General Affairs
BJP's Poster Boy In Goa Manohar Parrikar Returns As Chief Minister
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For Manohar Parrikar, the BJP's poster boy in Goa, it's a homecoming and another stint as chief minister of the coastal state. Despite failing to secure a simple majority in the assembly polls, the BJP managed to successfully stitch an alliance with two regional parties besides gaining the support of two Independents.
Right from the start of campaigning in the state, the BJP had sent across a subtle message that if it wins, the government would be headed by Mr Parrikar.
Enjoying a man-next-door image in the state, even while holding a major portfolio like Defence at the Centre, 61-year-old Parrikar led the BJP's campaign from the front, though the party failed to hit the half-way mark of 21 in the 40-member house.
A metallurgical engineer from IIT Bombay, Mr Parrikar, in post-poll days, displayed immense political skill in outsmarting the single largest party Congress in number games by forging a coalition winning over the Maharashtrawadi Gomantak Party (MGP) and Goa Forward Party (GFP).
Born in a middle class business family in Mapusa in north Goa, Manohar Gopalkrishna Prabhu Parrikar graduated to the BJP from the RSS ranks.
He joined the RSS in his school days and always held that the ideology and training he received from the organisation greatly helped him in public life, most importantly in decision-making.
Prime Minister Narendra Modi, who hand-picked him as the Defence Minister in November 2014, has often lavished praises on Mr Parrikar for his dedication and hard work, especially in the context of the surgical strike last year.
Mr Parrikar was first elected to the Goa Assembly in 1994. He served as he leader of the opposition from June to November 1999.
In a state known for political swings as well as rise and fall of ministries, Mr Parrikar's first stint as chief minister was from October 24, 2000 to February 27, 2002. He had his next term at the top slot in the state from June 5, 2002 to January 29, 2005.
In 2012, he successfully led the BJP to power and became the chief minister for the third time, which lasted until November 2014 when he was made Defence Minister. Mr Parrikar as the party's choice this time round was broadly hinted by the BJP leaders including Nitin Gadkari during the run-up, saying a leader from Delhi could be called to head the state after the polls.
Mr Parrikar, who often faced criticism from detractors for airdashing to Goa every weekend, also did not hide his wish to return to his home state.
The party leaders also vouched that the BJP's manifesto and campaign strategy was scripted under Parrikar's guidance, restricting Laxmikant Parsekar, who succeeded him as chief minister, to his constituency of Mandrem, which he failed to defend.
Mr Parrikar criss-crossed the entire Goa, promising continuation of the developmental works the BJP government initiated and sought a clear mandate, stressing political stability was essential to steer the state to progress.
A leader who enjoys acceptance from all sections of the BJP and beyond, he has played key role in making the party a force to reckon with in Goa, which remained for long a Congress bastion, with regional outfits having pockets of influence.
Right from the start of campaigning in the state, the BJP had sent across a subtle message that if it wins, the government would be headed by Mr Parrikar.
Enjoying a man-next-door image in the state, even while holding a major portfolio like Defence at the Centre, 61-year-old Parrikar led the BJP's campaign from the front, though the party failed to hit the half-way mark of 21 in the 40-member house.
A metallurgical engineer from IIT Bombay, Mr Parrikar, in post-poll days, displayed immense political skill in outsmarting the single largest party Congress in number games by forging a coalition winning over the Maharashtrawadi Gomantak Party (MGP) and Goa Forward Party (GFP).
Born in a middle class business family in Mapusa in north Goa, Manohar Gopalkrishna Prabhu Parrikar graduated to the BJP from the RSS ranks.
He joined the RSS in his school days and always held that the ideology and training he received from the organisation greatly helped him in public life, most importantly in decision-making.
Prime Minister Narendra Modi, who hand-picked him as the Defence Minister in November 2014, has often lavished praises on Mr Parrikar for his dedication and hard work, especially in the context of the surgical strike last year.
In a state known for political swings as well as rise and fall of ministries, Mr Parrikar's first stint as chief minister was from October 24, 2000 to February 27, 2002. He had his next term at the top slot in the state from June 5, 2002 to January 29, 2005.
In 2012, he successfully led the BJP to power and became the chief minister for the third time, which lasted until November 2014 when he was made Defence Minister. Mr Parrikar as the party's choice this time round was broadly hinted by the BJP leaders including Nitin Gadkari during the run-up, saying a leader from Delhi could be called to head the state after the polls.
Mr Parrikar, who often faced criticism from detractors for airdashing to Goa every weekend, also did not hide his wish to return to his home state.
The party leaders also vouched that the BJP's manifesto and campaign strategy was scripted under Parrikar's guidance, restricting Laxmikant Parsekar, who succeeded him as chief minister, to his constituency of Mandrem, which he failed to defend.
Mr Parrikar criss-crossed the entire Goa, promising continuation of the developmental works the BJP government initiated and sought a clear mandate, stressing political stability was essential to steer the state to progress.
A leader who enjoys acceptance from all sections of the BJP and beyond, he has played key role in making the party a force to reckon with in Goa, which remained for long a Congress bastion, with regional outfits having pockets of influence.
Pathankot Airbase Station On High Alert; Massive Search Ops On
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The airbase station in Pathankot, which had witnessed a terror attack last year, was put on high alert today and a massive search operation was initiated in the area following intelligence input about presence of suspicious men.
The joint operation of Punjab Police, the Army, the Air Force and the Himachal Pradesh Police was launched following the intelligence input, Pathankot SSP Nilambari Vijayjagdale said.
Without divulging much information, she said the search operation is part of precautionary measures and more than 500 security personnel are engaged in it.
The SSP said the operation is being carried out in villages and other areas located near the airbase station and air surveillance is also being conducted using helicopters. Besides patrolling by security personnel, Quick Response Teams have also been deployed to check any suspicious activity, police said.
Last year, terrorists had sneaked in from across the border and attacked the air base on the intervening night of January 1-2 while Dinanagar in Gurdaspur was targeted on July 27 in 2015.
The Pathankot attack had claimed the lives of seven security personnel while four terrorists were killed.
In the Dinanagar attack, three heavily-armed terrorists wearing army fatigues had stormed a police station, killing seven persons, including a Superintendent of Police, before they were gunned down during a day-long operation.
The joint operation of Punjab Police, the Army, the Air Force and the Himachal Pradesh Police was launched following the intelligence input, Pathankot SSP Nilambari Vijayjagdale said.
Without divulging much information, she said the search operation is part of precautionary measures and more than 500 security personnel are engaged in it.
The SSP said the operation is being carried out in villages and other areas located near the airbase station and air surveillance is also being conducted using helicopters. Besides patrolling by security personnel, Quick Response Teams have also been deployed to check any suspicious activity, police said.
The Pathankot attack had claimed the lives of seven security personnel while four terrorists were killed.
In the Dinanagar attack, three heavily-armed terrorists wearing army fatigues had stormed a police station, killing seven persons, including a Superintendent of Police, before they were gunned down during a day-long operation.
