Digital Edition – July 5

  • Vision for the decade : From 1.85 trillion dollars in 2014, the economy has reached 2.7 trillion US dollars in five years; it is well within our capacity to reach 5 trillion dollars in the next few years : FM Nirmala Sitharaman
  • Special Court convicts MDMk Chief Vaiko found guilty under sedition charges in a case filed by DMK back in 2009, sentenced to one year jail term along with 10,000 rupees fine
  • Budget 2019 – In a departure from the past, the conventional way of carrying the Budget papers in a briefcase gives way to the Indian tradition of a ‘Bahi khata’ – a ledger
  • Union Finance Minister Nirmala Sitharaman to present the Union Budget 2019 in Lok Sabha today
  • Lok Sabha Election to Vellore Constituency to be held on Aug 5th: ECI

Budget 2019 – Public sector banks to be provided 70,000 crore rupees to boost capital and improve credit

Budget Highlights –

  • Public sector banks will use technology, enabling customer of one PSB to access service across all PSBs as well.
  • For purchase of high-rated pooled assets of financially sound Non Banking Finance Companies amounting to 1 lakh crore rupees during 2019-20, one-time six-month partial credit guarantee to be given to PSBs.
  • Proposals for strengthening regulatory authority of RBI over NBFCs have been made.
  • Regulation authority over housing finance sector to be returned from National Housing Bank to RBI.
  • 100 lakh crore rupees to be invested in infrastructure sector over next five years, Expert Committee to be set up to recommend structure and flow of funds through development finance institutions.
  • Net owned fund requirements to be reduced from 5000 crore to 1000 crore rupees, to facilitate onshoring of international insurance transactions and enable opening of branches by foreign reinsurers.
  • Govt. considering to go below 51% to an appropriate level of ownership stake in non-financial public sector undertakings on case by case basis.
  • Strategic disinvestment of select CPSEs will continue as priority of Govt. Govt also sets 1.05 lakh crore rupees as disinvestment target.
  • Govt to re-initiate strategic disinvestment of Air India.
  • Investment option in Exchange Traded Funds on the lines of equity-linked trading Scheme to be offered to encourage long-term investment in CPSEs.