Arun Jaitley hints at raising Rs 500 a month cash support to farmers in future

Agencies
February 3, 2019

New York, Feb 3: Union Minister Arun Jaitley on Sunday hinted that the Rs 500 a month cash dole to small farmers may be increased in the future as the government's resources grow and said states can top up this amount with their own income support schemes.

He also slammed Congress president Rahul Gandhi for ridiculing the scheme announced in the Interim Budget for 2019-20 by equating it to Rs 17 a day dole, saying the opposition leader must "grow up" and realise that he is contesting a national election and not a college union poll.

The plan to give Rs 6,000 cash to 12 crore small and marginal farmers every year together with government schemes for giving them a house, subsidised food, free healthcare and hospitalisation, free sanitation, electricity, roads, gas connections, twice the amount of credit at very cheap rate are all aimed at addressing farm distress, Jaitley told PTI in an interview.

"This is the first year where it (farmer income support scheme) has begun. I am sure as the government resources improve, this can be increased," he said.

On nearly 15 crore landless farmers being left out of the scheme, he said they have rural employment guarantee scheme MNREGA plus other benefits for the rural population.

"What is the biggest thing that the Congress claims that they ever did? (UPA regime Finance Minister) P Chidambaram announced a Rs 70,000 crore farm loan waiver... (but) actual distributed was only Rs 52,000 crore. (Also), CAG said a large part of that money went to traders and businessmen and converted itself into a fraud," he said.

The present government, he said, is "starting off over and above the lakhs of crores we are putting into rural areas."

"We are starting off with Rs 75,000 crore a year and I foresee this amount increasing in the years to come. And if the states top it up, some states have already started with the scheme, I think the others must emulate them, it will increase," he added.

Jaitley, who is here for medical treatment, said the state governments too have a responsibility to address farm distress by bringing their own income support schemes.

"Some state governments have started it," he said. "So my advise to what I call the 'Nawabs of Negativity' is ask your own state governments to top it off with their own income support schemes. Ideally, like the GST, this is a case where all political parties must defy party lines and in the spirit of cooperative federalism, have a Centre plus state scheme."

He said most of the central schemes are divided into 60:40 ratio, so "let us enhance this to 60:40 in the spirit of cooperative federalism" and instead of "giving criticism, let the states give 40 (per cent)."

"In addition to the fertiliser subsidy - another big amount, the healthcare, cheap ration, over a dozen other things you are spending on. This is just an add-on, this (income support) is not something being thrown in the air. The Congress doesn't understand it because it did nothing," he said.

On Gandhi's criticism of the Budget proposal, Jaitley said, "I think he needs to grow up. He must realise that he is contesting a national election not a college union one."

On his predecessor P Chidambaram's criticism that the interim budget was an "account for vote" and not a 'Vote on Account', he said, "I have no problem with monies being spent on either of these two accounts. But I have a serious problem when monies go into personal accounts."

Taking on the Congress, he said the comments by the leaders of the principal opposition party and "some other compulsive contrarians" indicate that they have a complete lack of understanding of the subject.

"Others have been in power much longer than we have been and did nothing. There is a real problem in India, both with regard to the urban-rural divide, which is reflective of the quality of life available in rural areas, and the state of agriculture. You have to look at both these issues compositely," he said.

Jaitley, who had to give up charge of the finance ministry to undergo medical treatment just weeks before the budget was presented, said the Congress gave just slogans like 'Garibi Hatao' (remove poverty) but delivered very little.

Dwelling on the steps taken by the BJP-led NDA government since coming to power in 2014 to address farm sector distress, he said the Centre adopted a two-pronged approach of raising rural infrastructure spend and raising farm incomes.

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News Network
March 4,2020

Beijing/Zurich, Mar 4: China has approved the use of Swiss drugmaker Roche's anti-inflammation drug Actemra for patients who develop severe complications from the coronavirus as it urgently hunts for new ways to combat the deadly infection that is spreading worldwide.

China is hoping that some older drugs could stop severe cytokine release syndrome (CRS), or cytokine storms, an overreaction of the immune system which is considered a major factor behind catastrophic organ failure and death in some coronavirus patients.

Actemra, a biologic drug approved in 2010 in the United States for rheumatoid arthritis (RA), inhibits high Interleukin 6 (IL-6) protein levels that drive some inflammatory diseases.

China's National Health Commission said in treatment guidelines published online on Wednesday that Actemra can now be used to treat coronavirus patients with serious lung damage and high IL-6 levels.

Separately, researchers in the country are testing Actemra, known generically as tocilizumab, in a clinical trial expected to include 188 coronavirus patients and running until May 10.

Roche, which donated 14 million yuan ($2.02 million) worth of Actemra during February, said the trial was initiated independently by a third party with the aim of exploring the efficacy and safety of the drug in coronavirus patients with CRS.

It added that there was currently no published clinical trial data on the drug's safety or efficacy against the virus.

More than 3,000 people have died and 93,000 have been infected by the novel coronavirus thought to have originated in Wuhan, China, before spreading to around 90 countries including the United States, Italy, Switzerland, France and Germany.

The Swiss company, for which China is its No. 2 market behind the United States, also makes diagnostic gear to detect the coronavirus.

Since Actemra's approval a decade ago, it has become a go-to drug against other inflammatory conditions, including cytokine storms in cancer patients receiving cell therapies from Novartis and Gilead Sciences.