After Goa, BJP's Nongthombam Biren Singh Invited To Form Government In Manipur Too. Oath Tomorrow
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The BJP's Nongthombam Biren Singh will take oath as Manipur's next chief minister on Wednesday afternoon along with his council of ministers, making it four states out of five for the party from Saturday's assembly election results. Governor Najma Heptullah said she is satisfied that the BJP has the support of more than the 31 legislators in the assembly it needs and so has invited the party to form government.
The Governor said she would like Biren Singh to prove majority on the floor of the house "as soon as possible, maybe May 22 or 23."
The BJP has won 21 of Manipur's 60 assembly seats, ten short of a majority, placing second to the Congress which has won 28. But while the Congress has been unable to show the support of four more legislators to make the halfway mark at 31 seats, the BJP claims it has the support of 33, though it is yet to hand letters of support to the Governor.
The party has enlisted the support of regional parties National People's Party (NPP) and the Naga People's Front (NPF), each with four seats, and a single MLA from the Lok Janshakti Party. All three are BJP allies at the Centre, but strategically contested separately in Manipur. One Independent legislator has offered support as have, sources said, a legislator each from the Congress and the Trinamool Congress, there is a question mark on their status as one person cannot change parties without attracting disqualification from the legislature under the anti-defection law.
Himanta Biswa Sarma, Assam leader and the BJP's north east strategist, is the key architect of the BJP's swift move to form government in Manipur despite not getting the most seats. It has managed to do the same in Goa, where the Congress challenged it in the Supreme Court. Biren Singh was named the BJP's choice for chief minister on Monday. Like Mr Sarma, he is a former Congressman and was once a key aide to the Congress' Okram Ibobi Singh, who was Manipur chief minister for the last 15 years. Biren Singh had joined the BJP in October last year.
Congress Vice President Rahul Gandhi has accused the BJP of using "money power to steal the mandate," from the Congress, single largest party in both states.
Okram Ibobi Singh had initially said he too would stake claim to form government but later said he would not. That was all on Monday. He hasn't been seen from or heard publicly on Tuesday, amid reports that he would speak to Rahul Gandhi on Tuesday afternoon.
A technical problem is said to have meanwhile held up the Governor's invitation to the BJP - Ibobi Singh resigned as chief minister but had not dissolved his cabinet.
The Governor said she would like Biren Singh to prove majority on the floor of the house "as soon as possible, maybe May 22 or 23."
The BJP has won 21 of Manipur's 60 assembly seats, ten short of a majority, placing second to the Congress which has won 28. But while the Congress has been unable to show the support of four more legislators to make the halfway mark at 31 seats, the BJP claims it has the support of 33, though it is yet to hand letters of support to the Governor.
Himanta Biswa Sarma, Assam leader and the BJP's north east strategist, is the key architect of the BJP's swift move to form government in Manipur despite not getting the most seats. It has managed to do the same in Goa, where the Congress challenged it in the Supreme Court. Biren Singh was named the BJP's choice for chief minister on Monday. Like Mr Sarma, he is a former Congressman and was once a key aide to the Congress' Okram Ibobi Singh, who was Manipur chief minister for the last 15 years. Biren Singh had joined the BJP in October last year.
Congress Vice President Rahul Gandhi has accused the BJP of using "money power to steal the mandate," from the Congress, single largest party in both states.
Okram Ibobi Singh had initially said he too would stake claim to form government but later said he would not. That was all on Monday. He hasn't been seen from or heard publicly on Tuesday, amid reports that he would speak to Rahul Gandhi on Tuesday afternoon.
A technical problem is said to have meanwhile held up the Governor's invitation to the BJP - Ibobi Singh resigned as chief minister but had not dissolved his cabinet.
No Wasteful Expenditure On Swearing-In Ceremony: Amarinder Singh
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Stating that Punjab was in financial doldrums, Chief Minister-designate Amarinder Singh today decided to go in for a simple swearing-in ceremony as an austerity measure. "There will be nothing ostentatious about the oath-taking programme at the Raj Bhavan on Thursday morning, when Punjab Governor VP Singh Badnore will administer the oath of office to Amarinder Singh as the new chief minister of the state," a Punjab Congress release quoted Amarinder as saying.
75-year-old Amarinder Singh, who is the Congress Legislative Party leader and Punjab Congress Committee president, will be sworn in along with a few members of his cabinet. He has made it clear that in the light of the state's fiscal situation, he did not want any unnecessary or wasteful expenditure to be incurred on the swearing-in ceremony.
"Government was committed to getting the state out of the financial doldrums into which it had been plunged by the previous dispensation. Each small step will count towards ensuring that every possible rupee is saved at this critical juncture," he added.
He requested all the newly elected MLAs to also keep their personal invitations to the bare minimum to keep the ceremony simple. He urged them to ensure that their supporters also show similar restraint, and not clog the roads of Chandigarh and cause hardship to the people of the city.
While thanking the party workers and the people of Punjab for giving the Congress such a clear mandate in the assembly polls, the chief minister-designate said he would be visiting all the districts to personally express his gratitude once the immediate constitutional requirements of government formation are completed.
He appealed to the people to support his government's efforts in bringing Punjab's growth and development back on track. Pointing to the thousands of crores of rupees of debt under which the state is currently reeling, he underlined the need for collective and out of the box initiatives by all government departments, backed by public support, to address the crisis.
Amarinder Singh expressed confidence that his government would successfully overcome the situation "to revive the economic growth and restore the state to its original pristine glory".
75-year-old Amarinder Singh, who is the Congress Legislative Party leader and Punjab Congress Committee president, will be sworn in along with a few members of his cabinet. He has made it clear that in the light of the state's fiscal situation, he did not want any unnecessary or wasteful expenditure to be incurred on the swearing-in ceremony.
He requested all the newly elected MLAs to also keep their personal invitations to the bare minimum to keep the ceremony simple. He urged them to ensure that their supporters also show similar restraint, and not clog the roads of Chandigarh and cause hardship to the people of the city.
While thanking the party workers and the people of Punjab for giving the Congress such a clear mandate in the assembly polls, the chief minister-designate said he would be visiting all the districts to personally express his gratitude once the immediate constitutional requirements of government formation are completed.
He appealed to the people to support his government's efforts in bringing Punjab's growth and development back on track. Pointing to the thousands of crores of rupees of debt under which the state is currently reeling, he underlined the need for collective and out of the box initiatives by all government departments, backed by public support, to address the crisis.
Amarinder Singh expressed confidence that his government would successfully overcome the situation "to revive the economic growth and restore the state to its original pristine glory".
5.9-Magnitude Earthquake Strikes Andaman And Nicobar Islands
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An earthquake measuring 5.9 on the Richter scale hit the Andaman and Nicobar archipelago today.
According to the National Centre for Seismology, a unit of Ministry of Earth Sciences, the earthquake, whose epicentre was in the Nicobar islands region, occurred at 8:21 am at a depth of 10 kms.
However, it was not powerful enough to merit a tsunami warning. India has a dedicated tsunami warning centre that sends alerts to states and neighbouring littoral countries in case of an earthquake.
There has been no report of loss of life or property.
Another earthquake measuring 3.6 on the Richter scale jolted Kathua in Jammu and Kashmir at 5:48 am today.
