In the News today

TN CM EPS made two major announcements in TN Assembly today that could change the way of Governance

  • Zero proof Identity based predictive Govt. service delivery.

  • Establishment of a Blockchain backbone infrastructure for the Govt of Tamil Nadu

 

Union Finance Minister Nirmala Sitharaman replies to Budget 2019 debate in Rajya Sabha

Congress leader T Subbarami Reddy speaking during the discussion on the Union Budget in Rajya Sabha

0% loan scheme for farmers – exchanges between YS Jagan and Naidu in the AP Assembly

  • AP Assembly witnessed a verbal duel between AP CM YS Jagan and former CM Chandrababu Naidu over the interest paid towards the 0% interest scheme for farmers.
  • Mr Naidu quoted from the Socio-Economic Survey to say that his Govt had met its Commitment.
  • Mr Jagan retorted by saying that the TDP Govt had contributed only Rs 630 crores towards the scheme where Rs 11,600 cr was payable.
  • The AP Assembly witnessed exchanges from both sides on the issue.
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What Structural reforms will the Govt. do, What Bold decisions will they take, How will they improve investments?: Former Finance Minister P Chidambaram on Union Budget

Former Union Finance Minister P Chidambaram’s speech in the Rajya Sabha on the Union Budget, Excerpts:

  • Very unhappy democracy is suffering a blow every day.
  • Condemn what is happening in Karnataka and Goa.
  • This could have a very damaging effect on the economy.
  • I appeal to them to respect Democracy.
  • Quotes Bharatiyar and says I am very Happy she is the first Woman Finance Minister of India and doubly Happy she is from Tamil Nadu.
  • Refers to the Macro economic figures missing from the Budget Speech.
  • Economy could grow between 6.5 to 6.8%, which is not good for the bottom 20% of the population.
  • The projections of Tax collections are unrealistic.
  • The Economy is weak the Budget Speech is unsipid.
  • Expect the Govt to tell us
  • What Structural reforms, they will do
  • What Bold decisions they will take to revive the economy
  • How they will improve investments
  • To spur India’s growth to 8 % this year and to raise it to double digit 10% …

 

In the News today

TN Law Minister did not inform the Assembly about rejection of NEET Bills says MK Stalin

  • The Central Govt on 22.09.2017 has informed TN Law department that the NEET bills have been rejected.
  • The Law Minister CV Shanmugam without revealing this, has informed the Assembly that the Bills have been rejected by the Court.
  • It came to light after we questioned about it and got it out.
  • The DMK chief demanded the resignation of the Law Minister.
  • DMK stages walkout from Tamil Nadu Assembly on this issue.

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DMK President MK Stalin’s interaction with media today:

Finance Minister Nirmala Sitharaman replies to the debate in Lok Sabha on the Union Budget

  • Growth of the economy is as important as national security.
  • Total resources transferred to States including for the various transfer of schemes is Rs.13 ,29,428 cr.
  • The govt is committed to continue on the path of fiscal consolidation and our focus is on boosting agriculture, health and education sector.

 

Punjab CM welcomes ban on Sikhs For Justice

  • Happy with Govt of India’s decision to ban Sikhs For Justice as unlawful but what we need is a war against the terror outfit.
  • SFJ’s threat is grave and nobody, including Akali Dal, should play it down.
  • Nations allowing SFJ to use their soil for anti-India activities must stop at once!

 

Clarification on media reports alleging that media persons have been banned from entering the Ministry of Finance, North Block: @nsitharamanoffc

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The Editors Guild of India has issued a statement on the Finance Ministry’s clarification:

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VP Venkaiah Naidu receives UNESCO’s Map of World Heritage Sites of India

Happy to have received UNESCO’s Map of World Heritage Sites of India from Mr. Eric Falt, Director, UNESCO in New Delhi today.

The sites represent our vibrant natural & cultural heritage. I applaud UNESCO’s efforts towards identification & mapping of the sites for conservation: Vice President – Venkaiah Naidu VN13.jpg

Pic Credit: @VPSecretariat

Chandrayaan 2 will go where no country has ever gone before: ISRO

Chandrayaan 2 India’s lunar mission will boldly go where no country has ever gone before — the Moon’s south polar region.

The aim is to improve our understanding of the Moon — discoveries that will benefit India and humanity as a whole: ISRO

 

Budget 2019 – IT returns can now on be filed using Aadhaar number, if PAN card not available