In 2012 it helped save the life of a young U.S. girl, the first child to be treated for leukaemia with Novatis' Kymriah, from a post-treatment rush of IL-6.

Priced at between $20-30,000 annually for RA according to SSR Health, Roche's medicine is also used for rare juvenile arthritis and giant cell arteritis, or inflammation of the blood vessels.

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Agencies
March 15,2020

Financially troubled Yes Bank on Saturday reported a standalone net loss of ₹ 18,560.31 crore for the third quarter of the financial year 2019-20. This is amongst the biggest losses reported by the India Inc.

At present, the private lender is under a moratorium and is controlled by the office of the administrator appointed by the RBI.

The bank had reported a net profit of ₹1,001.85 crore during the corresponding period of the previous financial year.

Besides, the bank's total income fell to Rs 6,268.50 crore from Rs 8,849.81 crore earned during the October-December quarter of the previous fiscal.

On consolidated basis, Yes Bank reported a net loss of ₹18,564.24 crore for the December quarter from a net profit of Rs 1,000.57 crore in the corresponding period of the previous fiscal.

The independent auditor's review report on the consolidated results pointed out that there is a "material uncertainty related to going concern" of the bank.

"The said assumption of going concern is dependent upon the degree of success of the final reconstruction scheme, the quantum of capital infused into the bank and the bank's ability to stabalise its deposit balances post withdrawal of the moratorium by the RBI. Our conclusion is not modified in respect of this matter," the auditor said.

Furthermore, the bank recognised additional loans of ₹ 5,150.2 crore as NPAs and related provisioning requirements of ₹772.5 crore for the quarter ended December 31, 2019.

The bank has recognised an additional provisions of ₹15,422.0 crore in the quarter ended December 31, 2019.

Last week, the RBI placed Yes Bank under moratorium and capped the withdrawal limit at ₹50,000 till next Wednesday.

Additionally, the central bank also superseded Yes Bank's board of directors and appointed former SBI CFO Prashant Kumar as its administrator.

Meanwhile, Kumar has been appointed as the new Chief Executive Officer of the financially troubled lender. He will take over his new responsibilities once the moratorium on the stressed lender is lifted on Wednesday.

Apart from Kumar, Sunil Mehta, former non-executive Chairman of Punjab National Bank, will take over as the non-executive Chairman of Yes Bank.

Other board members include Mahesh Krishnamurthy and Atul Bheda, both as non-executive Directors.

Additionally, six private lenders have joined the SBI to rescue Yes Bank with Federal Bank committing ₹300 crore by subscribing to 30 crore shares of ₹2 each at a premium of ₹8 per equity share.

The six private lenders have now committed an investment of ₹3,700 crore in the cash-strapped private sector bank.

On Friday, ICICI Bank and Housing Development Finance Corporation (HDFC) Ltd had announced that they will be investing ₹1,000 crore each in Yes Bank's equity. Axis Bank and Kotak Mahindra Bank will be investing ₹ 600 crore and ₹500 crore, respectively, while Bandhan Bank will invest ₹300 crore.

The SBI board has already approved up to 49 per cent stake purchase in Yes Bank, as per the RBI's reconstruction scheme for the lender. It had said on Thursday that an investment of ₹7,250 crore would be made in Yes Bank to pick up₹ 725 crore equity shares.

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News Network
June 3,2020

New Delhi, Jun 3: Over 1 lakh scanned copies of Indians' national IDs, including Aadhaar, PAN card and passport, have been put on dark web for sale, cyber intelligence firm Cyble said on Wednesday.

The leaked data seems to have originated from a third party and not from the government system, according to a report by Cyble.

"We came across a non-reputed actor who is currently selling over 1 lakh Indian National IDs on the dark net. With such a low reputation, ideally, we would have skipped this; however, the samples shared by the actor intrigued our interest -- and also the volume. The actor is alleged to have access to over 1 lakh IDs from different places in India," Cyble said.

The personal data leaked by cyber criminals leads to various nefarious activities such as identity thefts, scams, and corporate espionage. Many criminals use the personal details in the IDs to win trust of the people over a phone call for fraudulent activities.

Cyber criminals leak personal data of 2.9 cr job-seeking Indians on dark web for free

The Cyble researchers acquired around 1,000 IDs from the seller and confirmed that the scanned IDs belong to Indians.

"Preliminary analysis suggests that the data originated from a third party, and no indication or artefact is indicating that it came from a government system. At this point, Cyble researchers are still investigating this further -- we are hoping to share an update soon," Cyble said.

The scanned ID documents indicate that the data may have been leaked from a company's data base in the segment where they have to comply with 'Know Your Customer' (KYC) norms.

"Cyble researchers have also learned about a surge in KYC and banking scams -- leaks such as this are often used by scammers to target individuals, especially elderlies," Cyble said.

The cyber intelligence firm has recommended people to refrain from sharing personal information especially financial information over phone, e-mail or SMS.

"Regularly monitor your financial transaction, if you notice any suspicious transaction, contact your bank immediately," the company said.

In May, Cyble showed two instances where personal data of 7.65 crore Indians have been put on sale in the dark web. In one instance, the seller claimed to have sourced data of 4.75 crore Indians from online directory Truecaller and in other, the seller claimed to have sourced from job websites.

Truecaller, however, had denied the claim of breach in its database.

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