According to the National Centre for Seismology, a unit of Ministry of Earth Sciences, the earthquake, whose epicentre was in the Nicobar islands region, occurred at 8:21 am at a depth of 10 kms.
However, it was not powerful enough to merit a tsunami warning. India has a dedicated tsunami warning centre that sends alerts to states and neighbouring littoral countries in case of an earthquake.
There has been no report of loss of life or property.
Another earthquake measuring 3.6 on the Richter scale jolted Kathua in Jammu and Kashmir at 5:48 am today.
Business Affairs
PM Modi's 5 economic policies that will give the BJP an edge in 2019
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Prime Minister Narendra Modi is at the half-way point of his 5 years tenure. In the last two years, Prime Minister Modi unleashed number of economic policies to help the most marginalized. Social welfare schemes like Affordable Housing to all by 2022, free LPG connections for the BPL families and bank accounts for all are some of the major policy decisions undertaken by the Prime Minister in recent past.
However, job creation is one such area where Prime Minister Modi finds himself in a tight spot despite his multiple initiatives like Start-up India, Stand-up India, Skill India and Make in India.
Despite fewer job creation in last few years, the Prime Minister was still able to garner unprecedented support from the masses in recently concluded Assembly elections. The BJP swept the UP election with 312 seats in a house of 403. It was historic as no other party had achieved such results since the emergency.
So, what are these people-centric policies that helped Prime Minister Narendra Modi clinch India's most crucial - political - state election and in all likelihood will also boost his chances in 2019 General Elections:
PM Ujjwala Yojana
Last year on May 1, Prime Minister Narendra Modi launched an ambitious social welfare scheme - Pradhan Mantri Ujjwala Yojana - with the aim of providing 5 crore LPG connections to women below the poverty line across the country.
However, the place BJP chose to launch the scheme was Ballia, a district in eastern part of Uttar Pradesh. It seemed to be a strategic decision and Modi's master stroke to reach out to women in a state that was approaching the Assembly elections.
As on 20 December 2016, the government released more than 1.22 crore new LPG connections to BPL women under Pradhan Mantri Ujjwala Yojana. The scheme was aimed at replacing the unclean cooking fuels mostly used in the rural India with the clean and more efficient LPG Gas.
Affordable Housing
Prime Minister Narendra Modi launched another flagship housing scheme 'Pradhan Mantri Gramin Awas Yojna' last year in November. The scheme was designed entirely for the rural masses. But, what is more interesting is that once again Prime Minister Modi chose Uttar Pradesh to launch the scheme.
The affordable housing scheme was launched in Agra. The ambitious scheme aimed to provide affordable houses to 4 crore people living below the poverty line by the year 2022.
Prime Minister Narendra Modi used his flagship programmes to get electorate support in assembly elections. Launching a scathing attack on Uttar Pradesh's chief Minister Akhilesh Yadav, the Prime Minister said the state government was not willing to help the central government with a list of people who could benefit from the affordable housing scheme.
"1.5 crore people in UP don't have houses. Our government wanted the list of homeless people from the UP government but didn't get the list," the Prime Minister had said while addressing a rally in Uttar Pradesh.
Under the new rural housing scheme, the central government provides a financial assistance of Rs 120000/- for constructing the home. It also gives an additional assistance of Rs 12000 to construct toilets in households. Modi government aims to replace all temporary houses from Indian villages by 2017.
Pradhan Mantri Mudra Yojana
Prime Minister's another flagship programme was aimed to help small scale enterprises. In 2015, Modi government set up a Micro Unit Development and Refinance Agency (MUDRA) bank to fund micro finance institutions in the country. Mudra bank was set up to provide loans to small business sectors.
Through this programme, the government tries to fund fruits/vegetable sellers, hair cutting saloon, beauty parlours, transporters, truck operators, hawkers, co-operatives or body of individuals, food service units, repair shops, machine operators, small industries, artisans, food processors, self help groups, professionals and service providers etc.
Under the scheme, an entrepreneur can avail up to Rs 10 lakh. So far, the MUDRA Yojna has benefitted more than 58 million small business owners in the country.
Jan Dhan Accounts
Soon after taking over the highest chair in the country, Prime Minister Narendra Modi launched India's biggest ever financial inclusion drive. Modi launched his first flagship programme called Pradhan Mantri Jan-Dhan Yojana which was country's National Mission for financial inclusion to ensure access to financial services, namely savings accounts, remittance, credit, insurance, pension in an affordable manner.
Prime Minister's move was to provide access to formal banking services to more than 15 per cent of the unbanked population in the country.
It helped Prime Minister Modi re-establish his image as the leader of poor masses. Jan Dhan Yojna was not just about banking but also about several other benefits that the Prime Minister Modi offered with the accounts.
Under the scheme, if a person holds an account for more than six months s/he is allowed an overdraft of up to Rs 5,000. According to ET report in 2016, over 19 lakh account holders availed an overdraft amounting to Rs 256 crore. Jan Dhan accounts holders are also able to claim accidental insurance cover of Rs 1 lakh. The scheme also provides life cover of Rs. 30,000 payable on death of the beneficiary.
This was another way of reaching out to people who were never taken into India's formal banking system. Prime Minister Modi tapped country's over 15 per cent population with just one economic policy. So far, over 27.84 crore accounts have been opened under Jan Dhan Yojna.
Deen Dayal Upadhyaya Gram Jyoti Yojana
Gram Jyoti Yojana was launched with the aim of ensuring round the clock electricity supply to farmers and rural households. The scheme was launched by the Prime Minister on 25 July 2015. The scheme was expected to initiate much awaited reforms in the rural areas.
During his Independence Day speech in 2015, the Prime Minister had announced that all of the country's villages would be electrified in 1,000 days and that by December 2018, all Indian citizens would have access to electricity.
Electricity was a big issue in recently concluded elections in Uttar Pradesh. While addressing a rally in Varanasi, the Prime Minister asked the audience: "Yeh batayein ki Kashi mein 24 ghanten bijli milti hain ki nahin? (Tell me, is Kashi getting 24 hours electricity?)". The crowd responded: "No". Contrary to Akhlish Yadav's claim about 24 hours power supply.
Prime Minister Narendra Modi is at the half-way point of his 5 years tenure. In the last two years, Prime Minister Modi unleashed number of economic policies to help the most marginalized. Social welfare schemes like Affordable Housing to all by 2022, free LPG connections for the BPL families and bank accounts for all are some of the major policy decisions undertaken by the Prime Minister in recent past.
However, job creation is one such area where Prime Minister Modi finds himself in a tight spot despite his multiple initiatives like Start-up India, Stand-up India, Skill India and Make in India.
Despite fewer job creation in last few years, the Prime Minister was still able to garner unprecedented support from the masses in recently concluded Assembly elections. The BJP swept the UP election with 312 seats in a house of 403. It was historic as no other party had achieved such results since the emergency.
So, what are these people-centric policies that helped Prime Minister Narendra Modi clinch India's most crucial - political - state election and in all likelihood will also boost his chances in 2019 General Elections:
PM Ujjwala Yojana
Last year on May 1, Prime Minister Narendra Modi launched an ambitious social welfare scheme - Pradhan Mantri Ujjwala Yojana - with the aim of providing 5 crore LPG connections to women below the poverty line across the country.
