Colleges to face criminal cases if they fail to return students’ documents

Feb 2: Prime Minister Narendra Modi’s second budget in seven months disappointed investors who were hoping for big-bang stimulus to revive growth in Asia’s third-largest economy.

The fiscal plan -- delivered by Finance Minister Nirmala Sitharaman on Saturday -- proposed tax cuts for individuals and wider deficit targets but failed to provide specific steps to fix a struggling financial sector, improve infrastructure and create jobs. Stocks slumped as a proposal to scrap the dividend distribution tax for companies failed to impress investors.

"Far from being a game changer, the budget provides little in terms of short-term growth stimulus,” said Priyanka Kishore, head of India and South East Asia economics at Oxford Economics Ltd. in Singapore. “While income tax cuts will provide some relief on the consumption front, the multiplier effect is low and the overall stance of the budget is not expansionary."

India has gone from being the world’s fastest-growing major economy three years ago, expanding at 8%, to posting its weakest performance in more than a decade this fiscal year, estimated at 5%.

While the government has taken a number of steps in recent months to spur growth, they’ve fallen short of spurring demand in the consumption-driven economy. Saturday’s budget just added to the glum sentiment.

Okay Budget

“It’s an okay budget but not firing on all cylinders that the market was hoping for,” said Andrew Holland, chief executive officer at Avendus Capital Alternate Strategies in Mumbai.

The government had limited scope for a large stimulus given a huge shortfall in revenues in the current year. The slippage induced Sitharaman to invoke a never-used provision in fiscal laws, allowing the government to exceed the budget gap by 0.5 percentage points. The result: the deficit for the year ending March was widened to 3.8% of gross domestic product from a planned 3.3%.

On Friday, India’s chief economic adviser Krishnamurthy Subramanian said reviving economic growth was an “urgent priority” and deficit goals could be relaxed to achieve that. The adviser’s Economic Survey estimated growth will rebound to 6%-6.5% in the year starting April.

The fiscal gap will narrow to 3.5% next year, as the government budgeted for gross market borrowing to rise marginally to 7.8 trillion rupees from 7.1 trillion rupees in the current year. A plan to earn 2.1 trillion rupees by selling state-owned assets in the year starting April will also help plug the deficit.

Total spending in the coming fiscal year will increase to 30.4 trillion rupees, representing a 13% increase from the current year’s budget, according to latest data.

Key highlights from the budget:

* Tax on annual income up to 1.25 million rupees pared, with riders

* Dividend distribution tax to be levied on investors, instead of companies

* Farm sector budget raised 28%, transport infrastructure gets 7% more

* Spending on education raised 5%

* Fertilizer subsidy cut 10%

Analysts said the muted spending plan to keep the deficit in check will lead to more downside risks to growth in the coming months.

“It is very doubtful that the increase in expenditure will push demand much,” Chakravarthy Rangarajan, former governor at the Reserve Bank of India told BloombergQuint, adding that achieving next year’s budget deficit goal of 3.5% of GDP was doubtful.

With the government sticking to a conservative fiscal path, the focus will now turn to central bank, which is set to review monetary policy on Feb. 6. Given inflation has surged to a five-year high of 7.35%, the RBI is unlikely to lower interest rates.

What Bloomberg’s Economists Say:

The burden of recovery now falls solely on the Reserve Bank of India. With inflation breaching RBI’s target at present, any rate cuts by the central bank are likely to be delayed and contingent upon inflation falling below the upper end of its 2%-6% target range.

-- Abhishek Gupta, India economist

Governor Shaktikanta Das may instead focus on unconventional policy tools such as the Federal Reserve-style Operation Twist -- buying long-end debt while selling short-tenor bonds -- to keep borrowing costs down.

Mumbai, Apr 30: Rishi Kapoor, the romantic star of many a Bollywood film who was diagnosed with leukemia in 2018, died in a Mumbai hospital on Thursday, his brother Randhir Kapoor said. He was 67.

Rishi, a third generation actor of the famous Kapoor dynasty, is survived by his wife Neetu Kapoor, actor son Ranbir and daughter Ridhima.

"He is no more. He has passed away," Randhir said.

Rishi was taken to the H N Reliance hospital by his family on Wednesday.

His death comes a day after after his "D-Day" co-star Irrfan Khan passed away, also of cancer. Three months ago, the disease claimed his sister Ritu Nanda.

"Our dear Rishi Kapoor passed away peacefully at 8:45am IST in hospital today after a two-year battle with leukemia. The doctors and medical staff at the hospital said he kept them entertained to the last.

He remained jovial and determined to live to the fullest right through two years of treatment across two continents. Family, friends, food and films remained his focus and everyone who met him during this time was amazed at how he did not let his illness get the better of him, the family said in a statement.

Rishi returned to India last September after undergoing treatment for his cancer in the US for almost a year.

In February, he was hospitalised twice.

He was first admitted to a hospital in Delhi where he was attending a family function. At the time, he had said he was suffering from an "infection".

After his return to Mumbai, he was again admitted to a hospital with viral fever. He was discharged soon after.

Rishi made his first screen appearance as a child artiste in his father Raj Kapoor's film Shri 420 , where he appeared in the song Pyaar hua ekraar hua . This was followed by "Mera Naam Joker". But it was in 1973, with the blockbuster Bobby , again directed by his father, that he made his debut as a romantic hero. He continued to be a favourite romantic hero for almost three decades.

His notable films as a romantic hero are "Laila Majnu", "Rafoo Chakkar", "Karz", "Chandni", "Heena" and "Saagar".

He was, however, more proud of his second innings as an actor, which he found more satisfying. His notable films as a character artiste are "Do Dooni Chaar" with wife Neetu, "Agnipath" and "Kapoor & Sons".

Bengaluru, Apr 20: Karnataka Chief Minister BS Yediyurappa on Monday held a meeting with State Home Minister Basavaraj Bommai and police officers over the Padarayanapura incident that occurred on Sunday.

A ruckus erupted in Padarayanapura on Sunday allegedly over shifting of suspected COVID-19 persons to quarantine facility by the Bruhat Bengaluru Mahanagara Palike (BBMP) officials.

"I met the Chief Minsiter and briefed him. CM has told us to act strictly. I have told the same to my officials. We won't tolerate such acts by anyone. We have arrested 59 people and five FIRs have been registered. I'm going to Padarayanapura now. Will make sure others are quarantined," said Bommai earlier today after meeting the Chief Minister.

Meanwhile, reacting on the incident, former Karnataka Chief Minister and Janata Dal-Secular leader HD Kumaraswamy said that the people responsible must be dealt with proper action.

"These kinds of incidents are not acceptable, its an act of shame. Doesn't matter which community one belongs to, each and every one must follow the guidelines and law. Whoever is indulged in such act must be punished," he said.
In a series of tweet Kumaraswamy said that it was not at all needed to attack the police check post and this act is unacceptable.

The incident occurred in the late evening on Sunday at Padarayanapura which is recognized as a 'Red Zone' when BBMP officials went to bring 15 secondary contacts of corona positive patients.

However, some people and youth created ruckus and broke the barricades and removed police post which was stalled in the area.
Soon after receiving the information, Bengaluru South Deputy Commissioner of Police reached the spot and brought the situation under control.
"Lockdown continues, please remain indoors.

Tomorrow will be as it was till today. We Understand your situation and appreciate your cooperation," tweeted Commissioner of Police, Bengaluru City, Bhaskar Rao.

In Karnataka, 390 people have been diagnosed with Covid-19, of which 16 people have succumbed to the infection, as per the Union Health Ministry.