Budget 2019 – Highlights

Budget 2019
  • PAN and Aadhaar to be made interchangeable for convenience of tax payers; Income Tax returns can now on be filed using Aadhaar number, if PAN card not available.
  • Govt simplifying the GST processes. A simplified single monthly return will be rolled out to enable those with a Turnover of less than Taxpayers with annual turnover less than 5 crore will be required to file theirs returns only quarterly returns.
  • Fully automated GST Refund module shall be implemented; multiple tax ledgers to be replaced by one; invoice details to be captured in a central system
  • Surcharge on individuals having taxable income from 2 crore – 5 crore and 5 crore and above to be enhanced,- 2- so that effective tax rate will increase by around 3% and 7% respectively.
  • Surcharge on individuals having taxable income above Rs 5 crore to be enhanced. Effective tax rate to increase by around 7%.
  • Faceless income tax assessment in electronic mode involving no human interface to be launched this year in a phased manner, to reduce taxpayer harassment.
  • To discourage business payments in cash, Tax Deduction at Source of 2% to be levied on cash withdrawal exceeding 1 crore rupees in a year from a bank account.
  • Giving big boost to electric vehicles “Additional income tax deduction of 1.5 lakh rupees on the interest paid on the loans taken to purchase electric vehicles”
  • To provide further impetus to affordable housing, additional deduction of 1.5 lakh rupees on interest paid on loans borrowed upto 31 Mar, 2020 for purchase of house up to 45 lakhs.
  • Relief in levy of Securities Transaction tax to be provided.
  • Business establishments with annual turnover more than 50 crore rupees may offer low-cost digital payments; no charges or merchant discount rates to be imposed on customers or merchants for these.
  • Customs Duty on gold, precious metals hiked from 10% to 12.5%.
  • 5% customs duty imposed on imported books.

Budget 2019 – Study In India’ to be started to bring in foreign students into Indian higher education system

Budget 2019 – Highlights

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  • 400 crore rupees under head, World Class Institutions in 2019-20, more than 3 times the revised estimates of previous year; ‘Study In India’ to be started to bring in foreign students into Indian higher education system.
  • New National Educational Policy to be brought in to transform Indian educational system; Major changes proposed in higher and school system.
  • To popularize sports at all levels, National Sports Education Board for development of sportspersons to be set up under Kehlo India.
  • We propose to establish a National Research Foundation to fund, coordinate and promote research in the country..
  • National Research Foundation to be set up to strengthen overall research ecosystem in the country; funds available under all Ministries to be integrated with NRF.

 

Budget 2019 – “Gaon, Garib and Kisan” are at the centre of everything the government does : Nirmala Sitharaman

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Budget Highlights : 

  • “Gaon, Garib and Kisan” are at the centre of everything the government does.
  • By 2022, every single rural family will have electricity and a clean cooking facility.
  • In second phase of PMAY-Gramin, 1.95 crore houses to be provided to eligible beneficiaries, during 2019-20 to 2021-22; they will have amenities such as LPG, electricity and toilets.
  • Time for completion of houses under PMAY reduced from 314 days in 2015-16 to 114 days in 2017-18, enabling the scale of achievement in PMAY
  • Pradhan Mantri Gram Sadak Yojana ( PMGSY )- Phase 3 envisaged to upgrade 1.25 lakh km of road length at an estimated cost of 80,250 crore rupees.
  • 30,000 km of PMGSY roads built using Green Technology.
  • Robust fisheries management framework to be set up under Pradhan Mantri Matsya Sambada Yojana to address critical gaps in value chain.

 

Budget 2019 – To harness India’s space ability commercially, a public sector enterprise, New Space India Ltd. incorporated

India has emerged as a major space power. Time has come to harness our ability commercially.

To harness India’s space ability commercially, a public sector enterprise, New Space India Limited (NSIL) has been incorporated to tap the benefits of ISRO : Finance Minister Nirmala Sitharaman.

 

Budget 2019 – Access to credit of up to Rs 1 crore within 59 minutes for MSMEs : Nirmala Sitharaman

Budget Highlights :

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  • Online portal for ease of access to credit of up to Rs 1 crore within 59 minutes for MSMEs.
  • It is time to take capital markets closer to masses.
  • 350 crore rupees allocated for 2% interest subvention for all GST-registered MSMEs on fresh or incremental loans.
  • Pension benefit to be extended to around 3 crore retail traders and shopkeepers with an annual turnover less than 1.5 crores under Pradhan Mantri Karam Yogi Man Dhan Scheme.

Budget 2019 – Need to develop inland waterways to shift portion of cargo movement from road and rail : Nirmala Sitharaman

Finance Minister Nirmala Sitharaman presents Budget 2019 in Parliament.

Highlights :

  • FAME II scheme aims to encourage faster adoption of electric vehicles by right incentives and charging infra.
  • Comprehensive restructuring of National Highways Programme to be done, to ensure creation of National Highways Grid of desirable capacity.
  • Government envisions using rivers for cargo transportation, which will also decongest roads and railways.
  • Railway infra would need an investment of 50 lakh crores between 2018 and 2030; PPP to be used to unleash faster development and delivery of passenger freight services

Budget 2019 : Indian economy will become 3 trillion dollar economy in the current year: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman presents Budget 2019 in Parliament.

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Highlights :

  • From 1.85 trillion dollars in 2014, the economy has reached 2.7 trillion US dollars; we can very well reach 5 trillion dollars in the next few years.
  • The Indian economy will grow to become a 3 trillion dollar economy this year itself.
  • When we aspire to reach 5 trillion dollars, many wonder whether it is possible; the target is eminently achievable, given our citizens’ desire and the leadership of the Government.
  • The people of India have validated their two goals for our country’s future: National security and economic growth.
  • Between 2014 and 2019, we provided rejuvenated centre-state dynamic, cooperative federalism, GST Council and a strident commitment to fiscal discipline; set the ball rolling for New India.

Halwa Ceremony

The Union Finance Minister,  N Sitharaman participated in the Halwa Ceremony held today in North Block, New Delhi, to mark the beginning of printing of Budget related documents. MOS Anurag Thakur also participated among others.

Pic Credit: @FinMinIndia