However, the place BJP chose to launch the scheme was Ballia, a district in eastern part of Uttar Pradesh. It seemed to be a strategic decision and Modi's master stroke to reach out to women in a state that was approaching the Assembly elections.
As on 20 December 2016, the government released more than 1.22 crore new LPG connections to BPL women under Pradhan Mantri Ujjwala Yojana. The scheme was aimed at replacing the unclean cooking fuels mostly used in the rural India with the clean and more efficient LPG Gas.
Affordable Housing
Prime Minister Narendra Modi launched another flagship housing scheme 'Pradhan Mantri Gramin Awas Yojna' last year in November. The scheme was designed entirely for the rural masses. But, what is more interesting is that once again Prime Minister Modi chose Uttar Pradesh to launch the scheme.
The affordable housing scheme was launched in Agra. The ambitious scheme aimed to provide affordable houses to 4 crore people living below the poverty line by the year 2022.
Prime Minister Narendra Modi used his flagship programmes to get electorate support in assembly elections. Launching a scathing attack on Uttar Pradesh's chief Minister Akhilesh Yadav, the Prime Minister said the state government was not willing to help the central government with a list of people who could benefit from the affordable housing scheme.
"1.5 crore people in UP don't have houses. Our government wanted the list of homeless people from the UP government but didn't get the list," the Prime Minister had said while addressing a rally in Uttar Pradesh.
Under the new rural housing scheme, the central government provides a financial assistance of Rs 120000/- for constructing the home. It also gives an additional assistance of Rs 12000 to construct toilets in households. Modi government aims to replace all temporary houses from Indian villages by 2017.
Pradhan Mantri Mudra Yojana
Prime Minister's another flagship programme was aimed to help small scale enterprises. In 2015, Modi government set up a Micro Unit Development and Refinance Agency (MUDRA) bank to fund micro finance institutions in the country. Mudra bank was set up to provide loans to small business sectors.
Through this programme, the government tries to fund fruits/vegetable sellers, hair cutting saloon, beauty parlours, transporters, truck operators, hawkers, co-operatives or body of individuals, food service units, repair shops, machine operators, small industries, artisans, food processors, self help groups, professionals and service providers etc.
Under the scheme, an entrepreneur can avail up to Rs 10 lakh. So far, the MUDRA Yojna has benefitted more than 58 million small business owners in the country.
Jan Dhan Accounts
Soon after taking over the highest chair in the country, Prime Minister Narendra Modi launched India's biggest ever financial inclusion drive. Modi launched his first flagship programme called Pradhan Mantri Jan-Dhan Yojana which was country's National Mission for financial inclusion to ensure access to financial services, namely savings accounts, remittance, credit, insurance, pension in an affordable manner.
Prime Minister's move was to provide access to formal banking services to more than 15 per cent of the unbanked population in the country.
It helped Prime Minister Modi re-establish his image as the leader of poor masses. Jan Dhan Yojna was not just about banking but also about several other benefits that the Prime Minister Modi offered with the accounts.
Under the scheme, if a person holds an account for more than six months s/he is allowed an overdraft of up to Rs 5,000. According to ET report in 2016, over 19 lakh account holders availed an overdraft amounting to Rs 256 crore. Jan Dhan accounts holders are also able to claim accidental insurance cover of Rs 1 lakh. The scheme also provides life cover of Rs. 30,000 payable on death of the beneficiary.
This was another way of reaching out to people who were never taken into India's formal banking system. Prime Minister Modi tapped country's over 15 per cent population with just one economic policy. So far, over 27.84 crore accounts have been opened under Jan Dhan Yojna.
Deen Dayal Upadhyaya Gram Jyoti Yojana
Gram Jyoti Yojana was launched with the aim of ensuring round the clock electricity supply to farmers and rural households. The scheme was launched by the Prime Minister on 25 July 2015. The scheme was expected to initiate much awaited reforms in the rural areas.
During his Independence Day speech in 2015, the Prime Minister had announced that all of the country's villages would be electrified in 1,000 days and that by December 2018, all Indian citizens would have access to electricity.
Electricity was a big issue in recently concluded elections in Uttar Pradesh. While addressing a rally in Varanasi, the Prime Minister asked the audience: "Yeh batayein ki Kashi mein 24 ghanten bijli milti hain ki nahin? (Tell me, is Kashi getting 24 hours electricity?)". The crowd responded: "No". Contrary to Akhlish Yadav's claim about 24 hours power supply.
Nifty hits lifetime high of 9,000, Sensex soars over 600 points; Rupee at 11-month high
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In Indian benchmark indices celebrated market rally with Nifty Bank recording its fresh high of 9,122, crossing its March 2015 level of 9119.20. 15 stocks on the Nifty crossed its 52-week high.
The Sensex also clocked a high of 29,561 in early trade.
At 9.30 AM, the S&P BSE Sensex rallied 29,384, up 437.93 points while the Nifty50 was ruling at 9,067, 133.40 points higher.
"Since, BJP has won the UP assembly election with clear majority and as indicated by SGX Nifty; the Nifty is expected to open with decent gains of more than 2 percent," said an Angel Broking report ahead of market opening.
Sentiment turned extremely bullish as the BJP's huge victory in Uttar Pradesh and Uttarakhand is seen as giving a fillip to the government's reform agenda, which triggered a flurry of buying by participants, including foreign and domestic institutional investors.
Besides, expectations of more liquidity in bourses had a positive impact, traders added.
Assembly Elections
Investors clearly welcomed the BJP win in Uttar Pradesh, where the party won its biggest margin in 37 years with a three-fourth majority. BJP won in four out of five states that went to polls.
The poll results is also set to boost the foreign investor sentiment, who read this as a clear sign of political stability beyond 2019 general elections.
Indian National Rupee
The rupee strengthened up to 66 against the US dollar closing at 66.61 on Friday and opened today at highest level since April 2016.
WPI
Wholesale price inflation (WPI) data for February is set to release today. The inflation for January stood at a 30-month high of 5.25 per cent while the wholesale price index (WPI) based inflation in December stood at 3.39 per cent.
Buzzing Stocks
28 out of 30 stocks on the BSE were trading in green led by ICICI Bank gaining over 5 per cent followed by Larsen and Toubro, HDFC and ITC all clocking over 2 per cent.
The Nifty Bank surged over 2 per cent.
Among the Nifty gainers since March 2015 were Yes Bank (73 per cent), Maruti (62 per cent), BPCL (62 per cent), Reliance (44 per cent) and Grasim (29 per cent).
Sectorally, the BSE bank index gained the most, rising 2.20 per cent, followed by capital goods 2.10 per cent and realty by 1.61 per cent.
Global Markets
Traders are on the watchout for US Federal Reserve's meet on whether to raise interest rates. They will look for clues on how quickly the US central bank is planning to tighten monetary policy.
Chinese shares saw early gains rolled back after combined retail sales for January and February rose only 9.5 per cent from a year earlier, missing expectations of 10.5 per cent.
