserves hit a record high of $363.83 billion as of the week ended June 17, shoring up the country's defences just as investors brace for continued volatility after Britain voted to leave the European Union.
Analsyts said FX reserves rose mainly on currency valuations.
The Reserve Bank of India has also been steadily building dollars to help meet $20 billion in expected outflows in September tied to maturing dollar deposits - or the foreign currency non-resident (bank) deposits - raised during 2013 when India was in midst of a currency crisis.
The weekly data comes on a day when the Indian rupee fell to as low as 68.22 to the dollar, its lowest since March 1 and not far from a record low of 68.85 hit in August 2013, during the crisis.
The currency however cut some of its losses to end at 67.96/97, compared with its close of 67.25 on Thursday.
"India's strong reserves position is an important buffer against volatility in these uncertain times," said A. Prasanna, economist, ICICI Securities Primary Dealership Ltd in Mumbai.
"However, reserves are likely to see some decline in coming months due to the FCNR redemptions. Over the medium term, we expect reserves to keep expanding, boosted by sustainable inflows such as FDI (foreign direct investment)."
RBI Governor Raghuram Rajan and Finance Minister Arun Jaitely said on Friday India was ready to deal with the aftermath of the Brexit vote, citing its solid economy and planned government reforms.
Rajan also touted the country's FX reserves as key defence against foreign investor selling.
NTT Data-Dell deal gets CCI green signal
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Fair trade regulator CCI has approved Japanese major NTT Data International's acquisition of certain assets of computer maker Dell.
Both companies have presence in India, and the deal would help NTT Data International strengthen its footprint in IT services segment in North America.
For the transaction, the companies had entered into a 'stock and asset purchase agreement' in March this year.
In a tweet on Friday, Competition Commission of India (CCI) said it has approved "acquisition of certain entities of Dell Inc by NTT Data International".
An IT services provider, NTT Data has presence in over 40 countries and offers consulting, application services, business process and IT outsourcing, among others.
Dell Services provide services and solutions in applications, business process, consulting, infrastructure and cloud services.
While announcing the deal in March, Dell said that "the combined company will become an IT and BPO solutions powerhouse for the healthcare industry with more than 40 years of industry experience and robust end-to-end solutions".
Fair trade regulator CCI has approved Japanese major NTT Data International's acquisition of certain assets of computer maker Dell.
Both companies have presence in India, and the deal would help NTT Data International strengthen its footprint in IT services segment in North America.
For the transaction, the companies had entered into a 'stock and asset purchase agreement' in March this year.
In a tweet on Friday, Competition Commission of India (CCI) said it has approved "acquisition of certain entities of Dell Inc by NTT Data International".
An IT services provider, NTT Data has presence in over 40 countries and offers consulting, application services, business process and IT outsourcing, among others.
Dell Services provide services and solutions in applications, business process, consulting, infrastructure and cloud services.
While announcing the deal in March, Dell said that "the combined company will become an IT and BPO solutions powerhouse for the healthcare industry with more than 40 years of industry experience and robust end-to-end solutions".
General Awareness
Cabinet approved Rs. 6,000 crore package for textiles, apparel
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Union Cabinet chaired by Prime Minister Narendra Modi approved a 6000 crore for domain of textiles and apparels.
Venue: New Delhi
Purpose:
- To establish over 1 crore new jobs in three years
- Investments extent of USD 11 billion and producing USD 30 billion in exports
Additional Features:
- Additional incentives for duty drawback scheme for garments
- Adaptation in labour laws to increase productivity and laws
- Production incentives for job creation in garment manufacturing
- Accomplishing the true strength of employment generation in the textile and apparel sector
Advantages over China:
- Manufacturing of apparels shifted to countries namely China which is cost advantages over few years
- The cost advantage had neutralised in the increase of labour wages
Textiles Secretary Rashmi Verma said that India would overtake Vietnam and Bangladesh in garment exports within three years if we properly execute the package
Measures taken:
- Guiding flexibility in labour laws are increasing overtime hours among workers
- Implementation of fixed term employment looking at the seasonal nature of the garment sector
- The package gives incentives by increasing subsidy under Amended TUFS from 15 % to 25 % for the garment sector as an extra support to employment generation
- The employment opportunities for women nearly 70% under the scheme
- Department of Economic Affairs Secretary Shaktikanta Das announced Sunset clause provided under under Pradhan Mantri Rozgar Protsahan Yojana (PMRPY)
Union Government approved Protocol amending the Agreement for avoidance of double taxation and prevention of fiscal evasion with Belgium
The Union Government signed of Protocol amending the agreement between India and Belgium in order to avoid the double taxation and prevention of fiscal evasion with respect to Income Tax
Features of the Amendment:
- Will enhance the scope of the existing policies of exchange of tax related information between the two countries
- Help to stop tax evasion and tax avoidance
- Revise the existing agreement provisions on mutual assistance in collection of taxes
- Union Cabinet chaired by Prime Minister Narendra Modi approved a 6000 crore for domain of textiles and apparels.
Venue: New DelhiPurpose:
- To establish over 1 crore new jobs in three years
- Investments extent of USD 11 billion and producing USD 30 billion in exports
Additional Features:- Additional incentives for duty drawback scheme for garments
- Adaptation in labour laws to increase productivity and laws
- Production incentives for job creation in garment manufacturing
- Accomplishing the true strength of employment generation in the textile and apparel sector
Advantages over China:- Manufacturing of apparels shifted to countries namely China which is cost advantages over few years
- The cost advantage had neutralised in the increase of labour wages
Textiles Secretary Rashmi Verma said that India would overtake Vietnam and Bangladesh in garment exports within three years if we properly execute the packageMeasures taken:- Guiding flexibility in labour laws are increasing overtime hours among workers
- Implementation of fixed term employment looking at the seasonal nature of the garment sector
- The package gives incentives by increasing subsidy under Amended TUFS from 15 % to 25 % for the garment sector as an extra support to employment generation
- The employment opportunities for women nearly 70% under the scheme
- Department of Economic Affairs Secretary Shaktikanta Das announced Sunset clause provided under under Pradhan Mantri Rozgar Protsahan Yojana (PMRPY)
Union Government approved Protocol amending the Agreement for avoidance of double taxation and prevention of fiscal evasion with BelgiumThe Union Government signed of Protocol amending the agreement between India and Belgium in order to avoid the double taxation and prevention of fiscal evasion with respect to Income TaxFeatures of the Amendment:- Will enhance the scope of the existing policies of exchange of tax related information between the two countries
- Help to stop tax evasion and tax avoidance
- Revise the existing agreement provisions on mutual assistance in collection of taxes
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