Among the Asian markets, China's Shanghai Composite was up 0.11 per cent, Hong Kong's Hang Seng Index gained 0.05 per cent while Japan's Nikkei inched 0.11 per cent lower.
In Indian benchmark indices celebrated market rally with Nifty Bank recording its fresh high of 9,122, crossing its March 2015 level of 9119.20. 15 stocks on the Nifty crossed its 52-week high.
The Sensex also clocked a high of 29,561 in early trade.
At 9.30 AM, the S&P BSE Sensex rallied 29,384, up 437.93 points while the Nifty50 was ruling at 9,067, 133.40 points higher.
"Since, BJP has won the UP assembly election with clear majority and as indicated by SGX Nifty; the Nifty is expected to open with decent gains of more than 2 percent," said an Angel Broking report ahead of market opening.
Sentiment turned extremely bullish as the BJP's huge victory in Uttar Pradesh and Uttarakhand is seen as giving a fillip to the government's reform agenda, which triggered a flurry of buying by participants, including foreign and domestic institutional investors.
Besides, expectations of more liquidity in bourses had a positive impact, traders added.
Assembly Elections
Investors clearly welcomed the BJP win in Uttar Pradesh, where the party won its biggest margin in 37 years with a three-fourth majority. BJP won in four out of five states that went to polls.
The poll results is also set to boost the foreign investor sentiment, who read this as a clear sign of political stability beyond 2019 general elections.
Indian National Rupee
The rupee strengthened up to 66 against the US dollar closing at 66.61 on Friday and opened today at highest level since April 2016.
WPI
Wholesale price inflation (WPI) data for February is set to release today. The inflation for January stood at a 30-month high of 5.25 per cent while the wholesale price index (WPI) based inflation in December stood at 3.39 per cent.
Wholesale price inflation (WPI) data for February is set to release today. The inflation for January stood at a 30-month high of 5.25 per cent while the wholesale price index (WPI) based inflation in December stood at 3.39 per cent.
Buzzing Stocks
28 out of 30 stocks on the BSE were trading in green led by ICICI Bank gaining over 5 per cent followed by Larsen and Toubro, HDFC and ITC all clocking over 2 per cent.
The Nifty Bank surged over 2 per cent.
Among the Nifty gainers since March 2015 were Yes Bank (73 per cent), Maruti (62 per cent), BPCL (62 per cent), Reliance (44 per cent) and Grasim (29 per cent).
Sectorally, the BSE bank index gained the most, rising 2.20 per cent, followed by capital goods 2.10 per cent and realty by 1.61 per cent.
Global Markets
Traders are on the watchout for US Federal Reserve's meet on whether to raise interest rates. They will look for clues on how quickly the US central bank is planning to tighten monetary policy.
Chinese shares saw early gains rolled back after combined retail sales for January and February rose only 9.5 per cent from a year earlier, missing expectations of 10.5 per cent.
Chinese shares saw early gains rolled back after combined retail sales for January and February rose only 9.5 per cent from a year earlier, missing expectations of 10.5 per cent.
Among the Asian markets, China's Shanghai Composite was up 0.11 per cent, Hong Kong's Hang Seng Index gained 0.05 per cent while Japan's Nikkei inched 0.11 per cent lower.
Wholesale price inflation rises to 39-month high in February
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The wholesale price inflation (WPI) hit a 39-month high in February. The WPI inflation data came in at 6.55 percent against Reuters poll forecast of 5.90 percent.
Meanwhile, December WPI inflation has been revised to 3.68 percent from 3.39 percent earlier.
The January WPI inflation stood at 5.25 per cent.
Wholesale prices rose 5.25 percent year-on-year in January compared with a 1.07 percent fall a year ago. The data compared with a 3.89 percent annual rise forecast by economists in a Reuters poll.
In December, prices rose a provisional 3.39 percent. Wholesale food prices fell 0.56 percent year-on-year, compared with a provisional 0.70 percent fall in December.
Consumer price inflation or retail inflation cooled to its lowest in at least five years in January as food prices fell following the government's cash clampdown, but emerging price pressures mean the Reserve Bank of India (RBI) will probably keep interest rates on hold.
Consumer prices rose by an annual 3.17 percent last month - their slowest pace since January 2012 when the government launched the current index series.
Economists surveyed by Reuters had expected prices to rise by 3.22 per cent from a year earlier, compared with December's 3.41 per cent increase.
The wholesale price inflation (WPI) hit a 39-month high in February. The WPI inflation data came in at 6.55 percent against Reuters poll forecast of 5.90 percent.
Meanwhile, December WPI inflation has been revised to 3.68 percent from 3.39 percent earlier.
The January WPI inflation stood at 5.25 per cent.
Wholesale prices rose 5.25 percent year-on-year in January compared with a 1.07 percent fall a year ago. The data compared with a 3.89 percent annual rise forecast by economists in a Reuters poll.
In December, prices rose a provisional 3.39 percent. Wholesale food prices fell 0.56 percent year-on-year, compared with a provisional 0.70 percent fall in December.
Consumer price inflation or retail inflation cooled to its lowest in at least five years in January as food prices fell following the government's cash clampdown, but emerging price pressures mean the Reserve Bank of India (RBI) will probably keep interest rates on hold.
Consumer prices rose by an annual 3.17 percent last month - their slowest pace since January 2012 when the government launched the current index series.
Economists surveyed by Reuters had expected prices to rise by 3.22 per cent from a year earlier, compared with December's 3.41 per cent increase.
Tata Steel, Wipro in world's most ethical companies' list
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Two Indian companies, Tata Steel and Wipro, have been named in the list of world's most ethical companies by American think tank Ethisphere Institute.
"These companies also consider the impact of their actions on their employees, investors, customers and other key stakeholders and leverage values and a culture of integrity as the underpinnings to the decisions they make each day," Ethisphere Institute said.
Wipro is one of the two information technology companies named in the list, the other being Xerox Corporation. Tata Steel is also one of the two companies named in the metals, minerals and mining space. US-based Schnitzer Steel Industries Inc is the other company in this segment.
"Companies we've honored as World's Most Ethical take a novel response to the shift in societal expectations, constant redefinition of laws and regulations, and the geo-political climate," Ethisphere's Chief Executive Officer Timothy Erblich said.
The list was dominated by US-based companies as around 98 of the 124 companies were from that country.
Also, there are 13 eleven-time honorees and eight first-time honorees in the list.
Ethisphere honours those companies who recognise their role in society to influence and drive positive change in the business community and societies around the world.
In 2017, there were 124 honorees spanning five continents, 19 countries and 52 industry sectors.
Meanwhile, Ford Motor Company has been named one of the World's Most Ethical Companies for the eighth straight year.
"Strong ethics and corporate citizenship are the foundation of our business philosophy, which demonstrates to our customers what we stand for as a company," Ford Motor Company Executive Chairman Bill Ford said.
Two Indian companies, Tata Steel and Wipro, have been named in the list of world's most ethical companies by American think tank Ethisphere Institute.
"These companies also consider the impact of their actions on their employees, investors, customers and other key stakeholders and leverage values and a culture of integrity as the underpinnings to the decisions they make each day," Ethisphere Institute said.
Wipro is one of the two information technology companies named in the list, the other being Xerox Corporation. Tata Steel is also one of the two companies named in the metals, minerals and mining space. US-based Schnitzer Steel Industries Inc is the other company in this segment.
"Companies we've honored as World's Most Ethical take a novel response to the shift in societal expectations, constant redefinition of laws and regulations, and the geo-political climate," Ethisphere's Chief Executive Officer Timothy Erblich said.
The list was dominated by US-based companies as around 98 of the 124 companies were from that country.
Also, there are 13 eleven-time honorees and eight first-time honorees in the list.
Ethisphere honours those companies who recognise their role in society to influence and drive positive change in the business community and societies around the world.
In 2017, there were 124 honorees spanning five continents, 19 countries and 52 industry sectors.
Meanwhile, Ford Motor Company has been named one of the World's Most Ethical Companies for the eighth straight year.
"Strong ethics and corporate citizenship are the foundation of our business philosophy, which demonstrates to our customers what we stand for as a company," Ford Motor Company Executive Chairman Bill Ford said.
Govt receives Rs 672-crore fine from pharma firms for overcharging
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Drug pricing regulator NPPA has received Rs 672.28 crore fine till date from pharmaceutical companies for overcharging, Parliament was informed on Tuesday.
Since inception, the National Pharmaceutical Pricing Authority (NPPA) has issued 1,527 demand notices to companies for overcharging on sales of formulations at prices above the notified ceiling price.
"Demand notices have been issued for an amount of Rs 5,038.72 crore. Amount of the tune of Rs 672.28 crore has been deposited by the companies. An amount of Rs 3,469.91 crore is under litigation," Minister of State for Chemicals Mansukh L Mandaviya said in a written reply to the Lok Sabha.
NPPA has recovered Rs 294.84 crore during the current financial year till February, he added. The government had recovered Rs 90.17 crore in 2014-15 and Rs 12.36 crore in 2015-16.
Drug pricing regulator NPPA has received Rs 672.28 crore fine till date from pharmaceutical companies for overcharging, Parliament was informed on Tuesday.
Since inception, the National Pharmaceutical Pricing Authority (NPPA) has issued 1,527 demand notices to companies for overcharging on sales of formulations at prices above the notified ceiling price.
"Demand notices have been issued for an amount of Rs 5,038.72 crore. Amount of the tune of Rs 672.28 crore has been deposited by the companies. An amount of Rs 3,469.91 crore is under litigation," Minister of State for Chemicals Mansukh L Mandaviya said in a written reply to the Lok Sabha.
NPPA has recovered Rs 294.84 crore during the current financial year till February, he added. The government had recovered Rs 90.17 crore in 2014-15 and Rs 12.36 crore in 2015-16.
General Awareness
INDIA BUDGET 2017-18 HIGHLIGHTS
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The 2017 Union Budget, presented by Finance Minister Arun Jaitley on 01st February 2017, was broadly focused on 10 issues farming sector, rural population, youth, poor and health care for the underprivileged, infrastructure, financial sector for stronger institutions, speedy accountability, public services, prudent fiscal management and tax administration for the honest.
Demonetisation
1. Demonetisation is expected to have a transient impact on the economy.
2. It will have a great impact on the economy and lives of people .
3. Demonetisation is a bold and decisive measure that will lead to higher GDP growth.
4. The effects of demonetisation will not spillover to the next fiscal.
Agriculture sector
1. Sowing farmers should feel secure against natural calamities.
2. A sum of Rs. 10 lakh crore is allocated as credit to farmers, with 60 days interest waiver.
3. NABARD fund will be increased to Rs. 40,000 crore.
4. Government will set up mini labs in Krishi Vigyan Kendras for soil testing.
5. A dedicated micro irrigation fund will be set up for NABARD with Rs 5,000 crore initial corpus.
6. Irrigation corpus increased from Rs 20,000 crore to Rs 40,000 crore.
7. Dairy processing infrastructure fund wlll be initially created with a corpus of Rs. 2000 crore.
8. Issuance of soil cards has gained momentum.
9. A model law on contract farming will be prepared and shared with the States.
Rural population
1. The government targets to bring 1 crore households out of poverty by 2019.
2. During 2017-18, five lakh farm ponds will be be taken up under the MGNREGA.
3. Over Rs 3 lakh crore will be spent for rural India. MGNREGA to double farmers' income.
4. Will take steps to ensure participation of women in MGNREGA up to 55%.
5. Space technology will be used in a big way to ensure MGNREGA works.
6. The government proposes to complete 1 crore houses for those without homes.
7. Will allocate Rs. 19,000 crore for Pradhan Mantri Gram Sadak Yojana in 2017-18.
8. The country well on way to achieve 100% rural electrification by March 2018.
9. Swachh Bharat mission has made tremendous progress; sanitation coverage has gone up from 42% in Oct 13 to 60% now.
youth
1. Will introduce a system of measuring annual learning outcomes and come out with an innovation fund for secondary education.
2. Focus will be on 3,479 educationally-backward blocks.
3. Colleges will be identified based on accreditation.
4. Skill India mission was launched to maximise potential. Will set up 100 India International centres across the country.
5. Courses on foreign languages will be introduced.
6. Will take steps to create 5000 PG seats per annum.
For the poor and health care
1. Rs. 500 crore allocated for Mahila Shakthi Kendras.
2. Under a nationwide scheme for pregnant women, Rs. 6000 will be transferred to each person.
3. A sum of Rs. 1,84,632 crore allocated for women and children.
4. Affordable housing will be given infrastructure status.
5. Owing to surplus liquidity, banks have started reducing lending rates for housing.
6. Elimination of tuberculosis by 2025 targeted.
7. Health sub centres, numbering 1.5 lakh, willl be transformed into health wellness centres.
8. Two AIIMS will be set up in Jharkhand and Gujarat.
9. Will undertake structural transformation of the regulator framework for medical education.
10. Allocation for Scheduled Castes is Rs. 52,393 crore
11. Aadhaar-based smartcards will be issued to senior citizens to monitor health.
Infrastructure; Railways
1. A total allocation of Rs. 39,61,354 crore has been made.
2. Total allocation for Railways is Rs. 1,31,000 crore.
3. No service charge on tickets booked through IRCTC.
4. Raksha coach with a corpus of Rs. 1 lakh crore for five years (for passenger safety).
5. Unmanned level crossings will be eliminated by 2020.
6. 3,500 km of railway lines to be commissioned this year up from 2,800 km last year.
7. SMS-based ''clean my coach service'' is put in place.
8. Coach mitra facility will be introduced to register all coach related complaints.
9. By 2019 all trains will have bio-toilets.
10. Five-hundred stations will be made differently-abled friendly.
11. Railways to partner with logistics players for front-end and back-end solutions for select commodities.
12. Railways will offer competitive ticket booking facility
13. Rs. 64,000 crore allocated for highways.
14. High speed Internet to be allocated to 1,50,000 gram panchayats
15. New Metro rail policy will be announced with new modes of financing
Energy Sector
1. A strategic policy for crude reserves will be set up
2. Rs. 1.26,000 cr for energy production-based investments received
3. Trade infra export scheme will be launched 2017-18.
Financial Sector
1. FDI policy reforms - more than 90% of FDI inflows are now automated.
2. Shares of Railway PSE like IRCTC would be listed on stock exchanges.
3. Bill on resolution of financial firms to be introduced in this session of parliament.
4. Decided to abolish FIPB in 2017-18.
5. Foreign Investment Promotion Board to be abolished.
6. Revised mechanism to ensure time bound listing of CPSEs
7. Computer emergency response team for financial sector to be formed.
8. Pradhan Mantri Mudra Yojana lending target at Rs 2.44 lakh crore for 2017-18
9. Digital India - Bhim app will unleash mobile phone revolution - two new schemes to promote the app.
10. Govt to introduce two new schemes to promote BHIM App - referral bonus for users and cash back for traders: FM.
11. Negotiable Instruments Act might be amended.
12. DBT to LPG consumers , Chandigarh is kerosene free, 84 govt schemes are on the DBT platform.
13. Head post office as the central office for rendering passport services
14. Easy online booking system for Army, defence personnel
15. For big-time offences - including economic offenders fleeing India, the govt. will introduce a legislative change or new law to confiscate the assets of these people within the country.
Fiscal Situation
1. Total expenditure - Rs. 21, 47,000 crore
2. Abolition on plan, non-plan expenditure, focus on capital expenditure ( Capital expenditure will be 25.4 per cent)
3. Rs. 3,000 crore under Dept of Economic Affairs for implementing Budget announcements.
4. Defence expenditure, excluding pension, at Rs 2,74,114 crore
5. Expenditure in science and technology — Rs. 37,435 crore
6. Total resources transferred to States and UTs is Rs 4.11 lakh crore
7. Recommended 3% fiscal deficit for three years with deviation of 0.5% of GDP.
8. Revenue deficit - 1.9 %
9. Pegged fiscal deficit of 2017-18 at 3.2% of GDP and remain committed to achieving 3% in the next year.
On funding of political parties
1. Maximum amount of cash donation for political parties will be Rs 2,000 from any one source from Rs 20,000
2. Political parties will be entitled to receive donations by cheque or digital mode from donors.
3. Amendment is being proposed to RBI Act to enable issuance of electoral bonds that government will scheme. Donor can 4. purchase these bonds from banks or post office via cheque or digital transactions. They can be redeemed only by registered political parties.
Tax proposals
1. Proportion of direct tax to indirect tax is not optimal.
2. 1.95 crore individuals showed income between Rs 2.5 lakh to Rs 5 lakh.
3. Out of 76 lakh individual assessees declaring income more than Rs 5 lakh, 56 lakh are salaried.
4. Only 1.72 lakh people showed income of more than Rs 50 lakh a year.
5. Between Nov 8 to Dec 30: Deposits between Rs 2 lakh and Rs 80 lakh was made in 1.09 crore accounts.
6. Net tax revenue of 2013-14 was Rs 11.38 lakh crore.
7. Out of 76 lakh individual assessees declaring income more than Rs 5 lakh, 56 lakh are salaried.
8. 1.95 crore individuals showed income between Rs 2.5 lakh to Rs 5 lakh.
9. Rate of growth of advance tax in Personal I-T is 34.8% in last three quarters of this financial year.
10. Holding period for long term capital gain lowered to 2 years
11. Propose to have carry-forward of MAT for 15 years.
12. Capital gains tax to be exempted for persons holding land from which land was pooled for creation of state capital of Telangana.
13. Corporate tax: In order to make MSME companies more viable, propose to reduce tax for small companies of turnover of up to 16. Rs 50 crore to 25%. About 67 lakh companies fall in this category. 96% of companies to get this benefit.
14. Propose to reduce basic customs duty for LNG to 2.5% from 5%
15. SIT on black money suggested no cash transactions of more than Rs 3 lakh. Govt has accepted this proposal.
16. Income Tax Act to be amended. No transaction above Rs 3 lakh to be permitted in cash.
17. Limit of cash donation by charitable trust reduced to Rs 2,000 from Rs 10,000.
18. Net revenue loss in direct tax could be Rs. 20,000 crore.
19. India’s tax to GDP ratio is not favourable.
20. Out of 13.14 lakh registered companies, only 5.97 lakh companies have filed returns for 2016-17.
Personal income tax
1. Existing rate of tax for individuals between Rs. 2.5- Rs 5 lakh reduced to 5% from 10%
2. All other categories of tax payers in subsequent brackets will get benefit of Rs 12,500.
3. Simple one page return for people with annual income of Rs. 5 lakh other than business income.
4. People filing I-T returns for the first time will not come under govt. scrutiny5.
5. 10% surcharge on individual income above Rs. 50 lakh and up to Rs 1 crore to make up for Rs 15,000 crore loss due to cut in personal I-T rate. 15 surcharge on individual income above Rs. 1 crore to remain.
The 2017 Union Budget, presented by Finance Minister Arun Jaitley on 01st February 2017, was broadly focused on 10 issues farming sector, rural population, youth, poor and health care for the underprivileged, infrastructure, financial sector for stronger institutions, speedy accountability, public services, prudent fiscal management and tax administration for the honest.
Demonetisation
1. Demonetisation is expected to have a transient impact on the economy.
2. It will have a great impact on the economy and lives of people .
3. Demonetisation is a bold and decisive measure that will lead to higher GDP growth.
4. The effects of demonetisation will not spillover to the next fiscal.
Agriculture sector
1. Sowing farmers should feel secure against natural calamities.
2. A sum of Rs. 10 lakh crore is allocated as credit to farmers, with 60 days interest waiver.
3. NABARD fund will be increased to Rs. 40,000 crore.
4. Government will set up mini labs in Krishi Vigyan Kendras for soil testing.
5. A dedicated micro irrigation fund will be set up for NABARD with Rs 5,000 crore initial corpus.
6. Irrigation corpus increased from Rs 20,000 crore to Rs 40,000 crore.
7. Dairy processing infrastructure fund wlll be initially created with a corpus of Rs. 2000 crore.
8. Issuance of soil cards has gained momentum.
9. A model law on contract farming will be prepared and shared with the States.
Rural population
1. The government targets to bring 1 crore households out of poverty by 2019.
2. During 2017-18, five lakh farm ponds will be be taken up under the MGNREGA.
3. Over Rs 3 lakh crore will be spent for rural India. MGNREGA to double farmers' income.
4. Will take steps to ensure participation of women in MGNREGA up to 55%.
5. Space technology will be used in a big way to ensure MGNREGA works.
6. The government proposes to complete 1 crore houses for those without homes.
7. Will allocate Rs. 19,000 crore for Pradhan Mantri Gram Sadak Yojana in 2017-18.
8. The country well on way to achieve 100% rural electrification by March 2018.
9. Swachh Bharat mission has made tremendous progress; sanitation coverage has gone up from 42% in Oct 13 to 60% now.
youth
1. Will introduce a system of measuring annual learning outcomes and come out with an innovation fund for secondary education.
2. Focus will be on 3,479 educationally-backward blocks.
3. Colleges will be identified based on accreditation.
4. Skill India mission was launched to maximise potential. Will set up 100 India International centres across the country.
5. Courses on foreign languages will be introduced.
6. Will take steps to create 5000 PG seats per annum.
For the poor and health care
1. Rs. 500 crore allocated for Mahila Shakthi Kendras.
2. Under a nationwide scheme for pregnant women, Rs. 6000 will be transferred to each person.
3. A sum of Rs. 1,84,632 crore allocated for women and children.
4. Affordable housing will be given infrastructure status.
5. Owing to surplus liquidity, banks have started reducing lending rates for housing.
6. Elimination of tuberculosis by 2025 targeted.
7. Health sub centres, numbering 1.5 lakh, willl be transformed into health wellness centres.
8. Two AIIMS will be set up in Jharkhand and Gujarat.
9. Will undertake structural transformation of the regulator framework for medical education.
10. Allocation for Scheduled Castes is Rs. 52,393 crore
11. Aadhaar-based smartcards will be issued to senior citizens to monitor health.
Infrastructure; Railways
1. A total allocation of Rs. 39,61,354 crore has been made.
2. Total allocation for Railways is Rs. 1,31,000 crore.
3. No service charge on tickets booked through IRCTC.
4. Raksha coach with a corpus of Rs. 1 lakh crore for five years (for passenger safety).
5. Unmanned level crossings will be eliminated by 2020.
6. 3,500 km of railway lines to be commissioned this year up from 2,800 km last year.
7. SMS-based ''clean my coach service'' is put in place.
8. Coach mitra facility will be introduced to register all coach related complaints.
9. By 2019 all trains will have bio-toilets.
10. Five-hundred stations will be made differently-abled friendly.
11. Railways to partner with logistics players for front-end and back-end solutions for select commodities.
12. Railways will offer competitive ticket booking facility
13. Rs. 64,000 crore allocated for highways.
14. High speed Internet to be allocated to 1,50,000 gram panchayats
15. New Metro rail policy will be announced with new modes of financing
Energy Sector
1. A strategic policy for crude reserves will be set up
2. Rs. 1.26,000 cr for energy production-based investments received
3. Trade infra export scheme will be launched 2017-18.
Financial Sector
1. FDI policy reforms - more than 90% of FDI inflows are now automated.
2. Shares of Railway PSE like IRCTC would be listed on stock exchanges.
3. Bill on resolution of financial firms to be introduced in this session of parliament.
4. Decided to abolish FIPB in 2017-18.
5. Foreign Investment Promotion Board to be abolished.
6. Revised mechanism to ensure time bound listing of CPSEs
7. Computer emergency response team for financial sector to be formed.
8. Pradhan Mantri Mudra Yojana lending target at Rs 2.44 lakh crore for 2017-18
9. Digital India - Bhim app will unleash mobile phone revolution - two new schemes to promote the app.
10. Govt to introduce two new schemes to promote BHIM App - referral bonus for users and cash back for traders: FM.
11. Negotiable Instruments Act might be amended.
12. DBT to LPG consumers , Chandigarh is kerosene free, 84 govt schemes are on the DBT platform.
13. Head post office as the central office for rendering passport services
14. Easy online booking system for Army, defence personnel
15. For big-time offences - including economic offenders fleeing India, the govt. will introduce a legislative change or new law to confiscate the assets of these people within the country.
Fiscal Situation
1. Total expenditure - Rs. 21, 47,000 crore
2. Abolition on plan, non-plan expenditure, focus on capital expenditure ( Capital expenditure will be 25.4 per cent)
3. Rs. 3,000 crore under Dept of Economic Affairs for implementing Budget announcements.
4. Defence expenditure, excluding pension, at Rs 2,74,114 crore
5. Expenditure in science and technology — Rs. 37,435 crore
6. Total resources transferred to States and UTs is Rs 4.11 lakh crore
7. Recommended 3% fiscal deficit for three years with deviation of 0.5% of GDP.
8. Revenue deficit - 1.9 %
9. Pegged fiscal deficit of 2017-18 at 3.2% of GDP and remain committed to achieving 3% in the next year.
On funding of political parties
1. Maximum amount of cash donation for political parties will be Rs 2,000 from any one source from Rs 20,000
2. Political parties will be entitled to receive donations by cheque or digital mode from donors.
3. Amendment is being proposed to RBI Act to enable issuance of electoral bonds that government will scheme. Donor can 4. purchase these bonds from banks or post office via cheque or digital transactions. They can be redeemed only by registered political parties.
Tax proposals
1. Proportion of direct tax to indirect tax is not optimal.
2. 1.95 crore individuals showed income between Rs 2.5 lakh to Rs 5 lakh.
3. Out of 76 lakh individual assessees declaring income more than Rs 5 lakh, 56 lakh are salaried.
4. Only 1.72 lakh people showed income of more than Rs 50 lakh a year.
5. Between Nov 8 to Dec 30: Deposits between Rs 2 lakh and Rs 80 lakh was made in 1.09 crore accounts.
6. Net tax revenue of 2013-14 was Rs 11.38 lakh crore.
7. Out of 76 lakh individual assessees declaring income more than Rs 5 lakh, 56 lakh are salaried.
8. 1.95 crore individuals showed income between Rs 2.5 lakh to Rs 5 lakh.
9. Rate of growth of advance tax in Personal I-T is 34.8% in last three quarters of this financial year.
10. Holding period for long term capital gain lowered to 2 years
11. Propose to have carry-forward of MAT for 15 years.
12. Capital gains tax to be exempted for persons holding land from which land was pooled for creation of state capital of Telangana.
13. Corporate tax: In order to make MSME companies more viable, propose to reduce tax for small companies of turnover of up to 16. Rs 50 crore to 25%. About 67 lakh companies fall in this category. 96% of companies to get this benefit.
14. Propose to reduce basic customs duty for LNG to 2.5% from 5%
15. SIT on black money suggested no cash transactions of more than Rs 3 lakh. Govt has accepted this proposal.
16. Income Tax Act to be amended. No transaction above Rs 3 lakh to be permitted in cash.
17. Limit of cash donation by charitable trust reduced to Rs 2,000 from Rs 10,000.
18. Net revenue loss in direct tax could be Rs. 20,000 crore.
19. India’s tax to GDP ratio is not favourable.
20. Out of 13.14 lakh registered companies, only 5.97 lakh companies have filed returns for 2016-17.
Personal income tax
1. Existing rate of tax for individuals between Rs. 2.5- Rs 5 lakh reduced to 5% from 10%
2. All other categories of tax payers in subsequent brackets will get benefit of Rs 12,500.
3. Simple one page return for people with annual income of Rs. 5 lakh other than business income.
4. People filing I-T returns for the first time will not come under govt. scrutiny5.
5. 10% surcharge on individual income above Rs. 50 lakh and up to Rs 1 crore to make up for Rs 15,000 crore loss due to cut in personal I-T rate. 15 surcharge on individual income above Rs. 1 crore to remain.
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